Annual Report 2016
Total Page：16
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DEFYING THE ELEMENTS ANNUAL REPORT 2016 1 MOSTOTREST IS THE LARGEST DIVERSIFIED COMPANY IN THE RUSSIAN TRANSPORT INFRASTRUCTURE CONSTRUCTION MARKET, WITH A PRESENCE ACROSS ALL CORE AND RELATED BUSINESS SEGMENTS. 2016 KEY FINANCIAL AND OPERATING RESULTS BACKLOG, RUB BILLION MARKET SHARE, % REVENUE, RUB BILLION GROSS PROFIT, RUB BILLION EBITDA, RUB BILLION NET PROFIT, RUB BILLION BACKLOG BREAKDOWN, % REVENUE BREAKDOWN, % RUB343.9 BILLION RUB130.6 BILLION Construction of roads Construction of roads and bridges and bridges RUB28.4 BILLION RUB18.8 BILLION Construction of airports Construction of airports and airfields and airfields RUB43.0 BILLION RUB12.1 BILLION Services Services RUB3.7 BILLION RUB13.8 BILLION Construction of other Construction of other infrastructure and other revenue infrastructure and other revenue 2 DEFYING THE ELEMENTS CONTENTS KEY ADVANTAGES: A success story for more Contents than 85 years ABOUT US Strong engineering 2 2016 Key Financial and Operating Results tradition 4 Ownership Structure 5 Key Operation Activities 6 Key Ongoing Projects Stable management 8 Business Model team 2016 RESULTS 12 Chairman’s and CEO’s Statement The only large scale 16 Market Overview diversified company 24 Operating Results in the sector 29 Financial Results CORPORATE GOVERNANCE Presence in the most attractive investment 40 Corporate Governance Principles 41 Corporate Governance Structure regions 54 Internal Control and Audit 56 Information for Shareholders and Investors Participation in all key SOCIAL RESPONSIBILITY infrastructure development projects 62 Staff 68 Occupational Health And Industrial Safety 72 Environmental Protection Strong backlog APPENDICES Leader in the road 78 Auditors’ Report services segment 80 Consolidated Financial Statements 137 Key Risk Factors ADDITIONAL INFORMATION 148 Basis of Presentation 150 Glossary 151 Contacts 3 2016 ГОДОВОЙ DEFYINGВОПРЕКИ THE ШТОРМАМ ELEMENTS ГОДОВОЙ ANNUAL ОТЧЕТ REPORT 2016 2016 О КОМПАНИИ СТРУКТУРА ВЛАДЕНИЯ ОТЧЕТ OWNERSHIPСТРУКТУРА ВЛАДЕНИЯSTRUCTURE ОСНОВНЫЕ НАПРАВЛЕНИЯ ДОЛИMOSTOTREST УЧАСТИЯ SHARES ПАО МОСТОТРЕСТ IN AFFILATED ДЕЯТЕЛЬНОСТИ ВAND КАПИТАЛЕ SUBSIDIARY ДОЧЕРНИХ COMPANIES И ЗАВИСИМЫХ КОМПАНИЙ WHAT WE DO KEY 2016 RESULTS CONSTRUCTION • Construction of roads and bridges • Won tenders totaling almost RUB270 billion ТSМ Mostostroy-11 • Construction of railway infrastructure including 3 out of 5 largest road construction tenders LEADING PLAYER IN THE RUSSIAN • Construction of airfields and airports Construction and Construction and • Launch of railway infrastructure development INFRASTRUCTURE CONSTRUCTION • Construction of seaports and waterway reconstruction of roads, reconstruction of roads, infrastructure projects. airports and airfields, railway and city bridges MARKET • Construction of other infrastructure and railway and ports non-infrastructure projects • Management of complex infrastructure Financial Results, projects as General Contractor RUB billion • Reconstruction of transport infrastructure. 