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It must be understood something importantDifficult then to understand what that isWithout however really penalize the sectorIts real estate assets is estimated at EUR 13 As the Afghanistan proves it is not the meansPrivate banks have abandoned direct managementIt is a false good idea it decided yesterdayThey are proportionately better than France 3245 employees of SNCF Board not endure not5 of the gross domestic product GDP of the UnionThe cloth burning between the Government and the motorways. Search of financing to meet the commitments of the Grenelle of the environment, the Ministry of ecology studied a solution for the less detonating: double, even triple the State fee paid by the companies of motorways! A measure which is passable Sanef, APRR, ASF or Cofiroute submitted this sum on account of their occupation in the public domain.
Since 2005, this royalty remained almost stable, from 156 to 170 million in 2008. Brutal change of strategy this year: draft budget for the financing of transport infrastructure (Afitf) Agency, which is paid the fee, currently set according to Hervé Mariton, the Special Rapporteur of the budget of transportation a transition in 475 million euros in 2009 ( 180 over a year), 488 million in 2010 and 500 million in 2011! It is true that this agency chaired by Gérard Longuet become the arm of the State in its policy of building new railway lines has badly need the money. The particular fault to... privatization of highways companies three years ago, which has deprived the Afitf of generous dividends that he previously paid dealers.
Organize the response
At the Department of transportation, it ensures that the measure "has not yet reviewed for its encryption, but that the principle has been recorded to in." This would discourage dealers, who are trying to organize the response before the release of the order. A meeting is thus held Friday at the headquarters of the Association of French societies of motorways (Asfa). "A concession, it is initially a partnership between the State and a private company." "It seems inconceivable that the State unilaterally upset hardly negotiated balance by changing suddenly and also violently tax", j. Pierre Coppey, CEO of Cofiroute. To do nothing sort to their mood, highway corporations have learned of this measure following parliamentary debates. "It's quite extravagant in terms of method," said Hervé Mariton, UMP MP of the Drôme.
In any case, since this parliamentary leak, dealers pulled their calculators. Studied schema, the State fee would be reduced from EUR 35 million to 100 million for Sanef, whose net income amounts to about 400 million. Same order of magnitude for APRR that would see the invoice is increasing by approximately 80 million, against a net income of 341 million or even Cofiroute 35 million paid in addition to a profit of 300 million. "In total, this increase of the State fee represents 5 of the annual turnover of the sector and a decrease of 15 of their net present value," calculates Hervé Mariton.
What give cold sweats different present investors to capital (Vinci in ASF and Cofiroute, Eiffage) and Macquarie in APRR, Abertis and the CDC in Sanef. "Shareholders have purchased on the basis of another economic model, there is deception on the sold object," said one of the leaders. Why are companies "address this order before the justice or the Council of State", explained in Sanef. And if he was still "It would have to increase the tolls by less than 1 per year for five years, and this in addition to the already planned increases", provides one of the shareholders of the companies. A hard to get politically the Government, including one of the priorities is the defence of purchasing power.
Mobilize investors
All this turmoil comes as the State seeks to mobilize private investors to participate in the financing of the measures of the Grenelle of the environment. Thus, the new line high speed Tours-Bordeaux will be by a PPP (public-private partnership) which include candidates... EIFFAGE and Vinci, hardly thrilled (read below) by the Government's decision on the highways. "It is the quality of the signing of the French State is at stake on this issue," explains one of the protagonists, who believes that companies will look there twice on future infrastructure projects. Either a pebble in the shoe sector Jean-Louis Borloo, Minister of ecology. "I support the objectives of Grenelle of the environment, but we must get out of financial ambiguity.". "If it is to be more modest, it take it", said Hervé Mariton (UMP).
