GUIDEBOOK FOR APPLYING FOR A RAILWAY
UNDERTAKING LICENCE
HELLENIC REPUBLIC
REGULATORY AUTHORITY FOR RAILWAYS
Athens
January 2013
Version 1.1
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CONTENTS
GENERAL INSTRUCTIONS ........................................................................................................ 3
PART A: LEGAL FRAMEWORK ................................................................................................ 4
- Directive 2001/14/EC .............................................................................................................. 4
- P.D. 41/2005 ............................................................................................................................ 4
- M.D. Φ4/οικ.1594/107 .......................................................................................................... 4
- M.D. Φ 4.2/53159/5601 ....................................................................................................... 4
PART B : APPLICATION FORM – COMPANY PROFILE ....................................................... 5
APPLICATION FORM .................................................................................................................. 5
REQUIRED INFORMATION AND LEGAL DOCUMENTS ...................................................... 6
COMPANY PROFILE ................................................................................................................... 8
Α. GENERAL COMPANY INFORMATION .............................................................................. 8
Β. APPLICATION DATA ............................................................................................................. 8
C. OTHER INFORMATION ........................................................................................................ 8
PART C: DATA REQUIREMENTS MODEL OF BUSINESS PLAN ......................................... 9
INTRODUCTION .......................................................................................................................... 9
1. BRIEF COMPANY’ S BACKGROUND ............................................................................... 9
2. BRIEF DESCRIPTION OF APPLICATION FOR A RAILWAY UNDERTAKING
LICENCE ........................................................................................................................................ 9
CHAPTER 1: ANALYSIS AND DIAGNOSIS OF THE CURRENT SITUATION OF THE
COMPANY................................................................................................................................... 10
1. TURNOVER AND RATES OF SALES GROWTH ............................................................ 10
2. TECHNICAL AND PRODUCTIVITY DATA .................................................................... 12
3. FINANCIAL DATA .............................................................................................................. 13
4. ORGANIZATIONAL STRUCTURE ................................................................................... 19
CHAPTER 2: COMPETITIVE POSITION AND STRATEGY OF COMPANY ....................... 20
5. ANALYSIS AND DIAGNOSIS OF GENERAL BUSINESS ENVIRONMENT ............... 20
6. IDENTIFICATION AND JUSTIFICATION OF COMPETITIVE BUSINESS STRATEGY
............................................................................................................................................... 20
CHAPTER 3: ANALYSIS OF THE PROJECTED STATUS OF THE COMPANY APPLYING
FOR RAILWAY UNDERTAKING LICENCE ........................................................................... 21
1.
2.
3.
4.
FINANCIAL INFORMATION ............................................................................................. 21
IDENTIFICATION OF QUANTITATIVE TARGETS........................................................ 28
ORGANIZATIONAL STRUCTURE ................................................................................... 29
INVESTMENT PLANS ........................................................................................................ 29
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GENERAL INSTRUCTIONS
This guidebook informs the applicant companies about the procedure which should be followed
for obtaining a railway undertaking license, in order to meet the terms of the legal framework
(P.D. 41/2005, M.D. Φ.4/οικ.1594/107 G.G. Β 56/25.01.2012 & M.D. Φ 4.2/53159/5601 G.G. B
25/10.01.2013).
The data tables help to qualitative analysis and presentation of the application.
The tables presented in Chapters 1, 2 and 3 are indicative and include the minimum required
data for the application. For the presentation of the tables, the applicant company may use any
format it considers suitable, as long as all the required data are submitted.
The amounts should be referred in thousands of euros.
The application is submitted by one company (or joint venture).
The application has to be signed by the legal representative of the company.
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PART A: LEGAL FRAMEWORK
-
-
-
Directive 2001/14/EC of the European Parliament and the Council on the allocation
of railway infrastructure capacity and the levying of charges for the use of railway
infrastructure and safety certification
P.D. 41/2005 “Harmonization of the Greek legislation to EU Directives 91/440/EEC and
95/18/ΕC as they were amended by Directives 2001/12/EC and 2001/13/EC,
respectively, together with Directive 2001/14/EC on the development of community
railways, the licensing of railway undertakings and the allocation of railway infrastructure
capacity and the levying of charges for the use of railway infrastructure and safety
certification, and abolition of P.D.’s 324/1996, 76/1998 and 180/1998.” (G.G. Α’
60/07.03.2005)
M.D. Φ4/οικ.1594/107 “On the licensing of railway undertakings.” (G.G. Β’
56/25.01.2012)
-
M.D. Φ 4.2/53159/5601 “Readjustment of the application fee for obtaining a railway
undertaking license, according to Presidential Decree 41/2005 G.G.60/Α’ “
25/10.01.2013).
