Always on the move

209 Pages·2017·10.99 MB·English

Always
on the move
ANNUAL REPORT 2016
ÖBB-HOLDING AG
January February March
4/22
Still on track
to success
2015 marked the fifth consecutive
year of profit growth at ÖBB. Its
earnings (EBT) of 192.8 million euros
in 2015 constituted the best result
ever achieved in the history of the
company. Rail passengers increased
by 3 million.
5/07
ÖBB’s CEO be-
comes Chancellor
1/17
of Austria
By rail to the ski jump Despite the checkered 180-year
history of ÖBB, this is the first time
Over the three-day event, ÖBB provided convenient and stress-free rail
ever that its leading train driver has
transport for thousands of the 60,000 or so visitors to the World Ski
taken over the wheel at the federal
Jumping Championship in Kulm. ÖBB demonstrated its presence with
chancellery: On this day, ÖBB’s
eye-catching advertising on both the jump and at the finishing line.
CEO Christian Kern was sworn in as
Federal Chancellor of the Republic
of Austria.
3/9
Project launch
Training Center
ÖBB plans to bundle all its rail-
way-specific training programs in St.
Pölten in future. A learning campus
with seminar rooms, signaling
system for training purposes, model
systems, and simulators are being
built here, together with a new ap-
prentice hostel. Innovative training
opportunities will then be available
– for employees of both ÖBB and
other railway operators.
4/11
New ideas
platform launched
ÖBB’s Open Innovation Lab has
opened its doors at head office. The
intra-Group platform bundles all
the 1,500 or so valuable ideas and 5/24
initiatives that emerge within the
Group each year. A creative work
Andreas Matthä appointed new CEO
approach goes without saying here.
ÖBB’s Supervisory Board was very quick to decide who will steer ÖBB in
the future: Andreas Matthä, formerly member of the Board of Manage-
ment responsible for Infrastructure for many years, was initially appoint-
ed interim CEO of ÖBB and subsequently confirmed by the Supervisory
Board meeting on July 4.
April May June
A look back 6/10
International
Safety Day
at 2016
BMVIT, ÖBB, KfV and ÖAMTC joined
forces to present a video explaining
the correct behavior at railway cross-
ings. The new Infra safety campaign
A new training center, for youngsters aims to raise their
YEAR IN REVIEW.
awareness for hazardous situations.
a new CEO, the biggest expansion of
our products and services in 30 years,
and a new central freight station.
5/31
Gratifyingly good
levels of customer
satisfaction
The most recent customer satisfac-
tion survey confirms that customers
are appreciative of ÖBB’s quality
and service. Good scores were again
awarded for punctuality, cleanliness
and safety, and the staff scored top
marks yet again for their compe-
tence and friendliness.
6/8
Surf the internet
at 230 km/h!
Thanks to the biggest digitaliza-
tion campaign in the history of the
company, uninterrupted WiFi is now
possible while traveling at 230 km/h
on a Railjet, complete with onboard 6/14
entertainment via the portal contain-
ing information and ORF-TVthek. 450 million euros for Vienna’s metro
Between now and 2025, BMVIT and the city of Vienna plan to invest
around 450 million euros, mainly to expand the metro, with focus on the
connections between Meidling and Hütteldorf and the Marchegg branch.
6/18
Vienna’s central
marshalling yard
celebrates its
30th anniversary
In future, ÖBB plans to bundle
Open Day at “ZVB Kledering.” This
all its railway-specific training is where freight trains are split up
and regrouped, while the freight it-
programs in St. Pölten at a learn- self is turned over in the new South
Vienna Freight Terminal.
ing campus with seminar rooms,
signaling system for training
purposes, model systems, and
simulators ...
July August September
7/6
The “ÖBB” brand ranks 5th
The “ÖBB” brand has been continuously increasing in value over the
past five years and is currently worth 1.88 billion euros, according to the
8/24
European Brand Institute. As such ÖBB ranks fifth among a total of 500
Austrian companies.
VCÖ railway test reveals
trend toward taking the train
There are already a lot of people who prefer to take the train rather than
drive, although frequently the car could also be an option. For many
passengers, an improved portfolio of rail products and services (68%) and
shorter travel times (71%) are the key deciding factors.
7/11 9/10
ÖBB wants ÖBB at “Open
to become a House Vienna”
top employer 800 (!) people took advantage of
According to the Employer Brand the opportunity to have a look at
Study, ÖBB currently ranks a good the Service Design Center, a model
14th out of 37 surveyed compa- open-plan office, and the Skylobby
nies in Austria. Our aim is to rank on the 23rd floor of head office.
among the top ten employers by
2020.
7/14 9/23
Hallo Hellö Con struction of
On this day, ÖBB commenced its the last Koralm-
long-distance bus service under the bahn tunnels
“Hellö” brand with eleven inter-
Following the festive start of tunnel
national connections. On the first
construction, building work on the
weekend of operation, some of the
Stein and Lind tunnels commenced
services on the Vienna to Venice
on this day and is scheduled for
route were virtually booked out.
completion in 2022. All ten tunnels
of the Koralmbahn, which extends
for some 130 kilometers in length,
are therefore now either under
construction or in partial operation.
October November December
10/20 12/11
InfoRail Upper Austria gets
goes on tour a metro as well
The InfoRail exhibition touring Five new metro lines commenced
throughout Austria offers fasci- operation in Upper Austria, four
nating insight into the numerous of which are operated by ÖBB.
projects along the Southern line, The 500,000 or so people living in
together with stories about the Austria’s second-largest conurba-
people working on it. tion in and around Linz now have
a viable alternative to automobile
transportation.
10/17
40,000
questionnaires
to employees
“Tell us what you think” was again
the topic of the day as we launched
what was now our third Austria-
wide ÖBB employee survey, which
ran until November 4. More than
half the workforce took part in the
survey (see page 42).
11/23
PR State Prize
for Humanity
ÖBB has won the Austrian PR State
Prize yet again, this time for its
“Humanity takes the train” project
as part of its crisis communication
during the refugee crisis. 12/11
Night train becomes ÖBB Nightjet
Additional night train connections coupled with first-rate service: Over
the coming three years, ÖBB hopes to welcome around 1.8 million
more passengers on board its new Nightjet service.
12/11 12/13
New timetable: Opening of the
2.2 million South Vienna
more passenger Freight Terminal
kilometers ÖBB-Infrastruktur has built a
The new timetable constituted the state-of-the-art freight terminal
According to VCÖ, ever more biggest expansion of our services on a site measuring 55 hectares.
in 30 years. Better connections The terminal for combined freight
people already prefer trains to for passengers are now available, transport will vastly simplify road/
especially in and around the rail turnover and, in doing so,
cars. For many passengers, an conurbations in Tyrol, Carinthia hopefully result in even more
and Styria, and thanks to the new goods being transported by
improved portfolio of rail p roducts metro lines in Upper Austria. eco-friendly rail.
and services is one of the key
deciding factors.
Key Performance Indicators
Earnings ratios (IFRS) (million euros, rounded)
2016 2015 2014 2013 2012
Revenue 5,247 5,221 5,270 5,239 5,221
Total income 6,416 6,345 6,355 6,248 6,216
Cost of materials and purchased services -1,730 -1,751 -1,764 -1,793 -1,929
Personnel expenses -2,478 -2,337 -2,407 -2,341 -2,358
Other operating expenses -428 -451 -460 -530 -478
EBITDA 1,779 1,806 1,723 1,584 1,451
Depreciation & amortization (incl. impairment) -968 -949 -859 -829 -750
EBIT 811 857 864 755 701
Financial result -645 -664 -692 -652 -626
EBT 166 193 172 103 75
ROCE (%) 3.4 3.7 3.9 3.6 3.5

