SNCF GROUP INVESTOR PRESENTATION
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SNCF GROUP INVESTOR PRESENTATION
TABLE OF CONTENT
1 S
NCF GROUP: A N OVERVIEW OF OUR BUSINESSES
2 SNCF GROUP: CREDIT PROFILE
3 SNCF RÉSEAU: CREDIT PROFILE
4 CSR: COMMITMENTS & GREEN BOND PROGRAMME
5 A PPENDICES: B USINESS PROFILES
OTHER
CONTACTS
2 SNCF GROUP INVESTOR PRESENTATION
AN OVERVIEW OF OUR BUSINESSES
SNCF GROUP PRESENTATION
A LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE
€ 33.3 bn € 4.0 bn € 21.6 bn € 5.1 bn AA- Aa3 A+
Turnover in 2018 Net debt pro forma CAPEX financed on its own S&P Moody’s Fitch
Group EBITDA in 2018
1/3 outside of France of total debt relief* by SNCF Group Stable Stable Stable
* Pro forma of the € 35 bn debt relief, post 2022
Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs
IN % 24 4 -19 SNCF Réseau KEOLIS
18
100 SNCF Réseau #2 largest network in Europe #1 automatic subway
and tramway operator worldwide
50 SNCF Voyageurs #3 largest ‘high speed’ network in the world SNCF Logistics
KEOLIS SNCF Voyageurs #4 operator in Europe
GEODIS 15 k trains / day, #8 operator worldwide
23 Rail Freight of which 7,000 in the Paris Greater area OUI.SNCF
Other* 15 m travelers / day in the world #1 online travel agency in France
* Mainly intercompany sales elimination
SNCF Réseau SNCF Voyageurs KEOLIS GEODIS Rail Freight
Infrastructure and train Train operating company World leader in day Freight and logistics, Rail freight transport
station manager in France in France and internationally to day mobility both internal and international, solutions for industries
Revenues: € 7.7 bn Revenues: € 16.4 bn Revenues: € 5.9 bn including non rail activities (steel, chemicals, goods…)
EBITDA: € 1.8 bn EBITDA: € 1.3 bn EBITDA: € 350 m Revenues: € 8.2 bn Revenues: € 1.6 bn
30,000 km size of 5 m passengers / day 3.3 bn passengers EBITDA: € 306 m EBITDA: € -188 m
the French network for TER regional lines annually Direct presence
20,000 train paths and Transilien 21 light rail networks in 67 countries
delivered daily 8.4 m passengers on worldwide A network connecting
440 m t.km train international markets in 2018 21,500 buses and coaches more than 120 countries
paths sold in 2018 16 countries
3,000 train stations under 10 modes of transport
management in France
4 SNCF GROUP INVESTOR PRESENTATION
INTERNATIONAL FOOTPRINT UNITED KINGDOM
1/3 OF TOTAL GROUP BUSINESS 0.7%
43%
NORTHERN EUROPE
50% 0.7% 60% CENTRAL AND EASTERN EUROPE
6%
€ 2 702 m 99.7%
39% 0.3%
NORTH AMERICA
18% € 1 053 m € 220 m
1%
72% 0.6% CENTRAL ASIA
26% 23% 95%
59%
€ 2 299 m 5%
€ 2 865 m NORTH AFRICA
75% MIDDLE EAST € 463 m
WESTERN EUROPE 25%
45% SOUTH ASIA
CENTRAL AMERICA € 32 m 55%
13%
75%
99.7% 0.3% € 78 m 12% SOUTHEAST ASIA
€ 88 m
€ 172 m 96%
4%
SUB-SAHARAN AFRICA
6% € 176 m
BUSINESSES 2018 SOUTH AMERICA
94%
• LMogistics € 39 m AUSTRALIA / OCEANIA
• ass Transit 97% 3%
• Passengers long distance services 32%
• Cconsolidated
onsulting andunder
rail engineering (of which Systra,
the equity method) € 163 m 67%
0.9%
* Total revenue volume generated by companies owned € 840 m
by SNCF Group (Controlling or not)
5 SNCF GROUP INVESTOR PRESENTATION
OPENING
TO COMPETITION OVERVIEW OF THE REFORM
SCHEDULE
DECEMBER 2019
For subsidised services
(TER, TET), French
regions able to organise
call for tenders A NEW GOVERNANCE A STRENGTHENED AND MORE SUSTAINABLE
– Creation of a vertically integrated Group FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE
gathering all rail activities – Higher productivity efforts at SNCF Group level
DECEMBER 2020
– Train stations manager « Gares & Connexions » – Debt relief (SNCF Réseau) by the State for € 35 bn
“Open Access” is transferred to SNCF Réseau
allowed for High-Speed – Increase in the modernization efforts by € 200 m
and conventional trains – The 3 SNCF companies are all converted into SA per year from 2020 onwards on the railway infrastructure
not subject to a public
service contract (public limited company) with capital 100% (directly – Stronger Golden Rule for SNCF Réseau:
and indirectly) state-owned and non-transferable - Enlarged perimeter to include all capex
in order to ensure the independence of the corporate - Ratio shifted from x18 to x6 by State decree
governance and new capitalistic links - 2-year period to achieve financial ratio until 2026
DECEMBER 2023
– Compliant with the European regulation ensuring
For subsidised services
(TER, TET) regions the independence between the infrastructure manager
or State will have to and operating companies (4th railway package)
organise mandatory
call for tenders at the
termination date of
operating contracts
DECEMBER 2039
DEVELOPMENT OF THE RAIL OFFER A SOCIAL COMPONENT
Special provisions – Opening to competition of transport activities – End of the specific employee status for new workers
for Transilien: opening (4th railway package) hired from 2020 onwards
is scheduled between
2023 and 2039 – Foster the development of the rail offer via tariffs
depending on lines
moderation on HSL and freight activities
6 SNCF GROUP INVESTOR PRESENTATION
BIRTH OF AN INTEGRATED PLAYER
100% State-Owned
shares non transferable KEY STEPS TOWARDS
THE NEW ORGANISATION
Gares & Connexions transferred from
SNCF Mobilités (B.U.) to SNCF Réseau
SNCF SA as a subsidiary
(Holding)
SNCF SA (holding) operating activities
transferred to SNCF Voyageurs, to only
100% 100% retain strategic and controlling missions
non transferable non transferable
70% 100% 100%
SNCF Mobilités takes over SNCF EPIC
to become the holding SNCF SA
RÉSEAU SA VOYAGEURS SA
Infrastructure manager Operating company World leader Multimodal freight Rail Freight SNCF Voyageurs takes over passenger
in day to day mobility & freight forwarding
activities and rolling stock of SNCF Mobilités
including Thalys and Eurostar
Subsidiaries
SNCF SA (directly) and SNCF Voyageurs
& SNCF Réseau (indirectly) become 100%
100% 62% State-owned public limited companies
Paris - Brussels - Amsterdam (French equivalent).
