Atlas Arteria Releases Toll Revenue And Traffic Statistics For The December Quarter

ALX

Global Infrastructure Developer, Atlas Arteria (ASX: ALX) has released its December 2018 quarter toll revenue and traffic statistics for each of its portfolio toll roads. In December quarter, the weighted average toll revenue grew by 1.5 percent as compared to the prior corresponding period (PCP). The Weighted average traffic reduced by 1.6 percent in the December quarter as compared to the prior corresponding period.  The result reflects lower traffic levels at APRR and the Dulles Greenway during the quarter.

The company currently owns 25.00 percent interest in APRR, in France. During the December 2018 quarter, the total traffic for APRR decreased by 1.8 percent as compared to the previous corresponding period. Light vehicle traffic decreased by 2.9 percent and heavy vehicles increased by 3.1 percent during the December quarter as compared to the previous corresponding period. 

As per the company’s announcement, APRR performance during the December 2018 quarter was negatively impacted by the “Gilets Jaunes” (“Yellow Vests”) demonstrations. The demonstrations were started on 17 November and due to those demonstrations, the traffic and revenue collections at several toll plazas were disrupted. However, the level of demonstrations and the disruptive impacts have moderated since late December. APRR’s toll revenue during the quarter grew by 1.3% to €561.7 million as compared to the previous corresponding period.

The increase in the toll revenue was primarily driven by toll increases of 2.00 percent and 2.04 percent for APRR and AREA respectively. These toll increases came into effect from 1 February 2018.

The company currently owns 25.03 percent interest in ADELAC, in France. At ADELAC, the average daily traffic decreased by 1.5% during the December quarter as compared to the previous corresponding period. As per the company’s announcement, the Traffic performance during the quarter was impacted by the Yellow Vests demonstrations, as well as economic conditions in Switzerland. The Average daily toll revenue at ADELAC grew by 0.4 percent during the quarter driven by toll increases which came into effect on 1 February 2018, partially offset by lower traffic levels.

As per the announcement, the Dulles Greenway’s traffic continued to slow during the December quarter relative to the first three quarters of the year. The Average daily traffic at Dulles Greenway decreased by 1.6% during the December quarter as compared to the previous corresponding period. Dulles Greenway’s Average workday traffic decreased by 3.0% while non-workday traffic increased by 1.2%.

Warnow Tunnel’s daily traffic during the December quarter increased by 13.7 percent on the previous corresponding period. The company has informed that the traffic performance of the Warnow Tunnel during the December quarter was benefited from positive calendar effects and temporary maintenance activities on competing routes in and around Rostock. It is anticipated that the traffic will decrease once the maintenance activities cease, as Warnow Tunnel cycles through to higher comparable period traffic.

ALX’s shares traded at $6.520 with a market capitalization of circa $4.38 billion as on 30 January 2019.


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