annual report

Transcription

annual report

ANNUAL
REPORT
ANNUAL
REPORT
2014
PK P GROUP | AnNual Report 2014
Contents
004
Introduction
006
Report on the operations
of PKP Group Companies
008
01 PKP Group
020
02 PKP S.A.
028
03 PKP Polskie Linie Kolejowe
036
04 PKP CARGO
044
05 PKP Intercity
052
06 PKP Linia Hutnicza Szerokotorowa
060
07 PKP Szybka Kolej Miejska w Trójmieście
068
08 PKP Energetyka
076
09 TK Telekom
082
10 PKP Informatyka
092
Corporate social responsibility activities
Modernity measured by responsibility
100
Research projects as an element
of quality management
103
Summary
003
004
PK P GROUP | ANNUAL REP OR T 2014 | Introduc tion
Introduction
PK P GROUP | ANNUAL REP OR T 2014 | Introduc tion
Ladies and gentlemen,
On behalf of the Board of PKP S.A. and the PKP Group Companies, I am pleased to present to you the Annual Report of the
PKP Group for 2014.
Thanks to the big commitment of all employees I can proudly announce that rail service is back in the game! Activities that focus
on improving the comfort and safety of passengers helped us
stop the decline in the number of passengers in PKP Intercity S.A.
and turned around this undesirable trend. Additionally, we had
consistently implemented the PKP Group’s Strategy developed
at the beginning of the term of the current Board.
The most important event of the past year was the introduction
on the Polish railway tracks of a new category of Express Intercity
Premium trains, that is, the Pendolino. These modern trains offer
maximum comfort. Importantly, we also witnessed significant
improvements in travel times between major cities in Poland
as a result of modernization works carried out in recent years.
We still continue to invest in improving the safety and comfort
of travel, hence last year we purchased 40 train sets of Polish
production, that will be in use on the tracks as early as 2015.
Customer satisfaction surveys confirm that the implementation of the adopted Strategy is delivering the desired results.
The number of passengers satisfied with their journey on
PKP Intercity S.A. trains has increased by more than half. More
and more passengers also appreciate the cleanness and the
quality of services at railway stations and on trains, as well
as punctuality and shorter travel times.
2014 was marked by record investment in railway lines, rolling
stock and stations. Total expenditures for investment purposes
in the PKP Group totaled to 9.8 billion PLN. We modernized over
1,400 km of track and and we have completed the building or
The most important event of the past
year was the introduction on the Polish
tracks of a new category of Express
Intercity Premium trains, that is,
the Pendolino. and property sales led to a further reduction of the historic
net debt, which we have already managed to reduce by 80 %
since 2012. In 2014 we started other privatization processes
– TK Telekom Sp. z o.o. and PKP Energetyka S.A.
The past year was also marked by further dynamic development
of PKP CARGO S.A., the second largest rail freight carrier in the
European Union. A breakthrough in the international expansion
strategy of this company was the purchase of the Czech carrier
Advanced World Transport B.V. at the end of 2014. It was the
first such transaction in the history of the PKP Group.
Furthermore, we are actively expanding on the real estate market. In December 2014 the Xcity Investment Sp. z o.o. company
was set up. Its activity is dedicated to real estate development
projects with a total estimated value exceeding 8.8 billion euro.
The Company is poised to become a major player in the real
estate development market.
This does not mean, however, that the process of change
in the PKP Group has come to an end. On the contrary, our
plans for 2015 include the realization of investments at the
level of 11.3 billion PLN, an introduction of services operated
by the technologically advanced electric multiple unit trains
by PKP Intercity S.A., the finalization of the privatization processes of TK Telekom Sp. z o.o. and PKP Energetyka S.A. and
the development of the PKP Group Strategy for 2015–2018. These
tasks also include the preparation of investment processes
renovation of 21 railway stations.
for the new EU perspective in which more than 10 billion euros
By standardizing the management of projects, we have increased
has been allocated for rail network development.
the level of absorption of EU funds allocated to rail for another
year in a row. The amount of funds used totaled more than
5 billion PLN, which is more than double than in 2013.
I wish to thank to all employees at the PKP Group, co–workers,
contractors and most of all customers who daily verify the
results of the work performed. We are proud that you appre-
The unprecedented scale of infrastructure investments has
ciate our efforts. I hope that our future projects will bring
resulted in improved safety. Our activities in this area included
even better results.
the development of a training program and an increase in
You can see the scope of the tasks performed and the changes
employment of traffic safety staff. As a result, in the past
year we recorded the lowest number of accidents in Polish
railways history.
introduced by reading this Annual Report.
I hope you will find the Annual Report interesting reading. p
We maintained a high pace of privatization of the PKP Group
Companies. PKP CARGO S.A. shares enjoyed unfailing investor
interest, as confirmed by the June sale of shares for more than
500 million PLN. The funds obtained from the privatization
Warsaw, July 2015
005
PK P Group | ANNUAL REP OR T 2014 | REP OR T ON THE OPER ATIONS OF PK P GROUP COMPANIE S
Report on the
operations of
PKP Group Companies
Source: PKP Intercity.
006
008
PK P GROUP | ANNUAL REP OR T 2014 | PK P Group
01
33 five companies operating in areas related to railway
PKP Group
33 PKP Polskie Linie Kolejowe S.A. (hereinafter referred to as
services (three railway printing houses, Natura Tour
PKP PLK) – the company managing standard railway lines;
Sp. z o.o. providing tourist services and Polskie Koleje
33 PKP Energetyka S.A. (hereinafter referred to as PKP Ener-
Linowe Sp. z o.o. providing mountain cable railway
getyka), PKP Informatyka Sp. z o.o. (hereinafter referred to
services).
as PKP Informatyka) and TK Telekom Sp. z o.o. (hereinafter
referred to as TK Telekom) – companies providing services
PKP S.A. contributed elements of movable assets to the
newly formed companies. Real estate property was leased
to the companies, mainly because of its unclear legal status
related to railway infrastructure management;
33 CS Szkolenie i Doradztwo Sp. z o.o., Drukarnia Kolejowa
Kraków Sp. z o.o., Natura Tour Sp. z o.o. – companies
and then brought in ‘in kind’ as the process of regulating its
operating in areas unrelated to railway transportation.
legal status is being established.
33
1.1 About the PKP Group
Scheme of the PKP Group in 2014
The PKP Group was established in 2001 as a result
of the restructuring process of the Polskie Koleje
Państwowe (Polish State Railways) state enterprise.
PKP Linia Hutnicza
Szerokotorowa
PKP Szybka Kolej Miejska
w Trójmieście
PKP Polskie Linie Kolejowe
PKP Intercity
This process aimed at separating transport activities from railway infrastructure management and the establishment of independent legal
entities in the secondary areas of activity.
PKP S.A.
PKP Informatyka
Polskie Koleje Państwowe Spółka Akcyjna was established on 1 January
PKP CARGO
Parent company
2001 as a result of the commercialization of the Polskie Koleje Państwowe
state enterprise and entered into the rights and obligations of its
PKP Energetyka
TK Telekom
predecessor. Furthermore, on the basis of the Polskie Koleje Państwowe
state enterprise Act of 6 July 1995 and the Act of 8 September 2000 on the
commercialization, restructuring and privatization of the Polskie Koleje
Państwowe state enterprise, the following companies were established
Natura Tour
in 2001 in the areas of:
33 railway passenger transport: PKP Intercity Sp. z o.o. (since 2008
Drukarnia Kolejowa
Kraków
CS Szkolenie i Doradztwo
PKP Intercity S.A.), PKP Przewozy Regionalne Sp. z o.o., PKP
Warszawska Kolej Dojazdowa Sp. z o.o., PKP Szybka Kolej Miejska
w Trójmieście Sp. z o.o.;
As a result of the changes in ownership, including the pri-
33 freight transport: PKP CARGO S.A., PKP Linia Hutnicza Szerokotorowa
Sp. z o.o.;
33 railway infrastructure management: PKP Polskie Linie Kolejowe S.A.;
33 activities supporting the core business: PKP Energetyka Sp. z o.o.
(since 2009 PKP Energetyka S.A.), PKP Informatyka Sp. z o.o. and
Telekomunikacja Kolejowa Sp. z o.o. (since 2010 TK Telekom Sp. z o.o.);
33 moreover, the following entities were established:
33 nine companies providing services for infrastructure renovations
and repairs and two companies dealing with rolling stock repairs.
The PKP Group’s consolidated financial statement for 2014
vatization processes and the restructuring processes being
includes financial data for eight Companies of the PKP Group
conducted, at the end of 2014 the PKP Group included:
(PKP S.A., PKP Intercity, PKP SKM, PKP CARGO, PKP LHS, PKP
33 Polskie Koleje Państwowe Spółka Akcyjna (hereinafter
Energetyka, PKP Informatyka, TK Telekom) and Przedsiębiorst-
referred to as PKP S.A.) – parent company;
wo Spedycyjne Trade Trans Sp. z o.o. (a company depended on
33 PKP Intercity S.A. (hereinafter referred to as PKP Intercity)
PKP CARGO). These Companies underwent full consolidation.
and PKP Szybka Kolej Miejska Sp. z o.o. (also being the
Additionally, PKP S.A. was a minority shareholder in PKP PLK,
infrastructure administrator of No. 250 Line, hereinafter
which had an impact on the consolidation of this enterprise
referred to as PKP SKM) – the operator companies providing
under the equity method.
services on the passenger transport market;
This report describes consolidated financial and operational
33 PKP CARGO S.A. (hereinafter referred to as PKP CARGO) and
PKP Linia Hutnicza Szerokotorowa Sp. z o.o. (also being the
33 three companies operating in secondary areas, such as training
infrastructure manager of No. 65 Line – a broad–gauge line,
(CS Szkolenie i Doradztwo Sp. z o.o.), pharmacy (Farmacja Kolejowa
hereinafter referred to as PKP LHS) – the operator compa-
Sp. z o.o.) and supplies (Ferpol Sp. z o.o.).
nies providing services on the freight transport market;
data, and individual data for each of the companies is discussed further in the report.
009
010
1.2 Finances
5,604.0 million PLN including the main item of income from the transport
of goods, which amounted to 3,749.4 million PLN and income from the
transport of persons of 1,854.6 million PLN. In 2014 the level of grants from
In 2014, the PKP Group continued the restructuring process in order
the State budget, which is the main subsidy and funding for international
to adjust its resources to its actual needs. The actions were aimed
and interprovincial transport, amounted to 647.0 million PLN, and com-
at extending the area of activity and minimizing negative economic
pared to 2013 increased by 46.6 million PLN (including due to the higher
effects, mainly in transport companies. The effect of these activities
funding that PKP Intercity received from the State budget for the conduct
is the observed improvement in the financial results.
of interprovincial transport).
XX In 2014, the PKP Group improved its net result
in comparison to 2013.
↑732.8 million
The lower level of net revenue from the sale of products and services
was primarily due to lower transport revenue, which was the result
XX Consolidated profit and loss account for 2013–2014 (in million PLN)
Item
2013*
2014
Net sales revenues and equivalent revenues
10,191.3
Operating expenses
of a decrease in revenues from PKP CARGO (reduced demand for coal
Change
due to a decrease in electricity production and limits on exports of the
aforementioned raw materials as a result of the continuing significant
2014–2013
%
10,505.3
314.1
3.1 %
10,247.8
10,496.0
248.1
2.4 %
Profit (loss) on sales
–56.6
9.4
66.0
–
Other operating revenues
802.8
895.5
92.7
11.6 %
Other operating expenses
657.8
884.0
226.1
34.4 %
Profit/loss on other operating activities
145.0
11.6
–133.4
–92.0 %
88.4
20.9
–67.4
–76.3 %
823.2
751.4
–71.7
–8.7 %
8.1 %
7.2 %
–
–
Financial revenues
768.3
423.8
–344.5
–44.8 %
Financial expenses
570.8
363.2
–207.6
–36.4 %
Profit/loss on financial activities
197.5
60.6
–136.9
–69.3 %
Profit (loss) of business activities
285.9
81.6
–204.3
–71.5 %
Profit (loss) of shares in controlled entity
–493.6
216.2
709.8
–
Change in the balance of products
Gross profit (loss)
–207.7
297.8
505.4
–
Manufacturing cost of products for internal purposes
Income tax
50.6
–17.4
–68.0
–
Net revenues from sales of goods and materials
Profit (loss) of minority shareholders
14.9
–144.4
–159.4
–
Net revenues from sales and equivalent revenues
–273.2
459.6
732.8
–
–2.7 %
4.4 %
–
–
EBIT
EBITDA
EBITDA margin
Net profit (loss)
Net profitability
*Figures restated for the purpose of ensuring comparability.
price falls of coal on world markets, partially offset by higher transportation of aggregates and building materials related to the launch of
numerous infrastructure investments).
XX Consolidated sales revenues and equivalent revenues for 2013–2014 (in million PLN)
Item
8,393.3
–178.5
–2.1 %
5,864.8
5,604.0
–260.8
–4.4 %
Freight transport
3,988.0
3,749.4
–238.7
–6.0 %
Passenger transport
1,876.7
1,854.6
–22.1
–1.2 %
Public subsidy
600.4
647.0
46.6
7.8 %
Sale of other services
2,707.0
2,789.3
82.3
3.0 %
0.4
3.9
3.5
810.8 %
61.7
79.5
17.8
28.8 %
1,557.3
2,028.6
471.3
30.3 %
10,191.3
10,505.3
314.1
3.1 %
Net revenues from the sale of products and services, including:
Sale of transport services, including:
The increase in net revenue from the sale of goods and materials
is largely the result of higher level of revenue by PKP Energetyka (increase
to as TPA and continuing development of initiatives of energy trading
compared to 2013 by 66.0 million PLN, which was mainlythe result of
in the wholesale market).
revenue growth as a result of maintaining the dynamic development of
Operating expenses in 2014 totalled 10,496.0 million PLN and compared
Net revenues from sales of products and services in 2014 were realized
at the level of 8,393.3 million PLN, which is lower by 2.1 % in comparison
to 2013. The dominant position in the structure of revenues in 2014 continued to be income from the sale of transport services in the amount of
8,571.8
Change
%
sales of electricity mainly in the ‘Third Party Access’ segment referred
as a result of the positive effects of continuing restructuration.
2014
2014–2013
The result from sales in 2014 amounted to 9.4 million PLN and improved
selected Companies in the PKP Group, while reducing operations costs
2013
to 2013 were higher by 248.1 million PLN, that is by 2.4 %.
The increase in operating expenses affected the value of goods and materials sold due to the increase in the purchase of electricity (derived growth
in electricity sales in the TPA segment), as well as the commencement
and continuation of sale of gas and fuel respectively by PKP Energetyka.
011
012
parison to 2013, supplementary capital increased by 39.6 million PLN
XX Consolidated operating expenses for 2013–2014 (in million PLN)
and other reserve capital by 56.6 million PLN. As a result of the loss
Item
2013
2014
Depreciation
734.8
Materials and energy consumption
Outsourced services
in 2013 the loss carried forward from the previous year increased by
Change
2014
2014–2013
%
730.5
7.2 %
7.0 %
–4.3
–0.6 %
1,571.2
1,546.1
15.3 %
14.7 %
–25.1
–1.6 %
2013. The change in provisions and liabilities balance was mainly due to
3,317.0
3,259.6
32.4 %
31.1 %
–57.4
–1.7 %
the increase in value of long–term liabilities (borrowings and loans, as
240,9
235.6
2.4 %
2.2 %
–5.3
–2.2 %
2,262.4
2,133.3
22.1 %
20.3 %
–129.0
–5.7 %
567.6
533.7
5.5 %
5.1 %
–33.9
–6.0 %
account of deferred income tax and other provisions) and decrease of
94.3
72.9
0.9 %
0.7 %
–21.4
–22.7 %
short–terms liabilities (repayment of loans, credits and debt securities).
1,459.7
1,984.3
14.2 %
18.9 %
524.6
35.9 %
10,247.8
10,496.0
100.0 %
100.0 %
248.1
2.4 %
Payroll
Social security and other benefits
Other costs by kind
Value of goods and materials sold
The decrease in operating expenses was recorded in the cost
of salaries, social security and other benefits, as well as the
cost of consumption of materials and energy. Additionally, the
change in rates for services to access the line of infrastructure
administrators of freight and passenger carriers was a positive
factor in lowering outsourced service costs of the PKP Group.
the provision for retirement benefits at the decrease of provisions on
XX Consolidated balance sheet for 2013–2014 (in million PLN)
Fixed assets
133.4 million PLN in comparison to 2013.
of fixed investment assets while at the same time there was
The increase in other operating revenues is due to the larger
a decrease in current assets, mainly cash. The increase in
31.12.2013
31.12.2014
18,970.5
Current assets
TOTAL ASSETS
Equity
Equity of minority shareholders
ment subsidies (settlement of the purchase and modernization
of rolling stock), higher income from contractual penalties
As at 31 December 2014, fixed assets made up 81.9 % of to-
from companies that provide repair services for PKP Intercity
tal assets and in comparison to the financial standing as
and higher income from the reversal of provisions by PKP
at 31 December 2013, increased by 1,763.6 million PLN. This
Energetyka. Other operating expenses, inter alia, increased
also resulted from an increase in tangible fixed assets by
as a result of costs of write–downs of penalties that
1,600.3 million PLN, an increase in long–term investments
PKP Intercity had calculated to the carrier suppliers.
by 270.7 million PLN and an increase in non–tangible and legal
In 2014 a positive result on financial activity was achieved
assets by 19.5 million PLN, with a simultaneous decrease in
(60.6 million PLN), which was lower by 136.9 million PLN than
the value of long–term receivables by 139.7 million PLN.
that obtained in 2013, due to the high profit on the sale of
Current assets accounted for 18.1 % of the total assets.
investments, obtained by PKP S.A. in 2013, at the same time
In comparison to December 2013, they decreased by 897.5 million
with lower interest costs on financial liabilities in 2014.
PLN as a result of the decrease in short–term investments by
In 2014 the PKP Group achieved a profit on business activities
989.7 million PLN. Whereas short–term receivables increased
of 81.6 million PLN, with a profit of 285.9 million PLN generated
by 55.3 million PLN and inventories by 28.4 million PLN.
in 2013.
As at 31 December 2014, equity capital made up 35.0 % of
The consolidated net profit of 459.6 million PLN, apart from
total liabilities and in comparison to December 2013, equity
capital increased by 280.8 million PLN. It resulted from a net
profit in 2014 of 459.6 million PLN with a net loss for the
2013 financial year at the level of 273.2 million PLN. In com-
Change
2014–2013
%
20,734.1
1,763.6
9.3 %
5,481.2
4,583.7
–897.5
–16.4 %
24,451.7
25,317.8
866.1
3.5 %
8,585.0
8,865.8
280.8
3.3 %
1,443.7
1,797.9
354.2
24.5 %
Liabilities and provisions for liabilities
14,423.0
14,654.1
231.1
1.6 %
TOTAL LIABILITIES
24,451.7
25,317.8
866.1
3.5 %
the assets of the PKP Group was financed by both equity
and external capital.
in subsidiaries, the value of income tax and minority share-
well as issue of debt securities), prepayments (receipt of capital grants
by the PKP Group Companies) and provisions for liabilities (increase in
In 2014, the balance sheet total of the PKP
Group increased by 3.5 %, reaching the level
of 25,317.8 million PLN as at 31 December 2014.
In comparison with 2013 there was an increase in the value
the gross profit result, was affected by the profit from shares
bilities and increased by 231.1 million PLN in comparison to the end of
1.3 Assets
recorded a profit of 11.6 million PLN, which was lower by
sale of expendable rolling stock, higher write–downs of invest-
Liabilities and provisions for liabilities constituted 57.9 % of total lia-
Item
In the case of other operating activities, the PKP Group
holders’ results.
549.5 million PLN.
2013
Taxes and charges
Total operating expenses
Structure %
As at 31 December 2014 the most significant fixed asset items included
tangible fixed assets worth 8,881.2 million PLN (35.1 % of total assets),
which include:
33 property, plant and equipment, which mainly include:
33 buildings, premises, civil and water engineering structures, which
include: elements of PKP SKM and PKP LHS railways, buildings
and equipment forming electricity distribution system and
telecommunication lines,
33 advance payments for fixed assets under construction.
33 fixed assets under construction (capital expenditures that had not
been completed);
33 advance payments for fixed assets under construction.
013
014
1.4 Investments
In 2014 the PKP Group Companies incurred
capital expenditure at the record amount
of 9,844.5 million PLN, that is 42.9 % more
than in 2013.
33 PKP SKM:
–– Extension of No. 250 line with Gdańsk Śródmieście
rail stop construction – 38.6 million PLN
33 Construction investment:
33 PKP Energetyka:
–– Expansion and upgrade of power distribution
systems of traction and non–traction current,
The investment activity was focused mainly on the upgrade
construction and upgrade of buildings and structures
of railway lines, construction investments, modernization
and electricity connection to new customers – a total
and purchase of rolling stock. Sources of funding for capital
of 425.6 million PLN;
expenditures included own funds, EU funds, State budget
33 PKP S.A.:
subsidies and other forms of external financing. The most
–– Construction of railway stations (including Łódź
significant investments include the following tasks:
Fabryczna, Bydgoszcz, Kraków Główny, Piła Główna,
33 The upgrade of railway lines:
Opole Główne) – 153.1 million PLN
33 PKP PLK:
33 The purchase and upgrade of rolling stock:
–– The upgrade of Warszawa – Łódź railway line with the
33 PKP Intercity:
construction of the Łódź Fabryczna railway station
–– Purchase of 20 train sets ED250 Pendolino
– 859.1 million PLN
– 1,165.9 million PLN
–– Upgrade of E30 Kraków – Rzeszów railway line
–– Upgrade and purchase of passenger carriages
for rail services between Przemyśl – Szczecin and
–– Upgrade of E65 Warszawa – Gdynia railway line
Wrocław – Gdynia – 223.1 million PLN;
33 PKP SKM:
–– Upgrade of 21 elec tric multiple unit s (EZT)
–– Upgrade of E59 Wrocław – Poznań railway line
– 102.4 million PLN;
33 PKP CARGO:
–– Upgrade of E75 Rail Baltica Warszawa – Białystok
–– Purchase of 200 flatcars – 57.2 million PLN
railway line – 271.9 million PLN
XX Selected fixed assets in 2013–2014 (in million PLN)
Item
XX Capital expenditure by the PKP Group Companies in 2013–2014 (in million PLN)
31.12.2013
Fixed assets:
31.12.2014
Change
2014–2013
%
18,970.5
20,734.1
1,763.6
9.3 %
81.2
100.7
19.5
24.0 %
I.
