Globaltrans IFRS profit up 5% to $97.4 mln in 2008
The railway operator Globaltrans Investment PLC (“Globaltrans” or together with its consolidated subsidiaries the “Group”; LSE ticker: GLTR), today announces its financial and operational results for the year ended 31 December 2008, RZD-Partner reports.
FINANCIAL HIGHLIGHTS
- Net Revenue from Operation of Rolling Stock up 23% to USD 433.9* million;
- Revenue from operating lease of rolling stock up 29% to USD 66.7 million;
- Operating profit up 43% to USD 207.8 million;
- Adjusted EBITDA up 41% to USD 250.3* million;
- Profit for the year up 5% to USD 97.4 million;
- ROCE increased to 24%* from 19%* in 2007;
- Significant deleveraging, with Net Debt to Adjusted EBITDA ratio improving to 1.3x* from 2.9x* in 2007;
- Cash and cash equivalents as of the end of 2008 at USD 111.6 million, with short term debt falling due in 2009 of USD 124.3 million (including accrued interest of USD 6.5* million as of the end of 2008).
OPERATIONAL HIGHLIGHTS
- Strengthened business portfolio with share of railcars leased out (under operating leases) increasing to c. 22*% of the Rolling Stock Fleet; and share of rail tank cars increasing to c. 38*% of Rolling Stock Fleet;
- Freight Rail Turnover remained stable, recording 1% growth to 61.7* billion tonnes-km compared to 2007;
- Average Price per Trip up 32% to USD 816.0* compared to 2007;
- Empty Run Ratio averaged 32%* compared to 21%* in 2007 following an outstanding 19%* at H1 2008;
* All financial information presented in this announcement derived from the audited consolidated financial statements of Globaltrans Investment PLC for the year ended 31 December 2008 prepared in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113. Full consolidated financial statements are available on the Globaltrans corporate website at www.globaltrans.com