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SUPPLEMENT DATED 2 AUGUST 2019
TO THE EURO MEDIUM TERM NOTE PROGRAMME BASE PROSPECTUS
DATED 10 APRIL 2019
SNCF MOBILITÉS
Euro 12,000,000,000
Euro Medium Term Note Programme
This second supplement (the Second Supplement) is supplemental to, and should be read in conjunction with, the
Base Prospectus dated 10 April 2019 as supplemented by the first supplement dated 28 June 2019 (the Base
Prospectus) prepared in relation to the €12,000,000,000 Euro Medium Term Note Programme (the Programme) of
SNCF Mobilités (the Issuer). The Base Prospectus as so supplemented constitutes a base prospectus for the purpose of
the Directive 2003/71/EC (as amended or superseded, the Prospectus Directive). The Autorité des marchés financiers
(the AMF) has granted visa n°19-146 on 10 April 2019 to the Base Prospectus and visa n°19-304 on 28 June 2019 to
the first supplement dated 28 June 2019.
Application has been made for approval of this Supplement to the AMF in its capacity as competent authority pursuant
to article 212-2 of its Règlement Général which implements the Prospectus Directive. This Supplement has been
prepared pursuant to Article 16.1 of the Prospectus Directive and Article 212-25 of the Règlement général of the AMF
for the purposes of inter alia (i) incorporating by reference the Half-Year Activity Report and Condensed Half-Year
Consolidated Financial Statements of the Issuer (the CCFS 2019), (ii) amending the Summary, (iii) updating the
"Description of the Issuer" and the "Risk Factors" sections of the Base Prospectus, and (iv) updating the list of the
recent developments.
Terms defined in the Base Prospectus have the same meaning when used in the Supplement.
Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or inaccuracy
relating to information included in the Base Prospectus which is material in the context of the Programme since the
publication of the Base Prospectus. To the extent that there is any inconsistency between (a) any statements in this
Supplement and (b) any other statement in, or incorporated in, the Base Prospectus, the statements in the Supplement
will prevail.
Copies of this Supplement (a) may be obtained, free of charge, during normal business hours at the specified office of
the Issuer and of each of the Paying Agents, (b) will be available on the website of the AMF (www.amf-france.org) and
(c) will be available on the website of the Issuer (https://www.sncf.com/sncv1/en/meet-sncf/finance/amf).
In relation to any offer of Notes to the public, and provided that the conditions of article 16 (2) of the Prospectus
Directive are fulfilled, investors who have already agreed to purchase or subscribe for Notes to be issued under the
Programme before this Supplement is published, have the right under article 16 (2) of the Prospectus Directive, to
withdraw their acceptances within a time limit of two (2) working days after the publication of this Supplement, i.e.
until 6 August 2019.
TABLE OF CONTENTS
Page
SUMMARY OF THE PROGRAMME ............................................................................................................. 3
RÉSUMÉ EN FRANÇAIS (FRENCH LANGUAGE SUMMARY OF THE PROGRAMME)..................... 10
RISK FACTORS ............................................................................................................................................. 17
DOCUMENTS INCORPORATED BY REFERENCE................................................................................... 19
DESCRIPTION OF THE ISSUER ................................................................................................................. 24
RECENT DEVELOPMENTS ......................................................................................................................... 30
GENERAL INFORMATION .......................................................................................................................... 31
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE SUPPLEMENT .......................... 32
SUMMARY OF THE PROGRAMME
The subsections B.10 entitled "Audit report historic financial information observations" and B.12 entitled
"Selected historical key financial information" of the section entitled "SUMMARY OF THE PROGRAMME" on
pages 11 to 16 of the Base Prospectus shall be deleted and replaced with the following:
"B.10 Audit report
historic
financial
information
observations
For the financial year ended on 31 December 2018, the consolidated financial
statements were prepared in accordance with IFRS as adopted by the European
Union and were audited. The auditors' report included the following emphasis of
matter paragraph:
"Without qualifying our opinion, we draw your attention to the matter set out in Note
2.1.9 “United Kingdom’s withdrawal from the European Union (Brexit)” to the
consolidated financial statements, which describes the uncertainties related to this
withdrawal";
For the financial year ended on 31 December 2018, the (non consolidated) financial
statements were prepared in accordance with French generally accepted accounting
principles and were audited. There are no qualifications or observations in the audit
report relating to the (non consolidated) financial statements for the financial year
ended on 31 December 2018.
For the financial year ended on 31 December 2017, the consolidated financial
statements were prepared in accordance with IFRS as adopted by the European
Union and were audited. The auditors' report included the following qualification:
"As indicated in Note 4.3.2.3 to the consolidated financial statements, in connection
with the drafting of the ten-year performance contract between the French State and
SNCF Mobilités and its financial trajectory, the Gares & Connexions strategic plan
was revised during the second half of 2016, resulting in a €273 million reversal of
the impairment recognised for the Gares & Connexions CGU as at 31 December
2016. The Group did not identify any new indications of impairment or increases in
value as at 31 December 2017.
The recoverable amount of these assets remains highly sensitive to the economic and
financial assumptions as at 31 December 2017. Various major risks and
uncertainties continue to weigh upon the economic and financial outlook of the
Gares & Connexions CGU, namely, (i) a business and pricing model, and
consequently a draft Document de Référence des Gares 2018-2019, still under
discussion with ARAFER, (ii) a possible transfer of Gares & Connexions out of the
scope of SNCF Mobilités following the consultation organised by the French
government with a view to defining an overall strategy for overhauling the rail
transport model, the implications of which for the activity’s operating, economic and
financial framework are difficult to gauge at present, (iii) and a financial trajectory
that, as shown over the past few years, is subject to adjustment to take into account
changes in the economic and regulatory environment.
These factors could be realised in the near future, leading to interactions that cannot
be precisely determined, which could affect the value in use of the Gares &
Connexions CGU’s assets as measured by SNCF Mobilités.
Accordingly, we are unable to assess the reliability of the projections underlying the
carrying amount of the Gares & Connexions CGU’s assets, and are therefore unable
to give an opinion on that carrying amount, which totalled €1,681 million as at 31
December 2017".
For the financial year ended on 31 December 2017, the (non consolidated) financial
statements were prepared in accordance with French generally accepted accounting
principles and were audited. The auditors' report included the following
qualification:
"As indicated in Note 8.2.3 to the annual statutory financial statements, in
connection with the establishment of the ten-year performance contract between the
French State and SNCF Mobilités and its financial trajectory, the Gares &
Connexions strategic plan was revised during the second half of 2016, resulting in a
€233 million reversal of the impairment recognised for the SNCF Gares &
Connexions CGU as at 31 December 2016. The company did not identify any new
indications of impairment or increases in value as at 31 December 2017.
The recoverable amount of these assets remains highly sensitive to the economic and
financial assumptions as at 31 December 2017. Various major risks and
uncertainties continue to weigh upon the economic and financial outlook of the
SNCF Gares & Connexions CGU, namely, (i) a business and pricing model, and
consequently a draft Document de Référence des Gares 2018-2019, still under
discussion with ARAFER, (ii) a possible transfer of Gares & Connexions out of the
scope of SNCF Mobilités following the consultation organised by the French
government with a view to defining an overall strategy for overhauling the rail
transport model, the implications of which for the activity’s operating, economic and
financial framework are difficult to gauge at present, (iii) and a financial trajectory
that, as shown over the past few years, is subject to adjustment to take into account
changes in the economic and regulatory environment.
