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Santos Brasil announces a R$ 32.8 million EBITDA and a R$ 1.9 million net income in Q117

11/05/2017

Santos Brasil closed the first quarter of the year with an EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for non-recurring effects of R$ 32.8 million, with a 15.1% margin and a significant 182.8% evolution over Q116, which was R$ 11.6 million. The Company once again recorded a R$ 1.9 million net income, reversing the Q116 result, as a result of an increase in the volume of handled containers, an operational structure adjustment with a fixed cost and expense reduction, and a volume increase at the TEV.

The company also recorded 10.3% growth in container handling at its three terminals located in the ports of Santos (São Paulo State), Vila do Conde (Pará State) and Imbituba (Santa Catarina State), totaling 251,807 units operated in the period. Performance was driven by the movement at Vila do Conde and Santos, which increased by 29.1% and 8.6%, respectively in the first three months of 2017.

At Tecon Santos, South America´s largest and most efficient container terminal, 226,973 containers were handled in Q117, reaching a 41% market share in the period (38.4% in Q116). Operations at the Santos complex also recorded an increase in long-haul operations, with imports and exports growing 3.9% and 2.2%, respectively. Import FCL volume was 53,387 units, with a 18.2% growth over Q116 (45,155), directly impacting the result of the containers stored at the terminal, which increased by 31.5% in Q117.

Tecon Vila do Conde handled 17,358 containers in the period, and Tecon Imbituba also showed a positive performance with a 28.3% increase in volume handled, 152.7% in long-haul operations, and 23.3% in coastal shipping.

At the Vehicle Terminal (TEV), the first quarter operating result reflects the 101.5% growth in vehicle exports through the terminal, totaling 73,380 units in Q117, a 91% increase over Q116. Export operations accounted for 95.6%, and light vehicles accounted for 93.5%.

In the Santos Brasil services mix, long-haul import, export and transshipment operations recorded 2.6%, 5.2% and 12% increases, respectively. Coastal shipping operations increased their share in the total operations volume to 26.2% (24.1% in Q116); the same applied to transshipments, which increased from 32.3% in Q116 to 33.2% in Q117. Bonded warehousing operations showed a 34.8% growth in the port container terminal segment.

Financial indicators

The Company´s consolidated net revenue totaled R$ 217.6 million in Q117, a 10.4% growth compared to Q116 (R$ 197.2 million). On the other hand, gross revenue from dockside services dropped slightly by 0.7% compared to the same period in 2016, due to the price and competition scenario at the Port of Santos in the second half of last year.

The company closed the period with a R$ 145.7 million cash balance and a R$ 20.3 million net debt, which is equivalent to 0.2 times the EBITDA of the last 12 months.
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