DOCSLIB.ORG

SNCF — Financial Report 2007 - A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SNCF — Financial Report 2007 - A SNCF — FINANCIAL REPORT 2007 - A www. sncf.com MANAGEMENT REPORT 2 CONSOLIDATED FINANCIAL STATEMENTS 38 COMPANY FINANCIAL STATEMENTS 160 SNCF — FINANCIAL REPORT 2007 - 1 RMAAPPORTNAGEM ENT DEREPORT GESTION Sauf(In € millions)indication contraire, les montants sont indiqués en millions d’euros (M€) 2 - MANAGEMENT REPORT contents 1 SIGNIFICANT EVENTS OF THE YEAR 4 1-1 ENVIRONMENT 4 1-2 SIGNIFICANT EVENTS FOR THE GROUP 6 1-3 A GROUP DEMONSTRATING SOLIDARITY AND RESPONSIBILITY 11 2 SNCF GROUP ORGANISATION 13 2-1 CORPORATE STRUCTURE 13 2-2 LeGAL STRUCTURE 14 3 SNCF GROUP 15 3-1 CONSOLIDATED NET PROFIT 15 3-2 CASH POSITION AND FINANCING SOURCES 18 3-3 BALANCE SHEET 21 3-4 FINANCIAL RELATIONS WITH THE FRENCH STATE, RESEAU FERRÉ DE FRANCE AND LOCAL AUTHORITIES 22 3-5 WORKFORCE 25 4 ACTIVITY AND RESULTS BY DIVISION 26 4-1 PAsseNGER FRANCE AND EUROPe 26 4-2 LOCAL TRANSPORT 28 4-3 TRANSPORT AND LOGISTICS 30 4-4 INFRASTRUCTURE AND ENGINeeRING 33 4-5 COMMON OPERATIONS AND INVesTMENTs 35 5 CORPORATE GOVERNANCE 36 SNCF — FINANCIAL REPORT 2007 - 3 1. SIGNIFICANT EVENTS OF THE YEAR 1-1 ENVIRONMENT Inflationary pressures have also been aggravated by rising commodity food prices. On an uptrend since mid-2006, prices have soared since AN UNCERTAIN YET NEVERTHELESS the beginning of 2007 for reasons both environmental (adverse DYNAMIC ECONOMIC ENVIRONMENT weather conditions) and structural (sharp rise in demand and biofuel IN THE TRANSPORT SECTOR, production, which is reducing food acreage). Beginning in the summer, AND PARTICULARLY FOR RAIL TRANSPORT these rises are now being passed on to the consumer. Worldwide growth withstood reasonably well the turbulence of 2007: a The main source of uncertainty affecting 2008 lies in the extent and plunging US real estate market, the crisis in US subprime home loans that duration of the current liquidity crisis. A continuing liquidity shortage led to a general liquidity shortage from August, and the surge in oil prices in could hamper numerous investment decisions and the global the second half. economic slowdown would worsen. Conversely, a rapid resolution The impact of these events on the global economy should be more tangible to the crisis and consequently an easing of financing conditions, in 2008. In all countries, business investment will suffer from tighter magnified by Federal Reserve prime rate cuts in the United States, financing conditions, and the inflationary toll expected from agricultural could quickly act to stimulate growth. and energy commodities should restrict household consumption. The economic slowdown will be most felt in the United States and the United According to the most recent ECB monthly bulletin, the fundamentals Kingdom but should be more limited in the euro zone. of the euro zone economy are solid, corporate profits remain high, Euro zone growth remained steady at 2.7% in 2007. In Germany, job growth is robust and the unemployment rate has fallen to levels growth slowed to 2.5% following 2.9% in 2006. unseen in the last twenty-five years. Consequently, the rise in In this international context, the French economy has not been enti- consumer spending should continue to boost economic growth, in the rely immune to the global slowdown, the 1.9% growth rate falling wake of higher real disposable income, and investment growth should below the forecasts of early 2007. provide ongoing support. In general, because of its core businesses, SNCF Group has AN ENVIRONMENT UNDERGOING PROFOUND underscored the importance of household consumption, which CHANGE remained stable at 2.1%, close to the trend observed over the last two years. The transport sector is evolving in a context marked by significant eco- nomic trends, from a social and individual perspective, as epitomised There will only be a gradual return to normal for the money markets, by the concept of sustainable development, and the development of and it could be some time before there is an easing of the financial high-speed infrastructures in Europe. These issues represent challen- turmoil. Indeed, there remains great uncertainty in the United States ges, and presage a momentous future for the transport sector in general, as to the exact location of high-risk financial assets, such as doubtful and particularly for rail transport, due to the growing mobility needs real estate loans. Borrowing