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Watch report 2011
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General Financial Results
The financial results of 2012 are in line with the expectations and forecasts of the Company’s management, despite the decline in performance against some key financial indicators on account of a sharp fall in loadings observed in the fourth quarter of 2012.
The increase in revenues of JSC “Russian Railways” is primarily associated with the increase in income received from freight traffic due to a freight turnover growth of 2.9% and to the annual readjustment of tariffs by 6%. At the same time the increase in revenues of the Holding Company partially offset the negative impact on revenues due to the disposal of OJSC “First Freight Company”, the share of which accounted for around 7% of the Holding Company’s revenue at the end of 2011.
The increase in operating costs was impacted by growth in traffic volume, as well as price increases in fuel (+19%) and electricity (+5%). The costs of repair and maintenance also rose (+8%).
The relative decrease in the net profit of JSC “Russian Railways” in 2012 compared with the previous year can be explained by the high base in 2011, when a one-off profit, gained from the sale of 75% minus 2 shares of OJSC “First Freight Company”, had a significant positive impact on the financial results of the Holding Company.
The level of capital investment made by the Holding Company in 2012 was the highest since its formation. Key areas of investment included: investment in the removal of infrastructural “bottlenecks”, the purchase of traction rolling stock, the building of facilities for the 2014 Winter Olympic Games in Sochi, and the acquisition of shares in the logistics company, Gefco.
The Company has adopted the common corporate financial planning and budgeting standard No. 2182r dated 31 October 2012 that sets out the main principles, mechanisms and timelines for the Company’s budgeting and planning. A single set of budget management and financial planning indicators has been developed. The Company’s automated budget management system has been put into commercial operation; currently, it is used by all the main subsidiaries and affiliates.
|Indicator||UoM||2011||2012||Variations of actual values vs targets for 2012||Variations in 2012 vs 2011|
|Total income||bln roubles||1,288.3||1,358.4||1,366.0||7.6||0.56||77.7||6.03|
|Income from transportation, infrastructure and locomotive hauling services||bln roubles||1,109.1||1,205.1||1,206.5||1.4||0.12||97.4||8.78|
|freight transportation||bln roubles||1,003.1||1,088.8||1,089.3||0.5||0.05||86.2||8.59|
|infrastructure services||bln roubles||87.2||96.2||96.7||0.5||0.52||9.5||10.92|
|locomotive hauling services||bln roubles||11.4||12.7||12.4||−0.3||−2.36||1||8.63|
|passenger transportation||bln roubles||7.4||7.4||8.1||0.7||9.86||0.7||9.26|
|Income from other activities||bln roubles||179.2||153.2||159.5||6.3||4.11||−19.7||−10.99|
|Total expenditures||bln roubles||1,215.6||1,298.0||1,298.6||0.6||0.05||83.1||6.84|
|Expenditures on transportation, infrastructure and locomotive hauling services||bln roubles||1,050.8||1,156.8||1,151.5||−5.3||−0.46||100.7||9.59|
|freight transportation||bln roubles||933.2||1,027.8||1,017.4||−10.4||−1.01||84.2||9.02|
|infrastructure services||bln roubles||102.2||113.1||118.8||5.7||5.04||16.6||16.24|
|locomotive hauling services||bln roubles||8.4||9.5||9.1||−0.3||−3.16||0.8||9.52|
|passenger transportation||bln roubles||7||6.3||6.2||−0.1||−1.59||−0.8||−11.43|
|Expenditures on other activities||bln roubles||164.7||141.2||147.1||5.9||4.18||−17.6||−10.69|
|Total profit on sales||bln roubles||72.8||60.4||67.4||7.0||11.59||−5.4||−7.42|
|Profit from transportation, infrastructure and locomotive hauling services||bln roubles||58.3||48.3||54.9||6.6||13.66||−3.4||−5.83|
|freight transportation||bln roubles||69.9||60.9||71.9||11||18.06||2||2.86|
|infrastructure services||bln roubles||−15||−16.9||−22.1||−5.2||30.77||−7.1||47.33|
|locomotive hauling services||bln roubles||3||3.2||3.2||Х||Х||0.2||6.67|
|passenger transportation||bln roubles||0.4||1.1||1.9||0.8||72.73||1.5||475.00|
|Profit from other activities||bln roubles||14.5||12.0||12.5||0.5||4.17||−2||−13.79|
|Result of ot her income and expenditures||bln roubles||3.8||−1.5||−1.3||0.2||−13.33||−5.1||−134.21|
|Result of sale of shares of subsidiaries and affiliates||bln roubles||66.3||31.6||33.9||2.3||7.28||−32.4||−49 %|
|Subsidies||bln roubles||1.9||22.8||23.2||0.4||1.75||21.3||1,121 %|
|Profit before tax||bln roubles||76.6||58.9||66.2||7.3||12.39||−10.4||−13.58|
|Net profit||bln roubles||16.8||5.5||14.1||8.6||156.36||−2.7||−16.07|