The Board's Annual Report

The pandemic is behind us, leaving both new and returning customers with heightened expectations and evolving needs. Effective collaboration across the public transport network has ensured that Ruter successfully adapted to new challenges and opportunities throughout 2023. Ruter’s market share has steadily increased since July, and by the end of 2023, passenger numbers had finally returned to pre-pandemic levels.

Ruter’s mission is to constantly explore ways to enhance its services, making them even better, simpler, and more flexible. To achieve the transportation goals set for Oslo and Akershus, Ruter must deliver mobility solutions that are more sustainable, cost-effective, and attractive than those currently offered. New solutions must be integrated with the high quality of existing services. In 2023, Ruter focused on adapting to a new normal, encouraging travel choices that reduce car usage, building customer insights, and accelerating data-driven service development. The Board hopes that these efforts have laid the foundation for maintaining and enhancing Ruter’s relevance, ultimately realizing the vision of sustainable mobility for all.

Ruter and its owners have adapted to the more flexible work arrangements adopted by many, including the option to work from home. The introduction of new ticket products for less frequent travelers (Reis) and promotional campaigns for monthly passes have contributed to Ruter’s market share (percentage of all journeys) reaching 26.1% by the end of 2023. This represents an increase from 24% in 2022 and 17% in 2021. Market research indicates that these new ticket products have not only boosted passenger numbers but also improved the satisfaction of Oslo and Akershus residents with the public transport system. As of the end of 2023, 73% of the population expressed satisfaction with public transport services. Notably, aspects related to pricing and ticket options showed the most significant positive trends.

Despite passenger numbers returning to pre-pandemic levels, costs have risen faster than ticket revenues. The aftermath of the pandemic, the climate crisis, and heightened global conflicts also impact public transport. Inflation is currently high across most sectors, particularly in the energy domain. Additionally, interest rates and material costs are affected. The willingness of Akershus County Municipality and Oslo Municipality to continue increased funding has been crucial in enabling Ruter to maintain services, regain customers, and attract new ones. The Board perceives this high level of trust and financial support as confirmation of shared ambitions and goals: the ongoing realization of an attractive and sustainable urban region offering public transport for all.

During the transition to the 2023/24 winter season, challenges arose with Ruter’s services, including cancellations and delays. The causes of these challenges are complex, but it remains Ruter’s responsibility to ensure the timely operation of public transport in Oslo and Akershus. Ruter takes this responsibility very seriously, and the Board, on behalf of Ruter, apologizes for the reduced service experienced by customers during a period this winter. These challenges have been addressed, and a plan has been implemented to improve services and prevent, as far as possible, the recurrence of such issues. This plan has also been presented to the owners and will be closely monitored by the Board moving forward.

Ruter is committed to providing the residents of Oslo and Akershus with a sustainable, emission-free, and high-quality public transport system. With a zero-emission strategy and the goal of achieving a fully emission-free public transport network by 2028, Ruter has put innovation out to tender. An emission-free public transport system is crucial for reducing both local and national emissions and serves as a visible example of how Ruter, as a public procurer, can contribute to a sustainable transition.

In 2023, the final major contracts to make Oslo’s public transport emission-free were secured. In April, the new contract in Oslo’s Inner City commenced, with 183 new electric articulated buses deployed on the heavily trafficked routes through the city center. In December, the Oslo East contract was scheduled to start with 148 electric articulated buses. Together, these two contracts were intended to ensure that Oslo’s scheduled public transport, with the exception of two lines with weight and height restrictions and the express boats becoming emission-free in the summer of 2024, would be emission-free in 2023. However, at the start of the Oslo East contract, it became clear that 76 electric buses from Nobina were delayed from the factory. The plan is to gradually introduce these electric buses into service leading up to the summer of 2024.

Over the past year, Ruter has prepared and implemented necessary measures to ensure the electrification journey can continue as planned in Akershus. In 2023, the Follo contract was signed, and in June 2025, 147 emission-free buses will be operating in Ski, Vestby, Nesodden, and Drøbak. The company remains on track to make the entire region emission-free by 2028.

To realize the vision of sustainable mobility for all, it’s not enough to encourage existing public transport users to travel more. It’s also essential to develop solutions that reduce the prevalence of individual transport.

