Full-Year 2022 Results

Globaltrans Investment PLC (the “Company” and together with its consolidated subsidiaries “Globaltrans” or the “Group”), (LSE/MOEX ticker: GLTR) today announces its financial and operational results for the year ended 31 December 2022.

In this announcement, the Group has used certain measures not recognised by International Financial Reporting Standards (“IFRS”) or EU IFRS (referred to as “non-IFRS measures”) as supplemental measures of the Group’s operating performance. The management believes that these non-IFRS measures provide valuable information to readers, because they enable them to focus more directly on the underlying day-to-day performance of the Group’s business. However, these non-IFRS measures have limitations as analytical tools, and you should not consider them in isolation or place undue reliance on them. Similarly titled measures are used by other companies for a variety of purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing these measures as reported by us to the same or similar measures as reported by other companies. The Company also reports certain operational information to illustrate the changes in the Group’s operational and financial performance during the reporting periods. Certain financial information which is derived from the management accounts is marked in this announcement with an asterisk {*}. Information (non-IFRS financial and operating measures) requiring additional explanation or defining is marked with initial capital letters and the explanations or definitions are provided at the end of this announcement. Reconciliations of the non-IFRS measures to the closest EU IFRS measures are included in the body of this announcement. The presentational currency of the Group’s financial results is the Russian rouble (“RUB”).


  • Unprecedented environment kept market volumes under pressure. The transformation of logistics with an increased proportion of longer-distance routes supported overall Russian freight rail turnover which was broadly flat year on year in 2022.
  • Gondola market pricing recovered from the depressed levels of H1 2021 before declining in late H1 2022 with some stabilisation by the year end. Market pricing was robust in the tanker segment.
  • Globaltrans improved its operational efficiency with Service Contracts remaining intact.
  • Strong financial results were delivered with growth achieved across all key metrics.
  • Robust financial profile maintained with further deleveraging.
  • 6x rise in expansion CAPEX and acquisition expenditure with selective investments in new gondolas and rail tanks along with the acquisition of the remaining 40% of BaltTransServis (“BTS”)[1].
  • Consolidation of rail tank operating and leasing capabilities in BTS to increase flexibility and streamline operations[2].
  • Dividends remain suspended. Ongoing analysis of options to address limitations of corporate structure and listing constraints.

Commenting on Globaltrans’ FY2022 results, CEO Valery Shpakov said:

“In difficult markets we have demonstrated our resilience as a business. We have again delivered strong results and improved operational efficiency in 2022 by providing first-class services underpinned by strong logistical expertise and excellent cost control. Against this backdrop, we have invested significantly into the growth of the business, increasing our Total CAPEX adjusted for M&A to over RUB 20 billion.

Our markets remain challenging. Nevertheless, Globaltrans enjoys a leading competitive position in its sector, supported by our outstanding logistics competences, strong service culture as well as a solid client base. Our experienced team continues to pursue a clearly defined strategy which has proven its effectiveness.”


Strong financial performance, robust Free Cash Flow and further deleveraging with dividends remaining on hold

  • Revenue rose to RUB 94.5 billion with Adjusted Revenue (a key component) increasing to RUB 81.6 billion (+40% year on year) in 2022 reflecting the recovery in both the gondola and tank car segments’ revenue streams largely supported by a recovery in gondola market pricing in H1 2022 from the depressed levels of H1 2021. A subsequent decline in gondola market pricing over the second half of 2022 drove a 9% decrease in Adjusted Revenue in H2 2022 compared to H1 2022.
  • Adjusted EBITDA of RUB 49.2 billion in 2022 (+69% year on year), although H2 2022 Adjusted EBITDA declined 18% compared to H1 2022.
  • Expansion CAPEX and acquisition expenditure (including selective investments in new gondolas and rail tanks along with the acquisition of the remaining 40% of BTS) rose 6x driving the growth in Total CAPEX adjusted for M&A to RUB 20.2 billion* in 2022.
  • Robust Free Cash Flow of RUB 14.8 billion in 2022 (-8% year on year).
  • Profit for the year increased to RUB 24.9 billion (+65% year on year).
  • Net Debt reduced to RUB 4.6 billion at the end of 2022. Further deleveraging with Net Debt to Adjusted EBITDA at 0.1x compared to 0.6x at the end of 2021.
  • All the Group’s debt had fixed interest rates and was denominated in RUB, the functional currency of the Group.
  • Dividend payments continue to be suspended due to the technical limitations regarding upstreaming cash to the holding company incorporated in Cyprus.


