Welcome to the VINCI conference call. I will now hand over to Mr. Arnaud Palliez, Director of Investor Relations and Financial Communications for VINCI. 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 review 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 2018 consolidated revenue totaled EUR 8.8 billion 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. A net positive 4.5% impact of the changes in consolidation scope, mostly outside France.
We saw the main one in concession, the Brazilian airport of Salvador de Bahia, in contracting, Horlemann, Infratek, I-Tech and PrimeLine, VINCI Energies, and Seymour Whyte in Australia, VINCI Construction. Therefore, Q1 like-for-like review was at 2.2%, of which plus 3.6% in France, where despite adverse weather conditions, all contracting and concession business lines posted solid revenue growth. Plus 0.1% outside France, where higher top passenger numbers and a good performance at VINCI Energies more than offset the adverse revenue impact from the completion of several major contracts and harsher 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 3.6 billion, making up 41% of total group review. Looking at the evolution of the different business lines.
Q1 2018 concession reported review was up 6.1% to EUR 1.5 billion or plus 5.9% on a like-for-like basis. VINCI Autoroutes Q1 sales were up by 3.4% to EUR 1.1 billion. The Intercity network suffered serious disruption in Q1 2018, with traffic adversely affected by bad weather, several exceptional snowfalls, and protests. Traffic levels rose 2%, while price effects and the change in the light EV vehicle mix also boosted VINCI Autoroutes review by 1.4%. Traffic growth on a constant network basis broke down into a 1.8% rise 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 one less business day than in Q1 2017. For the full year, traffic growth at VINCI Autoroutes is expected to be similar to that seen in 2017 or +1.7%, provided that fuel prices do not rise further. You were already aware of the strong growth in VINCI Airports passenger traffic following its release on the 12th of April. At airports managed by VINCI Airports, passenger numbers continued to grow rapidly in the first quarter, up 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 a local airline. VINCI Airports' first quarter reported revenue was up 11.7% at EUR 342 million.
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 against the euro had, however, a 4.1% adverse impact on VINCI Airports' revenue. For the full year, VINCI Airports is likely to see weaker growth in passenger numbers than in 2017 because of a high base for comparison. Q1 2018 revenue of other concessions was up 31% to EUR 66 million. VINCI Highways revenue includes a EUR 20 million contribution from LAMSAC, which operates the Línea Amarilla toll road in Peru, where traffic level increased by 3.4% in Q1 2018. Construction of that road's second section is complete, and it will open when administrative authorization is granted. Revenue at VINCI Railways was boosted by the buildup of business at MESEA, which has maintained the Tours-Bordeaux high-speed rail line since the 2nd July of 2017.
The picture is also positive for the contracting business, where Q1 2018 revenue was up 4.9% on an actual basis to EUR 7.2 billion, despite harsher weather conditions in Europe than in Q1 2017. Like-for-like revenue rose by 1.8%, with a confirmed upturn in France, +4.9% like-for-like, and a slight 1.8% like-for-like decline outside France. Let's start with VINCI Energies. Q1 2018 revenue was up 12.8% on an actual basis to EUR 2.8 billion. Acquisitions contributed EUR 266 million to the increase in revenue, including the impact of acquisitions made in 2017, the largest of which were Acuntia, Orlemans, and Infratek, and those completed in 2018, mainly I-Tech and PrimeLine. Most of these acquisitions were outside France. For VINCI Energies, like-for-like increase in Q1 2018 revenue was +3.1%.
The return to organic growth in France was confirmed in the first quarter of 2018, with +4.2% like-for-like increase in revenue to EUR 1.4 billion. Outside France, Q1 2018 revenue amounted also to EUR 1.4 billion, up 1.9% like-for-like. Organic growth was held back by poor weather conditions, which particularly affected infrastructure activities in Germany. VINCI Energies order book at the end of March 2018 amounted to EUR 8.1 billion, up 18% over 12 months and up 21% since the start of the year. It represents almost nine months of VINCI Energies' average business activity. Now Eurovia. Eurovia, as you know, is more exposed to seasonal variation than the groups of their business line, and so its first quarter figures are not representative of its full year performance. In March, Eurovia's business was particularly hard hit by adverse weather conditions in Europe.