Customers expect a flexible and tailored mobility offering, timely and competent travel suggestions, and value for their money. In 2023, Ruter successfully explored flexible ticket products and pricing features. Reis was developed and launched to meet customer demand for more flexible public transport tickets. The dynamic pricing mechanism appears to be an effective tool for catering to a wide range of customer needs. The Ruter app and other digital interfaces further enhance the accessibility and clarity of the transport offering. In 2023, Oslo City Bikes and e-scooters from Voi, Ryde, and Tier were integrated into the Ruter app, allowing customers to combine their journeys in a more flexible and comprehensive way, beyond traditional public transport.

To create more flexible and tailored solutions, Ruter believes that on-demand transport, picking you up and dropping you off at your desired locations, is a promising option. If the vehicle can also accommodate multiple passengers per trip, it can contribute to reducing the number of vehicles on the roads in our region. Throughout 2023, Ruter has been working on developing its new on-demand service, which is planned for launch in the coming years.

The key to eventually launching large-scale public on-demand transport across the entire region lies in utilizing self-driving vehicles. In 2023, intensive efforts were made on both the operational and administrative preparations for the Groruddalen pilot, with continuous refinement of the customer journey. Five self-driving vehicles are currently being tested on the roads in Groruddalen, and in 2024, the first passengers will gradually be welcomed on board. The project is a consortium with 23 partners and receives financial support from Enova and the EU’s Horizon Europe program. Through active use of purchasing power, close collaboration with authorities and the technology market, the company will facilitate the gradual integration of self-driving vehicles into Ruter’s on-demand services in the years to come.

Public mobility services must operate on the customer’s terms, being convenient and accessible. Simultaneously, they must function as a sustainable whole, optimizing vehicle and capacity utilization. The key to achieving both lies in the intelligent use of data.

To ensure an organizational and financial structure that fosters increased speed and competitiveness in data-driven service development, Ruter established a strategic alliance for digital service development in 2023. The alliance was formed through collaboration between Ruter, Brakar, Østfold Kollektivtrafikk, Skyss, and Agder Kollektivtrafikk. This new instrument company, which became operational on January 1, 2024, will enable greater professionalism by focusing solely on the development and operation of digital services.

In addition to facilitating the establishment of a new company for digital service development, Ruter has been working on testing artificial intelligence in 2023, including the launch of the first version of RuterGPT. Over the past year, Ruter has utilized artificial intelligence to analyze customer feedback, design and optimize ticket inspections, predict crowding on buses, and optimize age-friendly transport routes. The goal for RuterGPT is to train the model on transport data, enabling it to provide better information to Ruter’s customers, personalized travel advice, and improve operational efficiency in the long run.

Ruter has made its mark in the past year by testing artificial intelligence, and numerous stakeholders have sought knowledge sharing. The Board is proud that Ruter won the Research Council’s Innovation Award in 2023. This is a significant recognition of the work Ruter has done and the position the company has achieved in this field.

Ruter is committed to ensuring that everyone, regardless of financial means or physical abilities, has the opportunity to travel easily within and across Oslo and Akershus. Passengers should reach their destinations within a reasonable time frame and without depleting natural resources or harming the climate. If you cannot use public transport, you are effectively excluded from participating in society on an equal footing with others. Therefore, Ruter actively works to make public transport accessible to all.

The change project, «Sustainable Mobility for All,» has prepared Ruter’s organization to deliver on the ambition of a more inclusive public transport system. As of 2023, the entire Ruter organization has embraced the responsibility of ensuring that inclusivity becomes part of Ruter’s DNA, considering everyone when developing public transport services. The driver training program «Ruter Samspill,» personalized accessibility information, and promoting diversity are three concrete initiatives that Ruter has been working on in the past year.

Adapted transport (TT-service) is a vital service for those with reduced mobility who cannot independently use regular public transport. In 2023, Ruter focused on consolidating and improving the TT-service to regain trust after a challenging 2022. These efforts have resulted in a gradual improvement in customer satisfaction, safety, and reliability, but the company has not yet fully reached its goals. The Board is committed to ensuring that Ruter closely monitors the needs of this group and continues to work on further enhancing satisfaction with the service.

Age-friendly transport is a popular on-demand transport service for those over 67 in Oslo. In 2023, the service was expanded to the Østensjø district, providing even more people with the opportunity to travel across the districts where the service is available.