terms will therefore remain tight in the of people and goods, the saturation of road and airport infrastructures coming quarters. and the mid-term perspectives for oil. Added to these financial qualms is a dual inflationary impact. Pressures Likewise, the competitive environment must restructure itself, parti- continue to bear down on the oil markets. After an initial surge in September, cularly with respect to current or previous monopolies that oil prices continued to climb in October and November. These upward must open to competition in ever-increasing numbers: freight rail pressures reflect physical tension in the oil markets: demand is up transport, international TGVs, including cabotage, infrastructure sharply, notably in the Middle East and China, and OPEC is not using all activities, through development of public-private partnerships, rail its spare capacity. These pressures were exacerbated by rising public transport activities opened up over a longer timeframe (Public geopolitical uncertainties and erratic weather conditions that disrupted Service Obligation regulation), not to mention the increasingly fierce oil extraction and shipment. competition between transport means via the technical advances of truck and automobile manufacturers and continuing transformations in the airline industry. 4 - MANAGEMENT REPORT Intramodal competition in the transport and logistics business SNCF Group, and more generally, the entire transport sector, is thus demonstrated its momentum in 2007 and an aggressiveness that was confronted with major strategic challenges and disruptions in an envi- particularly intense. Seven companies hold the safety licences and ronment that is highly conducive to development. certificates required for the domestic market and five are making use of them. At the end of 2007, or barely 20 months following “GRENELLE” ENVIRONMENT ROUND TaBLE: the opening to competition, new arrivals represent 8% of tonnage AN EXCELLENT OPPORTUNITY FOR THE RAIL hauled. This competition is particularly active in certain market segments SECTOR (agriculture, quarry products). It will rapidly intensify in the coming months under the combined impact of: The conclusions adopted in October 2007 at the end of the proceedings, – new competitor capacities in terms of locomotives, and, conse- announced “a radical change in strategy with an absolute priority given quently, their foreseeable positioning in new market segments with to rail and waterways.” Accordingly: longer travel times; – construction of 2,000 km of high-speed lines by 2020, – the purchase of the ECR parent company (EWS), number two in – for freight, creation of new rail motorways for north/south-east and France, by the German company Die Bahn, making the latter the main north/south-west routes in France, national competitor of SNCF Group. – for urban transport, construction of 1,500 km of additional tramway lines in the major cities, excluding Greater Paris, Other major strategic developments recently observed for rail transport – creation of an ecotax by 2010 based on mileage for trucks using the groups include: French non-concessionary road network (offset by a tax decrease for – a general trend towards an integrated vertical structure for business French trucks), segments: recent years have seen a series of such reorganisations in – for air traffic, creation of a programme to reduce carbon dioxide Europe, seeking to make management more accountable for market/ emissions by 20% by 2012, and by 40% by 2020. customer combinations and better adapt processes and organisation to market challenges, and also to develop additional markets either in new areas, or by extending know-how to new but related markets; THIRD RAILWAY PACKAGE: AGREEMENT – a diversification of strategic positioning: alongside the arrival of BETWEEN THE EUROPEAN PaRLIAMENT specialised players such as Rail4chem or Arcelor-CFL, the upsurge in AND COUNCIL strategic models that can be described as conglomerate, as symbolised by the Deutsche Bahn “mobility, network, logistics” positioning. It On 21 June 2007 the European Parliament and Council confirmed the bears noting, moreover, that the various Deutsche Bahn competitive conciliation agreement covering the “Third railway package”. Tabled positions are presented independently of transport means; by the European Parliament in March 2004, the package has been – the rapid step-up in players who already have strong positions in non- the subject