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The state-owned Estonian rail cargo operator EVR Cargo earned a net profit of 5.9 million euros in 2012, according to the accounts approved by the supervisory board.
EVR Cargo posts EUR 5.9 mln net earnings for 2012
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Operating income totaled 92.1 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) came to 13.5 million euros.
Profit distribution will be decided by the general meeting, CEO Ahto Altjoe told BNS on Friday. "We made a proposal to pay out three million euros in dividend," he said.
The total assets of EVR Cargo stood at 81.6 million euros at year-end, 36 million euros more than at the end of 2011. First of all the increase resulted from the addition of rail cars into the EVR Cargo rolling stock fleet as a result of the split of AS Eesti Raudtee (Estonian Railway), purchases, and related leasings.
The company acquired fixed assets in the amount of 39 million euros during the year, the biggest investment being 12 million euros placed into the purchase of rail car fleet from AS Eesti Raudtee. New cars were bought for two million euros under capital lease. As a result of the split of the parent company, EVR Cargo acquired fixed assets worth three million euros. In addition it acquired fixed assets worth 22 million euros by means of leasing.
According to the annual report, the principal goals for EVR Cargo this year are to ensure cargo flows, to develop products that promote growth in the volumes of container shipments, and to increase the efficiency of both the shipment process as well as of the work of stations.
Sales this year are budgeted to reach 84.2 million euros and net profit 4.2 million euros. The volume of shipments is estimated to be 14.4 million tons in 2013.
Shipments in 2012 totaled 18.4 million tons, 1.7 percent more than in 2011.
EVR Cargo employed a workforce of 950 as of year-end.
In a move decided by the government, Eesti Raudtee was split last year into a cargo operator, EVR Cargo, and an infrastructure company, EVR Infra. Under the new arrangement the Eesti Raudtee brand is used by EVR Infra.