It is crucial for Ruter’s customers, the general public, and drivers to perceive the mobility services as safe. Ruter’s vision is that no one should be killed or seriously injured while traveling with us. The company collaborates with all operators of the metro, tram, bus, and boat services to achieve this vision. In 2023, three people lost their lives and two were seriously injured in accidents involving Ruter (referring to injuries and accidents related to metro, tram, bus, and boat services). Every single case is one too many, and Ruter is working systematically throughout the entire production chain to improve traffic safety for passengers, drivers, and other road users.

In the past year, contract requirements for safer buses have been a central focus. Since 2020, Ruter has mandated that new buses be equipped with physical collision protection for the driver. In 2023, Ruter phased in four major contracts where the buses are equipped with such collision protection. In tenders, Ruter awards additional points for further traffic safety measures, both active and passive. In the last two tenders, digital mirrors and 360-degree cameras have been minimum requirements, in addition to blind spot warning systems.

In 2023, driver and traffic safety were highlighted at Busworld in Brussels, the gathering place for the entire European and international bus manufacturer and supplier industry. In collaboration with the Public Transport Association, the Norwegian bus industry, and with support from the Ministry of Transport, Ruter organized a seminar on measures to improve driver and traffic safety in buses. The aim was to emphasize the importance of setting stricter safety requirements for buses at the European level.

The figure below illustrates the development of the company’s production costs and journeys per mode of transport for the period from 2019 to 2023. The figures are shown excluding trains, as the production costs associated with trains are not included in Ruter’s cost base.

The cost development per journey has been significantly impacted by the pandemic in recent years. For 2023, the positive trend from 2022 continues, despite a generally high cost increase.

In 2023, Oslo Economics was commissioned to review Ruter’s management of public funds. The purpose was, among other things, to answer whether the management is carried out in a sustainable and value-creating manner, and whether the company’s operations are efficient. The report shows that Ruter has had a positive development in achieving its goals, aside from the effects of the corona pandemic. Ruter’s work has contributed to more people traveling by public transport than before, and public transport accounts for a larger share of passenger transport compared to car traffic. The company has also achieved higher customer satisfaction and reduced emissions.

Transport purchases account for almost 90 percent of Ruter’s operating costs. Over several years, Ruter has expanded the public transport offering by providing more routes, more departures, and increased capacity. This has resulted in increased costs for the purchase of transport services from operators. From 2018 to 2023, the cost of purchasing public transport has decreased per seat kilometer, when adjusted for inflation during the period. The cost development compared to the achievement of goals supports that Ruter has achieved efficiency gains in the purchase of public transport during this period.

The recent report shows an increase in costs related to digital services and development. This is a strategically conscious choice because the smart use of data is crucial for Ruter to remain competitive and meet current and future mobility needs. Through a committed and strategic collaboration, Ruter and other public transport companies aim to utilize resources in the industry more efficiently and become a joint powerhouse for the development of digital services to strengthen the mobility offering. By sharing development costs among several public transport companies, the industry as a whole will be able to use its development funds more effectively and increase its innovation capacity.

Ruter AS is an administrative company for public transport in Oslo and Ruter’s area of responsibility in Viken (from 2024 Akershus County Municipality), established on January 1, 2008. Oslo Municipality owns 60% and Viken County Municipality owns 40% of the shares in the company (from 2024 Akershus County Municipality). Ruter AS is located at Dronningens gate 40 in Oslo city center. The company plans, purchases, and markets the transport services in Oslo and Ruter’s area of responsibility in Viken, based on delivery agreements entered into with Oslo Municipality and Viken County Municipality.

The group comprises:

• Ruter AS (parent company) – administrative company for public transport in Oslo and the Akershus area. Almost all revenues and costs in the group are related to the parent company.
• Persveien Eiendom 1 AS and Persveien 23 AS – companies with the main purpose of investing in and renting out real estate, with a focus on bus depots.
• Tur-Retur Oslo AS – a strategic alliance for the development of future-oriented customer solutions, established in 2023, operational from January 1, 2024. The company will be renamed in 2024.
• Smaller companies without significant activity.

The turnover in the parent company Ruter AS was NOK 12,191 million in 2023. The accounting result after net financial items was NOK 23 million compared to a budgeted result of minus NOK 130 million. The positive deviation is mainly due to higher ticket revenues than expected. The shortfall in ticket revenue due to price measures of NOK 293 million was covered by increased service purchases from Oslo Municipality and Viken County Municipality. High electricity costs for the operation of trams and the metro at Sporveien have also led to an extraordinary financing need in 2023. In accordance with an agreement with Oslo Municipality, NOK 168 million has been recognized as compensation.

