RZD posts IFRS net profit in 2015 of 8.2 bln rubles against losses year earlier
MOSCOW. April 26 (Interfax) - The net profit of OJSC Russian Railways (RZD) to International Financial Reporting Standards (IFRS) amounted to 8.2 billion rubles against net losses of 99.3 billion rubles in 2014, the company said in a presentation.
The company's revenue rose 10.8% to 1.991 trillion rubles. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10.2% to 388.5 billion rubles.
"Cargo and infrastructure access revenues grew by 7.7% to 1.259 trillion rubles which was mainly driven by the tariff indexation for cargo rail transportation at 10% after zero tariff indexation in 2014. Cargo volumes decrease of 1%, slight increase in cargo turnover as well as increase in the share of low-yield types of cargo in the total turnover had negative effect on cargo revenues. Passenger revenues decreased by 0.5% to 193 billion rubles due to reduction of passenger turnover compared to the previous year. Revenues in logistic segment increased by 38.9% to 307 billion rubles due to higher revenues of GEFCO [RZD holds a 75% stake in it] international sales and due to significant devaluation of ruble in 2015 on average comparing to 2014. A share of logistics' revenues amounted to 15.4% of the consolidated sales comparing to 12.3% a year ago," RZD said in its statement.
Net debt rose 8% to 899.6 billion rubles. The net debt to EBITDA ratio was almost unchanged: as at the end of 2015 it was 2.32 against 2.37 as at the end of 2014.
The consolidated Financial report of RZD Group to IFRS takes the financials of its 198 subsidiaries into account.
