Toll operator and developer Macquarie Atlas Roads (ASX:MQA) has released Q42015 toll revenue and traffic statistics, for each of its portfolio toll roads.
For its Autoroutes Paris-Rhin-Rhone (APPR) toll road in France, which Macquarie own over a 20% interest, Macquarie garnered revenues of €503.8 million (Approximately A$774 million) in Q42015. That equates to a 3.6% increase against the PCP. Moreover, for the full year 2015, revenue from the APPR expanded by 3.1% against the PCP.
Furthermore, for the Dulles Greenway toll road in Virginia, USA, in which Macquarie have an estimated 50% interest, Macquarie earned revenues of $US237,975 (A$339,406). This is a 9% increase, when compared to the PCP. This was due to strong traffic growth, and the toll rate increases that were in effect on the 4th March 2015. Additionally, for the full year 2015, the Dulles Greenway revenues grew by 8%, compared to the PCP.
For the Warnow Tunnel in Rostock, Germany, Macquarie gained revenues of €26,990 (A$41,747) in Q42015. Equating to a 10.9% expansion against the PCP. Macquarie have a 70% interest in Warnowquerung GmbH & Co. KG, the owner of the concession for the tunnel. This gain was attributable to higher traffic volumes, along with the tariff increases that were introduced over the last 12 months. 2015 full year revenue increased by 6.8%, in comparison to the PCP.
Investors have reacted rather positively to the relative growth in toll revenue. MQA has surged almost 2% (as at 11.39am AEDT) to $4.25. MQA has grown rather modestly this year, earning investors a 4.4% return.
Author: Matthew Dibb
Jan 22, 2016
Matthew has an extensive track record in equity markets and derivative advisory. Spanning a career in several investment banks and prviate wealth groups including Macquarie Bank, his specialist knowledge relates to capital market advisory and equity market analytics. Matthew has a diploma in Financial Advisory, Applied Finance and is ADA 1 & 2 accredited.