[article] Yet more lies in the CIE annual report

[Mark Gleeson]

Let the lies begin again, remember last year? http://www.platform11.org/news/news....006&no=17.html

Hourly services to Cork began Jan 07, so thats clearly wrong DART numbers are up, but they managed that with fewer coaches than in 2005, strange that!

Originally Posted by Irish Times

CIÉ to report operating surplus of 24.4m for 2006

Arthur Beesley, Senior Business Correspondent

State transport group CIÉ will shortly report an operating surplus of 24.4 million for 2006 after a 5 per cent increase in its public subvention to 298.7 million. The group also received 284 million from the Government for capital expenditure.

While the surplus was up from 15.1 million in 2005, this does not take into account the impact of accounting standard FRS 17 on "retirement benefits". The surplus after FRS 17 was 22 million, down from 25.8 million in 2005.

However, the bottom-line figures were boosted by once-off profits of 29.6 million on the disposal of property and other non-core assets.

With passenger journeys on the rise to a record 281.7 million last year from 275.9 million, executive chairman Dr John Lynch will say in CIÉ's annual report that customer revenues rose by 41.9 million to 746.4 million.

The national bus service, Bus Éireann, accounted for 23.8 million of the increase. Dublin Bus revenues rose 7.8 million and revenues at Irish Rail rose 5.4 million. Revenues in the CIÉ holding company, which co-ordinates the group's activities, rose by 4.9 million.

"The increase in revenue arises from increased service levels being provided by the operating companies and fare revisions," the report will say.

Payroll and related costs rose by 24.4 million to 558.4 million, mainly due to pay increases under the Sustaining Progress social partnership agreement.

Other operating costs of 503.4 million included 30 million for "exceptional" operating costs in Irish Rail and Bus Éireann.

In a year in which hourly services were introduced on the Dublin-Cork rail route, Irish Rail saw passenger journeys rise to 43.3 million from 37.7 million.

The Dart commuter rail service took the benefit of investment in longer trains to deliver a 22 per cent increase in the last two years in passengers during peak periods and a 34 per cent rise in off-peak periods.

Passenger journeys on Dublin Bus were static at 146 million, but down from a high of 149.9 million in 2004. This suggests it has brought a halt to the decline in passengers that followed the introduction of the Luas service.

Dublin Bus stands to receive 100 new buses under the Government's Transport 21 plan. Delivery began last November.

Excluding school transport, passengers on Bus Éireann rose to 49.7 million from 49 million.

http://www.ireland.com/newspaper/fin...204617830.html
© 2007 The Irish Times

[Mark]

Notice the use of the word 'revisions' rather than 'increases' when talking about fares.

[MOH]

The Dart commuter rail service took the benefit of investment in longer trains to deliver a 22 per cent increase in the last two years in passengers during peak periods and a 34 per cent rise in off-peak periods

How could longer trains be responsible for a 34 per cent rise in passengers during off-peak periods when they wouldn't be full anyway?

[sean]

Originally Posted by Mark

Notice the use of the word 'revisions' rather than 'increases' when talking about fares.

Joseph Stalin would be proud

[dowlingm]

if gordon brown ran CIE we'd be "making investments" rather than "paying fares"

[Colm Moore]

Originally Posted by MOH

How could longer trains be responsible for a 34 per cent rise in passengers during off-peak periods when they wouldn't be full anyway?

People were moved from peak to off-peak.

[Colm Donoghue]

trains were delayed.
If the 18:15 service runs at 19:13, then those passengers are off peak

[MOH]

They're also pretty peaked off

[dermo88]

The whole aim of a corporate report is to retain the confidence of investors. Secure investment and increase/maintain share prices.

A corporate report never tells the whole truth. Paper over the cracks, type up some bull****, protect yourself, your work colleagues and subordinates.

Do not EVER tell the whole truth. Do a Sir Humphrey Appleby on it. Use obscure language, legalese, and if in doubt, blame external factors.

Every company does this, not just Iarnrod Eireann and the CIE group. Its just amusing to read it and know the truth.

There will always be inadequacies in any company.

Lets take the best railway network on earth. Japanese Railways.

Their corporate debt amounts to.

200 BILLION Euro.

On an Irish scale (per head of capita basis), that means Iarnrod Eireann having a debt in the region of 8 Billion Euro. But imagine what you get for that kind of cash.

[Mark Gleeson]

The directors have a legal obligation to give a honest and accurate statement of the company state