Specifically, railfreight grew by 14% year-on-year to 110.6 billion tonne-km, which was more than double the overall Russian market growth of 6%. Globaltrans also increased its Russian freight volume market share from 5.3% to 5.6% in 2011, with particular gains in metallurgical freight, coal and construction materials.
These improvements in operational performance equate to a 30% increase in adjusted revenue year-on-year to $US 1.77bn. Ebitda also rose by 31% year-on-year to $US 505.6m while profits were up by 40% to $US 317.2m. Net debt was reduced by 32% to $US 258.4m during the year, while the company purchased 9988 wagons, with 7560 already delivered and the remainder expected by the end of June.
"The decrease in railcar prices in late 2011 coupled with continuing strong demand for our services gave us the opportunity to significantly increase our owned fleet by 25% through the acquisition of new wagons - much as we did in 2009," says Mr Sergey Maltsev, CEO of Globaltrans Investment. "This new capacity will enable us to meet the additional transport needs of our clients and will also substitute part of our leased-in fleet, further enhancing our position."
