Befreiender Konzernabschluss Gem. § 291 Hgb Zum Geschäftsjahr Vom 01.01.2020 Bis Zum 31.12.2020 - GEODIS CL Germany GmbH (vormals: GEODIS Logistics Deutschland GmbH) Frankfurt am Main
| Published date | 02 Marzo 2022 |
| Section | Rechnungslegung / Finanzberichte |
| Issuer | GEODIS CL Germany GmbH (vormals: GEODIS Logistics Deutschland GmbH) Frankfurt am Main |
GEODIS CL Germany GmbH (vormals: GEODIS Logistics Deutschland GmbH)
Frankfurt am Main
Befreiender Konzernabschluss gem. § 291 HGB
zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020
SNCF Mobilités
Saint Denis/Frankreich
01 - MANAGEMENT REPORT
THE SNCF GROUP IN 2020
1. SNCF GROUP PROFILE
1.1. PRESENTATION OF THE BUSINESS MODEL
SNCF SINCE 2020: A NEW GROUP
In 2020, SNCF changed. Previously made up of three EPIC and their subsidiaries, the new unified group comprises a parent company and its daughter companies, including Keolis and Geodis.
Since 1 January 2020, SNCF has been an integrated unified group
- The 3 EPICs became 5 companies: SNCF (parent company), SNCF Réseau, SNCF Gares & Connexions, Fret SNCF SAS and SNCF Voyageurs.
- The French State fully owns SNCF, whose share capital cannot be transferred.
- SNCF holds all the companies directly or indirectly. The shares of SNCF Réseau and SNCF Voyageurs cannot be transferred.
- Geodis and Keolis belong to the SNCF parent company.
As of 1 January 2021, TFMM and Fret SNCF SAS will be grouped within Rail Logistics Europe.
1.2. 2020, THE FIRST YEAR OF THE NEW GROUP
The SNCF Group's new organisation on 1 January 2020
1.2.1. An organisation stabilised in 2020, resulting in the creation of an integrated group
After two years 2018 and 2019 marked by the preparation of the French rail reform, the year 2020 was that of its implementation.
1.2.1.1. A unified group of public limited companies
On 1 January 2020, the EPICs were replaced by 5 companies:
- SNCF, a fully state-owned limited company and Group parent entity, ensures the Group's long-term strategic and financial management.
- SNCF Voyageurs, owned by the parent entity, comprises all the Group’s rail companies dedicated to transporting passengers in France and abroad.
- SNCF Réseau, owned by the parent entity, is responsible for the engineering, physical and commercial operation and maintenance of the French rail network. As infrastructure manager, SNCF Réseau is the hub for the French rail system.
- SNCF Gares & Connexions, subsidiary of SNCF Réseau, manages and operates French train stations. It guarantees train station access and services for transport operators.
- SNCF Fret, owned by the parent company, the main national freight transport operator.
The change from an EPIC to a public limited company (SA) led to a change in governance: governing bodies with greater involvement in the Group's affairs, directors with various complementary and diverse backgrounds, industrial and financial management based on the company’s corporate interest.
This change from an EPIC to a public limited company also led to a change in situation. Even though SNCF retains what makes it a unique company, it adopts the codes, best practices and requirements of a nationwide and worldwide industrial services group.
1.2.1.2. Empowered activities in charge of their own development
SNCF has various activities: with distinct customers, specific business models and specific challenges. The operational roll-out of the Group's strategy must rely on the activities themselves, as only they can develop operating methods.
The activities must be empowered in line with the streamlining of certain functions (pooling of support functions, Group IS policy, etc.) so as not to hinder the Group’s optimisation.
1.2.1.3. The parent company, ensuring the Group’s strategic management
The SNCF parent company is in charge of strategic leadership driving the subsidiaries and their activities. It leads the Group's transformation and is responsible for:
- Managing the long term: definition of the Group’s strategy, consistency of business strategies, cash allocation, portfolio management and definition of partnerships or alliances, debt management, steering of certain major transversal or industrial policies, management of research and innovation.
- Securing the short term, particularly compliance with the strategic trajectory defined with the shareholder: set-up of the transversal performance plan and monitoring of financial and production/service quality macro indicators for the business.
