Annual report 2012
Die Alpinisten.
Impressum
Impressum BLS Cargo AG Bollwerk 27 CH-3001 Berne Fon +41 58 327 28 44 Fax +41 58 327 28 60 freight@bls.ch www.blscargo.ch
Production Stefanie Burri, Leitungsstab / Kommunikation BLS Cargo
Editorial Klarkomm AG, Berne
Photographs Christoph Ris, Röbi Bösch, Wilf Seifert, Markus Seeger, Bombardier, Urs Jossi
Design raschle & kranz, Atelier für Kommunikation GmbH, www.raschlekranz.ch
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Contents
Contents The year in pictures
4
A review of 2012
4
Lean organisation
7
Key figures
8
Balance sheet
10
Profit and loss account
11
Appendix to annual account
12
Auditors report
13
3
Annual report 2012
BLS Cargo holds its own in difficult circumstances Unforeseen line closures, economic downturn in Europe and growing pressure from competition. BLS Cargo held its own in difficult circumstances, kept traffic moving and achieved its financial objectives.
In 2012 BLS Cargo had to contend with a variety of challenging situations. Numerous disruptions to services and line closures on the Simplon and Gotthard routes had a negative effect on international freight traffic movements, leading to service cancellations. In addition, the continuing economic downturn in Europe affected results. However, BLS Cargo demonstrated its ability to act flexibly and efficiently through its handling of the exceptional incidents which occurred on the Simplon and Gotthard. An efficient organisation with highly-motivated, competent staff working many extra hours were the main reasons for its success and enabled BLS Cargo to switch traffic from one route to the other more quickly and in greater numbers than its competitors. Through its
commitment to its customers, BLS Cargo gained a significant advantage over its competitors and established itself as a reliable, readily available contact partner.
Line closures and a weak economy In 2012 BLS Cargo registered a 13% decrease in transport services, down to 3 313 mill. net tonne kilometres1. One of the main reasons for this was the numerous interruptions to services on trunk lines through Switzerland as well as the weakness of Europe’s economies. Both these factors affected intermodal traffic in particular, resulting in a 22% drop in volumes. The absence of alternative routes during line closures on one or other of the major transit routes also had a major impact, since
The year in pictures
The centre of attention during service disruptions:
Too big. Only the Lötschberg-Simplon route can accommodate
BLS Cargo’s operations centre.
high-capacity units. As a re-sult, the Rolling Highway had to suspend services during the Simplon tunnel closure.
4 4
Annual report 2012
the Gotthard route is not able to accommodate high-capacity intermodal units (4 m height). The Rolling Highway was similarly affected and had to suspend all services in the summer during the Simplon closure due to lack of an alternative route, resulting in an 8% decrease in business. The overall traffic decrease on the Lötschberg route was 10% and 22% on the Gotthard route. Conventional wagonload traffic suffered an 8% loss in business, chiefly due to the poor state of the economy, especially in Italy, as well as service cancellations caused by closures on the Gotthard route. However, domestic and import / export traf-
and manpower. BLS Cargo was able to adapt rapidly to the situation, to adjust its organisation and to transfer resources to the Lötschberg route, thus enabling many services to be diverted. Despite handling the situation well – and this was greatly appreciated by customers – it also meant that the company incurred a loss of income. A further rockfall in November resulted in the Gotthard having to be closed yet again and traffic was again diverted to the Lötschberg route.
Engineering work on the Simplon line
Unlike unexpected natural disasters, the threeweek closure of the Simplon line for refurbishment in August 2012 had been planned for some time. Although BLS Cargo examined «We reacted swiftly to line closures and demonstrated our ability to overcome alternative arrangements for its clients at an early stage, transfer unforeseen situations quickly and flexibly» of traffic to the Gotthard route proved problematic. Customers are changing more and more to Dirk Stahl, CEO BLS Cargo large swap bodies and 4m-high semi-trailers, which cannot use fic saw a massive 62% increase in business due the Gotthard route due to the lack of 4m capability. to the acquisition of a major new client. As a result, many Rolling Highway and intermodal services had to be cancelled, negatively affecting the operating profit. Keeping traffic moving over the
Gotthard despite acts of nature In March 2012, a landslide caused the Gotthard line to be closed to traffic for several days. A rockfall in June led to a four-week closure. Both incidents meant that BLS Cargo was involved in additional work, rescheduling timetables, reorganising operations and replanning the use of locomotives
Infrastructure upgrade to provide additional capacity
Ready to go the «last mile»: multi-system
European intermodal operators were acutely affected by the
locomotive BR 187 with auxiliary diesel engine on
economic downturn.
