OREANDA-NEWS. August 06, 2009. The full amount of obligations of DVTG comes up already to 12 billion rubles. What is the company undertakes in this situates, tells us the Chairwoman of the board of directors Raisa Parshina, reported the press-centre of DVTG.

-    Raisa Nikolaevna, how would you generally describe the impact of economic crisis on the activity of your company? What is the dynamics of transportation for the first half of 2009 in comparison with the same period of last year?

-    The impact of global crisis affecting all industries, of course, affected the transport industry as well. With regard to our group, the volume of transportation for six months of 2009 amounted to 9,038 million tons, representing 72 per cent compared to 2008.

-    What today's financial condition of the Group?

-    The Dynamics of the financial indicators is that consolidated revenues of DVTG for the 1st half of the year amounted to 6.3 billion rubles that is, fell by 26.9%.

-    What do you think is the main reason for the financial difficulties arising from this year? Do you agree that DVTG behaviour was too aggressive on the market and a lot of credits taken to purchase the rolling-stock let you down?

-    The main reason for the financial difficulties of the company is all the same in our country – world economic crisis, which influenced all industries of Russian economy without exception . But “let us down” not the aggressive behaviour on the market – any active development presupposes the fast and steady growth, but the policies of the banks, which  in pre crisis period gave the  short credits with  their promises for further prolongations. Now they didn’t kept their promises and no longer prolong the credits or offer prolongation at higher interest.

-    What was the financial policy of the company in 2008, its main priority and directions, and how it changed now?

-    Initially the forecast for 2008 and subsequent years focused on business development of the group, namely – freight transportation and terminal activity. It’s supposed to significantly increase the fleet of rolling-stock, to build and run terminals as well as reconstruct the port. For this purpose was placed the second bond issue for 5 billion rubles, as well as attracted additional credit funds of the banks. Now market liquidity, rising interest rates on borrowed loans, as well as the observed decline in freight turnover at the  rail services market are not sufficient to execute the plans in full.

-    What caused the non-payment of the first and second bond issue of the company?

-    Firstly, the accumulated coupon on the first issue was paid in full, even though with delays. On the second we paid partially (in the amount of 44% of the due payment). This is due to the increased receivables. In Crisis clients unable to fulfill their obligations within the period leading to shortfalls in the Group and, consequently, influenced the coupon payment in full.

-    What is currently the total debt? What part of this debt is overdue?

-    Debt liability constitute approximately 12 billion rubles. Among them obsolete (liabilities for coupon income and execution of an offer) amounted to 325 million rubles.

-     Is there any company's litigation related to the consequences of lack of Finance (for example, the company Spacecom told  about claims to Dalneftetrans due to unpaid lease of tanks  taken from them.
          
-    We have claims to our debtors and we have claims from leasing companies about the delay of payments. As regards to the foreign renters,  due to the tightening of movements of foreign wagons at the territory of Russia, the dispute with such company has arisen, the wagons of which have been stopped due to the unfullfilment of customs procedures from their side.

-    What revenue the group expects to gain in 2009? And what part of it will go for repayment?

-     The projected revenue of DVTG in current year is 14.3 billion rubles.  Up to 5% is planned for debts repayment.