Annual report BLS Cargo 2015

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Annual report 2015

The Alpinists.


Impressum BLS Cargo AG Bollwerk 27 CH-3001 Bern Fon +41 58 327 28 44 Fax +41 58 327 28 60 freight@bls.ch www.blscargo.ch Production Stefanie Burri, Head of Management Section / Communication Photographs Röbi Bösch, Markus Seeger Printing raschle & partner Atelier für Gestaltung und Kommunikation GmbH, Bern www.raschlepartner.ch


Annual report 2015

Contents

Commentary on 2015

4

Lean organisation

8

Key figures

9

Balance sheet

10

Profit and loss account

11

Appendix to annual account

12

Auditor’s report

14

3


Annual report 2015

Strong growth In 2015, BLS Cargo increased its traffic volume by 11% and ran almost 2000 more trains than the previous year. Despite the strength of the Swiss Franc, the company achieved a healthy operating profit.

In 2015, traffic volume grew by 11% compared with the previous year to 18 225 trains (previous year 16 486). Volumes increased in almost all traffic sectors, but in particular, traffic for the oil industry grew at a disproportionate rate. The extraordinary growth testifies to the strong market position held by BLS Cargo. «We feel BLS Cargo enjoys a high level of acceptance and credibility», says Dirk Stahl, CEO of BLS Cargo. «It is of value to our customers that we operate autonomously, that is to say independently of other railways, and generate creative and innovative ideas for new traffic concepts». It is these very production concepts that allow competitive price-performance ratios. Despite the strong Swiss Franc, great pressure from competitors and transportation by road, they attract new international customers to switch to BLS Cargo.

Financially balanced In 2015, with a turnover of CHF 170.4 Million (previous year 166.9), BLS Cargo achieved earnings before interest and taxes (EBIT) of CHF 2.1 Million (previous year 3.9 Million). The income statement closed with a profit of CHF 0.3 Million (previous year 2.5 Million). Despite massive currency-related challenges, it was thus possible to achieve a balanced financial result in 2015. BLS Cargo was severely affected by the discontinuation of the EUR/CHF minimum exchange rate by the Swiss National Bank at the beginning of 2015. The consistent cost management scheme and the expansion of value creation due to cross-border locomotive operations concepts partly offset this financial burden.

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Annual report 2015

Difficult environment for rail freight operators With the developments in 2015, in competition with transportation by road, rail threatens increasingly to lose ground. The historically low price of diesel massively reduces road transport costs, whilst this is not matched by the regulated energy costs for rail. This increases the price pressure on rail freight operators. At the same time, the admin-

istrative outlay required to fulfil various regulatory obligations raises continuously (for example safety certification, network access, ECM) as well as the complexity of the systems (e. g. track price system, ETCS train safety system) for rail freight carriers and leads to additional costs. Legislators and public administration must raise their awareness of the economic consequences of their decisions. Current political decisions are now leading to substantially increased costs for rail freight traffic, whilst the burden is eased on road traffic.

Preparation for the Gotthard Base Tunnel In 2016, BLS Cargo will set a striking example for the future development of the company: Never before was the share of directly supported customers so great, and also geographically the rail freight carrier is taking on more responsibility in 2016 than hitherto and is for many international customers the direct point of contact for the entire journey. BLS Cargo is busily preparing for the opening of the Gotthard Base Tunnel (GBT) in June, which from the point of view of BLS Cargo also promises to be a milestone in transport policy. To this end, the locomotives will be modified with the upgraded train safety system, personnel will be trained and the concept of operations will be laid down. BLS Cargo expects that the Base Tunnel will not have a positive effect as early as 2016, because between 2016 and 2021 various construction works (incl. the 4 m corridor) will restrict the capacity. In addition, it must be guaranteed that the tracks open to rail freight are available at the capacity and quality such that with the GBT, which was created principally for rail freight, truly optimised operating concepts can be implemented. Currently, there are still deficiencies and a great need for action here, which are being discussed with the Federal Office for Transport (BAV) and Swiss Federal Railways (SBB) infrastructure division.

