sncf group investor presentation
TRANSCRIPT
SNCF GROUP INVESTOR PRESENTATION
2 SNCF GROUP INVESTOR PRESENTATION
TABLE OF CONTENT
1 SNCF GROUP: AN OVERVIEW OF OUR BUSINESSES
2 SNCF GROUP: CREDIT PROFILE
3 SNCF RÉSEAU: CREDIT PROFILE
4 CSR: COMMITMENTS & GREEN BOND PROGRAMME
5 APPENDICES: BUSINESS PROFILES OTHER CONTACTS
AN OVERVIEW OF OUR BUSINESSES
4 SNCF GROUP INVESTOR PRESENTATION
SNCF GROUP PRESENTATIONA LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE
€ 33.3 bnTurnover in 2018
1/3 outside of France
World leader in day to day mobility
Revenues: € 5.9 bnEBITDA: € 350 m3.3 bn passengers annually
21 light rail networks worldwide
21,500 buses and coaches
16 countries
10 modes of transport
Freight and logistics, both internal and international, including non rail activities
Revenues: € 8.2 bnEBITDA: € 306 mDirect presencein 67 countriesA network connecting more than 120 countries
Rail freight transport solutions for industries (steel, chemicals, goods…)
Revenues: € 1.6 bnEBITDA: € -188 m
Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs
€ 4.0 bnGroup EBITDA in 2018
€ 21.6 bnNet debt pro forma of total debt relief*
SNCF Voyageurs
15 k trains / day, of which 7,000 in the Paris Greater area
15 m travelers / day in the world
KEOLIS
#1SNCF Logistics
#4 operator in Europe
#8 operator worldwide
OUI.SNCF
#1 online travel agency in France
SNCF Réseau
#2 largest network in Europe
#3 largest ‘high speed’ network in the world
€ 5.1 bnCAPEX financed on its own
by SNCF Group
AA-S&P
Stable
Aa3Moody’s Stable
A+Fitch
Stable
SNCF RéseauSNCF VoyageursKEOLISGEODISRail FreightOther*
Train operating company in France and internationally
Revenues: € 16.4 bnEBITDA: € 1.3 bn5 m passengers / day for TER regional lines and Transilien
8.4 m passengers on international markets in 2018
SNCF Voyageurs KEOLIS GEODIS Rail Freight
IN %automatic subway and tramway operator worldwide
23
18
24 4 -19100
Infrastructure and train station manager in France
Revenues: € 7.7 bnEBITDA: € 1.8 bn30,000 km size of the French network
20,000 train paths delivered daily
440 m t.km train paths sold in 2018
3,000 train stations under management in France
SNCF Réseau
50
* Mainly intercompany sales elimination
* Pro forma of the € 35 bn debt relief, post 2022
5 SNCF GROUP INVESTOR PRESENTATION
94% 6%SUB-SAHARAN AFRICA
€ 39 m
75%25%
NORTH AFRICA
€ 32 m45%
55%
MIDDLE EAST
€ 78 m 12%75% 13%
SOUTH ASIA
€ 88 m
95%5%
CENTRAL ASIA
€ 463 m
96% 4%
SOUTHEAST ASIA
€ 176 m
67%32%
0.9%
AUSTRALIA / OCEANIA
€ 840 m
99.7% 0.3%
CENTRAL AND EASTERN EUROPE
€ 220 m
60%
39%
0.7%NORTHERN EUROPE
€ 1 053 m
26%
72%1%0.6%
NORTH AMERICA
99.7% 0.3%
CENTRAL AMERICA
€ 172 m
€ 2 299 m
23%59%
18%
WESTERN EUROPE
€ 2 865 m
97% 3%
SOUTH AMERICA
€ 163 m
50%6%
43%0.7%
UNITED KINGDOM
€ 2 702 m
INTERNATIONAL FOOTPRINT1/3 OF TOTAL GROUP BUSINESS
BUSINESSES 2018
• Logistics
• Mass Transit
• Passengers long distance services
• Consulting and rail engineering (of which Systra, consolidated under the equity method)
* Total revenue volume generated by companies owned by SNCF Group (Controlling or not)
6 SNCF GROUP INVESTOR PRESENTATION
OVERVIEW OF THE REFORM
A NEW GOVERNANCE– Creation of a vertically integrated Group
gathering all rail activities
– Train stations manager « Gares & Connexions » is transferred to SNCF Réseau
– The 3 SNCF companies are all converted into SA (public limited company) with capital 100% (directly and indirectly) state-owned and non-transferable in order to ensure the independence of the corporate governance and new capitalistic links
– Compliant with the European regulation ensuring the independence between the infrastructure manager and operating companies (4th railway package)
DEVELOPMENT OF THE RAIL OFFER– Opening to competition of transport activities
(4th railway package)
– Foster the development of the rail offer via tariffs moderation on HSL and freight activities
A STRENGTHENED AND MORE SUSTAINABLE FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE– Higher productivity efforts at SNCF Group level
– Debt relief (SNCF Réseau) by the State for € 35 bn
– Increase in the modernization efforts by € 200 m per year from 2020 onwards on the railway infrastructure
– Stronger Golden Rule for SNCF Réseau: - Enlarged perimeter to include all capex - Ratio shifted from x18 to x6 by State decree - 2-year period to achieve financial ratio until 2026
A SOCIAL COMPONENT– End of the specific employee status for new workers
hired from 2020 onwards
OPENING TO COMPETITION
SCHEDULE
DECEMBER 2019
For subsidised services (TER, TET), French
regions able to organise call for tenders
DECEMBER 2020
“Open Access” allowed for High-Speed and conventional trains not subject to a public
service contract
DECEMBER 2023
For subsidised services (TER, TET) regions
or State will have to organise mandatory
call for tenders at the termination date of operating contracts
DECEMBER 2039
Special provisions for Transilien: opening is scheduled between
2023 and 2039 depending on lines
7 SNCF GROUP INVESTOR PRESENTATION
KEY STEPS TOWARDS THE NEW ORGANISATION
Gares & Connexions transferred from SNCF Mobilités (B.U.) to SNCF Réseau as a subsidiary
SNCF SA (holding) operating activities transferred to SNCF Voyageurs, to only retain strategic and controlling missions
SNCF Mobilités takes over SNCF EPIC to become the holding SNCF SA
SNCF Voyageurs takes over passenger activities and rolling stock of SNCF Mobilités including Thalys and Eurostar
SNCF SA (directly) and SNCF Voyageurs & SNCF Réseau (indirectly) become 100% State-owned public limited companies (French equivalent).