GARES&
55%
CONNEXIONS SA
Train station manager Paris - London SNCF BECOMES A FULLY
INTEGRATED GROUP
FROM JANUARY 1ST, 2020
Other subsidiaries are not mentionned in this chart
7 SNCF GROUP INVESTOR PRESENTATION
OUR AMBITIONS
BRINGING THE FREEDOM OF EFFORTLESS MOBILITY
AND A GREENER PLANET TO ALL
GROW RAIL USE BE THE BEST ON THE FUNDAMENTALS
Develop mass transit and prepare opening to competition Punctuality, regularity, passenger information
Modernization efforts for the core network
Target: € 47 bn invested in the network
between 2017 & 2026 Target: 90% in punctuality (< 5 mins) at departure by 2026
INCREASE CUSTOMER SATISFACTION BOOST EMPLOYEE ENGAGEMENT
Increase satisfaction among all categories of customers AND SATISFACTION
Prepare employees to a new social pact
Target: 84% in passengers satisfaction in 2026
Target: +1 pt / year in employee
satisfaction / commitment by 2026
DELIVER ECONOMIC DISCIPLINE WORK WITH REGIONS TO ADVANCE
AND HIGH PERFORMANCE THE ECOLOGICAL AND INCLUSIVE TRANSITION
Get the financial means to match our ambitions By developing rail, carpooling and all kind of shared motilities
Target: positive free cash flow by 2022 Target: -30% of tons of CO2 per passenger.km by 2026
8 SNCF GROUP INVESTOR PRESENTATION
SNCF GROUP CREDIT PROFILE
SNCF GROUP: CREDIT FEATURES
A LEADING COMPETITIVE POSITION
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
A REINFORCED FINANCIAL STRUCTURE
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 ECP
purchasing programme for denominated issues
10 SNCF GROUP INVESTOR PRESENTATION11 SNCF GROUP INVESTOR PRESENTATION
INVOLVED ALL ALONG THE VALUE CHAIN
A VIEW BY ACTIVITY
SNCF Réseau SA SNCF Voyageurs SA KEOLIS GEODIS Rail Freight
SNCF Réseau Gares & Connexions Voyages SNCF TER + Transilien + Intercités KEOLIS GEODIS Rail Freight
Rail network Trains stations HSL Train France Other Mobilities TER + Intercités: regional and Private operator Optimization of Train transport &
management, renovation & TGV InOui West bahn interregional train and coach service of public transport, the supply chain, logistics solutions
operation, management operated by SNCF and regional including light train every step of the way, for industries (steel,
maintenance OuiGo IDVroom… governments across France transport (subway, freight forwarding, chemicals, goods…)
and development tramway), buses contract logistics,
and coaches distribution & express
HSL Train Europe Distribution Transilien: Train transport throughout more and road transport
Business / Eurostar Oui.sncf for Greater Paris area than 17 countries with a direct presence
Brands (Ile de France Mobilités) in 67 countries and
Thalys Rail Europe
a network covering
Lyria … 120 countries
Elipsos
Alleo
SNCF
Voyages Italia
Market
TER + Intercités Transilien
HSL Train France Other activities
Business Opening to Opening to Competitive Competitive Competitive
Legal & Natural monopoly Opening to Opened to
Environnment competition from competition from environment environment environment
competition in 2020 competition
2023 onwards 2023 to 2039
Train operating Train operating Passengers (travel)
Clients companies companies Passengers (travel) and companies (professional trips) and companies Shippers
(incl. SNCF) (incl. SNCF) (professional trips)
DB Netz Deutsche Bahn, Thello
Competitors Transdev, DB Regio, DB-Scheinker
ADIF ADP Air France, Ryanair, Easy Jet Transdev, DB Regio,
& peers Arriva, RATP, XPO
INEO Grandi Stazioni Flixbus, Blablacar Arriva, RATP
First Group, MTR KUEHNE + NAGEL
EUROVIA Expedia (oui.sncf)KEY FINANCIAL METRICS FY 2018
A VIEW BY ACTIVITY
SNCF Réseau SA SNCF Voyageurs SA KEOLIS GEODIS Rail Freight
SNCF Réseau Gares & Connexions Voyages SNCF TER + Transilien SNCF Intercités KEOLIS GEODIS Rail Freight Other activities SNCF Group
Revenues (€bn) 6.216 1.486 7.837 7.690 833 5.936 8.161 1.578 -6.425* 33.312
Revenues (%) 19% 4% 24% 23% 3% 18% 24% 5% -19% 100%
EBITDA (€bn) 1.560 233 1.044 251 50 350 306 -188 415** 4.020
EBITDA
Margin (%)
25% 16% 13% 3% 6% 6% 4% NA 12%
Net (€bn) 2.956 246 884 28 -43 166 112 32 696 5.077
investments
Net 60% 5% 17% 1% NA 3% 2% 1% 12% 100%
investments (%)
FCF 2018 (€bn) -2.502 -59 -68 171 331 112 144 -353 -336 -2.560
FCF 2017 (€bn) -2.057 -31 256 -7 185 -27 207 -283 -120 -1.876
Employees 58.301 4.056 23.268 44.227 2.771 65.664 39.869 10.933 23.633 272.721
12 SNCF GROUP INVESTOR PRESENTATION * Including elimination of intercompany sales for € 10.4 bn ** € 328 m Ermewa + € 125 m SNCF Immobilier + € 54 m SNCF CorporateFINANCIAL PROFILE
SNCF GROUP: HISTORICAL 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.
