Annual report 2014 - Caisse Nationale des Autoroutes

annual report 2014
Caisse nationale
des autoroutes
a public institution managed by the Caisse des Dépôts
on 31 december 2014,
the length oF the netWorK
oF conceded highWays at
9,048.1 km
oF Which
7 359.8 km
contents
is conceded to semca and historic eX-semca entities
linKed to the cna
(asFa source)
1
outstanding loans From the cna
at 31 december 2014
7.647 billion euros
2
general presentation oF tHe Cna (FrenCH national
motorWay Fund) WitHin tHe FrenCH motorWay seCtor
4
Organisation and missions
Financing procedures
History
7
7
8
aCtiVity oF tHe semi-puBliC
motorWay Companies in 2014
12
Construction and operation
Financial results
Outlook for development
15
17
17
aCtiVity oF tHe Cna in 2014
18
Economic and financial context
Loans policy
Loan programme
Debt management
20
22
22
23
4
FinanCial elements For 2014
24
5
legal and regulatory texts
42
3
boarD of Directors
a Word From the president
in office on 26 march 2015
presiDent
•/m./chRistophe/sAintillAn,
director of transport infrastructures at the Ministry of Ecology,
Sustainable development and Energy
vice-presiDent
•/m./FRAnÇois/chAmpARnAud,
representing the Ministry of Finance and public Accounts
in 2014, CNA issued €70M in debt securities to finance motorway concession-holders’ investments.
At the same time, it repaid close to €1.5 bn on matured bonds.
The reduction of the establishment’s debt thus continued in 2014, ending the year
with €7.65 bn in liabilities, this being at the same level as the end of the 80s.
The funding needs for the year were covered first by a new bond issue. in keeping
with its policy of tapping its lines, CNA tapped its ‘3.75 % - 2025’ line for the fourth time
since it was issued in July 2005, this time drawing €45M; its current liabilities now stand
at €643.26M.
aDministrators
in addition, the CNA also requested a second draw of €25M on its €120M funding line (now
•/m./gilles/oRZoni,
to have greater flexibility to meet the needs of concessionary companies.
representing the Ministry of Ecology, Sustainable development and Energy
•/m./FRAncK/liRZin
representing Ministry of Finance and public Accounts
•/m./éRic/AZoulAy
representing the Ministry of the interior
•/m./dominiQue/AuVeRlot
representing the Commissioner general for policy planning
•/mme/nAthAlie/gilly
representing the director general of the Caisse des dépôts (deposits fund)
•/m./n.
president of SEMCA
representing the semi-public motorway concession-holders
consumed at a level of €45M) with the Eib on 8 April 2013, to diversify its financing sources
This loan programme was earmarked in full for Société Française du Tunnel routier
du Fréjus (SFTrF).
in fact, since the end of 2009, only the two tunnel companies, Autoroute et Tunnel
du Mont-blanc (ATMb) and Société Française du Tunnel routier du Fréjus (SFTrF), whose debt with
CNA now accounts for more than 17% of total debt as at 31 december 2014,
are allowed recourse to the establishment to finance and, as needed, refinance their investments.
however, these new transactions should not disrupt the process of amortising current debt, at an
annual average of more than €1.7 bn through 2018.
ChriSTOphE SAiNTillAN
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O1
general presentation of the cna
within the french motorway
7
organisation and missions
FinanCing proCedures
8
History
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organisation
and missions
Created in 1963, the Caisse nationale des autoroutes (CNA) is a
financially independent public administrative institution whose
mission is to raise finance for motorway concession-holders to
build and develop toll motorways. To do this, it issues loans on
the French and international markets and contracts loans from
selected financial institutions.
general presentation oF the cna
organisation and missions
• FinanCing proCedures
The CNA is governed by Articles R 122-6 to R 122-15 of the
French road system code (Code de la voirie routière), which
contain the provisions of decree n° 63-585 of 20 June 1963
amended by decrees n° 68-972 of 5 November 1968 and
n° 86-910 of 30 July 1986.
The CNA is a financially independent institution, and it receives
no funding from the government budget. It has a Board of
Directors which discusses the budget, the accounts and the
loans programme; its administration, accounting and financial
management are dealt with by the Caisse des dépôts, under the
control of the Board of Directors, under conditions fixed
by a contract between the two institutions.
Every year, within the terms of its mission, the CNA implements
the loan programme drawn up in close collaboration with the
supervisory ministries and eligible motorway concessionholders (SCA). The financial resources collected are distributed
as loans among the eight companies:
• Autoroutes Paris-Rhin-Rhône (APRR);
• la société des Autoroutes Rhône-Alpes (AREA);
• Autoroutes du Sud de la France (ASF);
• Autoroutes et Tunnel du Mont-Blanc (ATMB);
• la société des autoroutes Estérel, Côte-d’Azur,
Provence, Alpes (ESCOTA);
• la Société des autoroutes du nord et de l’est
FinanCing
proCedures
Once the financing needs of the companies are determined,
the concession-holders and the CNA together draw up a loan
programme. The priority is to determine a maturity schedule
that takes into account each company’s future capacity
to reimburse the loan.
The loan programme consists mainly of bond issues.
The CNA’s years of experience, its status, and the volume
and consistency of its issue programmes, make it a recognised
player in the euro primary bond market. A bond operation
generally involves several companies. Its loans, issued without
any State guarantee since 1991, are rated AA by Fitch Ratings
and by Standard & Poor’s1.
Further, the CNA and the European Investment Bank (EIB)
are linked by long-term financing agreements assigned
to the construction of sections of motorway that were of use
to the European Union as a whole and to programmes
to improve sections of motorway that were already in service.
Depending on the progress of works that have benefited from
these financing agreements, the National Motorway Fund (CNA)
draws on funds from the EIB in the form of loan contracts.
The duration, rate of interest and currency of these loans are
negotiated on a case-by-case basis.
The CNA also benefits from loans from the Caisse des dépôts in
the framework of new uses for national savings funds.
In 2004, a budget of 3.5 billion euros was made available
to finance large-scale transport infrastructure work.
Given the nature of motorway company investments,
the CNA seeks to raise funds with maturities of over 10 years
and in euros, to avoid any exchange rate risks.
de la France (Sanef);
• la Société des Autoroutes Paris-Normandie (SAPN);
• la Société Française du Tunnel Routier du Fréjus (SFTRF).
The loan contracts between CNA and the companies define
the reciprocal obligations of the two parties, in particular
the obligation of the beneficiaries to repay CNA at scheduled
instalment dates. What is more, the CNA pays out to
the companies the whole of the sums collected, under the same
conditions of interest rates and maturity. Consequently, the
institution does not report an accounting result.
1
As part of the extension of the revision of the outlook for France, Standard and Poor’s
confirmed the long term AA rating for the CNA on 14th October 2014 but revised its
outlook from stable to negative. Following the deterioration of France’s rating,
the CNA rating was downgraded to AA with a stable outlook on 17th December 2014
by Fitch Ratings.
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1981-1993
restructuring anD introDuction
of an equalization mechanism
Economic conditions began seriously to deteriorate
in 1973, which prompted the authorities to restructure
the motorway system. The State took over the loss-making
private companies (APEL, ACOBA and AREA) and created
a mechanism for allocating resources equally between
the semi-public operating companies. This mechanism
was managed by a public authority called “Autoroutes
de France” (ADF) created in 1983.
general presentation oF the cna
History
SANEF and APEL merged as SANEF at the end of 1985,
which brought the total number of operating companies
to ten, of which nine were SEM (including ATMB which
was not funded by the CNA).
In 1987, the government decided to strengthen
the semi-public companies by an injection of equity capital.
At the same time, it abolished the cash advances that had been
necessary to launch the construction of the motorway network.
1955-1969
start of the motorway system
anD formation of the first
semi-public operating companies
The Act of 18 April 1955 on the status of motorways enabled
the French government to hand over the constructionand
operation of sections of motorway to companies in which
the French state was a majority stakeholder.
The Fréjus French Road Tunnel Company (SFTRF)
was created in 1962 and became the concession-holder
of the Fréjus tunnel in 1974. The company then went
on to hold the concession for the A 42 motorway, known
as the “Maurienne Motorway”.
The State, which had been the majority owner of these
two companies’ equity, sold its holdings to the public fund
for the development of an inter-modal transport policy
in the Alps, by a decree issued on 7 May 2012.
Five semi-public companies were formed in this period
between 1956 and 1963:
• la Société de l’autoroute Estérel / Côte-d’Azur, Alpes (ESCOTA)
en 1956;
• la Société des Autoroutes du Sud de la France (ASF,
ex SAVR) en 1957;
• la Société des Autoroutes Paris-Rhin-Rhône (SAPRR,
ex SAPL) en 1961;
• la Société des Autoroutes Paris-Normandie (SAPN) en 1963;
• la Société des Autoroutes du Nord et de l’Est de la France
(SANEF) en 1963.