SNCF BECOMES A FULLY INTEGRATED GROUP FROM JANUARY 1ST, 2020
BIRTH OF AN INTEGRATED PLAYER
SNCF SA (Holding)
Subsidiaries
100% non transferable
100% 62%
55%
100% non transferable 70% 100% 100%
100% State-Owned shares non transferable
RÉSEAU SA Infrastructure manager
VOYAGEURS SA Operating company
Rail Freight
Multimodal freight & freight forwarding
Paris - Brussels - Amsterdam
Paris - London
GARES&CONNEXIONS SATrain station manager
Other subsidiaries are not mentionned in this chart
World leader in day to day mobility
8 SNCF GROUP INVESTOR PRESENTATION
OUR AMBITIONSBRINGING THE FREEDOM OF EFFORTLESS MOBILITY AND A GREENER PLANET TO ALL
GROW RAIL USEDevelop mass transit and prepare opening to competition
Target: € 47 bn invested in the network between 2017 & 2026
INCREASE CUSTOMER SATISFACTION Increase satisfaction among all categories of customers
Target: 84% in passengers satisfaction in 2026
DELIVER ECONOMIC DISCIPLINE AND HIGH PERFORMANCEGet the financial means to match our ambitions
Target: positive free cash flow by 2022
BE THE BEST ON THE FUNDAMENTALSPunctuality, regularity, passenger informationModernization efforts for the core network
Target: 90% in punctuality (< 5 mins) at departure by 2026
BOOST EMPLOYEE ENGAGEMENT AND SATISFACTIONPrepare employees to a new social pact
Target: +1 pt / year in employee satisfaction / commitment by 2026
WORK WITH REGIONS TO ADVANCE THE ECOLOGICAL AND INCLUSIVE TRANSITIONBy developing rail, carpooling and all kind of shared motilities
Target: -30% of tons of CO2 per passenger.km by 2026
SNCF GROUP CREDIT PROFILE
10 SNCF GROUP INVESTOR PRESENTATION
SNCF GROUP: CREDIT FEATURES
A LEADING COMPETITIVE POSITION
A REINFORCED FINANCIAL STRUCTURE
An integrated business model enabling the company to meet the challenges of “mass transit” with a multimodal offer aimed at reducing congestion in main conurbations (in France and abroad) and a strategy focused on sustainable development
Well prepared and positioned to benefit from the gradual opening to competition in the passenger transportation segment
World leader in urban mass transit and logistics in more than 120 countries
Targeting positive Free Cash Flow generation for SNCF Group from 2022 onwards
Financial ratios restored owing to the € 35 bn debt relief by the French State and a more stringent golden rule aimed at ensuring a sustainable long-term financial structure
Renewed state support: a new performance contract with the State (up to 2030) and a more supportive dividends reinvestment mechanism
A VERY STRONG LINK WITH AND A CRITICAL ROLE FOR THE FRENCH STATE
Entirely owned by the French State, with shares neither transferable nor sellable. Chairman of the holding SNCF SA is appointed by the French State
Strategic missions for the French State due to its role in the economy, regional planning, daily mobility, equal access to the territories, employment, Cop 21 trajectory compliance, energy transition, national defense
A large share of revenues originating from local authorities through contracts with the Regions
Shall be included in the “Government Related Entity” list by the European Commission and eligible to the ECPpurchasing programme for denominated issues
11 SNCF GROUP INVESTOR PRESENTATION
INVOLVED ALL ALONG THE VALUE CHAINA VIEW BY ACTIVITY
Business / Brands
Market
Business Environnment
Clients
Competitors & peers
KEOLIS
Private operatorof public transport,including light traintransport (subway,tramway), buses and coaches throughout more than 17 countries
Competitiveenvironment
Passengers (travel) and companies
(professional trips)
Transdev, DB Regio, Arriva, RATP,
First Group, MTR
GEODIS
Optimization of the supply chain, every step of the way,freight forwarding,contract logistics,distribution & expressand road transportwith a direct presence in 67 countries and a network covering 120 countries
Competitiveenvironment
Shippers
DB-ScheinkerXPO
KUEHNE + NAGEL
Rail Freight
Train transport & logistics solutions for industries (steel,chemicals, goods…)
Competitiveenvironment
KEOLIS GEODIS Rail Freight
SNCF Réseau Gares & Connexions
Rail networkmanagement,operation,maintenanceand development
Trains stationsrenovation & management
Legal & Natural monopoly
Train operating companies (incl. SNCF)
