Russian Railways announces 2017 Consolidated Results under IFRS
Russian Railways has announced its 2017 Consolidated Results under IFRS.
Revenues of the Group increased in 2017 by 5.6% to Rbls 2,252 billion as compared to Rbls 2,133 billion in 2016. Cargo and infrastructure access revenues increased in the current period by 9.5% and amounted to Rbls 1,449 billion, showing the highest growth among all types of revenues due to the 6% increase in cargo turnover and to tariffs’ indexation.
Logistics revenue, provided by GEFCO, denominated in euro, increased by 5.1% to EUR 4.442 billion.
In 2017 EBITDA amounted to Rbls 496 billion and increased by 11.8% as compared to the year 2016 (Rbls 443 billion). EBITDA margin in the accounting period amounted to 24.7% as compared to 23.6% in the previous year due to revenues’ growth and optimization program.
The Group’s net income in the accounting period amounted to Rbls 139.7 billion as compared to Rbls 10.3 billion in the previous year. The growth is caused by improved operating results and reduced losses on impairment of plant and equipment and intangible assets. The substantial decrease in losses on impairment is due to stabilization of long-term forecasts of the Group’s operations, including the decision of the Russian Government to enact a long-term tariff policy for JSC RZD up to the year 2025.