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28 May 2008 16:33
Press release
Standard & Poor's affirmed its 'BB+/ruAA+' ratings on Novorossiysk Commercial Sea Port
May 28, 2008
Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) ("NCSP") announсes that Standard & Poor's Ratings Services affirmed its 'BB+' long-term corporate credit and 'ruAA+' Russia national scale ratings on NCSP. The outlook is stable.
According to Standard & Poor's research, a significant growth of NCSP financial results was noticed in 2007 - mainly due to consolidation of NCSP's stevedore assets, decrease of discounts for clients, increase of highly profitable cargoes and scheduled tariff increase.
Igor Vilinov, CEO of NCSP, said: "Current high credit rating confirms the accuracy of NCSP's strategy. The company continues to demonstrate further growth of financials (according IFRS in 2007 revenue grew 74,33%, EBITDA - 91,4%, net profit - 112,47%) and the increase of share of highly profitable cargoes in total cargo turnover - containers, oil products and timber. All these factors affect the increase of foreign investors' attention to NCSP's shares. The amount of GDRs traded on London Stock Exchange increased by 20% from 14,2% to 17,01%".
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 $483,3 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 complex 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.
For further information:
Tel: + 7 (495) 783-5434
PR@nmtp.info
IR@nmtp.info
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