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Key figures

VINCI-Autoroutes-network

ECONOMIC AND FINANCIAL DATA

TRAFFIC AND REVENUE
Growth of traffic on the VINCI Autoroutes network strengthened in 2015. It increased 3.0% on the intercity network, with 2.9% for light vehicles (+2.2% in 2014) and 3.3% for heavy vehicles (+1.7% in 2014). This growth is higher than the average observed on other networks under concession in France. This momentum is attributable to the characteristics of the VINCI Autoroutes network. It benefits from GDP growth in Spain and trade with that country, as well as economic activity along France’s Atlantic coast and tourism on its Mediterranean coast. The VINCI Autoroutes network also benefits from significant trade traffic between the north and south of the European Union. These factors were bolstered in 2015 by a favourable marketplace: all-time low fuel prices, which caused an increase in light-vehicle traffic, and higher tourist numbers in France. As a result, revenue rose 2.9% to €4,881 million.

OPERATING INCOME
Operating income from ordinary activities amounted to €2,352 million, up 9.5% over one year, giving an Ebit margin of 48.2%. This improvement is due to continuous efforts to optimise operational performance and the quality of service on the motorways. It also reflects the impact of spreading amortisation expense over a longer period following the extension of the company’s concession contracts.
Convergence between the concession companies’ organisations and the pooling of business activities, combined with the development of remote operation and roll-out of new equipment in toll plazas and along the network, all contribute to improving operations management, traffic monitoring, traffic flows through the tolls and assistance to customers.

INVESTMENT AND DEBT
Investment during the year amounted to €794 million, the majority of which went towards road widening and network upgrades included in the master plans signed with the French government as concession grantor. VINCI Autoroutes has invested a total of €9.5 billion since 2006.
The long-term nature of the concessions’ contractual framework makes it possible to invest in the motorways over time and finance those investments.
As a consequence, VINCI Autoroutes carries significant debt. At 31 December 2015, the net debt of VINCI Autoroutes companies, including their holding companies, was €20.2 billion.
Standard & Poor’s and Moody’s confirmed their long-term credit ratings on VINCI and its motorway subsidiaries at A- and Baa1 respectively in 2015, with stable outlook.