логотип компании
home Sitemapsitemap
Русский Jan 29, 2020 04:53
Latest news
Jan 24, 2020
Allegro passengers can save up to 64% on tickets
Jan 17, 2020
March Allegro tickets available with discounts of up to 44%
Jan 17, 2020
Passenger numbers between Russia and Finland reaches record high in 2019
Jan 13, 2020
International Allegro passenger numbers increase by over 15% in 2019
Jan 10, 2020
Loading volume of export goods to ports increased by 3.6% in 2019
Jan 10, 2020
Russian Railways Holding completes feasibility study on modernisation of Nagpur-Seunderabad stretch in India
News archive
Press Centre


Apr 24, 2018

Russian Railway announces 2017 Consolidated Results under IFRS

The consolidated financial statements of Russian Railways and its subsidiaries (‘the Group’) have been prepared in accordance with International Financial Reporting Standards (IFRS) and comprise the financial results of its 194 subsidiaries.

In 2017, Group Revenues increased by 5.6% to 2,252 billion roubles, up from to 2,133 billion roubles in 2016. During the reporting period revenues from freight and infrastructure access increased by 9.5% and amounted to 1,449 billion roubles. The highest growth among revenues of all kinds кesulted from a 6% increase in freight turnover and tariff indexation.

Euro-denominated logistics revenues from GEFCO increased by 5.1% to EUR 4.442 billion.

Passenger revenues increased by 9% to 238 billion roubles due to tariff indexation and a substantial rise in the number of passengers transported, which amounted to 1,117.9 million, an increase of 7.8% compared to 2016.

Implementing the Operating Expenses Optimisation Programme (excluding losses on the impairment of property, plant and equipment and intangible assets) enabled the Group to hold the growth in expenses at 2.9% or 2,010 billion roubles. As a result, revenues increased by 5.6% and was thus nearly double the growth in expenses.

Key factors driving the increase in operating expenses were the higher costs of repairs to infrastructure and rolling stock. Expenses such as wages, salaries and related contributions increased by 5.6% in 2017 compared to 2016 due to indexation (on average by 5.4% for operating personnel and by 5% for the remaining categories) and employee transfers from part-time to full-time employment. In addition, labour productivity increased to 9.2% due to the implementation of programmes aimed at reducing the labour component by modernising operating equipment and procedures. The cost of sales increased by just 0.9%, which was substantially below the inflation rate of 3.7%.

In 2017, operating expenses, including losses on the impairment of property, plant and equipment and intangible assets, amounted to 2,049 billion roubles and decreased by 2.2% compared to the previous year (2,095 billion roubles).

In 2017, EBITDA amounted to 496 billion roubles, an increase of 11.8% on 2016 (443 billion roubles). The EBITDA margin during the accounting period amounted to 24.7% as compared to 23.6% in the previous year due to the growth in revenues and the optimisation programme.

The Group’s net income in the reporting period amounted to 139.7 billion roubles as compared to 10.3 billion roubles in the previous year. The increase was attributable to improved operating results and lower losses on impairment of plant and equipment and intangible assets. The substantial decrease in losses on impairment was due to the stabilisation of long-term forecasts regarding the Group’s operations, including the decision of the Russian Government to enact a long-term tariff policy for OJSC RZD up to the year 2025.

The Group’s capital expenditures in 2017 amounted to 528.7 billion roubles compared to 450.9 billion roubles in 2016.

The 2017 investment programme prioritised the implementation of projects of federal importance in accordance with instructions issued by the President and the Government of the Russian Federation. These projects were the modernisation of the Baikal-Amur Main Line (BAM) and the Trans-Siberian Main Line , the complex reconstruction of the Mezhdurechensk-Taishet section, the development of the Moscow transport hub, the renovation of the railway infrastructure on the approaches to the ports of the Azov-Black Sea basin, the construction of the Moscow-Kazan high-speed railway line, the development and renewal of the railway infrastructure on the approaches to the ports of Russia’s North-Western basin, and the construction of a new Zhuravka-Millerovo railway line. Services on the Zhuravka-Millerovo line were launched one year earlier than planned. In 2017, OJSC RZD reconstructed 2,500 kilometres of railway lines and constructed 131 kilometres of new and second railway track.

Despite the Group’s substantially increased investment programme and borrowings, which rose from 942 billion roubles as of 31 December 2017 to 1.1 trillion roubles as of 31 December 2016, the ratio of net debt to EBITDA as of 31 December 2017 amounted to 1.97, only slightly higher than the figure of 1.94 on 31 December 2016. The interest coverage ratio, calculated as the ratio of EBITDA to net interest expense (including capitalised interest expense) increased from 5.4 in 2016 to 6.4 in 2017. The increase was due to growth in EBITDA and a reduction in net interest expense. The latter resulted from OJSC RZD’s implementation of its borrowing programme, which was aimed at refinancing at lower interest rates.


OJSC Russian Railways was created on 1 October 2003 pursuant to Decree No. 585 of the Russian Government “On the Foundation of the Open Joint Stock Company Russian Railways” dated 18 September 2003.
The Company is 100% owned by the Russian Government.

print version

© 2003-2020, Russian Railways
Mass Media Registration Certificate El. No. ФС77-25927
When using any material from the site reference to rzd.ru is obligatory

The Company | Passengers | Freight | Press Centre | Investor Relations | Contacts | Search