portunities for Infrabel


train movements to SNCB in real-time. “This is an important and positive


reform which brings us into line with EU directives on liberalisation of the railway sector and puts us where we need to be,” explains Infrabel’s chief financial officer Mr Marc Smeets. “SNCB Holding was not a traditional holding company because it was still managing operational activities which could be managed effectively by the train operator or infrastructure manager.” A common subsidiary, HR Rail, has been established which will employ all 35,000 Infrabel and SNCB staff, taking on responsibility for pensions and healthcare funds. “This is important for the trade unions, because they were anxious that existing statutes might disappear with restructuring of the railways,” says Smeets.


“This is an important and positive reform which brings us into line with EU directives on liberalisation of the railway sector.” Marc Smeets


Under the new structure the Belgian


path for debt reduction. With the abolition of SNCB Holding, SNCB assumes responsibility for stations and security while Infrabel will take over the holding’s IT and telecoms activities. Infrabel will still be responsible for building, maintaining,


IRJ January 2014


and operating railway infrastructure, as well as capacity allocation and track access charging, but passenger information functions will pass to SNCB. In preparation for this, Infrabel has developed software which will allow it to communicate information on


state retains its 99.8% share in Infrabel and will continue to be the majority shareholder in SNCB. SNCB Holding’s ƒ4bn debt has been split between SNCB and Infrabel, and the two companies are keen to ensure these liabilities are appropriately distributed. “One of the challenges of the restructuring has been dividing the debt in a way that is fair,” says Smeets. “Some of it is very easy to allocate because it is specific to infrastructure or rolling stock. Neutral debt has been allocated according to how it can best be managed in the future. The government wants both companies to be viable, and we have a solution in place that will allow SNCB and Infrabel to control debt according to the needs of our respective businesses and manage the overall debt more effectively than in the past.” Because Infrabel has been debt free until now, it is a newcomer on the financial markets. Nonetheless, Smeets is confident the company is in a good position to borrow at favourable rates. “My first impression is that we’re an


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