It is one of the satellites of the City of Chartres and Chartres Métropole. The local public company (SPL) Chartres Aménagement carries out major operations, such as the station hub, the north-east plateau, the west hubs, or even carries out housing estates in the municipalities of the Agglomeration, etc.
The finances and management of this public capital company were scrutinized by the Regional Chamber of Accounts (CRC) of Centre-Val de Loire, over the period 2014-2019.
Chartres development scrutinized closely
The final observations report of the CRC, made public Thursday, May 19, points in particular to “a lack of transparency within the company”, “an insufficiently managed activity” or even “a worrying financial situation”.
The CEO of Chartres Aménagement, Franck Masselus, who is also deputy mayor of Chartres in charge of finance and vice-president of Chartres Métropole in charge of finance and forecasting, announced yesterday that he had decided to “seize the Court of Auditors, at the national level, to request a certain number of rectifications” in the final report.
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“There are obvious errors and these are not just interpretations,” says Franck Masselus, who does not rule out filing an appeal. “If the Court of Auditors does not respond to our requests, we could seize the administrative court,” he explains.
1/ What are the findings of the Regional Chamber of Accounts on the management of Chartres Aménagement?
The Chamber raises “points of vigilance” in three main areas: the governance of Chartres Aménagement, the financial and operational management and the management of human resources.
The court points to “failing governance”.
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In the summary of its report, the CRC underlines that “the lack of transparency within the company does not make it possible to secure its framework of intervention” and that “the information given to shareholders (in particular minority shareholders) on the management of concessions , their cash position and the progress of land programs do not allow a full assessment of the risks incurred”.
With a debt of 147 M €, a turnover of 26.8 M €, and a “gross operating deficit of – 1.3 M €”, Chartres Aménagement “is experiencing strong financial tensions”, according to the CRC.
The magistrates write in their report:
Disposals of fitted out properties are experiencing substantial delays while the company had to incur very significant expenses for the start of the works.
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The SPL’s cash “was supplemented by the two main shareholder communities up to €13.9 million from the City of Chartres and €79.9 million for Chartres Métropole at the end of 2019”, notes the CRC.
2/ What are the recommendations of the Regional Chamber of Accounts?
The CRC issues five recommendations to Chartres Aménagement. Regarding governance, the magistrates recommend “guaranteeing joint control by all shareholders over the strategic objectives and important decisions of the company”.
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In terms of financial and operational management, the CRC recommends that the SPL “update the balance sheets of the development operations”, “define and implement the actions and tools to control the identified risks”, or even ” maintain a multi-year and consolidated cash flow plan”.
In terms of human resources, the CRC recommends “establishing a system aimed at detecting and preventing ethically risky situations”.
3/ How does the CEO of Chartres Aménagement react following the publication of the report?
Franck Masselus, CEO of Chartres Aménagement, regrets:
Recommendations are acceptable. There are always avenues for improvement. What surprised us the most in the final report was the content of the summary, which is out of all proportion to the recommendations.
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The leader recalls that this public capital company is “an additional tool at the service of the municipalities of the Agglomeration” and that it is a “young company”, created in 2009.
“We work with elected officials on projects desired by elected officials,” explains Franck Masselus, who puts the figure at “€564 million in the volume of business for the twenty-two development operations” currently managed by the SPL. “No cash advances have been waived. They are reimbursed annually. We have no gross operating deficit, but a surplus of €630,000. »
“No cash advance has been abandoned”
After the publication of the CRC’s report, the SPL has a period of one year to provide feedback to the magistrates on the actions implemented following their recommendations.
On the subject of governance, Franck Masselus explains that “99% of the capital of the SPL is held by Chartres Métropole and the City of Chartres” and that a “meeting of small shareholders meets three to four times a year”. Only the president of this meeting of small shareholders sits on the board of directors of the SPL.
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“We will send electronically to these small shareholders all the deliberations of the board of directors before each meeting so that everyone can read them”, announces Franck Masselus.
Concerning the second recommendation of the CRC, on the updating of the balance sheets, Franck Masselus recalls that a “concession activity report is sent to the grantor at least every year” and that “the operations managers are in regular contact with elected officials who entrust us with their operations”.
Following the recommendations of the CRC, the SPL has planned to distribute its “dashboards on a quarterly basis”, specifies the CEO.
Franck Masselus explains, moreover, that “the risks, which relate mainly to delays in marketing, do not rest on the SPL, but on the communities”.
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The company is ready to “identify twice a year the potential risks that communities could incur”. The cash plan, which is currently programmed over 18 months, “will be done over 36 months as recommended in the report”, adds Franck Masselus. To prevent risky situations, the SPL plans to create a code of ethics for directors and shareholders.
Helen Bonnet
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