SNCF GROUP INVESTOR PRESENTATION 2019-2020
TABLE OF CONTENT 1 SNCF GROUP: AN OVERVIEW OF OUR BUSINESSES 2 SNCF GROUP: CREDIT PROFILE 3 SNCF RÉSEAU: CREDIT PROFILE 4 CSR: COMMITMENTS & GREEN BOND PROGRAMME 5 BUSINESS PROFILES APPENDICES: OTHER CONTACTS 2 SNCF GROUP INVESTOR PRESENTATION
AN OVERVIEW OF OUR BUSINESSES
SNCF GROUP PRESENTATION A LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE € 35.1 bn € 25.3 bn € 5.2 bn AA- Aa3 A+ € 5.6 bn Turnover in 2019 Net debt pro forma CAPEX financed on its own S&P Moody’s Fitch Group EBITDA in 2019 1/3 outside of France of total debt relief* by SNCF Group Stable Stable Stable * Pro forma of the € 35 bn debt relief, post 2022 Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs 5 -18 23 SNCF Réseau KEOLIS IN % #2 largest network in Europe automatic subway #1 100 SNCF Réseau and tramway operator worldwide 19 #3 largest ‘high speed’ network in the world SNCF Voyageurs 48 SNCF Logistics #4 operator in Europe KEOLIS SNCF Voyageurs #8 operator worldwide 15 k trains / day, GEODIS 23 of which 7,000 in the Paris Greater area Rail Freight OUI.SNCF 15 m travelers / day in the world #1 online travel agency in France Other* * Mainly intercompany sales elimination SNCF Réseau SNCF Voyageurs KEOLIS GEODIS Rail Freight Train operating company World leader in day Infrastructure and train Freight and logistics, Rail freight transport to day mobility station manager in France in France and internationally both internal and international, solutions for industries including non rail activities (steel, chemicals, goods…) Revenues: € 8.0 bn Revenues: € 17.0 bn Revenues: € 6.6 bn Revenues: € 8.2 bn Revenues: € 1.7 bn EBITDA: € 634 m EBITDA: € 2.0 bn EBITDA: € 1.6 bn EBITDA: € 724 m EBITDA: € - 39 m 3.3 bn passengers 30,000 km size of 5 m passengers / day annually the French network for TER regional lines Direct presence and Transilien in 67 countries 20,000 train paths 21 light rail networks 8.4 m passengers on worldwide delivered daily A network connecting international markets in 2018 more than 120 countries 440 m t.km train 21,500 buses and coaches paths sold in 2018 16 countries 3,000 train stations under 10 modes of transport management in France 4 SNCF GROUP INVESTOR PRESENTATION
INTERNATIONAL FOOTPRINT UNITED KINGDOM 0.7% 1/3 OF TOTAL GROUP BUSINESS 37% NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE NORTHERN EUROPE 0.9% 0.9% 9% 61 61% CENTRAL AND EASTERN EUROPE CENTRAL AND EASTERN EUROPE 57% 5% € 3 112 m 99.7% 38 38% 0.3% NORTH AMERICA NORTH AMERICA 18 18% € 237 m € € 1 011 m € 24% 237 m 1 011 m 1 1 011 m 1 011 m 1 011 m 1% 70% 0.6% CENTRAL ASIA CENTRAL ASIA CENTRAL ASIA CENTRAL ASIA 95% 28% 59% 5% 5% € € 2 565 m € 2 996 m € NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA NORTH AFRICA 2 996 m € 404 m 404 m MIDDLE EAST MIDDLE EAST MIDDLE EAST MIDDLE EAST MIDDLE EAST MIDDLE EAST MIDDLE EAST MIDDLE EAST 73% 73 27% 27 WESTERN EUROPE 40% 40 SOUTH ASIA SOUTH ASIA SOUTH ASIA SOUTH ASIA SOUTH ASIA SOUTH ASIA SOUTH ASIA € 35 m 60% 60 60 60 35 m 35 m 35 m 35 m CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA CENTRAL AMERICA 13% 13 13 13 75% 75 € € € € 82 m 12% 0.3% 0.3% 0.3% 82 m 82 m 82 m 99.7% SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA SOUTHEAST ASIA € 88 m € 88 m € 237 m 95% 95 95 237 m 237 m 5% SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA SUB-SAHARAN AFRICA € € € 176 m 176 m 176 m 176 m 176 m 7% 7% 7% 7% 7% 93 93% BUSINESSES 2019 SOUTH AMERICA SOUTH AMERICA SOUTH AMERICA SOUTH AMERICA € 40 m • 40 m 40 m 40 m 40 m Logistics 3% 3% AUS AUSTRALIA / LIA / OCEANIA OCEANIA • 97% Mass Transit • 33% 33 Passengers long distance services • Consulting and rail engineering (of which Systra, € 174 m 66% 174 m 174 m 174 m consolidated under the equity method) 0.9% 0.9% € 904 m 904 m 904 m 904 m 904 m * Total revenue volume generated by companies owned by SNCF Group (Controlling or not) 5 SNCF GROUP INVESTOR PRESENTATION
