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Apr 30, 2019

Russian Railways announces FY2018 results according to IFRS

The consolidated financial statements of JSC Russian Railways and its subsidiaries ("Group") prepared in accordance with International Financial Reporting Standards (IFRS) and comprise the financial results of 206 subsidiaries.

The Group’s total revenues for the year 2018 increased by 7.2% compared to year ago and amounted to 2,413 billion rubles (2,252 billion rubles of revenues for the year 2017).

The key factor of revenues growth was increase of revenue from cargo transportation and infrastructure access that grew by 5.6% for twelve months of 2018 and amounted to 1,531 billion rubles. The growth is mainly driven by the increase of freight turnover by 4.2% and tariff indexation.

Passenger revenues increased by 5.4% up to 251 billion rubles due to 5.2% volume gain of passenger turnover as a result of marketing initiatives and increase of high speed transportation revenues.

Logistics revenues increased by 14.2% to 394 billion rubles due to higher volumes of services provided by logistics companies of the Group as well as due to positive effect from translation of foreign currencies nominated revenues into rubles.

The Group’s operating costs, excluding Loss on impairment of property, plant and equipment and intangible assets, for the year 2018 amounted to 2,161 billion rubles. Major drivers of costs’ growth were increase in freight turnover, increase of repairs costs and substantial growth of diesel fuel prices.

Increase in labor costs by 3.3% is due to salaries indexation at the total rate of 3.7%. At the same time labour productivity in transportation segments increased by 6.8% due to the implementation of technological and optimization programs. Real wages increased by 5.9%.

The Group’s EBITDA for the year 2018 increased by 6.4 % compared to the same period last year up to 527 billion rubles (496 billion rubles for the year 2017). The EBITDA margin for the reporting period amounted to 24.7%.

The Group’s net income for the year 2018, amounted to 35.4 billion rubles.

Net debt to EBITDA ratio, as at 31 December 2018, amounted to 2.28x which confirms the financial sustainability of the Group. Increase of EBITDA and effective loan portfolio management enable to maintain leverage at secure level and keep net debt to EBITDA ratio below 2.5x as it is stipulated in the Group’s financial strategy.

EBITDA to net interest expense ratio (including capitalised interest expense) amounted to 6.5x over the reporting period comparing to 6.4x a year ago.

Increase is due to growth of EBITDA and control procedures over interest expenses in the context of increased loan portfolio of the Group.

The Group’s capital investments for 2018 totaled to 617 billion rubles comparing to 529 billion rubles a year ago. Increase is mainly attributable to renewal of locomotives for improvement of effectiveness and safety of transportation, growth of carrying capacity and security of railway infrastructure. With that, RZD continues implementation of nationwide standing projects related to decrees of the President of the Russian ederation, including: modernization of Baikal-Amur and Trans-Siberian railways, development of Central railway node, modernization of railway access to Azov-Chernomorskyi basin, complex reconstruction of Mejdurechensk-Tayshet line.


JSC 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.


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