OREANDA-NEWS. August 10, 2010. FESCO Audited IFRS accounts reflect the Group’s financial standing as at December 31 2009, representing the results for the most challenging period of 2009 and taking into account technical breaches of a number of covenants. In addition, consolidated accounts include no contribution from port terminals of NCC group, at that period still 50% owned by FESCO.

In spite of two-fold reduction of revenues, FESCO managed to score positive EBITDA of USD 97 mln.

The Group’s total debt as at December 31, 2009 totaled to USD  801.7 mln, with cash position of USD 87.8 mln. Total short-term debt reflected in the report is USD 710 mln, of which USD 333 mln is long-term facilities with technical breaches of covenants. As a consequence, such debt was re-classified as short-term, although no lenders requested accelerated pre-payment on such debt.

As of today, with impressive growth in business volumes, and following a very profitable exit from NCC assets, the Group has a completely different financial standing compared to Dec 31, 2009. All technical breaches of covenants are cleared, the Group’s debt is brought down to USD 440 mln, of which USD 315 mln is long-term, with the cash position of USD 620 mln.