annual report 2014 - Lietuvos geležinkeliai

ANNUAL REPORT 2014
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
ANNUAL REPORT
2014
1
CONTENTS
6
19
RE VIEW OF COMMERCIAL
TECHNICAL DEVELOPMENT
AND FINANCIAL
AND INVESTMENT POLICY
PERFORMANCE
13
22
FREIGHT SERVICES
INFRASTRUC TURE
15
24
PASSENGER SERVICES
17
ROLLING STOCK
ENVIRONMENTAL
PROTEC TION
25
TRAFFIC SAFE T Y
26
34
INFORMATION
MANAGEMENT
TECHNOLOGY
STRUC TURE
27
35
INTERNATIONAL
INDEPENDENT
REL ATIONS
AUDITOR’S REPORT
30
36
HUMAN RESOURCES
BAL ANCE SHEE TS
AND SOCIAL INITIATIVES
38
32
INCOME STATEMENTS
MA JOR E VENTS IN 2014
4
LIETUVOS GELEŽINKELIAI
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
The activities of AB Lietuvos Geležinkeliai have
a significant impact on the implementation of
the strategic objectives specified by the State,
these being as follows:
− To manage (maintain, renew) public
railway infrastructure
− To conduct efficient rail freight
operations, i.e. to transport transit freight
and provide services to local legal entities
− To provide socially necessary rail services
− To implement strategic rail infrastructure
projects
− To ensure positive return on equity (to the
shareholder, i.e. the State).
In 2014, the company operated at a profit;
the range of services was expanded and
consi­derable investment made in the railway
industry.
AB Lietuvos Geležinkeliai further remains
the most significant transport company
in Lithuania, as well as one of the largest
employers and investors.
A N N UA L R E P O R T 2014
I would like to mention the following key
Lithua­nian railway development projects.
Lithuanian strategic documents highlight the
importance of the development of Lithua­nian
railway infrastructure and interaction with the
EU transport network. Particular attention has
been directed to the implementation of Rail
Baltica project, i.e. on 28 October 2014 the
Baltic States signed a landmark agreement
following which a joint venture, RB Rail, was
established by Lithuanian, Latvians and Esto­
nian railway undertakings. Close attention
has been devoted to the East–West transport
corridor, namely to infrastructure development
projects on the railway line Kena–Klaipėda;
the main installation work at the intermodal
terminals in Vilnius and Kaunas public logistics
centres was completed; the investment project
for the modernisation of signalling and power
supply equipment at Kaunas Station, on the
bypass line Palemonas–Rokai–Jiesia as well as
on the line Kaunas–Kybartai was implemented;
all 2007–2013 EU-funded projects related to
the development of Klaipėda railway hub were
also completed.
The company maintains successful coo­
pe­
ration with Klaipėda Seaport and stevedoring
companies for developing port and railway
infrastructure.
AB Lietuvos Geležinkeliai is also active on the
international markets of transport services
developing the projects for freight shuttle
trains Viking, Saulė, and Mercury.
It is important to note that skilful and
competent employees of AB Lietuvos Gele­
žin­­
keliai are able to address challenges,
implement su­ccessfully strategic targets and
develop effectively the Lithuanian railway
transport industry.
SAULIUS GIRDAUSK AS
Vice-Minister of Transport and Communications
Chairman of the Board
AB Lietuvos Geležinkeliai
A N N UA L R E P O R T 2014
The year 2014 was profitable for AB Lietuvos
Geležinkeliai: the company maintained stable
freight flows as well as generating stable reve­
nues.
A total of 49.0 million tonnes was transported
in 2014, a rise of 1.0 million tonnes or 2.0% over
the previous year. Freight turnover, compared
to 2013, had increased by 7.2%.
In 2014, for the first time, major freight flows in
the international cargo traffic were those from
Belarus. They accounted for 44.9% of the total
freight transported on international routes.
Rail Baltica project were carried out, all projects
related to the development of Klaipėda railway
hub were implemented, electrification works
on the section from Naujoji Vilnia to the
State border with Belarus were commenced.
A modern Traffic Management Centre
was also launched in 2014 with the aim to
conduct efficient train traffic operations and
management.
AB Lietuvos Geležinkeliai was actively
collaborating with partners from Belarus,
Kazakhstan, China and Russia.
I am very pleased to note that the performance
of AB Lietuvos Geležinkeliai was recognised
and appreciated, i.e. the container train Viking
was announced the best Green Logistics and
Co-Modality project in Europe; the company
also won an environmental award established
by the Lithuanian Ministry of Social Security
and Labour, as well as receiving other awards.
The year 2014 reached record levels in terms of
investment and work performed. A number of
investment projects worth nearly LTL 1.4 bi­llion
were implemented. Intensive works under the
The year 2014 marked the two important anni­
versaries: the 155th anniversary of railways
in Lithuania and the 95th anniversary of
independent Lithuanian railways.
LIETUVOS GELEŽINKELIAI
5
The company management constantly strive
to improve working and social conditions
for employees, are concerned about their
motivation and training. It is very important to
establish and retain stable workforce whose
efforts will help the company to overcome
challenges.
STASYS DAILYDK A
Director General
AB Lietuvos Geležinkeliai
6
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
RE VIEW OF COMMERCIAL AND FINANCIAL PERFORMANCE
BASIC INDICATORS
2014
2013
Assets
6,965.4
6,205.4
Equity
3,494.4
3,432.4
TOTAL REVENUES (LTL MILLIONS)
1,632.4
1,614.3
Revenues from core activities (sales)
1,594.2
1,578.2
Revenues from financing and investing activities
2.9
3.5
Other revenues
35.3
32.6
TOTAL COSTS (LTL MILLIONS)
1,545.4
1 503.0
Costs of core activities
1,513.1
1,481.4
Costs of financing and investing activities
28.7
18.7
Other costs
3.6
2.9
Profit before tax
87.0
111.3
Net profit
70.4
97.1
Liquidity (current assets/current liabilities), %
0.9
0.7
Gross profit margin (gross profit/sales), %
16.6
16.5
Net profit margin (net profit/sales), %
4.4
6.2
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) (LTL millions)
470.1
493.0
Return on Assets (ROA) (net profit/assets), %
1.0
1.6
Return on Equity (ROE) (net profit/equity), %
2.0
2.8
Investment
1,145.2
1,095.7
Company funds invested
299.2
346.8
Number of staff
10,480
10,643
Average monthly salary (LTL)
3,380
3,198
Sales income per employee (LTL thous./person)
157.2
153.3
INDICATOR
ASSETS AND EQUITY (LTL MILLIONS)
RESULT (LTL MILLIONS)
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
FINANCIAL INDICATORS
INVESTMENT (LTL MILLIONS)
STAFF
A N N UA L R E P O R T 2014
CHANGES IN THE BALANCE SHEET
In 2014, the assets of the company rose by
12.2% amounting to LTL 6,965.4 million. The
non-current assets accounted for 93.7% in
the total asset structure, an increase of 12.3%
up to LTL 6,529.7 million, compared to 2013.
The changes in the non-current assets were
essen­tially determined by the increase in both
the tangible and intangible assets. A rise of
2.5 times in the intangible assets was due to
the acquisition of new software. The tangible
assets of the company grew by 11.8% due
to high-value investment projects in public
railway infrastructure, as well as rolling stock
modernisation and renovation (a significant
increase was represented in the balance sheet
items, such as construction in progress and
prepayments, vehicles, plant and machinery).
The current assets went up by 11.2% amounting
to LTL 435.7 million due to the increase in the
balance sheet items, e.g. trade receivables,
cash and cash equivalents. The current assets
accounted for 6.3% in the total asset structure.
In 2014, the shareholder’s equity grew by
1.8% to LTL 3,494.4 million. Following the
shareholder’s order on the use of the reserves
for investment, the amount of company’s
statutory capital was increased by LTL 81.5
million of own funds. Under the resolution
of the Lithua­nian government, the statutory
capital was also raised by LTL 2.2 million from
state-owned financial assets allocated for the
administration of joint Lithuanian, Latvian
and Estonian company implementing the
investment project, Rail Baltica 2.
LIETUVOS GELEŽINKELIAI
7
An increase of 36.3% was represented in
the item of grants and subsidies amounting
to LTL 1,981.3 million. This was determined
by the efficient use of European Structural
Funds for financing the modernisation and
development of public railway infrastructure.
In 2014, the liabilities rose by 12.9% and accoun­
ted for LTL 1,489.7 million. By the end of 2014
the company’s loan portfolio had comprised
LTL 1,051.8 million. Compared to 2013, the
long-term liabilities to credit institutions had
grown by 1.4 times. The company had 11 longterm loans, of which major part was used to
finance the EU-funded investment projects
in infrastructure. The short-term liabilities
decreased by 13.6% due to faster settlement
with suppliers and contractors.
In 2014, the company paid out to the
government a total of LTL 10.6 million as
dividend.
8
LIETUVOS GELEŽINKELIAI
REVENUES
In 2014, the company earned LTL 1,632.4 million
as revenues, a rise of 1.1% over 2013.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
FREIGHT REVENUES accounted for 82.1%
in the total revenue structure amounting
to LTL 1,340.1 million. The revenues earned
from freight services in 2014 rose by 1.5%
over the previous year due to an increase in
international freight transportation volumes
through Klaipėda Port, thus determining the
total reven­ue growth.
A N N UA L R E P O R T 2014
PASSENGER REVENUES accounted for 5.5%
in the total revenue structure amounting
to LTL 89.6 million in 2014, a decline of 0.3%
from the previous year due to a decrease in
passenger traffic. In 2014, a total of LTL 9.4
million subsidies were allocated from the State
budget to finance passenger traffic, of which
LTL 8.3 million for reimbursing privileged
passengers and LTL 1.1 million for offsetting
operating losses on domestic routes.
