Full-Year 2023 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 2023.

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”).



  • Steady industry performance with continued favourable market pricing.
  • Globaltrans significantly improved its operational efficiency with the Empty Run Ratio for gondola cars declining to its lowest level in more than ten years at 36%.
  • Further strong financial results with Adjusted EBITDA up 6% year on year to RUB 52.3 billion.
  • Total CAPEX adjusted for M&A halved to RUB 10.1 billion reflecting a conservative approach to investment given elevated new rolling stock prices.
  • Strong Free Cash Flow of RUB 25.8 billion and net cash position of RUB 27.4 billion.
  • Successful completion of the re-domiciliation to the Abu Dhabi Global Market (“ADGM”) effective 26 February 2024 achieved within a tight schedule of about six months.
  • Dividend payments are in focus but remain suspended due to certain technical issues, which are being addressed. Following the successful re-domiciliation to ADGM, the Company’s priority is on putting in place a fully operational financial framework for the Group in Abu Dhabi.


Commenting on Globaltrans’ FY2023 results, CEO Valery Shpakov said:

“It is a testament to the adaptability of our operational model that we again delivered market-leading efficiency in a volatile industry environment. Even as logistics patterns changed and rail network constraints surfaced, we achieved our best Empty Run Ratio for gondola cars in over a decade.

We again delivered a strong financial performance with our disciplined approach to cost management enabling us to keep our Adjusted EBITDA Margin stable despite inflationary pressures. We took the conservative decision to substantially cut our fleet expansion in the face of elevated prices for new railcars which led to particularly strong Free Cash Flow and a solid net cash position by year end. We are therefore well positioned to make opportunistic investments again when the time is right.

The important re-domiciliation of the holding company to the Abu Dhabi Global Market has been recently completed and we are now focused on putting in place the financial framework needed to operate in this new jurisdiction.

Our expertise, flexibility and experience ensure we have a strong competitive position and are well-placed to deliver on our strategy. I remain confident in our ability to make further progress as we move ahead.”



Further strong financial results with robust Free Cash Flow, stable Adjusted EBITDA Margin and solid net cash position

  • Revenue rose 11% year on year to RUB 104.7 billion with Adjusted Revenue (a key component) increasing 7% year on year to RUB 87.4 billion in 2023 largely reflecting robust average pricing.
  • Adjusted EBITDA increased 6% year on year to RUB 52.3 billion with the Adjusted EBITDA Margin remaining stable year on year at 60% despite ongoing cost pressures.
  • Total CAPEX adjusted for M&A was RUB 10.1 billion (2022: RUB 20.2 billion) on the back of a conservative approach to investment given elevated new rolling stock prices.
  • Strong Free Cash Flow of RUB 25.8 billion (2022: RUB 14.8 billion).
  • Profit for the year rose to RUB 38.6 billion (2022: RUB 24.9 billion) largely reflecting the Group’s strong performance, a profit on the sale of the Group’s shareholding in its leasing subsidiary Spacecom[1] and a year-on-year rise in net foreign exchange transaction gains on financing activities in 2023 along with the sizable impairment of rolling stock in the year-earlier period.
  • Net cash position was RUB 27.4 billion with Net Debt to Adjusted EBITDA at (0.5)x.



Strong operational efficiency, robust average pricing, all Service Contracts remain intact

  • Empty Run Ratio for gondola cars significantly improved to its lowest level in more than ten years at 36% (2022: 41%). Total Empty Run Ratio (for all types of rolling stock) decreased to 45% (2022: 50%).
  • Freight Rail Turnover (including Engaged Fleet) declined 2% year on year reflecting volatility in logistics and continued rail network infrastructure constraints[2].
  • Average Price per Trip increased 10% year on year on the back of continued favourable market pricing conditions in both bulk and liquids segments, while the Average Number of Loaded Trips per Railcar declined 5% year on year.
  • The Group maintained its focus on client retention with all Service Contracts[3] due for renewal extended. Service Contracts contributed 61% of the Group’s Net Revenue from Operation of Rolling Stock in 2023.
  • Specialisation was enhanced across subsidiaries with liquid cargo and locomotive expertise consolidated within BaltTransServis enabling currently leased-out railcars to be gradually switched into operation. New Forwarding Company is fully focused on the bulk cargo segment.


Relatively stable industry performance, continued favourable market pricing

  • Overall industry freight rail turnover and transportation volumes were broadly unchanged year on year in 2023 with a stronger first-half performance followed by a weaker second half.
  • Demand remained relatively solid with continued infrastructure constraints impacting the rail network efficiency.
  • Almost all key market segments experienced moderately weaker volumes year on year.
  • Favourable market pricing sustained in both bulk and liquids segments.
  • Producer prices of new railcars reached historically high levels.



