NCSP Group 2017 Financial Results

Transcription

1 NCSP Group 2017 Financial Results

2 Disclaimer All statements in this presentation, other than historical facts, that address company s business are forward looking statements. Although NCSP believes that expectations expressed in such forward looking statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees of future performance. Factors that could cause developments to differ materially from those expressed include overall market conditions. The company is subject to specific risks inherent in the stevedoring business and general economic and business conditions. Any statement or number in this presentation may be changed, depending on market conditions and other relevant developments. 2

3 Highlights of the year 2017 Volumes down 2.3% 144 mln ton Revenue up 4% $ 900 mln Cost of sales up 23,7% EBITDA down 3.2% to $ 653,7 mln EBITDA Margin 72,7% Debt down 14.3% to $ mln Net debt down 7.5% to $ mln Cash down 48,1% to $ 121,5 mln * Management accounts 3

4 NCSP Group Market Position Europe s Largest Ports, mln tones Russia s Largest Ports, mln tones Algeciras NCSP Group Hamburg Ust-Luga NCSP Group Vostochniy Saint Petersburg Rotterdam CPC NCSP Group ranks 1 in the Russian port sector and 3 among European ports by volume, holding strategic market share in transshipment of all key export commodities at Russian seaports NCSP Group Market Share as Part of Total Volumes of the Russian Seaports in % 42% 23% 40% 21% 30% 12% Total Russian Seaports Ferrous metals Grain Iron ore Oil products Crude oil Containers NCSP Group Other ports 4

5 NCSP Group Clients NCSP Group clients are major commodity producers, exporters, and traders from Russia and the neighboring countries 5

6 NCSP Group Geographic Positioning Unique positioning of NCSP Group terminals on the Baltic and the Back Sea allows it to benefit from growing demand for transshipment of all types of cargo in the European and Asian markets. Baltic Sea Basin Azov-Black Sea Basin 24% NCSP Group market share in ,5% NCSP Group market share in mln t 58.6 mln t Antwerp Hamburg Rotterdam Marseille Constanta S. Petersburg/ Primorsk Port Kaliningrad/ Baltyisk Port Novorossiysk 269,5 mln t 84.9 mln t Valencia Pusan At the crossroads of many European transport routes Developed infrastructure Direct access central Russia Dakar Alger Douala Mombasa Lobito Haifa Port Said Dubai Mumbai Colombo Kolkata Shanghai Hong- Kong Singapore Jakarta Tokyo Major hub for intercontinental trade All-year navigation Core grain exporting region Second largest port for crude oil and oil products Cape Town Perth Brisbane Adelaide Access to markets North-West Europe North America Sydney Access to markets Mediterranean India South-East Asia Middle East Africa Central and South America 6

7 $ mln 910 Revenue Factor Analysis Stevedoring revenue Volume* Tariff* Grain Bunkering Other Fleet services 2017 * Without Grain 7

8 Revenue Factor Analysis by Cargo 2017 $ mln ,1-5,0 3, ,8-1,3 2,4-2,7 9,9-0,6 0, , , Crude oil Oil products Grain Iron ore Coal Ferrous metals Containers Bunkering Other cargo Port services Fleet services Other

9 EBITDA Factor Analysis 2017 $ mln 720,0 11,1-5,0 710,0-31,3 700,0 24,8 690,0 680,0 675,5-13,7 670,0 660,0-7,7 653,7 650,0 640,0 630,0 620, Transshipment Port Services Fleet Services Costs SG&A Other

10 Volumes Breakdown by Cargo 1,4% 8,3% 4,1% 3,3% Crude oil 1,2% 8,7% 3,6% 3,1% 1,9% 7,8% ,5 mln ton 52,1% Oil products Grain Iron ore Coal 2,0% 4,6% ,9 mln ton Ferrous metals 55,2% Containers 21,1% Other 21,6% 10

11 Revenue Breakdown by Cargo 1,2% 0,9% 12,2% 5,4% 2,4% 7,4% 7,7% 2017 г. $ 899,8 mln 21,9% 14,6% Crude oil Oil products Grain Iron ore Coal Ferrous metals Containers Bunkering Other cargo Port services 11,4% 5,6% 2,5% 6,6% 8,6% 2016 $ 865,6 mln 24,4% 15,4% 12,2% 11,4% Fleet services Other 13,0% 8,1% 1,7% 1,8% 1,5% 2,0% 11

