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Ab „Lietuvos Geležinkeliai“ AB LIETUVOS GELEŽINKELIAI ANNUAL REPORT FOR THE YEAR 2016 AB LIETUVOS GELEŽINKELIAI ANNUAL REPORT FOR THE YEAR 2016 TABLE OF CONTENTS ...................................................................................... ERROR! BOOKMARK NOT DEFINED. MESSAGE OF THE DIRECTOR GENERAL ..................................................................................................................... 3 ABOUT THE GROUP AND THE COMPANY .................................................................................................................... 4 CORPORATE GOVERNANCE AND ORGANIZATIONAL STRUCTURE ................................................................. 5 STRATEGY ............................................................................................................................................................... 5 MOST SIGNIFICANT EVENTS IN 2016............................................................................................................................ 7 OVERVIEW OF THE COMPANY'S ACTIVITIES .............................................................................................................. 8 ANALYSIS OF FINANCIAL AND OPERATIONAL PERFORMANCE ............................................................................. 12 ANALYSIS OF GROUP ACTIVITIES ...................................................................................................................... 12 OPERATIONAL PERFORMANCE OF THE GROUP COMPANIES ....................................................................... 15 INVESTMENTS ...................................................................................................................................................... 18 HUMAN RESOURCES ........................................................................................................................................... 19 SOCIAL RESPONSIBILITY ............................................................................................................................................. 20 RISKS AND THEIR MANAGEMENT ............................................................................................................................... 23 MAIN INFORMATION ABOUT THE COMPANY AND THE GROUP .............................................................................. 24 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS………………………...………………….…………….. 26 Abbreviations: AB LG – AB Lietuvos Geležinkeliai GAC – UAB Geležinkelių aplinkosaugos centras GelPro – UAB Geležinkelių projektavimas Gelsauga – UAB Gelsauga GTC – UAB Geležinkelio tiesimo centras RBS – UAB Rail Baltica statyba IFRS – International Financial Reporting Standards VLRD – UAB Vilniaus lokomotyvų remonto depas Consolidated Annual Report, Separate and Consolidated Financial Statements for the year 2016, prepared for the period January 1, 2016 - December 31, 2016, in accordance with International Financial Reporting Standards as adopted by the European Union, presented together with the Independent Auditor’s Report. The annual reports and financial statements are publicly available on the website http://www.litrail.lt. 2 | Page AB LlETUVos GELEŽlNKELlAl ANNUAL REPORT FOR THE YEAR 2016 MESSAGE OF THE DIRECTOR GENERAL Dear Customers, Employees, Partners, Lithuanian Railways becomes a sustainable, competitive, modern and, above all, Company oriented to your expectations. This is the top priority of our business. Therefore, the changes that started in 2016 were not an option for the Group of companies. I call it the necessity, a solid step towards the main goal - to create the greatest benefits for the State and society. Since 2012, the key indicators of the Group have consistently regressed. Over the past five years income has shrunk by more than a fifth (from 503.1 to 404.1 million Euros). During the abovementioned period freight kansportation volumes decreased (4% from 49.4 to 47.6 million tonnes). The number of transported passengers has decreased by almost a tenth (from 4.8 to 4.4 million). ln 20'16 the situation of the Group of companies has become extremely difficult: the Company with huge potential has no longer been profitable. lts reputation was tarnished by non-transparent internaltransactions and suspicious public procurements, the effectiveness was reduced by the huge bureaucracy and the stagnation of assets ant personnel management, and trust was diminished by the unclear procedures of sponsorships and reticence. That is why 2017 becomes the year of the main challenge when we need to unite forces, to fundamentally turn this page and start a new creative moment for the strategic State-owned Group of companies. I believe that all the great works start with people - with their desire and objective to act as a united team, therefore, its consolidation is becoming one of our top five priorities. Strong team of leaders, together with experienced, motivated and proud on their Company employees, have the responsibility and privilege of turning the Lithuanian Railways to the company that creates the greatest benefit for Lithuanian people. This is the second priority of our business. ln order to achieve this goal, in the perspective, we have all the possibilities to be among the TOP-5 largest carriers in the European Union, to successfully implement the strategic Rail Baltica project and to ensure fast, safe and environmentally friendly hansportation in Lithuania. These are another three of our top business priorities. Focusing on boosting competitiveness - so that a company with a potentially international presence could operate successfully, profitab|y and bring the return to the State, we need to increase its efficiency and transparency, to invest in modern state-oįthe-art technologies, abandon the bad habit of thinking that we are large enough to be able to dictate terms. Lithuanian Railways operates in conditions of intense and complex competitive environment, but has all the necessary potential to become the leader of the Eastern and Central Europe, become a comfortable and pleasant travel partner for the residents, a reliable and caring provider of services for business, progressive and best performing employer. Mantas BartuŠka cE0 AB Lietuvos GeleŽinkeliai 3lPage AB LIETUVOS GELEŽINKELIAI ANNUAL REPORT FOR THE YEAR 2016 ABOUT THE GROUP AND THE COMPANY AB Lietuvos Geležinkeliai Group of companies is Lithuania's largest and one of the largest European railway transport companies. By pursuing the main objective of delivering the greatest benefits to the State and society, the Group of companies constantly strives to increase its competitiveness by increasing transparency and efficiency of operations by investing in the rolling stock, paying special attention to customer service, IT technologies, and the quality of the services provided. Particular attention is paid to the implementation of Rail Baltica and East-West Corridor infrastructure development projects The primary activity of AB Lietuvos Geležinkeliai includes: • the freight transportation and other services related to transportation activities; • the provision of passenger transportation services and other transportation services; • management, maintenance and development of the public railway infrastructure. In implementing passenger transportation, the Group provides passenger services on local and international routes, postal and luggage transportation in the territory of Lithuania, and other additional services. The main objectives of passenger transportation are: • Providing comfortable transport conditions for passengers • Improving of electric trains rolling stock • Integrated and sustainable public transportation system in Lithuania • Improvement of service quality • Development of ticketing channels • Online booking and sale of tickets for international trains • New directions for passenger transportation The Group provides freight transportation, logistics and forwarding services, carries out loading and unloading, provides wagon rental services in Lithuania and abroad, coordinates the work of locomotives and brigades in Lithuania and abroad, and also leases them. The main objectives of freight transportation are: • Stay and be competitive in the traditional transportation market • Integrate into new freight markets • Increase competitiveness in the local and international market • Take care of establishing long-term relationships with the Company's clients, in accordance with the principles of publicity and transparency • Ensure transparency of pricing for all market participants • Promote transport-logistics innovations • Ensure the continuous use of safe, environmentally friendly transport In managing the public railway infrastructure, in its maintenance and development, the Group carries out the provision of railway infrastructure capacity for carriers, carries out maintenance and repair of railway infrastructure owned by carriers, provides intermodal terminals services, leases of railway machinery and equipment. Primary objectives: • Construction of the European gauge 1435 mm railway line Rail Baltica • Connecting Rail Baltica with Kaunas Intermodal Terminal • Increasing the capacity in Klaipeda direction • Maximizing the weight of freight trains in Corridor IXB • Electrification of corridor IXB 4 | Page AB LIETUVOS GELEŽINKELIAI ANNUAL REPORT FOR THE YEAR 2016 CORPORATE GOVERNANCE AND ORGANIZATIONAL STRUCTURE As of 31 December 2016 the Group was comprised of AB Lietuvos Geležinkeliai and the companies – UAB Vilniaus lokomotyvų remonto depas, UAB Geležinkelio tiesimo
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