VINCI - 2012 Annual Results

Tue Feb 5, 2013 12:25pm EST

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RUEIL-MALMAISON, France--(Business Wire)--
Regulatory News: 

VINCI (Paris:DG): 

A robust performance in a difficult economic climate:

* Revenue: €38.6 billion (+4.5%)
* Net income: €1.9 billion (+0.7%)
* Earnings per share: €3.54 (+1.6 %)
* 2012 dividend (proposed): €1.77 (stable)
* Stable net financial debt
* Order book: €31.3 billion (+2% over 12 months)

Acquisition of ANA in Portugal: a major step in VINCI`s growth strategy for the
airport sector

2012 key figures

 € in millions                                      2012        2011        2012/2011  
                                                                            change     
 Revenue1                                           38,634      36,956      +4.5%      
 Cash flow from operations (EBITDA) 2               5,418       5,366       +1.0%      
 % of revenue                                       14.0%       14.5%                  
 Operating income from ordinary activities          3,671       3,660       +0.3%      
 % of revenue                                       9.5%        9.9%                   
 Operating income                                   3,651       3,601       +1.4%      
 % of revenue                                       9.5%        9.7%                   
 Net income attributable to owners of the parent    1,917       1,904       +0.7%      
 % of revenue                                       5.0%        5.2%                   
 Earnings per share (€)3                            3.54        3.48        +1.6%      
 Dividend per share (€)4                            1.77        1.77        -          
 Net financial debt                                 (12,527)    (12,590)    63         
 Order book at 31 December (€ in billions)          31.3        30.6        +2.3%      


1 Excluding concession subsidiaries` revenue derived from works carried out by
non-Group companies. Revenue calculated according to IFRIC 12, including works
carried out by non-Group companies, amounted to €39,183 million in 2012, up 4.1%
compared with 2011. 

2 EBITDA: cash flow from operations before tax and financing costs. 

3 After taking stock options into account. 

4 Proposed to the Shareholders` General Meeting on 16 April 2013 (with scrip
dividend option). 

VINCI`s Board of Directors, chaired by Xavier Huillard, met on 5 February 2013
to finalise the annual financial statements1 for the year ended 31 December 2012
prior to submitting them for approval at the Shareholders` General Meeting on 16
April 2013. 

******** 

VINCI turned in a robust performance in 2012, with further growth in revenue and
net income despite a difficult economic climate, particularly in Europe. 

This achievement reflects the soundness of the Group`s fundamentals: the
complementary nature and resilience of its two core businesses (Concessions and
Contracting), growth focusing on high value-added activities outside France and
prudent financial management. 

VINCI`s consolidated revenue rose 4.5% to €38.6 billion. This represents 1.5%
organic growth, a 0.8% positive currency effect and 2.3% growth from
acquisitions. The main acquisitions, made by Contracting entities, were outside
France. In 2012, 37% of total revenue was generated outside France (42% in
Contracting). 

Cash flow from operations before tax and financing costs (EBITDA) amounted to
€5.4 billion (+1%) and equal to 14.0% of revenue. VINCI Autoroutes` EBITDA
margin improved slightly to 69.5% in 2012 (69.4% in 2011). 

Operating income from ordinary activities (EBIT) was €3.7 billion, up 0.3% and
representing 9.5% of revenue, compared with 9.9% in 2011. In Contracting, the
EBIT margin was 4.2%, against 4.6% in 2011. The decline is attributable mainly
to non-recurring items at Eurovia and VINCI Construction. 

Operating income, which reflects the impact of IFRS 2 share-based payment
expense, impairment charges and the Group`s share of income or loss from
companies accounted for under the equity method, was €3.7 billion (+1.4%
compared to 2011). 

Net income attributable to owners of the parent amounted to €1,917 million,
representing 0.7% growth compared with 2011. Earnings per share2 increased 1.6%
to €3.54, partly due to the Group`s purchases of its own shares during 2012. 

Net financial debt was €12.5 billion at 31 December 2012, slightly down relative
to end-December 2011. Operating cash flow amounted to €3.1 billion in 2012 and
covered all investments by VINCI Autoroutes (€1.1 billion), 2012 acquisitions
(€0.7 billion) and dividends paid (€1.1 billion). 

