11 Apr 2011 07:00
Press Release: Moscow, 11 April 2011
OJSC TransContainer
TransContainer operating results for the first quarter of 2011
Open Joint Stock Company "TransContainer" ("TransContainer" or the "Company") (LSE: TRCN) announces its preliminary operating results for the first quarter of 2011.
The results show growing business volumes and a continuing improvement in key operational metrics, reflecting both the overall market recovery and the effectiveness of the Company's measures aimed at improving the fleet's efficiency.
Rail container transportation volumes
The Company's rail container transportation volumes for the first quarter of 2011 increased by 23.5% to 313.2 thousand twenty-foot equivalent units ("TEU") compared to 253.5 thousand TEU in the first quarter of 2010. This was mainly driven by an increase in import transportation which went up by 63.6% year-on-year to 51.5 thousand TEU. Domestic transportation for the same period also increased by 13.9% year-on-year to 179.1 thousand TEU. The share of international transportation in the Company's operations increased to 42.8% of total transportation from 38.0% in the first quarter of the previous year.
Transportation of containers by TransContainer's fleet in 1Q 2011 (ISO Loaded + Empty), 000' TEU
1Q2010 | 1Q2011 | Change | 1Q2011 | |||
000' TEU | % | Structure, % | ||||
Domestic Routes | 157.2 | 179.1 | 21.9 | 13.9% | 57.2% | |
International Routes | 96.3 | 134.2 | 37.8 | 39.3% | 42.8% | |
incl. Export | 58.6 | 77.2 | 18.6 | 31.7% | 24.6% | |
Import | 31.5 | 51.5 | 20.0 | 63.6% | 16.5% | |
Transit | 6.2 | 5.5 | -0.8 | -12.1% | 1.8% | |
All Routes | 253.5 | 313.2 | 59.7 | 23.5% | 100.0% | |
The increase in the Company's transportation volumes was largely driven by growth in demand for container transportation supported by an improvement in both the Company's railcar fleet turnover and its fleet capacity use.
The Company's estimated market share in the first quarter of 2011 remained flat at 52%.
Terminal handling
Throughput of the Company's rail container terminal network for the first quarter of 2011 amounted to 367.5 thousand TEU, an increase of 34.6 thousand TEU, or 10.4%, compared to 332.9 thousand TEU in the first quarter of 2010.
Asset utilisation
The Company's key asset utilisation metrics showed improvement in the first quarter of 2011 from the first quarter of 2010.
1Q2010 | 1Q2011 | Change | Change % | |
Turnover of containers, days | 23.8 | 22.4 | -1.4 | -5.9% |
Turnover of flatcars, days | 15.9 | 13.6 | -2.3 | -14.5% |
Empty run* for containers, % | 40.3% | 36.1% | -4.1 pp | -10.3% |
Empty run* for flatcars, % | 8.6% | 8.9% | +0.3 pp | 3.7% |
* Empty run ratio is calculated as an average empty run in kilometers divided by an average total run in kilometers
The company's flatcar turnover period went down 14.5% year-on-year to 13.6 days while the container turnover period reduced 5.9% year-on-year to 22.4 days.
In the first quarter of 2011 the empty run ratio for containers, a key driver for the Company's transportation costs, decreased to 36.1%, as compared to 40.3% in the first quarter of 2010. At the same time, the empty run ratio for flatcars marginally increased by 0.3 percentage points to 8.9% from 8.6% in the first quarter of the previous year.
For further enquiries:
Andrey Zhemchugov |
Director, Capital Markets and Investor Relations |
Phone: +7 (499) 262 8506 |
E-mail: ir@trcont.ru |
Simon Whitehead |
College Hill, London |
Phone: +44 20 7457 2072 |
Email: simon.whitehead@collegehill.com |