PRESS RELEASE
1 September 2016
2016 half-year results: RATP Group on course in pursuit of
its ambition to serve passengers
 Financial trajectory under control despite the difficult environment
 Investment for passenger service continues to rise
 Subsidiaries' activity continues to be dynamic
 Group revenue amounted to 2,797 million euros at 30 June 2016, a slight contraction of
1.0% compared to 30 June 2015.
 Subsidiaries' contribution to group revenue rose by 1.6% to 578 million euros, i.e. 20.7%
of the group's overall activity.
 Investment in the Paris region remained high at 808 million euros: an increase of 3.3%
 The group's recurring net result excluding fiscal implications amounted to 128 million
euros, a contraction of 72 million euros given the new STIF contract, inflation at close to
zero and an increase in provisions, as per IFRS standards.
 These trends are consistent with the announced financial trajectory.
The RATP board of directors, chaired by RATP President and Chief Executive Elisabeth Borne, met on
31 August to review and draw up the consolidated financial statements for RATP Group and the
company accounts for the EPIC entity at 30 June 2016.
Elizabeth Borne stated at the meeting: "RATP Group has demonstrated solidity despite the difficult
environment by sticking to the financial trajectory it has set for itself. The group's ability to stay on
course boosts its confidence in the future and the confidence it wishes to instil in its partners, local and
transport authorities.
Thanks to persistently sustained investment policy and with support from STIF, RATP was able in the
first half of the year to implement significant modernisation and network extension projects in the Paris
region. Our staff members do the company honour with the strong commitment and contributions to
the success of a major event such as the UEFA 2016 football championship.
The group is also continuing to expand in France and internationally with a fine outlook in the offing.
In addition, the group will continue its strategy with three priorities: passenger service excellence,
innovation in every field and action to promote more sustainable towns and cities."
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Trends in RATP Group key performance
indicators
in euro millions
30 June 2015
30 June 2016
Consolidated revenue
2824
2797
Recurring EBIT
304
217
Net recurring result, Group share
200
128*
Net result, Group share
293
87**
Cash flow
534
431
* excluding fiscal implications
** including fiscal implications based on normative calculations
Solid consolidated results
Group consolidated revenue amounted to 2,797 million euros at 30 June 2016, a slight contraction of
1.0% compared to 30 June 2015.
The EPIC entity's contribution to the group's consolidated revenue amounted 2,219 million euros, a
1.6% contraction, as a result primarily of the new STIF contract which entered into effect on 1
January 2016. Revenue generated by subsidiaries amounted to 578 million euros, a 1.6% increase,
despite an adverse exchange rate effect. Subsidiaries now account for 20.7% of group revenue.
The group's operating performance contracted with recurring EBIT at 217 million euros (excluding
tax implications 1) owing to the new STIF contract, low inflation and higher provisions, as per new
IFRS standards.
Similarly, net recurring result, Group share, amounted to 128 million euros (excluding tax
implications1), a contraction of 72 million euros compared to 30 June 2015. In light of potential tax
implications (booked using normative calculations), the net result amounted to 87 million euros.
Cash flow amounted to 431 million euros. The group's gearing remained unchanged compared to 30
June 2015 at 1.5 and was in line with group forecasts for the year. It also demonstrated the group's
firm control over debt levels.
Increasing traffic and persistently high investment in the Paris region
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The tax effects relating to the company's fiscal standardisation (corporate tax, apprenticeship, the CICE levy),
with some conditions still being adjusted with the administration, will be able to be measured fully in
subsequent annual results.
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Patronage rose in the Paris region by 2.7% at over 1.7
billion journeys in the first half of the year. A large proportion of the increase can be attributed to a
particularly positive calendar structure, as 2016 is a leap year. The implementation of fixed rates for
all travel zones was particularly favourable to RER and bus modes of transport (+3.6% and +3.4%
respectively).
Traffic on the metro network was impacted by the contraction in tourist numbers following the
terrorist attacks (-0.5% excluding calendar effects). Tramway services continued to grow dynamically
(+8.5%). This mode remains attractive and benefited from the capacity increase with the opening of
new lines at the end of 2014.
