SOURCE: SANEF

July 18, 2005 16:10 ET

SANEF : 8.5% revenue growth in the first half of 2005 - Solid performance based on traffic growth and the expansion of non toll activities

Paris -- (MARKET WIRE) -- July 18, 2005 -- Paris, 18th July 2005

8.5% revenue growth in the first half of 2005 Solid performance based on traffic growth and the expansion of non toll activities

Sanef group revenues of 295.4 Million E for the second quarter of 2005 (Q2 2005) showed an increase of 8 % over Q2 2004 revenues. For the first half of 2005 (H1 2005) group revenues increased to 549.3 Million E, or by 8.5% relative to the first half of 2004.

Increased revenues were based on growth in toll receipts (which expanded by 6.6% in H1 2005 as compared to H1 2004, supported by 3% traffic volume growth.) The revenue growth of 6.6% in H1 2005 reflects diversified sources of traffic, the opening of the new section of the A29 and its associated ring road effect, as well as tariff increases that led to toll revenue growth of 2.5%.

Group revenue growth also benefited from the expansion of non-toll turnover, which saw 49.5% growth under H1 2005 to 34.1 Million E, as compared to 22.8 Million E in H1 2004. Revenues

+-------------------------+--------+--------+---------+
|Millions E               |H1-2004 |H1-2005 |% Change |
+-------------------------+--------+--------+---------+
|Toll Receipts            |  483.5 |  515.3 |    6.6% |
+-------------------------+--------+--------+---------+
|Shopping and Service     |    8.5 |    8.5 |       - |
|Areas                    |        |        |         |
+-------------------------+--------+--------+---------+
|Subscriptions & Telematic|    6.0 |   12.3 |  104.9% |
|Services                 |        |        |         |
+-------------------------+--------+--------+---------+
|Telecommunications       |    4.9 |    9.1 |   85.4% |
+-------------------------+--------+--------+---------+
|Engineering Services &   |    3.3 |    4.1 |   24.5% |
|Other                    |        |        |         |
+-------------------------+--------+--------+---------+
|Total Non Toll Revenues  |   22.8 |   34.1 |   49.5% |
+-------------------------+--------+--------+---------+
|Total Group Revenues     |  506.3 |  549.3 |    8.5% |
+-------------------------+--------+--------+---------+
Toll revenue growth

The increase in toll revenues for the period reflects 3% traffic growth on the one hand, a 2.5% increase in tariffs on the other, and the residual effect of lower than anticipated recourse to recently available marketing discounts by Heavy Goods Vehicles (HGVs).

Traffic growth of 3,0%

Group traffic (measured in kilometres travelled) increased by 3% in H1 2005 relative to H1 2004, with equal volume growth for HGV and Light Vehicle (LV) traffic of 3%. After a first quarter that was very favourable to LV traffic (+5.0% vs. +0.7% for HGV), the second quarter saw the opposite trend of higher HGV traffic growth (+5.3% vs. 1.4% for LV), producing a balanced growth of 3% in each category over the first six months of 2005. This reaffirms the quality of traffic growth from diversified sources, providing sustainable growth.

The following calendar effects influenced traffic growth for H1 2005 relative to H1 2004:

One calendar day less (181 days vs. 182 days), representing a negative effect of approximately 0.5% on traffic growth

One additional workday (127 days vs. 126 days) providing a favourable calendar for HGV traffic. However, we note that the cancellation of the Whitsun public holiday did not produce sufficient additional HGV traffic to compensate for the loss of LV traffic that would normally have taken advantage of a prolonged weekend

The Ascension Day holiday fell within the period of Paris area school holidays, which was unfavourable to LV traffic growth

The network effect of the ring road network of motorways north of Paris reinforced growth of 8.1% on the A16, A26 and A29.

The opening of the new section of the A29 from Amiens to Neufchâtel en Bray produced 1% of additional traffic growth.

On a constant network basis total traffic increased by 2%, supported by a HGV traffic increase of 1.7% and by a 2.1% increase of LV traffic; this highlights the dynamics of Sanef group traffic that are bolstered by a strong position serving greater Paris.