VINCI`s credit ratings were confirmed by Standard & Poor`s (BBB+) and Moody`s
(Baa1), both with stable outlooks. 

The Group obtained excellent terms for several bond issues and placements
totalling more than €1.5 billion, at an average interest rate of 3.66%, to
refinance its debt in advance. VINCI continued to benefit from good access to
credit and was able to renew for 5 years a bank credit facility granted to ASF
for €1.8 billion. 

At 31 December 2012, the Group`s liquidity remained very high at €11.5 billion.
It comprises €5.0 billion net cash managed and €6.5 billion medium-term bank
credit facilities maturing in 2016 and 2017. 

Contracting maintained its good business momentum throughout 2012, especially
outside France. At 31 December 2012, its order book stood at €31.3 billion (up
more than 2% relative to end-2011), of which 45% is outside of France. The
international order book is up 12% over 12 months. 

1 The consolidated financial statements have been audited and the Statutory
Auditors` report is being published. 

2 After taking stock options into account. 

On 27 December 2012, VINCI was selected by the Portuguese government to acquire
ANA, the company that holds the 50-year concession contract for all the
country`s airports (four on the mainland, four in the Azores and two in
Madeira). ANA handled over 30 million passengers in 2012, half of them through
its Lisbon hub. By acquiring ANA, VINCI Airports will become one of the leading
players in the airport sector, managing a total of 23 airports in Portugal,
France and Cambodia with more than 40 million passengers a year. This activity
will generate revenue of about €600 million, with EBITDA of about €270 million. 

2013 trends

The economic climate is expected to remain difficult in 2013, especially in
Europe: 

For VINCI Autoroutes entities, the outlook for growth in traffic, which depends
on economic growth in France and neighbouring countries, remains uncertain at
this stage and could decline along the same lines as in 2012. 

Contracting has started the year with a very healthy order book in both France,
with the high-speed rail line project between Tours and Bordeaux, and abroad. 

However, if trends observed at the end of 2012 continue, there could be a
downturn in order intake, due to the Group`s emphasis on margins rather than
volume for project selection. 

Against this backdrop, the Group is expecting business to be flat in 2013,
before taking ANA or any other new acquisitions into account. 

ANNUAL RESULTS

Revenue: €38,634 million (+4.5% actual; +1.5% on a comparable structure basis) 

VINCI`s 2012 consolidated revenue amounted to almost €38.6 billion, up 4.5%
compared with 2011. This reflects 1.5% organic growth and a 0.8% positive
exchange rate effect, along with 2.3% from the acquisitions made by Eurovia
(NAPC in India and Carmacks in Canada) and VINCI Energies (GA Gruppe in Germany)
in 2012 and by Soletanche Freyssinet in Turkey and the United Kingdom at the end
of 2011. 

Revenue by business line:

                                                      2012/2011                 
                                                      change                    
 € in millions                   2012       2011      Actual        Comparable  
 Concessions                     5,354      5,297     +1.1%         +0.9%       
 VINCI Autoroutes                4,439      4,409     +0.7%         +0.7%       
 VINCI Concessions               915        888       +3.1%         +1.8%       
 Contracting                     33,090     31,495    +5.1%         +1.5%       
 VINCI Energies                  9,017      8,666     +4.0%         +0.9%       
 Eurovia                         8,747      8,722     +0.3%         -4.5%       
 VINCI Construction              15,327     14,107    +8.6%         +5.5%       
 VINCI Immobilier                811        698       +16.2%        +16.2%      
 Eliminations and adjustments    (622)      (534)     -             -           
 Total revenue *                 38,634     36,956    +4.5%         +1.5%       
 of which:                       24,324     23,562    +3.2%         +3.1%       
 France                                                                         
 Europe excl. France             9,349      9,310     +0.4%         } -1.1%     
 International excl. Europe      4,962      4,084     +21.5%        


* Excluding concession subsidiaries` revenue derived from works (IFRIC 12). 

Operating income from ordinary activities (EBIT): €3,671 million (+0.3%) 

Operating income from ordinary activities amounted to €3,671 million in 2012, up
0.3% compared with that of 2011 (€3,660 million). 