2016 2017 2018 2018 PF 2) H1 2019
Revenues (€bn) 32.3 33.5 33.3 33.3 17.9
EBITDA (€bn) 4.1 4.7 4.0 4.0 2.9
Financial Result (€bn) -1.5 -1.5 -1.4 -0.6 NA
Net Result (Rec.) (€bn) 0.6 1.5 -0.2 0.8 0.0
Gross Investments (€bn) -8.6 -8.8 -8.9 -8.7 -4.3
Net investments excl. sub (€bn) -5.5 -5.1 -5.1 -4.9 -3.1
Free 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 NA
Net Debt / EBITDA (x) 12.7 11.4 14.2 5.4 NA
Gearing 4) (€bn) NA NA NA 43% NA
EBITDA / Financial expenses (x) 2.8 3.2 2.8 7.0 NA
1) 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)
COMMENTS ON 2018 & H1 2019 FIGURES
STRIKE* IMPACT IN 2018 IN H1 2019
+3.9% -0.9 STRIKE* IMPACT Group revenues increased +1.3% +10.5% Y-o-Y revenues growth at € 17.9 bn
(at constant scope, standards and exchange rates)
-0.8 and +3.9% notwithstanding strikes impacts EBITDA grew up sharply at € 2.9 bn (16% of revenues)
33.5 33.3 + € 400 m in competitiveness for H1 2019
Impact of 39 days of strikes:
4.7 4.0 – Revenues: - € 882 m Net income stood at 20 m, up + € 551 m
– Operating Margin: - € 770 m (€ 20 m / day) vs H1 2018
EBITDA margin at 12.1% of turnover
2017
2018
2017
2018
Recurring net income at Group level amounted
REVENUES EBITDA to - € 214 m, as a direct result of the strikes
13 SNCF GROUP INVESTOR PRESENTATION * 2018 historically long strike impact due to the adoption of the railway reform and the termination of railway’s workers’ derogatory statusFINANCIAL STRATEGY
Avoid structural subordination Adopt a prudent hedging strategy
for the debt located at the level on main financial risks (currency,
of the holding company interest rates, inflation, etc.)
1 2 3 4 5
Defend Group’s rating by ensuring Maintain a sufficient level Provide financing capacity,
ratios consistent with a plc status: of liquidity (cash + RCF) for the Group at all times, at the best of
– Net debt / EBITDA < 5x to ensure, at any time a liquidity ratio market conditions and
– FFO / Net debt > 10% >1.2x (sources / uses) at the best cost
– Positive FCF by 2022
14 SNCF GROUP INVESTOR PRESENTATIONFUNDING 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
RÉSEAU SA
From 30th June 2020, SNCF SA will act as sole issuer
SA
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
SA
– 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
SA
their short-term needs directly from SNCF SA
– Taking into account the constraints related to the 4th railway package,
RÉSEAU
it is planned the creation of 2 tight spheres of cash:
- SNCF Réseau and its subsidiaries, therefore Gares & Connexions
SA
- 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
RAIL FREIGHT
15 SNCF GROUP INVESTOR PRESENTATIONFUNDING STRATEGY
A 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.
