Globaltrans Investment : Selected operational information for the six months ended 30 June 2020

GLTR H1 2020

Selected operational information for the six months ended 30 June 2020
Terms that require definitions are marked with capital letters and their definitions are provided below in alphabetical order.
Fleet (incl. rolling stock and specialised containers)
6/30/20	6/30/19	Change	Change, %	12/31/19
Owned Fleet
Gondola cars	45,503	45,216	287	1%	45,516
Tank cars	17,707	17,834	-127	-1%	17,767
Locomotives	75	73	2	3%	75
Flat cars	1,655	939	716	76%	1,407
Other railcars (incl. hopper cars, etc)	90	90	0	0%	90
Specialised containers (incl. petrochemical and other)	2,814	2,152	662	31%	2,814
Total	67,844	66,304	1,540	2%	67,669
Owned Fleet as % of Total Fleet	94%	95%	-	-	96%
Leased-in Fleet
Gondola cars	164	104	60	58%	104
Tank cars	3,350	2,765	585	21%	1,969
Flat cars	403	488	-85	-17%	466
Other railcars (incl. hopper cars, etc)	80	96	-16	-17%	132
Specialised containers (incl. petrochemical and other)	520	380	140	37%	380
Total	4,517	3,833	684	18%	3,051
Leased-in Fleet as % of Total Fleet	6%	5%	-	-	4%
Total Fleet (Owned Fleet and Leased-in Fleet)
Gondola cars	45,667	45,320	347	1%	45,620
Tank cars	21,057	20,599	458	2%	19,736
Locomotives	75	73	2	3%	75
Flat cars	2,058	1,427	631	44%	1,873
Other railcars (incl. hopper cars, etc)	170	186	-16	-9%	222
Specialised containers (incl. petrochemical and other)	3,334	2,532	802	32%	3,194
Total	72,361	70,137	2,224	3%	70,720
Total Fleet by type, %
Gondola cars	63%	65%	-	-	65%
Tank cars	29%	29%	-	-	28%
Locomotives	0.1%	0.1%	-	-	0.1%
Flat cars	3%	2%	-	-	3%
Other railcars (incl. hopper cars, etc)	0.2%	0.3%	-	-	0.3%
Specialised containers (incl. petrochemical and other)	5%	4%	-	-	5%
Total	100%	100%	-	-	100%
Average age of Owned Fleet
Gondola cars	11.4	10.4	-	-	10.9
Tank cars	15.5	14.4	-	-	14.9
Locomotives	12.7	15.1	-	-	12.2
Flat cars	3.6	8.2	-	-	5.1
Other railcars (incl. hopper cars, etc)	12.9	11.9	-	-	12.4
Specialised containers (incl. petrochemical and other)	2.4	1.8	-	-	1.9
Total	11.9	11.2	-	-	11.5
Operation of rolling stock (excl. Engaged Fleet)*
H1 2020	H1 2019	Change	Change, %	2019
Freight Rail Turnover, billion tonnes-km
Metallurgical cargoes	33.9	34.4	-0.5	-1%	73.1
Ferrous metals	14.5	14.3	0.1	1%	28.0
Scrap metal	1.3	1.6	-0.4	-23%	3.3
Iron ore	18.2	18.4	-0.2	-1%	41.8
Oil products and oil	9.5	10.8	-1.3	-12%	22.0
Coal (incl. coke)	19.8	16.0	3.9	24%	33.8
Construction materials	5.3	3.4	1.9	57%	6.3
Crushed stone	4.4	2.8	1.7	61%	5.3
Cement	0.2	0.1	0.1	132%	0.2
Other construction materials	0.7	0.5	0.1	25%	0.9
Other	5.5	6.0	-0.5	-9%	11.8
Total	74.0	70.5	3.5	5%	147.1
Freight Rail Turnover by cargo type, %
Metallurgical cargoes (incl. ferrous metal, scrap metal and iron ore)	46%	49%	-	-	50%
Oil products and oil	13%	15%	-	-	15%
Coal (incl. coke)	27%	23%	-	-	23%
Construction materials (incl. cement)	7%	5%	-	-	4%
Other	7%	8%	-	-	8%
Total	100%	100%	-	-	100%
Transportation Volume, million tones
Metallurgical cargoes	19.3	22.1	-2.8	-13%	43.9
Ferrous metals	6.9	7.9	-1.0	-13%	14.9
Scrap metal	1.3	1.4	-0.1	-7%	2.9
Iron ore	11.1	12.8	-1.7	-13%	26.0
Oil products and oil	9.1	10.5	-1.4	-13%	21.9
Coal (incl. coke)	6.9	5.5	1.4	26%	11.4
Construction materials	5.6	3.8	1.8	48%	7.1
Crushed stone	5.0	3.3	1.7	49%	6.3
Cement	0.1	0.1	0.1	112%	0.1
Other construction materials	0.5	0.4	0.1	27%	0.6
Other	3.3	3.8	-0.6	-15%	7.3