The lengthy line closures on both the Gotthard and Lötschberg routes clearly showed the need for sufficient reserves and backup in order for the infrastructure for transit traffic to remain opera-
display at Innotrans 2012 in Berlin and, from 2014, in action for BLS Cargo
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Annual report 2012
tional in the event of an emergency. Some freight at least must be able to switch from one transit route to another and, for this reason, BLS Cargo endorses an upgrade of the Gotthard line to a 4m corridor as part of further moves to switch traffic from road to rail. In addition to the 4m corridor, further decisions affecting transport were taken in 2012, including new provisions for the train path bidding process and the proposal for financing and expansion of rail infrastructure (FABI).
BLS Cargo ‚breathes’ with Europe The ongoing economic downturn in EU countries, especially Italy, had a pronounced effect on BLS Cargo’s business. Large industries such as steel and automobile manufacture, which are vital to the railway, reduced their output and in some cases, went over to short-time working. This directly affected BLS Cargo, resulting in a 13% decrease in transport services in 2012 and a year-end financial deficit of 1.8 mill. CHF (-0.5 mill. CHF in the previous year). By reacting swiftly, variabilizing fixed costs and introducing measures to cut cost and improve efficiency, BLS Cargo succeeded in containing the financial damage sustained in this difficult year of operation. As a result, the operating profit before depreciation (EBITDA) was a positive 5.9 mill. CHF. Given the substantial fixed costs involved in rail freight operations, BLS Cargo will continue to ‘breathe’ with Europe as economies fluctuate and to feel the effects of exchange rate volatility.
Staying competitive Many of our competitors are currently having difficulty making full use of their manpower and traction resources. As a result of this surplus capacity and the weak euro, there is steadily increasing pressure from competition and each and every piece of business is hard fought for. BLS Cargo is
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therefore constantly reviewing and optimizing its business models, based on lean structures, quick decisions and good, close working relationships with its customers. In order to become even more competitive and to save costs, BLS Cargo is intensifying co-operation with its partners with the aim of increasing productivity through the implementation of common processes.
Looking ahead Forecasts for 2013 indicate that the recessionary trend in Europe has not bottomed out. BLS Cargo has therefore planned cautiously for 2013 in terms of volume levels, basing them on those which would have been achieved in 2012 if there had not been any line closures. Measures to increase productivity and efficiency are designed to allow the company to react more quickly and flexibly to changes in market demand, to reduce fixed costs and take advantage of purchasing services in the eurozone. BLS Cargo is looking to break even in 2013.
«Every piece of business is keenly contested, which is why BLS Cargo is constantly reviewing and optimising its business models, based on lean structures, rapid decision-making and good working relationships with clients» Dirk Stahl, CEO BLS Cargo
In addition, 2013 is the 100th anniversary of the Lötschberg railway and throughout the year various events will be taking place, where rail freight and BLS Cargo will also be featured.
Lean organisation
Lean organisation as of 1. 1. 2013
BD
CEO Management / Communications
Product management / Sales
Production / Procurement
Shareholders BLS AG DB Schweiz Holding AG IMT AG (Ambrogio-Gruppe)
Finance
Shareholdings 52 % 45 % 3%
Board of Directors (as of 01.01.12)
BLS Cargo Italia S.r.l BLS Cargo Deutschland GmbH
100 % 100 %
Management (as of 01.01.12)
» Bernard Guillelmon (CH), President Chairman of the Board BLS AG
» Reto Baumgartner (CH) Vice President Senior Consultant BLS AG
Dr. Dirk Stahl CEO Member of Management BLS AG
» Josef Küttel (CH) CEO ERMEWA SA Group
» Livio Ambrogio (I) CEO Ambrogio Trasporti Spa
Markus Zgraggen Head of Production / Procurement
» Otto G. Niederhofer (D) Board Member DB Schenker Rail Deutschland AG
» Dr. Markus Hunkel (D) CEO DB Schenker Rail Deutschland GmbH
Dr. Dirk Pfister Head of Product Management / Sales
Marco Guntern Head of Finance
Stefanie Burri Head of Management Section / Communication
7
Key figures
Key figures at a glance Growth (in million ntkm)
4000 3500
+3%
+15%
3000
3699
+13%
3368
3255
Line closures on both the Gotthard and Lötsch-
+14%
+10%
3362
–19%
berg-Simplon routes as well as the slug-gish Euro-
3826 -13%
pean economy resulted in a decline in transport
3313
performance.
