After several crashes, accidents and operating failures over the past year, SuperVia, Rio’s train concessionaire, paid $3.397 million in salary, bonuses and profit sharing for the company’s executives, officers and directors, according to financial statements published on this Thursday.
The company, controlled by the Odebrecht group since January 2011, explained that the management “fulfilled all the goals of the investment program under the Concession Agreement.”
The amount spent on fees is equivalent to 23% of the company’s accounting net profit in 2011, which reached $14.910 million due to the use of tax credits. In 2010, there was accounting loss of $10.438 million.
There was a reduction in spending on executive compensation, which totaled $3.612 million in 2010 (6% more than last year), according to the company’s balance sheet. The concessionaire did not say how many employees were classified as “key management personnel” (main executives, directors and officers).
SuperVia also reported that the cost of the company’s executive, officer and director compensation reached that amount in 2011 because there was a change of staff last year, but did not specify why the value was different from that disbursed in 2010.
“All its members receive bonuses according to the results obtained in the year, meeting the requirements and standards laid out in the Collective Agreement, signed with the labor union,” the company said in a statement.
The total expenditure on wages and social security contributions for all employees of the company reached $9.761 million last year, according to the company’s balance sheet.
SuperVia earned $233.869 million in 2011 with passenger transport of the Rio’s railroad track, an increase of 29% compared to the gross revenue for 2010.
Asked about the financial performance, the company merely pointed out that in 2011 it made “the largest investment of the Rio de Janeiro’s railroad system since the beginning of the concession, totaling $64.07 million.”
It added that this year it should invest $121.80 million in the operation of trains.
SuperVia ended last year with $5.737 million in cash.
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