In 2013, there were slight deviations from the scheduled benchmark figures.
Performance over and above the average annual net assets growth was due to additional contributions from the parent company JSC RZD into JSC FPC authorised capital, of RUB 5 billion.
In 2013, the company exceeded the target value for average revenue growth. Revenue growth for other business areas reached 11.41% for 2013. Revenue growth with regard to transport services reached 6.65% for 2013.
Reduced investment resulted in cut-backs on the scheme for acquiring new second-class sleeper carriages, used for passenger transport services in the regulated sector. This is fully consistent with the decision to shift the focus of the company’s business model towards an increased profitable business-segment share, while reducing train services in the subsidised regulated segment.
The EBITDA margin did not reach the target values, due to under compensation for lost income, as a result of the state tariffs regulation for passenger second-class sleeper and standard-class services.
| Description | Target values | Actual values | Actual deviation from target value 2013 | ||
|---|---|---|---|---|---|
| 2013 | 2015 | 2030 | 2013 | ||
| Average annual net assets growth, %Average annual net assets growth for |
2.3 | 1.8 | 7.3 | 6.0 | +3.7 p. p. |
| Average annual revenue growth,%Average annual revenue growth for |
5.6 | 6.3 | 5.4 | 6.1 | +0.5 p. p. |
| Cumulative investment, RUB billionTotal investment figures for |
52.9 | 105.7 | 688.9 | 50.1 | —2.80 |
| EBITDA margin, % | 12.4 | 14.2 | 19.2 | 11.6 | —0.8 p. p. |
However, the EBITDA margin has remained at a sufficiently high level to indicate management efficiency.
The following are the main factors intended to stimulate revenue growth from train services in 2014: stable tariffs (tariffs in the deregulated segment for 2014 will remain the same and readjustment in the regulated segment will amount to 4.2%, i.e. lower than the rate of inflation), the launch of new RIC-type and Talgo rolling stock on some of the most popular routes and the staging of the Winter Olympic and Paralympic Games in Sochi.