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Rapport Financier SNCF RESEAU 2019

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Rapport Financier SNCF RESEAU 2019 31 December 2019 SNCF RÉSEAU GROUP FINANCIAL REPORT In € millions 15-17 rue Jean-Philippe Rameau – 93212 La Plaine Saint-Denis Cedex sncf -reseau.com 01 – MANAGEMENT STATEMENT ON THE FINANCIAL REPORT PAGE 003 02 – INTEGRATED MANAGEMENT REPORT ON THE SNCF RÉSEAU CONSOLIDATED FINANCIAL STATEMENTS PAGE 005 03 – SNCF RÉSEAU CONSOLIDATED FINANCIAL STATEMENTS PAGE 057 04 – MANAGEMENT REPORT ON THE SNCF RÉSEAU FINANCIAL STATEMENTS PAGE 121 05 – SNCF RÉSEAU FINANCIAL STATEMENTS PAGE 139 06 – STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS PAGE 178 07 – STATUTORY AUDITORS’ REPORT ON THE STATUTORY FINANCIAL STATEMENTS PAGE 184 08 – STATUTORY AUDITORS’ REPORT ON CSR INFORMATION PAGE 185 01 – MANAGEMENT STATEMENT ON THE FINANCIAL REPORT Statement sncf -reseau.com MANAGEMENT STATEMENT ON THE FINANCIAL REPORT We attest that, to the best of our knowledge, the financial statements have been prepared in accordance with the applicable accounting principles and give a true and fair view of the assets and liabilities and the financial position of the Group as at 31 December 2019 and of the results of its operations for the year then ended, and that the accompanying management report fairly presents the changes in operations, results and financial position of the Group and a description of its main risks and uncertainties. La Plaine Saint-Denis, 25 February 2020 Alain QUINET Hugues DE NICOLAY Deputy Chief Executive Officer, Deputy General Director, Finance & Purchasing 4 - 2019 SNCF RESEAU FINANCIAL REPORT 02 – INTEGRATED MANAGEMENT REPORT ON THE SNCF RÉSEAU CONSOLIDATED FINANCIALManagement report STATEMENTS IFRS – In € millions 2019 SNCF RESEAU FINANCIAL REPORT - 5 02 - Management report CONTENTS 1. SNCF RÉSEAU IN 2019 .... ERREUR ! SIGNET NON DEFINI. 3.6. INTERNAL CONTROL SYSTEM SUPERVISORY AND MONITORING BODIES .. ERREUR ! SIGNET NON DEFINI. 1.1. PRESENTATION OF THE ACTIVITY ERREUR ! SIGNET NON DEFINI. 3.7. INTERNAL CONTROL AND RISK MANAGEMENT 1.2. CORPORATE STRATEGY ERREUR ! SIGNE T NON DEFINI. PROCEDURES RELATING TO THE PREPARATION 1.3. MAJOR EVENTS ............. ERREUR ! SIGNET NON DEFINI. AND PROCESSING OF ACCOUNTING AND FINANCIAL INFORMATION ERREUR ! SIGN ET NON DEFINI. 1.4. SUBSEQUENT EVENTS ... ERREUR ! SIGNET NON DEFINI. 3.8. ACTIVITIES OF THE FINANCING AND TREASURY 1.5. FINANCIAL AND NON-FINANCIAL KEY FIGURESERREUR ! SIGNET NONDEPARTMENT DEFINI. ............... ERREUR ! SIGNET NON DEFINI. 1.6. IMPAIRMENT TESTS OF NON-CURRENT ASSETS ERREUR ! SIGNET4. NONNON DEFINI.-FINANCIAL PERFORMANC E STATEMENT ERREUR ! SIGNET NON DEFINI. 2. GROUP RESULTS AND FI NANCIAL POSITION ERREUR ! SIGNET4.1. NONIDENTIFY DEFINI. OUR RISKS TO BETTER MANAGE AND DEVELOP OUR OPPORTUNITIES ERREUR ! SIGNET NON DEFINI. 2.1. CASH FLOW STATEMENT ERREUR ! SIGNET NON DEFINI. 4.2. SUSTAINABLE DEVELOPMENT POLICY AND ITS 2.2. GENERAL OBSERVATIONS ON 2019 GROUP PRINCIPLES FOR ACTIONERREUR ! SIGNET NON DEFINI. RESULTS ......................... ERREUR ! SIGNET NON DEFINI. 4.3. SAFETY CHALLENGE: SECURE A HIGH LEVEL OF 2.3. INVESTMENTS ................ ERREUR ! SIGNET NON DEFINI. NETWORK SAFETY, THEREBY CONTRIBUTING TO 2.4. NET BORROWINGS AND FINANCING ERREUR ! SIGNET NON DEFINI.RAIL SYSTEM SAFETY .... ERREUR ! SIGNET NON DEFINI. 2.5. FINANCIAL RELATIONS WITH THE FRENCH STATE ERREUR ! SIGNET4.4. ENVIRONMENTALNON DEFINI. CHALLENGE: REDUCE OUR ECOLOGICAL FOOTPRINT AND CONSOLIDATE 2.6. SIGNING OF THE MULTI-YEAR PERFORMANCE OUR ENVIRONMENTAL ASSETS ERREUR ! SIGNET NON DEFINI. CONTRACT .................... ERREUR ! SIGNET NON DEFINI. 4.5. SOCIAL CHALLENGE: IMPROVE OUR SOCIAL 3. RISKS AND THEIR MANA GEMENT ERREUR ! SIGNET NON DEFINI. PERFORMANCE ............. ERREUR ! SIGNET NON DEFINI. 3.1. TYPES OF RISK ............... ERREUR ! SIGNET NON DEFINI. 4.6. SOCIETAL CHALLENGE: REINFORCE OUR REGIONAL INVOLVEMENT ERREUR ! SIGNET NON DEFINI. 3.2. GENERAL RISK MANAGEMENT ORGANISATION ERREUR ! SIGNET NON DEFINI. 4.7. NON-FINANCIAL REPORTING METHODOLOGY ERREUR ! SIGNET NON DEFINI 3.3. MANAGEMENT OF KEY OPERATING RISKS ERREUR ! SIGNET NON DEFINI. 5. Challenges and outlook .. ERREUR ! SIGNET NON DEFINI. 3.4. FINANCIAL RISK MANAGEMENT ERREUR ! SIGNET NON DEFINI. 3.5. LEGAL AND REGULATORY NON-COMPLIANCE RISKS .............................. ERREUR ! SIGNET NON DEFINI. 