Photo credit © Gaël Arnaud / Eiffage Rail Express
(Boursier.com) — Eiffage and MAF2 have decided to align and simplify the governance of their joint subsidiaries.
These governance changes with effect from December 31, 2023 are made without capital changes or financial flows and consist of 3 components:
1. Absorption of Eiffarie by Financière Eiffarie;
2. Twinning of Adelac’s securities with those of Financière Eiffarie and application of the same governance to these two companies;
3. Takeover of Adelac by Eiffage, resulting in the consolidation by full integration of the latter in the Group’s accounts (previously accounted for using the equity method).
Adelac, concession company for the A41 motorway until 2060, is 52% owned by Eiffage – directly or indirectly – like Financière Eiffarie.
In 2022, Adelac achieved a turnover of 61 million euros for an EBITDA of 50 million euros, a current operating profit of 36 million euros and a net profit of 12 million euros. As of June 30, 2023, it had a net non-recourse financial debt of 657 million euros.
©2023 Boursier.com