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M&A: Russian Railways to discuss possible NCSP stock swap deal with Transneft

JSC Russian Railways intends to discuss the possible conversion of its shares in PJSC Novorossiysk Commercial Sea Port (NCSP) with JSC Transneft, as stated by Russian Railways president Vladimir Yakunin in an interview for the Kommersant.

It will be recalled that NCSP's major shareholders Summa Group and Transneft want to divide their assets, and the state-owned company is interested in having the oil-loading assets.

According to V.Yakunin, the situation at NCSP may have a negative impact on the value of Russian Railways' 5% stake in the port.

"Russian Railways and Transneft may negotiate the conversion of these shares into the shares of the part of assets which the state monopoly will assume," he said highlighting his wish to discuss the matter personally with Nikolay Tokarev, president of Transneft.

NCSP Group (Novorossiysk Commercial Sea Port) is Russia's largest port operator. The shares of PJSC NCSP (tax number: 2315004404) are quoted on the Moscow Exchange in Russia (under the NMTP ticker) and the LSE as GDRs (under the NCSP ticker). 50.1% of PJSC NCSP shares belong to Novoport Holding Ltd whose beneficiaries are JSC Transneft and Summa Group.

NCSP Group unites the following stevedoring companies: PJSC Novorossiysk Commercial Sea Port, Primorsk Trade Port LLC (since 2011), OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, OJSC Fleet NCSP, OJSC Novoroslesexport, OJSC IPP, Baltiysk Stevedoring Company LLC and CJSC SFP.

IFRS net loss of NCSP Group for 2013 was RUB 3.335 billion against a profit of RUB 9.824 billion the year before. Revenue decreased by 8.03% to RUB 29.558 billion from RUB 32.14 billion, profit from operations 2.45-fold to RUB 5.323 billion from RUB 13.02 billion, loss before tax was RUB 2.169 billion against a profit of RUB 12.931 billion for 2012. EBITDA decreased by 13.71% to $510.4 million from $591.5 million.

According to the DataCapital information retrieval system, RAS net profit of PJSC Novorossiysk Commercial Sea Port for 2013 decreased by 48.9% to RUB 2.62 billion from RUB 5.127 billion the year before. Revenue decreased by 3.59% to RUB 10.275 billion from RUB 10.658 billion, sales profit by 8.28% to RUB 5.814 billion from RUB 6.339 billion, pre-tax profit 2.89-fold to RUB 2.257 billion from RUB 6.528 billion.

JSC Russian Railways (tax number: 7708503727) was established on October 1, 2003 on the basis of the Ministry of Railway Communication. The state holds 100% of the company's shares which owns a railway system stretching for 85.5 thousand km. The company's authorized capital is RUB 1.888 trillion.

IFRS net profit of the company for 2012 dropped 2.2-fold to RUB 78.262 billion from RUB 169.588 billion in 2011. Revenue increased by 4.1% to RUB 1.54 trillion from RUB 1.479 trillion. Operating profit (before subsidies from the federal and local budgets) was RUB 72.038 billion, EBITDA decreased by 8.9% to RUB 319 billion from RUB 350 billion, EBITDA margin to 21% from 24%.

According to the DataCapital information retrieval system, RAS net profit of Russian Railways for 2013 dropped 19.07 times to RUB 740 million from RUB 14.11 billion the year before. Revenue increased by 0.77% to RUB 1.377 trillion from RUB 1.366 trillion, sales profit decreased by 12.81% to RUB 58.78 billion from RUB 67.415 billion, pre-tax profit 3.41-fold to RUB 19.399 billion from RUB 66.153 billion.

"AK&M", 22.04.2014


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