美國伯靈頓北方圣太菲鐵路運(yùn)輸公司分析報(bào)告BNSF Railway-外文版培訓(xùn)課件2024.7

COMPANIES

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PRODUCTSBNSFRailwayCHAPTER

01OverviewLeadingNorthAmericanrailroadcompaniesin2023,basedonoperatingrevenue(inbillionU.S.dollars)NorthAmericanrailroadcompaniesbyrevenue2023RevenueinbillionU.S.dollars051015202530UnionPacificBNSF24.1223.87CanadianNationalRailwayCSX16.8314.66NorfolkSouthernCanadianPacificRailway12.29.493Description:UnionPacificRailroadwastheleadingU.S.classIfreightrailroadcompanyin2023,generatingjustunder23.87billionU.S.dollarsinoperatingrevenue.?UnionPacificRailroadleadsthemarketUnionPacificfocusesonhaulingfreightlikecoal,industrial,chemicaloragriculturalproducts.In2022,thecompanygeneratedsome23.16billionU.S.dollarsinfreightrevenueandemployedmorethan30,700peopleinthatyear.Itsmaincompetitor,BNSF,wassecondonthelistintermsof[...]

ReadmoreNote(s):NorthAmerica;FY2023Source(s):Varioussources(Companyreports)VolumeofrailfreighttransportedintheUnitedStatesfrom2002to2023(inbilliontonne-kilometers)RailfreightvolumetransportedintheU.S.2002-20233,0002,7042,6862,661

2,6652,5312,5452,5512,5232,4542,4542,4482,500

2,376

2,3762,3642,3562,3262,2992,241

2,2392,1812,1052,0001,5001,0005001,87102002

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20234Description:RailfreightvolumesintheUnitedStateshavebeengenuallyincreasingsince2016,reaching2.53trilliontonne-kilometersin2018.However,thisfiguredroppedagainto2.18trilliontonne-kilometersin2023.ReadmoreNote(s):UnitedStates;2002to2023Source(s):ITFNumberofcarloadstransportedbyU.S.classIrailroadsfrom2006to2023(inmillions)U.S.classIrailroads'numberofcarloadstransported2006-20233532.131.530.630.23029.229.228.828.73025201510528.428.1127.626.72626.1525.4325.1624.3702006200720082009201020112012201320142015201620172018*

20192020202120222023Year5Description:In2023,U.S.classonerailroadstransportedatotalof24.37millioncarloads.Thisconstitutedadecreaseofaround2.3percentcomparedto2023.AclassIrailroadintheU.S.isdefinedasalargefreightrailroadcompanyandisclassifiedbasedonanoperatingrevenueofmorethan$550million.SmallerrailroadsareclassedaseitherclassIIorclassIII.ReadmoreNote(s):UnitedStates;2006to2023Source(s):AARNumberofrailaccidentsandincidentsintheUnitedStatesfrom2013to2023RailaccidentsandincidentsintheU.S.2013-2023Accidents/IncidentsInjuriesFatalities14,00012,26011,99011,85111,87411,80111,65511,48212,00010,0008,0006,0004,0002,000010,52910,1859,4519,1308,8928,7528,8058,7028,8088,3488,0486,6836,5085,9605,565995817851847907767749761793727702201320142015201620172018201920202021202220236Description:In2023,theUnitedStatesregistered995railfatalitiesandaround6,700non-fatalinjuriesontherailroads.InjuryandfatalitynumbershadfallenduringtheCOVID-19pandemicin2020and2021,but2022sawaresurgenceofaccidentsabovepre-pandemiclevels.?PositiveTrainControl(PTC)EversincetheenactmentoftheRailSafetyImprovementActof2008(RSIA),theU.S.railindustryhasbeenworkingonimplementingthePositiveTrainControl(PTC)technologyonover60,000milesof[...]

ReadmoreNote(s):UnitedStates;2013to2023Source(s):FederalRailroadAdministration;USDepartmentofTransportationCHAPTER

02FinancialsBNSFRailway'soperatingrevenuefromFY2013toFY2023(inmillionU.S.dollars)OperatingrevenuegeneratedbyBNSFRailway2013-202330,00025,00025,88823,85523,87623,51523,28222,71421,55221,40121,38720,86919,27820,00015,00010,0005,0000201320142015201620172018201920202021202220238Description:TheoperatingrevenuegeneratedbyBNSFRailwaypresentedatrendofoverallgrowthwithsomeoscillationfromthefiscalyearof2013throughthefiscalyearof2023.Inthefiscalyearof2023,theTexas-basedcompanygeneratedmorethan23.8billionU.S.dollarsinoperatingrevenue.ReadmoreNote(s):UnitedStates;FY2013toFY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBNSFRailway'soperatingexpensesfromFY2013toFY2023(inmillionU.S.dollars)BNSFRailway'soperatingexpenses2013-202320,00018,00017,28816,47716,05515,72015,44416,00014,00012,00010,0008,0006,0004,0002,000014,88414,48414,09413,63413,12912,641201320142015201620172018201920202021202220239Description:TheoperatingexpensesofBNSFRailwayfluctuatedconsiderablyfromthefiscalyearof2013tothefiscalyearof2023.Inthefiscalyearof2023,thecompanyreportedover16.47billionU.S.dollarsinoperatingexpenditure,adecreaseofsome810millionU.S.dollarscomparedwiththepreviousyear.ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBNSFRailway'soperatingexpensesinFY2023,bycategory(inmillionU.S.dollars)BNSFRailway'soperatingexpensesbytypeFY2023ExpenditureinmillionU.S.dollars2,000