Total	44.2	45.7	-1.5	-3%	91.6
Average Rolling Stock Operated, units
Gondola cars	43,817	43,198	619	1%	43,486
Rail tank cars	13,642	13,160	481	4%	12,968
Locomotives	53	48	5	11%	51
Other railcars	238	374	-136	-36%	340
Total	57,750	56,780	970	2%	56,845
Average Number of Loaded Trips per Railcar
Gondola cars	11.9	12.0	-0.2	-1%	23.6
Rail tank cars	11.0	13.2	-2.1	-16%	27.8
Other railcars	39.5	41.3	-1.8	-4%	87.0
Total	11.8	12.5	-0.7	-6%	25.0
Average Distance of Loaded Trip, km
Gondola cars	1,874	1,736	138	8%	1,834
Rail tank cars	1,039	1,009	29	3%	993
Other railcars	283	528	-245	-46%	502
Total	1,666	1,531	136	9%	1,591
Average Price per Trip, RUB	39,340	45,951	-6,611	-14%	45,807
Net Revenue from Operation of Rolling Stock by cargo type, Rub million
Metallurgical cargoes	9,619	13,587	-3,968	-29%	26,467
Ferrous metals	4,737	5,803	-1,065	-18%	11,141
Scrap metal	667	919	-251	-27%	1,901
Iron ore	4,214	6,865	-2,651	-39%	13,425
Oil products and oil	9,722	9,856	-134	-1%	21,009
Coal (incl. coke)	4,469	4,622	-153	-3%	9,380
Construction materials (incl. cement)	1,187	1,776	-589	-33%	3,105
Other	1,739	2,682	-943	-35%	5,034
Total	26,735	32,523	-5,788	-18%	64,994
Net Revenue from Operation of Rolling Stock by cargo type, %
Metallurgical cargoes (incl. ferrous metal, scrap metal and iron ore)	36%	42%	-	-	41%
Oil products and oil	36%	30%	-	-	32%
Coal (incl. coke)	17%	14%	-	-	14%
Construction materials (incl. cement)	4%	5%	-	-	5%
Other	7%	8%	-	-	8%
Total	100%	100%	-	-	100%
Net Revenue from Operation of Rolling Stock by largest clients (incl. their affiliates and suppliers), %
Rosneft	25%	21%	-	-	23%
Metalloinvest	16%	21%	-	-	21%
MMK	12%	13%	-	-	12%
Gazprom Neft	6%	4%	-	-	5%
TMK	4%	3%	-	-	3%
UGMK-Trans	3%	2%	-	-	2%
Evraz	3%	2%	-	-	2%
TAIF	2%	4%	-	-	3%
SDS-Ugol	1%	0.4%	-	-	0.5%
ChelPipe	1%	1%	-	-	1%
Other (incl. small and medium enterprises)	27%	28%	-	-	26%
Empty Run Ratio, %
Gondola cars	46%	43%	-	-	42%
Rail tank cars and other railcars	92%	88%	-	-	90%
Total Empty Run Ratio, %	52%	51%	-	-	49%
Empty Run Costs, Rub million	8,012	7,194	817	11%	14,752
Share of Empty Run Kilometres Paid by Globaltrans, %	99%	90%	-	-	89%
Operation of rolling stock (incl. Engaged Fleet)*
H1 2020	H1 2019	Change	Change, %	2019
Freight Rail Turnover, billion tonnes-km
Metallurgical cargoes	37.8	39.4	-1.6	-4%	85.2
Ferrous metals	15.8	15.0	0.8	5%	30.7
Scrap metal	1.3	1.6	-0.3	-18%	3.4
Iron ore	20.7	22.7	-2.1	-9%	51.2
Oil products and oil	9.5	10.8	-1.3	-12%	22.2
Coal (incl. coke)	21.2	16.5	4.7	29%	35.9
Construction materials	5.3	3.4	2.0	59%	6.4
Crushed stone	4.5	2.8	1.7	63%	5.3
Cement	0.2	0.1	0.1	132%	0.2
Other construction materials	0.7	0.5	0.1	25%	0.9
Other	5.5	6.0	-0.5	-8%	11.9
Total	79.3	76.1	3.3	4%	161.5
Transportation Volume, million tones
Metallurgical cargoes	21.4	24.8	-3.4	-14%	50.3
Ferrous metals	7.6	8.3	-0.7	-9%	16.5
Scrap metal	1.4	1.4	-0.1	-4%	3.0
Iron ore	12.4	15.1	-2.6	-18%	30.8
Oil products and oil	9.1	10.5	-1.4	-13%	22.1
Coal (incl. coke)	7.7	5.7	2.0	35%	12.3
Construction materials	5.6	3.8	1.9	49%	7.1
Crushed stone	5.1	3.4	1.7	51%	6.4
Cement	0.1	0.1	0.1	112%	0.1
Other construction materials	0.5	0.4	0.1	27%	0.6
Other	3.3	4.0	-0.6	-16%	7.5
Total	47.1	48.7	-1.6	-3%	99.4
Specialised container segment
H1 2020	H1 2019	Change	Change, %	2019
Net Revenue from Specialised Container Segment, RUB million	994	740	253.6	34%	1,623
Engaged Fleet
H1 2020	H1 2019	Change	Change, %	2019