OTHER REVENUES. The company also renders
other related services, i.e. operates outside
the country (freight transportations on the
territory of other countries, operation of
locomotives and engine-crews abroad, the
use of wagons abroad), provides the services
related to the repair and maintenance of rolling
stock, asset lease, freight handling and storage,
sales of scrap iron. The nomenclature of
services contains about 100 positions. In 2014,
the revenues from operating aforementioned
services amounted to LTL 164.5 million and
accounted for 10.1% in the total revenue
structure. This figure represented a decline of
2.2% from the previous year. The decreased
demand on the market for companyowned freight wagon lease resulted in the
considerable slump in reven­
ues generated
from rolling stock- or other asset lease.
A N N UA L R E P O R T 2014
9
LIETUVOS GELEŽINKELIAI
2
3
1
4
5
1,765.7
1,661.0
1,614.3
1,632.4
1,393.5
REVENUE STRUC TURE IN 2014, %
1.
FREIGHT 82.1
2.
PASSENGER 5.5
3. OTHER SUPPLEMENTARY SERVICES 10.1
4. OTHER ACTIVITIES 2.1
5.
2010
2011
2012
2013
TOTAL REVENUES, LTL millions
2014
INVESTMENT ACTIVITIES 0.2
10
LIETUVOS GELEŽINKELIAI
COSTS
The costs incurred by the company in 2014
amounted to LTL 1,545.4 million, an increase of
2.8% over 2013.
The increase in minimum monthly salaries
in 2014 produced a significant growth in
remuneration costs; also, more extensive
than in the previous year locomotive repair
programme determined higher repair
costs. Higher operating expenses due to
the provisions created for doubtful debts
A N N UA L R E P O R T 2014
impacted considerably on the amount of
total costs in 2014. However, the reduction
in diesel prices and more efficient use of the
rolling stock fleet led to lower fuel costs while
the extension of useful life of certain fixed
asset groups resulted in lower depreciation
expense.
Remuneration costs represented the major
part in the total cost structure and accounted
for 35.5%; the non-current asset depreciation
costs and the costs of fuels comprised 23.3%
and 13.4% respectively.
3
2
4
5
6
7
8
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
1
9
COST STRUC TURE IN 2014, %
1.
REMUNERATION 35.5
6.
REPAIRS 6.3
2. FUELS 13.4
7.
FINANCIAL AND INVESTMENT COSTS 1.9
3.
8. SETTLEMENTS WITH RAILWAY
UNDERTAKINGS IN OTHER COUNTRIES 4.7
DEPRECIATION (AMORTISATION) 23.3
4. ENERGY RESOURCES 2.0
5.
MATERIALS 5.5
9.
OTHER COSTS 7.4
A N N UA L R E P O R T 2014
11
LIETUVOS GELEŽINKELIAI
147.3
130.2
97.1
70.4
65.4
PROFIT
The company operated at a profit in 2014. The
profit before tax comprised LTL 87.0 million (cf.
LTL 111.3m in 2013), and the net profit accoun­
ted for LTL 70.4 million (cf. LTL 97.1m in 2013).
2010
2011
2012
NET PROFIT, LTL millions
2013
2014
12
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
OPERATING RESULTS OF SUBSIDIARY COMPANIES
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
In 2014, AB Lietuvos Geležinkeliai Group consisted of AB Lietuvos Geležinkeliai and its subsidiary companies.
Company
Net profit (loss) during
the reporting year (LTL
thous.)
Core activity
UAB Vilniaus Lokomotyvų Remonto Depas
3,071.4
Rolling stock repairs and manufacturing
UAB Geležinkelio Tiesimo Centras
6,784.5
Track repairs and construction
UAB Gelsauga
1,634.3
Security and cleaning services
UAB Geležinkelių Projektavimas
233.9
Railway design and exploration work, construction
of buildings and renovation
UAB Geležinkelių Aplinkosaugos Centras
(49.0)
Waste management and logistics, protection and
preservation of railway forests and plantations
UAB Rail Baltica Statyba
(1,225.8)
Shareholder of the Baltic joint venture, RB RAIL AS,
responsible for the implementation of Rail Baltica 2 project
UAB VAE Legetecha
5,803.2
Turnout manufacturing
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
13
FREIGHT SERVICES
In 2014, AB Lietuvos Geležinkeliai carried 49.0
million tonnes of freight, an increase of 2.0%
over 2013, of which import freight accounted
for 41.0%, domestic freight for 29.6%, transit
freight for 21.0%, while export freight
constituted 8.4% of the total freight structure.
IMPORT FREIGHT amounted to 20.1 million
tonnes in 2014, a rise of 27.5% over the pre­
vious year. Chemical and mineral fertilisers
accounted for 55.1% of the total import freight
transported, petroleum products for 16.7%,
mineral products for 11.0%, and ferrous metals
made up 6.2%. Transportations of Belarusian
fertilisers through Klaipėda Seaport increased
considerably and made up 9.5 million tonnes
in 2014. Declines in global oil prices and the
consequent problems experienced by AB
Orlen Lietuva, other suppliers and oil refineries
prevented from considering more options in
rail transportations of crude oil and petroleum
products. Major flows of import freight were
those from Belarus to Russia through Klaipėda
Seaport. In 2014, rail import freight through the
port constituted 14.3 million tonnes, a rise of
36.3% over the previous year.
In 2014, DOMESTIC FREIGHT accounted for
14.5 million tonnes or 4.2% down the 2013 figu­
re. Crude oil and petroleum products made up
35.4% (AB Orlen Lietuva), chemical and mineral
fertilisers 24.2% (AB Achema, AB Lifosa), mineral
products 18.9% (mostly road metal), and plant
products 15.9% (mostly grain). In this market
segment, the key customers of AB Lietuvos
Geležinkeliai in 2014 were major Lithua­nian
factories and companies belonging to sectoral
associations.
In 2014, rail TRANSIT FREIGHT made up
10.3 million tonnes or 14.9% down 2013. The
overwhelming majority of transit freight was
transported to Kaliningrad. The considerable
decrease in the aforementioned freight flows
in neighbouring markets owing to unstable
economic situation affected negatively the
company’s revenues. A decline of 34.2% was
recorded in transportations of petroleum
products while 25.9% in ferrous metals. The
decreasing transportation flows of these
commodities have already become a trend.
Transit freight consisted mostly of petroleum
pro­ducts (28.6%), solid mineral fuels (21.7%),
food products (12.6%), plant products (10.5%),
and ferrous metals (10.3%).
52.3
49.4
48.1
2010
2011
2012
48.0
2013
RAIL FREIGHT VOLUMES
IN 2010–2013, millions t
49.0
2014
14
LIETUVOS GELEŽINKELIAI
EXPORT FREIGHT constituted 4.1 million
tonnes in 2014 or 18.2% down 2013. As
in previous years, petroleum products
transported from AB Orlen Lietuva to Ukraine,
Latvia and Estonia accounted for more than
half (51.6%) of the total export cargo flows.
The decrease of transportation flows was also
observed in almost all other types of export
freight.
2013
2014
A N N UA L R E P O R T 2014
In 2014, the company successfully conducted
design and construction works for establishing
public logistics centres in Vilnius, Kaunas, and
Klaipėda. A particular attention was directed
to the projects related to intermodal container
trains Viking, Mercury, Saulė (the Sun),
Šeštokai Express, Baltijos Vėjas (Baltic Wind),
Vilnius Shuttle. The company also offered
freight forwarding, warehousing, wagon
lease and other services related to freight
transportations.
20.1
15.7
15.1
14.5
12.1
10.3
5.1
TRANSIT
IMPORT
4.1
EXPORT
DOMESTIC
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
RAIL FREIGHT STRUCTURE IN 2013–2014, millions t
2
RAIL FREIGHT STRUCTURE IN 2014, %
1
3
1.
IMPORT 41.0
2. EXPORT 8.4
3. TRANSIT 21.0
4. DOMESTIC 29.6
4
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
15
PASSENGER SERVICES
In 2014, a total of 4.6 million passengers
were carried by rail, of which 3.7 million on
domestic lines and 0.9 million on international
lines. The company operated totally 207
passenger trains, of which 183 domestic trains
and 24 international trains. Local passenger
transportation accounted for 80.2%, and
international transportation for 19.8%.
A total of 274.5 thousand passengers were
transported in 2014 on international trains
formed by the company, this being 20.4
thousand passengers or 8.0% more than in
2013. The growth of passenger flows was due
to the fact that from 26 May 2013 two trains
formed by the company had been operated
on the route Vilnius–Minsk.
In 2014, the number of passengers transported
in domestic rail traffic decreased by 3.6%,
and the number of passengers carried in
international rail traffic saw a decline of 12.7%,
compared to 2013. A fall of 31.3 thousand
passengers or 28.8% was recorded on the
route Vilnius–Moscow–Vilnius while on
the route Vilnius–Saint Petersburg–Vilnius
passenger traffic volumes shrank by 17.1
thousand or 28.7%.
Lower figures in international rail traffic were
influenced by the decrease in transit passenger
flows crossing the territory of Lithuania.
Compared to 2013, a decline of 155.6 thousand
passengers or 19.1% had been recorded on the
trains formed by other countries.
