SNCF Group 2020 Annual Results
SNCF Group’s full-year results for 2020 reflect the economic impact of the Covid-19 crisis.
In this unprecedented environment, SNCF implemented a sweeping cost-cutting programme and the French State offered support by rolling out a recovery plan for the rail industry.
SNCF Group stepped up its operational and commercial adaptation and continued its development.
The Group’s objective is unchanged: become a world-class champion of sustainable mobility for passengers and freight by 2030, with rail as its core business and France as its touchstone country.
SNCF Group’s results for 2020 reflect the impact of the Covid-19 crisis, and, more marginally, strikes in early 2020 linked to pension reforms in France.
- Revenue came to €30bn, down 14% from 2019, with -€6.8bn reflecting the impact of the pandemic.
- EBITDA stood at €2.0bn, with a net loss of -€3.0bn, including -€5.4bn due to Covid-19.
- SNCF’s net indebtedness stood at -€38.1bn (following the transfer of €25bn to the State on 1 January 2020).
But SNCF Group also showed the resilience of its business model and its ability to cushion the impact of upheavals in an unprecedented crisis.
- It took the initiative to adapt its product/service offer and sales strategy, taking part in and supporting the recovery, with a marked rebound during the summer and winter holidays.
- The Group’s diversified business portfolio made it more resilient: Geodis in particular saw a rise during the year (+4.5%) and operations under contract showed signs of resilience (Transilien +2%, TER -4% and Keolis ‑8).
- A crisis response plan for core operations combined with unprecedented cost-cutting from April on had a positive €2.5bn impact on SNCF Group’s cash position at year-end 2020.
- At the end of the exceptional year, the company has retained both its sound financial footing and investor confidence, due in particular to the €4.7bn rail recovery plan and measures to promote rail, in particular rail freight, by the French government.
- SNCF demonstrated its public utility more than ever, at every stage of the pandemic, working with State and regional authorities on a daily basis to assist health authorities and keep mobility services essential to the economy running (commuter travel and transport of essential goods).
SNCF Group has stepped up the pace of change and development to meet its aim of becoming the world champion in sustainable mobility.
- The Group is pursuing both operational and commercial adaptation while strengthening its core activities.
- On international markets, Keolis and Geodis have ongoing, selective growth targets. The two companies are strategic assets that will serve as growth drivers for the future, contributing to Group resilience and profitability.
- With passenger rail in France set to open up to competition, the Group is approaching the challenge from a winning position. It has increased its exchanges with mobility organizing authorities to offer customized strategies and solutions.
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