Crafting a Green Future
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Expiry Notice
Expiry Notice 19 January 2018 London Stock Exchange Derivatives Expiration prices for IOB Derivatives Please find below expiration prices for IOB products expiring in January 2018: Underlying Code Underlying Name Expiration Price AFID AFI DEVELOPMENT PLC 0.1800 ATAD PJSC TATNEFT 58.2800 FIVE X5 RETAIL GROUP NV 39.2400 GAZ GAZPROM NEFT 23.4000 GLTR GLOBALTRANS INVESTMENT PLC 9.9500 HSBK JSC HALYK SAVINGS BANK OF KAZAKHSTAN 12.4000 HYDR PJSC RUSHYDRO 1.3440 KMG JSC KAZMUNAIGAS EXPLORATION PROD 12.9000 LKOD PJSC LUKOIL 67.2000 LSRG LSR GROUP 2.9000 MAIL MAIL.RU GROUP LIMITED 32.0000 MFON MEGAFON 9.2000 MGNT PJSC MAGNIT 26.4000 MHPC MHP SA 12.8000 MDMG MD MEDICAL GROUP INVESTMENTS PLC 10.5000 MMK OJSC MAGNITOGORSK IRON AND STEEL WORKS 10.3000 MNOD MMC NORILSK NICKEL 20.2300 NCSP PJSC NOVOROSSIYSK COMM. SEA PORT 12.9000 NLMK NOVOLIPETSK STEEL 27.4000 NVTK OAO NOVATEK 128.1000 OGZD GAZPROM 5.2300 PLZL POLYUS PJSC 38.7000 RIGD RELIANCE INDUSTRIES 28.7000 RKMD ROSTELEKOM 6.9800 ROSN ROSNEFT OJSC 5.7920 SBER SBERBANK 18.6900 SGGD SURGUTNEFTEGAZ 5.2450 SMSN SAMSUNG ELECTRONICS CO 1148.0000 SSA SISTEMA JSFC 4.4200 SVST PAO SEVERSTAL 16.8200 TCS TCS GROUP HOLDING 19.3000 TMKS OAO TMK 5.4400 TRCN PJSC TRANSCONTAINER 8.0100 VTBR JSC VTB BANK 1.9370 Underlying code Underlying Name Expiration Price D7LKOD YEAR 17 DIVIDEND LUKOIL FUTURE 3.2643 YEAR 17 DIVIDEND MMC NORILSK NICKEL D7MNOD 1.8622 FUTURE D7OGZD YEAR 17 DIVIDEND GAZPROM FUTURE 0.2679 D7ROSN YEAR 17 DIVIDEND ROSNEFT FUTURE 0.1672 D7SBER YEAR 17 DIVIDEND SBERBANK FUTURE 0.3980 D7SGGD YEAR 17 DIVIDEND SURGUTNEFTEGAZ FUTURE 0.1000 D7VTBR YEAR 17 DIVIDEND VTB BANK FUTURE 0.0414 Members are asked to note that reports showing exercise/assignments should be available by approx. -
2008-062 Russia's Emerging Multinationals
Working Paper Series #2008-062 RUSSIA’S EMERGING MULTINATIONALS: TRENDS AND ISSUES Sergey Filippov United Nations University - Maastricht Economic and social Research and training centre on Innovation and Technology Keizer Karelplein 19, 6211 TC Maastricht, The Netherlands 1 Tel: (31) (43) 388 4400, Fax: (31) (43) 388 4499, e-mail: [email protected], URL: http://www.merit.unu.edu 2 RUSSIA’S EMERGING MULTINATIONALS: TRENDS AND ISSUES Sergey Filippov UNU-MERIT (United Nations University and Maastricht University) Keizer Karelplein 19, Maastricht, 6211TC, The Netherlands Tel: +31 43 3884400, e-mail: [email protected] Abstract: The paper focuses on the emergence of Russia’s multinational companies. It aims to analyse their motives to internationalise as well as the approaches to internationalisation. While relevance of the theoretical perspectives is highlighted, the intention of the paper is to contribute to the understanding of the present-day phenomenon of emerging Russian multinationals; a phenomenon that has been largely overshadowed by the remarkable rise of Chinese and Indian companies. A special attention is devoted to the R&D activities of Russian multinational companies, and access to foreign technology as a driver of corporate restructuring. A discussion of the challenges and opportunities for host countries and policy implications is provided. Keywords: Russia, multinational companies, emerging economies, foreign investment JEL codes: F21, F23, L21, O32 UNU-MERIT Working Papers ISSN 1871-9872 Maastricht Economic and social Research and training centre on Innovation and Technology, UNU-MERIT UNU-MERIT Working Papers intend to disseminate preliminary results of research carried out at the Centre to stimulate discussion on the issues raised. -
Cold-Rolled Steel, Russia, Preliminary Decision Memo
UNITI!C STATES DEPARTMENT OF COMMERCE International Trade Administration Washingt:on . D .C . 20230 C-821-823 Investigation POl: 0 1/0 1/2014 - 12/31/2014 Public Document Office Jll, Operations: KJ, SM, EBG December 15, 2015 MEMORANDUM TO: Paul Piquado Assistant Secretary for Enforcement and Compliance FROM: Christian Marsh a1v1 Deputy Assistant Secretary for Antidumping and Countervailing Duty Operations SUBJECT: Decision Memorandum for the Preliminary Affirmative Determination, Preliminary Negative Critical Circumstances Determination, and Alignment of Final Detennination With Final Antidumping Duty Determination: Countervailing Duty Investigation of Certain Cold-Rolled Steel Flat Products from the Russian Federation I. SUMMARY The Department of Commerce (the Department) preliminarily determines that countervailable subsidies are being provided to producers and exporters of certain cold-rolled steel flat products (cold-rolled steel) from the Russjan Federation (Russia), as provided in section 703 of the Tariff Act of 1930, as amended (the Act). Additionally, the Department determines that critical circumstances do not exist with regard to cold-rolled steel from Russia, as provided under section 703(e)(l )(A) of the Act. ll. BACKGROUND A. Case History On July, 28, 2015. the Department received countervailing duty (CVD) and antidumping duty (AD) Petitions concerning imports of cold-rolled steel from Russia, fil ed on behalf of the AK Steel Corporation, ArcelorMinal USA EEC, Nucor Corporation, Steel Dynamics, Inc., and United States Steel Corporation (co11ectively, Petitioners).1 On August 17, 201 5, the Department 1 See " Petitions for the Imposition of Antidumping and Countervailing Duties: Certain Cold-Rolled Steel Flat Products from Brazil, the People's Republic of China, India, Japan. -
