Bringing Austria Together
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Bringing Austria together. ANNUAL REPORT 2017 ÖBB-HOLDING AG Key Performance Indicators Earnings ratios (IFRS) (million euros, rounded) 2017 2016 2015 2014 2013 Revenue 5,522 5,247 5,221 5,270 5,239 Total income 6,755 6,416 6,345 6,355 6,248 Cost of materials and purchased services -1,926 -1,730 -1,751 -1,764 -1,793 Personnel expenses -2,543 -2,478 -2,337 -2,407 -2,341 Other operating expenses -462 -428 -451 -460 -530 EBITDA 1,823 1,779 1,806 1,723 1,584 Depreciation & amortization (incl. impairment) -1,033 -968 -949 -859 -829 EBIT 790 811 857 864 755 Financial result -614 -645 -664 -692 -652 EBT 176 166 193 172 103 ROCE (%) 3.2 3.4 3.7 3.9 3.6 Balance sheet ratios (IFRS) (million euros, rounded) Balance sheet total 28,351 27,344 26,475 25,746 24,631 Non-current assets 27,083 25,877 25,140 24,334 23,322 of which property, plant and equipment 25,576 24,386 23,416 22,724 21,765 Current assets 1,268 1,467 1,335 1,411 1,310 Equity 2,306 2,093 1,922 1,692 1,589 Equity ratio (%) 8.1 7.7 7.3 6.6 6.5 Financial liabilities 23,549 22,799 22,317 21,811 20,778 Net debt 23,101 22,113 21,306 20,839 20,024 Gross capital expenditure 2,503 2,400 2,032 2,057 2,170 Net debt/EBITDA (ratio) 12.7 12.4 11.8 12.1 12.6 Net gearing (ratio) 10.0 10.6 11.1 12.3 12.6 ÖBB. Österreichische Bundesbahnen – Austrian Federal Railways Contents STATEMENT OF THE BOARD OF MANAGEMENT 3 CONSOLIDATED FINANCIAL STATEMENTS 110 Consolidated Statement of Cash Flow 2017 110 STATEMENT OF THE CHAIRMAN Consolidated Statement of Financial Position as of 12/31/2017 112 OF THE SUPERVISORY BOARD 6 Consolidated Statement of Cash Flow 2017 113 Consolidated Statement of Changes in Shareholders’ Equity 2017 114 BRINGING AUSTRIA TOGETHER 10 NOTES TO THE CONSOLIDATED FINANCIAL CORPORATE GOVERNANCE REPORT 52 STATEMENTS AS OF 12/31/2017 115 A. Basis and Methods 115 CONSOLIDATED MANAGEMENT REPORT 60 B. Notes to the Consolidated Statement of Financial Position A. Group Structure and Investments 60 and the Consolidated Income Statement 136 B. General Conditions and Market Environment 62 C. Other Notes to the Consolidated Financial Statements 162 C. Economic Report and Outlook 71 D. Non-Financial Performance Indicators 94 AUDITOR’S REPORT 198 E. Opportunities/Risk Report 102 F. Notes on the Management Report 107 GLOSSARY OF TERMS 202 DIGITAL. A PDF version of the Annual Report for 2017 and related videos can be found at: konzern.oebb.at/gb2017 EMPLOYEES RECRUIT EMPLOYEES. About one third of all employees will leave ÖBB with- in the next five years. In the first quarter of 2017, ÖBB launched a major campaign to draw atten- tion to ÖBB as an employer and TriebfahrzeugführerIn to find new employees. What is Immmmeerr in special about the campaign is the Mein Karriereticket in die Zukunft fact that all the “models” are ÖBB employees and are advertising FahrdienstleiterInl Mein Karriereticket in die Zukunft for their actual job. You can see a ImmImImmmmerer i selection of the posters here – and VerschieberInh Wir suchen engagierte MitarbeiterInnen. the subjects of the campaign on Unsere FahrdienstleiterInnen tragen tagtäglich zu einem reibungsloseng und sicheren Bahnverkehr in ganz Österreich bei. Sie regeln den Zugverkehr, bedienen Weichenei und Signale und übermitteln Mein Karriereticket in dieie Zukunft Reiseinformationen, damit unsere Fahrgäste pünktlich und sichere an ihr Ziel kommen. the cover of this annual report. Wir suchen Verstärkung in der Fahrdienstleitung! Jetzt einsteigen und bewerben unter karriere.oebb.at Wir suchen engagierte MitarbeiterInnen. Unsere VerschieberInnen tragen Wien, Herstellungsort: Wolkersdorf Gerin, Verlagsort: GmbH, Druckerei: ÖBB-Werbung täglichImpressum: zu einem reibungslosenen Bahnbetrieb in ganz Österreich bei. Für unsere Kundinnen und Kunden führen sie am Schienennetztz unter anderem Verschubarbeiten wie Kuppeln, Bremsen oder Sichern von Wagen durch und bewegene sich vor allem im Außenbereich. Alle Infos auf karriere.oebb.at Wir suchen Verstärkung im Verschub! Jetzt einsteigen und bewerben unter karriere.oebb.at Wir suchen engagierte MitarbeiterInnen. Unsere TriebfahrzeugführerInnen Wien, Herstellungsort: Wolkersdorf Gerin, Verlagsort: steuern GmbH, Druckerei: ÖBB-Werbung Impressum: Lokomotiven und Triebwägen mit bis zu 10.000 PS. Sie führen Personen- und Güterzüge und sorgen dafür, dass unsere Fahrgäste und Güter pünktlich und sicher ans Ziel kommen. Alle Infos auf karriere.oebb.at Wir suchen Verstärkung für unser Team. Jetzt einsteigen und bewerben unter karriere.oebb.at Impressum: ÖBB-Werbung GmbH, Druckerei: Gerin, Verlagsort: Wien, Herstellungsort: Wolkersdorf Gerin, Verlagsort: GmbH, Druckerei: ÖBB-Werbung Impressum: Alle Infos auf karriere.oebb.at 3 Annual Report 2017: Statement of the Board of Management & Supervisory Board Board of Management of Management Board BOARD OF MANAGEMENT OF ÖBB-HOLDING. Ing. Mag. (FH) Andreas