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INTRODUCTION TO COLAS Thierry Montouch General Secretary 11 June - PowerPoint PPT Presentation

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INTRODUCTION TO COLAS Thierry Montouch General Secretary 11 June 2013 1 This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the

  1. INTRODUCTION TO COLAS Thierry Montouché – General Secretary 11 June 2013 1

  2. This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Forward-looking statements are statements that are not historical facts, and include, without limitation: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’s senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group’s Registration Document ( Document de Référence ) under the section headed Risk factors ( Facteurs de risques ), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; the impact of current or future public regulations; exchange rate risks and other risks related to international activities; risks arising from current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation. 11 June 2013 2

  3. PROFILE Slide 4  ACCOUNTING ITEMS Slide 11  STRENGTHS Slide 14  OPPORTUNITIES Slide 23  STRATEGY Slide 29   APPENDIX Slide 31 3

  4. Profile Colas is a worldwide leader in construction and maintenance of transport infrastructures  Activities   Construction and maintenance of diversified road-related infrastructures (including road safety and signaling)  Production and sale of construction materials  Construction, renewal and maintenance of rails and related systems  Others: waterproofing, sale of refined products, pipeline 4

  5. 2012 key figures 2012 sales by activities Key financial indicators   Sales: € 13.0bn Road works 18%  Operating profit: € 406m Sale of construction 15%  Net profit 1 : € 302m 67% 2 materials  Net debt at end-December: € 170m Specialty activities ~ 63,000 employees  Key activity indicators   Bread-and-butter activity: ~ 100,000 projects a year  Average project size: ~ € 100k  800 work centers and 1,400 production sites in almost 50 countries Bus lane, St Nazaire, France 5 (1) Attributable to the Group (2) Sales to third parties

  6. Industrial activity: 2012 key figures Widespread industrial footprint   736 quarries  138 emulsion plants  567 asphalt plants  212 ready-mix concrete plants  2 bitumen refineries Production of raw materials  Quarry  Aggregates: 102 Mt  Emulsions: 1.6 Mt  Asphalt mix: 42 Mt  Ready Mix Concrete: 2.8 million m 3  Bitumen: 1.1 Mt 1 High level of aggregates reserves   2.6 Bnt, i.e ~ 25 years of production of authorized reserves 2  2 Bnt of additional potential reserves 2 Emulsion plant 6 (1) 100% of the bitumen production made by SRD (Dunkirk refinery) in France and Kemaman refinery in Malaysia (2) See definition in Appendix (slide 39)

  7. The stake in Cofiroute, a valuable asset Key financials € m 2012 Consolidated using the equity method  Sales (100%) 1,337  Contribution not included in operating income Net profit (100%) 294 Motorways concession company founded in 1970  Net debt at year-end (100%) 2,877 by 6 companies among which Colas Colas’ share of net profit (16.7%) 49 Shareholders  Dividend paid to Colas (16.7%) 48  Colas: 16.7%  Vinci: 83.3% Network under operation Assets under operation   Interurban network of 1,200 km in northwest France  A86 toll tunnel (West of Paris) 2012 dividend (paid in 2012): € 48m 1  7 (1) Colas share

  8. Customers’ profile  Public customers: 63% of Colas’ sales  A widespread focus on regular maintenance works in order to Breakdown of customers in the avoid obsolescence French roads market 1  Specificities of the French local administrations 4%  Diversity of players: more than 50k local authorities in France, o/w 37k municipalities 36% 53%  Sound financial situation: the golden rule is to keep the operating budget balanced. Low and stable debt: approx. 8% GDP 7% State  Private customers: 37% of Colas’ sales Local authorities  Main customers: property developers, commercial and industrial Large public companies Private sector platforms, logistics hubs, Oil & Gas/mining companies, etc. 8 (1) Source: FNTP – French civil works federation

  9. A worldwide leader in the road market 2012 sales by region  A worldwide leader in the road market France 9%  No.1 in France 20% Europe (excluding 56% France)  Leadership positions in many countries thanks to North America 15% long-standing presence Rest of the World  Among the largest worldwide road construction materials producers  No.1 in asphalt mixes  No.1 in emulsions  No.8 in aggregates (No.2 in France) 9 Anchorage airport, Alaska, USA Source: 2011 companies’ data – Ranking based on available public data and excluding Chinese companies

  10. PROFILE Slide 4  ACCOUNTING ITEMS Slide 11  STRENGTHS Slide 14  OPPORTUNITIES Slide 23  STRATEGY Slide 29   APPENDIX Slide 31 10

  11. Strong seasonality of activity Activity is highly sensitive to weather conditions and Q1 is therefore never meaningful   Q1 equates to ~17% of FY sales on average (less than 10% in North America)  Q1 always accounts for an operating loss given low sales Quarterly split of FY EBIT Quarterly split of FY sales 67% 59% 31% 30% 42% 41% 26% 26% 27% 26% 37% 35% 17% 17% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 -35% 2011 2012 -46% 11

  12. A few reminders before modeling Backlog   It represents only about 5 to 7 months of activity  Its maturity might vary depending on the amount of long-term contracts  It is seasonal Oil products and energy prices  In road works, an increase in bitumen and oil prices is usually passed on to customers, and therefore generates  sales but is neutral for EBIT  Many contracts have a short duration and/or include indexation/escalation clauses  Bitumen storage and occasional hedging policy mitigate price changes However a sustained and significant increase in energy prices might have an impact on clients’ budgets and  therefore activity volumes Exchange rates have no material impact on financials other than the conversion effects   Sales and costs of foreign subsidiaries are denominated in the same currency 12

  13. PROFILE Slide 4  ACCOUNTING ITEMS Slide 11  STRENGTHS Slide 14  OPPORTUNITIES Slide 23  STRATEGY Slide 29   APPENDIX Slide 31 13

  14. Vertically integrated business model (1/2) Raw materials Processing Works Road works Road safety equipment plants Binder and emulsion plants Quarries and gravel pits Road safety works Bitumen plants Asphalt mixing plants Ready mix concrete plants Railway works A presence across the value chain 14

  15. Vertically integrated business model (2/2)  Vertical integration  Secures supplies  Ensures product quality  Enhances profitability  Contributes to margin resilience  Improves competitiveness A key competitive advantage for the Group as road works and material activity are complementary and mutually beneficial 15

  16. Proximity of a local player combined with the strengths of a global leader A flat and decentralized organization providing strong flexibility…   Strong local market knowledge  Competitive advantage thanks to the proximity with customers that enables fast reaction to local market needs  Optimized raw material transportation …combined with the strengths of a global Group   Capacity to leverage global expertise and resources  Project financing, specifications, design, construction and maintenance  Global technical network for R&D and innovation  Campus for Science and Techniques (CST), 50 laboratories and about 2,000 researchers, engineers and technicians  Financial strength A73 motorway in Canada 16

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