The Société du Tunnel routier sous le Mont-Blanc (STMB),
was created in 1958, with the French government as the
major shareholder. This company had held the concession
for the Mont-Blanc road tunnel since 1959. It was renamed
the Société des Autoroutes et du Tunnel du Mont-Blanc
(ATMB), and in 1977 obtained the concession for
the “l’Autoroute Blanche” the A 40.
On 1 January 1991, the Société de l’autoroute
de la Côte-Basque (ACOBA) merged with the Société
des Autoroutes du Sud de la France (ASF), to form
a single company called ASF.
In 1992, ADF acquired a 49% stake in SFTRF. At the end
of this period, some of the operating companies had
reimbursed the whole of the advances granted by the State,
as the increase in toll income had enabled them to achieve
a cash-flow surplus.
This situation highlighted the difference in the companies’
financial situations. A reform of the motorway system
became necessary given that the Government was committed
to speeding up the motorway construction programme
as of 1994.
1970-1980
Deregulation of the motorway
system anD formation of private
operating companies
In 1970, the French government decided to grant concessions
to private companies, composed of civil engineering contractors
and banks. Four such private companies were formed,
between 1970 and 1973:
• la Compagnie Financière et Industrielle des Autoroutes
(COFIROUTE);
• la Société des Autoroutes Rhône-Alpes (AREA);
• la Société de l’Autoroute de la Côte-Basque (ACOBA);
• la Société des Autoroutes Paris-Est-Lorraine (APEL).
Moreover, the semi-public companies (SEM) were given
greater responsibility, in particular with regard to road
construction.
1994
the reform of 1994
The Government decision to speed up the progress
of the motorway master plan made it necessary to adapt
the structure of the semi-public motorway operating
companies, and to redefine the relations between
the State and the motorway sector. The reform centred
on two objectives:
a) To ensure the financial solidarity and soundness
of the SEMCA by their recapitalization and the creation
of three evenly balanced regional operating units
The six largest SEMCA (AREA, ASF, SAPRR, ESCOTA,
SAPN, and SANEF), whose share capital had been capped
at 28 million French francs, had their equity raised to
1.03 billion French francs. The State had a direct 45%
stake in the companies ASF, SAPRR and SANEF. Autoroutes
de France (ADF) held another 45%, with the Caisse des dépôts
at 8.5%. The remainder was held by local entities.
Simultaneously, three regional groups were formed
by making some companies into subsidiaries of the operators
in the strongest financial positions. ASF now holds a 95%
stake in ESCOTA, SANEF holds a 98% stake in SAPN
and SAPRR holds a 97% stake in AREA.
b) To establish contractual relations between
the State and the SEMCA
Five-year planning contracts between the State
and the operating companies stipulate the commitments
of each of the parties with regard to works and investments,
pricing policy, and financial objectives. These agreements
also define management indicators, social and employment
policy, customer service, architectural design and construction
and environmental impact.
The first planning contracts were signed for the period
1995 - 1999. Since then, several planning contracts
have been signed and most of the operating companies
now hold such planning agreements.
2001
the 2001 reform
The motorway financing procedures set up in France
with the Act of 18 April 1955 enabled a modern motorway
network to be constructed with virtually no contribution
from the central government budget. It now has to be reformed
to adapt it to its legal environment and enable it to operate
more effectively in the present political and economic climate.
This is why the reform launched in 2000 has three major
objectives: 1) to intensify competition for the awarding
of new motorway concessions, 2) to provide the motorway
system with the necessary finance to complete the construction
programme and 3) to ensure greater neutrality in the choices
between types of investment and between transport systems.
To achieve these objectives, two series of measures
are being implemented concerning the procedures for
awarding motorway concessions and the operating conditions
of the semi-public motorway concession holders (SEMCA).
1. In order to widen competition and allow new operators
to enter the market, the government put a stop to the so-called
backing system. This system consisted of new sections of motorway
being financed in part by toll income from existing sections operated
by the same company whose concession was extended for
the purpose. In fact, this was no longer compatible with fair
competition between candidates for the award of a new concession,
because it could give an unfair advantage to existing concessionholding companies over new operators.
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Now any public funding that might be required for the
financial balance of future motorway concessions is provided in the
form of subsidies. New sections, awarded in compliance with the
provisions of the Works Directive “Travaux”1 replaced in 2004 by the
Markets Directive “Marchés”2 and with the provisions of the Sapin
Act, are covered by a specific contract. This procedure ensures a
more effective comparison to be made between competing bids.
2. Secondly, the SEMCA management conditions
have been aligned with those of private companies in order
to enable them, if applicable, to submit comparable bids
for new motorway projects.
This involves in particular phasing out the advantages they enjoy
(State guarantee to take over any liabilities outstanding
at the end of the concession, specific accounting practices
for depreciations and loss carry forwards, and no return
on invested capital). In exchange, the SEMCA have had their
concessions extended so that they now match the longer
concessions granted to operators from the private sector.
Given the implications of the reform, the French authorities
had decided to consult with the European Commission
on the reform methods, and in particular on the principle
of extending the length of SEMCA concessions. In a report
of 24 October 2000, the Commission announced that it would
raise no objection to the French Government’s planned reform of
the motorway concession operating plan.
After this consultation procedure, the French government
introduced the domestic legal provisions necessary for
implementing the motorway reform.
Act n° 2000-1 of 3 January 2001, published in the Official
Journal of 4 January 2001, authorized the French Government to
transpose community directives by ordinances.
This enabled the Government to introduce measures
to modernize the motorway operating system.
Ordinance n° 2000-273 of 28 March 2001 concerning
the reform of SEMCA operations defined the new terms
of SEMCA concession contracts as they had been notified
to the European Commission. The ordinance said
that the extensions would be effective for drawing up
the 2000 accounts, so as to apply the accounting reform
to the 2000 accounts.
This ordinance was ratified by Act n° 2001-1011
of 5 November 2001.
1
2
Directive 93/37/EEC of the Council of 14 June 1993 concerning coordination
of procedures for works procurement contracts.
Directive 2004/18/EC of the European Parliament and the Council of 31 March 2004
relative to the coordination of procedures for procurement contracts for works,
supplies and services.
annual
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2014
2002
successive opening up
of capital
of some companies
It is in this context that the legal and financial system
of the SEMCA was adapted to common company law.
The French government then announced, on 16 October 2001,
that ASF capital would be opened for investment in a minority
interest, along with its initial public offering IPO.
This first operation of its type consisted of transferring
to the market the majority of shares held by ADF in ASF capital,
accompanied by an increase in capital of 800 million euros.
The bids included a retail public offering in France, a global
placement and a bid reserved for employees.
The product of the transfer of ASF shares held by ADF
(1.8 billion euros) was paid back to the State in conformity
with the provisions of Article 34 of the Finance Act for 2002
of 28 December 2001.
Following the operation, ADF still holds 8.84% of ASF capital.
2004
On 29 July 2004, the French government announced
that new shareholders for the Société des Autoroutes
Paris-Rhin-Rhône (APRR) were being sought via a rights issue
under an IPO (initial public offering) on 25 November 2004.
APRR group capital rose to 1,300 million euros, underwritten
by a retail public offering in France and an overall placement
guaranteed open to all investors, French and non-French.
At the same time, an offer reserved for employees was
subscribed for 34 million euros.
appointed as purchasers on 14 December 2005 1) Vinci for ASF, 2)
the consortium composed of Eiffage and Macquarie for APRR, and
3) the consortium composed of Abertis, AXA, Caisse des Dépôts,
CNP, FFP and Prédica for Sanef. The privatization decrees were
respectively published
By this operation, the accumulated holding in APRR capital
by the State and its public institution Autoroutes de France
(ADF) went from 98.92% to 70.22%.
in the Journal officiel of 2 February for Sanef, 20 February
for APRR and 8 March 2006 for ASF. These transfers produced
14 803 149 725 €, broken down as follows:
• 9 326 827 816 € for the State
• 5 476 321 909 € for ADF.
2005-2006
These partial privatizations, followed in March 2005
by the partial privatization of the Sanef group, enabled
the major SEMCA to strengthen their financial structure.
They were also able to increase their capacity for distributing
dividends, which was one of the objectives fixed by the French
Government under the CIADT 2003. The dividends paid
to the State were allocated to financing new projects of
nationwide transport infrastructures via the National Agency
for Financing the Transport Infrastructures of France (AFITF)
created by Decree n° 2004-1317 of 26 November 2004.
transfers to the private sector
In a statement made on 18 July 2005, the French Government
announced its decision to wholly privatize the APRR, ASF
and Sanef groups using invitations to tender. Specifications
were published on 22 August 2005. After consulting with the
Commission des participations et des transfers, the Government
The specifications for the transfer contracts were modified along
with the privatization process in order to add the commitments
made by the buyers.The boards of directors
of the three companies confirmed the commitments made
and approved the provisions contained in the amendments,
which were then duly approved by decrees in the Conseil d’État.
For each of the concession-holders, these five-year planning
contracts specify the concession specifications, and they
fix the investments to be made and the service level objectives
to be reached over the 5-year periods. In return for these
arrangements, they also determine the increases in toll rates
to be implemented over the period.
