SOURCE: SANEF

January 19, 2006 02:30 ET

SANEF : 2005 Revenue Growth: 9.1% - Strong top line growth sustains the Group's industrial project

Paris -- (MARKET WIRE) -- January 19, 2006 -- Sanef group revenues of 285.4 Million E for the 4th quarter 2005, increased by 8.2% as compared to the 4th quarter 2004. For the full year 2005, revenues grew to 1 152.4 Million E, a 9.1% increase over 2004 revenues.

This growth reflects a continued strong increase in toll revenues (+7.5%) as well as a sustained rapid increase in non toll revenues (+40.3%).

Revenues

+-------------------------+-+---------------+----------+---------+-+-+
|In millions E            | |Full Year 2004 |Full Year |% change | | |
+-------------------------+-+---------------+----------+---------+-+-+
|                         | |               |     2005 |         | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Toll Receipts            | |       1 004.0 |  1 079.6 |   +7.5% | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Shopping and Service     | |          17.9 |     18.2 |   +1.8% | | |
|Areas                    | |               |          |         | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Subscriptions & Telematic| |          15.8 |     26.9 |  +70.2% | | |
|Services                 | |               |          |         | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Telecommunications       | |          10.7 |     13.7 |  +27.6% | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Systems & Services       | |           7.5 |     14.0 |  +87.0% | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Total Non Toll Revenues  | |          51.9 |     72.8 |  +40.3% | | |
+-------------------------+-+---------------+----------+---------+-+-+
|Total Group Revenues     | |       1 055.9 |  1 152.4 |   +9.1% | | |
+-------------------------+-+---------------+----------+---------+-+-+
Growth in Toll Revenues

The growth of 7.5% in toll receipts is based on favourable trends in traffic (+3.5%) for the full year 2005.

Growth in revenues was also driven by tariff increases which contributed 2.4% to growth, and a residual effect (+1.6%), affecting all vehicle categories - in part explained by strong traffic growth on motorway sections with higher tariffs, and also reflecting the impact of a new marketing policy.

Traffic growth of 3.5% for the full year 2005

Overall, Sanef group traffic grew by 3.5% for the full year 2005 as compared to the full year 2004, with a faster growth rate for Light Vehicle traffic (+3.7%) than for Heavy Goods Vehicle traffic (+2.9%) thanks to strong peaks in summer traffic.

This growth occurred:

- on account of a rise in usage of the new section of A29 and a positive ring road effect on the associated interconnecting alternative sections of motorway:

. Traffic on the new network (central stretch of the A29) contributed 1.1 % to overall traffic growth on the Sanef group network for the full year 2005.

. Traffic on a constant network basis (excluding the central stretch of the A29) increased by 2.4 % in 2005 as compared to 2004, of which +2.6 % stemmed from LV traffic and +1.4 % from HGV traffic, in line with economic indicators.

These figures confirm dynamic traffic growth for the Group, derived from the breadth of the Groups network serving the greater Paris area and from diversified sources of traffic, providing sustained growth.

- in an unfavourable context:

. A detrimental calendar effect: 2005 had one less day than 2004, which was a leap year. The negative impact on traffic growth of the shorter calendar year has been estimated at 0.27% for both LV and HGV traffic.

. A month of December affected by poor weather conditions during the first week end, and the final days of the year. The strong decline in traffic during the periods of harsh weather reduced annual traffic by an estimated 0.1% for HGV and 0.2% for LV.

Traffic

+-------------------------+---------------+----------+---------+
|                         |Full Year 2004 |Full Year |Change % |
+-------------------------+---------------+----------+---------+
|In millions of Km        |               |     2005 |         |
|travelled                |               |          |         |
+-------------------------+---------------+----------+---------+
|A1-A2                    |       3 790.5 |  3 849.1 |    1.5% |
+-------------------------+---------------+----------+---------+
|A4                       |       3 678.6 |  3 727.8 |    1.3% |
+-------------------------+---------------+----------+---------+
|A13-A14                  |       2 787.4 |  2 835.5 |    1.7% |
+-------------------------+---------------+----------+---------+
|Alternative A16-A26-A29  |       3 507.5 |  3 835.2 |    9.3% |
+-------------------------+---------------+----------+---------+
|Total LV + HGV           |      13 764.1 |14 247.6* |    3.5% |
+-------------------------+---------------+----------+---------+
|Of which Total LV        |      11 318.0 | 11 732.1 |    3.7% |
+-------------------------+---------------+----------+---------+
|Of which Total HGV       |       2 446.1 |  2 515.5 |    2.8% |
+-------------------------+---------------+----------+---------+
* including 160 million km travelled on the new stretch of the A29

Growth in non toll revenues

Non toll activities saw revenue growth of 40.3 % for the full year 2005 as compared to 2004.