Passenger revenues amounted to LTL 89.6
million in 2014, of which LTL 27.6 million
accoun­
ted for domestic rail traffic (up by
LTL 195.5 thousand or 0.7% over 2013), LTL
52.8 million for international rail traffic (up by
LTL 114.6 thousand), LTL 1.6 million for other
revenues (carriage of mail and baggage etc.),
and LTL 7.6 million was allocated from the State
budget as subsidies to reimburse privileged
passengers.
Compared to 2013, passenger revenues from
full price train tickets had increased by 2.5%,
from reduced price tickets had fallen by 6.9%
while those from termed tickets rose by 15.8%.
16
LIETUVOS GELEŽINKELIAI
DEVELOPMENT OF
PASSENGER SERVICES
In 2014, AB Lietuvos Geležinkeliai offered new
opportunities to travel, i.e. a new popular
route Vilnius–Šiauliai–Vilnius was launched on
Fridays and Sundays; since September the train
has been operating daily.
In order to speed up travel times, local routes
were revised and travel times of 3 routes were
reduced in 2014. With the launch of Express
trains on the route Vilnius–Klaipėda–Vilnius
with only one stop in Šiauliai, the travel time
from Vilnius to Klaipėda was reduced to 3
hours 40 minutes. Following the passenger
surveys, fast trains started operations on the
route Vilnius–Ignalina–Turmantas–Vilnius thus
reducing its travel time by half an hour.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
Since June 2014, extra 3 trains have been opera­
ting on the most popular route Vilnius–Kaunas–
Vilnius. In the same year, contract obligations
for purchasing 6 double-deck electric trains
were executed. A total of 10 new double-deck
trains EJ575 were operated in 2014. They were
running in Kaunas direction and with other
electric trains in Trakai direction.
A N N UA L R E P O R T 2014
In 2014, a contract for purchasing 7 diesel trains
was concluded. They will enable increasing
train frequency as well as organising their trips
on the basis of fast and regional trains. The first
train is scheduled to be launched in March
2016.
Owing to the losses made on the route
Vilnius–Saint Petersburg–Vilnius, the multiple
unit trains operating on this line have been
reduced to 3 coaches since 1 June 2014, as well
as applying additional marketing techniques,
e.g. discounts of up to 12% and bonuses of up
to 3% depending on the anticipation period.
However, due to the continuous decline in the
number of passengers this route is intended to
be cancelled starting from 1 June 2015.
In view of the impact of tourism on the
economic growth of the country, considerable
attention was devoted to the improvement
in international traffic. In 2014, a contract
was signed for purchasing 3 double-deck
electric trains. The first train is scheduled to be
commissioned in the early summer of 2016.
In order to restore communication with Poland
upon implementing the Rail Baltica project on
the section State border–Kaunas, cooperation
was conducted with the representatives of
Polish Railways.
The decreasing passenger flows and
consequent losses raised the issue of relevance
of the route Vilnius–Moscow–Vilnius; therefore,
discussions were held with the representatives
of Russian Railways on the route development
opportunities, flexible pricing etc.
The deployment of e-ticketing system
allowing passengers to purchase tickets to
intercity trains online was completed in 2014.
84.4
89.3
2011
2012
89.9
89.6
2013
2014
76.6
2013
2014
3.8
4.8
4.6
3.7
1.0
DOMESTIC
0.9
INTERNATIONAL
TOTAL
PASSENGER TRANSPORTATIONS,
millions of people
2010
PASSENGER REVENUES, LTL millions
A N N UA L R E P O R T 2014
17
LIETUVOS GELEŽINKELIAI
ROLLING STOCK
In 2014, the traction fleet of AB Lietuvos Gele­
žinkeliai consisted of the following vehicles:
− 44 freight locomotives Siemens ER20CF
− 25 freight locomotives 2M62K with the
internal combustion engine D49 and
29 freight locomotives 2M62M with the
internal combustion engine Caterpillar
− 16 freight locomotives M62K with the
internal combustion engine D49, of which
2 standard gauge locomotives
− 56 shunting locomotives TEM TMH
− 19 shunting locomotives ČME3, 5
locomotives ČME3M with the internal
combustion engine Caterpillar (1450 kW)
and 17 locomotives ČME3ME with the
internal combustion engine Caterpillar
(940 kW)
− 15 shunting locomotives TEM2 and 1
locomotive TGK2.
The locomotives have been allocated to Vil­
nius or Radviliškis Locomotive Depots with
their workshops at Vaidotai, Kaunas, Klaipėda,
and Bugeniai. The traction rolling stock has
been registered with the Register of Rolling
Stock and Containers.
In 2014, a total of 15 new shunting locomotives
TEM TMH were purchased from a subsidiary
company, UAB Vilniaus Lokomotyvų Remonto
Depas; they were manufactured using the
main frame and undercarriage of the Russian
shunting locomotive TEM18, as well as the
power unit and control modules analogous to
ČME3M produced by CZ LOKO.
On average, 65.1 freight locomotives were
operated daily in 2014 (cf. 64.5 locomotives in
2013).
The average daily efficiency of freight
locomotives was 1,124.0 thousand gross tkm
(cf. 1,092.7 thousand gross tkm in 2013).
AVERAGE GROSS WEIGHT OF
A FREIGHT TRAIN, t
2010
2011
2012
2013
2014 2,756
2,794
2,833
2,859
2,938
The overall performance of freight trains was
26,704 million gross tkm in 2014, an increase of
3.8% over 2013.
PERFORMANCE OF FREIGHT TRAINS,
millions of gross tkm
2010 2011 2012 2013 2014 25,953
28,600
27,265
25,733
26,704
AVERAGE DAILY FREIGHT
LOCOMOTIVE MILEAGE, km
2010
2011
2012
2013
2014
559.5
550.8
551.4
545.8
551.5
In 2014, the operating speed fell from 46.8 to
46.2 km/h. The diesel fuel consumption per
10 thousand gross tkm made up 20.8 litres (cf.
21.3 litres in 2013).
18
LIETUVOS GELEŽINKELIAI
The freight wagon fleet consisted of 8,784
wagons in 2014, of which:
−
−
−
−
−
1,519 covered wagons
218 universal flat wagons
1,670 low-sided wagons
1,862 tank wagons
3,515 other wagons.
A N N UA L R E P O R T 2014
The modernisation of freight wagons is
conducted in two ways: (1) purchase of new
wagons, and (2) extension of the life cycle to
existing wagons. No new freight wagons were
acquired in 2014; however, the life cycle was
extended to 930 freight wagons.
In 2014, the passenger rolling stock fleet
consisted of the following vehicles:
Scheduled repairs to wagons are conducted
at Radviliškis Freight Wagon Depot which
belongs to AB Lietuvos Geležinkeliai.
AB Lietuvos Geležinkeliai focuses its attention
on the modernisation of freight wagons. The
experience of railway administrations from
other countries and knowledge of specialised
educational institutions have been used for
this purpose.
−
−
−
−
9 passenger locomotives
82 passenger coaches
68 diesel train coaches
43 electric train coaches.
2,621
2,689
2,674
2011
2012
2,737
2,573
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
1,674
1,436
2010
1,410
1,421
1,435
2011
2012
2013
2014
2010
2013
2014
ELECTRIC PASSENGER TRAIN MILEAGE,
DIESEL PASSENGER TRAIN MILEAGE,
millions km
millions km
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
19
TECHNICAL DE VELOPMENT AND INVESTMENT POLICY
AB Lietuvos Geležinkeliai following the
objectives specified in the European
Union strategic documents is consistently
implementing the modernisation and
development plans for Lithuanian railway
transport sector.
Lithuanian railway transport sector deve­
lopment strategy is inseparable from the
improvement in employee social environment,
staff promotion and continuous training
for employees. Technological progress,
balanced investment policy, commitment
to partners and the public, deployment of
advanced intelligent transportation systems
and offering a wide range of services – these
are the company’s core priorities, of which
successful implementation determines the
competitive advantage of Lithuanian railway
transport system on the international and
domestic markets of transport services, the
quality of services provided to individuals
and legal entities, optimisation of railway
network operation as well as traffic safety and
environmental friendliness.
STRUCTURE OF INVESTMENT
IN 2014, %
2
1
3
4
1.
OWN FUNDS 26.1
2.
FUNDS FROM STATE BUDGET 1.2
3.
EU FUNDS 46.8
4.
BORROWED FUNDS 25.9
The year 2014 was the reporting year on the
use of EU Structural Funds support for 2007–
2013. Major investment projects essential
for the entire European Union were being
implemented, e.g. the construction of Rail
Baltica. A total of 15 EU-funded projects were
scheduled to be implemented in the period
of 2014–2020 amounting to LTL 2,711.5 million
(EUR 785.3 million), of which EUR 667.0 million
accounted for EU support.
In 2014, the company invested in Lithuanian
railways LTL 1,145.2 million, up by almost LTL
49.4 million over the previous year: LTL 536.2
million was the EU support, LTL 299.2 million
accounted for own funds, LTL 295.9 million for
bank loans, and LTL 13.9 million was allocated
from the State budget.
RAILWAY INFRASTRUC TURE
RENEWAL AND MODERNISATION
In 2014, a total of LTL 459.3 million was
invested in the renewal and modernisation
of railway infrastructure; the value of assets
acquired and works performed amounted
to LTL 499.7 million. The following major
projects were completed: the modernisation
of signalling and power supply equipment
at Kaunas Station, on the bypass line
Palemonas–Rokai–Jiesia as well as on the
line Kaunas–Kybartai; the reconstruction of
the railway section Kaunas (Palemo­
nas)–
Gaižiūnai; the infrastructure modernisation of
the connecting line Klaipėda–Pagėgiai; the
reconstruction of Rimkai Station tracks; the
reconstruction of ferry terminal tracks as well
as railway track No. 54; the deployment of
railway interlocking systems on the second
tracks and on Nemunas tracks. A modern
Traffic Management Centre was put into
operation, traffic safety ensuring software was
deployed (railway emergency management
system), electrification work was started on
the section Naujoji Vilnia–Kyviškė–Kena–State
border with Belarus. This project is part of a
joint project covering the electrification of
Lithuanian and Belarusian railway section
Naujoji Vilnia–Kena–State border–Gudogai–
Molodecno to be implemented in Lithuania.
