Opening Your Horizons
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VINCI RAILWAYS – 2018 ATLAS HORIZONS OPENING YOUR ATLAS Contents Editorial 1 The year at a glance 2 Interview with the CEO 4 An integrated operator model 6 Tours- 8 Bordeaux Operating the line 10 A large-scale commitment 16 Ensuring traffic safety 22 Looking to the future 28 34 Lyon Rhônexpress reaches the 10 million passenger milestone 36 Innovating to enhance the passenger experience 42 Mainland 48 France Managing and maintaining railway telecommunications 50 56 Martinique Caraibus, daily transport 58 Editorial VINCI Railways played a major role in French rail transport in 2018, enabling business and leisure passengers alike to travel at high speed between Tours and Bordeaux and reach Lyon’s airport from its city centre in record time and the utmost comfort. VINCI Railways currently operates across France; through the SYNERAIL subsidiary, it manages the GSM-Rail telecommunications system on the high-speed and regional express rail networks, covering a total of 16,000 km of track across the country. VINCI Railways also maintains reserved lane public transport on a daily basis in Martinique. Everywhere, we commit to meticulously and sustainably managing public infrastructure and participating in the development of the regions where we operate. Read on to find out more about our projects. 1 The year at a glance For VINCI Railways, 2018 was a year of consolidation – including that of the South Europe Atlantic High-Speed Line (SEA HSL) between Tours and Bordeaux, whose commercial success enabled us to finalise one of the largest refinancing operations in Europe. The entire 16,000-km GSM-Rail network, managed by SYNERAIL, is operational and, in Martinique, passengers have started using the island’s first bus rapid transit (BRT) system. In the six French departments crossed by the Tours-Bordeaux high-speed line, VINCI Railways is also demonstrating its environmental expertise; the large-scale measures we took to develop biodiversity are producing their first results. A DYNAMIC BUSINESS A PIONEERING SPIRIT €303.9 million The 1st The 1st 2018 revenue under private HSL operator city centre to airport management in France shuttle in France MAJOR INVESTMENTS A TEAM OF PROFESSIONALS €7,102 million 564 CAPEX employees with complementary areas of expertise(1) SEA HSL (LISEA) High-speed rail 49.9% 6,395 GSM-Rail (SYNERAIL) 557 Rhônexpress 70 (excluding rolling stock) Technology and IT systems Urban mobility 80 Caraibus 29.4% 20.7% 2 VINCI Railways – Atlas 20 million 20,000 10 million passengers used passengers use the passengers on the the SEA HSL in 2018 transport system managed Rhônexpress since by Caraibus every month it went into service A RESPONSIBLE OPERATOR €4 million 1.44 tonnes Zero allocated to support of plastic recycled plant protection 105 projects by through a partnership products used the LISEA Biodiversity with the Yoyo startup to manage vegetation foundation on the SEA HSL Over 3,000 ha Green Bonds 30x of land set aside for Label awarded for the less pollution produced environmental offsetting, out of refinancing of LISEA(2) by travelling in the the final objective of 3,800 ha by the independent rating Rhônexpress than by car agency Vigeo Eiris A CULTURE OF PERFORMANCE 92% 95% 99.9% passenger satisfaction regularity on the SEA HSL availability rate rate on the Rhônexpress for SYNERAIL equipment (1) Including the main partners involved in operating and maintaining these projects. (2) Fixed rate tranches, €0.9 billion out of a total of €2.2 billion. 3 Interview with the CEO Christophe Pélissié du Rausas, Executive Vice President of VINCI Concessions CEO of VINCI Railways In France, VINCI Railways operates a high-speed line, a light railway and a rail telecommunications network across 16,000 km of track, as well as maintaining the infrastructure of a reserved lane public transport system. What does this extremely diverse network of activities have in common? This portfolio, which VINCI Railways has built up since 2010 by winning competitive bids, demonstrates our ability to support all requirements in terms of public transport, particularly rail. We help SNCF Réseau ensure the safety of its train traffic, with GSM-Rail; develop efficient and effective transport, with the Tours-Bordeaux high speed line; boost cities’ economic growth and appeal, such as in Lyon with the Rhônexpress; and expand daily public transport services, such as in Martinique. In all of these projects, we brought together the VINCI Group’s significant investment “Our portfolio capacity and our highly developed understanding of the technical issues that come with managing complex infrastructure over the long term. The other constant of our demonstrates our ability portfolio is that we everywhere demonstrate our rigorous management of public services. We guarantee to ring fence to support all requirements public infrastructure budgets for our clients (our concession in terms of public grantors) for up to 20, 30 or even 50 years. With the launch of the Tours-Bordeaux HSL, VINCI transport, particularly