from EIFFAGE (EPA:FGR)
2024 annual results
Vélizy-Villacoublay, 26 February 2025
5.40pm
Press release
2024 annual results
• Firm growth of 7.3% (+3.7% lfl) in Contracting and Concessions
• Significant increase in Contracting margins
Concession profits affected by the motorway tax[1]
Net profit Group share up 3% (up 9.2% excluding the motorway tax) Record free cash flow[2] of €2.6 billion (up €0.4 billion)
• Solid financial position:
- Net financial debt2 down €0.5 billion
- Refinancing of Group bank credit facilities
• Acquisitions: €0.9 billion of investments (including two transformative deals in the German energy services market)
• A412 motorway concession contract comes into force
• Contracting order book2 of €28.9 billion (up 11%), up in all Contracting’s divisions
• Upgrade to A- of the 2024 CDP climate rating
• Dividend[3]:
- Proposed dividend of €4.70 per share, up 15% - Distribution policy: 45% of net profit Group share4
• Outlook for 2025:
- Increase in revenue and operating profit on ordinary activities in Concessions and Contracting, supported in particular by a new improvement in margins at Eiffage Énergie Systèmes.
- Increase in net profit Group share with a constant tax rate, down after the exceptional surtax on corporate income tax in France in 2025.
Key figures Change 2024 / 2023
in millions of euros | 2023 | 2024 | Actual | Lfl2 |
Revenue1 | 21,832 | 23,429 | +7.3% | +3.7% |
of which Contracting | 18,183 | 19,542 | +7.5% | +3.5% |
of which Concessions | 3,649 | 3,887 | +6.5% | +4.4% |
Operating profit on ordinary activities | 2,403 | 2,476 | +3.0% | |
as a % of revenue | 11.0% | 10.6% |
|
|
Net profit attributable to equity holders of the parent | 1,013 | 1,041 | +2.8% | |
Net profit attributable to equity holders of the parent per share (in €) | 10.65 | 11.07 | +3.9% | |
Dividend per share (in €)3 | 4.10 | 4.70 | +15% | |
Free cash flow2 | 2,271 | 2,634 | +363 | |
Net financial debt2 | 9,916 | 9,414 | -502 | |
APRR traffic (all vehicles) | +0.3% | |||
Contracting order book (in € billions)2 | 26.0 | 28.9 | +11% |
The Eiffage Board of Directors met today to approve the 2024 annual financial statements[4], which will be submitted to the General Meeting of Shareholders on 23 April 2025.
Business
Consolidated revenue amounted to more than €23.4 billion for the year, up 7.3% in actual terms compared with 2023 and up 3.7% like-for-like) (lfl). Revenue increased by 8.6% in the fourth quarter.
In Contracting, revenue grew 7.5% (up 3.5% lfl) to over €19.5 billion, driven by business levels at the Group’s European entities (up 16.8% growth in Europe outside France). The proportion of Contracting revenue generated outside France is now over 40%, in constant increase over the past five years.
In the Construction division, revenue fell 6.6% to €3.98 billion (-4.7% in France and -12.2% international). Refurbishment work (on commercial and residential buildings) and the construction of public infrastructure partly offset the impact of the decline in the new-build residential segment. Property development revenue was down 13.0% to €0.72 billion. As regards sales of residential properties, 2,153 units were reserved in 2024 as opposed to 1,941 in 2023. The increase in revenue in the fourth quarter seems to show that this division is now past its low point.
The order book stood at €5.4 billion at 31 December 2024. This represents a 7% increase year on year, resulting from a contract win relating to a major office complex project for France’s Ministry of the Interior.
In the Infrastructure division, revenue increased by 4.6% to €8.35 billion. Revenue in France increased by 1.8%, with significant differences between business lines (up 0.7% in Roads, up 8.6% in Civil Engineering and down 13.9% in Metal). The division also posted an increase of 8.0% in revenue outside France, which continues to benefit from strong business levels on the HS2 high-speed rail line in the United Kingdom and the E18 and E39 motorways in Norway, positive momentum in the transport infrastructure market in Germany, and sustained growth in offshore wind.
The order book amounted to €15.2 billion, up 5% year on year, due in particular to confirmation of the contract win relating to works package 1 on the base tunnel for the Lyon-Turin rail link (€0.6 billion).
