EIFFAGE (EPA:FGR) - Financial information as at 31 March 2021

Transparency directive : regulatory news

11/05/2021 17:45

Vélizy-Villacoublay, 11 May 2021
17:45

                  Financial information as at 31 March 2021

* Activity
o Revenue of EUR4 billion, up 6% compared to 31 March 2020 and above that of
   the 1st quarter 2019 (+ 1.5%)
o Significant increase in Contracting activity in all branches (+ 9.2%)
o Concessions activity remains affected by travel restrictions (- 8.0%)

* Outlook
o Strong contracting order book at EUR17 billion (+ 4% over three months)
o Outlook confirmed for a significant increase in Contracting activity and a
   rise in the Group's results

* Liquidity
o High level of liquidity at EUR4.8 billion for Eiffage S.A. and EUR3.1
   billion for APRR S.A.

* Carbon and climate issues
o Eiffage has published its second climate report and is committed to the
   1.5°C trajectory.

1 - REVENUE FOR THE 1ST QUARTER 2021.

in millions of euros     1st quarter   1st quarter        Changes
                                2020          2021    Actual     lfl*

Construction                     807           910   + 12.8%   + 13.0%
of which Property development    182           208
Infrastructure                 1,255         1,369    + 9.1%    + 9.3%
Energy Systems                 1,002         1,066    + 6.4%    + 5.8%
Sub-total Contracting          3,064         3,345    + 9.2%    + 9.1%
Concessions (excl. Ifric 12)     684           629    - 8.0%    - 8.0%
Total Group (excl. Ifric 12)   3,748         3,974    + 6.0%    + 6.0%
Of which:
France                         2,788         2,945    + 5.6%    + 5.4%
International                    960         1,029    + 7.2%    + 7.7%
Europe outside France            784           835    + 6.5%    + 6.5%
Outside Europe                   176           194   + 10.2%   + 13.3%
Construction revenue (Ifric 12)** 45            41          n.m.

1st quarter            Changes
2019                   Actual
                     (2021/2019)

  923                 - 1.4%
  205
1,318                 + 3.9%
  993                 + 7.4%
3,234                 + 3.4%
  682                 - 7.8%
3,916                 + 1.5%

2,915                 + 1.0%
1,001                 + 2.8%
  815                 + 2.5%
  186                 + 4.3%
   70                   n.m.

2 - GENERAL DESCRIPTION OF THE ACTIVITY

In the 1st quarter 2021, Eiffage generated consolidated revenue of almost
EUR4.0 billion, up 6.0% compared to the 1st quarter 2020 (in actual terms and
lfl) and up 1.5% compared to the 1st quarter 2019.

In Contracting, activity stands at over EUR3.3 billion, up by 9.2% (+ 9.1% lfl)
compared to the 1st quarter 2020 and up 3.4% compared to the 1st quarter 2019
which had been especially dynamic in all divisions. As a reminder, from
mid-March 2020 most construction sites came to a halt in France, which partly
explains the growth in activity compared to 2020. The increase in revenue
compared to 2019 is due to a high level of orderbook at the end of 2020 and
confirms that the various business lines have managed to integrate the health
restrictions.

Construction: EUR910 million (+ 12.8% in actual terms; + 13% lfl)

- In Construction in France, the activity has recorded growth of 14.8% (in
actual terms and lfl) to EUR691 million (+ 0.9% compared to the 1st quarter
2019). In Europe outside France, it grew by 6.8% (+ 7.8% lfl) to EUR221
million.

- In real estate, revenue came to EUR208 million (+14.3%), slightly up on its
2019 level. The residential sales market is still affected by the health
crisis, and there were 1,289 bookings recorded by the end of March 2021,
compared to 1,436 at the end of March 2020.

Infrastructure: EUR1,369 million (+ 9.1% in actual terms; + 9.3% lfl)

- In France, revenue increased by 10% (in actual terms and lfl) to EUR902
million (+ 4.3% compared to the 1st quarter 2019), still largely due to the
Grand Paris Express construction sites.

- In Europe outside France, activity grew by 8.3% to EUR328 million.

- Outside Europe, revenue is up by 5.3% to EUR139 million.

Energy Systems: EUR1,066 million (+ 6.4% in actual terms; + 5.8% lfl)

- In France, revenue increased by 5.8% (+ 4.9% lfl) to EUR735 million (+ 5.6%
compared to the 1st quarter 2019).

- In Europe outside France, activity grew by 4.0% to EUR288 million.

- Outside Europe, revenue stands at EUR43 million, as opposed to EUR30 million
in the 1st quarter 2020.

In Concessions, which remains affected by travel restrictions and the closure
of buildings open to the public, activity not including Construction dropped by
8.0% (in actual terms and lfl) and stands at EUR629 million (- 7.8% compared to
the 1st quarter 2019).

Total traffic on the APRR network, measured in number of kilometres travelled,
was down by 9.9% compared to the 1st quarter 2020 (LV:- 12.8% and HGV:+ 2.3%)
and by 17.4% compared to the 1st quarter 2019. APRR's consolidated revenue, not
including Construction, is EUR532 million, a decline of 6.3% (- 11.7% compared
to the 1st quarter 2019). As well as the traffic restrictions, which continue
to have a very significant effect on traffic numbers, closure of the ski lifts
at ski resorts accentuated the drop in traffic on the network.

On the A65 motorway (Pau-Langon), traffic dropped by 10.0% (LV: - 10.8% and
HGV: - 2.5%) and revenue stands at EUR14 million (- 7.2%).

On the Millau viaduct, traffic dropped by 0.8% (LV: - 1.3% and HGV: + 1.3%) and
revenue stands at EUR8 million (+ 1.6%).

