BAKU, Azerbaijan, May 18
By Nargiz Sadikhova - Trend:
Revenues of Kazakhstan’s Nostrum oil and gas company has amounted to $46.2 million in 1Q2020, which indicates a decrease compared to $60.4 million in 1Q2020, Trend reports citing the company.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) were $26.8 million in 1Q2021, which is less than $31.7 million in 1Q2020. EBITDA margin was 58 percent (52.5 percent in 1Q2020).
Closing cash as of March 31, 2021 was $85.3 million ($78.6 million as of December 31, 2020).
Closing cash as of March 31, 2021 and December 31, 2020 excludes cash held in a restricted account under the terms of a forbearance agreement dated October 23, 2020 between the company, together with certain of its subsidiaries and members of an ad hoc committee of noteholders. Cash held on the restricted account as of March 31, 2021 was $21.5 million ($12.9 million as of December 31, 2020).
Total debt was $1.2 billion including accrued interest of $100.1 million, net debt $1.1 billion as at March 31, 2021. Net debt position as at March 31, 2021 does not take into account Restricted Cash.
Interest on Nostrum’s 8 percent Senior Notes due 2022 and its 7 percent Senior Notes due 2025 issued by Nostrum Oil & Gas Finance B.V. and due in February and March 2021 was not paid.
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