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SJ AB Annual Report Financial Report Contents SJ 10 SJ AB Annual Report Financial Report Contents SJ in brief 1 Important key performance indicators 2 2010 – a challenging year 3 Directors' report 4 Five-year summary 14 Group – Statement of comprehensive income 15 Statement of changes in financial position 17 Statement of cash flows 19 Statement of changes in equity 20 Parent Company – Income statement 21 Statement of comprehensive income 21 Balance sheet 22 Statement of cash flows 24 Statement of changes in equity 25 Accounting principles 26 Tables of contents, Notes 35 Notes 36 Assurance 60 Auditors’ report 61 Corporate governance report 62 Auditors’ Report regarding the corporate governance statement 69 Board of Directors 70 Executive Management 71 Statistics 72 Definitions 73 Financial calendar Interim report January – March in April 2011 Interim report January – June in August 2011 Interim report January – September in October 2011 Year-end report in February 2012 Annual report 2001 Week 11 of 2012 Reports 2010 The SJ Annual Report for 2010 is published in two parts: an Annual Review and a Financial Report. In addition, SJ publishes a Sustainability Report and a Corporate Governance Report. Reports can be ordered from: SJ AB Communications, SE-105 50 Stockholm, [email protected] All reports are available at www.sj.se. If you have any questions, please contact the SJ Press Office on +46 (0)10-751 51 84. This Annual Report has been produced by SJ in cooperation with Publicera Information AB. Layout: Dan Larson. Photography: Patrik Engström. Printing: Strokirk-Landströms. Thanks to all customers and employees who contributed to this Annual Report. SJ in brief SJ in brief SJ is a state-owned, modern, profitable and customer-focused travel company. Every day, 100 000 people travel on 700 trains. All journeys on SJ trains in Sweden qualifies for the Good Environmen- tal Choice ecolabel. We purchase 100 per cent renewable electricity from hydro and wind power to operate our trains in Sweden. Competition and the environment In terms of energy use, rail is superior to car, bus and air Trains are by far the most environmentally friendly alternative travel, and energy costs make up a small proportion of op- CO2 emissions,2 Utsläpp CO2, kg erating expenses. This means that the competitiveness of rail kg 80 80 travel improves when energy prices rise. Travelling with SJ is a way of contributing to reduced climate impact and promoting 6060 sustainable development. A third of travellers choose to travel by train for environmental reasons. 4040 To pursue long-term sustainable operations and create maximum value for society, we need to work on strengthen- 2020 ing our competitiveness at all times. We do so by offering ef- ficient, customer-oriented and environmentally sound travel 00 Train Bus/Coach Car Air that meets our 05customers' expectations. The figure illustrates emissions from a single journey for a passenger on an X 2000 service between Stockholm and Gothenburg. Rail travel produces 0.96 g of emissions. Source: SJ's 'Miljökalkyl' based on NTM (Swedish Network for Transport and the Environment) methods and data, www.sj.se/miljokalkyl SJ is expanding SJ is expanding both in Sweden and abroad in relation to Commercial traffic abroad, seat kilometres commercial traffic. Services to Copenhagen were extended in Index MSEK 200 2010 with departures to Odense. SJ extended its1500 services be- tween Stockholm and Umeå and between Örnsköldsvik1200 and 900 150 Umeå. 600 A significant portion of SJ's development is300 taking place 100 in existing markets, where we are supplementing our supply07 08 09 Kassaflöde från Investeringar i Utdelningar of travel with events, attractions, hotels and travel inden Europe. löpande anläggnings- verksamheten tillgångar 50 SJ's ability to develop services relating to travel, such as various types of optional extras and additional services with 0 different pricing structures also forms part of the expansion. 2008 2009 2010 Investments important to maintain SJ's profitability SEK m 1 5001500 Investments contribute to SJ being profitable and competi- tive in the long term and to allowing a financially stable busi- 1 2001200 ness to be operated. Over the past ten years, SJ has invested significant amounts in new trains and in continuous technol- 900900 ogy and comfort upgrades. The latest project is the new fast 600600 trains, an investment of SEK 2.3 billion. These new fast trains will gradually be put into service in the autumn of 2011. 