The recent interview of Mr. GOUNON on Public Senate has an opportunity to meet him again. The proximity of the announcement of 2009 results imposing certain confidentiality topics could be explored further.
1) RETROSPECTIVE
First, we have an update on issues raised at our last meeting in October 2008:
- the system of semi-shuttle tested in late 2008 because of the downturn is more light of the recovery in Q3 2009.
- Negotiations on the issue of Sangatte has been successfully concluded, we wanted to rekindle the debate about the undue burden! This subject is still very present in his concerns.
however, plead the case of Eurotunnel from the states still seems a very delicate task. The procedure would it be the only way to achieve a rebalancing of charges that no other dealer can not stand alone?
We recall that the IGC GET costing € 5 million / year and € 8 million firefighters!
A grant application for the installation of GSM-R in the budget of € 109 million allocated to the AFITF seems to face the same ill will (preference would be given to RFF and SNCF) ... to be continued.
- the system of semi-shuttle tested in late 2008 because of the downturn is more light of the recovery in Q3 2009.
- Negotiations on the issue of Sangatte has been successfully concluded, we wanted to rekindle the debate about the undue burden! This subject is still very present in his concerns.
however, plead the case of Eurotunnel from the states still seems a very delicate task. The procedure would it be the only way to achieve a rebalancing of charges that no other dealer can not stand alone?
We recall that the IGC GET costing € 5 million / year and € 8 million firefighters!
A grant application for the installation of GSM-R in the budget of € 109 million allocated to the AFITF seems to face the same ill will (preference would be given to RFF and SNCF) ... to be continued.
In the same vein, the construction of parking for trucks proposed to improve the comfort of drivers and the fluidity Traffic was definitively abandoned for lack of funding.
The dogma of Margaret Thatcher "Not a public penny seems to have a hard life! ... Governments really interested in the Tunnel? book yet born of the fierce determination of these same states!
- System Fire SAFE:
- System Fire SAFE:
The first tests will be carried out in Spain, in a fiery tunnel, in extreme conditions, in the coming weeks and the system will be operational in late 2010 .
- Tunnel capacity:
The notion of overcollateralisation raised by Mr. GOUNON on LCP is the scope for further progress in relation to the maximum possible traffic as had been envisaged during the construction. The tunnel is used to 52% currently.
By way of example an average day 280 convoys passed by 24 hours (shuttles passengers and trucks, freight trains and Eurostar) and can absorb up to 453 trains in 24 hours recent record high, the equivalent period in peak at a train every 3 minutes ... it's all a matter of organization !
2) INSURANCE
. It has been originally a mutual agreement not to claim between Eurotunnel and train operators by which each bear the financial consequences of incidents that occurred during its operation.
However, following the fire, Eurostar has breached the agreement and contacted the insurers EUROTUNNEL for compensation of operating losses! This intervention resulted in a procedure where the judge has requested blocking of the sums claimed by Eurostar (48 M € !)
therefore pending trial on the merits .... any compensation by insurers is interrupted!
The strange calculations Eurostar
. 2008: Traffic halted for 30 h: Losses estimated by Eurostar
€ 48 million. December 2009, three days of disruption, compensation costs customers: 11 million €
€ 48 million. December 2009, three days of disruption, compensation costs customers: 11 million €
Find the error!
. The change of broker and measures to improve fire safety will result in a significant reduction in premiums effective 2010.
3) DEVELOPMENTS AND OUTLOOK
A) - FRET
- VEOLIA CARGO : the cost will be announced during the presentation of the 2009 accounts. The quality and service reliability offered by Veolia are a continuation of the policy of GET.
Knowing that the profitability of the cargo itself remains limited at around 5%, this acquisition is the support that will increase traffic through the Channel Tunnel, the most profitable business group.
The CAREX project, agreements with the port Dunkirk , infrastructure development between Lille and Dunkirk / Calais Regional Planning (we could not touch on) are part of a strategy.
trade with Great Britain are currently about 2 million tons, a considerable development potential (originally estimated at 15 million tons).
Mr. GOUNON recalled that the acquisition had quadrupled fleet E2 (new equipment fully owned and leased).
Everything is ready to enjoy the economic recovery.
- X-RAIL : 7 European freight operators have just recently created an alliance to develop profitable and offers international transport wagonload: we wanted to know his views vis-à- screw this activity: the industry does not fall within its objectives it also finds very little cost.
The benefits of this strategy are expected in the medium term.
B) RENEWAL OF CONTRACTS
Mr. GOUNON confirms the renewal of contracts is the RV and is intended for late return to 38% market share with the economic recovery expected in the second half of 2010.
C) EUROSTAR
. The change of broker and measures to improve fire safety will result in a significant reduction in premiums effective 2010.
