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Moving Austria Better

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Moving Austria Better MOVING AUSTRIA Annual Report 2014 BETTER ANNUAL REPORT 2014 ÖBB-INFRASTRUKTUR AG Contents CONSOLIDATED MANAGEMENT REPORT 2 CONSOLIDATED FINANCIAL STATEMENTS 36 A. Structure, Investments and Branches 2 Consolidated Income Statement 2014 36 B. Economic Report and Outlook 3 Consolidated Statement of Comprehensive Income 2014 37 C. Human Capital Report 20 Consolidated Statement of Financial Position D. Real Estate Management 23 as of December 31, 2014 38 E. Research and Development Report 24 Consolidated Statement of Cash Flow 2014 39 F. Environmental Report 25 Consolidated Statement of Changes G. Accessibility 27 in Shareholders’ Equity 2014 40 H. Group Relations 27 I. Opportunities/Risk Report 28 NOTES TO THE CONSOLIDATED FINANCIAL J. Significant events after the reporting date 33 STATEMENTS AS OF DECEMBER 31, 2014 41 K. Notes on the Management Report 33 A. Basis and Methods 41 B. Notes on the Consolidated Statement of Financial Position Glossary of Terms 34 and the Consolidated Income Statement 56 Statement pursuant to Article 82 (4) clause 3 BörseG 35 C. Other Notes to the Consolidated Financial Statements 80 AUDITORS’ REPORT 110 A. STRUCTURE, INVESTMENTS AND BRANCHES 280 The ÖBB-Infrastruktur Group must ensure the economical use and provision of Austrian railway infrastructure for all railway operators without discriminating. In addition, the ÖBB-Infrastruktur Group builds the Austrian railway infrastructure on behalf of and for the benefit of its owner, the Republic of Austria. The financing of the investments in rail infrastructure development is now ensured through the cash flow generated, outside capital and guarantees and grants from the federal government on the basis of multi-year master plans. Management, development and utilization of real estate belonging to the ÖBB Group is the responsibility of ÖBB- Immobilienmanagement Gesellschaft mbH, a subsidiary of ÖBB-Infrastruktur AG. The parent company Österreichische Bundesbahnen-Holding Aktiengesellschaft (hereinafter ÖBB-Holding AG) is a joint-stock corporation under Austrian law. The registered office of the company is at Am Hauptbahnhof 2, A- 1100 Vienna, and the company is registered in the Company Register at the Commercial Court Vienna under number FN 247642f. ÖBB-Holding AG holds all shares of ÖBB-Infrastruktur AG. Investments All of ÖBB-Infrastruktur Group's investments are listed in detail in the investment overview in the annex to the Group's consolidated financial statements. An overview of the number of investments in Austria and abroad is provided below: as of Dec 31, 2014 as of Dec 31, 2013 Investments >50% 23 31 Investments 50 to 20% 3 3 thereof abroad 1 1 Investments < 20% 4 2 thereof abroad 1 1 Total 30 36 thereof abroad 2 2 The Group and its branches The ÖBB-Infrastruktur Group operates 1,100 railway stations and railway infrastructure in Austria, which is used by ÖBB-Personenverkehr AG, Rail Cargo Austria AG, two other companies belonging to the ÖBB Group and other railway operators not belonging to the ÖBB Group. The continuation requirements for the master plan investments initiated through December 31, 2014 – taking into account the effect of the continuation of the master plan from 2014 to 2019 and a 2.5% increase in value – is EUR 9,970.0 million. ÖBB-Infrastruktur AG has the following material subsidiaries and investments: Mungos Sicher & Sauber GmbH & Co KG cleans the railway stations, provides special cleaning services, such as graffiti removal, as well as security and other services. ÖBB-Immobilienmanagement GmbH provides modern real estate services, both within and outside the Group. Its responsibilities include the sale and utilization of real estate, project development, station initiative, property management, facility management, space management, and contract management for film productions and events at railway stations. The procurement and Group-wide rental of rail vehicles and equipment and road vehicles, their purchasing, financing, servicing and maintenance are the responsibility of Rail Equipment GmbH & Co KG. Güterterminal Werndorf Projekt GmbH was established under a private partnership model to create the Werndorf freight terminal and was acquired by the ÖBB-Infrastruktur Group in 2012. WS Service GmbH was established at the end of 2013 and provides services for and in connection with switch points, and thus in particular the maintenance, inspection and repair of switch points. Since 2011, ÖBB-Infrastruktur AG has had a 50% stake in Galleria di Base del Brennero – Brenner Basistunnel BBT SE and therefore also in the major project “Construction of the Brenner Base Tunnel”. The necessary funding is provided to ÖBB-Infrastruktur AG in addition to the applicable master plan. For the acquisition of the shares, the Republic of Austria has made a shareholder contribution to ÖBB-Infrastruktur AG via ÖBB-Holding AG in the amount of the cost of the investment. Weichenwerk Wörth GmbH is Austria’s market leader in the production of switch points, insulated rail joints and switch-related logistics services and has also positioned itself as an exporter to Southeastern and Western Europe primarily in the areas of superstructure and industrial switch points. ÖBB-Infrastruktur AG has a 30% 3 stake in the company. 