Operating margin from ordinary activities was 9.5% in 2012, against 9.9% in
2011. 

EBIT by business line:

 € in millions                                2012     % of revenue*    2011        % of revenue*    Δ 2012/2011  
 Concessions                                  2,159    40.3%            2,149       40.6%            +0.5%        
 VINCI Autoroutes                             2,019    45.5%            2,018       45.8%            +0.1%        
 VINCI Concessions                            139      15.2%            130         14.7%            +6.6%        
 Contracting                                  1,403    4.2%             1,435       4.6%             -2.2%        
 VINCI Energies                               502      5.6%             483         5.6%             +4.0%        
 Eurovia                                      277      3.2%             322         3.7%             -14.2%       
 VINCI Construction                           625      4.1%             630         4.5%             -0.9%        
 VINCI Immobilier                             62       7.6%             54          7.8%             +13.2%       
 Holding companies                            47                        22                           -            
 Operating income from ordinary activities    3,671    9.5%             3,660       9.9%             +0.3%        


* Excluding concession subsidiaries` revenue derived from works (IFRIC 12). 

The Concessions EBIT margin was 40.3%, essentially unchanged compared to 2011
(40.6%). 

VINCI Autoroutes` EBIT margin declined from 45.8% in 2011 to 45.5% in 2012, due
mainly to the increase in concession depreciation expense following the
commissioning of contractual investments (green motorway package and road
widening works on the A63). 

VINCI Concessions` EBIT margin improved from 14.7% in 2011 to 15.2% in 2012,
notably due to a good performance at VINCI Airports. 

In Contracting, operating income from ordinary activities declined 2.2% to
€1,403 million (€1,435 million in 2011). The EBIT margin was 4.2% (vs. 4.6% in
2011). 

VINCI Energies` EBIT margin of 5.6% remained stable compared to 2011. 

Eurovia`s EBIT margin was 3.2%, a decline compared to 2011 (3.7%), due mainly to
losses in Poland as a result of low business levels following the Euro 2012
football tournament and write-downs of works in progress. 

The EBIT margin at VINCI Construction was 4.1%, compared with 4.5% in 2011. This
reflects provisions taken at VINCI Construction Grands Projets within respect to
an unfavourable court decision in the USA. 

Operating income: €3,651 million (+1,4 %) 

Operating income, after share-based payment expense (IFRS 2), goodwill
impairment and VINCI`s share in the income or loss of companies accounted for
under the equity method, amounted to €3,651 million in 2012 or 9.5% of revenue.
This represents a 1.4% increase over that of 2011 (€3,601 million and 9.7% of
revenue). 

Net income attributable to owners of the parent: €1,917 million (+0.7%) 

Net income attributable to owners of the parent was to €1,917 million in 2012,
up 0.7% compared with that of 2011 (€1,904 million) and representing 5.0% of
revenue. 

Dilutedearnings per share (i.e. after taking stock options into account)
amounted to €3.54, a 1.6% increase (€3.48 per share in 2011). 

Net income attributable to owners of the parent by business line:

 € in millions                                      2012     2011     Δ 2012/2011  
 Concessions                                        886      852      +4.0%        
 VINCI Autoroutes                                   827      820      +0.9%        
 VINCI Concessions                                  59       32       +84.4%       
 Contracting                                        915      968      -5.4%        
 VINCI Energies                                     327      315      +4.0%        
 Eurovia                                            167      220      -24.1%       
 VINCI Construction                                 421      433      -2.8%        
 VINCI Immobilier                                   37       33       +12.8%       
 Holding companies                                  79       52       -            
 Net income attributable to owners of the parent    1,917    1,904    +0.7%        


The cost of net financial debt was -€638 million in 2012 (-€647 million in
2011). The Group`s policy of converting fixed rate debt to floating rate enabled
it to benefit from lower interest rates, and this completely offset the fall in
returns from investments and the current higher costs of refinancing. 

The average interest rate on long-term financial debt at 31 December 2012 was
3.63% (3.93% at 31 December 2011). 

Income tax expense for the year was €969 million in 2012 (€984 million in 2011),
resulting in an effective tax rate of 33.3% (33.6% in 2011). 