(G.G. B’
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PART B : APPLICATION FORM – COMPANY PROFILE
APPLICATION FORM
APPLICATION
TO REGULATORY AUTHORITY FOR
RAILWAYS
COMPANY NAME: …..……………..…….…
Please approve our company’s request for
VAT REG. NO: ……………………..….…..…
obtaining a railway undertaking license, in
HEADQUARTERS: .………………..…..……
accordance with the provisions of P.D.
TEL. NO: ………………………………..…….
41/2005, M.D. Φ.4/οικ. 1594/107 (G.G.
FAX NO: …………………………….….…..…
56/25.01.2012) and M.D. Φ4.2/53159/5601
WEB PAGE: …………………………...…….
(G.G. Β’ 25/10.01.2013)
Contact person:
Attached, we submit all the documents listed
Name: ………………………………….………..
below.
Position: ………………………..………………..
Tel. No: ..…………….…………………………..
Legal Representative’s signature
E-mail: ..………………………………………….
Fax No: ..………………………………….…..…
DATE: …………..……………………………….
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REQUIRED INFORMATION AND LEGAL DOCUMENTS
The application must be accompanied by the following required information and legal
documents:
1. A full set of essential credentials, properly legalized, by which the undertaking’s legal
founding arises to be true, and by which the persons who are responsible for
administering it, or for representing it, are defined together with their alternates (Article 3
par.1.a, M.D.).
2. Properly legalized copies of the identity document of the legal representatives of the
applicant, or, in case of foreigners, of their passports (Article 3 par.1.b, M.D).
3. Criminal Record certificate or document of equivalent validation / sworn statement /
solemn protestation of each person legally representing the applicant company (Article
42, P.D 41/2005 and Article 3 par.1.c, M.D).
4. Confirmation issued by a judicial or administrative authority that the applicant has not
been declared bankrupt (Article 42, P.D 41/2005 and Article 3 par.1.d, M.D).
5. Confirmation issued by a judicial or administrative authority that the applicant has not
been placed in administration or has not been put under liquidation (Article 42, P.D.
41/2005 and Article 3 par. 1.e, M.D.).
6. Confirmation issued by a judicial or administrative authority for not applying for a
bankruptcy reconciliation of the applicant.
7. Tax contribution compliance certificate of the applicant (Article 42, P.D. 41/2005 and
Article 4 par.2.a, M.D.).
8. Social security contribution compliance certificate by insurance authorities for the
contributions have to be paid for staff employed by the applicant (Article 42, P.D.
41/2005 and Article 4 par.2.c, M.D.).
9. Available funds of the applicant, such as cash, bank deposits, bonds and credit lines
from financial institutions (par. 1.a, Section A’, Annex II, Article 49, P.D. 41/2005).
10. Other assets available as security (Item b, Section A’, Annex II, Article 49 P.D. 41/2005).
11. Working capital (current assets and current liabilities), Par. 1.c, Part A’, Annex II, Article
49, P.D. 41/2005.
12. Relevant costs, including purchase costs and down payments to account for vehicles,
land, buildings, installations and rolling stock (par.1.d, Part A’, Annex II, Article 49, P.D.
41/2005).
13. Charges on an undertaking's assets. (par.1.e, Part Α΄, Annex ΙΙ, Article 49, P.D.
41/2005).
14. Published annual financial statements - balance-sheets and profit-and-loss statements
for the three years before the year of the application. As far as it is concerned with
companies which have not gone through three (3) completed years of operation, only the
available data shall be presented. Regarding a newly founded company the financial
statement - balance-sheet for the startup, or equivalent documents, are required. The
financial statements presented shall be accompanied by relevant certified public
accountants’ reports, relevant audit certificates, as well as copies of the annual reports.
A Company which belongs to a Group of Companies shall additionally present
consolidated financial statements. (Article 4 par.1.c, M.D.).
15. A Business Plan (BP) of the applying Company. In the BP the presumed financial
statements and the expected income statement adjustments for the definition of financial
resources and cash flows for the next 3 years following the date of submission of the
application shall be presented and analyzed so that the financial proficiency and
sustainability of operation of the applying Railway Undertaking may be established.