5


Annual report 2015

Selected events 2015

BLS Cargo locomotive procurement BLS Cargo is investing in 15 new multi-system locomotives for use on the freight corridor between the Netherlands and Italy. The new locomotives will replace older units and meet the increased demand for resources to accommodate targeted growth. The order was awarded to Siemens and its Vectron locomotive. This is the first time in its history that BLS Cargo has expanded its traction fleet to include a locomotive from Siemens. Delivery will take place in three phases to 2018. The first two Vectron locomotives are due to be handed over to BLS Cargo in the middle of 2016. Three further units will be available at the end of the year and the second and third batches are due for delivery in 2017 and early 2018.

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BLS Cargo has been using locomotives on cross-border services for a number of years, having purchased its first multi-system locomotive in 2003. The 15 new Vectron locomotives are equipped with all necessary traction and train control systems required to operate in Germany (D), Austria (A), Switzerland (CH), Italy (I) and the Netherlands (NL) from mid-2017. ÂŤWe want to run more services between Holland and Italy using a single locomotive from end to endÂť, explains Markus Zgraggen, Head of Production/Procurement at BLS Cargo.

Impetus for the modal switch Since April 2015, BLS Cargo and CargoBeamer have been operating a service for 4 m high semi-trailers over the Gotthard route. CargoBeamer offers a service between Germany and Italy comprising three round trips per week or about 300 trains per annum.


Annual report 2015

For the first time, 4 m high non-liftable semi-trailers, reefer trailers, sliding-floor trailers as well as silo and tank trailers can be transported on the Gotthard route. Previously, it had only been possible to carry such units by road. Now, a train composed of up to 28 wagons runs three times per week in each direction. This is made possible using CargoBeamer wagons with their significantly reduced deck height, which already meet loading-gauge requirements for the Gotthard route. BLS Cargo is responsible for provision of traction on the entire route, working together with partners in Germany and Italy. «We are very interested in using our traction capabilities to embrace this innovative wagon technology segment», explains BLS Cargo CEO Dirk Stahl. «CargoBeamer business represents an attractive extension to existing unaccompanied intermodal and Rolling Highway services.»


Annual report 2015

Lean organisation as of 01.01.2016

BD

CEO Management /  Communications

Product Management /  Sales

Production / Procurement

Shareholders BLS AG IMT AG (Ambrogio-Gruppe)

Finance

Shareholdings 97 % 3 %

BLS Cargo Italia S.r.l BLS Cargo Deutschland GmbH

100 % 100 %

Board of Directors

Management

from left to right:

von links nach rechts:

»» Reto Baumgartner (CH) Head of Finance BLS AG »» Livio Ambrogio (I), Vice Precident CEO Ambrogio Trasporti Spa »» Bernard Guillelmon (CH, F), President Chairman of the Board of BLS AG »» Andreas Hubertus Goer (D, CH) Entrepreneur »» Josef Küttel (CH) Board Member ERMEWA HOLDING

»» Marco Guntern Head of Finance »» Dr. Dirk Pfister, Deputy CEO Head of Product Management/Sales »» Stefanie Burri Head of Management Section/Communication »» Markus Zgraggen Head of Production/Procurement »» Dr. Dirk Stahl, CEO Member of Management BLS AG

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Annual report 2015

Key figures at a glance No. of trains 2005 – 2015

30000 7% 2%

5%

25000

4%

6%

-19%

2%

- 9%

20000

11% -23%

15000

10000

5000

0 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Market share in transalpine transport (percentages, based on gross tonnes) 80

Lötschberg-Simplon  Gotthard

66

60

60

58

59

Transit

63

62

56 49

43

43

41

40 28

43 39

39 31

28

29

28

27 23

23

20 10 7

0 2008

2009

2010

2011

2012

2013

2013

2014

Employees

Total no. of employees

2014

2015

% Change

114

117

3 %

BLS Cargo AG, Bern

75

77

3 %

BLS Cargo Italia

18

18

0 %

7

8

14 %

14

14

0 %

BLS Cargo Deutschland Service centres (Chiasso, Bern)

In addition, BLS Cargo buys in services such as drivers and workshop facilities from BLS AG.