2016 2015 Revenue 163.0 131.0 Gross Profit 24.0 16.3 EBITDA 17.6 10.2 84% 25% Net Profit 6.4 2.8 CONSTRUCTION 1 SERVICES • Toll road operation: • Increase in the length of roads under maintenance UTS Mostotrest-Service ‒ Operation of toll collection systems up to 3,700 km and intellectual transport systems • Maintenance of 250 km of roads under long-term TOLL HIGHWAY OPERATION UTS, Toll road operation Maintenance, repair and ‒ Development and implementation investment contracts overhaul of roads and bridges ROAD REPAIR AND of optimal technological solutions • Created joint venture between Mostotrest-Service MAINTENANCE SERVICES for traffic management and Autobahn, a Russian-German joint venture • Maintenance of transport infrastructure: to increase business volume in road repair and MOSTOTRESTSERVICE overhaul segment. ‒ Road marking services ‒ Maintenance of electric lighting, traffic light, traffic density monitoring and road Financial Results, weather information systems RUB billion SERVICES • Transport infrastructure repair services. 2016 2015 Revenue 12.3 13.7 50% 60% Gross Profit 2.8 3.0 EBITDA 2.8 2.9 Net Profit 1.3 1.7 1 ROAD CONCESSION • NWCC is the concession holder for the 15 km – • Almost 2x traffic increase NWCC 58 km toll section of the M-11 “Moscow – • 2x increase in revenue from toll-based St. Petersburg” Highway in accordance with operation. Concession holder: WITH ITS JOINT VENTURE a concession agreement with Avtodor operation and toll collection PARTNER VINCI, MOSTOTREST • Construction was finished in 2015, toll-based OWNS 100% OF NWCC ON AN operation started since November 2015. EQUAL BASIS ROAD CONCESSION 50% SHAREHOLDERS OJSC TFKFINANCE STRUCTURE 94.2% FREE FLOAT % as of 03.02.2017 5.8% 1 Indirect ownership. 4 5 2016 ГОДОВОЙ ВОПРЕКИ ШТОРМАМ ГОДОВОЙ ОТЧЕТ 2016 ABOUTО КОМПАНИИ US KEY СТРУКТУРАOPERATION ВЛАДЕНИЯACTIVITIES ОТЧЕТ СТРУКТУРА ВЛАДЕНИЯ ОСНОВНЫЕKEY OPERATION НАПРАВЛЕНИЯ ДОЛИ УЧАСТИЯ ПАО МОСТОТРЕСТ ДЕЯТЕЛЬНОСТИACTIVITIES В КАПИТАЛЕ ДОЧЕРНИХ И ЗАВИСИМЫХ КОМПАНИЙ WHAT WE DO KEY 2016 RESULTS CONSTRUCTION • Construction of roads and bridges • Won tenders totaling almost RUB270 billion ТSМ Mostostroy-11 • Construction of railway infrastructure including 3 out of 5 largest road construction tenders LEADING PLAYER IN THE RUSSIAN • Construction of airfields and airports Construction and Construction and • Launch of railway infrastructure development INFRASTRUCTURE CONSTRUCTION • Construction of seaports and waterway reconstruction of roads, reconstruction of roads, infrastructure projects. airports and airfields, railway and city bridges MARKET • Construction of other infrastructure and railway and ports non-infrastructure projects • Management of complex infrastructure Financial Results, projects as General Contractor RUB billion • Reconstruction of transport infrastructure. 2016 2015 Revenue 163.0 131.0 Gross Profit 24.0 16.3 EBITDA 17.6 10.2 84% 25% Net Profit 6.4 2.8 CONSTRUCTION 1 SERVICES • Toll road operation: • Increase in the length of roads under maintenance UTS Mostotrest-Service ‒ Operation of toll collection systems up to 3,700 km and intellectual transport systems • Maintenance of 250 km of roads under long-term TOLL HIGHWAY OPERATION UTS, Toll road operation Maintenance, repair and ‒ Development and implementation investment contracts overhaul of roads and bridges ROAD REPAIR