of lively debate. It will finally involve two directives and a domestic markets, clearly posing the challenge of internationalisation regulation governing market liberalisation for international passenger to all players. In the first half, for example, a player in the form of Arriva rail traffic, passenger rights and the certification of train drivers. announced its ambitions for the Polish market and Transdev concluded Following the example of freight, international passenger transport a major purchase transaction in the Netherlands, while SNCF Group will now operate based on the principle of free access, as of 1 January pursued its development on the British market with its partner Go 2010. Domestic cabotage will be authorised
Load more

Recommended publications
  • Bruno Lasserre Président De L’Autorité De La Concurrence
    ’Autorité de la concurrence veille au maintien d’un terrain de jeu concurrentiel ouvert et équitable, au plus grand bénéfice des entreprises, appelées à donner le meilleur d’elles-mêmes, et des utilisateurs, qui jouissent d’une offre variée, innovante et conforme à leurs besoins. Dans le cadre de cette mission, le secteur des transports fait depuis longtemps l’objet d’une attention particulière, par l’importance des enjeux qu’il revêt, en termes de mo - bilité, d’aménagement du territoire ou de compétitivité de notre tissu industriel, mais également par la multiplicité des questions de concurrence qu’il suscite. Les dépenses de transport sont en outre contraintes, que l’on soit en milieu rural ou en milieu urbain et pèsent de ce fait dans le budget des ménages. À l’instar d’autres industries de réseau, les transports ont connu ces dernières décen - nies des mutations importantes à mesure que le secteur s’est ouvert à la concurrence. Diversification des opérateurs historiques, séparation entre la gestion du réseau et Ll’exploitation des services qui ont vocation à s’y déployer, respect des missions de service public et/ou de service universel face au risque d’ “écrémage” : autant de sujets sur lesquels l’Autorité a été conduite à se prononcer en mobilisant l’ensemble de ses compétences, contentieuses, consultatives et de contrôle des concentrations. Par ailleurs, à la différence des autres industries de réseau d’envergure nationale ayant été libéralisées, comme l’énergie ou les télécommunications, le secteur des transports n’a fait l’objet que tardivement d’une régulation indépendante.
    [Show full text]
  • List of Numeric Codes for Railway Companies (RICS Code) Contact : [email protected]
    List of numeric codes for railway companies (RICS Code) contact : [email protected] reference : http://www.uic.org/rics code short name full name country request date allocation date modifieddate beginvalidityof validityendof recent Freight Passenger Infra- structure Holding Integrated Other url 0006 StL Holland Stena Line Holland BV NL 01/07/2004 01/07/2004 x http://www.stenaline.nl/ferry/ 0010 VR VR-Yhtymä Oy FI 30/06/1999 30/06/1999 x http://www.vr.fi/ 0012 TRFSA Transfesa ES 30/06/1999 30/06/1999 04/10/2016 x http://www.transfesa.com/ 0013 OSJD OSJD PL 12/07/2000 12/07/2000 x http://osjd.org/ 0014 CWL Compagnie des Wagons-Lits FR 30/06/1999 30/06/1999 x http://www.cwl-services.com/ 0015 RMF Rail Manche Finance GB 30/06/1999 30/06/1999 x http://www.rmf.co.uk/ 0016 RD RAILDATA CH 30/06/1999 30/06/1999 x http://www.raildata.coop/ 0017 ENS European Night Services Ltd GB 30/06/1999 30/06/1999 x 0018 THI Factory THI Factory SA BE 06/05/2005 06/05/2005 01/12/2014 x http://www.thalys.com/ 0019 Eurostar I Eurostar International Limited GB 30/06/1999 30/06/1999 x http://www.eurostar.com/ 0020 OAO RZD Joint Stock Company 'Russian Railways' RU 30/06/1999 30/06/1999 x http://rzd.ru/ 0021 BC Belarusian Railways BY 11/09/2003 24/11/2004 x http://www.rw.by/ 0022 UZ Ukrainski Zaliznytsi UA 15/01/2004 15/01/2004 x http://uz.gov.ua/ 0023 CFM Calea Ferată din Moldova MD 30/06/1999 30/06/1999 x http://railway.md/ 0024 LG AB 'Lietuvos geležinkeliai' LT 28/09/2004 24/11/2004 x http://www.litrail.lt/ 0025 LDZ Latvijas dzelzceļš LV 19/10/2004 24/11/2004 x http://www.ldz.lv/ 0026 EVR Aktsiaselts Eesti Raudtee EE 30/06/1999 30/06/1999 x http://www.evr.ee/ 0027 KTZ Kazakhstan Temir Zholy KZ 17/05/2004 17/05/2004 x http://www.railway.ge/ 0028 GR Sakartvelos Rkinigza GE 30/06/1999 30/06/1999 x http://railway.ge/ 0029 UTI Uzbekistan Temir Yullari UZ 17/05/2004 17/05/2004 x http://www.uzrailway.uz/ 0030 ZC Railways of D.P.R.K.
