We even handle the payroll for some of them

SNCF Participations, the holding company of subsidiaries of SNCF, identified in the first half a net result share of the Group of 64 million euros, against 10 million for the first six months of 2005. Operating result jumped by 124 to 117 million, for a number of cases close to $ 2.96 billion, an increase of 6.7 and 5.9 on a comparable basis. The increase in activity has been particularly sensitive to international ( 22), which now represents 41 of the turnover. President and CEO of this group, which caps almost 700 subsidiaries, employing 39.000 people (over the employees of the public transport company Keolis 30,000), Claire Dreyfus-Cloarec explains to the "voices" that these performances come from a general improvement of different branches.

How do you explain your performance

These results are really good. The growth is strong, our internationalization accelerates strongly, and profits are much better divided according to branches. Long, the Group of transport and logistics Geodis, held 45.09 by SNCF Participations, contributed for more than half our results. Despite rising from 57.8 of the contribution from Geodis, other companies are also progressing and this group now represents about 20 of our profits. The remainder 20 of the managers of cars Ermewa and France cars, for a little more than 20 of the pole public transport (company Keolis, we 44,15 of the capital, the Manager of parkings Effia...), for a little less than 20 of travellers France Europe (Eurostar, Thalys, Voyages-sncf, iDTGV...), for about 10 of the Committee on transport and combined transportother activities closing the procedure with 10. Another great satisfaction: we have more great homes of losses. Combined transport returned to the balance in the first half and Naviland Cargo refocused with success on rail transportation of containers and to the ports. Cross-channel ferry operator SeaFrance, who had a very bad year 2005, verges on the balance in the first half.

Given, finally, a very good summer in most of our subsidiaries, SNCF Participations should make a good second half.

How to advance the opening of the capital of Naviland Cargo project

We continue to discuss with the CMA CGM shipowner, but with others also. It is important for owners to work with a railway operator neutral and open to all customers. Therefore, that shipowners are sufficiently numerous to the capital of Naviland Cargo to display this neutrality. The record forward gently, but the good new is that we are more be driven by the urgency since this subsidiary now balance his operation.

In rail freight, VFLI, hitherto confined to traction of trains in industrial sites, has a licence for railway operator. It could therefore compete with freight SNCF

No, it has vocation to work in good intelligence with cargo SNCF. So far, VFLI-drawn trains stopped at the door of what we call "embranchés terminals", and then freight SNCF had to take over the yard and major railway stations. Now, VFLI trains will be able to this part of the trip, which will avoid a change of driver and frees up resources in cargo SNCF to better serve longer distances. VFLI is therefore not a potential war against cargo SNCF weapon, but a tool allowing the group to fight playing with new operators in the sector.

Where is the creation of a joint subsidiary with Deutsche Bahn to operate the future TGV Est

SNCF and DB are discussions very advanced for the establishment of a joint subsidiary which, like Thalys Thalys International, would achieve marketing and missions to monitor the quality of the new Franco-German relations at high speed. This subsidiary would be located in Sarrebruck and would include officials from the two companies.

Would it not make sense that the SNCF Participations freight subsidiaries depend directly on SNCF freight, and that those related to passengers are attached to a passenger pole of the SNCF

Our job is twofold. We first ensure the role of shareholder to all subsidiaries of the group, with the exception of the subsidiaries specialized in housing and mortgage. We are a company of services on behalf of subsidiaries. Very large companies, such as Geodis and Keolis, certainly do not have need of our services, but many of our affiliates achieve annual sales of EUR 50 million or less. We frequently provide for they seat services (accounting, legal, cash management, communication...). We even handle the payroll for some of them. At all, we offer a service Sapphire of mutualization of purchases, declined the SNCF talent program. Of course, one could imagine the SNCF to become a holding company directly with own subsidiaries. But this is not the order of the day...