Stock Car France

[Thomasina Norse]

AbstractSoil organic carbon plays a major role in the global carbon budget, and can act as a source or a sink of atmospheric carbon, thereby possibly influencing the course of climate change. Changes in soil organic carbon (SOC) stocks are now taken into account in international negotiations regarding climate change. Consequently, developing sampling schemes and models for estimating the spatial distribution of SOC stocks is a priority. The French soil monitoring network has been established on a 16 km 16 km grid and the first sampling campaign has recently been completed, providing around 2200 measurements of stocks of soil organic carbon, obtained through an in situ composite sampling, uniformly distributed over the French territory.

We calibrated a boosted regression tree model on the observed stocks, modelling SOC stocks as a function of other variables such as climatic parameters, vegetation net primary productivity, soil properties and land use. The calibrated model was evaluated through cross-validation and eventually used for estimating SOC stocks for mainland France. Two other models were calibrated on forest and agricultural soils separately, in order to assess more precisely the influence of pedo-climatic variables on SOC for such soils.

The boosted regression tree model showed good predictive ability, and enabled quantification of relationships between SOC stocks and pedo-climatic variables (plus their interactions) over the French territory. These relationships strongly depended on the land use, and more specifically, differed between forest soils and cultivated soil. The total estimate of SOC stocks in France was 3.260 0.872 PgC for the first 30 cm. It was compared to another estimate, based on the previously published European soil organic carbon and bulk density maps, of 5.303 PgC. We demonstrate that the present estimate might better represent the actual SOC stock distributions of France, and consequently that the previously published approach at the European level greatly overestimates SOC stocks.

The French stock market itself is at a record high this week, propelled by luxury-good companies including Louis Vuitton owner LVMH and Birkin bag manufacturer Hermes International SCA. The stocks pulled back starting in mid-summer, only to rev up again in recent weeks as evidence grew that inflation is cooling and thus interest rates may have peaked, with no sign of a recession in the US.

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Holding stock in France may require a foreign company with no permanent establishment (local company, staff, offices etc.) in France to register for French VAT to report the local sales and intra-community movement of stocks.

Where goods are held under the full control of a single French customer (although legal title has not fully passed till the goods are retrieved) there is a simplification exemption which means there is no requirement to French VAT register the foreign company. This is known as Call Off Stock.

Where goods are held in a warehouse for multiple customers, and remain under the control of the foreign company, the obligation to French VAT register was removed in 2007. Instead, the customer can record the VAT transaction under the VAT domestic reverse charge mechanism.

The customer would need to have a French VAT registration to apply this.One key requirement to the French Consignment Stock exemption is that the goods are sold within 3 months of their arrival into France. In addition, it is possible for the foreign company to French VAT register with the written agreement of its customer.

Non-EU businesses selling in France will need to appoint a fiscal representative alongside completing VAT registration and returns.

Fiscal representatives are responsible for the accurate VAT submissions of their non-EU clients.

Avalara offers a Fiscal Representative Service as part of its international VAT and GST Registration and Returns Service.

This diversity is somewhat reflected in the CAC 40 index, although investors should probably look at broader indexes, such as the Morningstar France index, to get a better view at what the French stock market is made of.

Kering (KER), another luxury company, declined more sustantially last year, mainly to subpar performance form its Gucci brand. But its weight in the index has increased from 1.1% to 2.5% over the last 12 years.

Many of the names which most contributed to recent outperformance of the French market today trade at a premium to their Morningstar fair value estimate. But many are still attractively valued according to Morningstar (see below table).

The median valuation multiple for the 142 constituents in the Morningstar France index is also low compared to history, trading at 12.5 times 2023 estimated earnings, according to consensus, compared with a 20 year median P/E ratio of 16x.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

The French oil emergency response regime is governed primarily by the provisions of the French 2017 Energy Code (ECO). More detailed guidance is contained in various subsidiary decrees and orders including the Defence code, the 2015 Order on the Stocking of Petroleum Products (OSPP) and the 2016 Order relating to the Constitution of Strategic Oil Stocks (CSOS) in mainland France, Martinique, Guadeloupe, Guyana, Reunion Island and Mayotte (25 March 2016).

The provisions of the French oil emergency regime are triggered by a major supply disruption, an effective international decision, an urgent supply shortage or a local supply crisis (article 2 OSPP).

According to article 2 OSPP, it is the French Director of Energy who determines whether the conditions triggering the French emergency response system have been met and who subsequently decrees to use all or parts of the strategic stocks in order to alleviate the crisis.

Article L642-4 ECO stipulates that actors who carry out petroleum related activities in France mentioned in Article L642-2 ECO should store such quantities of emergency stocks that France maintains at all times emergency stocks of at least one quarter of the net quantities of crude oil and petroleum products imported in the previous year.

According to article 11 of the 2016 Order related to the CSOS in mainland France, Martinique, Guadeloupe, Guyana, Reunion Island and Mayotte (25 March 2016), emergency stocks must be composed of crude oil, feedstock and products mentioned in Annex 2.

According to article 12 CSOS, the physical accessibility of facilities storing emergency stocks shall be considered before authorising a given storage facility. According to article 1 CSOS, physical accessibility is ensured when emergency stocks can be distributed to end users and markets within such a time that ensures that the effects of serious supply disruptions can be alleviated.

French primary legislation does not specify particular storage locations. However, according to article L642-6 ECO, the authority responsible for supervising emergency stocks must authorize the location of emergency stocks. Article D1336-53 Defence code provides for the possibility, under conditions, of storing stocks on the territory of other Member States of the European Union.

In the event that the provisions of the French oil emergency regime are triggered, the French Director of Energy may order the taking of various stock release measures (article 3 OSPP). Demand restraint measures are considered only in exceptional circumstances.

Article D1336-55 Defence code obliges those actors who are obliged to stock emergency stocks to submit monthly reports to the Minister of Energy detailing how they fulfil their strategic storage obligation and the composition of emergency stocks. In case of an emergency, the obliged parties are to inform the stock to the Minister in real time.

As a Member State of the European Union, Council Directive 2009/119/EC obliges France to maintain a minimum volume of emergency oil stocks corresponding to 90 days of average daily net imports or 61 days of average daily inland consumption, whichever of the two quantities is greater. The Directive also imposes strict requirements concerning the composition and location of the emergency oil stocks, so as to guarantee their availability and accessibility in case of need, among other provisions.

In July 2000 EADS (stock exchange symbol EAD ) was created by merging Aerospatiale Matra of France, DASA of Germany (DaimlerChrysler Aerospace AG excluding MTU Triebwerke) and CASA of Spain (Construcciones Aeronauticas SA). Aerospatiale Matra was already listed on the Paris Stock Exchange prior to the merger. Its shares were then swapped on a one-to-one basis and new shares were issued.

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