Further data should be included in the BP, for example about facilities and any
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investment plans, by means of which the applicant provides the railway services.
Furthermore, the company’s partners / shareholders, the legal representative, the Board
of Directors, the potential participation in other companies and the status of competition
and strategy are mentioned. (Article 4 par.1.d, M.D.).
16. Expert report, if submitted by the applicant, and appropriate documentation from a bank,
public savings bank, financial auditor or certified public accountant, which include
information on data referred in par.1, Part A’, Annex II, Article 49, P.D. 41/2005.
17. Documents that prove existing business ties and shareholding of the applicant in other
Companies or Groups of Companies. (Article 4 par.1.b, M.D.).
18. Chart showing the organizational and administrative structure of the applicant (Article 42
par. 3.f P.D. 41/2005).
19. Information on professional competence (Article 45, P.D. 41/2005 & Article 5, M.D.).
20. Properly legalized copies of all the insurance contracts as proof of civil liability coverage
(Article 42, P.D. 41/2005 & Article 6 par. b, M.D.).
21. Fee to the State for the amount of three thousand (3.000) euros.
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COMPANY PROFILE
Complete the following information to the extent you deem necessary.
Α. GENERAL COMPANY INFORMATION
1. Name
2. Activity sector
3. Working scope
4. Headquarters
5. Annexes / branches
6. Date of establishment
7. Number of staff
Β. APPLICATION DATA
1. Brief description of the requested license
2. Type of rail transportation (passenger / freight)
3. Train composition (traction units / hauled stock)
4. Network coverage (total / partial)
5. Geographical scope of transport services (national / international)
6. Transport demand forecast data, at least for the next three years (in passenger km / tone km)
7. Available resources (manpower, equipment)
C. OTHER INFORMATION
1. Partners or shareholders
2. Legal representative
α) Name
β) Address
γ) ID No
3. Board of Directors
4. Participation in other companies
a) Name
b) Percentage of participation
c) Activity sector
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PART C: DATA REQUIREMENTS MODEL OF BUSINESS PLAN
INTRODUCTION
1. BRIEF COMPANY’ S BACKGROUND
The applicant company should briefly present its profile, including name, subsidiaries, details of
the legal representative, activity sector, most important events and assets.
2. BRIEF DESCRIPTION OF APPLICATION FOR A RAILWAY UNDERTAKING LICENCE
It is a brief description of the application of the company. Particularly, the company should
present justification for applying, analysis of railway services that the company seeks to offer
(e.g. international rail passenger transport) and the method of implementing them, analysis of
competitive advantages, of the current situation and of the future performances.
Additionally, necessary assumptions regarding key economic variables of business, such as,
among other, the acquisition and management of assets, revenues, cost of goods sold and the
cost of raising financial resources, should be mentioned.
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CHAPTER 1: ANALYSIS AND DIAGNOSIS OF THE CURRENT
SITUATION OF THE COMPANY
1. TURNOVER AND RATES OF SALES GROWTH
Shows the growth of sales of the company (overall and especially in transport services), and the
percentage of added value, based on the annual financial statements for three, before the
application period, fiscal years.
Note that you should make a brief explanation of the calculation of added value to the business
to which the application relates, in relation to all services / products of the company.
Table 1.1.1: Total company sales
All amounts in thousands euros
1st year
2nd year
3rd year
Total sales
Percentage change (%)
Domestic sales
Percentage change (%)
Sales abroad
Percentage change (%)
Table 1.1.2: Total sales and added value for company’s activities
All amounts in thousands euros
1st year
2nd year
3rd year
Total sales (1)
Expenses by type (2)
Administrative expenses
Selling expenses
Rents of fixed equipment
Depreciation
Added value
(3) = (1) - (2)
Added value analysis
Wages and salaries
Interest
Surplus
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Table 1.1.3: Total company sales resulting from the activities of transport
All amounts in thousands euros
1st year
2nd year
3rd year
Domestic sales (1)
Percentage change (%)
Size of domestic market (2)
Percentage change (%)
Domestic market share held by the
company (1:2)
Sales abroad (3)
Percentage change (%)
Total sales
(4) = (1) + (3)
Percentage change (%)
Sales
share
from
transport
operations to total (Table 1.1.1)
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2. TECHNICAL AND PRODUCTIVITY DATA
The technical and productivity data are presented of the last three years through qualitative and
quantitative presentation of the mechanical equipment, new technologies, new and / or
innovative production methods and quality assurance procedures.
