Sovcomflot IFRS net profit drops 11% to $164 mln in 2010
MOSCOW. April 15 (Interfax) - The Sovcomflot company group, which has merged with OJSC Novorossiysk Shipping (Novoship), posted $164 million in IFRS net profit for 2010, a decrease of 11.3% from 2009, the company said.
The company's sales revenue increased 7.4% to $1.3 billion, as EBITDA decreased 3% to $533 million.
The time-charter equivalent, or voyage revenues less voyage expenses, was up 1.3% at $943.7 million.
The group's debt burden stood at $2.44 billion at year-end, up from $2.31 billion at the end of 2009. The group placed a debut issue of $800 million in seven-year bonds at a coupon rate of 5.375%.
Sovcomflot's combined assets were worth $6.513 billion at end-2010 versus $6 billion at end-2009. The value of its net assets was $3.123 billion versus $3 billion.
The fleet was worth $5.23 billion and vessel under construction - $321.3 million. Amortization and depreciation charges were $237.5 million last year, almost a quarter of revenue.
Free cash flow as $512.2 million at end 2010, compared with $335.7 million at end 2009.
Sovcomflot financial highlights to IFRS in 2010 ($ mln):
| 2010 | 2009 | Change, % | |
| Sales revenue | 1 312,9 | 1 222,1 | +7,4 |
| Time charter equivalent | 943,7 | 932,0 | +1,3 |
| EBITDA | 533,3 | 549,7 | -3,0 |
| Net profit | 164,3 | 185,3 | -11,3 |
Sovcomflot is the world's second biggest operator of Aframax tankers and the largest operator of product, Arctic, and ice-class LNG tankers. The fleet includes 146 vessels with more than 10.5 million deadweight tonnes. Sovcomflot is 100% state-owned. The company transports not only hydrocarbons, but provides services in maritime storage and technical management of other companies' vessels.