COMMUNIQUÉ RÉGLEMENTÉ

par EIFFAGE (EPA:FGR)

2024 half-year results

image 

Vélizy-Villacoublay, 28 August 2024 

5.40 pm

 

Press release 2024 half-year results

 

•     +6.3% increase in the Group’s revenue+6.5% increase in Contracting, with a +17.7% rise in Europe excluding France (positive market dynamics and selective acquisitions in energy services)+5.6% increase in Concessions 

•     Solid earnings performance:

•     Higher operating profit on ordinary activities in Contracting (+16.3%)Modest decline in operating profit on ordinary activities from Concessions (-3%) as a result of the new tax on long-distance transport infrastructureNet profit Group share of €0.4 billion, very close to its 2023 levelPositive free cash flow despite seasonal trends in ContractingFurther increase in the Contracting order book to €28.4 billion (up +43% year-on-year and up +9% since the beginning of the year)Outlook for 2024 confirmedIncrease in revenueResults improving again in Contracting; Concessions results impacted by the new tax on transport infrastructure; net profit Group share of the same order as in 2023Strong multi-year visibility, strengthened during the period, in all divisionsSBTi validation of the trajectory of greenhouse gas emissions reduction over the short-term (2030) and long-term (2050) for scopes 1,2 and 3, of the alignment with the 1.5°C trajectory as well as the commitment to reach the net-zero emissions on the supply chain in 2050

 

Key figures*

                                                                                                              First-half                                      Change              

in millions of euros

2023

2024

          2024/2023            

Revenue

10,431

11,093

               +6.3%                 

Operating profit on ordinary activities

1,009

 997

               -1.2%                 

as a % of revenue

9.7%

 9.0%

                                  

Net profit Group share

392

 382

               -2.6%                 

Free cash flow

276

148 

                -128                  

Net financial debt (in € billions)

10.6

10.6 

                    /                     

Order book (in € billions)

19.8

28.4

               +43%                 

APRR traffic (in thousands of kilometres)

12,188

12,082

               -0.9%                 

* see glossary 

Eiffage’s Board of Directors met on 28 August 2024 to approve the first-half 2024 financial statements(1).

 

Activity

Consolidated revenue totalled €11.09 billion in the first half of 2024, an increase of +6.3% on an actual basis (up +3.0% lfl) compared with the first half of 2023.

In Contracting, revenue increased by +6.5% to €9.24 billion (up +2.9% lfl). Revenue in France was stable at

€5.61 billion and international revenue moved up +18.4% to €3.63 billion (up +17.7% in Europe excluding France). The proportion of Contracting revenue generated outside France is now close to 40%, following steady rises over the past 5 years.

In the Construction division, revenue fell -12.4% (down -12.5% lfl) to €1.93 billion, with a -13.5% decrease in France and an -8.9% decline in international revenue. In property development, revenue fell -28.3% to €302 million. The trends observed in France since 2022 have continued, with a fall in new residential property partially offset by the residential renovation and new construction of public and industrial infrastructure. New residential unit sales were again at a low level – 810 units, compared with 710 units in the first half of 2023.

The order book stood at €5.5 billion at 30 June 2024. This represented a +13% increase year-on-year as a result of the signature of a major office complex project for France’s Ministry of the Interior and Overseas Territories.

In the Infrastructure division, revenue increased by +9.2% (up +8.7% lfl) to €3.98 billion. In France, revenue rose +3.8%, with substantial differences from one business line to another (civil engineering: +13.3%; metallic construction: +0.8%; roads: -2.4%). International revenue posted another strong rise (up +16.2%, with a +12.2% increase in civil engineering and a +28.0% rise in metallic construction) as a result of further strong performance in Europe excluding France (up +13.1%) in large energy and transport infrastructure programmes.

Given the two major contracts awarded in late 2023 (civil engineering works on the first two Penly EPR2 reactors and the design and build contract for a section of the Line 15 East of the Grand Paris Express project), the order backlog increased by 64% year-on-year to €14.9 billion.

In the Energy Systems division, revenue was boosted by the environmental and digital transitions, advancing +17.6% (up +7.6% lfl) to €3.33 billion. The division posted a +7.7% revenue increase in France (up +6.1% lfl) and a +37.4% rise in international revenue, thanks to a +41.1% rise in Europe excluding France (up +12.1% lfl) powered mainly by the consolidation since January 2024 of the recently acquired Salvia (Germany) and Van Den Pol (Netherlands) companies.