Net Revenue from Engaged Fleet, RUB million	82	82	-0	-0%	202
Operating leasing of rolling stock*
6/30/20	6/30/19	Change	Change, %	12/31/19
Leased-out Fleet
Gondola cars	56	168	-112	-67%	152
Tank cars	6,542	7,098	-556	-8%	6,568
Locomotives	0	0	0	0%	0
Other railcars (incl. flat, hopper cars, etc)	292	94	198	211%	122
Total	6,890	7,360	-470	-6%	6,842
Leased-out Fleet as % of Total Fleet	10%	10%	-	-	10%
Employees
6/30/20	6/30/19	Change	Change, %	12/31/19
Total	1,704	1,597	107	7%	1,640
Definitions (in alphabetical order)

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*Excluding operational and financial information of the specialised container transportation business. Average Distance of Loaded Trip is calculated as the sum of the distances of all loaded trips for a period divided by the number of loaded trips for the same period. Average Number of Loaded Trips per Railcar is calculated as total number of loaded trips in the relevant period divided by Average Rolling Stock Operated. Average Price per Trip is calculated as Net Revenue from Operation of Rolling Stock divided by the total number of loaded trips during the relevant period in the respective currency. Average Rolling Stock Operated is calculated as the average weighted (by days) number of rolling stock available for operator services (not including rolling stock in maintenance, purchased rolling stock in transition to its first place of commercial utilisation, rolling stock leased out, Engaged Fleet, flat cars and containers used in specialised container transportation). Empty Run or Empty Runs means the movement of railcars without cargo for the whole or a substantial part of the journey. Empty Run Costs (a non-GAAP financial measure meaning costs payable to RZD for forwarding empty railcars) is derived from management accounts and presented as part of the "Infrastructure and locomotive tariffs: empty run trips and other tariffs" component of "Cost of sales" reported under EU IFRS. Empty Run Costs do not include costs of relocation of rolling stock to and from maintenance, purchased rolling stock in transition to its first place of commercial utilisation, rolling stock leased in or leased out, Engaged Fleet, flat cars and containers used in specialised container transportation. Empty Run Ratio is calculated as the total of empty trips in kilometres by respective rolling stock type divided by total loaded trips in kilometres of such rolling stock type. Empty trips are only applicable to rolling stock operated (not including rolling stock in maintenance, purchased rolling stock in transition to its first place of commercial utilisation, rolling stock leased out, Engaged Fleet, flat cars and containers used in the specialised container transportation). Engaged Fleet is defined as rolling stock subcontracted or otherwise engaged from a third-party rail operator for a loaded trip from the point of origination to the cargo's destination, at which point the railcar is then released to such third-party. Freight Rail Turnover is a measure of freight carriage activity over a particular period calculated as the sum of tonnage of each loaded trip multiplied by the distance of each loaded trip, expressed in tonnes-km. It excludes volumes transported by Engaged Fleet (unless otherwise stated) and the performance of the specialised container transportation