Subscriptions and Telematic Services :

Revenues for this activity have grown by 11.1 ME reaching 26.9 ME at the end of 2005 as compared to the end of 2004. Of this increase, 2.7 ME in revenues stem from the expansion of subscription revenues and 8.4 ME from the contribution of Masternaut revenues to the consolidated accounts (consolidated as of July 1st 2004).

Masternaut's revenues saw strong growth in 2005, rising to 12.5 ME, an increase 67% over full year 2004 revenues (more than 22,000 On Board Units are now use in Europe at end December 2005).

Telecommunications :

Telecoms revenues increased by 27.6% to 13.7 M E for the full year 2005. This growth is related in part to the early cancellation fees pertaining to a long term contract, fees which were booked in the second quarter. The effects of the relinquished contract were seen in the 3rd and 4th quarters of 2005, which showed revenue declines of 15.2% and 26.1% respectively.

Systems and Services:

Systems and Services revenues were 8.1 ME for the 4th quarter 2005, summing to 14 M E for the full year 2005, increasing by 87% as compared to 2004. These revenues were generated by a contract for the sale of operating equipment in Croatia and rising turnover in local services provided to authorities around Sanef's network.

Significant events of Q4 2005 and 2006 outlook

. On October 28th 2005 the 125 km Rouen-Alençon stretch of the A28 was opened (its total construction cost was 915 Million Euros), with Alis acting as the concessionaire, and the Sanef group owning 20% of Alis.

Sanef, through its subsidiary SAPN, operates the northern third of the A28, while also providing maintenance of the infrastructure, telecoms equipment and toll equipment on the whole of the new stretch.

. Toll tariffs were increased on December 1st 2005 as stipulated by the concession contracts entered into with the French State.

. Sanef continues to pursue its development beyond existing concessions, with, in particular, a bid submitted for the A65 on December 21st 2005 ( the Bordeaux-Pau motorway)

. The French Government announced on December 14th 2005 its decision to sell its 75% stake in Sanef to the HIT consortium (Holding d'Infrastructures de Transport), in which abertis is the majority shareholder, alongside its partners Caisse des Dépôts, the CNP, the insurance companies Axa and Prédica (Crédit Agricole group) and the investment holding company Foncière, Financière et de Participations (FFP). The transfer of the State's shareholding, as well as the Public Tender Offer for the remaining 25% free float should proceed during the first half of 2006.

For 2006, Sanef expects to pursue its strategy with the support of new shareholders that are stable, financially solid and strong, who share its strategic goals and ambitions in concessions and telematics, and intend to build with abertis a leading global player in infrastructure markets.

The Sanef Group, Europe's 4th largest motorway concessionaire located in Europe's economic heartland

Group Revenues 1 Billion Euros - 3,600 employees - a network of 1,743 km of motorways.

Sanef is quoted on the Euronext Eurolist A (Euronext code SNF, ISIN: FR0004151561)

Key subsidiaries: Société des Autoroutes Paris Normandie and Masternaut

www.sanef.com

Press Contacts :

Martine Haas

Communication's Manager

Tel : 01 44 38 61 11

martine.haas@sanef.com

Investor Contacts :