3) DEVELOPMENTS AND OUTLOOK
A) - FRET
- VEOLIA CARGO : the cost will be announced during the presentation of the 2009 accounts. The quality and service reliability offered by Veolia are a continuation of the policy of GET.
Knowing that the profitability of the cargo itself remains limited at around 5%, this acquisition is the support that will increase traffic through the Channel Tunnel, the most profitable business group.
The CAREX project, agreements with the port Dunkirk , infrastructure development between Lille and Dunkirk / Calais Regional Planning (we could not touch on) are part of a strategy.
trade with Great Britain are currently about 2 million tons, a considerable development potential (originally estimated at 15 million tons).
Mr. GOUNON recalled that the acquisition had quadrupled fleet E2 (new equipment fully owned and leased).
Everything is ready to enjoy the economic recovery.
- X-RAIL : 7 European freight operators have just recently created an alliance to develop profitable and offers international transport wagonload: we wanted to know his views vis-à- screw this activity: the industry does not fall within its objectives it also finds very little cost.
The benefits of this strategy are expected in the medium term.
B) RENEWAL OF CONTRACTS
Mr. GOUNON confirms the renewal of contracts is the RV and is intended for late return to 38% market share with the economic recovery expected in the second half of 2010.
C) EUROSTAR
We questioned the financial impact for GET recommendations of the report on the dysfunctions of EUROSTAR: none!
Indeed, the contract for CMSMs was already signed and programmed expenditure. As for the video link between the 2 central crisis ... it is still necessary Eurostar first creates its own power.
Recent events have greatly damaged the image of Eurostar. From our point of view, facing to this crisis, Coy Eurostar has taken a relatively "dirty" in which she seems to shut himself: in fact she now calls into question the principle of non-divisibility of trains recently obtained by Eurotunnel with the IGC that would allow Deutsche Bahn ICE to use the tunnel.
It is desirable that Eurostar overcomes this crisis as quickly as possible, such difficulties would they be related to the strategy of its main shareholder the SNCF ?
D) HS1
Nothing new on the review of documents as the British government did not launched calls for tenders; course, our question was only on the possible financing.
capital increase proposed by some Mr GOUNON has firmly rejected this hypothesis in that different operations of accretion have been implemented (early conversion of the warrants, redemption / conversion of early ORA1 T3), and indeed the possibility of new acquisitions is possible.
Regarding the provision of funds for himself, he recalled that the possible purchase would be made as part of a consortium in which GTE would take a stake to funds available (including the € 195 million in surplus capital increases initiated the redemption of the NRS II).
E) GOVERNANCE
As we approach the General Assembly the question of renewal of four directors representing the rights of bondholders grouped in ENHC arises.
Indeed, with the recent conversion of NRS I T3 28 July 2010, the conditions for maintaining the preference share and voting rights in corporate governance will go out of it. (See doc. In reference art. 21.2.5) *
Already, it seems that the preference share can be converted into common shares. The presence of these 4 directors to the next Board meeting would be justified no longer. This will be confirmed at the next General Assembly.
GSIP maintains its target of 1 has 2 candidates and the council may appoint two persons Anglo-Saxon ... .. why not a lady.
pipe drilled ... ... Jacques Gounon propose the renewal of his mandate at the next AG.
F) THE COURSE
Finally, we discussed:
- the disappointing level of the course out of step with the value of the company. Mr. GOUNON can only agree with this finding ... .... The crisis has gone through there, however, he noted that all analysts remain confident *.
- The major exchanges at the close of February 26 (28000000: 14 times the usual volume), the course has not been affected, he felt that it was a reclassification of funds corresponding to an index management .
CONCLUSION
GOUNON's optimism is not started and the company is well positioned to take full advantage of the recovery.
And for those who do not know yet .... Press Conference March 9 and publication of results.
* 21.2.5 Amendment rights of shareholders
The statutory changes are subject to approval of an extraordinary general meeting acting under the quorum and majority required by the laws and regulations force. Pursuant to Article 37 of the laws of GET SA, any decision to propose an amendment to the articles of GET SA resulting in the change or removal of rights attached to the GET SA Preferred Share shall be decided by a qualified majority of eight members Board of Directors of GET SA.
specific rights attached to the action of GET SA Preferred will cease to have effect, a where all the ORA will be refunded, or if the creditors of TNU SA and TNU PLC subsidiaries have received or subscribed for NRS as part of the reorganization are to hold all less than 30% of the original number of Ordinary Shares ENHC (12), and if no creditor of TNU SA and TNU PLC subsidiaries have received or subscribed for NRS as part of the reorganization has not only more 20% of the original number of Ordinary Shares ENHC (13).
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