Bearing this in mind, the companies Sanef and Cofiroute have
a planning contract for the 2010-2014 period, likewise
the companies ASF and Escota for the 2012-2016 period, as well
as the companies APRR and AREA for the 2014-2018 period.
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O2
activity of the motorway concession-holDing
companies in 2014
15
ConstruCtion and operation
17
FinanCial results
outlooK For deVelopment
it must be stressed from the outset that the French motorway system is essentially
founded on the principle of conceding the construction and operation of motorways. under
this system, the concession-holders are responsible for the construction, operation and
maintenance of the infrastructures, in return for taking toll incomes to cover the operational
expenses and the depreciation of the loans necessary for financing the construction work.
This principle was profoundly shaken in 2006. Of the eight semi-public companies holding
motorway concessions which historically had turned to the CNA financing system for their
investments, six have been completely privatized. Since the end of the privatisation process,
initiated in July 2005 and finalised during the first quarter of 2006, the French motorway
system has comprised 17 concession-holders: 15 fully private companies and two publicprivate entities, the majority of whose equity is in the hands of the public fund for the
development of an inter-modal transport policy in the Alps.
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ConstruCtion
and operation
ThE lAST TwO SEMi-publiC
MOTOrwAy CONCESSiON hOldErS ArE:
• la the Société Autoroutes et Tunnel du Mont-Blanc (ATMB)
the operator for the tunnel du Mont-Blanc et de l’Autoroute
Blanche (A 40) which provides access to it from France;
ThE FiFTEEN privATE MOTOrwAy
OpErATOrS ArE:
actiVity oF the motorWay concession-holding companies in 2014
ConstruCtion and operation
FinanCial results outlooK For deVelopment
• • ASF and ESCOTA4;
• APRR and AREA5;
• Sanef and SAPN6;
• la Compagnie financière et industrielle des autoroutes
(Cofiroute);
• la Compagnie Eiffage du Viaduc de Millau (CEVM);
• la société de l’autoroute de liaison Seine-Sarthe (ALIS,
operator of the A28 motorway between Rouen and Alençon);
• la société Arcour (operator of the A 19 motorway
• the French company of the Tunnel Routier du Fréjus (SFTRF),
the operator for the road tunnel of Fréjus and the motorway
of la Maurienne (A 43) which gives access to it from France.
These two SEMCA remain in the French motorway concession
system and are financed via the CNA (e1.378 billion
of cumulative outstanding debt at 31 December 2013,
i.e.15.37% of the CNA’s total debt).
Also operating within the French road and motorway system
are The Chambre de Commerce et d’Industrie of Le Havre,
the concession holder for the Pont de Tancarville and the
Pont de Normandie as well as local authorities who hold
concessions for construction work. Their charges are fixed by
Conseil d’État decree (article L 153-5 of the road system code).
between Artenay and Courtenay);
• la société Adelac (operator of the A 41 motorway
between Annecy and Geneva);
• la société A’liénor (operator of the A 65 motorway
between Langon and Pau);
• la société Alicorne (operator of the A 88 motorway
between Falaise and Sées);
• la société Atlandes operator of the A 63 motorway
between Salles and Saint-Geoursde-Maremne);
• la société Albéa (operator of the A 150 motorway
between Ecalles-Alix and Barentin).
The first six companies (ex-SEMCA) are the only companies
that are now private to have used the CNA system to finance
their investments; their outstanding debt with the CNA on
31 December 2013 was e7.590 billion (i.e. 84.63% of the total
outstanding debt).
In accordance with commitments made during their respective
partial privatizations in March 2002, November 2004 and March
20057, the ASF, APRR and Sanef groups have gradually left the
CNA system.
So the ASF/ESCOTA and APRR/AREA and Sanef/SAPN groups
have no longer been able to use CNA loans since year-end
2005, year-end 2008 and year-end 2009 respectively.
The last nine private companies have never benefited from
the CNA financing system.
4
5
6
7
Autoroutes du Sud de la France (parent company) and Société des autoroutes Estérel, Côte d’Azur, Provence et Alpes (subsidiary).
Société des Autoroutes Paris-Rhin-Rhône (parent company) and Société des autoroutes Rhône-Alpes (subsidiary).
Société des Autoroutes du Nord et de l’Est de la France (parent company) and Société des Autoroutes Paris-Normandie (subsidiary).
These partial privatizations considerably improved the financial structures of the three groups, allowing them to obtain their financing directly from the market.
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FinanCial results
NEw SECTiONS OF MOTOrwAy brOughT iNTO SErviCE iN 2014
No new section of highway was put into service in 2014.
iNCOME
TrAFFiC dEvElOpMENT bETwEEN 2013 ANd 2014
In 2014, traffic throughout the entire conceded highway network in service is confirmed to be 87.3 billion travelled kilometres, this
being an increase of +2.4% compared to 2013. (Source ASFA)
ANNuAl TrAFFiC grOwTh ON ThE “STAblE” NETwOrk OF MOTOrwAy CONCESSiON hOldErS
liNkEd TO ThE CNA
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3
0.5
1.9
3.2
- 1.5
1.3
2.0
0.5
- 1.6
0.8
2.1
1.75
2
0.5
2.5
2.6
- 1.3
0.8
1.7
0.6
- 1.2
0.6
1.5
aprr
1.3
0.8
0.1
1.2
2.4
- 1.7
- 0.1
2.5
1.2
- 2.1
0.6
1.6
area
1.8
2.4
- 1.4
2.1
4.2
0.4
2.2
2.9
2.5
- 0.5
1.5
1.8
sanef
1.1
2.2
2.3
1
2.9
- 1.4
- 0.8
1.7
1.8
- 2.3
0.3
2.4
sapn
5.5
3
2.5
1.6
2.9
- 1.3
1.4
0.7
2.2
- 2.5
0.5
2.4
average ex-semCa
2.4
2.2
0.7
1.6
3
- 1.4
0.7
2.1
1.1
- 1.8
0.7
2.0
evolution in kilometres travelled on the atmB and sFtrF networks
(including in the alpine tunnels of the mont-Blanc and Fréjus- France side)
4.0
2.3
- 0.2
2.0
2.1
evolution on the total “stable” network concessions
2.0
1.1
- 1.8
0.7
2.0
eVolution in %
2003
asF
esCota
outlooK
For deVelopment
For all of the SEMCA and ex-SEMCA linked to the CNA,
the total pre-tax turnover in 2014 not including construction
service provisions came to 7.4 billion euros.
For the only privatized SCA in early 2006 and the two tunneling
SEMCA which remain public, the outlook on future fiscal years
is as follows:
This is an increase of 3% compared to 2013.
Investments should be showing their impact in the completion
of the latest major projects, which will enable the networks
of long-term motorway companies to come to maturity and
landscaping to be carried out to minimize the environmental
impact of the motorway.
lOAN pAyMENTS
The loan repayments rose to 1.516 billion euros in 2014,
confirming the gradual reduction of the SEMCAs’ debt
toward CNA.
The volume of investments should be an expression
of the motorway network’s gradual maturation.
However, the democratization of new technologies
is pushing concession-holders to invest in increasingly
innovative operating systems in order to improve the quality
of service offered.
In respect of the two tunnel SEMCAs, the SFTRF is presently i
n a planning contract period which means they can enjoy good
visibility of their investments up till 2016, whereas the ATMB
company’s contract came to an end at the close of 2014 and
is presently negotiating with the State with a view to concluding
a new contract for the 2015-2019 period.
It is worth noting that most of the latest new large construction
projects in progress or to come will not affect the CNA.
Most of these construction projects should be carried out
by ad hoc companies named after tender procedures.
These companies are not eligible for the CNA, so these
new projects should have no impact on outstanding CNA
debt which is set to go down gradually.
At the same time, the increase in tolls and traffic should
continue to improve the turnover of long-term concessionholders, this also taking into account the 2.0% upturn in
highway traffic noted in 2014, to ensure that interest charges
and repayment of the CNA debt are covered.
Source 2014: Association des Sociétés Françaises d’Autoroutes et d’ouvrages à péages (ASFA)
“Traffic - Motorway concessions and toll facilities / 2014”.
19
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O3
activity of the cna in 2014
20
eConomiC and FinanCial Context
22
loans poliCy
loan programme
23
deBt management
20
21
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annual
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2014
The upturn has in fact continued in the US, with GDP at 2.4%
(the highest since 2010). This is pulled along by household
demand and the acceleration of productive investment. The
employment market has continued to improve as far as job
creation is concerned, with unemployment down to 5.7% (the
lowest since mid-2008). Low inflation that is trending at around
0.8% was magnified in the second part of the year by the
reduced price of oil and other primary materials. The Federal
Reserve has been gradually bringing to an end its purchasing
of securities, though it has remained very cautious in the face
of low inflation levels and the global slowdown, leaving its rates
unchanged.
In Asia, the Japanese recovery was short-lived and did not
weather the VAT increase at the beginning of the year. GDP fell
by 0.03% in 2014 in the wake of a drop in consumption (-1.2%).