The order book was up +36% year-on-year to €8.0 billion. 

In Concessions, revenue rose +5.6% (+3.5% lfl) to €1.86 billion. The change in the scope of consolidation comprised the full consolidation of Adelac (A41 motorway). Motorway traffic was lower than in the first half of 2023, with a decline of -0.9% at APRR and of -0.3% on Aliénor (A65 motorway). It rose +9.2% on Aliaé (A79 motorway), as its ramp-up continued, +1.9% on Adelac (A41 motorway), +5.2% on the Millau viaduct and +3.2% on the Autoroute de l’Avenir motorway in Senegal. 

Passenger traffic at the Lille and Toulouse airports grew by +1.5% compared with the first half of 2023, with revenue increasing by 7.9%. 

In the second quarter, Eiffage’s revenue grew by +7.6% compared with the second quarter of 2023, with an +8.0% increase in Contracting and a +5.9% increase in Concessions.

 

image 

(1): The audit procedures have been completed and the limited review report has been issued.

Results

Operating profit on ordinary activities was €997 million, down -€12 million on its level in the first half of 2023. To a large extent, this was attributable to the new tax on long-distance transport infrastructure (€60 million). The operating margin on ordinary activities contracted to 9.0% (9.7% in the first half of 2023).

In Construction, the operating margin was stable at 3.4% despite the downturn in the new residential market in France, again demonstrating the resilience of the integrated builder-developer model and the relevance of the division’s selective approach.

In the Infrastructure division, the operating margin, which usually lies in negative territory in civil engineering and roads during the first half, recorded a further increase (rising to -0.3% from -0.5% in the first half of 2023), with another strong contribution from metallic construction and the major European transport infrastructure projects.

In Energy Systems, the operating margin improved significantly to reach 4.6% (4.3% in the first half of 2023) in an expanding European market, with the latest acquisitions enabling the division to reap the full benefit of this.

In Contracting, overall, the operating margin rose to 2.2% (from 2.1% in the first half of 2023), lifting Contracting’s contribution to first-half operating profit from ordinary activities to €207 million from €178 million in the first half of 2023 (+16.3%).

In Concessions, the operating profit on ordinary activities was €25 million lower at €822 million. This reflects the impact of the new tax on long-distance transport infrastructure (€60 million) and the contribution from Adelac

(A41), which was fully consolidated for the first time (€21 million). The operating margin was 44.3% (48.2% in the first half of 2023), with APRR achieving an EBITDA margin of 72.4% (76.8% in the first half of 2023). 

Other income and expenses from operations represented a net expense of just €18 million versus a net expense of €28 million in the first half of 2023.

The cost of net financial debt was €164 million, up +€6 million, despite the consolidation of Adelac, which represented €10 million in additional expense. Proactive management of the Group’s debt and treasury investments helped to keep net interest expense in check.

The share of profits (losses) from equity-method investments included a €35 million contribution from Getlink, compared with €7 million in the first half of 2023. A non-recurring gain of €29 million reflecting a valuation difference on Getlink shares was recognised in other financial income for the first half of 2023.

Net profit Group share was €382 million versus €392 million in the first half of 2023.

 

Financial position

Free cash flow was positive in the first half (€148 million) despite seasonal trends in Contracting. This reflected healthy EBITDA generation (increase of +€117 million) and a tight grip on investments. The contraction in free cash flow compared with 2023 was mainly attributable to a stronger seasonal variation in the working capital requirement (up +€188 million). 

Net financial debt came to €10.6 billion, stable over a 12-month period, with free cash generation providing financing for the investments in external growth made since June 2023 (in Germany and the Netherlands in particular), the increased stake in Getlink and the higher level of treasury shares.

In the first half, Eiffage cancelled shares in conjunction with a capital increase reserved for employees. Treasury shares accounted for 2.6% of the share capital at 30 June 2024, down from 4.1% at 31 December 2023 and 1.6% at 30 June 2023.

 

             

Financing

The Group has a strong financial position, both at the level of Eiffage SA (and its Contracting subsidiaries), benefiting from a short-term credit rating of F2 by Fitch, and at its Concessions companies of which APRR is  the largest and is rated A with a stable outlook by Fitch and A- with a stable outlook by S&P.

Eiffage SA and its Contracting subsidiaries had liquidity of €3.8 billion at 30 June 2024, consisting of €1.8 billion in cash and cash equivalents and an undrawn, covenant-free €2 billion line of credit. Almost all of that facility is due to expire in 2026. Eiffage SA’s liquidity was €0.2 billion higher than at 30 June 2023.

