Key factors
- The Company’s revenue increased by 5% year-on-year to RUB 236.9 billion, due to a passenger traffic increase (by 2.2% year-on-year).
- EBITDA was up by 10% year-on-year to RUB 29.6 billion, due to the Company’s revenue growth, cost containment (the cost of passenger services increased by just 2.2% year-on-year) and the implementation of the Optimisation Programme.
- Capital expenditures were flat year-on-year at RUB 43.7 billion, with 96% of the CAPEX allocated towards passenger rolling stock replacement and upgrades.
- Debt coverage ratio (net debt/EBITDA) was down to 0.93x at end-2019.
- Non-current liabilities increased by 25% to RUB 54 billion.
- Current liabilities decreased by 10% to RUB 34 billion.
- As part of debt portfolio optimisation, in the first half of 2019, the Company raised debt through the issue of series 001R-06 exchange bonds, with proceeds used to refinance series 01 corporate bond issue (placed on 16 June 2016), and a long-term loan with VTB Bank.
- At the end of 2019, RUB 15 billion was received from the parent company, Russian Railways, as part of the financing for the Investment Programme and a contribution to the Company’s authorised capital.
- Net profit increased by 9% to RUB 6.6 billion year-on-year.
- In 2019, credit ratings from three leading international agencies have returned to investment grade.
- In December 2019, the Russian national rating agency ACRA affirmed its “AA+(RU)” high credit quality rating on FPC, with a stable outlook.
| Indicators | 2017 | 2018 | 2019 | Change 2019/2018 | |
| +/– | % | ||||
| Operating revenues | 216.2 | 226.1 | 236.9 | 10.7 | 104.8 |
| Passenger services | 193.7 | 202.4 | 213.4 | 11.1 | 105.5 |
| Other sales | 22.5 | 23.7 | 23.4 | –0.3 | 98.7 |
| Operating expenses | 210.0 | 222.2 | 230.9 | 8.7 | 103.9 |
| Passenger services | 194.4 | 206.1 | 215.1 | 9.0 | 104.4 |
| Other sales | 15.6 | 16.1 | 15.8 | –0.3 | 97.8 |
| Operating result | 6.2 | 3.9 | 6.0 | 2.1 | 152.4 |
| Passenger services | –0.7 | –3.7 | –1.7 | 2.0 | 45.4 |
| Other sales | 7.0 | 7.6 | 7.7 | 0.1 | 100.7 |
| Other revenue | 14.0 | 15.6 | 23.6 | 8.0 | 151.3 |
| Subsidies from the federal budget | 7.8 | 8.6 | 7.7 | –0.9 | 89.4 |
| Other expenses | 9.3 | 10.7 | 20.5 | 9.8 | 192.0 |
| Other revenue and expenses | 4.7 | 4.8 | 3.1 | –1.7 | 63.6 |
| Profit (loss) before tax | 10.9 | 8.8 | 9.1 | 0.3 | 103.2 |
| EBITDA, including subsidies | 27.0 | 26.8 | 29.6 | 2.7 | 110.2 |
| EBITDA margin, including subsidies, % | 12.1 | 11.4 | 12.1 | 0.7 | 106.1 |
| Income tax and other similar liabilities | 3.0 | 2.7 | 2.4 | –0.3 | 90.1 |
| Net profit/loss | 7.9 | 6.1 | 6.6 | 0.5 | 109.0 |
| Net profit margin, % | 3.66 | 2.69 | 2.80 | 0.11 p. p. | 104.0 |