Table 1.2.1: Investment elements and method of funding
All amounts in thousands euros
1st year
2nd year
3rd year
Investment elements
Buildings, Facilities
Mechanical equipment
Other investments
Method of funding
Grants (1)
Loaned funds (2)
Domestic banks loans
Foreign banks loans
Suppliers credits
Other loaned funds
Equity participation (3)
Total
(4) = (1) + (2) + (3)
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3. FINANCIAL DATA
The financial data of the last three years Are presented and analyzed, i.e. the financial results
and profitability of the applicant company in relation to sales and capital employed.
Table 1.3.1: Turnover breakdown
All amounts in thousands euros
1st year
2nd year
3rd year
1st year
2nd year
3rd year
1st year
2nd year
3rd year
Domestic sales
Foreign sales
Total sales
Table 1.3.2: Sales Cost breakdown
All amounts in thousands euros
Α’ Materials
Β΄ Materials
Circulation Costs (fuel, energy)
Packaging materials
Spare Parts-tools (consumed in
production)
Remuneration of personnel
Maintenance costs
Changes in inventories
Other overhead costs (broken
down where necessary)
Total cost of sales
Table 1.3.3: Profit and loss account
All amounts in thousands euros
Turnover (Table 1.3.1)
LESS Cost of sales (Table 1.3.2)
Gross operating profit
LESS Administrative expenses
Expenses for
research/development
Selling expenses
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Operating Profit
NOT INCLUNDING
Investments incomes
Interest
Other incomes
LESS Exchange rate differences
Other costs
Results before interest,
depreciation and taxes
LESS Interest
Results before depreciation
and taxes
LESS Depreciation (total)
Net operating results (before
tax)
Table 1.3.4: Distribution of results
All amounts in thousands euros
1st year
2nd year
3rd year
1st year
2nd year
3rd year
Net operating results (before tax)
(Table 1.3.3)
(+ or -) Balance results (from
previous years)
LESS Income taxes
Profits for distribution
Statutory reserves
Other reserves
Dividends payable
Balance carried forward
Table 1.3.5: Balance sheet data
All amounts in thousands euros
Installation expenses
Installation expenses
LESS Depreciation
Undepreciated value of
installation costs
Fixed assets
Intangible assets
LESS Depreciation
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Undepreciated value of
Intangible assets
Tangible assets
LESS Depreciation
Undepreciated value of tangible
assets
Investments and other long term
receivables
Undepreciated value of fixed
assets
Circulating assets
Stocks
Requirements
Debt securities
Available
Total circulating assets
GRAND TOTAL ASSETS
EQUITY CAPITAL
Capital (share etc.)
Reserve funds
Results carried forward
PROVISIONS FOR LIABILITIES
OR EXPENSES
OBLIGATIONS
Long-term
Short-term
GRAND TOTAL LIABILITIES
Table 1.3.6: Sources and Uses of Funds
All amounts in thousands euros
1st year
2nd year
3rd year
CHANGES IN CAPITAL MOVEMENT
INPUT
Increase in cash
Increase supplier credits
Increase in short-term bank loans
Increase in other liabilities
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reduction in stocks
Decrease in receivables
TOTAL INPUT (1)
OUTPUTS
Decrease in reserve
Reduce supplier credits
Decrease in short-term bank loans
Decrease in other liabilities
Increase in stocks
increase in receivables
TOTAL OUTPUTS (2)
CHANGE IN CAPITAL
MOVEMENT: (3) = (1) – (2)
OTHER SOURCES AND USES OF FUNDS
SOURCES
Profit before tax
Increase of share capital
State aid
Increases
long-term
loans
and
credits
Other inputs
TOTAL SOURCES (4)
USES
New installation costs
LESS Depreciation
Net increase installation costs
New investments
LESS Depreciation
Net increase in fixed assets
Decrease in long-term loans and
credits
Payment of dividends
Payment of income tax
Other uses
TOTAL USES (5)
Note: (3) = (5) – (4)
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Table 1.3.7: Cash flow
1st year
All amounts in thousands euros
2nd year
3rd year
CASH FLOW FROM OPERATING
Total
receipts
from
the
operation
Earnings from sales
Other earnings
Total payments for operating
Payments to suppliers
Employees Payments
Other costs
Interest payments
Tax payments
TOTAL CASH FLOW FROM
OPERATING (1)
CASH
FLOW
FROM
INVESTMENTS
Change in assets
Change in long term involvement
TOTAL CASH FLOW FROM
INVESTMENTS (2)
CASH FLOW FROM FINANCING
Change in share capital
Change in bank lending
Change in dividends
Financial expenses