The project is carried out in association with
the representatives of Belarusian Railways. This
is the second railway electrification project in
the country and the first such project in the
history of independent Lithuania.
The construction of second tracks on
the section Šiauliai–Klaipėda was further
conducted, as were the construction works
of Vilnius bypass; the main installation work at
the intermodal terminals in Vilnius and Kaunas
public logistics centres was completed and the
terminal management structure was formed.
Coo­
peration with Lithuanian and foreign
transport companies, State authorities and
academic institutions occupied a significant
role in pla­
nning and implementing railway
infrastructure modernisation projects.
RAIL BALTICA PROJEC T
A total of LTL 448.7 million was allocated
for implementing the Rail Baltica project in
2014; the works performed amounted to LTL
658.1 million.
DEVELOPMENT OF
FREIGHT SERVICES
Investment in freight services amounted to
LTL 161.9 million in 2014; the value of assets
acquired and works performed totalled LTL
149.2 million. The company purchased 14
shunting locomotives TEM TMH, conducted
overhaul repairs to 376 freight wagons; 45 flat
wagons were converted to timber transporting
wagons, 5 flat wagons were modernised
(adjusted for transporting refrigerated
containers), 15 stations were equipped with
modern information terminals for customers,
the cons­truction works at Radviliškis fuel depot
were completed, other freight infrastructure
objects were reconstructed and sidetrack
repairs were performed.
20
LIETUVOS GELEŽINKELIAI
IMPROVEMENT IN
PASSENGER SERVICES
Investment in passenger services amounted
to LTL 60.6 million in 2014; the value of assets
acquired and works performed totalled LTL
60.3 million. The company purchased 2 doubledeck electric trains (currently 7 double-deck
trains consisting of 3 coaches and 3 doubledeck trains consisting of 2 coaches are in
operation) and one passenger locomotive
TEP-70; overhaul repairs were conducted
to 4 passenger cars, passenger rolling stock
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
maintenance facilities were reconstructed,
technological equipment was acquired,
e-ticketing system was launched allowing
passengers to purchase train tickets online,
by phone or collec­ting them from self-service
ticket vending machines.
A N N UA L R E P O R T 2014
IT DEVELOPMENT
Investment in the development of IT and
other activities made up LTL 14.7 million in
2014; the value of equipment acquired and
works performed amounted to LTL 12.6 million.
The improvement in company’s information
systems resulted in expanding the existing
trunk networks and computer networks in
the buildings, upgrading faulty or outdated
computer networks and hardware, updating
IT infrastructure security and surveillance
systems.
RESEARCH WORK
Closer interaction between research, stu­
dies and business is specified in the national
long-term
development
strategy.
AB
Lietuvos Geležinkeliai is investing in research
work related to relevant railway transport
issues. In 2014 in association with academic
institutions and consulting companies, the
manual on 1,435 mm gauge railway track was
prepared, research in modelling operational,
environmental and energy indicators of freight
locomotives was conducted, the expediency
of using additional partial filtering equipment
for internal combustion engine oil in traction
rolling stock was assessed, a feasibility
study on the competitive environment and
development of domestic and international
rail passenger traffic was carried out, a
comprehensive study on the heritage of
broad gauge railway stations on the section
Turmantas–Marcinkonys was made, the
functionality of an information system for
analysing train dynamic driving modes and
assessing the impact of train ride affecting
factors was expanded, the technological
process for regenerating waste oils into liquid
fuels was developed.
A N N UA L R E P O R T 2014
21
LIETUVOS GELEŽINKELIAI
In 2014, in addition, the opportunities for
using renewable (alternative) energy sources
in the Lithuanian railway transport sector and
alternatives for the development of one track
at Draugystė railway station were started
to be analysed, the strategy for ensuring
competitive advantage of Lithuanian railways
by 2025 was started to be developed, hazards
and risks posed by rolling stock wheel set
geometry and rolling surface defects were
started to be assessed, experimental research
into the technology of operational diagnostics
and performance characteristics of dieselengine freight and shunting locomotives was
conducted.
INVESTMENT FUNDS ACCORDING TO
1,145.2
DIRECTORATES, LTL millions
1,095.7
763.0
638.7
479.8
606.9
463.4
459.3
438.7
386.4
370.4
269.5
261.7
185.3
179.5
161.9
136.9
83.9
75.1
34.6
49.0
63.9
84.7
60.6
4.9
2010
2011
2012
RAILWAY INFRASTRUCTURE DIRECTORATE
FREIGHT DIRECTORATE
PASSENGER DIRECTORATE
INFORMATION TECHNOLOGY CENTRE, RAIL BALTICA PROJECT DIRECTORATE ETC.
2013
2014
22
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
INFRASTRUC TURE
The convenient geographical location, welldeveloped Lithuanian railway network, ice-free
Klaipėda Seaport, skilled technical capacities –
these are the factors that make a considerable
impact on the transport system in this country.
The two international transport corridors ha­
ving an especial importance for the whole
European transport system cross the territory
of Lithuania:
− Corridor I (Helsinki–Tallinn–Riga–Kaunas–
Warsaw)
− Corridor IXB (Kiev–Minsk–Vilnius–Šiauliai–
Klaipėda), and IXD (Kaišiadorys–Kaunas–
Kaliningrad).
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
The total length of Lithuanian railway lines
makes up 1,767.6 km, of which 122 km of
electrified lines and 391.0 km of double tracks;
there are 104 railway stations, 545 level cro­
ssings and 410 overpasses and bridges.
In order to integrate into the TEN-T network,
to make rail transport more attractive and
competitive, to ensure safe and high-quality
rail passenger and freight services between
Northern and Eastern Europe, Central Asia,
the Baltic States and other EU countries,
AB Lietuvos Geležinkeliai invested in the
development of railway infrastructure network
in 1996–2014 more than LTL 4.59 billion, of
which LTL 2.05 billion came from the EU funds.
In 2014 alone, investment in the renewal and
development of rail infrastructure amounted
to LTL 310.8 million of the EU funds; a total of
LTL 405.2 million accounted for investment
funds, while LTL 452.3 million for the assets
acquired and works performed.
The main objectives of infrastructure deve­
lopment cover raising speed limits, track
capacity and maximum weight of freight
trains, strengthening the subgrade, improving
design parameters, increasing axle load
limits, reducing side slopes, raising the radii
of curves on the routes, conducting the
electrification of lines as well as modernising
telecommunications
and
train
traffic
management systems.
The year 2014 saw further implementation
of the EU-funded projects related to the
moder­
nisation and development of railway
infrastructure. The design and contract
work rela­ted to the following 8 projects was
successfully completed:
− Installation of traffic management
equipment
− Reconstruction of the railway section
Po­lish and Lithuanian border–Mockava
(1,435 mm gauge track)
− Reconstruction of the railway section
Kaunas (Palemonas)–Gaižiūnai
− Infrastructure modernisation of the
co­nnecting line Klaipėda–Pagėgiai
− Installation of interlocking on the second
track and on Nemunas track area
− Design and reconstruction of the railway
section Jonava–Radviliškis–Šiauliai
− Design and construction of an intermodal
terminal at Vilnius public logistics centre
− Design and construction of an intermodal
terminal at Kaunas public logistics centre.
Following technical projects, the two works
contracts were also signed in 2014: for the
construction of second track on the section
Tel­
šiai–Lieplaukė and for the 1st stage of
the electrification on Corridor IX. A tender
for contract works under the project for the
construction of second track on the section
Žeimiai–Luk­šiai was announced.
In 2014, tender documents for 5 projects
were prepared: 1) the construction of second
track on the section Gimbogala–Linkaičiai;
2) the construction of second track on the
section Šilainiai–Kėdainiai; 3) the construction
of se­
cond track on Vilnius bypass Pušynas–
Paneriai (Corridor IXB); 4) the first stage of the
electrification on Corridor IX; 5) the deployment
of ERTMS and related systems on the Rail Baltica
section Lithuanian and Polish border–Kaunas.
The contract works related to the 4 projects
for infrastructure modernisation were further
conducted, i.e. the construction of second track
on Vilnius bypass sections Kyviškės–Valčiūnai,
Telšiai–Dūseikiai, Pavenčiai–Raudėnai and Kū­
lu­pėnai–Kretinga (Corridor IXB).
Design works related to 5 projects were also
further carried out:
− Reconstruction of the section Lithuanian
and Belarusian border–Kena–Vilnius (Co­
rridor IX)
− Upgrade of the line Vilnius–Kaunas for
increasing train speeds up to 160 km/h
− Reconstruction of the section Šiauliai–
Joniškis–Lithuanian and Latvian border
− Construction of second track on the
section Livintai–Gaižiūnai
− Electrification of Vilnius railway hub.
In 2014, several advanced infrastructure
projects were implemented.
A total of two units of rail lubrication
equipment were acquired and installed. The
wear of rails mostly occurs on the sections with
small-radius curves where maximum forces
are exerted, therefore, said equipment ensures
quality side rail lubrication thus reducing wear
on rails and extending their service life.
