RATP second Green Bond 2019 May Contents 1. Company overview & link 5. An ambitious Corporate with the French State Social Responsability & strong achievements 2. RATP group core businesses: expert in urban 6. A second benchmark Green mobility Bond dedicated to the ecological and energy 3. Results & performance transition
4. Fundind strategy 7. Appendix
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C2 - Internal Natixis 1. COMPANY OVERVIEW & LINK WITH THE FRENCH STATE RATP, a French public entity of an industrial and commercial character with autonomous management (EPIC* Status) created under Law dated 1948
Created to run, develop and maintain the public transportation system in the RATP Group is 100% owned by the French State Greater Paris area (Region Ile-de- European regulation in 2007 asked for a gradual opening of the competition in the France) (infrastructure and rolling passenger transport sector. A French Law in 2009 stated that: stock). • RATP will remain the owner and sole manager of the existing rail network
• RATP will face operating opening to competition in 2025 for the bus network, Since 2010 authorized to operate 2030 for the tramway network and 2040 for the railway network beyond its original scope through • Ile-de-France Mobilités (Greater Paris transport authority) becomes the legal subsidiaries owner of the rolling stock
4 * Etablissement Public Industriel et Commercial (“EPIC”)
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RATP group, a 16 61,000 million employees leading public at 31 December 2018 passengers carried (19% abroad) transport operator every day worldwide in France & abroad € 5.6 billion € 200 € 1.6 billion invested in 2018 consolidated revenues in million in the Île-de-France 2018 net income in 2018 Region 5th largest urban public transport operator in the world One of the most diversified multi-modal player
METRO TRAMWAY BUS RAIL CABLE CAR
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C2 - Internal Natixis Credit Ratings in line with the French state
RATP is rated the highest possible ratings, in line with the French State, on the basis of: • Strategic importance as the owner and the only infrastructure manager of urban transport in Paris (by law) • Strong support and control from the French State – 100% State-ownership • As an EPIC, no subject to private sector bankruptcy law • Resilient budgetary performance and medium-term debt stabilisation
6 A diversified Group organised around the EPIC RATP
7 RATP Dev, a success story 15 countries 4 continents
8,000 bus
operated 70% worldwide of turnover generated United abroad in 2018 Kingdom RATP Dev exported the Group’s expertise in operating and maintaining all
€ 1.2 RATP Dev’s biggest modes of transport to new territories in France and abroad billion market RATP Dev is targeting markets that offer • profitability only Contribution to € 2 Group revenue • size effect possible (UK, USA, Italy) and high added value (Saudi Arabia) billion Thanks to RATP Dev, RATP is getting ready to the progressive opening to contracted for the Riyadh metro competition on its historical network in Region Ile-de-France 8 network
C2 - Internal Natixis Long-term trends favorable to the Group’s development
Urbanisation & Environmental 200 km of new metro emergence of awareness lines in the Greater megacities • Cost of pollution Paris • Urban share of the world 1.5% of French GDP • Grand Paris Express population represented • Cost of congestion 50% in 2015 and should • Call for tenders to 2-4% of agglomeration's operate new metro lines reach 70% in 2050 GDP - McKinsey 2017 • In 2030 more than 100 • RATP exclusive cities with more than 5M maintainer of the inhabitants (15% world infrastructure upon population) completion by law
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C2 - Internal Natixis 2. RATP GROUP CORE BUSINESSES: EXPERT IN
URBAN MOBILITY Operates metro lines all over the world
