17th Dec 2008 08:23
Press Release
NCSP Financial Results to IFRS for Nine Months 2008 :Growth From New Capacity
17 December 2008
PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) announcesconsolidated financial results for the first 9 months of 2008 prepared in compliance with International Financial Reporting Standards (IFRS).
Full text of PJSC NCSP's condensed consolidated interim financial statements for 9 monthsended 30 September 2008 is available on the company's web site in«To Investors and Shareholders» section: http://www.nmtp.info/en/ncsp/investors/.
Overview of key financials for 9 months of 2008 (thousand USD)
|
Indicator |
9 months 2008 |
9 months 2007 |
Change, % |
|
Revenue |
487 560 |
331 990 |
46.86% |
|
Gross profit |
222 824 |
153 949 |
44.74% |
|
EBITDA |
251 093 |
167 015 |
50.34% |
|
EBITDA margin |
51.50% |
50.31% |
|
|
EBITDA Adjusted * |
266 336 |
140 449 |
89.63% |
|
Operating profit (EBIT) |
172 481 |
107 890 |
59.87% |
|
Finance cost |
29 039 |
33 906 |
- 14.35% |
|
Profit before income tax |
131 415 |
99 292 |
32.35% |
|
Profit for the period |
106 335 |
74 326 |
43.07% |
|
Earnings per share(basic and diluted), USD |
0.52349 |
0.39548 |
32.37% |
|
Net debt |
451 635 |
477 826 |
- 5.48% |
|
Net debt / EBITDA (annualized) |
1.37 |
2.16 |
|
|
Investments** |
81 832 |
52 529 |
55.78% |
|
ROA (annualized) |
12.21% |
9.89% |
|
|
ROE (annualized) |
19.05% |
14.23% |
|
|
Cargo turnover (mln. tons) |
60 335.8 |
58 700.4 |
2.79% |
* Excluding Foreign exchange gain/loss
** Based on management reports.
PJSC NCSP General Director Igor Vilinov said in commenting on the interim financial results:
«New terminals for handling containers, petroleum products, and grain that reached design capacity thisyear remain the driving force for financials. The new handling capacity enabled the port to increaserevenue by $50.63 million in the reporting period. »
Expansion of the scope of services offered by the port to include expediting, cargo storage, stuffing and un-stuffing of containers, and other services, was the second key factor contributing to increased revenue. Revenue for the first nine months grew by $40.77 million year-on-year as a result of this business segment.
Continuing increase in the share of high-margin cargo such as containers, petroleum products, and grain, in total cargo traffic along with an absolute increase in handling volumes resulted in additional revenue of $31.79 million.
NCSP continued to implement its investment program in the reporting period. Construction of the new light petroleum products terminal at OJSC IPP, offering 1 million tons per annum in capacity, was completed in Q3 2008. The terminal cost 867.3 million rubles to build, and was launched into operation in October 2008.
This facility is the fifth specialized terminal built in the framework of NCPS's long-term investment program, under which some $324 million were spent up to date.
About PJSC NCSP
PJSC Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. NCSP consolidated cargo turnover for 2007 totaled 79.4 million tons, which is some 97% of cargo handled at the port of Novorossiysk (according to the Association of Sea Ports).
NCSP shares are traded on the London Stock Exchange (NCSP) and Russia's RTS and MICEX exchanges (NMTP). Consolidated revenue to IFRS for the first half of 2008 totaled $314.7 million, EBITDA - $183.4 million, net profit - $84.5 million.
NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
For more information please contact:Tel.: +7 (495) 783-5434[email protected]
Related Shares:
Pjsc Novor. S