Iarnród Éireann Annual Report – Financial Year Ended 31
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Iarnród Éireann Annual Report Financial Year Ended 31 December 2020 Transporting Ireland to a Sustainable Future 2020 Highlights 17.9 million journeys DART+ launched – 23 stations Conversion of Intercity in 2020 doubling capacity, benefit from lift railcar fleet tohybrid trebling electrification enhancements, year 1 operation underway of Greater Dublin area of 5-year lift programme network We are committed to set science-based carbon emissions reduction targets by 2024 BUSINESS IN THE COMMUNITY IRELAND Signatories of Business in Brexit ready ensuring Resignalling of Dublin First public body the Community Ireland’s enhanced direct Rosslare city centre complete to to participate in Low Carbon Pledge Europort services to allow for future growth Department of continent Agriculture Native Planting Scheme New level crossing Nine kilometres of 737 support and warning system at trains cleaned nightly, administrative eight crossings to enhanced cleaning of employees enhance safety customer touch points remote working daily Iarnród Éireann Annual Report 2020 Highlights Contents Chairperson’s Statement 2 Statement of Comprehensive Income 42 Chairman’s Statement Chief Executive’s Report 6 Balance Sheet 43 Directors and Other Information 27 Statement of Changes In Equity 44 Board of Directors 28 Statement of Cash Flows 45 Directors’ Report 30 Notes to the Financial Statements 46 Independent Auditors’ Report 40 Review Financial Statements 1 Kieran Marshall, Iarnród Éireann Iarnród Éireann Annual Report 2020 Chairperson’s Statement The Board and I pay tribute to the efforts of over 4,000 colleagues in Iarnród Éireann during COVID-19 For Iarnród Éireann, at the outset of 2020, we envisaged Our team’s efforts in delivering a service in which the a year which would have seen acute pressure on capacity, health and wellbeing of customers, colleagues and and on expectations of investment development and contractors was paramount was supported by many delivery, as we built on the record numbers who travelled others. In particular, I thank the Ministers for Transport on Ireland’s rail network in the previous year. Shane Ross and Eamon Ryan TD, their Department officials, the Chief Executive of the National Transport COVID-19 did ultimately see capacity feature as a Authority Anne Graham and her team who ensured concern, but in the context of ensuring social distancing, that – in the face of a two-thirds reduction in passenger and of 25% and 50% capacity being available for use as volumes, and resulting revenue collapse – we were the year progressed. All industries and businesses were financially supported to maintain essential services impacted by the pandemic, but the imperative for our throughout. In addition, we saw support to accelerate business was to continue in a safe and secure manner our accessibility programme, meaning more stations in – to ensure that our essential workers enabled other 2021 will see much needed lift and escalator renewals, essential workers to travel at all times. advancing much needed facilities for passengers of reduced mobility. The Board and I wish to pay tribute to the efforts of over 4,000 colleagues in Iarnród Éireann for ensuring While working through the maelstrom, we must continue this happened. Weeks before the first case of COVID-19 to plan for the future: now a future where patterns of arrived on our shores, the management team put in place work, business, recreation and travel will have changed a Business Continuity Team to oversee our planning for significantly. However, we know from our research that and response to what was about to unfold. The measures our customers are keen to resume travelling with us, which were put in place kept our customers, our albeit to differing patterns, but seek reassurance and colleagues and their families safe, and our trains, stations certainty about the travelling environment. We also know and workplaces sanitised. At a time of national crisis, the that the challenges of climate change will still need to be ethos of public service was to the fore. addressed after COVID. 2 Iarnród Éireann Annual Report 2020 Highlights Definitely in the short to medium term, customers At the time of writing, we are finalising our rail freight will want more physical space on public transport, strategy and developing the clear strategic framework necessitating increased levels of capacity aside from which will allow us to build business, build volumes, potential demand growth. We do however, perhaps for and support our economy and our environment. Chairperson’s Statement the first time ever amongst railway custodians in Ireland, have the opportunity to build the capacity of our network We can support sustainable mobility further by building ahead of future demand, providing customers with the business case for rail by building our cities and towns an improved travelling environment while works are which are connected by rail. The ethos of Project Ireland progressed. 