Key data CONCESSIONS
Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a percentage of revenue (1) ) from ordinary activities (in €m and as a percentage of revenue (1) )
4,963 3,429 4,710 3,251
6,945 7,261 67.8% 68.4% 46.8% 47.2%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (3) Capital employed (3) to owners of the parent (in €m) (in €m) (in €m)
1,689 1,923 27,145 27,029 29,605 31,115
2017 2018 2017 2018 2017 2018
Revenue (1) by geographical area (as a percentage)
France 80% Portugal 11% Americas 4% Rest of the world 5%
(1) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary (page 368). (2) Cash flows from operations before tax and financing costs. See glossary (page 368). (3) At 31 December. PUBLIC-PRIVATE PARTNERSHIPS OF VINCI’S CONCESSIONS BUSINESS WORLDWIDE The PPPs listed below are managed within the Concessions business of VINCI. Other PPPs (mainly buildings) are managed within VINCI’s Contracting business. Infrastructure Description Country Share End capital held of contract Motorway and road infrastructure Network under concession Arcos (A355 – western Strasbourg bypass) (1) 24 km France 100% 2070 Arcour (A19) 101 km France 100% 2070 ASF network (excl. Puymorens Tunnel) 2,731 km France 100% 2036 Cofiroute network (excl. A86 Duplex Tunnel) 1,100 km France 100% 2034 Escota network 471 km France 99% 2032 Fredericton–Moncton highway (2) 195 km Canada 25% 2028 Regina Bypass (1) 61 km Canada 38% 2049 Bogotá–Girardot motorway (1) 141 km (3) Colombia 50% 2042 A4 motorway 45 km Germany 50% 2037 A5 motorway 60 km Germany 54% 2039 A7 motorway (1) 60 km Germany 50% 2047 A9 motorway 47 km Germany 50% 2031 Athens–Corinth–Patras motorway 201 km Greece 30% 2038 Maliakos–Kleidi motorway 230 km Greece 15% 2038 Highway 2000 East-West 50 km Jamaica 13% 2036 Lima expressway 25 km Peru 100% 2049 Moscow–St Petersburg motorway (MSP 0) 43 km (Moscow–Sheremetyevo) Russia 50% 2040 Moscow–St Petersburg motorway (MSP 7 and 8) (1) 138 km (St Petersburg–Veliky Novgorod) Russia 40% 2041 R1 (PR1BINA) expressway 51 km Slovakia 50% 2041 Newport Southern Distributor Road 10 km United Kingdom 50% 2042 Isle of Wight road network (4) 821 km of roads and 767 km of pavements United Kingdom 50% 2038 Hounslow Borough road network (4) 432 km of roads and 762 km of pavements United Kingdom 50% 2037
Road bridges and tunnels A86 Duplex Tunnel Rueil Malmaison–Jouy en Josas/Versailles (11 km) France 100% 2086 Prado Carénage Tunnel Tunnel in Marseille (2.5 km) France 33% 2025 Prado Sud Tunnel Tunnel in Marseille (1.5 km) France 59% 2055 Puymorens Tunnel Tunnel in the Pyrenees (5.5 km) France 100% 2037 Confederation Bridge Prince Edward Island–mainland Canada 20% 2032 Charilaos Trikoupis Bridge Peloponnese–mainland Greece 57% 2039 Tagus bridges Two bridges in Lisbon Portugal 41% 2030 Ohio River Bridges – East End Crossing Bridges and a tunnel linking Kentucky to Indiana United States 33% 2051