Intangible assets
II.
Tangible fixed assets, including:
7,280.8
8,881.2
1,600.3
22.0 %
Property, plant and equipment, including:
5,768.0
7,500.0
1,732.0
30.0 %
1.
Item
2013
Structure %
2014
Structure %
PKP S.A.
218.4
3.2 %
172.4
PKP CARGO*
118.0
1.7 %
52.3
PKP LHS
PKP Intercity
Change
2014–2013
%
1.8 %
–46.0
–21.1 %
145.8
1.5 %
27.8
23.6 %
0.8 %
37.6
0.4 %
–14.7
–28.1 %
756.0
11.0 %
1,504.3
15.3 %
748.3
99.0 %
43.6
0.6 %
150.1
1.5 %
106.6
244.7 %
a.
Land, including:
212.7
225.8
13.1
6.2 %
–
Right of perpetual usufruct of land
201.7
213.6
11.9
5.9 %
b.
Buildings, premises, civil & water engineering structures
1,390.5
1,580.7
190.3
13.7 %
PKP Energetyka
352.1
5.1 %
488.9
5.0 %
136.7
38.8 %
c.
Technical equipment and machinery
427.6
567.0
139.4
32.6 %
PKP Informatyka
12.2
0.2 %
13.1
0.1 %
1.0
8.0 %
d.
Means of transport
3,719.2
5,111.9
1,392.7
37.4 %
TK Telekom
21.5
0.3 %
26.7
0.3 %
5.2
24.0 %
e.
Other fixed assets
18.1
14.6
–3.5
–19.1 %
PKP PLK
5,314.3
77.1 %
7,305.6
74.2 %
1,991.3
37.5 %
1,219.5
997.5
–222.1
–18.2 %
PKP GROUP
6,888.4
100.0 %
9,844.5
100.0 %
2,956.1
42.9 %
293.3
383.6
90.4
30.8 %
2.
Fixed assets under construction
3.
Advance payments for fixed assets under construction
PKP SKM
*Figures compliant with the Accounting Act. PKP CARGO draws up its statutory financial statements according to IAS/IFRS.
015
016
1.5 Employment
In 2014, most of the PKP Group Companies recorded a decrease
in employment, the largest decreases were in:
The PKP Group is one of the largest employers
in Poland, employing almost 79,000 people.
Two Companies of the PKP Group, PKP PLK and
PKP CARGO, are in the top ten largest employers
in Poland.
33 PKP CARGO – continuation of optimizing the human resources program (implementation of Program Dobrowolnych Odejść – The Voluntary Redundancy Program [VRP])
and a greater than expected number of terminated employment contracts due to acquiring retirement rights;
33 TK Telekom – the restructuring of employment and transfer of employees into separate TK Budownictwo and
PKP Utrzymanie companies,
In 2014, the PKP Group Companies continued the process of adjusting
33 PKP S.A. – Reorganization of maintenance of real estate
the level and structure of employment to their current tasks in line with
plants affecting the organizational changes in the Company
changing market requirements.
and natural attrition as part of acquiring retirement rights.
XX Employment in the PKP Group in 2013–2014
Item
XX Employment structure in the PKP Group by education level in 2013–2014
Average employment
during a 12 months period
(full-time job positions)
Change
2014–2013
Number of people
employed* as at the end
of December (persons)
Change
2014–2013
2013
2014
full-time job
positions
%
2013
2014
persons
%
2,758
2,602
–157
–5.7 %
2,743
2,437
–306
–11.2 %
22,711
22,013
–698
–3.1 %
22,480
20,830
–1,650
–7.3 %
PKP LHS
1,245
1,282
38
3.0 %
1,247
1,292
45
3.6 %
PKP Intercity
7,348
7,199
–149
–2.0 %
7,246
7,138
–108
–1.5 %
793
794
1
0.1 %
784
831
47
6.0 %
7,286
7,192
–93
–1.3 %
7,285
7,189
–96
–1.3 %
442
403
–39
–8.8 %
403
403
0
0.0 %
1,491
816
–675
–45.3 %
1,469
495
–974
–66.3 %
PKP PLK
38,469
37,959
–510
–1.3 %
37,611
38,264
653
1.7 %
PKP GROUP
82,542
80,260
–2,282
–2.8 %
81,268
78,879
–2,389
–2.9 %
PKP S.A.
PKP CARGO
PKP SKM
PKP Energetyka
PKP Informatyka
TK Telekom
*The number of people employed in PKP S.A. includes employees for whom PKP S.A. is the primary place of employment, including its representatives abroad.
As at 31 December 2014, 78,879 people were employed in the PKP Group
Companies and in comparison to 31 December 2013 it was lower by
2,389 people, that is by 2.9 %. In 2014 the average number of full–time
job positions was 80,260 and decreased by 2.8 % in comparison to 2013.
2013
2014
81,268
people
78,879
people
Secondary – 52 %
Secondary – 52 %
Vocational – 27 %
Vocational – 26 %
Higher – 16 %
Higher – 17 %
Primary – 5 %
Primary – 5 %
017
018
1.6 Main highlights
January
a 60.4 million PLN penalty on PKP CARGO due to the abuse
33 The 2013 Budget Act was passed which stipulated, inter
of its dominant position.
alia:
–– a designated subsidy for PKP S.A. for investments
related to the upgrade of railway stations in the amount
of 106.9 million PLN;
–– a subsidy for domestic passenger railway transport
awarded to railway companies (including companies
unrelated to the PKP Group) to compensate for lost
revenues due to the application of concessions in the
amount of 505.1 million PLN;
–– a designated subsidy for PKP Intercity and Przewozy
Regionalne Sp. z o.o. for passenger transpor t
(interprovincial and international) in the amount of
375.0 million PLN.
33 The increase of PKP Intercity rating from stable to
positive by Fitch Ratings agency.
February
33 TK Telekom announcement on 25 February 2014 of the
procedure to select a transaction advisor for the process
of the sale of Company shares.
33 Adoption of the 4th Railway Package by the European
Parliament on 26 February 2014. Its goal was to finalize
work on legislative basics to enable rail industry improvement of the quality and effectiveness of services
provided. Attention was also drawn to the completion
of the uniform European railway area, whose key elements are regulations relating to the opening up of the
market for domestic rail passenger services and railway
infrastructure management.
33 The European Parliament’s adoption on 26 February 2014
of the amendment excluding from the legal requirements
those provisions concerning the separation of the insti-
33 The adoption on 21 March 2014 by the Sejm and on
Express InterCity Premium (EIP) operated by the Pen-
PKP S.A. sold 17.03 % of PKP CARGO shares.
dolino trains on 14 December 2014. 9 of the 17 EIP Pre-
33 Issue by the President of the Railway Transport Office
of PKP CARGO of the part A No. PL 1120140006 safety
mium units have been added to regular services with
the introduction of the 2014/15 train timetable.
certificate for a period of five years, that is valid to
33 Significant reduction in travel times on the main rail
routes between major Polish cities along with the new
Restructuring and Privatization of the ‘Polskie Koleje
No. PL 1120090001 safety certificate of 25 June 2009, the
train timetable were achieved.
Państwowe’ state enterprise and the Railway Fund Act.
validity of which had expired on 24 June 2014.
The new regulations:
33 Approval of the tariffs for natural gas trading for
33 Annual annex to the Agreement was concluded on
23 December 2014 between the Minister of Infrastruc-
–– introduce changes in the financing of rail infrastructure
PKP Energetyka, which took effect from 1 July 2014
ture and PKP Intercity, whereby the amount of funding
administrators (implementation of EU Court of Justice
for the period of 12 months by the Energy Regulatory
for the interprovincial trains has been increased to
decision of 30 May 2013);
Office on 27 June 2014.
432.7 million PLN.
–– introduce the reassignment of 500 million PLN Railway
Fund from financing the acquisition of PKP PLK shares
July
from PKP S.A. by the State Treasury to finance fixed costs
33 Annual contract signed on 8 July 2014 between PKP
of PKP PLK;
–– remove the loophole in the law concerning the regulation whereby the President of the Rail Transport Office
refuses to approve charges for the use of railway infra-
33 Contract signed on 30 December 2014 by PKP CARGO
to acquire 80 % of shares in Advanced World Transport
B.V. – the second largest rail freight carrier in the Czech
Intercity and Minister of Infrastructure and Development
Republic whose business covers a large part of the
for the provision of public services in the area of inter-
Central and South European region.
national rail passenger transport from 1 January 2014 to
31 December 2014.
33 In the area of international transport PKP CARGO received from the relevant safety agencies, which are
structure proposed by the administrator – amendment
33 The first annual contract signed on 15 July 2014 for the
equivalent to the Railway Transport Office, an extension
provides for the application of charges for access to
sale of gas by PKP Energetyka with Przedsiębiorstwo
of Part B safety certificates in the following countries:
railway infrastructure in the currently approved amount;
Energetyczne w Siedlcach Sp. z o.o. The contract includes
Slovakia – until 21 May 2019, Germany – until 11 May 2019,
–– are designed to eliminate from the legal system those
the purchase by the PEC Siedlce of approx. 50 million
Austria – until 24 June 2019, the Netherlands – until
m3 of gas and extends the existing cooperation of the
24 June 2019, and issued on 21 May 2014 indefinite cer-
regulations that result in the generation by the railway
infrastructure administrator of unjustified financial
losses;
–– allow local governments and associations of local
government units gratuitous acquisition of State–owned
companies that were created through a different procedure than commercialization.
April
33 New conditions from 1 April 2014 for the transport of
iron ore for the key partner ArcelorMittal Poland S.A.
negotiated by PKP LHS.
Minister of Infrastructure and PKP Intercity to organize,
perform and subsidize interprovincial rail passenger
services, providing funding of 322.1 million PLN in 2014.
33 Launching a new and more functional website with the
the Regional Court – Court of Competition and Con-
train timetable (rozklad–pkp.pl), introduced by PKP S.A.
sumer Protection in Warsaw, setting aside the decision
and TK Telekom Sp. z o.o.
sumer Protection [OCCP] (from July 2009) and imposing
33 The launch of a new category of trains PKP Intercity
into as a result of the accelerated book building demand,
24 June 2019 and which is an extension of the part A
33 Annual contract signed on 11 April 2014 between the
of the President of the Office of Competition and Con-
33 In 18 June 2014, as a result of the block trades entered
Railway Transport Act, the Act on Commercialization,
tutional railway infrastructure administrator and carrier
33 Announcement on 17 March 2014 of the judgment by
December
10 April 2014 by the Senate of the amendment to the
of broad gauge railway No. 65 line managed by PKP LHS.
March
June
companies on the basis of synergies.
tificate in Lithuania, with an entitlement to independent
provision of transport services on the Lithuanian railway
September
33 27 September 2014 the fund manager of Fundusz Własności Pracowniczej PKP SFIO (Employee Ownership Fund
PKP SFIO) changed to ING Towarzystwo Funduszy
Inwestycyjnych S.A.
November
33 Issue of the announcement by PKP S.A. on 19 November
2014 inviting all potential investors to express their
interest in purchasing shares in Drukarnia Kolejowa
Kraków Sp. z o.o. and the purchase of real estate located
in Węgrzce.
33 A contract for the provision of public services in rail
passenger transport, carried out in the Pomorskie
Province. The agreement is valid for the period from
14 December 2014 to 12 December 2015 and was signed
by PKP SKM on 28 November and 9 December 2014
respectively.
network on the 1,435 mm standards.
33 Conducting awareness campaigns in the following companies:
–– PKP LHS – The 3rd edition of employee volunteering
‘EKOlogiczni’ (‘ECOlogical’) – participation in the
‘Sprzątamy Roztoczański Park Narodowy’ event
(‘Cleaning Up Roztoczański National Park’);
–– PKP Energetyka – ‘Energia dla życia’ (‘Energy for life’)
campaign promoting voluntary blood donation in the
Company and its surroundings;
–– TK Telekom – ‘Z nosem w sieci’ (‘With a nose in the
net’) – a nationwide project of free Internet access for
children in hospitals, orphanages and other educational
establishments.
33 A new Xcity Investment Sp. z o.o. company was appointed,
which implements, together with third parties, property
development and investment projects on railway
premises. Xcity Investment commenced operations in
January 2015.
019
020
PK P GROUP | ANNUAL REP OR T 2014 | PK P S. A .
02
PKP S.A.
www.pkpsa.pl
2.1 About the Company
Polskie Koleje Państwowe Spółka Akcyjna
(Polish State Railways Joint–stock Company)
(hereinafter PKP S.A.) was established
as a result of the commercialization of
the Polskie Koleje Państwowe company
pursuant to the Act of 8 September 2000
on commercialization, restructuring
and privatization of the state enterprise
Polskie Koleje Państwowe.
2.2 Management and Supervisory Bodies
XX PKP S.A. manages and administers
tens of thousands of properties.
Management Board
33 Jakub Karnowski – President of the Management Board
33 Jarosław Bator – Member of the Management Board
33 Piotr Ciżkowicz – Member of the Management Board
Supervisory Board
33 Jacek Barylski – Chairperson
33 Halina Wiśniewska – Deputy Chairperson
33 Leszek Miętek – Secretary
33 Juliusz Engelhardt
33 Cezary Szeliga
The entry of PKP S.A. into the commercial register became
PKP S.A. manages and administers tens of thousands of
effective on 1 January 2001 and as of that day the Company
residential and non–residential properties, including railway
33 Jan Lalik
started its operation. The State Treasury is the only share-
stations and premises adjacent to them. In order to reduce
33 Zenon Kozendra
holder of PKP S.A.
costs incurred by the Company intensified sale activities are
carried out (for example within the ‘Dworzec na własność’
33 Piotr Stolarczyk
The Company plays a dominant role in the PKP Group, operating
in the scope of:
33 management of the capital group;
33 owner supervision over the PKP Group Companies;
[‘Own a railway station’] offer), aimed at the disposal of
another group of real estate, unused commercially or financially unprofitable. The Company is also continuing the process
of enfranchisement of the land held for sale and undertakes
33 management of its assets;
the preparation of the property to provide for an in–kind
33 provision of railway workers’ medical services.
contribution to subsidiary companies.
The PKP Group Companies placed particular emphasis on
As manager and administrator, PKP S.A. implements a com-
effective supervision and coordination of ongoing restructuring processes and the preparation of its companies for the
planned privatization processes. In 2014 PKP S.A. successfully completed the sale of a subsequent block of shares in
PKP CARGO, the sale of shares held in Huta Stalowa Wola and
sale of ZUT REMTRAK shares.
prehensive investment program related to the revitalization
of railway stations. As a result of these activities travelers
were given access to 100 railway stations. 21 railway station
investments were completed in 2014 alone and 21 new implementation contracts were signed.
33 Magdalena Safjan
SS Jakub Karnowski – President of the Management Board
021
022
2.3 Finances
In 2014, PKP S.A. recorded a net profit
of 219.0 million PLN, which in comparison
to 2013 was lower by 13.1 million PLN.
The recorded net profit is the result, inter
alia, of the sale of shares in companies
(including the next tranche of shares in
PKP CARGO S.A.) and profit on the sale
of real estate.
In 2014 operating expenses decreased by 25.0 million PLN
25.8 million PLN. Limiting the losses resulted from the increase
in sales revenue and a decrease in operating expenses (mainly
materials and energy, fees and taxes, and depreciation).
Net sales revenues in 2014 were realized at a level slightly
higher than in 2013, that is an increase of 0.1 %. The dominant
position in the structure of revenues from core activities is
the revenue from rental and leasing totaling 485.8 million PLN,
which is 69.4 % of sales revenue. The second area having
a significant impact on the outcome of core operating
thereby realizing the main objective of PKP S.A. in maintaining
a safe level of financial liquidity and timely payment of liabilities from loans and bonds issued. In 2014 alone total repayment
of liabilities from loans and bonds was 1,528.6 million PLN.
The core business in 2014 showed a loss on sales amounting
to 153.9 million PLN which was lower than the loss in 2013 by
were: external services – 213.6 million PLN, labor costs –
198.9 million PLN, depreciation – 160.3 million PLN, and taxes
and fees – 157.1 million PLN, which all together accounted for
85.5 % of total operating expenses.
The largest decrease in expenses in comparison to 2013 was
recorded in expenses of materials and energy consumption,
that is by 12.5 million PLN. A significant decrease in expenses
in comparison to 2013 related to taxes and fees, which decreased by 8.6 million PLN.
activities was in housing management which covered
revenue from rental of PKP S.A. dwellings, which generated
The Company maintains liquidity at a safe and stable level,
XX Since 2012 PKP S.A. net debt decreased by 80 %.
and were 853.7 million PLN. The main expenditure items
77.2 million PLN, which represents 11.0 % of revenue. Total
XX Operating expenses in 2013–2014 (in million PLN)
revenues from the commercial development of the properties:
rental, leasing renovations and sale of utilities accounted for
Item
2013
2014
In 2014 the Company achieved higher than expected revenues
Depreciation
167.1
from the sale of materials and goods of 35.7 million PLN
(an increase of 2.4 million PLN, y/y), mainly related to the
86.4 % of operating revenues.
sale of scrap metal from the liquidation of redundant assets.
2014
2014–2013
%
160.3
19.0 %
18.8 %
–6.7
–4.0 %
97.1
84.6
11.0 %
9.9 %
–12.5
–12.8 %
Outsourced services
213.2
213.6
24.3 %
25.0 %
0.4
0.2 %
Taxes and charges
165.7
157.1
18.9 %
18.4 %
–8.6
–5.2 %
Payroll
162.6
164.9
18.5 %
19.3 %
2.2
1.4 %
36.7
34.0
4.2 %
4.0 %
–2.6
–7.2 %
3.7
3.9
0.4 %
0.5 %
0.2
4.6 %
32.7
35.2
3.7 %
4.1 %
2.6
7.9 %
878.7
853.7
100.0 %
100.0 %
–25.0
–2.8 %
Other costs by kind
Item
2013
2014
699.1
Operating expenses
Profit/loss on sales
Change
2014–2013
%
699.9
0.8
0.1 %
878.7
853.7
–25.0
–2.8 %
–179.6
–153.9
25.8
–
Change
2013
XX Financial results for 2013–2014 (in million PLN)
Structure ( %)
Moreover, there was a decline in depreciation, mainly due to
The main reason for the decrease in financial revenues was
the reduction of resources through the sale of assets, con-
the high profit on the sale of investments, obtained in 2013
tributions in kind and liquidations. At the same time there
(that is higher by 174.8 million PLN than that achieved in 2014).
was an increase in some categories of operating expenses in
In addition, in 2014 there was a decline of other financial
449.9
510.9
61.0
13.6 %
416.8
350.2
–66.6
–16.0 %
33.1
160.7
127.6
385.4 %
2014, inter alia, the cost of external services by 0.4 million PLN,
revenues by 162.0 million PLN, as a result of valuation of
–146.5
6.8
153.4
–
and the value of goods and materials sold by 2.6 million PLN.
financial instruments at the end of 2013, including valuation
20.6
167.2
146.6
713.5 %
In the case of other operating activities PKP S.A. reported
correction of the value of bonds by 101.6 million PLN and
2.9 %
23.9 %
–
–
a profit of 160.7 million PLN, by 127.6 million PLN higher than
Financial revenues
750.4
499.4
–251.0
–33.5 %
Financial expenses
371.7
287.2
–84.5
–22.7 %
fixed assets, as well as an increase in other operating revenues,
378.6
212.2
–166.5
–44.0 %
while at the same time there was a decrease in expenses of
Gross profit (loss)
232.1
219.0
–13.1
–5.6 %
0.0
0.0
0.0
–
232.1
219.0
–13.1
–5.6 %
33.2 %
31.3 %
–
–
EBIT
EBITDA
EBITDA margin
Income tax
Net profit (loss)
Net profitability
that achieved in 2013. The increase in operating profit was
influenced by an increase in revenues from the liquidation of
the Fundusz Własności Pracowniczej (Workers’ Ownership
Fund) (cost of write–off of 15.0 % of funds obtained from the
sale of PKP S.A. assets).
Profit from financing activities in 2014 was 212.2 million PLN, and
was lower than the result achieved in 2013 by 166.5 million PLN
due to higher decline rate of financial income than expenses.
value of loans by 73.7 million PLN. In 2014, financial expenses
were 287.2 million PLN and decreased by 84.5 million PLN, in
comparison to the previous year as a result of unexpected
costs incurred in 2014 lower by 55.2 million PLN interest
costs on financial and overdue liabilities and lower by
102.5 million PLN other financial expenses, while also carrying
out write–downs of shares in TK Telekom of 73.1 million PLN.
023
024
2.4 Assets
2.5 Investments
The total assets of PKP S.A. as at the end of 2014
were 17,729.4 million PLN and decreased by 7.9 %
in comparison to the previous year.
Capital expenditure incurred by the Company
in 2014 was 172.4 million PLN and was allocated
for construction projects in the company’s
organizational units and capital purchases.
Fixed assets accounted for 88.6 % of the total assets. At the end of 2014
their value decreased mainly as a result of the sale of shares in subsidiaries,
The highest capital expenditure was incurred in relation to the following
as well as disposal of real estate. Despite the above changes, long–term
railway stations:
investments dominated in the structure of fixed assets, that is 78.0 %.
33 Łodź Fabryczna – 28.6 million PLN;
The second largest group in the structure of assets was long–term re-
33 Kraków Główny – 21.8 million PLN;
ceivables, which accounted for 19.8 % of the aforementioned assets, and
33 Bydgoszcz – 19.9 million PLN;
included undue receivables operated under lease agreements of railway
33 Piła Główna – 7.1 million PLN;
lines and other real estate necessary for the management of railway
33 Opole Główne – 6.3 mln million PLN;
lines by the companies: PKP PLK, PKP SKM and PKP LHS.
33 Ełk Główny – 5.6 million PLN;
The Company reported an increase in tangible fixed assets in comparison
33 Nowy Sącz – 5.5 million PLN;
to 2013, inter alia, as a result of capital expenditures and the settlement
33 Jaworzyna Śląska – 4.8 million PLN;
of the legal status of properties.
