20 January 2016, Moscow – Brunswick Rail Limited (the “Company”) and its subsidiaries (together the “Group”), Russia’s leading privately owned freight railcar operating lessor, today published its audited interim condensed consolidated financial information for the six months ended 30 June 2015.
As previously disclosed in late 2015, the Group experienced a delay in the issuance of the auditor's review report on the Company’s H1 unaudited financial statements due to breaches of certain financial and non-financial covenants, representations and warranties under its syndicated loan facility. Now, the Group has addressed these issues through the full and voluntary early repayment of the Company’s syndicated loan facility on 18 January 2016. The repayment of RUR 4 billion consisted of RUR 2.3 billion of financing under the sale and leaseback facility and also the Company’s own cash of approximately RUR 1.7 billion.
Paul Ostling, CEO of Brunswick Rail, commented:
“While the recently announced refinancing of our syndicated loan facilities resolves several near term issues, Brunswick Rail continues to operate in an extremely challenging industry environment brought about by a market-wide decline in lease rates and the impact of the Rouble devaluation. We remain committed to carrying out a strategic review of our capital structure to bring it in line with the fundamental changes our business model has undergone over the last two years.”
The audited interim condensed consolidated financial information for H1 2015 can be found on the Brunswick Rail website in the investor relations section under ‘Company Presentations’.
About Brunswick Rail:
Brunswick Rail is a private railcar operating lessor providing freight railcars to large corporate clients in Russia. Established in 2004, Brunswick Rail currently owns a fleet of ca. 25.7 thousand railcars (as of 30 June 2015), which represents approximately 2% of the total Russian railcar fleet.
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These materials may contain forward-looking statements regarding future events or the future financial performance of Brunswick Rail (the “Company”). You can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, market change in the Russian freight rail market, as well as many other risks specifically related to the Company and its operations, including those discussed in these materials.
Richard Sultanov, Brunswick Rail
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Ричард Султанов, Брансвик Рейл
+7 (495) 783 6700