NCSP Group announces its consolidated financial results for the three months, ended 31 March 2020, prepared under International Financial Reporting Standards (IFRS).
NCSP Group transshipment of cargo in Q1 2020 totaled 34,1 million tons, including 28,3 million tons of liquid cargo, 1,6 million tons of bulk cargo, 2,9 million tons of general cargo, 1,2 million tons of containers and 0,1 million tons of other cargo.
NCSP’s Group consolidated revenue for Q1 2020 totaled $200,07 million, which is $39,8 million (or 16.6 %) less vs 1Q 2019. Revenue deviation during 1Q 2020 was due to the less grain transshipment, but was partially offset by increase in revenue from oil and petroleum products transshipment.
Group’s EBITDA in the reporting period totaled $146,4 million; Cash and cash equivalents at 31 March 2020 totaled $443 million. Net debt reduced to $375,8 million.
Net debt to EBITDA ratio improved to 0,62 versus 1,22 at the beginning of the year.
NCSP Group Key Financial Metrics for Q1 2020
|
(thousand US dollars) |
Q1 2020 |
Q1 2019 |
Change |
Change % |
|
Revenue |
200 070 |
239 885 |
-39 815 |
-16.6% |
|
EBITDA |
146 404 |
186 684 |
-40 280 |
-21.6% |
|
EBITDA Margin |
73.2% |
77.8% |
-4.6% |
- |
|
(Loss) / profit for the period |
-43 883 |
167 737 |
-211 620 |
-126.2% |
|
(thousand US dollars) |
31.03.2020 |
31.12.2019 |
Change |
Change % |
|
Debt (incl. lease) |
818 767 |
820 581 |
-1 814 |
-0.2% |
|
Cash and equivalents |
442 990 |
433 480 |
9 510 |
2.2% |
|
Net debt |
375 777 |
387 101 |
-11 324 |
-2.9% |
|
Net debt / EBITDA |
0,62 |
1,22 |
- |
- |
NCSP Group is the largest port operator in Russia by cargo turnover. Its controlling shareholder (62%) is PJSC Transneft.
NCSP Group is traded on Moscow Exchange (NMTP) and London Stock Exchange as global depositary receipts (NCSP). NCSP Group's cargo turnover in 2019 amounted to 142.5 million tons. The Group's consolidated revenue as per IFRS totaled USD 866.4 million in 2019. NCSP Group is comprised of PJSC Novorossiysk Commercial Sea Port, Primorsk Trade Port LLC, JSC Novorossiysk Ship Repair Yard, JSC NCSP Fleet, JSC NLE, IPP LLC, Baltic Stevedore Company LLC, and JSC SFP. PJSC NCSP and PJSC Transneft own NCS LLC on a parity basis.