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Русский Apr 21, 2019 03:30
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Latest news
Apr 09, 2019
Allegro passenger numbers up by 18.8% in first quarter 2019
Apr 04, 2019
CEO Oleg Belozerov sums up Company’s work in first quarter
Apr 04, 2019
“The Long-Term Development Programme of Russian Railways contains all the necessary measures to solve the tasks in the Comprehensive Infrastructure Modernisation Plan,” says Company head Belozerov
Apr 03, 2019
Northern Latitudinal Railway will become test ground for the most advanced construction technologies
Apr 02, 2019
Loading volumes on the network owned by Russian Railways increased by 0.5% in March 2019
Apr 02, 2019
Passenger turnover on network owned by Russian Railways increased by 3.5% in IQ 2019
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Investor Relations
Debt and Lender Information
Risk Management
Liquidity risk

Liquidity risk

Liquidity Planning

Russian Railways manages its long, medium and short-term cash flows according to its budget, its monthly balance of payments and the daily payment calendar. Based on its current position and the requirements of its existing contracts and agreements, the Company draws up the payment calendar for the next month, broken down day-by-day. In order to monitor the Company’s solvency, a daily payment position is established which, together with the approved balance of payments, is used to meet the financing needs of subsidiaries and affiliates.

To fund ongoing needs for working capital, Russian Railways has open credit lines with leading Russian banks. Counterparty banks provide a wide range of products, from overnight loans to long-term loans.

Placing Remaining and Attracting Short-Term Loans

Short-term financing is used when required and is borrowed under the existing credit lines. Idle cash is placed on deposit within the internally defined credit limits for each financial institution. Such limits are calculated based on the relevant methodology and approved for each counterparty by the Risk Management Comittee. Russian Railways is improving the structure of its debt portfolio and reducing the portion of short-term borrowings, as well as the average cost of borrowed funds.

The Company has concluded general agreements with banks, which act as framework agreements. All subsequent transactions are executed via separate confirmations containing information about the transaction amount, date of execution and other important details. This standardized practice of establishing relations between the parties is convenient and simplifies the process of transactions approval.

Administering the transactions has been simplified as far as possible through the use of Reuters Dealing to conclude them.

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