Traffic

+-------------------------+--------+---------+---------+
|In millions of Km        |H1-2004 |H1-2005  |% Change |
|travelled                |        |         |         |
+-------------------------+--------+---------+---------+
|A1-A2                    |1 816.2 | 1 838.1 |    1.2% |
+-------------------------+--------+---------+---------+
|A4                       |1 760.9 | 1 784.1 |    1.3% |
+-------------------------+--------+---------+---------+
|A13-A14                  |1 337.8 | 1 356.9 |    1.4% |
+-------------------------+--------+---------+---------+
|Alternative A16-A26-A29  |1 648.0 | 1 781.9 |    8.1% |
+-------------------------+--------+---------+---------+
|Total LV + HGV traffic   |6 562.9 |6 761.0* |     3.0 |
+-------------------------+--------+---------+---------+
|Of which Total LV        |5 319.7 | 5 480.5 |     3.0 |
+-------------------------+--------+---------+---------+
|Of which Total HGV       |1 243.2 | 1 280.5 |     3.0 |
+-------------------------+--------+---------+---------+
* Including 67.9 million km travelled on the new A29 stretch

Growth in non toll revenues

Non toll business lines saw 49.5% growth in H1 2005 versus H1 2004. Second quarter growth was at a slightly lower than first quarter growth; nevertheless, non toll revenues represented 6.2% of total revenues for the six months ending in June 2005, versus 4.5% in the same period in 2004.

Subscriptions and Telematic Services :

Masternaut: revenues continued to grow rapidly, reaching 5.5 Million E in H1 2005 vs. 3.3 Million E in H1 2004, (+67%). During H1 2005 the number of GPS/GPRS devices sold went from 5 200 to 11 800.

On a like for like consolidated basis, the Subscriptions and Telematic Services lines of business showed 13,1% growth in revenues.

The revenues of Sanef's subsidiary Masternaut were previously consolidated in the 2004 accounts (as of July 1st) within the business line Engineering Services and Other. As of Q1 2005 Masternaut is reported within the Subscriptions and Telematic Services business line.

Telecommunications :

Telecommunications services saw growth of 85.4% in H1 2005.

Turnover for the period includes the cancellation of a contract providing penalty revenues of 2.5 Million E. Excluding the cancellation, H1 2005 revenues increased by 35,6%.

Engineering Systems and Services:

This business line saw a 24.5% increase in revenues, due in large part to the initial phases of a contract for the supply of toll collection systems in Croatia.

Significant events: the second quarter 2005 reaffirms first quarter trends

With 248 badges per kilometre of network in issue at the end of June 2005 as compared to 231 badges per kilometre at the end of December 2004, the Group bolstered its leadership in the sale of Liber-t badges. The number of badges in circulation increased by 25%, reaching a total of 432 500 badges at the end of June 2005.

Development projects continued to advance with several tenders under way:

A65: Sanef is a candidate, in partnership with Eiffage, for the construction of the Pau-Bordeaux (Langon) A65 motorway

In Ireland, Sanef has been pre-qualified for the management contract of a tunnel in Dublin.

In Italy, Sanef has been pre-qualified for the concession of the Crémone/Mantoue motorway (approximately 60-km). The partners in the project are Eiffage and the Italian contractor Pizzarotti.

The Sanef Board meeting of June 30th approved the recapitalisation of SAPN for a sum totalling 315 Million E; the additional equity will allow SAPN to reduce its financial expenses and to reach a net profit for 2005.

Sanef has completed the extension of its 107.7 FM motorway radio station coverage, with service now provided on the A16 on the section between Amiens and Boulogne Sur Mer. The Sanef group's entire network is now covered by this radio service.

Opening of the Bosgouet Service Area on the A13: this service area has been completely redesigned based on the Shopping Mall concept and includes new brand names such as Segafredo and Petit Casino.