Contents Efficiency Leadership Understanding Nlmk
ABOUT US NLMK CONTENTS EFFICIENCY LEADERSHIP UNDERSTANDING NLMK . 2 Report 2014 KEY PERFORMANCE TRENDS . 10 OUR MILESTONES . 16 STRATEGY . 20 STRATEGY IN ACTION . 24 OUR BUSINESS MODEL . 30 INTEGRATED PRODUCTION SYSTEM . 38 WHERE WE OPERATE. 42 PRODUCTS AND USES . 46 RESEARCH, DEVELOPMENT AND INNOVATION . 52 FIVE-YEAR HIGHLIGHTS .. 59 CONTACTS . 60 1 ABOUT US / REPORT 2014 1. UNDERSTANDING NLMK NLMK Group is a leading international manufacturer of high- quality steel products with a vertically integrated business model. Mining and steelmaking are concentrated in cost-efficient regions; finished products are manufactured close to our main consumers in Russia, North America, and the EU. 2 3 UNDERSTANDING NLMK ABOUT US / REPORT 2014 Thanks to our self-sufficiency in key raw materials Having completed the investment phase of its Significant operational gains and conservative and energy, coupled with the technological development, NLMK Group turned its focus to investments have enabled a substantial superiority of our production capacity, NLMK is one increasing the efficiency of its business processes, strengthening of the Company’s financial standing, of the most efficient and profitable steelmakers developing its resource base, strengthening its as well as supporting deleveraging and providing in the world . NLMK has a diversified product mix, positions in strategic markets and enhancing for increased flexibility on dividends . ensuring our leading position in local markets production safety . Structural savings of more and our sales effectiveness . By leveraging our than $500 million in 2013–2014, generated by advantages – our flexible production chain, operational efficiency programmes have increased balanced product mix, efficient sales system, and business profitability . bn widespread customer base – we are able to react $1 .7 quickly to changing market conditions . -
Oleg Deripaska Has Struggled for Legitimacy in the United States, Where He Has Been Dogged by Civil Lawsuits Questioning the Methods He Used to Build That Empire
The Globe and Mail (Canada) May 11, 2007 Friday Preferred by the Kremlin, shunned by the States BYLINE: SINCLAIR STEWART, With a report from Greg Keenan in Toronto SECTION: NEWS BUSINESS; STRONACH'S NEW PARTNER: 'ONE OF PUTIN'S FAVOURITE OLIGARCHS'; Pg. A1 LENGTH: 957 words DATELINE: NEW YORK He is perhaps the most powerful of Russia's oligarchs, a precocious - some would say ruthless - billionaire, who built his fortune against the bloody backdrop of that country's "aluminum wars" in the 1990s. He has nurtured close ties to the Kremlin, married the daughter of former president Boris Yeltsin's son-in-law, amassed an estimated $8-billion in personal wealth and built a corporate empire that stretches from metals and automobiles to aircraft and construction. Yet for all his success at home, 39-year-old Oleg Deripaska has struggled for legitimacy in the United States, where he has been dogged by civil lawsuits questioning the methods he used to build that empire. Mr. Deripaska has repeatedly denied allegations levelled against him, and he has not been specifically accused by American authorities of any crime. However, these whispers about shady business dealings may raise concerns about his $1.5-billion investment in Canada's Magna International, not to mention Magna's attempts to win control of DaimlerChrysler, an iconic American company. The United States has recently shown protectionist proclivities, citing national security concerns to quash both a Chinese state-owned oil company's bid for Unocal Ltd. and a planned acquisition of U.S. port service contracts by Dubai Ports World. -
IMPORTANT NOTICE: NOT for DISTRIBUTION in OR INTO the UNITED STATES EXCEPT to QUALIFIED INSTITUTIONAL BUYERS (''Qibs'')