These factors could be realised in the near future, leading to interactions that cannot
be precisely determined, which could affect the value in use of the SNCF Gares &
Connexions CGU’s assets as measured by SNCF Mobilités.
Accordingly, we are unable to assess the reliability of the projections underlying the
carrying amount of the SNCF Gares & Connexions CGU’s assets, and are therefore
unable to give an opinion on that carrying amount, which totalled €1,579 million as
at 31 December 2017."
The condensed half-year consolidated financial statements of the Issuer as at and for
the six months ended 30 June 2019, were subject to a limited review by the statutory
auditors who issued a limited review report. Such limited review report included the
following emphasis of matter paragraph:
"Without qualifying our conclusion, we draw your attention to:
- Note 2.1.4 “United Kingdom’s withdrawal from the European Union (Brexit)”,
which describes the uncertainties related to this withdrawal;
- Notes 1.3.2 and 1.3.3, which describe the change in accounting policy as a result
of the first-time application of IFRS 16 "Leases"."
B.12 Selected historical key financial information
The below selected historical key financial information of the Issuer are extracted from the
consolidated financial statements of the Issuer as at 31 December 2018 (including for information as at
31 December 2017 for which some of the financial information below was restated) and from the
Issuer's condensed half-year consolidated financial statements as at and for the half year ended 30 June
2019, which were subject to a limited review by the statutory auditors.
Income Statement
The table below sets out summary information extracted from the Issuer's audited consolidated income statement for the year ended 31 December 2018 (including comparative information for the year ended 31 December 2017 for which some of the financial information below was restated) and the Issuer's consolidated income statement for each of the two half years ended 30 June 2018 and 30 June 2019:
In € millionsFor the
six months
ended 30 June 2019
For the six
months ended 30
June 2018 (*)
For the year ended
31 December
2018
For the year ended
31 December
2017
Revenue 16,960 15,252 31,681 31,831
Infrastructure fees -2,308 -2,045 -4,304 -4,431
Purchase and external charges excluding infrastructure fees
-6,244 -6,373 -13,030 -12,890
Taxes and duties other than income tax -757 -754 -1,117 -966
Employee benefit expense -5,827 -5,595 -11,249 -11,206
Other income and expenses 68 164 376 421
Gross profit 1,892 649 2,358 2,759
Depreciation and amortisation -1,281 -733 -1,687 -1,422
Net movements in provisions 43 185 127 32
Current operating profit/(loss) 653 101 798 1,369
Net proceeds from asset disposals 46 51 751 302
Fair value remeasurement of the previously held interest
- 16 170 31
Impairment losses -6 3,309 3,250 -36
Operating profit/(loss) 693 3,477 4,969 1,666
Share of net profit/(loss) of companies consolidated under the equity method
11 17 32 39
Operating profit/(loss) after share of net profit of companies consolidated under the equity method
704 3,493 5,002 1,705
Net finance cost of employee benefits 19 4 7 -18
Net borrowing costs and other costs -277 -130 -194 -272
Finance cost -258 -126 -187 -290
Net profit/(loss) before tax 446 3,368 4,815 1,415
Income tax expense -214 -129 -240 -245
Net profit/(loss) from ordinary activities 231 3,239 4,574 1,170
Net profit before tax of discontinued operations
- - - -
Net profit/(loss) for the year 231 3,239 4,574 1,170
Net profit/(loss) for the year attributable to equity holders of the parent
221 3,202 4,502 1,136
Net profit/(loss) of the year attributable to 10 37 73 33
non-controlling interests (minority interests)
Recurring net profit attributable to equity holders of the parent (1)
164 -90 320 895
(*)The benchmarking exercise has not been restated following the implementation of the Lease Agreement IFRS 16 standards.
Statement of Financial Position
The table below sets out the Issuer's consolidated statement of financial position as at 31 December
2018 (and comparative information as at 31 December 2017 for which some of the financial
information below was restated) and the Issuer's consolidated statement of financial position as at 30
June 2019:
In € millions 30 June 2019 31 December 2018 31 December 2017
Goodwill 2,357 2,330 2,339
Intangible assets 1,792 1,805 1,776
Rights of use in relating to
lease agreements
3,408 - -
Property, plant and
equipment
16,707 16,725 13,546
Non-current financial
assets
5,169 4,964 5,474
Investments in companies
consolidated under the
equity method
864 864 671
Deferred tax assets 1,402 1,358 969
Non-current assets 31,699 28,045 24,775
Inventories and work-in-
progress
754 663 682
Operating receivables 7,948 7,525 6,906
Operating assets 8,702 8,188 7,588
Current financial assets 1,488 1,229 1,074
Cash and cash equivalents 4,341 4,954 6,394
Current assets 14,532 14,372 15,056
Assets classified as held
for sale
0 0 1
TOTAL ASSETS 46,231 42,417 39,831
Share capital 3,971 3,971 3,971
Consolidated reserves 4,453 877 188
Net profit/(loss) for the
year attributable to equity
221 4,502 1,136
Equity attributable to
equity holders of the
parent
8,646 9,350 5,295
Non-controlling interests
(minority interests)
126 137 134
Total equity 8,772 9,487 5,428
Non-current employee
benefits
1,709 1,571 1,572
Non-current provisions 981 998 1,164
Non-current financial
liabilities
15,157 15,430 15,883
Non-current lease
obligations
2,718 0 0
Deferred tax liabilities 383 399 373
Non-current liabilities 20,948 18,398 18,991
Current employee benefits 95 97 97
Current provisions 150 164 175
Operating payables 11,555 11,080 10,446
Operating liabilities 11,800 11,341 10,717
Current financial
liabilities
3,999 3,191 4,693
Current lease obligations 712 0
Current liabilities 16,511 14,531 15,410
Liabilities associated with
assets classified as held
for sale
0 0 1
TOTAL EQUITY AND
LIABILITIES
46,231 42,417 39,831
(*) The benchmarking exercise has not been restated following the implementation of the Lease Agreement IFRS 16 standards.
Statements of no significant or material adverse change
Save as disclosed in Elements B.4b, B.10 and B.13 above, there has been no significant change in the
financial or trading position of the Issuer since 30 June 2019 and there has been no material adverse
change in the prospects of the Issuer since 31 December 2018.
The subsection B.13 entitled "Recent events particular to the Issuer which presents a material impact to an
evaluation of its solvency" of the section entitled "SUMMARY OF THE PROGRAMME" on page 16 of the Base
Prospectus shall be supplemented with the following:
"B.13 Recent events
particular to
the Issuer
which presents
a material
impact to an
evaluation of
its solvency
"TER" Agreements with Sud, Nouvelle-Aquitaine, Grand-Est, Hauts de
France and Bretagne Regions: The 2019-2023 Sud Region (PACA) and the
2019-2024 Nouvelle-Aquitaine agreements approved by the Board of
Directors of SNCF Mobiltiés were signed on 9 April and 29 April 2019
respectively. These agreements set out the operating terms and conditions for
the TER lines with a view to improve system performance and prepare for
the opening of certain TER services to competition.
The operation of TER lines was partly opened to competition, as certain
Organising Authorities published information notices in the first half of
2019.
