Following the start-up of operations at Açu Port at the end of 2014, Prumo recorded a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 37.8 million. This figure was disclosed in the earnings report for the first quarter of 2015, which also includes investments made since construction of the venture began in 2007.
In total Açu Port has received investment of R$ 8.1 billion. Of this amount, R$ 3 billion was invested by Ferroport (a joint venture between Prumo and Anglo American) and Anglo American, and R$ 5.1 billion by Porto do Açu Operações (a subsidiary of Prumo Logística). The figures do not include capitalized interest.
“2015 began with great prospects for the consolidation of Açu Port as the main alternative for the solution of problems, primarily for the oil and gas industry. With the oil and gas industry’s demand for cutting costs and increasing production, Açu Port is proving to be a low-cost, efficient alternative ready to meet the requirements of oil companies and their suppliers. We are very optimistic and believe this year will yield great achievements for Prumo”, said Eduardo Parente, the Company’s CEO.
Another highlight in the quarter was the conclusion of the basic infrastructure works at Açu Port. After coming into operation at the end of 2014, the company is dedicated to: securing new commercial contracts, operating the Multicargo Terminal – TMULT and building and developing the Oil Terminal (TOIL).
Facts
One of the headlines for this quarter was the contract with Edison Chouest, which exercised its option to increase its area, as established in the contract signed in April 2014. Exercising the option resulted in Edison Chouest’s total area at Terminal 2 rising from 284,200 m² to 411,800 m², with a wharf line of 710 meters. This is the second time the company has expanded its area, which has a further two options that can be exercised by October 2015. If it exercises all of its options, ECO could occupy a total area of 574,200 m², with a wharf line of 990 meters.
Prumo has also signed a memorandum of understanding with the company Bolognesi Energia S.A. to jointly evaluate investment opportunities to implement natural gas ventures at Açu Port. Açu Gas Hub is a private solution for importing LNG and the domestic production of natural gas in the Santos and Campos Basins. The ventures identified for the hub include thermoelectric gas, LNG regasification terminal, natural gas processing, LPG terminal, onshore and offshore pipelines for gas transportation, LNG storage and other services associated with gas.
Net income
From January to March this year R$ 270.1 million was invested in Açu Port (not including capitalized interest), with R$ 109 million invested by Ferroport and Anglo American, and R$ 161.1 million by Porto do Açu Operações. Of this total, R$ 30.4 million has been invested in building the breakwater and R$ 31.4 billion in dredging, both at Terminal 1. R$ 88.7 million has been disbursed at Terminal 2, including R$ 63.7 million on the breakwater, R$ 20.3 million on channel dredging and R$ 4.7 million on T-MULT and other items.
A further R$ 41.6 million has also been allocated to the development and construction of other infrastructure works such as road surfacing and maintenance, sustainability, engineering projects and works management, in addition to the implementation of the 345-kV Transmission Line which will connect the Port to the National Interconnected Grid.
In the period Prumo made net revenue of R$ 75.4 million. The increase over the same period last year was due to the new contracts signed in the course of 2014 and the start-up of Ferroport’s operations in October 2014.
The Company closed the first quarter with a balance of cash and cash equivalents of R$ 406.6 million and debts of R$ 3.3 billion, including interest and monetary restatement. The net loss for the period was R$ 32.9 million.
