Now begin. Welcome to the Vansi Conference Call. I will now hand over to Mr. Anupali Director of Investor Relations And Financial Communications from Nancy. Sir, please go ahead.
Yes, thank you. Good evening, everyone. I'm pleased to welcome you to this call. I hope that you have all received our press release on first quarter revenue and business activity. I will run you through the main highlights of our Q1 review performance before turning over the floor to your questions.
Business indicators for the first quarter of 2018 confirm the positive trend since last year, and support the group's forecast of higher revenue and income for the full year. Q1 twenty eighteen consolidated revenue totaled EUR 8,800,000,000 and was up 4.9% on an actual basis, which includes a negative 1.8% currency impact caused by the depreciation of most currencies against the euro, the main negative impacts coming from the U. S. Dollar and the British pound. And the net positive 4.5% impact of the changes in consolidation scope, mostly outside France, we saw the main one in Concessions, the Brazilian Airport of Salvador De Bebaya, in contracting all demand in Fatech high-tech and prime line, Advanced Energies and Famer White in Australia Advanced E Construction.
Therefore, Q1 like for like revenue was up 2.2% of which, plus 3.6% in France where despite adverse weather conditions, all contracting and concessions business lines posted solid revenue growth. Plus 0.1% outside trends where IR port passenger numbers and a good performance at Advanced E Energy more than offset the adverse revenue impact from the completion of several major contracts and offshore weather conditions in Europe than in Q1 2017. In total, with the integration of the most recent acquisitions, Q1 2018 international sales, rose 6.4% to EUR 3,600,000,000, making up 41% of total group review. Now looking at the evolution of the different business lines. Q1 twenty eighteen concession reported revenue was up 6.1 percent to EUR 1,500,000,000 or +5.9 percent on a like for like basis.
Advanced year to root, Q1 sales were up by 3.4percentto1.1000000000. The intercity network suffered serious disruption in Q1 twenty eighteen with traffic adversely affected by bad weather, several exceptional snowfalls and protests. Nevertheless, traffic levels rose 2% while price effects and the change in the light heavy vehicle mix also boosted Vascular Recrevenues by 1.4%. Traffic growth on a constant network basis brought down into a 1.8% ride in light vehicle traffic and a 3.1% increase in heavy vehicle traffic. Positive calendar effects with the Christmas school holidays stretching further into January 2018 than in 2017.
And with the start of the Easter weekend, taking place in March this year, had positive impact on light vehicle traffic. Heavy goods traffic grew 3.1% despite there being 1 less business day than in Q1 2017. For the full year, traffic growth at Banceoto Root is expected to be similar to that seen in 2017. Or plus 1.7% provided that fuel prices do not rise further. You were already aware of the strong growth in VASER 4th passenger traffic following its release on the 12th April.
At Air Force managed by Vancier Post, passenger members continued to grow rapidly in the first quarter at 11.6%, with double digits increases in Portugal, France, Cambodia, Chile and Japan. The slight fall in traffic at airports in the Dominican Republic, down 2.9% was caused by the bankruptcy of the local airline. Vancia Airport's 1st quarter reported review was up 11.7% at EUR 342,000,000. It integrated for the first time a contribution from the Salvador De Bahia Airport in Brazil, where passenger traffic was up 6% in Q1. The U.
S. Dollar decline again euro had, however, a 4.1% adverse impact on VASIA cost renew. For the full year, Rancia Airport is likely to see weaker growth in passenger numbers than in 2017, because of a high base for comparison. Q1 twenty eighteen revenue of overconsitions was up 31% 66,000,000. VACI Waste Review includes a EUR 20,000,000 contribution from LAMSAC, which operates the Lima incurred in Peru, where traffic level increased by 3.4% in Q1 twenty eighteen.
