Novorossiysk Commercial Sea Port Group today announces its consolidated financial results for the year ended 31 December 2014 prepared according to International financial reporting standards (IFRS).
NCSP Group’s revenue grew by 3.0% or $27.6 million year-on-year reaching $955.6 million in 2014.
Cost of sales decreased by 12.2% or $51.7 million, and SG&A by 6.9% year-on-year.
Group’s EBITDA grew by 11.5%* or $58.7 million* over the previous year up to $569.1 million*. EBITDA margin rose by 4.6* percentage points to 59.6%.*
Key operating and financial metrics for 2014 (in thousands of U.S. dollars, unless otherwise indicated)
|
|
2014 |
2013 |
|
Revenue |
955 645 |
928 090 |
|
stevedoring services |
752 499 |
735 076 |
|
additional port services |
106 896 |
86 424 |
|
fleet services |
81 553 |
90 681 |
|
other |
14 697 |
15 909 |
|
Cost of sales |
(372 709) |
(424 456) |
|
SG&A |
(71 598) |
(76 942) |
|
Foreign exchange loss |
(789 115) |
(125 353) |
|
EBITDA* |
569 122 |
510 449 |
|
EBITDA Margin (%)* |
59.6% |
55.0% |
|
Loss for the year |
(414 663) |
(104 706) |
|
|
|
|
|
|
31.12.2014 |
31.12.2013 |
|
Debt (including financial lease obligations) |
1 741 365 |
2 186 014 |
|
Cash and cash equivalents |
310 723 |
420 966 |
|
Net debt * |
1 430 642 |
1 765 048 |
|
Net debt/EBITDA* |
2.51 |
3.46 |
|
|
|
|
|
|
2014 |
2013 |
|
Cargo turnover (million tones)* |
131.1 |
141.0 |
NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP Group cargo turnover in 2014 totalled 131 million tonnes. Consolidated revenue to IFRS in 2013 totalled USD 928 million and EBITDA was USD 510 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.