First freight company PGK
Assets | Owners |
+ First Freight Company (PGK) |
JSC First Freight Company (formerly PJSC) is a high-tech private company that provides services in the field of cargo logistics in Russia and abroad.
The company is headquartered in Moscow. In Kazakhstan, the interests of PGK are represented by PGK-Central Asia (data for March 2024).
Digitalization
2022: Creation of the IT company PGK Digital LLC
The First Freight Company (PGK) has created its own IT company, which became known in July 2022. The new legal entity of the railway operator is called PGK Digital LLC. Read more here.
2020
Appointment of Alexander Dolgov to the position of Deputy General Director of IT PGK
Alexander Dolgov has been appointed Deputy General Director of the PGK for Information Technology. This was reported by PGK to TAdviser on June 16, 2020. Read more here.
Alexey Agapkin appointed Deputy General Director for Operational Efficiency and Technical Development
On February 3, 2020, the First Freight Company (PGK) introduced the position of Deputy General Director for Operational Efficiency and Technical Development. Alexey Agapkin has been appointed to a new position. Among its key tasks are the introduction of the Production System in PGK, as well as the development and implementation of a strategy for maintaining the company's rolling stock, including through the use of digital approaches in the field of car operation and repair.
2019: IT ecosystem of PGK
Business Process Change Management "as it was"
Process:
- process simulation, 2-3 weeks
- approval of the process procedure in the EDMS, 2-3 months
- IT revision, 1-3 months
Change Sources:
- results of project phases
- change requests within projects
- minutes of meetings
- letters from the QA of the manager
Tasks of the new process:
- accelerating the implementation of changes
- Create a shared environment for changes
- building trust among stakeholders
- ensuring transparency of the change process
Plans for the future:
- More Process Optimization Requests
- Changing the role of the architect, focusing on non-typical cases
- Individual Scenario by SAP Change
- Automatic grant of access rights in modeling
- Extend the business function when submitting a request
- Increasing Business Involvement in Process Modeling - Refine Macros and Scripts
2017
Interview with Vadim Uryas TAdviser
Vadim Uryas, appointed in January 2017 as Deputy General Director for IT of the First Freight Company (PGK), in an interview with TAdviser spoke about plans to develop an IT strategy, approaches to IT management and details of a large-scale project for the transition to the SAP platform. Read the interview here.
Vadim Uryas replaced Sergei Shashurin as Deputy General Director for IT
In January 2017, the First Freight Company announced the appointment of Vadim Uryas as Deputy General Director for IT. Here he oversees the processes of information technology development to achieve PGK operational targets, and also ensures the security, optimization and risk assessment of the company's information infrastructure. In this post, Vadim Uryas replaced Sergei Shashurin, who left the company of his own free will in March 2016.
History
2024
New CEO of the First Freight Company appointed
In September 2024, Oleg Romanov was appointed new CEO of the First Freight Company (PGK; one of the largest railway operators in Russia). In this post, he replaced Ruslan Babaev, who headed the PGK since November 2023. Read more here.
VTB bought the First Freight Company for 200 billion rubles
On September 5, 2024, it became known that VTB acquired the First Freight Company (PGK), the largest railway operator in Russia. The exact value of the transaction was not disclosed, but it is said that the asset was bought based on an estimate of more than 200 billion rubles, taking into account debt.
VTB Chairman of the Board Andrei Kostin spoke about the transaction. According to him, by the beginning of September 2024, the bank is exploring further strategic options in relation to PGK. It is emphasized that VTB is trying not to "stay" for a long time in non-core assets.
 | We have already bought ["First Freight Company"]. We have a principle in general, we try not to hold on to non-core (assets) for a long time, so now we will look at it while it is ours, the management there is also ours. There was a big loan, "Kostin said. |  |
According to the Rollingstock Agency, as of the first quarter of 2024, the freight car fleet of PGK totaled about 93.5 thousand units. The company provides a wide range of solutions for the transportation of goods by rail. Among the services are container transportation, freight forwarding, rental of wagons, preparation of tanks at washing and steaming stations, repair of wagons, etc.
In the structure of VTB, a subsidiary, VTB Leasing, is engaged in the development of the transport segment. Its rental fleet includes 12.7 thousand freight cars and 9 thousand gondola cars, as well as fitting platforms, tanks for petroleum products and covered cars. According to the Kommersant newspaper, PGK formally has a low debt burden with a debt/EBITDA level of less than 1. But in 2023, PGK issued an independent financial guarantee to the lender of the parent company as collateral for its long-term loan obligations. It is said that PGK provided a number of collateral for the obligations of the parent company and the financial guarantee provided is significant for the company, but does not exceed the amount of its assets. At the end of 2023, 70.6 billion rubles were placed on collateral accounts.[1]
Transition under the management of VTB
On August 7, 2024, it became known about the transfer of the First Freight Company (PGK) under the management of VTB, which already has a PGK wagon fleet, which ensures the long-term obligations of its parent structure.
