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Apr 30, 2017 04:18
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Latest news
Apr 28, 2017
Russian Railways announces FY2016 results according to IFRS
Apr 25, 2017
Railways of Russia, China, Mongolia, Kazakhstan, Belarus, Germany and Poland agree to develop container transportation
Apr 21, 2017
Oleg Belozerov took part in Session of OSJD Managing Directors' Conference
Apr 20, 2017
President of Russian Railways Oleg Belozerov: "By offering passengers a comfortable atmosphere and new services, we are creating a favorable environment for the development of railway tourism"
Apr 19, 2017
RZD Holding completes construction work on X Trans-European Corridor in Serbia
Apr 18, 2017
Russian Railways' President Oleg Belozerov sums up Company's performance in January-March 2017
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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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