IMPORTANT NOTICE: NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES EXCEPT TO QUALIFIED INSTITUTIONAL BUYERS (‘‘QIBs’’) AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (‘‘RULE 144A’’) THAT ARE ALSO QUALIFIED PURCHASERS (‘‘QPs’’) WITHIN THE MEANING OF SECTION 2(A)(51) OF THE US INVESTMENT COMPANY ACT OF 1940 (THE ‘‘INVESTMENT COMPANY ACT’’) OR OTHERWISE TO PERSONS TO WHOM IT CAN LAWFULLY BE DISTRIBUTED IMPORTANT: You must read the following before continuing. The following applies to the attached document (the ‘‘Prospectus’’), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. If you have gained access to this transmission contrary to any of the following restrictions, you are not authorised and will not be able to purchase any of the securities described herein (the ‘‘Securities’’). You acknowledge that this electronic transmission and the delivery of the attached Prospectus is intended for you only and you agree you will not forward this electronic transmission or the attached Prospectus to any other person. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorised. Failure to comply with the following directives may result in a violation of the US Securities Act of 1933 (the ‘‘Securities Act’’) or the applicable laws of other jurisdictions. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. -
Investment from Russia Stabilizes After the Global Crisis 1
Institute of World Economy and International Relations (IMEMO) of Russian Academy of Sciences Investment from Russia stabilizes after the global crisis 1 Report dated June 23, 2011 EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before June 23, 2011, 3:00 p.m. Moscow; 11 a.m. GMT; and 7 a.m. New York. Moscow and New York, June 23, 2011 : The Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences, Moscow, and the Vale Columbia Center on Sustainable International Investment (VCC), a joint undertaking of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their second joint survey of Russian outward investors today 2. The survey is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets. The present survey, conducted at the beginning of 2011, covers the period 2007-2009. Highlights Despite the global crisis of the last few years, Russia has remained one of the leading outward investors in the world. The foreign assets of Russian MNEs have grown rapidly and only China and Mexico are further ahead among emerging markets. As the results of our survey show, several non- financial 3 Russian MNEs are significant actors in the world economy. The foreign assets of the 20 leading non-financial MNEs were about USD 107 billion at the end of 2009 (table 1). Their foreign sales 4 were USD 198 billion and they had more than 200,000 employees abroad. -
Securities Market Newsletter
SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 11, 2021 Issue No. 2021/05 Market News Finance Ministry places RUB 49.398 bln of OFZ bonds On February 11, 2021 it was stated that Russia’s Finance Ministry had placed RUB 49.398 bln of OFZ government bonds at two auctions on February 10. At the first auction, the ministry placed RUB 28.846 bln of OFZ 26235 government bonds maturing in March 2031. The cut-off price amounted to 96.305% of a face value, and the weighted average price stood at 96.5309%. The cut-off yield amounted to 6.5% and the weighted average yield to 6.47%. Demand totaled RUB 47.656 bln. At the second auction, the authority placed RUB 16.206 bln of OFZ 26234 bonds maturing in July 2025. The cut-off price amounted to 95.64% of a face value, and the weighted average price stood at 95.6793%. The cut-off yield amounted to 5.7% and the weighted average yield to 5.69%. Demand totaled RUB 73.687 bln. At the third auction, the authority placed RUB 4.346 bln of OFZ 52003 bond with maturity in July 2030. The cut-off price amounted to 100.01% of a face value, and the weighted average price stood at 100.1769%. The cut-off yield amounted to 2.51% and the weighted average yield to 2.49%. Demand totaled RUB 10.131 bln. Company News Russia's USC denies planned acquisition by Rostec On February 5, 2021 chairman of the Board of Directors of USC Georgy Poltavchenko said that acquisition of United Shipbuilding Corporation (USC) by state corporation Rostec is not on the agenda. -
Pao Novatek Management's Discussion and Analysis Of
PAO NOVATEK MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE YEARS ENDED 31 DECEMBER 2016 AND 2015 CONTENTS Page General Provisions .................................................................................................................................................. 3 Overview ................................................................................................................................................................. 3 Recent Developments .............................................................................................................................................. 4 Selected data ............................................................................................................................................................ 8 Selected macro-economic data .............................................................................................................................. 10 Certain Factors Affecting our Results of Operations ............................................................................................. 11 Current economic conditions ............................................................................................................................. 11 Natural gas prices .............................................................................................................................................. 12 Stable gas condensate and refined products, crude oil and liquefied petroleum gas prices .............................. -
