FINANCIAL and CSR REPORT 2013 Attestation of the Persons Responsible for the Annual Report
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FINANCIAL AND CSR REPORT 2013 Attestation of the persons responsible for the annual report We, the undersigned, hereby attest that to the best of our knowledge the fi nancial statements have been prepared in accordance with generally accepted accounting principles and give a true and fair view of the assets, liabilities, fi nancial position and results of operations of the company and all the companies consolidated, as well as a description of the main risks and uncertainties facing them. Chairman and Chief Executive Offi cer Pierre Mongin Chief Financial Offi cer Alain Le Duc SUMMARY p. THE PRESIDENT’S REPORT p. 26 p. CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT REPORT RATP Epic and RATP group CSR REPORT244 p. FINANCIAL 96 STATEMENTS MANAGEMENT 020REPORT FINANCIAL RESULTS 04 WORKFORCE, ENVIRONMENTAL AND SOCIAL INFORMATIONS 09 NOTE ON EXTRA-FINANCIAL REPORTING METHODOLOGY 22 REPORT BY ONE OF THE STATUTORY AUDITORS 24 02 • RATP GROUP • FINANCIAL AND CSR REPORT • 2013 RATP GROUP ORGANISATION CHART - 31 DECEMBER 2013 TELCITÉ % TELCITÉ NAO % SEDP % NAXOS % Real Property & Telecoms Division PROMO MÉTRO % SADM % Unconsolidated subsidiaries LOGISTRANSPORT % L’HABITATION Engineering Division TRANSPORTS ,% REAL PROPERTY, Transport Division MARKETING & TELECOMS & MARKETING RATP INTERNATIONAL % GROUPE SYSTRA ,% IXXI % METROLAB % ENGINEERING RATP DÉVELOPPEMENT % FLEXCITÉ ,% FLEXCITÉ % FLEXCITÉ % FLEXCITÉ % FLEXCITÉ TAD % FLEXCITÉ % TVM % FLEXCITÉ % MOBICITÉ % FLEXCITÉ TSE % CTY % FLEXCITÉ % EM SERVICES % EMS RENNES % JACQUEMARD ET CIE % ORLYVAL SERVICE % TPA % STIN % CTB % TÉLÉPHÉRIQUE DU SALEVE % RATP DEV FRANCE INVESTISSEMENTS % RATP DEV FRANCE SERVICES % ,% CTVMI % SCI FONCIÈRE RD ,% CÉOBUS % CARS PERRIER % SQYBUS ,% ,% SCI SOFITIM % TIM BUS ,% SLT % SELT % STIVO % STIVIMMO % % CITÉ BLEUE % GEMBUS % CARS DUNOIS % CARS SAINT MARTIN ,% DUNOIS VOYAGES % ODULYS % ALPBUS FOURNIER % CHAMPAGNE TRAM DI FIRENZE ,% MOBILITÉS % TRANSPORT HERM ,% SETA ,% MOULINS MOBILITÉS % GEST SPA % STDM % AUTOLINE TOSCANE % STI ALLIER % LFI ,% TFT SPA % STI CENTRE % DOLOMITI BUS ,% RFT SPA % STI HAUTESAVOIE % CILIA ITALIA % STU BOURGES % HELVÉCIE SA % STU VIERZON % RATP DEV SUISSE TP % VIENNE MOBILITÉS % SELWINS TRAVEL STILE % LIMITED % CTCM BOURNEMOUTH CHARLEVILLEMÉZIÈRES % TRANSPORT % MATEM % LONDON UNITED BUSWAYS % RATP DEV ITALIA % BATH BUS COMPANY % RATP DEV SUISSE % METROLINK % RATP DEV UK % H R RICHMOND LTD % RATP DEV USA LLC % NANJING ANQING ,% MC DONALD % CASA TRAM % TRANSIT ASS. ,% RDMT DC % NANJING HUAIBEI % EL DJAZAÏR % FULLINGTON AUTO NANJING HUAINAN ,% BUS COMPANY % BOMBELA NANJING JV % NANJING MAANSHAN % OPERATING COMPANY % RDSL URBAN ,% RDSL URBAN NY % TRAMWAY VEOLIA SETRAM % VTCL % HONG KONG % TRANSPORT RATP ASIA % % TRAM SHENYANG % VTR CHINA % VTR CONSULTING % VTR KOREA % VT KOREA % SÉOUL LIGNE % VTR INDIA % MUMBAY % RATP DO BRASIL % RATP GROUP • FINANCIAL AND CSR REPORT • 2013 • 03 Management Report FINANCIAL RESULTS FINANCIAL RESULTS • There was strong organic growth in the Île-de-France and Rhône-Alpes 1 • PRINCIPAL DEVELOPMENTS regions. IN 2013 A new lease of life for the subsidiary Ixxi, boosted by RATP’s ticketing activi- ties transferred during the second half. 1.1 Transport Other developments outside France RATP Business outside France performed even better: In 2013, RATP’s results improved, in line with the targets of the agreement • In the United States, the full-year eff ect of operating the Austin (Texas) with the Île-de-France transport authority, despite the diffi cult economic bus network contributed greatly to improved performance in the area. environment. The vitality of the United States market was also illustrated by signifi - cant progress on the Washington DC tramway, the successful bid for RATP’s traffi c fi gures were up 1% to 3,140 million journeys, mainly due to the Augusta bus service, the start of the Tucson tramway management the tramway extension. However, paid journeys stayed almost fl at, with a contract, and preparations to roll out tourist bus services in New York; 0.1% increase, below the 0.9% increase provided for in the agreement. • There was strong organic growth in the United Kingdom with the opera- tion of the Manchester tramway system (three new lines became oper- Revenue reported by the RATP parent company increased by €97 million ational) and the acquisition of Selwyns Travel, specializing in intercity (2.2%), of which €54 million were generated by new services. The index transport services and coach hire; used to revise the Île-de-France transport authority contributions decreased • Cilia Italia was acquired (in the region of Latium, near Rome); from 1.8% in 2012 to 1.1% in 2013. RATP’s EBITDA amounted to €1,144 • In