Evraz is ready to abandon Nakhodka

The company chooses a buyer for Evraz NCSP.
The Russian stevedoring industry is preparing one of the largest transactions: Evraz, wanting to reduce the debt burden, it decided to sell the port facilities owned by him in Nakhodka - JSC "Evraz NCSP". According to "Kommersant", the asset is valued at more than $ 260 million, it has already received about a dozen bids from Russian, Kazakh and Chinese companies. But the parties can not bargain - Evraz is not willing to sell cheap port, but the high unit loading and environmental complications, according to experts, can reduce the cost.

Evraz sells its stevedoring company in the port of Nakhodka - JSC "Evraz NCSP", told "Kommersant" two market participant. The other day was to expire deadline for the submission of binding offers, said one of them, but it is likely to prolong.

Evraz is looking for buyers for its terminals in the port of Nakhodka for several years, confirms the source "b" familiar with the situation. We consider the sale of 100% of the JSC "Evraz NCSP" and control of the package to the buyer after the obligation to purchase the remaining shares himself or in partnership with someone else. For Evraz port - a non-core asset, a potential deal would allow the company to reduce its debt burden (net debt at the end of June - $ 5.3 billion), says "Kommersant" source. But, he said, so the talks ended in nothing, because the "cheap part with assets Evraz is not ready." Another source of "Kommersant" said that negotiations for the sale of the port intensified in the summer. In Evraz declined to comment.

"Evraz NCSP" specializes in the transshipment of coal and steel products, production capacities allow to unload 500-550 cars per day. Transshipment in 2015 - 9.2 million tons (6.2 million tons of coal, 3 million tons of steel products). Revenue "Evraz NCSP" in 2015 - 5.9 billion rubles, net profit -. 3.3 billion rubles. (In 2014, 4.5 billion rubles. And 1.9 billion rubles. Respectively, Kartoteka.Ru).

According to one of the interlocutors "b", of Evraz praised "Evraz NCSP" in 4,5-5 EBITDA, ie $ 275-300 million. One of the candidates considered an objective assessment of $ 261 million port but, according to him, received proposals average above $ 290 million. at the moment, says the source "b" have nearly a dozen contenders for the asset. That's the ex-governor of Primorye Sergey Darkin, the former co-owner of Evraz Alexander Katunin (his daughter Maria - the main owner of the Vladivostok sea fishing port), co-owner of "Novaporta" Roman Trotsenko, a group of "Sum" Ziyavudin Magomedov, "KRU», Global Ports, SC " Business "Sergei Shishkareva, as well as companies from the PRC and Kazakhstan. The main factor of attraction - Evraz willingness to conclude a long-term port offloading contract under take-or-pay 5 million tons of coal and 5 million tons of steel products, said the source "b". In the group of "Sum", "b" have confirmed the application, saying that this is a strategic region for the group. Roman Trotsenko, the question of the interest to an asset said "Kommersant" that "everything is possible". failed to communicate with the remaining prospective applicants. Active interesting, says one of the interlocutors "b" on the market, but Evraz «wrung price."

Nadezhda Malysheva from PortNews said that, despite the large number of companies interested in the asset, in fact, the demand for it may be lower. "Evraz NCSP" has little depth, located in the city, which creates social and environmental issues, she said. In addition, the transport hub of East-Nakhodka loading is extremely high due to the development of the terminal in the port of Vostochny, the expert said. As a result, according to her, the transaction price could be much lower estimates.