business. Leased-in Fleet is defined as fleet leased in under operating leases, including railcars, locomotives and specialised containers. Leased-out Fleet is defined as fleet leased out to third parties under operating leases (excluding flat cars and containers used in specialised container transportation). Net Revenue from Engaged Fleet (a non-GAAP financial measure, derived from management accounts) represents the net sum of the price charged for transportation to clients by the Group utilising Engaged Fleet less the loaded railway tariffs charged by RZD (included in the EU IFRS line item "Infrastructure and locomotive tariffs: loaded trips") less the cost of attracting fleet from third-party operators (included in the EU IFRS line item "Services provided by other transportation organisations"). Net Revenue from Operation of Rolling Stock is a non-GAAP financial measure, derived from management accounts, describing the net revenue generated from freight rail transportation services which is adjusted for respective "pass through" loaded railway tariffs charged by RZD (included in the EU IFRS line item "Infrastructure and locomotive tariffs: loaded trips"). Net Revenue from Specialised Container Transportation is a non-GAAP financial measure, derived from management accounts, that represents the revenue generated from the specialised container operations (included in the EU IFRS line item: "Revenue from specialised container transportation") less the respective "pass through" loaded railway tariffs charged by RZD (included in the EU IFRS line item "Infrastructure and locomotive tariffs: loaded trips"). Owned Fleet is defined as the fleet owned and leased in under finance lease as at the end of the reporting period. It includes railcars, locomotives and specialised containers, unless otherwise stated, and excludes Engaged Fleet. Share of Empty Run Kilometres paid by Globaltrans is defined as the percentage of empty run kilometres paid by Globaltrans divided by the total amount of empty run kilometres incurred by the fleet operated by Globaltrans (not including relocation of rolling stock to and from maintenance, purchased rolling stock in transition to its first place of commercial utilisation, and rolling stock leased-out, Engaged Fleet, flat cars and containers used in specialised container transportation) in the relevant period. Total Empty Run Ratio is calculated as total kilometres travelled empty divided by the total kilometres travelled loaded by the rolling stock fleet operated by Globaltrans (not including the relocation of rolling stock to and from maintenance, purchased rolling stock in transition to its first place of commercial utilisation, or rolling stock leased out, Engaged Fleet, flat cars and containers used in specialised container transportation) in the relevant period. Total Fleet is defined as the fleet owned and leased in under finance and operating leases as at the end of reporting period. It includes railcars, locomotives and specialised containers, unless otherwise stated, and excludes Engaged Fleet. Transportation Volume is a measure of freight carriage activity over a particular period, measuring weight of cargo carried in million tonnes. It excludes volumes transported by Engaged Fleet (unless otherwise stated) and the performance of the specialised container transportation business.