Prumo has today (13) unveiled its earnings for the 2nd quarter of this year. From April to June Açu Port received investment of R$ 483.3 million (not including capitalized interest). The venture has received investment of R$ 5.5 billion since construction commenced in 2007 until June this year (not including capitalized interest). R$ 2.5 billion of this was invested by Anglo American and Ferroport (formerly LLX Minas-Rio) and R$ 3 billion by Prumo.
“With the infrastructure construction works of Açu Port reaching completion, the port is becoming reality and efforts are now concentrating on preparations for operational start-up”. In the channel of Terminal 2 the operational area is awaiting the final authorizations to begin managing the entry and departures of clients’ vessels. We are very optimistic about the prospects for this year whilst taking every effort to ensure that both the main work fronts are demobilized seamlessly and port operations commence as planned, paying particular attention to the safety of our employees and suppliers”, said Eduardo Parente, Prumo CEO.
The headlines for the quarter include the signing of two major contracts. One with Edison Chouest, a leader in the marine segment, to build an offshore logistics support base and ship repair yard for its own vessels. And another with NFX, a joint-venture owned equally by Prumo and BP, to occupy an area of 215,079 m² at the entrance to the channel of Terminal 2.
Investments
R$ 208.1 million of the total R$ 483.3 million invested in the 2nd quarter of this year (not including capitalized interest) was invested by Ferroport (joint venture owned by Prumo (50%) and Anglo American (50%)), responsible for developing the Port’s iron ore terminal. The amount was invested in the construction of the breakwater, dredging, land management and the environment, amongst others. A further R$ 1.3 million was used to assemble the grid of the 138-kV transmission line that connects the Campos substation to Açu Port.
Prumo invested R$ 307.5 million in the construction of Terminal 2 (T2) and the construction of the breakwater of Terminal 1 (T1) and infrastructure of Açu Port. The investment was made in the construction of the channel, breakwater, construction of the wharfline of the Multicargo Terminal (TMULT) and our clients. Moreover, the works on the 345 kV Transmission Line which will connect Açu Port to the National Interconnected Grid consumed R$ 22.9 million in the quarter. Investments have also been made in engineering project and works management, land management, property security and operations, administrative expenses, sustainability and road surfacing and maintenance.
Quarterly earnings
In the 1st quarter Prumo made net revenue of R$ 19.4 million. The increase in the period over the same period last year is primarily due to the new contracts with Edison Chouest and NFX. Administrative expenses amounted to R$ 30.2 million and were similar to those in the 2nd quarter of last year. The net financial income for the period was R$ 27.1 million and the net income for the quarter was R$ 2.1 million.
Prumo closed the 2nd quarter of 2014 with a balance of cash and cash equivalents of R$ 310.3 million and debts of R$ 2.52 billion, including interest and monetary restatement.
Açu Port
With 17 km of piers which can simultaneously moor up to 47 vessels, Açu Port is being constructed in São João da Barra, in northern Rio de Janeiro. Occupying 90 km² the venture is comprised of Terminal 1 (T1 – offshore) and Terminal 2 (T2 – onshore).
T1 consists of a 3-km access bridge, a tugboat pier, 9 oil and iron-ore piers, approach channel and turning basin. The works on the iron ore terminal of Açu Port are 80% complete. The breakwater is near completion. In addition, the filtration and yard equipment that will perform the stacking and reclaiming and the shiploader for the shipment of iron ore is at the final stage of testing. The 1st shipment of iron ore at Açu Port is scheduled for the end of this year.
T2 is being built around a 6.5 km long, 300 meter wide approach channel with a current depth of at least 10 meters along its entire extension (reaching 14.5 meters in its deepest section). Works are taking place on the site for the construction of the approach channel, turning basin, construction of the concrete blocks to be used in the breakwater and implementation of the transmission line. With a wharf line of over 13 km, T2 will handle pig iron, project cargo, coal, vehicles, liquid and solid bulk, general cargo and oil.
With unique features, such as great depth, a strategic location and efficient infrastructure, Açu Port is the main solution for oil and gas companies to locate. Facilities can be installed at the Port to handle and treat oil, provide support to offshore E&P operations and an area dedicated to the oil and gas industry.