    [Show full text]
  • General Court of the European Union PRESS RELEASE No 5/15 Luxembourg, 15 January 2015
    General Court of the European Union PRESS RELEASE No 5/15 Luxembourg, 15 January 2015 Judgment in Case T-1/12 Press and Information France v European Commission The General Court confirms that the aid granted by the SNCF to SeaFrance is incompatible with the internal market SeaFrance, now wound up, was a French public limited company that was indirectly 100% owned by the French public entity the SNCF. It operated maritime passenger and freight transport services between the ports of Calais and Dover. In 2009, SeaFrance owned six vessels and employed 1 550 staff. From 2008, SeaFrance’s financial situation systematically deteriorated owing to unfavourable conditions, internal difficulties and industrial action. The SNCF therefore set up a credit line in favour of SeaFrance. That rescue aid was approved by the Commission on 18 August 2010.1 The French authorities subsequently notified the Commission of a restructuring aid package in favour of SeaFrance along with a restructuring plan. That restructuring was to be financed mainly by State aid in the form of a recapitalisation of SeaFrance in the amount of €223 million. Following a complaint of a competitor of SeaFrance, the French authorities communicated, at the end of 2011, a modified restructuring plan: the recapitalisation of SeaFrance was now to be limited to €166.3 million and to be accompanied by two loans granted by the SNCF. The first loan, of €99.7 million, was intended to finance the restructuring, while the second loan sought to replace a loan pertaining to one of the vessels of the fleet. By decision of 24 October 2011,2 the Commission found that the rescue aid agreed in 2010 and the restructuring measures set out in the 2011 plan (recapitalisation and loans) constituted State aid incompatible with the internal market.
    [Show full text]
  • Pioneering the Application of High Speed Rail Express Trainsets in the United States
    Parsons Brinckerhoff 2010 William Barclay Parsons Fellowship Monograph 26 Pioneering the Application of High Speed Rail Express Trainsets in the United States Fellow: Francis P. Banko Professional Associate Principal Project Manager Lead Investigator: Jackson H. Xue Rail Vehicle Engineer December 2012 136763_Cover.indd 1 3/22/13 7:38 AM 136763_Cover.indd 1 3/22/13 7:38 AM Parsons Brinckerhoff 2010 William Barclay Parsons Fellowship Monograph 26 Pioneering the Application of High Speed Rail Express Trainsets in the United States Fellow: Francis P. Banko Professional Associate Principal Project Manager Lead Investigator: Jackson H. Xue Rail Vehicle Engineer December 2012 First Printing 2013 Copyright © 2013, Parsons Brinckerhoff Group Inc. All rights reserved. No part of this work may be reproduced or used in any form or by any means—graphic, electronic, mechanical (including photocopying), recording, taping, or information or retrieval systems—without permission of the pub- lisher. Published by: Parsons Brinckerhoff Group Inc. One Penn Plaza New York, New York 10119 Graphics Database: V212 CONTENTS FOREWORD XV PREFACE XVII PART 1: INTRODUCTION 1 CHAPTER 1 INTRODUCTION TO THE RESEARCH 3 1.1 Unprecedented Support for High Speed Rail in the U.S. ....................3 1.2 Pioneering the Application of High Speed Rail Express Trainsets in the U.S. .....4 1.3 Research Objectives . 6 1.4 William Barclay Parsons Fellowship Participants ...........................6 1.5 Host Manufacturers and Operators......................................7 1.6 A Snapshot in Time .................................................10 CHAPTER 2 HOST MANUFACTURERS AND OPERATORS, THEIR PRODUCTS AND SERVICES 11 2.1 Overview . 11 2.2 Introduction to Host HSR Manufacturers . 11 2.3 Introduction to Host HSR Operators and Regulatory Agencies .
