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VINCI AIRPORTS INVESTOR DAY Lisbon, 14 November 2014 VINCI AIRPORTS INVESTOR DAY Lisbon, 14 November 2014 Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s and VINCI Airport’s financial situations, operating results, business activities and expansion strategies. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of writing, and neither VINCI nor VINCI Airports not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors that could have an impact on VINCI’s financial results is contained in the documents filed by the Group with the French securities regulator (AMF) and available on the Group’s website at www.vinci.com or on request from its head office. 2 VINCI Airports Investor Day Today’s speakers Nicolas NOTEBAERT Chairman and CEO Jorge PONCE DE LEAO VINCI Airports Chairman ANA Pierre COPPEY Christian LABEYRIE Chairman and CEO Executive Vice-President VINCI Concessions & CFO VINCI Thierry LIGONNIERE COO ANA Benoit TROCHU Business Development Dir. VINCI Airports Pierre GROSMAIRE Airline Marketing Dir. Pierre ABIGNANO Luis VAZ VINCI Airports Commercial Director Marketing Director VINCI Airports ANA 3 1 Welcome & Introduction VINCI Airports is now a more significant contributor to VINCI’s concession activities Revenue EBITDA EBIT Capital employed 2% 1% 12% 8% 8% 14% 86% 92% 92% 85% Total: €5.3 bn €3.5 bn €2.2 bn €26.9 bn Total VINCI €0.6 bn €0.3 bn €0.2 bn €3.7 bn Airports: VINCI Airports 2014 revenue: VINCI Airports VINCI Autoroutes Other concessions Δ Sept 14/ Sept 13: +11% (9M) (2013 data pro forma, including ANA on a full year basis and excluding VINCI Park) 5 2 Presentation of VINCI Airports VINCI Airports is a major international player 10 23 airports airports in 10 France million passengers in 2014(e) 3 > 46 airports in airports in Portugal > €700m revenue in 2014(e) Cambodia 100 regular airlines 450 destinations worldwide 8% stake in > 5,000 employees 7 VINCI Airports is at the heart of VINCI’s strategy VINCI Airports: #1 strategic focus in the concession business ! Take advantage of worldwide air traffic growth (~2x GDP growth) ! Contribute to VINCI’s international expansion ! Extract strong operational leverage ! Diversify revenue streams ! Extend maturity profile of VINCI Concessions’ portfolio VINCI Airports benefits from the VINCI Group’s strengths ! Investment capability ! Financial capacity ! Synergies with the VINCI’s businesses 8 VINCI Airports’ investor / operator business model Investor / Operator ! Seek out greenfield and brownfield ! Provide optimum management opportunities ! Develop all business streams ! Strong integration capability " Airport marketing, route expansion, non- æronautical activities ! Financial capacity to support the development of platforms ! Expertise of our multi-disciplinary teams " Operations, finance, legal affairs, marketing " Management of long term relationship with public grantors Synergy creation with the rest of the Group 9 VINCI Airports’ value creation proposition ! Develop traffic Increase revenue ! Maximize revenue per pax ! Cost-efficient management Optimize opex and capex ! Engineering know-how 10 Main concessions maturities: up to 2065 End of concession / public service delegation (PSD) contracts: Cambodia Airports ANA 2014 2040 2063 2016 2029 Aéroports du Grand Ouest (Nantes, Saint-Nazaire) 8 regional airports in 2065 France Long term contracts visibility and stability 11 A diversified portfolio of activities Profitability profile VINCI Airports 2014(e) revenue breakdown 2014(e) EBITDA margin by activity EBITDA margin 60% Cambodian Airports Nantes Airport 9% Ground ANA (ex-GH) Handling (Portugal) 7% VINCI Airports PSD contracts Nantes Airport ANA excl. GH 2014(e) EBITDA (France) 64% 6% margin > 45% Cambodian Ground Handling Portugal Airports 14% PSD contracts France 0% PSD: Public service delegation GH: Ground handling 12 France: a network of 10 regional airports 2 types of assets with different 10* contractual frameworks and financial profiles airports Concession: Aéroports du Grand Ouest - Nantes/ Saint-Nazaire 6.0 mpax ! Nantes in 2014(e) 4.2 mpax in 2014(e) ! Rennes ! Clermont " Traffic growth: ~ 6% in 2014(e) ! Grenoble ! Chambéry " Development of new Nantes airport: ! Dinard legal challenges not yet resolved ! Poitiers 85,000 ! Quimper ATMs** ! Saint-Nazaire Public service delegation: 8 airports in 2014(e) ! Ancenis 1.8 mpax in 2014(e) " Very limited capital employed " No loss-making contract > €100m " 100% renewal Revenue in 2014(e) * Plus Toulon as of 1 January 2015 ** ATM: Air traffic movements 13 Cambodia: a success story 3 Strong development, self-financed airports " Dynamic emerging markets Strong growth in traffic 5.6 mpax in 2014(e) Passenger 