PR - SNCF French State Support & SNCF Group Strategy 10.12.2020
Published on 12 October 2020 at 21:00
SNCF Group H1 2020 results
Like all transport companies, SNCF Group was hit hard by the Covid-19 health crisis.
Prior to the pandemic, the Group had been making structural improvements in its business performance, underpinned by strong operating fundamentals.
In the unprecedented environment that followed, SNCF Group responded with a sweeping action plan and by 30 June had put liquidity on a sound footing, with a €1.1bn improvement in H1 and a full-year objective of €1.8bn.
- The first half of the year was marked by labour disputes in January, and the health crisis triggered by the Covid-19 pandemic from 17 March on, which affected SNCF Group and all rail activities.
- Prior to Covid-19, SNCF Group’s business performance showed structural improvements, with strong fundamentals for day-to-day operations (safety, service quality, on-time arrivals and passenger information).
- To comply with government-imposed restrictions, in April SNCF reduced rail capacity to 7% of normal for TGV, 34% for Transilien, and 16% for TER, to meet essential needs during the pandemic. Rail freight services continued operating at around 70% of the normal level.
- Revenue came to €14.1bn, down 21% from the first half of 2019, reflecting the impact of both the health crisis (-€3.9bn) and the January strikes (-€275m).
- To blunt the impact of these events, the Group deployed a stepped-up crisis mitigation plan and special cost-cutting measures, projected to total €1.8bn full year. At 30 June, these efforts had boosted SNCF’s liquidity by €1.1bn.
- Gross profit-EBITDA came to €136m, or 1.0% of revenue, down -€2.8bn from the first half of 2019, reflecting the heavy toll of both the health crisis (-€3.2bn) and the January strikes (-€240m).
- The Group reported a net loss of -€2.4bn for H1 2020 vs a net profit of +€20m at 30 June 2019.
- To date, SNCF Group’s liquidity is sound and its financing capacity remains intact. In mid-July, liquid resources stood at €6.8bn, plus an available credit facility of €3.5bn.
Looking for something specific? You can search all of our financial publications by year, language and document type.
Most recent publications
Présentation - Groupe SNCF Résultats S1 2020 - 30.07.2020
Published on 31 August 2020 at 11:00
SNCF, Your Global Transport Partner
Published on 25 June 2020 at 12:09
CP Groupe SNCF Revolving Credit Facility (RCF)
Published on 19 November 2019 at 15:37
|Short term||Long term||Outlook|
|Standard & Poor's||A-1+||AA-||negative|