According to Kommersant, in February 2024, PGK pledged 66.8 thousand wagons worth ₽92,1 billion. Sources of the publication associate such a development of events with the dissatisfaction of VTB and other creditors with the results of the transaction for the acquisition of PGC. Then the Aurora Invest company, associated with Timur and Ruslan Babaev, bought the PGK from the structures of Vladimir Lisin. The amount of the transaction was estimated at about ₽220 billion.
The transition of PGK under the management of VTB may be the first step in a major process of consolidation in the railway transportation market. Some interlocutors of the publication do not exclude the possibility of joining the PGK companies Transfin-M"" and "Atlant."
Moreover, four sources of Kommersant report the resumption of discussions on a possible merger of PGK with the Federal Freight Company (FGK), controlled by Russian Railways. This recalls the 2015 Hurricane plan, which involved the consolidation of about 200 thousand cars under a single owner.
The head of Infoline Analytics, Mikhail Burmistrov, notes that the change in control over PGC is probably related to the relationship between the buyer and the financing bank, as the company demonstrates a high level of financial stability and operational efficiency.
| | The transition of PGC management to VTB is good news for the market, since VTB Leasing is the largest lessor, Burmistrov believes. He suggests that the bank may change the management of PGK, possibly reduce the company's debt, and in the future it is possible even to conduct an IPO.[2] | |
2023
Appointment of Ruslana Babayeva as CEO
In November 2023, Ruslan Babayev, one of the two sons of the former vice president of Russian Railways Salman Babaev, became the new general director of the First Freight Company (PGK). In this post, he replaced Sergei Karataev. Read more here.
Aurora Invest bought PGK
In early November 2023, it became known about the change of ownership of the First Freight Company. One of the largest railway operators was bought by Aurora Invest.
According to RBC, its general director Sergei Karataev announced the sale of PGC Aurora Invest JSC to employees on November 2, 2023. According to him, the new owner pledged to preserve the vector of development of the PGK, which the company has been going on for the past five years, with a focus on expanding the business in gondola cars, covered cars and fitting platforms.
Aurora Invest JSC, about which Karataev wrote in his appeal, was registered in December 2022 in Moscow at 22 Akademika Pilyugin Street. The same address, as noted by RBC, is indicated as the central office of SG-Trans. The general director of the JSC until August was Yulia Tersaakova, then Elena Tchaikovskaya replaced her at the post. Tersaakova also heads Vector Rail, which owns SG-Trans.
Until the summer of 2023, the majority shareholders of SG-Trans were Alexey Tycher and Sergey Smyslov - for two they could own 63% of the company. But in August it became known that businessmen plan to sell their stake to other owners of the company - brothers Timur and Ruslan Babayev, as well as top managers of SG-Trans and investment funds, wrote. Kommersant As the sources of the publication explained, after the deal, Tycher planned to concentrate on his other business - the Transfin-M company, which leases rolling stock, as well as ships, vehicles and aircraft. "Tycher and Smyslov are no longer shareholders of Vector Rail," a representative of Alexei Tycher told RBC. "Both sold their shares to Babayev, management and funds." He also denied the businessman's participation in the deal to buy PGC.
The general director of Infoline Analytics Mikhail Burmistrov, in a conversation with Vedomosti, noted that the PGK was sold at a "very good" time: prices for freight cars have grown by almost 50% since the beginning of the year, rental rates for most types of cars are growing dynamically, so operators' incomes will increase.[3]
2022
Sale of 17% of the all-Russian cement truck fleet to the First Industrial Operator
The First Industrial Operator bought 17% of the all-Russian cement truck fleet from Vladimir Lisin's First Freight Company (PGK). We are talking about 4 thousand specialized railway cars for the transportation of cement (hopper cement carriers).
The transaction was reported by RBC. According to its source, cement trucks were transferred to the park of the First Industrial Operator in the summer of 2022, along with service contracts for the transportation of goods for the largest Russian cement producer Eurocement, associated with the company of Oleg Deripaska's relative Pavel Yazubov.
According to the analytical report of the Rollingstock agency, in early August in Russia there were a total of 23.4 thousand cars for the transportation of cement. PGK sold almost a fifth of the park. As a result, the "First Industrial Operator" became the leader in the market with 7.5 thousand cement carriers, the newspaper notes. The surveyed experts estimate the amount of the transaction in the range of 4.5-6 billion rubles. Taking into account the value of the portfolio of service contracts, the transaction value could be up to 10 billion rubles, believes Mikhail Burmistrov, CEO of INFOLine-Analytics. PGK sold the park on the "high market," he notes.