Thanks to support from STIF, RATP continued its very sustained investment policy in the first half of
2016, investing some 808 million euros, a 3.3% increase over last year:
- 403 million euros to increase transport capacity
- 276 million euros to modernise infrastructures and current facilities
- 129 million euros to renew and renovate rolling stock.
In terms of increasing transport capacity, the first six months of 2016 witnessed simultaneous works
for four metro line extensions: Line 4 to Bagneux (1.8 km, two stations), Line 11 to Rosny-Bois Perrier
(5.4 km, six new stations), Line 12 to Mairie d'Aubervilliers (2.8 km, two stations) and Line 14 to
Mairie de Saint-Ouen (5.8 km and four stations). There has also been work to connect the current
network with the future Grand Paris Express Line 15. Tramway investment focus on the current
extension to Porte d'Asnières and commissioning the underground section of the T6 line in June.
Investment to modernise infrastructure and current equipment made it possible to finance many
projects including:
- increasing the pace of automation on Line 4 with the start of civil engineering work
- progress in the automatic steering of RER A along the central section and work to renew
tracks
- deployment of the OCTYS system along Line 9
- continuation of the Renouveau du métro program (Concorde, Châtelet, Oberkampf, etc.) and
of the deployment of IMAGE passenger information screens.
As for rolling stock renewal and renovation, the program to increase the use of double-decker rolling
stock on RER line A is nearing completion, as is the program to modernise MI79 rolling stock on RER
line B. MF01 deployment continues on metro Line 9. Completed investment ensured that the energy
transition in the bus fleet continues as part of the Bus 2025 plan.
In the first half of the year, the metro network posted production in peak hours of an average of 98%
for all lines, which confirms the sound results obtained in 2015. On the RER B line, progress achieved
last year continued in 2016 with approximately 90% punctuality rates. RER A line posted a
punctuality rate of 84.7% and is very severely impacted by suspicious packages (which prompted a
loss of over 2 points in the first six months). In the surface network, a higher headcount and new trip
times in specific bus lines included in the STIF contract ensured significant reductions in internal
production losses (from 1.37% in the first half of 2015 to 0.51% in 2016). Transport supply in the
surface network amounted to 96.8% in the first half of the year (compared to 96.2% in the same
period the year before).
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Dynamic subsidiaries in France and internationally
In the first half of 2016, revenue growth for RATP Dev excluding exchange rate effects amounted to
6% with progress in all RATP Dev activities except sightseeing buses, which were affected by the drop
in tourism in Paris and London following the terrorist attacks and by poor weather.
Among the noteworthy events in the first six months of the year for RATP Dev in France was the
start of the Epernay and Laon contracts along with the contract renewal to operate the Roche-surYon network. Outside France, RATP Dev launched the tramway service in Washington D.C., which it
will operate for five years. Adjudication of the contract to operate all bus services in Tuscany was also
signed.
RATP Dev teams are currently mobilised to prepare for major milestones in the months to come
such as potential renewals of operating contracts in Manchester (Metrolink, United Kingdom) and
Casablanca (Morocco), as well as significant bids in the Middle East (Riyadh metro in Saudi Arabia,
Doha metro and Lusai tramway in Qatar).
Ixxi, the subsidiary specialising in mobility assistance services, is continuing to develop dynamically,
as seen by the opening of its Bordeaux subsidiary Ixxi Techside and by the acquisition of Navocap.
Systra, the subsidiary jointly owned by SNCF and RATP, continues to boast a significant order book
of 888 million euros (compared to 1,110 million euros at 30 June 2015). The entity is continuing its
dynamic policy of external growth with the acquisition of Dalco in Sweden, Scott-Lister in Australia
and SIAS in the United Kingdom.
Results in line with objectives
Thanks to its financial trajectory under firm control, the group is on track to achieve the objectives
set for 2020 with target revenue of seven billion euros, of which 30% from subsidiaries.
RATP Group will continue to prepare for the future by focusing its strategy on the three priorities
below while involving all employees in a major participative approach currently under way within the
company:
- Strive for passenger service excellence
- Promote innovation in all fields
- Assert RATP Group as a vital player for sustainable towns and cities.
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