DGAP-News: Far Eastern Shipping Company: trading update
ID: 240411
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Far Eastern Shipping Company: trading update
18.03.2013 / 16:46
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THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER
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March 18, 2013
Trading update
Far-Eastern Shipping Company plc ('FESCO' or the 'Group') announces a
number of recent business developments and provides a trading update. This
statement includes preliminary financial results for the year ended 31
December 2012. We expect to publish FESCO's financial statements as at and
for the year ended 31 December 2012 in April 2013, followed by the Annual
Report.
Adjusted Revenues in 2012 were approximately flat compared to 2011
- Outperformance of the Rail and Liner&Logistics Divisions was offset
by lower revenue from Shipping (as adjusted for the disposal of vessels
in 2012)
Adjusted EBITDA grew by 14% and margin expanded by 3% in 2012
- Performance of the Rail Division was supported by increased volumes in
container transportation by block trains and growth in marginal income
of Transgarant's railcar fleet
- Port Division's EBITDA increase was driven by improving container cargo
throughput. The division's EBITDA was also supported by the positive
effect of operational synergies arising from the ongoing merger of the
Commercial Port of Vladivostok and VCT, following our acquisition of
control of VMTP in March 2012
- In Liner&Logistics Division, the positive effect on EBITDA from
volume growth was somewhat offset by increasing fuel and stevedoring
services costs, with margins staying at normalized levels
- Shipping Division's performance was impacted by the decline in global
time-charter rates and the disposal of 21 vessels in 2012. Following
the significant reduction of fleet, the division's business model has
evolved from ship ownership and ship management to a support function
for the Liner&Logistics Division
FESCO Consolidated Group Financial Performance
$ millions FY 2012 FY 2011(1) Adjusted for consolidation of VMTP, one-off transaction related
Revenue 1,197 1,029
Adj. Revenue(1) 1,161 1,170
Growth -1% 28%
Adj. EBITDA(1) 280 245
Margin 24% 21%
Capital Expenditures 67 155
Working Capital 67 75
expenses and compensation of insurance claims. 2012 figures also adjusted
for the impact from disposal of 21 vessels
FESCO Consolidated Group Financial Position
$ millions At 31 December 2012(2)Total borrowings exclude the $400m guarantee provided by certain
Total Borrowings(2) 920
Cash 233
Short-Term Borrowings 219
Long-Term Borrowings(2) 701
subsidiaries of FESCO to its principal shareholders in respect of
acquisition financing; include a $140m REPO loan against the shares of
TransContainer
Divisional Financial Performance
$ millions FY 2012 FY 2011(3) Adjusted for consolidation of VMTP
Port
Revenue 178 77
Adj. Revenue(3)) 206 219
Adj. EBITDA(3) 99 84
Rail
Revenue 347 308
Adj. Revenue 347 308
Adj. EBITDA 168 134
Liner&Logistics
Revenue 623 567
Adj. Revenue 623 567
Adj. EBITDA 44 50
Shipping
Revenue 141 160
Adj. Revenue(4) 77 160
Adj. EBITDA(4) -1 6
(4) 2012 figures adjusted for the impact from disposal of 21 vessels
Key Operational Data
FY 2012 FY 2011This information is based on our preliminary financial results for the year
Port Division
Freight throughput of containers, '000 TEU 456 432
Freight throughput of vehicles, '000 units 85 70
Freight throughput of general and bulk cargoes, '000 ton 2,952 2,860
Rail Division
Transgarant freight turnover, bn ton-km 29,7 33.5
Transgarant marginal profitability, RUB/working car-day 1,289 1,170
Liner&Logistics Division
Sea container transportation, '000 TEU 411 363
Intermodal transportation, '000 TEU 208 197
Refrigerated transportation, '000 TEU 49 38
Shipping Division
Gross deadweight, '000 tonnes 302 833
ended 31 December 2012 that are not fully comparable with our audited
consolidated financial statements or unaudited interim condensed
consolidated financial statements. Such information has been prepared by,
and is the responsibility of, our management, and has not been audited,
reviewed or verified, nor have any procedures been completed by our
auditors with respect thereto, and you should not place undue reliance
thereon. It is subject to confirmation in our audited consolidated
financial statements and annual report for the year ended 31 December 2012.
This business update has neither been reviewed nor reported on by FESCO's
external auditors.
These materials are not for distribution, directly or indirectly, in or
into the United States (including its territories and possessions, any
State of the United States and the District of Columbia). These materials
are not an offer or solicitation to purchase or subscribe for securities in
the United States. Securities may not be offered or sold in the United
States absent registration with the United States Securities and Exchange
Commission or an exemption from registration under the U.S. Securities Act
of 1933, as amended. FESCO has not registered and does not intend to
register any securities in the United States or to conduct a public
offering of securities in the United States.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, fallingwithin Article 49(2)(a) to (d) of the Order (all such
persons in (i), (ii) and (iii) above together being referred to as
'relevant persons'). Any securities described herein are only available
to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on
this document or any of its contents.
Information contained in this document is not an offer, or an invitation to
make offers, sell, purchase, exchange or transfer any securities in Russia
or to or for the benefit of any Russian person, and does not constitute an
advertisement of any securities in Russia. Any securities referred to
herein have not been and will not be registered in Russia or admitted to
'placement' and/or 'public circulation' in Russia. Such securities are not
intended for 'placement' or 'circulation' in Russia except and to the
extent permitted by Russian law.
This press release may include 'forward-looking statements'. Such
statements contain the words 'anticipate', 'believe', 'intend', 'estimate',
'expect', 'will', 'may', 'project', 'plan' and words of similar meaning.
All statements included in this press release other than statements of
historical facts, including, without limitation, those regarding financial
position, business strategy, plans and objectives of management for future
operations (including development plans and objectives) are forward-looking
statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause actual
results, performance or achievements to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding present and future business strategies and
the relevant future business environment. These forward-looking statements
speak only as of the date of this press release, and the Group expressly
disclaims to the fullest extent permitted by law any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statement is based
About FESCO
FESCO is one of the largest Russian port owners and operators with
integrated rail and logistics businesses and primarily focused on
intermodal deliveries of containerised cargo. The Group owns port, rail and
shipping assets, which allow it to provide door-to-door logistics solutions
and control almost all steps of the intermodal transportation value chain.
The majority of FESCO's operations are located in the Russian Far East and
the Group benefits from growing trade volumes between Russia and Asian
countries.
FESCO controls the Commercial Port of Vladivostok, which has throughput
capacity of 3.9 million tons for general cargo and oil products, 150,000
vehicles and over 600,000 TEUs in containers following capital investments
in 2013. FESCO is one of Russia's top 10 private railcar operators
providing services under the Transgarant (100%) and Russkaya Troyka (50% JV
with Russian railways) brands. Transgarant has approximately 16,200 units
of rolling stock comprising of 12 different types of railcars, and Russkaya
Troyka has approximately 1,570 fitting platforms. FESCO operates a
container park of over 20,000 owned and leased containers with total
capacity of over 33,000 TEUs. FESCO also has 26 ships mostly deployed
through own line and logistics operations.
End of Corporate News
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