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VR Group Annual Report 2001

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VR Group Annual Report 2001 Annual Report 2001 The year 2001 I Pendolino services were increased in October to include the Helsinki – Jyväskylä line. Commuter traffi c in Greater Helsinki continued to grow. The new city line connecting Helsinki to Leppävaara in Espoo was completed. I For VR Cargo, 2001 was a lively year in transit traffi c. Container traffi c to East Asia and combined road-rail transport in Finland increased likewise. VR developed extranet solutions with its customers to raise transport effi ciency. VR-Track completed its contracts on the Leppävaara city line and in automatic train protection installation. The network of terminals and depots for road transport was further developed. Baguette&Co sales points were opened in Pasila and Tampere following success in Helsinki railway station. Financial information in 2002 The Annual Report is published in Finnish, Swedish, English and Russian. Interim Reports will be published in June and October. Interim Reports are published in Finnish, Swedish and English. The Annual Report and Interim Reports can be downloaded from the Internet at www.vr.fi , under VR Group. Printed copies can be ordered by contacting VR-Group Ltd’s Corporate Communications, tel. +358 307 20 827, telefax +358 307 21 500 or by writing to P.O. Box 488, FIN-00101 Helsinki, Finland. Annual Report 2001 Contents VR in Brief ................................................................................................ 6 The VR Group .......................................................................................... 8 Chief Executive’s Review ........................................................................ 10 Rail Services Passenger Services............................................................................ 14 Freight Services.................................................................................. 18 Track Construction and Maintenance ..................................................... 22 Road Services........................................................................................ 26 Catering Services ................................................................................... 28 Human Resources ................................................................................. 32 Safety..................................................................................................... 34 The Environment .................................................................................... 36 Administration and Management............................................................ 39 VR Group Structure ................................................................................ 42 Statistical Information ............................................................................. 43 Glossary ................................................................................................. 44 Report by the Board of Directors ............................................................ 47 Consolidated Profi t and Loss Account.................................................... 51 Consolidated Balance Sheet................................................................... 52 Consolidated Cash Flow Statement........................................................ 53 Parent Company Profi t and Loss Account .............................................. 54 Parent Company Balance Sheet............................................................. 55 Parent Company Cash Flow Statement .................................................. 56 Notes to the Financial Statements .......................................................... 57 Board’s Proposal on the Disposal of Profi t .............................................. 69 Finland’s fi rst Travel Centre was inaugurated Auditors’ Report ..................................................................................... 69 in Seinäjoki in 2000. Approximately 50 train services and 250 bus or coach services leave Statement by the Supervisory Board ...................................................... 70 Seinäjoki Travel Centre every day. Roughly 1.5 million passengers pass through the Travel Centre every year. A network of 22 Travel Cen- tres in Finland is planned by 2005. The Travel Centre provides all public transport services under a single roof in the centre of the town, making it easy to change one mode of trans- port to another. The Travel Centre also has good parking facilities. 4 VR-Group Ltd 2001 VR in Brief VR in Brief Business concept VR’s core businesses are transport and track maintenance services. VR provides safe, high-standard and environmentally friendly transport and related services for freight customers and passengers. For the Finnish state, other public bodies and industrial corporations VR provides professional track design, construction and maintenance services. Values Safety VR’s most important value is safety. VR aims to raise its rail safety standards to the highest European levels by 2002 at the latest. Safety at VR is based on its highly trained and responsible personnel coupled with modern rolling stock and advanced technical systems. Closeness to customers VR is a reliable partner to its customers and plans its opera- tions based on their needs. VR’s operations are infl uenced by changes in consumer behaviour, social trends and industry. VR’s partnership approach is guided by active co-operation, feedback from customers and regular surveys. Quality VR works professionally, reliably and effi ciently. VR’s chief objective is to achieve excellent punctuality of rail services as this has a direct impact on rail safety and customer service. Certifi ed quality systems support VR’s quality work. Environmental responsibility VR applies the principles of sustainable development in its operations. Effi cient use of energy, low emission levels and safe transport of hazardous substances make rail transport an environmentally friendly mode of transport. International awareness VR takes an active approach to developing international contacts. Long-standing co-operation with railway authorities in Russia and the CIS countries is central to VR’s operations. VR started a re-appraisal of its values during autumn 2001, and VR’s new values will be confi rmed during spring 2002. Evolution of the VR Group Finnish State Railways, government offi ce, 1862 –1989 Finnish State Railways, public enterprise, 1990 –30 June 1995 VR-Group Ltd, state-owned company, 1 July 1995 – 6 VR-Group Ltd 2001 Key fi gures 2001 2000 % change Net turnover, M€ 1,150.9 1,143.0 0.7 Operating profi t, M€ 49.0 65.5 –25.0 % of net turnover 4.3 5.7 Net profi t, M€ 42.0 51.6 –18.6 % of net turnover 3.6 4.5 Gross capital expenditure, M€ 177.7 151.7 17.0 Return on shareholders’ equity, % 3.7 4.5 Return on investment, % 5.2 6.5 Solvency ratio, % 79.1 78.5 Personnel on average 14,913 15,405 –3.2 1,400 100 250 1,200 80 200 1,000 800 60 150 600 40 100 400 20 50 200 0 0 0 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 Net turnover 1997–2001 Operating profit 1997–2001 Investments 1997–2001 M€ M€ M€ 7 The VR Group The VR Group Track construction and maintenance ■ VR-Track Ltd provides track design, construction and maintenance services for the Finnish government, local authorities, ports and industrial companies using the rail network. ■ Roughly 90 % of annual net turnover comes from contracts commissioned by the Finnish Rail Administration, which is responsible for managing the Finnish rail network. ■ Annual net turnover totals EUR 235.9 Rail services million with 2,800 employees. ■ VR Ltd, the Group’s largest company, is Finland’s leading freight and passenger carrier. ■ The company carries over 40 million tonnes of freight by rail every year. Most of VR Cargo’s carryings comprise raw materials and products of Finland’s forest, chemical and metal industries. International carryings account for 40 % of total freight transport. ■ Some 55 million passenger journeys are made every year, most of them commuter journeys in the Helsinki metropolitan area. VR provides an average of 250 long-distance services and 700 commuter services every day. Six daily train services operate between Finland and Russia. ■ Rail services generate annual net turnover of EUR 617.0 million. This comprises EUR 335.3 million from freight services and EUR 281.6 million from passenger services. ■ Personnel totals 9,100. 8 VR-Group Ltd 2001 Road services Catering services IT services ■ Pohjolan Liikenne is a subgroup of ■ Avecra Oy provides supplementary ■ Railtelia Ltd provides telecommuni- VR Ltd that provides supplementary catering services for VR’s passenger cations services for VR’s rail transport road services. It has a strong position transport operations. operations and develops specialized in Finland’s road transport sector. ■ Avecra manages cafés, restaurants and telecommunications systems for ■ The group has three freight companies. kiosks in Finland’s largest railway transport and logistics needs. The Transpoint Oy Ab is a national carrier stations and on long-distance train company’s minority shareholder is of general cargo. Combitrans Oy services. It has roughly 30 service Song Communications Ltd. handles partial and full-load carryings. points in stations, plus daily catering ■ IT Solicom Ltd provides specialized Oy Transuotila Ab specializes in bulk services in some 130 trains. The IT systems and services for the trans- transportation using tanker wagons. company’s minority shareholder is port sector. The company’s minority Together, these companies carry
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