14th Dec 2007 07:00
PJSC Novorossiysk Comm. Sea Port14 December 2007 Novorossiysk Commercial Sea Port Results for the nine months to 30th September 2007 December 14, 2007 Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) ("NCSP")announces its consolidated unaudited financial results for the first nine monthsof 2007, in accordance with International Financial Reporting Standards. Full consolidated unaudited financial statements for the first nine months of2007 can be found on NCSP's web-site: http://www.nmtp.info/ncsp/press-centre/news/ Key financial indicators for the period 9 months 9 months Change 2006 2007 Total Cargo mln. tonnes 61.0 58.7 -3.8%Revenue $ mln 188.1* 332.0 76.5%EBITDA $ mln 87.5* 167.0 90.8% * A number of the stevedore companies at the port of Novorossiysk wereconsolidated in June 2006. The financial results only reflect this consolidationfrom the third quarter of 2006 3rd quarter 2006 3rd quarter 2007 ChangeRevenue $ mln 90.1 134.1 48.8%EBITDA $ mln 43.1 77.1 78.9% Mr. Igor Vilinov, CEO of NCSP, said: "Results for the first 9 months of 2007 arein line with our expectations showing significant improvement in our keyfinancial indicators. The results confirm the effectiveness of the strategybeing implemented by NCSP's management - growth in capacity through thedevelopment of world class facilities, a focus on higher margin cargoes andefficiencies gained through the consolidation of operations at the port andstarting work on new terminals. Our successful November listing of ordinary shares in Moscow and GDRs in Londonhas subsequently raised our profile and I am confident of our ability to live upto our position as one of Europe's leading ports as we take advantage of thegrowth in Russian maritime trade." EBITDA improvements Among the factors to have influenced the strong increase in EBITDA for the thirdquarter of 2007 were the following: • Increase in tariffs for several cargoes and a decrease in discounts granted to forwarding agents • Elimination of cost overlaps due to the consolidation of NCSP's stevedoring operations • Growth through operational specialisation by individual stevedoring operations of NCSP • Starting work on new projects Developments During the first 9 months of 2007 NCSP has continued to execute its $700 millioninvestment programme to upgrade and extend facilities and capacity at the port. As of 30th September 2007 the following projects have been completed: • Construction of a new grain terminal with overall capacity of 4 mln tonnes of grain per year. Transshipment of cargoes began on the 29th August 2007. Total investment - approximately $82 million. • Construction of a new bunkerage complex with overall capacity of 648,000 tonnes per year. The complex was commissioned on the 1st October 2007. Total investment - approximately $12.9 million. In addition, preparation for works has been completed: • On the container terminal (this project aims to increase the capacity of the container terminal to 500 thousand TEU); • On the wood terminal (this project aims to increase the capacity of the wood terminal to 3 million cubic metres.) Conference Call NCSP will be holding a telephone conference call today at 13:00 Moscow time(London - 10:00), to discuss these results. To take part in the call, please dial + 7 (495) 783 54 44 (pincode: 7000) A Recording of the conference call and an investor presentation will also beavailable on NCSP's web-site (www.nmtp.info) in the section "Press-center". NCSP NCSP operates primarily at the Port of Novorossiysk (the "Port"), amulti-purpose, year-round, deep-water port located on the Russian shore of theBlack Sea which has geographic, topographic and infrastructure advantages incomparison to ports and potential port sites in the Black Sea-Azov basin. ThePort is Russia's largest sea port in terms of cargo turnover volume according tothe Association of Russian Sea Ports, and Europe's fifth largest commercial seaport by cargo volume in 2005, according to Global Insight/ISL. NCSP is a key Southern gateway for the import and export of a wide range ofcargoes to and from the Russian economy (including oil, oil products, timber,grain, fertilizers, ferrous metals, containers, automobiles and general cargo).NCSP handles approximately 20% by volume of cargoes shipped through Russian seaports according to the Association of Russian Sea Ports. During 2006, NCSP consolidated its shareholdings in the majority of otheroperators and stevedores in the Port. For additional information please contact: NCSP PJSC Head of Investor RelationsAlexander Rybin Tel. + 7 (495) [email protected] PR DirectorMaria Kakturskaya Tel. + 7 (495) [email protected] College Hill Associates, London Tel. +44(0)20 7457 2020Simon Whitehead, Tony [email protected] Mikhailov & Partners Agency, Moscow Tel. + 7 (495) 956 39 72Alexey Ryabinkin, Alexey [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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