Airports Chambéry, Clermont Ferrand, Grenoble, Poitiers-Biard, Pays d‘Ancenis (5) France 100% 2019 to 2029 Lyon-Bron, Lyon-Saint Exupéry France 31% 2047 Nantes Atlantique, Saint Nazaire Montoir France 85% 2065 (6) Rennes, Dinard (5) France 49% 2024 Toulon-Hyères France 100% 2040 Salvador de Bahia Brazil 100% 2047 Phnom Penh, Siem Reap, Sihanoukville Cambodia 70% 2040 Santiago de Chile (1) Chile 40% 2035 Liberia Costa Rica 45% 2030 Santo Domingo (Las Américas and La Isabela), Puerto Plata, Dominican Samaná (Presidente Juan Bosch et Arroyo Barril), Barahona Republic 100% 2030 Kansai, Itami, Kobe Japan 40% 2060 Lisbon, Porto, Faro, Beja, Ponta Delgada, Horta, Flores, Santa Maria, Funchal, Porto Santo Portugal 100% 2063 Belgrade (Nikola Tesla) Serbia 100% 2043 Stockholm-Skavsta Sweden 90% Freehold property Belfast International United Kingdom 100% 2993 Atlantic City, New Jersey (7) United States 2021 Hollywood Burbank, California (7) United States 2022 Macon Downtown, Georgia (7) United States 2022 Middle Georgia Regional, Georgia (7) United States 2022 Orlando Sanford, Florida United States 100% 2039
Rail infrastructure GSM-Rail Wireless communication system over 16,000 km of rail line France 30% 2025 Rhônexpress Light rail system (23 km) in Lyon France 35% 2038 SEA HSL High-speed rail line (302 km) between Tours and Bordeaux France 33% 2061
Stadiums Bordeaux (Matmut Atlantique) 42,000 seats France 50% 2045 Le Mans (MMArena) 25,000 seats France 100% 2043 Nice (Allianz Riviera) 36,000 seats France 50% 2041 Stade de France 80,000 seats France 67% 2025 Queen Elizabeth Olympic Park stadium 57,000 seats United Kingdom 100% 2019 (8)
Other public amenities Automation of river dams (Bameo) (1) 31 dams on the Aisne and Meuse rivers France 50% 2043 Car Rental Center, Nice-Côte d’Azur Airport 60,000 sq. metre building France 100% 2040 Martinique BRT system 2.5 km France 100% 2035 Public lighting in Goussainville France 100% 2026 Public lighting in Rouen (Lucitea) France 100% 2027
(1) Under construction. (5) Service, management or public service contracts. (8) On 21 January 2019, VINCI Stadium sold its shares in its (2) Maintenance contract. (6) The concession grantor has expressed its intention to operating subsidiary LS185 to E20, a subsidiary of the London (3) Including 65 km to be widened. terminate the concession contract before expiry date. Legacy Development Corporation and owner of the London stadium (4) Upgrade, maintenance and upkeep contract. (7) Service contract. occupied by Premier League soccer club West Ham United (WHU). Key data VINCI AUTOROUTES
Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a percentage of revenue (1) ) from ordinary activities (in €m and as a percentage of revenue (1) )
3,850 3,895 2,685 2,686
5,277 5,356 73.0% 72.7% 50.9% 50.2%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (3) Capital employed (3) to owners of the parent (in €m) (in €m) (in €m)
1,325 1,468 20,954 20,345 21,319 21,132
2017 2018 2017 2018 2017 2018
VINCI Autoroutes’ competitive position (4) Revenue (1) by network Motorway networks under concession in Europe (in km) (in €m)
ASF 3,095 58% Cofiroute 1,441 27% Escota 750 14% Arcour 70 1% and others
6,711 4,443 2,476 1,628
Atlantia VINCI Eiffage Brisa Autoroutes (1) Excluding concession (2) Cash flows from operations subsidiaries’ revenue derived before tax and financing costs. from works carried out by See glossary (page 368). non-Group companies. (3) At 31 December. See glossary (page 368). (4) Controlled company networks. Source: internal studies, company literature. Motorway concessions Lille of VINCI Autoroutes in France