2040 is to ensure concentrated development to reduce dependency on unsustainable modes of transport, This affords us the opportunity to reimagine our and Transport Oriented Development – which we future, and how we will ensure sustainable mobility support with our colleagues in CIÉ Property – can be and the maximum contribution from the transport an exemplar for the future we wish to create. sector towards the imperative of climate action. Review At Rosslare Europort, which has faced the twin challenges To that end, reviews of the National Development of Brexit and COVID-19, and emerged as the foremost Plan and National Transport Authority Greater Dublin RoRo port connecting Ireland and the European Area Strategy, as well as the instigation of an all-island continent, the opportunity also exists to become an rail review by the Department of Transport here and offshore wind hub to support the development and Financial Statements Department for Infrastructure in Northern Ireland allow delivery of this clean energy industry in the Irish and us to shape a sustainable future. These processes can Celtic Seas. There are key strategic decisions to be give consideration to economic, social and environmental made, and we look forward to working with national factors, at the heart of our approach to sustainability. and local government, and private and public enterprise to support these strategic developments. We can build on the investment commitments which continue to be supported by Government, During 2021, as our healthcare workers – to whom we all Department of Transport and NTA, and chart a path owe a debt of gratitude – progress the vaccination rollout, to further decarbonise transport – by building the we will begin to see more clearly the future which awaits capacity between our cities, and in their catchment us. The connections denied to so many for so long will be areas; enhance speeds of inter-urban rail; plan for made again. It may even not be too long before capacity electrification beyond the trebling planned under challenges re-emerge. We in Iarnród Éireann will welcome the DART+ Programme; and support the sustainable our customers back, and we commit ourselves to building movement of goods by strengthening both our rail freight for them and for new customers and communities a services, and incentivising those customers who choose stronger and more sustainable future. to transfer to them. Frank Allen Chairperson 3 Iarnród Éireann Annual Report 2020 4 Iarnród Éireann Annual Report 2020 Highlights Chairman’s Statement Review Financial Statements 5 Iarnród Éireann Annual Report 2020 Chief Executive’s Report We became part of the frontline response by providing travel for healthcare and other essential workers Undoubtedly in 2020, the operational focus of our train We have continued to work closely with the operations and infrastructure management was shaped National Transport Authority, and other public by our response to the COVID-19 pandemic, and the transport operators regularly during the year in a prioritisation of public and employee health. collaborative effort to ensure knowledge, expertise and information was available to one and all. Iarnród I would echo the Chairperson’s comments and gratitude Éireann took a lead role in providing additional support to our colleagues across Iarnród Éireann, to our by managing and delivering the procurement of PPE on trade unions, to the National Transport Authority and behalf of the NTA and for all public transport operators. Department of Transport, to our fellow public transport operators, and to our customers – those for whom travel It must be stressed that the financial sustainability of the was essential, and those who stayed at home. Our ability business in 2020, would not have been possible without to ensure a safe, sanitary rail service, and to protect the the continued additional financial support from the NTA health of all, was predicated on your efforts and support. and the Department of Transport as our passenger numbers were down by 64% on 2019, from a record As an organisation, we became part of the frontline high of 50.1 million journeys to 17.9 million, and this is response by providing travel for healthcare workers and reflected in our fare box revenue. for those who had to travel to provide care for vulnerable family or friends. We also had to act quickly to ensure that Iarnród Éireann’s Business Continuity Plan was reviewed our colleagues had the supports and protective measures and updated as a live response to COVID-19. A series in place, which were necessary to protect employee and of measures to protect employees and customers were customer health. put in place, which were coordinated by the dedicated COVID-19 Business Continuity Team, which included: The whole team at Iarnród Éireann is to be commended ● Service continuity in all aspects, including identification for demonstrating flexibility and adaptability to ensure and protection of critical supply chain requirements, that we could continue to operate services for those return to work and other workplace policies to who needed them most.