Novorossiysk Commercial Sea Port (NCSP), controlled by the "sum" Ziyavudin Magomedov and the state of "Transneft", failed to timely pay the semi-annual dividend of 8.9 billion rubles. due to the fact that the total payments to shareholders exceeded the covenants VTB loan of $ 1.5 billion. The Bank has assured that he is ready to change the credit agreement so that the port could pay dividends. The market does not exclude that in the high dividends could be interested "Transneft", ready to get out of the capital of NCSP.

NCSP (controlled by a joint venture of the "Amount" and "Transneft") will suspend the payment of dividends for the first half, but vowed to fulfill obligations to shareholders until 18 October inclusive. As noted in the NCSP reported that the total amount paid in the first quarter of dividends and funds to buy shares, and declared dividends up to six months "exceeds the limit of permitted payments to shareholders" in 2016 under the loan agreement with VTB. The bank said yesterday that did not prevent the payment of dividends and the NCSP in the near future will bring changes to the contract.

In July, the NCSP shareholders approved the attraction of a seven-year loan from VTB $ 1.5 billion with the possibility to further raise another $ 600 million. The funds were taken to refinance $ 1.5 billion of debt to Sberbank. NCSP dividend for the first quarter amounted to 1 billion rubles. And in September, at the extraordinary meeting of the NCSP shareholders approved a dividend for the first half of 8.9 billion rubles. According to the company, it is now the sum of outstanding commitments amounts to 6.8 billion rubles.

It remains unclear why in the vote on the question of the meeting was not the fact that the total amount of payments may violate covenants by VTB loan. Analysts polled by "Kommersant", believe that the situation with the payment of the suspension is technical in nature. Senior Analyst "Sberbank CIB» Igor Vasilyev said that in addition to the dividend payments NCSP redeem shares from shareholders who voted against the deal with VTB or did not participate in the vote. He believes that perhaps exceeded the total payment of the covenants arisen due to the increased in the second quarter, the net asset value, which is calculated based on the amount that can be spents to purchase shares. Denis Vorchik of "Uralsib" clarifies that in the framework of the announced buyback NCSP pays 2.1 billion rubles.

In 2015 NCSP did not pay a dividend, the company's total debt amounted for the year to 5.2 billion rubles. At the end of 2014 the company paid 4.4 billion rubles. dividends, and in 2013 - 449 million rubles. The analyst "VTB Capital" Olga Boltrukevich notes that the increase in the size of dividends on the shares due to the increase in the profitability of the port when the ruble devaluation, which allowed the company to increase free cash flow. In addition, she said, an additional amount to the NCSP dividend sent through debt restructuring with VTB.

market sources "b" does not exclude the possibility that the increased amount of dividends this year may be associated with a desire to "Transneft" to withdraw from the shareholders of NCSP. About a possible withdrawal from the monopoly of the asset at the beginning of the week said "Rain" TV channel, citing sources. One of the interlocutors "Kommersant" notes that if "Transneft" is going to sell its stake in NCSP, increasing the amount of the dividends seems logical, since "in the naktike companies often try to get most of the cache on the balance sheet it is in the form of dividends. " Another key shareholder, the "Amount", is also interested to receive the maximum payout of the NCSP, he adds. In "Transneft" declined to comment. In the "Summa" was told "Kommersant" that the decision to suspend the payment of dividends in no way associated with possible changes in the composition of shareholders of NCSP.