33 Gniezno – 3.8 million PLN.
In addition, in 2014 PKP S.A. completed repairs totaling 40.5 million PLN,
which means an increase in spending in comparison to the previous year
XX Fixed assets in 2013–2014 (in million PLN)
Item
by 18.2 million PLN. The scope of renovation works included, inter alia,
31.12.2013
31.12.2014
17,123.5
thermo–modernization, repair of roofs, exterior elevations and repairs
Change
resulting from breakdowns.
2014–2013
%
15,703.1
–1,420.4
–8.3 %
11.5
18.7
7.1
61.8 %
289.2
299.8
10.6
3.7 %
81.4
105.2
23.8
29.2 %
a.
Land, including:
17.0
18.6
1.6
9.2 %
–
15.1
16.7
1.6
10.3 %
b.
28.2
31.9
3.7
13.2 %
Other investments
(purchase, upgrade)
c.
32.9
52.6
19.6
59.7 %
d.
Means of transport
1.2
0.4
–0.8
e.
Other fixed assets
2.0
1.6
207.8
Fixed assets
I.
Intangible assets
II.
1.
2.
3.
XX Investments of PKP S.A. in 2013–2014 (in million PLN)
Item
2013
2014
Investments – construction
178.9
Change
2014–2013
%
153.2
–25.8
–14.4 %
39.5
19.3
–20.2
–51.2 %
Total investments
218.4
172.4
–46.0
–21.1 %
–65.4 %
Own funds
104.2
98.5
–5.7
–5.5 %
–0.3
–17.0 %
Public funds
77.5
38.9
–38.6
–49.8 %
192.5
–15.3
–7.4 %
EU funds
36.7
35.0
–1.7
–4.7 %
0.0
2.2
2.1
5,259.7 %
III.
Long–term receivables
3,223.5
3,108.7
–114.8
–3.6 %
IV.
Long–term investments
13,548.6
12,253.4
–1,295.1
–9.6 %
V.
Long–term prepayments
50.6
22.6
–28.1
–55.5 %
Construction investments were mainly financed with the Company’s own
funds, which accounted for 57.1 % of the capital expenditure incurred. Other
financial resources came from public funds (22.6 %) and EU funds (20.3 %).
025
026
2.6 Employment
2.7 Main highlights
At the end of 2014, a total of 2,437 people
were employed in PKP S.A. and decreased
by 306 people in comparison to 2013.
accounted for 58.8 %, which is an increase of 9.5 percentage
points. Concurrent with the observed increase in the share
of employees with higher education, there is a decline in the
share of workers with primary and vocational education. During
2014 the share of this group of workers in total employment
The decrease in employment was mainly attributable to the
fell to 6.4 %, that is by 9.6 percentage points.
natural attrition of employees eligible for retirement benefits
In addition, an upward trend in the share of workers up to
and the restructuring of the company’s employment structure
as a result of organizational changes in the Company.
February
August – September
33 Opening of the new Kraków Główny railway station,
33 ‘Świebodzki Targ Kultury’ (‘Świebodzki Cultural Fair’)
which is the first railway station in its entirety located
was the first project initiated by PKP S.A. at the historic
below platforms.
Wrocław Świebodzki railway station. Over three weekends
33 ‘Tego, który zmienia polski przemysł’ (‘He who changes
30 years of age in the structure of employees in total was
observed in the Company. This share at the end of 2014
The structure of education is gradually improving. At the
was 16.2 % and was higher in comparison to the end of 2013
end of 2014, the share of employees with higher education
by 3.3 percentage points.
the Polish industry’) award for the President of the
Management Board of PKP S.A. – Jakub Karnowski. The
award was presented by ‘Nowy Przemysł’ (‘New Industry’)
monthly magazine and www.wnp.pl website.
March
33 The sale of PKP S.A. shares in the Poznań City Center mall,
which was established as part of a development project
XX Employment in PKP S.A. in 2013–2014
implemented by PKP S.A. and TriGranit Development
Average employment
during a 12 months period
(full-time job positions)
Item
PKP S.A. Headquarters
Regions
Railway Medical Services Department
Total employment
Change
2014–2013
Poland Sp. z o.o.
Number of people
employed* as at the end
of December (persons)
Change
2014–2013
2013
2014
full-time job
positions
%
2013
2014
persons
%
771
802
31
4.0 %
790
804
14
1.8 %
1,812
1,617
–195
–10.8 %
1,741
1,415
–326
–18.7 %
176
183
7
4.2 %
212
218
6
2.8 %
2,758
2,602
–157
–5.7 %
2,743
2,437
–306
–11.2 %
33 The ‘Przedsiębiorstwa przyszłości 2014’ (‘2014 Companies
2013
people
National Certification Program for Companies and other
Institutions Engaged in Economic Activities).
May
33 The largest repayment in 2014 of the tranche of the
33 Sale by PKP S.A. of a subsequent holding of 17 % of
PKP CARGO shares on the Warsaw Stock Exchange within
people
July
33 The construction of the railway station's music stage during
the Open'er Festival in Gdynia, which is a periodic PKP S.A.
project organized together with the largest Polish festival.
As part of the cooperation, a stage was built in front of
the railway station Gdynia Główna, where young and independent Polish bands performed daily open air concerts.
August
above 50 years of age – 49 %
31–40 years of age – 17 %
above 50 years of age – 44 %
up to 30 years of age – 13 %
up to 30 years of age – 16 %
in the form of crafts and handicrafts workshops in the
railway station, including carpentry classes, bookbinding,
restoration of furniture or screen printing.
33 The ‘Nagroda 25–lecia’ Rynku Kolejowego (‘Railway Market
‘Przedsiębiorstwo Przyszłości’ (‘Company of the Future’
co–financed from EU funds.
2,437
the Warszawa Centralna brand. A series of meetings with
fans of the Warszawa Centralna brand, were organized
33 The privatization process of TK Telekom was commenced.
the ABB transaction.
2,743
for workshops’) series organized under the banner of
Organizacyjnych Prowadzących Działalność Gospodarczą
Główna railway station, the first in 2014 investment
2014
33 Launching the ‘Dworzec na warsztat’ (‘Railways station
Ogólnopolski Program Certifikacji Firm i Innych Jednostek
33 Commencement of modernization of the Bydgoszcz
is not the main place of employment (in persons)
screenings, theater performances, lectures and debates
on urban space and workshops for children were held.
October
June
XX Structure of employment by age in 2013–2014, excluding persons for whom PKP S.A.
open creative space. During the festival concerts, film
of the Future’) certificate awarded to PKP S.A. within the
historical PKP railway debt of approx. 806 million PLN.
*With its representatives abroad, excluding persons for whom PKP S.A. is not the primary place of employment.
during summer, the closed railway station turned into an
33 PKP S.A. rating renewal for the next year by Fitch Rating
Agency and confirmation of the high evaluation of the
Company.
Award commemorating 25 years’) presented to PKP S.A.
The prize was awarded for the initiation of the process
of ownership changes in the PKP Group, with particular
emphasis on the float of PKP CARGO on the Warsaw
Stock Exchange.
November
33 Launching its own PKP S.A. pilot program, that is the
building of Innowacyjne Dworce Systemowe (Innovative
Systemic Railway Stations).
December
33 The start of construction of a new Warszawa Zachodnia
railway station, implemented as part of a development
project with HB Reavis.
33 The award ‘Kraków bez barier’ (‘Cracow without barriers’)
for Kraków Główny railway station as an object adapted
to the needs of people with disabilities.
33 The commencement of the first works on the modernization of Szczecin Główny railway station, which is an
investment financed from EU funds.
33 Published invitations to tender for the purchase of 100 %
of shares of the PKP Energetyka company.
027
028
PK P GROUP | ANNUAL REP OR T 2014 | PK P P olskie Linie Kolejowe
029
03
PKP Polskie Linie Kolejowe
www.plk–sa.pl
PKP Polskie Linie Kolejowe S.A. (hereinafter
PKP PLK) has been in business since 1 October
2001. As at 31 December 2014, its share capital
was 15,869.3 million PLN. The shareholders of the
Company include the State Treasury which owns
85.9 % of all shares and PKP S.A., which holds the
remaining 14.1 % of shares.
Management Board
33 Andrzej Filip Wojciechowski – President of the Management Board
33 Andrzej Pawłowski – Vice-President of the Management Board,
Operations Director
33 Piotr Wyborski – Member of the Management Board,
Infrastructure Maintenance Director
33 Tomasz Kruk – Member of the Management Board,
Operational Quality and Risk Director
PKP PLK is the railway infrastructure administrator that provides access to
infrastructure to licensed railway operators. The Company’s objects are:
33 paid access to railway operators for a fee according to rates published in the price list approved by the Office of Rail Transportation;
33 service activities supporting land transportation, in particular
33 Karol Depczyński – Member of the Management Board,
Financial and Economic Director
33 Marcin Machocki – Member of the Management Board,
Investment Director
carrying–out railway transport and railway line management, keeping
Supervisory Board
railway lines in a condition ensuring efficient and safe transport
33 Arkadiusz Krężel – Chairperson
of people and freight, regularity and safety of railway traffic, fire
service activities, and environment and property protection on
railway premises;
33 engineering activities and related technical consultancy, including
surveying and cartographic activities;
33 works related to the construction of railway tracks, underground
railways, roads and motorways, telecommunications and electricity
lines construction;
33 activities related to the general defense obligation, in particular
in the preparation of railway facilities and lines for the purpose of
carrying–out defense activities.
33 Gabriela Popowicz – Secretary
33 Piotr Gebel
33 Piotr Góralewski
33 Magdalena Jaworska
33 Artur Kawaler
33 Wiesław Pełka
33 Jan Piechel
33 Ireneusz Piecuch
SS Andrzej Filip Wojciechowski – President of the Management Board
030
3.3 Finances
XX Sales revenues and equivalent revenues for 2013–2014 (in million PLN)
In 2014 PKP PLK suffered a net loss of
147.5 million PLN, lower by 298.5 million PLN
than in 2013.
Item
4,897.2
526.0
12.0 %
2,468.3
1,922.6
–545.7
–22.1 %
Rail freight operators
1,423.1
1,043.8
–379.3
–26.7 %
Passenger transport operators
1,045.1
878.7
–166.4
–15.9 %
1,542.8
2,623.0
1,080.3
70.0 %
137.2
113.5
–23.6
–17.2 %
8.0
8.9
0.9
11.9 %
215.0
229.1
14.1
6.6 %
Item
2013
2014
Depreciation
853.4
472.6
Revenues from providing access to railway lines, including:
structuring in the Company and receipt of a higher subsidy
Public funds
Revenues from sale of other services
Item
Costs of manufacturing goods for internal use
2013
2014
4,371.2
Operating expenses
Profit (loss) on sales
Revenues from the sale of goods and materials
Change
2014–2013
%
4,897.2
526.0
12.0 %
4,911.1
5,144.0
233.0
4.7 %
–539.9
–246.9
293.0
–
420.6
516.7
96.2
22.9 %
326.2
349.3
23.1
7.1 %
94.4
167.5
73.1
77.5 %
–445.5
–79.4
366.1
–
408.0
916.2
508.2
124.6 %
EBITDA margin
9.3 %
18.7 %
–
–
Financial revenues
55.4
69.7
14.3
25.8 %
Financial expenses
55.9
137.8
81.9
146.3 %
–0.5
–68.1
–67.6
–
–446.0
–147.5
298.5
–
0.0
0.0
0.0
–
–446.0
–147.5
298.5
–
–10.2 %
–3.0 %
–
–
EBIT
EBITDA
Gross profit (loss)
Income tax
Net profit (loss)
Net profitability
In 2014, sales revenues amounted to 4,897.2 million PLN and
4,371.2
Change
%
The improvement in the result was a consequence of the re-
2014
2014–2013
Net sales revenues and equivalent revenues, including:
from the State budget and the Railway Fund.
2013
Outsourced services
Taxes and charges
Payroll
Other costs by kind
Change
2014–2013
%
995.6
142.1
16.7 %
439.3
–33.3
–7.0 %
1,189.8
1,249.8
60.0
5.0 %
67.8
69.0
1.3
1.9 %
1,838.5
1,893.4
55.0
3.0 %
456.9
468.5
11.7
2.6 %
32.2
28.3
–3.8
–11.8 %
0,0
0.0
0.0
–
4,911.1
5,144.0
233.0
4.7 %
Operating expenses amounted to 5,144.0 million PLN and were
Higher write–downs of receivables from Przewozy Regionalne
233.0 million PLN higher than in 2013. The reported increase in
(not covered by the settlement), higher cost of contractual
costs was due to the commissioning of sections of modernized
penalties and damages claims and the changed method
gers by 3.3 % and freight by 0.3 %, and lower rates of access to
rail routes, a wider range of repair and maintenance works
of presenting labor reserves were recorded in 2014. This
were higher by 526.0 million PLN, in comparison to 2013, which
railway infrastructure by 20.4 %. Reduced rates for passenger
and an increase in labor costs. At the same time as a result
contributed to the increase in other operating expenses y/y.
essentially resulted from the receipt of higher public funds
and freight trains in 2014 resulted from the implementation of
of the optimization activities the Company reduced the cost
by 1,080.3 million PLN while at the same time with lower reve-
the provisions contained in the judgment of the Court of Justice
of raw materials, energy and other costs by kind.
The decrease in the operating result by 67.6 million PLN in
nues by 545.7 million PLN from sharing railway lines and lower
of the European Union in case No. C–512/10 in scope of, inter alia,
by 23.6 million PLN revenue from the sale of other services.
the calculation of charges for minimal access to railway infra-
The increase of other operating revenues recorded in 2014 in
rate losses and the creation of write–downs of the value
comparison to 2013 was due to higher write–offs of investment
of shares held by Przedsiębiorstwo Naprawy i Utrzymania
subsidies, release of reserves for compensation for an accident
Infrastruktury Kolejowej w Krakowie Sp. z o.o.
Lower revenues from sharing of railway lines was the result of
lower performance of operational work by carriers of passen-
structure. Following the above, the Company developed a new
rate card with unit prices taking into account the Court order.
in Szczekociny, and reversal of write–downs of receivables
covered by the settlement from Przewozy Regionalne.
comparison to 2013 was mainly the result of foreign exchange
031
032
3.4 Assets
The highest part of the Company’s fixed
assets constitute tangible fixed assets.
In 2014, tangible fixed assets rose
by 20.0 %, mainly due to railway
infrastructure upgrades.
Buildings, premises, civil and water engineering structures
XX Use of domestic State funds in 2013–2014 (in million PLN)
infrastructure and repairs. By the decision of the Minister of
Infrastructure and Development the size of the State budget
subsidy provided to PKP PLK was reduced during the year by
654.0
54.6 %
38.6
54.6
16.1
41.6 %
208.8
66.6
–142.2
–68.1 %
Railway Fund part ‘B’ – repairs and maintenance
Compensation for accounting normalization
31.9
35.9
4.1
12.7 %
Railway Fund part ‘E’ – running expenses
65.0
613.3
548.3
843.5 %
of expenses used to calculate access rates and thanks to
the Infrastructure and Environment 2014–2020 Operational
Program is aimed at the implementation of financial tasks
under construction increased in the structure discussed by
from EU structural funds.
6.9 percentage points.
2013
2014
32,618.0
Change
2014–2013
%
39,138.9
6,520.9
20.0 %
13.1
11.6
–1.5
–11.3 %
I.
Intangible assets
II.
Tangible fixed assets, including::
32,487.3
39,009.3
6,522.0
20.1 %
22,608.7
24,481.5
1,872.8
8.3 %
3.6 Investments
XX Structure of investment financing sources in 2014
PKP PLK investment activity,
as administrator of the national railway
infrastructure, is designed to increase
performance and efficiency of the
country’s transport system through the
implementation of a broad–based program
of modernization of railway lines included
in the Long Term Railway Investment
Program [LTRIP] to 2015.
a.
Land, including:
3,121.1
3,295.0
173.9
5.6 %
–
3,092.6
3,261.5
168.9
5.5 %
b.
18,945.7
20,550.3
1,604.5
8.5 %
c.
476.4
566.4
89.9
18.9 %
d.
Means of transport
58.1
60.9
2.8
4.7 %
e.
Other fixed assets
7.3
9.0
1.7
23.0 %
In 2014 the Company achieved record capital expenditure of
9,759.6
14,413.6
4,654.0
47.7 %
7,305.6 million PLN. The dominant positions among the tasks
119.0
114.2
–4.8
–4.0 %
1,852.6
the Railway Fund’. This financing method decreases the level
time, during the 2014 financial year, resources for fixed assets
3.
%
‘Material and financial plan of the use of financial means from
A designated subsidy for technical support for projects under
2014–2013
POIiŚ [OPI&E] subsidy for technical support
by 5.6 percentage points in comparison to 2013. At the same
2.
1,198.5
7,306
million PLN
In 2014, a document was prepared that supplements the LTRIP.
The need to develop the document resulted from fundamental
changes in the structure of EU funds for the rail infrastructure
sector in Poland, which took place with the start of EU’s new
budgeting period for 2014–2020.
completed were the construction investment including in
the main the modernization of railway lines, which incurred
3.5 Subsidies
tion, which was made possible by improving the management
On the basis of the Council Regulation [EEC] of 26 June 1969
of the investment process and strict monitoring of the tasks.
on common rules for the normalization of the accounts
Rules for reporting the progress were implemented, as well as
of railway companies, PKP PLK is entitled to compensation
monitoring in the field, and a risk management system enabling
for expenses incurred resulting from the obligation to main-
the identification of threats and taking preventive measures.
In the case of the State subsidy there was a change of objective,
a lasting assurance of equal competition conditions between
for which the received funds are to be used. In 2014, PKP PLK
the various branches of transport.
its protection. In 2013, the goal was to maintain the railway
Railway Fund – 4 %
Loans/bonds – 23 %
Subsidies – 4 %
XX The value of investments made without work
under construction in 2013–2014 (million PLN)
The Company achieved record pace of investment implementa-
tain level crossings. The regulation is intended to lead to
received a grant for managing the railway infrastructure and
EU funds – 61 %
Own resources – 8 %
expenses of 4,382.4 million PLN
In 2014, similarly as in the preceding years,
PKP PLK was granted subsidies for ongoing
operations and investment activities.
Change
Financing from the Railway Fund is approved annually from
although their share decreased in the total amount of assets,
1.
2014
Earmarked subsidy
which fees for use of the railway infrastructure are lowered.
Fixed assets
2013
86.0 million PLN.
continued to dominate the structure of tangible fixed assets,
Item
Item
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
5,314
7,306
2013
2014
033
034
3.8 Main highlights
XX List of investments made by the Company in 2013–2014 (in million PLN)
Item
Construction investment, including:
Modernization of railway lines
Other investments
Total investments
2013
2014
5,166.9
Change
2014–2013
%
7,182.7
2,015.7
39.0 %
3,996.8
4,382.4
385.6
9.6 %
147.3
122.9
–24.4
–16.6 %
5,314.3
7,305.6
1,991.3
37.5 %
3.7 Employment
Average employment in PKP PLK in 2014 was 37,959
full-time job positions and was lower in comparison
to 2013 by 510 full-time job positions. The number
of employees at the end of 2014 was 38,264 people,
which is an increase of 653 persons in comparison
to the previous year.
The increase in employment by 653 persons in comparison to the end
proposals made by the Team for verification of technical units), additional tasks related to the maintenance and operation of passenger
August
33 The new Ursus Niedźwiadek railway station was opened
33 The Company completed works on the Łódź Widzew –
for Warsaw residents.
February
October
33 The commissioning by the Company of modernized tracks
33 PKP PLK signed a contract for the supply, commissioning
from Gdańsk Oliwa to Gdynia Chylonia (1.5 months before
and maintenance of a railway traffic simulator and
planned completion deadline). Other works were also
connectivity together with personnel training.
XX Employment in PKP PLK in 2014 was:
2014
37,959
Pruszcz Gdański to Gdańsk Główny, which were carried
November
out as part of the modernization of the Warszawa –
33 PKP PLK signed a letter of intent in the Warsaw ag-
Gdynia line.
December
33 PKP PLK commenced the modernization of the connec-
33 A new train timetable was introduced, which was in-
tion from the Kraków Główny railway station and the
full-time
job positions
glomeration.
March
International Airport in Balice.
33 Completion of revitalization works on more than 50 km
route from Toruń – Bydgoszcz. Since March 2014 the
fluenced mainly by a reduction of travel times on key
routes. In addition, new Express InterCity Premium trains
appeared on the tracks, which significantly increased
the comfort of the journey.
train trip between the two major cities of Kujawsko–
XX The Company took measures to limit
risk in the generational gap.
Pomorskie Province was reduced to less than three
quarters of an hour.
XX From March 2014 train travel between the two
biggest cities in Kujawsko–Pomorskie Province
infrastructure, acquisitions of technical signal boxes from 1 April 2014,
April
delays in the implementation of the investment and related to it inability
33 The inauguration of the 10th edition of the ‘Bezpieczny
to liquidate traffic posts (lower closures within the VRP). The scale of
przejazd’ (‘Safe Crossing’) social campaign under the
generational gap in PKP PLK has been identified and assessed in 2014,
slogan ‘Zatrzymaj się i żyj!’ (‘Stop and live!’).
thanks to which the Company could take supplementary measures in
employment deficiencies.
Zgierz line.
completed ahead of schedule on tracks leading from
of December 2013, resulted mainly due to supplementing employment
in maintenance and traffic engineering areas (which implemented the
January
June
33 Commissioning of the first new platform at the Łódź
Widzew railway station.
33 PKP PLK is awarded the SAP Poland ‘2014 Innovation
Award’.
July
33 The contract signed by PKP PLK for the revitalization of
more than 30 km of tracks on the Rybnik – Wodzisław
Śląski – Chałupki route.
33 Successful testing of the modern ERTMS traffic control
system was carried out.
33 The contract signed with Bank Gospodarstwa Krajowego in regard to the bond issue program for up to
2.2 billion PLN.
was reduced to less than three quarters of an hour.
< 45 min
035
036
PK P GROUP | ANNUAL REP OR T 2014 | PK P C ARGO
04
PKP CARGO
www.pkp–cargo.pl
‘Since 30 October 2013, PKP CARGO is listed
on the Warsaw Stock Exchange.’
80 % stake in Advanced World Transport B.V. (hereinafter AWT),
PKP CARGO S.A. (hereinafter PKP CARGO) was established
whose operations include Europe, Central and Southern
under Article 14 of the Act of 8 September 2000 on the
commercialization, restructuring and privatization of the
state–owned Polskie Koleje Państwowe.