Construction of that road second section is complete and it will open when administrative authorization is granted. Revenue Advancing Highways was boosted by the buildup of business at Mezia which has maintained the 2 of our ISP drill line since the 2nd July of 2017. The picture is also positive for the contracting business, where Q1 twenty eighteen revenue was up 4.9% on an actual basis, to EUR 7,200,000,000 despite harsh weather conditions in Europe than in Q1 2017. Like for like revenue rose by 1.8% with a confirmed upturn in trends, plus 4.9% like for like, and a slight 1.8% like for like decline outside France. Let's start with National Energy.
Q1 twenty eighteen revenue was up 12.8% on an actual basis to EUR 2,800,000,000. Acquisitions contributed EUR 266,000,000 to the increase in revenue. Including the impact of acquisitions made in 2017, the largest of which were Afintia, Oleman and Intra Tech, and those completed in 2018, namely high-tech and Primeline. Most of these acquisitions were outside France, For Vansy Energy, like for like increase in Q1 twenty eighteen revenue was plus 3.1%. The return to organ growth in France was confirmed in the first quarter of 2018 with plus 4.2 percent like for like increase in revenue to 1,000,000,000.
Outside trends, q11 2018 review amounted also to 1,400,000,000, up 1.9% like for like. Organic growth was held back by poor weather conditions, which particularly affected infrastructure activities in Germany. Rancia Energy order book at the end of March 2018, amounted to EUR 8,100,000,000 up 18% over 12 months and up 21% in the start of the year. It represents some of 9 months of Vantage Energy's average business activity. Now year over year, Eurovira, as you know, is more exposed to seasonal variations than the group's over business line.
And so its first quarter figures are not presentative of its full year performance. In March, Eurovia's business was particularly hard hit by adverse weather conditions in Europe. Despite this, its Q1 'eighteen total revenue of EUR 1,400,000,000 was up 1.5% on an actual basis and up 2.5% like for like. In France, despite the winter being harsher than in the first quarter of 2017. Revenue was EUR 902,000,000, up 5.5% on a actual basis and up 5.3% like for like.
Outside France, revenue totaled EUR 505,000,000, down 5% actual and down 2.2% like for like. Activity in Central Europe and Canada remained buoyant in first quarter, but fell slightly in Germany and in the UK. Because of poor weather conditions. Eurovia's order book at 31st March 2018 amounted to EUR 6,300,000,000, up 5% over 12 months and up 10% since the start of the year. That figure represents more than 9 months of Euro Girl's average business activity.
Lastly, Nancy Constructions. Nancy Constructions' Q1 twenty eighteen revenue was stable at EUR 3,100,000,000. Plus 0.2% both actual and like for like. France showed solid growth with Q1 twenty eighteen revenue at 5.2 percent like for like to 1,000,000,000. That's the construction trends business level rose in both building and civil engineering.
Outside France, revenue totaled EUR 1,400,000,000, down 4.8% on both an actual and like for like basis. This revenue includes EUR 86,000,000 contribution from Sameer White, acquired in October 2017. Which offset adverse currency effects. The completion of several major projects including the Yamal 1 in Siberia and the delayed start of new projects explain the decline in revenue seen by Vafi Construction Ram Project and Autropos, Vafi Construction, major projects, and Autropos. Business level also fell at Sogheer Fatom and VANCi Plc that remained firm in Central Europe and the Pacific region.
Norti Construction order book at the end of March amounted to EUR 17,400,000,000. Stable year on year and up 3% since the start of 2018. It represents around 15 months of Vansy Construction average business activity. Total order intake in contracting for the quarter increased by 13% Advance Energy and 14% at Eurovia that fell 19% at Vanscription because of a high base for comparison and the phasing of certain contracts. As a result, the group backlog stood at EUR 31,800,000,000 at the end of March, up 5% year on year and up 8% since the start of this year of 2018.
A quick word on RACIBDA that continued to show good commercial momentum in residential property with 20% more units reserved during the quarter than for the same period last year. However, we knew fell because of delays with starting new construction projects and slower than expected projects progress with 13 existing ones, mainly due to poor weather conditions in early 2018. At 31st March, 2018, Vasyl's consolidated net financial debt was EUR 15,600,000,000, up EUR 1,100,000,000 compared with the end of March last year. Foundar And Poor has recently upgraded its outlook, Convinces long term credit rating from neutral to positive and emphasizing the group solid business activities and financial position. In conclusion, Q1 revenue trends were positive, supporting the group's forecast of higher revenue and income for the full year.
