FESCO Reports 30% EBITDA Growth in 2011
OREANDA-NEWS. April 28, 2012. In 2011, consolidated revenue of the Group increased by 28% and totaled USD 1,029 mln. Revenue growth was mostly driven by the performance of Liner & Logistics and Rail divisions. On the other hand, shipping revenue decreased in line with market, reported the press-centre of FESCO.
The Group’s consolidated EBITDA reached USD 225 mln, up 30% year-on-year. As a result, EBITDA margin grew by 0.3 percentage points from 21.6% to 21.9%.
Net profit of 2011 amounted to USD 29 mln. The significant difference with 2010 net profit is attributable to two key factors. First, 2010 net profit included the financial result from the sale of FESCO owned shares in NCC assets. Second, the re-valuation of FESCO fleet had a negative impact to the bottom line of -47 mln USD.
As of December 31, 2011, Company’s balance sheet cash stood at USD 231 mln.
The Group’s total debt as at the end of 2011 amounted to USD 697 mln. The company maintains a moderate leverage of 3.3x Debt/EBITDA (versus 2.5x in 2010). The group’s net debt as at the end of the year amounts to USD 465 mln.
“The Group demonstrated strong performance in 2011. We achieved noticeable revenue growth in all priority segments keeping profitability stably high. As opposed to 2010, revenue growth was driven not only by increasing volumes, but also by positive price dynamics in rail transportation and ports business”, said FESCO Vice-President and CFO Yury Gilts.
Full text of FESCO 2011 IFRS audited statements is available at FESCO Web site: http://www.fesco.ru/en/investor/documents/reports/
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