TOTAL CASH FLOW FROM
FINANCING (3)
TOTAL CASH FLOW (4)
(4) = (1) + (2) + (3)
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Table 1.3.8: Ratios
1st
2nd
year
year
3rd year
Liquidity
General liquidity
Immediate liquidity
Stocks + Requirements + Cash + Securities
Current Liabilities
Requirements + Cash + Securities
Current Liabilities
Capital structure
Total depts
Total indebtedness
X 100
Total assets
Coverage of
Earnings before interest and taxes
financial expenses
from operating
Interest payments
income
Short-term debt
obligations
Short term bank loans
X 100
Sales
Activity
Inventory
turnover
rate
Cost of sales
Average stock level
Demands
Days debt collection
Turnover rate of
assets
Sales / 360
Sales
Total assets
Efficiency
Earnings before taxes
Net profit margin
X 100
Sales
Earnings before taxes
Return on Equity
X 100
Own funds
Return on Invested
Capital
Earnings before taxes
X 100
Total assets
Magnification
Average annual
sales growth rate
-1
Average annual rate
of change in income
before taxes
-1
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4. ORGANIZATIONAL STRUCTURE
The anticipated overall organizational chart of the company and its development is presented.
Additionally, it is presented in detail the general administration, organization of accounting and
analysis / cost control, organization of marketing, sales and distribution network, the
organization of production, organization of research and development, human resources in each
section by category and training, and operating costs in the above sections.
Specifically, the request shall include the following:
a)
General business organization chart, in diagram format, based on the organization into
Divisions and Departments such as financial management and sales promotion. In addition, it
should refer to information systems used by the company.
b)
Brief description of activities and tasks carried out by the Directorates and Departments of
the company based on the above chart.
c)
Presentation of human resources by category and skill training. Special reference should be
made to the skills and experience of manpower on rail transport.
d)
Presentation of the operating costs of each department.
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CHAPTER 2: COMPETITIVE POSITION AND STRATEGY OF
COMPANY
5. ANALYSIS AND DIAGNOSIS OF GENERAL BUSINESS ENVIRONMENT
CHAPTER 1: ANALYSIS AND DIAGNOSIS OF THE CURRENT SITUATION OF THE
COMPANY
Includes analysis and diagnosis of the broader business environment (economic, technological,
productive, demographic etc.), as well as sectorial - competitive environment (especially at the
microeconomic action level), in order to draw conclusions about the company’s competitive
position.
This analysis and diagnosis is based on:
a) Presentation of domestic and international market research conclusions, on supply and
demand, for the rail transport services to be provided by the applicant company.
b) Presentation of technology and know-how used by the company regarding international
standards.
c) Analysis of the company’s economic environment, taking into account factors that affect
both domestic and international markets. Indicatively, trends and prospects, weaknesses
and threats and the market dynamics of rail transportation (e.g. sectors / customers and
their financial performance and prospects), are reported.
d) Analysis of the company’s demographic environment, taking into account the factors that
affect it (e.g. population and income trends).
e) Analysis of the technological - productive company’s environment, taking into account
factors that affect it (e.g. technological achievements).
f)
Analysis of the company’s competitive environment, taking into account factors that
affect it. Indicatively, the uniqueness of services, alternative - substitute services, the
number of competitors, the size of competitors (compared to the size of the market), the
elasticity of demand, the pricing policy of the company etc., are reported.
6. IDENTIFICATION AND JUSTIFICATION OF COMPETITIVE BUSINESS STRATEGY
Based on the above analysis, the -up to date - competition strategy of the company, is
presented, in order to evaluate its competitive position. Also, the future competitive strategy is
defined and evaluated. Note that, the assumptions’ analysis on which the expected competition
strategy is based has to be included.