16 SNCF GROUP INVESTOR PRESENTATIONFitch believes that
this change of status FINANCIAL PROGRAMMES AND ISSUERS
will help prepare SNCF Mobilites for
the opening-up to competition of the
SHORT-TERM LONG-TERM
domestic passenger railway transport A new EMTN programme will substitute CEILINGS CEILINGS
market in 2020. In a competitive market, to the previous ones (SNCF Mobilités & SNCF Réseau)
the European regulator has interpreted
the EPIC status as conferring an unfair and cover the Group future funding needs: Neu CP € 3 bn
advantage to the operator […] Fitch – EMTN Programme Ceiling (€ 12 bn)
ECP € 5 bn
views that the 100% state ownership – Placed under French Law
and the legal provision preventing
– Compatible with the format Directive Prospectus 3 EMTN € 12 bn
the state from selling its shares as
positive for SNCF Mobilites, which – Dedicated to professionals only
illustrate the state’s ongoing involvement RATING AGENCY SHORT-TERM LONG-TERM
with the company. [5th Sept. 19] Two money markets programmes, Neu.CP & ECP
Standard & Poor’s A-1+ AA- 1)
We expect the integra- Moody’s P-1 Aa3 2)
tion of rail services and
FitchRatings F1+ A+ 3)
the efficiency measures
promoted by the reform to support SNCF CREDIT CURVE 1) for SNCF SA, 2) for SNCF Mobilités to be renamed SNCF SA, 3) likely but to be confirmed
the Group’s cash flow stability, partially Public issues outstanding in € million equivalent
offsetting its high financial leverage (as of 31st December 2019, SNCF Réseau & SNCF Mobilités’ aggregates)
(€ 67 billion as of Dec. 31, 2018), which
we expect to significantly decline 5,500
following € 25 billion debt relief by
the state in 2020 and € 10 billion in 5,000 EUR CURRENCY EUR Green Bonds
2022. We are therefore assigning Share of gross debt relieved through financial flows
preliminary ‘AA-/A-1+’ long- and short- 4,500
term issuer credit ratings to SNCF
received as part of the French State debt relief mechanism
S.A., and also assigning a preliminary 4,000
‘AA-’ issue rating to the holding
company’s future debt. [11th Oct. 19] 3,500
3,000
The Aa3 issuer rating,
one notch below 2,500
the France sovereign rating, reflects our
expectation that the company’s credit 2,000
quality will continue to benefit from a
high level of support from the French 1,500
Government despite a gradual erosion of
the company’s quasi monopoly in France 1,000
and the loss of its special legal status
(EPIC) starting from the 1st of January 500
2020. [3rd July 19]
0
2039
2042
2044
2047
2052
2054
2060
2062
2064
2115
2119
2027
2020
2021
2022
2023
2024
2025
2026
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2048
Bloomberg ticker: SNCF
Reuters ticker: SNCF
17 SNCF GROUP INVESTOR PRESENTATIONSNCF RÉSEAU CREDIT PROFILE
SNCF RÉSEAU: CREDIT FEATURES
A MONOPOLISTIC ACTIVITY AND A STABLE FINANCIAL PROFILE
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
A REAFFIRMED AND REINFORCED STATE SUPPORT
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)
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
19 SNCF GROUP INVESTOR PRESENTATION 1) ART is the French Transportation Independent RegulatorFitch Ratings
classifies SNCF
Reseau as a government-related entity
FINANCIAL & FUNDING STRATEGY
(GRE) of the state of France (AA/Stable
/F1+) and equalises its ratings with those
SNCF RESEAU, A TOP QUALITY ISSUER
of the sovereign. This reflects a ‘Very Until 30/06/20 Run-off
Strong’ assessment of the following Until 30 of June 2020, SNCF Réseau will have the ability
th
rating factors: status, ownership and to raise its own fundings. SHORT-TERM LONG-TERM
control, support track record and CEILINGS CEILING
expectations, and financial implications After 1st of July 2020, all fundings will be carried out by SNCF SA
of the GRE’s default. It also reflects a
and then allocated to SNCF’s subsidiaries including SNCF Réseau. Neu CP € 3 bn
‘Strong’ assessment of socio-political
implications of default. [13th Sept. 19] ECP € 5 bn
EMTN € 55 bn
We revised our AVERAGE MATURITY OF ANNUAL LONG-TERM ISSUANCES Issuance format: Reg S, Cat 1-2-3, EMTN programme
outlook to stable 25 years
because the French
government’s recent clarification of 20 years
the governance of SNCF Réseau and RATING AGENCY SHORT-TERM LONG-TERM
the future unified rail Group from 15 years
2020 leads us to conclude that the 10 years Standard & Poor’s A-1+ AA
likelihood of government support to the
company is not subject to transition risk. 5 years Moody’s P-1 Aa2
We therefore expect our ratings and
outlook on SNCF Réseau will move in
0 year FitchRatings F1+ AA
line with those on France. [27th June 19] 2012 2013 2014 2015 2016 2017 2018
Today’s rating affir-
mation reflects that FINANCIAL POLICY AND TARGETS
SNCF Réseau’s credit profile is expected
to remain aligned with that of the
government of France (Aa2 positive) A financial structure sustainable and adequate
despite the change in ownership with the transformation into a PLC:
structure and funding model of the – Positive equity
company. This reflects the continued
strong links between SNCF Réseau and – Neutral Free Cash Flow
the Government and the credit support – Solvency ratios in line with main peers by 2026
provided directly to the company by
the Government, which is expected
to survive into the foreseeable future.
[2nd July 19]
1 2 3
Strategic allocation
90% Fixed rate
6% Floating rate Conservative hedging strategy on main financial
4% Inflation-linked rate
Very strong credit profile with alignment of the rating risks assumed by SNCF Réseau and then by
Bloomberg ticker: RESFER to the one of the French state (0 notch differential) the holding from 1st of January 2020 onwards
Reuters ticker: SNCFR
20 SNCF GROUP INVESTOR PRESENTATIONSELECTED BENCHMARK ISSUES
(as of 31st December 2019,
in million per currency)
DEBT PROFILE
CHF
26/02/21 2.875 300 SNCF RÉSEAU CREDIT CURVE
21/11/26 2 150 Public issues outstanding in € million equivalent (as of 31st December 2019)
10/02/31 2.625 125
30/06/32 3.25 250 4,500
24/11/34 2 100 EUR EUR Green Bonds CHF CAD GBP EUR€i USD
11/03/37 2.625 130 4,000
US $
13/10/20 2 1,500
3,500
18/03/22 2.750 1,500
3,000
GBP
02/12/21 5.5 800 2,500
07/12/28 5.25 650
31/01/35 5.25 475 2,000
11/03/52 5 550
25/03/60 4.83 550 1,500
C$
1,000
01/06/35 4.7 300
EUR ei 500
28/02/23 €i 2.45 2,000
EUR
0
2052
2060
2115
2119
2029
2020
2021
2022
2023
2024
2025
2026
2027
2028
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2061
2062
12/10/20 6 2,000
27/05/21 0.1 1,000
02/06/22 4.375 3,000
30/01/24 4.5 3,850
29/12/25 2.625 1,500
07/10/26 4.25 3,600
19/05/27 1.125 650
25/10/28 3.125 2,075 GEOGRAPHICAL BREAKDOWN CURRENCY BREAKDOWN ISSUING FORMAT
22/01/29 0.875 850 Since 1997 Since 1997 Since 1997
25/05/30 1.125 1,800
09/11/31 1.00 900 38% France 75% EUR 59% Euro Public Issues
10/10/33 5 3,650 24% Euro area 11% GBP 22% Other public Issues
30/03/34 1.875 1,000 16% UK 4% CHF 19% Private placements
25/05/36 0.750 1.500
29/05/37 1.5 1,450
7% Switzerland 8% USD
18/12/42 3.3 1,825 7% Asia 2% Others
20/12/47 2.25 1,350 5% Others (AUD, CAD,
05/02/48 2 1,225 HKD, NOK,
1% Scandinavia
22/03/62 4.125 1,250
2% USA/Canada SEK, JPY)
29/07/2115 2.777 40
14/08/2119 1.425 100
21 SNCF GROUP INVESTOR PRESENTATIONThe SNCF has developed a unique and truly
Green Bond
Principles 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
Climate
Bond
Certified Compliance with high-level market standards
Benefiting from the Climate Bond Initiative
Certification under the Low-Carbon
Transportation Standard
SNCF-Réseau
GREEN BOND
CSR: COMMITMENTS
& GREEN BOND PROGRAMME 04SNCF GROUP: CSR POLICY
BEST IN CLASS IN MOST CSR CRITERIA
In 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.
