Prumo Logística has today published its earnings figures for 2014. R$ 1.9 billion was invested in Açu Port. Combined with the investment made since 2007, R$ 7.6 billion has now been invested in the venture. Of this amount R$ 4.9 billion was invested by Porto do Açu Operações (a subsidiary of Prumo Logística), and R$ 2.7 billion by Ferroport (joint venture between Prumo and Anglo American) and by Anglo American. The figures do not include capitalized interest. This sum rises to R$ 10.3 billion if we consider the investment of R$ 2.7 billion announced by clients opening plants at Açu Port.
“With operational start-up and a bolstered capital structure, we believe that 2015 will see Açu Port be consolidated as the best option for helping clients cut costs and solve their problems. In 2014 we made significant progress in implementing the core infrastructure of the Port. This has enabled us to initiate a new cycle of investments this year which will primarily consist of developing new terminals for handling oil, project cargo and solid bulk, in addition to expanding the infrastructure of the Industrial District to serve new clients”, asserted Eduardo Parente, Prumo CEO.
Net income
R$ 1.9 billion was invested in Açu Port in 2014. Of this total, R$ 1.41 billion (not including capitalized interest) was invested primarily in works at Terminal 2 (T2), such as the breakwater, dredging of the channel, construction of the wharf line and the Multicargo Terminal – TMULT. A further R$ 690.5 million (not including capitalized interest) was invested in the development of the iron ore project, located at Terminal 1 (T1), including the breakwater, dredging, Transmission Line and other activities.
In the year Prumo made net revenue of R$ 144.5 million. The increase in relation to 2013, which posted net revenue of R$ 56 million, was primarily driven by the new contracts signed in the course of 2014 and the start-up of iron-ore operations by Ferroport. The amount includes the take or pay agreement with Anglo American of R$ 72.6 million and the rental of land to clients of R$ 71.9 million.
The Company closed the year with a balance of cash and cash equivalents of R$ 646.7 million and debts of R$ 3.2 billion, including interest and monetary restatement. The net loss in 2014 was R$ 47.6 million compared with R$ 135.8 million in 2013.
2014 Headlines
The year was marked by the operational start-up of Açu Port. The first ship was loaded with 80,000 tons of iron ore at T1 in October. Approximately 240 thousand tons of iron ore were shipped in 2014 (three ships carrying 80 thousand tons). To date the terminal has received 13 bulk carriers.
T2 also came into operation following the start-up of load handling by our clients located on the channel’s banks. The first operation occurred in November 2014 when a ship from China moored at the wharf line of NOV’s plant carrying a 520-ton crane. Since then T2 has received five ships.
Important contracts were secured in the course of 2014, like that with Edison Chouest to build an offshore support base; Marca Ambiental to open a service center for collecting, treating and disposing of waste in general; and the partnership with BP to distribute and sell marine fuel. These contracts could attract new clients, thereby increasing the occupation of the landside yard and the movement of ships at Açu Port.
Another headline was the obtainment of the nautical chart ratified by the Navy for the operation of terminals 1 and 2. This means Açu Port can now receive ships with a draught of up to 7 meters. After performing a new bathymetry in December, the Navy ratified a new depth of 9.5 meters, which means ships with a draught of up to 8.5 meters can now be received.
Last year Prumo also underwent a new capitalization of R$ 650 million, conducted primarily by the parent company EIG. The capital increase was necessary to prepare the Company for a new phase of investments in 2015.
Works
Formed of concrete blocks, the breakwater of terminals 1 and 2 is now nearing completion. 44 concrete blocks have been laid at T1 out of a total of 47 (all constructed). The 42 blocks that will comprise the breakwater of T2 have been constructed, leaving just 5 to be refloated and repositioned into their final location.
The wharf line of TMULT (with a length of 500 meters) is now ready and currently has a depth of 14 meters (rising to 14.5 meters). All the mooring posts and buffers have been installed. The company is now concentrating on preparing the landside yard and obtaining all the licenses and permits necessary to begin operations, forecast to occur in the second half of 2015.
Installation of the 145 towers of the Campos-Açu transmission line was completed in 2014, with a length of 58 km. Carrying 345,000 volts, the transmission line will connect Açu Port to the National Interconnected Grid.
