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Deloports 1 54 — 102 Financial Statements Annual Report 2016

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Deloports 1 54 — 102 Financial Statements Annual Report 2016 54 — 102 DeloPorts Financial Annual Report Statements 2016 1 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 About Key Business Strategic Governance DeloPorts Figures Model Report Report ANNUAL REPORT 2016 2 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloPortsDeloPorts Figures Model Report ReportReport Statements 2016 ABOUT TOTAL NUTEP Change DELOPORTS +10.2% in relation TURNOVER to 2015 CONTAINER TERMINAL DELOPORTS IS A MAJOR RUSSIAN TRANSPORTATION HOLDING THAT CONSOLIDATES THE STEVEDORING ASSETS OF DELO GROUP IN THE SOUTHEASTERN CARGO AREA MLN IN NOVOROSSIYSK OF NOVOROSSIYSK PORT. THESE INCLUDE NUTEP CONTAINER TERMINAL, KSK T IN 2016 (#2 IN 2015) GRAIN TERMINAL AND DELO SERVICE COMPANY. 6.0 #1 CONSOLIDATED KSK Page 8 More about the business model REVENUES +0.4% GRAIN TERMINAL RUB IN RUSSIA COMPANY STRUCTURE BLN IN 2016 (#3 IN 2015) NUTEP DELO KSK 7.8 #2 container terminal service company grain terminal CONSOLIDATED EBITDA +17.8% 100% 100% 75% 25% RUB Leading producer and supplier of foods and BLN agriculture products 5.8 CONTENTS 04–09 10–43 44–53 54–102 ABOUT STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS DELOPORTS 10 Key Events of 2016 22 Operational Review 46 Governance System KEY 12 Chairman's Statement 28 Financial Review 48 Board of Directors FIGURES 14 Chief Executive Officer's Review 32 Investment Projects 52 Investor Relations BUSINESS MODEL 16 Strategic Priorities 34 Principal Risks 18 Market Review: Containers 36 Social Responsibility 20 Market Review: Grain Export 4 5 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloDeloPortsPorts Figures Model Report RReporteport Statements 2016 KEY FIGURES REVENUES, RUB BLN EBITDA, RUB BLN EBITDA MARGIN, % CAPEX, RUB BLN +0.4% +17.8% +11p.p. +90.8% 2016 2016 2016 2016 7.80 5.75 73.8% 1.07 2015 2015 2015 2015 7.77 4.88 62.8% 0.56 2014 2014 2014 2014 7.57 3.83 50.6% 0.37 OPERATING CASH FLOW, ADJUSTED NET PROFIT*, NET DEBT, NET DEBT/EBITDA RUB BLN RUB BLN RUB BLN +6.3% +23.8% -7.1% -0.2x 2016 2016 2016 2016 4.73 4.07 4.33 0.8x 2015 2015 2015 2015 4.45 3.29 4.66 1.0x 2014 2014 2014 2014 3.34 2.42 6.35 1.7x * Adjusted for exchange differences arising from the revaluation of foreign-currency items FITCH STANDARD & POOR'S DeloPorts is a private company PAGE 28 For more about DeloPorts’ solely owned by financial results Sergey Shishkarev. BB-OUTLOOK ‘STABLE’ BB-OUTLOOK ‘STABLE’ 6 7 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloPorts Figures Model Report Report Statements 2016 BUSINESS MODEL SEA Competitive advantages OPERATIONS Handling Receiving, storing Bunkering DELOPORTS' SUCCESS RELIES ON containers, and loading grain and tugboat ITS WELL BALANCED BUSINESS general and and handling MODEL, WHICH COMPETITIVE services* ADVANTAGES ENABLE IMPLEMENTATION Ro-Ro cargo Ro-Ro cargo OF EFFECTIVE INVESTMENT PROJECTS AND ENSURE STABILITY CARGO TURNOVER IN VOLATILE MARKET CONDITIONS IN 2016 233,000 TEU 3.3 MLN T 31,000 T Capacity Capacity Capacity — 350,000 TEU — 3.5 MLN T — UP TO 200,000 T OPTIMAL BALANCE OF IMPORT AND EXPORT CARGO AND FOCUS ON DESCRIPTION NUTEP KSK Delo Service Company HIGH-MARGIN CARGO OF KEY ASSETS container terminal grain terminal — 4 berths — 5 berths — 13 years on the bunkering market DEFINED TERMINAL PAGE 32 — Storage capacity of 10,560 TEUs — 116,000 t of silo capacity DEVELOPMENT PLAN More about investment — 1,400 reefer power points projects STRONG MANAGEMENT PAGE 44 Tugboat project. Delivery of 4 own TEAM More about INVESTMENT Construction Terminal development programme of a deepwater berth tugboats* governance PROJECTS Capacity expansion system Capacity expansion to 5.0 mln t PAGE 27, 32 TRACK RECORD OF to 700,000 TEUs * More about the new service SUCCESSFUL INVESTMENT PROJECTS LAND Direct access to the M4 Don highway TOTAL CARGO TURNOVER BREAKDOWN OF DELOPORTS Own rail yard SHARE T PAGE 22 CARGO TURNOVER OF REVENUES Ro-Ro More about ‘000 t RUB bln MLN operating results Containers Grain and general cargo 0.43 6.0 EXPORTS 1,038 3,322 40 4,400 6% 3.39 REVENUES IN 2016 43% RUB PAGE 28 IMPORTS 1,400 228 3.97 More about 1,628 51% 7.8 BLN financial results 8 9 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloPorts Figures Model Report Report Statements 2016 STRATEGIC REPORT DELOPORTS’ STRATEGIC PRIORITIES ARE TO STRENGTHEN ITS COMPETITIVE ADVANTAGES IN KEY SEGMENTS, ENHANCE SERVICE QUALITY AND PRESERVE ITS IMPECCABLE REPUTATION ON THE MARKET KEY EVENTS OF 2016 A management holding company Standard & Poor’s upgrades Construction of connection is completed Agreement for the delivery KSK sets a new record for DeloPorts and Rosmorport sign is created as part of the final DeloPorts' long-term credit rating and construction of a