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SNCF Mobilités Paris, France CORPORATES MAY 19, 2015 COMPANY PROFILE SNCF Mobilités Paris, France Table of Contents: Company Overview COMPANY OVERVIEW 1 BUSINESS DESCRIPTION 2 SNCF Mobilités is a transportation group owned by the French state. As France’s national railway MANAGEMENT STRATEGY/PRIORITIES 3 company, SNCF Mobilités also manages, operates, maintains and develops rail and related FINANCIAL HIGHLIGHTS 5 infrastructure on behalf of Réseau Ferré de France (RFF), the owner of the French railway 1 CAPITAL STRUCTURE AND DEBT network. Having been established with special status as an "Etablissement Public à Caractère MATURITY SCHEDULE 7 Industriel et Commercial" (EPIC), SNCF Mobilités is a French public corporation with autonomous COMPANY MANAGEMENT 9 management. OWNERSHIP STRUCTURE 11 SECTOR/INDUSTRY PEER GROUP 11 SNCF Mobilités operates in 120 countries worldwide. In the financial year ended 31 December RELATED WEBSITES AND 2014 (2014), it reported revenue of €27.2 billion. INFORMATION SOURCES 11 MOODY’S RELATED RESEARCH 12 The company originated as Société Nationale des Chemins de Fer Français in 1937 as a semi- public, limited-liability company. In January 1983, it was established as a wholly French state- owned industrial and commercial institution. Under the rail reform law which took effect on 1 Analyst Contacts: January 2015, the company changed its name to SNCF Mobilités. As of that date, the French government owned all its share capital. MILAN +39.02.9148.1100 Lorenzo Re +39.02.9148.1123 Source: Company Report (financial report Dec 2014), Company data, Moody’s research, Moody’s Financial Metrics Vice President – Senior Analyst [email protected] Giuliana Cirrincione +39.02.9148.1126 Associate Analyst [email protected] PARIS +33.1.7070.2229 Eric de Bodard +33.1.5330.1040 Managing Director – Corporate Finance [email protected] This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information, with the exception of financial data, is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody's Credit Opinion on this company, please [Click here]. 1 On 7 January 2015, RFF merged with SNCF Mobilités Infra division to create SNCF Réseau. Subsequently, all railway infrastructure activities were undertaken by SNCF Réseau. CORPORATES Business Description Transport operator SNCF Mobilités was founded in 1937 as a semi-public, limited-liability company for a period of 45 years. In 1955, however, it was incorporated for an unlimited duration. In January 1983, it became a wholly French state-owned industrial and commercial institution in accordance with the French Orientation Law on Domestic Transport (30 December 1982). The Reform Law 1997 extensively revised SNCF Mobilités' objectives and business, separating the management of France’s railway operations from that of its infrastructure. Ownership of the national railway network was transferred to RFF, while SNCF Mobilités retained the responsibility for network management. Historically, the company has expanded through acquisitions. In 2008, SNCF Mobilités acquired all outstanding shares of Geodis, a transport and logistics group. In 2009, SNCF Mobilités entered Italy’s high- speed rail market by acquiring a 20% stake in Italian railway operator Nuovo Trasporto Viaggiatori (NTV) for €80 million. In 2012, SNCF Mobilités increased its stake in Keolis, an international subsidiary operating bus, subway and tramway services, to 70% from 56%. In October 2013, the French Transportation Minister presented to the French Council of Ministers a series of legislative proposals to reform the French railway system. On 4 August 2014, a law was passed by the President of the French Republic to reorganise the country’s railways. With effect from 1 January 2015, a new state-owned group was established with the following entities: » SNCF Mobilités: The former EPIC Société Nationale des Chemins de Fer Français was renamed SNCF Mobilités. It manages all freight and passenger railway operations and will continue to include the activities of the SNCF Proximités, SNCF Voyages and SNCF Logistics divisions. SNCF Mobilités is also responsible for the management of all national network railway stations under the Gares & Connexions division. » SNCF Réseau: RFF merged with SNFC Infra to create SNCF Réseau. » SNCF: The new holding company SNCF was established to strategically coordinate group activities. SNCF Mobilités operates in 120 countries worldwide through the following four business units: SNCF Proximités; SNCF Voyages; SNCF Logistics; and Gares & Connexions. The business unit SNCF Infra, responsible for infrastructure-management activities on behalf of RFF, such as network maintenance, signalling and