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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 44 795 employees (as of December, 2010) and €4.202 billion in revenues from 3,053 million journeys made in 2010.
Profits for the 2010 financial year
Trends for 2010
Financial year 2010 was the third year of implementation of:
• The contractual agreement between RATP and the Île-de-France Transport Authority, and its remuneration arrangements,
• RATP’s business plan generating productivity of 2%, of which 1.5% on a same-to-same basis.
After performing well in 2008, the company’s business was adversely affected in 2009 by the economic recession, and 2010 was a year of transition.
After the slowdown in 2009, traffic rose signifi cantly (up 1.3% to 39 million journeys), boosted by the social pricing policy and the new 2009 and 2010 services; nonetheless, after falling 1% in 2009, paying passenger traffic rose by a mere 0.3% in 2010.
At €4,202 million, reported revenue increased 1.6% although the increase was actually 3.1% compared with a 1.5% increase the previous year (due to the business tax reform, see note 1.3.1), thus growing faster than operating expenses at 2.0%.
Business performance picked up after dipping slightly in 2009. Gross operating surplus was up 7.5% at €909 million from €846 million in 2009, but barely reached the admittedly high 2008 levels at €913 million. It reflected productivity achieved, in line with 2008 to 2010 targets. Cash earnings from ordinary operations increased 6.7% to €655 million, providing funding for capital expenditure, which amounted to €1,250 million in 2010.
Outlook
The 2011 income statement was prepared under the current contractual framework, as in previous years, for the last time pending the new regulations (decrees) and amended agreement with the Île-de-France Transport Authority, enabling the new accounting framework to be applied.
The new agreement, for which the 2012 budget will be the first year, will be drawn up and negotiated in 2011 and will introduce two major changes to the remuneration conditions instituted by the ORTF law:
• Operating rights for transport services will be awarded for a limited duration in order to ensure competitive bidding;
• RATP is entrusted with the role of managing infrastructure, which is not open to competition. RATP will be required to keep separate accounts for its infrastructure management business and its business as a transport operator.
Cash earnings are expected to rise in 2011 by 13.9% or €746 million from 2010 levels. The increase is essential to fund the record capital expenditure programme of €1,547 million.
Business performance remains a priority. The company must achieve the annual target set in the 2011 budget, of a 1.5% increase in productivity, excluding increases in expenses, with an equivalent decrease in workforce. The 2.9% increase in revenue is significantly higher than the increase in expenses of 0.9%, and will enable higher gross operating surplus and cash earnings.
