Financial and operating results of FESCO Transportation Group for 2022

24 April 2023
FESCO Transportation Group (the “Group” or “FESCO”) announces its operating and financial results for the year 2022.

FESCO Transportation Group (the “Group” or “FESCO”) announces its operating and financial results for the year 2022. The Group also informs that all audit procedures in relation to consolidated financial statements according to international standards for the year 2022 have been completed. Full version of statements with notes is published on, section To Shareholders and Investors.

Operating and financial results of the Group compared to 2021

As per results of 2022, due to launch of new services, increase of the fleet of fitting platforms and containers FESCO has become the largest logistics operator in the Russian Far East:

  • volumes of international shipments increased by 19% and amounted to 342 thousand TEU;
  • volumes of intermodal transportations increased by 9% and amounted to 507 thousand TEU;
  • volumes of refrigerated cargo transportations increased by 50% and amounted to 17 thousand TEU;
  • the Group has maintained the volumes of general cargo transshipment and leadership in container transshipment. Transshipment of containers in Commercial Port of Vladivostok (CPV) increased by 11 thousand TEU due to development of its own multimodal transportations and attracting additional operators to replace those that left the Russian market. As a result, the volume of cargo transshipment in CPV reached a record level – 13.4 million tons.

In 2022 FESCO demonstrated record financial performance:

  • revenue of the Group has increased by 43% and constituted 162 639 million rubles;
  • EBITDA has increased 1.5 times and amounted to 71 483 million rubles;
  • “Net debt / EBITDA” indicator demonstrated a historically low level of 0.04х as of 31.12.2022.

The Group continued to increase its assets in order to expand the geography of transportations and to develop new services:

  • transport fleet was replenished with seven new vessels, including five vessels under management, as well as contracts for acquisition of four container vessels to develop coastal, foreign trade and special transportations were concluded;
  • container fleet was increased by 31% and reached a record level of 83 298 units;
  • the fleet of fitting platforms was replenished with 1 989 units of 80-foot platforms.

Operating results of the Group:

Indicator of 2021 2022 YOY Change, %
Container transshipment in CPV (thousand TEU) 757 768 1
General cargo and oil products transshipment in CPV (thousand tons) 5 195 5 138 (1)
Intermodal transportations (thousand TEU) 465 507 9
International sea transportations (thousand TEU) 288 342 19
Coastal shipments (thousand TEU) 81 84 4

Financial performance of the Group:

Indicator of, mil RUB 2021 2022 YOY Change, %
Revenue 113 709 162 639 43
EBITDA 1 47 474 71 483 51
EBITDA margin, % 42 44 2 pp

Consolidated debt of the Group

Indicator of, mil RUB 31.12.2021 EBITDA 31.12.2022 EBITDA
(Monetary means (11 068) (0,2х) (30 677) (0,4х)
Loans and lease obligations 2 34 010 0,7х 33 308 0,5х
Short-term 3 639 4 133
Long-term 30 371 29 175
Total net debt 22 942 0,5х 2 631 0,04х

Net debt as of December 31, 2022, decreased from 22 942 million rubles to 2 631 million rubles compared to end of 2021.

Obligations of the Group:

  1. 30 610 million rubles under credits and loans
  2. 2 698 million rubles under lease agreements

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