FESCO Transportation Group reports a significant improvement of its consolidated financial results by IFRS in 2007.
FESCO Transportation Group reports a significant improvement of its consolidated financial results by IFRS in 2007.
2007 IFRS Highlights:
Consolidated revenues to reach US$872 mln. (a 51% increase over 2006).
EBITDA to increase to US$267 mln. (a +138% y-o-y growth).
Net profit to grow up to US$103 mln. (+58% growth).
Leverage (Net Debt/EBITDA) reduced 1.6 times to go down to 3x.
Current Ratio to grow 2.3 times to reach 1.26.
According to Evgeny Ambrosov, FESCO President, "we were consistently progressing on implementing the Group's development strategy in 2007, aimed at cementing FESCO position as the national leader in intermodal transportation and logistics. These efforts have had a visible positive impact on both business development and financial performance.".
Under this strategy, FESCO acquired in 2007 a 50% stake in the Commercial Port of Vladivostok — one of the major infrastructure hubs of the Russian Pacific trade. The Group also took over ESF Euroservices — a Baltic feeder container operator. Earlier in 2007, FESCO acquired stakes in Black Sea container terminals under the second stage of National Container Company deal, and consolidated 100% of Transgarant — Russia's 2nd largest private rail operator. This enabled FESCO to establish strong presence in all Russia's major marine gateways — Far-East, Baltic and Black Sea, and further strengthen its positions in the domestic rail market.