In spite of two-fold reduction of revenues, FESCO managed to score positive EBITDA of US$97 mln.

The Group’s total debt as at December 31, 2009 totaled to US$ 801.7 mln, with cash position of US$ 87.8 mln. Total short-term debt reflected in the report is US$710 mln, of which US$ 333 mln is long-term facilities with technical breaches of covenants. As a consequence, such debt was re-classified as short-term, although no lenders requested accelerated pre-payment on such debt.

As of today, with impressive growth in business volumes, and following a very profitable exit from NCC assets, the Group has a completely different financial standing compared to Dec 31, 2009. All technical breaches of covenants are cleared, the Group’s debt is brought down to US$ 440 mln, of which US$ 315 mln is long-term, with the cash position of US$ 620 mln.

Audited Consolidated IFRS Accounts for FY 2009