EIFFAGE (EPA:FGR) - APRR - Revenue and traffic for the 1st quarter 2020

Transparency directive : regulatory news

21/04/2020 17:45

Vélizy-Villacoublay, 21 April 2020
17:45

                                 Press release

               APRR revenue and traffic for the 1st quarter 2020

On March 24th 2020, Eiffage communicated on the impact of the Covid-19 on the
Group's activity, indicating that the sanitary crisis was causing tremendous
upheaval to the Group's operations in both Contracting and Concessions.
Eiffage specified that in these circumstances the Group's was altering its
outlook for 2020. Eiffage also specified that in this context, the Group had
given priority to:

* protecting employee health and, in general, the health of everyone working
   on Eiffage sites, and

* ensuring the operational continuity of vital activities under its
   responsibility in the countries where Eiffage operates.

The Group also specified that:

* in Concessions, service continuity of the motorway, railway and airport
   infrastructures managed by the Group was its priority,

* the unprecedented reduction in motorway traffic in France since mid-March
   was the logical consequence of the confinement measures and, to a lesser
   extent, border closures,

* various measures had been taken to limit the impacts of this situation on
   the Group's results and cash position.

Finally, the Group exceptionally gave on this occasion and on a preliminary
basis an estimate for March traffic to date.

Data for the 1st quarter are detailed below:

At 31 March 2020

Consolidated revenue

in millions of euro                   At 31/03/2019   At 31/03/2020   % change
Toll revenue                              586.1           549.1         -6.3%
Revenue from retail facilities,
telecommunications and other               16.3            18.2        +11.9%
Revenue excluding Construction            602.3           567.3         -5.8%
Construction revenue (Ifric 12)*           76.4            52.9           ns

Excluding Construction, APRR's consolidated revenue totalled EUR567.3 million
at 31st March 2020, a decrease of 5.8% from EUR602.3 million at 31st March
2019.

Traffic

in millions of kilometres travelled               Total network
                                      At 31/03/2019   At 31/03/2020  % change
Light vehicles                           4,521           4,109         -9.1%
Heavy goodsvehicles                        988             945         -4.3%
Total                                    5,509           5,055         -8.2%

Overall traffic measured by total kilometres travelled decreased by 8.2% for
the 1st quarter 2020 compared to the previous year.

Light vehicle traffic was down 9.1% over the quarter, heavy goods vehicles
traffic regressed by 4.3%.

In addition to the commentary relating to the impacts of the confinement
measures taken to slow the spreading to the Covid-19, the Group sees that the
traffic slowdown has accelerated during the 4th week of March. Details are
provided in appendix.

Tariffs

Tariffs are subject to an annual revision contractually agreed with the French
State. This year for APRR and AREA, it has led to an average increase from 1st
February 2020 of 0.87% and 1.07% respectively for light vehicles.

Financial Position

APRR and Eiffarie renewed their credit facilities on 20 February 2020 for five
years with two one-year extensions possible. They consist of a EUR2 billion
unused line of credit at APRR and a EUR1.07 billion bank loan at Eiffarie,
with no due repayment until 2023.

In January 2020, APRR repaid all of its bonds maturing in 2020 for EUR1
billion, particularly by conducting a two bond issue of EUR0.5 billion each and
maturing in three years for a 0% coupon for the January one and maturing in
seven year for 1.25% coupon for the April one. The last issue is carrying the
same coupon as an existing bond outstanding in 2027.

APRR has also raised in April EUR0.4 billion in commercial paper maturing in
one year. APRR had EUR1.6 billion in cash as at 31 December 2019.

Credit rating

On 17th April 2020, Standard & Poor's has reaffirmed APRR credit rating
outlook at A- with a stable outlook.
A press release is available on www.standardandpoors.com.

(*) Reminder: the application of Ifric 12 from 1 January 2009 requires the
recognition of revenue generated by Construction activities, which corresponds
to infrastructure construction services performed by the concession operator
for the account of the concession grantor, this work being entrusted to third
parties and recognised using the percentage of completion method.

Investor relations
Xavier Ombrédanne
Tel.: + 33 (0)1 71 59 10 56
E-mail: xavier.ombredanne@eiffage.com

Press contact
Sophie Mairé
Tel.: + 33 (0)1 71 59 10 62
E-mail: sophie.maire@eiffage.com

Traffic appendix

Variation in percentage of              Total from    Total from   Total from
kilometres travelled compared           1 January      1 March      16 March
to the same period                    to 29 February  to 15 March  to 31 March

Light vehicles                            +12.2%        -11.6%        -75.6%
Heavy goods vehicles                       +1.3%         +0.1%        -31.2%
Total                                     +10.1%         -9.7%        -66.9%

* Traffic between 1st January and 29th February gained from the positive
  impact of disruptions in the rail service, a good skiing season and an
  extra day (29 February), without any notable effect of Covid-19 over the
  period.
* Traffic between 1st and 15th March suffered the consequences of the early
  outbreak of Covid-19 in France and Europe and the first government measures
  restricting movement.
* Traffic between 16th and 31st March suffered the effects of government
  restriction and confinement measures across France and Europe, as well as
  the strengthening of them, with traffic declining more significantly at the
  end of the month.

EIFFAGE's latest news

11/03/2024 18:10

EIFFAGE (EPA:FGR) - APRR - Revenue and traffic for the 1st quarter 2020

Transparency directive : regulatory news

EIFFAGE's latest news

Other stories