2013-vinci-annual-report

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44 CONCESSIONS / VINCI AUTOROUTES
After the green motorway package,
VINCI Autoroutes is preparing to invest
almost €2 billion in the motorway
stimulus plan. Its investment in
infrastructure is paired with its
ongoing policy aimed at continuously
improving customer service.
03
Economic
performance
Weak economic conditions contributed to
slow trends in traffic over 2013, with an
increase of 1.1% in traffic on the intercity
network, including 0.4% attributable to the
opening of the final section of the A89.
This growth reflects the 1.3% increase in
light-vehicle traffic since the start of the
year. Heavy vehicle traffic fell a slight 0.2%,
mirroring flat industrial activity growth.
Elsewhere, traffic on the A86 Duplex continued
to grow at a satisfactory rate.
The contractual pricing laws intended to
compensate for the major investment programmes
dictated by concession contracts
and motorway operators’ master plans,
combined with growth in light-vehicle
traffic, led to a 3.3% increase in toll revenues
over the year.
Ebitda as a percentage of revenue rose 0.8
points to 70.3%, driven by several factors:
continued toll automation programmes;
productivity gains generated by harmonising
operating policies and modernising
their main functions (viability, safety, tolls);
developing operating synergies between
the networks; a policy of in- sourcing formerly
subcontracted services; rationalising
investments in information systems and
shared equipment. This policy has enhanced
service-standard consistency across the
networks while improving customer
satisfaction.
Investment
and debt
The excellent operating performance
driving growth in cash flow enables VINCI
Autoroutes to finance very substantial
investments and carry very high levels of
debt. In 2013, these investments amounted
to €689 million, devoted primarily to completing
the green motorway package and
the last section of the A89 between Balbigny
and Lyon (see p. 46), together with widening
and modernisation works carried out under
the associated master plans. The amortisation
expense connected with these investments
(principally for the A89) rose
€125 million over the preceding year.
Lower interest rates and prudent debt
management helped to keep debt-servicing
costs under control. A 10-year €700 million
bond issue to refinance ASF’s debt and
lengthen its average maturity was successfully
placed at the beginning of 2013.
Investors welcomed this operation (it was
oversubscribed by more than six times), confirming
confidence in motorway concession
INVESTMENTS
TOTALLING €689
MILLION IN 2013.
creditworthiness. At 31 December 2013, the
net debt of the concession companies,
including their holding companies,
amounted to €15.4 billion (compared with
€16.6 billion at 31 December 2012).
In addition, on 31 January 2014, VINCI
Autoroutes acquired the 16.67% stake that the
Colas Group held in Cofiroute, as announced
on 20 December 2013. Cofiroute is now a
wholly owned subsidiary of VINCI Autoroutes.
Green motorway
package
The upgrading work for the green motorway
package was completed in the spring
of 2013. In keeping with its commitments,
VINCI Autoroutes financed, studied, implemented
and completed this €750 million
investment programme over three years in
return for a one-year extension of its