81 The object of Breitspur Planungsgesellschaft mbH (share 25%) is planning the continuation of the 1520 mm broad gauge rail infrastructure from the border of Ukraine through Slovakia to and within Austria. ÖBB-Holding AG acquired its shares in 2013. Other major subsidiaries of the ÖBB-Infrastruktur Group are ÖBB-Realitätenbeteiligungs GmbH & Co KG, Elisabethstraße 7 Projektentwicklung GmbH & CO KG, Elisabethstraße 9 Projektentwicklung GmbH & Co KG, Gauermanngasse 2-4 Projektentwicklung GmbH & Co KG and Operngasse 16 Projektentwicklung GmbH & Co KG. B. ECONOMIC REPORT AND OUTLOOK B.1. Macroeconomic environment Performance of the economy The optimistic indicators at the turn of the year 2013/14 gave way to fears of a new recession starting from the 3rd quarter of 2014. This was brought on by economic developments in both Austria and in Germany. Industrial production was stagnant in the second half of the year in both countries. In 2014, the banking crisis slowed lending and investing activities in the real economy in the Eurozone. The central banks of Japan, the USA and the Eurozone continue to pursue a “cheap money policy”. The most visible results are price increases in equities and real estate. For 2015, it is hoped that the decline in the euro exchange rate relative to the US dollar and the Chinese yuan will boost exports. The Eurozone growth forecast of 1.7% for 2015 has been reduced to 0.9% since spring. However, the economic outlooks for China (+7.3%) and the USA (+3.1%) have held steady. Global economic situation (Change in real % compared to the prior year) Gross domestic product 2013 2014 2015 Austria 0.2 0.4 0.5 Euro Zone -0.5 0.8 0.9 EU 0.0 1.3 1.4 USA 2.2 2.2 3.1 China 7.7 7.3 7.3 World trade 2.7 3.7 4.0 Source: WIFO, December 2014, Forecast for 2014 to 2016 In 2014, Austria’s growth of 0.4% again remained far behind the 1.7% growth originally anticipated by economic researchers. For 2015, the increase in gross domestic product is forecast to be 0.5%. The drastic drop in crude oil prices could provide a tailwind for the economy in 2015. However, this advantage could be more than offset by the turmoil surrounding Greek sovereign debt and the economic consequences of the ongoing crisis in Ukraine. Key data and forecasts for the economic situation in Austria 482 Parameter Unit 2013 2014 2015 Gross domestic product 0.2 0.4 0.5 Market growth Austria* 1.9 3.0 3.5 Goods exports Change in % compared 2.8 1.2 2.5 Goods imports to the prior year (real) 0.2 0.9 2.5 Manufacture of goods 0.6 0.2 1.0 Gross capital investment -1.5 1.4 1.1 Change in % compared Crude oil price (Brent) to the prior year -2.6 -8.0 -25.0 Net borrowing of the state % of the GDP -1.5 -3.0 -2.4 Inflation rate % 2.1 1.6 1.5 Unemployment rate % of the labor force 4.9 5.0 5.3 Source: WIFO, December 2014, Forecast for 2014 to 2016 * Change in real imports of partner countries weighted with Austrian export shares The development of the components “production of goods” and “merchandise import / export” is in particular crucial for rail freight. The increase in imports and exports of goods in 2014 was once again well below the forecasts. It is hoped that the forecast 2015 growth of 3.5% will be achieved. The manufacture of goods remained virtually stagnant in 2014, contrary to the original expectation of growth of 3.5%. Industrial production slipped surprisingly into negative territory in the second half of 2014. For 2015, an increase of 2.5% in the manufacturing sector is expected.1 Development of industrial production (excluding construction, change compared to the same quarter last year): 1.7% 1.6% 1.3% 1.2% 0.9% 0.7% 0.8% 0.4% 0.3% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q.2 14 Q3 14 Q4 14 -0.1% -0.7% -1.1% Source: Statistik Austria, production index ÖNACE 2008 (Ø 2010=100), EU harmonized working day adjusted 1 WIFO, Forecast for 2014 and 2015, September 17, 2014 Capital markets and national budgets 583 Development of the capital costs and the consumer price index 2 1.5 t n e 1 erc P 0.5 Rise in consumer price index compared to the prior-year month Secondary market yield on Austrian government bonds 0 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Source: OeNB and Statistik Austria The interest rate level of government bonds is crucial for the borrowing terms and conditions for ÖBB-Infrastruktur AG.
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