2015 proved to be another challenging year for FPC, as well as for the Russian economy in general. Complex macro-economic and geopolitical factors put downward pressure on the business performance of all participants in the passenger transportation market, resulting in a reduced passenger traffic.
Under pressure from continuous price dumping by air carriers, well-timed major decisions made by the Company enabled it to post a positive FY2015 financial result with the net profit of RUB 141 million.
Thanks to the effective pricing policy in 2015, the Company contained the decline in revenue within 2.4% year-on-year despite a 9% fall in passenger turnover vs 2014.
In 2015, the following measures were implemented to boost FPC’s performance:
Additionally, in a rising interest rate environment, all financial covenants of the Company comply with FPC’s debt policy.
FY2015 EBITDA reached RUB 18.6 billion.
| Indicator | 2013 | 2014 | 2015 | % of 2014 level |
|---|---|---|---|---|
| Passenger turnover, billion passenger kilometres | 107.0 | 94.6 | 86.1 | 91.0 |
| deregulated segment | 43.5 | 35.7 | 29.1 | 81.6 |
| regulated segment | 63.6 | 58.8 | 56.9 | 96.7 |
| Passengers carried, million passengers | 108.6 | 98.7 | 91.3 | 92.5 |
| deregulated segment | 41.9 | 35.9 | 30.3 | 84.5 |
| regulated segment | 66.7 | 62.8 | 60.9 | 97.1 |
| Average number of carriages in a train, carriages | 13.3 | 13.0 | 12.7 | 97.7 |
In 2015, passenger turnover was 86.1 billion passenger-kilometres, or 91.0% of the previous year’s level, with trains made up by FPC accounting for 81.1 billion passenger-kilometres, or 92.7% of the 2014 level.
In the deregulated segment, the number of passengers carried amounted to 84.5% of the previous year’s level. A decline in international traffic (44.9% of the 2014 level) was due to an increase in international passenger fares linked to the Swiss franc exchange rate. In the reporting year, passenger turnover on trains made up in the CIS and Baltic states totalled 4.9 billion passenger-kilometres, or 69.7% of the previous year’s level.
The number of passengers carried amounted to 91.3 million people (92.5% of the 2014 level), including:
In 2015, the carriage-kilometre performance of FPC trains was optimised at 88.4% of the 2014 level, reaching 2.9 billion carriage-kilometres, with trains made up in the CIS and Baltic states demonstrating a decline of 27.7% year-on-year.
The year-on-year optimisation of carriage-kilometre performance drove an increase in carriage capacity utilisation rates to 70.2%, up 1.6% year-on-year.
In the reporting period, FPC passenger trains comprised an average of 12.7 carriages.
* Of the 2014 level.