In the Energy Systems division, revenue rose by 21.3% to €7.21 billion, with acquisitions accounting for 11.6 points of the increase. Revenue increased by 7.4% in France (up 6.0% lfl) and up 48.8% outside France (up 16.8% lfl). Organic growth was particularly strong in Spain, where revenue rose to €1.1 billion (up 28%) as a result of renewable energy and connection projects. Eiffage agreed or completed 12 acquisitions in 2024, including Salvia and Eqos, which give Eiffage Énergie Systèmes national coverage in the German industrial, manufacturing, infrastructure and public services markets as well as a presence in Austria.
The order book totalled €8.2 billion at the end of the year. It is up 27% over one year and benefits from the contribution of the acquisitions.
Concessions revenue amounted to €3.89 billion, up 6.5% (up 4.4% lfl). The change in the scope of consolidation comprised the full consolidation of Adelac (A41 motorway).
Revenue for the APRR and AREA networks totalled €3.10 billion6 (up 4.3%), with traffic up 0.3% and revenue from other concessions and PPP contracts amounted to €0.79 billion (up 17.3%).
Revenue from the Group’s other motorway concessions amounted to €338 million (up 38.4%). In France, revenue came from Aliaé (A79) (€50 million, up 12.5%, with an 8.1% increase in traffic levels), Aliénor (A65) (€78 million, up 8.9%, with a 0.8% decrease in traffic levels), the Millau viaduct (€69 million, up 10.5%, with a 1.8% increase in traffic levels) and Adelac (over €74 million, with a 2.5% increase in traffic levels). Outside France, the Autoroute de l’Avenir in Senegal saw revenue rise by 1.2% to almost €67 million, with traffic levels up 1.9%.
Revenue from airport concessions totalled €194 million (up 4.5%), with passenger numbers down
0.3% relative to 2023 (up 0.5% in Toulouse and down 3.7% in Lille).
PPPs and similar mechanisms generated revenue of €258 million (up 5.2%).
Results
Operating profit on ordinary activities rose by 3.0% to €2.5 billion, despite the impact of France’s new motorway tax, which amounted to €123 million. Excluding the TEITLD, operating profit on ordinary activities would have risen by 8.2%.
The contribution of Contracting to operating profit on ordinary activities rose by 14.1% to €0.84 billion, and the division’s operating margin rose to 4.3% (4.0% in 2023). Eiffage Construction’s operating margin was resilient (3.6% as opposed to 3.7% in 2023) against a backdrop of lower revenue and a more selective approach to new business, and increased slightly in the Infrastructure division (3.3% versus 3.2% in 2023). Eiffage Énergie Systèmes achieved another significant increase in its operating margin from 5.1% in 2022 and 5.4% in 2023 to 5.8% in 2024, driven by firm momentum in its markets and a combination of organic growth and acquisitions.
The contribution of Concessions to operating profit on ordinary activities reduced by 1.5% to €1.7 billion, which represents a solid performance given the impact of the motorway tax. Concessions’ operating margin on ordinary activities fell to 42.8% (from 46.3% in 2023), mainly as a result of this new tax but also higher depreciation charges at APRR.
The net cost of debt rose only slightly to €318 million (up €6 million), despite the full consolidation of Adelac, which resulted in €21 million of additional financial expenses. Income tax expense was €612 million (€544 million in 2023).
Consolidated net profit attributable to equity holders of the parent totalled €1,041 million up 2.8% (up
9.2% excluding the TEITLD). Earnings per share stood at €11.07 (€10.65 in 2023).
Financial position
Free cash flow stood at nearly €2.6 billion, up almost €0.4 billion compared with 2023. In addition to the increase in EBITDA, free cash flow benefited for the fifth consecutive year from a significant reduction in the working capital requirement of nearly €0.7 billion[5].
Eiffage carried out some major acquisitions in 2024, costing a total of €0.9 billion, mainly in its Energy Systems division. It agreed or completed two major acquisitions in Germany (Salvia and Eqos), making Eiffage a leading player in that country’s energy services sector. The Group also strengthened its energy services business in the Netherlands. In Concessions, it increased its stake in APRR from 52% to 52.5%.
The number of Eiffage shares held in treasury also increased to 5.8% of the share share capital (4.1% at 31 December 2023).
Net financial debt, excluding IFRS 16 liabilities and the fair value of swaps, amounted to €9.4 billion at 31 December 2024, down €0.5 billion due to strong free cash flow and despite large-scale growth investments.
The holding company and the Contracting divisions had a positive net cash position of more than €1.3 billion at end-2024, an improvement of €0.4 billion year on year.