    [Show full text]
  • Transport Research Market Uptake (Market-Up) Deliverable: D 2.1
    Project ID: 265841 Transport Research Market Uptake (Market-up) Deliverable: D 2.1 Characterisation of the context of RTD initiatives per sectoral area Lead partner: UNIZA Consortium: Project co-funded by the European Commission TIS (PORTUGAL) - Co-ordinator within the Seventh Framework Programme CLEPA (BELGIUM) EMEC (BELGIUM) FRAUNHOFER (GERMANY) BME (HUNGARY) INOVA+ (PORTUGAL) UNIZA (SLOVAKIA) UA (BELGIUM) INNOVA (ITALY) Due Date of Deliverable: October 2011 Start Date of Project: 1 October 2010 Completion Date of Deliverable: December 2011 Duration: 24 Months Dissemination Level PU Public X PP Restricted to other programme participants (including the Commission Services) RE Restricted to a group specified by the consortium (including the Commission Services) CO Confidential, only for members of the consortium (including the Commission Services) Market-up D2.1: Characterisation of the context of RTD initiatives per sectoral area Foreword This report, FP7 Market-up project Deliverable 2.1, was prepared by the team at UNIZA with contributions from all members of the project consortium. The key data concerning Member States was collected by the Market-up team and provided to Transport NCP‟s for validation purposes. Market-up team is particularly thankful to the NCPs from Denmark, Austria, Latvia, Portugal, Slovakia, France and Lithuania for their contribution in the review of our findings. Opinions on main findings on barriers and particularly those faced by the transport SMEs were discussed with Technological Platforms during data collection and specific discussion topics have circulated and feedback asked for. Main findings from D2.1 were also presented in the Review Workshop held on the 26th October in Brussels, which discussion helped to improve our analysis and to enrich the discussion on perspectives for innovation in the transport sector.
    [Show full text]
  • Discounts on Every Journey
    WITH THE SAME ADVANTAGES ON SERVICES:(6) FOR MORE INFORMATION NEW (1) -15% ON FOOD AND DRINK ONBOARD AND TO APPLY FOR A CARD -25% GUARANTEED On presentation of your railcard in the buffet car. ON ALL YOUR LOISIRS FARE JOURNEYS On a selection of menus on TGV and Intercités trains. AT TRAIN STATIONS, SNCF STORES, SELF-SERVICE -30% for the Jeune railcard MACHINES AND SNCF-APPROVED TRAVEL AGENTS. DISCOUNTS ON -15% ON THE iDAVIS CAR RENTAL SERVICE Up to -40% in 1st class for the Senior+ railcard ONLINE Best price guaranteed: if you find cheaper elsewhere, iDAVIS EVERY JOURNEY will refund twice the difference. Find out more at www.sncf.com or www.voyages-sncf.com Your railcard offers even more advantages so that you can and SNCF-approved online agents. enjoy the guarantee of travelling at the best price on TGV -25% guaranteed on all your -25% ON THE Door-TO-Door LUGGAGE BY TELEPHONE and INTERCITÉS trains requiring booking. DELIVERY SERVicE Loisirs fare journeys Service €0.40/min + price of the call Use the SNCF luggage delivery service and get a 25% Every day from 07:00 to 22:00. -10% on all Prem’s tickets, discount on your second and subsequent items of luggage. IMPORTANT exclusive Last Minute Offers Remember to bring a passport photo when buying your -25% on international travel PLUS card at a station or in a store. If you buy your card online, it will be sent to your home NEW ADVANTAGES: address free of charge. You will have to attach your GOOD TO KNOW passport photo to the card.
    [Show full text]
  • The Hsr As an Innovative and Ecological Mode of Transport
    MEST Journal DOI 10.12709/mest.05.05.02.07 THE HSR AS AN INNOVATIVE AND ECOLOGICAL MODE OF TRANSPORT Antoaneta Kirova “Todor Kableshkov” University of Transport, Sofia, Bulgaria ©MESTE JEL Category: L92, O18, R41 Abstract High-speed rails (HSR) connects major cities in developed countries, as listed in the table below. Internationally HSR is developed only in Europe, aiming at the use of trans-European transport network (TEN-T) to link all high-speed lines on the continent into a proper integrated European high-speed network. In terms of the economic development, it is considered that HSR redirects development from one area to another and as far as safety is concerned, most potential rail passengers accept aviation as a safer mode of transport. Another positive outcome is the provision of a better choice of travel mode for public transport users, who already have a lot of options represented by a low-cost bus, a fast plane or a personalized car trip. The general review proves, that besides discussing pros and cons, among which the huge investments, the lack of certainty in the future use of HSR there are positive signs of development. The new trends envisage HSR for freight as well passenger traffic. Still, there is a danger that newer technologies in transportation will boost forward in the time necessary to build a high-speed route. The question who will use the high-speed lines, when air travel provides the high speed, the self- driven cars allow for independent travels and public carriers provide Internet access and comfort to work on board remains.
