Baneservice - Årsrapport 2009

Årsrapport 2009 \| Divisjonene i Baneservice \| Visjoner og forutsetninger \| Regnskap

Summary in English

Baneservice supplies contractor services within new construction and heavy maintenance for railroads, tramways and light railways in Scandinavia. The company was demerged from Jernbaneverket (The Norwegian National Rail Administration) as of 1 January 2005 and is today the leading total supplier of railway technical services in Norway. The company is wholly-owned by the Norwegian state through the Ministry of Transport and Communications.

The group is also established in Sweden and has carried out some smaller projects in Denmark. In addition to contractor activities, the company has supplied freight terminal and traction services to freight transport companies in Norway. The group’s most important customers are Nordic rail infrastructure owners with Jernbaneverket in Norway as the most important customer. The group’s market is greatly influenced by political priorities. In order to reduce the group’s exposure to market fluctuations, the group has increased its focus on tramways and light railways in recent years. Moreover, the decision to enter into the market for freight terminal services is founded on the need to diversify in order to reduce market risk.

The group is represented in Sweden via a branch office and the Swedish company Scandinavian Track group (STG) of which Baneservice AS is the majority shareholder. In Sweden, the largest customer is Banverket. However, the Swedish company has a larger extent of private track owners in its portfolio than in Norway. The group has also carried out projects in Denmark via the subsidiary STG.

The group’s registered business address is in Oslo. The Swedish branch office has its main office in Gothenburg, whilst STG is located in Borlänge in central Sweden. On 1 February 2010, Baneservice took over the running of the Gothenburg freight combi-terminal via the company Baneservice Skandinavia AB, which is also located in Gothenburg.

In 2009, the group had gross revenues of NOK 756.1 million (NOK 581.1 million). The significant increase from the year before has mainly come from the Norwegian market. In contrast to previous years, there have been several major projects both within the railway and light railway markets. In particular, there has been an increase in railway maintenance. This is related to an increase in allocated funds to Jernbaneverket. In Sweden, STG has had considerable growth in 2009.

The group’s result before tax is NOK 63.1 million (a loss of NOK 45.3 million). The increase in volume compared to the previous year has resulted in a more efficient utilisation of the machine pool, which in turn has led to improved profitability. An income of NOK 58.6 million has been recognised in connection with the change to a new pension scheme.

The ratio of sickness absence in the group has seen a further improvement when compared to last year and is at a lower level than other companies in the same line of business. Only one work-related injury was registered in 2009, which gives an H-value (number of injuries causing absence from work per 1 million working hours) of 1.9. During the period from August 2008 to December 2009 (471 days), the company had zero injuries requiring absence from work in Norway. The Swedish part of the group had one injury during the same period.

Key figures

Millioner NOK	2007	2008	2009
Turnover	470,5	581,1	756,1
Earnings before tax, EBT	-2,9	-45,3	63,1
EBT ratio (%)	0,3	-6,9	9,5
Working capital	80,7	44,9	114,3
Liquidity ratio 2	1,5	1	1,6
Equity	161,9	128	152,9
Equity share (%)	46,1	32,3	40,8
Equity rentability (%)	-1,8	-31,2	44,9
Total capital	351,2	396,7	375,3
Total capital rentability (%)	0,3	-10,7	18,6
EBITDA	17,2	-22,9	87,8
Investments	25,7	11,7	29,6
No. of employees	355	329	350
Sick leave (%)	5,4	5,1	4,5
Injuries with absence (H-verdi)	3,6	7,7	1,9

Baneservice is divided into five divisions. One division is Projects Norway which covers the train, tram and light rail routes administered by Jernbaneverket and KTP (city of Oslo). The most significant project for this division has been the catenary and signalling work on the new doubletrack railway between Stavanger and Sandnes. This project started in March 2008, and the formal opening of the new line was in November 2009. This is the single largest project in Baneservice’s history since becoming a limited company on 1 January 2005. The second division is International Projects which mainly include projects in Sweden. The subsidiary STG has carried out several projects in Denmark. The efforts in Sweden are operated by the branch office in Gothenburg and STG, and the main customer is Banverket. The third division is Mechanical Maintenance which provides manned rail-bound machinery for heavy-duty maintenance projects. The main project in 2009 was ballast cleaning for Jernbaneverket. The Machines and Materials division offers project support to the other divisions. The Freight Terminal Services division was established in the autumn of 2007. In 2009, the division has supplied services to several transport companies in addition to carrying out traction services for railway contractors.

^Top

Baneservice
Postboks 596 - Sentrum 0106 OSLO
Tlf: +47 22 45 66 00
Fax: +47 22 45 66 04
www.baneservice.no
post@baneservice.no