Operational efficiency significantly improved, service contracts performed well, average pricing was robust

  • Globaltrans successfully adjusted its logistics with the Empty Run Ratio for gondola cars improving to 41% (2021: 44%). Total Empty Run Ratio (for all types of rolling stock) improved to 50% (2021: 51%).
  • The Group’s Freight Rail Turnover declined 8% year on year in 2022 reflecting logistics readjustments and volatility in demand in the gondola segment along with the decline in the average gondola fleet in operation. In the tank segment, Freight Rail Turnover rose 7% year on year supported primarily by changes in logistics with more longer-distance routes.
  • Robust average pricing despite volatile gondola pricing where a strong first half was followed by a decline in the second half of 2022. Rail tank rates remained solid.
  • The Group maintained its focus on Service Contracts[3] and client retention. Service Contracts remain intact contributing about 59% of the Group’s Net Revenue from Operation of Rolling Stock in 2022.


Logistics transformation supporting demand for railcars even as market volumes remain under pressure

  • Following a robust Q1 2022, overall Russia’s freight rail turnover and volumes started to deteriorate, largely reflecting a weakening bulk cargo segment.
  • Overall Russia’s freight volumes (measured in tonnes) fell 3.7% year on year in 2022. The transformation of logistics with an increased proportion of longer-distance routes supported overall Russia’s freight rail turnover (measured in tonnes-km) which was broadly flat (-0.1% year on year).

Non-oil (bulk) cargo volumes under pressure from Q2 2022

  • Overall non-oil (bulk) cargo volumes decreased 4.3% year on year in 2022 which was largely driven by the deterioration in volumes for coal (-5.0% year on year) and metallurgical cargoes (-5.7% year on year). Volumes in the construction segment remained robust (+3.8% year on year)[4].
  • Gondola market rates recovered from the depressed levels of H1 2021 but have deteriorated since late Q2 2022 with some stabilisation by the year end.

Demand in oil products and oil segment stabilised

  • Overall Russia’s oil products and oil volumes slipped 0.6% year on year in 2022.
  • Market pricing conditions in the oil products and oil segment remained robust.

Market continues to adapt to the challenging environment in 2023

  • In the January-February 2023 period, overall industry freight rail turnover increased 3.5% year on year with volumes down 2.4% over the same period. Visibility remains low.
  • Robust market pricing prevails in both gondola and tanker segments but with the potential for volatility going forward.
  • Intensified cost inflation with regulated RZD tariffs for the traction of empty railcars up about 18.6% during 2022[5] and by an additional 10% from the beginning of 2023.



The release of the Group’s financial and operational results will be accompanied by an analyst and investor conference call hosted by Valery Shpakov, CEO, and Alexander Shenets, CFO.

Date: Monday, 27 March 2023

Time: 13:00 London / 15:00 Moscow / 08:00 New York


Event language: There will be a simultaneous translation of the webcast with both English and Russian available.

Q&A Session: Please note that this will be a listen-only session. Should you have any questions, please submit them by 9:30 London / 11:30 Moscow / 05:00 New York on 27 March 2023 to irteam@globaltrans.com

Replay: A replay of the webcast will be available on the Globaltrans website (www.globaltrans.com) shortly after the end of the live event.


The results announcement will be followed by a virtual non-deal roadshow. If you are interested in talking to the Company, please contact the IR Team; details are below.


