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Annual Report 2009

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Annual Report 2009 2009 Annual Report 1 CONTENTS 3 INTRODUCTION 4 REVIEW OF COMMERCIAL AND FINANCIAL ACTIVITIES 8 FREIGHT SERVICES 11 PASSENGER SERVICES 14 ROLLING STOCK 17 INFRASTRUCTURE 18 TECHNICAL DEVELOPMENT AND INVESTMENT POLICY 21 TRAFFIC SAFETY 22 ENVIRONMENTAL PROTECTION 24 INFORMATION TECHNOLOGIES 26 INTERNATIONAL RELATIONS 29 HUMAN RESOURCES 32 MANAGEMENT STRUCTURE OF AB LIETUVOS GELEžinkELIAI 33 MAIN EVENTS 34 INDEPENDENT AUDITOR'S REPORT 36 BALANCE SHEETS 38 INCOME STATEMENTS Dear Readers, In 2009, AB Lietuvos Geležinkeliai operated on an even keel, as well as at a profit. The Company’s operations and their results were evidently adapted by the economic downturn in Lithuania and neigh­ bouring countries. Transit rail freight transported to the Kaliningrad Region decreased by more than 30 per cent; a fall in the production and sales volumes in Lithuanian companies (AB ORLEN Lietuva, AB Achema, AB Akmenės Cementas) resulted in a considerable loss of domestic freight. The freight flows were stabilised only in the second half of 2009 through close cooperation of our specialist staff with freight consignors and representatives of railway undertakings in other countries. However, modern technologies, effective management and the implemented system of risk management ensured steady operations of the Company even in the period of crisis. AB Lietuvos Geležinkeliai is a major transport company in Lithuania. The Company together with its daughter companies employ around 12,000 people. The Company produces approximately 1.3 per cent of the GDP and is one of the largest tax­ payers in Lithuania. About two thirds of the income of AB Lietuvos Geležinkeliai is generated from foreign customers. The Company focuses on the improvement in management and control by implementing information systems and modern management methods. The financial management system SAP has been operating in the Company allowing one to ensure transparent records management complying with the EU and Lithuanian legal requirements. The Company’s financial state­ ments are audited by a world­known auditing company. AB Lietuvos Geležinkeliai is one of the most advanced railway undertakings in Eastern and Central Europe. The Company operates the up­to­date fleet of freight locomotives; new comfortable and efficient passenger trains are being acquired. Modern signalling, telecommunications, rolling stock control systems have been installed on the main railway lines and stations, passenger buildings and railway constructions have been refurbished. One of the most significant events of the year 2009 was opening for traffic of Kaunas railway tunnel after the two years of reconstruction work. This tunnel, the construction of which was started in 1859, is an important part of the 150­year his­ tory of Lithuanian railways. It is a significant structure of today, as well as a national cultural value. Kaunas railway tunnel has been included in the Register of Cultural Values of the Republic of Lithuania. AB Lietuvos Geležinkeliai preserves and maintains over fifty objects of national cultural heritage; that is why in this publica­ tion we would like not only to update you on the Company’s activities and their results in 2009, but also to show you the most beautiful railway structures preserved by the Company, as well as the old structures that are currently still in use. Sincerely yours, Stasys Dailydka Director General of AB Lietuvos Geležinkeliai 3 REVIEW OF COMMERCIAL AND FINANCIAL ACTIVITIES MAIN INDICATORS 2009 2008 Assets and Liabilities (LTL million) Assets 4,135.7 4,070.4 Equity 2,196.4 2,240.6 Total Revenues (LTL million) 1,206.0 1,630.4 Revenues from core activities (sales) 1,183.5 1,593.9 Revenues from financial and investing activities 12.1 16.5 Other revenues 10.4 20.0 Total Costs (LTL million) 1,193.7 1,507.0 Costs of core activities 1,162.7 1,481.1 Costs of financial and investing activities 29.1 23.5 Other costs 1.9 2.4 Result (LTL million) Profit before tax 12.3 123.4 Net profit 13.0 106.5 Financial Indicators Liquidity (current assets/current liabilities), % 0.7 0.7 Gross profitability (gross profit/sales), % 11.9 17.8 Net profitability (net profit/sales), % 1.1 6.7 EBITDA (earnings before interest, taxes, depreciation and amortisation) 338.0 414.5 (LTL million) Return on Assets (ROA) (net profit/assets), % 0.3 2.6 Return on Equity (ROE) (net profit/equity), % 0.6 4.8 Investment (LTL million) Investment 475.5 779.8 Company funds invested 270.5 386.9 Staff Number of staff 10,506 10,717 Average monthly salary (LTL) 2,487 2,954 Sales income per employee (LTL thous./person) 112.6 148.7 4 CHANGES IN THE BALANCE SHEET In 2009, the assets of the Company went up by 1.6 per cent amounting to LTL 4,135.7 million. The non­ current assets accounted for 93.0 per cent in the total asset structure, an increase of 3.2 per cent up to LTL 3,845.2 million, compared to 2008. This was