1.2.1.4. A solidarity-based economic model
In 2018, the rail reform provided for the assumption of €35 billion of SNCF Réseau's debt by the State. The 2020 Finance Law ratified the assumption of a first tranche of debt amounting to €25 billion on 1 January 2020. The assumption of the second tranche will take place in 2022.
Debt reduction remains a priority to create leeway and enable SNCF Réseau to modernise its operating methods, reduce the network's average age and promote the modal transition from air and road transport.
The sustainability and renewal of the SNCF Group’s economic mode is a major challenge for Group stability. Two vital financial solidarity mechanisms were therefore secured:
- Tax consolidation: this legal mechanism enables a parent company, the head of the tax consolidation, to collect the corporate income tax of its subsidiaries. The difference between income tax collected from the subsidiaries and income tax payable to the French State, arising from the consolidation of profits and losses between subsidiaries, fuels the parent company’s resources.
- The French State support fund: given the financial pressure on the SNCF Réseau economic model, a support fund was set up by the French State. This fund provides SNCF Réseau with a yearly investment grant (€762 million in 2020) to finance renewal operations. This fund is financed by the parent company’s own resources, mainly dividends waived by the French State, all or part of the tax consolidation profit and, where applicable, its cash flow. In 2020, during the health crisis, the support fund received an exceptional grant of €4.05 billion financed by the recapitalisation of SNCF SA by the French State under the rail recovery plan to secure future investments.
1.2.1.5. A social transition already underway
With the end of recruitment of personnel with railway worker status and the ongoing negotiation of a new collective agreement for the industry, the company is reinventing its labour agreement.
Social dialogue is the first pillar of this transition, based on mutual confidence between trade unions and the company. It must contribute to defining a social framework, in both the industry and the company, that is tailored to our challenges and ensures the Group’s social performance and fairness for all employees, whether statutory or contractual.
The creation of the new SNCF also confirms the future of the company and all its employees. The second pillar is the employees’ commitment to the company and vice versa. It is the company’s wish that each and everyone finds their right place. Supporting the career development of each employee and the success of their projects are factors guaranteeing future confidence and security.
1.2.1.6. A useful company
As a public company, SNCF fulfils a public utility role by delivering seamless mobility across all regions and for all French people. As a historical player, the Group wishes to provide each region with a first-rate public service and continue to serve the country as a whole.
By working with the various public stakeholders (State, local communities, EU, transport users associations, environmental and societal associations, corporate networks etc.), the Group promotes its involvement in the implementation of national and local public policies and aims to guarantee a high-quality rail service accessible to all.
1.2.2. 2020: a health crisis of unprecedented proportions
1.2.2.1. The impact of the crisis on the Group
The lockdown and travel restrictions introduced from March 2020 added to the impacts of the strike in the winter of 2019-2020 and have weighed historically on SNCF's activities. The impact of lockdown on the 1st half of the year was a loss of nearly €4 billion in revenue and more than €3 billion in gross profit. With the second lockdown, losses increased to reach -€6.8 billion in revenue and -€5.4 billion in gross profit at the end of 2020. Despite the corrective measures taken during the year, the cash flow is in deficit by €2.8 billion and the debt exceeds €38 billion, where the budget provided for €36 billion.
Given the diversity of the Group's activities, the crisis has had a different impact on each Group business: passenger transport (leisure and business, regulated and non-regulated) has been hit hard by the crisis and is facing the acceleration of new dynamics that will have a lasting effect on this activity (working from home, less business travel, etc.). The Voyages activity was hit hardest. Although heavily dependent on a successful economy, logistics and freight transport fared better, as they are essential to the running of national and regional economies.
1.2.2.2. A response commensurate with the gravity of the situation
Given the scale of the crisis, substantial measures have been put in place to overcome financial constraints, while continuing to fulfil the Group's public utility mission.
SNCF therefore:
- participated in the national effort to fight the pandemic by running 10 medical TGVs during the first wave.
- helped sustain the country’s economic activity while maintaining freight activity and a minimum transport plan during the two lockdowns despite low occupancy rates.
To absorb some of the losses, the Group set up an extensive savings plan to boost available cash by €2.5 billion in 2020 by activating all possible levers (control and reduction of external expenses, investments, etc.). In particular, cash management has been a constant area of focus:
- Without ever challenging supplier payment deadlines, with invoices paid on time, sometimes even in advance, to take account of their constraints.
- Resulting throughout 2020 in a transparent dialogue with rating agencies and investors on the...
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