APRR had liquidity of €3.2 billion at 30 June 2024, consisting of €1.2 billion in cash and cash equivalents and an undrawn €2 billion line of credit. Almost all of that facility is due to expire in 2027. APRR’s liquidity was €0.1 billion higher than at 30 June 2023. 

Commitments to the ecological transition  Carbon climate: 

•       SBTi validated the target reduction of greenhouse gas emissions over the short-term (in September 2023) and long-term (in August 2024), the alignment with the 1.5°C trajectory and the commitment to reach the net-zero by 2050.

•       The short-term targets are to reduce greenhouse gas emissions by 46% for Scopes 1 and 2 and by 30% for Scope 3 by 2030 versus the 2019 baseline.

•       The long-term target is a trajectory of reducing the greenhouse gas emissions of 90% for the scopes 1,2 and 3 and the undertaking to reach the net-zero emission on its supply chain by 2050.

•       In the first half of 2024, the Group also published its fifth climate report showcasing its decarbonisation trajectory.

•       Eiffage has launched a marketplace dedicated to construction products with verified environmental data. Buyers can choose products according to their cost, and carbon footprint and sellers can highlight products with a calculated and verified environmental footprint.

Biodiversity: 

•       The Group has continued to roll out its 2023-2025 biodiversity action plan by business ahead of the OFB evaluation at year-end 2024.

Outlook for 2024

The Contracting order book totalled €28.4 billion at 30 June 2024, up +43% year-on-year (up +9% since the beginning of the year), accounting for 18.2 months of the Contracting divisions’ activity. Most of this increase came from work due to be carried out after 2025. Aside from the two major civil engineering contracts, awarded in late 2023, the Group won during 2024 large-scale projects in the Energy Systems division (back-up power generators for six EPR2 reactors in a consortium) and in the Construction division (office complex for France’s Ministry of the Interior and Overseas France). Other major contracts to be carried out in phases will bolster the order backlog in future years, along the same lines as the Rhein-Main-Link contract awarded very recently in Germany.

The Group also boasts significant multi-year visibility, which improved over the period, especially in the building and energy services sectors, and has confirmed its outlook for 2024:

-     In Contracting, a further increase in activity, less sustained in its organic momentum than in 2023 as part of an ongoing selective approach to order intake.

-     In Concessions, a revenue increase, too.

Against this backdrop, the Group expects operating profit on ordinary activities to rise in Contracting, driven in particular by a new increase in the operating margin of Eiffage Énergie Systèmes. In Concessions, the new tax on long-distance transport infrastructure will have a significant impact on results. 

Overall, net profit Group share could be of the same order as in 2023.

Post-balance sheet events

•       On 1 July, Olivier Berthelot was appointed Chairman of Eiffage Construction. Olivier Berthelot is also joining the Group’s Executive Committee as part of his new role.

•       Effective 1 July, the Group increased its direct and indirect interest in the share capital of APRR from 52% to 52.5%.

•       On 4 July, Eiffage announced it had won a contract as part of a consortium to build four electrical substations off the coast of Belgium for the world’s first artificial energy island. The contract was added to the order book at 30 June 2024.

•       On 20 August, Eiffage announced it had won, as part of a consortium, a partnership contract to deliver the civil engineering for the Rhein-Main-Link future project in Germany. 

•       On 26 August, Eiffage announced it had won, as part of a consortium, a near-€700 million contract to build an office complex for France’s Ministry of the Interior and Overseas Territories. The contract was added to the order book at 30 June 2024.

Results presentation

A more detailed presentation of the first-half 2024 financial statements, in French and English, along with detailed financial statements for the Group and APRR, is available on the Company’s website at www.eiffage.com. The presentation of the financial statements and the analyst conference will take place at

5:40 pm on 28 August. A livestream and playback will be available on the company’s website and via the following links:

in French: https://edge.media-server.com/mmc/p/ssu33jfain English: https://edge.media-server.com/mmc/p/ssu33jfa/lan/en


Investor relations

Xavier Ombrédanne Tel: +33 (0)1 71 59 10 56

xavier.ombredanne@eiffage.com Press contact

Sophie Mairé Tel: +33 (0)1 71 59 10 62 sophie.maire@eiffage.com


APPENDICES

 

Appendix 1: Revenue by division in the first half

                                                                                  First-half                                             Changes

 

