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  Whether SNCF's Passengers France Europe (PFE), which includes the TGV, turned an operating profit in 2007, as defined in the United States, which is important for comparative purposes, is questionable.  The SNCF 2007 Annual Report shows PFE external revenue of €5,786 million and internal revenue of €1,105 million.  It shows a net operating profit of €891 and an operating profit of €900 million.  The segment report does not show whether the external revenues include only ticket revenues or whether other revenues are mixed with the ticket revenues.  Other revenues would not normally be classified as operating revenues. The segment report shows depreciation and amortization, less the net charge to provisions and impairment losses, as well as gross investment less grants received.  It does not provide a breakdown of the variable expenses, fix expenses, other charges, and extra-ordinary items by segment. During the year SNCF received €1,190 from the French State and local authorities.  They are classified as operating receivables, which probably means that operations gave rise to them, and they were probably credited to operating revenues.  How much was credited to each segment is unknown.  SNCF also received other state subsidies that appear to have been credited to operating revenues. Whether some or all of the €1,190 was credited to PFE operating revenues is not shown.  However, the €1,105 of internal revenues that is shown without description is €214 million more than the current operating profit.  In other words, without these internal revenues, there would have been no current operating profit or operating profit as defined by SNCF.  SNCF had combined current operating profit of €1,547 and an operating profit of €1,644.  Of these amounts, assuming the French State and local authorities operating receivable were credited to corporate revenues and not transferred to the segments, 77 per cent of the corporate current operating profit was due to an infusion of monies from the French State and local authorities. It is also interesting to note that SNCF had an RFF current receivable of €1,336 million and a Public Debt Fund receivable of €2,176.  It appears that SNCF gets plenty of help from sources other than the fare box.
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