• 14 lines and 1 airport line in the Greater Paris area • First foreign operator in Mumbai (India) • Only private operator in Seoul (South Korea) • Won the tender for the operation and maintenance of 2 new metro lines in Riyad (Saudi Arabia) and 1 new live in Doha (Qatar)
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C2 - Internal Natixis World leader in automated metro
Unequalled advantages in transport systems, maintaining and engineering Proven expertises: • Installation of automated lines • Management of automated lines extensions • Automation of existing lines Expertise deployed on 4 continents 12
C2 - Internal Natixis Operates Europe third largest network
TRAMWAY
In the Greater Paris area: Outside France • 100 km of track (7 lines) • Over 300 km of tracks • Europe third largest network • Routes in China (Nanjing, Shenyang, Hong Kong) • 276 millions passengers (+7.8% • Routes in United States, Italy, Brasil, Morocco…
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C2 - Internal Natixis Extremely diversified offer
BUS
• Extremely diversified offer: urban and intercity bus • 4,700 buses in the Greater Paris area, networks, school transports, sightseeing centre city 50% electric – 30% biogas – 20% hybrid by 2025 shuttle buses, on-demand transport… • Over 1,000 buses in London • 8,000 buses around the world (excluding the • Intercity routes in 18 states of America Greater Paris area) • A sightseeing operator: Extrapolitan label
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C2 - Internal Natixis Operates the world’s busiest urban line
RAIL
In the Greater Paris area Outside France • RER A: one of the world’s busiest lines • South Africa: Gautrain express, (up to 1.2 million passengers per working day) Africa’s fastest rail line • RER B: almost 900,000 passengers per day • Italy: 2 regional railway lines
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C2 - Internal Natixis 3. RESULTS & PERFORMANCE Consolidated • RATP Group's revenues increased regularly between 2014 and revenue in 2018 • Contribution of subsidiaries increased from 17% in 2014 to 22% constant progress in 2018
EPIC RATP RATP subsidiaries Contribution of subsidiaries (%) 6000 25% € 5 556 € 5 448 € 5 486 € 5 563* € 5 257 1143 1126 1114 1211 5000 914 20% 21% 22% 17% 21% 20% 4000
15%
3000 %
Our goal for 2020: EURmillion 10% 4343 4413 4372 4352 2000 4322 • € 7 billion of revenues 5% 1000 • 30% of which generated by subsidiaries 0 0% 2014 2015 2016 2017 2018
* First application of IFRS 15 17
C2 - Internal Natixis Financial results Highest level of profitability in Europe
EBITDA Operating income Net Income attributable to Group EBITDA margin Operating income margin €m
1 200 25% • Recurring Group's Net Income €290 million in 2018 vs 266 million in 2017 (demonstrates the strengthening of RATP’s 1 000 954 operating performance) 20% 846 839 817 786 786 800 • Recurring EBIT rose by €28 million over 2017 to €476 15% million, a clear improvement by both RATP and RATP DEV 629 600 519 516 476 437 448 10% 382 • Consolidated total equity in constant scope increased: 400 339 equity doubled between 2007 and 2018 to reach €4.9 billion 293 298 200 5% 200 171 • Gearing improved from 1.13 in 2017 to 1.07 in 2018 (in line with our ratio target of 1.1 set for 2020) 0 0% 2013 2014 2015 2016 2017 2018
18 Stable leverage
Group’s Net Debt over the years
€m Net Debt Operating Cash Flow Net Debt/Operating Cash Flow (RHS) Leverage (RHS)
7 000 8.0
6 000 5 439 5 233 7.0 5 020 5 188 5 187 5 278 6.0 5 000 5.0 4 000 4.0 3 000 3.0 2 000 2.0 1 004 911 786 954 912 976 1 000 1.0
0 0.0 2013 2014 2015 2016 2017 2018
• The EPIC’s net debt contracted by €45 million to €5.2 billion at the end of 2018 thanks to improved cash flow and the drive to improve Working Capital Requirement in operation and investment.
• Over the IDFM’s five-year term contract, debt will be stable despite significant investment program.