Matthä (CEO), Mag. Josef Halbmayr MBA (CFO) A successful year. 2017 was another successful financial year for us. With an EBT of 176.3 million euros – an increase of six percent over the previous year – the ÖBB Group recorded the second-best result in its history in 2017. The past year also saw a new passenger record in rail passenger transport, and the volume of goods transported also increased significantly. Total Group sales rose last year by more than five percent to over 5.5 billion euros, reaching a new high. Once again, all sub-groups achieved a positive result. The performance of passenger transport, which increased its EBT by six percent over the previous year to 86.7 million euros, was particularly gratifying. With an EBT of 42.3 million euros, Rail Cargo Austria is slightly below the previous year’s level, however – in contrast to most other rail freight transport companies – it generated a positive result again in the previous year. And it did so despite the enormous price pressure that weighs on all European rail freight transport. The Infrastructure sub-group recorded stable earnings in 2017, with EBT of 47.1 million euros in 2017. Inflation-related cost increases were offset by further efficiency gains and an improved financial result. Another passenger record on the railways Almost 246 million customers, more passengers than ever before, used ÖBB trains last year. In contrast to recent years, passenger growth in 2017 came mainly from long-distance transport, which increased by 1.2 million customers. However, the lion’s share of the total number of passengers (over 209 million) was contributed by ÖBB passenger transport again in 2017. The total number of annual rail passengers has thus risen by over 60 million since 2006. In the ÖBB bus transport division, there was another slight decline of just over 3 million passengers in 2017. The reasons for this are – as in recent years – 4 Board of Management&Supervisory Board | Bringing Austria Together | Corporate Governance | Consolidated Management Report | Consolidated Financial Statements We want to bring 500 million passengers and 150 million demographic developments and the associated drop in the number of students and apprentices as well tons of goods to their destina- as the continuing competition for tenders. With over tions safely and on time. 213 million customers, the Postbus was once again one of the most important providers of public trans- In short: We want to be the best port in Austria last year. railway company in Europe! Rail Cargo Group remains at the top in Europe The European freight transport market benefited from the economic upswing in 2017: Industrial production and gross domestic product (GDP) increased significantly in almost all markets of importance to the Rail Cargo Group (RCG). In contrast, all European rail freight transport companies have to con- tend with enormous pressure on margins. Despite this, ÖBB’s freight transport division was still able to generate EBT of around 42.3 million euros in 2017, thus consolidating its position at the top of Europe. As in previous years, RCG again achieved the key volume increases in 2017 on the international markets. In terms of transported volumes, RCG continues to be the strong no. 2 in Europe, and both Rail Cargo Austria and Rail Cargo Hungaria remained the clear market leaders in their domestic markets. We are modernizing infrastructure throughout Austria. One of the decisive factors for ÖBB’s positive image is the further development of railway infrastructure, so ÖBB-Infrastruktur AG implemented hundreds of individual projects throughout Austria in the previous year. Customers take a very positive view of the continuation of this infrastructure expansion and modernization strategy. In every survey, the stations are rated as clean and – particularly important for the company as a whole – as safe, and passengers give their stay in our railway stations a “comfortable” rating. It is particularly important that all construction projects were completed on time last year and, above all, again on budget. We have committed ourselves to this careful handling of public funds vis-à-vis taxpayers. And we lived up to this commitment again in 2017. In addition to the major projects Koralm Railway, Semmering base tunnel and Brenner base tunnel, a large number of stations were modernized again last year. In addition, there were key projects for freight transport such as the St. Pölten freight train bypass and the second expansion stage of the Wolfurt freight terminal. Furthermore, Infrastruktur AG invested over 110 million euros last year in the further ex- pansion of the park and ride facilities, in noise abatement measures and in safety and opera- tional management systems in order to further increase customer satisfaction. Satisfied passengers In terms of customer satisfaction, too, we again made significant gains in the past year.