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EN 01-22 Final.Cdr | THE CONTENT Introduction Review of Commercial and Financial activities Freight transportation Passenger transportation Rolling-stock Infrastructure Technical Development and Investment policy Traffic safety Environmental protection Information Technologies International relations Human resources Management structure Main events Independent Auditor's report Balance sheets Income statements Dear Readers, The year 2007 was a successful year for AB Lietuvos geleþinkeliai. Labour productivity in the Company rose by approximately 20 per cent, the turnover exceeded LTL 1.4 billion, while investments made up over LTL 400 million. The Company funds accounted for almost 64 per cent of all investments. The major share of investment about 70 per cent has been allocated for railway infrastructure over the past five years. The largest part of freight is being carried on International Transport Corridor IX; that is why the main goals of the Lithuanian railway infrastructure development include reconstruction of the tracks and structures on this transport corridor, as well as modernisation of telecommunications, signalling and power supply equipment. The use of modern superstructure elements and advanced working technologies allowed ensuring a speed of 100 to 120 km/h on the reconstructed sections, this being of utmost importance in view of the increasing traffic flows. The modernisation of railway infrastructure is just one of the measures for the development of Lithuanian railways. Modern track, advanced rolling stock and contemporary management these are the trends taken in developing Lithuanian railways. During the period of 20042007, the Company modernised existing freight locomotives and repaired or purchased new freight wagons. AB Lietuvos geleinkeliai is investing quite a lot of funds in the passenger rolling stock fleet, i.e., in the acquisition of new carriages, electric or diesel passenger trains. The most important event in the year 2007 occurred in the autumn: the first modern freight locomotive Eurorunner was delivered to the Company. A total of four new diesel electric locomotives were supplied by the German company Siemens by the end of the year. It is no coincidence that this publication contains illustrations demonstrating the history of Lithuanian railway locomotives: from the oldest steam locomotive to the newest Eurorunner. Thus and so, we wanted to focus your attention on the most significant event of the year. Yours sincerely, Stasys Dailydka Director General of AB “Lietuvos geležinkeliai” | MAIN INDICATORS Indicators 2007 2006 Assets and Liabilities Assets (LTL million) 3,267.4 2,900.6 Equity (LTL million) 2,081.6 1,850.5 Total revenues LTL million 1,433.2 1,246.6 Revenues from core activities (sales) (LTL million) 1,406.9 1,206.8 Revenues from financial and investing activities (LTL million) 12.2 4.7 Other revenues (LTL million) 14,1 35,1 Total Costs LTL Million 1,269.2 1,104.8 Costs of core activities (LTL million) 1,250.1 1,087.9 Costs of financial and investing activities (LTL million) 16.9 15.5 Other costs (LTL million) 2.2 1.4 Result Profit before tax (LTL million) 164.0 141.8 Net profit (LTL million) 133.6 111.7 Financial Indicators Liquidity (current assets/current liabilities), % 1.1 0.9 Gross profitability (gross profit/sales), % 21.5 20.9 Net profitability (net profit/sales), % 9.5 9.3 EBITDA (earnings before interest, taxes, depreciation and 410.7 335.7 amortisation) (LTL million) Return on Assets (ROA) (net profit/assets), % 4.1 3.8 Return on Equity (ROE) (net profit/equity), % 6.4 6.0 Financial leverage coefficient (liabilities/equity), % 19.6 20.3 Investment Investment (LTL million) 419.1 327.4 Company funds invested (LTL million) 266.8 272.5 Staff Number of staff 10,535 10,827 Average monthly salary (LTL) 2,452 1,904 Sales income per employee (LTL thous./person) 133.5 111.5 | CHANGES IN THE BALANCE SHEET In 2007, the assets of the Company went up by 13 per cent amounting to LTL 3,267.4 million. The long- term assets accounted for 90 per cent in the total asset structure, an increase of 10 per cent up to LTL 2, 940.7 million, compared to the 2006 figures. This was determined by an increase in the material assets of the Company (new rolling stock acquired, investment, land plots received from the municipalities by trust). The financial assets of the Company rose by 12 per cent due to the investments in subsidiary companies, up to LTL 109.0 million. The current assets went up by 41 per cent to LTL 326.7 million and accounted for 10 per cent in the total asset structure of the Company. A total of 30 per cent of the current assets accounted for money and short-term investments. During the year 2007, the shareholders' equity grew by 12 per cent to LTL 2,081.6 million and accounted for 64 per cent of the total assets of the Company. By the end of 2007, the loan portfolio of the Company had reached LTL 259.4 million. It comprised the financial liabilities to | TOTAL REVENUES credit institutions related to the infrastructure investment