RATP Group 2019 results

Positive results, despite the impact of social unrest regarding pension reform.

Highlights of the financial year

  • Strong growth in the Group’s activity both in France and internationally: consolidated turnover is €5.704bn, up 2.5%, or 5.9% excluding the effect of December’s social unrest.
  • The growth is driven by the strong development of subsidiaries (+€139m, +12%), particularly RATP Dev, whose turnover exceeded €1.3bn, up 10.4% barring exchange rate fluctuations, with the ramp-up of new contracts in France, the United States, and the Middle East. The share of subsidiaries in the consolidated turnover reached 22.9% (excluding the impact of strikes), a growth of 1.1 points compared to 2018.
  • EPIC’s activity remained stable: the positive basic trend in Île-de-France (+4.3% excluding the impact of strikes) was fully offset by the impact of the strikes (-€186m).
  • In total, the social unrest that started on 5 December strongly affected 2019's results, with an impact of -€150m on operating income (EBIT) and the Group share of net income, and +€62m in consolidated net debt.
  • Nevertheless, the Group’s performance is solid, which reflects the improvement in its intrinsic performance, with:
  1. An operating income (EBIT) of €319m, or 5.6% of turnover, up 4% excluding the impact of strikes;
  2. A positive Group share in net income of €131m (or 2.3% of turnover), down €69m compared to the previous year. Recurring net income nevertheless reached €310m, or 5.4% of turnover with an improvement of 7.2%.
  • In Île-de-France, RATP has continued and further increased its investment efforts in the upgrading and development of the network as part of its contract with Île-de-France Mobilités. Investments grew by almost €150m reaching €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 target set for 2020 (1.1x).

2019 came to an end amidst major social unrest which heavily affected the Group's annual results, with a negative impact of €150m on net income. Even so, we shouldn't forget the good results registered over the preceding months. They reflect how dynamic the public transport activity is in France and around the world, and how effective the performance plans led by RATP EPIC and the subsidiaries are in improving their competitiveness. In total, the Group’s results held out well in 2019, with a positive Group share in net income of €131m. Excluding the effect of the strikes, operating income grew by 4%. With the support of Île-de-France Mobilités, RATP Group will have invested 32% of its turnover in 2019, or €1.8bn, all while stabilising its debt, which demonstrates how sound our fundamentals are.
RATP Group will resolutely pursue its strategy of profitable growth in the key markets of sustainable mobility and smart cities, in France and abroad. It will also actively participate in the first calls for tenders for the bus and automated metro markets in Île-de-France, and will prepare for competition in the bus network in its historic territory of Paris and its inner suburbs, where the company was the exclusive operator. The Group will emphasise its strengths to gain the trust of new clients.

Catherine Guillouard
Chief executive officer