The second concern is the increase in traffic

And if one is offered a weekend in London on the Eurostar Last Monday, the Secretary to the British Transport, Philip Hammond, officially announced the intention of his Government to sell the only rail line high speed of the United Kingdom, Folkestone - London. This is a new long awaited Eurotunnel. Over the past year, the operator of the channel tunnel looking this dedicated section that directly connects his book in the heart of London to new St. Pancras station. Thus, after the purchase in December 2009 of the Veolia cargo activity, then in May last of its British equivalent, GB Rail Freight, Eurotunnel stands for a new acquisition, and a large piece this time, valued at more than 1.5 billion euros.

Unlike the Eurostar passengers, which, in normal times (except heavy snow), do that 20 minutes to cross the tunnel under the English channel, its operator, he took fifteen years out.

It was time. The history of the tunnel is a technological feat and one of the largest financial scandals of the 20th century, which has ruined thousands of small shareholders. Because, under pressure from the Thatcher Government, the States have refused to get involved financially ("not a public penny!"), while regularly changing the rules of the game; because the distribution of the roles has never been clear between the operator and manufacturers; because, finally, traffic projections were much too optimistic, the site of the century has not escaped the Act of bronze of major projects: the pi factor. In other words all large construction cost upon arrival at least three times the initially planned sum.

Except that this time, the French and British States simply inaugurated with great pomp the book. Friday, may 6, 1994, on the terminal in Coquelles, in France, Elisabeth II and François Mitterrand cut the tricolour Ribbon Calais lace, proclaiming their belief in the Franco-British friendship and "conjugation French momentum and British pragmatism." Then they are reassembled in their respective limousines, leaving partners out knives. In 2003, the debt of the company was still about ten times the sales.

Appointed CEO in 2005, Jacques Gounon finally ended hostilities by a drastic financial restructuring plan. A total of some 12 billion euros of total cost, shareholders will have lost 3 billion and 5 banks. And the company grew under Cup of American funds, and in particular that of Goldman Sachs, specializing in long term infrastructure investments. With more than 15 of the capital, it is now the reference shareholder of one of the major European sites of all time. And some analysts openly evoke the hypothesis of a takeover bid.

With now finances - a turnover of almost EUR 600 million, a 30 operating margin and finally controlled debt, under the bar of the 4 billion - new group Eurotunnel can finally think about something else for its purpose of months. So with a duration of concession extended to 2086, it gives her time to think about the long term.

Eurotunnel has in fact two major trades. First, that a railway motorway toll (function of the number of trains and passengers). This represents a little more than 40 of its turnover paid by Eurostar. The other craft is the carrier, in its shuttles convey individuals with their cars and professionals with their trucks.

As with any complex infrastructure operator, Eurotunnel has at least three major and interrelated concerns: improve security, increase traffic and diversify its revenues. Security (and the reliability in General) is probably at the top of priorities. First because it is expensive, maintenance, new equipment and personnel. Then because it impact directly the March business by referring traffic to competition, sea or air. The tunnel has been the setting of two fires in 1996 and 2008. The last, in September, caused up to six months of work and losing about 10 points of market share on traffic heavyweights, most sensitive to competition from the ferries, which has dropped from 35 to 25, is a loss of 40 of the turnover in ce field. Not to mention the litigation continue with insurance companies and the customers as Eurostar.

The second concern is the increase in traffic. Currently the company estimated use only 50 of the capacity of the tunnel. However, in this profession of fixed costs, each point earned in traffic generates more profits - 2.5 times more cash, according to analysts of Credit Switzerland. The group must therefore both to regain market share lost in the heavy weight and "fold" of the additional traffic towards its tunnel. As it has almost 80 of the total market (including aircraft) transport of passengers between London and Brussels or Paris, the margin of progress on this side is rather low. However, Eurotunnel on account during rail transport liberalisation to attract travellers from Amsterdam or Germany. Hopefully including much of the next arrival of the Deutsche Bahn in the field of cross-channel high-speed. The London Olympic Games in 2012 should be a good incentive.

Beyond, Eurotunnel put many on the cargo. Because it is still largely maritime and because its current disruption, at least in France, gives hope to improve margins, particularly if environmental constraints are becoming more urgent. Hence the recent acquisition of Veolia and GB Rail Freight cargo. The idea here is to take trains in Belgium, but also on major corridors East (Germany, Poland) and southern (Rhône), to bring them across the channel, without charge. With its new subsidiary Europorte, the goal is to spend five years of 1.3 million tonnes of cargo to nearly 3 million.

This is obviously that it joined the concern of the diversification of income. If the entry in the freight business is justified by the need to complete the tunnel, Jacques Gounon knows that only 10 of the total of Europorte traffic will cross the English channel. The remainder will consist of continental or British bonds. Currently, cargo activities represent around 15 of turnover. This adds a new profession of service provider, such as management of the railway infrastructure of the port of Dunkirk, and why not the management of railway stations, if the Group wins a line linking the tunnel to London and stations that are attached.

Retrieve the market lost on shuttles for trucks (half of the path has already been done), integrate and develop new activities in freight, complete the security plan, including fire: as by chance these three priorities have been set by the Board of Directors to Jacques Gounon as determinants of variable salary. Fifteen years after its chaotic beginnings, the drama of the birth is finally digested, even if sequelae and fear of the accident is never far away. The group became a popular stock market value of the analysts. But the management of such an infrastructure that the British have set two hundred years to accept, is never trivial and this should never have be left with the only hands of financiers. As any tunnel, it carries the hopes and the fears of human.