    [Show full text]
  • Competitive Tendering of Rail Services EUROPEAN CONFERENCE of MINISTERS of TRANSPORT (ECMT)
    Competitive EUROPEAN CONFERENCE OF MINISTERS OF TRANSPORT Tendering of Rail Competitive tendering Services provides a way to introduce Competitive competition to railways whilst preserving an integrated network of services. It has been used for freight Tendering railways in some countries but is particularly attractive for passenger networks when subsidised services make competition of Rail between trains serving the same routes difficult or impossible to organise. Services Governments promote competition in railways to Competitive Tendering reduce costs, not least to the tax payer, and to improve levels of service to customers. Concessions are also designed to bring much needed private capital into the rail industry. The success of competitive tendering in achieving these outcomes depends critically on the way risks are assigned between the government and private train operators. It also depends on the transparency and durability of the regulatory framework established to protect both the public interest and the interests of concession holders, and on the incentives created by franchise agreements. This report examines experience to date from around the world in competitively tendering rail services. It seeks to draw lessons for effective design of concessions and regulation from both of the successful and less successful cases examined. The work RailServices is based on detailed examinations by leading experts of the experience of passenger rail concessions in the United Kingdom, Australia, Germany, Sweden and the Netherlands. It also
    [Show full text]
  • Financial Report
    2O14 FINANCIAL REPORT SNCF.COM O1 — ANNUAL MANAGEMENT REPORT PAGE 04 O2 — SNCF MOBILITÉS GROUP CONSOLIDATED FINANCIAL STATEMENTS PAGE 32 O3 — REPORT ON THE SNCF MOBILITÉS GROUP’S CORPORATE GOVERNANCE AND INTERNAL CONTROL PAGE 126 02 — SNCF MOBILITÉS FINANCIAL REPORT 2014 MANAGEMENT S TATEMENT FOR FINANCIAL REPORT LA PLAINE SAINT-DENIS, 12 FEBRUARY 2015 We attest that, to the best of our knowledge, the consolidated financial statements have been prepared in accordance with the applicable accounting principles and give a true and fair view of the assets and liabilities and the financial position of the Group as of 31 December 2014 and of the results of its operations for the year then ended, and that the accompanying management report fairly presents the changes in operations, results and financial position of the Group and a description of its main risks and uncertainties. GUILLAUME PEPY MATHIAS EMMERICH THE CHAIRMAN EXECUTIVE VICE-PRESIDENT, PERFORMANCE SNCF MOBILITÉS FINANCIAL REPORT 2014 — 03 O1 — ANNUAL MANAGEMENT REPORT IFRS – In € millions 04 — SNCF MOBILITÉS FINANCIAL REPORT 2014 SNCF MOBILITÉS GROUP IN 2014 GROUP RESULTS AND FINANCIAL POSITION CORPORATE GOVERNANCE 1. Major events of the year 06 1. General observations on group results 08 1. Board of Directors 30 2. Key figures 07 2. Activity and results by division 11 2. Management team 30 3. Subsequent events 07 3. Net investments and net debt 17 4. Consolidated statement of financial position and ratios 18 5. Financial relations with the French State, RFF (SNCF Réseau as at 1 January 2015) and local authorities 19 6. Employee matters 20 7.
