TransContainer says its RAS net profit down 12.9% to RUB 3.94 bln in 2014
PJSC TransContainer has reported its Financial Results under Russian Accounting Standards for the Full Year 2014.
For the full year 2014 the total revenue of the Company increased by 9.8% to RUR 36,413 million, while the adjusted revenue (total revenue less subcontractors’ fees under the integrated freight forwarding and logistics services) decreased by 5.4% to RUR 20,490 million. Operating profit decreased by 28.4% to RUR 3,962 million and EBITDA declined by 6.7% to RUR 8,227 million compared to the same period of 2013.
The Company’s net profit amounted to RUR 3,944 million, representing a 12.9% decrease compared to the corresponding period of 2013.
Despite the significantly deteriorated economic environment in 2014, the adjusted EBITDA margin for the reporting period stayed flat at 40.1% compared to 40.7% for the year 2013, the net income margin decreased insignificantly from 20.9% in 2013 to 19.2% in 2014.
Company’s total assets were RUR 44,738 million as of 31 December 2014, total debt was RUR 5,929 million, 20.3% down as compared to 31 December 2013.
The Company’s financial results were negatively affected by the unfavorable pricing environment in the Russian rail transportation market. This effect was to the significant extent offset by an increase in container transportation volumes, Company’s measureas aimed at business optimization as well as by currency gains.
Company’s transportation volumes during the reporting period grew by 0.9% to 1 467 thousand TEU.
TransContainer (LSE ticker: TRCN) is the leading intermodal container transportation company in Russia. It is the market leader in Russia by flatcar fleet size, container transportation by rail and rail-side container terminal throughput. As of 31 December 2013, it operated 26,305 flatcars and 62,367 containers. It owns a network of 46 rail-side container terminals in Russia, 19 rail-side terminals in Kazakhstan (through its joint venture company KedenTransService) and operates one terminal in Slovakia. Company's sales network comprises approximately 140 sales offices across Russia as well as presence in the CIS, Europe and Asia. TransContainer is listed at Moscow Exchange and LSE. Company's major shareholder is JSC Russian Railways with 50%+2 shares.