traffic management services, will no longer be part of SNCF Mobilités. On 7 January 2015, this division merged with RFF to create SNCF Réseau. It was reported as a discontinued operation during 2014. SNCF Proximités: Accounting for 42.4%2 of the company’s revenue in 2014, this business unit offers collective transport services on contract with public authorities, including trains, buses, coaches, metros, tram-trains, tramways, trolleybuses, car-sharing, ferries and airport ground transport. Catering to 10 million passengers daily, mainly through its Keolis/Effia subsidiaries, SNCF Proximités operated in 16 countries as of 31 December 2014 – Australia, Belgium, Canada, China, Denmark, France, Germany, India, Luxembourg, Norway, the Netherlands, Portugal, Sweden, the UK, the United Arab Emirates and the US. This publication does not announce SNCF Voyages: This business unit includes carrier services provided in France through its TGV and iDTGV a credit rating action. For any operations, and special trains and auto-trains. It also offers international high-speed services between France credit ratings referenced in this and the UK (Eurostar International), Belgium and the Netherlands (Thalys), Switzerland (TVG Lyria), publication, please see the ratings Germany (Alleo), Spain (Elipsos) and Italy (TGV Italia), and high-speed services in Austria (Westbahn) and tab on the issuer/entity page on www.moodys.com for the most Italy (NTV). In addition, it incorporates distribution services and train management. In 2014, this division updated credit rating action accounted for 22.4% of the company’s revenue. information and rating history. 2 Throughout this section, such percentages have been calculated excluding “Common operations and investments”, “Inter-division” and the SNCF Infra division, which was reported as a discontinued operation in 2014. 2 MAY 19, 2015 COMPANY PROFILE: SNCF MOBILITÉS CORPORATES SNCF Logistics: Accounting for 31.1% of the company’s revenue in 2014, this business unit is the freight and logistics arm of SNCF Mobilités. Its activities include rail freight, logistics services, port shipping and logistics, and combined railroad transport through its subsidiaries Geodis, STVA, Naviland Cargo, Lorry Rail, Captrain, VFLI and Ermewa Group. Gares & Connexions: This business unit is responsible for the development and operation of all national network railway stations, as well as the activities of its subsidiaries AREP group (architecture and urban planning) and A2C group (commercial station development). In 2014, it accounted for 4.1% of the company’s revenue. Source: Company Report (financial report Dec 2014), Company data, Moody’s research, Moody’s Financial Metrics EXHIBIT 1 EXHIBIT 2 Revenue by Division Operating Profit by Division (in € Million) (in € Million) 2013 2014 2013 2014 14,000 600 12,000 500 400 10,000 300 8,000 200 6,000 100 4,000 0 2,000 (100) 0 (200) SNCF SNCF SNCF Gares & SNCF SNCF SNCF Gares & Proximités Voyages Logistics Connexions Proximités Voyages Logistics Connexions division division division division division division division division Note: Excluding “Common operations and investments”, “Inter- Note: Excluding “Common operations and investments”, “Inter- division” and SNCF Infra division division” and SNCF Infra division Source: Company Report (financial report Dec 2014) Source: Company Report (financial report Dec 2014) Management Strategy/Priorities SNCF Mobilités maintains various strategic objectives, as follows: In October 2013, the company launched its EXCELLENCE 2020 corporate plan, which aims to offer the highest-quality, most efficient mobility and logistics services in Europe by 2020. Operationally, the company is focused on the following objectives: » Prioritising commuter services » Offering customised services to passenger, freight and logistics clients » Focusing on international growth: The company will focus on specific regions, enter partnerships and undertake acquisitions In addition to the above strategic objectives, SNCF Mobilités has announced the following business-specific strategies: 3 MAY 19, 2015 COMPANY PROFILE: SNCF MOBILITÉS CORPORATES SNCF Proximités » Increase traffic revenue by 2% through the Intercités subsidiary » Grow in France and internationally through the Keolis subsidiary » Introduce new Régiolis and Regio2N rolling stock through the TER subsidiary SNCF Logistics » Increase profitability, based on commercial and productivity development » Pursue organic growth of over 2% and continued business expansion outside Europe SNCF Voyages » Transform Thalys into a rail company » Develop the iDTGV product portfolio by introducing new services » Commercially develop
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