Train operating companies (incl. SNCF)
DB NetzADIFINEO
EUROVIA
ADPGrandi Stazioni
SNCF Réseau SA
TER + Transilien + IntercitésVoyages SNCF
HSL Train FranceOpening to
competition in 2020
Other activitiesOpened to competition
TER + IntercitésOpening to
competition from 2023 onwards
TransilienOpening to
competition from 2023 to 2039
Passengers (travel) and companies (professional trips)
Deutsche Bahn, ThelloAir France, Ryanair, Easy Jet
Flixbus, BlablacarExpedia (oui.sncf)
Transdev, DB Regio, Arriva, RATP
HSL Train FranceTGV InOui OuiGo
HSL Train EuropeEurostar
Thalys
Lyria
Elipsos
Alleo
SNCF Voyages Italia
Other MobilitiesWest bahn IDVroom…
DistributionOui.sncf
Rail Europe
…
TER + Intercités: regional and interregional train and coach service operated by SNCF and regional governments across France
Transilien: Train transportfor Greater Paris area (Ile de France Mobilités)
SNCF Voyageurs SA
12 SNCF GROUP INVESTOR PRESENTATION
166
3%
112
2%
32
1%
5.936
18%
8.161
24%
1.578
5%
6.216
19%
1.486
4%
Net (€bn) investments
Net investments (%)
884
17%
28
1%
-43
NA
2.956
60%
246
5%
696
12%
5.077
100%
SNCF Voyageurs SASNCF Réseau SA
Revenues (€bn)
Revenues (%)
EBITDA (€bn)
EBITDAMargin (%)
FCF 2018 (€bn)
FCF 2017 (€bn)
Employees
KEOLIS GEODIS Rail Freight Other activities SNCF Group
KEOLIS GEODIS Rail Freight
7.837
24%
7.690
23%
833
3%
1.044
13%
251
3%
50
6%
-68
256
171
-7
331
185
1.560
25%
233
16%
-2.502
-2.057
-59
-31
350
6%
306
4%
-188
NA
112
-27
144
207
-353
-283
-6.425*
-19%
33.312
100%
415** 4.020
12%
-336
-120
-2.560
-1.876
KEY FINANCIAL METRICS FY 2018A VIEW BY ACTIVITY
SNCF Réseau Gares & Connexions
** € 328 m Ermewa + € 125 m SNCF Immobilier + € 54 m SNCF Corporate* Including elimination of intercompany sales for € 10.4 bn
Voyages SNCF TER + Transilien SNCF Intercités
23.268 44.227 2.77158.301 4.056 65.664 39.869 10.933 23.633 272.721
13 SNCF GROUP INVESTOR PRESENTATION
2016 2017 2018 2018 PF 2) H1 2019
Revenues (€bn) 32.3 33.5 33.3 33.3 17.9EBITDA (€bn) 4.1 4.7 4.0 4.0 2.9Financial Result (€bn) -1.5 -1.5 -1.4 -0.6 NANet Result (Rec.) (€bn) 0.6 1.5 -0.2 0.8 0.0Gross Investments (€bn) -8.6 -8.8 -8.9 -8.7 -4.3Net investments excl. sub (€bn) -5.5 -5.1 -5.1 -4.9 -3.1Free Cash Flow (€bn) -2.8 -1.9 -2.6 -1.8 -1.5 3)
Net financial Debt (€bn) 52.8 54.6 56.6 21.6 59.7 3)
Equity (€bn) -7.2 -5.9 -6.5 28.5 NANet Debt / EBITDA (x) 12.7 11.4 14.2 5.4 NAGearing 4) (€bn) NA NA NA 43% NAEBITDA / Financial expenses (x) 2.8 3.2 2.8 7.0 NA1) In two steps, € 25 bn at 1st January and € 10 bn in 2022 2) Unaudited and notwhistanding 2018 debt repayment 3) SNCF Réseau + SNCF Mobilités 4) Defined as Net Debt / (Equity + Net Debt)
FINANCIAL PROFILESNCF GROUP: HISTORICAL FIGURES
COMMENTS ON 2018 & H1 2019 FIGURES
SNCF Group, will benefit from SNCF Réseau’s debt relief that will shrink total net indebtedness by € 35 bn1) and improve equity position by the same amount. This relief will help the company maintain solvency and liquidity ratios aligned with top class credit ratings.
IN 2018Group revenues increased +1.3% (at constant scope, standards and exchange rates) and +3.9% notwithstanding strikes impacts
Impact of 39 days of strikes:– Revenues: - € 882 m– Operating Margin: - € 770 m (€ 20 m / day)
EBITDA margin at 12.1% of turnover
Recurring net income at Group level amounted to - € 214 m, as a direct result of the strikes
IN H1 2019+10.5% Y-o-Y revenues growth at € 17.9 bn
EBITDA grew up sharply at € 2.9 bn (16% of revenues)
+ € 400 m in competitiveness for H1 2019
Net income stood at 20 m, up + € 551 m vs H1 2018
2017
33.5
4.7
+3.9%
STRIKE* IMPACT
STRIKE* IMPACT
REVENUES EBITDA
33.3
4.0
-0.9
-0.8
2018
2017
2018
* 2018 historically long strike impact due to the adoption of the railway reform and the termination of railway’s workers’ derogatory status
14 SNCF GROUP INVESTOR PRESENTATION
Defend Group’s rating by ensuringratios consistent with a plc status:– Net debt / EBITDA < 5x– FFO / Net debt > 10%– Positive FCF by 2022
Avoid structural subordinationfor the debt located at the levelof the holding company
Maintain a sufficient levelof liquidity (cash + RCF) for the Groupto ensure, at any time a liquidity ratio>1.2x (sources / uses)
Adopt a prudent hedging strategyon main financial risks (currency,interest rates, inflation, etc.)