A new rail turnout installation technology
was started to be implemented in 2014. The
turnouts with their control equipment were fully
assembled and adjusted at the factory and
transported to the worksite by special tilting
platforms. This technology ensured fast and
high-quality installation of turnouts.
The two level crossings on the line
Vilnius–Naujoji Vilnia were equipped with
microprocessor-based automated signalling
and control systems. They block the
carriageway by the four barriers; additional
safety measures (e.g. digital video surveillance
system with thermal imaging cameras etc.)
inform the railway safety staff of hazards,
in addition, the ima­ge of a level crossing is
transferred by a wireless radio communication
system to the train driver approaching the
level crossing.
A N N UA L R E P O R T 2014
In order to improve track technical parameters
and ensure traffic safety, different track repairs
were performed in 2014:
PROJEC T RAIL BALTICA
Baltica section Šiauliai–Joniškis–Lithuanian
and Latvian border as well as that of second
track construction on the Rail Baltica sections
Gaižiūnai–Jonava and Šilainiai–Kėdainiai;
the projects were revised and adjus­ted for
the sections Gaižiūnai–Jonava and Šiauliai–
Joniškis–Lithuanian and Latvian border; the
procedures were specified for the issuance
of construction permits; the 1,520 mm gauge
reconstruction project was completed for
the Rail Baltica section Jonava–Radviliškis–
Šiau­liai; the contract works were conducted
on the sections Šeštokai–Marijampolė,
Marijampolė–Kazlų Rūda, and Kazlų Rūda–
Kaunas. A total of 123 km of railway line was
being constructed from Kaunas to the border
with Poland.
In 2014, the reconstruction works were
completed on the section Polish and
Lithuanian border–Mockava (1,435 mm
gauge track was laid); a feasibility study for
the reconstruction and modernisation of
the section Rokai–Palemonas–Kaunas was
prepared and a contract was signed for the
reconstruction design of said section; a
technical project was prepared for the Rail
Rail Baltica Statyba, a subsidiary company of
AB Lietuvos Geležinkeliai, was registered in
2014 with the aim to carry out the Rail Baltica
2 project covering the construction of Euro­
pean-standard gauge to Helsinki through the
territories of Lithuania, Latvia and Estonia.
Rail Baltica Statyba represents the interests of
Lithuania in implementing the Rail Baltica 2
project.
− 41.2 km of tracks were renewed
− 27.5 km of existing tracks were
reconstructed
− 30.3 km of tracks were repaired
− 139.5 km of rails were replaced by new
long rails
− 104 turnouts were replaced or laid
− 1 bridge was reconstructed and one
overhaul repair performed
− 2 platforms were reconstructed
− 11 level crossings were repaired.
LIETUVOS GELEŽINKELIAI
23
24
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
ENVIRONMENTAL PROTEC TION
The effective use of energy and natural
resources as well as the implementation of
environmental requirements are among the
priorities of AB Lietuvos Geležinkeliai.
In 2014, environmental services were started
to be provided on contractual basis by
a subsidia­
r y company, UAB Geležinkelių
Aplinkosaugos Centras (Railway Environmental
Centre). The Centre organises and carries out
the management of waste and its logistics,
maintenance of wastewater treatment
plants, preparation of wagons for operation,
laboratory
tests
and
measurements,
preparation of environmental documentation,
protection and preservation of railway forests
and plantations.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
In view of monitoring of the environmental
conditions of Lithuanian railways and
prevention of abuses, as many as 44 objects
were inspected at different subdivisions of the
company in 2014; techniques for improving
technological processes were also pursued.
A total of 16 accidents with ecological effects
were investigated, of which rapid elimination
resul­ted in no harm made to nature. A total
of 5,800 tonnes of waste was handled and
delivered to waste management companies.
Control measurements of environmental
emissions were carried out, at a frequency
required by law, at the stationary air pollution
sources operated by the company (30 units
monitored). The findings did not record any
large excesses over the allowable levels.
A total of 80 wastewater treatment plants
were supervised in 2014: the contamination
of discharged water was monitored, as well
as performing laboratory tests on wastewater
samples. Wastewater treatment plant
maintenance work and renovation were also
conducted on a regular basis.
The monitoring of groundwater was further
carried out at 9 subdivisions of the company;
as many as 11 waterworks and 65 shaft wells
belonging to the company were monitored. In
case of every violation of permissible norms,
specific measures were taken to eliminate
the infringements, e.g. shaft well disinfection
performed, oil products collected from the
surface of groundwater, filters replaced etc.
The Railway Environmental Centre also
prepared the draft strategic environmental
impact assessment report within the
framework of the long-term Lithuanian railway
sector strategy (by 2030).
A N N UA L R E P O R T 2014
TRAFFIC SAFE T Y
A total of 53 railway traffic events were recor­
ded in 2014 (cf. 40 events in 2013). Most of
these events occurred owing to the fault of
employees from other companies. The only
cause of said rail traffic events was the human
factor.
As many as 11 accidents owing to the fault of
motorists were recorded at the level crossings
in 2014, involving 3 fatalities and 4 injuries (cf.
10 accidents in 2013 involving 1 fatality and 7
injuries).
In 2014, totally 38 rail traffic events associated
with pedestrians were recorded in which 18
people had perished.
In order to ensure railway traffic safety, internal
audits on the safety management system
are performed, action plans to eliminate the
drawbacks identified during the audits are
developed and their execution controlled,
safety rules and instructions are being revised,
regular staff training in safety issues and
certification of employees are being organised.
AB Lietuvos Geležinkeliai railway traffic safety
policy was developed in the summer of 2014
and approved by the General Manager; job
des­
criptions for the employees related to
railway traffic were updated.
In the autumn of 2014, the company’s
railway safety staff in association with
the representatives of the State Railway
Inspectorate eva­
luated the draft 2015–2016
train traffic schedule in terms of traffic safety,
i.e. examined emerging risks to passengers in
the event of a multiple unit passenger train
exceeding the length of platforms, as well as
specifying additional safety measures, e.g. the
number of passing trains at railway stations
was reduced to minimum during passenger
embarkation and disembarkation.
The company’s railway safety staff constantly
submit proposals to the State Railway
Inspectorate regarding the amendments
to traffic safety regulations and normative
documents, e.g. comments were submitted for
reducing the noise of locomotive horn signals
as well as those for additional safety measures
at level crossings. Following said comments,
the Li­thuanian Transport Minister in November
2014 supplemented the Railway Signalling
Rules with the following signs: Low Whistle
board (mounted before the tunnels, bridges
and railway crossings within the boundaries
of cities and towns; by sounding an audible
warning, low whistle, a train driver will warn
the people near train tracks of the danger
without threat to health or life). Another sign,
Approaching a Level Crossing, with white light
mounted before level crossings will inform
a train driver about the operation of level
crossing equipment, i.e. if the light is flashing
or steady the signalling equipment operates
correctly, if the light is off the signalling
equipment is out of order.
LIETUVOS GELEŽINKELIAI
25
26
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
INFORMATION TECHNOLOGY
In 2014, the implementation of the IT
projects launched in previous years was
further conducted by the company. Major IT
projects covered the establishment of data
communication network, the design and
installation of cargo accounting systems, as
well as ensuring information security.
The year 2014 saw further development
and modernisation of the company’s data
communication trunk network. A total of 40
units of active data transmission equipment
were installed in order to improve the quality
of data communication network and to
increase the bandwidth between servers.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
IT security infrastructure was modernised and
developed, i.e. centralised software for external
storage devices as well as specialised cyber
attack and intrusion detection system were
deployed. IT infrastructure monitoring and
management systems were also developed,
e.g. computer auditing system, energy sa­ving
system and internet traffic control system
were installed. Risk management information
system was also implemented, as well as
acquiring hardware and software.
In the year 2014, freight accounting information
systems aimed at facilitating the related tasks
were further developed, i.e. new functions
were added to information systems KROVINYS
(Cargo), OPKIS (operative compu­
ter-based
information system for haulage), and STOKIS
(computer-based information system for
stations).
Information system mySAP (finance accoun­
ting and business management system) was
adapted to the adoption of the Euro.
In 2014, the personnel management and
payroll accounting information system was
being further developed and implemented: a
contract for the purchase of services related
to additional functionality of said system
was concluded, the payroll and working time
accoun­ting modules were implemented.
The information system for accounting
locomotive drivers’ working time, locomotive
operation time, repairs and fuel consumption
was developed: a contract was signed for
installing the aforementioned module, the
module of locomotive operation control, crew
management and waybill accounting was also
deployed. Installation works of the module of
accouting locomotive fuel by waybills and of
interfaces with other information systems at
the company were further conducted; they are
scheduled to be completed in 2015.
The company’s website www.litrail.lt was
updated, a new internal portal (intranet)
was launched, and a new email distribution
and reminder system for employees was
developed.
SAP BusinessObjects, business intelligence
and analytics platform, was further being
implemented: the development of operational
reporting module launched in late 2013 was
completed. The company’s IT staff developed
the locomotive waybill reporting module.
The document management system was
improved: the database was optimised, system
modules updated, the system adapted to
the adoption of the Euro, the confidentiality
of information ensured. The drawing
management system, Autodesk Vault, used by
railway infrastructure staff was updated while
geographic information systems software was
supplemented with new modules.
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
27
INTERNATIONAL REL ATIONS
The Lithuanian railway sector having
become modern and reliable during the
years of independent Lithuania is of extreme
importance for this country as well as for the
international coo­peration with both the EU
and CIS countries.
COOPERATION WITH BELARUS
Belarusian Railways remains one of the key
partners to the company in freight services.
The year 2014 saw a high number of intense
meetings of working groups, bilateral mee­
tings, negotiations and other events contribu­
ting to successful cooperation.