3,00001,0004,0005,0006,000Compensationandbenefits5,551FuelDepreciationandamortizationPurchasedservices3,6842,6252,396Materialsandother1,522Equipmentrents69910Description:In2023,theTexas-basedcompany'scompensationandbenefits-relatedexpensesamountedtoaround5.55billionU.S.dollars.Meanwhile,thefuelcategoryofthecompanyreachedabout3.7millionU.S.dollars.Onaverage,operatingexpensesofincurredbyBNSFRailwayincreasedbyfivepercentfrom2022to2023.ReadmoreNote(s):NorthAmerica;FY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBNSFRailway'stotalassetsfromFY2014toFY2023(inmillionU.S.dollars)TotalassetsofBNSFRailway2014-2023100,00090,00080,00070,00060,00050,00040,00030,00020,00010,000094,57792,61191,43788,57488,66085,09384,52381,77579,89276,477201420152016201720182019202020212022202311Description:ThevalueofBNSF'stotalassetshassteadilyincreasedsince2014,reachingover94.6billionU.S.dollarsinthe2023financialyear.Thisisa1.96billiondollarsrisecomparedto2022and24percentmorethan2014figures.

ReadmoreNote(s):UnitedStates;FY2014toFY2023Source(s):BNSFRailwayBNSFRailway'stotalcurrentassetsinFY2023,bytype(inmillionU.S.dollars)BNSFRailway-totalcurrentassetsbytype2023CurrentassetsinmillionU.S.dollars1,00005001,5002,0002,500Cashandcashequivalents2,148Accountsreceivable,netMaterialsandsupplies1,5041,009Othercurrentassets11612Description:ThevalueofthetotalassetsofBNSFRailwaywasmorethan4.77billionU.S.dollarsin2023.However,theworthofassetsvariedintype.Inthefinancialyearof2023,BNSFRailwayheldcashandcashequivalentstothevalueof2.14millionU.S.dollars.Meanwhile,accountreceivableassetsaccountedfor31percentofthetotalassetsandwereworthover1.5billionU.S.dollars.ReadmoreNote(s):Source(s):BNSFRailwayCHAPTER

03SegmentsBNSFRailway'sfreightrevenuefromFY2014toFY2023(inmillionU.S.dollars)FreightrevenuegeneratedbyBNSFRailway2014-202330,00024,49125,00022,40121,00222,94722,57822,32821,87420,40619,77820,00015,00010,0005,000018,921201420152016201720182019202020212022202314Description:ThefreightrevenuegeneratedbyBNSFRailwayfluctuatedslightlyfromthefiscalyearof2014tothefiscalyearof2023.Inthefiscalyearof2023,BNSFRailwayreportedjustunder22.9billionU.S.dollarsinrevenuefromfreightoperations.

ReadmoreNote(s):UnitedStates;FY2014toFY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBreakdownofBNSFRailway'sfreightrevenueinFY2023,bycommoditygroup(inmillionU.S.dollars)BNSFRailway'sfreightrevenuebycommodityFY20239,0007,8798,0007,0006,0005,0004,0003,0002,0001,00005,6905,5833,795ConsumerproductsIndustrialproductsAgriculturalproductsCoal15Description:Inthe2023fiscalyear,theconsumerproductscommoditygroupwasthemostprofitablesegmentforBNSFRailway,generatingover7.8billionU.S.dollarsinrevenue.Meanwhile,thetransportationofagriculturalproductsgenerated5.6billionU.S.dollarsoffreightrevenue.ReadmoreNote(s):UnitedStates;FY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBNSFRailway'scarloadsfromFY2014toFY2023(in1,000units)BNSFRailway'scarloads2014-202312,00010,69810,27510,26910,27710,22110,1359,75810,0008,0006,0004,0002,00009,4819,5499,003201420152016201720182019202020212022202316Description:ThecarloadsofBNSFRailwaywereratherstablefromthefiscalyearof2014throughthefiscalyearof2023,despitesomefluctuations.Inthefiscalyearof2023,BNSFRailwayoperatedoverninemillioncarloads,aslightdecreasefrom9.5millioncarloadsinthepreviousyear.ReadmoreNote(s):NorthAmerica;FY2014toFY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayBreakdownofBNSFRailway'scarloadsinFY2023,bycommoditygroup(in1,000units)BNSFRailway'scarloadsbycommodityFY2023Carloadsinthousandunits2,000

2,500

3,00005001,0001,5003,5004,0004,5005,0005,500ConsumerproductsIndustrialproductsCoal4,7651,6051,468Agriculturalproducts1,16517Description:Inthefinancialyearof2023,over4.7millioncarloadsofconsumerproductsweretransportedbyBNSFRailway.Meanwhile,thenumberofagriculturalproductswerehauledbytheTexas-basedcompanywas1.16millioncarloads.