2 31 4
Provide financing capacity,at all times, at the best of market conditions and at the best cost
5
FINANCIAL STRATEGY
15 SNCF GROUP INVESTOR PRESENTATION
FUNDING STRATEGY: GENERAL PRINCIPLES
Between 1st January and 30th June 2020, at the latest, two issuers (SNCF SA & SNCF Réseau) will be kept on parallel for operational issues
From 30th June 2020, SNCF SA will act as sole issuer
Medium Term funding policy at 1st of January 2020– External debts (and the associated hedging instruments) borne by the Group’s
various subsidiaries (including SNCF Réseau) at 31st of December 2019 will continue to be borne by these subsidiaries and will not be transferred to the parent company
– SNCF SA will be the sole issuer of debt in the bond market
– SNCF SA will be the only entity in the Group to benefit from bank credit lines, with the exception of some subsidiaries, including Keolis
– For any new financing at the level of the Group’s subsidiaries, SNCF will have to ensure that it does not have a negative impact on its own financing
Short term cash management at 1st of January 2020– All Group companies will be required to invest their surplus cash and finance
their short-term needs directly from SNCF SA
– Taking into account the constraints related to the 4th railway package, it is planned the creation of 2 tight spheres of cash: - SNCF Réseau and its subsidiaries, therefore Gares & Connexions - SNCF SA and the other subsidiaries of the Group
– By way of exception, the following entities will constitute sealed cash pockets within the SNCF SA sphere: Rail Freight, Keolis, Eurostar
RÉSEAU SA
SA
SA
RÉSEAU
SA
SA
RAIL FREIGHT
16 SNCF GROUP INVESTOR PRESENTATION
FUNDING STRATEGYA targeted long-term funding programme of circa € 4.0 billion in 2020, € 2.0 to € 4.0 billion in 2021 and € 1.0 to 3.0 billion thereafter.
3 main funding pillars in the bond market:
– Building credit curves in €, $ and in green bond core financial markets, with liquid benchmark issues especially on long term maturities.
– Being active when possible in public £ or CHF markets where SNCF Réseau has reference curves.
– Issuing innovative products such as inflation linked bonds, NSV, etc., completed by tailor-made private placements.
The funding strategy emphasizes public benchmarks and public reopening, leaving around 25% room for private placements in various formats and currencies.
A dynamic investor relation policy in the key investor main geographical areas (America(s), Asia, Europe, Middle East) to diversify the investor base.
17 SNCF GROUP INVESTOR PRESENTATION
Fitch believes that this change of statuswill help prepare SNCF Mobilites for the opening-up to competition of the domestic passenger railway transport market in 2020. In a competitive market, the European regulator has interpreted the EPIC status as conferring an unfair advantage to the operator […] Fitch views that the 100% state ownership and the legal provision preventing the state from selling its shares as positive for SNCF Mobilites, which illustrate the state’s ongoing involvement with the company. [5th Sept. 19]
We expect the integra-tion of rail services and the efficiency measures
promoted by the reform to support the Group’s cash flow stability, partially offsetting its high financial leverage (€ 67 billion as of Dec. 31, 2018), which we expect to significantly decline following € 25 billion debt relief by the state in 2020 and € 10 billion in 2022. We are therefore assigning preliminary ‘AA-/A-1+’ long- and short-term issuer credit ratings to SNCF S.A., and also assigning a preliminary ‘AA-’ issue rating to the holding company’s future debt. [11th Oct. 19]
The Aa3 issuer rating, one notch below
the France sovereign rating, reflects our expectation that the company’s credit quality will continue to benefit from a high level of support from the French Government despite a gradual erosion of the company’s quasi monopoly in France and the loss of its special legal status (EPIC) starting from the 1st of January 2020. [3rd July 19]
Bloomberg ticker: SNCFReuters ticker: SNCF
FINANCIAL PROGRAMMES AND ISSUERSA new EMTN programme will substitute to the previous ones (SNCF Mobilités & SNCF Réseau) and cover the Group future funding needs:– EMTN Programme Ceiling (€ 12 bn)– Placed under French Law– Compatible with the format Directive Prospectus 3– Dedicated to professionals only
Two money markets programmes, Neu.CP & ECP
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
SNCF CREDIT CURVEPublic issues outstanding in € million equivalent (as of 31st December 2019, SNCF Réseau & SNCF Mobilités’ aggregates)
EUR CURRENCY EUR Green Bonds
2024
2026
2028
2030
2032
2034
2036
2039
2044
2048
2054
2062
SHORT-TERM LONG-TERM CEILINGS CEILINGS
Neu CP € 3 bn
ECP € 5 bn
EMTN € 12 bn
RATING AGENCY SHORT-TERM LONG-TERM
Standard & Poor’s A-1+ AA- 1)
Moody’s P-1 Aa3 2)
FitchRatings F1+ A+ 3)
1) for SNCF SA, 2) for SNCF Mobilités to be renamed SNCF SA, 3) likely but to be confirmed
Share of gross debt relieved through financial flows received as part of the French State debt relief mechanism
2021
2023
2025
2027
2029
2031
2033
2035
2037
2042
2047
2052
2060
2119
2115
2020
2022
2064
SNCF RÉSEAU CREDIT PROFILE
19 SNCF GROUP INVESTOR PRESENTATION
A MONOPOLISTIC ACTIVITY AND A STABLE FINANCIAL PROFILE
A REAFFIRMED AND REINFORCED STATE SUPPORT
Public service mission with a natural and legal monopoly over the infrastructure bearing no risk of deregulation
Unified and integrated infrastructure manager with long-term tangible assets and very stable and predictable revenues
Wholly and indirectly owned by the French State; shares are neither transferable nor sellable. Chairman of SNCF Réseau will be appointed by the board, under proposal of the French State and approval from the ART 1)
Strategic missions to the French State due to its weight in the economy, regional planning, daily mobility, equal access to the territories, employment, Cop 21 trajectory compliance, energy transition, national defense
