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Financing of investment projects

On 11 October 2014, the Russian Government adopted Resolution No. 1044 On Approval of the Programme to Support Investment Projects in Russia Based on Project Financing Arrangements (as amended on 21 February 2015), providing government support for investment projects implemented through project financing schemes.

In 2015, FPC’s project to acquire 34 double-decker carriages for the Moscow — Samara route was included in the register of investment projects supported by the Government in accordance with the above Resolution.

The total project cost is RUB 3.1 billion including VAT, specifically:

  • RUB 2.5 billion (80% of the project cost) financed with a 7-year loan (extendable for 3 more years);
  • RUB 0.6 billion (20% of the project cost) financed with the Company’s equity.

Using the framework provided by the said Resolution, the Company plans to purchase 176 more double-deckers within the next three years to service the Moscow — Voronezh, Moscow — Saint Petersburg, Saint Petersburg — Adler and Adler — Rostov routes.

Acquisition of advanced rolling stock also uses other state support measures, particularly interest rate subsidies on loans to purchase double-decker carriages. These subsidies are provided for by Russian Government Resolution No. 1223 dated 19 November 2014 as amended by Russian Government Resolution No. 1277 dated 27 November 2015 (“Resolution No. 1223”).

Resolution No. 1223 establishes rules on provision of federal budget subsidies to Russian leasing companies to compensate for the shortfall in their revenues as a result of discounts on the purchase of advanced carriages with increased axle load, as well as to compensate for a portion of interest accrued on loans obtained in Russian banks to purchase advanced carriages with increased axle load as part of the Transport Engineering Sub-Programme of the Developing Industry and Increasing Competitiveness state programme of the Russian Government.

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