On 27–28 February 2014 and 9 May 2014,
mee­
tings among senior managers of both
companies were held in Minsk, where the
issues related to the progress in implementing
the Nemunas contrailer train project,
electrification of the section Molodecno–
Gudogai–State border–Kena–Naujoji Vilnia,
communication between Vilnius and Minsk,
transit traffic, tariffs, and freight transportations
between Belarus and Lithuania were discussed.
On 29–30 August 2014, the negotiations bet­
ween senior managers of both companies were
held in Vilnius to discuss the issues of freight
transportation through Belarusian–Lithuanian
border crossing points, implementation of
the fast passenger train Minsk–Vilnius project,
as well as reconciling positions in sol­
ving
different questions.
On 15 December 2014 at Naujoji Vilnia railway
station, the electrification work was started
on the section Naujoji Vilnia–Kyviškės–Kena–
State border with Belarus. This project is part
of a joint project covering the electrification
of Lithuanian and Belarusian railway section
Naujoji Vilnia–Kena–State border–Gudogai–
Molodecno.
COOPERATION WITH RUSSIA
On 23 January 2014 in Kaliningrad, the
round table discussion on the cooperation
opportunities for increasing rail freight flows
between Lithuania and the Kaliningrad Region
was held on the initiative of AB Lietuvos
Geležinkeliai and Lithuanian Consulate General
in Kaliningrad.
On 21–23 May 2014, AB Lietuvos Geležinkeliai
participated in the 18th Kazakhstan Interna­
tional Transport & Logistics Exhibition in
Astana.
On 6 February 2014, the initial meeting of the
Baltic Council for Rail Cross-Border Cooperation
was held in Saint Petersburg. At this mee­ting,
the Baltic Council, a regional consultative
body of Belarusian, Estonian, Latvian, Finnish,
Kaliningrad and Saint Petersburg railways
(the latter two being the branches of Russian
Railways) was established upon a proposal
from the representatives of Russian Railways.
The Memorandum of Understanding on
cooperation was signed and the Baltic Council
Regulations were approved. AB Lietuvos
Geležinkeliai has observer status at the Baltic
Council.
On 17 October 2014, the 10th meeting
of Kazakh–Lithuanian intergovernmental
commission on trade and economic
cooperation was held in Vilnius. The meeting
was attended by AB Lietuvos Geležinkeliai and
Kazakhstan Temir Zholy senior managers and
professionals.
On 28 July 2014, an agreement on
establishing a joint venture of Vilnius
Locomotive Maintenance Depot and Russian
TransKomplektHolding was signed at the
company’s headquarters in Vilnius. This type
of cooperation will contribute to expanding
locomotive maintenance services to the
markets of Russia, Uzbekistan, Kazakhstan,
Belarus, and Ukraine.
On 26–27 November 2014 in Kaliningrad, a
meeting between senior managers of AB Lie­
tuvos Geležinkeliai and Kaliningrad Railways
was held to address the issues related to the
improvement in both passenger and freight
car maintenance technologies on the section
Chernishevskoe–Kybartai, opportunities for
increasing the speed of passenger trains, as
well as discussing the route Klaipėda–Moscow
for container train Mercury, and opportunities
for extending contrailer traffic routes.
COOPERATION WITH KAZAKHSTAN
On 5 May 2014 in Astana, AB Lietuvos
Geležinkeliai and Kazakhstan Temir Zholy
concluded a cooperation agreement aiming
at increasing freight flows through the most
efficient use of opportunities and resources
available from Lithuanian Railways and
Kazakhstan Temir Zholy.
On 2–3 December 2014, the Kazakhstan
delegation visited Vilnius and Klaipėda. The 3rd
meeting of a working group on container train
Saulė was held to discuss more efficient use of
containers. In 2014, a meeting of Lithuanian
and Kazakhstan working groups was held
for the first time in independent Lithuania;
the issues of attracting additional rail freight
flows and investment were discussed at this
meeting.
COOPERATION WITH CHINA
AB Lietuvos Geležinkeliai representative office
commenced its activities in the People’s
Republic of China in 2014.
On 12–16 May 2014, Chinese industry
representatives visited Lithuania with the aim
of assessing opportunities and prospects for
freight transportation by the new Silk Road
connecting China, Kazakhstan and Belarus to
Western Europe. During the visit, AB Lietuvos
Geležinkeliai organised a conference, Eco­no­
mic Silk Road Corridor.
On 20–23 October 2014, AB Lietuvos
Geležinkeliai delegation participated in the Silk
Road Logistics Conference and Exhibition in
China, where they met with senior managers
of port and forwarding companies.
On 28 October 2014, the representatives of
China United International Rail Container
Co. Ltd. made a visit to Lithuania. The aims
of the meeting were ensuring consistent
cooperation, increasing rail freight flows as
well as efficient use of infrastructure.
28
LIETUVOS GELEŽINKELIAI
COOPERATION WITH POLAND
On 10 April 2014 in Warsaw, AB Lietuvos
Geležinkeliai hosted a conference on
Organising Freight Traffic by Rail Baltica
between Lithu­
ania and Poland. The issues
related to the opportunities for rail freight
transportations, container and contrailer
traffic, logistics, forwarding and cooperation
were discussed. In 2014, freight transportation
agreements were signed with DB Schenker
Rail AG, DB Schenker Rail Polska, PKP Cargo;
negotiations were conducted with Intra S. A.
on the launch of a new container train route
of Wloclawek–Šeštokai–Klaipėda. Cooperation
was also maintained with Hupac Intermodal S.
A. regarding the joint container train Šeštokai–
Express running on the route Warsaw–
Šeštokai–Kena–Minsk–Smolensk.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
On 4 September 2014, AB Lietuvos Geležinkeliai
and DB Schenker Rail Polska concluded
agreements on providing services related to
rail freight forwarding and international freight
traffic.
A N N UA L R E P O R T 2014
On 9–10 September 2014, a meeting of the
Border Commission of Lithuanian and Polish
railways was held in Vilnius to discuss the
issues related to the organisation of freight
and passenger transportations, cooperation
between Lithuanian and Polish railways, as
well as the Rail Baltica project.
GEFCO Taşımacılık ve Lojistik A. Ş., signed
the Memorandum of Understanding on
cooperation in increasing freight flows
between Turkey and Lithuania, also between
the Baltic Sea Region and Middle East, as
well as promoting freight transportation by
container train Viking.
COOPERATION WITH TURKEY
COOPERATION WITH ROMANIA
The Turkish market is very important for the
development of the project for container train
Viking. In 2014, the Viking development plan
On 3–5 February 2014, AB Lietuvos
Geležinkeliai delegation had a meeting with
the representatives of Romanian railway
was officially approved in Istanbul, Turkey, by
the representatives of Lithuanian, Turkish and
Romanian railways, as well as by Rofersped
(Viking operator in Romania) and Plaske (Viking
operator in Ukraine). The purpose of this plan
is to expand the container train route to Tur­
kish–Scandinavian directions.
transport industry in Bucharest. The aim of
the visit was to continue the development
of the container train Viking, as efficiently as
possible, to Turkish–Scandinavian directions
through implementing mutually beneficial
projects with DB Schenker Rail Romania and
Romanian rail freight transportation company,
CFR Marfa S. A. The involvement of Romania
opens up even more opportunities for further
development of the train Viking, enhances its
competitiveness and is strategically favourable
for freight transportation between Turkey and
European countries.
On 19–21 November 2014, AB Lietuvos
Geležinkeliai
delegation
visited
the
international exhibition, Logitrans 2014, held
in Istanbul. During this visit, AB Lietuvos
Geležinkeliai and Turkish logistics company,
A N N UA L R E P O R T 2014
COOPERATION WITH LATVIA
Lithuanian and Latvian railway companies
confirmed their intention to improve rail
communication between both countries and
agreed to establish a joint working group for
solving related issues. The working group
examined the organisational, legal and
economic aspects of cross-border passenger
communication on the route Šiauliai–Riga–
Šiauliai. In view of the liberalisation of transport
market and passenger flows between Šiauliai
and Riga, the two companies decided to
jointly use their services and rolling stock. This
route is expected to become competitive with
road transport.
COOPERATION WITH OTHER
COUNTRIES AND BUSINESS
PARTNERS
On 4–5 December 2014 in Karlshamn, Sweden,
a report on rail logistics and prospects for
Lithuanian railways was delivered in the con­
ference, Baltic Trade and Transport.
In July 2014 in Vilnius, the opportunities for
cooperation among Swiss company, Hupac
Intermodal S. A., AB Lietuvos Geležinkeliai
and Klaipėda Seaport were discussed.
The companies agreed to cooperate in
transporting rail freight on the Rail Baltica
line and on the corridor North Sea–Baltic Sea,
as well as in developing container trains and
opportunities to connect with other corridors.
Currently AB Lietuvos Geležinkeliai repre­
sentative offices operate in 3 countries,
namely, in the Republic of Belarus, the Russian
Fede­ration and the People’s Republic of China.
In 2015, the company is planning to establish
a representative office in Astana, the Republic
of Kazakhstan.
