In 2007, net profit of Sovcomflot under IFRS grew by 30.8%, year-on-year, to $470.8 million. The company’s profit on sales of assets (vessels over 15 y.o.) – $120.8 million. According to the company’s press center, the Group’s proceeds (including Novoship results) amounted to $1.242.7 (up 16.1%, year-on-year). Time charter equivalent earnings amounted to $976 million (up 13.7%), EBITDA – $639.5 million (+9.5%).
The company’s financial and performance indicators were up against the average 10-percent decrease of the global tanker market index in 2007. The book value of the Group’s consolidated assets was $5.3 billion. As of the end of 2007, the backlog of orders makes 32 vessels with a total deadweight of 2.8 million tonnes and average age of the tanker fleet a bit more than 6 years (average age in the world – 12 y.o.).
The consolidation of Sovcomflot and Novoship was completed on 5 December 2007. This followed the transfer of the Russian Government’s controlling 50.34 per cent shareholding (67.13 per cent voting shares) in Novoship to Sovcomflot in accordance with the Presidential Decree No.784 of 20 June 2007 and the Governmental Resolution No.964-p.
On 9 January 2008 Sovcomflot launched a public offer to Novoship minority shareholders for the outstanding 36.3 million Novoship ordinary shares (equivalent to 9.66 per cent of the total ordinary shares) at a price of RUB 81.82 per share.
