LATEST NEWS
29/08/07
SNCF Group – Consolidated accounts for the first half of 2007
The SNCF Group is continuing its movement of development, with net revenue up by 8% at €11.6 billion, and a recurrent net income of €408 million
The Board of Directors, whose meeting on 29 August was chaired by Anne-Marie Idrac, approved the consolidated accounts for the first half of 2007. These accounts were drawn up for the first time according to IFRS standards.
Development of SNCF Group activity:
Net revenue: €11.6 billion for the first six months. This was up by 8% (+€823 million), driven by both internal growth with a strong commercial dynamic, and external growth boosted by the acquisition of Wilson by Géodis.
Positive results showing growth, including for Freight:
The various result indicators showed the company’s increased mastery of the economic model, which posted positive results for the sixth half-year running.
Operating margin: up by 18% (€1.6 billion);
Recurrent operating income: up by 28% (€1 billion);
Consolidated net income: €595 million;
Recurrent net income: €408 million (€154 million in the first half of 2006).
Performances involving all branches:
Confirmation of a dynamic commercial thrust in the Passenger lines of business; continued recovery of Transport and Logistics, and a new order for Infrastructure and Engineering, with a long-term management agreement.
Results supporting the company policy:
The “new local services dynamic” programme presented in July 2007 for improving service performances in public rail transport activities is financed with a further €100 million.
The rail freight activity has undergone a trend inversion (+4% in traffic products) and is implementing a policy focused on “high-rate rail flows”.
Healthy financing of development:
The self-financing capacity is increasing, (€845 million: +23%), and can thus assist the capacity for net investment on owner’s equity (€882 million: +8%).
During the Board Meeting, Anne-Marie Idrac stressed that “the company is now established on a healthy path to development. The changeover to IFRS standards has gone hand in hand with the creation of a pension and contingency fund independent of the SNCF. I am particularly satisfied with the improvement in the SNCF Freight activity, which is making strides and reducing its losses. The SNCF will now be able to fully assume its responsibilities as a major player in the sustainable development of our country.”