In December 2014, PKP CARGO signed an agreement to acquire
the second largest rail freight carrier in the Czech Republic,
Europe. It was the first ever foreign takeover of a company
by the PKP Group. Besides achieving synergies within the
rolling stock operation, the acquisition of AWT will provide
Besides providing freight railway transport services, PKP
PKP CARGO with an increased share of the Czech market
CARGO and other Companies of the PKP CARGO Logistics
and a significant share in the course of the Baltic – Adriatic
Group provide their customers additional services covering
transport corridor. At the beginning of 2015, the Company
intermodal services, freight forwarding (domestic and inter-
will continue its activities in the area of acquisitions on the
national), terminals (trans–loading and storing goods at the
rail freight operators market. It is planned to enter into an
junctions of broad and standard–gauge tracks on Poland’s
agreement to acquire 49 % stake in Pol–Miedź Trans Sp. z o.o.,
eastern border and in other key locations around the country)
44 % of stake in PS Trade Trans Sp. z o.o. and 49 % of shares in
and siding services. Moreover, the PKP CARGO Group deals
PKP CARGO International a.s.
(according to Office of Rail Transport data) and the second
Management Board
33 Adam Purwin – President of the Management Board
33 Jacek Neska – Member of the Management Board
for Commercial Matters
33 Wojciech Derda – Member of the Management Board
for Operations
33 Łukasz Hadyś – Member of the Management Board
for Finances
33 Dariusz Browarek – Member of the Management Board,
Employee Representative
Supervisory Board
33 Jakub Karnowski – Chairperson
with rolling stock maintenance and repairs.
PKP CARGO is the largest rail freight operator in Poland
XX Shareholder structure as at the end of December 2014
largest rail freight operator in the European Union in terms
33 Piotr Ciżkowicz – Deputy Chairperson
33 Krzysztof Czarnota
33 Kazimierz Jamrozik
of transport performance (according to Eurostat data). The
33 Marek Podskalny
Company is expanding its activity geographically by taking
advantage of the opportunities offered by liberalization
33 Konrad Anuszkiewicz
of the European rail freight market. Currently, PKP CARGO
33 Stanisław Knaflewski
has security certifications, which enable the provision
of independent railway transport services on the territory of
the Czech Republic, Slovakia, Germany, Austria, Belgium, the
Netherlands and Hungary.
33.0 %
Since 30 October 2013, PKP CARGO is listed on the Warsaw Stock
Exchange. The public offering was the first successful share
offering of a national rail freight carrier in the European Union.
A total of 48.3 % of shares were traded publicly. In June 2014,
as a result of the block trades signed as a result of the
PKP S.A. – 33.0 %
Aviva OFE – 5.2 %
shares. The shareholding structure as at the end of December
ING OFE – 10.6 %
EBOiR – 5.1 %
2014 is shown in the side chart.
Morgan Stanley – 5.3 %
Other shareholders – 40.8 %
accelerated book building, PKP S.A. sold 17.03 % of PKP CARGO
33 Jacek Leonkiewicz
33 Sławomir Baniak
33 Raimondo Eggink
SS Adam Purwin – President of the Management Board
037
038
4.3 Finances
XX Structure of operating expenses in 2013–2014
In 2014, PKP CARGO recorded a net profit of 58.6 million PLN that
by a decrease in freight revenue by 345.1 million PLN as
was 35.5 million PLN lower than the profit in the previous year.
a consequence of lower mass of transported goods by 3.3 %
In 2014, PKP CARGO achieved operating income of
3,842.6 million PLN and it was a decrease in comparison to 2013
by 444.9 million PLN. Lower revenues were primarily caused
y/y, mainly coal. The Company also recorded a decrease
and other operating income by 31.3 million PLN. Operating
2013
2014
4,180
Income from operating activities
4,287.5
Operating expenses
million PLN
Change
2014–2013
%
3,842.6
–444.9
–10.4 %
4,180.1
3,792.3
–387.8
–9.3 %
EBIT
107.5
50.3
–57.2
–53.2 %
EBITDA
468.3
382.5
–85.8
–18.3 %
10.9 %
10.0 %
–
–
Financial revenues
45.8
49.5
3.7
8.2 %
Financial expenses
38.3
31.6
–6.7
–17.4 %
114.9
68.2
–46.7
–40.7 %
Income tax
20.9
9.6
–11.3
–54.0 %
Net profit
94.1
58.6
–35.5
–37.7 %
2.2 %
1.5 %
–
–
13.4
–29.7
–43.2
–
107.5
28.9
–78.7
–73.2 %
EBITDA margin
Profit before tax
Net profitability
Other total income not reclassified in the financial results
Total income
Item
2014
in revenues from sales of scrap metal by 27.7 million PLN
XX Total income statement for 2013–2014 (in million PLN) drawn up in compliance with IAS/IFRS
Item
2013
2013
2014
Change
2014–2013
%
3,792
million PLN
Cost of employee benefits – 37.1 %
Cost of employee benefits – 41.7 %
Outsourced services – 34.0 %
Consumption of raw materials and supplies – 16.4 %
Consumption of raw materials and supplies – 15.7 %
Depreciation and write–downs – 8.6 %
Depreciation and write–downs – 8.8 %
Other operating expenses – 1.2 %
Other operating expenses – 0.9 %
Other costs by kind – 1.1 %
Value of goods and materials sold – 0.8 %
Taxes and charges – 0.8 %
expenses amounted to 3,792.3 million PLN and were lower
In 2014, the Company generated net financial income of
than in 2013 by 387.8 million PLN. Their decline was caused
17.9 million PLN, and in comparison to 2013 was higher by
by lower performance of transport works, which contributed
10.4 million PLN. The increase in profit from financial activities
to reducing the cost of access to railway infrastructure, the
was affected by both financial income higher by 3.7 million PLN,
purchase of traction fuel and electricity and costs of materials
as well as financial costs lower by 6.7 million PLN. In terms
used for the maintenance of rolling stock. At the same time in
of financial income in comparison to 2013, there was an in-
2014 there was a non–recurring item for the conduct of VRP,
crease in revenues from dividends and other financial income
at a cost of 257.1 million PLN, which affected the financial
(mainly refund of interest paid to the OCCP) and a decline in
Depreciation and write–downs
360.9
332.2
–28.7
–7.9 %
Consumption of raw materials and supplies
685.8
593.8
–92.0
–13.4 %
result in 2014. To the end of January 2015, 2,894 employees
interest income from deposits and bank accounts. On the
benefited from the VRP, that is 13.9 % of all employees at the
other hand, in the scope of financial expenses, mainly interest
Outsourced services
1,418.7
1,191.5
–227.2
–16.0 %
34.4
35.9
1.6
4.6 %
1,551.0
1,583.4
32.4
2.1 %
Other costs by kind
45.6
19.0
–26.6
–58.4 %
34.5
15.4
–19.1
–55.4 %
49.2
21.1
–28.1
–57.1 %
4,180.1
3,792.3
–387.8
–9.3 %
Taxes and charges
Cost of employee benefits
end of 2014. In case of correction of the net financial result by
expenses have decreased while at the same time there was
the cost of provisions establishing for the implementation of
an increase in costs of negative exchange rate differences.
VRP the net profit for 2014 would have been 266.9 million PLN.
039
040
4.4 Assets
As at 31 December 2014, the total value of tangible fixed
assets of PKP CARGO was 3,709.1 million PLN and was
175.3 million PLN higher than in the previous year. The increase
in assets was attributable to capital expenditures, mainly for
the purchase, renovation and modernization of the rolling stock
4.5 Investments
4.6 Employment
PKP CARGO in 2014 incurred capital
expenditures of 542.4 million PLN
(as to IAS/IFRS), which accounted for
155.9 % of that incurred in 2013.
As at the end of 2014, PKP CARGO employed
20,830 people and it was a drop by 1,650 people.
The main reason for the decrease in employment was resignations of
employees eligible for retirement benefits. Moreover, in 2014 the Company
and at the same time write–downs of depreciation costs, as
well as from the sale and disposal of fixed assets.
Capital expenditures in 2014 were intended mainly for projects
As at the end of 2014, PKP CARGO owned 1,256 diesel locomo-
relating to the rolling stock, including periodical repairs of
tives and 1,162 electric locomotives. From the total of 2,418
locomotives, 2,409 were owned by the Company while 9 were
carriages and locomotives, modernization of locomotives
(10 units) and the purchase of carriages (200 units of platform
leased or rented. Moreover, the Company owned 61,593 carriages.
carriages for transport of containers).
In comparison to 2013 the number of carriages was reduced
Moreover, PKP CARGO incurred expenditure for the construc-
by 938 units. This change was the result of scrapping due to
poor technical condition while providing 210 units of new
carriages to service intermodal transport.
tion of the Poznań Franowo container terminal, modernization
of the Rolling Stock Maintenance Point in Węgliniec and the
purchase of IT services (computer hardware and software)
for the Company.
used the redundancy clause, on the basis of Article 54 of the 8 September
2000 Act on the commercialization, restructuring and privatization of
the Polskie Koleje Państwowe state enterprise, to release its employees
from their obligation to provide work in the case of reduced demand for
PKP CARGO transport. The average number of employees (full-time job
positions) made redundant in 2014 was 91.
Additionally, on 29 December 2014 application to participate in the
VRP was launched, which lasted until 15 January 2015. After verification
of applications the Company agreed to use the Program for 2,894 people
who as of 1 February 2015 ceased to be employees of PKP CARGO. It is
estimated that implementation of the Program will generate savings of
at least 100 million PLN per year.
XX Selected fixed assets in 2013–2014 (in million PLN) in compliance with IAS/IFRS
Item
1.
2013
2014
3,515.2
Land, including the right of perpetual usufruct
Property, plant and equipment
a.
b.
c.
d.
Means of transport
e.
Other fixed assets
2.
Change
2014–2013
%
3,698.3
183.1
5.2 %
127.3
125.4
–1.9
–1.5 %
397.6
396.8
–0.9
–0.2 %
79.4
72.8
–6.6
–8.4 %
2,905.1
3,098.5
193.4
6.7 %
5.8
4.9
–0.9
–16.3 %
18.7
10.9
–7.8
–41.8 %
XX List of investments made by the Company in 2013–2014 (in million PLN) in compliance with IAS/IFRS
Item
2013
2014
Construction investments
42.1
Upgrade of locomotives
Change
2014–2013
%
11.1
–31.0
–73.5 %
23.3
48.2
24.9
106.7 %
229.8
396.6
166.8
72.6 %
Purchase of carriages
11.4
57.2
45.8
400.2 %
IT
Rolling stock repair components
32.3
20.6
–11.6
–36.1 %
Machinery and equipment
8.3
5.9
–2.4
–29.3 %
Other investments
0.5
2.7
2.1
395.3 %
347.8
542.4
194.6
55.9 %
Total investments
041
042
4.7 Freight transport
4.8 Main highlights
In 2014, PKP CARGO transported 109.7 million tons
of cargo and it was a decrease in comparison
to the previous year by 3.7 million tons.
May
November
33 Optimizing the internal structure of PKP CARGO by
33 PKP CARGO commences to employ and independently
reducing the number of plants from 10 to 7.
train drivers, filling a gap in the Polish railway education system.
In 2014 the average distance of transports was also lower by 5.2 km as
a result of a decline in transport of coal to seaports, which represent one
of the longest transport distances. As a result of the drop of the mass of
transported cargo and a reduction in the average transport distance, the
transport performance was also reduced by 1,547.0 million tkm.
The decrease in transportation was mainly related to solid fuels as
a result of reduced demand for coal (due to the drop in electricity production and limitation in oil production as a result of lower prices on
world markets). Transports of metals and iron ore were also lower due to
the limited transportation of iron ore in transit from Polish ports to the
southern neighboring countries. The transport of aggregates and building
materials increased as a result of the continuation and commencement
June
33 The establishment of CARGOTABOR – one of the largest
rolling stock companies in Europe. The Company was
December
formed as a result of consolidation of rolling stock
33 The introduction of Lean Management strategies in all
companies within the PKP CARGO Group.
July
33 PKP CARGO starts e–invoices service. After the introduction in 2013 of the Electronic Waybill, this is the next
element of computerization of the transport process
in the Company.
33 PKP CARGO was given a license by the Lithuanian Office
of Rail Transport to drive trains with its own traction,
of new infrastructure projects.
on the standard gauge railway network.
September
XX List of transport indices in 2013–2014
Item
2013
2014
Freight transport
(million tons)
113.4
Transport performance
(million tkm)
Average transport
distance (km)
33 Receipt of an investment loan of over 500 million PLN
Change
granted by Bank Gospodarstwa Krajowego.
2014–2013
%
109.7
–3.7
–3.3 %
29,892.0 28,345.0
–1,547.0
–5.2 %
October
33 The introduction of a new flexible structure of the commercial division in PKP CARGO, taking into account the
allocation of tasks on the model of large corporations
263.6
258.3
–5.2
–2.0 %
33 PKP CARGO uses drones to guard against theft of cargo.
(front, middle and back office), which gives more time to
the acquisition of new orders and improves cooperation
with PKP CARGO customers.
PKP CARGO rolling stock repair workshops.
33 PKP CARGO signed a contract to acquire 80 % stake
in AWT, the second largest rail freight carrier in the
Czech Republic. The purchase of AWT is the first ever
foreign acquisition carried out by a company within
the PKP Group.
043
044
PK P GROUP | ANNUAL REP OR T 2014 | PK P Intercit y
045
05
PKP Intercity
www.intercity.pl
PKP Intercity S.A. (hereinafter PKP Intercity)
is the biggest passenger transport operator
in the PKP Group. The Company started
operations on 1 September 2001 by being
taken out of the PKP S.A. structure.
Management Board
33 Jacek Leonkiewicz – President of the Management Board
33 Piotr Rybotycki – Member of the Management Board
for Operations
33 Magdalena Zajączkowska-Ejsymont – Member of the Management
Board for Finances
Until 2008, PKP Intercity exclusively operated on the market of dedicated passenger railway transport both in the
case of domestic and international transport. Initially, the
Company focused its activity on the premium segments
of railway transport, but as it developed, it extended its offer
to economy class by introducing the Tanie Linie Kolejowe brand
(currently Twoje Linie Kolejowe (TLK)) to which the InterCity
(IC) brand and PKP InterCity’s flagship product, the Express
InterCity Premium (EIP) were added in 2014.
The Company’s domestic offer is based on the following
products:
33 Express Intercity Premium (EIP) – as of 14 December 2014
the ED250 trains (hereinafter Pendolino) run regularly on
the routes connecting Warszawa with Trójmiasto, Kraków,
Katowice and Wrocław.
33 Express InterCity (EIC) – comfortable carriages with
modern rolling stock owned by PKP Intercity. Until the
implementation of the EIP segment, EIC–class trains were
the fastest and most comfortable trains driving on Polish
tracks, connecting large city centers.
Supervisory Board
33 Piotr Ciżkowicz – Chairperson
33 Maria Sędek
33 Twoje Linie Kolejowe (TLK) is a nationwide network of day
and night long distance routes in the economy segment,
connecting hundreds of towns in Poland (including tourist
33 Milena Pacia
33 Paweł Szwajgier
resorts and academic centers). Trains regularly traveling
33 Piotr Marczak
between Warszawa – Łódź are also included in this segment.
33 Artur Forma
33 InterCity (IC) – the new IC category includes trains with
new and modernized carriages, thanks to EU funding.
The IC brand was founded in November 2014.
European routes are serviced by EuroNight, EuroCity and
international express trains.
33 Krzysztof Piotr Ciećka
SS Jacek Leonkiewicz – President of the Management Board
046
5.3 Finances
XX Structure of sales revenues for 2013–2014 (in million PLN)
In 2014 PKP Intercity improved its net profit
in comparison to 2013 by 33.1 million PLN
and at EBITDA level the result increased
by 58.5 million PLN.
Item
Domestic trains
Tickets
The Company generated sales revenues of 1,776.8 million PLN
of the rolling stock investment) as well as labor costs (salary
and they were lower than in 2013 by 24.2 million PLN, mainly
increases).
as a result of lower revenues from ticket sales in respect of
The result on other operating activities in 2014 was 6.3 million
both domestic and international sales, while at the same
time higher funding received for interprovincial transport.
In 2014, operating expenses totaled 1,781.7 million PLN and
PLN. Compared with the previous year, the Company achieved
higher revenues from the sale of idle rolling stock and higher
of traction energy consumption (fewer operational works
expenses increased in comparison to 2013.
in electric traction and decrease in charges), lower cost
The net loss in 2014 was the result of a negative result on
stock while at the same time higher cost of IT services).
However, depreciation costs increased (completion of part
financial activities of 54.4 million PLN, which was related
to interest costs on financial liabilities (increase in funding
for capital expenditures) and the revaluation of the ZUT
Item
2014
1,801.1
Operating expenses
Change
225.0
–0.2
–0.1 %
117.1
–17.4
–12.9 %
40.7
38.4
–2.2
–5.5 %
Other revenues from transport
50.0
69.5
19.5
38.9 %
583.6
628.4
44.8
7.7 %
177.3
167.7
–9.6
–5.4 %
50.0
29.8
–20.2
–40.4 %
356.3
430.8
74.5
20.9 %
4.7
3.6
–1.1
–22.5 %
40.2
45.8
5.6
13.8 %
3.2
5.0
1.8
56.3 %
Item
2013
2014
Depreciation
193.8
Subsidies
Product subsidy
Subsidy for international trains
Subsidy for interprovincial trains
75.6
–
74.1
95.6
21.5
29.0 %
32.7
89.3
56.6
172.7 %
Traction energy
41.4
6.3
–35.1
–84.8 %
Materials (including rolling stock repair)
EBIT
–39.1
1.5
40.5
–
EBITDA
154.7
213.2
58.5
37.8 %
8.6 %
12.0 %
–
–
8.7
12.3
3.5
40.4 %
–
Gross profit (loss)
–92.3
–53.0
39.3
–42.6 %
–5.1
1.2
6.3
–
Income tax
Net profit (loss)
Net profitability
–87.2
–54.2
33.1
–37.9 %
–4.8 %
–3.1 %
–
–
–7.0 %
134.5
–4.8
7.6 %
–2.5
225.2
International trains
–80.4
4.7
33.1
7.2 %
–5.3 %
–1.2
35.6
0.9
–99.8
66.7
–8.3 %
13.8
1,781.7
–54.4
–8.0 %
–70.9
12.9
1,881.5
62.0
–75.1
778.1
Other revenues from transport
–1.3 %
–53.3
868.8
849.0
–5.6 %
–24.2
944.0
–8.0 %
1,776.8
Financial expenses
–1.3 %
–2.4
%
Financial revenues
–24.2
–0.3
2014–2013
EBITDA margin
1,776.8
3.6
Sales of goods and materials
2013
%
40.2
Other sales
2014–2013
3.9
Revenues owed to third party operators
REMTRAK shares.
1,801.1
Change
42.6
Additional fees (reserved–seat tickets, WL, BC etc.)
time, inter alia, as a result of a write–down of receivables
from penalties accrued by carriage suppliers, other operating
2014
Railway travel allowances
Tickets
were lower in comparison to 2013 by 99.8 million PLN. The
to rail infrastructure access and lower repair costs of rolling
Luggage, rail mail, conductor deliveries
revenues due to investment subsidy write–downs. At the same
decrease in costs was the result of incurring lower costs
of outsourced services (inter alia, due to a decrease in charges
Additional fees (reserved–seat tickets, WL, BC etc.)
2013
Change
2014–2013
%
211.7
17.9
9.3 %
369.6
324.6
–45.1
–12.2 %
294.8
257.9
–36.9
–12.5 %
38.1
33.5
–4.6
–12.1 %
852.5
746.1
–106.4
–12.5 %
Access to railway routes
449.1
333.6
–115.5
–25.7 %
Repair services
161.3
142.3
–19.1
–11.8 %
Taxes and charges
9.5
12.0
2.5
26.4 %
346.5
373.1
26.6
7.7 %
79.8
83.0
3.2
4.0 %
2.3
2.7
0.4
18.1 %
27.3
26.2
–1.2
–4.3 %
2.5
5.0
2.5
98.8 %
1,881.5
1,781.7
–99.8
–5.3 %
Outsourced services
Payroll
Costs related to staff training
Other costs by kind
047
048
5.4 Assets
5.5 Investments
5.6 Passenger transport
As at the end of 2014, the value of the Company's
fixed assets was 4,350.6 million PLN and higher than
in the previous year by 1,376.3 million PLN.
In 2014, the Company incurred almost
doubled the amount of capital
expenditures than in 2013, that is 1,504.3
million PLN. Expenditures related mainly to
the purchase and modernization of rolling
stock and construction investments.
PKP Intercity carried 25.5 million passengers
in 2014 and it was a decrease in comparison
to 2013 by 5.2 million passengers. Together
with the decrease in the number of
passengers there was a decrease in transport
performance (by 11.7 %) and operational works
measured in train–km (by 8.3 %).
The value of property, plant and equipment at PKP Intercity at the end
of 2014 totaled 3,576.0 million PLN and in comparison to end of 2013 was
higher by 1,621.4 million PLN. Part of the investment was completed in
2014 with the commissioning of 16 Pendolino trains and 25 new carriages,
Investments for the renewal of rolling stock included the
as well as the modernization of 57 carriages and 47 locomotives. The
modernization of carriages intended for rail services between
increase in the value of buildings, premises, civil and water engineering
Przemyśl – Szczecin, modernization of ED74 electric multiple
management was mainly due to setting up the Technical Maintenance
Workshop (hereafter TMW) to service Pendolino trains.
unit and modernization of electric locomotives.
The various means of transport (89.4 %) constituted the dominant share
Investment projects in the area of the purchase of rolling
conducted on the most important railway lines and the
emergence of alternative transport services.
stock included, inter alia, the purchase of 20 Pendolino trains
in the structure of property, plant and equipment. As at 31 December
and purchase of new passenger rolling stock intended for rail
2014 the Company had 408 locomotives, 30 electric multiple units, 2,608
services between Wrocław – Gdynia.
carriages (including 4 antique carriages made in 1929 and 1956) and
Within construction investments the Company completed the
68 pairs of broad gauge bogies for carriages. The majority were second
class carriages (1,590 units).
The decreases were due to the modernization works being
construction of the TMW depot. The Company also invested
in rail track infrastructure in the Company’s various plants.
Item
Fixed assets
XX List of capital expenditure incurred by the Company in 2013–2014 (in million PLN)
2013
2014
2,974.3
Change
2014–2013
%
4,350.6
1,376.3
46.3 %
12.4
8.9
–3.5
–28.3 %
I.