19 Focus on the RATP-IDFM 2016-2020 contract 8.5 billion record investments plan
• Operates public transports in • Establishes regional public Greater Paris area transport services
• Manages infrastructures • Defines new transport offers
• Bears industrial risk • Sets up tariffs
• Bears most of the traffic risk
• IDFM is the sole transport authority responsible for Region Ile-de-France (Greater Paris area) on all modes of ground transports
• The relationship between IDFM and operators is based on multi-year contracts since 2000
20 Investments in the Two main objectives : • Develop the transport offering by providing new services and increasing existing Greater Paris area transport capacity €1,579 million • Prepare for the future by maintaining RATP’s heritage and developing new invested in 2018 services
1 832 1 784
1 580 1 560 1 579 1 513
2013 2014 2015 2016 2017 2018
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C2 - Internal Natixis 4. FUNDING STRATEGY Caution and dynamic funding strategy RATP EPIC is a historical and regular borrower on Debt Capital Markets: expected annual issuance programme of EUR 500-600m targeting medium- to long-term tenors
Strong Liquidity position Public issuance Private placements EUR2.5bn Commercial paper program To complete existing EUR Curve EUR30-50m equivalent min tickets can be considered EUR500m+ Issue Size Any currency: JPY, AUD, USD, HKD, CHF… Preference for medium to long tenors (7-15y) Vanilla and lightly structured pay-offs Spread offered vs. French Government Curve EUR5.2bn Total Debt mainly through Bonds (90%) (OAT) Tenors: 18mth-30y (as of end of Dec 2018) Green Bond issuance in 2017 Green Bond Private Placements possible
Legal documentation No Foreign exchange risk: RATP systematically hedges foreign exchange risk on EUR6bn EMTN Programme (implemented in 1995) foreign currency’s issues using cross-currency swaps Senior unsecured - RegS Dematerialised - Listing Paris – French Law
23 Debt Profile and Secondary Curve RATP offers to investors: (i) a well developed EUR credit curve, (ii) room for new issues at medium to long tenors and (iii) a spread pick-up versus French Government Curve
A smooth maturity profile: Progressive construction of a smooth curve No redemption peak: average redemption 700M€ of €500m per year 600M€ 500M€ 400M€ Demonstrated access to the bond market: 300M€ 11 bonds outstanding 200M€ 7 EUR benchmarks with €450-650m size 100M€ 2 latest bond issues: 0M€ 2019 2021 2023 2025 2027 2029 2031 2048 June 2018: €200m 30y (private placement) June 2017: €500m 10y (Green Bond)
24 RATP investors’ profile RATP benefits from a strong demand from French Insurance and Asset managers. However, RATP is today eager to diversify its investor base
Investors breakdown by Geographies Investor Breakdown by Types
Switzerland Asia Others Others Central Banks 3% 1% 4% 3% 5% Nordics Private Banking 2% 2%
UK Pension Funds 9% 8%
Benelux 6%
France Fund Managers Germany 70% 43% 5% Insurance 39%
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Source: RATP Finance Department – EUR2bn+ issued since 2008 Eur500 million 10-year inaugural Green Bond The Group commits to be a major player in sustainable mobility and sustainable city infrastructure to reduce its environmental footprint
The transaction attracted an impressive and granular orderbook of over EUR1.6bn (exc. JLM)
With this Green Bond, RATP encountered the largest and most geographically diversified orderbook they ever had on a transaction
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Source: RATP Finance Department – EUR2bn+ issued since 2008 5. AN AMBITIOUS CORPORATE SOCIAL RESPONSABILITY & STRONG ACHIEVEMENTS A long story with CSR
June 2017 inaugural Green Bond
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C2 - Internal Natixis An external recognition in 2018: ISO 26000 The RATP 1st multimodal transport operator in the world labeled "Engaged CSR confirmed level" by Afnor Certification
• This label, recognized internationally and valid for a period of 3 years, was awarded following an evaluation of the company's CSR strategy through various criteria such as environmental policy, territorial development, social dialogue or governance. • It shows an excellent performance especially in terms of human resources, territorial anchoring and sustainable production methods. 29
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A CSR policy with 3 directions & 9 strategic priorities
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C2 - Internal Natixis A CSR policy worked out in consultation with The stakeholders
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C2 - Internal Natixis A CSR policy with ambitious targets Public transport is by definition environmentally-friendly. We intend to be a leading player in this field.
