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Press Centre


Jul 11, 2013

Russian Railways announces FY2012 results according to IFRS


The Group’s total revenue for the year 2012 increased by 4.2 percent to 1 540 billion rubles comparing to 1 479 billion rubles for the year 2011. The relative increase in revenue comparing to the previous year was driven by 2.9% growth of freight turnover and 6% freight tariff indexation. At the same time revenue growth of the Group’s companies compensated to a certain extent for a negative effect of Freight One deconsolidation, which accounted for approx. 7% of the top-line in 2011.

Operating expenses grew by 6.7% year-on-year to 1 469 billion rubles (1 376 billion rubles in 2011). This growth was attributable to expansion of freight turnover volumes and price increase for fuel and electricity:

  • Fuel costs grew by 19% due to freight turnover increase and higher prices;
  • Materials, repair and maintenance costs grew by 8%;
  • Electricity costs increased by 5% due to higher turnover volumes and electricity tariffs indexation.

In 2012 the Group generated EBITDA of 319 billion rubles (350 billion rubles for 2011). EBITDA margin decreased from 24% a year ago to 21% in 2012, which corresponds to a negative influence of the weakening market environment in the fourth quarter of 2012 and deconsolidation of higher marginable businesses in the Group structure, in particular disposal of Freight One in 2012.

The Group’s net profit in the reporting period amounted to 78 billion rubles comparing to 169 billion rubles in 2011. The relative decline of the net profit by 54% versus 2011 year level is explained by a higher base in 2011, when the Group received one-off profit from divestment of 75%-2 shares of Freight One.

The Group increased its leverage in 2012 resulting Net Debt to EBITDA ratio raise to 1.05x compared to 0.56х as of 31 December 2011. However this ratio remains below the threshold agreed in the Group debt policy. EBITDA to Net Interest Expenses ratio including capitalized interest expenses amounted to 12.6x as a result of prudent and efficient borrowing policy which allowed the Group to moderately decrease its cost of debt.

The amount of the Group’s capital investments for the year 2012 reached its all-time high at 584 billion rubles, which was 13% above the level in 2011. Key investments projects for 2012 included elimination of infrastructure bottlenecks, acquisition of locomotives, railways infrastructure construction for Sochi Winter Olympic games 2014 and equity investment in GEFCO.

The core changes in consolidation perimeter of the Group relate to deconsolidation of Freight One in 2012 and consolidation of GEFCO assets and liabilities in the consolidated balance sheet of Russian Railways. GEFCO financial results including revenue, costs and income will be consolidated into Russian Railways semi-annual 2013 financial statements as the acquisition was completed in December 2012. The annual consolidated financial statements of the Group comprise the financial results of Russian Railways and over 194 of its subsidiaries.

Financial results of the Group for 2012 are fully in line with the management forecasts and estimates despite market downturn and decline in cargo transportation volumes in the fourth quarter 2012.


JSCo Russian Railways was created on October 1st, 2003 pursuant to Decree of the Russian Government № 585 "On foundation of Open joint Stock Company "Russian railways" dated 18 September 2003. The Company is 100% owned by the Russian Government.

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