Today. for Tomorrow. for Us
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Today. For tomorrow. For us. ANNUAL REPORT 2019 ÖBB-HOLDING AG 03/01 Apprentice talent factory gets a new face The ÖBB apprentice workshop in Innsbruck is about to be built. Directly next to the existing ap- prentice workshop, an extension building is being erected which meets the requirements of a modern training company. Around EUR 10 million will be invested. Completion is scheduled for the end of 2020. 01/02 The apprentice- ship programme 14/01 goes digital Noah’s Train: climate ambassador A special offer at the apprentice workshop in Vienna are two for the world makes a halt in Vienna tablet classes. Two training Noah’s Train was initiated by the “Rail Freight Forward” (RFF) rooms are equipped with initiative, an association of numerous European rail freight carriers 15 tablets each. Young people and advocacy groups. RFF is a pan-European initiative. Its aim is to have the opportunity to use communicate to the public in Austria and Europe that rail freight is learning apps to acquire knowl- an essential response to the challenge of climate change. edge in subjects such as electri- cal engineering and information technology etc. 05/02 ÖBB freight trains turning smart The Rail Cargo Group (RCG) launched the “SmartCargo” proj- ect in cooperation with A1 and A1 Digital. By the end of 2020, RCG freight wagons will be equipped with position detection, motion sensor and impact detection technology. This will enable new services for customers and signifi- cantly improved and more efficient maintenance coordination. 12/03 Railway network in Tyrol wholly electrified By the end of 2019, ÖBB-Infra- struktur had electrified the remaining 14,390 metres of the Ausserfern Railway between the 12/03 Reutte station and the national 24 more Desiro Cityjets ordered border at Schönbichl. With the completion of this work, the en- New trains for the eastern region: 24 additional Desiro ML Cityjets tire ÖBB railway network in Tyrol from Siemens will in future be in service on the rails in Vienna, Lower is now operated only on environ- Austria and Burgenland, further enhancing local and regional trans- mentally-friendly electricity. port. This means that 189 Cityjet Desiro ML trains have been ordered. January–March 2019 06/05 In the green zone That was The ÖBB logo at the Vienna Central Station shines green. With this, ÖBB-Infrastruktur wants to make a statement. Since the middle of 2018, it has already provided 2019 100 per cent green traction current on its route network and now HIGHLIGHTS. A new apprentice workshop, 100 per cent green current is also used to power all stations, a green logo, intensive construction offices, workshops and contain- er cranes. This will save another activity on the Southern Line ... 30,000 tonnes of CO2 per year. 15/05 Construction of the Mürz zuschlag station started At the Semmering Base Tunnel, the official go-ahead was given for the construction of the west gate and the remodelling of Mürzzuschlag station. ÖBB CEO Andreas Matthä placed the “last building block” of the 27-kilometre-long Semmering Base Tunnel between Gloggnitz and Mürzzuschlag. 16/05 Suburban railway station campaign The go-ahead has been given for the invitation to tender for the construction work on the Innsbruck Messe suburban railway station. The project aims at a complete redevelopment of the public access 17/05 to the Innsbruck districts of Saggen and Pradl, and at the same time, it ÖBB / IBM Girls!Tech Camp has launched an essential part of “Technology for girls like me!” That was the motto of the third the railway station campaign in the Girls!Tech Camp, where 50 girls spent five days getting a taste of tech- greater Innsbruck area. nical areas and professions at ÖBB and IBM. 07/06 German Brand Award for TransANT The Rail Cargo Group’s freight wagon innovation, the future-ori- “ We must act now and get as much ented platform concept TransANT, freight as possible off the roads and was launched last year directly on the voestalpine site. For this onto the railways. Freight traffic unique event, the ÖBB-Rail Cargo Group has now been awarded the German Brand Award of the by rail saves CO2 and protects the German Brand Institute. climate!” ÖBB CEO ANDREAS MATTHÄ April–June 2019 » Continued on rear cover section Key performance indicators Earnings ratios in accordance with IFRS (in EUR million, rounded) 2019* 2018* 2017 2016 2015 Total income 6,945 6,726 6,755 6,416 6,345 Expenses for materials and services received -1,781 -1,803 -1,926 -1,730 -1,751 Personnel expenses -2,742 -2,631 -2,543 -2,478 -2,337 Other operating expenses -476 -417 -462 -428 -451 EBITDA 1,946 1,875 