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CHAPTER 3: ANALYSIS OF THE PROJECTED STATUS OF THE
COMPANY APPLYING FOR RAILWAY UNDERTAKING LICENCE
It should be provided a three-year business plan, which is connected with the railway business
of the applicant and which includes:
a)
Objectives of the applicant.
b)
Basic assumptions of the business plan analysis.
c)
Detailed plans for the fields:
i) Development of products and services
ii) Sales, marketing and distribution of products
iii) Development of organizational structure
iv) Supply of raw materials, inventory management, procurement of materials and
equipment
It should be clarified that the plans are accompanied by a detailed description of the planned
actions and by a time schedule for their implementation.
At the same time it should be submitted an executive summary of the business plan.
Are presented and analyzed the financial data of the last three years, i.e. the financial results
and profitability of the applicant company in relation to sales and capital employed.
1. FINANCIAL INFORMATION
Financial information includes analysis of financial data of the three year business plan
based on goals, strategies and action plans.
Table 3.1.1: Financing a business plan
All amounts in thousands Euros
1st year
2st year
3st year
Equity
Borrowed funds
Domestic Banks’ loans
Short
long-term
Foreign Banks’ loans
Short
long-term
Appropriations of Financial Institutions
Subsidies
Grants
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Total
Table 3.1.2: Analysis of the projected turnover
1st year
All amounts in thousands Euros
2st year
3st year
Domestic sales
Income from the railway services (RS)
Type of RS
Type of RS
Others income
Total domestic sales (1)
Foreign sales
Income from the Railway Services (RS)
Type of RS
Type of RS
Others revenue
Total foreign sales (2)
Total sales (3)
Note : (3) = (1) + (2)
Table 3.1.3: Analysis of the projected cost of sales
All amounts in thousands Euros
1st year
2st year
3st year
2st year
3st year
Α’ Materials
Β΄ Materials
Circulation Costs (fuel, energy)
Packaging materials
Spare Parts-tools (consumed in
production)
Remuneration of personnel
Maintenance costs
Changes in inventories
Other overhead costs (broken
down where necessary)
Total cost of sales
Table 3.1.4: Projected profit and loss account
All amounts in thousands Euros
1st year
Turnover (Table 3.3.2)
LESS Cost of sales (Table 3.1.3)
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Gross operating profit
LESS Administrative expenses
Expenses for
research/development
Selling expenses
Operating Profit
NOT INCLUNDING
Investments incomes
Interest
Other incomes
LESS Exchange rate differences
Other costs
Results
before
interest,
depreciation and taxes
LESS Interest
Results
before
depreciation
and taxes
LESS Depreciation (total)
Net operating results (before
tax)
Table 3.1.5: Projected distribution of results
All amounts in thousands euros
1st year
2nd year
3rd year
2nd year
3rd year
Net operating results (before tax)
(Table 1.3.3)
(+ or -) Balance results (from
previous years)
LESS Income taxes
Profits for distribution
Statutory reserves
Other reserves
Dividends payable
Balance carried forward
Table 3.1.6: Proactive State Sources and Uses of Funds
All amounts in thousands euros
1st year
CHANGES IN CAPITAL MOVEMENT
INPUT
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Increase in cash
Increase supplier credits
Increase in short-term bank loans
Increase in other liabilities
reduction in stocks
Decrease in receivables
TOTAL INPUT (1)
OUTPUTS
Decrease in reserve
Reduce supplier credits
Decrease in short-term bank loans
Decrease in other liabilities
Increase in stocks
increase in receivables
TOTAL OUTPUTS (2)
CHANGE
IN
CAPITAL
MOVEMENT: (3) = (1) – (2)
OTHER SOURCES AND USES OF FUNDS
SOURCES
Profit before tax
Increase of share capital
State aid
Increases
long-term
loans
and
credits
Other inputs
TOTAL SOURCES (4)
USES
New installation costs
LESS Depreciation
Net increase installation costs
New investments
LESS Depreciation
Net increase in fixed assets
Decrease in long-term loans and
credits
Payment of dividends
Payment of income tax
Other uses
TOTAL USES (5)
Note: (3) = (5) – (4)
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Table 3.1.7: Projected treasury plan
All amounts in thousands euros
1st year
2nd year
3rd year
1st year
2nd year
3rd year
CASH FLOW FROM OPERATING
Total
receipts
from
the
operation
Earnings from sales
Other earnings
Total payments for operating
Payments to suppliers
Employees Payments
Other costs
Interest payments
Tax payments
TOTAL CASH FLOW FROM
OPERATING (1)
CASH
FLOW
FROM
INVESTMENTS
Change in assets
Change in long term involvement
TOTAL CASH FLOW FROM
INVESTMENTS (2)
CASH FLOW FROM FINANCING
Change in share capital
Change in bank lending
Change in dividends
Financial expenses
TOTAL CASH FLOW FROM
FINANCING (3)
TOTAL CASH FLOW (4)
(4) = (1) + (2) + (3)
Table 3.1.8: Projected balance sheets
All amounts in thousands euros
Installation expenses
Installation expenses
LESS Depreciation
Undepreciated
value
of
installation costs
Σελ. 25
Fixed assets
Intangible assets
LESS Depreciation
Undepreciated
value
of
Intangible assets
Tangible assets
LESS Depreciation
Undepreciated value of tangible
assets
Investments and other long term
receivables
Undepreciated
value
of
fixed
assets
Circulating assets
Stocks
Requirements
Debt securities
Available
Total circulating assets
GRAND TOTAL ASSETS
EQUITY CAPITAL
Capital (share etc.)