Balance sheet ratios (IFRS) (million euros, rounded)

Balance sheet total 27,344 26,475 25,746 24,631 24,084
Non-current assets 25,877 25,140 24,334 23,322 22,446
of which property, plant and equipment 24,386 23,416 22,724 21,765 20,749
Current assets 1,467 1,335 1,411 1,310 1,638
Equity 2,093 1,922 1,692 1,589 1,431
Equity ratio (%) 7.7 7.3 6.6 6.5 5.9
Financial liabilities 22,799 22,317 21,811 20,778 20,177
Net debt 22,108 21,306 20,839 20,024 18,369
Gross capital expenditure 2,400 2,032 2,057 2,170 2,248
Net debt/EBITDA (ratio) 12.4 11.8 12.1 12.6 12.7
Net gearing (ratio) 10.6 11.1 12.3 12.6 12.8
Contents
STATEMENT OF THE BOARD OF MANAGEMENT 3 CONSOLIDATED FINANCIAL STATEMENTS 108
Consolidated Income Statement 2016 108
STATEMENT OF THE CHAIRWOMAN Consolidated Statement of Cash Flow 2016 109
OF THE SUPERVISORY BOARD 6 Consolidated Statement of Financial Position
as of December 31, 2016 110
Consolidated Statement of Cash Flow 2016 111
ALWAYS ON THE MOVE 10
Consolidated Statement of Changes
in Shareholders’ Equity 2016 112
CORPORATE GOVERNANCE REPORT 52
NOTES ON THE CONSOLIDATED FINANCIAL
CONSOLIDATED MANAGEMENT REPORT 60 STATEMENTS AS OF DECEMBER 31, 2016 113
A. Group Structure and Investments 60
A. Basis and Methods 113
B. General Conditions and Market Environment 62
B. Notes on the Consolidated Statement of Financial
C. Economic Report and Outlook 70
Position and the Consolidated Income Statement 131
D. Non-Financial Performance Indicators 92
C. Other Notes to the Consolidated Financial Statements 156
E. Opportunities / Risk Report 100
F. Notes on the Management Report 105 AUDITORS’ REPORT 194
GLOSSARY OF TERMS 198
DIGITAL. German and
english PDF versions of
the Annual Report for
2016 and two related
videos can be found at:
konzern.oebb.at/gb2016
ONE YEAR, ONE IMAGE. We
have made a graphic recording
of our year 2016. The result is
a kind of mindmap of our last
year and at the same time a
look into the future – all in one
illustration. The entire image
can be found on the back of the
cover. Excerpts from this follow
in the image part and in the
pages separating the chapters