2023

2024

2024/2023

in millions of euros

Actual

lfl*

Construction

Infrastructure

Energy Systems

Sub-total Contracting

2,201

                     1,929

                     3,976

                     3,333

                     9,238

                   -12.4%

                    +9.2%

                  +17.6%

                    +6.5%

-12.5%

+8.7%

+7.6%

+2.9%

3,641

2,833

8,675

Concessions (excluding Ifric 12)

1,756

                     1,855

                    +5.6%

+3.5%

Total Group (excluding Ifric 12)

10,431

                   11,093

                    +6.3%

+3.0%

Of which:

                  France

7,333

                     7,430

                    +1.3%

+0.3%

                  International

                        Europe excl. France

3,098

                     3,663

                     3,305

                  +18.2%

                  +17.7%

+9.6%

+8.1%

2,808

                        Outside Europe

290

                        358

                  +23.4%

+23.4%

Construction revenue (Ifric 12)*

85 

115 

n.s.

 

 

Revenue by division in the second quarter

                                                                             Second quarter                                       Changes

 in millions of euros

2023

2024

2024/2023

Actual

lfl*

Construction

1,110

                        986

                   -11.2%

-11.3%

Infrastructure

Energy Systems

Sub-total Contracting

2,020

                     2,222

                     1,721

                     4,929

                  +10.0%

                  +20.0%

                    +8.0%

+9.5%

+9.0%

+4.3%

1,434

4,564

Concessions (excluding Ifric 12)

921

                        975

                    +5.9%

+3.8%

Total Group (excluding Ifric 12)

5,485

                     5,904

                    +7.6%

+4.2%

Of which:

                  France

3,849

                     3,895

                    +1.2%

+0.2%

                  International

                        Europe excl. France

1,636

                     2,009

                     1,800

                  +22.8%

                  +20.2%

+13.6%

+10.2%

1,497

                        Outside Europe

139

                        209

                  +50.4%

+50.4%

Construction revenue (Ifric 12)*

60 

94 

n.s.

 

 

Appendix 2: Operating profit on ordinary activities and margins

H1 2023

H1 2024

2024/2023 change

 

in millions  

of euros

% of revenue

in millions  

of euros

% of revenue

in millions 

of euros

Construction

75

3.4%

66

3.4%

-9

Infrastructure

(20)

(0.5%)

(12)

(0.3%)

+8

Energy Systems

123

4.3%

153

4.6%

+30

Contracting

178

2.1%

207

2.2%

+29

Concessions

847

48.2%

822

44.3%

-25

Holding company

(16)

(32)

-16

Group total

1,009

9.7%

997

9.0%

-12

 

Appendix 3: Consolidated financial statements

 

Income statement

In millions of euros

H1 2023

2023

H1 2024

Revenue(1) 

10,656

22,369

11,411

Other operating income

7

20

10

Raw materials and consumables used

-1,943

-3,959

-1,840

Employee benefits expense

-2,348

-4,673

-2,616

External expenses

-4,490

-9,456

-4,997

Taxes (other than income tax)

-223

-489

-280

Depreciation and amortisation

-664

-1,412

-705

Net increase (decrease) in provisions

-27

-76

-43

Change in inventories of finished goods and work in progress

4

12

20

Other operating income on ordinary activities

37

67

37

Operating profit on ordinary activities

1,009

2,403

997

Other income and expenses from operations

-28

-51(2)

-18

Operating profit

981

2,352

979

Income from cash and cash equivalents

45

100

66

Gross finance costs

-203

-412

-230

Net finance costs

-158

-312

-164

Other financial income (expense)

16 (3)

- 2

-3

Share of profits (losses) of equity-method investments

13

38

40

Income tax

-220

-544

-235

Net profit

632

1,532

617

Attributable to owners of the parent

392

1,013

382

Non-controlling interests

240

519

235

 

(1) Including Ifric 12 for €115 million in H1 2024, €232 million in 2023 and €85 million in H1 2024

(2) Includes two non-cash, non-recurring and pre-minorities items, a €74 million revaluation of the Adelac (A41) motorway and a €47 million discounting expense for the calculation of the Ifric 12 provision 

(3) Includes a non-cash and non-recurring gain of €29 million resulting from the first-time consolidation of Getlink from the first half of 2023  

 

 

 

                 

Balance sheet 

 

