News update

• SNCF Group revenue totalled €8.2 bn in Q1 2013, up 0.9% on Q1 2012.
• Business was near stagnation in the first quarter. 
• Growth was driven primarily by SNCF Infra (rail network management and maintenance) and, to a lesser extent, by SNCF Proximités (local and regional passenger transport).
• SNCF Geodis (freight transport & logistics) and SNCF Voyages (TGV) saw a fall in revenues

Outlook
Global economic woes continue, with no sign of an end to the crisis, particularly in Western Europe. There is very little likelihood of a rise in French GDP, consumer spending projections have been revised downwards, and the problems in freight transport are set to continue.

Against this backdrop, SNCF Group is taking action to best navigate the expected deterioration in its business environment, including measures to boost revenue, reduce expenses and carefully manage investment levels. However, these will not affect efforts to ensure high quality services and the Group will continue to pursue its policy of purchasing and upgrading rolling stock, and renovating stations, particularly in the Paris region.

Upcoming announcements

• First-half results: July 25, 2013