Cherbourg Amiens en Cotentin Le Havre Rouen Reims Caen A86 Rueil Malmaison Metz Châlons Paris en Champagne A355 Versailles Nancy Strasbourg Brest Alençon A28 Chartres A10 A19 Rennes A81 A11 Sens Colmar Quimper Laval Le Mans Orléans Montargis A28 Mulhouse Vannes A11 A11 Blois Angers A71 Tours Dijon Nantes Cholet A85 A85 Bourges Besançon Traffic La Roche/Yon A87 A10 2018 2018/2017 Poitiers A83 (in millions change Niort Thonon les Bains A10 of kilometres La Rochelle A89 Rochefort Roanne travelled) Annecy Saintes Limoges A837 A89 Clermont Saint Lyon ASF 31,822 –0.5% Étienne Chambéry Ferrand A72 A10 Escota 7,048 –3.2% Périgueux A46 Grenoble Brive la Gaillarde Cofiroute 11,838 +1.0% Valence Bordeaux A89 Arcour 348 +5.9% A7 Gap A20 Cahors A51 Total 51,056 –0.5% Agen Digne A62 Orange les Bains Monta uban A709 ASF A641 A68 Albi Nîmes A7 A8 Menton A63 Montpellier Manosque Cofiroute Toulouse Monaco A64 A75 Arles Aix en Provence Nice Escota Bayonne A680 Tarbes A64 Fréjus A500 Arcour Pau A9 Marseille Narbonne A54 Toulo A57 Arcos Saint n Gaudens A61 A86 Duplex A645 A66 Foix A50 Perpignan A52 A520 A9 A501
ASF GROUP (ASF AND ESCOTA) (in €m and as a percentage of revenue (1)) Revenue (1) Ebitda (2) Net financial debt(3)
2,749 2,758
3,815 3,845 72.1% 71.7% 10,356 9,927
2017 2018 2017 2018 2017 2018
COFIROUTE (in €m and as a percentage of revenue (1)) Revenue (1) Ebitda (2) Net financial debt(3)
1,048 1,075
1,400 1,441 74.9% 74.6% 3,773 3,637
2017 2018 2017 2018 2017 2018
(1) Excluding concession subsidiaries’ revenue derived from (2) Cash flows from operations before tax and financing costs. works carried out by non-Group companies. See glossary (page 368). See glossary (page 368). (3) At 31 December. Key data VINCI AIRPORTS
Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a percentage of revenue (1) ) from ordinary activities (in €m and as a percentage of revenue (1) )
941 689
808 563
1,409 1,607 57.3% 58.6% 39.9% 42.9%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (3) Capital employed (3) to owners of the parent (in €m) (in €m) (in €m)
345 465 4,048 4,951 5,783 6,994
2017 2018 2017 2018 2017 2018
Revenue (1) by business activity Revenue (1) by geographical area (as a percentage) (as a percentage)
Aviation services 54% Portugal 52% Non-aviation services 27% France 21% Security/assistance for PRM (4) 10% Cambodia 14% Ground handling 9% Dominican Republic 8% Other 5%
(1) Excluding concession subsidiaries’ revenue derived from works carried out (3) At 31 December. by non-Group companies. (4) Persons with reduced mobility. See glossary (page 368). (2) Cash flows from operations before tax and financing costs. See glossary (page 368). AIRPORTS AND PASSENGER TRAFFIC MANAGED 45 airports and 195.2 million passengers managed in 2018 (1)
5.0 (2) 55.3 (2) 6.3 (2) 19.9 (2) 2.2 (2) –2.0% +6.8% +7.5% +9.4% +3.9% 6 airports in the Dominican 10 airports 1 airport in the 12 airports 1 airport Republic in Portugal United Kingdom in France in Sweden
5 airports in the United States
9.5 (2) +8.7%
1 airport in Brazil 1 airport 3 airports 3 airports 8.0 (2) in Serbia in Cambodia in Japan 1 airport 1 airport +4.6% in Costa Rica in Chile
(2) 5.6 10.6 (2) 48.3 (2) +5.4% +20.1% +3.7%
(2) (2) 1.1 23.3 (1) Excluding ADP and London Gatwick. +3.4% +8.8% (2) Data in millions of passengers and 2018/2017 change.
