NCSP Group announces its consolidated financial results for for 9 months 2020
NCSP Group announces its consolidated financial results for the nine months, ended 30 September 2020, prepared under International Financial Reporting Standards (IFRS).
NCSP Group cargo transshipment for 9 months 2020 totaled 84, 4 mln. tons, including 67,5 mln. tons of liquid cargo and 16,9 mln. tons of dry cargo.
NCSP’s Group consolidated revenue for 9 months 2020 totaled $481,5 mln., which is $184,0 mln. less (or 27,6%) vs 9m 2019. Revenue deviation was due to the crude oil cargo transshipment decline in Russian seaports, which was attributable to COVID-19 and OPEK+ agreement from May 1, 2020.
Group’s EBITDA in the reporting period totaled $327,7 mln. Cash and cash equivalents at 30 September 2020 totaled $138,9 mln. Net debt increased to $573,8 mln.
NCSP Group Key Financial Metrics for 9 months 2020
|
Financial Metrics |
|
9m 2020 |
9m 2019 |
Change |
Change % |
|
Revenue |
mln.USD |
481,5 |
665,5 |
-184,0 |
-27,6% |
|
EBITDA |
mln.USD |
327,7 |
500,8 |
-173,1 |
-34,6% |
|
EBITDA Margin |
% |
68,1 |
75,3 |
-7,2 |
- |
|
Profit for the period |
mln.USD |
58,9 |
810,5 |
-751,6 |
-92,7% |
|
|
|
30.09.2020 |
31.12.2019 |
Change |
Change % |
|
Debt (incl. lease) |
mln.USD |
712,7 |
820,6 |
-107,9 |
-13,1% |
|
Cash and equivalents |
mln.USD |
138,9 |
433,5 |
-294,6 |
-68,0% |
|
Net debt |
mln.USD |
573,8 |
387,1 |
186,7 |
48,2% |
NCSP Group is the largest port operator in Russia by cargo turnover. Its controlling shareholder (62%) is PJSC Transneft.
PJSC NCSP shares are traded on Moscow Exchange (ticker: NMTP) and London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group's cargo turnover in 2019 totaled 142, 5 mln. tons. Consolidated revenue for 2019 under IFRS amounted to $866, 4 mln. NCSP Group is comprised of the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, JSC Novorossiysk Ship Repair Yard, JSC NCSP Fleet, JSC NLE, LLC IPP, LLC Baltic Stevedore Company, and LLC SFP. PJSC NCSP and PJSC Transneft own LLC Novorossiysk Fuel Oil Terminal (NFT) on a parity basis.
