Banco Sabadell| France is considering going ahead with its plan to raise taxes on motorway concessionaires in France and could now also include airport concessionaires. The aim would be to raise some €2.5 billion between 2024 and 2030. In addition, taxes could be raised on first class airline tickets, on larger vehicles because of their higher CO2 emissions, and on companies with fleets of vehicles. We recall that in June 2023 the Council of State gave the go-ahead to implement a motorway tax with which it hoped to raise between €2,000 and €3,000 million by 2030.
Assessment: In the absence of more details, especially on the potential tax on airports, the impact on DG would be limited.
Assuming that DG would be entitled to 50% of the entire tax (given that it owns ~50% of the toll motorway network in France), it would represent a cash outflow of ~€180M/year between 2024 and 2030 (under the assumption of €2.5bn collected), which would have an impact of -1.5% on our P.O. We recall in any case that on the day the possible tax on motorway concessionaires became known (June 2023) DG corrected by -4.4%, so the impact would already have been discounted.