1,823 1,779 1,806 Amortisation (incl. impairment) -1,191 -1,071 -1,033 -968 -949 EBIT 755 804 790 811 857 Financial result -587 -636 -614 -645 -664 EBT 169 168 176 166 193 ROCE (in %) 2.8 3.1 3.2 3.4 3.7 Balance sheet ratios in accordance with IFRS (in EUR million, rounded) Total assets 31,254 29,710 28,351 27,344 26,475 Non-current assets 29,967 28,386 27,083 25,877 25,140 of which property, plant and equipment 28,246 26,809 25,576 24,386 23,416 Current assets 1,287 1,324 1,268 1,467 1,335 Shareholders' equity 2,645 2,529 2,306 2,093 1,922 Equity ratio (in %) 8.5 8.5 8.1 7.7 7.3 Financial liabilities 25,343 24,146 23,549 22,799 22,317 Net debt 24,963 23,674 23,101 22,113 21,306 Gross capital expenditure 2,700 2,591 2,503 2,400 2,032 Net debt/EBITDA (ratio) 12.8 12.6 12.7 12.4 11.8 Net gearing (ratio) 9.4 9.4 10.0 10.6 11.1 * Excluding outgoing business unit. Contents STATEMENT FROM THE CONSOLIDATED FINANCIAL STATEMENTS 106 BOARD OF MANAGEMENT 3 Consolidated Income Statement 2019 106 Consolidated Income Statement 2019 107 STATEMENT FROM THE Consolidated Statement of Financial Position CHAIRMAN OF THE SUPERVISORY BOARD 6 as at Dec 31, 2019 108 Consolidated Statement of Cash Flow 2019 109 MAKES SENSE. 10 Consolidated Statement of Changes in Shareholders’ Equity 2019 110 CORPORATE GOVERNANCE REPORT 44 Notes to the Consolidated Financial Statements GROUP MANAGEMENT REPORT 52 as at Dec 31, 2019 111 A. Group Structure and Investments 52 A. Basis and Methods 111 B. General Conditions and Market Environment 55 B. Notes to the Consolidated Statement of Financial C. Economic Report and Outlook 64 Position and the Consolidated Income Statement 138 D. Non-financial Performance Indicators 84 C. Other Notes to the Consolidated Financial Statements 168 E. Opportunity and Risk Report 96 F. Notes to the Management Report 103 Audit Certificate 202 GLOSSARY OF TERMS 206 DIGITAL. The 2019 Annual Report is available in PDF form, together with associated videos, at: konzern.oebb.at/gb2019 3 ANNUAL REPORT 2019: Statement from the Board of Management & Supervisory Board Board of Management of Management Board BOARD OF MANAGEMENT, ÖBB-HOLDING AG. Mag. Arnold Schiefer (CFO), Ing. Mag. (FH) Andreas Matthä (CEO) Consistency in results. Although challenging, 2019 ultimately turned out to be yet another successful financial year. Despite emerging signs of a downturn in some sectors of the economy, we closed out 2019 on a decidedly positive note for what is now the eighth time in a row, generating an EBT of EUR 168.5 million. The past financial year also saw another pleasing trend in passenger figures, with ÖBB trains welcoming more people than ever before in 2019. Total Group income rose once again last year, up by three per cent to EUR 6.95 billion. The overall result again included positive profit contributions from all operative subsidiaries of the Group. As in the past two financial years, our passenger transport sector achieved particularly gratifying results, increasing its EBT to just over EUR 100 million. EBT at our freight transport subsidiary fell to EUR 5.1 million due to the challenging market environment in 2019. However, this still puts the ÖBB-Rail Cargo Group in the top three rail freight companies in Europe. The Infrastructure sub-group also made a solid contribution to the Group’s comprehensive income for 2019 with an EBT of EUR 38.3 million. Taking the train has that “certain something”! Just as pleasing as the consistency of the Group’s results last year was the support that we received from our customers. Welcoming nearly 267 million passengers on board our trains marks a further record in rail passenger transport. This growth in passenger numbers over the past year was driven by both local and long-distance transport as well as our night services, which attracted international attention – and not just in the media. In combination with the European climate protection movement, the launch in late 2019 of the service between Vienna and the EU’s “capital” Brussels sparked widespread international 4 Board of Management & Supervisory Board | Makes sense. | Corporate Governance | Group Management Report | Consolidated Financial Statements We know that, across the whole Group, we have outstanding em- ployees who are working with full debate about night trains as a genuine alternative to commitment for the company and short-haul flights – a debate that is likely to rumble on vigorously in the coming months and years. for Austria. They do so now and ÖBB-Postbus once again held its own last year in a they will continue to do so after tough market environment, bringing some 210 mil- lion customers to their respective destinations safely the pandemic is over.