    [Show full text]
  • Encré Dans La Peau… Frank Loriou Les Tatouages Font De Nombreux Adeptes Àangers
    J. F. J. F. Sport Àtable Un air d’orient avec Trouvez l’accord Ann-Gaëlle Le Bihan parfait chez Carole Page 15 Page 12 GRATUIT Sorties, loisirs, bons plans àAngers et dans l’agglo N° 101 -du28septembre au 4octobre 2016 Spectacle Encré dans la peau… Frank Loriou Les tatouages font de nombreux adeptes àAngers. C. C. Arthur Hmet la poésie en musique dans l’Or d’Éros Page 2 Boutique C.C. Un look branché dès 14 ans chez Red Slip Man et Ben travaillent au salon Antik Tatoo. Le tatouage, ils Mademoiselle Dune ont ça dans la peau !Ils nous racontent leur passion. Pages 10 et 11 Page 13 Nouveau Beaucouzé, écouflant, La Membrolle-sur-Longuenée, Mûrs-érigné, Pellouailles-les-Vignes Votremaison avec garage àpartir de 145 000 €(1) (1) Lots 3A Villas Alba, TVA5,5%après un an de location-accession, sous conditions d’éligibilité et sous réserve de l’agrément par l’Etat en Prêt Social Location-Accession, dans la limitedes stocks disponibles. 02 41 23 57 94 |www.angers-loire-habitat.fr |[email protected] Angers sorties 2 Nous fêtoNs Plus aucune raison «Unhommage ànotre liberté » Frank Loriou d’oublier la fête de Clémence Cordeau vos proches ! [email protected] Mercredi 28 Les musiciens Arthur Het Venceslas. Ils sont indépen- Nicolas Repac se sont ren- dants et ils ne manquent pas contrés il ya20ans. De d’audace. leur union artistique sont Jeudi 29 nés des albums où poèmes et musiques se mêlent. L’or Raphaël. Intelligents, ils ont d’Éros, leur dernière pépite, toujours soif de savoir.
    [Show full text]
  • Analyse De La Deuxième Phase De La Branche Est De La Ligne À Grande Vitesse (LGV) Rhin-Rhône
    MINISTÈRE DE LA TRANSITION ÉCOLOGIQUE ET SOLIDAIRE Analyse de la deuxième phase de la branche Est de la ligne à grande vitesse (LGV) Rhin-Rhône Rapport n° 012304-01 établi par Michel ROSTAGNAT P UNovembre B 2018 L I É PUBLIÉ Les auteurs attestent qu'aucun des éléments de leurs activités passées ou présentes n'a affecté leur impartialité dans la rédaction de ce rapport Statut de communication Préparatoire à une décision administrative Non communicable Communicable (données confidentielles occultées) Communicable PUBLIÉ PUBLIÉ Sommaire Résumé.....................................................................................................................4 Liste des recommandations...................................................................................5 Introduction..............................................................................................................6 1. Où en est-on ?.......................................................................................................8 1.1. Bilan de la première phase.........................................................................................8 1.1.1. Modalités d’établissement du bilan LOTI.........................................................9 1.1.2. Evolution du trafic voyageurs...........................................................................9 1.1.3. Bilan financier................................................................................................12 1.2. Le service.................................................................................................................14
    [Show full text]
  • Download PDF (62.7
    Index ability and interoperability 277 Austria 113, 150, 156, 177, 182, 192–4, access, non-discriminatory 43, 46, 201 303–21, 333 authorization process 286–9, 291–2, accounting separation 56, 68, 356–7 293, 294, 299, 300 acquisitions 182–9 autonomy, managerial 90–108 ‘additivity principle’ 326, 332, 338 auto transportation 240, 343, 346 Adelaide–Darwin 262 availability-based concessions 250, Adif 199 253, 255, 260, 268, 269 ageing population 30 avoidable cost principle 350 airport rail links (ARLs) 250, 252, 253, 268, 269 bankruptcies 98 air transport 127–8, 130, 343, 346, Banverket 58 359 Baritaud, M. 325 Alexandersson, G. 2, 59, 103–4, BBG (Federal Railways Act/ 106 Bundesbahngesetz) 192 Allais, Maurice 324, 330, 336 BCG study 102 Alleo 181 BDZ Cargo 154 alliances 179–82, 318 Beacon Rail 224 Alpha Trains 222 Beckers et al. 175 Amtrak 241, 343 Belgium 16, 113, 151, 153, 308 Angel 211, 223, 224 benchmark competition 242, 245 Arenaways 176, 196 Beria et al. 70 Arlanda Express 262, 263, 267 BLS AG 243 Arriva 100–101, 182, 202, 312, 313 BNA (Bundesnetzagentur) 307 Arriva RP 192 bottlenecks, monopolistic 42, 43, 48 Artesia 180 BRC 154 Arup 223 Brisbane Airtrain 262 asset management 227, 229 Britain see UK asset-only PPPs 252 British Rail 59, 61 assets brownfield concessions 270 return 317–18 BTRE 297 value 314–16, 320 Bulgaria 100, 154 ATOC (Association of Train Operating bundled regimes 82–3 Companies) 221, 223, 227 bus access 312–13 Augusta 193 business diversification 350, 360 Australia 222, 234, 261, 262, 297, 342, Butcher, L.
    [Show full text]