FESCO makes $455.9 mln in IFRS net profits in 2010
MOSCOW. May 13 (Interfax) - The transportation group FESCO earned $455.9 million in net profits to International Financial Reporting Standards (IFRS) last year, having incurred $217 million in losses the year before, the company said.
The group's sales revenues came to $800 million, 23% more than in 2009, thanks to high rates and increased cargo-handling by its liner-and-logistics and railway divisions, the company said.
EBITDA was $173 million for the year, almost double that of 2009. The EBITDA margin increased to 21.6% from 15.0%.
The net gain from sale of a 50% stake in National Container Company for $900 million in 2010 was $419 million. Without the gain, net profit in 2010 would have been $37 million.
Analysts at investment companies and banks had offered widely varying forecasts for the net profit figure. Aton analysts forecast a net profit of $302 million, VTB Capital - $17 million and Goldman Sachs - a loss of $5 million. The revenue forecasts were grouped more closely, in the range $809 million-$877 million. Aton forecast that EBITDA would total $144 million (Aton) and VTB Capital said EBITDA would be $156 million.
FESCO had a cash balance of $556 million at year-end and net debt was negative $131 million. The current ratio was 3.3.
Interest-bearing debt fell to $425 million, down from $783 million a year earlier. The group repaid $99 million in loans in February 2011. The debt/EBITDA ratio recovered to 2.45 compared with 7.65 in 2009.
FESCO is a major private intermodal transportation group, providing a full range of logistical solutions through a combination of shipping, rail, trucking and port services offered to clients through a world-wide network of sales offices. It has a fleet of 49 ships with 700,000 tonnes total deadweight.