SCF improves key financial metrics quarter over quarter

Sep 02 2021


PAO Sovcomflot (SCF Group, the Company; MOEX: FLOT), a global leader in marine energy transportation services, released its Condensed Consolidated Interim Financial Statements for the periods ended 30 June 2021.

FINANCIAL HIGHLIGHTS

  • The industrial business performance maintained a stable upward trend, while the conventional segment’s performance remained muted reflecting unfavourable market conditions in spot tanker markets.
  • The contracted 2021 revenue is at least USD 1.0 billion in H1. Following new additions to the industrial business portfolio, the contract backlog remained at USD 24 billion at the reporting date.
  • Q2 2021 time-charter equivalent (TCE) revenue was USD 284.9 million (3.6 per cent increase on Q1 2021). H1 2021 revenue was USD 559.9 million (28.5 per cent down year-on-year).
  • Q2 2021 EBITDA was USD 181.2 million (16.2 per cent increase on Q1 2021). EBITDA margin improved by 6.9 pp to 63.6 per cent. H1 2021 EBITDA declined 42.2 per cent year-on-year to USD 337.2 million.
  • Q2 2021 net income adjusted for impairment provisions, foreign exchange gains and losses and gains and losses related to revaluation of financial assets reached USD 36.1 million (55.8 per cent increase compared with Q1 2021). H1 2021 adjusted net income was USD 59.2 million.
  • SCF Group’s industrial business portfolio, comprising liquefied gas transportation (LNG and LPG vessels) and harsh environment offshore services (ice-class shuttle tankers and ice-breaking supply and stand-by vessels) accounted for 65 per cent of SCF Group TCE revenue in H1 2021 and continued to provide a long-term fixed income revenue stream.
    • Industrial business segments contributed USD 363.3 million to H1 2021 TCE revenue, delivering 6.1 per cent year-on-year growth due to addition of three new LNG carriers added in 2020 and 2021, employed under long-term contracts with energy majors Shell and TotalEnergies. Q2 2021 revenue for the industrial segment of USD 180.6 million was down 1.2 per cent on Q1 2021, due to scheduled repair and maintenance works in the offshore segment.
    • H1 2021 (Net Earnings from Vessels Trading (NEVT) increased to USD 300.5 million (up 6.0 per cent year-on-year). In Q2 2021 NEVT reached USD 148.8 million (down 2.0 per cent on Q1 2021) following the revenue trend.
  • SCF Group’s conventional tanker business (crude and oil products transportation business segments) contributed 32 per cent to H1 2021 TCE revenue.
  • H1 2021 performance of the conventional tanker business remained under pressure, as spot tanker rates dropped four times year-on-year, which resulted in a revenue decline to USD 180.2 million (55.9 per cent down year-on-year) reflecting the continued negative impact of the Covid-19 pandemic on tanker freight market dynamics but also the strong base effect of H1 2020 numbers. Revenue remained stable quarter-on-quarter.
  • H1 2021 NEVT in the conventional tanker business reached USD 81.4 million. Q2 2021 NEVT improved to USD 42.0 million (6.4 per cent up on Q1 2021) - results reflecting fewer scheduled repairs in Q2 2021.

 

PAO Sovcomflot: H1 and Q2 2021 Results

 

 

 

 

 

 



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