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.
4
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.
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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
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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.
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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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