Thank you for your attention, and we are now ready to take your questions.
We have a question from Stephanie Dot, RBC. Please go ahead.
Yes. Hi. Good afternoon, everyone, and thanks for answering my questions. My first question is regarding the order intake, which was weak at construction, you explained by the high base of comparison under phasing of certain contracts. Could you please maybe explain underlying trends you've seen in the market and maybe comment, if you can please on the margin of the projects you have been booking in the order book.
And then my second question relates to the French strikes in air and trains, have you seen any impact on your road network so far and is there an upside from that perspective on the traffic?
Thank you, Stephanie. Regarding the order intake, the decline of the order intake in the decrease of the order intake in construction, When we analyze in detail, it is mostly explained by, France, because when you look at the order intake in Europe and in the international operations outside Europe, the order intake was up in Q1. So in France, the extension is 1st based on the fact that, as you remember, last year in Q1, we recorded a significant amount of contracts linked to the Grand Paris And this year, this is less. So last year, we had around 9 a bit more than EUR 900,000,000 of contracting to the non tariff. And this year only a bit less than EUR 300,000,000 of new contracts.
So the difference is around EUR 650,000,000 at this level. So that's the first explanation Then the second explanation is still in France. When we look at the order intake for Vansy Construction France, in the Paris region, this order intake was done in Q1 in the Building segment. The explanation is that, as today, the order book is at a very high level in the Paris region. We no need to focus on delivering a good quality of execution on these projects.
And we focus more on this than winning new projects in the Paris region. So that's the explanation. We can add also that in the regions we had a rather moderate order intake for Masci Construction Funds in Q1. I don't comment on the margin for this order intake. We usually don't.
Then on the second question regarding the impact of the strikes in France, it's a bit too early to to have a very precise assessment of this impact because, you know, these strike, they started in April, so, not in the Q1. So there was no impact in Q1. We are going to see that it's true that our traffic and not always in coffee root and maybe be negatively impacted by the opening of new speed train lines. And the fact that there is a strike probably will improve the numbers at this level. The traffic numbers are divided.
Thank you. And from past experience, could you maybe comment if like how long the strikes could last and what has in the past been the tailwind on the motorway traffic?
The last massive strides in the French railways was in 1995. At this time, we were not the owner ASF. And so it's a bit difficult to have, to draw a lessons from past experience.
Thank you. The next question comes from Mehdi Boudhocaine, Raymond James. Go ahead.
Always traffic.
Yes, please. Can we Sorry. Maybe. Yes. Can you hear me?
The the we didn't hear you. Can you repeat the the
Okay. Do you hear me now?
Yeah. It's better.
Okay. Sorry. So two questions. First, on motorway traffic. Can we have an idea of the underlying growth excluding your calendar effect.
Also, another question on traffic. Was there any negative impact coming from higher fuel prices in the first quarter of the year? And the last one, on VINCI Construction. Can we have an update on your exposure to Africa? You notably mentioned a weak performance at Sogia and Antrepost.
Can we have more color on that? Thank you.
I'm I'm going to start with Africa because, in fact, in Africa, you know, the the the outlook is much more positive than it was a few months ago. So this recovery was not visible in Q1 But when we look at the order intake in Africa, the pre backlog and so on, clearly, the outlook is better and not we are not so concerned today about Africa. Then on motorway traffic, so if we look at the the calendar impacts, Well, let me first ask, on fuel prices, I think that there was no major change in Q1. The increase last year of the fuel prices was gradual month after month. And so I don't think we have not at least measured a significant impact coming from fuel prices in Q1.
Regarding the calendar effect, the Easter weekend, as brought? Okay. So just one second.