Thanks to the deal with PGC "First Industrial Operator," it received an established business and established competencies, said Pavel Ivankin, president of the National Research Center for Transportation and Infrastructure. He calls the cement transportation market quite stable.
According to RBC, in addition to cement hoppers, there are 10 thousand gondola cars, 200 dumpcars (dump trucks) and another 400 hoppers of other types in the park of the First Industrial Operator. The company also owns the Sayanogorsk car repair plant in Khakassia, which until March 2021 was controlled by UC Rusal (also part of En +).[4]
Areas of activity
The main activities of the PGK as of March 2022:
- rolling stock operation, rental of railcars
- industrial logistics
- comprehensive logistics
- freight forwarding
- repair and preparation of freight cars at washing and steaming stations
PGK provides a full range of services for the transportation of goods, including round-the-clock dispatch surveillance, freight forwarding and control in railway and multimodal communications, tariff formation, marketing and legal support for projects.
To plan cargo transportation and manage a multi-thousand wagon fleet, PGK uses predictive digital systems based on artificial intelligence technologies and other software solutions of its own design.
The main customers of the company are metallurgical enterprises and producers of mineral fertilizers. The company builds a business with shippers on a long-term basis - more than 80% of all contracts are concluded for a period of 5-7 years (as of March 2022).
Office in Finland
As of March 2022, PGK was part of Fletcher Group Holdings Limited. In Finland, Freight One Scandinavia represented the interests of Freight One Scandinavia (the representative office was closed in 2023[5]
2021: In the management of PGK - more than 100 thousand cars
- In the management of the company - more than 100 thousand cars
- The share of PGK in the total fleet of the Russian Federation - 10%
- About 3,000 employees
- Branches in 14 cities of Russia, Kazakhstan and joint venture in Finland
- Revenue (for the first half of 2021 under IFRS) - 40 billion rubles.
- Net profit (for the first half of 2021 according to IFRS) - 9 billion rubles
2020: Main activities of the PGK
The main activities of the PGK for February 2020:
- rolling stock operation
- rental of railcars
- forwarding service
- Third Party Rolling Stock Management
- industrial logistics management
2019
OJSC "First Freight Company" is a railway transportation operator in Russia. Main services: cargo transportation, freight forwarding, industrial logistics.
PGK forms the railway division of the international transport group Universal Cargo Logistics Holding (UCL Holding). As of June 2019 , the company's management has more than 115 thousand freight cars of various types.
2018
- In the management of the company - 111.4 thousand cars
- The share of PGK in the total fleet of the Russian Federation is -10%
- 3,500 employees
- Branches in 14 cities of Russia, Kazakhstan and joint venture in Finland
- Revenue (2018) - 104.1 billion rubles
- Net profit (2018) - 26.6 billion rubles
2016: 134.6 thousand units of rolling stock
In 2016, the company managed 134.6 thousand units of rolling stock, more than 203 million tons cargoes transported in 2016. 15% is the share in the total volume of traffic on the railway network. Russia 3,600 employees, branches in 14 cities, Russia a branch Kazakhstan in and a joint venture in. Finland
2014: Renaming of "Independent Transport Company" as "First Freight Company"
In 2014, OJSC Independent Transport Company was renamed OJSC First Freight Company (OJSC PGK). In the same year, a subsidiary was created in the Republic of Kazakhstan - "PGK-Central Asia." PGK also became the sole shareholder of the GRP Gryaz car repair enterprise in the Lipetsk region.
2013
- January 2013 - The international rating agency Standard and Poor's assigned UCL Rail B.V. a long-term credit rating of "BB +" and a rating on the national scale of "ruAA +," a outlook of "Stable."
- January 2013 - The international rating agency Fitch Ratings awarded UCL Rail B.V. a long-term credit rating of "BB +" and a national scale rating of "AA (rus)," a "Positive" outlook.
2012: Independent Transport Company (NTK) acquires remaining 25% stake in PGK
- January 2012 - Fitch Ratings assigned OJSC PGK long-term issuer default ratings (IDRs) in foreign and national currencies at "BB +," short-term foreign and national currency IDRs at "B" and national long-term rating "AA (rus)."
- February 1, 2012 - In order to improve the efficiency of rolling stock management and reduce financial costs, PGK transferred to independent management of the gondola car fleet, previously transferred to the management of Russian Railways under the terms of the agency agreement.
- As of February 2012, PGK owns over 200,000 units of rolling stock of various types. The company's share in the structure of the railcar fleet of the Russian Federation is 22%.
- June 22, 2012 - PGK and Opora Rossii signed a cooperation agreement to develop and support small and medium-sized businesses.