i COMPETITIVE POSITION i
VINCI Airports is the leading private since December 2018. On 27 December Costa Rica (1.1 million passengers) operator and one of the top four 2018, VINCI Airports signed an agreement and six airports in the Dominican international players in the airport sector to purchase a 50.01% stake from the Republic (5 million passengers). with 45 airports operated worldwide. current shareholders of London Gatwick, In Chile, VINCI Airports, in a consortium The main listed companies in the sector a freehold property airport. The deal should with Groupe ADP and Astaldi, operates are Aena, Groupe ADP and Fraport. be finalised during the first half of 2019. Santiago Arturo Merino Benítez Airport In Europe, VINCI Airports operates In Asia, VINCI Airports operates the three (23.3 million passengers). 10 airports in Portugal (55.3 million airports in Cambodia (10.6 million In the United States, VINCI Airports passengers) and 12 airports in France passengers) and holds the concession, has been operating five airports under (19.9 million passengers), including as part of a consortium with Japanese concession or management contracts Lyon-Saint Exupéry (11 million passengers). partners, for the three airports since August 2018 VINCI Airports has also been operating in the Kansai region of Japan (9.5 million passengers). Belfast International Airport in the United (48.3 million passengers). Kingdom (6.3 million passengers) and In Latin America, VINCI Airports holds Stockholm Skavsta Airport in Sweden concessions for Deputado Luís Eduardo (2.2 million passengers) since Magalhães Airport in Salvador, Brazil August 2018, and Nikola Tesla Airport in (8 million passengers), Daniel Oduber Belgrade, Serbia (5.6 million passengers) Quirós International Airport in Liberia, Source: internal studies, company literature. Key data CONTRACTING
Revenue Ebitda (1) Operating income (in €m) (in €m and as a percentage of revenue ) from ordinary activities (in €m and as a percentage of revenue)
1,815 1,472 1,629 1,260
32,830 35,769 5.0% 5.1% 3.8% 4.1%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (2) Capital employed (2) to owners of the parent (in €m) (in €m) (in €m)
477
2017
793 849 (908) 4,348 6,233
2017 2018 2018 2017 2018
Revenue by geographical area (as a percentage)
France 52% Germany 8% United Kingdom 6% Central and Eastern Europe 6% Rest of Europe 10% NB: data does not include VINCI Immobilier. Americas 8% (1) Cash flows from operations before tax and financing costs. Africa 4% See glossary (page 368). Rest of the world 6% (2) At 31 December. i COMPETITIVE POSITIONS i
VINCI ENERGIES EUROVIA VINCI CONSTRUCTION FRANCE FRANCE FRANCE VINCI Energies is the leader in a fragmented Eurovia is one of the leaders in the road VINCI Construction is the leader in a market market in which the top six players account and rail works market with Colas and estimated to be worth revenue of around for only around 50% of the market. Its main Eiffage Infrastructures. The market €200 billion, ahead of Bouygues competitors are Engie Energie Services, is otherwise shared by a large number of Construction, Eiffage Construction, Fayat, Spie, Eiffage Énergie, Bouygues Energies local and regional contractors. NGE and Spie Batignolles. The remaining & Services and Snef. Eurovia is market leader in aggregates, market is divided among several medium- where its competitors include roadworks sized regional companies (including EUROPE companies and cement groups such as Demathieu Bard and Léon Grosse) and a VINCI Energies is a leading electrical LafargeHolcim, GSM (HeidelbergCement large number of small contractors. engineering and installation company. Group) and Cemex, along with several It ranks among the top players in Germany, hundred local producers. UNITED KINGDOM where it has a strong position (revenue of VINCI Construction UK is a company of €2 billion in 2018), Switzerland, Scandinavia GERMANY significant size in the United Kingdom, (Sweden, Finland and Norway), Belgium, Eurovia GmbH is one of the sector’s especially in the building and civil Netherlands, Portugal and Romania. main players with Strabag, in a market engineering sectors. Its main competitors are In the information and communication made up mainly of numerous regional Balfour Beatty, Kier, Laing O’Rourke and technologies sector, VINCI Energies players. In addition, Eurovia’s rail works Interserve. The British market is estimated to operates mainly in France, Germany, subsidiary ETF has expanded into be worth revenue of around £150 billion. Netherlands, Portugal, Spain, Switzerland, Germany by acquiring THG Italy, Sweden, United Kingdom, Belgium Baugesellschaft mbH. CENTRAL EUROPE and Austria. VINCI Construction operates in the region OUTSIDE EUROPE UNITED KINGDOM through its medium-sized local subsidiaries, VINCI Energies operates in Africa, where it Eurovia UK, through its subsidiary notably in Poland, the Czech Republic and is market leader in Morocco. It also Ringway, is a major player in long-term Slovakia. Its main competitors are Strabag, operates in the Middle East, Asia and South road maintenance contracts. Its main Skanska