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EPIC
The EPIC (Industrial and commercial public undertaking) manages the infrastructures of its historic multimodal public transport network in Île-de-France (metro, RER, bus, tramway). The RATP EPIC is the sole operator of this network under a medium-term contract with transport organising authority STIF. These operating rights are guaranteed by law for a period of 15 to 30 years from 3 December, 2009 (15 years for bus, 20 years for tramway and 30 years for the metro and RER). The EPIC currently has 44 819 employees (as of December, 2011) and €4.354 billion in revenues from 3,111million journeys made in 2011.
Profits for the 2011 financial year
Trends for 2011
Financial year 2011 was the fourth and last year of the current agreement between RATP and the Île-de-France transport authority (STIF).
RATP’s results showed the effects of the favourable environment, and reflected the continuing improvement in its economic equilibrium, which had begun in 2010 after a diffi cult fi nancial year in 2009. RATP achieved its business plan objective of an annual productivity improvement of 1.5%
excluding growth effects.
RATP EPIC’s EBITDA amounted to €1,062 million in 2011, up €153 million by 16.8% compared with 2010.
The sharp increase was due:
• Principally to volume effects of €139 million mainly from productivity improvements under the business plan (€49 million), contractual expense refunds (€59 million) and other receipts (€21 million);
• But also to price effects, including the additional 0.5% above inflation applied to the Île-de-France transport authority index (€21 million), which off set the unfavourable scissor effect in 2009.
After the decrease in 2009, traffic increased substantially by 52 million additional journeys in 2011, to 3,102 million under the Île-de-France transport authority agreement.
Operating income (EBIT) after depreciation, amortization and provisions in the parent company’s financial statements was up 18% to €481 million, an increase of €78 million (after the adjustment for the reversal of the 2010 tax audit provision) compared with 2011.
Parent company net income totalled €295 million, or €252 million excluding the gain on disposal of the investment in Transdev. Net income increased by €112 million.
Cash flows from operations increased by €156 million to €811 million in 2011 compared with €655 million in 2010.
Capital expenditure was up sharply to €1,499 million compared with €1,250 million in 2010.
Net debt increased by €153 million to €5,087 million, compared with €4,934 million as at December 31, 2010.
Outlook
Financial year 2012 will be the first year of the new agreement between the Île-de-France transport authority and RATP under the new legal framework (ORTF law). This new agreement was signed on March 16, 2012.
The agreement provides for two major changes introduced by the ORTF law:
• Operating rights are henceforth limited in duration to permit competition;
• RATP is entrusted with infrastructure management, which is not open to competition, and is required to separate its accounts for this activity from those of its transport operations business.
In this context, financial performance is a priority. In 2012, RATP is committed to increasing productivity by 1.3%. Revenue growth has to exceed the limited increase in expenses to improve EBITDA and net cash flow from operations.
These improvements are needed to finance the large increase in capital expenditure without increasing debt, and will require an effort from everyone at all levels.
On January 3, 2012, the RATP and SNCF groups contributed their remaining holdings in Xelis and Inexia to Systra. RATP group’s holding in the Systra group is now 41.92% and remains equity-accounted.
On January 1, 2012, RATP Développement began operating two new service contracts for two express routes on the A14 motorway in the Île-de-France region, and the Charleville-Mézières city network.
The transport subsidiaries should expand business signifi cantly due to recently launched operations and new acquisitions. Their financial performance will depend once again on cost-cutting programmes in Western Europe, which will impact contract and concession revenues to varying degrees.