Strong support from the French State which actively participates in the determination of SNCF Réseau’s strategy and economic trajectory (multi-annual contract)
Financial risk is mitigated by the liquidity support offered by the French State through the CDP’s (Public Debt Fund)
SNCF RÉSEAU: CREDIT FEATURES
A FRAMEWORK STENGTHENING THE ROLE OF SNCF RÉSEAU FOR THE FRENCH STATE
SNCF Réseau is now considered as a public administration (APU) and as such, its debt and deficit are fully consolidated into the French public debt and deficit
Independence and neutrality of SNCF Réseau is guaranteed by Law within the SNCF Group in accordance with the provisions of the 4th European railway package and under the supervision of the ART 1)
Included in the “Government Related Entity” list by the European Commission in 2002 (under its former name RFF) & eligible to the ECB Public Sector Purchasing Programme (PSPP) for € denominated issues
1) ART is the French Transportation Independent Regulator
20 SNCF GROUP INVESTOR PRESENTATION
FINANCIAL & FUNDING STRATEGY SNCF RESEAU, A TOP QUALITY ISSUER
FINANCIAL POLICY AND TARGETS
Very strong credit profile with alignment of the rating to the one of the French state (0 notch differential)
A financial structure sustainable and adequate with the transformation into a PLC:– Positive equity– Neutral Free Cash Flow– Solvency ratios in line with main peers by 2026
Conservative hedging strategy on main financial risks assumed by SNCF Réseau and then by the holding from 1st of January 2020 onwards
21
Fitch Ratings classifies SNCFReseau as a government-related entity (GRE) of the state of France (AA/Stable /F1+) and equalises its ratings with those of the sovereign. This reflects a ‘Very Strong’ assessment of the following rating factors: status, ownership and control, support track record and expectations, and financial implications of the GRE’s default. It also reflects a ‘Strong’ assessment of socio-political implications of default. [13th Sept. 19]
We revised our outlook to stable because the French
government’s recent clarification of the governance of SNCF Réseau and the future unified rail Group from 2020 leads us to conclude that the likelihood of government support to the company is not subject to transition risk. We therefore expect our ratings and outlook on SNCF Réseau will move in line with those on France. [27th June 19]
Today’s rating affir-mation reflects that
SNCF Réseau’s credit profile is expected to remain aligned with that of the government of France (Aa2 positive) despite the change in ownership structure and funding model of the company. This reflects the continued strong links between SNCF Réseau and the Government and the credit support provided directly to the company by the Government, which is expected to survive into the foreseeable future. [2nd July 19]
Strategic allocation90% Fixed rate6% Floating rate4% Inflation-linked rate
Bloomberg ticker: RESFERReuters ticker: SNCFR
Until 30th of June 2020, SNCF Réseau will have the ability to raise its own fundings.
After 1st of July 2020, all fundings will be carried out by SNCF SA and then allocated to SNCF’s subsidiaries including SNCF Réseau.
SHORT-TERM LONG-TERM CEILINGS CEILING
Neu CP € 3 bn
ECP € 5 bn
EMTN € 55 bn
Until 30/06/20 Run-off
RATING AGENCY SHORT-TERM LONG-TERM
Standard & Poor’s A-1+ AA
Moody’s P-1 Aa2
FitchRatings F1+ AA
Issuance format: Reg S, Cat 1-2-3, EMTN programme
20132012 2014 2015 2016
AVERAGE MATURITY OF ANNUAL LONG-TERM ISSUANCES
2017 2018
3
5 years
25 years
20 years
15 years
10 years
0 year
21 SNCF GROUP INVESTOR PRESENTATION
DEBT PROFILE
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
SNCF RÉSEAU CREDIT CURVEPublic issues outstanding in € million equivalent (as of 31st December 2019)
EUR EUR Green Bonds CHF CAD GBP EUR€i USD
SELECTED BENCHMARK ISSUES (as of 31st December 2019, in million per currency)
2021
2023
2025
2027
2029
2031
2033
2035
2037
2039
2041
2043
2045
2047
2052
2060
2062
2061
2119
2115
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
GEOGRAPHICAL BREAKDOWNSince 1997
38% France24% Euro area16% UK7% Switzerland
7% Asia5% Others1% Scandinavia2% USA/Canada
75% EUR11% GBP4% CHF8% USD2% Others
(AUD, CAD, HKD, NOK, SEK, JPY)
59% Euro Public Issues 22% Other public Issues19% Private placements
CURRENCY BREAKDOWNSince 1997
ISSUING FORMATSince 1997
CHF26/02/21 2.875 30021/11/26 2 15010/02/31 2.625 12530/06/32 3.25 25024/11/34 2 10011/03/37 2.625 130
US $13/10/20 2 1,50018/03/22 2.750 1,500
GBP02/12/21 5.5 80007/12/28 5.25 65031/01/35 5.25 47511/03/52 5 55025/03/60 4.83 550
C $01/06/35 4.7 300
EUR ei28/02/23 €i 2.45 2,000
EUR12/10/20 6 2,00027/05/21 0.1 1,00002/06/22 4.375 3,00030/01/24 4.5 3,85029/12/25 2.625 1,50007/10/26 4.25 3,60019/05/27 1.125 65025/10/28 3.125 2,07522/01/29 0.875 85025/05/30 1.125 1,80009/11/31 1.00 90010/10/33 5 3,65030/03/34 1.875 1,00025/05/36 0.750 1.50029/05/37 1.5 1,45018/12/42 3.3 1,82520/12/47 2.25 1,35005/02/48 2 1,22522/03/62 4.125 1,25029/07/2115 2.777 4014/08/2119 1.425 100
CSR: COMMITMENTS & GREEN BOND PROGRAMME
SNCF has developed a unique and truly innovative approach to impact reporting that makes it possible to assess the carbon footprint of its entire green bond programme – green investors have praised its exhaustive nature and transparency
Compliance with high-level market standards
Benefiting from the Climate Bond Initiative Certification under the Low-Carbon Transportation Standard
04
ClimateBondCertified
The Green Bond Principles
SNCF-Réseau GREEN BOND
23 SNCF GROUP INVESTOR PRESENTATION
SNCF GROUP: CSR POLICYBEST IN CLASS IN MOST CSR CRITERIAIn the context of the climate emergency, rail has grown up as a critical asset in favor of the ecological transition. It is one of the most environmentally-friendly means of transport accounting for > 10% of passenger and freight traffic with only (i) 0.6% of energy consumption ; (ii) 0.6% of transportation CO2 emissions and (iii) 2.6% of the particle emissions for the sector.
