Sovcomflot IFRS net profit up 25.0% in 2006
On April 12, 2007, regular meeting of Sovcomflot BoD was dedicated to financial results of the company and its subsidiaries in 2006, Sovcomflot press center reports. Financial results of the group of companies under IFRS are as follows: balance assets (book cost) - $2.600.8 million (in 2005 - $1.908.0 million (+36.3%); income from fleet operation - $510.7 million (2005 - $411.9 million (+24.0%); EBITDA - $283.3 million (2005 - $246.3 million (+15.0%); net profit - $179.1 million (2005 - $143.3 million (+25.0%).
In 2006, the tonnage of Sovcomflot fleet grew by 11.5% to 4.4 million tons of deadweight. Average age of the tanker fleet decreased from 5.1 to 4.9 years. The company introduced first LNG and LPG carriers into operation. Technical management of these vessels is completely carried out by Sovcomflot group of companies. Modernization program is being successfully implemented. As of April 12, 2007, the backlog of orders includes 19 vessels with total deadweight exceeding 1.7 million tons. Almost all of these vessels meet the requirements of Russian cargo basis.
Financial status of the group was stable in 2006. In May 2006, rating agency Moody’s upped the company’s rating to Ваа1 with stable forecast.
According to Mr. Shuvalov, Chairman of the BoD, “The company’s results meet major planned and forecasted figures. The company continued stable development within the framework of the strategy approved by BoD”.
According to Sergei Frank, Director General of Sovcomflot OJSC, “The year of 2006 was one of the most successful periods throughout the existence of the company. Besides growth of production and financial results the company had considerable qualitative changes: it expanded the range of services through introduction of liquefied and oil gas, started shuttle transportation of hydrocarbons from shelf fields, continued development of social system”.