Globaltrans sees IFRS net profit fall 2% to $311.6 mln in 2012
MOSCOW. March 25 (Interfax) - Globaltrans saw its net profit to International Financial Reporting Standards (IFRS) decrease by 2% to $311.6 million in 2012, according to the company's financial statement.
A consensus forecast compiled by Interfax put the company's net earnings at $311.2 million. Operating profits increased 24% from 2011 to $536.5 million.
"Adjusted revenue without excluding the "pass through" component of the new business of engaging fleet from third-parties increased 22% year-on-year to $1,432.6 million*3 supported by growth in business volumes as well as increased pricing," the company reported. "Profitability improved with an adjusted EBITDA margin of 50% in 2012 compared to 44% in the previous year driven mainly by the substitution of leased-in fleet with owned fleets. Adjusted EBITDA rose 30% year-on-year to $658.2 million* in 2012," it said.
Globaltrans' net debt rose to $896.9 million at the end of last year from $258.4 million at end-2011, "reflecting increased borrowings used to finance the acquisition of Ferrotrans," the company said. "Leverage remained at a comfortable level with a net debt to adjusted EBITDA ratio of 1.4x at the end of 2012," it said.
"The group's freight rail turnover (including engaged fleet) rose 25% year-on-year to 137.8 billion tonnes-km, compared to the market's 4% growth in 2012," Globaltrans reported.
The group's empty run ratio for gondola cars improved to 38% from 41% in 2011 driven primarily by the successful integration of Ferrotrans in the second half of the year along with decreased coal operations and a favorable market for the transportation of construction materials. The total empty run ratio was down to 57%, a steady improvement from 62% in the previous year," the company said.
"Enhanced resilience as about 85% of the group's owned fleet consists of either rail tank cars exposed to the resilient oil products and oil transportation or rolling stock covered by long-term contracts with first-class clients: a 3-year service contract with Metalloinvest to manage 100% of its rail transportation logistics in year one and at least 60% for years two and three; effective from June 2012; [and a] 5-year service contract with MMK to manage at least 70% of its rail transportation logistics; effective from March 2013," the company said.
Globaltrans specializes in metallurgical cargoes, oil products, construction cargoes, and coal. Free float exceeds 54.5% of its stock.