Consolidated revenue of FESCO Group down 1.9% to $1.11 bln in 2014
FESCO Transportation Group has announced its operational and consolidated financial results as per IFRS for three-month and twelve-month periods ended December 31, 2014.
Container throughput at Port increased by 7.7% YoY to 513 thousand TEU
Export-import sea container trade increased by 16.6% YoY to 428 thousand TEU
Continuous weakness in the rail market and RUB devaluation affected negatively the financial results of the group resulting in consolidated revenue decrease by 1.9% YoY to $1,118m and consolidated EBITDA1 decrease by 8.5% YoY to $177m
Group’s EBITDA margin decreased by 1.2pp to 15.8%
To address the market headwinds the Group has developed a cost optimization programme which started and already delivered the first results in 4Q2014
FESCO controls the Commercial Port of Vladivostok which has throughput capacity of 3.9 million tons of general cargo and oil products, 150,000 vehicles and over 600,000 TEU of containers. FESCO is among the 10 largest Russian private rail operators, providing services under «Transgarant» (100% subsidiary of FESCO) and «Russian Troika» (50% joint venture with JSC Russian Railways) brands. «Transgarant» operates a fleet of 16.6 thousand units of rolling stock, while «Russian Troika» operates a fleet of 1.7 thousand container platforms. FESCO has a fleet of 22 vessels, mostly deployed through own sea service lines, and 4 icebreakers leased under long-term contracts.