12 Costs Breakdown 9,1% 19,5% Costs 2017 COS $266 mln SG&A $64,5 mln 21,0% 7,5% Depreciation (COS) Fuel Payroll& tax (COS) Repairs 8,6% 19,0% Costs 2016 COS $215 mln SG&A $50,5 mln 18,7% 9,7% Rent 14,3% 5,7% 22,9% Other SG&A 14,6% 6,0% 23,4% 12

13 NCSP Group Key Financial Metrics 2017 (in thousand US dollars) Change Change % Revenue ,0% Stevedoring services ,6% Additional port services ,2% Fleet services ,8% Other ,0% COS ,7% SG&A ,5% EBITDA* ,2% EBITDA margin (%)* 72,70% 78,00% Profit for the period ,6% Change Change % Debt (including financial lease obligations) ,3% Cash and cash equivalents ,1% Net debt* ,5% Net debt / LTM EBITDA* 1,64 1,72 * Management accounts 13

14 NCSP Group Operating Performance* (thousands tons) Change Change % Cargo turnover, total ,3% Liquid cargo, total ,7% Crude oil ,9% Oil products ,4% UAN ,8% Seed oils ,8% Bulk cargo, total ,1% Grain ,7% Mineral fertilizers ,8% Sugar ,1% Iron ore and ore concentrate ,9% Coal ,1% General cargo, total ,6% Ferrous metals ,5% Timber ,8% Non-ferrous metals ,1% Perishable cargo ,6% Containers ,6% Containers (thousand TEU) ,1% Other ,8% * Management accounts 14

15 1 NCSP Group Corporate and Shareholding Structure NCSP Group Structure PJSC NCSP Shareholders PJSC NCSP 14.3% NGT 100.0% NCSP Fleet 95.2% 2.7% 2.4% Novoport (Summa & Transneft) NLE 91.4% IPP 99.99% NSRY 98.3% BSC 100.0% PTP 100.0% SFP 99.99% 10.5% 20.0% Government Transneft Service Transfingroup Treasury Other 50.1% History of dividend payout Dividend period (year) Date of the General Date of the register Dividend per one share, RUB Dividend per all shares, RUB Meeting closure May May ,000,000, , 6 months 2 September September ,994,333, , 3 months 24 June July ,000,000, June July ,499,092, June July ,986,327 TOTAL: 29,943,414,118

16 Significant events after the reporting date 5 March 2018 The Extraordinary General Shareholders Meeting dated 5 March 2018 was cancelled due to absence of the quorum to hold the General Meeting. 6 March 2018 The Board of Directors considered proposals of shareholders and made the following decision: Include the persons indicated below to the list of candidates for election to the Board of Directors on the Annual General Shareholders Meeting for 2017 results: from the shareholder the Russian Federation represented by the Federal Agency for State Property Management (Rosimushchestvo): Dmitry Pristanskov; Alexander Tikhonov. from the shareholder Transneft-Service Limited Liability Company: Rashid Sharipov, Sergey Andronov, Maksim Grishanin, Sergey Kireev, Nikolay Platonov. 14 March 2018 According to Article 58 of the Federal Law on Joint-Stock Companies, the Board of Directors decided to convene the General Shareholders Meeting againg with the following agenda items: 1. Early termination of powers of the Board of Directors members of PJSC NCSP; 2. Election of new members to PJSC NCSP s Board of Directors. FAS On 1 September 2017, FAS imposed an administrative turnover-based fine in the amount of RUB 185 million to PTP LLC. On 14 September 2017, FAS cautioned PJSC NCSP and JSC IPP over again. On 19 March 2018, PTP LLC successfully appealed the fine in courts of two instances. On 23 March 2018, FAS of Russia filed cassation appeals to the Supreme Court of the Russian Federation against the courts' decisions in the PTP and NCSP cases. 2

17 Disclaimer All statements in this presentation, other than historical facts, that address company s business are forward looking statements. Although NCSP believes that expectations expressed in such forward looking statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees of future performance. Factors that could cause developments to differ materially from those expressed include overall market conditions. The company is subject to specific risks inherent in the stevedoring business and general economic and business conditions. Any statement or number in this presentation may be changed, depending on market conditions and other relevant developments. NCSP Group is the largest port operator in Russia and the third largest in Europe, in terms of cargo turnover in 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 consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, LLC Novorossiysk Grain Terminal, JSC Novorossiysk Shiprepair yard, JSC FNCSP, JSC NLE, LLC IPP, LLC Baltic Stevedore Company, and JSC SFP. * Management accounts Contacts Kristina Senko, Public Relations: Alexey Burykin, Investor Relations: KSenko@ncsp.com ABurykin@ncsp.com 17