North Africa, in addition to the Algiers tramway commissioned in 2012, million, up €44 million, or 4%, mainly due to productivity gains. tramway operations were launched in two other Algerian cities, Oran and Constantine, contributing to strong business growth. In Morocco, the This resulted in cash fl ows from operations of €861 million, up €28 million full-year eff ect of operating the tramway explains the increase in activ- or 3.3% compared with 2012. Excluding non-recurring items, the increase ity since 2012; from 2012 to 2013 was €38 million. • In Asia, the know-how of RATP’s teams enabled the Shenyang tramways to be successfully commissioned within a very short time. In Macau, the Net income for 2013 (€284 million) was negatively impacted by non-recur- shareholders terminated the contract with the local authorities on Octo- ring items of €12 million (asset retirements in maintenance workshops due ber 1 as they were unable to reach an agreement with them. to new rolling stock). Comparatively, 2012 net income amounted to €286 million, of which €22 million in non-recurring items (including gains arising from the sale of property), or an increase in recurring items of €32 million. 1.2 Engineering RATP prepares separate fi nancial statements for infrastructure manage- Systra Group reported an increase of approximately 10% in business due to ment and transport operations, in accordance with the provisions of the changes in consolidation scope. International business was buoyant again, French law of June 3, 2010. EBITDA, net income and debt were in line with particularly in the Middle East. the company’s fi nancial targets: • The infrastructure management CGU generated net income of €67 mil- The order book amounted to €906 million, or 24 months of revenue. The lion and cash fl ows from operations of €292 million; following new contracts were significant in 2013: metro lines 1 to 3 in • The transport operations CGU generated net income of €218 million and Riyadh; the Subiyah bridge in Kuwait; public transport projects in Mecca; cash fl ows from operations of €568 million; the Batna tramway in Algeria; and in France, two major contracts for the • Net debt amounted to €2,725 million and €2,514 million for infrastruc- Greater Paris project, namely, the Antony-Clamart tramway and the east- ture management and transport operations, respectively, with total debt ward extension of line E (the “EOLE” project). of €5,239 million for RATP (impacted by the payment of €200 million to the Île-de-France transport authority for the transfer of ownership of Overall, engineering business performed well, with improved results by for- assets to RATP). eign subsidiaries, generating a 36% increase in net income. Other developments in France Business activity was buoyant in 2013: 1.3 Real Property, Marketing & Telecoms • Several businesses were acquired in the Nièvre department and activi- ties were bolstered in the areas around Moulins (via STIA), Bourges and In comparison with 2012, business growth was spurred on by the launch of Cosne-Cours-sur-Loire (via STIC); 3G/4G operations by Telcité Nao. • The eff ect of operating the Bourges city transport network as a delegated public service since July 2012 continued into 2013. The Vienne Mobilité contract was renewed; 04 • RATP GROUP • FINANCIAL AND CSR REPORT • 2013 Group revenue increased €208.7 million (4.2%), of which €87.9 million for 2 • CONSOLIDATED RESULTS RATP and €118 million for the transport subsidiaries. AS AT DECEMBER 31, 2013 The improvement in RATP’s business in 2013 was driven both by increased traffi c mainly due to the tramway extension, and also by the 1.1% increase The consolidated results are refl ected in the following fi nancial indicators: in the contribution from the Île-de-France transport authority in 2013. • Group revenue, which was up 4.2% from year-end 2012 (15.8% for sub- sidiaries and 2.1% for RATP); The subsidiaries’ contribution increased €120.8 million, which is over • Operating income (EBIT) totalling €519 million, up almost €4 million from 15.8%. Their relative share of revenue was up from 15.5% at year-end 2012 year-end 2012. The increase was entirely generated by Group subsidiaries; to 17.2% at year-end 2013. Such strong growth is particularly impressive • Net income attributable to owners of the company, which amounted to considering that unfavourable exchange rates had a negative impact of €29 €293 million, was up €8 million from year-end 2012; million on the transport subsidiaries, mainly aff ecting the pound sterling • Equity, up almost €312 million compared with year-end 2012; (€14 million) and the South African rand (€13 million). • And net debt, which increased by €48 million from year-end 2012. The strong performance was rooted mainly in the full-year eff ect of activi- Group capital expenditure amounted to €1,589 million, up