Why SNCF has lost one billion euros in 2009
While the station had generated a profit of 575 million euros in 2008, she recorded for 2009 a net loss of 980 million. Explanations.
The economic crisis worsens the crisis of cargo
Last year, rail freight has made a negative operating margin of 337 million euros. The area subject to competition since 2006, was rolled in 2009 by the slowdown in trade, which affects large customers, such as automotive or steel. "But it's time that business is not flourishing," said Eric Falempin, general secretary of FOR Railwaymen. The causes are multiple. On the one hand, the group acknowledges that it focuses too much on its strategy the only passenger traffic at the expense of transporting goods.On the other hand, to compete and offer better rates, "the station offers its clients not to work with Fret SNCF but with its subsidiaries, or as Geodis UFLI! Accuses unionist. After should not s 'surprising that the turnover of the freight station down … "
Many plans (Veron, Marembaud, Nadal …) have succeeded in an attempt to revive the business. The latest one was presented in September by the SNCF. But the opinion of the union, it is precisely this kind of plan that participates in the destruction of cargo, since it leads by example "abandonment from 50 to 60% of car traffic alone. The government simultaneously announced a comprehensive plan for development of rail freight, with the key, 5 to 7 billion investment by 2020.But until that plan is bearing fruit, the deficit in the freight business has not stopped widening.
The travel industry no longer compensates
Unlike previous years, activity on passenger lines (Coral, TGV, Thalys, Eurostar) did not offset the discomfort of cargo in 2009. Its margin is down 27% to 1.15 billion euros. The TGV activity in particular, which had allowed the accounts of beneficiaries from 2003 to 2008, suffer in turn in 2009. "Hit by the crisis, businesses save on transportation. Executives only travel first class," says Eric Falempin. Management also mentioned the increase in tolls that the group must pay to Network rail of France (RFF) to run its TGV. In one year, they jumped 10.9%, while the number of trains has increased by only 1.9%.Between 2008 and 2013, the bill charges expected to increase by more than 900 million euros, according to Voices. Eric Falempin recalls that if the RFF and the increasing rates, it's because "when the split with the station in 1997, the RFF, which inherited the bulk of the debt that she must pay as it can. "
Nearly one billion of write-downs
In practice, the station must, as an issuer of debt securities in financial markets, presenting the accounts in IFRS, and this since 2007. These rules require that assets be valued at their value in use, ie the amount of cash flows expected from use of these assets. Now the group has depreciated to 245 million in infrastructure and 721 million euros of assets in the cargo, or one third of the locomotive fleet. Translation: The industrial tool is not able to generate profit.A message that does not like unions, who fear that justifies expedited freight subsidiary, seen as a first step towards privatization of the industry.
Furthermore, the timing of this operation "clean" balance sheet is not trivial, while the public company is preparing to compete. Indeed, the partial liberalization of international guidelines has been effective since December 2009. "In depreciating assets cargo to 0, it eliminates the future depreciation on the cost of locomotives, said Olivier Grivilliers, a partner at Crowe Horwath International. This is loaded 2009 with all the expected losses in the future to preserve the group's future results "..
In painting too dark a picture of the financial group, SNCF hopes that perhaps the state will give him a boost."After all, said Eric Falempin, the government has the final word on the toll increases of the RFF.
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