Sustainable design and operations are essential to the success of any mobility system. That’s why SNCF pledged to meet four challenges: (i) deliver sustainable mobility for all ; (ii) reduce the environmental impact ; (iii) promote human development and (iv) contribute to regional economic growth.
SNCF’s approach is comforted by extra financial ratings (SRI) provided by VIGÉO and ECOVADIS with respective ratings of 66/100 and 79/100.
SNCF’s approach is comforted by the sustainable KPIs of its € 3.5 bn Revolving Credit Facility (RCF): (i) GHG emissions reductions targets in passenger.km ; (ii) greater weighting of CSR criteria in Group purchases contracts and (iii) renewable energy supply contracts targets.
A SAFE AND SUSTAINABLE BUSINESS MODEL FOR THE FUTURE
AGENCIES
VIGÉO EIRIS
ECOVADIS
VIGÉO EIRIS
ISS-Oekom
SCORES RANKINGS
2016
54/100
75/100
2017
53/100
75/100
2018
66/100
79/100
2019
72/100
–
49/100
C+
66/100
B-
66/100
B-
70/100
B-
#1 out of 15 companies
Top 1% out of 40 companies
#2 out of 49 companies
#2 out of 51 companies
CO
0.6% of total CO2 emissions for the
transportation industry (Scope 1 & 2)
30 X greener than the car
52 Xsafer than the car
24 SNCF GROUP INVESTOR PRESENTATION
GREEN BOND PROGRAMME
Since 2016, SNCF has initiated an innovative Green Bond programme dedicated to SNCF Réseau’s major renovation investments.
GREEN BOND FRAMEWORK MAIN CHARACTERISTICSEligible Green Assets: Green Bond programme currently focused on maintenance, upgrade and energy efficiency of the rail system and investments related to new rail lines and rail lines extensions
Significant amounts: Eligible Green Assets represent € 1.5 to € 1.8 bn every year (at SNCF Réseau’s level)
Recurrent programme: Targeting to issue Green Bonds Benchmarks at least once a year
Additionality: New money for new Capex
Second opinion: Provided by ISS-Corporate Services (ISS-ESG)
High Standards: – In line with the Green Bond Principles (GBP) – Climate Bond Initiative (CBI) certification
TRANSPARENCYAnnual reporting certified by external auditors which allows investors to verify the adequate allocation of the proceeds to eligible projects, and evaluate the environmental impact of their investments.
STANDARDISATIONCarbon impact calculation methodology developed in coordination and approved by “CARBON 4”.
SNCF Réseau Green Bonds are included in the MSCI Barclays Green Bond index.
2019Largest Green Bond for SNCF Réseau
€ 1,500,000,0000.75% Climate Bond due May 2036
2019First Green Century Bond ever issued
€ 100,000,0001.425% Climate Bond due August 2119
2017 + 2019
(TAP)
Longest Green Bond in € with a double certification from CBI and GBP
€ 1,350,000,0002.25% Climate Bond due December 2047
2017Longest Green Bond for a French company or agency
€ 1,000,000,0001.875% Climate Bond due March 2034
20161st Green Bond for a Railway Infrastructure Manager
€ 900,000,0001% Climate Bond due November 2031
MOST REMARKABLE GREEN BOND ISSUANCES
Green outstanding (as of December 2019)
€5.7 bn
For the quality of its Green Bond Reporting By the Climate Bonds Initiative (03/19)
GREEN PIONEER AWARD
% of SNCF Réseau’s total debt
11.1%
For € 1 bn invested in Green renewal projects
3.7 M of tCO2 eq. avoided
25 SNCF GROUP INVESTOR PRESENTATION
SNCF-Réseau GREEN BOND
A PROCEEDS ALLOCATION SPLIT IN 3 CATEGORIESSNCF RÉSEAU GREEN BOND’S CATEGORIES Investments related to maintenance, upgrade and energy efficiency of the rail system on the HSL and most circulated network
Investments related to new rail linesand rail lines extensions
Other investments linked to theglobal climate change challenges,the protection of biodiversity and natural resources
* Realised, as of December 2019
TYPOLOGY OF PROJECTS
Track, ballast sleepers & switches Catenary’s system renewal Signalling’s system renewalBridges, Tunnels, Earthworks & others sub-Total
LGV EE PHASE 2 (2016), LGV SEA (2017), LGV BPL (2017), LGV CNM (2017)
Currently included in categories 1 and 2 but is expected to be disdinguished over time
ASSET POOLS ELIGIBLE IN €2016
1,08436
1830
1,303
176
nd
1,479
2017
1,025 36
197 108
1,366
0
nd
1,366
2018
961 233 151 79
1,424
0
nd
1,424
2019
869 263 173 167
1,471
0
nd
1,471
IMPACT ASSESSMENT METHODOLOGYCarbon amortization depends on two parameters1 Emissions due to regeneration works, or new lines developments.
