Report by the Board of Directors 2014
VR Group’s performance in 2014 was good. Despite a decline in turnover, the Group managed to improve its profitability through efficiency measures.
Major investments continued in 2014. The Group's total investments amounted to EUR 169.0 (185.2) million, and investments in rail rolling stock accounted for most, or EUR 102.9 (84) million of this sum.
The efficiency measures announced in May 2013, helped VR Group to achieve savings of EUR 16 million by the end of 2014. The number of personnel working in railway activities is expected to decline permanently by 10 per cent. In the next few years, a total of 1,700 people will retire from VR Group. To replace them the Group will recruit about 1,000 new employees. In 2014, VR Group had a workforce of about 9,690.
- The Group's comparable turnover fell 2.3 per cent
- The Group's operating profit was EUR 90.4 (70.6) million
- VR Group's Board of Directors proposes that a dividend of EUR 100 (30) million should be paid to the state
- Turnover and profit in passenger traffic reflects a changed market situation
- VR Transpoint’s operating profit and market share grew
- VR Track considerably improved profitability