Intangible assets
II.
2,874.6
4,244.7
1,370.2
47.7 %
1,954.6
3,576.0
1,621.4
83.0 %
85.3
84.2
–1.1
–1.3 %
143.4
273.4
130.0
90.7 %
15.4
19.3
4.0
25.7 %
1,709.7
3,198.2
1,488.5
87.1 %
0.9
0.9
0.1
5.8 %
1.
a.
Land
b.
c.
d.
Means of transport
e.
Other fixed assets
2.
638.6
300.0
–338.6
–53.0 %
3.
281.4
368.8
87.4
31.1 %
Item
2013
2014
Construction investment
122.8
Upgrade of rolling stock
Purchase of rolling stock
Change
2014–2013
%
25.1
–97.7
–79.6 %
174.3
179.5
5.2
3.0 %
443.3
1,270.1
826.8
186.5 %
5.2
16.4
11.2
215.4 %
10.5
13.2
2.7
25.7 %
756.1
1,504.3
748.2
99.0 %
2013
2014
Passenger transport (million people)
30.7
Transport performance (million pkm)
Operational works (million train–km)
Purchase of machines and equipment
Other
Total investments
XX Transport operating data for 2013–2014
Item
Operational works (gross million tkm)
Number of trains in use (thousand units)
Change
2014–2013
%
25.5
–5.2
–16.9 %
7,084.5
6,252.5
–832.0
–11.7 %
42.1
38.6
–3.5
–8.3 %
13,184.3
12,126.0
1,058.3
–8.0 %
102.2
93.4
–8.7
–8.6 %
049
050
5.7 Employment
5.8 Subsidies
5.9 Main highlights
Employment in the Company as at
31 December 2014 totaled 7,138 people
and was lower than in 2013 by 108 people.
In 2014, PKP Intercity received a product
subsidy to compensate for lost income related
to statutory discounts of 167.7 million PLN,
that is 9.6 million PLN less than in 2013.
In 2014, there was an increase in the number of young workers
– up to 35 years of age and people aged over 55 years.
The Company conducted intensive personnel work in the
area of electric multiple unit train teams. PKP Intercity
independently recruited staff and trained candidates for
licenses and the train driver's certificate.
↑460.6 million PLN
September
33 PKP Intercity’s rating was raised by the Fitch Rating
33 A contract was signed with Pesa Bydgoszcz for the
Agency.
33 The contract was signed with T–Mobile for WiFi and
multimedia services in PKP Intercity trains, giving
Under the contract for the provision of public services for
interprovincial passenger rail services, in 2014 the Company
performed operating works at the level of 27.9 million trainkm, carrying 18.2 million passengers having received funding
of 430.8 million PLN.
On the other hand, within the contract for the provision of
XX PKP Intercity received funding for transport services:
January
public services for international passenger rail services, PKP
Intercity performed operating works of 2.5 million train–km,
carried 1.4 million passengers and received funding of 29.8
million PLN.
production of 10 new diesel locomotives.
33 Alstom was given certificate of approval for Pendolino
trains.
passengers of EIC trains the option to use the wireless
network while traveling.
March
33 Implementation of the offer ‘Weekendowa Biletomania’
November
33 The introduction of presale of tickets for Express InterCity Premium trains (Pendolino).
(‘Weekend Ticketing’) – one million cheap tickets from
December
PKP Intercity.
33 A New Timetable. A reduction in travel times between
April
33 The emergence of new PKP Intercity carriages between
Wrocław – Trójmiasto, as well as the introduction of
the one queue system at ticket counters at subsequent
the biggest cities.
33 The launch of a new category of InterCity trains (IC).
33 The implementation of Express InterCity Premium trains
for regular use.
railway stations (inter alia, Lublin, Kielce, Olsztyn, Kołobrzeg, Skierniewice).
XX Structure of employment by age as at the end of 2013 and 2014 (in persons)
Age range
May
2013
2014
254
26–35
Change
33 The contract was signed for the purchase of 20 electric
2014–2013
%
274
20
7.9 %
1,006
1,101
95
9.4 %
36–45
1,813
1,656
–157
–8.7 %
46–55
3,066
2,948
–118
–3.8 %
>55
1,107
1,159
52
4.7 %
<25
multiple units from Pesa Bydgoszcz S.A.
June
33 Purchase of 2,000 tablets for conductor's teams and receipt
of the first modernized diesel locomotive from NEWAG S.A.
July
33 The first free WiFi PKP Intercity train (EIC) for passengers.
33 The introduction of ‘Karta Dużej Rodziny’ (‘Large Family
XX Subsidies received by the Company in 2013–2014 (in million PLN)
Card’), a system of discounts and special concessions
Item
2013
2014
Product subsidy
177.3
Subsidy for international trains
Subsidy for interprovincial trains
for families with more than 3 people.
Change
2014–2013
%
167.7
–9.6
–5.4 %
50.0
29.8
–20.2
–40.4 %
356.3
430.8
74.5
20.9 %
33 Positioning and monitoring devices installed in all
PKP Intercity locomotives.
August
33 Streamlined the cleaning model in PKP Intercity trains
by implementing ‘Czyszczenie w biegu’ (‘Cleaning on
the run’), that is additional cleaning services on trains.
33 New uniforms designed for cabin crew of Express
InterCity Premium trains in a classic style and in the
carrier’s colors.
051
052
PK P GROUP | ANNUAL REP OR T 2014 | PK P Linia Hutnic z a S zerokotorowa
06
PKP Linia Hutnicza Szerokotorowa
www.lhs.com.pl
PKP Linia Hutnicza Szerokotorowa Sp. z o.o.
(hereinafter PKP LHS) was established under the
Act of 8 September 2000 on the commercialization,
restructuring and privatization of the state–owned
Polskie Koleje Państwowe and started operations
on 1 July 2001.
Management Board
33 Łukasz Górnicki – President of the Management Board
33 Mirosław Smulczyński – Member of the Management Board
for Sales and Operations
Supervisory Board
33 Łukasz Górecki – Chairperson
The Company's goal since its inception is the management of LHS line’s
infrastructure, including railway stations’ infrastructure, buildings and
33 Andrzej Żurkowski
33 Piotr Hołymczuk
structures located along the No. 65 railway line, carrying out freight
33 Sławomir Baniak
transport within the traction service and the provision of additional
33 Stanisław Chlebowski
services associated with freight transport.
33 Zbigniew Wysocki
The Company manages and carries out transport based on the LHS line,
which is Poland's longest broad–gauge railway line (1,520 mm track gauge)
intended for freight transport. It joins the Polish–Ukrainian Hrubieszów/
Izow rail border crossing with Sławków in Silesia and is nearly 400 km long.
SS Łukasz Górnicki – President of the Management Board
053
054
6.3 Finances
In 2014, the Company recorded a net
profit of 74.9 million PLN and was lower
only by 0.1 million PLN than that obtained
in 2013, which was a record result in
the Company’ history.
In 2014, PKP LHS recorded sales revenues of 424.0 million PLN,
increased as a result of commissioning of completed projects.
an increase in comparison to 2013 by 13.6 million PLN. Trans-
Larger consumption of materials used in the renovation of
port service revenues with 94.4 % hold a dominant position
railway infrastructure, rolling stock and commercial buildings
in the revenue structure. Their increase to 400.1 million PLN
at the same time at lower unit price of purchase of traction fuel
(i.e. 4.5 %) was due to both an increase in the mass of the goods
resulted in an increase in costs of consumption of materials
transported and higher income from additional fees. Other
and energy. Higher costs of outsourced services were mainly
revenues accounted for 5.6 % of net revenues and primarily
the result of expenditure on repair services of the railway
consist of revenues from transport services in transport of
line and commercial buildings with a decline in the cost of
goods, leasing property to other entities, Customs Agency
transport services and repair of rolling stock. On the other
income and the sale of scrap metal and waste.
hand, an increase in the average employment by 38 full-time
Operating expenses totaled 328.9 million PLN and were higher
in comparison to 2013 by 13.3 million PLN. An increase was
recorded in all categories of costs by kind. Depreciation
and 2.1 million PLN respectively. The lower level of the items
nues from bank deposits, interest on overdue receivables
described resulted from a non–recurring item in 2013 which
and obtaining foreign exchange gains. In turn, the increase
was penalty cost and damages claim for reimbursement of
in financial expenses by 0.2 million PLN in comparison to
independently collected benefits by Qwantum. At the same
2013 resulted from accounting of provisions for liabilities
time, the Company has made write–offs of dues for the
and revaluation of shares in the KOW media & marketing
above penalty, determining it to be uncollectible. In addition,
Sp. z o.o. company in the absence of interest expenses on
the accounting of costs of abandoned investments started
bank credit and foreign exchange losses in 2014.
in previous years influenced the state of other operating
expenses in 2013.
2013
2014
316
employees from the 2013 profit, resulted in higher labor costs.
million PLN
2013
2014
410.3
Operating expenses
329
million PLN
Change
2014–2013
%
424.0
13.6
3.3 %
315.6
328.9
13.3
4.2 %
94.8
95.1
0.3
0.3 %
3.8
0.6
–3.2
–85.2 %
4.9
2.9
–2.1
–41.8 %
–1.1
–2.3
–1.2
–
EBIT
93.6
92.8
–0.9
–0.9 %
134.7
135.8
1.1
0.8 %
32.8 %
32.0 %
–
–
Financial revenues
1.0
1.5
0.6
59.3 %
Financial expenses
1.3
1.5
0.2
12.1 %
–0.3
0.1
0.4
–
Gross profit (loss)
93.3
92.9
–0.4
–0.5 %
Income tax
18.3
18.0
–0.3
–1.9 %
Net profit (loss)
75.0
74.9
–0.1
–0.1 %
18.3 %
17.7 %
–
–
Net profitability
1.5 million PLN was mainly caused by higher interest reve-
job positions, introduction of staff promotions from August
Item
EBITDA margin
The increase in financial revenues in 2014 to the level of
expenses from other operating activities by 3.2 million PLN
2014 and the cost of social security from bonuses paid to
XX Financial results for 2013–2014 (million PLN)
EBITDA
In 2014, the Company recorded a decrease in revenues and
Materials and energy consumption – 29.9 %
Payroll – 20.3 %
Payroll – 20.4 %
Depreciation – 13.0 %
Social security and other benefits – 4.6 %
055
056
6.5 Investments
Item
2013
Change
2014
2014–2013
%
Depreciation
41.0
43.0
1.9
4.8 %
94.5
100.2
5.8
6.1 %
Outsourced services
93.7
96.3
2.6
2.7 %
2.7
3.0
0.3
10.2 %
Payroll
64.0
67.0
3.0
4.7 %
14.5
15.7
1.1
7.7 %
3.2
3.2
0.0
1.2 %
Taxes and charges
Other costs by kind
1.9
0.5
–1.4
–73.6 %
315.6
328.9
13.3
4.2 %
In 2014, the Company incurred capital
expenditures of 37.6 million PLN.
The expenditures included mainly the reconstruction of railway traffic
control devices on the Werbkowice LHS and Miączyn LHS passing loop,
expansion of Gołuchów LHS railway station, construction of parking for
trucks at the Sławków LHS railway station and building an access road to
Zamość Bortatycze LHS railway station. For 2015 the Company is planning
further development projects and projects aimed at increasing the safety
of train operations on the LHS line.
XX List of capital expenditures incurred by the Company
6.4 Assets
At the end of 2014 the value of tangible
fixed assets totaled 501.3 million PLN
and it was a decrease in comparison
to the end of the previous year
by 9.5 million PLN. This was caused
by investment expenditures valued
lower than the value of depreciation.
in 2013–2014 (in million PLN)
machinery and equipment contributed in kind by PKP S.A.,
assets produced by the Company, a railway line and other
property necessary for the operations of the Company being
used under the D54 agreement with PKP S.A.
Item
26.1
–0.7
–2.8 %
5.5
7.2
1.7
31.0 %
16.5
0.0
Other investments
3.5
4.3
0.8
23.4 %
Total investments
52.3
37.6
–14.7
–28.2 %
Upgrade of workshop
facilities
Covered carriages and remaining flat carriages formed part
works and for cranes. In turn, the bogies were necessary to
perform basic tasks in the transport of goods in non–reloading
26.8
Change
%
66 broad gauge bogies and 184 standard gauge carriage bogies.
of the equipment for rescue trains and machines for track
2014
2014–2013
Upgrade of railway station
At the end of 2014 PKP LHS held 77 locomotives, 96 carriages,
2013
–16.5 –100.0 %
gauge switching situation. The Company transported freight
The Company’s operating activity is based on its assets:
diesel locomotives, carriages, carriage bogies and other
goods in leased carriages owned by the Commonwealth of
6.6 Employment
Independent States (CIS) railway companies.
PKP LHS at the end of 2014 employed 1,292 people,
45 more than at the end of 2013.
Item
1.
2.
a.
b.
c.
d.
Means of transport
e.
Other fixed assets
2013
2014
458.7
Change
2014–2013
%
The increase in the number of staff was due to the necessity to employ
481.7
23.0
5.0 %
new staff in order to retrain them before people of retirement age leave
2.7
2.8
0.1
3.8 %
284.9
323.2
38.3
13.5 %
11.4
11.3
–0.1
–0.9 %
tation of comprehensive reloading services in–house, which necessitated
158.7
143.1
–15.6
–9.9 %
additional employment of staff.
1.1
1.4
0.3
28.8 %
52.1
19.6
–32.5
–62.4 %
the Company. In addition, on 1 February 2014 the Company terminated
the contract to an outsource company to conduct reloading operations at
the Re–Loading Terminal in Szczebrzeszyn and took over the implemen-
057
058
6.7 Freight transports
6.8 Main highlights
In 2014, PKP LHS transported 10.7 million tones
of cargo, which was the best result in the Company’s
history. In comparison to 2013 there was an increase
by 0.6 million tons (that is, 5.9 %).
February
loops are equipped with full audio–visual monitoring,
33 PKP LHS starts independent reloading operations at the
enabling the person on duty in the LCC to see the trains
Re–Loading Terminal in Szczebrzeszyn. The takeover of
reloading operations from an outside party resulted
from the desire to expand the range of services offered
In the wake of the increased mass of transported goods the performance
of the transport works increased by 168.3 million tkm and operational
works by 0.2 million train–km. There was a slight decrease, that is by
to the Company’s clients to include loading services,
XX Increase in transported goods
unloading services with the possibility of storage of
in comparison to 2013.
goods, and the organization of road transport.
0.8 %, in the average transport distance, which was 331.8 km in 2014.
April
The increase in transported mass of the goods mainly related to the
33 Participation in the 19th TransRussia International
transport of iron ore (due to the continued high level of steel production),
Transport and Logistics Trade Exhibition in Moscow.
textiles, food and fodder (as a result of improvement and stabilization of
the situation in the energy and food sector) as well as coal (as a result
33 Completion of the implementation of changes in the
of transportation of raw materials for the export and applicable em-
PKP LHS organizational structure. Confirmation of the
bargo on imports of coal to Ukraine in 2013). However, in comparison to
new Regulations and the Company’s Organizational
2013 transport of raw and processed minerals declined (following the
Structure.
completion of infrastructure projects in the LHS line region) and coal
and briquettes (due to the collapse of coal imports from Ukraine due to
the closure of mines in eastern Ukraine).
↑5.9 %
May
33 Taking part in an international carriers meeting in Odessa,
during which the development of the transport system
was discussed, as well as improvements in technolog-
Item
ical operations during transportation of containers,
2013
2014
10.1
Transport performance (million tkm)
Freight transport (millions tons)
development of innovative models of governance
Change
2014–2013
%
10.7
0.6
5.9 %
3,369.7
3,538.1
168.3
5.0 %
2.1
2.2
0.2
7.2 %
and creation of a uniform information space. PKP LHS
representatives presented the range of services provided by the Company.
June
33 PKP LHS was in 11th place in the overall classification of the Ranking Największych Firm Lubelszczyzny
‘Złota Setka’ (‘The Golden Hundred’ Lubelszczyzna
Largest Companies Ranking) organized by the ‘Dziennik
Wschodni’ (‘Eastern Daily’) newspaper. In the category
of large companies employing more than 250 people
the Company came in 10th place, for most profitable
company in 5th place, for the highest net return in 4th
place, for the highest gross profit in 5th place, for the
passing and also the containers fitted with the necessary
equipment to conduct train traffic. For the Company it
was another step in raising the level of safety and more
efficient use of existing infrastructure.
July
33 The contract was signed to implement the reconstruction
of the Gołuchów LHS railway station and to adjust its
current track system for transport operations. The total
investment is over 14 million PLN.
September
33 The Company was among the winners of the international
transport industry award ‘Złoty Rydwan’ (‘Gold Chariot’)
and was awarded in the ‘Outstanding achievements in
railway transport’ category for significant contribution
in the search for new practices to improve rail freight
transport. The award was presented during the InnoTrans
2014 International Trade Fair for Transport Technology.
October
33 The 3rd ‘Sprzątamy Roztoczański Park Narodowy’
(‘Cleaning Up Roztoczański National Park’) event, as part
of ‘EKOlogiczni’ (‘ECOlogical’) corporate volunteering
program. The activity was in line with PKP LHS objectives
in the field of social responsibility and environmental
area. The aim of the project was to formulate and promote ecological awareness among Company employees.
December
33 PKP LHS received the title ‘Sponsor Kultury Zamościa
2014’ (‘2014 Sponsor of Zamość Culture’). The award was
given by the mayor of the city for promoting the creation
of material conditions for the development of culture.
This is the Company's fifth award.
biggest investors in 7th place, for the biggest employer
33 Completion of the access road to Zamość Bortatycze
in 9th place, and for the biggest exporters in 15th place.
LHS railway station. The implementation of the project
33 The ongoing reconstruction since August 2013 of rail-
improved access of trucks over 5 tons to the railway
way traffic control devices on the Werbkowice LHS and
Mięczyn LHS passing loops was completed. As a part of
the project modern computer equipment was introduced
and incorporated into the newly formed Local Control
Center at Zamość Bortatycze LHS railway station. Passing
station, and also created favorable transport conditions
for PKP LHS customers.
059
060
PK P GROUP | ANNUAL REP OR T 2014 | PK P S z ybka Kolej Miejska w Trójmie ście
07
PKP Szybka Kolej Miejska
w Trójmieście
www.skm.pkp.pl
PKP Szybka Kolej Miejska w Trojmieście
Sp. z o.o. (hereinafter PKP SKM) was
separated from the PKP S.A. structure
and started its operations on 1 July 2001,
taking over the tasks, employees and
property of Zakład Szybkiej Kolei Miejskiej
w Trójmieście that had been liquidated.
XX Shareholder structure as at the end of December 2014
Management Board
33 Maciej Lignowski – President of the Management Board
33 Bartłomiej Buczek – Member of the Management Board,
Director of Transport
44.3 %
Supervisory Board
33 Marian Woźniak – Chairperson
33 Marek Chacuk
The aim of the Company is to manage and maintain No. 250
33 Piotr Ciechowicz
Railway Line (Gdańsk Śródmieście – Rumia) and to carry out
33 Grażyna Kozłowska-Plewa
passenger transport on the route. The Company’s objectives
33 Marek Machnikowski
also include carrying out regional passenger railway transport
on other railway lines in Pomorskie Province.
PKP S.A. – 44.3 %
PKP SKM was granted licenses by the President of the Office
State Treasury – 20.7 %
of Rail Transport for an indefinite period aimed at providing
City of Gdańsk – 15.3 %
passenger railway transport services and to lease rail electric
multiple units. Moreover, the Company has valid security
certificates for both railway infrastructure administrator
Pomeranian Provincial Self–Government – 12.4 %
City of Gdynia – 3.1 %
and railway operator, and also safety authorization for the
City of Sopot – 2.6 %
administrator of railway lines. The transport is carried out
City of Pruszcz Gdański – 1.5 %
on the basis of and under the agreement concluded with
the Local Government of the Pomorskie Province being the
public administration body responsible for the organization
and financing of regional passenger railway transport carried
out as part of providing public services.
The ownership structure changed over the years of Company’s
operation, while the structure as at December 2014 is shown
on the side chart.
City of Rumia – 0.1 %
33 Arnold Modrzejewski
33 Marta Postuła
33 Janusz Szczepański
SS Maciej Lignowski – President of the Management Board
061
062
7.3 Finances
Operating expenses in 2014 totaled 150.9 million PLN and
In 2014, the Company recorded a net profit
of 1.7 million PLN which was higher by
0.7 million PLN than the profit recorded
in the previous year.
were higher in comparison to the previous year by 12.2 million
the TS Opole was charged penalties for delays in the upgrade
PLN. Their growth was driven by the increase in depreciation
of electric multiple units. At the same time, on the expenses
costs following the commissioning of completed projects in
side, receivables from the above penalty considered to be
2013–2014. The consumption of materials used for repairs of
a doubtful debt were written–off and considered to be unre-
rolling stock, rail infrastructure, machinery and equipment
coverable, as well as expenses of the abandoned investments
had also increased. The costs of outsourced services were
that were begun in the previous years were included in the
also higher due to increased costs of access to PKP PLK rail
accounting. Moreover, higher write–offs of the investment
infrastructure, transport and repair services and rental of
subsidy in 2014 had an impact on the result.
The decrease in financial income of 1.7 million PLN in com-
In 2014, the Company generated sales revenue of
1.1 million PLN and constituted 7.6 % in the revenue structure.
142.8 million PLN, an increase in comparison to 2013 by
In comparison to 2013 revenues also increased from the sale
rolling stock, while the cost of operating train traffic, tele-
7.0 million PLN. Revenues from ticket sales together with the
of rights to use travel concessions by employees, retirees
communications services, commissions from ticket sales and
subsidy increased by 2.7 million PLN, which was a consequence
and their family members. The Company also received higher
maintenance of power equipment were lower. The introduction
of several events. In March 2014, PKP SKM introduced an
rental income from land and access to track closures. At the
of wage increases from October 2013, incentive bonus payments
increase in quarterly ticket prices and new offers on trans-
same time revenues from giving access to No. 250 line to
and the creation of employee benefits reserve contributed to
port charges, which transformed the structure of the tickets
other carriers were lower.
higher labor costs.
sold in favor of one–off tickets, which had a higher margin.
In comparison to 2013, the Company recorded a decrease
The frequency of trains has also increased (tact in rush hours
related to non–recurring items. On the revenues side, in 2013,
parison to 2013 was due to lower interest income on bank
deposits and overdue receivables (in 2013 interest accrued
on penalties imposed on TS Opole).
