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SNCF Group 2019 half-year results

SNCF’s mission: bringing the freedom of effortless mobility and a greener planet to all. In H1 2019, the Group reported decisive progress on each of the six commitments it has made to reach this goal:

It grew rail use in France, with a rise of over +11%* in the number of high-speed rail passengers, including SNCF’s new InOui experience and low-cost Ouigo service. Conventional rail also benefited, with a +4.3%* increase in travellers using Transilien services in the Paris Region and a 15.9%* rise for TER regional trains.
Rail freight slowed, but this was partly offset by operations in Europe, and the start-up of a fifth rail motorway provided a boost.

A drive to be best on fundamentals generated gains in both safety (events down 11%) and on-time performance, up +1.3 points from the previous high in 2014 for all passenger activities combined. TER regional trains and Transilien commuter trains made their best showing since 2010, at 92.9% and 90.7%, respectively, and TGV high-speed rail’s on-time performance rate was 90.9%, its highest since 2015.

Client satisfaction improved, reaching a record high of 77% for high-speed rail and 74% for TER regional rail, thanks to investment in rail network upgrades, faster renewal of rolling stock, and effective passenger service management.

Employee engagement and satisfaction are critical to the Group’s future success, and SNCF is investing more than ever to build the skills and expertise its workforce needs to meet the rail challenges of tomorrow. A core feature is the negotiation of an attractive, incentive-based labour agreement.

Strong business performance remains critical, and H1 figures exceeded targets with revenue at €17.9bn, EBITDA up sharply at €2.9bn, and net profit in positive figures.

The Group worked with regions to advance the ecological and inclusive transition through flagship initiatives, including launch of the Assistant SNCF app to promote shared mobility and the announcement of a 25-year contract to source power from renewable sources.

  • Revenue grew a sustained +10.5% to total €17.9bn.
    Excluding the negative impact of the 2018 strike, business rose +5.0%.

  • International business was a major growth driver, with Keolis turning in a particularly strong performance outside France (+21.4%).

  • €400m in additional competitivity gains for H1 2019, with EBITDA at €2.9bn (16% of revenue).

  • Increased investment in rail infrastructure upgrades in H1 2019, with the total set to reach €10.1bn for the full year (infrastructure and trainsets/rolling stock, all funding sources combined).

  • Rise in self-financing capacity generated by SNCF Mobilités, where investments in new rolling stock and other areas totalled €1.9bn (all funding sources combined)

  • Recurring net profit came to +€20m, up +€551m over 30 June 2018.

* The strike in spring 2018 makes a comparison problematic; figures above thus compare H1 2019 with H1 2017.

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