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Annual Report 2010

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Annual Report 2010 ANNUAL REPORT 2010 A B ANNUAL REPORT 2010 RReporteport of Joint Stock Company ““NationalNational Company “Kazakhstan TTemiremir Zholy” for the Year 2010 ANNUAL REPORT 2010 1 ADDRESS OF THE CHAIRMAN OF THE BOARD OF DIRECTORS 4 OF JSC “NC “KAZAKHSTAN TEMIR Zholy” ADDRESS OF THE PRESIDENT OF JSC “NC “KAZAKHSTAN TEMIR Zholy” 5 GENERAL INFORMATION ABOUT COMPANY 6 2 MANAGEMENT REPORT OF THE COMPAny’s GrouP 22 4 FINANCIAL SITUATION 44 5 DEVELOPMENT STRATEGY OF JSC “NC “KTZh” till 2020 52 6 STABILITY 56 7 COMPANY DEVELOPMENT PROSPECTS FOR 2011 70 4 CONSOLIDATED FINANCIAL STATEMENTS 74 8 MAIN FINANCIAL AND PRODUCTION INDICES 80 CONTENT 3 Address of the Chairman of the Board of Directors of JSC “NC “Kazakhstan Temir Zholy” Dear Business Partners, Colleagues and Friends! It’s a great honor for me to address to you as the Chairman of the times. In freight transportation service the number of innovative Board of Directors of the largest transport holding in Kazakhstan – traffic arrangement schemes has been implemented. Besides, JSC “National Company “Kazakhstan Temir Zholy”. the railway machine building has actively developed, new rail roads have been constructed, and the situation in the field of Like many strategic enterprises in the Group of Companies of traffic safety has significantly improved. The rating of corporate JSC “National Welfare Fund “Samruk-Kazyna” KTZh is one of the management of Kazakhstan Temir Zholy is the highest among the mainstays of stability in Kazakhstan state and society. subsidiaries of “Samruk-Kazyna” Fund. For the last year all main production and financial indices of KTZh The evidence of the Company’s financial stability is raising of KTZh work have increased as compared with the year 2009, which credit rating by “S&P” Rating Agency, and confirmation of rating is appreciated by the sole Company’s shareholder – “Samruk- at the sovereign level by “Fitch Ratings” Agency. The Company Kazyna” Fund. on time fulfilled its obligations towards its business partners connected with redemption of Euro bonds of 2006 having made For the entire expired period the railway administration has the appropriate savings for this purpose. Great demand (12 times implemented the balanced policy at the transportation, lending exceeding the offer) for the bonds of the year 2010, in the opinion and industrial development market. of the international financial institutions, allowed to attribute this issue to the best issues in the corporate sector of the Republic of Kazakhstan Temir Zholy took all necessary measures to resolve Kazakhstan according to the year results. seven strategic tasks set to the railway by the President and Government of the Country. As compared with the level of the 2010 was successful for “Kazakhstan Temir Zholy” Company. I am year 2009 the personnel labor efficiency has increased by sure that in future the achieved success of the branch will become more than 20 per cent. The length of high-speed train traffic even more apparent. sections has increased by more than 300 km. The volume of Internet sales of travel documents has increased by three Sincerely, Chairman of the Board of Directors of JSC “NC “Kazakhstan Temir Zholy” TIMUR KULIBAYEV 4 Address of the President of JSC “NC “Kazakhstan Temir Zholy” Dear Readers of this Annual Report, 2010 was the year of industrialization for JSC “National Company The personnel of the Almaty Railroad Car Repair Plant recon- “Kazakhstan Temir Zholy”. The President of the Republic of structed and put into service two medical trains, which perfor- Kazakhstan, Nursultan Abishevich Nazarbayev, has set the task mance results exceeded all expectations. The Densaulyk and to bring the country to a new level where industrial sector and Zhardem trains rendered medical service to about 25 thousand new technologies will achieve a strong position. And the railway inhabitants of small stations and crossing points, thereby acquir- personnel have proved their willingness and readiness to pursue ing a good reputation in the country’s regions. At the same time, this course, which is difficult, but, however, the only correct the personnel of this national manufacturer modernized tens of one. It has become possible to take the road of industrial and passenger cars for international routes. innovation development due to successful overcoming of adverse effects of the world economic crisis. The Republic of Kazakhstan In 2010, the works on construction of two new railway roads such has overcome the crisis for a short period of time, while the as Uzen – State Border with Turkmenistan, and Zhetygen – Ko- railroad company has the economic revenge by improvement of rgas, which will serve in future as optimal routes for the national its operating and financial performances. and foreign freight traffic flow to the world trade markets, were rapidly performed with application of innovative technologies. For example, the freight traffic turnover for the reporting period increased by 15 872 million ton-kilometers