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Financial information / sales

12.05.2014

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In short

Sales increased by 4.5% in the first quarter of 2014
- There was a rebound in activity in all European countries
- Buoyant order intake lifted the order book to €12.4bn (up by 5.8% compared with 1 January 2014), equivalent to more than 12 months of activity for the Contracting divisions
- Group’s liquidity increased over 12 months to more than €1bn
- Confirmation that consolidated sales are expected to reach €14.4bn in the year ending 31 December 2014

Consolidated sales reported by Eiffage for the first quarter of 2014 came to €3,037 m, up by 4.5 % on a reported basis compared with the first quarter of 2013, which corresponds to an increase of 2.8 % like-for-like.

At the Contracting activities, sales came to €2,495 m in the quarter ended 31 March 2014, up by 4.5 % on a reported basis and by 2.9 % like-for-like.

In Concessions, total traffic on the APRR network, as measured by the number of kilometres travelled, increased by 0.7% in the first quarter of 2014 compared with the same period in 2013. Light vehicle traffic increased by 0.5% and heavy goods vehicle traffic by 1.9%.
Given the revision of toll rates in 1 February 2014 (up 0.80% on average for APRR and up 0.84% on average for AREA), consolidated revenue contributed by APRR increased to €494m, up 2.1% compared with the first quarter of 2013.
As regards the A65 Pau-Langon motorway operated by A’Liénor, there was another sharp increase in overall traffic, up 11.6%, with increases of 7.9% for light vehicles and of 73.8% for heavy goods vehicles. Toll revenues increased by 12.3% to €12.0m in the first quarter of 2014.
Overall traffic on the Millau viaduct in the first quarter of 2014 was up 6.1%, with increases of 5.1% for light vehicles and of 11.8% for heavy goods vehicles. Toll revenues increased by 12.8% to nearly €6m in the first quarter of 2014.
Toll revenues for the Avenir motorway in Senegal exceeded €4m in the first quarter of 2014.
Revenue contributed by the Grand Stade de Lille amounted to €5.2m, up from €3m in the first quarter of 2013.
Other concessions and public-private partnerships generated revenue of €20.4m, up from €14.1m in the first quarter of 2013. Centor 36, the company party to the public-private partnership for the Châteauroux police station, was sold at the start of 2014. This company generated revenue of €1.5m in 2013.


Construction: sales of €843m (up by 11.7% on a reported basis and by 11.8% like-for-like)
- In France, sales (which remained extremely brisk in the Ile-de-France) increased by 10.0% to €681m.
At the Property activity, sales increased by 27.5%, while the marketing of new housing units remained dynamic, with 851 reservations in the three months to 31 March 2014.
- In the rest of Europe, activity increased sharply by 19.1% to €162m, with increases of 13.1% in the Benelux countries and 48.0% in Poland.

Public Works: €757m (up by 7.5% on a reported basis and like-for-like)
- In France, sales increased by 8.4% to €644m, with road construction and maintenance and civil engineering benefiting, notably, from the more favourable weather conditions than in the first quarter of 2013.
- In the rest of Europe, sales increased by 23.3% to €90m, with an increase of more than 38% in Germany.
- In the rest of the world, sales decreased by 37.8% to €23m, with work on the second section of the Avenir motorway in Senegal getting under way as planned.

Energy: sales of €695m (down by 7.5% on a reported basis and by 6.0% like-for-like)
- In France, sales declined to €553m, down 9.2% like-for-like, but with trends improving in March, due notably to delays starting several projects, which does not impact the level of activity expected for this division over the year as a whole.
- In the rest of Europe, sales grew by 10.2% to €129m, with sharp increases in Italy (+18.7%), Portugal (+17.1%) and Belgium (+7.0%), while activity in Spain, which was on the back foot for several quarters, recovered strongly (+31.1%).

Metal: sales of €200m (up by 12.4% on a reported basis but down 16.9% on a like-for-like basis)
- In France, sales declined to €114m, down 23.5% compared with the first quarter of 2013 when work was under way on the Ofon offshore platform and on several major façade projects in the Ile-de-France, which have since been delivered.
- In the rest of Europe, sales increased to €77m, up from €21m in the first quarter of 2013, an increase that is due largely to the integration of Smulders Group. However, even on a like-for-like basis, sales increased sharply, up 23.8 %.

Given the strong order intake at all divisions, the order book reached €12.4 bn on 1 April 2014. This represents an increase of 5.8 compared with 1 January 2014 (but a 2.8 decrease compared with 1 April 2013). The order book is equivalent to nearly 12.3 months of activity for the Contracting divisions, supporting the management guidance, which is for sales of €14.4 bn for the year ending 31 December 2014.


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