OOO “DeloPorts” , a major Russian stevedoring holding, consolidating the assets of Delo Group in the grain and container segments in the port of Novorossiysk, has published its consolidated financial results for 2018 in accordance with IFRS.
Key financials
- Consolidated revenue RUB 11,919 mln (+35.6%)
- Consolidated EBITDA RUB 8,781 mln (+44.4%)
- EBITDA margin 73.7% against 69.2% in 2017
- Operating cash flow RUB 6,810 mln (+36.9%)
- CAPEX RUB 4,562 mln (+36.9%)
- Net debt RUB 19,333 mln (x3 increase compared to 31 December 2017)
- Net debt/EBITDA 2,2x versus 1,0x as of 31 December 2017
Key operating results
- Total volume of cargo handling 8.7 mln tonnes (+13%)
- Grain handling volume 4.8 mln tonnes (+14.3%)
- Container throughput 333 thous. TEUs (+10%)
Key corporate events
- Since March 2018 all vessels handled at DeloPorts terminals are served by own tug boats
- The monthly record of container handling established in December 2018 with 45,089 TEUs
- Contracts for the 5th and 6th tugboats signed with Damen Shipyards Group.
- In 2018 the Company reached the maximum revenue and EBITDA in all its history.
Igor Yakovenko DeloPorts CEO commented on the Company’s IFRS financial results:
“In 2018 we have established the new operating and financial records for the Company. The intensification of container transshipment, favorable grain export market conditions and a range of operating improvements including serving vessels with own tug boats, allowed us to increase the total throughput by 13% compared to 2017. DeloPorts’ consolidated revenue increased by 35.6% due to operations profitability growth –the share of export laden containers increased, as well as profit margins from bunkering operations. The USD exchange rate fluctuations also effected the result since the Group’s rates were set is dollars. DeloPorts demonstrated a 44.4% growth in EBITDA and 73.7% in EBITDA margin compared to 2017. Good operating and financial results mirror DeloPorts objective to reach our strategic goals focusing on the clients”.