Despite this, its Q1 2018 total revenue of EUR 1.4 billion 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 million, up 5.5% on an actual basis and up 5.3% like-for-like. Outside France, revenue totaled EUR 505 million, 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 U.K. because of poor weather conditions. Eurovia's order book at 31st March 2018 amounted to EUR 6.3 billion, up 5% over 12 months and up 10% since the start of the year. That figure represents more than nine months of Eurovia's average business activity. Lastly, VINCI Construction. VINCI Construction's Q1 2018 revenue was stable at EUR 3.1 billion, plus 0.2% both actual and like-for-like.
France showed solid growth with Q1 2018 revenue up 5.2% like-for-like to EUR 1.6 billion. VINCI Construction France business levels rose in both building and civil engineering. Outside France, revenue totaled EUR 1.4 billion, down 4.8% on both an actual and like-for-like basis. This revenue includes EUR 86 million contribution from Seymour Whyte, 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 VINCI Construction Grands Projets and Entrepose. VINCI Construction Grands Projets and Entrepose. Business levels also fell at Sogea-Satom and VINCI PLC, but remained firm in Central Europe and the Pacific region. VINCI Construction order book at the end of March amounted to EUR 17.4 billion, stable year-on-year and up 3% since the start of 2018.
It represents around 15 months of VINCI Construction's average business activity. Total order intake in contracting for the quarter increased by 13% at VINCI Energies and 14% at Eurovia, but fell 19% at VINCI Construction because of the high base for comparison and the phasing of certain contracts. As a result, the group backlogs stood at EUR 31.8 billion 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 VINCI Immobilier 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, revenue fell because of delays with starting new construction projects and slower than expected progress with certain existing ones, mainly due to poor weather conditions in early 2018.
At 31st March 2018, VINCI's consolidated net financial debt was EUR 15.6 billion, up EUR 1.1 billion compared with the end of March last year. Standard & Poor's has recently upgraded its outlook on VINCI's long-term credit rating from neutral to positive, emphasizing the group's 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.
Ladies and gentlemen, if you wish to ask a question, please dial zero one on your telephone keypad. We have a question from Stéphanie D'Ath, RBC. Please go ahead.
Yes. Hi. Good afternoon, everyone, 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 and the phasing of certain contracts. Could you please maybe explain the underlying trends you're seeing in the market and maybe comment, if you can, please, on the margin of the projects you have been booking in the order book? My second question relates to the French strikes in air and trains. Have you seen any impact on your road network so far? Is there an upside from that perspective on the traffic? Thank you so much.
Thank you, Stéphanie. Regarding the decline 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. In France, the explanation is first based on the fact that, as you remember, last year in Q1, we recorded a significant amount of contracts linked to the Grand Paris. This year, this is less so. Last year, we had a bit more than EUR 900 million of contract linked to the Grand Paris, this year only a bit less than EUR 300 million of new contracts. The difference is around EUR 650 million at this level. That's the first explanation. The second explanation is still in France.
When we look at the order intake for VINCI 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 now 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. That's the explanation. We can add also that in the regions, we had a rather moderate order intake for VINCI Construction France in Q1. I don't comment on the margin for this order intake. We usually don't.
On the second question regarding the impact of the strikes in France, it's a bit too early to have a very precise assessment of this impact because these strikes, 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 on motorway in Cofiroute Had maybe be a bit negatively impacted by the opening of new high-speed train lines, and the fact that there is a strike probably will improve the numbers at this level, the traffic numbers at this level.
Thank you. From past experience, could you maybe comment how long the strikes could last and what has in the past been the tailwind on the motorway traffic?
The last massive strikes in the French railways was in 1995. At this time, we were not the owner of ASF, it's a bit difficult to draw lessons from past experience.
Thank you very much, Arnaud.
Thank you. The next question comes from Mehdi Boudoukhane with Morgan James. Go ahead.
Thanks. Good afternoon, Arnaud. Good after motorway traffic.
Yes, Mehdi. Sorry, Mehdi.
Yes. Do you hear me?
We didn't hear you. Can you repeat
Okay. Do you hear me now?
Yeah, it's better.
Okay, sorry. Two questions. First, on motorway traffic, can we have an idea of the underlying growth excluding your calendar effects? Another question on traffic. Was there any negative impact coming from higher fuel prices in the first quarter of the year? Last one, on VINCI Construction , can we have an update on your exposure to Africa? You notably mentioned a weak performance at Sogea-Satom and Entrepose. Can we have more color on that? Thank you.
I'm going to start with Africa because, in fact, in Africa the outlook is much more positive than it was a few months ago. 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 we are not so concerned today about Africa. On motorway traffic. If we look at the calendar impact 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. 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 has brought Okay. Just one second.
