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Annual Report of the Čd Group 2016 Annual Report of the Čd Group 2016

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Annual Report of the Čd Group 2016 Annual Report of the Čd Group 2016 Annual Report of the České dráhy Group 2016 IMPORTANT DATES AND NUMBERS OF THE GROUP IN 2016 ANNUAL REPORT OF THE ČD GROUP 2016 ANNUAL REPORT OF THE ČD GROUP 2016 Behind all the numbers shown here we see specific customers as well as the specific work of our people. The fact that our services are objectively getting better and that they are used by more passengers means that our twenty-three thousand six hundred and sixty-four employees have pushed their personal limits a bit farther. ANNUAL REPORT OF THE ČD GROUP 2016 The content of this annual report is therefore the joint work of each of them. ANNUAL REPORT OF THE ČD GROUP 2016 DATA 2016 In the past year, we again tried to give you the best ride. Interesting numbers of the last year 2016 1 Number of passengers 171.5 million 2 Traffic performance of passenger transport 7.38 billion person-kilometres 3 Number of passenger trains daily 6,899 4 Volume of freight transport 65.5 million tonnes 5 Traffic performance of freight transport 11.28 billion tariff ton-kilometres 6 Registered number of employees of the Group 23,664 ANNUAL REPORT OF THE ČD GROUP 2016 From the heart of Europe in all directions Trains of ČD and its foreign partners provide a direct connection of the Czech Republic with European cities and seaside resorts in fifteen countries in total. ANNUAL REPORT OF THE ČD GROUP 2016 I NTRODUCTION, GOAL and VISION About us Our goal We are a group of companies operating passenger and freight rail- Our goal is to provide transportation services to a wide range of way transport. We provide network services of connecting routes customers, geographically covering the entire territory of the comprising regional trains as well as long-haul higher quality trains. Czech Republic, including cross-border services in the territory of In cooperation with foreign transport providers we offer passenger neighbouring states, and to provide network connection, mainly in and freight transport across the entire continent. the railway transport segment under the terms and conditions that are economically advantageous for both the state and customers. Our services include: Our vision - Regional, long-haul and international passenger railway transpor- tation services; We aim to be the first-choice railway transportation company for - Comprehensive freight transportation services across Europe; passengers, ordering parties and freight transport customers. - Comprehensive repair services for rolling stock and railway infra- Thus, we must assume the role of the leader in the open market structure; as a competitive, customer-focused and profitable company with - ICT services to railway transportation companies and railway in- a stable position in the railway sector. We focus on the key success frastructure administrators; elements – customer focus and the effort to make the services offe- - Testing services, railway transportation research and develop- red simple and easy to use. This is accompanied by investments in ment; the modernisation of the rolling stock and the deployment of mo- - Railway catering services; and dern technologies to handle the passengers and shipments. - Specialist training in railway transportation. ANNUAL REPORT OF THE ČD GROUP 2016 171.5 miLLion passengers Můj vlak, můj čas Praha – Berlín od 386,- www.cd.cz In 2016 we transported a total of 171.5 million passengers, which is almost 1.8 million more bigboard 9,7x3,7-berlin.indd 1 25.04.16 21:28 than the previous year. In each of them we see a customer whom we serve on the way to his/ The number her destination. of passengers went up again The average length of a trip in 2016 was 43 kilometres. ANNUAL REPORT OF THE ČD GROUP 2016 KEY indiCATORS FOR THE ČD GROUP Key indicators IFRS consolidated financial indicators (CZK million) 2016 2015* Difference INDEX ČD Group EBITDA (from continued operations)** 8,321 6,925 1,396 120 EBIT (from continued operations)*** 2,234 890 1,344 251 Profit/loss for the period 882 (1,352) 2,234 n/a Total assets 86,937 87,942 (1,005) 99 CAPEX 6,851 6,501 350 105 Depreciation and amortisation 6,088 6,035 52 101 Leverage (%) - Liabilities/Total assets 57.6 59.4 (1.7) 97 Current liquidity (%) - Current assets/ Current liabilities 121.9 48.0 73.9 254 ROCE (%) - EBIT/(Total assets-less Current liabilities) 2.9 1.4 1.5 215 Average full time employees equivalent 23,664 23,947 (283) 99 Passenger transport (ČD)**** Number of passengers (mil.) 171.5 169.7 1.8 101 Traffic performance (mil. person-kilometres) 7,380 7,170 210 103 Transport performance (mil. train-kilometres) 120.3 117.8 2.5 102 Average traffic distance (km) 43 42 1 102 Occupancy ratio (%) 27 27 - 100 Freight transport (the ČD Cargo group) Traffic volume (mil. tones) 65.5 66.4 (0.90) 99 Traffic performance (mil. tariff ton-kilometres) 11,282 11,139 143 101 Transport performance (mil. train-kilometres)***** 21.8 21.7 0.1 100 Average traffic distance (km) 172 168 4 102 * After data adjustment for the year ended 31 December 2015, see financial statements notes 2.2.1 and 15.1 ** EBITDA = profit (loss) before interest and taxation (EBIT) from continued operations plus depreciation and amortisation from continued operations *** EBIT = profit (loss) before interests and taxation from continued operations **** ČD passenger transport data do not include flat-rate transport ***** Transport performance does not include locomotive trains ANNUAL REPORT OF THE ČD GROUP 2016 miLLion 171.5 passengers 162.7 mil. 2010 2011 2012 2013 2014 2015 2016 The number of passengers has been increasing for a long time The number of passengers on the trains of the national carrier is steadily growing. Since 2010, it has grown by nearly nine million passengers a year, mainly due to shortening of travel times and modernization of the fleet. ANNUAL REPORT OF THE ČD GROUP 2016 1 2 3 4 OPENING STATEMENT OF THE CHAIRMAN ORGANISATIONAL OF THE BOARD OF STATUTORY BODIES OF REPORT OF THE STRUCTURE OF THE DIRECTORS THE COMPANY SUPERVISORY BOARD ČD GROUP page 13 page 14 page 19 page 20 5 6 7 8 2016 EVENT CORPORATE RISK SOCIAL CALENDAR GOVERNANCE MANAGEMENT RESPONSIBILITY page 22 page 27 page 30 page 33 9 10 11 12 INFORMATION ON THE FINANCIAL SITUATION PASSENGER RAILWAY REPORT OF THE BOARD AND FINANCING OF THE FUTURE TRANSPORT OF DIRECTORS ČD GROUP OUTLOOK OPERATION page 34 page 40 page 41 page 43 TAB LE OF CONTENTS 10 ANNUAL REPORT OF THE ČD GROUP 2016 13 14 15 16 FREIGHT RAILWAY TRANSPORT GOALS FOR THE OPERATION UPCOMING PERIOD ASSET MANAGEMENT OTHER ACTIVITIES page 47 page 50 page 51 page 53 17 18 19 20 IN VESTMENT DEVELOPMENT OF THE INDEPENDENT CONSOLIDATED SEPARATE FINANCIAL GROUP AUDITOR‘S REPORT FINANCIAL STATEMENTS STATEMENTS page 62 page 65 page 75 page 147 21 22 23 24 PRO VIDING INFORMATI- ON PURSUANT TO ACT NO. 106/1999 COLL., ON RESPONSIBILITY FOR FREE ACCESS TO INFOR- POST-BALANCE SHEET THE ČD GROUP’S REPORT ON RELATIONS MATION FOR 2016 EVENTS ANNUAL REPORT FOR 2016 page 207 page 208 page 209 page 210 25 26 27 IDENTIFICATION QUA LITY STANDARD LIST OF USED AND CONTACT ASSESSMENT FOR 2015 ABBREVIATIONS INFORMATION page 218 page 222 page 223 11 ANNUAL REPORT OF THE ČD GROUP 2016 ANNUAL REPORT 1 OF THE ČD GROUP 2016 O PENING statement of THE CHAIRMAN of THE BOARD of DirectorS Dear Ladies and Gentlemen, pay off. Despite the passenger transport reported loss, the year- -on-year result improved by more than CZK 780 million, which was In 2016, the České dráhy Group achieved net income in the to- mainly caused by operating costs reduction. This improvement, to- tal amount of CZK 882 million, reported in accordance with the gether with successful disposal of assets, particularly the property International Financial Reporting Standards (“IFRS”). This is the located nearby Masaryk railway station in Prague and also the sta- best result since 2009 when we began to consolidate our results tion buildings disposed to the state owned Railway Infrastructure according to IFRS and when we entered the capital markets via Administrator, led to achievement of good overall result of the pa- bonds issue. The last year was very successful for České dráhy also in rent company ČD, which got the company closer to balanced eco- this respect. In spring, Moody’s agency increased our credit rating nomic results. to Baa2 level. Subsequently we issued bonds worth of EUR 400 mil- lion which we used to refinance the previous debt. Owing to more Freight segment was highly profitable last year. According to IFRS, favourable conditions we managed to reduce the costs associated the last year ended with net profit of CZK 935 million, which repre- with debt service, which together with higher revenues from the sents an annual improvement of CZK 359 million. This was achieved core business, operating cost savings and the extraordinary dispo- despite ČD Cargo faced lots of challenges during the last year. More sal of assets led to year-on-year group’s profit improvement of al- fierce competition among rail and road transportation providers most CZK 2.23 billion. and also the Chinese economy slowdown, which caused business decline for the most of combined transport operators, resulted in Passenger transport segment contributed to this result by higher reduction in domestic goods transportation revenues. On the other revenues of CZK 498 million. It reflected higher traffic performan- hand, foreign business did well. As well as passenger transport ČD ce and increased number of passengers, which totalled to 171.5 Cargo reduced the expense for consumption of traction energy and million.
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