Furthermore, on 28 June 2019, a framework agreement was signed with the
Bretagne Region to determine the terms and conditions of the future 2019-
2028 TER agreement.
Creation de StatioNord (formerly SEMOP): As part of the Paris Gare du
Nord 2024 project, SNCF Mobilités, through Gares & Connexions, set up a
single purpose semi-public company (société d’économie mixte à opération
unique) called StatioNord with CEETRUS. The purpose of this company,
which is 34% owned by SNCF Mobilités, will be to carry out the
transformation work at Paris Nord station and ensure the operation and
management of the commercial activities in the station. A work concession
agreement and an agreement for the temporary occupation of public land
were signed on 22 February 2019.
Sale of the Ouibus subsidiary: During the half-year, the Group sold its
subsidiary Ouibus to Blablacar (BBC), both mobility players seeking to
propose an inter-modal offering to passengers. The transaction did not
generate any significant disposal gain.
Signing of a renewable power purchase agreement: On 21 June 2019, the
subsidiary SNCF Energie and Voltalia signed an agreement for the direct
purchase of 150 MW of renewable electricity over 25 years for around €210
million. This long-term agreement is the first of its kind in France and one of
the ten largest deals in Europe.
RÉSUMÉ EN FRANÇAIS
(FRENCH LANGUAGE SUMMARY OF THE PROGRAMME)
The subsections B.10 entitled "Observations sur les informations financières historiques contenues dans le rapport
d'audit" and B.12 entitled "Informations financières historiques clés sélectionnées de l'Emetteur" of the section
entitled "RÉSUMÉ EN FRANÇAIS (FRENCH LANGUAGE SUMMARY OF THE PROGRAMME)" on pages 38
to 43 of the Base Prospectus shall be deleted and replaced with the following:
"B.10 Réserves sur les
informations financières
historiques contenues
dans le rapport des
Commissaires aux
comptes
Les comptes consolidés annuels pour l'exercice clos le 31 décembre 2018 ont
été préparés selon les normes IFRS telles qu’adoptées par l’Union
européenne et ont été audités. Le rapport des commissaires aux comptes
contient l'observation suivante:
"Sans remettre en cause l’opinion exprimée ci-dessus, nous attirons votre
attention sur la note 2.1.9 « Sortie du Royaume-Uni de l’Union Européenne
(Brexit) » de l’annexe aux comptes consolidés qui expose les incertitudes
liées à cette sortie."
Les comptes non consolidés annuels pour l'exercice clos le 31 décembre 2018
ont été préparés selon les règles et principes comptables français et ont été
audités. Il n’existe aucune réserve ou observation dans les comptes non
consolidés annuels pour l'exercice clos le 31 décembre 2018.
Les comptes consolidés annuels pour l'exercice clos le 31 décembre 2017 ont
été préparés selon les normes IFRS telles qu’adoptées par l’Union
européenne et ont été audités. Le rapport des commissaires aux comptes
contient la réserve suivante :
"Comme mentionné en note 4.3.2.3 de l’annexe aux comptes consolidés, dans
le cadre de l’établissement du contrat opérationnel décennal entre l’État et
l’EPIC SNCF Mobilités et de sa trajectoire financière, le plan stratégique de
Gares & Connexions avait été modifié au cours du second semestre de
l’année 2016, conduisant à une reprise de la perte de valeur des actifs de
l’UGT Gares & Connexions à hauteur de 273 millions d’euros au 31
décembre 2016. Au 31 décembre 2017, l’entreprise n’a pas identifié de
nouveaux indices de perte ou de reprise de valeur.
La sensibilité de la valeur recouvrable de ces actifs aux hypothèses
économiques et financières reste très élevée au 31 décembre 2017. Plusieurs
aléas et incertitudes importants continuent de peser sur les perspectives
économiques et financières de l’UGT Gares & Connexions, à savoir, (i) un
modèle économique et tarifaire, et par conséquent un projet de Document de
Référence des Gares 2018-2019, qui sont toujours en cours de discussion
avec l’ARAFER, (ii) un transfert possible des gares et de leur gestion hors de
l’EPIC SNCF Mobilités, notamment dans le contexte de la mission de
concertation menée par le gouvernement en vue de préparer une stratégie
d’ensemble pour refondre le modèle du transport ferroviaire, dont il est
aujourd’hui difficile d’apprécier les éventuelles conséquences sur le cadre
opérationnel, économique et financier de cette activité, (iii) et une trajectoire
financière qui, comme illustré sur ces dernières années, est sujette à des
adaptations pour tenir compte des évolutions de l’environnement
économique, réglementaire et de régulation.
Ces éléments pourraient se réaliser dans un avenir proche, avec des
interactions ne pouvant être précisément déterminées, affectant la valeur
d’utilité des actifs de l’UGT Gares & Connexions telle qu’établie par l’EPIC
SNCF Mobilités.
Dans ce contexte, nous ne sommes pas en mesure d’apprécier le caractère
probant des projections soustendant la valeur nette comptable des actifs de
l’UGT Gares & Connexions, et en conséquence de nous prononcer sur la dite
valeur s’élevant à 1 681 millions d’euros au 31 décembre 2017."
Les comptes non consolidés annuels pour l'exercice clos le 31 décembre 2017
ont été préparés selon les règles et principes comptables français et ont été
audités. Le rapport des commissaires aux comptes contient la réserve
suivante :
"Comme mentionné en note 8.2.3 de l’annexe aux comptes annuels, dans le
cadre de l’établissement du contrat opérationnel décennal entre l’État et
SNCF Mobilités et de sa trajectoire financière, le plan stratégique de Gares
& Connexions avait été modifié au cours du second semestre de l’année
2016, conduisant à une reprise de la perte de valeur des actifs de l’UGT
SNCF Gares & Connexions à hauteur de 233 millions d’euros au 31
décembre 2016. Au 31 décembre 2017, l’entreprise n’a pas identifié de
nouveaux indices de perte ou de reprise de valeur.
La sensibilité de la valeur recouvrable de ces actifs aux hypothèses
économiques et financières reste très élevée au 31 décembre 2017. Plusieurs
aléas et incertitudes importants continuent de peser sur les perspectives
économiques et financières de l’UGT SNCF Gares & Connexions, à savoir,
(i) un modèle économique et tarifaire, et par conséquent un projet de
Document de Référence des Gares 2018-2019, qui sont toujours en cours de
discussion avec l’ARAFER, (ii) un transfert possible des gares et de leur
gestion hors de SNCF Mobilités, notamment dans le contexte de la mission
de concertation menée par le gouvernement en vue de préparer une stratégie
d’ensemble pour refondre le modèle du transport ferroviaire, dont il est
aujourd’hui difficile d’apprécier les éventuelles conséquences sur le cadre
opérationnel, économique et financier de cette activité, (iii) et une trajectoire
financière qui, comme illustré sur ces dernières années, est sujette à des
adaptations pour tenir compte des évolutions de l’environnement
économique, réglementaire et de régulation.
Ces éléments pourraient se réaliser dans un avenir proche, avec des
interactions ne pouvant être précisément déterminées, affectant la valeur
d’utilité des actifs de l’UGT SNCF Gares & Connexions telle qu’établie par
SNCF Mobilités.
Dans ce contexte, nous ne sommes pas en mesure d’apprécier le caractère
probant des projections sous-tendant la valeur nette comptable des actifs de
l’UGT Gares & Connexions, et en conséquence de nous prononcer sur ladite
valeur s’élevant à 1 579 millions d’euros au 31 décembre 2017."
