SKINEST RAIL AS
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Ettevōtte juhtkond, meeskond ja kontaktid
SKINEST RAIL AS hetkeolukord
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's activity report 2022
Overview of the Group
Skinest Rail is a railway group operating in Estonia, Latvia, Lithuania, Finland, Croatia, Poland, Ukraine, Georgia, Kazakhstan in the following areas: - Sale, repair and rental of wagons - Sale, repair and rental of locomotives - Sale of railway rolling stock spare parts - Railway construction - Sale of railway superstructure materials - Freight transport by rail
The parent company of the Group, AS Skinest Rail, started its operations in 1997.
Mission, vision and values
Skinest Rail aims to be a professional partner that takes into account the needs of its customers. We see ourselves as a leading company in the Baltic States and neighboring countries in the field of railway rolling stock rental, sales, repair and railway construction.
We consider important: - partnership – our customers are our partners, - reliability – honesty and keeping promises, - professionalism – compliance with technological requirements and offering the best solution to the customer.
In 2022, the Group's sales volume turned to growth. The rolling stock rental increased by nearly 56% due to a significant increase in rental rates and the growth of the rolling stock fleet, the sale of rolling stock spare parts increased by nearly 31%, and railway construction, repair and superstructure material sales increased by nearly 31%.
The biggest challenge in 2022 was the effects of the war in Ukraine and inflation - significantly changed supply chains and increased input prices for goods and services put pressure on the Group's sales prices and businesses.
In an environment of increased business and price risks, the Group focused on offering higher value-added and higher margin services and goods. The focus in trade was on larger projects with the railways of Poland, Finland, Latvia, Lithuania and Ukraine. A decision was also made to resume offering rail freight services, with plans to allocate up to 300 fixed wagons from the Group's wagon fleet by the end of 2023.
The Group decided to cease business operations in Russia - the same year, the majority of the rolling stock fleet rental in Russia was terminated and subsidiaries along with related assets were sold off in 2023.
The Group continues to expand its operations in European markets. Skinest Rail increased the number of locomotives rented in Western and Central Europe –
in Germany, Poland, Croatia and Hungary. The Group plans to continue investing in fixed assets – locomotives and wagons.
Consolidated sales revenue in 2022 was over 118.7 million euros. The Group's equity as of 31.12.2022 is 188 million euros.
The consolidated profit for the reporting year was over 30 million euros.
The Group has plenty of liquid assets and the Group's short-term obligation coverage ratio is 3.84, which is one of the best in its industry. 2022.
was successful in terms of working capital management, the Group's liquidity and working capital have significantly increased. Net profitability has increased compared to 2021.
There is no significant seasonality in the Group's main business directions.
The Group pays dividends to its shareholder from free cash flow as needed, the Group does not have a specific dividend policy.
Employees In 2022, the average number of employees in the Group was 712. The total amount of wages paid to employees was 10.5 million euros. Social security contributions amounted to 2.6 million euros.
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