Cash flow from operations (EBITDA)*: €5,418 million (+1.0%) 

EBITDA was €5.4 billion (+1%) and represented 14.0% of revenue. VINCI
Autoroutes` EBITDA margin improved slightly in 2012 to 69.5% (69.4 % in 2011). 

Cash flow from operations by business line:

 € in millions         2012     % of revenue*    2011     % of revenue*    2012/2011  
                                                                           change     
 Concessions           3,372    63.0%            3,366    63.5%            +0.2%      
 VINCI Autoroutes      3,087    69.5%            3,058    69.4%            +1.0%      
 VINCI Concessions     285      31.1%            308      34.7%            -7.5%      
 Contracting           1,875    5.7%             1,880    6.0%             -0.3%      
 VINCI Energies        532      5.9%             508      5.9%             +4.7%      
 Eurovia               467      5.3%             524      6.0%             -10.9%     
 VINCI Construction    876      5.7%             848      6.0%             +3.4%      
 VINCI Immobilier      60       7.4%             55       7.9%             +9.3%      
 Holding companies     112                       65                                   
 EBITDA                5,418    14.0%            5,366    14.5%            +1.0%      


* Excluding concessions subsidiaries` revenue derived from works (IFRIC 12). 

Other cash flows

Changes in operating working capital requirement and current provisions resulted
in an outflow of €37 million in 2012 compared with an inflow of €93 million in
2011. This mainly reflects an increase in the working capital requirement of
Eurovia`s activities in Central and Eastern Europe and draw downs of project
advances. 

After accounting for interest and taxes paid, along with investments in
operating assets, operating cash flow1 was €3,123 million, similar to the 2011
figure (€3,270 million). 

Growth investments in concessions and PPPs totalled €1,140 million in 2012
(€1,135 million in 2011). They included €1,046 million invested by VINCI
Autoroutes in France under its master plans and the green motorway package
(€1,017 million in 2011). 

Free cash flow after investments amounted to €1,983 million (€2,134 million in
2011), including €841 million generated by Concessions and €738 million by
Contracting (€766 million and €1,130 million, respectively, in 2011). 

Acquisitions, including the net debt of acquired companies and net of disposals,
amounted to €700 million in 2012 (€172 million in 2011). They included Carmacks
in Canada and NAPC in India, acquired by Eurovia, and GA Gruppe in Germany,
acquired by VINCI Energies. They also included the buy-out of non-controlling
interests in Entrepose Contracting and the increase in the Group`s stake in
Geostock from 25% to 90%. 

1 Operating cash flow: cash flow from operations adjusted for changes in
operating working capital requirement and current provisions, interest and
income tax paid, dividends received from companies accounted for under the
equity method and net investments in operating assets. 

Dividends paid during the year amounted to €1,057 million (€1,036 million in
2011). VINCI also continued its share buy-back programme, purchasing 17.7
million shares in the market for a total investment of €647 million. Capital
increases in 2012 totalled €334 million. 

Net financial debt: (€12,527) million

Consolidated net financial debt was €12.5 billion at 31 December 2012 (€12.6
billion at 31 December 2011) down €63 million. 

For the Concessions business, including holding companies, net financial debt
was €18.1 billion, down more than €800 million relative to 31 December 2011.
Contracting, meanwhile, had a net cash surplus of €2.1 billion at year-end (€2.9
billion in 2011), due mainly to 2012 acquisitions. 

The ratio of net financial debt to equity was 0.9 at 31 December 2012, in line
with the end-2011 figure. Debt-to-EBITDA stood at 2.3 at end-2012, the same as
at 31 December 2011. 

The Group`s liquidity remained very high at €11.5 billion at 31 December 2012.
It comprised €5.0 billion of net cash managed and €6.5 billion of unused
confirmed credit facilities, including €1.1 billion expiring in 2016 and €5.3
billion in 2017. 

With its investment grade credit ratings confirmed by S&P (BBB+) and Moody`s
(Baa1) with stable outlooks, VINCI carried out several bond issues and
placements totalling more than €1.5 billion at an average interest rate of 3.66%
at issuance. The Group was thus able to refinance in advance the bank loans
arranged for the acquisition of ASF as well as repayments on loans from CNA
(Caisse Nationale des Autoroutes). Following these transactions, the average
maturity of the Group`s long-term debt was 6.1 years at 31 December 2012, and
bonds represented 53% of long-term debt (41% at 31 December 2011). 