Les comptes consolidés semestriels résumés pour la période de 6 mois close
le 30 juin 2019 de l’Emetteur ont fait l’objet d’un examen limité par les
commissaires aux comptes qui ont émis un rapport d’examen limité. Ce
rapport contient l'observation suivante :
"Sans remettre en cause la conclusion exprimée ci-dessus, nous attirons votre
attention sur :
- la note 2.1.4 « Sortie du Royaume-Uni de l’Union européenne (Brexit) » qui
expose les incertitudes liées à cette sortie ;
- les notes 1.3.2 et 1.3.3 qui exposent le changement de méthode comptable
lié à la première application de la norme IFRS 16 «contrats de location»."
B.12 Informations financières historiques clés sélectionnées de l'Emetteur
Les informations financières historiques clés sélectionnées de l'Emetteur sont extraites des comptes
consolidés annuels de l'Emetteur au 31 décembre 2018 (y compris des informations comparatives relatives à
l'exercice clos le 31 décembre 2017 pour lequel certaines des informations financières ci-dessous ont été
retraitées) et extraites des comptes consolidés semestriels résumés pour le semestre se terminant au 30 juin
2019, qui ont fait l'objet d'un examen limité de la part des commissaires aux comptes.
Compte de Résultat
Le tableau ci-dessous présente un résumé des informations extraites du compte de résultat consolidé audité
de l'Emetteur pour l'année se terminant au 31 décembre 2018 (y compris des informations comparatives
relatives à l'exercice clos le 31 décembre 2017 pour lequel certaines des informations financières ci-dessous
ont été retraitées) et le compte de résultat consolidé de l'Emetteur pour chacun des semestres se terminant le
30 juin 2018 et le 30 juin 2019 :
En millions d'euros Semestre clos
le 30 juin
2019
Semestre clos
le 30 juin
2018 (*)
Exercice clos le
31 décembre
2018
Exercice clos le
31 décembre
2017
Chiffre d'affaires 16 960 15 252 31 681 31 831
Péages -2 308 -2 045 - 4 304 - 4 431
Achats et charges externes hors
péages -6 244 -6 373 - 13 030 - 12 890
Impôts et taxes -757 -754 -1 117 -966
Charges de personnel -5 827 -5 595 -11 249 -11 206
Autres produits et charges 68 164 376 421
Marge opérationnelle 1 892 649 2 358 2 759
Dotations aux amortissements -1 281 -733 -1 687 -1 422
Variation nette des provisions 43 185 127 32
Résultat opérationnel
courant 653 101 798 1 369
Résultat de cession d'actifs 46 51 751 302
Réévaluation à la juste valeur
de la participation
antérieurement détenue
- 16 170 31
Pertes de valeur -6 3 309 3 250 -36
Résultat opérationnel 693 3 477 4 969 1 666
Quote-part de résultat net des
entreprises mises en
équivalence
11 17 32 39
Résultat opérationnel après
quote-part de résultat net des
entreprises mises en
équivalence
704 3 493 5 002 1 705
Coût financier net des
avantages du personnel 19 4 7 -18
Coût de l'endettement financier
net et autres -277 -130 -194 -272
Résultat financier -258 -126 -187 -290
Résultat avant impôts 446 3 368 4 815 1 415
Impôt sur les résultats -214 -129 -240 -245
Résultat net des activités
ordinaires 231 3 239 4 574 1 170
Résultat net d'impôt des
activités abandonnées - - - -
Résultat net de l'exercice 231 3 239 4 574 1 170
Résultat net – Part du groupe 221 3 202 4 502 1 136
Résultat net attribuable aux
participations ne donnant pas
le contrôle (intérêts
minoritaires)
10 37 73 33
Résultat net récurrent - Part du
groupe (1) 164 -90 320 895
(*) L’exercice comparatif n’a pas été retraité à la suite de l’application de la norme IFRS 16 Contrats de
location
Bilan
Le tableau ci-dessous présente un résumé des informations extraites du bilan consolidé de l'Emetteur pour
l'année se terminant au 31 décembre 2018 (y compris des informations comparatives relatives à l'exercice
clos le 31 décembre 2017 pour lequel certaines des informations financières ci-dessous ont été retraitées) et
le bilan consolidé de l'Emetteur pour le semestre clos le 30 juin 2019 :
En millions d'euros 30 juin 2019 31 décembre 2018
(*)
31 décembre 2017
Ecarts d'acquisition 2 357 2 330 2 339
Immobilisations incorporelles 1 792 1 805 1 776
Droits d'utilisation relatifs aux
contrats de location
3 408 - -
Immobilisations corporelles 16 707 16 725 13 546
Actifs financiers non courants 5 169 4 964 5 474
Titres mis en équivalence 864 864 671
Impôts différés actifs 1 402 1 358 969
Actifs non courants 31 699 28 045 24 775
Stocks et en-cours 754 663 682
Créances d'exploitation 7 948 7 525 6 906
Actifs d'exploitation 8 702 8 188 7 588
Actifs financiers courants 1 488 1 229 1 074
Trésorerie et équivalents de
trésorerie
4 341 4 954 6 394
Actifs courants 14 532 14 372 15 056
Actifs détenus en vue d'être cédés 0 0 1
TOTAL DE L'ACTIF 46 231 42 417 39 831
Capital 3 971 3 971 3 971
Réserves consolidées 4 453 877 188
Résultat Groupe 221 4 502 1 136
Capitaux propres – Part du
Groupe
8 646 9 350 5 295
Participations ne donnant pas le 126 137 134
contrôle (intérêts minoritaires)
Capitaux propres totaux 8 772 9 487 5 428
Engagements envers le personnel
non courants
1 709 1 571 1 572
Provisions non courantes 981 998 1 164
Passifs financiers non courants 15 157 15 430 15 883
Obligations locatives non
courantes
2 718 0 0
Impôts différés passifs 383 399 373
Passifs non courants 20 948 18 398 18 991
Engagements envers le personnel
courants
95 97 97
Provisions courantes 150 164 175
Dettes d'exploitation 11 555 11 080 10 446
Passifs d'exploitation 11 800 11 341 10 717
Passifs financiers courants 3 999 3 191 4 693
Obligations locatives courantes 712 0
Passifs courants 16 511 14 531 15 410
Passifs relatifs aux actifs détenus
en vue d'être cédés
0 0 1
TOTAL DU PASSIF 46 231 42 417 39 831
(*) L’exercice comparatif n’a pas été retraité à la suite de l’application de la norme IFRS 16 Contrats de
location.
Déclarations relatives à l’absence de changement significatif ou de changement défavorable significatif
A l'exception de ce qui est mentionné aux Eléments B.4b, B.10 et B.13, il n'y a eu aucun changement
significatif dans la situation financière ou commerciale de l'Emetteur depuis le 30 juin 2019 et il n'y a eu
aucun changement défavorable significatif dans les perspectives de l'Emetteur depuis le 31 décembre 2018.
The subsection B.13 entitled "Evénements récents propres à l'Emetteur et présentant un intérêt significatif pour
l'évaluation de sa solvabilité" of the section entitled "RÉSUMÉ EN FRANÇAIS (FRENCH LANGUAGE
SUMMARY OF THE PROGRAMME)" on pages 43 to 44 of the Base Prospectus shall be supplemented with the
following:
B.13 Evénements
récents propres
à l'Emetteur et
présentant un
intérêt
significatif pour
l'évaluation de
sa solvabilité
Conventions TER avec les Régions Sud, Nouvelle-Aquitaine, Grand-
Est, Hauts-de-France et Bretagne : Les conventions de la région Sud
(PACA) pour 2019-2023 et Nouvelle Aquitaine pour 2019-2024
approuvées par le Conseil d’Administration de SNCF Mobilités ont été
signées respectivement le 9 et le 29 avril dernier. Ces conventions fixent les
modalités d’exploitation des lignes TER en vue d’améliorer la performance
du système et de préparer l’ouverture à la concurrence d’une partie des
services TER.