The settlement of deferred tax of 1.5 million PLN also had
an impact on the achieved net profit of 1.7 million PLN.
in other operating revenues and expenses by 15.4 million
every 7.5 minutes, with tact every 10 minutes in 2013) and
PLN and 20.7 million PLN respectively. The decrease was
due to the completion of modernization works to the E65
line trains on the route to Tczew were restored. Following
the increase in works performed operating revenues from
local government subsidies were higher by 3.1 million PLN
in comparison to 2013. Other sales revenues increased by
2013
2014
Item
2013
2014
135.8
Operating expenses
Change
139
151
2014–2013
%
142.8
7.0
5.1 %
138.7
150.9
12.2
8.8 %
–2.9
–8.1
–5.2
–
27.5
12.0
–15.4
–56.2 %
23.9
3.2
–20.7
–86.5 %
3.6
8.8
5.2
144.7 %
EBIT
0.7
0.7
0.0
0.6 %
11.5
15.0
3.6
31.1 %
8.4 %
10.5 %
–
–
Payroll – 29.1 %
Payroll – 28.2 %
Financial revenues
2.7
1.0
–1.7
–63.2 %
Financial expenses
1.7
1.5
–0.2
–11.5 %
1.0
–0.5
–1.5
–
Gross profit (loss)
1.7
0.2
–1.5
–87.3 %
Depreciation– 7.7 %
Income tax
0.7
–1.5
–2.2
–
Net profit (loss)
1.0
1.7
0.7
72.3 %
0.7 %
1.2 %
–
–
EBITDA
EBITDA margin
Net profitability
million PLN
million PLN
063
064
7.5 Investments
Item
2013
2014
Depreciation
10.7
Outsourced services
In 2014, PKP SKM incurred capital expenditure of 150.1 million PLN, which
Change
mainly covered the upgrade of 21 electric multiple units and extension of
2014–2013
%
14.3
3.6
33.2 %
34.3
35.1
0.8
2.3 %
project ‘Rozwój szybkiej kolei miejskiej w Trójmieście’ (‘Development
36.4
39.3
2.9
7.9 %
of the Tricity commuter rail’), which will mean further improvement
1.8
1.8
0.1
3.6 %
of passenger comfort and safety.
Payroll
40.3
42.6
2.3
5.7 %
11.1
13.2
2.0
18.3 %
XX List of capital expenditure incurred by the
3.9
4.6
0.6
16.0 %
Company in 2013–2014 (in million PLN)
Taxes and charges
Other costs by kind
0.1
0.0
–0.1
–68.9 %
138.7
150.9
12.2
8.8 %
stop. For 2015 the Company is planning a continuation of the investment
Item
Railway line upgrade
7.4 Assets
At the end of 2014 the value of tangible
fixed assets amounted to 398.0 million PLN.
Compared to 31 December 2013 the increase
was mainly the value of the means of
transport as a result of the modernization
of 21 electric multiple units. The increase
in the balance of fixed assets under
construction resulted in capital
expenditures for the construction
of a new station Gdańsk Śródmieście
with an extension of No. 250 line.
No. 250 line together with the construction of Gdańsk Śródmieście station
2013
2014
36.2
45.3
5.0
102.4
Change
2014–2013
%
9.1
25.1 %
97.4 1,930.4 %
PKP SKM carries out its transport activity using 66 electric
Other investments
2.3
2.3
0.1
2.9 %
multiple units of the following types: EN57, EW58 and EN71.
Total investments
43.6
150.1
106.6
244.7 %
The average age of vehicles is 33 years. The condition of the
rolling stock improved in the course of upgrades on 22 units
of EN57 electric multiple units in 2013–2014. In addition,
in subsequent years, the Company plans to renew the rolling
stock park through the acquisition of brand new vehicles.
Moreover, the Company manages the electrified double–track
No. 250 Gdańsk Śródmieście – Rumia railway line, which in-
7.6 Employment
At the end of 2014 PKP SKM employed 831 people and
it was an increase of 47 people in comparison to 2013.
cludes 22 railway stations and rail stops, as well as the Gdynia
Cisowa railway station depot.
The changes were due to additional employment of conductors and electric
multiple unit driver teams and were caused by the return to the frequency
of trains every 7.5 minutes in peak travel times and the resumption of the
Gdańsk Główny – Tczew connection. Additionally, to guard against the risk
of generational gap, the Company employed apprentice train drivers, who
completed training for a driver’s license co–financed by District Labor
Item
1.
2013
2014
244.9
in 2013 employment was adjusted for the reduction in operational works
Change
2014–2013
%
337.5
92.6
37.8 %
47.5
47.1
–0.4
–0.9 %
154.6
150.7
–3.9
–2.5 %
a.
b.
c.
11.1
10.8
–0.3
–3.0 %
d.
Means of transport
31.1
128.1
97.0
311.8 %
e.
2.
Office, in order to continue training for a driver’s certificate. Moreover,
Other fixed assets
0.6
0.8
0.3
51.6 %
17.3
60.5
43.2
250.5 %
and in 2014 it was necessary to supplement vacancies (inter alia, in the
Rolling Stock Repair Section).
065
066
7.7 Passenger transport
7.8 Subsidies
In 2014, PKP SKM carried 35.7 million
passengers and it was an increase
in comparison to the previous year
by 0.5 million people.
The Company receives a local government
subsidy from the Local Government of the
Pomorskie Province for the provision of public
services in passenger railway transport and
a public product subsidy as compensation
for revenues lost due to honoring statutory
allowances.
Together with the increase in the number of passengers the
transport performance measured in passenger–km also
increased (by 7.2 %), operational works measured in train–km
(by 23.3 %) and the average transport distance (by 5.6 %).
The reason for the growth of indicators relating to passenger transport in 2014 was the increase in the frequency of
trains – tact during rush hours every 7.5 minutes, compared
to tact every 10 minutes in 2013 and the reopening of Gdańsk
Główny – Tczew connection.
7.9 Main highlights
↑7.2 %
Besides the subsidy to provide transport services, the Company was granted a subsidy from the Railway Fund and the
European Union under the Operational Infrastructure and
Environment Program to implement the ‘Development of the
Tricity commuter rail’ project. In 2014, PKP SKM also received
funds from the Pomorskie Province Regional Operational
towej dla zadania «Rozbudowa systemu kolei aglomeracyjnej
Trójmiejskiego Obszaru Metropolitalnego w kierunku Wejherowa»’ (‘The preparation of pre–project documentation for
the «Extension of Tricity Metropolitan area suburban railway
2014
of the Passenger Information Monitoring System for
units within the ‘Development of the Tricity commuter
4 electric multiple units (3 EN57, 1 EN71).
March
33 Recommencement of trains on the Gdańsk Główny –
33 A contract was signed with PPMT in Gdańsk to modernize
the track system, i.e. the reconstruction of the railroad
switch head at the Gdańsk Wrzeszcz railway station.
May
33 A contract was signed with INEX, Rajbud, Poltrain and MSE
consortium for the project ‘Usprawnienie układu komunikacyjnego dostępu na peron na przystanku osobowym
Gdynia Cisowa’ (‘Streamlining the transport system for
access to the platform at the Gdynia Cisowa passenger
train stop’).
Passenger transport (million people)
35.2
Transport performance (million pkm)
2014–2013
%
35.7
0.5
1.5 %
801.6
859.1
57.5
7.2 %
3.0
3.7
0.7
23.3 %
761.9
825.3
63.4
8.3 %
2014
August
33 CS Training and Consulting as well as the Centre for
Training and Examination in PKP SKM, in cooperation
with District Labor Offices, completed training for the
train driver license for 29 drivers.
September
Product subsidy
16.8
Local government subsidy
33 A contract was signed with WYG Consulting to prepare
Change
the ‘Wstępna analiza wykonalności (pre–studium) rozbu-
2014–2013
%
dowy systemu kolei aglomeracyjnej w kierunku Tczewa’
16.6
–0.1
–0.8 %
(‘Preliminary feasibility study (pre–study) of suburban
19.6
22.6
3.1
15.7 %
railway system development in the direction of Tczew’)
Funding from Railway Fund
12.0
11.4
–0.6
–4.7 %
Subsidy under POiŚ [OPI&E]
14.9
85.6
70.7
475.5 %
Subsidy RPO
0.0
0.2
0.2
–
33 A contract was signed with BPBK in Gdańsk to prepare
project documentation for the ‘Przebudowa przystanku
SKM Rumia Janowo’ (‘Reconstruction of the SKM Rumia
Janowo railway station’) project.
33 Contracts No. 232/U//401/DIF/2014 and 233/U//386/
DIF/2014 were signed to provide public services for
passenger rail travel in the Pomorskie Province for the
period from 14.12.2014 to 12.12.2015.
33 Completion of the year long process of bond issue for
36.2 million PLN, in cooperation with the bank BGK S.A.
33 The announcement of the tender for the construction and
delivery of 2 sets of new 4–part electric multiple units.
33 Adoption of a resolution to increase the share capital
chines (which were up to then selling ZTM Gdańsk tickets).
2013
November
SKM Sopot Kamienny Potok platform infrastructure for
and Pruszcz Gdański in 51 AVISTA automatic ticket ma-
Item
Gdańsk Śródmieście railway stop being built.
December
33 The launch of the sale of SKM tickets in Sopot, Gdańsk
XX Subsidies received by the Company in 2013–2014
rail’ project. The last two electric multiple units were
officially commissioned during the ‘open day’ of the SKM
documentation and to modernize works to adapt the
people with limited mobility.
Change
the platform edge and the carriage threshold on the
No. 250 railway line’).
33 Completion of the modernization of 21 electric multiple
33 A contract was signed with Dekpol to prepare project
2013
Operational works (gross million tkm)
repair of components for EN57 and EN71 electric multiple
nr 250’ (‘Adjusting tracks to reduce the gap between
units and contracts with POLGARD S.C. for the provision
June
system in the direction of Wejherowo»’).
Item
33 A contract was signed with ZNTKiM in Gdańsk for the
Tczew route.
Program to finance ‘Opracowanie dokumentacji przedprojekXX Percentage increase in transport performance in PKP SKM:
February
document.
October
33 A contract was signed with PPMT to complete the task
‘Regulacja torów w celu zmniejszenia odstępu pomiędzy
krawędzią peronu a progiem wagonu na linii kolejowej
by 0.5 million PLN and the takeover of 1,000 new shares
by the Municipality of the City of Gdynia.
33 A contract was signed with PIXEL for the supply of 14
sets of the Passenger Information System and spare
parts for electric multiple units.
33 A contract was signed with ELESTER–PKP for the purchase
and installation of meters to measure power usage
collected and discharged to traction lines together
with the computer system for data analysis for EN57
and EN71 electric multiple units.
33 Approval by the President of the Railway Transport
Office of basic individual charges for use of railway
infrastructure for the 2014/2015 train timetable.
33 The completion of works to the extension of the No. 250
railway line and the construction of a new SKM Gdańsk
Śródmieście passenger stop, and the construction of
holding tracks and modernization of No. 3 platform at
the Gdańsk Główny railway station as part of Zadanie 3
Projektu 'Rozwój szybkiej kolei miejskiej w Trójmieście'
(Task 3 ‘Development of PKP SKM’ Project).
067
068
PK P GROUP | ANNUAL REP OR T 2014 | PK P Energet yka
08
PKP Energetyka
www.pkpenergetyka.pl
The essence of activities of PKP Energetyka S.A.
(hereafter PKP Energetyka) is the conduct of tasks
for the proper functioning of rail transport in the
broadly understood field of energy and distribution
of electricity to customers outside the railway sector.
Management Board
33 Tadeusz Skobel – President of the Management Board
33 Wojciech Szwankowski – Member of the Management Board,
Sales Director
33 Marta Towpik – Member of the Management Board,
Financial Director
As a result of the introduction of concessions to trade in gas fuels in
September 2013, the Company started the sale of gas at the beginning of
July 2014. Other concessions and licenses held by the Company include:
33 license to trade in electricity;
33 concession to distribute electricity;
33 license to sell diesel fuel for combustion traction vehicles;
33 license for railway transport of goods.
At the end of 2014 PKP S.A. began the process of PKP Energetyka
privatization (on 30 December 2014 an invitation was published to
tender for the purchase of 100 % of the shares), which is expected to be
completed in the third and fourth quarter of 2015.
Supervisory Board
33 Łukasz Szarawara – Chairperson
33 Michał Chróst
33 Marta Sitko
33 Konrad Szutenbach
33 Andrzej Łukasik
33 Andrzej Niezgoda
SS Tadeusz Skobel – President of the Management Board
069
070
8.3 Finances
XX Structure of electric power sales segment in 2013–2014 (in million PLN)
In 2014, PKP Energetyka recorded
a net profit of 48,7 million PLN,
that was lower by 41.2 million PLN
than in 2013, which resulted from
the lower result at each level of the
business activity.
2013
Sales revenues result amounted to 78.2 million PLN and was
similar to the previous year. The distribution segment’s share
35.4 million PLN lower than in 2013. Income from sales amounted
has slightly declined in favor of growth of construction and
to 4,316.9 million PLN and were higher by 811.3 million PLN than
modernization of railway lines.
in 2013. The higher volume of electricity sold was observed
In 2014, operating expenses totaled 4,238.7 million PLN and
mainly in the segment of customers with no access to the
Company’s TPA network and the increase in railway line upgrades was due to the acquisition of additional construction
for the purpose of resale). The higher operating expenses in
The dominant segments PKP Energetyka activities are sales
consumption resulting from a wider range of construction works
and electricity distribution segments with 50.7 % and 19.6 %
performed, and the cost of outsourced services, including
share respectively in the revenue structure. The size of the
costs of subcontractors (change of the scope of work in 2014).
revenue share of the trading segment in 2014 remained
In 2014, the Company as a consortium leader completed
2013
2014
3,505.6
Operating expenses
Change
2014–2013
%
4,316.9
811.3
23.1 %
3,392.0
4,238.7
846.7
25.0 %
113.6
78.2
–35.4
–31.2 %
35.8
42.0
6.2
17.3 %
37.8
55.3
17.5
46.4 %
–1.9
–13.3
–11.3
–
EBIT
111.7
64.9
–46.8
–41.9 %
EBITDA
191.3
156.3
–35.0
–18.3 %
5.5 %
3.6 %
–
–
Financial revenues
18.6
16.4
–2.2
–11.9 %
Financial expenses
17.2
17.9
0.8
4.4 %
1.5
–1.5
–3.0
–
113.1
63.4
–49.7
–43.9 %
Income tax
23.2
14.7
–8.5
–36.7 %
Net profit (loss)
90.0
48.7
–41.2
–45.8 %
2.6 %
1.1 %
–
–
Gross profit (loss)
Net profitability
2,190
million PLN
million PLN
were 846.7 million PLN higher than in 2013 (due to higher
comparison to 2013 included the costs of materials and energy
EBITDA margin
1,724
sales, with a rise in the value of power and fuels purchased
works from PKP PLK.
Item
2014
TPA – 757.5 million PLN
TPA – 966.4 million PLN
Traction energy – 605.4 million PLN
Traction energy – 525.6 million PLN
Non–traction energy – 268.4 million PLN
Non–traction energy – 164.1 million PLN
Wholesale market and verification – 92.4 million PLN
Wholesale market and verification – 533.8 million PLN
a contract for the modernization of the E–65 Warszawa –
11.3 million PLN, mainly as a result of higher other operat-
Gdynia and Kraków – Medyka railway lines, and, as a consortium
ing expenses (in 2014 the Company made a provision for
partner in the modernization of the railway line Warszawa
loss–making contracts that PKP Energetyka implemented as
Zachodnia – Skierniewice, No. 9 line (Malbork) the E–30 line
a consortium member or as consortium leader together with
on the Krzeszowice – Krakow Główny section.
Przedsiębiorstwo Napraw Infrastruktury Sp. z o.o.).
In comparison to 2013, in 2014 PKP Energetyka recorded
a decrease in the result on other operating activities by
XX Selected operating data of the Company for 2013–2014
Item
2013
2014
6,590.4
Traction energy
Non–traction energy
Electric power sales volume (turnover) in GWh
Master agreements
TPA sales
Electric power sales volume
(distribution services) in GWh
Traction energy
Non–traction energy
Fuel sales volume in m
3
Gas sales volume in GWh
Change
2014–2013
%
7,661.4
1,071.0
16.3 %
2,269.5
2,158.8
–110.7
–4.9 %
4,320.9
5,502.6
1,181.7
27.3 %
988.6
671.8
–316.8
–32.0 %
3,332.3
4,830.8
1,498.5
45.0 %
3,398.9
3,336.8
–62.1
–1.8 %
2,269.5
2,158.8
–110.7
–4.9 %
1,129.4
1,178.0
48.6
4.3 %
37,745.5
40,435.5
2,690.0
7.1 %
–
315.3
–
–
071
072
8.5 Investments
Item
Depreciation
Outsourced services
2013
2014
79.6
256.5
PKP Energetyka’s strategy includes the concentration of capital ex-
Change
%
91.4
11.8
14.8 %
330.8
74.3
29.0 %
networks (as a part of the priority program of Modernizacja Układów
Zasilania MUZa (Modernization of Power Supply Systems MPSS), as well
749.9
928.0
178.2
23.8 %
Energy distribution service
439.1
455.6
16.5
3.8 %
Construction services
129.0
296.8
167.8
130.0 %
Taxes and charges
penditures for the modernization (of existing electric power distribution
2014–2013
systems) and the development (in terms of connecting new electricity
customers), construction and modernization of power systems of traction
as building its own Rozdzielcze Punkty Zasilające (RPZ) (Supply Distribution Panels [SDP]). Total investment costs incurred in 2014 totaled
488.9 million PLN.
25.6
28.5
2.9
11.2 %
379.6
400.4
20.8
5.5 %
90.6
98.3
7.7
8.5 %
(0.2 million PLN) have been allocated for equipment for reactive power
Other costs by kind
10.9
12.8
1.9
17.5 %
compensation in electric power supply systems, funds from the bond
1,799.4
2,348.5
549.1
30.5 %
issue (123.2 million PLN) have been earmarked for the modernization of
1,640.1
2,158.2
518.1
31.6 %
158.4
160.0
1.6
1.0 %
–
29.5
29.5
–
Payroll
Purchase of power
Purchase of fuels
Purchase of gas
Financing of capital expenditures was mainly from own funds, the value
of which amounted to 339.5 million PLN. The funds raised from grants
the traction line networks (MPSS program), and the acquisition of motor
vehicles a part of leasing (worth 25.9 million PLN).
XX List of capital expenditures incurred by the Company in 2013–2014 (in million PLN)
8.4 Assets
Item
2013
2014
296.5
2014–2013
%
425.6
129.1
43.5 %
11.1
2.3
–8.8
–79.6 %
10.9
1.7
–9.2
–84.0 %
Other, including:
As at 31 December 2014, the value of tangible fixed assets in
The dominant item in the Company’s assets is buildings and
PKP Energetyka totaled 1,729.3 million PLN and in comparison
equipment forming the electricity distribution system, whose
Construction projects
to the previous year increased by 441.7 million PLN, that is by
net value accounts for 55.2 % of the total assets of the Company.
34.3 %. The assets increase resulted from in – kind real estate
contributions from PKP S.A. and from investments.
33.7
59.3
25.6
76.0 %
Purchase of machinery and equipment
13.2
47.8
34.6
262.7 %
IT systems and equipment
16.2
9.8
–6.4
–39.7 %
352.1
488.9
136.7
38.8 %
2013
2014
Total investments
Item
Fixed assets
I.
Intangible assets
II.
1.
2013
2014
1,406.2
Change
Change
2014–2013
%
1,892.9
486.6
34.6 %
26.3
38.3
12.0
45.8 %
1,287.6
1,729.3
441.7
34.3 %
976.2
1,280.3
304.1
31.1 %
72.6
88.6
16.0
22.1 %
a.
Land
b.
515.0
660.7
145.7
28.3 %
c.
225.6
354.2
128.5
57.0 %
d.
Means of transport
156.9
171.4
14.6
9.3 %
2.
300.0
436.7
136.7
45.6 %
3.
11.4
12.2
0.9
7.5 %
XX Structure of capital expenditure financing sources in 2013–2014 (in million PLN)
400
350
300
250
200
150
100
50
0
315.3
339.5
Own funds
31.9
123.2
Loans and bonds
5.0
25.9
Financial leasing
0.0
0.2
Grants
073
074
8.6 Employment
8.7 Main highlights
Employment in the Company as at 31 December 2014
totaled 7,189 people and was lower than at the end
of 2013 by 96 people.
The reduction in employment in the Company in 2014 was a result
of employees’ leaving following agreement between the parties or
resignations from work after acquiring the right to retirement and
disability pension as well as rehabilitation services.
Employment admissions in 2014 resulted from the need to supplement
the vacancies and the growing demand for workers to work on the
modernization of the railway infrastructure. In the reporting period,
a total of 389 people were employed.
February
July
33 Commencement of operational cooperation on gas
33 The Energy Regulatory Office approved rates for trading
trading with GAZ–SYSTEM S.A. and signing the contract
in natural gas for the Company. From 1 July PKP Energety-
with Polska Spółka Gazownictwa for fuel distribution.
ka joined the group of entities, which offers customers
gas and electricity in one package.
April
33 The commissioning in Złotoryja of the referential
modernization project of the 110 kV station for Tauron
33 The Company won the bid to modernize 1,224 street lamps
Dystrybucja company. During project implementation
in LED technology and 608 sodium lamps that illuminate
the experience gained was used, inter alia, at working
the city of Łódź. The project is worth 2.3 million PLN.
with high voltage devices within the Modernization of
Power Systems traction network.
Those over 45 years of age form the main group of the Company’s employees. Changes in employment that occurred in 2014 contributed to
May
the increase in the number of employees aged 26–35 years and those
33 In another consecutive year in a row, from among the
above 55 years. Changes in the regulations on early retirement account
for the size of last age group.
2013
2014
June
at the same time are connected to the nationwide
1,500
distribution network.
1,000
500
0
the Company at the European level.
winy. They provide energy for the plant’s needs, and
2,000
223 233
931 960
1,487 1,397
3,018 2,784
1,626 1,815
<25
26–35
36–45
46–55
>55
the Company’s client. Under the terms of the contract,
to the end of 2015 Luvena will purchase 30 GWh of gas
installed on PKP Energetyka factory buildings in Słot-
2,500
and gas as part of the dual fuel offer. Luvena became
and 15 GWh of electricity.