6 - 2019 SNCF RESEAU FINANCIAL REPORT Management report – 02 EDITORIAL 2019, A YEAR TO PREPARE FOR THE FUTURE The year 2019 was historic in terms of investment at €5.7 Training commitments were still considerable: around 7% of billion, up €617 million compared with 2018. A total of €2.74 total employees received initial and vocational training in 2019; billion was specifically earmarked to renovate and upgrade the around 80% of SNCF Réseau employees have followed training network while €2.2 billion was allocated to finance courses. The training transformation programme continued to development projects. develop at a fast pace, with several initial training courses completely changed, teaching methods widely changed for a These investments focused on the renewal of the whole number of courses, and the start of construction of two major network, from the busiest lines to minor historical regional training campuses. In this respect, SNCF Réseau allocated routes financed via Regional State Plan contracts. nearly €95 million to the future Saint-Priest and Bègles campuses and the expansion of the Nanterre campus. This The creation of a “high-performance network” started to take strongly emphasises the company’s determination to invest in shape in December, with first renewal work on control units for skills, both now and in the future, with, in particular, the impact the Paris-Lyon LGV high-speed line. The upgrading of this line of digitisation in job-related actions, and enable everyone to will be the first achievement in this SNCF Réseau flagship have an exciting professional career with advancement project, the purpose of which is to develop railway traffic on opportunities. the busiest lines which are becoming saturated. The aim is to increase from the number of trains per hour from 13 to 16 by 2019 was also an intense year promoting the intake of new 2025 by implementing technologies that will work in tandem generations. and setting up a European Rail Traffic Management System (ERTMS). - Thus 572 work-study contracts began in 2019, these new contracts being added to those already underway, The Network Centralised Command programme continued representing nearly 1,900 work-study contracts in 2019. with eight out of the 16 planned command centres in operation and a growing number of remote controlled switching stations. - Over 1,000 third-year trainees were accepted into various SNCF Réseau establishments to discover our The modernisation of the rail network mainly resulted in the professions. renewal of minor historical regional routes such as the Libourne-Bergerac line, reopened in September after nine Considerable groundwork was therefore carried out in 2009 to months of work and the launch of the Léman Express, the first boost the transformation of SNCF Réseau, and prepare for and national express service brought into service. implement the railway pact measures before their coming into force on 1 January 2020. The company follows a public group Operational testing on the GOC 2.0 software designed to offer logic as its share capital is now held 100% by SNCF, the parent decision-making assistance for traffic regulation started at the company. In the context of this Group, SNCF Réseau now takes end of November 2019 in Bourgogne Franche Comté. on certain duties to enhance traffic safety and robustness, handle crisis management and improve the service quality in In addition to its role as a major public investor for the network stations via its new subsidiary SNCF Gares & Connexions. This and regions, SNCF Réseau has continued deploying the work will be carried out for all current and future network users strategic Nouvel’R project, placing passengers and shippers at in connection with the future opening to competition. the very centre of the company’s activities and unlocking all the potential of digitisation. The Comité National des Parties Prenantes, the National Stakeholders Committee, was formed in 2018 and broken SNCF Réseau recruited nearly 2,000 employees including more down into Regional Committees in 2019 to develop a new than 35% in the Ile de France region and also widely form of dialogue with regional players in all areas: ecological throughout the regions. Therefore, SNCF Réseau has, in four transition, rail freight and regional coverage. years, recruited some 10,000 employees to meet the workloads relating to all its business lines and to replace a 2019 will therefore be remembered as a very active year for all significant number of retiring staff. those who used the national rail network. 2019 SNCF RESEAU FINANCIAL REPORT - 7 02 - Management report 8 - 2019 SNCF RESEAU FINANCIAL REPORT Management report – 02 2019 SNCF RESEAU FINANCIAL REPORT - 9 02 - Management report 1. SNCF RÉSEAU IN 2019 In July 2018, SNCF Réseau carried out a reorganisation, 1.1. PRESENTATION OF THE ACTIVITY becoming more transversal and customer-focused. The SNCF Réseau manages, maintains, develops and markets the reorganisation was structured according to major strategic services offered by the French National Rail Network. It tasks with three Control Departments (Strategy, Scheduling & manages safety and performance for nearly 30,000 km of rail Contracting Authority, Industrial & Engineering and System lines, of which 2,700
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