300300 00 2008 2009 2010 Cash flow from operating Investments in Dividends activities fixed assets Financial Report 1 Key performance indicators Important key performance indicators The year began and ended with extreme winter weather, which knocked out large parts of the rail network. SJ consequently found it difficult to maintain services, resulting in delays and cancelled and damaged trains. This in turn had an impact on our passengers. SJ had reduced revenues and increased expenses totalling SEK 362 million during the year as a consequence of the winter conditions. MarknadssandelarMarket shares of modes transportslag of transport MarketMarknadssandelar shares of modes transportslag of transport 2010,2010, resor tripsmellan 100–300 10-30 kmmil 2010,2010, resor trips mer longer än 30 than mil 300 km ExcludingExklusive trips resor to and till ochfrom från N Norrland Norrland Air 1 % 2500 Bus/Coach 5 % Bus/Coach 3 % Train 15 % Air 19 % 2000 1500 Car 53 % Train 25% Car 79 % 1000 500 Source: Turistdatabasen Source: Turistdatabasen 3000 2500 Net sales and operating profit 2000 Cash flow from operating activities 1500 1000 SEK500 million SEK million SEK million 1 5001500 10 00010000 1 200 1 2001200 9 0009000 1 000 8 0008000 800 900900 7 0007000 600 600600 6 0006000 400 300300 5 0005000 200 1000 4 0004000 0 00 06 07 08 09 10 800 06 07 08 09 10 % n Net sales ––– Operating profit n Cash flow 600 ............................................................................ The trend in net sales has been stable in recent years.400 2010 Cash flow fell during 2010, principally due to the lower shows a slight decline in net sales, primarily due to the profit. effects of the winter. However, operating profit has been200 05 06 07 08 09 affected to a greater extent. 0 % % Return on equity, % 50 Equity/assets ratio, % 50 5040 40 1550 30 40 40 30 12 20 15 Target 10% 10 Target 30% 9 0 20 10 6 20 10 35 10 00 00 0605 0706 0807 0908 1009 0605 0706 0807 0908 1009 The target for return on equity is 10 per cent over SJ has a sound and improving equity/assets ratio. an economic cycle. 2 SJ Annual Report 2010 Action taken 2010 – a challenging year Improvement programme Nöjd-Kund-indexCustomer Satisfaction Index 8080 Sweden had its worst winter in more than a hundred years in 2010, and this had a great impact on SJ. Trains came to a halt, 7070 replacement services proved insufficient, and information was inadequate and sometimes even incorrect. We did not 6060 deliver what we promised to our passengers, and this been re- flected in the large customer survey conducted annually. As a 5050 result, we are putting great effort into improving in a number of areas. Fewer vehicle defects, quicker traffic information and 4040 1) more satisfied customers are some of the elements of the im- 06 07 0808 09 10 10* ) 1) Target 2010 76 provement programme we developed in 2010. The ultimate *) Mål 2010 76 Our annual surveys of customer satisfaction, the Customer objective is an SJ that prevents traffic disruption in a more Satisfaction Index, have been conducted among some effective way and is better equipped to respond to customers 20,000 customers. Customer satisfaction gauges the change if disruption nevertheless occurs. in satisfaction with our product from various points of view. The decline is largely associated with the winter disruption. Package of measures implemented SJ is carrying out its largest improvement programme ever. During the spring of 2010 an 80-point programme was devised with the aim of ensuring that all parts of the business are better equipped for next winter. Around SEK 200 million has been invested to ensure that passengers' expectations and needs can be better met. Service and customer care New customer group - Increased front-line manning in the case of major - 40 people whose task is to mitigate the disruption effects of disruption to services - Floorwalkers (platform staff) at major stations - Responsible for information by SMS text - Extended opening hours in travel centres and and on sj.se customer service in the case of major disruption - Supporting and assisting colleagues on - Improved procedures for ordering replacement board trains and in travel centres services - Responsible for replacement services, - Increased duties for all front-line staff food and beverages and accommodation Rolling stock Service programme - Better de-icing capacity - Winter-adapted timetable - Winter-proofing of rolling stock - Reduction plan in the case of decisions by - Increased workshop capacity authorities Training Travel-time guarantee - 2,700 co-workers have received training in service and - Improved travel-time guarantee customer care - Possibility of choosing between vouchers - 300 co-workers have been trained in realistic crisis and cash situations Financial Report 3 Directors' report Directors' report The Board of Directors and Chief Executive Officer of SJ AB Operations (corporate identity number 556196-1599) present herewith The Group's rail services are operated in the parent company the annual accounts and consolidated accounts for the finan- SJ and the subsidiaries Stockholmståg, SJ Norrlandståg and cial year 1 January 2010 to 31 December 2010. A corporate SJ Event. Other subsidiaries and associates operate in areas governance report separate from the Directors' Report is also closely related to SJ's core business. presented. SJ operates mainly in the inter-regional and long-distance rail service markets.
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