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News update

The latest financial information from SNCF Group

Contact: Axel Bavière

SNCF 2014

Note: This disclosure comes amid the implementation of French legislation — the Act of 4 August 2014 — introducing rail reform and creating the new state-owned SNCF group (SNCF) in 2015. Its components are SNCF Mobilités, handling all SNCF transport operations (both in France and on international markets), and SNCF Réseau, managing France's national rail network, previously divided between Réseau Ferré de France (RFF) and SNCF Infra.

In keeping with the financial reporting standard IFRS 5 (activities to be transferred), the SNCF Infra business unit is restated in SNCF accounts at year-end 2014. Concretely, this means that SNCF Infra will be shown as a separate line item in the income statement and will no longer appear in group revenues as presented. SNCF Infra’s free cash-flow and net debt will remain in the financial statements.

In the report below, SNCF Mobilités, the new legal entity for SNCF, thus presents its accounts without the infrastructure business unit, which merged with RFF, the French railway network owner, to create SNCF Réseau in 2015.


Against a backdrop of continued economic crisis in Europe, and despite the difficult environment in France, SNCF reported a 1.5% rise in revenue (vs a rise of 0.5% in 2013).

Growth was driven by international business (up 7.0%), confirming the soundness of SNCF's growth strategy, with revenue at Keolis (mass transit in Europe and worldwide) up 20.0% outside France and the SNCF Logistics business unit reporting a 5.8% rise in business outside Europe.


Management performance was strong, with SNCF holding costs down and adapting to meet its EBITDA target (€2.4 bn), despite the rail strike in June 2014 in France.

Net profit stood at €605 million, including nearly €200 million in non-recurring items. Recurring net profit was down by €177 million. 

Free cash flow was positive. SNCF has stabilized its net financial debt at €7.4 billion, while holding investments at a high €2.2 billion.

Created in January 2015, the new SNCF group is pursuing its aim: to become the world benchmark for mobility services and logistics. These 2014 results are a solid foundation for success.