CJSC Caspian Shipping Company Passes First International Audit

CJSC Azerbaijan Caspian Shipping Company has published the first financial report, complying with international financial reporting standards, which on June 11 received a positive audit opinion (Ernst & Young Holdings (CIS) BV).

Last year, the shipping company that provides services primarily in the Caspian Sea, had an income from maritime transport services in the amount of 262.6 million manats, cargo transportation - 95 million manats and other income - 4.9 million manats. In addition, the company gained other operating income in the amount of 39.1 million manats. It is noteworthy that 23.5 million manats of these funds was received due to refusal of the purchase of two ships (Jura and Islay) in favor of another company.

Total expenditure of CSC in 2014 amounted to 281.8 million manats, of which 85 million 385 thousand manats was paid in the form of wages and social security contributions. The amortization of vessels, plants and other equipment was sent 63.1 million AZN and repair and maintenance was sent 33 million manats. Payments for port services amounted to about 11 million manats.

In the past year the company paid taxes to the state budget (excluding profit tax) in the amount of 14 million manats. Overall, profits were earned over 30 million manats.

According to the balance sheet, assets of JSC CSC at the beginning of this year amounted to 835 million mantas and the share of trade accounts receivable accounted for 86 million manats. The total fair value of its ships and so forth plants and equipment is estimated at 577.5 million manats. The company has long-term loans in the amount of 39 million AZN and obligations to trading partners for 128 million manats.

CJSC CSC was created October 22, 2013 through the merger of two state companies - Azerbaijan State Caspian Shipping Company and the Caspian Sea Oil Fleet of SOCAR. The company employs more than 9,000 people. -----08B