RU

Financial review

Highlights 2013 2014 2015
Overall performance
Passenger turnover, million passenger kilometres 107,022 94,554 86,066
Revenues, RUB bn 196.07 185.61 181.23
Subsidies, RUB bn 23.24 23.28 24.65
Expenses, RUB bn 208.67 204.91 198.99
EBITDA, RUB bn 22.70 16.86 18.56
EBITDA margin (including subsidies), % 10.35 8.07 9.02
Net profit, RUB bn 4.099 –0.390 0.141
ROA (revenue + subsidies / fixed assets), RUB 1.11 0.95 0.91
Liquidity
Absolute liquidity ratio 0.46 0.31 0.32
Current liquidity ratio 0.88 0.71 0.67
Equity to total assets 0.80 0.78 0.78
Margin
Sales margin (including subsidies), % 4.85 1.91 3.35
Return on equity (ROE), % 2.45 Neg. 0.08
Return on assets, ROA, % 1.94 Neg. 0.06
Liabilities
Liabilities in the balance sheet total 0.20 0.22 0.22
Financial leverage (interest bearing borrowings / equity) 0.26 0.28 0.27
Total debt / EBITDA 0.50 1.04 0.87
Total debt / revenue (including subsidies) 0.05 0.08 0.08

Sales margin went up by 1.44 p.p., from 1.91% in 2014 to 3.35% in 2015 due to savings on transport services in the amount of RUB 6.0 billion, or 3.2%, which has also helped increase EBITDA.

In 2015, EBITDA increased by 10.1% year-on-year to RUB 18.6 billion (mainly due to lower operating costs and higher interest payables). EBITDA margin went up by 0.9 p.p., from 8.1% in 2014 to 9.0% in 2015.

In 2015, ROA increased to 0.06%, due to improvement of operating performance year-on-year.

In 2015, liquidity ratios generally remained flat year-on-year.

Absolute liquidity was the most improved ratio — up to 0.32 due to higher cash and cash equivalents, as well as lower current liabilities.

In 2015, the current liquidity ratio was 0.67 — down by 0.03 year-on-year due to a current assets decrease of RUB 1.7 billion, or 6.9%.

In 2015, equity to total assets remained flat year-on-year at 0.78.