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 projects in progress or to come will not affect the CNA. At the same time, the increase in tolls and trafficshould continue to improve.

Since the decree of August 14, 2017, the institution no longer has the capacity to raise the resources needed on the bond market to finance qualifying concessionary companies for more than one year, which results in a gradual decrease of their liabilities until extinguishment