CO
0.6% 30 X 52 X
of total CO2 emissions for the greener than the car safer than the car
transportation industry (Scope 1 & 2)
A SAFE AND SUSTAINABLE BUSINESS MODEL FOR THE FUTURE
S
ustainable 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.
NCF’s approach is comforted by the sustainable KPIs of its € 3.5 bn Revolving Credit Facility (RCF): (i) GHG emissions reductions
S
targets in passenger.km ; (ii) greater weighting of CSR criteria in Group purchases contracts and (iii) renewable energy supply
contracts targets.
SCORES RANKINGS
AGENCIES 2016 2017 2018 2019
VIGÉO EIRIS 54/100 53/100 66/100 72/100 #1 out of 15 companies
ECOVADIS 75/100 75/100 79/100 – Top 1% out of 40 companies
VIGÉO EIRIS 49/100 66/100 66/100 70/100 #2 out of 49 companies
ISS-Oekom C+ B- B- B- #2 out of 51 companies
23 SNCF GROUP INVESTOR PRESENTATIONGREEN BOND PROGRAMME
MOST REMARKABLE Since 2016, SNCF has initiated an innovative Green Bond programme dedicated to SNCF Réseau’s major renovation investments.
GREEN BOND ISSUANCES
2019
First Green Century Bond
ever issued Green outstanding % of SNCF Réseau’s For the quality of its Green Bond Reporting For € 1 bn invested in
€ 100,000,000 (as of December 2019) total debt By the Climate Bonds Initiative (03/19)
Green renewal projects
1.425% Climate Bond due
August 2119
€5.7 bn 11.1% GREEN PIONEER AWARD 3.7 M of tCO2 eq.
avoided
2019
Largest Green Bond
for SNCF Réseau
€ 1,500,000,000
0.75% Climate Bond due GREEN BOND FRAMEWORK MAIN CHARACTERISTICS
May 2036
Eligible Green Assets: Green Bond programme currently focused on maintenance, upgrade and energy efficiency
2017 Longest Green Bond
of the rail system and investments related to new rail lines and rail lines extensions
+ 2019 in € with a double certification
(TAP) from CBI and GBP Significant amounts: Eligible Green Assets represent € 1.5 to € 1.8 bn every year (at SNCF Réseau’s level)
€ 1,350,000,000 Recurrent programme: Targeting to issue Green Bonds Benchmarks at least once a year
2.25% Climate Bond due
December 2047
Additionality: New money for new Capex
2017
Longest Green Bond for
Second opinion: Provided by ISS-Corporate Services (ISS-ESG)
a French company or agency
High Standards: – In line with the Green Bond Principles (GBP)
€ 1,000,000,000
1.875% Climate Bond due
– Climate Bond Initiative (CBI) certification
March 2034
2016
1st Green Bond for a Railway STANDARDISATION TRANSPARENCY
Infrastructure Manager Carbon impact calculation methodology developed Annual reporting certified by external auditors which allows investors
€ 900,000,000 in coordination and approved by “CARBON 4”. to verify the adequate allocation of the proceeds to eligible projects,
1% Climate Bond due
November 2031 and evaluate the environmental impact of their investments.
SNCF Réseau Green Bonds are included in the MSCI Barclays Green Bond index.
