OAO "Far Eastern Shipping Company" ("FESCO") publishes its audited consolidated financial statements under IFRS for the year 2012.
Key figures of the group:
- Consolidated revenue increased by 16% compared to 2011, reaching 197 million worth USD 1
- Adjusted earnings reporting period remained at a level comparable with the previous year, and amounted to USD 1,157 million: the
- The accelerated growth of revenue and linear rail and logistics divisions were offset by lower sales in the marine division (adjusted for the disposal of 21 vessels in 2012)
1Adjusted revenue and EBITDA reflect the consolidation of the CPV so if it had occurred January 1, 2011, and in 2012 did not take into account the results of the 21 retired ship. In addition, the figures do not take into account the results of one-off transactions, as well as the cost of insurance payments
2Total debt, excluding guarantees for USD 400 million provided by the subsidiaries of FESCO's main shareholder of the Company as part of the financing deal to buy FESCO, including repo loan secured by shares of JSC "TransContainer"
Key performance indicators divisions:
- Adjusted revenue port division amounted to USD 206 million (a decrease of 6% compared to the previous year) and an adjusted EBITDA of USD 98 million (up 17%), resulting in an EBITDA margin of 48%
- EBITDA growth of port division due to an increase in transshipment of containerized cargo, as well as synergies from the merger, "the Vladivostok Commercial Sea Port" ("CPV") and "Vladivostok Container Terminal" ("CGT") after the consolidation of the controlling interest "CPV" in March 2012
Yury Gilts, President of "FESCO": "It was another successful year for the company. We continued to implement its strategy for the development of the container business, one of the most promising segments of the Russian transport market, while strengthening our competitive position in the niche markets of non-container shipments. We completed the consolidation of "CPV" and strengthened the integration of business, that on the basis of our assets to provide customers with integrated solutions and unique transportation and logistics products geared to the requirements of the customer. The marine division of the group has undergone significant changes, re-directing the activities of ship owners and fleet management to work towards ensuring linear and logistic division. We are confident that these changes will create a solid foundation for further growth. Positive financial results will be the impetus for further development and would "FESCO" look for the next financial year with confidence and enthusiasm. "
Full text of the consolidated financial statements for 2012 is available online at:
About FESCO Transport Group
FESCO — one of Russia's largest owners and operators of port infrastructure with integrated rail and logistics business mainly focused on the implementation of the intermodal transportation of containerized cargo. The presence of own port, rail and shipingovyh assets enables the Group to control all stages of the intermodal transport chain and deliver cargo from "tear up the door." Most of the Group's operations are concentrated in the Far East of Russia, which allows FESCO to receive benefits from the participation in the rapidly growing volume of trade between Russia and the countries of Asia.
FESCO group belongs to JSC "Vladivostok Commercial Sea Port", the annual throughput capacity of 3.9 million tons of general cargo and petroleum products, 150 thousand units of cars and vehicles and more than 600 thousand TEU container cargo (including additional investments in 2013 ). FESCO is among the 10 largest Russian private rail operators, carrying out transportation under the "Transgarant" (100% subsidiary of FESCO) and "Russian Troika" (50% joint venture with OAO "Russian Railways"). In the management of "Transgarant" is of the order of 16 200 pieces of rolling stock (wagons are 12 different species), and the "Russian Troika" operates about 1,570 fitting platforms. In the property and leasing at FESCO, there are over 35,000 containers with a capacity of more than 56,000 TEU. Group owned 26 ships used primarily linear and logistic division.