COOPERATION WITH AND
PARTICIPATION IN INTERNATIONAL
ORGANISATIONS
In 2014, AB Lietuvos Geležinkeliai were actively
participating in the activities of international
railway organizations. CER (the Community
LIETUVOS GELEŽINKELIAI
29
of European Railway and Infrastructure
Companies): the company’s experts were
participating in preparing the development
strategy for the 8th freight corridor and the
integration of Lithuanian railway infrastructure
into the European transport infrastructure;
UIC (Interna­
tional Union of Railways): in
discussing the technical, commercial and
law enforcement issues related to passenger
transportation by rail; CIT (International Rail
Transport Committee): in discussing legal and
regulatory issues concerning rail carriage. OSJD
(Organisation for Cooperation of Railways)
organised 3 workshops: OSJD Commission on
Passenger Traffic workshop on harmonisation
issues of international passenger train
timetables for 2014–2015; the XLII session of
OSJD Ministers Conference; and a workshop
of OSJD/ERA Contact Working Group of the
Commission on Transport Policy Development
Strategy. The company’s representatives also
participated in GTT (CIS Rail Transport Council)
workshops, conferences or negotiations on
the issues concerning passenger and freight
traffic in the CIS countries.
30
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
HUMAN RESOURCES AND SOCIAL INITIATIVES
The company had employed 10,480 people
in 2014.
IMPROVEMENT IN WORKING
CONDITIONS
AVERAGE WAGE AND
WORKFORCE PRODUC TIVIT Y
The labour productivity expressed by revenues
from core activities per employee was LTL 157.2
thousand in 2014, an increase of 2.5% over 2013
(cf. LTL 153.3 thousand in 2013).
In 2014, a total of LTL 3.5 million was spent
on arranging workstations, improving
working conditions as well as on necessary
occupational safety and health measures.
Health care spending accounted for
approximately LTL 0.5 million: the company
financed regular mandatory health checks and
extensive diagnostic examinations of the staff;
all staff members could have free vaccination
against tick-borne encephalitis and influenza.
The labour productivity according to relative
production was 1,480.6 thousand tkm/
employee in 2014, a rise of 7.2% over 2013 (cf.
1,380.6 thousand tkm/employee in 2013).
In 2014, the total number of occupational
accidents and incidents had decreased,
compared to the previous year (cf. 19 accidents
and incidents recorded in 2013 and 17 in 2014).
The average monthly salary increased to LTL
3,380 in 2014, a rise of LTL 182 or 5.7% over 2013.
THE NUMBER OF EMPLOYEES
EMPLOYEE TRAINING AND
COOPERATION WITH
EDUCATIONAL INSTITUTIONS
Considerable attention was paid to staff
training and retraining. In 2014, as many as
6,987 employees underwent training; the
alloca­tions for employee training amounted
to around LTL 1 million of the company funds.
In the 2014/2015 academic year, a total of 476
employees are studying at universities and
colleges. The company provided financing
up to 50% for 28 employees in the Autumn
Semester 2014.
Following the cooperation agreements
signed with educational institutions, students
were accepted for practical placements as
well as faculty internships organised. In 2014,
practical placements were provided for 675
students from universities and colleges while
internships for 11 people; totally 91 students
participated in educational trips.
LABOUR PRODUCTIVITY,
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
thousands LTL/employee
167.7
10,318
10,505
10,601
10,634
159.0
10,480
153.3
157.2
135.9
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
A N N UA L R E P O R T 2014
SOCIAL NEEDS OF EMPLOYEES
In 2014, a total of LTL 5million was allocated for
addressing the social needs of employees, e.g.
for improving their quality of life, developing
a healthy lifestyle skills, ensuring prevention
of the most prevalent diseases, their early
diagnosis and effective treatment.
EMPLOYEE PROMOTIONS,
DEVELOPING SOCIAL
RESPONSIBILIT Y
Company employees have been encouraged
and rewarded for good performance. Awards
such as Honour Sign of Railroader, the
Company Sign for Merit, annual nominations
for teams and staff are usually presented twice
LIETUVOS GELEŽINKELIAI
31
a year during traditional festivals – the Railway
Day Festival in August and final annual event
in December.
Company Caring Best of Employees’ Physical
Activity held by the Lithuanian Ministry of
Health.
In 2014, the company itself received a
number of awards in different categories:
the National Socially Responsible Business
Award for a constructive dialogue between the
company management and representatives of
trade unions awarded in the category of large
businesses; according to the survey conducted
by a recruitment agency, CV Market, the
company was selected as the second best
The Most Attractive Employer 2014; award
in the category of large businesses of the
competition Favourite Company 2014 from the
Lithuanian Business Confederation; winner of
the Startup nomination in the competition
AB Lietuvos Geležinkeliai employees actively
participated in different social campaigns,
e.g. planted trees in various cities and towns
during World Cleanup 2014 Let’s Do It! Lithua­
nia; they also joined other campaigns held by
public organisations, e.g. raised money for the
poor people in this country.
32
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
MA JOR E VENTS IN 2014
23 January: Rail Baltica Statyba, a subsidiary
company of AB Lietuvos Geležinkeliai, was regis­
tered. The objectives of this company are to
supervise the establishment of the new public
infrastructure and to defend the public interest
in accordance with the laws of Lithuania. Rail
Baltica Statyba is a founder and shareholder of
a joint venture of the three Baltic States, RB Rail,
which is responsible for the implementation
of Rail Baltica 2 project. Rail Baltica Statyba will
represent Lithuania’s interests in carrying out
said project.
April: container train Viking won a BESTFACT
research programme award for Best Practice
in Green Logistics and Co-Modality; the award
was received by the company’s executives in
Paris.
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
June: AB Lietuvos Geležinkeliai won the
nominations of Environmental Enterprise 2013
and Top Workplace 2013 in the competitions
organised by the Lithuanian Ministry of Social
Security and Labour.
16 June: AB Lietuvos Geležinkeliai representative
office was opened in Beijing. One of the
opening events was a Lithuanian and
Chinese transport forum titled China–Lithu­
ania: Silk Road Economic Belt. During the
forum, a Memorandum of Understanding on
cooperation was signed by AB Lietuvos Gele­
žinkeliai, the Lithuanian National Associa­tion of
Forwarders and Logistics, Lineka, and the China
International Freight Forwarders Association.
24 July: AB Lietuvos Geležinkeliai launched
the new Traffic Management Centre. The
centre is responsible for the organisation and
management of train traffic in this country,
auto­
matic train scheduling and adjustment,
allocation of time slots for railway infrastructure
maintenance and repair works, as well as
prompt res­
ponse to emerging dangerous
situations rela­ting to traffic safety and efficiency.
The year 2014 marked the 155th anniversary of
railways in Lithuania and the 95th anniversary of
independent Lithuanian railways. On 30 August,
the company’s employees and their fami­
lies commemorated these two anniversaries
important for Lithuanian railways during the
celebration of Railway Day, a long-standing
professional festival.
10 October: a mosaic panel, Dream Travels, was
presented at Vilnius Railway Station. The panel
was created by more than 250 children with
disabilities and other project participants under
the leadership of ceramicist Sonata Kazimie­
raitienė.
16 October: beloved companies were elec­ted
in Lithuania. The contest ‘I Love My Company’
had reached the final – the most unani­mous,
creative and enthusiastic staff teams were
awarded. AB Lietuvos Geležinkeliai was declared
the winner in the category of large companies.
The competition was attended by more than 70
companies. They were divided into 4 categories
according to the number of employees.
Implementing the project ‘I Love My Company’,
the Lithuanian Business Confe­deration aims to
A N N UA L R E P O R T 2014
strengthen corporate microclimate, improve
relations between employees and employers,
foster employee loyalty and team spirit, as well
as encouraging creative ideas and initiatives.
28 October: the Baltic States concluded a
landmark agreement following which a joint
venture, RB Rail, was established by Lithuanian,
Latvians and Estonian railway undertakings.
The new company will be responsible for
implementing the international project, Rail
Baltica. The European-standard gauge railway
will connect the Baltic States to Finland and
Poland. It will be the first project of this size
to be implemented jointly by the three Baltic
States. The Memorandum of Association was
signed by the heads of Rail Baltica Statyba
(Lithuania), Eiropas Dzelzcela Linijas (Latvia) and
Rail Baltic Estonia (Estonia). The ceremony was
also attended by the Ministers of Transport of
the three Baltic States.
November: the European Railway Agency (ERA)
published the EU Railway Safety Performance
Report 2013. It showed that Lithuania had made
progress in the field of rail traffic safety. In view
of the number of major rail traffic accidents,
Lithuania rose per year to No. 8 from No. 12 and
ranked among the top 10 safest countries in
terms of rail traffic safety.
27 November: the representatives of the Lithua­
nian Railway Museum received from the Mayor
of Vilnius an award ‘Vilnius Hospitality 2014’.
The railway museum was recognised the most
hospitable museum in Vilnius. Located inside
the train station itself, the museum is visited by
approximately 3, 000 people monthly.
8 December: an automatic rolling stock
washing plant started operating at Radviliškis
Locomotive Depot. The plant offers cleaning
services for railcars and locomotives, including
shunting locomotives. In the future, electric
locomotives that are scheduled to be acquired
will be also cleaned in this plant. The building of
the plant amounted to LTL 9.5 million, excluding
VAT; the company’s own funds were used for its
LIETUVOS GELEŽINKELIAI
33
construction. The plant is unique in a way that
different types of rolling stock can be cleaned in
one place. In the adjacent countries, a separate
washing facility is built for every locomotive
series.
15 December: the electrification work was
started at Naujoji Vilnia railway station on the
section Naujoji Vilnia–Kyviškės–Kena–State
border with Belarus . This is the second railway
electrification project in this country and the
first such project in the history of independent
Lithuania. The implementation of the project
will result in more attractive passenger
services, more efficient freight services
and reduced environmental pollution. The
project will also contri­bute to strengthening
the bilateral relations between Lithuanian
and Belarus. The said railway infrastructure
modernisation project significant for both
countries is scheduled to be completed in the
spring of 2016.