Financing
The Group has a strong financial position, both at the level of Eiffage SA (and its Contracting subsidiaries), with a short-term credit rating of F2 from Fitch, and at its Concessions companies, of which the largest, APRR, is rated A with stable outlook by Fitch and A- with stable outlook by S&P.
At 31 December 2024, Eiffage SA and its Contracting subsidiaries had liquidity of €5.4 billion, comprising €3.4 billion in cash and cash equivalents and an undrawn bank credit facility of €2 billion, without financial covenants. Almost all of that facility was due to expire in 2026, but it was renewed in the same amount on 8 January 2025 for a five-year term, with two options to extend it by one year each. Eiffage SA’s liquidity rose by €0.5 billion year on year.
APRR had liquidity of €4.0 billion at 31 December 2024, consisting of €2 billion in cash and cash equivalents and a €2 billion undrawn bank credit facility. Almost all of that facility was due to expire in 2027, but it was renewed in an amount of €1.5 billion on 25 February 2025 for a five-year term, with two options to extend it by one year each. At the end of 2024, APRR’s liquidity was €0.6 billion higher than at 31 December 2023.
On 12 September 2024, APRR issued €0.5 billion of bonds maturing in January 2034, with a coupon of
3.125%.
2025 outlook
The Contracting order book was €28.9 billion at the end of 2024 (up 11% year on year). It increased in all divisions and especially at Eiffage Énergie Systèmes, where it was boosted by acquisitions.
On that basis, the Group expects the following developments in 2025:
• In Contracting, revenue is expected to increase in all divisions. Operating profit on ordinary activities is likely to increase again, driven in particular by an improvement in operating margin on ordinary activities at Eiffage Énergie Systèmes, potentially to 6%, with revenue of close to €8 billion.
• In Concessions, revenue and operating profit on ordinary activities should post slight increases.
• Finally, net profit Group share is expected to rise with a constant tax rate but will be affected by the exceptional surtax on corporate income tax in France in 2025[6]. The improvement in operational performance will not be sufficient to offset the impact of that surtax.
Dividend and distribution policy
• Proposed dividend of €4.70 per share for 2024, up 15%.
• Policy of distributing 45% of net profit Group share.
Commitments to the ecological transition
Carbon-Climate:
• Publication of the first sustainability report following the CSRD regulation
• CDP climate 2024 rating upgraded to A-
• Validation by the SBTi of the Group’s target for reducing greenhouse gas emissions over the short term (in September 2023) and long term (in August 2024), along with its alignment with the 1.5°C trajectory and its commitment to reach net zero by 2050.
Biodiversity:
• Interim report on the 2023-2025 biodiversity action plan filed with the French Biodiversity Office (OFB).
Post-balance sheet events
• On 8 January and 25 February, Eiffage refinanced three bank credit facilities in a total amount of €4.4 billion. The new facilities each has a term of five years as well as two one-year extension options. They extend the funding timeframe of Eiffage, APRR and Financière Eiffarie in accordance with the Group’s proactive liquidity management policy.
• On 25 February, Camille Bonenfant-Jeanneney was appointed President of the motorway concessions in France.
• Eiffage, through Salvia Group, a German subsidiary of Eiffage Énergie Systèmes, has reached an agreement to acquire the German company IFT GmbH. IFT operates in the commercial and industrial sectors. With nearly 70 employees and sales of €33 million in 2023, this new transaction will enable the division to expand its network in Germany.
General Meeting of Shareholders – Dividend and composition of the Board of Directors
Eiffage SA’s net profit amounted to €907 million in 2024.
The combined General Meeting will be held at 10am on 23 April 2025 in Salle Wagram, 39-41 avenue de Wagram, 75017 Paris. A proposal will be made in the General Meeting of 23 April 2025 to distribute a dividend of €4.70 per share (€4.10 per share in 2024). The dividend will be paid on 23 May 2025 (ex date: 21 May 2025) in respect of the 98 million shares in issue on 26 February 2025 and those that will be created following the capital increase reserved for employees, decided by the Board of Directors in today’s meeting.
In the 23 April 2025 General meeting, a proposal will be made to shareholders to renew the terms of office of Carol Xueref and Philippe Vidal as independent directors.
Executive compensation
In accordance with Afep-Medef recommendations, information on the compensation of Eiffage’s Chairman and CEO (in accordance with ex-post and ex-ante “say on pay” provisions) will be published on the www.eiffage.com website.