9


2015 annual account

Balance sheet Balance in 1000 CHF

Explanation

2015

2014

31. 12. 2015

31. 12. 2014

Assets Liquid assets

27 668

31 956

Accounts receivable for supplies and services

1

22 535

24 629

Other current receivables

1

1 188

803

Non-invoiced services

1

1 689

233

Accrued income Total current assets Financial assets

1

Shares Fixed assets

2

Total investments Total assets

939

637

54 020

58 257

0

120

159

159

96 791

96 625

96 950

96 904

150 971

155 161

Liabilities Accounts payable for supplies and services

1

22 538

22 594

Short-term interest-bearing liabilities

1

4 000

6 000

Other short-term liabilities

1

2 429

2 199

19 196

16 709

Deferred income Short-term reserves

0

340

48 163

47 842

0

4 000

Long-term reserves

9 565

10 365

Total long-term borrowed capital

9 565

14 365

Total borrowed capital

57 728

62 207

Share capital

60 000

60 000

2 563

2 563

Voluntary reserves

34 800

34 800

Profit/loss brought forward

–4 408

–6 946

289

2 538

93 243

92 954

150 971

155 161

Total short-term borrowed capital Long-term interest-bearing liabilities

Statutory retained earnings

1

Voluntary retained earnings

Profit for the financial year Total equity Total liabilities

10


2015 annual account

Profit and loss account Profit and loss account 2015

2014

1. 1. – 31. 12. 2015

1. 1. – 31. 12. 2014

150 856

151 163

18 040

17 415

1 456

–1 683

170 352

166 895

126 428

121 886

10 538

10 423

24 628

23 100

161 593

155 409

Earnings before interest, taxes, depreciation and amortization (EBITDA)

8 759

11 486

Depreciation and valuation adjustments on fixed asset items

6 696

7 533

Earnings before interest and tax (EBIT)

2 062

3 953

Financial expenditure

–243

–115

71

189

in 1000 CHF

Explanation

Revenue from transport services Other operating income

1

Changes in non-invoiced services Total operating income Cost of materials, goods and services

2

Personnel costs Other operating costs

3

Total operating costs

Financial income Extraordinary, non-recurring or prior-period expenditure

4

–1 546

–1 596

Extraordinary, non-recurring or prior-period income

4

276

242

620

2 673

–332

–135

289

2 538

Profit before tax (EBT) Direct taxes Profit for the financial year

11


Appendix to 2015 annual account

Appendix to annual account Accounting principles and assessment criteria General BLS Cargo‘s annual account shown here has been produced in accordance with Swiss legal provisions and, in particular, with reference to articles set out in the Swiss Code of Obligations with regard to commercial accountancy and financial reporting. First-time application The new financial reporting law is reflected for the first time in this annual account. Figures from previous years have been re-structured in line with the new requirements. There are no differences in assessment as a result of applying the new financial reporting legislation. Fixed assets Fixed assets are based on the original purchase price with linear depreciation calculated over the anticipated period of use. Where there are signs that the value has deteriorated, an impairment review is undertaken on the balance sheet date and the value is adjusted accordingly.

