Thus personal loads still represented 42 of revenues in 2009

The year 2007 seems well distant. The SNCF has confirmed yesterday, having registered in 2009 loss net of EUR 980 million, nearby symbolic billion bar ("Les Echos" from March 23). The same billion was exceeded two years ago, but then talked about benefits... A dizzying fall (the profit was still 575 million last year), which must however be analysed with caution. A large part of those losses come from impairment of the value of the assets of the Infrastructure (for $ 245 million) and cargo SNCF (721 million).

There is "no Fireworks book", according to David Azéma, the Director General strategy, finance, or willingness to cleaning up the balance sheet. Only the need for the public company noted in its accounts the economic impasse in which occur the operations Infrastructure (the maintenance of the network, which has lost four years one billion euros) and SNCF freight (-337 million of Ebitda in 2009). This could have been even worse, since the assets of the cargo were not totally devalued - there remains a residual value of 721 million - to the deman - the 721 million - at the request of the management of the group, which did not follow the recommendations of the Board of Auditors.

This book blast makes it all the more urgent the search for a solution to these two activities, as well as land-use planning (Coral Intercités) trains, also deficit for years. "The crisis does not explain everything, we have structural problems to resolve," said Guillaume Pepy, who made his horse to battle for a year. "For the cargo, the decisions have been taken", said the President of SNCF, while the other two cases are the subject of negotiation with RFF and the State.

The solution to these problems has become urgent, whereas the public group can really count on its cash cow, the TGV. For years, the cash reached the Queen of the SNCF activity allowed to plug gaps in other activities. It is over: last year, the free cash flow of the branch lines became negative (-21 million), while he was 602 million again in 2008! The TGV "has even more enough of cash to finance its own investments." "It is a break with what was the traditional model of the SNCF," says David Azéma.

Beyond these structural problems, the railway company had not been spared by the crisis. "She had a powerful impact on the volumes transported", said Guillaume Pepy. The turnover thus fell by 1.2 (-3.9 at constant perimeter), 24,882 billion. It is of course the domestic transportation and logistics has the most suffered (-8,1, with particularly traffic 26.3 for freight only, SNCF), but the TGV was also known for the first time since a long time white year in terms of growth.

Positive impact of the plan of rigour

Other management balances have followed the same trend, with a contraction of 35 (1.7 billion) of the operating margin (Ebitda), and 85 operating income current (to 145 million). Nevertheless, Guillaume Pepy j. "encouraging the response capacity of the SNCF, who managed to make significant savings. This plan of rigour has had a positive impact of 550 million on the operating margin, or 30 million more than expected. This has partly offset the burdens inherent in the SNCF, which is by nature a company to high fixed costs. Thus personal loads still represented 42 of revenues in 2009.

The SNCF has therefore tight bolts last year, except for its investments. While all transport companies have cut off in 2009, the public group kept them at the same level, at 2.2 billion. It is true that the State had strongly suggested to participate in the recovery plan, 327 million...