In January 2013, ASF successfully issued €700 million of 10-year bonds expiring
in January 2023 paying an annual coupon of 2.875%. 

VINCI continued to have good access to bank credit with a five-year syndicated
bank facility for €1.8 billion in July 2012 for ASF, replacing a similar
facility due to expire in 2013. 

Lastly, VINCI finalised several project financing deals for infrastructure under
concessions or public-private partnerships for a total of around €350 million.
This concerned PFI (Private Finance Initiative) contracts for road maintenance
in Hounslow (£88 million, 24.5 years) and the Isle of Wight (£95 million, up to
24.5 years) in the UK, and the Dunkerque Arena (€69 million, more than 27 years)
in France. 

Parent company results

The parent company generated net income of €256 million in 2012. 

Dividend

The Board of Directors has decided to propose to the next Shareholders` General
Meeting that the amount of the dividend for 2012 be maintained at €1.77 per
share, i.e. 50% of net income. 

If approved, given that an interim dividend of €0.55 per share was paid in
November 2012, a final dividend of €1.22 euro will be paid in cash on 22 May
2013. It will also be proposed that shareholders may opt to be paid the final
dividend in shares. The scrip share price will be based on the average opening
share price of the 20 trading days preceding the Shareholders` General Meeting
on 16 April 2013 less the amount of the interim dividend. A 5% discount will
then be applied to that result. 

********** 

Diary

Analysts meeting:08.30 on Wednesday, 6 February2013 at Pavillon Ledoyen, 1
avenue Dutuit, 75008 Paris. 

Press conference: 11.00 on Wednesday, 6 February 2013 at Pavillon Ledoyen, 1
avenue Dutuit, 75008 Paris. 

This press release is available in French and English on VINCI`s website:
www.vinci.com. 

APPENDIXES

Appendix A: FINANCIAL STATEMENTS

 INCOME STATEMENT                                                                                        
 € in millions                                                            2012      2011      2012/2011  
                                                                                              change     
 Revenue excluding concession subsidiaries` revenue derived from works    38,634    36,956    +4.5%      
 Concession subsidiaries` revenue derived from works 1                    550       690       (20.4%)    
 Total revenue                                                            39,183    37,646    +4.1%      
 Operating income from ordinary activities                                3,671     3,660     +0.3%      
 % of revenue 2                                                           9.5%      9.9%                 
 Share-based payment expense (IFRS 2)                                     (94)      (101)                
 Goodwill impairment expense                                              (8)       (8)                  
 Income/(loss) of companies accounted for under the equity method         82        51                   
 Operating income                                                         3,651     3,601     +1.4%      
 % of revenue 2                                                           9.5%      9.7%                 
 Cost of net financial debt                                               (638)     (647)                
 Other financial income/(expense)                                         (19)      25                   
 Income tax expense                                                       (969)     (984)                
 Non-controlling interests                                                (109)     (92)                 
 Net income attributable to owners of the parent                          1,917     1,904     +0.7%      
 % of revenue 2                                                           5.0%      5.2%                 
                                                                                                         
 Earnings per share (in €)3                                               3.54      3.48      +1.6%      
 Dividend per share (in €) 4                                              1.77      1.77      -          


1 In application of IFRIC 12, Service Concession Arrangements. 

2 % calculated on revenue excluding concession subsidiaries` revenue derived
from works. 