6000 ! Phnom Penh 5,600 traffic (kpax) ! Siem Reap ! Sihanoukville 4000 2,800 x2 in 5 years 64,000 ATMs* in 2014(e) 2000 2009 2010 2011 2012 2013 2014(e) " EBITDA growth driven by a strong volume effect EBITDA: x3 between 2009 and 2014(e) " Expansion: terminal capacities increased to 10 mpax; retail €100m expansion Revenue in 2014(e) " Strong cash generation VINCI Airports optimal management model in action *ATM: Air traffic movements 14 ANA: flagship platform with high potential for development 10 High quality assets including a major European hub airports 35 mpax " Strong traffic dynamics in 2014(e) ! Lisbon International traffic > 80% of total ! Porto " Sound financial track record ! Faro 2009-2014(e) EBITDA CAGR: 10% ! Beja 300,000 ! 2 in Madeira " Regulation offering long term visibility ATMs* in 2014(e) ! 4 in the Azores >€500m ANA’s size and track record make it VINCI Airports’ Revenue in 2014(e) flagship platform for international expansion *ATM: Air traffic movements 15 Diversity of revenue streams VINCI Airports revenue breakdown by activity (2013): 1 Aviation ! Most of revenues are regulated: passenger & landing fees Security/PRM 4 Drivers: passenger traffic, ATMs*, regulatory framework 13% 2 Non-Aviation 1 Aviation ! Retail, real estate, car parks, car rental, advertising 45% Ground ! Strong potential upside Handling 3 17% Drivers: traffic, surfaces, lay-out, contract management 3 Ground handling ! In Cambodia and France where integrated: directly operated by airport manager ! In Portugal: Portway, 100% subsidiary of ANA Non-Aviation Drivers: ATMs, passenger traffic 25% 2 4 Security / PRM** ! Mandatory activities ! At cost activities Underweight of Non-Aviation business upside * ATMs: Air traffic movements ** PRM : Persons with reduced mobility 16 Dynamic traffic trend VINCI Airports passenger traffic (in mpax): +7% +8% >46 40 43 Pax traffic growth: (yoy at 31 Oct. 2014) VINCI Airports: +9.1% ! Portugal: +9.4% ! Cambodia: +13.1% 2012* 2013* 2014(e) ! France: +4.2% * Pro forma with ANA on a full-year basis 17 VINCI Airports Key financials 2013 In €m 2014(e) Pro forma * Passenger traffic (in mpax) 42.9 > 46 Revenue 629 > 700 Portugal 440 > 500 Cambodia 91 ~ 100 France 99 > 100 EBITDA 265 EBITDA margin 42% > 45% EBIT 170 EBIT margin 27% > 30% Capital employed (end of year) 3,684 o/w ANA: 2,942 * 2013 pro forma: with ANA consolidated on a full year basis. Provisional data (purchase accounting under course) 18 Focus on ANA 3 ANA 10 airports in 5 regions 35 million passengers (2014(e)) Strong traffic growth A 50 year concession 100% owned by VINCI Airports 20 Dynamic traffic Airport traffic: Portugal is the 3rd fastest growing country in Europe 15.1% Airport traffic growth in main European countries At the end of September 2014 vs. end of September 2013 (YTD) 11.5% 9.4% 4.6% 4.8% 4.1% 4.2% 3.2% 3.4% 2.6% 2.1% France Germany Norway Finland Italy UK Spain Sweden Portugal Turkey Greece 21 Main traffic growth levers 1 2 3 Develop Lisbon potential as the Develop short Benefit from leading hub between city-break increasing share Europe and South concept for of VFR* America/Africa European tourists ! The leading hub towards ! Destination affordability ! One third of the Brazil (25% of the total market ! Strong focus of Portuguese Portuguese living share in Europe) outside Portugal tourism authorities3 on city- break development ! Geopolitical environment in North Africa * VFR: Visiting friends and relatives 22 Dynamic traffic as of October 2014 Lisbon is growing at 13% over 10 months ANA 2014(e) full year traffic expected +9% +9.4% 30.6 28.0 2013 2014(e) Lisbon: targeting +13.4% 15.5 13.7 18m pax over full year 2014 32.0 m 35 m +8.2% 5.9 " 5.5 PASSENGE +5.0% +9% 5.6 +3.4% 5.8 RS 2.1 2.2 1.1 1.1 284,000 300,000 10M 2013 10M 2014 ! ATMs +1.4% +5% Azores Madeira Faro Porto Lisbon 23 A diversified traffic Diversified geographical exposure Balanced mix between airlines Other Portugal Other 31% 16% 24% TAP 37% Spain 37% 8% 3% Brazil 4% 5% UK SATA 5% Germany 18% Ryanair 9% 5% 15% France easyJet 15% 13% 12%12% At end Sept. 2014 24 A dynamic aviation marketing 74 routes opened in 2014 / 42 in 2013 2 new operational bases New international routes opened by TAP: ! Lisbon / Bogota RYANAIR in LISBON (end of 2014) ! Lisbon / Manaus ! Lisbon / Panama ! 3 aircraft based ! > 1 mpax expected (coming from based and non-based aircraft) Between airports of VINCI Airports network: ! Nantes / Lisbon ! Nantes / Funchal EASYJET in PORTO (mid 2015) ! Rennes / Porto ! 2 aircraft based ! Clermont-Ferrand / Porto ! 160 kpax expected in 2015 ! Poitiers / Porto 25 LISBON AIRPORT Traffic breakdown by geographical area (9M 2014) Yoy growth:
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