Other exceptional events have also marked the first half of 2005; the opening of the A29, the considerable success of the Employee Share Offering which was partially supported by company funds, the highly professional management of winter road conditions- despite unusually harsh conditions, as well as the restructuring of the 'GIE' service company that previously served all French motorways. These elements will generate operating costs that will be booked in H1 2005.

Financial Communications Calendar

14 September 2005 (before market opening) : 1st Half 2005 Results

18 October 2005 (before market opening) : 3rd Quarter 2005 Revenues

The Sanef Group, Europe's 4th largest motorway concessionary located in Europe's economic heartland Group Revenues 1 Billion Euros - 3600 employees - a network of 1743 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 : Investor Contacts :

Martine Haas Stefan Sater

Communication's Manager Investor Relations Manager

Tel : 01 44 38 61 11 Tel : 01 44 38 61 19

martine.haas@sanef.com stefan.sater@sanef.com

ADDITIONAL DATA

Quarterly Traffic Summary

+-------------------------+---------+---------+---------+---------+---------+
|                         |         |   T1    |   T2    |   T3    |   T4    |
+-------------------------+---------+---------+---------+---------+---------+
|in millions de Km        |         |         |         |         |         |
|travelled.               |         |         |         |         |         |
+-------------------------+---------+---------+---------+---------+---------+
|2004                     |      LV |2 354,30 |  2965,5 |  3287,3 |  2711,1 |
+-------------------------+---------+---------+---------+---------+---------+
|                         |     HGV |   616,6 |   626,7 |   588,2 |   614,8 |
+-------------------------+---------+---------+---------+---------+---------+
|                         |LV + HGV |2 970,90 |3 592,10 |3 875,40 |3 325,80 |
+-------------------------+---------+---------+---------+---------+---------+
|2005                     |      LV |2 472,90 |3 007,70 |       - |       - |
+-------------------------+---------+---------+---------+---------+---------+
|                         |     HGV |   620,9 |   659,7 |       - |       - |
+-------------------------+---------+---------+---------+---------+---------+
|                         |LV + HGV |3 093,80 |3 667,30 |       - |       - |
+-------------------------+---------+---------+---------+---------+---------+
Quarterly Revenues Summary
+-------------------------+--------------------+------+------+------+------+
|                         |                    | T1   | T2   | T3   | T4   |
+-------------------------+--------------------+------+------+------+------+
|(estimates in millions   |                    |      |      |      |      |
|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 |
|                         |revenues            |      |      |      |      |
+-------------------------+--------------------+------+------+------+------+
|                         |Total               |232,9 |273,4 |285,8 |263,8 |
+-------------------------+--------------------+------+------+------+------+
Quarterly Revenues Summary (Continued)
+-------------------------+--------------------+------+------+---+---+
|                         |                    | T1   | T2   |T3 |T4 |
+-------------------------+--------------------+------+------+---+---+
|(estimates in millions   |                    |      |      |   |   |
|Euros excl. tax)         |                    |      |      |   |   |
+-------------------------+--------------------+------+------+---+---+
|2005                     |Toll Receipts       |239,1 |276,2 | - | - |
+-------------------------+--------------------+------+------+---+---+
|                         |Shopping and Service|  3,9 |  4,6 | - | - |
|                         |Areas               |      |      |   |   |
+-------------------------+--------------------+------+------+---+---+
|                         |Subscriptions &     |  6,1 |  6,2 | - | - |
|                         |Telematic Services *|      |      |   |   |
+-------------------------+--------------------+------+------+---+---+
|                         |Telecommunications  |    3 |  6,1 | - | - |
+-------------------------+--------------------+------+------+---+---+
|                         |Engineering Services|  1,9 |  2,2 | - | - |
|                         |& Other             |      |      |   |   |
+-------------------------+--------------------+------+------+---+---+
|                         |Total non toll      | 14,9 | 19,2 | - | - |
|                         |revenues            |      |      |   |   |
+-------------------------+--------------------+------+------+---+---+
|                         |Total               |  254 |295,4 | - | - |
+-------------------------+--------------------+------+------+---+---+
* Masternaut revenues consolidated as of 01/07/04

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

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