A more detailed presentation of the 2024 financial statements, in French and English, along with detailed financial statements for the Group and APRR, are available on the company’s website (www.eiffage.com).
The presentation of the financial statements and analyst conference will take place on 26 February 2025 at 5.40pm and will be accessible live and available for playback on the company website and via the following links:
in French: https://edge.media-server.com/mmc/p/smh2cxy3in English: https://edge.media-server.com/mmc/p/smh2cxy3/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
Change
| 2023 | 2024 | 2024/2023 | ||
in millions of euros | Actual | Lfl* | |||
Construction | 4,262 | 3,982 | -6.6% | -6.7% | |
Infrastructure | 7,980 | 8,351 | +4.6% | +4.3% | |
Energy Systems | 5,941 | 7,209 | +21.3% | +9.7% | |
Sub-total Contracting | 18,183 | 19,542 | +7.5% | +3.5% | |
Concessions (excl. Ifric 12) | 3,649 | 3,887 | +6.5% | +4.4% | |
Group total (excl. Ifric 12) | 21,832 | 23,429 | +7.3% | +3.7% | |
Of which: France | 15,038 | 15,495 | +3.0% | +2.2% | |
International | 6,794 | 7,934 | +16.8% | +6.9% | |
Europe excl. France | 6,099 | 7,123 | +16.8% | +5.8% | |
Outside Europe | 695 | 811 | +16.7% | +16.5% | |
Construction revenue (Ifric 12)* | 232 | 239 | nm | ||
Revenue by division in the fourth quarter
Fourth quarter Change
| 2023 | 2024 | 2024 / 2023 | ||
in millions of euros | Actual | Lfl* | |||
Construction | 1,121 | 1,211 | +8.0% | +7.9% | |
Infrastructure | 2,236 | 2,198 | -1.7% | -1.6% | |
Energy Systems | 1,720 | 2,113 | +22.8% | +7.4% | |
Sub-total Contracting | 5,077 | 5,522 | +8.8% | +3.5% | |
Concessions (excl. Ifric 12) | 862 | 929 | +7.8% | +5.7% | |
Group total (excl. Ifric 12) | 5,939 | 6,451 | +8.6% | +3.9% | |
Of which: France | 3,958 | 4,199 | +6.1% | +5.6% | |
International | 1,981 | 2,252 | +13.7% | +0.4% | |
Europe excl. France | 1,738 | 2,048 | +17.8% | +2.7% | |
Outside Europe | 243 | 204 | -16.0% | -16.5% | |
Construction revenue (Ifric 12)* | 91 | 77 | nm | ||
(*) See appendix 5.
Annex 2: Operating profit on ordinary activities and margin by division
2023 | 2024 | Change 2024/2023 | |||
| in millions of euros | % of revenue | in millions of euros | % of revenue | % |
Construction | 157 | 3.7% | 142 | 3.6% | -9.6% |
Infrastructure | 257 | 3.2% | 278 | 3.3% | +8.2% |
Energy Systems | 322 | 5.4% | 420 | 5.8% | +30.4% |
Sub-total Contracting | 736 | 4.0% | 840 | 4.3% | +14.1% |
Concessions | 1,690 | 46.3% | 1,665 | 42.8% | -1.5% |
Holding company | (23) | (29) | |||
Group total | 2,403 | 11.0% | 2,476 | 10.6% | +3.0% |
Appendix 3: Consolidated financial statements
Income statement
in millions of euros | 2023 | 2024 |
Operating income(1) | 22,369 | 24,017 |
Other operating income | 20 | 24 |
Raw materials and consumables used | (3,959) | (3,848) |
Employee benefit expense | (4,673) | (5,222) |
Other operating expenses | (9,456) | (10,352) |
Taxes (other than income tax) Depreciation and amortisation Net increase (decrease) in provisions Change in inventories of finished goods and work in progress Other income and expenses on ordinary activities Operating profit on ordinary activities | (489) (1,412) (76) 12 67 2,403 | (620) |
(1,458) | ||
(82) | ||
(94) | ||
111 | ||
2,476 | ||
Other income (expenses) from operations Operating profit Income from cash and cash equivalents | (51)(2) 2,352 100 | (57) |
2,419 | ||
144 | ||
Gross cost of financial debt Net cost of financial debt Other financial income and expenses | (412) (312) (2)(3) | (462) |
(318) | ||
(19) | ||
Share of profit of equity-accounted associates Income tax | 38(4) (544) | 53(4) |
(612) | ||
Net profit | 1,532 | 1,523 |
Attributable to equity holders of the parent Attributable to non-controlling interests | 1,013 519 | 1,041 |
482 |
(1) Including Ifric12 for €232 million in 2023 and €239 million in 2024.