24 SNCF GROUP INVESTOR PRESENTATIONA PROCEEDS ALLOCATION SPLIT IN 3 CATEGORIES
SNCF RÉSEAU GREEN TYPOLOGY OF PROJECTS ASSET POOLS ELIGIBLE IN €
BOND’S CATEGORIES
2016 * 2017 * 2018 * 2019 *
Investments related to maintenance, Track, ballast sleepers & switches 1,084 1,025 961 869
upgrade and energy efficiency Catenary’s system renewal 36 36 233 263
of the rail system on the HSL Signalling’s system renewal 183 197 151 173
and most circulated network Bridges, Tunnels, Earthworks & others 0 108 79 167
sub-Total 1,303 1,366 1,424 1,471
Investments related to new rail lines LGV EE PHASE 2 (2016), LGV SEA (2017), 176 0 0 0
and rail lines extensions LGV BPL (2017), LGV CNM (2017)
Other investments linked to the Currently included in categories nd nd nd nd
global climate change challenges, 1 and 2 but is expected
the protection of biodiversity to be disdinguished over time
and natural resources
* Realised, as of December 2019 1,479 1,366 1,424 1,471
IMPACT ASSESSMENT METHODOLOGY
Carbon amortization depends on two parameters
1 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
TANGIBLE ENVIRONMENTAL IMPACTS FOR EACH € INVESTED
SNCF-Réseau
GREEN BOND
3.7 M
= =
equivalent to
€1 bn CO2
of tCO2 eq. the carbon footprint of
Invested in Green
Bonds renewal projects
of avoided emissions 7.600
French people over 40 year
over 40 years
25 SNCF GROUP INVESTOR PRESENTATIONAPPENDICES BUSINESS PROFILES 05
SNCF RÉSEAU
€ 6.2 bn Activities and environment
REVENUES
C
ommercialisation of train paths to train operating
companies and transport authorities
O
rganisation of train services and development
~58,000 of rail traffic
EMPLOYEES Maintenance and enhancement of rail assets
D
evelopment of the network, through reopening
of existing lines and construction of new lines
30,000 Customers and markets
KM OF LINES
(INCLUDING 2 600 KM
OF HIGH SPEED LINES) lients and partners: 27 operators using the network,
C
and 15 businesses authorized to book train paths
for their activities
€ 5.1 bn
GROSS CAPEX SPENT
ON THE NETWORK IN 2018
(68% FOR RENEWAL WORKS)
20,000
TRAIN PATHS DELIVERED
EVERY DAY
27 SNCF GROUP INVESTOR PRESENTATIONGARES & CONNEXIONS
€ 1.5 bn Activities and environment
REVENUES
Operate, develop and transform train stations
C
reate an offer including services and shops
~4,000 M
anage station traffic and transport hubs
EMPLOYEES hanging environment: stations are open to the cities
C
they serve, and to the intersection of all modes
of transport
3,000
STATIONS UNDER Customers and markets
MANAGEMENT
lients and partners:
C
– Rail companies
–T ransport organizing authorities, metropolitan areas
10 Million NCF Retail & Connexions:
S
–O ptimize revenues from in-station shops,
PASSENGERS VISITING
G&C STATIONS IN FRANCE –A ll revenues from in-station shops are reinvested
EVERY DAY in the rail system in the form of reduced track access
fees for carriers and increased investment in stations
development and renovation
2 Million REP:
A
SQUARE METERS UNDER – Designs and builds spaces that can meet complex
MANAGEMENT INCLUDING needs in multimodal stations worldwide
180 000 FOR STORES
28 SNCF GROUP INVESTOR PRESENTATIONSNCF VOYAGEURS
€ 16.4 bn Activities and environment
REVENUES
H
igh-speed, long distance train
– In France: TGV InOui, OuiGo
– In Europe: rail operators including Eurostar,
~70,000 Thalys, Alleo and Lyria
EMPLOYEES T
ER+ Intercités: medium and long distance trains in France
Transilien: passenger transport in the Greater Paris area
OUI.sncf: on-line travel agent
110 Million New mobilities: OuiCar, iDAVIS
HIGH SPEED RAIL
PASSENGERS C
hanging environment: fierce competition from
IN FRANCE / YEAR other modes, including low cost and other air transport
carriers, privately owned automobiles
28.4 Million Customers and markets
PASSENGERS
ON INTERNATIONAL ustomers:
C
HIGH-SPEED LINES IN 2018
– Business travelers and individuals / travelling
for personal reasons
– T ransport organizing authorities for TER and
N°.1 Transilien passengers in France
VOYAGES-SNCF.COM :
FRANCE’S ONLINE
R
ail market:
TRAVEL AGENCY – M arket opening to competition in 2020
for high-speed lines and from 2020 to 2039
for other activites
29 SNCF GROUP INVESTOR PRESENTATIONKEOLIS
€ 5.9 bn Activities and environment
REVENUES
ass transit: a major public transport player
M
in Europe and the rest of the world
~65,000 O
peration and maintenance of all transit modes
and related services
EMPLOYEES
Customers and markets
50%
OF TOTAL BUSINESS ON
INTERNATIONAL MARKETS 3 tramway networks in France and abroad,
2
(in 16 countries) N°1 worldwide, World largest tramway network
in Melbourne
3.3 bn N
°1 in urban mass transit in France and in transport
of passengers with reduced mobility
PASSENGERS
A YEAR
N
°2 in parking spaces facilities in France, managing
150 000 spaces (370 car parks in 170 cities in France)
nd largest inter urban transit operator in France serving
2
N°.1 the whole territory
FOR EXPLOITATION
OF AUTOMATIC METRO AND 2
nd largest provider of bike-share services
TRAMWAY IN THE WORLD
21.650
BUSES AND COACHES
IN THE WORLD
30 SNCF GROUP INVESTOR PRESENTATIONGEODIS
€ 8.2 bn Activities and environment
REVENUES
A
full range of expert services across the supply
chain with five lines of business:
–F reight Forwarding: multi modal transport solutions