On the Autoroute de l'Avenir in Senegal, revenue was stable at EUR13 million.
Revenue generated by the Pierre Mauroy stadium in Lille was EUR5 million.

The airport concessions (Lille and Toulouse-Blagnac airports) saw a 76.2% drop
in passenger traffic, for revenue of EUR20 million (- 47.5%).

Other concessions and Public-Private Partnership operations generated revenue
of EUR37 million.

3 - FINANCIAL SITUATION

The Group has a solid financial structure, both in terms of Eiffage S.A. (and
its Contracting subsidiaries), which has a short-term rating of F2 from
FitchRatings, and its concession-holding entities, the most important of which
is APRR SA, rated by S&P and FitchRatings with a long-term rating of A-.

On 31 March 2021, Eiffage S.A. and its Contracting subsidiaries had liquidity
of EUR4.8 billion consisting of EUR2.8 billion in cash and cash equivalents and
an undrawn bank line of credit of EUR2 billion, without financial covenants,
with an expiry date of 2025 and a possible extension of one year. Liquidity was
up by EUR1.6 billion, compared to EUR3.2 billion at 31 March 2020.

For its own part, APRR had liquidity of EUR3.1 billion at 31 March 2021,
consisting of EUR1.1 billion in cash and cash equivalents and an undrawn bank
line of credit of EUR2 billion, with an expiry date of 2026 for almost the
total of this amount with a possible extension of one year. Liquidity was up by
EUR400 million, compared to EUR2.7 billion at 31 March 2020.

4 - KEY EVENTS AFTER 31 MARCH

On 21 April 2021, the Combined Shareholders General Meeting which took place
behind closed doors approved all the resolutions submitted, including the
distribution of a dividend of EUR3 per share which will be paid on 19 May 2021.

On 21 April 2021, Eiffage published its second climate report, drawn up in
accordance with the recommendations of the TCFD (Task Force on Climate-related
Financial Disclosures), which states the physical risks and transition risks,
relating to climate change, for the company's business model, as well as the
business opportunities in a low-carbon economy. The Group has reinforced its
commitments taken in 2020 on the publication of its first climate report:

* by committing itself to the 1.5°C trajectory, in accordance with the
criteria of the Science-Based Targets initiative (SBTi),

* by strengthening the consistency of its commitment by making this trajectory
applicable to all of its businesses lines without exception.

On 23 April 2021, Eiffage and Vinci Concessions announced the conclusion of an
exclusive negotiations agreement between them, for a Simplified Public Tender
Offer, followed by a squeeze-out procedure if necessary, regarding shares of
the Société Marseillaise du Tunnel Prado Carénage at a price of EUR23 per
share (including dividend).

On 10 May 2021, Eiffage has been awarded, as part of a consortium, the contract
to build a new bridge in Leverkusen, Germany, a contract worth a grand total of
EUR180 million, EUR116 million of which will go to Eiffage.

Recent supply difficulties and their consequences on prices could disrupt the
Contracting activities.

5 - OUTLOOK

On 31 March 2021, the Contracting order book stood at EUR16.9 billion, up by
13% year-on-year (+ 4% over 3 months) and represents 14.5 months of activity
for the Contracting divisions. This order book, along with the good performance
of revenues for the 1st quarter strengthens the prospects for a significant
increase in Contracting activity in 2021.

However, the Group's results, expected to be up compared to 2020, will remain
affected by travel restrictions, which have an impact on Concessions and will
not reach their 2019 level in 2021.

For the Group, revenue for the 2nd quarter and the 1st quarter results will be
published on 25 August 2021 after market closing.

Investor Contact                         Press Contact
Xavier Ombrédanne                        Sophie Mairé
Tel: + 33 (0)1 71 59 10 56               Tel: +33 (0)1 71 59 10 62
e-mail: xavier.ombredanne@eiffage.com    e-mail: sophie.maire@eiffage.com

Appendix

Change in order books (EURbn)
                   At        At         At
              31/03/2020 31/12/2020 31/03/2021 Change over Change over
                                                  1 year     3 months

Contracting      15.0        16.2      16.9       + 13%       + 4%

Property
development       0.6         0.7       0.6        - 2%      - 16%

Concessions       1.0         1.0       1.0        - 7%       - 1%

Glossary

** Construction revenue of Concessions (Ifric 12)

** Definition of Ifric 12 concessions revenue: Construction revenue of the
concessions corresponds to the costs of carrying out the construction or
upgrade of infrastructure incurred by the concession holder in application of
the provisions of Ifric 12 "Service Concession Arrangements", after removal of
intra-group transactions.

Contracting order book

Portion of signed contracts not yet executed.

* Lfl, like-for-like (or at constant scope and exchange rate)
Constant scope and exchange rate

Constant scope is calculated by neutralising:

* the 2021 contribution made by companies consolidated for the first time in
2021;

* the contribution made by companies consolidated for the first time in 2020 in
the period of 2021 equivalent to that of 2020 which preceded their first-time
consolidation;

* the contribution made by companies deconsolidated in 2021 in the period of
2020 equivalent to that of 2021 after they were deconsolidated;

* the 2020 contribution made by companies deconsolidated in 2020.

Constant exchange rate: 2020 exchange rates applied to 2021 revenues in
currency.

Group Liquidity

The Group's liquidity is calculated as follows:

cash and cash equivalents managed by Eiffage S.A. and its Contracting
subsidiaries plus undrawn credit line(s) of Eiffage S.A.

APRR liquidity

APRR's liquidity is calculated as follows:

cash and cash equivalents managed by APRR S.A. plus undrawn credit line(s) of
APRR S.A.

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23/04/2024 17:45

EIFFAGE (EPA:FGR) - Financial information as at 31 March 2021

Transparency directive : regulatory news

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