(2) Includes two non-cash items that are non-recurring and before non-controlling interests: 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 €33 million resulting from the first-time consolidation of Getlink.
(4) Including €25 million of profit from Getlink in 2023 and €43 million in 2024.
Balance sheet
in millions of euros | 31/12/2023 | 31/12/2024 |
Property, plant and equipment | 2,099 | 2,289 |
Right-of-use assets | 1,149 | 1,259 |
Investment property Concession intangible assets | 75 11,738 | 70 |
11,539 | ||
Goodwill Other intangible assets | 3,832 265 | 4,644 |
250 | ||
Equity-accounted associates Non-current financial assets in respect of service concession arrangements Other financial assets Deferred tax assets | 2,046 1,245 425 220 | 2,073 |
1,161 | ||
392 | ||
252 | ||
Other non-current assets | 2 | 1 |
Total non-current assets Inventories | 23,096 969 | 23,930 |
929 | ||
Trade and other receivables Current tax assets Current financial assets in respect of service concession arrangements Other current assets Other current financial assets | 6,546 30 70 2,170 - | 6,725 |
20 | ||
74 | ||
2,604 | ||
- | ||
Cash and cash equivalents Assets classified as held for sale Total current assets Total assets | 4,944 - 14,729 37,825 | 6,025 |
- | ||
16,377 | ||
40,307 |
in millions of euros 31/12/2023 31/12/2024
Share capital Consolidated reserves | 392 5,029 | 392 |
5,284 | ||
Accumulated other comprehensive income Profit for the year | 21 1,013 | 2 |
1,041 | ||
Equity attributable to equity holders of the parent | 6,455 | 6,719 |
Equity attributable to non-controlling interests | 1,486 | 1,434 |
Total equity Borrowings Lease liabilities Deferred tax liabilities Non-current provisions Other non-current liabilities | 7,941 12,554 783 786 799 299 | 8,153 |
12,158 | ||
903 | ||
807 | ||
828 | ||
462 | ||
Total non-current liabilities | 15,221 | 15,158 |
Trade and other payables Loans and other borrowings Non-current borrowings due within one year | 5,051 1,524 797 | 5,473 |
2,224 | ||
1,073 | ||
Lease liabilities due within one year Current income tax liabilities | 325 292 | 341 |
264 | ||
Current provisions | 845 | 909 |
Other current liabilities | 5,829 | 6,712 |
Liabilities directly associated with assets classified as held for sale | - | - |
Total current liabilities Total equity and liabilities | 14,663 37,825 | 16,996 |
40,307 |
Statement of cash flows
in millions of euros | 2023 | 2024 |
Cash and cash equivalents at 1 January Currency effect | 4,621 9 | 4,835 |
(3) | ||
Adjusted cash and cash equivalents at 1 January | 4,630 | 4,832 |
Net profit | 1,532 | 1,523 |
Profit/(loss) of equity-accounted associates | (38) | (54) |
Dividends from equity-accounted associates Depreciation and amortisation Net increase (decrease) in provisions Other non-cash items Gain (loss) on disposals Cash flows from operations before interest and taxes | 45 1,412 88 (2) (34) 3,003 | 73 |
1,458 | ||
61 | ||
76 | ||
(47) | ||
3,090 | ||
Net interest expense Interest paid Income tax expense | 261 (259) 544 | 284 |
(289) | ||
612 | ||
Income tax paid Change in working capital requirement | (584) 359 | (686) |
699 | ||
Net cash from operating activities | 3,324 | 3,710 |
Purchases of intangible assets and property, plant and equipment Purchases of intangible concession assets Purchases of non-current financial assets | (514) (354) (4) | (550) |
(386) | ||
(21) | ||
Disposals and reductions of non-current assets | 154 | 229 |
Net operating investments Purchases of controlling interests Disposals of controlling interests and assets held for sale Cash and cash equivalents of entities bought or sold Net financial investments | (718) (309) 4 56 (249) | (728) |
(964) | ||
20 | ||
157 | ||
(787) | ||
Net cash flow from (used in) investing activities | (967) | (1,515) |
Dividends paid to shareholders* Capital increase Purchases/disposals of non-controlling interests Repurchase and resale of treasury shares | (805) 213 (250) (334) | (967) |
249 | ||
(110) | ||
(462) | ||
Repayment of lease liabilities | (335) | (348) |
Repayment of borrowings New borrowings | (1,684) 1,043 | (830) |
1,400 | ||
Net cash flow from (used in) financing activities Change in other financial assets Net increase (decrease) in cash and cash equivalents | (2,152) - 205 | (1,068) |