L’exploitation des lignes TER a fait l’objet d’une mise en concurrence
partielle, certaines Autorités Organisatrices ayant publié des avis
d’information durant le premier semestre 2019.
Par ailleurs, un protocole d’accord avec la région Bretagne a été signé le 28
juin 2019 fixant les modalités de la future convention TER pour 2019-2028.
Création de StatioNord (anciennement SEMOP) : Dans le cadre du
projet Paris Gare du Nord 2024, SNCF Mobilités, à travers l’activité Gares
et Connexions, et CEETRUS ont constitué une société d’économie mixte à
opération unique, StatioNord détenue à hauteur de 34% par SNCF
Mobilités. L’objet de cette société sera de réaliser les travaux de
transformation de la gare du Nord et d’assurer l’exploitation et la gestion
des activités commerciales dans l’enceinte de la gare. A ce titre un contrat
de concession de travaux et une convention d’occupation temporaire du
domaine public ont été signés en date du 22 février 2019.
Cession de la filiale Ouibus : Au cours du semestre, le Groupe a cédé sa
filiale Ouibus à Blablacar (BBC), dans le cadre de l’ambition des deux
acteurs de la mobilité de proposer une offre intermodale aux voyageurs.
L’opération n’a pas généré de résultat de cession significatif.
Signature d'un contrat d'achat d'énergie renouvelable : La filiale SNCF
Energie et Voltalia ont signé le 21 juin dernier un contrat d’achat direct de
150 mégawatt d’électricité renouvelable sur 25 ans pour un montant
d’environ 210 M€. Ce contrat de très longue durée est le premier de ce type
en France et l’un des dix plus importants en Europe.
RISK FACTORS
The subsections "Uncertainties regarding the financial position and the future of the Branch Gares &
Connexions" and "Current litigation" in the section entitled "RISK FACTORS" on pages 73 to 75 of the Base
Prospectus shall be deleted and replaced with the following:
"Uncertainties regarding the financial position and the future of the Branch Gares & Connexions
In a decision dated 3 October 2016, the Conseil d'Etat approved the decision of the ARAFER issued on 17 February
2015 which rejected the proposed charges for the regulated Gares & Connexions services in French railway stations for
2016. In its decision, the Conseil d'Etat confirmed inter alia that (i) Gares & Connexions must take into account
performance and productivity goals which must be mentioned with sufficient details in the stations’ reference document
(document de référence des gares) published by Gares & Connexions in accordance with Article L2123-3-2 of the
French Code des transports and (ii) the setting of access charges for the availability of space in French railway stations
must be determined with reference to general charges and not exclusively with reference to charges paid by shops in the
relevant stations.In the context of the performance contract signed on 20 April 2017 between the Issuer and the French
State (see above for further details), the Gares & Connexions 2016-2025 strategic plan was amended, particularly in
terms of the forecast profitability and investment levels, to take into account the decision of the Conseil d'Etat dated 3
October 2016. It should be noted that the updated 2017-2026 strategic plan is still being based on SNCF Mobilités'
target vision of the pricing model and does not incorporate all of the changes proposed by the ARAFER in its decision
issued on 17 February 2015.
In addition, the French Government’s report on the development of passenger rail station management to the French
Parliament, as provided by law n° 2014-872 of 4 August 2014 relating to the new railway system reform in France (the
Rail Reform Law) was published on 5 August 2014 in the Journal Officiel, to be published within a period of two
years following the Rail Reform Law, has not yet been published as at the date of this Base Prospectus. In July 2016,
the ARAFER published a study on this matter which includes several scenarios for station transfer and management,
including the removal of Gares & Connexions from the SNCF Mobilités scope.
The above elements and uncertainties regarding the economic and financial prospects of Gares & Connexions are
reflected in the auditors' report relating to the consolidated financial statements for the financial year ended on 31
December 2017 and in the auditors' limited review report relating to the condensed half-year consolidated financial
statements as at and for the half year ended 30 June 2018 (see "Documents incorporated by reference"), which includes
a qualification, and may have a negative impact on the business and results of the Issuer and the Group.
The table below shows the portion attributable to Gares & Connexions in SNCF Mobilités' financial position on the
basis of the consolidated financial statements of SNCF Mobilités for the financial year ended on 31 December 2018:
In € millions Gares & Connexions SNCF Mobilités %
External revenue 508 31,681 1.6
Gross profit 233 2,358 9.9
Net investments -246 -1,978 12.4
Net debt (*) 684 7,186 N/A
(*) Part of Gares & Connexions in the Group net debt
See also "The Issuer will be subject to significant changes in the context of the New Railway Pact" above in relation to
the changes relating to the Branch Gares & Connexions in the context of the New Railway Pact.
Current litigation
The Issuer is involved in litigation proceedings, most of which have arisen in the ordinary course of its business. The
current litigation proceedings led to the booking of a provision for an amount of €202 million in the consolidated
financial statements for the financial year ended on 31 December 2018, as stated in the note 4.5 of the consolidated
financial statements for the financial year ended on 31 December 2018 of SNCF Mobilités (see "Documents
incorporated by reference"). On 30 June 2019, the amount of this provision is €197 million (see note 4.3 in the Half-
Year Report and Condensed Half-Year Consolidated Financial Statements (in the French language) as at, for the six-
month period ended 30 June 2019)."
DOCUMENTS INCORPORATED BY REFERENCE
The section entitled "Documents Incorporated by Reference" on pages 101 to 104 of the Base Prospectus shall
be deleted and replaced with the following:
The following documents which have previously been published and have been filed with the AMF shall be
incorporated in, and form part of, this Base Prospectus:
(a) the Financial Report 2017 (in the English language), containing the consolidated audited financial statements
for 2017, (FR 2017) of SNCF Mobilités;
(b) the Financial Report 2017 (in the French language), containing the non consolidated audited financial
statements for 2017 (FR 2017 (French)) of SNCF Mobilités;
(c) the Financial Report 2018 (in the English language), containing the consolidated audited financial statements
for 2018, (FR 2018) of SNCF Mobilités;
(d) the Financial Report 2018 (in the French language), containing the non consolidated audited financial
statements for 2018, (FR 2018 (French)) of SNCF Mobilités;
(e) the Half-Year Activity Report and Condensed Half-Year Consolidated Financial Statements (in the French
language) as at, for the period ended 30 June 2019 (CCFS 2019) of SNCF Mobilités;
(f) the terms and conditions of the Notes contained on pages 10 to 26 of the base prospectus dated 19 July 2001;
(g) the terms and conditions of the Notes contained on pages 11 to 29 of the base prospectus dated 17 July 2002;
(h) the terms and conditions of the Notes contained on pages 11 to 29 of the base prospectus dated 26 June 2003;
(i) the terms and conditions of the Notes contained on pages 10 to 28 of the base prospectus dated 30 June 2004;
(j) the terms and conditions of the Notes contained on pages 30 to 47 of the base prospectus dated
23 December 2005;
(k) the terms and conditions of the Notes contained on pages 38 to 61 of the base prospectus dated
22 December 2008 (Commission de Surveillance du Secteur Financier approval number C-07343);
(l) the terms and conditions of the Notes contained on pages 38 to 61 of the base prospectus dated
25 January 2010 (Commission de Surveillance du Secteur Financier approval number C-08942);
(m) the terms and conditions of the Notes contained on pages 45 to 65 of the base prospectus dated
20 December 2010 (AMF visa number 10-446);
(n) the terms and conditions of the Notes contained on pages 50 to 70 of the base prospectus dated
20 December 2011 (AMF visa number 11-586);
(o) the terms and conditions of the Notes contained on pages 60 to 85 of the base prospectus dated 26 March 2013
(AMF visa number 13-115);
(p) the terms and conditions of the Notes contained on pages 64 to 94 of the base prospectus dated 26 March 2014
(AMF visa number 14-104);
(q) the terms and conditions of the Notes contained on pages 69 to 98 of the base prospectus dated 26 March 2015
(AMF visa number 15-113);
(r) the terms and conditions of the Notes contained on pages 84 to 113 of the base prospectus dated 27 April 2016
(AMF visa number 16-154);
(s) the terms and conditions of the Notes contained on pages 95 to 124 of the base prospectus dated 4 April 2017
(AMF visa number 17-134); and
(t) the terms and conditions of the Notes contained on pages 101 to 130 of the base prospectus dated 21 March
2018 (AMF visa number 18-088).