Pace Through the Race
annual REPORT 2018 PACE THROUGH THE RACE RUSAL ANNUAL REPORT 2018 REPORT ANNUAL RUSAL CONTENTS FINANCIAL AND OPERATIONAL HIGHLIGHTS 2 CORPORATE PROFILE 5 CHAIRMAN’S STATEMENT 11 CEO’S REVIEW 14 BUSINESS OVERVIEW 17 MANAGEMENT DISCUSSION AND ANALYSIS 41 PROFILES OF DIRECTORS AND SENIOR MANAGEMENT 81 DIRECTORS’ REPORT 99 CORPORATE GOVERNANCE REPORT 177 FINANCIAL STATEMENTS 197 GLOSSARY 343 APPENDIX A 355 - Principal Terms of the Shareholders’ Agreement with the Company APPENDIX B 359 - Principal Terms of the Shareholders’ Agreement among Major Shareholders only CORPORATE INFORMATION 366 1 Financial and Operational Highlights Annual Report RUSAL 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTS 2 Financial and Operational Highlights Annual Report RUSAL 2018 USD million (unless otherwise specified) 2018 2017 2016 2015 2014 Revenue 10,280 9,969 7,983 8,680 9,357 Adjusted EBITDA 2,163 2,120 1,489 2,015 1,514 Adjusted EBITDA Margin 21.0% 21.3% 18.7% 23.2% 16.2% EBIT 1,481 1,523 1,068 1,409 942 Share of Profits from Associates and joint ventures 955 620 848 368 536 Pre Tax Profit 1,953 1,288 1,354 763 147 Profit/(Loss) 1,698 1,222 1,179 558 (91) Profit/(Loss) Margin 16.5% 12.3% 14.8% 6.4% (1.0%) Adjusted Net Profit 856 1,077 292 671 17 Adjusted Net Profit Margin 8.3% 10.8% 3.7% 7.7% 0.2% Recurring Net Profit 1,695 1,573 959 1,097 486 Basic Earnings/(Loss) Per Share (in USD) 0.112 0.080 0.078 0.037 (0.006) Total Assets 15,777 15,774 14,452 12,809 14,857 Equity Attributable to Shareholders of the Company 5,209 4,444 3,299 1,391 2,237 Net Debt 7,442 7,648 8,421 8,372 8,837 3 Reduced weight Manoeuvring and speedy CORPORATE 01 PROFILE Corporate Profile Annual Report RUSAL 2018 CORPORATE PROFILE RUSAL is a low-cost, vertically integrated aluminium producer with core smelting operations located in Siberia, Russia. -
An Overview of Boards of Directors at Russia's Largest
An Overview of Boards of Directors at Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: • “Classic” board compositions of 11, nine, and seven seats prevail • The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board • Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee • Among Directors, there are more “humanitarians” than “techies”, while the share of “techies” among chairs is greater than across the whole sample • The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors • Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the development of digital technologies continues • The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit • Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent • The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times • Twenty-four percent of companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture. -
Russian Advocacy Coalitions
Russian Advocacy Coalitions A study in Power Resources This study examines the advocacy coalitions in Russia. Using the Advocacy Coalition Framework, it looks at the power resource distribution amongst the coalitions, and how this distribution affects Russian foreign policy. The power resources examined are: Formal Legal Authority; Public Opinion; Information; Mobilizable Troops; and Financial Resources. In addition to this, the study used quantitative and qualitative methods to identify these resources. There are a couple of conclusions we may draw from this study. The method is useful in identifying power resources. It is not enough to use only the distribution of resources amongst coalitions in order to explain policy changes. It is found that the distribution of resources, coupled with coalition interaction, is enough to explain changes in Russian foreign policy. KEYWORDS: Advocacy Coalition Framework, Russia, Power Resources, Natural Gas WORDS: 24,368 Author: Robert Granlund Supervisor: Fredrik Bynander Contents 1. INTRODUCTION ............................................................................................................................... 1 1.1 PURPOSE .................................................................................................................................. 1 1.2 RESEARCH QUESTIONS ............................................................................................................ 2 1.3 OUTLINE..................................................................................................................................