Pjsc Novor. S Regulatory News (NCSP)

28 Jan 2008 14:01

PJSC Novorossiysk Comm. Sea Port28 January 2008 Press Release Novorossiysk Commercial Sea Port Announces Its Operating Results for 2007 January 28, 2008 Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) (NCSP)announces its operating results for 2007. Volumes of Cargo Handled ('000 tons)1 For the year ended Change y-o-y 2006 2007Liquid cargoOil 47 337 44 289 (6,44%)Oil products 8 453 9 237 9,27%Liquid fertilisers 878 797 (9,23%)Seed oils 507 366 (27,81%) Total 57 175 54 689 (4,35%) Dry bulk cargoGrain 4 084 5 808 42,21%Mineral fertilisers and otherchemicals 1 461 1 356 (7,19%)Raw sugar 1 230 1 806 46,83%Raw iron ore and iron ore concentrate 1 029 569 (44,70%)Scrap metal 374 199 (46,79%)Cement 1 122 438 (60,96%) Total 9 300 10 176 9,42% General cargoFerrous metals 8 978 8 073 (10,08%)Timber products2 1 282 1 101 (14,12%)Timber products ('000s m3) 2,26 2,00 (11,42%)Non-ferrous metals 901 979 8,66%Pig iron 374 152 (59,36%)Perishables 112 62 (44,64%)Ores (imported and exported) 14 60 328,57%Other 444 355 (19,99%) Total 12 105 10 782 (10,93%) ContainersContainers (by weight)3 2 346 3 656 55,84%Containers (TEUs) 167 261 56,29% Total 2 346 3 656 55,84% Total for all Cargoes 80 926 79 303 (2,01%) (1) For each period, figures are shown for all members of the Group at the dateof this prospectus. However, since NCSP acquired controlling interests in itscurrent principal subsidiaries on 14 June 2006, revenues of those subsidiariesaccrued prior to the acquisition date are not reflected in historical financialinformation for periods ending prior to 14 June 2006. (2) For the purposes of this and the following tables, conversion of cubicmetres into tonnes is based on a ratio of 0.55 tonnes per 1 m, a ratio whichNCSP uses as an indicative measure and which is based on assumptions NCSPbelieves to be reasonable. Any discrepancy between this data and actual weightin tonnes of timber cargo does not materially affect revenues and EBITDA,because the relevant tariffs are charged per cubic metre, and not by weight. (3) For the purposes of this and the following tables, conversion of TEU intotonnes is based on a ratio of 14 tonnes per 1 TEU, a ratio which NCSP uses as anindicative measure and which is based on assumptions NCSP believes to bereasonable. Any discrepancy between this data and actual weight in tonnes ofcontainer cargo does not materially affect NCSP revenues and EBITDA, because therelevant tariffs are charged per TEU, and not by weight. Alexander Ponomarenko, Chairman of the Board of Directors of NCSP, said: "Operating results for the year 2007 are in line with our expectations andjustify efficiency of NCSP strategy aimed at creating added value for itsshareholders, specifically, by focusing on highly remunerative cargo. Grainshipment in 2007 reached its record volume of 5,808 thousand tons, a more than42 % increase against 2006 (4,084 thousand tons). The volume of containersshipment reached 3,656 thousand tons, or 261 thousand TEU, thereby increasing byover 55% (2,346 thousand tons in 2006). NCSP's development strategy foresees nearly $700 million of investments aimed atincreasing the port's cargo-handling capacity through increasing efficiency ofexisting facilities, as well as constructing additional facilities. In the nearterm, this will allow the company to become one of the leaders of European portindustry by volume of cargo turnover and operation efficiency." 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 further information: Alexander RybinVice President, Corporate Finance andInvestors Relations Tel.: + 7 (495) 783-5444 Rybin@nmtp.info Maria KakturskayaPR Director Tel.: + 7 (495) 783-5444 kakturskaya@nmtp.info This information is provided by RNS The company news service from the London Stock Exchange