Keolis

Half-year results confirm Keolis' monumentum

With the signature of the Melbourne tram network management contract, Keolis becomes the world's leading tram operator.

Keolis expands its activities in Canada with the purchase of a number of assets from Groupe Gaudreault.

Keolis' turnover for the first six months of 2009 reached €1.7 billion, up 4% (8.9% at constant exchange rates) compared to the same period in 2008.

Keolis Downer EDI Victoria, a subsidiary owned 51% by Keolis and 49% by the Australian group Downer EDI, has just signed with Victoria State Government the management contract for the Melbourne tram network, which makes Keolis the world's leading tram operator. Melbourne's tram network is among the largest in the world with 250km of track, 28 routes and nearly 500 trams. More than1900 employees work on this network which carries 178 million passenger journeys per year. The contract for an initial eight year term with an option for a further seven years will begin on 30 November this year, bringing approximately € 200 million annual turnover.

Via its Flemish subsidiary Keolis Vlaanderen, Keolis has acquired the Flanders Coach Group. Bringing together 10 companies, Flanders Coach Group generates turnover of € 25 million and operates a fleet of 270 vehicles. The group is present in the Bruges and Ghent areas and operates services as far as the Brussels region. With this transaction, the group doubles in size in Flanders and confirms its place as Belgium's leading privately-owned operator of public transport.

At the beginning of September, Groupe Orleans Express, Keolis' Canadian subsidiary, finalised the acquisition of a number of assets from Groupe Gaudreault. Through the deal, the group, which is already leader in regional coach transport in Quebec and operator of a service between Montreal and Quebec, makes its first incursion in the urban transit market.

Results for the first six months of 2009 confirm the group's continued momentum. Turnover, at €1.7 billion, is up 4% compared to the same period in 2008. At constant exchange rates, this growth is 8.9%, driven by the good results from current contracts, the full effect of the start-up of the Hellweg Netz franchise in Germany, launched in December 2008, and the start of the public service delegation in Greater Bordeaux on 1st May 2009.

Over the first half-year, activities in France account for 60% of total turnover and international activities for 40%.

The group's recurring Ebitda comes to €115.8 million, down 3% compared to the same period in 2008. At constant exchange rates, it is up 0.5%.

Activity in the second semester will be marked by the full effect of the contracts in Bordeaux and on Nancy's suburban network, by the handover of the Melbourne network and by the integration of the group's recent acquisitions, in particular certain parts of the Gaudreault group in Canada and the Flanders Coach Group in Belgium.

For the full year, Keolis maintains its forecast for annual turnover of at least €3.3 billion.

Looking ahead to 2010, Keolis will be able to benefit from the effects of the renewal of the Southern franchise won in June (through Govia, the joint venture between Keolis and Go-Ahead) as well as from an increasing number of high speed services throughout the Southeastern network. The group will also gain from the launch of tram operations in Bergen and Algiers, and from the handover of contracts won in Gothenburg in Sweden.

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