- 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.
|Subsidies from the federal budget||7.8||8.6||7.7||–0.9||89.4|
|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 margin, %||3.66||2.69||2.80||0.11 p. p.||104.0|