- | ||
1,127 | ||
Cash and cash equivalents at 31 December | 4,835 | 5,959 |
* Of which dividends paid by Eiffage SA: €351 million in 2023 and €395 million in 2024
Appendix 4: Order book by division
in billions of euros | 31/12/2023 | 31/12/2024 | Change 2024/2023 | Change over 3 months |
Construction | 5.1 | 5.4 | 7% | -2% |
Infrastructure | 14.4 | 15.2 | 5% | -1% |
Energy Systems | 6.5 | 8.2 | 27% | 6% |
Total Contracting | 26.0 | 28.9 | 11% | - |
o/w share to be realised in N+1 | 11.9 | 13.8 | 16% | |
N+2 | 5.1 | 7.0 | 37% | |
N+3 and later | 9.0 | 8.1 | -10% |
in billions of euros | 31/12/2024 |
Property development | 0.5 |
Concessions | 0.8 |
Appendix 5: Alternative performance measures: definitions, calculation methods and reconciliation with items shown in the financial statements
Definitions
Construction revenue of Concessions (Ifric 12) | The construction revenue generated by concessions corresponds to the consideration for the construction or improvement work completed by concession companies on infrastructure assets, in accordance with Ifric 12 “Service Concession Arrangements”, after eliminating intercompany 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 relating to PPP contracts |
Operating margin | Operating profit on ordinary activities as a percentage of revenue. |
EBITDA | Profit from recurring operations before depreciation, amortisation and provisions (net of reversals) |
Lfl (like-for-like 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 2024 contribution made by companies consolidated for the first time in 2023, for the period equivalent to that in 2023 before the first-time consolidation; the 2023 contribution made by companies deconsolidated in 2024, for the period equivalent to that in 2024 after they were deconsolidated; the 2023 contribution made by companies deconsolidated in 2023. Constant exchange rates: 2023 exchange rates applied to 2024 local currency revenue. |
Group liquidity | Group liquidity is calculated as follows: cash and cash equivalents managed by Eiffage SA and its Contracting subsidiaries + Eiffage SA’s undrawn bank credit facilities. |
APRR’s liquidity | APRR’s liquidity is calculated as follows: cash and cash equivalents managed by APRR and its subsidiaries + APRR’s undrawn bank credit facilities. |
Calculation methods and reconciliation with items shown in the financial statements
Free cash flow (alternative performance measure) Calculation methods and reconciliation with items shown in the consolidated financial statements
in millions of euros | 2023 | 2024 |
Net cash from operating activities Net operating investments Repayment of lease liabilities | 3,324 -718 -335 | 3,710 |
-728 | ||
-348 | ||
Free cash flow | 2,271 | 2,634 |
Net financial debt (alternative performance measure) : calculation methods and reconciliation with items shown in the consolidated financial statements
in millions of euros | 2023 | 2024 |
Cash and cash equivalents Non-current borrowings Current loans and other borrowings Non-current borrowings due within one year Restatement of derivative financial instruments | 4,944 -12,554 -1,524 -797 15 | 6,025 |
-12,158 | ||
-2,224 | ||
-1,073 | ||
16 | ||
Net financial debt excluding IFRS 16 debt and fair value of swaps | -9,916 | -9,414 |
Appendix 6: 2025 publication schedule
Eiffage | APRR | |
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 |
Blackout periods start 15 days before publication of quarterly results and 30 days before publication of full-year and half-year results.
[1] Tax on the Operation of Long-Distance Transport Infrastructure (TEITLD)
[2] See appendix 5
[3] The 2024 dividend will be proposed in the General Meeting of Shareholders on 23 April 2025 4 From 2025 fiscal year
[4] The consolidated financial statements have been audited. The certification report will be issued after the procedures necessary for filing the universal registration document have been completed.
[5] A €733 million reduction at the holding company and in Contracting, and a €34 million increase in Concessions.
[6] If it had been applied in 2024, this surtax would have led to a cash outflow of around €205 million during the year and would have reduced net profit attributable to equity holders of the parent by almost €130 million.