The Group had a profit after tax and minority interest of NOK 25 million.

The parent company’s total operating revenues in 2023 were NOK 12,191 million, up 10.5% from NOK 11,036 million in 2022. The table below shows the development of the parent company’s operating revenues from 2022 to 2023 at the main item level.

Ticket revenues, excluding school tickets, amounted to NOK 4,735 million. Ticket revenues increased by 8.9% compared to 2022 and accounted for 41% of the company’s revenues.

Service sales to Oslo Municipality and Viken County Municipality together accounted for 42% of the financing of public transport in the region in 2023. Adding the operating part of Oslo Package 3 and the state reward scheme, approximately 51% of public transport in the region was financed through service purchases and grants. The corresponding figure for 2022 was 52%. In 2023, Oslo Municipality and Viken County Municipality together contributed NOK 753 million in additional funding to ensure the maintenance of an attractive public transport service.

The Group’s total operating revenues were NOK 12,201 million in 2023.

The total operating costs for the parent company were NOK 12,236 million, corresponding to a growth of 9.5% from 2022. The distribution of operating costs, and the development from 2022, is summarized in the table below.

In the parent company, the cost of purchasing transport services amounted to NOK 8,918 million in 2023. This represents an increase of 9% from 2022 and constitutes 73% of the company’s total operating costs. Of these costs, bus services accounted for NOK 4,748 million, NOK 1,971 million for the metro, NOK 1,231 million for trams, NOK 257 million for boats, and NOK 711 million for special transport and the TT-service.

Operating the mobility services includes costs for developing, planning, analyzing, coordinating, procuring, and marketing the public transport services, as well as responsibility for the development and operation of digital services related to, among other things, ticket sales, route operations, and customer-oriented information and communication. These costs have increased by 19% in 2023. The fact that these costs have grown faster than other cost categories is due to growth in digital services and development, resulting from strategic priorities and an expanded product portfolio.

Ruter’s administrative costs amounted to NOK 188 million in 2023, 1.5% of the total cost base. The increase from 2022 is mainly due to a reorganization where the unit «Communication and Public Relations» is now defined as part of Ruter’s administration.

The Group’s total operating costs were NOK 12,236 million in 2023.

The liquidity reserve in the parent company was NOK 1,840 million as of December 31, 2023, and consists mainly of funds in the bank. The total net positive cash flow was NOK 300 million.

The Group’s liquidity reserve was NOK 1,859 million at the end of 2023.

The company’s total capital at the end of the year was NOK 3,152 million in the parent company and NOK 3,175 million in the Group.

A summary of the asset side of the balance sheet, and changes from 2022, is shown in the table below. See Ruter’s annual accounts with notes for further details.

A summary of equity and liabilities in the balance sheet, and changes from 2022, is presented below.

The short-term debt mainly consists of unpaid accounts payable to operators (NOK 1,283 million), provisions against operators, including an agreement with Vy (NOK 499 million), and temporarily unused grants for earmarked tasks (NOK 350 million). This mainly concerns funds related to Oslo Package 3 and the reward scheme, which primarily go to major projects in rail infrastructure.

The Board has assessed that the company’s equity ratio, excluding flow-through items that include funds related to Oslo Package 3 and the reward scheme, should be in the range of 20% over time. The equity ratio should be solid enough to ensure sound future operations and growth, but at the same time, the level should not be so high that the company is capitalized at the expense of the offering to customers. At the end of the year, the equity ratio excluding flow-through items is slightly above 23%. Despite a positive result in 2023, Ruter’s equity ratio is somewhat reduced from 2022. This is due to a timing effect of increased short-term debt (accounts payable); operator contracts due on December 31, 2023, were paid on January 2, 2024.

Ruter has established incentive agreements with operators. The purpose is to improve the quality of the service, and thereby customer satisfaction, and thus contribute to traffic growth. The incentive agreements are part of tender contracts for buses and boats. In the operating contracts with bus operators, there is also financial risk associated with changes in indices for wages, interest rates, diesel, electricity, and other indicators. Ruter is contractually obligated to adjust compensation in accordance with changes in these indicators.