Reserve funds
Results carried forward
PROVISIONS FOR LIABILITIES
OR EXPENSES
OBLIGATIONS
Long-term
Short-term
GRAND TOTAL LIABILITIES
Table 3.1.9: Projected Ratios
1st year
2nd
3rd
year
year
Liquidity
Σελ. 26
General liquidity
Immediate liquidity
Stocks + Requirements + Cash + Securities
Current Liabilities
Requirements + Cash + Securities
Current Liabilities
Capital structure
Total depts
Total indebtedness
X 100
Total assets
Coverage of financial
Earnings before interest and taxes
expenses from
operating income
Short-term debt
obligations
Interest payments
Short term bank loans
X 100
Sales
Activity
Inventory
turnover
rate
Cost of sales
Average stock level
Demands
Days debt collection
Turnover rate of
assets
Sales / 360
Sales
Total assets
Efficiency
Earnings before taxes
Net profit margin
X 100
Sales
Earnings before taxes
Return on Equity
X 100
Own funds
Return on Invested
Capital
Earnings before taxes
X 100
Total assets
Magnification
Average annual
sales growth rate
-1
Average annual rate
of change in income
before taxes
-1
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2. IDENTIFICATION OF QUANTITATIVE TARGETS
Annual quantitative targets to be achieved during the first three years after obtaining the railway undertaking license are shown below.
Table 3.2.1: Projected quantitative targets
1st year
VALUE /
QUANTITY
Quantity
Percentage
change (%)
Value in
thousands
Euros
2st year
Percentage
change (%)
Quantity
Percentage
change (%)
Value in
thousands
Euros
3st year
Percentage
change (%)
Quantity
Percentage
change (%)
Value in
thousands
Euros
Percentage
change (%)
Passenger
transport
Domestic
Foreign
Freight transport
Domestic
Foreign
Total
Note: The unit of measurement in passenger transport is passenger – km and in freight transport is tn-km.
1st year
OTHERS
TARGETS
Description
2st year
Unit of
Percentage
measurement*
change (%)
Description
3st year
Unit of
Percentage
measurement*
change (%)
Description
Unit of
Percentage
measurement*
change (%)
Facilities
Equipment
Human
resources**
*: Completed with the appropriate unit of measurement.
**: Analyzed by specialty.
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3. ORGANIZATIONAL STRUCTURE
The anticipated overall organizational chart of the company and its development is presented.
Additionally, it is presented in detail the general administration, organization of accounting and
analysis / cost control, organization of marketing, sales and distribution network, the
organization of production, organization of research and development, human resources in each
section by category and training, and operating costs in the above sections.
Specifically, the request shall include the following:
a) General business organization chart, in diagram format, based on the organization into
Divisions and Departments such as financial management and sales promotion. In addition, it
should refer to information systems used by the company.
b) Brief description of activities and tasks carried out by the Directorates and Departments of
the company based on the above chart.
c)
Presentation of human resources by category and skill training. Special reference should be
made to the skills and experience of manpower on rail transport.
d)
Presentation of the operating costs of each department.
4. INVESTMENT PLANS
Potential investment projects are presented by the applicant company associated with the
provision of railway services. For each one of them should be given details for:
a)
Objectives of the project.
b)
Sources of financing.
c)
Implementation Schedule.
d)
Description of the project.
e)
Presentation of benefits expected.
g)
Evaluation of a project based on: 1) the method of net present value and 2) the Internal
Rate of Return (IRR).
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