Consolidated net turnover, result and liquidity
VR Group's 2013 result was good. Comparable turnover grew from 2012 and there was substantial improvement in the operating profit. Passenger Services, Logistics and Infrastructure Engineering all posted higher operating profits.
The Group’s net turnover in 2013 totalled M€ 1,421.2 (M€ 1,437.8 in 2012). The figures are not directly comparable to 2012 due to the sale of the groupage business on 1 October 2012 and the sale of smaller foreign operations early in the year. Comparable net turnover increased by 6.3 per cent from 2012.
Net turnover for passenger services developed strongly. This is attributable to successful marketing and price campaigns that increased market share, especially on long routes. The full year net turnover was M€ 568.0 (M€ 548.2). Net turnover increased by 3.6% during the year, including growth of 3.3% in the turnover for rail services and 8.6% for bus and coach services. Success in competitive tendering for local services in the Helsinki metropolitan area was a major factor in the growth for bus services.
A total of 98.4 million journeys were made in 2013, an increase of 3.0% from 2012. The number of rail journeys remained at the same level as in the previous year (69.3 million journeys) while road services saw an increase of 11.1% in the number of journeys. The net turnover for Avecra, which provides restaurant services for trains and stations, fell by 1.9% to M€ 34 (M€ 34.6)
VR’s logistics carryings consist almost entirely of raw materials and products for the mechanical and chemical wood processing industries, and for the metal and mechanical engineering and chemical industries.
The total transport volume amounted to 42.1 million tonnes. Total Rail Logistics volume amounted 3.3 per cent more than in the previous year.
Russia plays an important role in rail freight traffic. More than a third of the carryings comprise Russian cross-border import, export and transit traffic, which increased in 2013 by about 20 per cent.
Net turnover for logistics totalled M€ 441.9, down 8.8 % from 2012 (M€ 544.2). The decline was due to the sale of the groupage business. Comparable net turnover remained unchanged from 2012, which can be considered a good achievement in the prevailing economic conditions. Net turnover for rail logistics increased 1.0% but for road services fell 48.9% from the previous year due to the sale of the groupage business in 2012. The comparable net turnover for road services fell by 4.6% compared to the previous year.
The comparable net turnover for road services fell by 4.6% compared to the previous year. Logistics recorded a cost provision of EUR 2.8 million in its 2013 results because of the financial risks at Talvivaara.
Net turnover for infrastructure engineering grew very strongly, boosted by a strong order book. Net turnover totalled M€ 340.3, an increase of 24.2 % from 2012 (M€ 273.9). Developments in turnover were particularly positive in the construction business.
The consolidated operating profit was M€ 70.6 (M€ 52.4) and the net profit for the period was M€ 65.3 (M€ 38.8). The operating profit for the financial period includes capital gains on the sale of assets, which contributed M€19.0 (M€ 36.0) to the operating profit. The operating profit without the one-time items improved from 2012 mainly due to the efficiency measures.
The Group’s liquidity remained good throughout the period. Liquid assets stood at M€ 265.3 (M€ 207.0) at the end of the year. The Group had no outstanding commercial papers at the closing date.
The Group did not pay a dividend for 2013.
The other financial indicators are given in Note 24.
Equity
The group has 2,200,000 shares, with a par value of € 168.00 per share. The Group's share capital is € 370,013,438.22.