Thank you. The next question comes from-
Mehdi. Sorry. Mehdi, sorry. On traffic, basically, the calendar effect are positive overall on light vehicle traffic. You have the Easter weekend that started in March this year. The only real calendar effect, the rest, this is some phasing of some school holidays. Positive for light vehicles. Negative for trucks with one less working day that took place in March. This has been more or less offset by some negative impact coming from the snowfalls and the demonstrations we had on some parts of our motorways with farmers that had blocked these motorways for
Okay. The 2% you had actually in the first quarter is kind of underlying.
Yes.
Okay. Thank you. Clear enough. Thanks, Arnaud.
Thank you. The next question comes from Eric Le Berrigaud, Bryan Garnier. Please go ahead.
Yes. Hello. Thanks for taking my question. I've got three questions if I may. Regarding the French roadworks market, what's your view on the market currency? Do you think the 5% organic growth observed in Q1 in the roadworks 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 a better macro environment, or is it due in particular to better industrial production trends? Is there any particular segments which performs better? 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.
Okay. Let's start on Eurovia. Basically, the general economic environment is that we have economic recovery, and this economic recovery is visible for Eurovia. Transposing 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. We cannot transpose Q1 number for the full year, but we expect some like-for-like growth for the full year at Eurovia. In France, we are at mid mandate for the municipalities, and we are seeing a recovery in public spendings made by these municipalities, in the investments made by these municipalities, which is good for Eurovia's business. Overall, yes, we confirm the upturn for Eurovia.
Okay.
It is also the case in most of the international locations.
Okay.
Of Eurovia. For VINCI Energies, the answer is more or less the same. Activity is better in France, also generally speaking in Europe, so it explains why we have some like-for-like sales growth in France. In Germany, it was not the case in Q1 because of the weather conditions. Also in Germany, the outlook for the full year is positive in terms of the business activity for VINCI Energies.
Okay.
Regarding the order book. Sorry, Eric?
Yes. Just for VINCI Energies. If we look at the different segments, Industry, Infrastructures, Building Services or ICT, which one, I don't know if you know, which one does some better, if Infrastructures was better than Industry? I don't know if there are some specific trends on that.
We have given the indication in the press release. In Q1, the strongest growth was in infrastructure-
Yes
Plus 31%, in Infrastructures, you have significant impact coming from the acquisitions. 16% in ICT, 13% in Industry, and 3% in the Building Services sector.
Yeah. Right.
The acquisitions were mostly in ICT and infrastructure.
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 VINCI Energies. From VINCI Energies, the order book, excluding acquisition, was up by 6% in Q1. At Eurovia, the increase was 5%, so the same as the actual increase because no significant acquisition on Eurovia. On construction, there was the impact of Seymour Whyte, and excluding this impact, the order book was slightly down by 2%. Overall, the group order book on the like-for-like basis or at constant perimeter was up 1%.
Okay. Do you have any currency impact there, or do you include the currency impact in the figures?
Yeah. There are some currency impact, yes.
Okay.
In each business, there are some currency impact, but rather modest compared with the impact of the acquisitions.
Okay.
The currency impact on the total order book in Q1 was negative by a bit more than EUR 40 million.
Okay. Thank you.
Thank you. The next question comes from Elodie Rall, JPMorgan. Please go ahead.
Hi. Good evening, Arnaud. Just two questions, please. Can you first try to quantify for us, if you can, the weather impact on Q1 contracting revenues, if you think you can recover that in the next quarter or so? The same for real estate, where you mentioned that weather had been impacted as well, revenues. My second question is on the VINCI Construction outside of France. You mentioned delayed starts in new projects. Can you give a bit of color about that and where you expect those projects to start, please?
Good evening, Elodie. First on weather impact, you can imagine that it's very difficult to quantify. There was some bad weather more or less in each month. It's true that I think that clearly, there was a deterioration of our numbers in March following the weather impact. That's what I can say at this stage, but it's impossible to give you a precise quantification. We think that things, of course, will improve. Keep in mind also that because it's winter, usually our Q1 numbers. The Q1 at VINCI Contracting operation is the weakest quarter.
Okay.
Sorry, Elodie, we are looking for some details. Maybe on your second question, basically what happened in contracting, especially in the major project division, and also advanced construction trends, we see that we have had the completion of some big projects such as Yamal in Russia, the TAP project for Entrepose. Also, today, generating a weaker revenue than before. We have different big projects in Hong Kong, also the metro in Hong Kong. These big projects are coming to their end. They generate lower revenue. For the time being, the new projects, such as, for example, the Grand Paris project, they have not reached yet their peak in term of activity. We have also some projects for Entrepose. On Entrepose, I have mentioned Yamal and the TAP project that are coming to their end.
we have some projects in Bangladesh on which the start is relatively slow. To explain why we are in a transition phase, and the new projects we won last year, they are not yet generating their peak in terms of business activity.