3
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BOARD OF MANAGEMENT OF ÖBB-HOLDING AG. Mag. Josef Halbmayr MBA (CFO), Ing. Mag. (FH) Andreas Matthä (CEO) na
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Moving Austria. Last year was difficult for us, but it was also ultimately another
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bus business and passenger rail transport faced tough competition and a major increase Consolinageme
in spending on safety. Despite these conditions, the ÖBB Group achieved the third-best Ma
result in its history with an EBT of EUR 166.2 million in 2016 and looks with pride on
al
its new passenger record in passenger rail transport. nci
With stable total group sales of almost EUR 5.3 billion, all sub-groups again made a positive contribution olidated Fina Statements
in 2016 and thus made their necessary contribution to comprehensive income. The performance of the ns
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Rail Cargo Group was particularly gratifying; while the results lagged behind those of 2015, they were
again clearly positive with an EBT of EUR 44.3 million, despite the difficult market environment. And this
was achieved in spite of low diesel prices and low road tolls, while rail freight companies pay more and
more for energy and the use of routes.
More passengers than ever
More than 244 million customers – more passengers than ever before – used ÖBB's trains in the past
year. The most significant increase was once again recorded in local passenger transport, with an increase
of more than five million passengers compared to the previous year. Long-distance transport increased
by 0.9 million passengers. Overall, passenger rail transport thus grew by three percent in a year – in the
past ten years, the number of passengers in ÖBB's local and long-distance trains has risen by almost
60 million.
4 Board of Management & Supervisory Board | Always on the move | Corporate Governance | Consolidated Management Report | Consolidated Financial Statements
In 2016 – as in the previous years – there was a We are maintaining the
slight decline in passengers in the ÖBB bus transport
targets of our strategy:
division. Postbus lost nearly 4.3 million passengers;
this was due in part to demographic developments 500 million passengers and
and the resulting drop in the number of school
150 million tonnes of freight.
children and apprentices and in part to the difficult
Safe and punctual.
competition. However, thanks to a success ratio of
91 percent in last year's transport tenders, Postbus
again transported more than 216 million passengers.
Vienna Central Station and Graz Central Station
In the past financial year, two central transport hubs were put to the test, with the central stations
in Vienna and Graz entering into full operation. Since then, all ÖBB long-distance trains have passed
through these hubs. The Vienna central station handles more than 1,100 trains in local and long-
distance transport every day, making it the most important regional, national and international trans-
fer hub in Austria. In addition, the two hub railway stations serve to connect seven provincial capitals
directly to Vienna International Airport. The good utilization of this service – the train to the airport –
shows that ÖBB has perfectly met the needs of its customers.
Rail Cargo Group – a reliable business partner
The Rail Cargo Group (RCG) consolidated its position at the top of the European rail freight carriers
in 2016. In a year in which almost no major rail freight companies in Europe were able to make a profit,
RCG achieved an EBT of over EUR 40 million thanks to a strong fourth quarter.
Both Rail Cargo Austria (74.5%) and Rail Cargo Hungaria (60%) remained clear market leaders in their
domestic markets, and, as in 2015, the Rail Cargo Group achieved increases in volumes on the inter-
national markets. The Rail Cargo Group, which has operations in a total of 18 European countries,
has long taken the view: “Our (domestic) market is Europe.”
Investing in the future
The hundreds of construction projects imple-
mented by ÖBB-Infrastruktur AG have had a
long-term positive impact on the reputation of
ÖBB in a way that little else has. Our railway
stations – as we know from several custom-
er surveys – have been regarded as clean and
safe since then, and our customers assess time
spent in our railway stations as “comfortable”.
This assessment is very motivating for the entire
company, but at the same time it is particularly
important for all taxpayers that we implement
our construction projects on time and, above all,
at planned costs. This is something we accom-
plished again in 2016.
In addition to the major projects Koralm railway,
Semmering base tunnel and Brenner base tunnel,
a large number of smaller and medium-sized
MAG. JOSEF HALBMAYR MBA.
Board of Management of ÖBB-Holding AG (CFO) railway stations across Austria were modernized