In millions of euros

30 June 2023

  31 Dec. 2023

30 June 2024

Property, plant and equipment

2,047

2,099

2,144

Right-of-use assets

1,108

1,149

1,183

Investment property

78

75

72

Concession intangible assets

11,204

11,738

11,723

Goodwill

3,719

3,832

4,062

Other intangible assets

237

265

256

Equity-method investments

2,011

2,046

2,067

Non-current financial assets in respect of service concession arrangements

1,279

1,245

1,199

Other financial assets

305

425

442

Deferred tax assets

214

220

271

Other non-current assets

1

2

1

Total non-current assets

22,203

23,096

23,420

Inventories

978

969

1,052

Trade and other receivables

6,642

6,546

7,276

Current tax assets

34

30

39

Current financial assets in respect of service concession arrangements

68

70

72

Other current assets

2,188

2,170

2,614

Cash and cash equivalents

3,392

4,944

3,883

Assets classified as held for sale

-

-

-

Total current assets

13,302

14,729

14,936

Total assets

35,505

37,825

38,356

In millions of euros

30 June 2023

31 Dec. 2023

30 June 2024

Share capital

392

392

392

Consolidated reserves

5,328

5,029

5,659

Accumulated other comprehensive income

63

21

57

Profit for the year

392

1,013

382

Equity attributable to equity holders of the parent

6,175

6,455

6,490

Non-controlling interests

1,374

1,486

1,526

Total equity

7,549

7,941

8,016

Borrowings

11,963

12,554

11,723

Lease liabilities

757

783

831

Deferred tax assets

824

786

835

Non-current provisions

705

799

803

Other non-current liabilities

180

299

419

Total non-current liabilities

14,429

15,221

14,611

Trade and other payables

4,877

5,051

5,348

Loans and other borrowings

1,294

1,524

1,704

Non-current borrowings due within one year

790

797

1,081

Lease liabilities due within one year

304

325

314

Current income tax liabilities

222

292

227

Current provisions

811

845

869

Other current liabilities

5,229

5,829

6,186

Liabilities directly associated with assets classified as held for sale

-

-

-

Total current liabilities

13,527

14,663

15,729

Total equity and liabilities

35,505

37,825

38,356

 

             

Statement of cash flows

In millions of euros

H1 2023

2023

H1 2024

Cash and cash equivalents at 1 January

4,621

4,621

4,835

Currency effects

3

9

-1

Adjusted cash and cash equivalents at 1 January

4,624

4,630

4,834

Net profit

632

1,532

617

Profits (losses) of equity-method investments

-13

-38

-40

Dividends received from equity-method investments

42

45

66

Depreciation and amortisation

664

1,412

705

Net increase (decrease) in provisions

-10

88

24

Other non-cash items

39

-2

54

Net gain (loss) on disposals

-20

-34

-17

Cash flows from operations before interest and taxes

1,334

3,003

1,409

Net interest expense

129

261

140

Interest paid

-185

-259

-198

Income tax expense

220

544

235

Income tax paid 

-290

-584

-363

Change in working capital requirement

-484

359

-672

Net cash from operating activities

724

3,324

551

Purchases of intangible assets and property, plant and equipment

-268

-514

-232

Purchases of concession intangible assets

-111

-354

-68

Purchases of non-current financial assets

-1

-4

-9

Disposals and reductions of non-current assets

96

154

77

Net operating investments 

-284

-718

-232

Purchases of controlling interests 

-44

-309

-265

Disposals of controlling interests and assets held for sale

2

4

9

Cash and cash equivalents of entities bought or sold

-4

56

38

Net financial investments

-46

-249

-218

Net cash from/(used in) investing activities 

-330

-967

-450

Dividends paid to shareholders*

-579

-805

-662

Capital increase 

213

213

249

Purchases/disposals of non-controlling interests

-247

-250

-48

Repurchase and resale of treasury shares

-112

-334

-180

Repayment of lease liabilities

-164

-335

-171

Repayment of borrowings

-1,818

-1,684

-830

New borrowings

794

1,043

401

Net cash from/(used in) financing activities 

-1,913

-2,152

-1,241

Net increase (decrease) in cash and cash equivalents 

-1,519

205

-1,140

Cash and cash equivalents at 30 June

3,105

4,835

3,694

 *Including dividends paid by Eiffage SA of €395m in H1 2024 and €350m in H1 2023 (and over 2023).