Okay. Thank you.
Okay.
Yep.
Thank you. The next question comes from Marcin Wojtal, Bank of America. Go ahead.
Yes. Good afternoon, Arnaud. 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 HS2 project in the U.K. I believe there was a press release some time ago, but I don't think that it is in the backlog already.
Thank you, Marcin. If it's your only question, I'm going to answer it. In the pre-backlog first, we have two major projects on which today we are in what we call an ECI contract. It's early contracting involvement. It's just a contract on which you record the value, the amount of all the engineering phase, all the studies, but you don't record in the order book the whole amount of the project. This is the case for HS2, you're right, and for Fehmarn. Today, in our backlog for these two big projects, so Fehmarn, the tunnel between Denmark and Germany. For these two big projects, we don't have any significant amount in our backlog of revenue today. Just the value of the Fehmarn, we communicated in the press release for total value of this project of EUR 3.4 billion.
That's not our stake in this project, but that's to give you an indication of the size of the project. It's true that when you look at the pre-backlog, we have several projects in Africa on which we had some press release in Q1, but that are not yet accounted in the order book. For example, Tanafnit storage hydroelectric plant in Morocco, the installation of the electrical grid in Senegal, a dam in Kenya, the stadium of Yamoussoukro in Ivory Coast. All this together, it represents probably a bit more than EUR 500 million of contracts that have been announced in Africa, but not yet recorded.
Okay. All very clear.
That's most of the pre-backlog today. We can also mention a pipeline in Canada for Spiecapag, for Entrepose. 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-Gao, Deutsche Bank. Please go ahead.
Good afternoon, everyone. Arnaud, I have two questions, two of them in airports, 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 wonder, focusing on Portugal in particular, through 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 is a reasonable number for Portuguese airports traffic to still be above double digit?
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 is the level of, I don't know, revenues or anything that could help us model a bit the new acquisition of Entrepose that you announced last week.
Thank you, Guillermo. Basically, on airport passenger traffic, we haven't changed our guidance. We consider because of the high 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. For the time being, we continue to have very strong growth, especially in Portugal, you're right. At this stage of the year, we are rather cautious and the basis for comparison is so high that we expect to show a slowdown compared with the growth rate that were disclosed last year. Regarding airports worldwide, we are committed with the seller, with OMERS, not to disclose financial numbers. It's a bit difficult for us to give more details than what was in the press release before the closing of this operation. The closing should take place before year-end.
The only indication we can give you, this is the level of managed revenue. For the whole airport, the whole portfolio, the level of managed revenue last year was around $200 million.
Perfect. That's helpful. Thanks.
Thank you. The next question comes from Vittorio Carelli, Santander. Please go ahead.
Hey, ciao Arnaud. Thank you for receiving my question. The first question is regarding the airport traffic. If you could provide us the capacity growth for the summer season or the network that you manage. To give us a sort of guidance on what to expect for the summer season. The second question is related to the declining revenues of 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 out and the possible entrance of the new ones in the coming months? The last one is, I mean, surprise, you have almost EUR 10 billion liquidity in the balance sheet, which is almost double from our market cap.
I mean, which is the return you are achieving on this cash balance sheet at the moment? Please. Thank you.
Sorry, Vittorio. Good evening. First of all, on the capacity forecast for our airports, the summer capacity is difficult for us to answer. These are numbers that are given by the different airlines. We don't have a consolidated number for all our airports, and it is difficult to see today what will be the increase in airline capacity this summer on our different airports. I cannot answer. The only thing we can say is that, yes, when you look at the statements made by the airline, usually they forecast an increase in their capacity for the summer.
For ANA?
For ANA, I don't have, again, a number.
Okay
For ANA, a consolidated number for all the airports of ANA. Sorry. Margin in construction, again, that's not the purpose of this call to comment on margin evolution. We just comment on the business activity, business trend. You will get more details about margin evolution when we will report our H1 reserves at the end of July, on the 27th of July. On the cash, your number is wrong. In the press release, we mentioned around EUR 10 billion of available liquidity. It's the cash plus the undrawn credit lines. If you look at our cash, it's lower. The managed cash at the group level was at EUR 3.8 or EUR 3.9 billion at the end of March.