rail.” Railways became a leading railway operator in France. What can you say about the performance of the line, after a year and a half of operation? It is, first of all, a commercial success. With over 20 million passengers in 2018, Paris-Bordeaux has become the busiest railway line in France after Paris-Lyon and Paris-Lille. This success attests the need for this HSL, from a socioeconomic standpoint, for the regions along the route. And its positive impact on regional transport shows that setting major projects and day-to-day means of transport against each other is a mistake. Anticipating connections – as we did with SEA HSL – creates complementarity, strengthening both. Our current role of maintaining and operating this HSL is also very rewarding because, over the first eighteen months of operation we, along with LISEA and MESEA, met all of our contractual performance targets agreed with the concession grantor SNCF Réseau – for example, reducing the number of incidents and length of response times as much as possible. Much of the traffic flowing between Tours and Bordeaux actually recovers lost time from prior delays. Beyond technical requirements, the concession model encourages VINCI Railways to be proactive in growing the line’s commercial traffic, particularly as regards prospecting for new operators. The arrival in summer 2019 of the Thalys Brussels-Bordeaux route and the plan for a future London-Bordeaux connection reflect the potential for developing this high speed line. 4 VINCI Railways – Atlas You are also introducing many innovative measures throughout your networks. “Part of our role is helping Yes. As a business that has only recently entered the rail sector, we need to achieve a certain level of economic passengers optimise their performance, and we of course have new ideas – particularly in terms of maintenance equipment and predictive tools to trips and overall travel assess infrastructure conditions. These innovations actually benefit everyone in the sector and help maintain rail transport’s experience through digital competitiveness. We also aim to encourage the current shift towards digitisation, in order to improve maintenance technology.” and better take into account the needs of our end users, passengers. Even though our main role is that of an industrial investor working to help concession grantors, our actions are part of a broader approach to the evolution of mobility. This evolution will be increasingly taken into account, through the combination of various modes of transport. With this in mind, and as we are doing in our air and road networks, we think part of our role is helping passengers optimise their trips and overall travel experience through digital technology. That is why Rhônexpress and LISEA support innovative startups. In Bordeaux, for example, through the LISEA Carbon foundation and a partnership with the university, we are accelerating the rollout of low-carbon transport solutions for passengers to reach their end destinations. And on the Rhônexpress shuttle service, we have developed partnerships with startups to set up systems that provide real time information for travellers on board. What’s next for the development of VINCI Railways? Our portfolio’s growth obviously depends on the opportunities that present themselves to us. One market that we are looking at closely is urban and peri-urban tramways. The French State has not yet made a decision regarding the future of the country’s secondary railway lines, but I think private players provide a viable solution to the issue of maintaining these low traffic lines in optimal safety conditions. b 5 An integrated operator model With its integrated operator model, VINCI Railways provides public authorities with long-term visibility in the development of public transport projects, particularly in the rail sector. Over twenty, thirty or fifty years, we guarantee the meticulous management of schedules, budgets and safety, making a serious commitment to ensure the level of quality and service that passengers are right to expect from modern transport infrastructure. FINANCING DESIGN AND CONSTRUCTION VINCI Railways’ first commitment is bringing transport One of VINCI Railways’ strengths is its forecasting abilities. projects to fruition. Thanks to the VINCI Group’s significant In our role as an industrial investor, and thanks to the capacity for investment, we can finance infrastructure Group’s diverse areas of expertise, we combine a highly throughout its entire concession or partnership contract. developed understanding of all of the technical, human, We raise funds for design and construction and plan financial and environmental issues associated with the budgets required, year after year, for operation and managing complex infrastructure over the long term. That maintenance. This rigorous management allows us to not is how we can make the right choices, right from the design only ring fence the initial budget during our involvement, phase, to optimise investments over a project’s entire but also win over the trust of our financial partners.