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Condensed Open Joint Stock Company Annual Report 2017 Russian Railways 1 Agenda COMPANY PROFILE 2 SUSTAINABLE DEVELOPMENT 62 Operating highlights 4 Stakeholder engagement 63 180 years of Russian railways' history 6 HR management 64 Occupational safety 66 MESSAGES FROM MANAGEMENT 12 Environmental protection 66 Board of Directors Chairman Letter 12 Management Board Chairman Letter 14 CORPORATE GOVERNANCE 68 Corporate governance system 68 STRATEGIC REPORT 16 General Meeting of Shareholders 70 Expanding horizons 16 Board of Directors 71 Strategy 20 Management Board 73 Key performance indicators 22 Internal audit and control system 75 Development prospects in 2018 23 Risk management system 77 Business model 24 PERFORMANCE OVERVIEW 26 Market overview 26 Analysis of operating results 28 Traffic safety 44 Investment activities 45 Innovation driven development 50 Analysis of financial results 51 Debt and share capital 59 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 2 3 COM PANY PRO FILE Open Joint Stock Company Russian Railways is Russia's largest railway company engaged in owning Russian Railways provides a full range of services embracing freight operations, locomotive traction and building public railway infrastructure. The Company ranks among the world’s leading railway and infrastructure, rolling stock repairs, long-haul and suburban passenger transportation, carriers by freight and passenger transportation volumes and length of the railway infrastructure container solutions, logistics, engineering, R&D and other services. The Russian Federation network. is the founder and sole shareholder of Russian Railways. Russian Railways today Owner of the world's Unique and highly Unprecedented expertise Major third longest railway network diversified group in large-scale projects taxpayer The operational length of Russian Russian Railways owns railway The Russian Railways 2017 investment In 2017, the Company paid RUB 310.9 bn Railways’ infrastructure network stands infrastructure and rolling stock programme exceeded RUB 470 bn, in taxes and insurance contributions. at 85.5 thousand km, more than twice to transport freight and passengers, or ca. 3% of the total capex of Russian the length of the equator. Russian provide transportation, logistics, terminal, businesses. Railways is the second largest company warehousing, and freight forwarding globally by length of electrified lines services. The Company carries over (43.76 thousand km). It's the world's third 1.2 billion tonnes of freight and over longest railway network after the USA 1.1 billion of passengers annually. and China. Driving force Prominent player Russia’s largest No. 1 globally by energy efficiency of Russia's business community in global railway market employer of freight services With presence in 80 out of Russia's The Company has partnerships with China, As at the end of 2017, Russian Railways The Company is the global leader in terms 85 regions, the Company provides almost South Korea, Kazakhstan, Poland, Germany had a headcount of 755 thousand of efficiency of freight transportation. nationwide coverage to ensure reliable and other nations to develop transit routes people. The Company employs almost 1% and safe transportation of natural through Russia. Russian Railways is also of Russia's total workforce. resources, equipment, and other critical building and upgrading railway infrastructure supplies for national industries. in Serbia and a number of other countries. Russian Railways Concise Annual Report 2017 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 4 5 2017 performance Investment Handling Lower workplace Environmental programme injury rate costs COM +27.4% +3.2% y-o-y y-o-y RUB 479.5 1,261.3 6.2x reduction RUB 5.0+ PANY bn mt since 2003 bn Loaded freight The number of transported passengers Labour Real salary PRO turnover at eight-year high productivity growth +6.4% +7.8% FILE 2,491.9 y-o-y 1,117.9 y-o-y +9.2% +3.9% bn tkm million passengers y-o-y y-o-y Operating highlights Indicator Unit of 2016 / 2017 Change Indicator Unit of 2016 / 2017 Change measurement measurement +/– % +/– % 2017 1,261.3 2017 40.7 Handling mt 2016 1,222.3 +39.0 103.2 Average service speed of freight train3 km/h 2016 40.4 +0.3 100.7 2017 3,176.7 2017 47.0 Total freight turnover bn tkm 2016 2,997.8 +178.9 106.0 Operating speed of freight train km/h 2016 46.7 +0.3 100.6 net of empty runs of other owners' 2017 2,491.9 Average daily performance thousand gross 2017 2,135.0 railcars1 bn tkm 2016 2,342.6 +149.3 106.4 of freight locomotive tkm 2016 2,097.0 +38.0 101.8 2017 684.8 2017 15.06 including empty other owners' railcars2 bn tkm 2016 655.2 +29.6 104.5 Freight car turnaround day 2016 15.74 0.68 104.5 2017 122.9 2017 4,041.0 Passenger turnover, including bn pkm 2016 124.5 –1.6 98.8 Average weight of freight train t 2016 4,006.0 +35.0 100.9 2017 91.1 2017 362 long-haul passenger transportation bn pkm 2016 93.5 –2.4 97.4 Loaded freight car delivery speed km/day 2016 361 +1.0 100.3 2017 31.9 2017 109.2 suburban passenger transportation bn pkm 2016 31.0 +0.9 102.8 Growth in labour productivity % 2016 105.4 +3.8 pp – 2017 1,117.9 Passengers transported, including m people 2016 1,037.0 +80.9 107.8 2017 102.2 long-haul passenger transportation m people 2016 101.4 +0.8 100.8 1 Hereinafter referred to as “loaded freight turnover”. 