So thank you the next question
you have from. Yes, yes, ladies, sorry. On traffic, basically, the calendar effect, you know, are positive overall on light vehicle traffic. You have the Easter weekend that started in March this year. You have also but the only real calendar effect, the rest, this is some phasing of some school holidays.
So positive for light vehicles, negative four trucks with 1 less working day that took place in March. And this has been more or less offset by some negative impact coming from the snowfalls. And the demonstrations we had on some part of our motorways with farmers that have blocked these a lot of waste for
Okay. So the 2% you had actually in the first quarter is a kind of underlying?
Yes.
Clear enough. Thanks, Ronald.
Thank you. The next question comes from Eric Lynarie, Bryan Garnier. Please go ahead.
Yes. Hello. Thanks for taking my my question. I've got three questions, if I may. Regarding the French woodworks market, what's your view on the market front fee?
Do you think that 5%, organic growth observed in Q1 in the WaterX business in France is sustainable for the rest of the year? That's my first question. My second question regarding VINCI Energies, how do you explain the return of the growth of the organic growth in France? Is it just, because of of a better macro environment? Or is it due in particular to a better industrial production trends?
Is there any particular segments, which performs, better. And and the last question, if I may, regarding the order book, change, could you give us maybe the like for like change for the order book by division? Thank you, Juan.
Okay. Let's start on Eurovia. So basically, you know, the general economic environment, this is that we have economic recovery and 2nd week recovery is visible for Eurovia. Transposing then the Q1 like for like growth over the full year. It's a bit difficult because as you know, Eurovia, you have a very significant impact coming from the seasonality.
And so we cannot transport Q1 number for the full year, but we expect some growth like for like growth for the full year at Eurovia. In France, we are at mid-uh, for the municipalities and we are seeing recovery in public spending is made by these municipalities in the investments made by these municipalities, which is good for your business. So overall, yes, we are in We have we confirmed the upturn for a year over year. And, it's also the CAS in most of the international locations of Eurovia. And for Vasti energy, the answer is more or less the same.
Activities better in France and also generally speaking in Europe. And so it explains why we have some like for like sales growth in France. In Germany, the growth was a bit in Germany, it was not the case in Q1 because of weather conditions, but also in Germany, the outlook for the full year is positive in terms of business activity for our fee energy.
Okay. But for this
regarding the order book. Sorry, Eric.
Yes. Yes. Just for VINCI and LGM, If we look at the different segments, you know, industry, infrastructures, building services or ITC, which one, but I don't know if you know if which one person betters, if if he was just know, if if infrastructure was better than industry, I don't know if there is, you know, from that.
We have given the indication in the press release. So, in Q1, the strongest growth was in infrastructure. That's just one person, but you have some infrastructure, you have significant impact coming from the acquisitions. 16% in ICT, 13% in industry and 3% in the building service sector. The acquisitions were mostly in ICT and infrastructure.
Okay. Okay. Thanks for that. Thank you.
All the segments are seeing some positive trends. Regarding the impact of acquisitions on the order book, the main impact is of course on Vanske Energy. And for Advanced Energy, the order book, excluding acquisition, was up by 6% in Q1. At year over year, the increase was 5%. So the same as the real the actual increase because no significant acquisition on Eurovia.
And, on construction, there was the impact of say no white, and excluding the impact, the order book was slightly down by 2%. And so overall, the group order book on the like for like basis, so at constant perimeter was up 1%.
You don't have any any currency impact there, or do you include the currency impact in the figures you Yeah.
Yeah. Yeah. Yeah. They are from currency impact. Yes.
In in each business, yeah. Yeah. There there are some currency impact, but, rather more than compact compared with the impact of the acquisitions. So the current impact on the total order book in Q1 was negative by a bit more than 4 1,000,000
Thank you. The next question comes from Phil Deereal, JP Morgan. Please go ahead.
Just two questions, please. Can you first try to quantify for us if you can, weather impact on Q1 contracting revenues? And if you think you can recover that in the next Q2 in the next quarter or so, And the same for real estate where you mentioned that weather had been impacted as well revenues. And my second question is on the Vanti construction, construction outside of France, you mentioned delayed stops in new projects. Can you give a bit of a bit of color about that and where you expect those projects to start, please?