3 After taking dilutive instruments into account. 

4 Proposal to be submitted at the shareholders` meeting on 16 April 2013, with
scrip dividend option. 

SIMPLIFIED CONSOLIDATED BALANCE SHEET

 € in millions                                                     at 31 December 2012    at 31 December 2011  
 Non-current assets - Concessions                                  26,459                 26,590               
 Non-current assets - other                                        8,921                  8,226                
 WCR and current provisions                                        (6,697)                (6,817)              
 Capital employed                                                  28,683                 27,999               
 Equity attributable to owners of the parent                       (13,334)               (12,890)             
 Non-controlling interests                                         (735)                  (725)                
 Total equity                                                      (14,070)               (13,615)             
 Non-current provisions and miscellaneous long-term liabilities    (2,086)                (1,794)              
 Long-term borrowings                                              (16,156)               (15,409)             
 Gross financial debt                                              (17,510)               (18,654)             
 Net cash managed                                                  4,983                  6,064                
 Net financial debt                                                (12,527)               (12,590)             


CASH FLOW STATEMENT

 € in millions                                                              2012        2011      
 Cash flow from operations before tax and financing costs (EBITDA)          5,419       5,366     
 Change in WCR                                                              (75)        (47)      
 Change in current provisions                                               38          140       
 Income taxes paid                                                          (979)       (936)     
 Net interest paid                                                          (595)       (643)     
 Dividends received from companies accounted for under the equity method    57          58        
 Cash flows (used in)/from operating activities                             3,865       3,938     
 Net investments in operating assets                                        (742)       (668)     
 Operating cash flow                                                        3,123       3,270     
 Growth investments in concessions & PPP                                    (1,140)     (1,135)   
 Free cash flow                                                             1,983       2,134     
 Net financial investments                                                  (700)1      (172)     
 Other                                                                      (50)        (96)      
 Net cash flows before movements in share capital                           1,233       1,866     
 Increases/decreases in share capital                                       340         359       
 Share buy-backs                                                            (647)       (624)     
 Dividends paid                                                             (1,057)     (1,036)   
 Net cash flows for the period                                              (130)       566       
 Other changes                                                              193         (96)      
 Change in net financial debt                                               63          470       
                                                                                                  
 Net financial debt at beginning of period                                  (12,590)    (13,060)  
 Net financial debt at end of period                                        (12,527)    (12,590)  


1 Including the buy-out of non-controlling interests in Entrepose Contracting. 

Appendix B: ADDITIONAL INFORMATION BY BUSINESS LINE

2012 consolidated revenue by business line

Concessions: €5,354 million (+1.1% actual; +0.9% on a comparable structure
basis) 

At VINCI Autoroutes, (ASF, Escota, Cofiroute and Arcour), revenue rose 0.7% to
€4,439 million. Toll revenue increased 0.6% despite a 1.7% decrease in traffic
on a stable network basis (light vehicles: -1.4%; heavy vehicles: -3.5%). This
decline was offset by the ramp-up of the A86 Duplex (+0.2%) and tariff
adjustments. 

VINCI Concessions generated revenue of €915 million, up 3.1% (1.8% on a
comparable structure basis). This was attributable to strong growth at VINCI
Airports (+18%) due to growing traffic levels at Nantes-Atlantique airport and
Cambodia Airports. VINCI Park`s revenue grew to €615 million (+2.6% on an actual
basis or +1.5% on a comparable structure basis, including +1.3% in France and
+2.2% internationally). 

Contracting: €33,090 million (+5.1% actual; +1.5% on a comparable structure
basis) 

VINCI Energies: €9,017 million (+4.0% actual; +0.9% on a comparable structure
basis) 

In France, revenue was €5,486 million (-0.4% actual; stable on a constant
structure basis). Business levels remained strong in telecommunications with the
ramp-up of the GSM-R project, and in energy infrastructure, but they were
adversely affected by weaker photovoltaic business. The industrial sector was
resilient in an unfavourable economic environment. Activity in the tertiary
sector was less robust, despite firm growth at VINCI Facilities (+5.6%). 

Outside France, revenue totalled €3,531 million (+11.7% actual; +2.7% on a
comparable structure basis). The situation varied geographically. In Europe,
business levels fell sharply in Spain and Portugal, slight growth was registered
in Switzerland and Germany, with stronger performances in Belgium, the
Netherlands and Sweden. Strong growth was recorded in emerging-market countries
(Indonesia, Morocco and Brazil). 

Eurovia: €8,747 million (+0.3% actual; -4.5% on a comparable structure basis) 

In France, revenue was €5,159 million, up 1.2% on an actual basis (0.5% on a
constant structure basis). Roadworks business taking place through regional
business units was stable, with a fall in volumes of around 4% offset by higher
prices for oil products. Specialist businesses like demolition, industrial
activities and rail sector works posted growth of over 9% (almost 5% on a
comparable structure basis). 