or 8 percent as against Last year, rail-car heavy casting enterprises, as well as manufac- 2009, reaching 213 174 million ton-kilometers. In 2010 the total turers of rails, solid-rolled wheels and other railroad products, pre- freight traffic volume of KTZh reached 267 735 thousand tons, viously imported, were deployed in different places of the country. having increased by 20 058 thousand tons, or 8.1% as against the similar period of 2009. The year of 2010 became also a financially breakthrough one. KTZh for the first time in its history made the Eurobond transaction The revenues of the Group of Companies of KTZh for 2010 on the London Stock-Exchange, with considerable excess of de- amounted to KZT597 849 million, having increased by 19.6% as mand for such Eurobonds over supply thereof. The Company per- against 2009. The total profit to the amount of KZT65 175 million formed a successful work with international financial institutions appeared to be KZT45 687 million or 3.3 times higher than that in on raising borrowed funds that were allocated for the purposes of 2009. The traffic safety performance has improved by more than accelerated industrial and innovation-based development. 40 percent. I believe that the detailed information on the industry activities as Due to the industry’s economically efficient and stable activities in presented in the Annual Report will become a convincing argu- the previous year, the projects being strategic for the rail transport ment to those who have given credit to the capability and potential industry such as construction of enterprises for manufacturing of of Kazakhstan Temir Zholy and have become our business part- passenger cars under the Talgo technology and for production of ners in favor of further cooperation with us. Today, the Kazakhstan electric locomotives jointly with Alstom were launched in Astana. railroad industry is steering a steady course of technical break- In 2010, the diesel locomotive batch assembly plant began to through and is undergoing a high-speed breakthrough stage of function in Astana, having replenished the Kazakhstan trunk rail- its development. Results of such a process are evident even now. way rolling stock with 30 new high-powered locomotives urgently However, the main results of the new economic upturn are a mat- needed for the traffic process. ter for the future to which we all are looking. Sincerely Yours, President of JSC “NC “Kazakhstan Temir Zholy” ASKAR MAMIN 5 GENERAL INFORMATION ABOUT THE COMPANY General Information about the Company T he Board of Directors T he Management Board Organizational Structure of the Company’s Central Staff Annual Review 6 7 General Information about the Company Joint Stock Company “National Company “Kazakhstan Temir Zholy” (JSC “NC “KTZh”), the national railway carrier of Kazakhstan is the up-to-date multi-profile transport holding. The Company annually makes up to 70% of the total country cargo turnover. More than 16 million of passengers use the railway services annually. Cargo and passenger transportations, logistics, telecommunications, infrastructure and investment projects are in the field of the Company’s interests. 100% stock of JSC “NC “KTZh” is owned by Joint Stock Company “NWF “Samruk- Kazyna”. The length of the trunk rail roads is more than 14 thousand km. The freight car fleet comprises more than 44 000 items, the locomotive fleet comprises more than 1 500 items. Mission of JSC “NC “KTZh” Kazakhstan” through merger of Almaty railways, Tsilinniy Railways and Western- The number of employees of JSC “NC The Company provides the adequate Kazakhstan Railways. The purpose of “KTZh” is more than 146 thousand transportation basis for stable economic merger thereof was to optimize the persons. growth and offers the high-quality and management structure of transportation competitive freight transportation, process and liquidation of its excessive JSC “NC “KTZh” is a member of the passenger transportation services and the links, financial and economic restoration of Organization for Railways Cooperation, services of trunk railway network. the railway branch. International Railways Union, Council on Railway Transport of CIS Countries, Trans- Information: According to the Resolution of the Siberian Transportations Coordinating The Company’s up-to-date history starts Government of the Republic of Kazakhstan Council. from the year 1997 when the Republican as of March 15, 2002 № 310 on the basis State Enterprise “Kazakhstan Temir Zholy” of RSE Closed Joint Stock Company The representative offices of JSC “NC was established. “National Company “Kazakhstan Temir “KTZh” operate in the following cities: Zholy” was established. M oscow (Russian Federation), RSE “KTZh” was established according to Beijing, Urumchi the resolution of the Government of the As of April 2, 2004 according to the Law (People’s Republic of China), Republic of Kazakhstan as of January 31, of the Republic of Kazakhstan “On Joint Kiev (Ukraine), 1997 № 129 “On Reorganization of Stock Companies” CJSC “NC “KTZh” was Tashkent (Uzbekistan).
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