Explanation of items in the attached profit and loss account 1 Other operating income

in 1000 CHF 1. 1. – 31. 12. 2015

Secondary income

1. 1. – 31. 12. 2014

2 789

2 670

Leasing of rolling stock

15 251

14 745

Total

18 040

17 415

2 Cost of materials, goods and services

in 1000 CHF 1. 1. – 31. 12. 2015

1. 1. – 31. 12. 2014

Rolling stock rental

16 171

16 503

Utilisation of infrastructure

61 837

56 779

Services-related expenditure Total

48 420

48 604

126 428

121 886

1. 1. – 31. 12. 2015

1. 1. – 31. 12. 2014

3 Other operating costs Operating services provided by affiliated companies and third parties

in 1000 CHF 12 519

10 876

External services for maintenance

7 443

7 010

Other expenditure

4 666

5 214

24 628

23 100

1. 1. – 31. 12. 2015

1. 1. – 31. 12. 2014

Total 4 Extraordinary expenditure/income

in 1000 CHF

Extraordinary costs: Extraordinary IT costs Extraordinary pension scheme costs Special depreciations fixed assets Loss from write-off/disposal of assets Total

1 465

0

25

686

0

910

56

0

1 546

1 596

276

231

Extraordinary income: Liquidation of redundancy plan reserves Sale of securities Total

12

0

11

276

242


Appendix to 2015 annual account

Explanation of items on the attached balance sheet 1 Various items Balance Position Business year

in 1000 CHF vis-à-vis vis-à-vis shareholdings shareholders and institutions

vis-à-vis third parties

vis-à-vis sister companies

Total

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

14 317

15 750

8 188

8 829

0

12

30

38

22 535

24 629

Other current receivables

1 005

803

183

0

0

0

0

0

1 188

803

Non-invoiced services

1 690

90

0

0

0

0

–1

143

1 689

233

0

0

0

0

0

0

0

120

0

120

10 135

8 717

10 810

12 617

147

134

1 446

1 125

22 538

22 594

0

0

4 000

6 000

0

0

0

0

4 000

6 000

2 415

2 150

0

0

0

0

14

49

2 429

2 199

0

0

0

4 000

0

0

0

0

0

4 000

Accounts receivable for supplies and services

Financial assets Accounts payable for supplies and services Short-term interest-bearing liabilities Other short-term liabilities Long-term interest-bearing liabilities 2 Fixed assets Fixed assets Advance payments fixed assets Total

in 1000 CHF  31. 12. 2015

31. 12. 2014

89 291

95 367

7 500

1 258

96 791

96 625

Further details Joint and several liability of the group members resulting from VAT group taxation For value added tax purposes, BLS Cargo AG is included in taxation arrangements applicable to the BLS group as a whole. Members of the group jointly form a single tax entity vis-à-vis the tax authorities. In accordance with the Ordinance on Value Added Tax, each company which is party to group taxation arrangements is jointly and severally liable with the tax-paying party (group leader) in respect of all taxes owed by the group.

Net liquidation of hidden reserves

in 1000 CHF  31. 12. 2015

31. 12. 2014

72

0

Nominal share capital EUR

% share

BLS Cargo Italia S.r.l.

50 000.00

100%

BLS Cargo Deutschland GmbH

50 000.00

100%

Total amount

Full-time posts The average annual number of full-time posts in the current and previous year did not exceed 250. Shareholding Shareholding and no. of voting shares are identical

Events after the balance sheet date No significant events, which might prejudice the informational value of the 2015 annual account or need to be revealed at this point, have occurred since the balance sheet date.