-20% & -50% BUS2025 Responsible Develop circular Consumption 100% ISO 14001- purchases economy models reduction targets certified industrial RATP: 4,700 buses
sites in 2020 The Two-Bank district Energy & greenhouse The ambitious RATP plan for inclusion of eco-design (RATP) “Quartier des deux rives” in emissions per passenger km a 100% ecologically friendly criteria in contracts Paris between 2015 & 2025 fleet in Paris Region in 2025
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C2 - Internal Natixis Ambitious and • Paris Habitat and the RATP recover the heat of the innovative projects metro to supply a social Two significant examples housing building
• Quartier des deux rives « the two-bank district » in Paris : the circular economy on a scale of a parisian district
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C2 - Internal Natixis 3 Projects financed by the RATP inaugural Green Bond in 2017 Renewal of rolling Automation of Paris Purchase of 100% stock of the RER A, Metro line 4 electric maintenance the busiest regional RER shunter
train in Europe
€250 million financed by €200 million financed by € 50 million financed by the the bond the bond bond 100% refinancing 100% new financing 100% new financing
1 140 32 *See impact report June 2018 TWh energy savings* GWh energy savings* GWh energy savings* https://www.ratp.fr/en/en/la-ratp-et-les-green-bonds 50,400 6,700 14,000 tCO e saved 34 tCO2e saved 2 tCO2e saved
C2 - Internal Natixis 6. A 2ND BENCHMARK GREEN BOND DEDICATED
TO THE ECOLOGICAL AND ENERGY TRANSITION Rationale for the second benchmark RATP Green Bond
• An new RATP Green Bond to promote energy sobriety and low- carbon mobility • An opportunity to emphasize the Group’s strategy in terms of sustainability and climate change mitigation • A strong commitment to achieve environmental and other sustainability objectives
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C2 - Internal Natixis Overview of RATP Green Bond Framework
External Review Aligned with the Green Bond Principles Second Party Opinion by Vigeo Eiris
Use of proceeds Management of proceeds • Public transport infrastructures • Public transport station and spaces • Proceeds to be credited to the general funding account and used to finance, new maintenance and renovation modernization projects and/or refinance existing projects up to two years prior to the issue date • Viacducts • Station upgrades and modernization (share of refinancing: 50% approx.) • Tramway lines program • Automatic signals • LED projects • Mechanic ventilation • Unallocated proceeds to be temporarily invested in accordance with RATP’s established investment guidelines • Public transport rolling stock renovation • Other public transport low-carbon and renewal vehicles • RATP’s Control and Investment department in charge of tracking the investments • New & renovated rolling stock • Bus2025 Project of the proceeds allocated to Eligible Green Projects • Electric traction locomotives Process for Project Evaluation and Selection Reporting . Key selection criteria: • Allocation report • projects should be financed in equity • At category level and Bond level • projects should not likely be the subject of major controversy (this risk is determined after a • Provided on an annual basis, until the full allocation of the Green Bond proceeds consultation of the legal department) • Published within the CSR annual report • projects should meet the environmental and sustainability objectives stated above • Validated by external auditors
. A dedicated Green Bond Committee to select Eligible Green Projects • Impact report • Environmental impact metrics for carbon impact and energy efficiency, pollution reduction . Validation of the Eligible Projects list by RATP Executive Committee impact, waste and water management • Other Sustainability impact metrics on network activity and usage, job creation and preservation
37 3 major projects financed by the 2019 RATP green bond
BUS2025 Vaugirard Workshops New vehicules for Metro line 14
The ambitious RATP An industrial and urban More ergonomic plan for a 100% project : an exemplary vehicles with more ecologically friendly urban mix operation capacity for an extended fleet in Paris Region line
€250 million financed €100 million financed €150 million financed by the bond by the bond by the bond (bus & depots) (workshops) (vehicles)
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C2 - Internal Natixis 4700 buses 1 billion passengers per year 12094 stops BUS2025 338 routes 179 million km/year The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
A 3 phases project • 2015 : real life trials • 2017 : first deployment with first An alignment for huge bid to acquire electric buses 100% electric buses • 2019 : large scale deployment
to the EU taxonomy The journey has already started with project • 950 hybrid buses • 140 CNG buses • 80 electric buses 39
C2 - Internal Natixis A double challenge : Transformation of the BUS2025 depots & of the fleet The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region
The depots must be transformed, and the minimization of the impact on the electric grid is taken into account • Choice of recharging vehicles at night at depots to reduce the impact on the network and the need for fast charging: solicitation of the network, at most outside peak hours
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C2 - Internal Natixis BUS2025 A 50% reduction of greenhouse The ambitious RATP plan for a gas emissions 100% ecologically friendly fleet in Paris Region (-200,000 tCO2e over 10 years)