- July 2012 - In order to provide the Russian small and medium-sized businesses with rolling stock, PGK extended the public offer service to tanks, platforms and gondola cars.
- August 2012 - PGK transported over 1.3 thousand tons of building bricks to restore the housing of the flood victims of the city of Krymsk, the delivery of the cargo was financed from the company's own funds.
- From October 1, 2012 - The entire fleet of cars of Independent Transport Company LLC was transferred to the management of PGK.
- December 2012 - Independent Transport Company LLC (part of UCL Rail) successfully completed the acquisition of 25% plus 1 share of PGK from Russian Railways, thus consolidating 100% of the operator's shares.
- End of December 2012 - It was decided to sell 45.7% of the shares of Rusagrotrans CJSC owned by PGK to Rustranskogo.
2011: Independent Transport Company acquires 75% minus 2 shares of PGK OJSC
- February 10, 2011 - An extraordinary general meeting of shareholders of PGK OJSC was held, at which a new composition of the company's board of directors was elected.
- October 2011 - An auction for the sale of 75% minus 2 shares of PGK OJSC took place. Independent Transport Company LLC was recognized as the winner of the auction.
- Autumn 2011 - PGK OJSC launched a service for small and medium-sized businesses - the conclusion of agreements for cargo carriers on the terms of a public offer agreement.
2010: More than 300 million tons of cargo transported
- January 28, 2010 - OJSC "First Freight Company" became a part of the Non-Profit Partnership "Council of Market Participants of Railway Rolling Stock Operators"
- July 26, 2010 - Half a billion tons of cargo transported during the three years of operation of the company
- September 28, 2010 - Fitch awarded OJSC "First Freight Company" a long-term rating of "BBB-"
- October 4, 2010 - PGK took 63rd place in the ranking of leading Russian companies "Expert-400" in 2010 in terms of revenue.
- October 08, 2010 - International rating agency Standard & Poor's has assigned OJSC "First Freight Company" long-term rating "BBB-," forecast - "Stable"
- In 2010, 302.3 million tons of cargo were transported
2009: In operation - 200 thousand wagons
- January 1, 2009 - JSC "PGK" became a member of NO "All-Russian industry association of railway transport employers"
- April 1, 2009 - Over 200,000 railcars in operation
- April 23, 2009 - At the XXIV meeting of the Conference of the General Directors of OSZD Railways, a decision was made to include OJSC "First Freight Company" as an affiliated enterprise
- June 1, 2009 - Start of operation of 7 washing and steaming stations (SST)
- July 1, 2009 - 103 million tonnes transported in the first half of the year.
- October 5, 2009 - PGK took 87th place in the ranking of leading Russian companies "Expert-400" 2009.
- December 14, 2009 - Joint venture of OJSC First Freight Company and VR-Group - Freight One Scandinavia Ltd is registered
- December 31, 2009 - Over 238 million tonnes of cargo transported
2008: In operation - 140 thousand wagons
- March 1, 2008 - Operating 30,000 railcars
- March 4, 2008 - Establishment of branches in Samara, St. Petersburg, Saratov, Chelyabinsk
- April 1, 2008 - 50 thousand wagons are operated
- April 17, 2008 - Established branches in Moscow, Vladivostok, Yaroslavl, Voronezh and Krasnoyarsk
- April 21, 2008 - First Freight Company in Ukraine LLC is registered
- July 1, 2008 - Operating 100,000 railcars
- July 19, 2008 - Title sponsorship agreement signed with FC Lokomotiv
- September 21, 2008 - The Board of Directors decided on the participation of PGK OJSC in Rusagrotrans CJSC and PGK-Leasing LLC
- October 1, 2008 - 140 thousand wagons are operated
- November 13, 2008 - PGK OJSC became a member of the Coordination Council for Trans-Siberian Transportation (KSTP)
- November 18, 2008 - Moves to public tariffs
- December 31, 2008 - Transported 100 million tonnes.
2007: Building a Company
- July 26, 2007 - Registration of PGK OJSC
- October 26, 2007 - Contracts of ownership and use of freight cars were concluded between JSCo Russian Railways and JSCo PGK
- November 25, 2007 - The first wagon is selected for operation
- December 10, 2007 - Operating 10,000 railcars
- December 27, 2007 - Establishment of branches in Yekaterinburg, Nizhny Novgorod, Irkutsk, Novosibirsk, Rostov-on-Don
Notes
- ↑ VTB acquired PGK based on an estimate of more than 200 billion rubles, taking into account debt
- ↑ VTB gets under loading
- ↑ The First Freight Company has changed its owner
- ↑ Lisin's company sold 17% of the all-Russian fleet of cement trucks. It completely got rid of hoppers, tanks and universal platforms
- ↑ The Finnish railway operator VR liquidated two Russian subsidiaries).
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