Novorossiysk Commercial Sea Port Group (NCSP Group, the Group) consolidated revenue revenue for the 2011 period ended Dec 31, according to International Financial Reporting Standards (IFRS), soared by 65.2 percent year-on-year and totaled $1,049.5 million, exceeding for the first time in the Group's history the $1 bn mark. EBITDA increased by 32.3% compared to 2010 to $550.3 million, NCSP Group said on Monday.
Other highlights of the Group are as follows:
· The Group’s EBITDA margin averaged 52.4% in 2011;
· Group’s total traffic volumes 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.
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.
Other highlights of the Group are as follows:
· The Group’s EBITDA margin averaged 52.4% in 2011;
· Group’s total traffic volumes 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.
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.