However the decline was tempered by foreign trade that
benefited from the drop in the Yen. Taking this into account,
the increase in inflation to 2.8% (the highest since 1992)
continues to be linked to the increase in VAT as well as the
price of imported prices rather than to increased wages.
0.7%
In France, growth was slightly up in 2014 to 0.4% (0.3%
in 2012 and 2013), supported by public spending and
consumption. Alongside this, investment fell by 1.7% in
the year, with an adjustment marked by property investment.
The drop in oil prices kept household purchasing power
afloat at the end of the year, but the Euro’s drop did not
prevent there being a negative foreign trade contribution
to growth, so the weakness of the nominal growth impacted
on State revenues, increasing the deficit to -4.4% of GDP
(as against -4.1% in 2013).
2014 was marked by a further reduction in risk premiums
in Europe in relation to both credit and peripheral European
governments. The announcements made at the end of the year
by the ECB relating to a potential extension of the sovereign
debt purchasing programme leant greater magnitude
to the movement of the lowering of the risk premiums
across all governments. The rates reached historic lows
at the end of the year dropping to 0.54% on the 10 year German
market, 0.82% on the 10 year French market, 1.61%
on the 10 year Spanish market and 1.98% on the 10 year
Italian one. Alongside this, there was – broadly speaking –
a levelling out of rate curves. The divergence of monetary
policy on both sides of the Atlantic has, on the other hand,
manifested itself as a net drop of the Euro against the dollar
(-12.82%). European shares – with a rise of barely 1.2%
on the Eurostoxx 50 – continued to recede in comparison
to American shares (+11.4% at S&P).
1%
0.6%
0.4%
0.8%
0.5%
0.75%
0.4%
0.3%
0.5%
0.3%
0.2%
0.2%
0.25%
0.1%
4
4
No
De
c.
-1
14
v.
-1
4
.-1
Oc
t.-
4
gu
Se
pt
st1
y1
Au
M
EvOluTiON OF SwAp rATES
iN 2014
4
4
0%
e1
0.1%
Dec.
Ju
l
Nov.
4
Oct.
Ju
n
Sept.
14
August
ay
-1
July
ril
-
June
M
May
Ap
April
4
March
14
Feb.
ar
ch
-
Jan.
4
0.0%
-1
The recovery in the Eurozone continues to be weak, with a GDP
of 0.9%. This increase is buoyed by Germany (+1.6%), whereas
the recessions in Italy and Finland are ongoing. Growth has
been pulled forwards by foreign trade against a background
of a Euro that is falling, whilst household demand has grown
by 0.9%. Budgetary adjustments have continued to be made,
but these have not impacted as heavily on growth as was
the case during the past three years. Generally speaking,
this fragile growth has generated neither an upturn in credit
nor an increase in inflation – on the contrary, inflation
dropped significantly, finishing in negative territory at -0.2%
in December. The same goes for Spain where the figure is
-1.1%, with Italy at -0.1% and Portugal at -0.3%. In the face
of the weak growth and the enhanced risk of deflation,
the Central European Bank reduced its key rates in June
and in September to 0.05%. As far as non-conventional
methods are concerned, the Bank has launched a share
purchase programme (ABS instruments and secured bonds).
In November, the Bank also opened the door to an extension
of this project to sovereign debts.
Fed rates
BCe rates
Boe rates
0.5%
euribor 6m
eonia
Fe
b.
-1
global growth has been less pronounced than expected,
with emerging countries showing a downturn in performance.
The reorientation of Chinese growth towards a model
sustained by domestic demand has manifested itself through
a gdp that is 7.3% down (the lowest since 2009) and a reduced
demand for primary materials, contributing to a slowdown
in worldwide asset exchanges. bearing this in mind,
OpEC has not reduced its production quotas, which has
accentuated the drop in oil prices which have reduced
by half. The primary material exporting countries also
suffered considerably in the second half-year following
the increasing recession in russia and the fall in production
in brazil. Finally, growth has been pulled forward
by the uSA and the uk, where households have benefited
from enhanced buying power linked to oil and to monetary
policies that continue to be very accomodating.
0.8%
dEvElOpMENT OF CENTrAl bANk
iNTErvENTiON rATES iN 2014
Ja
n
eConomiC and
FinanCial Context
dEvElOpMENT OF ShOrT-TErM iNTErbANkiNg
iN 2014
EvOluTiON OF FrENCh STATE lOAN rATES
iN 2014
4.0%
2.5%
5 years swap
10 years swap
30 years
3.5%
2.0%
20 years
15 years
10 years
3.0%
2.5%
1.5%
2.0%
5 years
1.5%
1.0%
1.0%
0.5%
2014/01/02
2014/12/31
0.5%
0.0%
0.0%
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
EvOluTiON OF ThE uSd/Eur ExChANgE rATE
iN 2014
2015
2019
2023
2027
2031
2035
2039
2043
dEvElOpMENT OF CONSuMEr priCES (ipCh)
iN 2014
ipCH France (monthly variation)
ipCH France (reference base 100 =1996)
ipCH Zone euro
2.0%
1.40%
eur/usd
1.35%
1.5%
1.0%
0.5%
1.30%
0.0%
1.25%
-0.5%
-1.0%
1.20%
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
22
23
caisse
nationale
des
autoroutes
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des
autoroutes
annual
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2014
annual
report
2014
loans poliCy
loan programme
deBt management
EurO bONd
APRIL 2014 – JULY 2025
Motorway investments are financed by the CNA for the most
part on the bond market; in addition, long-term financing
agreements have been signed with the European investment
bank for the partial financing of motorway projects or
programmes of improvement work on the existing network.
The SCA wanted to smooth out their debt maturities depending
on their repayment capabilities. In response, the CNA had to
issue over relatively long periods. The amount of the issues is
determined by addition of the financing needs of several SCA.
Given the activity of the companies financed, the natural
market of the CNA is the euro market. Loans are launched
for professional investors with no public offering. They are
quoted on the Stock Exchange; loans in international legal
form are also quoted in Luxembourg.
With the aim of improving liquidity on the secondary market,
the CNA builds lines of reference through successive additional
contributions.
The line of 2013 maturitie, created before 1st January 1999
and redenominated in euros, has an outstanding debt of more
than one billion euros. In 2002, in just one transaction, the CNA
issued a loan of one billion euros on the 2017 maturity and
increased the 2014 line to one billion euros. In 2003, the CNA
issued a bond of 500 million euros on maturity 2018, increased
by €450M in 2004, €300M in 2005, €429M in 2006, €124M
in 2007, €133.6M in 2008 and finally €55.4M in 2009 bringing to
€1.992 billion the outstanding loan on this settlement date.
Finally, the 2005 bond issue in the amount of €336.26M,
maturing in 2025, has been regularly supplemented since 2011
and now represents total liabilities worth close to €650M.
In all, the CNA has presently two lines of an outstanding debt
higher than or equal to one billion euros.
Another result of this issue policy is that the CNA has
one single line with a maturity beyond 2015.
It should be pointed out that the size of credit lines is limited
naturally by the annual capacity to repay of the companies
financed by the CNA. Moreover, as far as possible, new lines
of credit have a minimum outstanding loan of 500 million
euros.
The bond is usually at a fixed rate. However, part of the debt
can be made variable via interest rate swap contracts signed
when certain loans are issued.
The amount of the loans issued in 2014 for motorway
concession-holding companies rose to 70 million euros,
breaking down into:
• €45 million raised on the euro bond market by assimilation
with the existing bond in July 2025; and
• €25 million in the form of a loan contracted with
the European investment bank.
amount: €45 000 000
bONd iSSuE
yield at maturity: 2.312%
This operation was launched on 1st April 2014, in conformity
with the needs expressed by the beneficiary motorway
concession-holding company.
margin in relation to the oat curve: 8 basis points
ThE FiNANCiAl CONTExT wAS
AS FOllOwS:
issue cost: 113.771%
The main central banks have retained an accomodating policy
of low rates. On 7th November 2013, the ECB introduced
a new low of 25 re-financing rate basis points of 0.25%.
In addition to this re-orientation of key rates, there has
also been a non-conventional monetary policy in place
to smooth out inter-bank market dysfunctions (the Outright
Monetary Transactions, the programme of purchasing public
securities, by the European Stability Mechanism the ESM),
and declarations inviting “new shares if necessary”.
These measures have meant that financial tensions that
were impacting the Eurozone have been able to be drastically
reduced: the 10 year OAT rate (Obligation Assimilable du
Trésor, a bond issued by the French State) stood at 2.13%
on 14th March 2014 following a historic low of 1.662%
on 2nd May 2013. Spain and Italy in particular have seen
their borrowing rates return to historically low levels.
Alongside this, the geopolitical context in Syria and the Ukraine has
focussed the attention of the markets. These tensions have provoked
a ‘flight to quality’ movement that has enabled Government and
supranational issuers as well as State agencies of the higher rated
countries to see their bond issues given preferential treatment.
In this context, the loan was issued on the international
market in the form of a block of 45 million euros. This was
assimilated with the CNA 3.75% 2025 line issued in July 2005
for 598.26 million euros. This operation brings this line’s
outstanding debt to 643.26 euros, thus increasing stock equity.
