In 2021, FESCO Transportation Group improved its key operating and financial indicators and set new records in its activities, in particular:
achieved record volumes of cargo transshipment in Commercial Port of Vladivostok (hereinafter – “CPV”) in the amount of 13.3 million tons, including a record container turnover of 757 thousand TEU;
reached EBITDA in the amount of 47 474 million rubles, which is almost 4 times higher than the level of 2020;
refinanced obligations to VTB Bank (PJSC) with annual uniform repayment for a period up to 2027, changed currency structure of debt in favor of rubles;
reached a record low «Net debt to EBITDA» ratio of 0.5x as of December 31, 2021. In comparison to the same date of 2020, the indicator has been reduced by 5.6 times. International and Russian credit ratings have been improved to levels “B+” with a stable forecast and “BBB-“ with a stable forecast, respectively;
continued to increase assets:
- fleet of the Group has been replenished with three vessels – FESCO Olga, FESCO Yanina, FESCO Sofia;
- container fleet in operation has been increased to a record 109 thousand TEU;
- the fleet of fitting platforms has been replenished with 1 286 units of 80-ft platforms.
Operating results of the Group:
|Container transshipment in CPV (thousand TEU)||672||757||13|
|General cargo and oil products transshipment in CPV (thousand tons)||4 972||5 584||12|
|Intermodal transportations (thousand TEU)||393||465||18|
|International marine transportations (thousand TEU)||293||284||(3)|
|Coastal shipments (thousand TEU)||80||81||1|
- Total cargo turnover of CPV in tons increased by 16% compared to 2020.
- Intermodal transportations volumes increased by 18% compared to 2020 and amounted to 465 thousand TEU by developing the geography of transportations, increasing container fleet and the fleet of fitting platforms.
- Total volumes on marine arm of multimodal transportations are maintained at the level of year 2020 despite market restrictions caused by imbalance of supply chains due to COVID-19 crisis.
Financial and operating performance by divisions
Liner and Logistics Division
- Revenue grew to RUB 46 586 million (up 23% YoY), driven by an increase in intermodal transportation volumes and the international trade shipping rates.
- EBITDA reached RUB 3 270 million (up 42% YoY).
- Intermodal transportation volume reached 393 thousand TEU (up 14% YoY), mainly due to launching new regular services, project transportation and expanding the portfolio of customers.
- International maritime transportation volume reached 293 thousand TEU (up 17% YoY). The growth was driven by the management's policy for attracting customers from the traditional transportation routes through the Deep Sea over to the routes going via the ports of the Far East.
- Domestic maritime transportation volume amounted to 80 thousand TEU (up 3% YoY). The growth is driven by the capacity increase of the Group’s main services.
- Revenue went up to RUB 16 326 million (up 6% YoY), mainly driven by the changes in turnover and rates, especially in transshipment of import and export cargoes.
- EBITDA amounted to RUB 7 416 million (up 9% YoY).
- Operating performance
- In 2020, the Group took the first place in container turnover in Russia with the record-breaking turnover of 672 442 TEU (up 8% YoY).
- Revenue decreased to RUB 5 340 million (down 35% YoY). During 2020, the management gradually implemented the program of selling the non-core assets and expanding the park of fitting platforms. The key stages of the program in 2020 were the withdrawal from the segment of grain transportation in hopper cars and the sale of a 100% share in TransGrain LLC.
- EBITDA amounted to RUB 1 939 million (down 46% YoY).
- Operating performance
- Railway container transportation volumes increased to 471 thousand TEU (up 21% YoY) mainly due to the fleet of fitting platforms expanding within the program for the specialized rolling-stock fleet development.
- Shipments by box cars rose to 17 917 units (up 9% YoY).
- Revenue grew to RUB 3 338 million (up 3% YoY) mainly as a result of adding new multi-purpose vessels to the fleet and successfully completing the expedition to Antarctica for supply of the Indian research stations.
- EBITDA amounted to RUB 1 005 million (up 29% YoY).
- Operating performance
- Total operating vessel-day volume amounted to 6 478 (down 10% YoY).
- Revenue amounted to RUB 841 million (down 29% YoY). The decline was mainly driven by the introduction of new environmental requirements for the transition to low-sulfur marine fuel, as well as the growth of bunkering on an agency basis instead of the oil products sales.
- EBITDA amounted to RUB 12 million (down 85% YoY).
- Operating performance
- Bunkering volume declined to 67 thousand tonnes (down 1% YoY).
