FESCO Transportation Group (the “Group” or “FESCO”) announces its operating and financial results for six months ended on June 30, 2022. The Group also informs that all audit procedures in relation to consolidated interim condensed statements according to international standards for the first half of 2022 have been completed. Full version of statements with notes is published on www.fesco.ru, section To Shareholders and Investors.
Operating and financial results of the Group
As per results of H1 2022, FESCO has improved its key operating and financial indicators, in particular:
achieved record traffic volumes of 144 thousand TEU on international lines from countries of Southeast Asia to the Far East. Cumulative increase compared to 2021 is 22%;
achieved record volumes of refrigerated cargo transportations. Total volume amounted to 19 thousand TEU, which is 35% higher than in 2021;
EBITDA in the amount of 37 969 million rubles, which is more than 2 times higher than the level of the same period in 2021;
record low “Net debt/EBITDA” indicator of 0.3x as of 30.06.2022;
The Group continued to increase assets:
container fleet in operation has been increased by 3 184 units;
the fleet of fitting platforms has been replenished with 1 723 units of 80-ft platforms.
Operating results of the Group:
Six-month period ended30 June
Indicator of
2021
2022
Alteration, %
Container transshipment in CPV (thousand TEU)
364,5
345,5
(5)
General cargo and oil products transshipment in CPV (thousand tons)
3 158,7
3 016,2
(5)
Intermodal transportations (thousand TEU)
222,1
244,8
10
International marine transportations (thousand TEU)
137,4
151,1
10
Coastal shipments (thousand TEU)
38,6
42,1
9
Transshipment of containers in CPV decreased by 5% due to withdrawal of major international line operators from the Russian market.
Volumes of intermodal transportations are increased by 10% compared to 2021 and amount to 245 thousand TEU due to development of geography of transportations, increase of container fleet and fitting platforms.
Financial performance of the Group:
Six-month period ended30 June
Indicator of, mln RUB
2021
2022
Alteration, %
Revenue
47 797
84 347
75
EBITDA 1
16 906
37 969
125
EBITDA margin, %
35,4
45,0
9,6 п.п.
Consolidated debt of the Group as of 30.06.2022
Indicator of, mln RUB
31.12.2021
EBITDA
30.06.2022
EBITDA
(Cash balances)
(11 068)
(0,2х)
(23 734)
(0,6х)
Loans and lease liabilities 2
34 010
0,7х
32 993
0,9х
Short-term
3 639
2 817
Long-term
30 371
30 176
Total net debt
22 942
0,5х
9 259
0,3х
Net debt as of June 30, 2022 decreased to 9 259 million rubles from 22 942 million rubles as of end of 2021.
Obligations of the Group:
30 267 million rubles on credits and loans
2 726 million rubles on lease agreements
[1] EBITDA is calculated as operating profit excluding depreciation, impairment and the result of disposal of assets and one-time expenses and takes into account the impact of IFRS 16.
[2] Lease liabilities do not take into account obligations under lease agreements, which until January 1, 2019 was recognized as operating prior to entry into force of IFRS 16, therefore, adjusted EBITDA is also used to calculate coefficients without taking into account impact of the effect of applying IFRS 16.