2981
2500 2000 1500 1000 500 0 2006
2007
2008
2009
2010
2011
2012
Transport performance (in million ntkm) The decrease was noticeable in all sectors, espe-
Jan. – Dec. 2011
Jan. – Dec. 2012
Change
2142
1930
-10 %
larly from the lack of alternative routings for large
UCT Transit Lötschberg
898
796
-11 %
loads when the Lötschberg-Simplon line is closed.
WLT Transit Lötschberg
489
437
-11 %
Traffic performance in Mill. Ntkm Lötschberg / Simplon Transit
cially intermodal traffic. This sector suffers particu-
Rolling Highway
756
697
-8 %
Gotthard Transit
1602
1248
-22 %
UCT Gotthard
1061
733
-31 %
WLT Gotthard
542
515
-5 %
82
135
65 %
Switzerland Block trains Switzerland Total
82
135
65%
3826
3313
-13%
Entwicklung Wagenladungsverkehr (Mio. Ntkm)
Development of Wagonload traffic (in million ntkm) 2012 key figures
600
Turnover: 37 Mio. CHF (0%) Transport performance (in Mio. Ntkm):
500
Lötschberg-Simplon: 437 (-11%) Gotthard: 515 (-5%)
400
Domestic, import / export: 120 (+62 %) Number of trains: 7376 (-5%)
300 200
WLT Lötschberg / Simplon WLT Gotthard
100 0
8
WLT Binnen, Import / Export
2006
2007
2008
2009
2010
2011
2012
Key figures
Development of intermodal traffic (in million ntkm)
1400
2012Rollende key figures intermodal traffic Autobahn Turnover: 119 Mio. CHF (+3 % )
1200
Transport UKV performance Gotthard (in Mio. Ntkm): Lötschberg-Simplon: 1 493 (-10 %)
1000
of which Highway: 697 (-8 %) UKVRolling Lötschberg Gotthard: 733 (-31 %)
800
Domestic, import/export: 15 (+89%)
600
Number of trains: 13 629 (-11%)
400
UCT Lötschberg / Simplon UCT Gotthard
200
Rolling Highway Lötschberg / Simplon
0 2006
2007
2008
2009
2011
2010
2012
80 Market share in transalpine transport (percentages, based on gross tonnes) 66%
60
60%
58%
negative effect on the marketshares. Lötschberg-Simplon
43%
40
The numerous disruptions and line closures had a
62%
59%
28%
28%
43%
43%
41%
39%
Gotthard Transalpine transport totally
31%
29% 23%
20
0 2008
2009
2011
2010
2012
Number of employees 2011
2012
Change
125
123
- 2 %
BLS Cargo AG, Berne
81
79
-2%
BLS Cargo Italia
18
18
0%
8
8
0%
18
18
0%
270
270
0%
Total no. of employees
BLS Cargo Deutschland Service centres (Chiasso, Berne) BLS staff employed indirectly*
BLS Cargo relies on a lean organisation and close cooperation with BLS AG to buy in services such as drivers and workshop facilities.
