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Globaltrans Investment (GLTR) investor relations material

Globaltrans Investment H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary15 Mar, 2025

Executive summary

  • Faced a challenging year with industry freight rail turnover and volumes down 4.3% and 4.2% year-over-year in 2024, driven by operational challenges and oversupply of railcars.

  • Gondola segment, representing 68% of the fleet, saw intensified competition and shrinking cargo base, with bulk volumes down 6.9% year-over-year.

  • Regulatory risks, including potential shortening of gondola car useful life, could lead to significant fleet retirements and increased costs.

  • Completed major corporate actions: GDR tender offers, delistings from MOEX, SPBE, LSE, re-domiciliation to Abu Dhabi, and dividend policy termination.

Financial highlights

  • Revenue rose to RUB 108.7bn in 2024 from RUB 104.7bn in 2023; gross profit increased to RUB 50.7bn from RUB 46.8bn year-over-year.

  • Adjusted EBITDA grew 3% to RUB 53.9bn; Adjusted Revenue up 6% to RUB 92.7bn.

  • Net income attributable to owners reached RUB 39.4bn, up from RUB 38.6bn year-over-year.

  • Free Cash Flow fell 51% to RUB 10.1bn, mainly due to higher CAPEX and GDR acquisition expenses.

  • Net cash position deteriorated to RUB -38.4bn from RUB -27.4bn at year-end.

Outlook and guidance

  • Expects continued operational challenges and oversupply in the railcar market, with further declines in industry volumes in early 2025.

  • Anticipates substantial fleet retirements (c.3.5k units/year) and c.RUB 100bn investment needed for replacements over 2025–2029.

  • Regulatory changes could accelerate retirements and increase capital requirements.

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Frequently asked questions

Globaltrans Investment PLC is a Cyprus-based company engaged in the freight rail transportation business. The company provides logistics solutions primarily for the transportation of bulk commodities such as coal, oil products, metals, and construction materials. It operates a fleet of railcars and locomotives, offering services to industrial customers across various sectors, including energy, steel, and construction. The company is headquartered in Limassol, Cyprus, and its shares are listed on the London Stock Exchange.

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