Outlook

The main forecasts for the SEMCAs are described in the following paragraphs.

They are restricted to the SEMCAs privatised in early 2006 and the two tunnel concessionaires remaining in the public sector, which are the only SEMCAs to have had access to CNA funding. This group therefore excludes Cofiroute and all the private-sector concessionaires that have been awarded contracts through open competitive bidding since 31 December 1997. Investments should be showing their impact in the completion of the latest major projects, which will enable the networks of long-term motorwaycompanies to come to maturity and landscaping to be carried out to minimize the environmental impact of the motorway. 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.