projects. In (LTL million) 2007, the Company repaid the full loan amount to Nordea Bank Danmark A/S raised for the modernisation of telecommunications equipment. On 14 December 2007 an amendment to the Agreement with the European Investment Bank was signed for increasing the loan amount to EUR 64.0 million for partial financing of the acquisition of new freight locomotives, as well as for waiving the commercial bank 2003 2004 2005 2006 2007 guarantees. | REVENUES In 2007, the revenues of the Company increased by 15 per cent, compared to 2006, up to LTL 1,433.2 million. The major part of revenues came from freight transportations (cf. 87.8 % in 2006), this | REVENUES STRUCTURE determining the activity results of the Company: IN 2007 (%) · THE REVENUES FROM FREIGHT SERVICES rose by 18 per cent. Positive changes in freight transportation resulted from a significant boost in transportation volumes and effective pricing. More revenues were derived from transit freight, as well as from supplementary services provided at stations (rolling stock handling, the presence of private wagons and containers on the tracks, the use of freight wagons, etc.); · THE PASSENGER REVENUES accounted for 4.5 per cent Freight in the total revenue structure in 2007, a rise of 17 per cent over 2006. Passenger This was determined by higher numbers of passengers on international Other activities lines and by an increase in traffic fares. Revenues earned from Other supplementary services passenger services and state subsidies did not cover the costs incurred, Financial & investment activities therefore, passenger services were making loss. A total of LTL 19.2 million subsidies were allocated for financing passenger traffic in 2007 to reimburse privileged passengers or to cover losses in domestic traffic; · The revenues from rendering OTHER SUPPLEMENTARY SERVICES (repair and maintenance of private rolling stock, lease of own assets, wholesale trade, freight handling and storage services, and other transport-related services) grew by 4 per cent. The major growth in this group of revenues was from the increased volumes of freight handling and storage services, as well as from customs intermediary services. The revenues from other supplementary services made up 5.8 per cent in the total revenue structure; · THE REVENUES FROM OTHER ACTIVITIES accounted for 1.0 per cent of the incomes earned, thus dropping by 2.5 times. In previous years, more revenues in this group had been derived from the sales of the assets unnecessary or ineffective for the Company's activities; · THE REVENUES FROM FINANCIAL AND INVESTING | COST STRUCTURE ACTIVITIES accounted for 0.9 per cent of the total revenues, a rise by IN 2007 (%) 2.6 times. The Company succeeded in managing the risk in the changes in exchange rates, thus avoiding the loss in this field, and earned more 32,7% interest due to different short-term investment measures applied. | COSTS The costs of the Company, with taking into account the impact of subsidies provided for passenger services, amounted to LTL 1,269.2 16,9% million in 2007, an increase of 15 per cent over 2006. The growth in costs was determined by higher volumes of work and increased inflation; the Remuneration leap in prices for fuel and labour force resulted in higher costs for staff, Fuel fuels and power supply. Staff-related costs accounted for 32.7 per cent Depreciation (amortisation) in the total cost structure, the costs for fuels and power supply made up Energy resources 16.9 per cent and 1.8 per cent respectively. Materials In order to accumulate sufficient funds for the renovation of the Repair work assets used by the Company the depreciation norms for long-term Financial and investment costs material assets were adjusted to those economically grounded, this Other costs resulting in the increase in depreciation costs. | PROFIT In 2007, the growth in the Company's revenues exceeded that in costs due to the increased volumes of freight transportations, and the profit of the Company before tax made up LTL 164.0 million (cf. LTL 141.8m in 2006). A higher than the previous year state subsidy allocated to the Company for financing passenger services to reimburse the losses incurred had also had an impact on the amount of profit. | PROFIT BEFORE TAX The Company's profit after tax was LTL 133.6 million in 2007 (cf. (LTL million) LTL 111.7m in 2006). | ACTIVITY RESULTS OF SUBSIDIARY COMPANIES AB Lietuvos geleþinkeliai subsidiary companies are UAB Geleþinkelio tiesimo centras, UAB Gelmagis, UAB Vilniaus lokomotyvø remonto depas, UAB Gelsauga, and associated company UAB VAE Legetecha. Company Profit (loss) during the year Core activity reported for (LTL thous.) UAB Gelmagis 810.2 Railway construction UAB Geleþinkelio tiesimo centras1,371.5 Railway construction UAB Vilniaus lokomotyvø remonto depas 1,409.7 Major overhauls to locomotives and diesel trains UAB Gelsauga -850.7 Railway security services UAB Legetecha 1,003.2 Turnout manufacturing The first steam locomotives that were in use in Lithuania on the lines St.
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