Group's shareholding in LLC BaltTransServis increased from 50% to 60%
11.11.2011
Globaltrans Investment PLC (the “Company” and together with its consolidated subsidiaries “Globaltrans” or the “Group”; LSE ticker GLTR) today announces the acquisition of an additional 10% economic interest in LLC BaltTransServis (“BTS”) from a minority shareholder, increasing the Group's effective controlling interest in BTS from 50% to 60%. The Board of Directors of Globaltrans approved a payment of USD 74.5 million for the 10% economic interest in BTS. The transaction was closed on 10 November 2011.
BTS is a leading private freight rail transportation company in Russia, operating primarily in the oil products and oil transportation segment, a market that has proven resilient despite recent economic pressures. BTS has extensive expertise and a strong position in the operation of locomotives, and is currently operating more than 90% of the Group's locomotives. BTS will be the key platform for the Group to increase its presence in the locomotive traction market after its liberalisation which is expected to take place in 2012.
Sergey Maltsev, CEO of Globaltrans Investment PLC, said:
“We have successfully integrated BTS into Globaltrans’ business model since we acquired an initial 50% stake at the end of 2009. BTS has delivered outstanding financial results and provides us with good dividend flow which underpins our ability to expand our business. With more than 7 years experience in the operation of locomotives, BTS has the right skills to help progress the Group into the next phase of its strategic development as it moves further into the area of locomotive traction.”
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Mikhail Perestyuk
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irteam@globaltrans.com
For international media
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NOTES TO EDITORS
BTS
BTS is a leading private freight rail transportation company in Russia, operating primarily in the oil products and oil transportation segment, a market that has proven resilient despite recent economic pressures.
As of 30 June 2011, the Total Fleet of BTS included 9,859 rail cars and 51 locomotives. In the twelve months ended 30 June 2011, BTS generated Adjusted EBITDA of USD 121.8 million* with Freight Rail Turnover of 18.4 billion tonnes-km. The Net Debt of BTS as of 30 June 2011 was USD 4.9 million*.
Globaltrans
Globaltrans is Russia’s leading private freight rail transportation group and the first such group to have an international listing.
Globaltrans Investment PLC is incorporated in Cyprus with major operating subsidiaries located in Russia, Ukraine and Estonia. The Group provides freight rail transportation, railcar leasing, and certain ancillary services to clients in Russia, the CIS countries and the Baltics.
The Group’s fleet of rolling stock owned and leased under finance and operating leases amounted to 49,529 units at 30 June 2011, including 28,776 gondola cars, 20,207 rail tank cars, 56 locomotives and 490 other railcars.
The Group’s Freight Rail Turnover in the first six months of 2011 amounted to 57.5 billion tonnes-km with 36.4 million tonnes of freight transported. In the first six months of 2011 the Group’s Adjusted Revenue amounted to USD 603.6 million* with Adjusted EBITDA reaching USD 256.5 million*.
Globaltrans' global depositary receipts (ticker symbol: GLTR) have been listed on the Main Market of the London Stock Exchange since May 2008.
To learn more about Globaltrans, please visit www.globaltrans.com.
LEGAL DISCLAIMER
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Globaltrans. You can identify forward-looking statements by terms such as 'expect', 'believe', 'anticipate', 'estimate', 'intend', 'will', 'could', 'may' or 'might', the negative of such terms or other similar expressions. Globaltrans wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Globaltrans does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Globaltrans, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries Globaltrans operates in, as well as many other risks specifically related to Globaltrans and its operations.