Last checked at 8 Jun 2015 10:00
Press-release
NCSP Group Financial Results for Q1 2015
08.06.2015
NCSP Group (LSE: NCSP, MoEx: NMTP) today announces consolidated financial results for the three months ended 31 March 2015 prepared according to International Financial Reporting Standards (IFRS).
Conference call for investors and analysts will be held on 08.06.2015 at 15:00 Moscow time (13:00 GMT, 8:00 New York). Media may participate in listen-only mode. See call details at the end of the announcement.
NCSP Group's consolidated financial information under IFRS for Q1 2015 is available at the Group's website at http://nmtp.info/en/holding/investors/reporting/msfo/
Data marked by * is presented according to management accounts.
NCSP Group revenue for the first three months of 2015 totaled $219.8 million versus $255.4 million in Q1 2014.
Group's EBITDA in the reporting period increased by 11.0%* or $16.7 million* reaching $168.4 million.* EBITDA margin rose to 76.6%.*
In Q1 2015 NCSP Group recorded net profit of $71 million versus net loss of $32.2 million same time last year.
CEO of PJSC NCSP Sultan Batov commented on the Group's results for Q1 2015:
«Among many factors which played a part in forming our Q1 financial results I wish to underscore these:
Through operative management of cargo flows we earned extra $7.1 million* of stevedoring revenue;
The timely adjustment of NGT ruble tariff to and the increase of PTP crude tariff from 79 to 99 rubles per ton from the beginning of 2015 enabled us to offset some of the negative effect of exchange rate fluctuations and to improve profitability of operations».
Key Financial and Operating Metrics of NCSP Group in Q1 2015/2014
(in thousands of U.S. dollars, unless otherwise indicated) | Q1 2015 | Q1 2014 |
Revenue | 219 834 | 255 436 |
Stevedoring services | 167 295 | 200 880 |
Additional port services | 29 161 | 27 868 |
Fleet services | 20 872 | 22 643 |
Other | 2 506 | 4 045 |
Cost of sales | (55 124) | (106 712) |
SG&A | (8 875) | (16 094) |
Foreign exchange loss, net | (53 734) | (135 885) |
EBITDA* | 168 376 | 151 676 |
EBITDA Margin (%)* | 76.6% | 59.4% |
Profit (loss) for the period | 71 001 | (32 192) |
31.03.2015 | 31.12.2014 | |
Debt (including financial lease obligations) | 1 737 651 | 1 741 365 |
Cash and cash equivalents | 401 957 | 310 723 |
Net debt * | 1 335 694 | 1 430 642 |
Net debt/LTM EBITDA* | 2.28 | 2.51 |
Q1 2015 | Q1 2014 | |
Cargo turnover (thousand tonnes)* | 35 625.7 | 33 620.3 |
Revenue
NCSP Group's consolidated revenue for the three months of 2015 comprised $219.8 million, which is $35.6 million less, than same period of 2014.
Major decrease was recorded in stevedoring revenue, which reduced by $33.6 million and comprised $167.3 million for the reporting period. Many factors contributed to that including these:
- Growth in volumes of certain cargoes while reduction in other resulted in the total increase of stevedoring revenue by $7.1 million*;
- Changes in cargo handling tariffs were negatively offset by ruble exchange rate weakening resulting in a total decrease of stevedoring revenue by $12.3 million*;
- Decrease of bunkering operations involving purchase and resale of fuel and fluctuations of fuel prices together reduced bunkering revenue, which is part of stevedoring revenue, by $28.4 million*.
Revenue from additional port services increased by 4.6% or $1.3 million.
Revenue from fleet services reduced by 7.8% or $1.8 million.
Other revenue reduced by 38% or $1.5 million.
Cost of sales and SG&A
Group's cost of sales and SG&A in the reporting period reduced by 48.3% and 44.9% year-on-year respectively in line with the weakening of Russian ruble to US dollar. In ruble terms COS and SG&A reduced by 8.1% and 1.9% year-on-year respectively.
EBITDA
Group's EBITDA increased by 11%* and $16.7 million* in Q1 2015 reaching $168.4 million*, while EBITDA margin grew by 17.2* percent point up to 76.6%*.
Due to increase in volumes and revenue from certain cargoes NCSP Group EBITDA grew by $30.9 million* in Q1 2015.
Reduction of bunkering volumes, combined changes in revenue from additional port, fleet, and other services, as well as exchange rate differences, all had a negative effect on EBITDA in the amount of $4.6 million*, $1.2 million*, and $8.4 million* respectively.
Profit for the period
In the first quarter of 2015 NCSP Group recorded net profit of $71 million versus net loss of $32.2 million same time last year.
About NCSP Group
NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group cargo turnover in 2014 totaled 131 million tonnes. Consolidated revenue to IFRS in 2014 totaled USD 956 million and EBITDA was USD 569 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, PJSC NCSP Fleet, OJSC NLE, OJSC IPP, LLC Baltic Stevedore Company, and CJSC SFP.
Contacts
Kristina Senko, Public Relations; KSenko@ncsp.com
Mikhail Shchur, Investor Relations; MShchur@ncsp.com
Conference call and webcast for investors & analysts
Conference call and webcast for investors & analysts will be held on 8 June 2015 at 15:00 Moscow time (13:00 GMT / 8:00 am New York).
The call will be held in Russian, English translation available on a separate line.
Webcast and slide-show are available in English only.
Media are welcome to join the call in listen-only mode.
The call will be hosted by:
Sultan Batov, CEO of PJSC NCSP
German Kachan, Chief Accountant of PJSC NCSP
Mikhail Shchur, Investor Relations Director, PJSC NCSP
Call title: NCSP GROUP Q1 2015 FINANCIAL RESULTS
Russian call ID: 60577644
English call ID: 60572754
Dial-in numbers:
Russia +7 499 6771036
UK +44 (0) 0844 4933800
US +1 631 510 7498
Other +44 (0) 1452 555566
English only webcast & slide-show link:https://engage.vevent.com/index.jsp?eid=2965&seid=54