Traffic on the VINCI Autoroutes network increased despite less favourable economic conditions, confirming the vital role of roads and motorways in the French transport system. VINCI Autoroutes accelerated deployment of its environmental policy by reducing the direct footprint of its activities and by contributing, in particular through the electric vehicle charging stations installed at all of its service areas, to transforming its motorways into low-carbon infrastructure.
For all types of vehicles, traffic on the VINCI Autoroutes network grew 1.3% in 2023. Light vehicle traffic grew 1.7% in spite of still high fuel prices. Heavy vehicle traffic fell by 1.3% due in particular to negative calendar effects over the year.
Traffic resilience over long periods nevertheless demonstrates the dominant position of road transport in France, representing more than 85% of travel. As the backbone of road transport, motorways play a vital role in local economic and social activity, whether for residents’ everyday mobility or regional, national and international business travel. The development of areas zoned for economic activities close to motorway interchanges, where new logistics hubs are setting up, illustrates the close link between motorways and local economic vitality.
In these conditions, VINCI Autoroutes’ revenue grew 5.3% to €6.3 billion.
Investment remained high at over €600 million. Most of it went into road widening, upgrades and environmental performance improvements to existing networks under the 2015 motorway stimulus plan and the 2018 motorway investment plan, as well as surface and infrastructure upkeep and maintenance work.
At 31 December 2023, the net financial debt of VINCI Autoroutes companies amounted to €16.5 billion. In January 2023, ASF issued a €700 million 10-year bond that enabled it to extend the average maturity of its debt on attractive terms, given current credit market conditions.
France’s Finance Act for 2024 introduced a 4.6% tax on revenue of companies operating long-distance transport infrastructure. VINCI has expressed its intention to challenge this tax, more than 80% of which applies to motor way concession companies. The measure is considered contrary to the spirit and to the letter of concession contracts, which guarantee tax stability to enable concession companies to make long-term investments. Moreover, this new tax is particularly ill-timed, as the decarbonisation of transport, namely roads, calls for huge investment.
After France’s Conseil d’État approved the 18th amendment to ASF’s concession contract on 28 January 2022, including the western Montpellier bypass (southern France) in ASF’s concession, on 27 January 2023 it cancelled the initial financing method. The new financing terms, which rely more heavily on regional motorway system users, were approved by the Conseil d’État on 28 December 2023, allowing the project to pursue operations. This new 6.5 km long, two-lane dual carriageway will link the A709 and A750 motorways. It will create a suitable route for intercity and peri-urban traffic, integrating bus rapid transit lines, all while freeing up secondary roads for local communities and fostering connections with Montpellier’s public transport network. At a total cost of around €300 million, the works will include construction of five interchanges and a viaduct over the motorway. As the detailed design phase has begun, land use assessments and environmental surveys will be conducted in 2024. The bidding process is scheduled for 2025 with works planned to start in early 2026.