Collaboration agreements have been established between Ruter and Vy to provide customers with a seamless pricing and ticketing system. The agreement structure with Vy represents uncertainty for Ruter because the final settlement between the parties is not clear until about six months after the year-end. The estimated settlement with Vy for 2023 is calculated based on the number of journeys and ticket type distribution compared to 2019. Customers’ changed travel patterns and possible deviations in the distribution of journeys across ticket types are significant uncertainty factors in the calculation. The components of the Vy agreement and the uncertainty in the estimated settlement are described in note 2 of the financial statements.
NOK 1,284 million related to the agreement has been recognized in 2023.

Ruter has some interest-bearing debt, but at the same time a large cash reserve. The risk exposure to changes in interest rates is therefore considered low.

Ruter only trades with approved creditworthy counterparties. All commercial private counterparties that receive credit from the Group are credit assessed and approved. This applies especially to retailers selling tickets for Ruter. The risk is considered relatively low.

An adjustment in actuarial gains/losses for 2023 increases the pension obligation by NOK 36.6 million and is charged directly to equity as of December 31, 2023.

The year’s profit in Ruter AS of NOK 23 million is proposed to be allocated to retained earnings.

The Board confirms, in accordance with section 3-3 of the Accounting Act, that the annual accounts have been prepared on the basis of the going concern assumption.

The budget for 2024 ensures that the attractiveness of the public transport service can be maintained at the same level as in 2023. The budget decisions from Oslo Municipality and Akershus County Municipality also facilitate Ruter’s continued work on realizing sustainable mobility to deliver on the owners’ transport policy objectives.

The UN Sustainable Development Goals focus on climate and the environment, social conditions, and economic development. These goals form the foundation of Ruter’s vision – sustainable mobility for all. This vision encompasses facilitating a good quality of life, social justice, and positive urban and regional development within the planet’s ecological limits.

In the Board’s view, Ruter’s business concept is well-aligned with the principles of the circular economy: an economy that utilizes resources better, more efficiently, and for longer durations. As a mobility provider, Ruter’s role is to offer shared solutions for passenger transport that utilize space, energy, and materials more effectively than private car use. Ruter’s most significant contribution to climate and the environment is realized when it helps reduce car traffic.

Ruter also contributes to a lower climate and environmental footprint from passenger transport by offering emission-free modes of transport and negotiating contracts with a low climate and environmental impact. Locally, reduced emissions mean better air quality and less noise. Significantly reduced CO2 emissions from road traffic are necessary for Ruter’s owners to achieve their climate goals.

Ruter has spent nearly ten years gradually making public transport in Oslo almost emission-free, in close collaboration with operators and suppliers. At the end of 2023, 80 percent of the buses in Oslo are electric, and when the delayed buses arrive, the service will be close to 100 percent. In Akershus, they are on track to become emission-free by 2028, which is the targeted deadline.

For Ruter to succeed in making public transport emission-free, the electrification of the public transport fleet is necessary. The company has been ambitious and found good solutions. At the same time, being a driving force for development comes at a price. In addition to delivery challenges, the cold and snowy winter has reduced the range of existing electric buses and increased charging times. This has resulted in reduced customer service at times. The rapid transition to emission-free public transport requires close collaboration and a solution-oriented approach. The Board supports the electrification strategy and believes that the goal of emission-free public transport throughout the region is right and realistic to implement. The recent challenges do not change this, in the Board’s view.

A fundamental principle in companies’ sustainability work is that they should prioritize the topics that are material to the company. In collaboration with Oslo Municipality and Akershus County Municipality, operators, employees, and interest organizations, Ruter has identified 13 material topics – encompassing climate and environment, society, and corporate governance. These serve as the basis for the company’s sustainability work and sustainability reporting.

Ruter has a strong awareness of its value chains and is committed to asking questions related to assessments of human rights and working conditions. The Transparency Act came into force on July 1, 2022, and applies to the company. The Act obliges Ruter to carry out due diligence assessments to ensure that the company itself, its suppliers, and business partners promote respect for fundamental human rights and decent working conditions. This is an obligation that Ruter has and will focus on both in its own operations, in tender processes, and in following up on contracts with suppliers. Ruter will continuously publish a Board-signed statement on due diligence assessments. The statement is published on Ruter’s website.

