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Apr 26, 2016

Russian Railways publishes 2015 consolidated IFRS financial statements


Russian Railways is publishing its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for 2015.

These consolidated financial statements of the Russian Railways' group of companies according to IFRS takes into account 198 subsidiaries.

The Holding's total revenues increased by 10.8% in 2015 compared to 2014 year and amounted to 1,991 billion roubles, up from 1,796 billion roubles a year earlier.

The Holding's revenues from freight transportation increased by 7.7% to 1,259 billion roubles, above all due to the 10% indexation of tariffs for rail freight in 2015, which follows zero indexation in 2014. Although loading volumes decreased by 1%, turnover increased slightly and a rise in the proportion of low-margin goods in the structure of the Company's freight turnover had a moderating influence on the Holding's revenues from freight traffic.

Revenues from passenger traffic decreased by 0.5% to 193 billion roubles against a background of falling passenger numbers compared to 2014.

Revenues from logistics services increased by 38.9% and amounted to 307 billion roubles , with revenue growth from international operations at the Holding's GEFCO subsidiary and a significant weakening of the rouble's average exchange rate in 2015 compared with the previous year. This segment accounted for 15.4% of the Holding's total sales, up from 12.3% a year earlier.

The Holding's operating expenses in 2015 increased by 9.6% compared to 2014 and amounted to 1,915 billion roubles, while consumer prices jumped by 15.5% during the reporting period. Key factors behind the increase in operating expenses included the higher cost of materials, repairs and maintenance and greater wage costs and social security contributions, as well as an increase in the purchase of freight forwarding and logistics services.

The increase in the costs of materials, repairs and maintenance is largely associated with the reclassification of cost items after transferring individual pieces of work on selected locomotive maintenance to outsourcing.

Wages, salaries and social deductions increased due to the indexation of employees' wages by 5.1% on average in 2015 compared to the previous year.

The increased costs for the purchase of freight forwarding and logistics services from subcontractors resulted from the significant growth in the Holding's revenues from logistics services in international markets and were fully covered from revenues from these operations.

In 2015, EBITDA increased by 10.2% compared with the previous year and amounted to 388 billion roubles, up from 353 billion roubles a year earlier. The EBITDA margin increased to 22.1% compared to 21.6% in 2014 as the Holding and the Company optimised operating expenses by improving efficiency.

The Holding's net profit for the period amounted to 8 billion roubles, compared with a loss of 99 billion roubles a year earlier. The positive result for the reporting period was due both to the improvement of operating results and the reduction of the negative effects of revaluing the Holding's foreign exchange liabilities.

The Holding took into account the fact that part of its revenues and assets are denominated in foreign currency and in the second half of 2015 therefore applied hedge accounting in accordance with IFRS 39, which reduced the amount of negative revaluation on foreign currency liabilities attributable to the Company's financial performance.

The Holding's ratio of net debt to EBITDA as of 31 December 2015 was 2.32 times compared to 2.37 times on 31 December 2014. Reducing the Holding's debt burden became possible due to an increase in EBITDA by the end of 2015, whereas the total volume of the Company's rouble debt increased mainly due to the revaluation of foreign currency borrowings.

The EBITDA ratio to net interest expense, including capitalised interest, was 4.9 times in the reporting period. The increase in interest expenses was associated with the increase in the rouble equivalent of foreign currency liabilities and the increase in interest rates on inflation-linked infrastructure bonds.

The Holding's capital investments in 2015 amounted to 406 billion roubles, down on the 462 billion roubles invested a year earlier.

Russian Railways continued to implement projects to upgrade the locomotive fleet and increase the through capacity and safety of the railway infrastructure, including through the implementation of infrastructure projects under government transport infrastructure programmes.


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