Save that any statement contained in a document which is incorporated by reference herein shall be deemed to be
modified or superseded for the purpose of this Base Prospectus to the extent that a statement contained herein modifies
or supersedes such earlier statement (whether expressly, by implication or otherwise).
Copies of documents incorporated by reference in this Base Prospectus can be obtained from the registered office of the
Issuer and from the specified offices of the Paying Agent. They will also be published on the Issuer's website at
https://www.sncf.com/fr/groupe/finance/publications-financieres-sncf and on the Direction de l'information légale et
administrative's website at (www.info-financiere.fr) for financial information only. This Base Prospectus (together with
any Final Terms relating to Notes admitted to trading on a Regulated Market and/or offered to the public in France) will
be published on the AMF's website at www.amf-france.org.
CROSS-REFERENCE LIST RELATING TO THE FINANCIAL REPORT FOR 2017 (FR 2017), THE NON
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR 2017 (NCFS 2017), THE FINANCIAL
REPORT FOR 2018 (IN THE ENGLISH LANGUAGE) (FR 2018) AND THE FINANCIAL REPORT FOR
2018 (IN THE FRENCH LANGUAGE) (FR 2018 (French)).
Annex IV of EC Regulation No. 809/2004, as amended – Minimum disclosure requirements for the debt and derivatives securities registration document
FR 2018 FR 2018 (French)
FR 2017 FR 2017 (French)
RISK FACTORS
Prominent disclosure of risks factors that may affect the issuer's liability to fulfil its obligations under the securities to investors in a section headed "Risk Factors".
Pages 25 to 37
BUSINESS OVERVIEW
PRINCIPAL ACTIVITIES
A description of the Issuer's principal activities stating the main categories of products sold and/or services performed.
Pages 6 to 8, 14
to 24
An indication of any significant new products and/or activities.
Pages 14 to 24
PRINCIPAL MARKETS
A brief description of the principal markets in which the Issuer competes.
Pages 14 to 24
ORGANISATIONAL STRUCTURE
If the Issuer is part of a group, a brief description of the group and of the Issuer's position within it.
Pages 130 to
131, 135 to 139
IV. FINANCIAL INFORMATION CONCERNING THE ISSUER'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
Audited historical financial information covering the latest two financial years (and any subsequent interim financial period) and the audit report in respect of each year.
Balance sheet (consolidated) Pages 57 to 60
Pages 55 to 56
Balance sheet (non consolidated) Pages 174 to
175
Pages 164 to
165
Income statement (consolidated) Pages 55 to 56
Pages 53 to 54
Income statement (non consolidated) Page 176 Page 166
Cash flow statement (consolidated) Pages 59 to 60
Pages 57 to 58
Accounting policies and explanatory notes Pages 61 to 139
Pages 177 to
212
Pages 59 to 131
Pages 167 to
203
AUDITING OF HISTORICAL ANNUAL FINANCIAL INFORMATION
A statement that the historical financial information has been audited. If audit reports on the historical financial information have been refused by the statutory auditors or if they contain qualifications or disclaimers, such refusal or such qualifications or disclaimers must be reproduced in full and the reasons given.
Pages 140 to
151
Pages 214 to
223
Pages 132 to
142
Pages 204 to
212
LEGAL AND ARBITRATION PROCEEDINGS
Information on any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the issuer is aware), during a period covering at least the previous 12 months which are likely to have, or have had in the recent past, significant effects on the issuer’s financial position, or provide an appropriate negative statement.
Pages 93 to 96
Pages 95 to 98
CROSS-REFERENCE LIST RELATING TO THE 2019 CONDENSED HALF-YEAR CONSOLIDATED
FINANCIAL STATEMENT (CCFS 2019)
CCFS 2019
INFORMATION ABOUT THE ISSUER
A description of the principal investments made since the date of the last published financial statements.
Page 28
BUSINESS OVERVIEW
PRINCIPAL ACTIVITIES
A description of the Issuer's principal activities stating the main categories of products sold and/or services performed.
Pages 15 to 27
An indication of any significant new products and/or activities. Pages 3 to 6
PRINCIPAL MARKETS
A brief description of the principal markets in which the Issuer competes.
Pages 15 to 27
FINANCIAL INFORMATION CONCERNING THE ISSUER'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
Interim and other financial information
If the issuer has published quarterly or half yearly financial information since the date of its last audited financial statements, these must be included in the registration document. If the quarterly or half yearly financial information has been reviewed or audited the audit or review report must also be included. If the quarterly or half yearly financial information is unaudited or has not been reviewed state that fact.
- Pages 36 to 84 (Condensed Half-year Financial Statements)
- Pages 40 to 41 (Consolidated Statement of Financial Position (Bilan Consolidé))
- Page 38 (Consolidated Income Statement (Compte de Résultat Consolidé))
- Page 39 (Consolidated Statement of Comprehensive Income) (Etats du Résultat Global Consolidé))
- Page 43 (Consolidated Cashflow Statement (Etat des Flux de Trésorerie Consolidés))
- Page 42 (Consolidated Statement of Changes in Equity (Etat de Variation des Capitaux Propres Consolidés))
- Pages 41 to 84 (Notes to the Consolidated Accounts (Notes aux Comptes Consolidés Semestriels Résumés))
- Pages 85 to 87 (Statutory auditors’ limited review report)
CROSS-REFERENCE LIST RELATING TO THE TERMS AND CONDITIONS OF THE NOTES TO BE
INCORPORATED BY REFERENCE.