~40,000 –C
(Sea, Air, Road and Rail)
ontract Logistics: one of the key players
EMPLOYEES
in the Contract Logistics market worldwide
–D
istribution & Express: N°4 Distribution
& Express solution operator, and N°1 in France
300 for 24 to 48 hour deliveries across the continent
LOGISTICS
PLATFORMS
–R
oad Transport: road transport leader in Europe
WORLDWODE when it comes to full and partial truckloads
–S
upply Chain Optimization: consulting services such
as logistics chain diagnostics and network design,
67 countries supply management and flow management
DIRECT PRESENCE IN 67
COUNTRIES AND NETWORK
CONNECTING 120 COUNTRIES Customers and markets
C
hanging environment: structurally favourable
market trends, despite unstable economic conditions
100 Million
PARCELS PER YEAR
IN EXPRESS &
PARCEL DELIVERY
31 SNCF GROUP INVESTOR PRESENTATIONAPPENDICES OTHER
MECHANISM OF THE DEBT RELIEF
French State
C
€ 35 bn loan
A
€ 35 bn loan € 35 bn
Equity increase
CDP C CDP
€ 35 bn loan € 35 bn loan
B D
$ $ $
Existing Existing Existing
Lenders Lenders Lenders
1 2 3 4
EXISTING CREATION OF DEBT RELIEF CONSEQUENCES
STRUCTURE A SYNTHETIC DEBT MECHANISM FOR SNCF RÉSEAU
SNCF Réseau lends and borrows C The French State replaces This debt relief, in addition to SNCF
the exact same amount to/from SNCF Réseau as debtor to Réseau’s performance plan, will allow
the CDP (Caisse de la dette Publique / the CDP by operation of law SNCF Réseau, in 2022 or thereafter, to :
Public Debt Fund). The characteristics resulting in the direct increase - s ignificantly reduce its net debt and
(maturities, interest rate, etc.) in SNCF Réseau’s equity. increase its equity;
of both loans fully replicate those - c ut down its financial expenses,
of SNCF Réseau’s financial debt D SNCF Réseau still receives on a pro-rata basis, by approximately
(including associated derivatives): from CDP the interests and € 1.1 bn per year;
principal of the synthetic debt - r each financial equilibrium in terms
A CDP lends to SNCF Réseau the until maturity of it. of free cash flow and, thereby,
amount to be created synthetically stabilize its net debt;
(€ 35 bn in two stages: € 25 bn on - r each financial ratios that are
January 1st, 2020 and € 10 bn by 2022). compatible with a Public Limited
Company status;
B SNCF Réseau lends to CDP the exact -e nsure a fair treatment among
same amount with similar conditions all creditors including bondholders.
at the same time.
33 SNCF GROUP INVESTOR PRESENTATIONCOPENHAGEN VILNIUS
Glasgow
RUSSIA
Edinburgh DENMARK Malmö
Esbjerg Odense Kaliningrad
Ringsted Gdynia
Londonderry
Grodno
Gda sk
Newcastle
Carlisle
EUROPEAN NETWORK MAPS
Belfast Olsztyn
Sligo Middlesbrough
Kiel
Westport Białystok
Rostock
IRERLAND Lübeck
Bydgoszcz
Galway Bradford Leeds Kingston Toru Bre
Preston Wilhelmshaven Hamburg Szczecin
DUBLIN Manchester
Liverpool
Bremerhaven
POLAND WARSZAWA
Doncaster
Holyhead
Lincoln Groningen Bremen
Limerick Sheffield
Chester Stoke Oldenburg Pozna
Stoke Derby Nottingham BERLIN
Tralee
Shrewsbury NETHERLANDS Łód
Waterford Leicester Norwich Hannover
Birmingham
Cork Coventry AMSTERDAM Zwolle Osnabrück Magdeburg Radom Lublin
Braunschweig Cottbus
Northampton Cambridge
UNITED KINGDOM Ipswich
The Hague
Utrecht Arnhem Münster
Bielefeld
GERMANY Wrocław
Kielce
Gloucester Luton Halle Cz stochowa
Rotterdam
Swansea
Cardiff LONDON Tilbourg Essen Dortmund
Görlitz
Duisbourg Leipzig
HIGH SPEED
Reading Kassel Dresden
Bristol Bochum Opole Rzeszów
Eindhoven Wuppertal Erfurt Katowice
Bruges Iéna
Southampton Dunkerque Antwerpen Düsseldorf Chemnitz
Ghent
Folkestone Köln Zwickau Ústí Nad Labem Krakow
BRUSSELS
EUROPE IN 2019
Calais Bielsko-Biała
Portsmouth Brighton Bonn Ostrava
Boulogne Lille BELGIUMLiège
Aix-la-C. PRAHA
Mons
Plymouth Lens
Valentiennes Namur
Charleroi
Koblenz Frankfurt-
am-Main Plze
CZECH Žilina
Prešov
Arras Bamberg
Maubeuge
LUXEMBOURG Mainz
Wurzburg REPUBLIC Brno
Košice
Darmstadt
Cherbourg Amiens
LUXEMBOURG Nuremberg SLOVAKIA
Le Havre Kaiserslautern Mannheim
Charleville- eské
Mézières Regensburg Bud jovice Nyíreg
Rouen Miskolc
Reims Thionville Metz Saarbrücken
Caen Karlsruhe
WIEN BRATISLAVA
PARIS Stuttgart Ingolstadt Linz Debrecen
Saint-Malo
Brest Nancy
Strasbourg
Augsburg BUDAPEST
Saint-Brieuc Chartres Ulm
München Gy r
Quimper Troyes
Rennes Colmar Freiburg Salzburg
Lorient Vannes Le Mans Orléans
Mulhouse Graz HUNGARY
Belfort St-Gall AUSTRIA Szeged Arad
Angers Basel Olten
St-Nazaire Tours FRANCE Montbéliard
Zurich Innsbruck
Vierzon Luzern Klagenfurt Maribor Pécs
Dijon Besançon Subotica
Nantes LIECHTENSTEIN
Nevers
Bourges
BERN Timi o
SWITZERLAND Bolzano
SLOVENIA ZAGREB
Poitiers Moulins Lausanne Osijek Novi Sad
Udine
Niort
Mâcon Genève
Trento LJUBLJANA CROATIA BEOG
La Rochelle Lugano Trieste Karlovac
Limoges Clermont- Bergame Vicence Venezia
Ferrand Roanne Annecy Brescia Verona Rijeka Banja Luka
Angoulême Lyon Milano Tuzla
Chambéry Padova
St-Etienne
Vienne Novara BOSNIA AND SERBI
Zenica
Alexandria Plaisance
Brive-
la-Gaillarde Grenoble Torino Parma
Ferrara
HERZEGOVINA
Valence Zadar
Bologna
Arcachon Bordeaux
Genova
Modena
Ravenne SARAJEVO
French border Savona
Forlì
Rimini
SAN MARINO
Split Mostar
P
Agen La Spezia Ancona
Firenze
A Coruña
Gijón Montauban Nîmes
Alès
Avignon MONTENEGRO
Arezzo
Santander San