Outside France, revenue totalled €3,588 million, down 1.0% (-11.4% on a
comparable structure basis). There was firm growth in the UK, Chile, the USA and
Canada. However, Central European countries posted significant declines in
activity due to the end of major projects (the R1 expressway in Slovakia and a
fall in investment in Poland after the Euro 2012 football tournament) and a
difficult economic environment in the Czech Republic. Business levels in Germany
remained stable. 

VINCI Construction: €15,327 million (+8.6% actual; +5.5% on a comparable
structure basis) 

In France, revenue amounted to €8,410 million (+8.8% actual; +8.5% on a constant
structure basis). This reflects the ramp-up of the Tours-Bordeaux high-speed
rail line project, which accounted for revenue of more than €550 million, along
with ongoing steady growth in residential and non-residential building activity.
French overseas territories posted a good performance. 

Outside France, revenue was €6,917 million (+8.5% actual; +2.1% on a comparable
structure basis). The change on a comparable structure basis reflects rapid
growth at Sogea-Satom in Africa, which offset the contraction seen by Central
European subsidiaries. Business levels in other divisions (Benelux and the UK)
were stable overall. 

VINCI Immobilier: revenue rose 16% to €811 million in 2012. This growth was
driven by residential property after work began on a significant number of units
in late 2011, and by several large business property projects. 

Consolidated revenue* by geographical area and by business line

                                                      2012/2011 change            
 € in millions                   2012       2011      Actual          Comparable  
 FRANCE                                                                           
 Concessions                     5,043      5,000     +0.9%           +0.9%       
 VINCI Autoroutes                4,425      4,397     +0.6%           +0.6%       
 VINCI Concessions               618        602       +2.7%           +2.6%       
 Contracting                     19,054     18,334    +3.9%           +3.7%       
 VINCI Energies                  5,486      5,507     -0.4%           -0.1%       
 Eurovia                         5,159      5,098     +1.2%           +0.5%       
 VINCI Construction              8,410      7,729     +8.8%           +8.5%       
 VINCI Immobilier                811        698       +16.2%          +16.2%      
 Eliminations and adjustments    (585)      (470)                                 
 Total France                    24,324     23,562    +3.2%           +3.0%       
                                                                                  
 INTERNATIONAL                                                                    
 Concessions                     311        297       +4.5%           +0.7%       
 VINCI Autoroutes                14         12        +22.3%          +14.3%      
 VINCI Concessions               296        285       +3.8%           +0.1%       
 Contracting                     14,036     13,161    +6.6%           -1.4%       
 VINCI Energies                  3,531      3,160     +11.7%          +2.7%       
 Eurovia                         3,588      3,624     -1.0%           -11.4%      
 VINCI Construction              6,917      6,378     +8.5%           +2.1%       
 Eliminations and adjustments    (37)       (64)                                  
 Total International             14,310     13,394    +6.8%           -1.1%       


* Excluding concession subsidiaries` revenue derived from works (IFRIC 12). 

Consolidated revenue* for the fourth quarter

                                                      2012/2011 change            
 € in millions                   2012       2011      Actual          Comparable  
 Concessions                     1,226      1,225     +0.1%           -0.2%       
 VINCI Autoroutes                1,001      1,002     -0.1%           -0.1%       
 VINCI Concessions               225        223       +0.8%           -0.5%       
 Contracting                     9,105      8,643     +5.4%           +0.8%       
 VINCI Energies                  2,603      2,429     +7.2%           -0.6%       
 Eurovia                         2,320      2,371     -2.2%           -6.9%       
 VINCI Construction              4,183      3,843     +8.8%           +6.4%       
 VINCI Immobilier                290        284       +2.1%           +2.1%       
 Eliminations and adjustments    (193)      (85)                                  
 Total revenue                   10,429     10,067    +3.6%           -0.3%       
 of which:                       6,377      6,392     -0.2%           -0.6%       
 France                                                                           
 Europe excl. France             2,651      2,549     +4.0%           } +0.1%     
 International excl. Europe      1,401      1,126     +24.4%          


* Excluding concession subsidiaries` revenue derived from works carried out by
non-Group companies (IFRIC 12). 