TERMS AND CONDITIONS PAGES
As contained in the base prospectus dated 19 July 2001 10-26
As contained in the base prospectus dated 17 July 2002 11-29
As contained in the base prospectus dated 26 June 2003 11-29
As contained in the base prospectus dated 30 June 2004 10-28
As contained in the base prospectus dated 23 December 2005 30-47
As contained in the base prospectus dated 22 December 2008 (Commission de Surveillance du Secteur Financier approval number C-07343)
38-61
As contained in the base prospectus dated 25 January 2010 (Commission de Surveillance du Secteur Financier approval number C-08942)
38-61
As contained in the base prospectus dated 20 December 2010 (AMF visa number 10-446) 45-65
As contained in the base prospectus dated 20 December 2011 (AMF visa number 11-586) 50-70
As contained in the base prospectus dated 26 March 2013 (AMF visa number 13-115) 60-85
As contained in the base prospectus dated 26 March 2014 (AMF visa number 14-104) 64-94
As contained in the base prospectus dated 26 March 2015 (AMF visa number 15-113) 69-98
As contained in the base prospectus dated 27 April 2016 (AMF visa number 16-154) 84-113
As contained in the base prospectus dated 4 April 2017 (AMF visa number 17-134) 95-124
As contained in the base prospectus dated 21 March 2018 (AMF visa number 18-088) 101-130
The Issuer will, in the event of any significant new factor, material mistake or inaccuracy relating to information
included in this Base Prospectus which is capable of affecting the assessment of any Notes, prepare a supplement
to this Base Prospectus or publish a new base prospectus for use in connection with any subsequent issue of
Notes.
DESCRIPTION OF THE ISSUER
The section entitled "DESCRIPTION OF THE ISSUER" on pages 145 to 158 of the Base Prospectus shall be
supplemented with the following:
The paragraph entitled "Key Figures" of the first sub-section "SELECTED FINANCIAL INFORMATION"
on pages 145 to 146 of the Base Prospectus shall be deleted and replaced with the following:
The selected historical key financial information of the Issuer below is extracted from the audited consolidated
financial statements of the Issuer as 31 December 2018 (including comparative information as at 31 December 2017
for which some of the financial information below was restated), and from the Issuer's condensed half-year
consolidated financial statements as at and for the half year ended 30 June 2019, which were subject to a limited
review by the statutory auditors.
The consolidated financial statements of the Issuer were prepared in accordance with international financial reporting
standards (IFRS) as adopted by the European Union.
Income Statement
The table below sets out summary information extracted from the Issuer's audited consolidated income statement for
the year ended 31 December 2018 (including comparative information for the year ended 31 December 2017 for
which some of the financial information below was restated) and the Issuer's consolidated income statement for each
of the two half years ended 30 June 2018 and 30 June 2019:
In € millionsFor the six
months ended 30 June 2019
For the six months ended 30 June 2018
(*)
For the year ended 31
December 2018
For the year ended 31
December 2017
Revenue 16,960 15,252 31,681 31,831
Infrastructure fees -2,308 -2,045 -4,304 -4,431
Purchase and external charges excluding infrastructure fees
-6,244 -6,373 -13,030 -12,890
Taxes and duties other than income tax -757 -754 -1,117 -966
Employee benefit expense -5,827 -5,595 -11,249 -11,206
Other income and expenses 68 164 376 421
Gross profit 1,892 649 2,358 2,759
Depreciation and amortisation -1,281 -733 -1,687 -1,422
Net movements in provisions 43 185 127 32
Current operating profit/(loss) 653 101 798 1,369
Net proceeds from asset disposals 46 51 751 302
Fair value remeasurement of the previously held interest
- 16 170 31
Impairment losses -6 3,309 3,250 -36
Operating profit/(loss) 693 3,477 4,969 1,666
Share of net profit/(loss) of companies 11 17 32 39
consolidated under the equity method
Operating profit/(loss) after share of net profit of companies consolidated under the equity method
704 3,493 5,002 1,705
Net finance cost of employee benefits 19 4 7 -18
Net borrowing costs and other costs -277 -130 -194 -272
Finance cost -258 -126 -187 -290
Net profit/(loss) before tax 446 3,368 4,815 1,415
Income tax expense -214 -129 -240 -245
Net profit/(loss) from ordinary activities 231 3,239 4,574 1,170
Net profit before tax of discontinued operations
- - - -
Net profit/(loss) for the year 231 3,239 4,574 1,170
Net profit/(loss) for the year attributable to equity holders of the parent
221 3,202 4,502 1,136
Net profit/(loss) of the year attributable to non-controlling interests (minority interests)
10 37 73 33
Recurring net profit attributable to equity holders of the parent(1)
164 -90 320 895
(*) The benchmarking exercise has not been restated following the implementation of the Lease Agreement IFRS 16 standards.
The paragraph entitled "Statement of Financial Position" of the first sub-section "SELECTED FINANCIAL
INFORMATION" on pages 146 and 147 of the Base Prospectus is supplemented with the following paragraph
and table:
"The table below sets out summary information extracted from the Issuer's audited consolidated statement of financial
position for the year ended 31 December 2018 (including comparative information for the year ended 31 December
2017 for which some of the financial information below was restated) and from the Issuer's consolidated statement of
financial position for the half year ended 30 June 2019 which were subject to a limited review by the statutory
auditors:
In € millions 30 June 2019 31 December 2018 (*) 31 December 2017
Goodwill 2,357 2,330 2,339
Rights of use in relating to lease
agreements
3,408 - -
Intangible assets 1,792 1,805 1,776
Property, plant and equipment 16,707 16,725 13,546
Non-current financial assets 5,169 4,964 5,474
Investments in companies consolidated
under the equity method
864 864 671
Deferred tax assets 1,402 1,358 969
Non-current assets 31,699 28,045 24,775
Inventories and work-in-progress 754 663 682
Operating receivables 7,948 7,525 6,906
Operating assets 8,702 8,188 7,588
Current financial assets 1,488 1,229 1,074
Cash and cash equivalents 4,341 4,954 6,394
Current assets 14,532 14,372 15,056
Assets classified as held for sale 0 0 1
TOTAL ASSETS 46,231 42,417 39,831
Share capital 3,971 3,971 3,971
Consolidated reserves 4,453 877 188
Net profit/(loss) for the year attributable
to equity
221 4,502 1,136
Equity attributable to equity holders of
the parent
8,646 9,350 5,295
Non-controlling interests (minority
interests)
126 137 134
Total equity 8,772 9,487 5,428
Non-current employee benefits 1,709 1,571 1,572
Non-current provisions 981 998 1,164
Non-current financial liabilities 15,157 15,430 15,883
Non-current lease obligations 2,718 0 0
Deferred tax liabilities 383 399 373
Non-current liabilities 20,948 18,398 18,991
Current employee benefits 95 97 97
Current provisions 150 164 175
Operating payables 11,555 11,080 10,446
Operating liabilities 11,800 11,341 10,717
Current financial liabilities 3,999 3,191 4,693
Current lease obligations 712 0
Current liabilities 16,511 14,531 15,410
Liabilities associated with assets classified
as held for sale
0 0 1
TOTAL EQUITY AND LIABILITIES 46,231 42,417 39,831
(*) The benchmarking exercise has not been restated following the implementation of the Lease Agreement IFRS 16 standards.
The paragraph entitled "The Board of Directors" of the first sub-section "ADMINISTRATIVE,
MANAGEMENT AND SUPERVISORY BODIES" on pages 154 to 156 of the Base Prospectus shall be deleted
and replaced with the following:
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
The Board of Directors
In accordance with Title II of the Decree, SNCF Mobilités is managed by a board of directors of 18 members, including together with the chairman of the management board of SNCF:
Four representatives of the French State;
Two persons elected by the French State on the grounds of their competence;
Five persons elected by SNCF in order to represent SNCF; and
Six representatives of the employees.