AND of optimal technological solutions • Created joint venture between Mostotrest-Service MAINTENANCE SERVICES for traffic management and Autobahn, a Russian-German joint venture • Maintenance of transport infrastructure: to increase business volume in road repair and MOSTOTRESTSERVICE overhaul segment. ‒ Road marking services ‒ Maintenance of electric lighting, traffic light, traffic density monitoring and road Financial Results, weather information systems RUB billion SERVICES • Transport infrastructure repair services. 2016 2015 Revenue 12.3 13.7 50% 60% Gross Profit 2.8 3.0 EBITDA 2.8 2.9 Net Profit 1.3 1.7 1 ROAD CONCESSION • NWCC is the concession holder for the 15 km – • Almost 2x traffic increase NWCC 58 km toll section of the M-11 “Moscow – • 2x increase in revenue from toll-based St. Petersburg” Highway in accordance with operation. Concession holder: WITH ITS JOINT VENTURE a concession agreement with Avtodor operation and toll collection PARTNER VINCI, MOSTOTREST • Construction was finished in 2015, toll-based OWNS 100% OF NWCC ON AN operation started since November 2015. EQUAL BASIS ROAD CONCESSION 50% SHAREHOLDERS OJSC TFKFINANCE STRUCTURE 94.2% FREE FLOAT % as of 03.02.2017 5.8% 1 Indirect ownership. 4 5 DEFYING THE ELEMENTS ANNUAL REPORT 2016 DEFYING THE ELEMENTS ANNUAL REPORT 2016 KEY ONGOING PROJECTS TOP PROJECTS ADDED SHEREMETYEVO VOLGA RIVER BRIDGE M-11 "MOSCOW – ST. PETERSBURG" SOLNTSEVO – BUTOVO – TRANSPORT FACILITIES PROVIDING TO BACKLOG IN 2016 AIRPORT AT 176 KM OF M-10 “RUSSIA” HIGHWAY SEGMENTS: VIDNOYE ROUTE BETWEEN DEVELOPMENT FOR THE RUSSIAN HIGHWAY 15 KM – 58 KM, 208 KM – 258 KM, KIYEVSKOYE AND CAPITAL’S TRANSPORT INFRASTRUC 334 KM – 543 KM KALUZHSKOYE AVENUES TURE, IN PARTICULAR, TRANSPORT LINKS WITH THE SKOLKOVO DUBNA BRIDGE INNOVATION CENTER CONSTRUCTION OF A BRIDGE ACROSS THE VOLGA RIVER, ALIGNED ON VERNOV STREET IN DUBNA, MOSCOW REGION 1 Contract Completion value dates 7.4 (RUB billion) 2018 M-11 “MOSCOW – ST. PETERSBURG” CONSTRUCTION, MAINTENANCE, REPAIR, OVERHAUL AND TOLL BASED OPERATION OF M 11 “MOSCOW – ST. PETERSBURG” HIGHWAY SEGMENT 1 58 KM – 97 KM St. Petersburg AND SEGMENT 2 97 KM – 149 KM 2 Contract Completion value dates 63.1 (RUB billion) 2018 Dmitrov Yaroslavl Volga M-11 “MOSCOW – Moscow ST. PETERSBURG” Serpukhov Kolomna Tula Nizhny Novgorod Kirov CONSTRUCTION OF M-11 “MOSCOW – ST. PETERSBURG” Ryazan HIGHWAY FESTIVALNAYA ST. – DMITROVSKOYE AV. SEGMENT Cheboksary Voronezh 1 Contract Completion value dates 20.8 (RUB billion) 2018 Vladivostok M-4 “DON” Don Rostov-on-Don Volga Khabarovsk CONSTRUCTION, MAINTENANCE, REPAIR, OVERHAUL AND TOLL BASED OPERATION OF M 4 “DON” HIGHWAY 633 KM – 715 KM SEGMENT LOSEVO AND PAVLOVSK BYPASS 2 Contract Completion value dates 52.8 (RUB billion) 2020 KERCH BRIDGE KERCH BRIDGE CONSTRUCTION 1 Contract Completion value dates (RUB billion) 2018 AIRFIELD INFRASTRUCTURE MOSCOW 4TH RING AIRFIELD INFRASTRUCTURE VOLGA RIVER BRIDGE VLADIVOSTOK-NAKHODKA AIRFIELD INFRASTRUCTURE 108.7 AT THE SOUTHERN AIRPORT ROAD SECTION AT NIZHNY NOVGOROD IN NIZHNY NOVGOROD HIGHWAY SECTION AT KHABAROVSK NOVY COMPLEX IN THE ROSTOV AIRPORT (18 KM – 40 KM) AIRPORT REGION 1 Excluding VAT. 2 Excluding VAT. Contract price includes fixed