34
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
MANAGEMENT STRUC TURE
MINISTRY OF TRANSPORT AND COMMUNICATIONS
OF THE REPUBLIC OF LITHUANIA
THE BOARD
HEAD OFFICE
FREIGHT
RAIL BALTICA PROJECT
DIRECTORATE
DIRECTORATE
RAILWAY INFRASTRUCTURE
INFORMATION TECHNOLOGY
DIRECTORATE
CENTRE
PASSENGER
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
DIRECTORATE
SUBSIDIARY
REPRESENTATIVE OFFICES IN
COMPANIES
FOREIGN COUNTRIES
A N N UA L R E P O R T 2014
INDEPENDENT AUDITOR‘S REPORT
LIETUVOS GELEŽINKELIAI
35
36
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
BAL ANCE SHEE TS (LTL)
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
GROUP
C O M PA N Y
ASSE TS
As of
31 December
2014
As of
31 December
2013 (revised)
As of
31 December
2014
As of
31 December
2013 (revised)
A.
NON-CURRENT ASSETS
6 502 223 130
5 769 193 448
6 529 710 468
5 813 502 401
I.
INTANGIBLE ASSETS
63 553 920
26 509 064
60 943 417
24 194 352
II.
PROPERTY, PLANT AND EQUIPMENT
6 416 185 262
5 721 845 552
6 312 662 652
5 648 261 757
II.1.
Land and buildings
784 809 527
797 686 012
755 832 800
769 514 340
II.2.
Structures and machinery
2 241 005 930
2 114 430 122
2 166 986 900
2 056 573 860
II.3.
Vehicles
1 553 528 435
1 517 851 093
1 547 703 987
1 515 220 221
II.4.
Other equipment and tools
59 559 566
46 928 627
55 657 004
43 704 641
II.5.
Other property, plant and equipment
3 922 116
7 608 759
3 062 986
9 311 427
II.6.
Construction in progress and prepayments
1 769 237 868
1 236 966 000
1 779 297 155
1 253 562 329
II.7.
Investment property
4 121 820
374 939
4 121 820
374 939
II.7.1.
Buildings
4 121 820
374 939
4 121 820
374 939
III.
FINANCIAL ASSETS
10 942 385
9 405 979
145 268 133
127 991 996
III.1.
Investments into subsidiaries and associated companies
10 914 396
6 930 428
145 240 144
127 928 290
III.2.
Loans to associated companies, subsidiaries and other companies
-
-
-
III.3.
Non-current receivables
27 989
2 475 551
27 989
63 706
IV.
OTHER NON-CURRENT ASSETS
11 541 563
11 432 853
10 836 266
13 054 296
IV.1.
Deferred income tax asset
11 541 563
11 432 853
10 836 266
10 640 921
IV.2.
Other non-current assets
-
-
-
2 413 375
B.
CURRENT ASSETS
532 520 647
489 475 106
435 673 037
391 909 941
I.
INVENTORIES AND PREPAYMENTS
209 503 988
204 053 962
165 908 379
156 428 664
I.1.
Inventories
195 234 872
184 520 810
156 221 192
144 323 626
I.2.
Non-current assets held for sale
3 340 721
3 487 158
3 340 721
3 487 158
I.3.
Prepayments
10 928 395
15 398 375
6 346 466
8 617 880
I.4.
Contracts in progress
-
647 619
-
-
II.
CURRENT RECEIVABLES
176 285 709
164 460 826
141 605 501
130 370 925
II.1.
Trade receivables
141 837 141
104 205 341
105 699 233
70 834 563
II.2.
Receivables from subsidiaries and associated companies
31 260
43 044
3 424 624
1 093 027
II.3.
Other receivables
34 417 308
60 212 441
32 481 644
58 443 335
III.
OTHER CURRENT ASSETS
-
93 101
-
70 000
III.1.
Other current assets
-
23 101
-
-
III.2.
Loans to associated companies,
subsidiaries and other companies
-
70 000
-
70 000
IV.
CASH AND CASH EQUIVALENTS
146 730 950
120 867 217
128 159 157
105 040 352
TOTAL ASSETS
7 034 743 777
6 258 668 554
6 965 383 505
6 205 412 342
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
37
BAL ANCE SHEE TS (CONT‘D)
GROUP
C O M PA N Y
As of
31 December
2014
As of
31 December
2013 (revised)
As of
31 December
2014
As of
31 December
2013 (revised)
C.
SHAREHOLDERS EQUITY
3 504 473 694
3 445 943 929
3 494 389 657
3 432 362 383
I.
EQUITY
3 247 555 809
3 163 841 854
3 247 555 809
3 163 841 854
I.1.
Share capital (subscribed)
3 247 552 000
3 163 839 000
3 247 552 000
3 163 839 000
I.2.
Share premium
3 809
2 854
3 809
2 854
II.
REVALUATION RESERVE (RESULTS)
-
-
-
-
III.
RESERVES
176 434 902
171 435 611
176 434 902
171 435 611
III.1.
Legal reserve
85 745 222
80 890 976
85 745 222
80 890 976
III.2.
Other reserves
90 689 680
90 544 635
90 689 680
90 544 635
IV.
RETAINED EARNINGS (DEFICIT)
80 482 983
110 666 464
70 398 946
97 084 918
IV.1.
Current year’s profit (loss)
66 901 437
104 373 652
70 398 946
97 084 918
IV.2.
Previous year’s profit (loss)
13 581 546
6 292 812
-
-
D.
GRANTS AND SUBSIDIES
1 982 309 332
1 455 289 959
1 981 335 295
1 454 032 020
E.
LIABILITIES
1 547 960 751
1 357 434 666
1 489 658 553
1 319 017 939
I.
NON-CURRENT LIABILITIES
1 015 624 213
762 206 545
1 006 673 608
759 914 753
I.1.
Financial borrowings
988 742 387
706 010 121
981 482 898
705 666 205
I.2.
Trade payables
430 908
34 214 475
430 908
34 214 475
I.3.
Provisions
26 450 918
21 454 865
24 759 802
19 506 989
I.4.
Other accounts payable and non-current liabilities
-
527 084
-
527 084
II.
CURRENT LIABILITIES
532 336 538
595 228 121
482 984 945
559 103 186
II.1.
Current portion of non-current borrowings
70 728 807
70 379 894
70 344 025
70 379 894
II.2.
Financial borrowings
15 120 377
5 967 023
II.3.
Trade payables
281 499 370
339 490 217
225 976 032
265 703 779
II.4.
Accounts payable to subsidiaries and associated company
1 435 125
980 571
40 140 930
70 316 411
II.5.
Prepayments received
15 236 457
22 618 080
15 093 301
15 206 137
II.6.
Taxes payable
6 269 343
6 762 726
2 024 003
2 659 960
II.6.1.
Income tax liabilities
270 805
1 076 782
-
-
II.6.2.
Other taxes
5 998 538
5 685 944
2 024 003
2 659 960
II.7.
Labour-related liabilities
86 662 102
86 189 368
76 118 011
74 695 418
II.8.
Provisions
14 393 107
17 764 766
14 291 167
17 618 436
II.9.
Other accounts payable and current liabilities
40 991 850
45 075 476
38 997 476
42 523 151
TOTAL EQUITY AND LIABILITIES
7 034 743 777
6 258 668 554
6 965 383 505
6 205 412 342
-
-
38
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
INCOME STATEMENTS (LTL)
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
GROUP
C O M PA N Y
2014
2013
2014
2013
I.
Sales
1 624 040 675
1 637 004 080
1 594 208 564
1 578 144 806
II.
Cost of sales
(1 340 785 988)
(1 347 913 474)
(1 328 889 045)
(1 317 236 478)
III.
GROSS PROFIT
283 254 687
289 090 606
265 319 519
260 908 328
IV.
Operating expenses
(204 777 481)
(183 743 596)
(184 158 960)
(164 142 344)
V.
PROFIT FROM OPERATIONS
78 477 206
105 347 010
81 160 559
96 765 984
VI.
Other activities
VI.1.
Income
35 390 602
32 248 902
35 296 342
32 609 769
VI.2.
Expenses
(3 700 178)
(2 361 743)
(3 589 511)
(2 860 453)
31 690 424
29 887 159
31 706 831
29 749 316
VII.
Financial and investment activities
VII.1.
Income
4 358 726
4 764 237
2 921 477
3 513 582
VII.2.
Expenses
(29 612 981)
(19 479 992)
(28 747 448)
(18 717 957)
(25 254 255)
(14 715 755)
(25 825 971)
(15 204 375)
VIII.
PROFIT FROM ORDINARY ACTIVITIES
84 913 375
120 518 414
87 041 419
111 310 925
IX.
Extraordinary gain
-
-
-
-
X.
Extraordinary loss
-
-
-
-
XI.
PROFIT BEFORE TAX
84 913 375
120 518 414
87 041 419
111 310 925
XII.
Income tax
(18 011 938)
(16 144 762)
(16 642 473)
(14 226 007)
XIII.
NET PROFIT
66 901 437
104 373 652
70 398 946
97 084 918
A N N UA L R E P O R T 2014
LIETUVOS GELEŽINKELIAI
39
With the introduction of the euro in Lithuania from 1 January 2015,
litas was converted to euro at the official fixed exchange rate of EUR 1 = LTL 3.45280.
40
LIETUVOS GELEŽINKELIAI
A N N UA L R E P O R T 2014
AB Lietuvos Geležinkeliai
Mindaugo g. 12, Vilnius LT-03603, Lithuania
Fax. +370 5 269 21 28
[email protected]
www.litrail.lt