16.04.2012 Rado Antolovic “NCSP Group 2011 EBITDA amounted to $550.3 due to growth of cargo turnover and revenue”

Novorossiysk Commercial Sea Port Group (“NCSP Group” or the “Group”) (LSE: NCSP, MICEX: NMTP) announces its consolidated financial results for 2011 in accordance with International Financial Reporting Standards (IFRS).

2011 results highlights:

·         For the first time in the Groups’ history revenue exceeded $1 billion and amounted to $1 049.5  million for the year;

·         Consolidated revenue growth of 65.2% compared to 2010;

·         EBITDA increased by 32.3% compared to 2010 to $550.3 million;

·         The Group’s EBITDA margin averaged 52.4% in 2011;

·         Group’s total cargo turnover in the reporting period amounted to 157 million tons which is 2.3% higher relative to 2010 (adjusted for the volumes handled by Primorsk Trade Port Ltd ) and exceeded the industry average (+1,8%);

·         NCSP Group’s share in total cargo turnover of Russian sea ports exceeded 29%;

·         2011 Gross profit amounted to $554.1 million which represents a 41% increase compared to 2010;

·         The Group's net debt decreased by $209 million by the end of 2011 compared to the end of the first quarter of 2011 (first reporting period after PTP acquisition) and amounted to $2 379 million;

·         Net debt/LTM EBITDA  decreased significantly during 2011 and as of the 31th December 2011 amounted to 4.3x compared to 6.3x as of 31th March 2011

Acting CEO of PJSC NCSP Rado Antolovic commented:

“NCSP Group continued implementation of its investment program. During 2011, according to the Group’s management accounts, capital expenditure totaled $115.7 million.

The Group is gradually reducing its leverage. Since raising the loan to finance acquisition of PTP, the Group’s net debt has decreased by 209 million dollars, or by 8%.  The Group complied with its leverage covenants (4.75x) with sufficient headroom”.

Deputy CEO for Finance and Economy of PJSC NCSP Andrei Bubnov commented:

“We are conducting a complex of measures aimed at reducing operational and administrative expenses. 2011 costs growth adjusted for one-off charges was in line with inflation. It is also worth noting considerable improvement in the Groups cost dynamics and profitability on a quarterly basis.”

Full version of “NCSP Group Consolidated Financial Statements for the Year Ended 31 December 2011” is available on the Group’s website (nmtp.info) here:   Investor Relations/Reporting/Consolidated Financials under IFRS

 

Conference Call

On April 16, 2012, NCSP will host an analyst & investors conference call on its 2011 results at 5 pm Moscow time.

The conference call presentation will be available one hour prior the call on the Company’s web-site (www.nmtp.info).

Dial-in Details

Russian dial in: + 8 10 800 2806 3011 (freephone)

UK dial in:   +44 20 7162 0077

US dial in: +1 334 323 6201

Conference ID 915298

About NCSP Group

NCSP Group is the largest Russian port operator and the 3rd operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP). 50.1% shares of PJSC NCSP belong to Novoport Holding Ltd, beneficiaries owners of which are JSC “Transneft” and Ziyavudin Magomedov (Summa Group). NCSP Group cargo turnover in 2011 totaled 157 million tons. Consolidated revenue according to IFRS in 2011 totaled $1 050 million and EBITDA of $550 million. NCSP Group combines the following stevedore companies: OJSC Novorossiysk Commercial Sea Port, Primorsk Oil Terminal Ltd (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC NLE, OJSC IPP, and Baltic Stevedore Company Ltd.

 

For more information please contact:

 Media: M.Sidorov@nmtp.info; senko@ncsp-net.com;

Investement Community: MGrigoriev@nmtp.info