For reference, steel used for the tracks stand for 2/3 of the overall emissions.2 Emissions saved thanks to the regeneration works or new lines developments.
It depends on the traffic volumes on the tracks throughout the life cycle of the infrastructure (30 years), with various modal shifts based on the line considered.– High Speed Lines, 53.7 bn.v.km/y, > modal shift: 50% airplane, 40% car, 10% buses– Regional Trains Lines, 13.6 bn.v.km/y, > modal shift: 90% car, 10% buses– Freight Lines, 32 bn.v.km/y, > modal shift: 90% trucks, 10% waterway
== €1 bnInvested in Green
Bonds renewal projects
equivalent to the carbon footprint of
7.600 French people over 40 year
TANGIBLE ENVIRONMENTAL IMPACTS FOR EACH € INVESTED
3.7 M of tCO2 eq.
of avoided emissions over 40 years
CO2
** * *
APPENDICES BUSINESS PROFILES 05
27 SNCF GROUP INVESTOR PRESENTATION
SNCF RÉSEAU
€ 6.2 bnREVENUES
~58,000EMPLOYEES
30,000KM OF LINES
(INCLUDING 2 600 KM OF HIGH SPEED LINES)
€ 5.1 bnGROSS CAPEX SPENT
ON THE NETWORK IN 2018 (68% FOR RENEWAL WORKS)
20,000TRAIN PATHS DELIVERED
EVERY DAY
Activities and environment
Customers and markets
Commercialisation of train paths to train operating companies and transport authorities
Organisation of train services and development of rail traffic
Maintenance and enhancement of rail assets
Development of the network, through reopening of existing lines and construction of new lines
Clients and partners: 27 operators using the network, and 15 businesses authorized to book train paths for their activities
28 SNCF GROUP INVESTOR PRESENTATION
GARES & CONNEXIONS
Activities and environment
Customers and markets
Operate, develop and transform train stations
Create an offer including services and shops
Manage station traffic and transport hubs
Changing environment: stations are open to the cities they serve, and to the intersection of all modes of transport
Clients and partners: – Rail companies – Transport organizing authorities, metropolitan areas
SNCF Retail & Connexions: – Optimize revenues from in-station shops, – All revenues from in-station shops are reinvested
in the rail system in the form of reduced track access fees for carriers and increased investment in stations development and renovation
AREP: – Designs and builds spaces that can meet complex
needs in multimodal stations worldwide
€ 1.5 bnREVENUES
3,000STATIONS UNDER
MANAGEMENT
2 MillionSQUARE METERS UNDER
MANAGEMENT INCLUDING 180 000 FOR STORES
~4,000EMPLOYEES
10 MillionPASSENGERS VISITING
G&C STATIONS IN FRANCE EVERY DAY
29 SNCF GROUP INVESTOR PRESENTATION
SNCF VOYAGEURS
€ 16.4 bnREVENUES
~70,000EMPLOYEES
110 MillionHIGH SPEED RAIL
PASSENGERS IN FRANCE / YEAR
28.4 MillionPASSENGERS
ON INTERNATIONAL HIGH-SPEED LINES IN 2018
N°.1VOYAGES-SNCF.COM :
FRANCE’S ONLINE TRAVEL AGENCY
Activities and environment
Customers and markets
High-speed, long distance train – In France: TGV InOui, OuiGo – In Europe: rail operators including Eurostar,
Thalys, Alleo and Lyria
TER+ Intercités: medium and long distance trains in France
Transilien: passenger transport in the Greater Paris area
OUI.sncf: on-line travel agent
New mobilities: OuiCar, iDAVIS
Changing environment: fierce competition from other modes, including low cost and other air transport carriers, privately owned automobiles
Customers: – Business travelers and individuals / travelling
for personal reasons– Transport organizing authorities for TER and
Transilien passengers in France
Rail market: – Market opening to competition in 2020
for high-speed lines and from 2020 to 2039 for other activites
30 SNCF GROUP INVESTOR PRESENTATION
KEOLIS
Activities and environment
Customers and markets
Mass transit: a major public transport player in Europe and the rest of the world
Operation and maintenance of all transit modes and related services
23 tramway networks in France and abroad, N°1 worldwide, World largest tramway network in Melbourne
N°1 in urban mass transit in France and in transport of passengers with reduced mobility
N°2 in parking spaces facilities in France, managing 150 000 spaces (370 car parks in 170 cities in France)
2nd largest inter urban transit operator in France serving the whole territory
2nd largest provider of bike-share services
€ 5.9 bnREVENUES
~65,000EMPLOYEES
50% OF TOTAL BUSINESS ON
INTERNATIONAL MARKETS(in 16 countries)
3.3 bnPASSENGERS
A YEAR
N°.1FOR EXPLOITATION
OF AUTOMATIC METRO AND TRAMWAY IN THE WORLD
21.650BUSES AND COACHES
IN THE WORLD
31 SNCF GROUP INVESTOR PRESENTATION
GEODIS
€ 8.2 bnREVENUES
~40,000EMPLOYEES
67 countries DIRECT PRESENCE IN 67
COUNTRIES AND NETWORK CONNECTING 120 COUNTRIES
100 MillionPARCELS PER YEAR
IN EXPRESS & PARCEL DELIVERY
Activities and environment
Customers and markets
A full range of expert services across the supply chain with five lines of business: – Freight Forwarding: multi modal transport solutions
(Sea, Air, Road and Rail)
– Contract Logistics: one of the key players in the Contract Logistics market worldwide
– Distribution & Express: N°4 Distribution & Express solution operator, and N°1 in France for 24 to 48 hour deliveries across the continent
– Road Transport: road transport leader in Europe when it comes to full and partial truckloads