33 The photovoltaic panels with an output of 140 kW were
3,000
33 The first contract was signed for the sale of electricity
reported the least amount of interruptions in the supply
interruptions was about 190 minutes, which positions
3,500
November
leading suppliers of electricity in Poland, PKP Energetyka
of electricity to its customers. The average time of all
XX Structure of employment by age as at the end of 2013 and 2014 (in persons)
October
075
076
PK P GROUP | ANNUAL REP OR T 2014 | TK Telekom
077
09
TK Telekom
www.tktelekom.pl
TK Telekom Sp. z o.o. (hereinafter TK Telekom)
is a telecommunications operator, which offers
comprehensive and flexible IT solutions, satisfying
both the needs of companies from the railway
sector, as well as outside of it.
Management Board
33 Michał Hamryszak – President of the Management Board
33 Edyta Glinka – Member of the Management Board
33 Piotr Jezierski – Member of the Management Board
Supervisory Board
The Company's activities, in particular, include services:
33 wired, wireless and satellite telecommunications;
33 IT and computer systems;
33 management of websites (hosting) and Internet portals.
PKP S.A. resumed TK Telekom privatization process in October 2014,
which facilitated the selection of an investor in the second quarter of
33 Jarosław Bator – Chairperson
33 Małgorzata Butwicka
33 Beata Kasprzyk
33 Mirosław Lisowski
33 Szymon Nowak
33 Andrzej Śliwiak
2015. Finally, Netia S.A. presented the best conditions of sale, which in
the preliminary contract agreed to pay more than 221.0 million PLN for
100 % of the shares. Both parties are currently waiting for the process
of obtaining corporate and administrative approvals (as at 12 June 2015).
SS Michał Hamryszak – President of the Management Board
078
9.3 Finances
XX Sales revenues and equivalent revenues for 2013–2014 (in million PLN)
In 2014, the Company generated a net loss
of 4.7 million PLN. This is a net result lower
by 10.5 million PLN than in 2013, the main
reason was the loss incurred on the sale
of shares in TK Budownictwo.
Item
2013
2014
Net revenues from the sale of products and services
260.0
Telephone services
Change
2014–2013
%
175.9
–84.1
–32.3 %
52.6
31.7
–20.9
–39.7 %
Internet services
29.9
29.2
–0.7
–2.2 %
Services related to the sale of bit rate
83.1
48.0
–35.1
–42.2 %
Data transmission
19.6
18.7
–0.9
–4.4 %
Railway–specific services
20.3
9.0
–11.4
–55.9 %
The Company earned sales revenues of 197.5 million PLN and
The Company obtained a profit of 1.7 million PLN on other
they were lower than in 2013 by 81.5 million PLN, mainly due to
operating activities. For comparison, in 2013 a loss of
the separation from TK Telekom of the following companies: TK
5.2 million PLN was incurred. Higher revenues from other
Budownictwo (lower maintenance–construction revenues), PKP
operating activities in comparison to those from 2013 result-
Maintenance and construction services
36.4
11.9
–24.4
–67.1 %
Other
18.2
27.4
9.2
50.6 %
17.1
20.8
3.8
22.1 %
2.0
0.8
–1.2
–61.5 %
279.1
197.5
–81.5
–29.2 %
Utrzymanie (lower revenues from railway specific services) and
ed mainly from the disposal of fixed assets (sale of HAFAS
TK Telekom Interkonekt (lower revenues from sales of telephone
system), contractual penalties and damages received while
services) and price erosion in the telecommunications market.
at the same time lower releases of actuarial reserves and
In 2014, TK Telekom incurred operating expenses of
grants received.
190.5 million PLN, lower by 78.0 million PLN in comparison to
The Company recorded a loss of 13.9 million PLN on the
2013, which was the effect of separating the maintainability
financial activity. This outcome is lower by 16.2 million PLN
and construction activities from the Company, carrying out
in comparison to 2013 and is the result of a loss incurred from
the VRP, reduction in rates of MTR and lower cost of leasing
the sale of TK Budownictwo.
Net revenues from the sale of goods and materials
Cost of production for the unit’s own needs
Net revenues from sales and equivalent revenues
XX Revenues structure in 2013–2014
2013
fiber laser.
2014
279
Item
2013
2014
279.1
Operating expenses
Change
2014–2013
%
197.5
–81.5
–29.2 %
268.5
190.5
–78.0
–29.1 %
10.6
7.1
–3.5
–33.1 %
7.0
15.4
8.4
120.2 %
12.2
13.7
1.5
12.3 %
–5.2
1.7
6.9
–
5.4
8.8
3.4
63.4 %
40.1
33.5
–6.6
–16.4 %
14.4 %
17.0 %
–
–
EBIT
EBITDA
EBITDA margin
Financial revenues
3.4
1.4
–2.0
–59.0 %
Financial expenses
1.1
15.2
14.1
1,284.7 %
2.3
–13.9
–16.2
–
Gross profit (loss)
7.7
–5.1
–12.7
–
Income tax
1.8
–0.4
–2.3
–
Net profit (loss)
5.8
–4.7
–10.5
–
2.1 %
–2.4 %
–
–
Net profitability
198
million PLN
million PLN
In the PKP Group of entities – 43 %
In the PKP Group of entities – 54 %
Not in the PKP Group of entities – 57 %
Not in the PKP Group of entities – 46 %
XX Operating expenses in 2013–2014 (million PLN)
Item
2013
2014
Depreciation
34.7
21.4
Outsourced services
97.5
Taxes and charges
Payroll
Other costs by kind
Change
2014–2013
%
24.8
–10.0
–28.7 %
14.8
–6.6
–30.8 %
67.8
–29.7
–30.4 %
3.1
2.4
–0.7
–24.1 %
86.3
53.1
–33.2
–38.5 %
9.7
8.5
–1.2
–12.2 %
2.0
1.7
–0.3
–13.9 %
13.9
17.5
3.6
25.9 %
268.5
190.5
–78.0
–29.1 %
079
080
9.4 Assets
9.6 Employment
The decrease in the value of property, plant and equipment in TK Telekom
by 94.1 million PLN was a consequence of the transfer of part of
property, plant and equipment to PKP Utrzymanie and TK Budownictwo
and liquidation of assets (unnecessary in the business activity).
The dominant part in the structure of property, plant and equipment was
buildings, premises, civil and water engineering (56.8 %) and machinery
and equipment (27.4 %).
XX Reduction in property, plant and equipment
in TK Telekom.
↓94.1
The number of employees in the Company at the end of 2014 totaled 495 people and was lower than at the end of the previous
January
year by 974 people. The decrease was mainly due to the sepa-
33 TK Interkonekt was registered and TK Budownictwo
ration from the Company of construction and maintainability
million PLN
activity and the conduct of the Program Dobrowolnych Odejść
March
The structure of employment shows an increase in the em-
33 TK Telekom company was divided by allotting and trans-
of all employees. More than half of the employees (55.2 %)
have technical education. To meet the changes brought about
Item
1.
2013
2014
291.9
by technological progress in telecommunications, the level
Change
of highly skilled employees in the Company will gradually grow,
2014–2013
%
both as a result of the recruitment of people with knowledge
197.8
–94.1
–32.2 %
in the field of new technologies, as well as from the creation of
6.7
6.6
–0.1
–1.5 %
206.2
126.2
–80.0
–38.8 %
67.2
60.9
–6.3
–9.4 %
a.
b.
c.
d.
Means of transport
8.5
2.9
–5.6
–66.0 %
e.
Other fixed assets
3.3
1.2
–2.1
–63.1 %
24.2
24.6
0.3
1.4 %
2.
set up.
(The Voluntary Redundancy Program [VRP]) in 2014.
ployment rate of people with higher education, which is 50.9 %
9.7 Main highlights
conditions for professional development of opportunities for
current employees, especially in the form of self–education.
ferring part of TK Telekom Sp. z o.o. assets in the form
of an organized part of the company to a new company, that is PKP Utrzymanie z o.o. This was followed by
a reduction of share capital to 384,900,500.00 PLN.
April – December
33 Program Dobrowolnych Odejść (The Voluntary Redundancy Program [VRP]) was conducted, which benefited
a total of 121 employees.
July
33 Changes were introduced to the organizational structure of TK Telekom, dictated by the need to tidy up
the functionality and organization of the Company,
in order to adapt the structure after separating the
Telecommunications Works Division, Maintenance Divi-
9.5 Investments
sion and the takeover of interconnection contracts by
The value of the Company's capital expenditure was 26.7 million PLN.
The main completed tasks included construction investments, the purchase of machinery and equipment and other fixed assets.
The only source of the Company's investments financing both in 2013
and 2014 were the Company’s own funds. Capital expenditures mainly
included the construction of telecommunication systems equipment,
network access and telecommunication wires and computerization
of the Company.
TK Telekom Interkonekt Sp. z o.o. and the preparation
of the Company’s privatization process.
XX Capital expenditure incurred.
26.7
November
million PLN
33 Transfer to PKP S.A. of shares in TK Budownictwo Sp. z o.o.
The new owner changed the company’s name to
PKP Budownictwo Sp. z o.o.
December
33 In 2014, efforts to privatize TK Telekom were also continued. The process of Due Diligence was carried out in
XX Capital expenditure incurred in 2014 (in million PLN)
Item
several stages, to which two parties, who were interested
2013
2014
16.5
Purchase of machinery and equipment
in buying the Company and which were selected in earlier
Change
2014–2013
%
26.3
9.8
59.8 %
2.1
0.0
–2.1
–98.6 %
Purchase of other fixed assets
0.8
0.4
–0.4
–53.9 %
Other investments
2.1
0.0
–2.1
–100.0 %
Total investments
21.5
26.7
5.2
24.1 %
Construction projects
proceedings, were privy to. The company mCorporate
Finance S.A. was chosen as the privatization advisor.
081
082
PK P GROUP | ANNUAL REP OR T 2014 | PK P Informat yka
10
PKP Informatyka
www.pkp–informatyka.pl
The activities of PKP Informatyka Sp. z o.o.
(hereinafter PKP Informatyka) are broadly defined
as IT services, in particular the development of
application software (systems and applications),
especially for the PKP Group Companies (both
railway and railway–related companies), as well as
maintenance services, including direct maintenance
of systems and applications and technical support
services. Additionally, the Company also provides
its services in the area of co–location, hosting, web
services, computer hardware service, structured
cabling and operates throughout the country.
Management Board
33 Adam Filutowski – President of the Management Board
33 Jan Starzyk – Member of the Management Board
Supervisory Board
33 Andrzej Pieczara – Chairperson
33 Jacek Iwański
33 Paweł Jasiński
33 Witold Pyrgiel
33 Małgorzata Butwicka
SS Adam Filutowski – President of the Management Board
083
084
10.3 Finances
In 2014, PKP Informatyka incurred a net loss
of 6.9 million PLN with net profit in 2013
at 13.1 million PLN. The deterioration in
net financial result is the consequence
of non–recurring items that negatively affected
the result obtained in other operating activities.
Item
they were lower by 5.7 million PLN, in comparison to 2013 as a result of
obtaining lower revenues from the PKP Group Companies, mainly from
PKP PLK (in 2013 high revenues from the implementation of the Dynamic
Passenger Information for the Warsaw Central railway station and the
6.1
–1.3
–17.2 %
11.2
7.2
180.7 %
37.6
41.3
3.8
10.0 %
Renewal of licenses and technical assistance
11.6
15.6
4.0
34.4 %
Other IT services
18.5
15.0
–3.5
–19.0 %
1.4
1.3
–0.2
–12.2 %
33.5
35.4
2.0
5.9 %
5.8
8.0
2.1
36.1 %
Other costs by kind
1.6
2.1
0.5
32.5 %
10.4
2.4
–8.0
–77.3 %
101.6
107.7
6.1
6.0 %
PKP CARGO (achieving lower income from the SANKO project, the Corporate Data Warehouse BI project in 2014 and high revenues in 2013 from
the implementation of the SMB CARGO system and server sales). At the
Implementation of contracts entered into with the Company’s contrac-
same time, the Company also achieved higher revenues from PKP Intercity
tors requires an appropriate level of expenditure for the information
from the implementation of new projects (Rolling Stock Monitoring and
technology operations. In 2014, PKP Informatyka incurred operating
Positioning system, Rolling Stock Management system and RMS system).
expenses at the level of 107.7 million PLN. The increase in cost by kind
in 2014, in comparison to the previous year, mainly related to the cost of
materials and energy consumption and the cost of outsourced services.
Item
In addition, the increase in relation to 2013 of costs arising from the
2013
2014
purchase of materials and energy, resulted from the sale of handheld
Change
2014–2013
%
ticket validation devices and mobile ticket terminals for STADLER, Koleje
Dolnośląskie and ŁKA, as well as expenditure for servers purchased for
117.5
111.8
–5.7
–4.9 %
Operating expenses
101.6
107.7
6.1
6.0 %
Higher purchase costs of outsourced services include primarily the
15.9
4.1
–11.8
–74.4 %
higher cost of renting premises due to the transfer of the building to
2.5
0.8
–1.7
–67.0 %
SPV Projekty Warszawskie.
1.4
11.7
10.3
732.2 %
The value of goods and materials sold in 2013 includes the value of the
1.1
–10.9
–12.0
x
EBIT
17.0
–6.8
–23.8
x
EBITDA
24.4
–0.7
–25.1
x
20.7 %
–0.7 %
–
–
Financial revenues
0.3
0.3
0.0
–3.5 %
Financial expenses
0.4
0.2
–0.2
–42.1 %
0.0
0.1
0.1
x
17.0
–6.7
–23.7
x
3.9
0.2
–3.6
–94.4 %
13.1
–6.9
–20.0
x
11.1 %
–6.2 %
–
–
EBITDA margin
Gross profit (loss)
Income tax
Net profit (loss)
Net profitability
%
4.0
modernization of Hurtownia Danych (Data Warehouse) SAP WP) and
2014–2013
7.4
Payroll
Monitoring and Positioning system.
Change
Taxes and charges
XX Implementation of the Rolling Stock
2014
Depreciation
Outsourced services
In 2014, PKP Informatyka achieved sales revenues of 111.8 million PLN and
2013
PKP PLK use.
server sold to PKP CARGO as part of implementing the Corporate Data
Warehouse.
In comparison to 2013, in 2014, PKP Informatyka reported a deterioration
in the result on other operating activities by 12.0 million PLN following
payment of contractual penalties, reserves set up for the penalties and
contractor claims, as well as write–downs on receivables and production in progress.
085
086
10.4 Assets
10.5 Investments
At the end of 2014, the value of tangible fixed assets
amounted to 15.3 million PLN, which accounted for
44.8 % of the Company’ total assets.
In 2014, the company incurred capital
expenditures of 13.1 million PLN, of which
97.4 % was financed from own funds.
The incurred expenditures focused on the
RMS project task related to the provision
of services to PKP Intercity, the purchase
of the HAFAS system and current
purchases (mainly computer hardware).
In comparison to the previous year the state of tangible fixed assets
decreased by 12.7 million PLN. The lower state of tangible fixed assets
was primarily the result of separating from the PKP Informatyka structure of its spin–off SPV Projekty Warszawskie division, which resulted
in a decrease in the value of the land position by 7.9 million PLN, and
buildings, premises and civil and water engineering by 10.7 million PLN.
The Company recorded the increase in the ‘fixed assets under construction’ item by 6.3 million PLN from the purchase of the HAFAS system
from TK Telekom.
XX Increase in 'fixed assets under construction'
following purchase of HAFAS system.
↑6.3
million PLN
In 2013, the Company incurred capital expenditures of
12.2 million PLN. The main item of expenditure was capital
investments for the purchase of 100 % of the shares of Kolejowe Zakłady Łączności in Bydgoszcz (KZŁ). The remaining
asset expenditures resulted from tasks associated with the
consolidation of servers.
Item
Fixed assets
I.
Intangible assets
II.
1.
2.
2013
2014
43.1
34.1
Change
2014–2013
%
–9.0
–20.8 %
XX List of capital expenditure made by PKP Informatyka in 2013–2014 (in million PLN)
Item
2013
2014
1.4
4.1
2.7
191.1 %
28.1
15.3
–12.7
–45.4 %
Purchasing HAFAS system
–
28.1
9.0
–19.0
–67.9 %
RMS project task
8.2
0.4
–7.9
–95.7 %
Current purchases – computer hardware
13.7
3.1
–10.7
–77.6 %
a.
Land
b.
c.
5.5
5.2
–0.3
–5.0 %
d.
Means of transport
0.6
0.4
–0.2
–34.1 %
0.0
6.3
6.3
–
Change
2014–2013
%
6.3
6.3
–
–
3.3
3.3
–
–
2.3
2.3
–
Server consolidation
0.9
–
–0.9
–
Capital investments
10.2
–
–10.2
–
1.1
1.2
0.2
15.8 %
12.2
13.1
1.0
8.0 %
Other
Total investments
087
088
10.6 Employment
10.7 Main highlights
The state of employment as at 31 December 2014
was 403 people and was at the same level as at the
end of 2013. The Company accounted for the largest
group of employees aged 46–55 years, that is 34.5 %
of total employment.
February
July
33 PKP Informatyka became an authorized XEROX service
33 PKP Informatyka became the biggest provider of IT solu-
partner. The Company services the manufacturer’s
tions and services for the TSL sector in the subsequent
equipment, including printers, copiers and multifunction
edition of the TOP200 Report.
devices.
33 PKP Informatyka won the Koleje Śląskie tender to supply
The second largest group was represented by employees between 26–35
years of age, that is 24.3 % of total employment. Young workers, up to
25 years of age, constitute 2.7 % of total employment. On the other hand,
as much as 53.1 % of total employees have work experience of more than
21 years. The vast majority also have higher education (75.7 % of total
employment).
45 modern mobile terminals for conductors.
33 The new dynamic passenger information system,
commissioned by PKP PLK, which was installed on
modernized platforms at Poznań Główny railway station was implemented and the testing period had been
completed. Since December 2013, the system handled
XX Structure of employment by age
as at the end of 2013 and 2014 (in persons)
2013
160
2014
timetable, available on a scrolling LCD touch–screen,
services to maximize revenue from passenger services.
The solution ensures the implementation of dynamic
price management (inter alia, known from airlines).
April
of the system. The system is created using platform displays and master displays made in LCD technology, which
60
offers passengers clear and easy to read information.
40
33 The contract was signed to implement ITS Koszalin, which
20
will control the traffic lights at thirteen intersections
<25
83 98
87 85
142 139
82 70
26–35
36–45
46–55
>55
security management system Certificate and ISO/IEC
is new feature for passengers.
PKP Informatyka Group is the manufacturer and installer
11
system Certificate, ISO/IEC 27001: 2005 Information
33 A contract was signed with PKP Intercity to support IT
Warszawa Wileńska railway station was commissioned.
9
required quality and effectiveness. PKP Informatyka
currently has: ISO 9001: 2008 quality management
ter displays and info–kiosks. The PKP PLK relational
33 A new dynamic passenger information system at the
0
audit in the Integrated Management System for the
20,000 trains. It consists of 94 platform displays, mas-
120
80
33 PKP Informatyka successfully passed the certification
20000–1:2011 IT service management system Certificate.
140
100
September
and will display information on electronic displays about
road conditions and in urban car parks.
089
pkp group | annual report 2014 | Corporate Social responsibILIT Y activities
Corporate social
responsibility
activities
090
092
PK P GROUP | ANNUAL REP OR T 2014 | Corporate social responsibilit y ac tivities
Renovated and modernized railway stations are becoming
Corporate social
responsibility activities
Modernity measured by
responsibility
The active support of management
processes, staff development, local
communities and improving safety in
the railway area are the selected areas
of the PKP Group activities implemented
in line with the idea of corporate social
responsibility (CSR).
More than 3 years ago PKP S.A. and the other Companies of
the PKP Group began changes, with the aim to transform
inefficient (and perceived by most Poles in a negative way)
enterprise into a modern and client focused business. At that
time, the approach to management was radically changed,
where the main determinant was to place the passenger at
the center of attention. Travelers already see and appreciate
the changes that have taken place in the PKP Group during
that time, which is reflected in the increase in the number
of railway passengers. In parallel with the optimization of
business processes, effective mechanisms to strengthen relations with stakeholders were worked out and the principle
of sustainable development was introduced.
Railway stations are used as places for exhibitions, perfor-
more modern, and at the same time more accessible for
mances and concerts. In 2014, at the stations: Wrocław Główny,
people with mobility problems. In 2014, in order to develop
Kraków Główny and Gdynia Główna, promotional campaigns
effective solutions to support people with disabilities in
were held as part of the Dni Otwarte Funduszy Unijnych
collaboration with Fundacja Integracja (Integration Foun-
(EU Funds Open Days), organized as part of the celebrations
dation) accessibility audits were conducted at 22 railway
marking the 10th anniversary of Polish membership in the
stations. The audits were completed with the participation
European Union. Also, the Dworcowa Scena Akustyczna fes-
of persons with reduced mobility, in particular for whom
tiwalu Open’er (Open’er Festival’s Acoustic Railway Station
the introduced improvements are designed. Recommenda-
Stage) was set up in Gdynia, while the Warszawa Centralna
tions were developed which identified possible solutions to
and other premium railway stations have become among
increase the comfort and safety of persons with disabilities
other things, places for a special exhibition prepared by the
(including lowering the ticket counters, designating an area
editorial staff of ‘Newsweek Poland’ to celebrate 25 years of
when waiting for help to board to the train, building ramps,
socio–economic freedom, under the patronage of the President
touch paths, tactile maps, etc.).
of the Republic of Poland.
In 2014, work was also completed on the adaptation of
PKP S.A. was the first in the PKP Group Companies to develop
and adopt a strategy for corporate social responsibility
(CSR). Business objectives do not change: the first is to build
a coherent, well–managed and effective organization, but in
their implementation the influence that the Company has is
taken into account, by taking specific initiatives and actions.
For PKP S.A. the most important directions in the CSR strategy
are the improvement of safety at railway stations and comfort of travelers and to create a friendly workplace where
employees can count on the continuous development of skills
and competencies, as well as attention to health and safety.
Responsibly managed real estate
In keeping with the strategy of corporate social responsibility,
for PKP S.A., as the owner of railway property, it is most important to effectively use potential assets. The railway station has
to be a safe, clean, comfortable and modern place, meeting
the highest standards where the journey for each passenger
and encounter with the infrastructure managed by PKP S.A.
leave a positive experience. This is achieved through, inter alia,
a large–scale program of modernization of railway stations
and involvement in development projects.
