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Dec 17, 2015

Russian Railways implemented measures to optimise costs worth 28 billion roubles in 2015

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Speaking at the Board's final session for the year in Moscow on 16 December, the President of Russian Railways Oleg Belozerov announced that the Company's programme of measures to optimise costs resulted in savings worth 28 billion roubles in 2015.

According to Belozerov, macroeconomic instability has led to reduced transport activities in 2015 compared to the parameters originally approved, but the Company was nevertheless able to implement its cost optimisation programme.

"First and foremost, we have optimised specific consumption standards for material resources and limited prices for the products we consume. We have also reduced the cost of using resources, but we have not only maintained the physical amount of capital repairs, but even increased their volume to the volume envisaged in the original plan," said Oleg Belozerov.

At the same time, while transportation costs during the current year increased by 7.7%, this figure was less than the rise in prices in industry and the expected rate of annual inflation. The target set by the Board of Directors to achieve a 4% increase in productivity was achieved.

"Thus, as a result of the work carried out by the Company's management and Russia's federal executive bodies, and in spite of all the difficulties we face, we have been able to break-even financially," said Oleg Belozerov.

According to Belozerov, Russian Railways will also have to ensure a balance of activity in 2016 without the corresponding state subsidies.

The key objective in 2016 is to limit the increase of transport unit costs to no more than 3.1%, which is below the projected average annual inflation.

According to Belozerov, labour productivity increased by 3.5%, which greatly exceeds the national rate of 0.9% contained in the baseline forecast of the Ministry of Economic Development. Wage indexation will depend on the implementation of this indicator.

"Today, the Company sees potential for further increases in internal efficiency, including improving quality indicators for rolling stock, improving procurement, increasing the return from our subsidiaries and improving energy efficiency," said Oleg Belozerov.

"We understand that the planned targets ​​for 2016 are not the limit of our capabilities, and we need to continue the systematic work to improve them," stressed the President of Russian Railways.

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