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Sep 01, 2015

15th September 2015 Russian Railways announces 6 months 2015 results according to IFRS (Russian language version was published on 31st August 2015, English language version with the auditor’s report attached is available now)


The interim consolidated financial statements of Russian Railways and its subsidiaries ("Group") prepared in accordance with International Financial Reporting Standards (IFRS) comprise the financial results of over 174 of its subsidiaries.

The Group’s total revenues for the six months ended 30 June 2015 increased by 11.4% year-on-year and amounted to 962 billion rubles (863.7 billion rubles for the first half of 2014).

The relative increase in revenue is mainly explained by growth of revenues in cargo segment by 9.3% to 626.2 billion rubles and growth of revenues in logistic segment by 35.9% to 148.1 billion rubles. Cargo revenue growth was supported by the tariff indexation for cargo rail transportation at 10.0% starting 1 January 2015 (after zero tariffs indexation in 2014), increase in a share of high-yield cargos in the total freight turnover and additional tariff increase for export cargos within the existing tariff corridor. At the same time decrease of freight volumes by 1.8% and freight turnover by 1.1% alongside with the growth of transportation distances constrained growth of the Group’s revenues. Higher revenues in logistic segment were determined by GEFCO S.A.’s sales of services on the international markets denominated in euro.

Passenger revenues decreased by 1.1% to 83.8 billion rubles due to passenger turnover decline by 8.2% compared to the previous year. This negative effect was partly compensated by 10% tariffs indexation in regulated passenger segment starting 1 January 2015.

The Group’s operating costs increased by 6.3% year-on-year over the reporting period to 922.3 billion rubles. Key drivers of costs’ growth were an increase in purchased freight forwarding and logistics services and higher staff costs. Higher expenses for purchased freight forwarding and logistics services from subcontractors are correlated with growth of revenues from logistics operations and were fully compensated by revenues in logistics segment. Labor costs raised by 5.6% to 370.6 billion rubles and attributed mainly to salaries indexation in 2015 in accordance with the Labor contract of RZD.

EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased by 12.5% compared to the corresponding period in 2014 and amounted to 191.2 billion rubles (169.9 billion rubles a year ago). EBITDA margin was at 22.4% up from 21.7% for the first half of 2014 thanks to revenue growth and operating costs control.

The Group’s net profit amounted to 26 billion rubles over the reporting period comparing to 0.7 billion rubles a year ago. Better results on the bottom-line were determined by outpacing revenues’ growth comparing to costs inflation over the reporting period despite weak macroeconomic situation and substantial growth of consumer prices in 2015.

The Net Debt to EBITDA ratio for the last 12 months ended 30 June 2015 was 2.19x compared to the corresponding figure of 2.37x as of 31 December 2014. Lower level of this ratio is mainly explained by better financial results from operating activities over the first half 2015 and lower absolute level of financial liabilities due to stronger ruble at the end of the reporting period. EBITDA to Net Interest Expenses ratio (including capitalized interest expenses) amounted to 5.5x over the reporting period.

The Group’s capital investments for the 6 months ended 30 June 2015 totaled to 157.8 billion rubles comparing to 231.0 billion rubles a year ago. RZD continues implementation of its investment projects focused on ensuring necessary capacity on key routes, safety of rail infrastructure and renewal of locomotives as well as fulfillment of infrastructure projects under the state transportation development programs, including Baikal-Amur and Trans-Siberian railways. It is worth noting that due to better financial results of operating activities net cash flow from operating activities boosted by 15% comparing to the numbers for the first half of 2014 providing additional internal sources to finance investment program.


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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