The loan was launched on 1st April, with a yield rate of
2.312% calculated by equivalence at 8 basis points above the
interpolation rate of the curve of the OAT 4.25% 2023 and 6.00%
2025, this being 2.23%. The transaction’s management was
entrusted to Natixis, after a consultation that began on
25 March 2014.
The sale price to investors, corresponding to a yield of 2.312% settling
down at 114.035 % of the nominal rate, with an accrued coupon
of 3.020% on the date of the regulation set out on 5th May 2014.
Some loans taken out by the CNA from the bEi are at
contractually adjustable rates in periods of 4, 5 or 6 years.
rate: fixed
duration: 11 years and 71 days
depreciation: at the end at par on 15 July 2025
Then CNA then went ahead with three borrowing rate revisions
in 2014 with the European Investment Bank.
Quotation exchange: paris
• A loan of 10 million euros in favour of SAPN agreed in 2003
at a rate of 3.48% that changed to 4.50% in 2007 was adjusted
to 0.515% until the expiry date determined as being on
12 November 2018.
nominal rate: 3.75%
• A loan of 20 millions euros in favour of Sanef agreed in 2003
at a rate of 3.48% that changed to 4.50% in 2007 was adjusted
to 0.515% until the expiry date determined as being on
12 November 2018.
issue price: 114.035%
commissions: 0.175% + 40.05 K€ (Legal Fees)
• A loan of 70 million euros in favour of Sanef agreed in 2003
subscription price: 117.055 548% of which 3.020 547%
of accrued coupon interest
entitlement date: 15 July 2013
On 31 December 2014, the CNA debt amounted to
7.647 billion euros (in historical value) with an average
weighted rate of 4.87% and an average duration
of 2.96 years (against respectively 10.311 billion euros,
4.89% and 3.37 years on 31 December 2013).
settlement date: 5 may 2014
annual interest payment date: 15 July
issue management: natixis
Eib lOAN
On 6 June 2014, in agreement with the beneficiary company,
the CNA requested an initial draw of €25M with a payout date
of 26 June 2014 on the funding line taken out with the EIB on
8 April 2013. The loan conditions were concluded as follows:
• Total term: 12 years
• Repayment: Bullet payments
• Frequency: Semi-annually
• Rate: 0.479%, revisable on 26 June 2017
dEbT STruCTurE by iNTErEST
rATE TypE:
• 80.20% at fixed rates;
• 8.55% at revisable rates (every 4, 5 or 6 years);
• 1.75% at variable rates (indexing on the French TAG
or the EURIBOR);
• 9.50% indexed to inflation.
The loans granted by the CNA to the semi-public motorway
concession-holders have the same conditions and the same
due dates as the CNA loans which financed them.
The table below gives the details of the loans per company
and per type of resources.
loans 2013
(in millions of euros)
at a rate of 3.48% that changed to 4.55% in 2007 was adjusted
to 0.515% until the expiry date determined as being on
12 November 2018.
atmb
sftrf
total
Bond 3.75%
-
45
45
eiB contract
-
25
25
total
-
70
70
25
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O4
financial elements 2014
A • ACCOUNTS OF THE FINANCIAL
year 2014
26
BalanCe sHeet on 31/12/2014
28
inCome statement on 31/12/2014
30
appendix
B • ADDITIONAL INFORMATION
32
tHe BorroWings
38
tHe loans
41
amount oF BalanCe sHeets
26
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27
Financial elements 2014
Financial elements 2014
A • Accounts of the finAnciAl yeAr 2014
A • Accounts of the finAnciAl yeAr 2014
caisse
nationale
des
autoroutes
annual
report
2014
balance sheet
ON 31 DECEMBER 2014
assets (in euros)
reF. note
amount
31/12/2014
amount
31/12/2013
amount
31/12/2012
FiXed assets
long-term investments
liabilities (in euros)
reF. note
amount
31/12/2014
amount
31/12/2013
amount
31/12/2012
3.4
7,869,683,927.86
9,354,530,944.42
10,633,007,960.88
5,061,492,911.75
6,013,762,911.75
6,942,902,047.75
debt
3.1
direct loans to motorway concessions
accrued interest
total i
7,869,683,927.86
9,354,530,944.42
10,633,007,960.88
borrowings
7,646,785,402.03
9,090,907,929.89
10,311 690,031.98
Bond issues
222,898,525.83
263,623,014.53
321 317,928.90
7,869,683,927.86
9,354,530,944.42
10,633,007,960.88
accrued interest
loan contracts
accrued interest
2,316,716.42
2,354,116.37
74,654,995.36
89,027,552.55
100,383,452.04
9,354,530,944.42
10,633,007,960.88
3.5
3,687,568.28
3,578,471.88
3,645,115.56
72,363.49
625.43
63,131.60
3,615,204.79
3,577,846.45
3,581,983.96
total ii
3,687,568.28
3,578,471.88
3,645,115.56
3.6
126,162,000.00
123,432,000.00
119,754,000.00
126,162,000.00
123,432,000.00
119,754,000.00
126,162,000.00
123,432,000.00
119,754,000.00
7,999,533,496.14
9,481,541,416.30
10,756,407,076.44
amount
31/12/2014
amount
31/12/2013
amount
31/12/2012
euros to be received (against euros to be delivered)
150,000,000.00
150,000,000.00
150,000,000.00
euros to be delivered (against euros to be received)
150,000,000.00
150,000,000.00
150,000,000.00
2,447,181.31
2,316,716.42
2,354,116.37
2,447,181.31
operating Debt
1,370,851.86
1,224,355.51
1,197,934.25
trade payables and related
Current account at the Caisse des dépôts
1,298,488.37
1,223,730.08
1,134,802.65
other debt
72,363.49
625.43
63,131.60
total ii
3,687,568.28
3,578,471.88
3,645,115.56
3.3
126,162,000.00
123,432,000.00
119,754 000.00
126,162,000.00
123,432,000.00
119,754,000.00
126,162,000.00
123,432,000.00
119,754,000.00
7,999,533,496.14
9,481,541,416.30
10,756,407,076.44
3.2
interest due
liabilities variances
asset variances
Variances on indexed debt
total iii
Variances on indexed debt
total iii
general total (i + ii + iii)
general total (i + ii + iii)
220,934,476.86
3,368,787,984.23
7,869,683,927.86
cash assets
accounts receivable and related
174,595,461.98
3,077,145,018.14
total i
current assets
operating receivables
148,243,530.47
2,585,292,490.28
OFF-BALANCE-SHEET COMMITMENTS
loan sWaps
interest rate
La référence note renvoie au paragraphe de l’annexe.
reF. note
4.
28
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29
Financial elements 2014
Financial elements 2014
A • Accounts of the finAnciAl yeAr 2014
A • Accounts of the finAnciAl yeAr 2014
caisse
nationale
des
autoroutes
annual
report
2014
income statement
ON 31 DECEMBER 2014
eXpenses (in euros)
reF. note
amount
31/12/2014
amount
31/12/2013
amount
31/12/2012
operating eXpenses
reF. note
amount
31/12/2014
amount
31/12/2013
amount
31/12/2012
5.5
1,685,325.76
2,091,926.04
2,195,151.88
169,654.13
363,347.26
208,002.54
operating reVenues
otHer external purCHases and expenses
remuneration of intermediaries
reVenues (in euros)
5.1
advertising services
1,685,325.76
2,091,926.04
2,195,151.88
118,800.00
257,250.00
157,500.00
13,798.00
21,352.10
22,658.48
Fees for financial services
5.2
-
151,811.25
207,099.48
repayment of administrative costs to CdC
5.3
1,397,212.43
1,462,042.20
1,650,330.91
155,515.33
199,470.49
157,563.01
1,685,325.76
2,091,926.04
2,195,151.88
other administrative expenses
total i
Financial eXpenses
sHare oF sCa
- of loan issuance costs
- of administrative expenses
1,515,671.63
1,728,578.78
1,987,149.34
1,685,325.76
2,091,926.04
2,195,151.88
interest and otHer reVenues
398,641,624.07
457,678 743.11
570,195,291.45
interest on loans
398,569,260.58
457,678,117.68
570,132,159.85
72,363.49
625.43
63,131.60
total i
Financial reVenues
interest on cash assets
otHer FinanCial expenses
413,513,845.89
483,773,312.55
581,128,654.35
otHer FinanCial reVenues
14,872,221.82
26,094,569.44
10,933,362.90
interest on borrowings and advances
398,569,260.58
457,678,117.68
570,132,159.85
other financial revenues
14,872,221.82
26,094 569.44
10,933,362.90
5.4
14,944,585.31
26,095,194.87
10,996,494.50
413,513,845.89
483,773,312.55
581,128,654.35
total ii
413,513,845.89
483,773,312.55
581,128,654.35
Financial revenues paid to sCa
eXceptional eXpenses
Concellation order repayment of the previous period
total iii
-
213.90
-
-
213.90
-
415,199,171.65
485,865,452.49
583,323,806.23
total ii
eXceptional reVenues
-
213.90
-
Warrant cancellation of the previous period
-
213.90
-
-
213.90
-
415,199,171.65
485,865,452.49
583,323,806.23
total iii
total reVenues (i + ii + iii)
total eXpenses (i + ii + iii)
The reference notes refer to paragraphs in the Appendix.
