VINCI - 2005 annual report

CONCESSIONS / BUSINESS REPORT
32
VINCI 2005 ANNUAL REPORT
Cofi route
Cofi route operates a network of 985 km of motorway in western France,
with a further 106 km currently under construction and scheduled
for opening by 2008. The company handles 290,000 transactions a day.
Cofi route is also the concessionaire for the A86 Ouest, the tolled underground
motorway near Paris. The fi rst section is scheduled to go into service in 2007.
Cofi route’s toll revenue rose 3.1% to €875 million in 2005. The increase
was due to the combined effect of 0.9% traffi c growth and the adjustment
of toll prices at the beginning of the year, in line with the new fi ve-year master
plan signed with the French government in 2004. The strengthening of the
company’s programme to control costs and improve operating performances
led to a 4.3% increase in cash fl ow from operations, compared with a 3.2%
increase in revenue.
Automation of transactions continued to increase, with 40% of payments
made using the Liber-t electronic toll system or magnetic cards in 2005,
against 32% in 2004. This, combined with the redeployment of employees to
newly opened sections, led to continuous improvement in productivity, which
will carry through into 2006 when 20 low-traffi c toll stations will be fully
automated. Cofi route also introduced a new decentralised structure. Based on
the empowerment of operations personnel, it aims to increase responsiveness
and, thus, the quality of service to customers. A further signifi cant step in this
process was the signature of a company-wide agreement in July 2005 covering
the reorganisation of operations management. The new structure places particular
emphasis on enhancing the key role of the supervisors in charge of network safety.
In € millions and as a percentage of revenue (consolidated data at 100%)
REVENUE
837
2003
872 900
2004 2005
* Before tax and fi nancing costs.
CASH FLOW
FROM OPERATIONS*
580 605
66.5% 67.2%
2004 2005
NET PROFIT
253 286
2004 2005
ENCOURAGING SAFER DRIVING
The speed and intervehicular distance measurement and information system tested by Cofi route on the A10 motorway
received the VINCI 2005 Innovation Award in the Services category. The system is designed to encourage safe driving, not enforce it.
It displays “Too fast” and “Too close” messages, along with the vehicle licence plate number, when a motorist exceeds the speed limit or drives too close (less
than two seconds) to the preceding vehicle. It is a simple system, and one that most motorists fi nd persuasive. Cofi route plans to install it at other points on
the network, especially dangerous areas such as at accident black spots, roadworks and tunnels.