Home business By the end of the ADP scandal? - aeroVFR - aeroVFR

By the end of the ADP scandal? – aeroVFR – aeroVFR


The Senate is against the privatization of Aéroports de Paris, but it is the National Assembly that ultimately decides …

It is months since the government announced that it would sell its shares (50.6%) in Aéroports de Paris (ADP), without really understanding the importance of the transaction when we know that ADP ends each year with significant gains in the caisses. By giving up this patrimony, the money that the state condemns to have suppressed after a final one-off sale is a short-term calculation that is effectively associated with the duration of the presidential and government mandates, but certainly not at all. long-term interest of taxpayers and the nation.

We know the utterly disastrous precedent of the privatization of the motorway heritage, a property financed by taxpayers that has already been properly depreciated and sold to private interests for an undervalued sale price of almost 50%. The shareholders of the motorway networks have already received the dividend more than the price paid to the state in 2006, or 14.9 billion euros compared to 14.8 billion euros for the purchase of the network. In other words, in 2019 the state will not exchange the money that it would have earned by maintaining this rural heritage, not receiving any dividends that have now been lost … by everyone.

This sale of heritage is also made in absolutely debatable circumstances, because it is not transparent, worthy of the banana republics, with agreements that are kept secret and are not distributed to date – the business secret & # 39; often hides financial imbalances at every expense. At the expense of the public interest, there are several public-private partnership files (PPPs) to prove this. We also know that the theoretically limited increase in tolls has been circumvented by making equalization between the little-used sections (where the toll is not or hardly increasing …) and those that are used a lot (and where the costs increase more than the average). …) not to mention increases in inflation (+ 20% since 2006!).

Moreover, the toll-stop in 2015 will not be lost to private shareholders, since an agreement has been signed that stipulates that this freeze on the tariffs will be repaid between 2019 and 2023, the compensation that participates in the increase of the toll over the relevant period. , all supplemented with a late fine of 10% or 500 million extra will be paid by motorists. What a bad negotiators! It is easy to spend money … on others.

In the mismanagement of state property, we must also mention the disastrous failure of the privatization of Toulouse-Blagnac airport, which was condemned last October by a devastating report from the Court of Auditors. What a Chinese group has acquired for 300 and several million euros – through a state / acquirer agreement that has been secretly kept secret – will be sold for around 500 euros, a capital gain of 250 million euros in less than four years. Bingo! In general, it should be noted that Société Générale, which advised the State in this sale, did not assess the actual price of the airport; the latter was ultimately sold 75% more expensive than the estimate of their "experts"!

As we know, ADP is a "juicy pie" that many private buyers, French and foreigners keep an eye on – if you push the door, it's that the matter is interesting … as Voltaire said: "If you banker sees spring from the window, follow him, there is definitely money to be won! – the first in mind being the Vinci group.If the latter did not make much noise when leaving the "white elephant" that the airport of Notre-Dame -Dame des Landes would be if he was made by him, it is that he knew how to keep himself low to position himself well when ADP came on sale and to hope for a "return" of his relative "leniency". The Vinci group is also the largest shareholder in the French road network through ASF and ASF has recorded the largest annual figure of 3 billion euros per year for the various dealers.

This sale of an airport heritage – the airports of Orly and CDG in mind – with a concession covering a period of several decades (initially 70 years), was usually extended several times, under the guise of Investments that are often overvalued by public funds. Work companies, which are responsible for work sites themselves through operating companies, would have a major impact on the structure of secondary airports in Paris if they were to be completed at the end, but that in the eyes of colossal financial interests General aviation, even though it is nevertheless first step in the career and source of a public interest for a heavy industry that produces Airbus in Toulouse, among others?

But this transfer from ADP to private capital would also mean a certain revolution in the economic parameters of Air France, of which the most important hub is Paris-CDG. The national airline has already raised alarms about political power a few months ago, but without really getting an answer. A positive point has just been registered. On 5 February, the Senate rejected Article 44 of the so-called Pact Bill on Growth and Business Transformation, which paved the way for the privatization of ADP but also for Française des Jeux, another "gem". indirect taxes on the state every year and some want to sell to private interests … To finish it, at the same time, the European Union pushes to "privatize" the park of hydroelectric power plants, production of energy decarbonized and whose French fleet envied being in Europe.

If the "no" of the Senate is an encouraging sign, and finally reveals a certain awareness of national interests by politicians from all sides, it remains very symbolic because it will be in the National Assembly to decide the question, it has it Article adopted at first reading … For the time being, the state is still obliged to retain the majority of the shares of the ADP group, while the bill will allow a private sale of all or part of the assets. owns in the airport group, or 50.63% shares representing approximately 9.5 billion euros according to the economic press.

With the privatization of ADP desired by the current government, the public interest will be weakened to partially cover a public debt that is intended to achieve a random amount of 3% in the short term and / or to fund a pseudo-financing program. for financing "innovative projects". Those who are supposed to manage the finances of the country have very strange methods and ways of thinking, and perhaps it is good for them to put the public interest and not their own interests first. ♦♦♦

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