30
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31
Financial elements 2014
Financial elements 2014
A • Accounts of the finAnciAl yeAr 2014
appendix
on 31 deCemBer 2014
1. lEgAl STATuS OF ThE COMpANy
The CNA is a national public-sector administrative institution
with a corporate structure and financial independence.
It is subject to the general principles of public-sector
accounting and has a government accountant. In accordance
with the decree establishing the CNA, the Caisse des Dépôts
provides it with administrative management under
the supervision of its Board of Directors.
2. gENErAl ACCOuNTiNg priNCiplES
The financial statements are presented in compliance with
General Instruction M-91 regarding the accounts of national
public-sector administrative institutions.
The accounting principles applied are:
• Operational continuity;
• Constant and consistent application of methods;
• Independent accounting periods.
The basic method of valuation in the accounts is the historical
cost method.
A • Accounts of the finAnciAl yeAr 2014
caisse
nationale
des
autoroutes
annual
report
2014
3. METhOdS AppliEd TO ThE priNCipAl
iTEMS OF ThE bAlANCE ShEET
4. OFF-bAlANCE ShEET COMMiTMENTS
5.3. rEpAyMENT OF AdMiNiSTrATivE COSTS
TO ThE CAiSSE dES dépôTS
lOAN SwApS
assets
These transactions concern interest-rate swaps.
3.1. lONg-TErM iNvESTMENTS
In these operations, only the nominal values are recorded
when the swaps are initiated.
Theses expenses relate to administrative, accounting
and financial management services performed by the Caisse
des Dépôts for the CNA.
The amount in the balance sheets corresponds to loans
actually disbursed.
Accrued interest is calculated on a pro rata basis and matched
with the account for each individual loan.
Each loan is recorded at gross value; fees, premiums and
expenses are simultaneously charged to motorway operators.
3.2. TrAdE rECEivAblES
This item essentially consists of accrued interest on swap
transactions, to be recovered from motor way operators.
3.3. ASSET vAriANCES
The loss on the indexation of indexed bond issues is recorded
under this item: Given CNA’ s duty with regard to transparency
to the SCA, no provisions on these items have been recorded.
liabilities
3.4. bOrrOwiNgS
Borrowings are booked at redemption value.
Accrued interest on bonds and contracts are calculated
pro rata.
3.5. CurrENT liAbiliTiES
Current liabilities consist of cash advances from motorways
operators. The impact of changes in accrued interest
on motorway operators arises from swap transactions
and current account interest due to motorway operators.
3.6. liAbiliTy vAriANCES
This item includes the loss due to the effects of indexation
of inflation-adjusted bond issues on loans to SCA.
5. COMMENTS ON ThE iNCOME STATEMENT
eXpenses
5.1. rEMuNErATiON OF iNTErMEdiAriES
This item essentially consists of agency fees disbursed
for bond issues in France and abroad.
5.2. FEES FOr FiNANCiAl SErviCES
These fees are paid to the holders of securities accounts
and financial intermediaries in return for financial service
performed in connection with the payment of interest
on bonds and the redemption of bonds reaching maturity.
5.4. pAyMENT OF iNTErEST rECEivEd TO SCA
Given that CNA must be transparent to the SCA,
the CNA repays the SCA the interest on funds invested
with the CDC and other financial revenues.
reVenues
5.5. EquiTy iNTErESTS iN SCA
The motorway companies share the reimbursement
to the SCA of all operating and financial expenses.
The net profit/loss of CNA is always zero.
32
caisse
nationale
des
autoroutes
annual
report
2014
33
Financial elements 2014
Financial elements 2014
B • AdditionAl informAtion
B • AdditionAl informAtion
caisse
nationale
des
autoroutes
annual
report
2014
the borrowings
ON 31 DECEMBER 2014
iV. resourCes BorroWed From Foreign organisations.
loans From tHe european inVestment BanK
i. resourCes BorroWed on tHe FrenCH Bond marKet
isin code
loan
description
dated
date
Final
term
stocK
marKet*
rate
%*
nominal
amount
capital
still due
currency
Fr0010212613
15/07/2005
15/07/2025
Fr
3.75
643,263,911.75
643,263,911.75
eur
ii. resourCes BorroWed From FrenCH organisations
isin code
loan
description
5.22 %
2002-2022 20 m eur
atmB
4.87 %
2004-2027 80.65 m eur
aprr
dated
date
Final
term
28/03/2002
14/06/2004
stocK
marKet*
rate
%*
nominal
amount
capital
still due
currency
28/03/2022
5.22
20,000,000,00
8,000,000.00
eur
01/07/2027
4.87
80,650,000,00
60,596,172.79
eur
iii. resourCes BorroWed on tHe international marKet
isin code
loan
description
dated
date
Final
term
stocK
marKet*
rate
%*
nominal
amount
capital
still due
currency
loans Without state guarantee
Fr000048133
Fr0000486706
Fr0000488017
Fr0000473217
6.00 %
2000-2015 700 m eur
Cnai 3.90 %
2001-2016 600 m eur
5.25 %
2002-2017 1000 m eur
4.50 %
2003-2018 1992.06 m eur
loan description
payment
date
Final
term
rate
%
nominal
amount
capital
still due
currency
loans Without state guarantee
loans Without state guarantee
3.75 %
2005-2025 643.26 m eur
contract
no
26/10/2000
26/10/2015
Fr - lu
6.00
700,000,000,00
700,000,000.00
eur
25/07/2001
25/07/2016
Fr - lu
4.72
726,162,000,00
726,162,000.00
eur
30/01/2002
30/01/2017
Fr - lu
5.25
1,000,000,000,00 1,000,000,000.00
eur
28/03/2003
28/03/2018
Fr - lu
4.50
1,992,067,000,00 1,992,067,000.00
eur
* FR: PARIS / LU: LUXEMBOURG / CH: SWISS / GB: LONDON
17 888
7.60% 1995-2015 106.71 m eur sFtrF
28/04/1995
20/04/15
3.22
106,714,312.07
106,714,312.07
eur
8 249
6.59% 1995-2015 37.35 m eur sFtrF
28/11/1995
20/11/2015
3.39
37,350,009.22
37,350,009.22
eur
18 585
5.84% 1996-2015 106.71 m eur sFtrF
15/04/1996
15/04/2015
2.71
106,714,312.07
106,714,312.07
eur
19 000
5.67% 1996-2015 83.85 m eur sFtrF
15/10/1996
15/10/2015
2.04
83,846,959.48
83,846,959.48
eur
19 165
5.47% 1996-2015 13.26 m eur sFtrF
09/12/1996
30/11/2015
1.86
13,263,064.50
13,263,064.50
eur
19 347
5.08% 1997-2015 75.92 m eur sFtrF
28/02/1997
30/11/2015
2.34
75,919,610.58
75,919,610.58
eur
20 813
6.09% 2000-2015 40 m eur asF
07/12/2000
07/12/2015
6.09
40,000,000.00
40,000,000.00
eur
20 812
6.09% 2000-2015 30 m eur asF
07/12/2000
07/12/2015
6.09
30,000,000.00
30,000,000.00
eur
20 821
6.02% 2000-2015 60 m eur saneF
14/12/2000
14/12/2015
6.02
60,000,000.00
60,000,000.00
eur
20 347
6.02% 2000-2015 6 m eur sapn
14/12/2000
14/12/2015
6.02
6,000,000.00
6,000,000.00
eur
20 816
euriBor 2000-2015 53 m asF
15/12/2000
15/12/2015
0.21
53,000,000.00
53,000,000.00
eur
20 347
euriBor 2000-2015 64 m eur aprr
15/12/2000
15/12/2015
0.21
64,000,000.00
64,000,000.00
eur
20 347
5.48% 2001-2016 13.5 m eur sapn
05/09/2001
05/09/2016
5.48
13,500,000.00
13,500,000.00
eur
21 200
5.51% 2001-2016 30 m eur atmB
10/09/2001
10/09/2016
5.51
30,000,000.00
20,000,000.00
eur
21 288
5.12% 2001-2016 56 m eur saneF
21/11/2001
21/11/2016
5.12
56,000,000.00
56,000,000.00
eur
21 285
5.13% 2001-2016 22 m eur asF
21/11/2001
21/11/2016
5.13
22,000,000.00
22,000,000.00
eur
21 286
5.13% 2001-2016 29 m eur asF
21/11/2001
21/11/2016
5.13
29,000,000.00
29,000,000.00
eur
21 287
5.13% 2001-2016 24 m eur asF
21/11/2001
21/11/2016
5.13
24,000,000.00
24,000,000.00
eur
20 347
5.07% 2001-2016 77 m eur asF
23/11/2001
23/11/2016
5.07
77,000,000.00
77,000,000.00
eur
21 200
5.03% 2001-2016 11 m eur atmB
23/11/2001
23/11/2016
5.03
11,000,000.00
7,333,333.33
eur
21 505
6.15% 2002-2017 412.61 m eur asF
05/04/2002
05/04/2017
6.15
412,613,235.32
412,613,235.32
eur
21 506
6.18% 2002-2015 142.74 m eur esCota
05/04/2002
05/04/2015
6.18
142,742,797.92
47,580,932.64
eur
34
caisse
nationale
des
autoroutes
annual
report
2014
35
Financial elements 2014
Financial elements 2014
B • AdditionAl informAtion
B • AdditionAl informAtion
iV. resourCes BorroWed From Foreign organisations.