and Porr, as well as Budimex in America. VINCI Energies has a solid foothold competitors are Amey (Ferrovial group), Poland and Metrostav in the Czech Republic. in New Zealand and Australia. With the Kier and Balfour Beatty. Eurovia UK also acquisition of PrimeLine Utility Services, operates in conventional roadworks in AFRICA VINCI Energies established a significant competition with Balfour Beatty Operating in 24 countries, Sogea-Satom is a position in services for energy infrastructure and Tarmac (CRH Group), major player in Central Africa, West Africa, and telecommunications operators Aggregate Industries (LafargeHolcim), Equatorial Africa and East Africa. Its main in North America at the beginning of 2018. Hanson (Heidelberg) and Conway. competitors are European, Asian (particularly Chinese) and African companies. Source: company literature. CZECH REPUBLIC Eurovia CS is among the leaders in road OCEANIA and rail works. Its main competitors are By acquiring HEB Construction in 2015, Skanska, Metrostav and Strabag. VINCI Construction became a major player in New Zealand’s infrastructure market. Since NORTH AMERICA the end of 2017, VINCI Construction has In Canada, Eurovia is one of the major ramped up its presence in Australia with the players in road infrastructure works in acquisition of Seymour Whyte. Quebec, Alberta and British Columbia, mainly through subsidiaries Eurovia SPECIALIST MARKETS Québec Construction, Carmacks and Soletanche Freyssinet is world leader in BA Blacktop. Its main competitors are specialist civil engineering, active on a very subsidiaries of Colas, CRH and fragmented market. Its competitors include LafargeHolcim, as well as local Trevi, Bauer and Keller in special foundations, companies. and VSL (a Bouygues subsidiary) in In the United States, the acquisition of prestressing and stay cable systems. Lane Construction’s Plants & Paving Entrepose is a global operator in the design division complements the activities and construction of complex industrial Eurovia carries out through its projects in the oil, gas and energy recovery subsidiaries Hubbard Construction and sectors. Its main competitors include Saipem Blythe Construction in the south-east (ENI Group) and CB&I. (Florida, Georgia, North Carolina and South Carolina). This acquisition doubles Source: Euroconstruct, November 2018 (market size); Eurovia’s size and makes it one of the company literature. market leaders in roadworks on the east coast of the United States. Its main competitors are Archer Western Contractors (Walsh Group) for construction works and Preferred Materials (CRH) for the manufacture and application of asphalt concrete.
Source: company literature. Key data VINCI ENERGIES
Revenue Ebitda (1) Operating income (in €m) (in €m and as a percentage of revenue) from ordinary activities (in €m and as a percentage of revenue)
749 727
627 615
10,759 12,603 5.8% 5.9% 5.7% 5.8%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (2) Capital employed (2) to owners of the parent (in €m) (in €m) (in €m)
361 398 700 1,330 3,083 3,981
2017 2018 2017 2018 2017 2018
Revenue by business activity Revenue by geographical area (as a percentage) (as a percentage)
Industry 29% France 46% Infrastructure 27% Germany 16% Building solutions 26% Scandinavia 6% Information and communication 18% Rest of Europe 20% technologies Americas 5% Africa 3% Rest of the world 4%
(1) Cash flows from operations before tax and financing costs. See glossary (page 368). (2) At 31 December. Key data EUROVIA
Revenue Ebitda (1) Operating income (in €m) (in €m and as a percentage of revenue) from ordinary activities (in €m and as a percentage of revenue)
513 345
455 301
8,112 8,934 5.6% 5.7% 3.7% 3.9%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial debt (2) Capital employed (2) to owners of the parent (in €m) (in €m) (in €m)
229
2017
216 220 (331) 877 1,676
2017 2018 2018 2017 2018
Revenue by business activity Revenue by geographical area (as a percentage) (as a percentage)
Works 69% France 56% Industry 14% Germany 10% Quarries 10% United Kingdom 6% Services 7% Central and Eastern Europe 12% Rest of Europe 2% United States 5% Canada 6% Central and South America 3% (1) Cash flows from operations before tax and financing costs. See glossary (page 368). (2) At 31 December. Key data VINCI CONSTRUCTION
Revenue Ebitda (1) Operating income (in €m) (in €m and as a percentage of revenue) from ordinary activities (in €m and as a percentage of revenue)
547 553 400
344
13,960 14,231 3.9% 3.9% 2.5% 2.8%
2017 2018 2017 2018 2017 2018
Net income attributable Net financial surplus (2) Capital employed (2) to owners of the parent (in €m) (in €m) (in €m)
216 231 948 752 387 576
2017 2018 2017 2018 2017 2018
Revenue by business activity Revenue by geographical area (as a percentage) (as a percentage)
Building 37% France 54% Specialist activities and complex projects 37% United Kingdom 10% Civil and hydraulic engineering 26% Central and Eastern Europe 6% Rest of Europe 3% Americas 8% (1) Cash flows from operations before tax and financing costs. Africa 7% See glossary (page 368). Oceania 7% (2) At 31 December. Rest of the world 5%