ReadmoreNote(s):UnitedStates;FY2023;fiscalyearendsDecember31.Source(s):BNSFRailwayCHAPTER

04CompetitorsLeadingNorthAmericanrailroadcompaniesin2023,basedonrevenueton-miles(inbillions)NorthAmericanrailroadcompanies'revenueton-miles(RTM)2023RTMinbillions3000100200400500600700BNSFUnionPacific584.5417CanadianNationalRailwayCSX232.61196.4CanadianPacificRailwayNorfolkSouthern188.96176.319Description:In2023,BNSFwastheleadingNorthAmericanrailroadcompany,withcloseto584.5billionrevenueton-miles.UnionPacificwasrankedsecond,reachingalmost417billionton-milesoffreighttransported.ReadmoreNote(s):NorthAmerica;FY2023Source(s):SurfaceTransportationBoard;Varioussources(Companyreports)LeadingNorthAmericanrailroadcompaniesin2023,basedoncarloads(in1,000units)NorthAmericanrailroadcompaniesbycarloads2023Carloadsinthousandunits3,000

4,000

5,00001,0002,0006,0007,0006,7348,0009,0009,00310,000BNSFUnionPacific8,112NorfolkSouthernCanadianNationalRailwayCanadianPacificRailwayCSX*5,4364,0453,38720Description:In2023,BNSFRailwaywasrankedfirstamongNorthAmericanrailroadcompanies,withoverninemillioncarloadsoffreighttransported.?FocusonNorfolkSouthernRailwayNorfolkSouthernRailwayisoneofthesevenU.S.ClassIfreightrailroadsoperatingonapproximately20,000milesoftracksintheSoutheast,East,andMidwestoftheUnitedStates.Itbeganoperationsin1982undertheparentcompany,NorfolkSouthernCorporation,andhasbeenheadquarteredinAtlanta,Georgia[...]

ReadmoreNote(s):NorthAmerica;FY2023Source(s):Varioussources(Companyreports)UnionPacificRailroad'sfreightrevenuefromFY2011toFY2023(inmillionU.S.dollars)*FreightrevenuegeneratedbyUnionPacificCorporation2011-202325,00023,15922,56022,57121,38420,68420,39720,24320,24419,83719,68620,00015,00010,0005,000018,50818,60118,251201120122013201420152016201720182019202020212022202321Description:Inthefiscalyearof2023,theUnionPacificCorporationgeneratedover23.6billionU.S.dollarsinfreightrevenue–aslightdecreasecomparedwiththepreviousfiscalyear.Thiswasduetodecliningdemandinseveralmarkets.

ReadmoreNote(s):UnitedStates;FY2011toFY2023;fiscalyearendsDecember31.;*Includesfuelsurchargerevenue.Figurespriorto2021weretakenfrompreviousannualreports.

ReadmoreSource(s):UnionPacificCSX'sfreightrevenuefromFY2013toFY2023(inmillionU.S.dollars)*FreightrevenuegeneratedbyCSXTransportation2013-202314,00013,19712,92912,24712,25011,62912,00010,0008,0006,0004,0002,000011,41911,36811,33310,97410,70110,1752013201420152016201720182019202020212022202322Description:ThefreightrevenuegeneratedbyCSXTransportationoverallremainedmostlythesamefromthefiscalyearof2013tothefiscalyearof2023.Inthefiscalyearof2023,CSXgeneratedover13.12billionU.S.dollarsfromrailfreightoperations.

ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31.;*Includesfuelsurchargerevenues.Figurescalculatedbysummingthefollowingrevenuestreams:totalmerchandise,coal,intermodal.

Figurespriorto2021weretaken[...]

ReadmoreSource(s):CSXCanadianPacificRailway'sfreightrevenuefromFY2013toFY2023(inmillionCanadiandollars)FreightrevenuegeneratedbyCanadianPacificRailway2013-202314,00012,00010,0008,00012,8218,6277,8167,6137,5417,1526,5526,4646,3756,0605,9826,0004,0002,00002013201420152016201720182019202020212022202323Description:ThefreightrevenuegeneratedbyCanadianPacificRailwayoverallincreasedfromthefiscalyearof2013throughthefiscalyearof2023.Inthefiscalyearof2023,CanadianPacificRailwaygeneratedover12.8billionCanadiandollarsfromrailfreightoperations.ReadmoreNote(s):Canada;FY2013toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianNationalRailway'stotalrevenuefromFY2013toFY2023(inmillionCanadiandollars)Totalrevenuegene