DGAP-News

Far Eastern Shipping Company: Trading update for the three month and nine month periods ended September 30, 2014 - Seite 2

$ million           2Q     3Q     3Q     YoY        9M     9M     YoY

                    2014   2014   2013   Dynamics   2014   2013   Dynamics



Revenue             270.7  331.0  292.0  +13.3%     844.1  849.6  -0.6%

EBITDA 35.4 55.1 53.0 +4.0% 123.3 152.4 -19.1%

EBITDA margin 13.1% 16.6% 18.2% -1.6 pt 14.6% 17.8% -3.2 pt

Capital 17.9 23.6 14.9 +58.2% 59.9 40.1 +49.4%
Expenditures

RUB million       2Q     3Q     3Q     YoY         9M     9M     YoY

                  2014   2014   2013   Dynamics    2014   2013   Dynamics



Revenue           9 462  11 961 9 557  +25.2%      29 908 26 861 +11.3%



EBITDA            1 238  1 994  1 732  +15.1%      4 387  4 818  -8.9%



EBITDA margin     13.1%  16.7%  18.1%  -1.4 pt     14.7%  17.8%  -3.1 pt

Divisional Performance Highlights

Port Division

- Container throughput in 3Q 2014 was up by 10.4% YoY driven mostly by
import-export volumes as a result of continued growth of international
trade between Russia and Asian countries and increasing
containerization level in Russia

- Growth of general cargo volumes by 10.6% YoY driven primarily by an
increase in throughput of ferrous metals and chemicals

- As a result of positive operational performance, revenue in RUB
increased by 5.2% YoY in 3Q 2014. Revenue in USD decreased by 6.2% YoY
due to RUB devaluation

- In 3Q 2014, EBITDA decreased by 4.5% YoY in RUB and by 14.4% YoY in USD
due to RUB devaluation, certain one-offs and increase in operational
expenses. EBITDA in RUB adjusted for one-offs increased by 4.8% YoY
from RUB 905.6m in 3Q 2013 to RUB 949.3m in 3Q2014. EBITDA in USD
adjusted for one-offs decreased by 5.9% YoY from $27.9m to $26.2m

- EBITDA margin decreased by 5.1pt from 58.6% in 3Q 2013 to 53.5% in 3Q
2014. EBITDA margin decreased due to one-offs and growing share of less
marginal export of both bulk cargo and containers

Rail Division

- Rail container transportation was up by 21.4% YoY in 3Q 2014 due to
increased demand for FESCO block train services and fitting platforms
fleet size

- Rail cargo load was up by 2.0% YoY in 3Q 2014 outperforming the Russian
rail market

- In Q3 2014, revenue grew by 4% QoQ in RUB and by 1% QoQ in USD driven
by volume growth in rail container transportation. Revenue in USD
decreased by 29.1% YoY to $40.7m over the same period due to continued
decrease in gondola rates and ruble devaluation.

- In Q3 2014, EBITDA in RUB increased by 11% QoQ and EBITDA in USD
increased by 8% QoQ to $12.1m. In 3Q 2014, EBITDA in USD decreased by