Okay. So, good evening, LOD. So, first, on weather impact, you can imagine it's very difficult to quantify. There was some bad weather in more or less in each month, but it's true that until I think that March clearly, there was a deterioration of our numbers in March following the weather impact. So that's what I can say at this edge, but it's impossible to give you a precise quantification.
And we think that things, of course, will improve. Keep in mind also that because it's winter, usually our Q1 numbers are the Q1 at advancing operation is the weakest quarter. Sorry, NOD. We are looking for some details. So maybe on your second question, basically what happened in contracting especially in the major project division and also advanced construction trends.
This is that We have, we have had the completion of some big projects such as Yamal, in Russia, the top project for entrepreneurs and also today generating weaker revenue than done before. We have also, so we have different big projects in Hong Kong. Saw some the Metro in Hong Kong. These projects are coming to their hand. They generate lower revenue.
And for the time being, the new projects such as, for example, the Grand Paris project, They have not reached yet their pit in term of activity. We have also some projects for Antropos, you know, on Antropos, I've mentioned Yamal and the top projects that are coming to the hand. At the same time, we are from a project in Bangladesh on which the start is relatively slow. So it explain why you don't we are in a transition phase. And the new projects we won last year, they are not yet generating their peak in term of business activity.
Thank you. The next question comes from Martin Wortstahl, Bank of America. Go ahead.
Yes. Good afternoon, Arnold. In answers to one of the previous questions, on Africa, you mentioned, pre backlog for that region. I'm just wondering if you have a pre backlog number for the entire group? And perhaps you can comment at least qualitatively if there are some important projects that you have been provisionally awarded but, those are not yet, in the backlog.
And when would you expect to include some of those projects? I'm alluding, for example, to the ages to projects in the UK, I believe there was a press release some time ago, but I don't think that it is in the backlog already.
Thank you, Martin. If it's your only question, I'm going to answer it. So in the pre backlog, first, we have 2 major projects on which today we are in what we call an ECI contract. So it's early contracting involvement. So it's just a contract on which you record the value the amount of the all the engineering phase of the studies that you don't record in the order book the whole amount of the project.
So this is the case for HS 2, you're right. And for today in our backlog for these 2 big projects. So, Fermer, you know, the tunnel between Denmark and Germany, for these 2 big projects, we don't have any significant amount in our backlog of really 2 days. Just the value of the film, we communicated in the press release for total value of this project of 1,000,000,000. That's not our stake in this project, but that's the to give you an indication of the size of the project.
And then it's true that when you look at the pre backlog, We have several projects in Africa on which we add some press release in Q1 but that are not yet accounted in the order book. For example, a tonne pit storage hydroelectric plant in Morocco, at the installation of the electrical grid in Senegal done in Kenya. The stadium of Elmi Sucro in Ivory Coast So all these together, it represents, probably a bit more than 1,000,000 of contracts that have been announced in Africa, but not yet recorded.
Okay. I'm very clear.
And that's most of the backlog today or the pre backlog today. We can also mention a pipeline in Canada for Pika tag for Entropode. That was announced at the end of last year, and that is still not in the backlog.
Okay. Thank you Thank you. The next question comes from Guillermo Fernandez, Deutsche Bank. Please go ahead.
Good afternoon, everyone. I know I have 2 questions. 2 of them in AirPods because the rest of them has already been answered. The first one is you mentioned in your guidance that you expect traffic to soften materially from previous year growth. I on the focusing on Portugal, in particular, through the last year, traffic was up, above 16%.
But the capacity intentions by airlines points to a growth, for example, in Lisbon Airport above 10%. For the year, you think this is doable. It's a reasonable number for, port to user port traffic to still be above, double digit. And the second one, I don't know if you can share something, but if you could give us some color on any magnitude on your most recent acquisition, at least what's the level of, I don't know, revenues or anything that could help us, model a bit the new acquisition of repos that you announced last week?
