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DeloPorts IFRS financial results for 2019

OOO “DeloPorts” (DeloPorts or the Company), a major Russian stevedoring holding, consolidating the assets of Delo Group in the grain and container segments in the port of Novorossiysk, publishes its consolidated financial results for 2019 in accordance with IFRS.

Key financials

·     Consolidated revenue RUB 9,835 mln (-17.5%), including main segments: container segment RUB 4,912 mln (+21.0), grain segment RUB 3,363 mln             (-44.1%)

·     Consolidated EBITDA RUB 6,755 mln (-23.1%)

·     EBITDA margin 68.7% against 73.7% in 2018

·     Operating cash flow RUB 5,610 mln (-14.3%)

·     CAPEX RUB 4,139 mln (-9.3%)

·     Net debt RUB 22,126 mln (+14.4)

·     Net debt/EBITDA 3,3x versus 2,2x as of 31 December 2018

Key operating results

·     Total volume of cargo handling 837 mln tonnes (-4.6%)

·     Grain handling volume 3.6 mln tonnes (-25.0%)

·     Container throughput 375 thous. TEUs (+12.6%)

Key corporate events:

·       Launch of the berth No. 38 at NUTEP Container Terminal led to a 13% increase in container cargo turnover in TEU and a record annual transshipment.

·       Commissioning of the 5th tug of the Service Company “Delo”.

DeloPorts CEO Igor Yakovenko commented on the reporting results:

“The Company’s financial indicators decreased due to a drop in grain transshipment, caused by the overall decrease in Russian grain export in 2019. The high prices in the domestic market and relatively low prices in the international market lead to the Russian agricultural producers lowering interest for the grain export, which had an impact on the Group’s results.

At the same time, DeloPorts completely fulfilled all its strategic development tasks in 2019: the Group's share in the transshipment of dry cargo in Novorossiysk increased from 17 to 20 percent, the investment program was successfully introduced and allowed us to increase the throughput capacity of NUTEP and KSK, so that container transshipment reached 13%”.

The full version of the audited consolidated IFRS financial statements, as of and for the period of 12 months ended on the 31th of December, 2019, is available at DeloPorts website

http://www.deloports.ru/pages/investors/financial_results/

About the Company

DeloPorts is a holding company that owns and operates stevedore assets of Delo Group in the Port of Novorossiysk. DeloPorts consolidates the NUTEP Container Terminal, the KSK Grain Terminal and the Service Company Delo.

Delo Group is the major Russian transportation and logistics holding company that owns and operates port container terminals in the Azov and Black Sea, Baltic and Far-Eastern basins, a wide network of railway container terminals, a fleet of containers and flatcars. The headquarters of the Group is the Management Company “Delo”, 70% is owned by the Group’s founder Sergey Shishkarev and 30% owned by State Corporation Rosatom. 

The Group’s stevedore business is represented by DeloPorts holding and the leading operator of port container terminals Global Ports. TransContainer and Ruscon assemble the transportation and logistics business of Delo Group.