The station loses nearly one billion euros in 2009
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The station has undergone in 2009 a net loss of 980 million, particularly due to impairment without which it would display a positive result of just three million, "she said Wednesday in a statement. The group had posted a profit of 575 million in 2008 and 1.042 billion in 2007. On a turnover – already published – down 1.2% to 24.882 billion euros, the current operating profit (before depreciation) divided by 6.8 in 2009 to 145 million.
Collapse freight
Group management attributes much of the loss of 2009 to "the crisis, obviously, which has lost more than 500 million euros in operating margin. This one (equivalent to EBITDA) declined from 35% to 1.688 billion or 6.8% of turnover."2009 was for us an annus horribilis with a collapse of freight and a collapse in passenger traffic, albeit much less pronounced in the rail in the air. Nevertheless, it is for us to stop the growth of TGV and it is a historical rupture, "said a senior executive.
The station found in its accounts the four main problems that has long been identified, for which it seeks relentlessly to government solutions.
The industry infrastructure, which works to maintain the network, and gives off an operating margin (excluding non-recurring) 25 million (5.144 billion on sales).The margin of "train planning" (Coral, night trains, etc..) That the company would like to see funded, it is negative (-120 million), while that of rail freight is -337 million.
The "breakage model TGV
As for Voyages SNCF – broadly – the margin is down 27% to 1.151 billion euros.Management sees this "breakage model TGV" first crisis and share structural problem "related to the increase in tolls that the group must pay to Network rail of France (RFF) to run its TGV.
The performance of branches Near (TER and commuter trains in the Ile-de-France) and SNCF Geodis (even without the freight train) were also affected by the crisis.
Massive writedowns
In addition, the station has spent in its 2009 accounts "of very significant depreciation of assets that fall under the impact of the crisis and also more structural elements, which are not new, the profitability of certain activities of the group ". They concern the industry infrastructure and rail freight.The group has depreciated to 721 million euros of assets in cargo and 245 million in infrastructure money that do not compensate for a unique product of 344 million realized from the sale of land at Batignolles, Paris .
"It has taken accounting measures adapted to the situation, but without swelling the line," commented the officer, noting that the auditors suggested the benefits of depreciation.
Saving measures being
SNCF "reacted strongly" with the economy measures and the search for additional revenue that have resulted in improved operating margin of 550 million euros, said the officer. He now finds that "the effects of the crisis have begun to fade."We do not expect a solid rebound in the market, especially as the structural problems remain," says he.
A perimeter and constant exchange rates, sales fell by 3.6% in 2009. This year should grow by 4%, calculated says.