(1)   For your information: the 1st quarter 2014 figures have been restated pursuant to the impact of the application of IFRIC 21 interpretation as of January 1, 2015, which has led the Group to post certain taxes (C3S, property taxes) in full as of January 1.  Operating income and net income at March 31, 2014 were respectively restated at -20 and -12 million euros.  

Seasonal nature of business activity

Due to the highly seasonal nature of most of the Group's businesses, it is important to underline the fact that Colas' 1st quarter activity, results and cash figures are of little significance, and that they are not representative of a full fiscal year.  As such, operating losses are recorded each year during the 1st quarter.

Revenue

1st quarter 2015 revenue amounted to 2.0 billion euros, down 8.6% (11.9% at constant scope and exchange rates).  France posted a total of 1.2 billion euros (-14%), and the International units recorded 0.8 billion euros (+2%).

Roads:

• Revenue totaled 1.4 billion euros (-10%).
• In Mainland France, revenue dropped 21%, due to budget cuts made by local authorities and a high basis for comparison as the 1st quarter 2014 figures still posted growth (+3%) compared to 1st quarter 2013.  
• Revenue in the International units and French Overseas Departments was up 4%.  

Specialized activities:

• Revenue totaled 0.5 billion euros (-3%).  For the most part, growth in the Railway and Pipeline sectors offset the drop in the other lines of business, i.e., Waterproofing, Safety and Signaling, and Sales of refined products.  

Profitability

Operating income amounted to -244 million euros against -235 million euros during the 1st quarter 2014.   The Sales of refined products sector recorded an operational loss of 29 million euros.  Production and sales were interrupted by strikes that occurred during negotiations to implement an Employment Preservation Plan, and sales prices slumped in the wake of a sharp drop in oil prices, resulting in impairment in inventory value.  

Net income attributable to the Group amounted to -170 million euros compared to -152 million euros at end-March 2014, if one excludes the exceptional proceeds posted in January 2014 resulting from the disposal of the stake in Cofiroute (net after tax capital gain of 385 million euros).  

Net cash

Net cash as of March 31, 2015 amounts to 20 million euros, compared to 682 million euros at the end of December 2014, which is for the most part a reflection of the seasonal nature of Colas' businesses. 

Outlook

Work-on-hand at the end of March 2015 remains high, at 7.8 billion euros.  It is down 3% from the end of March 2014.  The contracts included in work-on-hand mirror the trends observed over the last few quarters: the international and French Overseas units show a 3% increase in work-on-hand at 4.6 billion euros, Mainland France is down 10% at 3.2 billion euros. 

The Action plan for the refining business is being rolled out on schedule. At the end of February, an Employment Preservation Plan was signed at the Dunkirk production unit. The production of base oils was halted in April and the unit is now refocused on manufacturing bitumen.   

Outlook for the year as released on February 25, 2015 remains unchanged.