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ГлавнаяKDM Shipping 1H 2012 Financial Statements: Net cash from operating activities at USD 2.5 million; Net profit at USD 3.9; Gross profit at USD 5.0 million; EBITDA at USD 4.8 million; Net operating cash flow increased 30.1%

KDM Shipping 1H 2012 Financial Statements: Net cash from operating activities at USD 2.5 million; Net profit at USD 3.9; Gross profit at USD 5.0 million; EBITDA at USD 4.8 million; Net operating cash flow increased 30.1%

KDM Shipping Public Limited (KDM:PW), a leading Ukrainian maritime shipping company that is primarily involved in the niche segment of dry bulk river-sea freight in the Black, Azov and Mediterranean Sea regions, announces its interim consolidated financial statements for the first six months of 2012 (ending 30 June).  The consolidated financial statements were reviewed by KPMG in accordance with the International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”.
During the first six months of 2012, the Company’s net operating cash flow increased by 30.1% compared to the same period in 2011, from USD 1.9 million to USD 2.5 million, EBITDA decreased by 7.8% compared to the same period in 2011, from USD 5.2 million to USD 4.8 million, freight revenues increased by 7.2% compared to the same period in 2011, from USD 6.9 million to USD 7.4 million, ship repair revenues decreased by 22.3% compared to the same period in 2011, from USD 1.5 million to USD 1.1 million, passenger transport revenues decreased by 33.3% compared to the same period in 2011, from USD 1.5 million to USD 1.0 million.  Total assets of the Company increased by 6.9% compared to the same period in 2011, from USD 33.9 million to USD 36.3 million, while total liabilities decreased by 14.6% compared to the same period in 2011, from USD 9.8 million to USD 8.3 million

FINANCIAL RESULTS – REVIEW
Selected financial data (in USD thousands)



1H 20121H 2011Change
Revenues 9,568 9,907 (3.4%)
Freight 7,408 6,908 7.2%
Ship repair 1,129 1,453 (22.3%)
Passenger transport 1,031 1,546 (33.3%)
Cost of sales (4,558) (4,418) 3.2%
Freight (3,118) (2,463) 26.6%
Ship repair (684) (919) (25.6%)
Passenger transport (756) (1,036) (27.0%)
Gross profit 5,010 5,489 (8.7%)
Gross margin 52.4% 55.4% (5.5%)
EBITDA 4,796 5,204 (7.8%)
EBITDA margin 50.1% 52.5% (4.6%)
Profit for the period 3,877 4,864 (20.3%)
Net cash from operations 2,535 1,948 30.1%

Kostiantyn Molodkovets, Chief Executive Officer of KDM Shipping, commented:
‘On behalf of KDM Shipping, I am pleased to report our consolidated six-month financial results for the first half of 2012.  Despite an unusually cold winter that froze large parts of the Black and Azov Seas for over one month at the beginning of this year, we continued to build upon our cash position by strategic spot market charters while focusing on the growth strategy communicated in our prospectus.  This is demonstrated by the increase in our net cash from operating activities along with recent negotiations for acquiring additional vessels, which we plan to announce in more detail soon.
Comparing the first six months of 2012 to 2011 year-on-year, the main factor to take into consideration is the atypically cold winter and frozen sea conditions affecting our routes during the start of this year.  The deep freeze increased costs of transportation, while also lowering the overall volume of cargoes during that period due to limited transport feasibility.  Likewise, the harsh weather during that period increased our operating costs and lowered our ship repair segment activities.  Notwithstanding that outlier period of extreme weather, our performance is on par with Company targets and next week we will publish our August dry bulk cargo freight data, which are strong.’