PR Newswire/Les Echos/
27 August 2010 Press release
First-half 2010 financial report
The Board of Directors of APRR met on 27 August 2010 to approve the financial
statements for the 6 months ended 30 June 2010. The limited review procedures
on these half-year accounts have been completed.
FINANCIAL HIGHLIGHTS
Total revenue excluding construction services: EUR931 million, up 5.1%
EBITDA: EUR631 million, up 5.1%
Operating profit on ordinary activities: EUR422 million, up 5.1%
Profit for the period: EUR174 million, up 16.3%
ACTIVITY
APRR's consolidated revenues excluding Construction totalled EUR931.1 million
in the first half of 2010, up 5.1% from EUR886.2 million in the first half of
2009.
Toll revenues (which represented 97.1% of revenues excluding Construction)
increased by 5.2%. Other revenues (retail facilities, telecommunications and
other) declined by 0.5%.
Traffic measured by the number of kilometres travelled increased by 3.1%
compared with the first half of 2009.
Light vehicle traffic, which was affected in the first quarter by a series of
snow storms, benefited in the second quarter from the disruptions to air and
rail travel in April.
All in all, light vehicle traffic increased by 2.6% compared with the first
half of 2009.
Heavy goods vehicle traffic benefited from the improvement in the economic
environment, confirming the recovery observed earlier, with an increase of 5.8%
compared with the first half of 2009.
Nonetheless, heavy goods vehicle traffic is still 12% below levels recorded in
the first half of 2008.
RESULTS
Operating profit on ordinary activities increased by EUR20 million to EUR422
million, up 5.1% from the first half of 2009.
Net finance costs declined by EUR13 million, down 8.2% year-on-year.
Net profit increased by EUR24 million, up 16.3% year-on-year.
EBITDA increased by EUR31 million to EUR631 million in the first half of 2010,
up 5.1% year-onyear. It represented 67.7% of revenue excluding Construction,
stable compared with the first half of 2009.
Consolidated figures 1st half 1st half %
(EUR millions) 2009 2010 change
Revenue excluding 886 931 +5.1%
Construction
Operating profit on ordinary 402 422 +5.1%
activities
Net finance costs (157) (144) -8.2%
Profit for the period 150 174 +16.3%
EBITDA 600 631 +5.1%
FINANCIAL SITUATION
In February 2010, APRR issued EUR200 million of bonds bearing a fixed rate of
4.24% by tapping its existing bond programme, whose maiden issue was staged in
June 2009.
At 30 June 2010, an amount of EUR915 million was available for drawing against
the EUR1,800 revolving credit, reinforcing the Group's short- to medium-term
liquidity.
2010 OUTLOOK
So far, this summer has brought confirmation of the recovery in heavy goods
vehicle traffic observed since the start of the first quarter and of the
uptrend in passenger vehicle traffic.
The resulting increase in toll revenues can be expected to pave the way for
another improvement in the EBITDA margin, notwithstanding the exceptional
expenses incurred because of the bad weather at the start of the year.
******
Autoroutes Paris-Rhin-Rhône Group
Europe's fourth-largest motorway company, APRR Group, a subsidiary of Eiffage,
operates 2,234 km of the 2,279 km of privately-managed motorway network
available under concession from the State.
The Group's motorway network is a major communication's axis in Europe. In
2009, the network recorded more than 20 billion kilometres travelled and the
Group posted consolidated revenues of EUR1, 860 million, excluding
Construction, and net profit of EUR349 million, with almost 4,000 employees.
www.aprr.com
Press Release - Autoroutes Paris-Rhin-Rhône, 27 August 2010
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