OVERVIEW OF THE REFORM OPENING TO COMPETITION SCHEDULE DECEMBER 2019 For subsidised services (TER, TET), French regions able to organise A NEW GOVERNANCE A STRENGTHENED AND MORE SUSTAINABLE call for tenders FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE – Creation of a vertically integrated Group – Higher productivity efforts at SNCF Group level gathering all rail activities DECEMBER 2020 Debt relief (SNCF Réseau) by the State for € 35 bn – – Train stations manager « Gares & Connexions » “Open Access” is transferred to SNCF Réseau Increase in the modernization efforts by € 200 m – allowed for High-Speed per year from 2020 onwards on the railway infrastructure – The 3 SNCF companies are all converted into SA and conventional trains not subject to a public (public limited company) with capital 100% (directly – Stronger Golden Rule for SNCF Réseau: service contract and indirectly) state-owned and non-transferable - Enlarged perimeter to include all capex in order to ensure the independence of the corporate - Ratio shifted from x18 to x6 by State decree governance and new capitalistic links - 2-year period to achieve financial ratio until 2026 DECEMBER 2023 – Compliant with the European regulation ensuring For subsidised services the independence between the infrastructure manager (TER, TET) regions or State will have to and operating companies (4 th railway package) organise mandatory call for tenders at the termination date of operating contracts DEVELOPMENT OF THE RAIL OFFER A SOCIAL COMPONENT DECEMBER 2039 – Opening to competition of transport activities – End of the specific employee status for new workers Special provisions for Transilien: opening (4 th railway package) hired from 2020 onwards is scheduled between – Foster the development of the rail offer via tariffs 2023 and 2039 depending on lines moderation on HSL and freight activities 6 SNCF GROUP INVESTOR PRESENTATION
BIRTH OF AN INTEGRATED PLAYER 100% State-owned KEY STEPS TOWARDS shares non transferable THE NEW ORGANISATION Gares & Connexions transferred from SNCF Mobilités (B.U.) to SNCF Réseau as a subsidiary SNCF SA (Holding) SNCF SA (holding) operating activities transferred to SNCF Voyageurs, to only retain strategic and controlling missions 100% 100% 70% 100% 100% non transferable non transferable SNCF Mobilités takes over SNCF EPIC to become the holding SNCF SA RÉSEAU SA VOYAGEURS SA SNCF Voyageurs takes over passenger Rail Freight Infrastructure manager Operating company World leader Multimodal freight in day to day mobility & freight forwarding activities and rolling stock of SNCF Mobilités including Thalys and Eurostar Subsidiaries SNCF SA (directly) and SNCF Voyageurs & SNCF Réseau (indirectly) become 100% 100% 62% State-owned public limited companies (French equivalent). Paris - Brussels - Amsterdam 55% GARES& CONNEXIONS SA SNCF BECOMES A FULL Y Paris - London Train station manager INTEGRATED GROUP FROM JANUARY 1ST , 2020 Other subsidiaries are not mentionned in this chart 7 SNCF GROUP INVESTOR PRESENTATION
OUR AMBITIONS BRINGING THE FREEDOM OF EFFORTLESS MOBILITY AND A GREENER PLANET TO ALL GROW RAIL USE BE THE BEST ON THE FUNDAMENTALS Develop mass transit and prepare opening to competition Punctuality, regularity, passenger information Modernization efforts for the core network Target: € 47 bn invested in the network between 2017 & 2026 Target: 90% in punctuality (< 5 mins) at departure by 2026 INCREASE CUSTOMER SATISFACTION BOOST EMPLOYEE ENGAGEMENT AND SATISFACTION Increase satisfaction among all categories of customers Prepare employees to a new social pact Target: 84% in passengers satisfaction in 2026 Target: +1 pt / year in employee satisfaction / commitment by 2026 DELIVER ECONOMIC DISCIPLINE WORK WITH REGIONS TO ADVANCE AND HIGH PERFORMANCE THE ECOLOGICAL AND INCLUSIVE TRANSITION By developing rail, carpooling and all kind of shared motilities Get the financial means to match our ambitions Target: -30% of tons of CO2 per passenger.km by 2026 Target: positive free cash flow by 2022 8 SNCF GROUP INVESTOR PRESENTATION
SNCF GROUP CREDIT PROFILE
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