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Spreads FESCO Annual Report ABOUT THE REPORT 3 Disclaimer 4 Letter from the Chair of the Board The Annual Report was approved by repeated annual of Directors General Meeting of Shareholders of PJSC FESCO 6 Letter from the President on July 23, 2021 (Minutes No. 55 dated July 26, 2021). The accuracy of data provided in the Report was confirmed by the Company's Audit Commission. In this Annual Report, the term "FESCO" shall mean Far- Eastern Shipping Company PLC. # # The terms “FESCO Group”, “FESCO”, “Group”, “Company”, “FESCO Transportation Group” shall mean FESCO and any legal entities either directly or indirectly controlled by 1 4 FESCO (controlled entities). The reporting period extends from 1 January 2020 FESCO AT A GLANCE CORPORATE GOVERNANCE to 31 December 2020. 10 FESCO history 90 FESCO's governing and supervisory 11 FESCO today framework 11 The Group's financial performance 103 Control and audit 14 Key developments and achievements in 2020 17 Events after the reporting date 18 Geography 20 Business model 22 Strategy #2 #5 OPERATING PERFORMANCE CAPITAL MARKETS 26 Liner and Logistics Division 108 Share capital 40 Port Division 108 Share price performance (MOEX) 46 Rail Division 108 Exchange-traded bonds CONTENTS 52 Shipping Division 109 Credit ratings 56 Bunkering Division 109 Payout of the declared 58 Customers (accrued) dividends 60 Digitalisation 66 Personnel management 72 Social responsibility 77 Environment # FINANCIAL OVERVIEW 3 110 Appendices FINANCIAL OVERVIEW 80 Financial overview Disclaimer This Annual Report has been prepared based The Company provides no assurances or on information available to Far-Eastern Shipping guarantees that the results announced in the Company PLC and its controlled entities at the forward-looking statements will be achieved. time of its drafting, including information provided The Company also bears no responsibility for any by third parties. The Company reasonably deems losses which may be incurred by individuals or this information to be complete and reliable as legal entities due to their reliance on the forward- at the date of the Annual Report's publication. looking statements. In each case, such forward- However, it is in no position to claim or guarantee looking statements represent only one of possible that no adjustments, amendments or other scenarios, which shall not be treated as the most changes will be made to the said information probable one. later on. This Annual Report may also include certain forward- looking statements pertaining Other factors which may influence the financial to the business activities, economic performance, and operating performance of the Company, its financial position, economic and operating plans, projects, capital expenditures and other results of the Company, its plans, projects and aspects of their operations may include changes performance expectations, dividend and capital in macroeconomic or market conditions, and expenditure policies, trends in prices, rates, actions taken by the government authorities in volumes of transportation, production and the Russian Federation and other jurisdictions consumption, costs, estimated expenses, growth within the Company's footprint. The provided list prospects, asset life cycles and other similar factors of factors is not exhaustive. or economic forecasts for the industry and the markets. Unless otherwise directly required by the applicable laws of the Russian Federation, the Such words as "forecast", "consider", "anticipate", Company or its representatives, employees and "intend", "plan", "will", "may", "must", "might", advisors do not intend, feel obliged or undertake "estimate", "expect", "seek", "believe", "proceed to amend, change, update or review the forward- from", "continue", "strive", "speculate" and other looking statements based on the new available similar expressions generally indicate a forward- information or any subsequent events. looking statement and are based on the plans, estimates and projects available at the time of This Annual Report may include links to the making such statements. By their nature, forward- Company's website. Such links are provided for a looking statements are subject to inherent reader’s convenience. risks and uncertainties (both general and more specific). Besides, there are certain factors which may influence future operating performance of the Company and cause results to differ materially from predictions, forecasts, projections and other forward-looking statements included in the Report. In view of the above risks, uncertainties and assumptions, the Company warns that the actual results may significantly differ from those featuring, directly or indirectly, in the forward- looking statements which were true only at the time of drafting this Report. ANNUAL