Impressive environmental impacts: less air pollution Particles -80% Hydrocarbon -80% NOx - 90% CO -45%
And less noise : positive driver & passenger feedback (real life trial results)
Social & societal impacts More information https://www.ratp.fr/en/groupe-ratp/newsroom/sustainable- Industrial challenge : Research & Innovation, support to the development mobility/bus-2025-ambitious-ratp-plan-100-ecologically-friendly of the vehicle manufacturer’s sector 41
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Vaugirard workshops An industrial and urban project: an exemplary urban mix operation
February 2019: laying the first stone
Delivery from 2022: social housing, private Birth of a new district with the creation of an urban road and: housing, equipment maintenance workshop • two maintenance workshops: rolling stock and equipments Delivery 2023: private dwellings • 400 housings (50% social housing) 2027: restructuring of the train maintenance workshop, other part of the housing units • a day nursery for children, food shops
700 m2 dedicated to urban agriculture and the largest green roof in More information (in french): http://www.lesateliersvaugirard.fr/le-groupe-ratp-confie-la- Paris with 15,000m2 realisation-des-ensembles-immobiliers-prives-des-ateliers- 42 vaugirard-emerige
C2 - Internal Natixis Vaugirard workshops An industrial and urban project: an exemplary urban mix operation Positive impacts related to RATP proactive CSR policy A division by 3 of energy consumption between the new RATP workshops and the old ones,
ie avoided GHG emissions of around 580 tCO2e per year • The entire project is part of an "Environmental approach to urban planning" (AEU2) implemented by the RATP group in partnership with the ADEME (French Agency for the Environment and Energy Management) Housings are certified "habitat environment" and meet the requirements of eco-design, 50% social housing (dedicated to RATP staff)
• Thermic Regulation (RT 2012) : -30% targeted energy consumption for dwellings Project that keeps the employment of blue-collar workers in dense areas and the urban mix
• And also 37,000 hours of integration into employment to help people who are unemployed, facing social and professional difficulties (long-term job seekers, young people without qualifications, social minima recipients…)
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C2 - Internal Natixis News vehicules for metro line 14 More ergonomic vehicles with more capacity for an extended line
First large-capacity automatic metro line commissioned in the world in 1998
550000 passengers per day
Future backbone of the Grand Paris Express, on the occasion of the extension of line 14 to Mairie de St-Ouen in 2019, the rolling stock 44 will be renewed on the entire line (First order 35 trains) C2 - Internal Natixis
Energy savings News vehicules for • Thanks to the new generation of energy recovery breaking system, metro line 14 and motors : 20% energy savings globally on the line (equivalent of the annual consumption of 1400 homes) More ergonomic vehicles with • Vehicles are internally Led lighted : 25% energy savings on lighting more capacity for an extended line Air quality : Thanks to the electrical breaking, particles emissions reduction
Social impacts & comfort Each train will offer 48 seats for people with reduced mobility and 2 for wheelchairs, a totally accessible train (wide circulation areas, new ergonomic seats) 40% quieter: -2dB inside
Recyclability 95% 45
C2 - Internal Natixis www.ratp.fr
Contacts
Maurice Jarlier Sophie Mazoué Head of Treasury and Finance Head of Sustainable Development +33 1 58 78 23 01 + 33 1 58 76 87 65 [email protected] [email protected]
Dominique Queguiner Sophie Klein Assistant Head of Treasury and Finance CSR & digital project manager +33 1 58 78 30 15 + 33 6 32 31 73 24 [email protected] [email protected] 46
C2 - Internal Natixis 7. APPENDIX RATP – IDFM – SGP
- Determines transport service provision and ticket prices - Owner, maintainer and sole manager of rail infrastructure without time limit by law (loi ORTF) - Until RATP’s operating network is opened to competition (loi ORTF): - Until RATP’s operating network is opened to legal property of rolling stock Existing RATP’s competition (loi ORTF): operating contributions made to cover RATP’s network RATP sole operator of existing lines investments in rolling stock (amortisation and - financial fees) (buses, trams, metro, RER) Economic property of rolling stock Rolling stock co-finance by RATP and IDFM - In 2024 (bus)/2029 (trams)/2039 (metro/RER) : - In 2024 (bus)/2029 (trams)/2039 (metro/RER) : IDFM full ownership of rolling stock Operating opened to competition IDFM reimburses RATP’s investments in rolling stock at net book value net of subventions Manages competitive bidding
- Owner of the rolling stock - Exclusive maintainer of the infrastructure upon - Reimburses SGP for GPE’s rolling stock Grand Paris Express completion by law (except for the stations) - Owner of infrastructure (GPE) - Determines transport service provision and ticket prices - Finances the infrastructure - Operating opened to competition - Manages competitive bidding
48 Le Grand Paris 200 km of automated metro, Express 90% underground network
Biggest urban project in Europe with a total capital investment of 35 billion €
RATP exclusive maintainer of the infrastructure upon completion by law
Calls for tenders to
49 operate the lines
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