JSC Russian Railways acquired 5.29% of the authorized capital of CB Absolut Bank (OAO), Russian Railways informed.
The acquisition resulted from the conversion of shares in KIT Finance Investment Bank where Russian Railways held a 19.28% equity stake, as the bank was merged into Absolut Bank.
JSC Russian Railways (tax number: 7708503727) was established on November 1, 2003 on the basis of the Ministry of Railway Communication. The state holds 100% of the company's shares which owns a railway system stretching ca. 85,500 km. The company's authorized capital is RUB 1.919 trillion.
IFRS net profit of Russian Railways for 2013 dropped 2.55 times to RUB 36.722 billion from RUB 93.685 billion the year before. Revenue increased by 14.45% to RUB 1.763 trillion from RUB 1.54 trillion, operating profit adjusted for budgetary subsidies decreased by 24.41% to RUB 122.991 billion from RUB 162.716 billion, pre-tax profit 2.33 times to RUB 59.976 billion from RUB 140.036 billion. EBITDA decreased by 6.57% to RUB 332.9 billion from RUB 356.3 billion.
According to the DataCapital information retrieval system, RAS net profit of Russian Railways for 2013 dropped 19.07 times to RUB 740 million from RUB 14.11 billion the year before. Revenue increased by 0.77% to RUB 1.377 trillion from RUB 1.366 trillion, sales profit decreased by 12.81% to RUB 58.78 billion from RUB 67.415 billion, pre-tax profit 3.41-fold to RUB 19.399 billion from RUB 66.153 billion.
RAS net loss of Russian Railways for Q1 2014 was RUB 10.239 billion against a profit of RUB 10.897 billion the year before. Revenue increased by 1.27% to RUB 342.934 billion from RUB 338.638 billion.
OJSC KIT Finance Investment Bank (tax number: 7831000637) is a commercial bank. Its core business are: lending to the SME sector, banking cards, retail sales of financial products, corporate lending. After the follow-on offering, the bank's shareholding structure is as follows: NPF Blagosostoyanie (57.15%), TransFinCapital LLC (23.12%), Russian Railways (19.29%), minority shareholders (0.45%).
CB Absolut Bank (OAO) (tax number: 7736046991) established in 1993, is a universal bank. Its shareholder is OJSC United Credit Systems (an entity affiliated with non-state pension fund Blagosostoyanie). The bank is operating in 15 regions of Russia.
RAS net profit of Absolut Bank for 2013 dropped 6 times year-on-year to RUB 372.633 million.