– Supply Chain Optimization: consulting services such as logistics chain diagnostics and network design, supply management and flow management
Changing environment: structurally favourable market trends, despite unstable economic conditions
300LOGISTICS
PLATFORMSWORLDWODE
APPENDICES OTHER
33 SNCF GROUP INVESTOR PRESENTATION
MECHANISM OF THE DEBT RELIEF
€ 35 bn loan€ 35 bn loan
€ 35 bn Equity increase€ 35 bn loan
€ 35 bn loan
Existing Lenders
Existing Lenders
Existing Lenders
CDPCDP
$ $ $
CONSEQUENCES FOR SNCF RÉSEAUThis debt relief, in addition to SNCF Réseau’s performance plan, will allow SNCF Réseau, in 2022 or thereafter, to :- significantly reduce its net debt and increase its equity;
- cut down its financial expenses, on a pro-rata basis, by approximately € 1.1 bn per year;
- reach financial equilibrium in terms of free cash flow and, thereby, stabilize its net debt;
- reach financial ratios that are compatible with a Public Limited Company status;
- ensure a fair treatment among all creditors including bondholders.
A
B D
C
CFrench State
EXISTING STRUCTURE
1 2 3 4
CREATION OF A SYNTHETIC DEBTSNCF Réseau lends and borrows the exact same amount to/from the CDP (Caisse de la dette Publique / Public Debt Fund). The characteristics (maturities, interest rate, etc.) of both loans fully replicate those of SNCF Réseau’s financial debt (including associated derivatives):
CDP lends to SNCF Réseau the amount to be created synthetically (€ 35 bn in two stages: € 25 bn on January 1st, 2020 and € 10 bn by 2022).
SNCF Réseau lends to CDP the exact same amount with similar conditions at the same time.
DEBT RELIEF MECHANISMThe French State replaces SNCF Réseau as debtor to the CDP by operation of law resulting in the direct increase in SNCF Réseau’s equity.
SNCF Réseau still receives from CDP the interests and principal of the synthetic debt until maturity of it.A
B
C
D
34 SNCF GROUP INVESTOR PRESENTATION
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Odessa
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Debrecen
Nyíregyháza
PrešovŽilina
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Daugavpils
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Borisov
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Bielefeld
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Oldenburg
Bradford
Stoke
Northampton
Luton
Preston
Holyhead
Swansea
Tralee
Westport
Sligo
St-Etienne
Valentiennes
Bayonne
Annecy
St-Nazaire
Thionville
Lorient
Maubeuge
MontbéliardVierzon
Alès
Vienne
Colmar
Sète
Boulogne
Arras
Belfort
Roanne
FréjusAix-en-P.
RavenneRimini
Forlì
Latina
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Terni
Plaisance
Lecce
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Tangiers
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Setubal
Porto Zaragosa
Valencia
Malaga
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Palma De Majorque
Pamplona
SanSebastián
Vigo
Santiago de Compostela
A Coruña
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SantanderLugo
León
Gijón
Granada
Badajoz
Toledo
Huesca
Lérida
Figueras
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Viana Do Castelo
Aveiro
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Guarda
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BurgosPalencia
Zamora Valladolid
Logroño
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Ciudad Real
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Murcia
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LeicesterBirmingham
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Agen
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Montauban NîmesAvignon
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Caen
Niort
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Strasbourg
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Nice
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Dortmund
Kaiserslautern
SaarbrückenKarlsruhe
WilhelmshavenBremerhaven Hamburg
Lübeck
Kiel
Rostock
BERLINBremen
Hannover
Osnabrück
Münster
Duisbourg
Eindhoven
Essen
DüsseldorfKöln
Bonn
Koblenz
Mainz
Frankfurt-am-Main
Darmstadt
Mannheim
Stuttgart
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Magdeburg
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Halle
Kassel
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Leipzig Dresden
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Basel Olten Zurich
Luzern
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Graz
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Venezia
Torino
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Novara
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Firenze
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Arezzo
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Palermo
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Tarento
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BULGARIA
HIGH SPEED EUROPE IN 2019
French border
EUROPEAN NETWORK MAPS
35 SNCF GROUP INVESTOR PRESENTATION Ticker : RESFER/SNCFER
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36 SNCF GROUP INVESTOR PRESENTATION
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NICOLAS MARCHESSAUXHead of Capital Markets & Investor Relations Dpt.TEL . : +33 (0)1 45 19 28 54 MAIL : [email protected]
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