* drivers, Spiez workshop
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Balance
Balance sheet Balance sheet 2012 31. 12. 2012 in kCHF
31. 12. 2011 in kCHF
12 704
19 125
vis-à-vis third parties
10 082
10 799
vis-à-vis associates
14 445
18 506
1 234
1 204
Assets Liquid assets Accounts receivable for supplies and services
Other outstanding debits vis-à-vis third parties vis-à-vis associates
418
1 351
4 353
14 223
43 236
65 208
112 049
119 052
Shares
159
159
Loans affiliated companies
121
122
Accrued income Total current assets Fixed assets Financial assets
Other financial assets
6
8
0
411
Total investments
112 335
119 752
Total assets
155 571
184 960
31. 12. 2012 in kCHF
31. 12. 2011 in kCHF
0
5 000
vis-à-vis third parties
13 771
9 921
vis-à-vis associates
17 706
17 843
2 208
2 559
Intangible assets
Liabilities Short-term financial liabilities Accounts payable for supplies and services
Other short-term liabilities vis-à-vis third parties vis-à-vis associates
35
0
Deferred income
16 877
21 360
Total short-term borrowed capital
50 597
56 683
Long-term financial liabilities
10 000
32 000
Long-term reserves
6 047
5 503
Total long-term borrowed capital
16 047
37 503
Total borrowed capital
66 644
94 186
Share capital
60 000
60 000
Statutory reserves
2 563
2 563
Voluntary reserves
34 800
34 800
Brought forward
-6 589
-6 106
Loss for the financial year
-1 847
-483
88 927
90 774
155 571
184 960
Net profit/loss:
Total equity Total liabilities
10
Profit and loss account
Profit and loss account Profit and loss account 2012
Revenue from supplies and services Other operating income
31.12. 2012 in kCHF
31.12. 2011 in kCHF
156 784
153 232
12 697
26 170
169 481
179 402
Personnel costs
-10 452
-11 228
Costs for use of infrastructure
-47 985
-51 702
Third-party services
-43 605
-42 141
Production costs
-39 632
-40 651
Other operating costs
-21 862
-21 503
-163 536
-167 225
5 945
12 177
-7 854
-7 977
-1 909
4 200
97
82
Financial expenditure
-1 797
-3 646
Extraordinary income
2 003
5 552
-113
-6 453
-1 719
-265
-128
-218
-1 847
-483
Total operating income
Total operating costs Operating profit before interest + depreciation (EBITDA) Depreciation Operating profit before interest + tax (EBIT) Financial income
Extraordinary expenditure Operating profit before tax (EBT) Taxes Loss for the financial year
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Appendix
Appendix to annual Account as per 31st December 2012 Fire Insuarance for Fixec Assets All fixed assets are comprehensively insured against third-party damage plus damage to property and machines. Insurance covers all companies within the BLS group. The amount of cover is fixed at maximum 100 mill. CHF per incident, no matter what the cause of damage is (third-party, interruption of services, accident, etc). Also included in this are claims arising from fire damage. Rolling stock is indemnified based on its current value (cost of buying new less depreciation to date). In the absence of any insurable values for fire damage in the policy, the cost of replacement is shown below and can act as a reference for new acquisitions for the relevant asset group.
Locomotives incl. spare parts
Shareholdings BLS AG DB Schweiz Holding AG IMT AG
31.12.2012 in kCHF
31.12.2011 in kCHF
183 033
182 593
percentage 52,0 %
in kCHF in kCHF
31 200
31 200
45,0 %
in kCHF
27 000
27 000
3,0 %
in kCHF
1 800
1 800
in kCHF
60 000
60 000
p.m.
p.m.
share capital
Joint Liability Joint liability arising from group taxation of VAT
Explanation of financial expenditure BLS Cargo participates pro-rata in the costs of repaying the costs and interest arising from the loan by the Symova pension fund, which BLS AG took out in order to cover liabilities in connection with the company pension scheme. Annuity owed by BLS Cargo totalling CHF 1 081 457 (CHF 1 067 181 the previous year) was recorded under financial expenditure. Provided the Federal Government and the Canton of Berne agree to take over all BLS AG’s liabilities in this respect, BLS Cargo AG’s share will also cease to apply. Exchange rate differences totalling CHF -301 000 are included in the results. Shareholding in subsidairy companies
nominal share capital
percentage
BLS Cargo Italia S.r.l.
50 000
100 %
BLS Cargo Deutschland GmbH
50 000
100 %
Assessment of risk by the Boards of Directors At its meeting on 20.09.2012 the Board discussed the company’s risk profile and agreed appropriate measures to deal with significant risks. Pension fund Liabilities Pension fund liabilities per 31.12.2012 amounted to CHF 105’ 000 in respect of December 2012 contributions and were settled on 07.01.2013.
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Report of the statutory auditor
Report of the statutory auditor Ernst & Young AG Belpstrasse 23 Postfach CH-3001 Bern Telefon +41 58 286 61 11 Fax +41 58 286 68 18 www.ey.com/ch
An die Generalversammlung der BLS Cargo AG, Bern
Bern, 27. Februar 2013
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 12, für das am 31. Dezember 2012 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
Mitglied der Treuhand-Kammer
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Report of the statutory auditor
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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 2012 abgeschlossene Geschäftsjahr dem schweizerischen Gesetz und den Statuten.
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 vereinbare 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.
Ernst & Young AG
Roland Ruprecht
Zugelassener Revisionsexperte (Leitender Revisor)
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Andreas Oester
Zugelassener Revisionsexperte