1. Annual report 2015
  2. Board of Directors' report
  3. Notes to the Financial Statements
  4. Notes 22-23
  • Supervisory Board
  • Risk management
  • Insider administration
  • Audit
  • Internal audit
  • Remuneration
  • VR City Traffic
  • Properties
  • Conductor
  • For the investor
    • 22 Disputes
    The Finnish Competition and Consumer Authority (FCCA) has submitted on 25 January 2016 a penalty payment proposal to the Market Court concerning Oy Pohjolan Liikenne Ab and VR-Group Ltd. The amount of the penalty payment proposed by the FCCA is 5,790,000 euros. The case has not yet been handled in the Court. Oy Pohjolan Liikenne Ab and VR-Group Ltd dispute all the claims and the penalty payment proposed by the FCCA. Due to this the penalty payment proposal has not been taken into account in the annual accounts.
    VR-Group does not have any other material pending disputes.
    23 Group key financial figures
    2015 2014 2013 2012 2011
    Scope of operations
    Net sales M€ 1,231 1,367 1,421 1,438 1,437
    Balance sheet M€ 1,801 1,877 1,809 1,774 1,748
    Gross capital expenditure M€ 90 120 157 122 163
    - as % of net sales % 7.3 8.8 11.0 8.5 11.3
    Average number of man years 8,615 9,689 10,234 11,080 11,391
    Profitability
    Operating profit M€ 65.4 90.4 70.6 52.4 20.9
    - as % of net sales % 5.3 6.6 5.0 3.6 1.5
    Net profit M€ 50.0 67.6 65.3 38.8 15.3
    Return on investment (ROI) % 4.5 5.9 4.8 3.9 1.7
    Return on equity (ROE) % 3.5 4.5 4.6 2.9 1.6
    Solvency
    Equity ratio % 83.5 82.5 83.5 82.2 81.0
    Liquidity
    Quick Ratio 2.4 2.2 2.0 1.7 1.3
    Calculation of key figures
    Capital investments = Balance sheet total - interest-free liabilities
    Return on investment (ROI) = (Profit before extraordinary items + interest costs and other financial costs) * 100
    Capital invested (average)
    Return on equity (ROE) = (Profit before extraordinary items - income taxes and change in deferred taxes) * 100
    Shareholders' equity + minority interest (average)
    Equity ratio = (Shareholders' equity + minority interest) * 100
    Balance sheet total - short-term and long-term advanced payments received
    Quick Ratio = Financial assets (pl. long-term receivables) - receivables on precentage of completion
    Short-term liabilities - advanced payments received