FESCO almost doubles its EBITDA in 2010
Consolidated revenue of the Group reached USD 800 mln, or USD 190 mln higher than in 2009. This significant improvement was primarily attributable to higher volumes and improved revenue rates per cargo unit, especially in the Liner & Logistics and Rail divisions. The Group’s consolidated EBITDA for the reporting period of USD 173 mln is almost two times higher than in 2009. EBITDA margin has improved to 21.6% (from 15.0% in 2009).
The Group earned net income of USD 456 mln in 2010 (including USD 419 mln result on the disposal of the Group’s stake in the NCC terminals), compared to a net loss of USD 233 mln in 2009.
As at 31 Dec 2010, the Group had significant liquidity following the NCC disposal, with USD 556 mln cash balance, negative net debt (minus USD 131 mln), and a current ratio of 3.3. Interest-bearing debt has decreased to USD 425 mln (from USD 783 mln at 31 Dec 2009).
On the back of improved profitability and decreased debt, Debt/EBITDA ratio has recovered to 2.45 (compared to 7.65 in 2009).
«We’re very pleased with our performance in 2010 and we are especially proud that strong year results were achieved not only by profitable sale of our stake in National Container Company but also by successful operational results of all our business units. The last two years have been challenging for many companies, and we think our results show the strength of our integrated business model, as well as the dedication and professionalism of FESCO team», said Yury Gilts, FESCO Vice-President & CFO
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