The average number of full-time equivalents (FTEs) in 2023 was 359, of which 169 permanent employees are women, 1 is non-binary, and 189 are men. At the end of the year, there were a total of 368 employees at Ruter. The company has fewer temporary employees than in 2022.

Ruter is continuously working to attract, retain, and develop the necessary expertise. In 2023, an ambitious HR strategy was developed, with concrete action plans for the next three years, supporting Ruter’s vision. The company continues with specific measures to build an open, diverse, and inclusive culture. A diverse composition of employees will ensure that the company has a good starting point for developing services that are accessible to all.

As part of the strategic initiative, a major separation process was initiated and completed in 2023 to establish a new subsidiary for digital service development from January 1, 2024. The separation process and reorganization of Ruter were established as a separate project. There was broad involvement throughout the organization to develop the chosen solution. Information flow was ensured through regular information meetings and individual meetings for the affected employees. The new company consists of approximately 80 employees, all of whom come from the parent company Ruter.

Ruter has established a good structure and renewed the systematic work related to HSE in 2023. Clear goals for further work have also been set through the Eco-Lighthouse certification. Ruter’s occupational health service «Falck Norge AS» offers close follow-up of the work environment, conducting workplace surveys and assessing the risk of health hazards. The occupational health service is also represented in the AMU (Arbeidsmiljøutvalg – Work Environment Committee). Furthermore, the company has a treatment insurance that ensures employees receive prompt assistance when needed, contributing to a faster return to work after sick leave. The insurance can also help prevent sick leave.

No known accidents or injuries at Ruter, and few cases of illness, were work-related in 2023. The average attendance for the year was 93.6%, which corresponds to 6.4% absence. This is a decrease in attendance of 0.4% from the previous year and means that absenteeism is higher than it should be. Ruter’s goal for attendance is 95.5%, and the company will continue its efforts to increase attendance in the organization going forward. In 2023, a major review of the sick leave process was conducted, and the implementation of changes will continue into 2024.

Insurance has been taken out for the Board members and the CEO for their potential liability towards the company and third parties.

Ruter considers work on diversity, inclusion, and equality to be natural and important, both internally and when the company chooses suppliers. A workplace that reflects society at large will make the company better able to deliver a good public transport service to travelers. To include a breadth of perspectives that improve the company’s services, both Ruter and its subcontractors are working on concrete measures in the areas of diversity, inclusion, and equality.

A materiality assessment has been carried out on the company regarding diversity, inclusion, and equality within Ruter. Briefly described, the material factors for the company are:

• Ruter should reflect the diversity of the society it operates in, among its employees.
• There should be gender balance.
• In recruitment processes, the company strives to select the best candidate for the position, regardless of gender, ethnicity, and background.

Ruter documents and follows up on the activity and reporting obligations in Section 26 of the Equality and Discrimination Act. Here, reference is made to the report on diversity and equality on Ruter’s website.

Through a strong investment in mobility from Ruter’s owners, and close collaboration between Ruter, Sporveien, operators, and other partners, the company has made significant progress in getting people to travel together instead of individually.

Public transport is a societal responsibility, and the future of public transport must be managed by the public sector. The Oslo region is one of Europe’s fastest-growing capitals. If our transport system is to function well in the years to come, we need to change our travel habits. We need to get people to travel together as often as they can, and alone only when they must. To succeed in this, it is important to strengthen the current public transport system, make Ruter’s services accessible in relevant ways in people’s everyday lives, and present even more green mobility alternatives to customers. However, we must also redefine the very concept of public transport and offer shared transport solutions that are more similar to private cars and more sustainable than all of us continuing to drive our own cars. Only then can we expect the public transport offering to become so attractive and flexible that a much larger portion of the population bases their daily travel on collective solutions.

The Board wishes to commend the company’s ability to adapt to new challenges and opportunities, and also thank the owners for providing the company with the leeway to do so. This has given the company a good starting point for realizing the vision of sustainable mobility for all.

Furthermore, the Board would like to thank the operators, infrastructure owners, the owners, and everyone else who contributes their best to the mobility services and society. A special thanks goes to all employees at Ruter who work hard every day to ensure that customers receive the best possible public transport service – not least on days when weather and road conditions create particularly challenging circumstances. The Board knows that this winter has been tough for the company’s employees and wishes to express special gratitude to them for their efforts during this period.