Stefan Sater

Investor Relations Manager

Tél : 01 44 38 61 19

stefan.sater@sanef.com

ADDITIONAL DATA

2005 Quarterly Traffic Summary

+-------------------------+---------+--------+--------+--------+--------+
|                         |         |  Q1    |  Q2    |  Q3    |  Q4    |
+-------------------------+---------+--------+--------+--------+--------+
|in millions de Km        |         |        |        |        |        |
|travelled.               |         |        |        |        |        |
+-------------------------+---------+--------+--------+--------+--------+
|2004                     |      LV |2 354.3 | 2965.5 | 3287.3 | 2711.1 |
+-------------------------+---------+--------+--------+--------+--------+
|                         |     HGV |  616.6 |  626.7 |  588.2 |  614.8 |
+-------------------------+---------+--------+--------+--------+--------+
|                         |LV + HGV |2 970.9 |3 592.1 |3 875.4 |3 325.8 |
+-------------------------+---------+--------+--------+--------+--------+
|2005                     |      LV |2 472.9 |3 007.7 |3 490.6 |2 761.0 |
+-------------------------+---------+--------+--------+--------+--------+
|                         |     HGV |  620.9 |  659.7 |  603.9 |  631.1 |
+-------------------------+---------+--------+--------+--------+--------+
|                         |LV + HGV |3 093.8 |3 667.3 |4 094.5 |3 392.1 |
+-------------------------+---------+--------+--------+--------+--------+

+---------------+
|Full Year 2005 |
+---------------+
|               |
|               |
+---------------+
|      11 318.0 |
+---------------+
|       2 446.1 |
+---------------+
|      13 764.1 |
+---------------+
|      11 732.1 |
+---------------+
|       2 515.5 |
+---------------+
|      14 247.6 |
+---------------+
2004 Quarterly Revenues Summary
+-------------------------+--------------------+------+------+------+------+
|(estimates in millions   |                    | Q1   | Q2   | Q3   | Q4   |
|Euros excl. tax)         |                    |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|2004                     |Toll Receipts       |223.1 |260.5 |273.7 |246.8 |
+-------------------------+--------------------+------+------+------+------+
|                         |Shopping and Service|  3.7 |  4.8 |  4.9 |  4.5 |
|                         |Areas               |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Subscriptions &     |  3.1 |  2.9 |  4.9 |  4.9 |
|                         |Telematic Services *|      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Telecommunications  |  2.6 |  2.4 |  2.6 |  3.2 |
+-------------------------+--------------------+------+------+------+------+
|                         |Engineering Services|  0.4 |  2.9 | -0.3 |  4.4 |
|                         |& Other             |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Total non toll      |  9.9 | 12.9 | 12.1 | 17.0 |
|                         |revenues            |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Total               |232.9 |273.4 |285.8 |263.8 |
+-------------------------+--------------------+------+------+------+------+

+---------------+
|Full Year 2005 |
|               |
+---------------+
|       1 004.0 |
+---------------+
|          17.9 |
|               |
+---------------+
|          15.8 |
|               |
+---------------+
|          10.7 |
+---------------+
|           7.5 |
|               |
+---------------+
|          51.9 |
|               |
+---------------+
|       1 005.9 |
+---------------+
2005 Quarterly Revenues Summary
+-------------------------+--------------------+------+------+------+------+
|(estimates in millions   |                    | T1   | T2   | T3   | T4   |
|Euros excl. tax)         |                    |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|2005                     |Toll Receipts       |239.1 |276.2 |301.8 |262.6 |
+-------------------------+--------------------+------+------+------+------+
|                         |Shopping and Service|  3.9 |  4.6 |  5.0 |  4.7 |
|                         |Areas               |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Subscriptions &     |  6.1 |  6.2 |  6.9 |  7.7 |
|                         |Telematic Services *|      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Telecommunications  |  3.0 |  6.1 |  2.2 |  2.4 |
+-------------------------+--------------------+------+------+------+------+
|                         |Engineering Services|  1.9 |  2.2 |  1.8 |  8.1 |
|                         |& Other**           |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Total non toll      | 14.9 | 19.2 | 15.9 | 22.9 |
|                         |revenues            |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Total               |254.0 |295.4 |317.7 |285.4 |
+-------------------------+--------------------+------+------+------+------+

+---------------+
|Full Year 2005 |
|               |
+---------------+
|       1 079.6 |
+---------------+
|          18.2 |
|               |
+---------------+
|          26.9 |
|               |
+---------------+
|          13.7 |
+---------------+
|          14.0 |
|               |
+---------------+
|          72.8 |
|               |
+---------------+
|       1 152.4 |
+---------------+
* Masternaut revenues consolidated as of 01/07/04

**Sanef Doo (Croatian contract) revenues not consolidated in 2004

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