In accordance with article L.2102-9 of the French Code des transports, the appointment as chairman of the management board of SNCF results in the automatic appointment as chairman of the board of directors of SNCF Mobilités.
1 PEPY Guillaume Chairman of the Management Board of SNCF
Chief Executive Officer of SNCF Mobilités
2 ORIZET François-Régis Representative of the French State appointed upon proposal of the Transport Minister
General Council of Environment and Sustainable Development (Conseil Général de l’Environnement et du Développement Durable)
3 GONTIER Nicole Representative of the French State appointed upon proposal of the Sustainable DevelopmentMinister
Coordinator of the MIGT Paris – Territorial Inspection Mission Paris – General Council of Environment and Sustainable Development (Coordinatrice de la MIGT Paris –Mission d’inspection territoriale Paris - Conseil Général de l’Environnement et du Développement Durable)
4 DANTOINE Hélène Representative of the French State appointed upon proposal of the Economy Minister
Deputy General Director at the l'Agence des participations de l’Etat
5 MANTEL Sophie Representative of the French State appointed upon proposal of the Budget Minister
Head of Department, Assistant to the Budget Director in the Ministry of Economy, Finance and Employment
6 DEBRINCAT Marc Elected by the French State as representative of the passengers railway transport users.
Chief Legal Officer in FNAUT
7 SEGRETAIN Philippe Elected by the French State on the grounds of his competence related to environment protection and mobility
Previously CEO of Transdev
8 COSSA-DUMURGIER Béatrice Elected by SNCF
Chief Executive Officer, in charge of Personal Investors, BNP Paribas
9 ERRA Mercedes Elected by SNCF
Founder of BETC
Executive President of HavasWorldwide
10 FANICHET Christophe Elected by SNCF
Director of Risk and Capital of SNCF
Advisor to the Chairman
11 SAVINAS Marie Elected by SNCF
Director of Human Resources in SNCF
12 TREVISANI Laurent Elected by SNCF
Deputy Chief Executive Officer in SNCF
13 MARTIN Véronique Representative of the employees of SNCF Mobilités
14 COOPER Laurent Representative of the employees of SNCF Mobilités
15 PORTAL Xavier Representative of the employees of SNCF Mobilités
16 SANTINELLI Eric Representative of the employees of SNCF Mobilités
17 LANZILLOTTI Pascal Representative of the employees of SNCF Mobilités
18 MARTY Thierry Representative of the employees of SNCF Mobilités
For the purpose hereof, the business address of each of the members of the Board of Directors is the head office of the
Issuer.
RECENT DEVELOPMENTS
The section entitled "RECENT DEVELOPMENTS" on page 159 of the Base Prospectus shall be supplemented
by the following:
"TER" Agreements with Sud, Nouvelle-Aquitaine, Grand-Est, Hauts de France and Bretagne
Regions: The 2019-2023 Sud Region (PACA) and the 2019-2024 Nouvelle-Aquitaine agreements approved
by the Board of Directors of SNCF Mobiltiés were signed on 9 April and 29 April 2019 respectively. These
agreements set out the operating terms and conditions for the TER lines with a view to improve system
performance and prepare for the opening of certain TER services to competition.
The operation of TER lines was partly opened to competition, as certain Organising Authorities published
information notices in the first half of 2019.
Furthermore, on 28 June 2019, a framework agreement was signed with the Bretagne Region to determine
the terms and conditions of the future 2019-2028 TER agreement.
Creation de StatioNord (formerly SEMOP): As part of the Paris Gare du Nord 2024 project, SNCF
Mobilités, through Gares & Connexions, set up a single purpose semi-public company (société d’économie
mixte à opération unique) called StatioNord with CEETRUS. The purpose of this company, which is 34%
owned by SNCF Mobilités, will be to carry out the transformation work at Paris Nord station and ensure the
operation and management of the commercial activities in the station. A work concession agreement and an
agreement for the temporary occupation of public land were signed on 22 February 2019.
Sale of the Ouibus subsidiary: During the half-year, the Group sold its subsidiary Ouibus to Blablacar
(BBC), both mobility players seeking to propose an inter-modal offering to passengers. The transaction did
not generate any significant disposal gain.
Signing of a renewable power purchase agreement: On 21 June 2019, the subsidiary SNCF Energie and
Voltalia signed an agreement for the direct purchase of 150 MW of renewable electricity over 25 years for
around €210 million. This long-term agreement is the first of its kind in France and one of the ten largest
deals in Europe.
GENERAL INFORMATION
The subsection 5 entitled "Significant or Material Change" in the section entitled "GENERAL
INFORMATION" on page 200 of the Base Prospectus shall be deleted and replaced with the following:
"Statements of no significant or material adverse change
Except as disclosed in the Base Prospectus, as supplemented (including the information incorporated by reference),
since 30 June 2019, the last day of the financial period in respect of which the most recent interim financial
information of the Issuer has been published, there has been no significant change in the financial or trading position of
the Issuer. Since 31 December 2018, there has been no material adverse change in the prospects of the Issuer except as
disclosed in the Base Prospectus, as supplemented (including the information incorporated by reference)."
The subsection 7 entitled "Auditors" of the section entitled "GENERAL INFORMATION" on page 200 of the
Base Prospectus shall be deleted and replaced by the following:
"Auditors
PricewaterhouseCoopers Audit and Ernst & Young Audit, the statutory auditors of the Issuer for the 2014 to 2019
financial years, have audited the consolidated financial statements of the Issuer as of and for the year ended 31
December 2017 and the year ended 31 December 2018, which are incorporated by reference in this Base Prospectus
and have performed a limited review of the condensed half-year consolidated financial statements of the Issuer as at
and for the six months ended 30 June 2019. The limited review by the statutory auditors does not constitute a full audit.
PricewaterhouseCoopers Audit and Ernst & Young Audit are registered with the Compagnie Régionale des
Commissaires aux Comptes de Versailles, which complies with the rules issued by the Compagnie Nationale des
Commissaires aux Comptes."
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE SUPPLEMENT
In the name of the Issuer
Declaration by person responsible for this Supplement
The Issuer, having taken all reasonable care to ensure that such is the case, confirms that the information contained in
this Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect
its import.
Saint-Denis, 2 August 2019
SNCF Mobilités
9, rue Jean-Philippe Rameau
93200 Saint Denis
France
Duly represented by:
David Sitruk
Directeur Financier
Autorité des marchés financiers
In accordance with Articles L.412-1 and L.621-8 of the French Code monétaire et financier and with the General
Regulations (Réglement Général) of the Autorité des marchés financiers (the "AMF"), in particular Articles 212-31
to 212-33, the AMF has granted to this Supplement the visa n° 19-388 on 2 August 2019. This document may only
be used for the purposes of a financial transaction if completed by Final Terms. It was prepared by the Issuer and its
signatories assume responsibility for it. In accordance with Article L.621-8-1-I of the French Code monétaire et
financier, the visa was granted following an examination by the AMF of "whether the document is complete and
comprehensible, and whether the information it contains is coherent". It does not imply an approval by the AMF of
the opportunity of the transactions contemplated hereby nor that the AMF has verified the accounting and financial
data set out in it. In accordance with Article 212-32 of the AMF's General Regulations, any issuance or admission to
trading of notes on the basis of the Base Prospectus as supplemented shall be subject to the publication of Final
Terms setting out the terms of the securities being issued.