What is important regarding the cost or the review we get from this cash, as you know, we hedge on our balance sheet, we hedge our cash position with a debt at a floating rate. It's neutral. We have the same amount of debt at a floating rate in front of this cash position.
Okay. Yeah, thank you.
Thank you. The 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, is it fair to assume, given the size of them, that they'll be operating at kind of full throttle next year? 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, just some clarity on that, please. Thank you.
Olivia, first of all, can you repeat your first question because there was a word I didn't catch.
Yeah. Will the projects 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 a fair enough assumption?
Olivia, on this point, on the contracts we recorded for the Grand Paris last year in 2017, most of them on the line 15 South. Next year, they will be at full speed. This project has to be completed before, I think, 2024, if I'm right. Yeah, it means that next year we will be at full speed. Regarding LAMSAC. Regarding LAMSAC, the construction works are completed. It's now all about administrative delays, and we hope that in the coming months, we will get all the authorizations. You will see the section two opening in 2018. We hope so. Again, it doesn't depend on us, it's a civil servant that has to sign 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.
Okay. Thank you, Arnaud.
Thank you. We currently have no question. Ladies and gentlemen, let me kindly remind you that if you wish to ask a question, you need to dial zero one on your telephone keypad. We have a question from Miguel Prager, UBS. Please go ahead. Mr. Miguel Prager, your microphone is on. You can ask your question.
Hi, good afternoon, everyone. I just have a question on the financial investments that you did on Q1. Can you give us a little bit more color on the breakdown of the $1 billion? If I remember correctly, the PrimeLine, I think, had around $470 million. Can you just give us a little bit of color on this $1 billion? Thank you.
We haven't communicated a transaction value on PrimeLine, so I don't know where you got this estimate.
The revenues were around EUR 400.
The revenues. Okay. Yeah, sorry. Yeah, the revenues. Yeah, you're right. Regarding the value of this transaction, I don't think that we will give details before H1. We are also committed with the seller for not giving a valuation. I cannot today give you a precise breakdown of the EUR 1 billion between different items.
Is it the majority to PrimeLine, or?
Again, we cannot answer.
Okay.
I cannot give you any signal or any indication regarding this.
Fair enough. Thank you.
Thank you. The next question comes from Ines Metzler, CNCE. Please go ahead.
Hello, good afternoon. I was wondering if you could maybe give us any guidance 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 is that we expect some increase both in revenue and in operating and net profit for the full year. That's the only guidance we give at this stage of the year. We don't quantify more this guidance today.
Okay. Thank you.
Thank you. We have no further questions. Ladies and gentlemen, let me kindly remind you that if you wish to ask a question, you can press zero one on your telephone keypad.
Okay. 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 Nicolas Mora. Just a quick one to end the call, actually. 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 the next couple of quarters from that? Second, on Salvador, would you mind giving us a revenue number for Q1? Because that was the first time consolidation of the airport. Then just to fine-tune numbers, can you give us the cutoff date when you actually started consolidating PrimeLine and I-Tech in VINCI Energies? Because there are some decently large animals, so they impact a bit the numbers. Last one, can you give us a feel for where your pipeline on M&A is for energy? 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&As for energy.
Thank you, Nicolas. I'm going to start with I-Tech and PrimeLine. I-Tech, we started to consolidate more or less at the beginning of January, and for PrimeLine, it was mid-March. Regarding the outlook for airline traffic, for passenger traffic in Dominican Republic, I don't have more precise indication. I cannot give you an outlook for the full year regarding traffic evolution in Dominican Republic. The increase in revenue coming from Salvador de Bahia Airport in Brazil in Q1 was EUR 13 million. Did I miss one of your questions? Sorry.
No, the last one was on a bit of color on the M&A for energy-
Good
You've continued to do a few deals, but just after the exceptional year in 2017, we're just wondering if you were going to slow down a little bit.
No. VINCI Energies, there are still acquisition opportunities all over the world. We cannot give precise indication about the future acquisition pace for VINCI Energies. Again, it's opportunities, and you can be successful or not on these opportunities. It's impossible to be more precise on that.
Okay. Thank you.
Thank you. We currently have no further question. Back to you for the conclusion, Mr. Palliez.
Okay. Thank you very much for attending this call. The next publication will be on the 12th of July of airport traffic for Q2. On the 27th of July, we will release our H1 results. Of course, we look forward to see you before that and to talk with you before that. That's the next publication. 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.