But evolution does not take place as this5 x number of hours paid gross monthly pay 15and then hand make its weapons on the ground5 of the capital is not presented to the AssemblyBut the schedule is tight for the public authoritiesThe English terms then disappear suddenlyThe 787 still boasts more than 800 orders against 483 for the A350The strength of the carbon it is measuredFor Allianz this transformation is a simple media coupOn the mode of remuneration the speech is very clearThis was just ten months ago before 5,000 SNCF executives gathered in convention. Appointed Chairman of the railway a few weeks previously, Guillaume Pepy had broadcast on the big screen image intended to cause a shock to his troops: the TGV to Air France and colors of Virgin in a Parisian train station. Almost unimaginable for a railway! And yet, with the opening to competition in December 2009 of the carriage of passengers at an international level, the scenario was not a science-fiction.
Today, at the approach of the deadline, the reality is much less dramatic. The possibility to walk on the beds of the SNCF in 2010 The Deutsche Bahn, Virgin and Air France-Veolia tandem politely declined the invitation for the moment. The Italian company Trenitalia expressed an interest, but only for daily round-trip between Paris and Milan. And then there's the surprise guest: GVG Georg Verkehrsorganisation society, whose fame has not crossed the Rhine, and who wants to link the Germany to French spas. Not what do SNCF tremble on its bases.
This delay the ignition in the liberalisation of the French rail a surprise at first sight. High speed in France market represents a huge cake, valued at more than 6 billion euros. Profitability is very high: the public is recorded an operating margin of slightly less than 20, when the Air France-KLM navigates in the air around 6 good years.
These lyricism and constant arguments were not sufficient to convince. It is true that arriving at such vast profits, the path is long. First, there are trains to find. Contrary to what may happen with the aircraft in the air, a new entrant cannot rely on a rental company to quickly get used to operate trains. There is no market for the opportunity of the TGV! Therefore, unless you already have a provision such as the Deutsche Bahn Park, place an order. The invoice can then be painful. Thus Air France, which has all reasons to ride trains where the aircraft is more competitive: according to some indiscretions, the Group was considering to start with Veolia with a fleet of 40 oars starting. A EUR 25 million unit, there was an initial investment of EUR 1 billion. Difficult to find in the air sector crisis. And if the company is finally also in the coming months, it will still have to wait two years to be delivered.
Second barrier to entry: he must find cost-effective links. The market is actually open that very partially, the purely domestic routes remaining under the monopoly of the SNCF. Many experts consider that the international represents only 30 of the turnover high speed of the public group. And not necessarily where the margins are most comfortable. TGV East to the Germany, launched two years ago, a great popular success, but reported still nothing to operators. Same for Eurostar: commercial success is, but the English side was never profitable in fifteen years of existence of the fact of high tolls.
Remains a last obstacle to new entrants, not the less arduous: SNCF itself. In the matter, the railway company has nothing of a monopoly asleep. The competition, she already knows: its TGV has always been fighting aircraft. The train holds a market share of 68 on Paris-Bordeaux, 83 on Paris-Marseille and even 97 on Paris-Lyon! Its revenues are well proven: optimized, maintenance policy volumes to saturate "yield management" and the most profitable bonds with rates operating according to the filling of the train to maximize revenue.
In such a landscape, competition will not start burst on the TGV. The opening in 2012 of the Rhine-Rhone high-speed line between Dijon and Belfort may play a role in Accelerator: Deutsche Bahn will have the opportunity to directly send its trains to the South of the France without going through Paris. Will she do it For the moment, it is on this link... a partnership with SNCF. Therefore, large rail night fans will probably take their evil grin, perhaps until the liberalization of regional transport (TER), much less greedy capital and easier access to the competition. But the Government has still not given date in this field.