 

 


4: Order book by division

 

in billions of euros

30 June 2023

30 June 2024

5.5

2024/2023 change

Change over 3 months

Construction

4.8

13%

9%

Infrastructure

9.1

14.9

64%

-1%

Energy Systems

5.9

8.0

36%

6%

Total Contracting

19.8

28.4

43%

2%

o/w share to be realised in

N

7.5

8.1

7%

N+1

8.1

9.0

11%

N+2 and beyond

4.3

11.4

x2.7

in billions of euros                            

30 June 2024

Property                                                             

0.5

Concessions                                        

0.8

 

 

 

 

 

Appendix 5: Liquidity and net financial debt

Liquidity of holding company and Contracting

Liquidity of Concessions

   €1.8 billion in cash and cash equivalents

+ €2.0 billion of undrawn lines of credit

= €3.8 billion in liquidity

APRR 

   €1.2 billion in cash and cash equivalents 

+ €2.0 billion of undrawn lines of credit

= €3.2 billion in liquidity

              

Net financial debt: holding company and Contracting

Net financial debt: Concessions

 -€1.8 billion in financial debt

    (cash and cash equivalents)

+€1.8 billion in financial debt 

= €0 billion in net financial debt

-€1.2 billion in financial debt

   (APRR cash and cash equivalents) +€8.8 billion in financial debt at APRR    and Financière Eiffarie

+€3.1 billion in net financial debt  at other concessions and PPPs

= €10.7 billion in net financial debt 

 

 

             

6: Tables reconciling two alternative performance measures to IFRS line items

             

 

Free cash flow

        

Reconciliation between the cash flow statement line items and free cash flow: 

In millions of euros

H1 2023

H1 2024

Net cash from operating activities 

724

551

Net operating investments

-284

-232

Repayment of lease liabilities

-164

-171

Free cash flow

276

148

 

Net financial debt

        

Reconciliation between items reported in the balance sheet and net financial debt:

In millions of euros

H1 2023

H1 2024

Cash and cash equivalents

3,392

3,883

Non-current borrowings

-11,963

-11,723

Current loans and other borrowings

-1,294

-1,704

Non-current borrowings due within one year

-790

-1,081

Restatement of derivative financial instruments 

6

8

Net financial debt

-10,649

-10,617

 

             

7: Glossary

 

Item

Definition

Construction revenue of Concessions (Ifric 12)

“Construction” revenue of 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.

Net financial debt 

Net financial debt excluding the debt arising from IFRS 16 applied since 1 January 2019 and the fair value of derivative instruments.

Free cash flow

Free cash flow is calculated as follows:

Net cash from operating activities

- net operating investments

- repayment of lease liabilities

- debt repayments from PPP contracts

Operating margin

Operating profit on ordinary activities as a percentage of revenue

Like-for-like, lfl or at constant scope and exchange rates

Constant consolidation scope is calculated by neutralising:

the 2024 contribution made by companies consolidated for the first time in 2024; the contribution made by companies consolidated for the first time in 2023 in the period of 2024 equivalent to that of 2023 which preceded their initial consolidation; the contribution made by companies deconsolidated in 2024 in the period of 2023 equivalent to that of 2024 after they were deconsolidated; the contribution in 2023 made by companies removed from the scope in 2023.

Constant exchange rates:

2023 exchange rates applied to 2024 local currency revenue.

Group liquidity

The Group’s liquidity is calculated as follows: 

cash and cash equivalents managed by Eiffage SA and its Contracting subsidiaries + Eiffage SA’s undrawn bank credit facilities.

APPR’s liquidity

APPR’s liquidity is calculated as follows:  cash and cash equivalents managed by APRR SA + APRR SA’s undrawn bank line(s) of credit

             

8: Calendar of financial publications 

 

 

 

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Eiffage

APRR

    Quarterly information and revenue for the third quarter of 2024

13.11.2024

17.10.2024

    Quarterly information and revenue for the fourth quarter of 2024

/

28.01.2025

    2024 annual results and financial analysts’ meeting

26.02.2025

26.02.2025

    Quarterly information and revenue for the first quarter of 2025

13.05.2025

22.04.2025

    General Meeting of Shareholders

23.04.2025

/

    Quarterly information and revenue for the second quarter of 2025

/

29.07.2025

    2025 half-year results and financial analysts’ meeting

27.08.2025

27.08.2025

    Quarterly information and revenue for the third quarter of 2025

13.11.2025

21.10.2025

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Blackout periods start 15 days before publication of the quarterly results and 30 days before publication of the annual and semi-annual results.

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