determined by an increase in the material assets of the Com­ pany (new rolling stock acquired, investment made, land plots received by trust from the municipalities). The financial assets of the Company went down by 7.2 per cent and amounted to LTL 108.9 million due to fewer investments in subsidiary companies after the acquisition by AB Lietuvos Geležinkeliai of the Rail Welding Plant from UAB Gelmagis. Trade debtors and cash amount having decreased, the current assets shrank by 15.5 per cent amounting to LTL 290.4 million and accounted for 7.0 per cent in the total asset structure. The fall in the profits during the reporting period resulted in a decline of shareholders’ equity in 2009 by 2.0 per cent down to LTL 2,196.4 million. By the end of 2009, the loan portfolio of the Company had reached LTL 465.1 million. It comprised the financial liabilities to credit institutions related to the investment projects on the modernisation and de­ velopment of infrastructure and acquisition of rolling stock. REVENUES The Company’s activities and their results in 2009 were influenced by the economic downturn in Lithuania and neighbouring countries. In 2009, the revenues made up LTL 1,206.0 million, a decline of 26.0 per cent from the previous year. The main changes in revenues were determined by a drop in freight transportation volumes, to the Kaliningrad Region in particular. Total revenues (LTL million) 1,630.4 1,433.2 1,123.4 1,246.6 1,206.0 2005 2006 2007 2008 2009 • Freight revenues. Freight revenues accounted for 86.1 per cent in the total revenue structure. The rev­ enues earned from freight services in 2009 were by 26.6 per cent less than those in 2008 due to a sharp fall in freight volumes. The freight tariffs were not increased during the reporting period. • Passenger revenues. Passenger revenues accounted for 5.5 per cent in the total revenue structure in 2009, a decrease of 3.9 per cent from the previous year. This was due to the fall in both domestic and inter­ national passenger flows. A total of LTL 5.0 million subsidies were allocated for financing passenger traffic in 2009 to reimburse privileged passengers and to cover losses in domestic services. • Other revenues. A decline in transportation volumes resulted in a fall in the number of other supple­ mentary services rendered (repair and maintenance of private rolling stock, operation of locomotives and engine­crews abroad, freight handling and storage services, other transport­related services, as well as the 5 lease of own assets and sales of scrap iron). In 2009, the revenues from rendering other supplementary services dropped by 28.4 per cent, compared to the previous year, and accounted for 6.6 per cent in the total revenue structure. Revenue structure in 2009 (%) 0.8% 1.0% 6.6% 5.5% Freight Passenger 86.1% Other supplementary services Other activities Financial & investment activities COSTS The costs incurred by the Company in 2009 amounted to LTL 1,193.7 million, a decline of 20.8 per cent from 2008. In order to reimburse losses of earned income due to a sharp fall in transportation volumes, the Company implemented in 2009 a number of activity optimisation measures, as well as reducing operating costs before depreciation (amortisation) according to decrease in income. Major saving of expenses was reached by decreasing labour costs, fuel and communication costs, as well as costs of materials and repair works. Cost structure in 2009 (%) 11.2% 2.4% Remuneration 3.0% Fuels 36.1% 6.5% Depreciation (amortisation) 2.2% Energy resources Materials Repairs Financial & investment costs 25.2% 13.4% Other costs In 2009, staff­related costs represented major part in the total cost structure and accounted for 36.1 per cent, the non­current asset depreciation costs and the costs of fuels made up 25.2 per cent and 13.4 per cent respectively. 6 PROFIT Despite the shrinkage of sales turnover, the Company operated at a profit in 2009; the profit before tax during the reporting year reached LTL 12.3 million (cf. LTL 123.4 million in 2008), and the net profit repre­ sented LTL 13.0 million (cf. LTL 106.5 million in 2008). Profit before tax (LTL million) 164.0 141.8 105.5 123.4 12.3 2005 2006 2007 2008 2009 OPERATING RESULTS OF SUBSIDIARY COMPANIES In 2009, AB Lietuvos Geležinkeliai group consisted of AB Lietuvos Geležinkeliai and its subsidiary compa­ nies, UAB Geležinkelio Tiesimo Centras, UAB Gelmagis, UAB Vilniaus Lokomotyvų Remonto Depas, UAB Gelsauga, and associated company UAB VAE Legetecha. Profit (loss) during Company the reporting year Core activity (LTL thous.) UAB Gelmagis (306.0) Railway construction UAB Geležinkelio Tiesimo Centras 283.9 Railway construction Major overhauls to UAB Vilniaus Lokomotyvų Remonto Depas 830.7 locomotives and diesel trains UAB Gelsauga 871.2 Railway security services UAB VAE Legetecha (100.1) Turnout manufacturing 7 On 17 November 2009, Kaunas railway tunnel was opened for traffic after the two years of overhaul repair works.
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