2017 1,015.7 2 Hereinafter referred to as “empty freight turnover”. suburban passenger transportation m people 2016 935.6 +80.1 108.6 3 Based on the DO-10VTs reporting form. Russian Railways Concise Annual Report 2017 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 6 7 180 By the end of the 19th century, Russia had a railway construction and management system in place. In 1893, a general freight transportation fare was introduced, followed years by a common passenger fare in 1894. These developments Railways in Russia helped improve passenger and freight turnover. Also, railway network expansion would be impossible without a strong of Russian railways' domestic industry for locomotive and railcar construction history and rail rolling mills. 1898 2017 Steam locomotive Modern freight train 3,277 m poods, equal to 52 mt 1,384 mt of freight carried in one year of freight carried in 2017 Source: Statistical digest “Transportation of Freight by Railway – 1901 Results” Russian Railways Concise Annual Report 2017 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 8 9 180 30 October 1837 is the official opening date of the Tsarskoye Selo Railway in St Petersburg. It was a short line running for a little longer than 26 km with only one 8-carriage train years hauled by a steam locomotive. However short, this line St Petersburg– became an important landmark in the history of transport as an indication of the overall feasibility of construction of Russian railways' and year-round operation of railways in the Russian climate. Moscow history 1851 Launch of service on the Nikolaev (currently October) Railway 2017 In 2009, regular high-speed service was launched between Moscow and St Petersburg. connecting St Petersburg and Moscow. Today, the route has an average of 14 pairs of high-speed trains each day. Passenger train Sapsan 4 with steam 64–84 high-speed train trains a day trains a day locomotive This was the first government-owned main line railway in Russia and the first step in building a nationwide railway network. 650 km 3 h 34 min main line length travel time Russian Railways Concise Annual Report 2017 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 10 11 180 Trans-Siberian Railway years Moscow– of Russian railways' Vladivostok history 1903 The Trans-Siberian Railway is a network of railways connecting 2017 In 2014, the Government of the Russian Federation approved a project to upgrade the Baikal–Amur and Moscow with the largest industrial cities in Russia’s East Trans-Siberian Railways. The total investment in the project will reach RUB 562.4 bn by 2019, including RUB Siberia and Far East regions. Its construction started in 1891, 102.3 bn allocated directly from the government budget, RUB 150 bn sourced from the National Wealth Fund with regular service launched in July 1903. and another RUB 310.1 bn contributed by Russian Railways. Freight Express 8 train 62 train trains a week trains a week 9,237 km 6 days main line length travel time Russian Railways Concise Annual Report 2017 Company profile Messages from Management Strategic report Performance overview Sustainable development Corporate governance 12 13 MESSAGES FROM MANAGEMENT Board of Directors Chairman Letter Dear Partners and Colleagues, Arkady Dvorkovich Chairman of the Russian Railways Board of Directors In 2017, Russian Railways delivered against its key objectives, meeting financial and operating The Company’s employees also remain a top priority. The railway targets by demonstrating considerably higher freight turnover, and transit and container industry provides jobs to over one million people. Today’s transportation. The Company's revenue exceeded RUB 1.69 trillion, with a record-high volume generation of railway professionals stay true to the great traditions of the industry, above all the ability to think big of handling operations of over 1,260 mt. Passenger transportation volumes also saw a strong rise as and bring the most powerful ideas to life. more than 1.1 bn passengers travelled with Russian Railways during the year.
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