13


Auditor´s report

Auditor´s report KPMG AG Wirtschaftsprüfung Hofgut CH-3073 Gümligen-Bern

Postfach 112 CH-3000 Bern 15

Telefon +41 58 249 76 00 Telefax +41 58 249 76 47 Internet www.kpmg.ch

Bericht der Revisionsstelle an die Generalversammlung der BLS Cargo AG, Bern Bericht der Revisionsstelle zur Jahresrechnung Als Revisionsstelle haben wir die beiliegende Jahresrechnung der BLS Cargo AG, bestehend aus Bilanz, Erfolgsrechnung und Anhang (Seiten 10 bis 13), für das am 31. Dezember 2015 abgeschlossene Geschäftsjahr geprüft. Verantwortung des Verwaltungsrates Der Verwaltungsrat ist für die Aufstellung der Jahresrechnung in Übereinstimmung mit den gesetzlichen Vorschriften und den Statuten verantwortlich. Diese Verantwortung beinhaltet die Ausgestaltung, Implementierung und Aufrechterhaltung eines internen Kontrollsystems mit Bezug auf die Aufstellung einer Jahresrechnung, die frei von wesentlichen falschen Angaben als Folge von Verstössen oder Irrtümern ist. Darüber hinaus ist der Verwaltungsrat für die Auswahl und die Anwendung sachgemässer Rechnungslegungsmethoden sowie die Vornahme angemessener Schätzungen verantwortlich. Verantwortung der Revisionsstelle Unsere Verantwortung ist es, aufgrund unserer Prüfung ein Prüfungsurteil über die Jahresrechnung abzugeben. Wir haben unsere Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den Schweizer Prüfungsstandards vorgenommen. Nach diesen Standards haben wir die Prüfung so zu planen und durchzuführen, dass wir hinreichende Sicherheit gewinnen, ob die Jahresrechnung frei von wesentlichen falschen Angaben ist. Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen für die in der Jahresrechnung enthaltenen Wertansätze und sonstigen Angaben. Die Auswahl der Prüfungshandlungen liegt im pflichtgemässen Ermessen des Prüfers. Dies schliesst eine Beurteilung der Risiken wesentlicher falscher Angaben in der Jahresrechnung als Folge von Verstössen oder Irrtümern ein. Bei der Beurteilung dieser Risiken berücksichtigt der Prüfer das interne Kontrollsystem, soweit es für die Aufstellung der Jahresrechnung von Bedeutung ist, um die den Umständen entsprechenden Prüfungshandlungen festzulegen, nicht aber um ein Prüfungsurteil über die Wirksamkeit des internen Kontrollsystems abzugeben. Die Prüfung umfasst zudem die Beurteilung der Angemessenheit der angewandten Rechnungslegungsmethoden, der Plausibilität der vorgenommenen Schätzungen sowie eine Würdigung der Gesamtdarstellung der Jahresrechnung. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise eine ausreichende und angemessene Grundlage für unser Prüfungsurteil bilden. Prüfungsurteil Nach unserer Beurteilung entspricht die Jahresrechnung für das am 31. Dezember 2015 abgeschlossene Geschäftsjahr dem schweizerischen Gesetz und den Statuten. Sonstiger Sachverhalt Die Jahresrechnung der BLS Cargo AG für das am 31. Dezember 2014 abgeschlossene Geschäftsjahr wurde von einer anderen Revisionsstelle geprüft, die am 16. Februar 2015 ein nicht modifiziertes Prüfungsurteil zu diesem Abschluss abgegeben hat.

KPMG AG ist eine Konzerngesellschaft der KPMG Holding AG und Mitglied des KPMG Netzwerks unabhängiger Mitgliedsfirmen, der KPMG International Cooperative (“KPMG International”), einer juristischen Person schweizerischen Rechts. Alle Rechte vorbehalten.

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Mitglied von EXPERTsuisse


Auditor´s report

Berichterstattung aufgrund weiterer gesetzlicher Vorschriften Wir bestätigen, dass wir die gesetzlichen Anforderungen an die Zulassung gemäss Revisionsaufsichtsgesetz (RAG) und die Unabhängigkeit (Art. 728 OR) erfüllen und keine mit unserer Unabhängigkeit nicht vereinbaren Sachverhalte vorliegen. In Übereinstimmung mit Art. 728a Abs. 1 Ziff. 3 OR und dem Schweizer Prüfungsstandard 890 bestätigen wir, dass ein gemäss den Vorgaben des Verwaltungsrates ausgestaltetes internes Kontrollsystem für die Aufstellung der Jahresrechnung existiert. Wir empfehlen die vorliegende Jahresrechnung zu genehmigen. KPMG AG

Stefan Andres Zugelassener Revisionsexperte Leitender Revisor

Pascal Henggi Zugelassener Revisionsexperte

Gümligen-Bern, 18. Februar 2016

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