OREANDA-NEWS. June 27, 2012. Novorossiysk Commercial Sea Port Group (“NCSP Group” or the “Group”) (LSE: NCSP, MICEX: NMTP) announces its consolidated financial results for the first quarter 2012 in accordance with International Financial Reporting Standards (IFRS).

According to Rado Antolovic, acting CEO of PJSC NCSP: “There were extremely severe weather conditions in Novorossiysk in the beginning of this year. The transshipment of certain cargoes was shut down for more than 30 days due to this circumstances”.

"Key tasks of Group’s management team in these days were effective dispatching of cargoes addressed to the port and cooperation with Russian Railways. Once these issues were efficiently solved, Group managed to transship 41 million tons of cargo in the reporting period, which represents record quarterly cargo turnover in Group’s history. This is 10.4% increase compared with the same period of the previous year and exceeds industry average growth rate (+5.3%) by almost two times”, - Rado Antolovic added.

It should be noted that in the first quarter of 2012 NCSP Group’s share in total Russian Sea Ports turnover exceeded 32% compared with 29% in 2011.

Q1 2012 results highlights:

Consolidated revenue amounted to USD 275 million which represents 18% growth compared to the same period of 2011

EBITDA increased by 48% compared to the first quarter 2011 to USD 174 million

Group’s EBITDA margin amounted to 63.4% compared to 50.5% in Q1 2011 and 54.8% in Q4 2011

Cost of services decreased by 6% to USD 108 million

Gross profit amounted to USD 166 mln, which represents 41% increase versus Q1 2011

Group’s net profit amounted to USD 253 million, which represents 76% increase versus Q1 2011

According to Rado Antolovic “in accordance with the announced plans for leverage reduction, the Group’s net debt during the first quarter declined by USD 99 million to USD 2,280 million. As a result Net Debt/EBITDA as of 31 March 2012 amounted to 3.8x compared to 4.3x as the end of 2011.