Re-domiciliation to the Abu Dhabi Global Market (“ADGM”) successfully completed

  • Re-domiciliation from Cyprus to the ADGM was completed effective 26 February 2024 within a tight schedule of about six months.
  • The Group’s commitment to international standards of corporate governance and transparency practices are to be maintained.
  • The revised Articles of Association took effect from the date of the re-domiciliation[4].
  • The new Board of Directors including three independent directors was approved by the Extraordinary General Meeting of shareholders on 4 April 2024.
  • Listings on both the London Stock Exchange[5] and Moscow Exchange along with the current depositary programme are to remain in place. Listing of GDRs on any alternative stock exchanges is not being considered at present.
  • Re-domiciliation is expected to unblock the ability to carry out certain intra-group transactions, including the upstreaming of dividends, which were allowed only to a very limited extent prior to the re-domiciliation. It will not, however, directly trigger the restoration of dividend payments to shareholders.
  • It is anticipated that the tax on the upstreaming of dividends to ADGM will be 15%, the same level as for Cyprus following the recent tax increase from 5% to 15% on dividends to Cypriot public companies[6].
  • The Company’s shares will be dematerialised, which means there will be no paper share certificates but instead they will be maintained electronically in line with ADGM regulations.
  • No actions are required from the Company’s shareholders in relation to the re-domiciliation.


Mixed industry environment in the beginning of 2024

  • Industry continues to face challenges due to fluctuating demand, logistics changes and rail network constraints.
  • Extreme weather conditions and rail network constraints impacted industry performance in Q1 2024 with overall industry freight rail turnover down 7.2% year on year[7].
  • Favourable market pricing prevailed in both key segments in Q1 2024 but with the potential for volatility going forward.
  • Cost pressures continue.


Globaltrans continues to target the acquisition and leasing of railcars subject to industry conditions and fleet requirements

  • The Group intends to take an opportunistic approach to the purchase and lease of railcars in the near term as the retirement of owned fleet is expected to be insignificant during 2024.
  • Between 2025 - 2029 the Group expects its owned fleet retirements to average about 3,500 units per year.



The disclosure materials along with the selection of historical operational and financial information are available on Globaltrans’ corporate website (www.globaltrans.com).

•    FY2023 Results Announcement (full version)
•    FY2023 Results Presentation
•    Consolidated Management report and consolidated financial statements for the year ended 31 December 2023
•    Selected operational information for the year ended 31 December 2023



The release of the Group’s financial and operational results will be accompanied by an analyst and investor event.

Date: Monday, 8 April 2024

Time: 13:00 London / 15:00 Moscow / 16:00 Abu Dhabi / 08:00 New York

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

Webcast: https://us06web.zoom.us/webinar/register/WN_OYQf9pu4SSWuQISuTn7K_Q#/registration

Q&A Session: Please note that this will be a listen-only session. Should you have any questions, please submit them by 11:30 Moscow time on 8 April 2024 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 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

+971 50 886 7452



For media

Anna Vostrukhova

+971 50 886 7452



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 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.

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.

Globaltrans Global Depositary Receipts (GDRs) have been listed on the Main Market of the London Stock Exchange (ticker symbol: GLTR) since May 2008[8] 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 and serves a broad range of clients in the CIS countries.

Globaltrans has a total fleet (including owned and leased in under finance and operating leases) of about 66 thousand units as of the end of 2023, of which about 94% are owned by the Company.

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 February 2023 Globaltrans completed the restructuring of its liquid cargo segment with the intra-group acquisition of 5,800 railcars by BaltTransServis from Spacecom (including Spacecom Trans), a 65.25% owned leasing subsidiary of Globaltrans and the subsequent disposal of Globaltrans’ shareholding in Spacecom (including 680 units) to its minority shareholder.

[2] The Group’s Freight Rail Turnover declined 4% year on year excluding Engaged Fleet.

[3] As of the end of 2023 Globaltrans had six Service Contracts.

[4] The revised Articles of Association was approved by shareholders at the Extraordinary General Meeting (“EGM”) held on 16 August 2023 and is available at www.globaltrans.com.

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

[6] The withholding tax on upstreaming dividends from Russia to Cyprus increased from 5% to 15% for public companies which meet certain criteria as Russia suspended the double taxation treaty with Cyprus in August 2023.

[7] Overall industry freight rail transportation volumes declined 3.1% year on year in Q1 2024.

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