Investor Presentaiton
Strong and Resilient Financial Track Record
Strong revenue growth[1]...
(RUB bn)
... limited pressure on EBITDA ...
(RUB mn)
G-Globaltruck
CAGR 15.3%
6,177
6,638
4,991
553
668
703
+15.6%
21.9%
20.2%
19.2%
18.7%
15.3%
1,362
1,277
5,624
5,970
3,109
259
3,593
343
1,024
4,288
581
549
2,849
3,251
2015
2016
2017
1H 2017
Freight Forwarding & Other
1H 2018
2015
2016
Adj. EBITDA
2017
1H 2017
--Adj. EBITDA margin, %
1H 2018
■Transportation
. and decreasing cost of debt
(RUB mn)
9.6%
3.6
11.0%
2.3
[1]
3,731
3,090
9.9%
9.6%
2.6
1.012]
3,065
1,299
2015
2016
2017
1H 2018
Net Debt
O-Net Debt/EBITDA
%
Average interest rate
Source: IFRS and Management accounts for 2015-1H 2018
Notes: [1] 2016 adjusted EBITDA excludes RUB 35.6 mn gain from the sale of real estate
[2] 2017 adjusted EBITDA excludes RUB 55.7 mn expense on IPO
■
Comparison of 1H 2017 vs. 1H 2018 results
Revenue grew faster than during 2017 and increased by 15.6%
to RUB 3.6bn in 1H 2018, due to the growth of rates and truck
fleet expansion
In 1H 2018 we saw some exceptional cost inflation, which led to
lower EBIDTA margins YoY:
•
Rising oil prices in combination with ruble depreciation led to
dramatic fuel price increase in Russia in 1H 2018
⚫In 2015 and 2016 salary growth was significantly below
inflation due to market downturn and overall labor market
situation, which was partially compensated by the company in
2H 2017 and 1H 2018
■ We do not expect to further increase the truck fleet size in 2019
and will rather focus on CAPEX optimization and deleveraging
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