In Q1 2023, Atlantska Plovidba recorded a sales revenue decrease of 47.5% YoY, an EBITDA decrease of 65.8%, and a net income of EUR 197.4k, a decrease of 97.8% YoY.
In Q1 2023, Atlanska Plovidba transported a total of 1.13m tons of cargo. Of this, they transported 404.8k tons of coal (35.8% of the total), 149.8k tons of grain (13.25% of the total), 336.7k tons of minor bulk (29.8% of the total), and 239.2k tons of iron ore, representing 21.2% of the total.
In terms of the operational ships, they have a total of 11 ships, 5 of which are in the Panamax category, 4 of which are in the Supramax category, and 2 are in the Handy Category. Furthermore, Atlantska Plovidba notes that it has 2 ships under construction, in the Kamsarmax category. In terms of the age of the ships, the average age amounted to 11.78 years at the end of Q1 2023. Also, of the employed ships, 7 are employed on a short-term lease, while 4 are employed on a long-term lease. In terms of the average daily rate, we can see that it amounted to USD 13,542/day, which is a decline that has been recorded by the shipping industry over most of 2022, and even now in 2023, as the demand for shipping has declined drastically recently, due to the macroeconomic developments.
Looking at the fleet utilization, Atlantska Plovidba recorded a value of 98.9%, meaning that most of the ships were employed for the majority of the time. Finally, the NAV of the fleet on 31 March 2023 amounted to USD 211.5m, or on a per share basis, USD 99.12.
Moving on to financials, the developments described above led to a 47.5% reduction in sales revenue, which amounted to EUR 10.6m. Meanwhile, op. expenses amounted to EUR 10.1m, a 1.1% decrease YoY. Of this, material expenses amounted to EUR 3.37m, a decrease of 12.2% YoY, while staff expenses amounted to EUR 2.2m, a 1.3% increase YoY.
Taken together, this led to an EBITDA of EUR 4.41m, a 65.8% decrease YoY, which as we noted, is in line with the industry trends we have been seeing for the last year now. This would also imply an EBITDA margin of 22%, a decrease of 42 p.p. YoY. Meanwhile, the net financial result amounted to EUR -1.58m a 26% decline YoY, mainly driven by low financial revenue, while FX losses increased YoY.
Finally, the net income of the Company amounted to EUR 197.4k, a 97.8% decrease YoY, implying a net profit margin of 1%, a decrease of 43 p.p. YoY. It has to be noted however, that Atlantska Plovidba operates in a highly seasonal/dynamic industry, in which a lot of the growth drivers are the global macroeconomic situation, as well as the supply/demand for the shipping. 2021 was a record year for the shipping industry, and this decline could be seen as more of a correction and will depend on new developments.
Atlantska Plovidba key financials (Q1 2023 vs. Q1 2022, EUR ‘000)
Source: Atlantska Plovidba, InterCapital Research