In 2021, on the back of an extremely volatile operating environment and disruption across global supply chains, we not only enhanced our leading market positions in both basins of presence but also delivered solid growth in Adjusted EBITDA growth and Free Cash Flow.
Ownership Structure, %
Ordinary Voting Shares, %
Consolidated Marine Container throughput, mln TEU
Cars, thousand units
Ro-Ro, thousand units
Delo Group is the leading Russian integrated container logistics playerAccording to Delo Group data. operating marine terminals in all major basins of Russia, a network of inland terminals and a fleet of flatcars and containers.
APM Terminals operate a global terminal network of 22 thousand professionals with 76 operating port facilities. APM Terminals is a part of A.P. MollerMaersk, the world’s largest integrator of container and ports logistics.
Consolidated Marine Bulk throughput, mln tonnes
Like-for-like Adjusted EBITDA Margin, %
Free Cash Flow, USD mln
Key consolidated financial and operational data
Selected IFRS Financial Information, USD million
2021
2020
Change
Change, %
Revenue
502.8
384.4
118.4
30.8%
Cost of sales and administrative, selling and marketing expenses
(303.8)
(225.0)
(78.8)
35.0%
Gross profit
226.0
184.1
41.9
22.8%
Operating profit
197.1
157.4
39.7
25.2%
Net profit / loss
143.9
50.0
93.9
187.8%
Selected operational information
2021
2020
Change
Change, %
Consolidated Marine Container throughput, mln TEU
1.58
1.53
0.0
2.8%
Consolidated Marine Bulk throughput, mln tonnes
4.3
5.1
(0.7)
(14.6%)
Ro-Ro, thousand units
25.2
20.3
4.9
24.4%
Cars, thousand units
104.9
82.0
22.8
27.8%
Balance sheet and cash statement, USD million
2021
2020
Change
Change, %
Total assets
1,443.5
1,327.2
116.3
8.8%
Cash and cash equivalents
296.7
207.0
89.7
43.3%
Net cash from operating activities
226.0
190.9
35.1
18.4%
Selected non-IFRS financial information, USD million
2021
2020
Change
Change, %
Like-for-like RevenueLike-for-like figures are given to provide historical consistency with the data before the accounting change in 2019. As a result of the new terms of certain sales agreements, in 2020 and 2021 VSC acted as a principal vs as an agent at the beginning of 2019: previously the net result of revenue from transportation services and associated cost was included in the consolidated revenue. Since the middle of the first half of 2019 full revenue and associated costs have been gradually recognised in consolidated revenue and transportation expenses accordingly. This Adjusted EBITDA neutral change resulted in additional USD 126.0 million to consolidated revenue (USD 62.8 million in 2020) and USD 126.0 million to the cost of sales in 2021 (USD 62.8 million in 2020). Information (including non-IFRS financial measures) requiring additional explanation or terms which begin with capital letters and the explanations or definitions thereto are provided at the end of this report. Certain financial information is derived from the management accounts.
376.7
321.7
55.1
17.1%
Total Operating Cash Costs
(257.9)
(176.0)
(81.9)
46.5%
Like-for-like Total Operating Cash costsLike-for-like figures are given to provide historical consistency with the data before the accounting change in 2019. As a result of the new terms of certain sales agreements, in 2020 and 2021 VSC acted as a principal vs as an agent at the beginning of 2019: previously the net result of revenue from transportation services and associated cost was included in the consolidated revenue. Since the middle of the first half of 2019 full revenue and associated costs have been gradually recognised in consolidated revenue and transportation expenses accordingly. This Adjusted EBITDA neutral change resulted in additional USD 126.0 million to consolidated revenue (USD 62.8 million in 2020) and USD 126.0 million to the cost of sales in 2021 (USD 62.8 million in 2020). Information (including non-IFRS financial measures) requiring additional explanation or terms which begin with capital letters and the explanations or definitions thereto are provided at the end of this report. Certain financial information is derived from the management accounts.
(131.8)
(113.2)
(18.6)
16.4%
Adjusted EBITDA
246.2
209.7
36.5
17.4%
Like-for-like Adjusted EBITDA MarginLike-for-like figures are given to provide historical consistency with the data before the accounting change in 2019. As a result of the new terms of certain sales agreements, in 2020 and 2021 VSC acted as a principal vs as an agent at the beginning of 2019: previously the net result of revenue from transportation services and associated cost was included in the consolidated revenue. Since the middle of the first half of 2019 full revenue and associated costs have been gradually recognised in consolidated revenue and transportation expenses accordingly. This Adjusted EBITDA neutral change resulted in additional USD 126.0 million to consolidated revenue (USD 62.8 million in 2020) and USD 126.0 million to the cost of sales in 2021 (USD 62.8 million in 2020). Information (including non-IFRS financial measures) requiring additional explanation or terms which begin with capital letters and the explanations or definitions thereto are provided at the end of this report. Certain financial information is derived from the management accounts.
65.4%
65.2%
Free Cash FlowFCF definition and calculation were changed, for details and reconciliation please see Reconciliation of Additional data (non-IFRS) to the consolidated financial statements in Business Review and Definitions.