Financial performance by divisions
|Liner and Logistics Division|
|Revenue||37 944||46 586||23|
|EBITDA||2 309||3 270||42|
|EBITDA margin||6%||7%||1 pp|
|Revenue||15 409||16 326||6|
|EBITDA||6 787||7 416||9|
|Revenue||8 232||5 340||(35)|
|EBITDA||3 596||1 939||(46)|
|EBITDA margin||44%||36%||(7 pp)|
|Revenue||3 245||3 338||3|
|EBITDA margin||24%||30%||6 pp|
The Group’s consolidated debt as of 31 December 2020
- Net debt/ EBITDA ratio:
- (excluding IFRS 16 impact) declined from 3.7х as of 31.12.2019 to 2.8х as of 31.12.2020
- The Group’s RUB-denominated consolidated debt declined to RUB 33 692 million (down 17% YoY). (на 17% ниже уровня 2019 года).
- The Group’s liabilities:
- RUB 31 732 million in loans
- RUB 1 960 million in lease liabilities
31.12.2019 EBITDA 31.12.2020 EBITDA Indicator, RUB m (Cash and cash equivalents) (1 232) (0,1х) (4 140) (0,4х) Debt obligations and finance lease liabilities, including  39 294 3,4х 33 692 3,2х Short-term 6 659 8 484 Long-term 32 635 25 208 Net Debt 38 063 3,3х 29 552 2,8х
Key еvents subsequent to the reporting date
In April 2021, FESCO signed a loan agreement with VTB Bank in the amount of RUB 25.8 billion (USD 323 million) to refinance its current liabilities. The received funds are directed to repay the main part of the current financial debt to VTB Bank. As a result of the transaction, the Group received more comfortable debt service conditions: decrease of the interest rates, changes in the currency composition of the debt that will ensure the natural hedging of foreign exchange risks, extension of the maturity dates for the principal debt repayment up to and including 2027and reduction of the amount of quarterly payment.
 Total number of days in which the vessel was available for operation, excluding downtime due to the vessel's overhaul, upgrade, dry docking, and specialized or intermediate maintenance.
 EBITDA is calculated as operating profit net of amortisation, depreciation, and the impact of asset write-offs and one-off expense, and includes the impact of IFRS 16.
 Lease liabilities do not include the liabilities, where until 1 January 2019 the lease was considered operating before IFRS 16 came into force, so to calculate ratios, adjusted EBITDA excluding the impact of the IFRS 16 adoption is also used.
관련 자료Information message23 dec 2022Information messageFESCO (parent company of FESCO Transportation Group, the “Group”) announces its fulfillment of obligations to holders of exchange-traded bonds series BO-01 and full repayment of the issue.Financial and operating results of FESCO Transportation Group for six months ended on June 30, 202229 aug 2022Financial and operating results of FESCO Transportation Group for six months ended on June 30, 2022FESCO 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 agreementsFESCO will announce 4Q2014 and FY2014 operational and financial results and hold the conference call27 mar 2015FESCO will announce 4Q2014 and FY2014 operational and financial results and hold the conference callOn March 30, 2015, FESCO Transportation Group will release trading update for three-month and twelve-month periods ended December 31, 2014. The trading update will include 4Q2014 and FY2014 operational and consolidated financial results.Revised preliminary amendments to the terms and conditions of the Rouble Bonds circulation26 feb 2015Revised preliminary amendments to the terms and conditions of the Rouble Bonds circulationFar-Eastern Shipping Company plc («Issuer») in order to optimize its debt maturity profile based on results of negotiations with the holders of Rouble bonds series BO-02 («Rouble Bonds») offers to consider the revised preliminary amendments to the terms and conditions of the Rouble Bonds circulation («Amendments to the terms and conditions of the Rouble Bonds circulation»), which were initially disclosed on February 11, 2015.Amendments to the terms and conditions of the Rouble Bonds11 feb 2015Amendments to the terms and conditions of the Rouble BondsFar-Eastern Shipping Company plc («Issuer») in order to optimize its debt maturity profile offers the holders of Rouble bonds series BO-02 («Rouble Bonds») to consider the possibility of amending the terms and conditions of the Rouble Bonds circulation («Amendments to the terms and conditions of the Rouble Bonds circulation»).FESCO Transportation Group refinanced REPO loan16 dec 2014FESCO Transportation Group refinanced REPO loanFESCO Transportation Group (MOEX: FESH) has signed a credit agreement to refinance the REPO loan.