deepwater berth at of four tugboats is signed. Transition monthly grain transhipment a memorandum of understanding phase of restructuring of from 'B+' to 'BB-' with a 'stable' NUTEP begins of the bunkering business to a light-asset coordinating joint efforts under Delo Group outlook model investment projects 10 11 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloPorts Figures Model Report Report Statements 2016 WE HAVE WORKED SUCCESSFULLY TOWARDS REACHING OUR OBJECTIVES AND INTEND TO BUILD ON THIS FURTHER BY LOOKING AT NEW OPPORTUNITIES Every year marks a new stage of development We continuously demonstrate our commitment for DeloPorts, and 2016 was no exception. We to our principles by taking part in charitable delivered stronger operational and financial and social programmes in Krasnodar Region, results, launched additional services and promoting sport for children and youth in Russia, conducted a key organisational restructuring. and supporting the country’s national handball CHAIRMAN’S As a result, we strengthened our positions in the teams. In 2016, the Russian women’s handball sector and underscored our reputation as team excelled at the Olympic Games in Brazil, a partner and employer of choice. winning the gold medals, and we are proud to have been supporting them. STATEMENT I am pleased to report that the DeloPorts management team fulfilled all of the goals set by Looking ahead, we will concentrate on carrying the Board of Directors to expand Delo Group’s out our large-scale investment projects. They will stevedoring business. create additional competitive advantages for the Group and reinforce DeloPorts’ positions in key In 2016, the DeloPorts Board and management segments of the Russian transportation market. focused on implementing the investment programme to increase throughput capacity, I have every faith in our team and am confident a new project to launch tugboat services for that the professionalism and contribution of every vessels calling the Tsemess bay and issues related employee will enable us to progress even further to the Group restructuring together with creation towards our strategic objectives in 2017. of the management company. In striving to make operations even more efficient, we are also working to introduce work health and safety standards and procedures that are guided by best practices. We invest in training for employees, offering guaranteed social benefits and career opportunities. SERGEY We work to maintain the investment community’s SHISHKAREV confidence in our business case, and we are Sergey committed to ensuring a high level of openness Owner and President Shishkarev of Delo Group and transparency through information disclosure. Chairman of DeloPorts Board of Directors 12 13 4 — 5 6 — 7 8 — 9 10 — 43 44 — 53 54 — 102 DeloPorts About Key Business Strategic Governance Financial Annual Report DeloDeloPortsPorts Figures Model Report RReporteport Statements 2016 AT DELOPORTS, WE SEE ANY CHANGE AS AN OPPORTUNITY TO IMPROVE AND REINFORCE OUR POSITIONS IN KEY MARKET SEGMENTS In 2016, as the Russian economy stabilised and were assigned, demonstrating that our business regained some ground after the slump of the model can withstand market volatility. previous two years, DeloPorts confirmed its ability to proactively adapt to changes, delivering solid One key event for DeloPorts in 2016 was the results. Container handling rose, grain throughput completion of the development of the connection CHIEF increased and the Company introduced a raft of at NUTEP and the beginning of the construction initiatives to streamline internal processes at its works for the deepwater berth. In addition, with terminals, all of which strengthened its market a view to expand the service range, DeloPorts positions and was reflected in the financial results. approved and began a project to develop tugboat EXECUTIVE services. A contract was signed to buy four new Over the year, DeloPorts boosted its overall tugboats from international shipbuilding group cargo throughput to 6.0 million tonnes, up Damen with delivery in 2017-2018. OFFICER’S 10.2% compared with 2015, driving its share of Novorossiysk port’s annual dry cargo throughput We place tremendous value on the trust of our from 15.0% to 15.6%. NUTEP increased its partners and clients. In 2016, we managed to REVIEW container throughput to 233,000 TEUs, up 15.3% preserve and reinforce it, confirming that we are year-on-year, while KSK handled 3.3 million tonnes on the right strategic development path. of grain, up 18.2% year-on-year. For 2016, DeloPorts reported consolidated revenues of RUB 7.8 billion, unchanged from 2015. However, thanks to a shift of revenues within the holding in favour of higher-margin transhipment, EBITDA climbed to RUB 5.8 billion, up 17.8% year- on-year, driving the EBITDA margin from 62.8% in 2015 to 73.8%.
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