loans From tHe european inVestment BanK
contract
no
loan description
payment
date
Final
term
rate
%
summary oF outstanding loans at 31 deCemBer 2014
type oF loans
nominal
amount
capital
still due
currency
type oF rates
bonds
5,061,492,911,75
Fixed rate
4,335,330,911.75
inflation indexed *
726,162,000.00
21 507
6.56% 2002-2016 459.11 m eur saneF
05/04/2002
05/04/2016
6.56
459,105,642.56
306,070,428.37
eur
21 508
6.68% 2002-2016 186.36 m eur sapn
05/04/2002
05/04/2016
6.68
186,357,825.30
124,238,550.20
eur
21 509
6.35% 2002-2017 453.55 m eur aprr
05/04/2002
05/04/2017
6.35
453,551,569.71
453,551,569.71
eur
contractual loans
21 200
3.80% 2002-2017 19 m eur atmB
16/10/02
16/10/17
2.22
19,000,000.00
19,000,000.00
eur
loans From tHe CdC-dFe
20 347
3.77% 2002-2017 33.40 m eur saneF
22/10/02
22/10/17
4.10
33,400,000.00
33,400,000.00
eur
20 347
3.94% 2002-2017 3.30 m eur sapn
22/11/02
22/11/17
4.07
3,300,000.00
3,300,000.00
eur
21 775
3.83% 2002-2017 15.60 m eur saneF
06/12/02
06/12/17
4.07
15,600,000.00
15,600,000.00
eur
21 775
3.83% 2002-2017 13.70 m eur sapn
06/12/02
06/12/17
4.07
13,700,000.00
13,700,000.00
eur
21 821
euriBor 2002-2017 17 m eur saneF
16/12/02
15/12/17
0.20
17,000,000.00
17,000,000.00
eur
21 775
3.48% 2003-2018 10 m eur sapn
12/11/03
12/11/18
0.52
10,000,000.00
10,000,000.00
eur
21 775
3.48% 2003-2018 20 m eur saneF
12/11/03
12/11/18
0.52
20,000,000.00
20,000,000.00
eur
21 775
3.48% 2003-2018 70 m eur saneF
12/11/03
12/11/18
0.52
70,000,000.00
70,000,000.00
eur
82 544
0.523% 2013-2025 20 m eur sFtrF
13/05/13
13/05/25
0.52
20,000,000.00
20,000,000.00
eur
82 544
0.479% 2014-2025 25 m eur sFtrF
26/06/14
26/06/26
0.48
25,000,000.00
25,000,000.00
eur
total
total bonDs
5,061,492,911.75
5,061,492,911.75
68,596,172.79
Fixed rate
68,596,172.79
loans From tHe eiB
2,516,696,317.49
Fixed rate
1,728,888,049.57
revisable rate
653,808,267.92
Variable rate
134,000,000.00
total contractual loans
general total
2,585,292,490.28
2,585,292,490.28
7,646,785,402.03
7,646,785,402.03
* The valuation is increased on the basis of the last known indexation coefficient for the CNAI loan.
situation oF interest rate exCHange operations
on 31 deCemBer 2014
reFerence rate
currency
amount
euriBor
eur
115,000,000.00
euriBor
eur
35,000,000.00
total
150,000,000.00
proFit From loan exCHange and interest rate operations (in euros)
denomination
Charges
2012
-
2013
-
2014
-
products
8,404,362.90
7,425,552.87
8,556,471.82
result
8,404,362.90
7,425,552.87
8,556,471.82
caisse
nationale
des
autoroutes
annual
report
2014
36
caisse
nationale
des
autoroutes
annual
report
2014
37
Financial elements 2014
Financial elements 2014
B • AdditionAl informAtion
B • AdditionAl informAtion
summary oF moVements oF FinanCial year 2014 (in millions of euros)
at 31/12/2013
Financial year operations
historical
balance
translation
adjustment
balance
sheet value
(a+b)
achievements
Depreciations
annual
net
(D-e)
indexations
translation
adjustment
balance
sheet value
(a+f+g+h)
a
b
c
d
e
F
g
h
i
Bond issues
5,891
-
5,891
45
1,000
- 955
126
-
5,062
Contractual loans
3,077
-
3,077
25
517
- 492
-
-
2,585
total général
8,968
-
8,968
70
1,517
- 1,447
-
7,647
loan exCHange operations (off balance sheet / in millions of euros)
at 31/12/2013
euros to be received
(against euros
to be delivered)
euros to be delivered
(against euros
to be received)
Financial year operations
historical
balance
translation
adjustment
balance
sheet value
(a+b)
a
b
c
150
-
150
achievements
d
-
at 31/12/2014
Depreciations
annual
net
(D-e)
indexations
translation
adjustment
balance
sheet value
(a+f+g+h)
e
F
g
h
i
-
-
-
-
annual
report
2014
deBt staggering taKing interest rate exCHanges into aCCount
at 31 deCemBer 2014 (in millions of euros)
at 31/12/2014
126
caisse
nationale
des
autoroutes
year
in capital
in interest
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
1,953
1,476
1,383
2,097
5
5
6
6
5
5
669
31
6
371
264
191
117
27
27
26
26
246
25
25
1
1
total
7,647
1,127
The valuation is increased on the basis of the last known indexation coefficient for the CNAi loan.
150
2,500
150
-
150
-
-
-
-
-
150
IN INTERESTS
IN CAPITAL
2,000
1,500
1,000
500
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
38
caisse
nationale
des
autoroutes
annual
report
2014
39
Financial elements 2014
Financial elements 2014
B • AdditionAl informAtion
loans paid to motorWay ConCession-Holding Companies
sinCe tHe Beginning (in millions of euros)
year
aprr
1999
397
74
2000
295
25
total
2001
347
309
loans paid to motorWay ConCession-Holding Companies sinCe tHe Beginning
(in millions of euros)
aprr
area
asF
atmb
escota
annual
report
2014
B • AdditionAl informAtion
the loans
year
caisse
nationale
des
autoroutes
saneF
sapn
sFtrF
area
asF
atmb
escota
saneF
sapn
sFtrF
total
686
-
89
34
83
135
1,498
664
42
75
140
31
91
1,363
32
1 162
121
35
103
13
-
1,813
11
796
79
36
274
32
-
1,537
1963
19
-
10
-
-
5
4
-
38
2002
1964
10
-
14
-
-
18
3
-
45
2003
300
-
-
50
-
220
30
-
600
43
-
450
-
-
-
-
-
493
1965
13
-
17
-
-
22
-
-
52
2004
1966
21
-
22
-
-
13
3
-
59
2005
38
-
300
12
-
-
-
336
686
210
85
-
-
-
90
44
-
429
1967
15
-
30
-
8
11
4
-
68
2006
1968
26
-
25
-
6
6
8
-
71
2007
7
17
-
-
-
75
25
-
124
1969
38
-
17
-
6
9
7
-
77
2008
91
-
-
-
-
21
22
-
134
-
-
-
-
-
55
-
-
55
1970
32
-
29
-
18
1
18
-
98
2009
1971
6
-
38
-
34
22
10
-
110
2010
-
-
-
-
-
-
-
-
0
-
-
-
-
-
-
-
25
25
1972
2
-
15
-
35
1
4
-
57
2011
1973
-
-
43
-
28
4
8
-
83
2012
-
-
-
-
-
-
-
90
90
-
-
-
-
-
-
-
167
167
-
-
-
-
-
-
-
70
70
1974
7
-
34
-
48
7
8
-
104
2013
1975
13
-
59
-
63
26
8
-
169
2014
1976
-
-
49
-
51
44
18
-
162
1977
22
-
74
-
34
45
8
-
183
1978
38
-
131
-
20
42
1
-
232
1979
39
-
150
-
13
4
-
-
206
1980
74
-
251
-
38
36
1
-
400
1981
74
-
272
-
29
75
3
-
453
1982
147
-
206
-
60
111
2
-
526
1983
233
-
73
-
67
107
9
-
489
1984
291
-
122
-
107
74
11
-
605
1985
260
17
166
-
107
146
19
-
715
1986
381
19
193
-
123
126
20
-
862
1987
403
120
210
-
117
222
30
-
1,102
1988
318
62
361
-
186
158
1
-
1,086
1989
379
156
421
-
249
105
-
-
1,310
1990
316
253
408
-
214
187
-
-
1,378
1991
406
299
400
-
175
250
-
-
1,530
1992
479
159
458
-
136
375
122
-
1,729
1993
500
59
366
-
115
336
236
25
1,637
1994
950
81
560
-
125
540
313
87
2,656
1995
627
92
711
58
127
375
434
220
2,644
1996
576
75
747
42
150
449
363
356
2,758
1997
731
98
705
56
151
315
270
372
2,698
1998
707
103
618
15
161
205
136
243
2,188
deVelopment oF loans paid to motorWay ConCession-Holding Companies
sinCe tHe Beginning (in millions of euros)
3,000
2,500
2,000
1,500
1,000
500
0
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
05
07
09
11
13
40
caisse
nationale
des
autoroutes
annual
report
2014
41
Financial elements 2014
Financial elements 2014
B • AdditionAl informAtion
31/12/2012
amount
aprr
area
asF
atmB
esCota
saneF
2,468
31/12/2013
%
24.22%
amount
2,129
amount of balance sheets
31/12/2014
%
23.74%
amount
1,838
at 31 december (in millions of euros)
%
24.44%
206
2.02 %
197
2.20%
123
1.64%
3,624
35.56%
3,270
36.46%
2,660
35.37%
235
2.31%
194
2.16%
163
2.17%
251
2.46%
151
1.68%
84
1.12%
1,553
15.24%
1,392
15.52%
1,205
16.02%
sapn
691
6.78%
451
5.03%
306
4.07%
sFtrF
1,164
11.41%
1,184
13.21%
1,142
15.17%
10,192
100.00%
8,968
100.00%
7,521
100.00%
total
annual
report
2014
B • AdditionAl informAtion
CHange in outstanding loan deBt in HistoriC Value By motorWay
ConCession-Holding Company (in millions of euros)
sca
caisse
nationale
des
autoroutes
2010
2011
2012
2013
2014
amount
13,813
12,000
10,756
9,482
8 000
percentage (*)
- 11.12
- 13.13
- 10.37
- 11.84
- 15.63
* Percentage increase in relation to the previous year.
