The UK's largest rail freight operator, now owned by the German state railway company Deutsche Bahn, saw operating profits recover during the year to 31 December 2008, according to its annual accounts.
The company changed its name from English Welsh and Scottish Railway to DB Schenker Rail (UK) Limited on 18 December 2008 following its acquisition by Deutsche Bahn in 2007, and immediately changed its accounting reference date from 31 March to 31 December - thus, the figures for 2007 are for a nine month period.
On an estimated annualised basis, turnover was around 6.5% ahead, whilst operating costs were 5% higher. Annualised operating profits were therefore around 62% up: a good start for the new owners. Operating profit margin improved from just 2.8% in 2007 to 4.3% in 2008. However, a switch from net interest earnings of £6.5m in 2007 to paying interest of £23m in 2008 meant that the company recorded a pre-tax loss of £3m before execptional profits on asset sales and other restructuring costs. After including these items, the business recorded a profit of £19m compared with a loss of £9.5m in 2007.
Items shown as exceptional profit on sale of assets £39m less exceptional redundancy costs £9m (last Year: £4m) and an accrual for a 3rd party claim £7m, less FRS17 curtailment gain £1m. Last year costs also included equity/incentive plan buyout £10m, exchange losses £4m and accelerated depreciation £2m.
Financial Report
DB Schenker Rail (UK) Limited
Results
| Year to | 31 Dec 08 | 31 Dec 07 | Change |
|---|---|---|---|
| Item | £000 | £000 | % |
| Turnover | 464,000 | 327,700 | +41.6% |
| Operating Costs | 444,000 | 318,400 | +39.4% |
| Operating Profit/(Loss) | 20,000 | 9,300 | +115.1% |
| Other Costs/(Income) | 23,000 | (6,500) | -453.8% |
| Pre-Tax Profit/(Loss) | (3,000) | 15,800 | -119.0% |
| Tax Payable/(Credit) | 2,000 | 6,800 | -70.6% |
| Net Profit/(Loss) | (5,000) | 9,000 | -155.6% |
| Exceptionals | 24,000 | (18,500) | - |
| Profit/(Loss) for Year | 19,000 | (9,500) | +300.0% |
Performance
| Year to | 31 Dec 08 | 31 Dec 07 | Change |
|---|---|---|---|
| Operating Profit Margin | 4.3% | 2.8% | - |
| Pre-Tax Profit Margin | (0.6%) | 4.8% | - |
| Return on Capital | (2.5%) | 8.3% | - |
| Return on Assets | 3.2% | 3.5% | - |
| Dividend Paid (£000) | 0 | 0 | |
| Turnover per employee | £123,932 | £82,172 | +50.8% |
| Pre-tax profit per employee | (£801) | £3,962 | -120.2% |
Statistics
| Year to | 31 Dec 08 | 31 Dec 07 | Change |
|---|---|---|---|
| Staff employed (total) | 3,744 | 3,988 | -6.1% |
| Total Asset Value (£000) | 588,000 | 539,000 | +9.1% |
| Company Net Worth (£000) | 118,000 | 191,000 | -38.2% |
| Capital investment (£000) | 61,000 | 67,800 | -10.0% |
| < Prev | Next > |
|---|
