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Aug 30, 2019

Russian Railways publishes 1H 2019 consolidated IFRS statements

The consolidated financial statements of the Russian Railways Group (the RZD Holding) in accordance with International Financial Reporting Standards as of the reporting date take into account the results of 200 subsidiaries.

In the first half of 2019, revenues at the RZD Holding amounted to 1,238 billion roubles, 6.3% more than the results in the same period in 2018, when revenues amounted to 1,164 billion roubles.

The biggest factors in this growth were the increase in revenues from freight transport and access to infrastructure, which amounted to 799 billion roubles in the first half of 2019, 6.4% more than the results in the first six months of the previous year. This growth was in turn driven by a 1.9% increase in freight turnover, a 3.1% increase in the revenue rate, and the indexation of freight tariffs.

Revenues from passenger traffic increased by 8.5% to 115 billion roubles on the back of a 3.7% increase in passenger traffic and a 3.9% indexation of tariffs in the regulated segment, as well as by successful marketing initiatives.

Revenues from the provision of logistics services increased by 5.4% to 209 billion roubles due to the increase in the volume of services provided by transport and logistics companies belonging to the RZD Holding, as well as by positive effects from the conversion of foreign exchange earnings into roubles.

The RZD Holding’s operating expenses during the first half of 2019 amounted to 1,113 billion roubles, up 5.1% from the figure of 1,059 billion roubles in the same period last year. The key factors behind the growth were an increase in traffic volumes, higher diesel prices, which rose 8.5%, and increased electricity tariffs, which were up by 7.8%. Wages at the Company are indexed, so staff wages and social contributions increased by 3.3%. At the same time, the Company’s productivity growth amounted to 4.1% due to the increase in traffic volumes and the implementation of efficiency improvement measures.

Since revenue growth outstripped expenditures, EBITDA jumped 16.4% from 256 billion roubles in the first half of 2018 to 298 billion roubles in the first half of 2019. The EBITDA margin in the first half of 2019 was 27.2%, compared to 25% in the first half of 2018.

Net profit at the RZD Holding amounted to 107.1 billion roubles.

The RZD Holding’s ratio of net debt to EBITDA as of 30 June 2019 was 2.39x. Increased EBITDA and the effective management of our leveraged portfolio meant that the debt load remained at a comfortable level below the Company’s Net Debt/EBITDA internal limit of 2.5x.

The RZD Holding made capital investments amounting to 336 billion roubles in the first half of 2019.

Russian Railways continued to implement projects aimed at updating its locomotive fleet, increasing capacity and ensuring the safety of railway infrastructure, including the implementation of infrastructure projects within the framework of state transport infrastructure development programmes. That involved, among other projects, the modernisation of the Baikal-Amur and Trans-Siberian Main Lines, the comprehensive reconstruction of the Mezhdyrechensk – Taishet stretch, renewal of railway infrastructure on the approaches to the Azov-Black Sea basin and the development of the Central Transport Hub.

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