Net financial debt by business line

 € in millions          2012        Net financial debt/EBITDA    2011        Net financial debt/EBITDA    2012/2011  
                                                                                                          change     
 Concessions            (18,058)    5.4x                         (18,895)    5.6x                         838        
 VINCI Autoroutes       (16,617)    5.4x                         (17,157)    5.6x                         540        
 VINCI Concessions      (1,441)     5.1x                         (1,738)     5.6x                         298        
 Contracting            2,095       -                            2,914       -                            (819)      
 VINCI Energies         (47)        -                            531         -                            (578)      
 Eurovia                (136)       -                            90          -                            (226)      
 VINCI Construction     2,278       -                            2,293       -                            (15)       
 Holding companies &    3,436       -                            3,392       -                            44         
 VINCI Immobilier                                                                                                    
 Net financial debt     (12,527)    2.3x                         (12,590)    2.3x                         63         


Order book

                               at 31 December                    
 € in billions                 2012          2011     2012/2011  
                                                      change     
 VINCI Energies                6.8           6.4      +5.0%      
 Eurovia                       6.4           5.8      +9.6%      
 VINCI Construction            18.1          18.3     -1.0%      
 Total Contracting             31.3          30.6     +2.3%      
 of which:                                                       
 France                        17.2          18.0     -4.6%      
 Europe excl. France           9.4           8.6      +9.2%      
 International excl. Europe    4.7           4.0      +17.9%     


Appendix C: VINCI AUTOROUTES

VINCI Autoroutes 2012 revenue

                                      VINCI Autoroutes    of which:                         
                                                          ASF        Escota      Cofiroute  
 Light vehicles                       -1.4%               -1.3%      -1.0%       -1.9%      
 Heavy vehicles                       -3.5%               -2.9%      -3.5%       -5.4%      
 Traffic on a stable network basis    -1.7%               -1.5%      -1.2%       -2.4%      
 New sections                         +0.2%*              -          -           +0.7%*     
 Other effects                        +2.1%               +1.9%      +2.4%       +2.2%      
 Toll revenue (€ in millions)         4,345               2,464      656         1,186      
 2012/2011 change                     +0.6%               +0.4%      +1.2%       +0.5%      
 Revenue (€ in millions)              4,439               2,525      667         1,208      
 2012/2011 change                     +0.7%               +0.5%      +1.3%       +0.5%      


* A86 Duplex.

Total traffic on motorway concessions (excluding A86 Duplex)

                                  Fourth quarter                      Total at 31 December                  
 Millions of km travelled         2012         2011         Change    2012           2011           Change  
 VINCI Autoroutes                 10,162       10,391       -2.2%     45,995         46,786         -1.7%   
 Light vehicles                   8,676        8,866        -2.1%     39,959         40,530         -1.4%   
 Heavy vehicles                   1,485        1,525        -2.6%     6,036          6,256          -3.5%   
 of which:                                                                                                  
 ASF                              6,160        6,294        -2.1%     28,289         28,733         -1.5%   
 Light vehicles                   5,184        5,297        -2.1%     24,326         24,654         -1.3%   
 Heavy vehicles                   976          997          -2.1%     3,963          4,079          -2.9%   
 Escota                           1,491        1,507        -1.1%     6,636          6,719          -1.2%   
 Light vehicles                   1,348        1,361        -0.9%     6,039          6,101          -1.0%   
 Heavy vehicles                   143          146          -2.2%     597            618            -3.5%   
 Cofiroute (intercity network)    2,451        2,529        -3.1%     10,802         11,069         -2.4%   
 Light vehicles                   2,092        2,155        -2.9%     9,357          9,542          -1.9%   
 Heavy vehicles                   359          375          -4.1%     1,445          1,527          -5.4%   


VINCI
Press
Maxence Naouri, +33 1 47 16 31 82
maxence.naouri@vinci.com
Investors
Thomas Guillois, +33 1 47 16 33 46
thomas.guillois@vinci.com
or
Christopher Welton, +33 1 47 16 45 07
christopher.welton@vinci.com


Copyright Business Wire 2013