Okay. Thank you, Guillermo. So basically on airport passenger traffic, we and change our guidance, we consider because of the early base for comparison, it's going to be difficult to see this year, the same type of traffic growth than the one we had last year. So for the timing, we continue to have very strong growth, especially in Portugal, you're right, but at the stage of the year, we are rather cautious and the basic again, the basis for comparison is so high that we expect to show a slowdown compared with the growth rate that were disclosed last year. And then regarding airport Worldwide.
So we are committed with the seller with over half not to disclose financial numbers. So it's a bit difficult for us to give more detail than what is in the what was in the press release. Before the closing of this operation and the closing should take place before year end. The only thing, the only indication, we can give you, this is the level of managed review. So for the all airports, the old portfolio, the level of managed revenue last year was around $200,000,000, U.
S. Dollars. Perfect. That's helpful. Thanks.
Thank you. The next question comes from Bittorio Carreli, Santander. Please go ahead.
Hey, Thiago. Thank you for reminding my question. The first two questions is regarding the airport traffic. If you could provide us, the capacity growth for the summer season or the, you know, the network that you, that you manage. So to give us some sort of guidance of what we expect for summer season.
The second question is related to the declining revenues or contracting business outside France, you mentioned that there is the completion of several major projects and the delay of some others that are expected to be into the revenue soon. How do we look at the, margin impact about this phase in order and the possible entrance of the new ones in the coming months. And the last one is ready to, I I mean, surprise. I mean, you have almost $10,000,000,000 in liquidity in the balance sheet, which is almost double for a market company, which is the return you are achieving on this cash up balance sheet at the moment, please. Thank you.
Sorry, Victoria. Good evening. So first of all, on the capacity, forecast for or of course, the similar capacity it's difficult for us to answer. This is number that are given by the different airlines. We don't have a consolidating number for all our airports.
And it's difficult to see today what will be the increase in airline capacity this summer on our different airports. So I cannot answer the only thing we can say, this is that, yes, when you look at the the statements made by the airline, usually they forecast an increase in their capacity for the summer. I don't have again a number of Ana, a consolidated number for the all the apples of Arnafo. Sorry. Margin in construction.
But again, that's not the purpose of this call, to comment on margin evolution. We just comment on the business activity, business trend. So, we will, you will get more detail about margin evolution when we will report our H1 results at the end of July on 27th July. Then on the cash, your purchase is your number is wrong. We in the press release, we mentioned around 1,000,000,000 of available liquidity It's the cash plus the undrawn credit lines.
If you look at our cash, it's lower. It was at 3 point, the managed cash at the group level was at 3.8or3.9000000000 at the end of March. And what is important regarding the cost or the revenue we get from this cash As you know, we hedge on our balance sheet. We hedge our cash position with debt at a floating rate. So it's neutral.
We have the same amount of debt at floating rate in front of this cash position.
Thank you.
Thank you. The last last question comes from Olivia Peters, Macquarie. Please go ahead.
Good evening, everyone. Just two very quick questions, please. Based on what you said in terms of the timing of projects like Grand Paris, for example, Was it fair to assume given the size of them that they'll be, operating at kind of full throttle next year? And then my second question is just on LAMSAC. Have you been assured that you'll get, the approval for the extension through in 2018.
It's obviously already been delayed from 2017. So just some clarity on that, please.
Olivier, first,
of all, can you repeat your first question? Because there there was a a word I didn't, I didn't catch.
Yeah. We'll we'll build a project that you mentioned like Grand Paris, which aren't operating at the full, are ramping up? Will they be, fully ramped up by next year. Is that the fair enough assumption?
Yeah, on this point, yes, on the on the contracts, we recorded for the ground Paris in last year in 2017. So more for them on the line, 15 SaaS yes, next year, they will be at the food speed. This project has to be completed 4, I think, 2024, if I'm right. So, yeah, it means that Day. Next year, we will be at footfeed.
So regarding non fact, you know, there were the construction work are completed. So it's now all about administrative delays. And we hope that in the coming months, this will be we will get all the authorizations. So you will see the section 2, opening in, in 2018. Yep.