Over the last two years 63 railway stations were completely
renovated and restored. Both on new and renovated buildings
modern architectural solutions are used, which in the case of
historic buildings their unique historic character is respected.
The renovations, modernization and aesthetization increase
the value of the property, which then affects its marketability
and increased interest from potential commercial tenants. The
program of modernization of railway stations, for improving
the quality of passenger service, their comfort and satisfaction,
covers not only the objects in big cities but also in smaller towns.
14 premium category railway stations to introduce selective
collection of municipal waste. The premises are equipped
with labeled bins and containers, individually selected and
matched to the design and arrangement of the particular
railway station. This aspect was particularly important for
stations under the heritage protection of the conservator
(Gdynia, Rzeszów and Tarnów).
In 2014, as a response to the requirement that investments be
made on the basis of dialogue, taking into account pro–environmental issues, the concept of Innowacyjne Dworce Systemowe (IDS) (Innovative Systemic Railway Stations [ISRS]) was
developed. ISRS are established in places where the already
existing railway stations are too big and are not adapted to
local needs. The single–story railway station buildings are
built according to a standard formula, made from recycled
elements environmentally friendly and economical to maintain, using ecological solutions such as heat pumps or solar
panels. Each ISRS consists of three modules: railway station,
In August 2014, the project ‘Świebodzki Targ Kultury’ (‘Świebodzki Cultural Fair’) was completed inaugurating a long–term
revitalization of Świebodzki railway station in Wrocław. The
railway station area changed into an arena of cultural events,
in which the Wrocław inhabitants and guests from all over the
country were able to take part in the avant–garde events, such
urban and parking.
as concerts, lectures, debates, and workshops for children.
PKP S.A. ensures that good cooperation with local governments
An outdoor cinema was also operated at the station. During
is maintained, thanks to which in recent years there has been
the holiday season creative workshops for children and youth
an increase in the number of railway stations and disused
were held also at the Warszawa Centralna railway station.
railway lines sold to local governments. Railway stations do
There is a particularly noteworthy initiative implemented at
not only have the transport function, but are often centers of
cultural life, for example, the railway station in Rumia, which
is transformed into the so–called ‘stacja kultury’ (‘cultural
station’). Currently, at the Gdynia Główna railway station an
area is being used to operate a theater run by the City Hall of
Gdynia Fundacja Klinika Kultury (Cultural Clinic Foundation).
Regular passenger services and occasional tourist rides are
organized on the revitalized railway lines, and bike paths
and public roads are created on the remaining lines that
have been taken over.
the railway station in Sosnowiec Maczki, where the Silesian
University of Technology and PKP S.A. created a Scientific and
Education Center for Rail Transport. The center will educate
engineers – specialists for the railway sector. The center’s
activity is to significantly contribute to the increase in the
competitiveness of this mode of transport in Poland. At the
initiative of PKP S.A. in Warsaw a new cultural institution,
the Museum Station is being created, where the most interesting
collections of rolling stock and heritage rail–related technology
will be gathered.
093
094
Security – the key value
cialized non–government organizations effective measures
pation of its employees and clients. The training program will
and improves the work environment. In May 2014 the PKP
are carried out aimed at helping homeless people staying
be further developed on the e-learning platform. The Ethics
Group joined the UN Secretary General’s 'Global Compact'
Since 2011, the number of railway accidents fell by a quarter
at railway stations to return to society. Since 2009, PKP S.A.
Program Management System at the PKP Group includes the
initiative, taking on board the relevant ethics in business
and people affected by 44 %. There were 14 % fewer accidents
has been a member of the European association of railway
Ethics Commission and the reporting mechanism, called 'The
issues (the Coalition of Ethics Officers was implemented on
recorded at level crossings in 2014 than in 2013. This is the
enterprises Klub Europa (Club Europe – European Charter
Ethics Line', that allows for safe and anonymous conveying of
10 December 2014) and the matter of sustainable transport.
result of the social awareness campaign ‘Bezpieczny Prze-
for Development of Social Initiatives in Stations). Projects
information on irregularities and unethical behaviour cases
jazd’ (‘Safe crossing’) conducted since 2005, and also due
implemented by PKP S.A. in 2012–2014, aimed at raising the
by employees, subcontractors and suppliers.
Companies. The Blood Donors’ Club (HDK) operates at PKP
In 2014 a number of additional policies were created and
Energetyka in agreement with the Polish Red Cross. More
Pro-labor initiatives are undertaken separately in individual
to the biggest in history investment program under which
level of safety and comfort of travelers in railway station
PKP PLK renovates thousands kilometers of railway lines and
areas are recognized as innovative and effective in the
modernize 1,400 crossings and 3,000 railway junctions for
European railways circles.
the sum of 3 billion PLN. PKP PLK conducts safety training,
The purchasing of new rolling stock and electric multiple
the management of conflict of interest, as well as the use of
for Life’) program HDK members collected more than 1,000
units (including the ED250 Pendolino), as well as carriages
social media guidelines. This has resulted in a positive change
liters of blood. The blood donation campaigns are also
employs 1,000 people in positions associated with safety,
maintenance and traffic operation. This translates into
visible results, and due to the implementation of the Poprawa
Bezpieczeństwa Kolejowego (Railway Safety Improvement)
program, 2014 had the lowest number of accidents in history.
accepted in the PKP Group, these included anti-harassment,
than 470 Company employees, together with their families,
receiving and giving of gifts and benefits and the guidelines on
belong to the club. Under the ‘Energia dla życia’ (‘Energy
and locomotives and the modernization of already existing
to the organizational culture, and the received information
supported by PKP Intercity; in November 2014, a series of
stocks constitute investments, which PKP Intercity adopted
on abuses and fraud shows that it positively impacts on the
collections in all Company plants was organized as part
in 2014 to increase security. The new and modernized rolling
reduction of their incidence, assists in conflict resolution
of the ‘PRC Honorary Blood Donation Days’.
stock, in addition to lower energy consumption and higher
The ‘EKOmocni’ (‘ECOstrong’) educational program that mo-
passenger comfort, is fully compliant with the TSI.
tivates employees to environmentally friendly behavior in
the workplace is another initiative of PKP Energetyka. Paper
The employee in the center of attention
saving and rational energy management and waste segregation not only serves to protect the natural environment,
One of the priorities of PKP S.A.’s CSR strategy is to strengthen
but also helps to reduce the Company's operational costs.
PKP employee competences to build the Company’s goodwill
PKP Intercity carries out selective collection of municipal
and improve quality of services offered. The PKP Group in-
waste in offices and industrial waste from technical support
vests in developing intellectual capital and modernization
facilities for recycling. Drivers employed by the Company are
solutions in HR. Employees benefit from modern training
trained in economical driving behavior, thus reducing energy
conducted also on-line. In 2014, PKP S.A. implemented the
consumption and its negative impact on the environment.
‘Rozwijaj się z PKP’ (‘Develop with PKP’) program under which
The social campaign ‘Safe crossing’, which aims to improve
safety at railroad crossings, is one of the leading projects
implemented in the PKP Group since 2005 and one of the
biggest such campaigns in Europe. The scale of activities
and their social recognition have been recognized internationally. As part of the Europejska Karta Bezpieczeństwa
Ruchu Drogowego (EKBRD) (European Road Safety Card
[ERSC]), an initiative of the European Commission, PKP PLK
has been awarded an honorable mention for increasing
safety at railroad crossings.
PKP S.A. developed rules for the PKP S.A. Railway Station
Security Center and introduced procedures in the event
of threats and emergencies at railway stations and other
buildings managed by the Company. At the same time for
several years PKP S.A. has been a partner of the Ministry
of Labor and Social Policy in the program for reducing and
alleviating homelessness. Together with representatives
of local government administration, police, and municipal
guards and with the support of street workers from spe-
within 6 months 102 two-day training sessions had been
PKP SKM w Trójmieście supports various forms of physical
carried out, which covered nearly 1,900 employees. People
activity enjoyed by its employees. The Company operates
employed in the PKP Group Companies also have access to
a sports club, and employees can also use the funded sports
LuxMed health and life insurance policies and a broad sys-
packages. The Mobilna Strefa Zdrowia PZU – Przystanek
tem of benefits, including FitProfit and Multisport packages.
Zdowie (‘Health Stop’ – PZU Mobile Health Zone) was launched
PKP S.A. implemented the ‘Wspieramy zdrowie’ (‘We support
in 2014. Employees of PKP SKM could take advantage of free
health’) program, which aims to reach all employees (who on
check ups specialist doctors advice.
a daily basis are struggling with health problems), together
As part of employee volunteering conducted in PKP Energetyka,
with identification, diagnosis and medical support.
the Company supports, inter alia, orphanages, by organizing
The PKP Group has a ‘Code of Ethics’, which sets out rules
occasional collections for Christmas and Children’s Day. Food
of behavior of the PKP Group employees in relations with
parcels and school supplies are donated during the campaigns.
co-workers, individual and business clients, suppliers, com-
PKP Informatyka participated in a job trade fair, during
petitors, social environment and the natural environment.
which its employees encouraged potential candidates to
All the employees of the PKP Group, that is over 80,000
join their team, presenting job offers for young, talented
people, have received the guidelines in relation to the de-
and ambitious people who are planning a career in computer
sirable behaviour and common values that are in force in
programing.
the PKP Group. The Chief Ethics Officer for the PKP Group
and the Ethics Officers for the PKP Group Companies have
been appointed, and a training program was conducted on
ethical values (reliability, good governance, safety, modernity,
responsibility and respect) that were jointly worked out by
the PKP Group Companies’ representatives with the partici-
095
096
Building a relationship with the environment
PKP CARGO S.A. looks after historic rolling stock, to ensure
students are given information about safe behavior on trains
that the historic railway heritage is preserved. It takes care
and around railway areas. Children also learn about railway
Initiatives undertaken as part of the CSR strategy, effectively
of several dozen old locomotives and other historic rolling
traditions and professions within the railway sector.
support the development of the organization, they have
stock exhibits and railway equipment in centenary-old
a positive impact on both the internal relations, as well as
Roundhouse in Wolsztyn, near Poznań, and in Open-air Rail
As part of the ‘Development of the Tricity commuter rail’
cooperation with other stakeholders. A PKP Group Founda-
Train Museum in Chabówka in Małopolska Province. During
tion was established to optimize and make better use of the
summer, the Company prepares two special events for railway
effects of involvement in philanthropic activities; it imple-
enthusiasts, particularly promoting the history of railways,
ments safety and railway education programs and promotes
especially among the youngest audiences. Roundhouse
the ‘friendly rail’ model. At the PKP Group level, the Foundation
Wolsztyn hosts ‘Parada parowozów’ (‘Locomotive Parade’),
supports important social initiatives and carries out its own
which is the most prestigious show in the hobbyist’s circles,
nationwide activities. In 2014, the Foundation conducted two
which can attract more than tens of thousands of participants
program conducted at the Wybrzeże (Polish seaside) the
railway infrastructure on No. 250 line (managed by PKP SKM)
was modernized in such a way so that it would be useful to
passengers with reduced mobility, including parents with
prams and strollers and visually impaired and blind people.
The rolling stock park was modernized, adapting it to the
needs of disabled people and the youngest travelers (including
changing tables in restrooms). The Company provided a tab
grant programs, whose beneficiaries were upper secondary
from around the world. The second event is ‘Parowozjada’
schools and scientific circles at Polish technical universities.
(‘Locomotive Ride’), which is held in Chabówka each year at
The Foundation cooperates with the Railway Museum in
the end of August.
Warsaw, where it organized a ‘Wikiekspedycja kolejowa’ (‘Rail
zation of transport. Bike racks have been installed in trains
PKP Intercity is actively involved in social activities, realizing
for cyclists using PKP SKM services and free transportation
dreams of the youngest railway fans by providing free tickets
for bicycles has been guaranteed.
for non-governmental organizations, and organizing ‘rail’
For many years PKP LHS has been conducting a program of
Wikiexpedition’) photographic exhibition and also supported
an exhibition of historical railway maps. It has also prepared
a nationwide ‘Szkoła Przyjazna Bezpieczeństwu’ (‘Safety
Friendly School’) educational program, which included, inter
alia, excursions to a railway station and a train trip for the
youngest pupils.
meetings in primary schools and kindergartens. On the other
hand, ‘PKP SKM dla najmłodszych’ (‘PKP SKM for the youngest’)
is a project run by PKP Szybka Kolej Miejska w Trójmieście,
where during meetings with primary school and kindergarten
on its webpage for people requiring assistance during the
journey, where information can be found about the organi-
pro-environmental activities, focusing on minimizing the impact of the use of the railway line on nature in Roztoczański
National Park. Activities undertaken jointly by PKP LHS and
the Park Management are aimed at conducting scientific research and popularizing the idea of protecting the Roztocze
natural and cultural heritage through the implementation of
joint campaigns and social projects. Such activities make it
possible for inhabitants of these regions and the entire Poland
to use the resources of the natural environment.
an increase in work quality, and as a result the achievement
by the Group’s Companies planned business goals.
As a confirmation of the above, PKP S.A. was honored, inter
alia, with the title of ‘Przedsiębiorstwo Przyszłości’ (‘Employer
of the Future’), awarded by the Foundation for the Development of Education and Higher Education. According to the
certification committee experts, PKP S.A. is an organization
that is managed in a modern and professional manner, in
In the right direction
accordance with the new strategic management principles,
that recognizes as its priorities the development of a modern
Within the ‘Wizja zrównoważonego rozwoju dla polskiego
organizational culture, implementation of innovation and the
biznesu 2050’ (‘2050 Vision for sustainable development for
effective creation of intellectual capital.
the Polish business sector’) project, carried out with the broad
PKP S.A. has also received the title of ‘Etyczna Firma’ (‘Ethical
commitment of business and the support of the Ministry of
Economy, the condition of infrastructure was considered to be
the key factor for the country’s socio-economic development.
Transport infrastructure translates into increases in other
sectors, determines the quality of life of local communities,
while also affecting job creation and regional development.
The condition of the railway infrastructure, access to modern
technologies and the development of sustainable construction
are leading aspects of the PKP Group activities.
Business’), awarded by ‘Puls Biznesu’ magazine and PwC. The
selected initiatives, including the ‘Code of Ethics’ program to
reduce homelessness at railway stations, the CSR strategy
and the PKP Group Foundation have been identified as ‘good
practices’ in the prestigious Responsible Business Forum report.
For projects and activities undertaken in 2014, and taking into
account the requirements of corporate social responsibility,
PKP S.A. was awarded ‘Biały Listek CSR’ (‘CSR White Leaf’) by
the ‘Polityka’ weekly magazine, which is awarded to companies
The implementation of processes resulting from the corporate
operating in accordance with ISO 26000. This confirms that
responsibility strategy supports and systematizes railway
PKP S.A., as a modern organization, recognizes that its activities
property management activities, and further strengthens the
affect various stakeholder groups, who are employees, con-
image of PKP S.A. as a socially responsible organization. In
tractors, customers and local communities. Thanks to the
conjunction with the projects implemented to improve working
responsible approach to business, corporate governance,
conditions (including through the principles set out in the ‘Code
transparent procedures and improving standards, the image
of Ethics’), it translates into greater employee involvement and
is strengthened and the value of the PKP Group is increased.
097
pkp group | annual report 2014 | Research as an element of qualit y management
Research as an
element of quality
management
098
100
PK P GROUP | ANNUAL REP OR T 2014 | Research as an element of qualit y management
PK P GROUP | ANNUAL REP OR T 2014 | Research as an element of qualit y management
Research for the management of internal processes
Research as an element
of quality management
Research undertaken in 2014 primarily
involved the continuation of the most
important periodic project, the III
and IV wave of the PKP Group customer
satisfaction survey used for planning and
pro-client project management.
analysis allow not only to monitor current levels of satisfaction,
but also to determine which areas are most important for the
Comfort is invariably the most important of all factors surveyed.
In addition, due to the numerous infrastructure investments
carried out in 2014 and possible inconvenience, an increase in
to manage internal processes within the organization. A pe-
of internal research is to measure the level of employee
riodic measure of satisfaction of the organization’s internal
engagement, conducted in PKP S.A. for the first time in 2014.
customer was introduced to the PKP S.A. research plan. This
Both of the above research processes, on the one hand,
is a quantitative study of employees with elements of qual-
helped to optimize procedures, and on the other hand, to
ity that will enable the optimization of internal processes
work to raise the motivation of employees in such a way as
through organized knowledge drawn from the organization
to in fact increase the effectiveness and reliability of the
itself. This project is part of a modern company management
entire organization.
XX The PKP Group customer satisfaction surveys – demographic and behavioral characteristics
of individuals participating in the study based on selected questions:
Age:
Education:
6 %
18 %
5 %
18 %
51 %
53 %
the importance of such areas as punctuality and travel time
65–80 years of age
the management system and quality control are periodic
questions about satisfaction at different levels of generality.
'tajemniczy klient' (mystery shopper) surveys, which in 2014
IV wave, n=1000
III wave, n= 1000
Marketing effectiveness research and the needs
and experiences of customers
Development and optimization of PKP Intercity selling prices
resulted in the need for their regular and clear communication.
Travel comfort
Detailed measurements of the effectiveness of individual
Train punctuality
20 %
11 %
also from the perspective of brand, image and awareness
Travel time
16 %
13 %
communication. Subsequent effectiveness surveys helped to
12 %
14 %
Declined to answer
Bachelor | engineering
| MA | doctorate | MBA
Post College | incomplete higher
Completed secondary education
| vocational or secondary school
Basic vocational | incomplete
higher secondary
were extended to ticket counters and PKP Intercity Customer
30 %
24 %
Cleanliness in
the carriage
1 %
58 %
11 %
Service Centers and New PKP S.A. Railway Offices.
XX Importance of respective areas of satisfaction
1 %
60 %
Apart from the satisfaction survey, the second key pillar of
Intercity trains twice a year and are based on more than sixty
The design of the study and selected methods of statistical
model based on objectives. An equally important element
customers in a given period.
was observed among our customers.
The satisfaction measurements are carried out on board PKP
2014 also opened a new chapter in implementing projects
26 %
22 %
24 %
5 %
2 %
III wave
n=1000
IV wave
n=1000
10 %
25 %
Incomplete primary
| primary and gymnasium
5 %
2 %
IV wave
n=1000
III wave
n=1000
campaigns were taken, not only in terms of sales growth, but
of services and customer understanding of the marketing
match services better and give their promotion a friendly and
understandable form.
Analysis of customer needs and behaviors plays a key role
Safety on
the train
9 %
8 %
Information
during the journey
6 %
9 %
qualitative exploration of user experiences and needs of various
Convenience of
buying a ticket
4 %
10 %
the expectations of passengers on services on board EIC trains.
Safety at the
railway station
2 %
8 %
Cleanliness
at the railway
station
2 %
4 %
Purpose of the journey:
10 %
8 %
Tourist journey
16 %
18 %
40 %
39 %
Journey to work | from work,
to school | from school, to
university | from university
in market research, which serves to improve and optimize
Private journey –
other than tourist
1 %
14 %
0 %
15 %
18 %
19 %
34 %
35 %
31 %
36 %
23 %
and in its place the creation of a new cultural institution, the
13 %
Museum Station, a study was also conducted among people
interested in protecting the railway heritage. The results will
III wave
n=1000
IV wave
n=1000
More than 30 min
before departure
11-20 min
6-10 min
5 min or earlier
20 %
In addition, due to the planned closure of the Railway Museum
help to design a facility that meets the requirements of visitors.
Do not remember
21-30 min
Business trip
the services provided. Therefore, in 2014, a comprehensive
types of railway stations was carried out and a project to meet
Time of arrival at the station before train departure:
III wave
n=1000
10 %
IV wave
n=1000
101
102
pkp group | annual report 2014 | SUMM ARY
PK P GROUP | ANNUAL REP OR T 2014 | Summary
Summary
Summary
The PKP Group ended 2014 making a profit
at all levels of activity, with net profit of
460 million PLN. Continuing the restructure
process, expanding areas of business and
minimizing the negative business situation
in transport companies resulted in a
significant improvement in the financial
performance compared to previous years.
market: Pol-Miedź Trans, PS Trade Trans and PKP CARGO International a.s.
In 2014, Xcity Investment Sp. z o.o., a new business entity
appeared in the PKP Group. Its main aim is to make optimal use
of undeveloped land owned by PKP S.A., through the implementation of commercial projects. The total value of ongoing
and planned projects until 2018 is estimated at more than
8.8 billion euros. The planned projects relate to attractive
locations in the centers of the largest Polish cities, such
as Warszawa Główna, Centralna Park, Kraków Bosacka, Wrocław
Świebodzki and Łódz Fabryczna.
A key area of activity of the PKP Group’s Companies was the
implementation of the investment program at an unprecedented record level. Total expenditures for this purpose were
10 billion PLN, which means that it was almost half as much
higher than in 2013. As a result, 1,400 km of tracks were renovated, 21 new and refurbished railway stations commissioned
and the quality of its rolling stock was improved. In addition,
from December 2014, PKP Intercity passengers have the opportunity to travel in modern Pendolino trains, which resulted in
significant reductions in travel times on routes from Warsaw
to Gdańsk, Cracow, Katowice and Wrocław. Investments in rail
infrastructure had a positive impact not only on the quality of
services provided by the PKP Group, but also created better
conditions for the development of the entire rail transport.
The source of financing came mostly from European Union
funds, which totaled 5 billion PLN.
2014 was also marked by dynamic development of PKP CARGO,
the largest in Poland and the second freight carrier in the European Union. Proof of the Company’s strong market position is
the carrying out of numerous of acquisitions. In December 2014,
a contract was signed to purchase shares in Advanced World
Transport in the Czech Republic. It was the first ever foreign
takeover of a company by the PKP Group’s business entity.
At the beginning of 2015 is also planned to sign an agreement
to acquire stakes in other companies active in the rail freight
In June 2014, as a result of block trades PKP S.A. completed
the sale of 17 % of PKP CARGO shares. Last year, the privatization process in the Group’s subsequent companies,
including TK Telekom and PKP Energetyka, was commenced
and which was successfully continued in 2015. Thanks to the
income from privatization it was also possible to significantly reduce the level of PKP S.A ‘s historic debt. Since 2012,
net debt decreased by 80 % and at the end of 2014 was merely
0.8 billion PLN.
103

annual report

Transcription

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