short-term debt has forced the Railways of the Government to agree a delay with major suppliers such as Vossloh or Iberdrola - The long-term debts of the railway company added another 445 million euros
Railways of the Generalitat Valenciana (FGV) is the financial water neck. The company has got an "outstanding debt" of 372 million euros, in theory, be payable on 31 December 2009, according to sources have admitted the company Levante-EMV.
This amount must be added the long-term debt for loans it has entered the commercial railway Valencia amounting to 445 million euros. In total, a whopping 817 million euros (135.937 million old pesetas). Although the amount of most concern to managers of publicly traded, as stated at the last board, which is called "debt due" of 372 million that should meet later this year.
In this situation, the company has opted for "attempting to pay small suppliers to delay a little more credit to large enterprises, as confirmed by FGV. The merchant who built the new trains and trams, Vossloh, Bombardier, are the main creditors of FGV, who admits to having paid a small amount to both companies but still must pay them "more than 300 million pesetas."
Iberdrola is one of the utility companies with which FGV has been delayed in payment. "But they have held discussions with officials from Iberdrola and not in danger or electric service at stations, or the movement" from FGV respond when asked for letters of non-payment of electricity bills that have received some metro stations, which warns of impending power failure. "It may be reaching some of these letters, "support from the RU.
And although the financial situation is not ideal, justify that" all investment is intended to implement the extensions of the metro network in Valencia and Alicante, to renew the fleet and the Plan for Modernization of the Line 1 Metrovalencia "who, conversely, should have run the Department of Infrastructure, as recommended since 2002, the Catalan Comptes. Since the Railways of the Generalitat Valenciana is hoped to quell some of the debt with the authorization of a loan of 90 million, approved Consell by the full this summer, admits, "has not yet been formalized."
management of public transport and is starting deficit. FGV always lose more than you earn. And this situation is not remedied or with contributions from the Government. For years the company entered little more than half of what you spend. In 2007, the estimated operating budget would raise about 54.6 million euros versus 98.4 million in "operating expenses" that must invest to ensure that public transport in Valencia and Alicante, which revealed a "deficit operational (annual) 43.8 million euros. "The figure increased to 85.7 million (if you add up the remnants from previous years). That year requested the Government to furnish FGV 44.8 million as compensation to public service it provides.
The Catalan censorship since 2002 that the Consell centrifuge the cost of Catalan obrasEl Comptes notes, and censorship, year after year that the Department responsible for public transportation uses Railways of the Generalitat Valenciana (FGV) and authentic screen to the works contract extension of subway lines to avoid debt compute the Generalitat. The first time that the Catalan de Comptes uncovered these maneuvers to spin the debt was in 2002, reporting on public audit of the accounts for 2000. Since then, despite the continual warnings of the Ombudsman, the debt has been increasing, reaching 817 million of short-term and long supported by FGV.
The situation is anomalous because the statutory mandate is to exploit FGV lines, not build them, have warned successive reports of the Ombudsman de Comptes, so that the execution of investments exceeds purpose of the entity (referring to FGV). " Thus, year after year Valencia railway company had to resort to continuous loans (with the European Investment Bank (EIB) or private entities, through the Valencian Institute of Finance).
In the last audit report prepared by the FGV Audit Office, the 2007, the auditor of the Government and urged the company to "accelerate efforts to sign the contract- program that provides cover for the financial needs of the Railways of the Generalitat.
