Affected by the health crisis and the strike against the pension reform in January, the RATP published Friday a net loss of 88 million euros in the first half. The public group had generated a net profit of 126 million euros over the first six months of 2019. Turnover fell 7.4% to 2.746 billion euros, mainly due to the effects of the strike of January (-69 million) and especially the health crisis (-224 million).
In particular, it fell by 7.9% for the public industrial and commercial establishment (Epic, which concerns traditional transport activities in Ile-de-France), to 2.156 billion euros, or 78.5 billion euros. % of total.
Turnover down 13.7%
The main subsidiary of the group, RATP Dev (public transport outside the historical region of the Régie), at the same time saw its turnover fall by 13.7% to 569 million euros (-7.6% excluding the effects of exchange). The subsidiary's commercial dynamic remains positive, however, with the entry into force of new contracts, according to management.
Over the first six months of the year, the operating profit (EBIT) of the public group fell 77% to 57 million euros. Net income, group share plunged into the red under the combined effect of the January strike (which had a negative impact of 50 million euros), the health crisis (-117 million) and the partial depreciation assets of the “Sightseeing” activity (tourist buses) following the cessation of this activity for several months (-44 million).
"The financial perspectives for the coming months remain conditioned by the outcome of the ongoing discussions on the treatment of the financial consequences of the epidemic on the financing of the public transport system in Ile-de-France as well as the evolution the health context itself, ”observed CEO Catherine Guillouard.
Ile-de-France Mobilités has indeed suspended its payments to RATP at the beginning of July. The regional authority is asking the state for 2.6 billion euros to fill the hole left by the Covid-19 pandemic in its budget, a figure that the government disputes.
“In a necessarily transitional manner, the RATP, in accordance with its public service obligations, has decided to continue operating its nominal transport offer, drawing on its cash to finance its charges, while waiting for a solution to be found. to restore the financial balance of the Ile-de-France transport system, ”noted Catherine Guillouard, cited in the press release.
Savings plans
The results presented on Friday "are built on the strict application of the contract" binding RATP to IDFM, RATP advancing the (negative) revenue gap compared to the objective pending reimbursement from the regional organizing authority, also specified the direction.
"The gap at the origin is this year so huge because of the covid that there is a significant debt", which forced the RATP to increase its debt. This increased by 11% in six months, to 5.8 billion euros as of June 30.
The group's cash position is "secure, thanks to the large short and long-term issues carried out in the first half of the year on the financial markets", with 2.7 billion in cash at June 30, 2020 - to which are potentially added - 500 million credit lines. bank loans not yet drawn - reassured the RATP. "To cushion as much as possible the financial impacts of the crisis", the various components of the group "have undertaken savings plans on their operating expenses," she added.
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