Dax
Nice
PODGORICA K
Montpellier MONACO Livorno
Santiago de Compostela Lugo Oviedo Sebastián Toulouse Arles Aix-en-P. Dubrovnik Shkodër
Bilbao Bayonne Béziers Bar
Pau Tarbes Fréjus
Cannes Perugia
Sète
Marseille Grosseto Pescara
Vigo León
Vitoria- Pamplona Narbonne Toulon Bastia ITALY
Orense
Gasteiz Perpignan
Calvi Terni TIRANË
Durrës
Viana Do Castelo Burgos
Logroño
Huesca ANDORRE ROMA Foggia
Figueras
Braga
Palencia
Bari ALB
Zamora Gérona Ajaccio
Valladolid Latina Vlora
Porto Zaragosa Lérida Caserta
Aveiro
Salamanque
SPAIN Napoli
Salerno
Tarento
Lecce
Barcelona
Sassari Olbia
Guarda Tarragona
Coimbra
MADRID
PORTUGAL
Cáceres Toledo Castellón De La Plana
LISBOA Valencia Palma De Majorque Cagliari
Évora Badajoz Ciudad Real
Setubal Reggio
Albacete Messina
Di Calabria
Palermo
Alicante Cataia
Elche
Cordoba Murcia
Sevilla Jaén
Huelva Syracusa
Faro Agrigento
Bizerte
Cartagena
Granada
TUNIS
Jerez Almería Annaba
Cadix Malaga ALGER Béjaïa Skikda
Marbella
Constantine TUNISIA
Tangiers
Algéciras ALGERIA
MAROCCO
34 SNCF GROUP INVESTOR PRESENTATIONThis document is being furnished to you solely for your information on a confidential basis and Within the United Kingdom, this document is directed at and intended for distribution only to
may not be reproduced, redistributed or passed on, in whole or in part, to any other person. This persons in the United Kingdom in circumstances where the provisions of section 21(1) of the Financial
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subscribe for any securities issued by SNCF SA and neither it nor any part of it shall form the basis United Kingdom who (a) have professional experience in matters relating to investments falling
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is not directed to the specific investment objectives, financial situation or particular needs of any Order 2005, as amended (the “Order”) or (b) are persons falling within Article 49(2)(a) to (d) (“high
recipient. net worth companies, unincorporated associations, etc.”) of the Order or (c) are persons to whom it
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You should consult with your own legal, regulatory, tax, business, investment, financial and persons”) and in such a case this document must not be viewed, accessed, acted on or relied on in
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This document shall not be made available to and should not be made available to any retail
No representation or warranty, express or implied, is made as to, and no reliance may be placed for investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a
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or opinions contained herein. None of SNCF SA, or any of its affiliates, advisers or representatives Directive 2014/65/EU (“MiFID II”); or (ii) a customer within the meaning of Directive 2016/97/EU,
shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from as amended, where that customer would not qualify as a professional client as defined in point
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Certain statements in this document are forward-looking, including statements concerning SNCF Neither this document nor any copy thereof may be taken or transmitted or distributed, directly
SA’s plans, objectives, goals, strategies, future events, future revenues or performance, capital or indirectly, into the United States or to a U.S. Person (as defined in Rule 902 of Regulation S
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By their nature, forward-looking statements involve inherent risks and uncertainties, both general comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.
and specific, and risks exist that the predictions, forecasts, projections and other forward-looking This document does not constitute or form a part of any offer or solicitation to purchase or subscribe
statements will not be achieved. SNCF SA does not make any representation, warranty or prediction for securities in the United States. Securities may not be offered or sold in the United States absent
that the results anticipated by such forward-looking statements will be achieved, and such forward- registration or an exemption from registration under the Securities Act.
looking statements represent, in each case, only one of many possible scenarios and should not be
viewed as the most likely or standard scenario. Such forward-looking statements speak only as of Neither this document nor any copy thereof may be retained by you or reproduced, redistributed
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looking statement, whether as a result of new information, future events or otherwise.
DISCLAIMER
35 SNCF GROUP INVESTOR PRESENTATION Ticker : RESFER/SNCFER
NICOLAS MARCHESSAUX
Head of Capital Markets & Investor Relations Dpt.
TEL . : +33 (0)1 45 19 28 54
MAIL : nicolas.marchessaux@sncf.fr
JULIEN JOACHIM
Deputy Head of Capital Markets & Investor Relations Dpt.
TEL . : +33 (0)1 45 19 28 65
MAIL : julien.joachim@sncf.fr
FLORIAN MORINI
Credit Analyst, Investor Relations
TEL . : +33 (0) 1 85 58 85 31
MAIL : florian.morini@sncf.fr
EMAIL: investors@sncf.fr TICKER BLOOMBERG: SNCF
WEB: www.sncf.com TICKER REUTERS: SNCF
CONTACTS
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