Thursday, October 20, 2016

The Chinese siphonnent the reservations from the airport of Toulouse –

extraordinary general meeting held on Thursday 20 October, the shareholders of the airport of Toulouse decided to allow the payment of dividends outstanding in the amount of € 15 Million.

This is the first time in the history of the airport that such a payment is made.

Over the last two fiscal years, the amount of dividends paid was $ 2,466 Million and€ 2,383 Million€. (see the accounts here)

These 15 M€ will be shared between the chinese company Casil, which owns 49,9% of the capital and the other shareholders : 25 percent to the chamber of commerce and industry (CCI), and 5% for the Region of Languedoc-Roussillon-Midi-Pyrénées, and 5% for the department of Haute-Garonne, 5 % for Toulouse Métropole and 10.1% for the French State.

In exchange for this beautiful gift, the local communities now have a blocking minority guarantee on three topics : the night flights, the use of the land dedicated to the aeronautics industry and access to land at the airport.

A clause to prepare for the future “in the perspective of the possible, where the state would give 10% of its units”, specifies the communication service from the airport.

it should be remembered that the agreement provides an option on the sale of 10,01 % of the shares still held by the State to Casil in 2018.

the privatization, which does not say its name

It is therefore a privatization programmed of the airport, contrary to what was suggested by the former Minister of the economy Emmanuel Macron.

But the ex-chief of Bercy is no longer a lie near, as explained in more detail in this long investigative journal Mediapart.

indeed, Emmanuel Macron has spent a secret pact with the chinese shareholders, granting them the full authority.

“The State gave the guarantee quasi-formal to the chinese investor, as a minority that he or she might decide strictly what he wanted and that the power of French public does not would ever in the way of its goals or projects. It was written black on white”, ” says the article by Mediapart.

A situation that propelled the collective against the privatization of the airport.

A credit of 102 M€ to finance its development

In fact, the chinese shareholders have been very disappointed when, in June last, the general assembly must decide on the amount of these dividends outstanding has been postponed.

at the time, Anne-Marie Idrac, the president of the supervisory board of the airport of Toulouse-Blagnac airport said : “The order of the day included the exceptional distribution of € 17.5 million of dividends to shareholders, including € 9 million for Casil Europe by drawing on the reserve of 67 million euros from the airport. Casil Europe asked the original 40 million in dividends to shareholders”.

The report of this meeting was highly displeasing to the Chinese, who had sent out a press release lapidary : “CASIL Europe is holding all of its commitments and shall assume all of its responsibilities as a shareholder of the Airport of Toulouse Blagnac and therefore CASIL Europe means that the State do the same, as was expected on the choice of the consortium, and as has been the case until now.”

The State is thus made type on the fingers…

With the distribution of€ 15 Million taken from the distributable reserves of 67 million euros,
one could say that the accounts of the airport are not doing so bad compared to the 70 million euros initially requested.

Knowing that the group Casil paid 308 Million euros to become the majority shareholder, this exceptional dividend corresponds to a profitability of 5%.

“A profitability of 5% for such an investment, this is not aberrant. Remains to be seen how long this can last”, points out an observer.

According to the press release sent by the airport, this payment will have no impact on the investment capacity and will be due at the start of the work of the project of reconfiguration of the airport terminal building.

The group has in fact signed a financing agreement with several banks (Natixis, AG Insurance, the Caisse d’epargne de Midi-Pyrénées and Banque Populaire Occitane) for an amount of 102€ M repayable over 15 years.

So, rather than use its reserves to develop, the shareholder prefers to use credit.


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