REPORT | 20 ABOUT FESCO OPERATING FINANCIAL CORPORATE CAPITAL APPENDICES THE REPORT AT A GLANCE PERFORMANCE OVERVIEW GOVERNANCE MARKETS Our new executive management team headed by Mutually beneficial partnerships with major Arkady Korosteljov is keen to maintain professional transportation market players is key to long-term Letter from continuity and develop the existing best business success. Therefore, we are glad to see practices, while also bringing in an extra degree of Rosatom as our new strategic partner. the Chair dynamism and renewal to the Company. All of these positive changes coincided with Mr Korosteljov has previously worked at FESCO the 140th anniversary of Far-Eastern Shipping of the Board as Vice President for Commerce and has a solid Company, the Group's core asset. We are very understanding of the industry and the Company. happy that the long and glorious history of one of of Directors Russia’s oldest private companies continues. All of these changes have strengthened our corporate integration. Closer interaction between FESCO is grateful to our partners for trusting and FESCO business units creates synergies as supporting us despite all the difficulties. We would evidenced by the success of the Commercial Port also like to thank our teammates who continued Dear shareholders, of Vladivostok ("PJSC VMTP", "VMTP", the "Port", to provide superior service to our clients while "Vladivostok Port"). Russia’s largest port in terms facing the pandemic-related restrictions and 2020 was a challenging year for all of us. The of container handling, VMTP continues to deliver challenges of the remote work. COVID-19 pandemic caused a global economic exceptional operating and financial results. turmoil of enormous proportions. In the face of this tough external environment, FESCO Despite the economic shocks of 2020, FESCO Transportation Group demonstrated strong carries on with its ambitious strategy to become I am confident that we have a bright resilience and flexibility in adapting to changing an intermodal transportation leader. future ahead of us. circumstances. Since mid-2020, we were in talks with VTB, our Despite a 3.1% decline in Russia’s GDP in 2020, main financial partner, to refinance the Company’s the container market surged by over 10% YoY, debt. I am happy to report that this year, we with FESCO’s revenue and market share growing have successfully completed the negotiations, ahead of the market. We expect even stronger securing a significant interest rate reduction and performance in 2021. decrease in our quarterly payment, making it very comfortable for the Group. This will provide a The revised structure of FESCO’s share capital sufficient liquidity cushion for FESCO. We have also will help guarantee stable development, with the made arrangements for opening credit facilities to newly elected Board of Directors ensuring high- finance our new investment projects. quality strategic management in the interests of all stakeholders. Andrey SEVERILOV Chair of the Board of Directors 4 5 ANNUAL REPORT | 20 ABOUT FESCO OPERATING FINANCIAL CORPORATE CAPITAL APPENDICES THE REPORT AT A GLANCE PERFORMANCE OVERVIEW GOVERNANCE MARKETS FESCO ramped up its presence in the intermodal In 2020, the Company invested over RUB 3 bn in transportation market – among other things, fixed assets, including: by offering superior service to its more than • RUB 0.8 bn to remodel berths and terminals at 10,000 customers. Despite the pandemic-related VMTP; restrictions, we managed to reduce lead times for • RUB 1.1 bn to buy or maintain railway assets, containers shipped from the Asia-Pacific region with 90% of capital expenditures paid to to Moscow to less than 25 days, which is twice as purchase or carry out major repairs on wheel quick as via the Suez Canal. sets; • RUB 0.9 bn to renew the Shipping Division’s The Company works continuously to expand its assets, including RUB 0.8 bn to buy two bulk geography. In 2020, we added 45 regular railway carriers. services, bringing their number to a total of 50. • RUB 0.2 bn to boost IT potential for better customer service. In particular, an automated FESCO’s operational excellence is supported by our management system was deployed at the progress in IT, which has been particularly helpful Novosibirsk terminal, while FESCO Integrated during the pandemic. Ongoing is the expansion of Transport embraced an electronic workflow, MY.FESCO, a personal account allowing customers with 70% of customers and 50% of suppliers to order services and track their cargo online. connected. Last year, 62% of all transportation requests were placed through MY.FESCO. In total, the Company We carried on with our strategy to dispose of non- Letter from received 95,000 requests in 2020 vs 69,000 a year core assets,
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