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#08 March 2020

RATP Group’s 2019 results

Positive results, despite the impact of the industrial action regarding pension reform.

Strong growth in the Group’s activity, in France and abroad: consolidated turnover totalled €5,704m, up 2.5%, or up 5.9% excluding the effect of the December industrial action.

Growth was driven by the vigorous development of the subsidiaries (+ €139m, +12%), notably RATP Dev, whose turnover exceeded €1.3bn, up 10.4% excluding currency effects, with the surge in new contracts in France, the United States and the Middle East. The share from subsidiaries in consolidated turnover reached 22.9% (excluding the effect of the strike), up 1.1 points compared with 2018.

The activity of the EPIC (industrial and commercial public undertaking) remained stable: the good underlying trend in the Île-de-France region (+ 4.3% excluding the effect of the strike) was entirely absorbed by the impact of the strike (- €186m).

In total, the industrial action that started on 5 December had a strong impact on the 2019 results, with an impact of – €150m on operating income (EBIT) and net income Group share, and + €62m on net consolidated debt.

Nevertheless, the Group posted solid performance, which reflects the improvement in its intrinsic performance, with:

– operating income (EBIT) of €319m, or 5.6% of turnover, up 4% excluding the effect of the strike;

– a positive net income Group share of €131m (or 2.3% of turnover), down €69m compared with the previous year. Recurring net income nevertheless reached €310m, or 5.4% of turnover and an improvement of 7.2%.

In the Île-de-France region, as part of its contract with Île-de-France Mobilités, RATP continued and further increased its investment effort to upgrade and develop the network. Investments increased by almost €150m, to €1.73bn, in a sound financial framework. Consolidated net debt thus remained stable at €5.18bn. The net debt/equity ratio (gearing) remained stable at 1.07x, ahead of the 2020 target (1.1x).

Catherine Guillouard, Chairwoman and Chief Executive Officer

2019 ended with a major industrial action, which weighed heavily on the Group’s annual results, with a negative impact of €150m on net income. However, this should not make us forget the good results recorded in previous months, which reflect both the dynamism of public transport activity in France and in the world, and the effects of performance plans led by RATP EPIC and the subsidiaries to improve their competitiveness. Overall, the Group’s results held up well in 2019, with a positive net income Group share of €131m. Excluding the effect of the strike, operating income increased by 4%. With the support of Île-de-France Mobilités, RATP Group invested 32% of its turnover in 2019, i.e. €1.8bn, while stabilising its debt, which testifies to our solid foundations.
RATP Group will resolutely pursue its strategy of profitable growth in the growth markets for sustainable mobility and smart cities, in France and abroad, while actively participating in the first calls for tenders on the bus and automated metro market in the Île-de-France region, and preparing for competition on the bus network in its historic monopoly in Paris and the inner suburbs. The Group will use its strengths to gain the trust of new customers.