So again, it doesn't depend on us. So It's a 77 that have to find a paper and it takes a bit more time than initially expected regarding the construction works, everything is completed, and we are ready to operate.
We currently have no question. We have a question from Miguel Pager, UBC. Please go ahead. Mr. Miguel Frigger, your microphone is on.
You can ask your question.
Hi, good afternoon, everyone. I just have a question on the financial investment that you did on Q1. Can you give us a little bit more color on the breakdown of the 1,000,000,000? If I remember correctly, timeline, I think, at around 1,000,000. So, can you just give us a little bit of color on this 1,000,000,000?
We we we haven't communicated a transaction value on prime line. So I don't know where you got this estimate. And revenues were around The revenues. Okay, yes, sorry. Yes, the revenues, yes, you're right.
But regarding the value of this transaction, I don't think that we will give details before H1 or we are also committed with the seller for not giving a valuation. So, I cannot today give you a precise breakdown of the EUR 1,000,000,000 between different items.
Okay. But is it the majority to prime line or
Again, again, we cannot we cannot answer. So I cannot give you any signal or any indication regarding this.
Thank you. The next question comes from Ines Mezla, Ciencet. Please go ahead.
Hello. Good afternoon. I was wondering if you could maybe give us any guidance I mean, the on the revenue for the full year or the EBITDA for the full year. Thank you.
No. I'm sorry. The only guidance we give, this is that we increase. We expect some increase both in revenue and in operating and net profit for the full year. But that's the only guidance we give at this stage of the year.
We don't quantify more this guidance today.
We have no further questions.
Okay. If there if there are no further questions
Sorry. We have a question. Please introduce yourself and ask your question.
Hello?
Yes.
Yes. Hello, Arnaud. It's Nicholas Mora. Just a quick one to end the call. Actually, do you, do you, it's more on a few questions on airports, basically.
On aerodom, you've mentioned the bankruptcy of a local airline. The capacity outlook is a bit weak for the next couple of months. Should we expect further weakness into into the next couple of quarters from that? 2nd on Salvador, would you mind giving us a revenue number for Q1? Because that's the first, that was the first time consolidation of the airport.
And then just to, to find two numbers, can you give us the cutoff date when you actually started consolidating PrimeLine and High-tech in VINCI energy, because there are some decently large animals. So they impact a little bit the numbers. And last one, can you give us a feel for where your pipeline on M and As for energy? So you've You've continued to do some bolt ons early in the year. Is the pipeline as good as it was last year?
Just a bit of a feel for where you are on bolt on M And A for energy.
Okay. Thank you, Nicola. I'm going to start with iTech and PrimeLine. So ITech, we started to consolidate more or less at the beginning of January. And for PrimeLine, it was mid March.
Then, regarding the outlook for airline traffic, for passenger traffic in in Dominican Republic, I don't have more precise indications. So, I cannot give you an outlook for the full year regarding traffic evolution in, Dominican led public. The impact the increase in revenue coming from Salvador, the Bay Area Airport in Brazil in Q1 was 1,000,000,001,000,000 sorry, EUR 13,000,000. Did I miss one of your questions? Sorry.
No, the last one was then on a bit of color on the on the M and A for energy. You've been you've, yeah, you've continued to do a few deals, but just to, I mean, after the exceptional year in 2017, We're just wondering if you were going to slow down a little bit.
No, you know, that synergy, they are still acquisition opportunities all over the world, but we cannot give precise indication about the future acquisition pace enhance energy. Again, it's opportunities and, you can be successful or not on these opportunities. So it's impossible be more precise on that.
Thank you. We currently have no further questions. Back to you for the conclusion, Mr. Belli.
Okay. Thank you very much for attending this call. The next publication will be on the 12 of July, our airport traffic for Q2. And then on 27th July, we will release our H1 results. So, of course, we look forward to see you before that and to talk with you before that.
But that the next publication. So thank you very much for your participation and have a nice evening. Thank you. Goodbye.
Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.