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NCSP raises its share in IPP

29th May 2008 07:35

RNS Number : 4774V
PJSC Novorossiysk Comm. Sea Port
29 May 2008
 



Press release

Novorossiysk Commercial Sea Port raises its share in IPP from 72,65% to 95,22% under the strategy aimed at further consolidation of stevedore assets

May 29, 2008

Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) (“NCSP”) completes acquisition of 22,57% of IPP that specializes on the transshipment of highly-profitable cargoes - diesel oil, bunkerage fuel and fluid fertilizers. As a result, the share of NCSP in IPP increased from 72,65% to 95,22%. The sum of transaction is 94,395 mln. USD – it is less than 10% of the total assets of NCSP according to its financial statement as of 31.03.08 (non-consolidated RAS results). The acquisition goes in line with the company’s strategy aimed at further consolidation of minority interests in its subsidiaries.

NCSP

Novorossiysk Commercial Sea Port (NCSP) is Russia's largest sea port operator by cargo turnover, according to Association of Sea Ports. NCSP`s total cargo turnover in 2007 amounted to 79,4 mln. tons, according to consolidated results. NCSP is listed on London Stock Exchange and Russian stock exchanges RTS and MICEX. In 2007 NCSP had revenues of $483,4 mln. with EBITDA of $227,9 mln. and net profit of $93,7 mln. (consolidated results).

NCSP is the largest stevedore company of port Novorossiysk, a multi-purpose deep-water port complex located on the Black Sea, which provides year-round navigation. The port is a key Southern gateway for import and export of a wide range of cargoes (including oil, oil products, timber, grain, fertilizers, ferrous metals, containers, automobiles and general cargo). In 2007 NCSP has transshipped about 96% of all port Novorossiysk cargo.

NCSP owns the following stevedore companies: NZT Grain Terminal, NSRZ Ship Repair Yard, NCSP Fleet, NLE Timber & Container Terminal, IPP, Baltic Stevedore Co. 

IPP

IPP is a subsidiary of NCSP that specializes in the transshipment of highly-profitable liquid cargoes - diesel fuel, bunkerage fuel and UAN (Urea-Ammonium Nitrate). Total cargo turnover of IPP amounted to 4,9 mln. tons in 2007. In 2007 IPP had revenues of 1 846 mln. rubles, net profit was 212 mln. rubles, according to RAS results. The results of IPP are included into NCSP`s consolidated results (since the date of acquisition of controlling interest in June 14th 2006). 

 

IPP is situated right by the waterfront and allows storage and transshipment of cargo from rail cisterns to vessels, storage in reservoirs, control of quality and amount of received cargo. As a result of successfully implemented investment projects, the transshipment capacity of diesel oil has increased to 4,2 million tons while the UAN fluid fertilizers transshipment capacity increased to 850 thousand tons. In 2007 IPP commissioned a 648 thousand tons new bunkerage and fuel transfer complex. The project was commissioned under NCSP`s investment program. IPP`s clients are largest Russian oil companies, oil traders and producers of fertilizers, as well as Novorossiysk bunkerage companies.

For further information: 

Tel: + 7 (495) 783-5434 

[email protected] 

[email protected] 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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