For investors
Mikhail Perestyuk / Daria Plotnikova
+357 25 328 860

For Russian media
Anna Vostrukhova
+357 25 328 863

For international media
Laura Gilbert, Lightship Consulting
+44 7799 413351


Globaltrans Investment PLC (“Company” and together with its consolidated subsidiaries “Globaltrans” or the “Group”) is a leading freight rail transportation group with subsidiary operations across Russia and the CIS countries.

The Company was founded in 2004 by a group of entrepreneurs who combined their freight rail businesses under the single brand Globaltrans. These founders remain key shareholders of the Group.

Throughout its years of operation, the Company has pursued a prudent approach to investment, expanding its fleet both by means of organic growth and through the acquisition of other rail operators. Globaltrans’ total fleet is currently almost three times larger than it was at the time of the Company’s IPO in 2008.

The Group’s dividend policy establishes a transparent and straightforward approach to the payment of dividends and is supported by a long history of delivering attractive shareholder remuneration.

Globaltrans global depositary receipts (GDRs) have been listed on the Main Market of the London Stock Exchange (ticker symbol: GLTR) since May 2008[6] and on the Level One quotation list of the Moscow Exchange since October 2020 (ticker symbol: GLTR).

Due to its vast logistics capabilities, the Group is able to efficiently manage industrial cargo flows, transporting metallurgical cargoes, oil products and oil, coal and construction materials. The Group serves a broad range of clients in Russia and the CIS countries.

Globaltrans has a total fleet (including owned and leased in under finance and operating leases) of more than 66 thousand units as of the end of 2022, of which about 94% are owned by the Company. The core of the fleet is universal gondola cars used for a broad range of bulk cargoes (69% of total fleet) and tank cars for transporting oil products and oil (28% of total fleet). Globaltrans also manages its own fleet of mainline locomotives with 71 units that mostly provide traction for its block trains.

The Group’s logistics management principally aims to provide reliable services, responding promptly and flexibly to customer needs, while achieving a good level of profitability for the business. The main component of the Group’s centralised logistics system is its single dispatching centre that monitors every aspect of Globaltrans’ fleet operation. By effectively managing shipments and routes, Globaltrans ensures high utilisation of its fleet and achieves maximum productivity and quality of service.

Additional information on Globaltrans is available at www.globaltrans.com.


This announcement may contain 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”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, Globaltrans’ results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that Globaltrans’ actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which Globaltrans operates may differ materially from those described in or suggested by the forward-looking statements contained in this announcement. In addition, even if Globaltrans’ results of operations, financial condition, liquidity, prospects, growth strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update this announcement or reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause actual results to differ materially from those contained in forward-looking statements of Globaltrans, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, market changes in the Russian freight rail market, as well as many of the risks specifically related to Globaltrans and its operations. No reliance may be placed for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness.


[1] In March 2022 Globaltrans completed the acquisition of the outstanding 40% shareholding in BTS bringing its shareholding to 100% for RUB 9.1 bln in cash (RUB 0.3 bln was prepaid in 2021 and RUB 8.8 bln was paid in 2022). BTS is one of the leading Russian freight rail operators of tank cars, with a strong market position, long-term service contracts and unique competencies in operating its own locomotives; total fleet of 13.1k units as of the end of 2021.

[2] In February 2023 Globaltrans completed the restructuring of its rail tank segment with the intragroup acquisition of 5.8k tanks by BTS from Spacecom (incl. Spacecom Trans), a 65.25% owned leasing subsidiary of Globaltrans, and the subsequent sale of Globaltrans’ shareholding in Spacecom (including 680 units) to its minority shareholder. The cash outflow at the Group level related to the above transactions amounted to EUR 65 million.

[3]Service Contracts represent contracts with an initial term greater than one-year that stipulates an obligation to transport a specified amount of cargoes for the client. As of the end of 2022 Globaltrans had six service contracts.

[4]Coal including coke; metallurgical cargoes including ferrous metals, scrap metal and ores; construction materials including cement.

[5]Regulated RZD tariffs for the traction of empty railcars rose 6.8% from 1 January 2022 and by a further 11% from 1 June 2022.

[6]Imposed suspension of GDRs trading on the London Stock Exchange continued as of the date of publication.