2 if one removes the effects of perimeter

There is not only the States who are obsessed with their debts. The SNCF is facing the same problem and indeed one of the priorities of its fiscal year 2011. The group "is fixed as objective to return to a sustainable financial structure by 2015", is thus written in the draft budget 2011, including "Les echos" were able to obtain a copy and to be considered Wednesday to the Board of Directors.

Since a few weeks, staff acknowledges that the company has "4 to 5 billion debt too much on his shoulders", who mine the crédibilité its rating. As early as next year, priority will be given to the savings through four levers identified in the strategic plan 2015: between the rationalization of procurement, control of structure loads, the coup of brake given to certain investments and what is called the "dynamics of operating margin improvement", the SNCF should reduce its costs of 550 million in 2011. Large consumer of liquidity in 2009, with a free cash flow of approximately-500 million, the company wants to bring this key indicator-70 million next year. A first step to stop the increase of the debt, which is expected to reach 9.5 billion end of 2010, compared to 7.2 billion end of 2009.

"Investment management".

The effort will be continued for several years. The economies covered by the group by 2015 through the four previously mentioned actions amounted to 4 billion, of which 2 billion by only "control of investments." In 2011, this lever will not actually activated, since the SNCF will invest 2.6 billion, more than in 2010 or 2009 (2.2 billion approximately). But it did not really choice, since these are result of orders of material passed in 2007 (for TGV) and 2006 (for the Francilien). Nevertheless, efforts been made to hold these investments hard, including deferring renovation of TGV operations.

Beyond the problem of debt, the SNCF wants to amplify began its results recovery in 2010 (read here). Forecast turnover for 2011 33.6 billion, up by 9.5 from 2010, and 6.2 if one removes the effects of perimeter. This growth is especially drawn by activities little or no rail Geodis (logistics) and Keolis (urban transport), with the ambitions of the Group International. The new agreement of infrastructure management for 2011, which should soon be signed with RFF, the owner of the network, should also increase revenues of 230 million, the first ambitious projections. Finally, the agreement signed with the State for the financing of the coral Intercités, deficit, boosts turnover, $ 210 million.

Operating margin (MOP, Ebitda equivalent) must be aware of it as a net boost to 2.7 billion ( 27.2 in one year), or 8.2 of net sales, against 6.8 in 2009 and 2010. These are common functions that provide the largest effort. The freight transport industry also brings its contribution, through the trades of the road, but also via freight SNCF, whose the MOP (-340 million against - 395 million in 2010 and - 370 million in 2009) could benefit from the first effects of the recovery plan. On the other hand, the profitability of the business lines and TGV will continue to suffer, because of soaring energy costs and tolls.

Finally, this improvement of the accounts will result in a strict control of the wage. Approximately 1,400 posts should be deleted in the public institution, representing a decrease of 0.9 of the workforce. It is less than the years earlier (between 1.2 and 2.6) but sufficient to elicit protests from trade unions.