14,000
12,000
10,000
state oF tHe Fixed assets oF tHe loans (in millions of euros)
HistoriCal BalanCe (a)
8,000
8,968
+ indexation
123
balance at 31/12/2013 (a+b-c+D)
+ payments (B)
9,091
70
- depreciations (C)
6,000
4,000
- 1,517
+ indexation (d)
126
balance at 31/12/2014 (a+b-c+D)
2,000
7,647
0
2010
2011
2012
2013
2014
43
caisse
nationale
des
autoroutes
annual
report
2014
O5
legal anD
regulatory teXts
road system Code
Act n° 89-413 of 22 June 1989 (Journal Officiel of 24 June 1989)
lEgiSlATivE pArT
titre ii - national road system
ChApiTrE ii – MOTOrwAyS - SECTiON 1 - gENErAl
prOviSiONS
Article l. 122-4
In principle motorway use is free.
Nevertheless, the French State can concede either the
construction and operation of a motorway, or the operation
of a motorway, as well as the construction and operation
of its ancillary installations as defined in the specifications.
The concession agreement and the specifications are
approved by decree of the Conseil d’État.
These acts can authorize the concession-holder to collect
tolls with a view to reimbursing advances and expenses
of any type made by the State and public authorities
or institutions. The concession-holding company may also
1) reimburse the operation and possibly the maintenance
and extension of the motorway and 2) reimburse and
depreciate the capital it has invested.
rEgulATOry pArT
decree n° 89-631 of 4 September 1989 (Journal Officiel
of 8 September 1989) Taking up the provisions of decree
n° 63-585 of 20 June 1963 relating to the creation
of a Caisse nationale des autoroutes.
titre ii - national road system
ChApiTrE ii - MOTOrwAyS
Section 2 - Financial provisions
Sous-section 1 - Caisse nationale des autoroutes
(National Motorway Fund)
Article r*. 122-6
La Caisse nationale des autoroutes is a financially independent
national public administrative institution.
Article r*. 122-7
La Caisse nationale des autoroutes is charged 1) with issuing loans
to finance the construction or planning of toll motorways and 2)
with sharing out the product of these loans among the authorities
or companies granted a concession for the construction
or operation of motorways in application of article L. 122.4.
Article r*. 122-8
The CNA is administered by a Board of eight members
composed of:
a) Two representatives of the Minister in charge of the national
road system;
b) Two representatives of the Minister of the economy and finances;
c) One representative of the Minister of the Interior;
d) The Commissioner General of the Plan or his permanent
representative;
e) The Director General of the Caisse des dépôts
et consignations or his permanent representative;
f) One President of a semi-public concession-holding
motorway company nominated by order of the Minister
in charge of the national road system.
The President and Vice-President of the Board of Directors,
appointed from among its members, are nominated by joint
order of the Minister of the economy and finances and of
the Minister in charge of the national road system.
In the event of an equal number of votes, the President
of the Board of Directors has the casting vote.
Article r*. 122-9
The Board of Directors rules on the affairs of the CNA.
In particular it deliberates on the following points:
a) Budget and financial account;
b) Amount and nature of the loans to be issued;
c) Allocation of the loan income;
d) Drawing up the annual accounts.
Article r*. 122-14
Under the control of the Board of Directors, the Caisse
des dépôts et consignations manages the administration
of CNA operations under the conditions fixed by an agreement
signed between the two institutions.
Article r*. 122-15
The Board of Directors meets when convened
by its President and at least once a year.
The CNA accounting officer is nominated by joint decree
of the Minister of the economy and finances and of the Minister
in charge of the national road system.
Article r*. 122-10
The CNA resources include:
a) The income from loans it issues with the authorization
of the Minister of the economy and finances;
b) The sums paid by the concession-holders mentioned
in article R. 122-7 for the service of the aforesaid loans
and to cover the CNA’s operational costs;
c) Cash funds.
order oF 13 march 2014 concerning
the nomination oF the president
and Vice-president oF the cna
Article r*. 122-11
The CNA makes the income from its loans available to
motorway concession-holders. The Minister of the economy
and finances and the Minister in charge of the national
road system give their approval and the payments are made
on order of the President of the Board of Directors or another
person mandated for the purpose.
Article r*. 122-12
The President of the Board of Directors represents the CNA
in justice and in all acts of civil life.
He has the position of authorizing officer.
Article r*. 122-13
The CNA’s financial and accounting operations are carried
out under the conditions provided for by decree n° 62-1587
of 29 December 1962 relating to the general regulation on
public accounting according to the modalities defined below.
NOr: TRAT1402934A
By order of the Minister of the Economy and Finance
and of the Minister of Transport, Maritime Issues and Fishing
under the Minister of Ecology, Sustainable Development
and Energy, dated 13 March 2014:
M. Christophe Saintillan, is the president of the CNA
Board of Directors;
M. François Champarnaud is the vice-president of the CNA
Board of Directors.
tHe ConCeded motorWay netWorK
Le réseau autoroutier concédé
A14/SAPN
exploitée par la
Boulogne-sur-Mer
Exploitée par
A29
Le Havre
A813
A 28
A86
Paris
Tunnel
Maurice-Lemaire
A19
La Roche-sur-Yon
A87
A714
Moulins
Montluçon
A406
Clermont-Ferrand
A410
A46
A466
A89
A40
A42
A432
A72
A430
Chambéry
Tunnel
du
Mont Blanc
A43
A41
A43
Tunnel
du
Fréjus
Thenon
Salles
A63
Exploitée par
A641
St Geours
de
Maremne
A68
A680
A500
Montpellier
A52
A50
A645
Tunnel
du
Puymorens
Motorways not conceded
Motorway type roads
A57
Juillet 2015 - Source ASFA - Département communication - Reproduction autorisée sous licence
Viaduc
de
Millau
A65
July 2015 - source asFa - Communication department - reproduction authorised under license
A88
tHe Board oF direCtors oF tHe Cna
approVed tHe aCtiVity report and tHe FinanCial elements
oF tHe year 2014 in its session oF 23 marCH 2015
the president,
christophe saintillan
photos/cRedits/
Cover: Viaduc de monestier-de-Clermont sur l’autoroute a51/area
aprr: la France vue du ciel isère, adelac, Carole Barriquand-treuille, luc Benevello, pascal Brunet, sébastien Calvet, xavier Chabert,
Christophe Huret, Jean-marie Huron, Véronique paul, mathieu payan, nicolas robin, léonard de serres / dr
sanef: Claude abron, Éric Benard, matteo, thomas millet
design:
www.kazoar.fr
Caisse nationale
des autoroutes
///A/public/institution/mAnAged/by/the/cAisse/des/dépôts//
head office: 56, rue de lille – 75007 paris
n° siren: 180020034 – ape: 6492z
administrative headquarters: 15, quai anatole france – 75356 paris 07 sp
téléphone: +33 (0)1 58 50 83 87 – télécopie: +33 (0)1 58 50 05 66
e-mail: [email protected]
//website:/cna-autoroutes.fr