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From Good Foundations to Greater Potential

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From Good Foundations to Greater Potential From Good Foundations to Greater Potential ANNUAL REPORT 2014 DeloPorts Limited (DeloPorts) is an independent stevedoring holding company operating in the Port of Novorossiysk in the south east region of the Black Sea in Russia. The Company owns a container terminal, a grain terminal and a bunkering services company. DeloPorts was established in 2012 through consolidation of Delo Group1 stevedore assets. DeloPorts 100% 75% 100% NUTEP KSK TOS container terminal grain terminal bunkering company 2 350,000TEU 3.5mln tonnes 200,000tonnes Cargill Leading producer and supplier of food and agricultural products 25% key data 6.5mln tonnes 198.1mln USD 100.0mln USD Total cargo throughput in 2014 Consolidated revenues in 2014 EBITDA in 2014 +35% YoY growth +34% YoY growth +78% YoY growth 9mln tonnes 9 42ha Total throughput capacities Total berths and protections Total terminal area 1 Established in 1993, Delo Group is one of the largest private transportation groups in Russia. The Group consists of stevedore services in the Port of Novorossiysk, 3PL container cargo transhipment services and railway transportation via own rolling stock 2 TEU – Twenty-foot Equivalent Unit, the standard unit of measure for the capacity of a standard shipping container (6.06 х 2.44 х 2.44 m) Contents ABOUT DELOPORTS GOVERNANCE Our business model 02 Our approach 28 Key financial indicators 04 Management 28 2014 developments 05 Shareholder structure 05 Message from the founding shareholder 06 Message from the CEO 08 Customer focus 10 See See detailed information about detailed information about DeloPorts business model TOP-management on page 02 on page 28 DEVELOPMENT PROSPECTS SOCIAL RESPONSIBILITY Development priorities for our assets 12 Our people 32 New development phase 14 Health, safety and environmental performance 33 Key investment projects 16 Support of the local community 34 See See detailed information detailed information about the Company's new about Our people development phase on page 32 on page 14 OUR PROGRESS IN 2014 EXTRACT OF AUDITED IFRS Market review 18 FINANCIAL STATEMENTS 35 Review of operations 22 Financial performance 24 See detailed information about key segments of the Group on page 22 Detailed information on the Company’s corporate website http://deloports.com/ 02 02 BUSINESS ANNUAL REPORT ANNUAL REPORT MODEL 2014 2014 Bunkering See tonnes more detailed information TEU on operating and financial performance of the segments 147, 163 TOS 264,919 on pages 22-26 Fuel sales 2014 Our business model Throughput for 2014 % YoY growth Bunkering services +12 % YoY growth for vessels with all -5 types of fuel Naturally advantageous location with year-round navigation and proximity to large container hub ports and grain importing countries The DeloPorts business model is built Successful execution of greenfield investment projects mln tonnes around its customers. By understanding for construction of marine port terminals the needs of our clients, we can develop 2.8 the right approach and provide tailored Throughput for 2014 services for each client – container lines, Technologically advanced infrastructure % YoY growth +123 grain traders, and ship owners. In doing so, with equipment from leading manufacturers we apply our professional expertise and invest in best practice solutions for future growth. To quickly and efficiently execute cargo handling operations and to meet customer requirements, Load handling services DeloPorts terminals operate with modern equipment from the world's leading manufacturers. Containers Grain DeloPorts use of technologically advanced from/onto the vessel onto the vessel infrastructure works towards increasing terminal Grain capacities and provides our clients with best in class services aimed at reducing their operating costs. KSK Containers In addition to containerized cargo and grain, DeloPorts Transhipment terminals handle general and Ro-Ro cargoes. and storage NUTEP of grain Loading/unloading and storage General cargoes are primarily represented by paletted of containerized cargo perishable goods such as fruits and vegetables Additional services delivered by ferry. They are towed out from ferries by terminal tugs and then discharged Intraport cargo operations Freight forwarding Bunkering into lorries. Inspection Ro-Ro and general Barging Storage cargo handling Revenue by segment EBITDA by segment Revenue breakdown mln USD 8% Container cargo handling % 30% 30.1 15.2 % 36% Storage services 7.6 % 15.1 NUTEP 39 General cargo handling % 198.1 KSK 100.0 198.1 4.1 2.1 mln USD mln USD mln USD % Ro-Ro handling 2.1 TOS M4-Don 4.2 % 53% Highway 62.6 Grain handling 31.6 and direct % % 70.8 Bunkering 35.7 34 See access for trucks Own more details on Ro-Ro operations 11.2 Other port services % rail yard FLIPSIDE 5.7 02 — 11 12 — 16 17 — 26 27 — 30 31 — 34 35 — 39 03 ABOUT DEVELOPMENT OUR PROGRESS GOVERNANCE SOCIAL FINANCIAL DELOPORTS PROSPECTS IN 2014 RESPONSIBILITY STATEMENTS Ro-Ro – How does it work? Ro-Ro (roll-on/roll-off) operations at DeloPorts terminals focus on handling wheeled cargo such as cars, lorries and trucks driven on and off the vessel on their own wheels or by means of a platform vehicle KSK Ro-Ro operations to date have consisted Ro-Ro operations at NUTEP are twofold: of handling of cars, namely Toyota and Subaru for Rolf, one of Russia's largest car retailers. The cars arrive a) Handling of trucks mainly coming from Turkey with by ferry from Turkey and Italy. cargoes of perishable goods. The DeloPorts terminal complex was completed b) Handling of Ro-Ro cargoes for cabotage ferries that in August 2013 on the territories left vacant after circulate between major ports on the Russian Black Sea grain terminal construction. coast line. 50,000cars 60,000units 100,000tonnes 1.5million tonnes Annual capacity Annual capacity 27,000cars 31,000units 35,000tonnes 876,000tonnes Throughput for 2014 Throughput for 2014 04 KEY FINANCIAL 2014 SHAREHOLDER ANNUAL REPORT INDICATORS DEVELOPMENTS STRUCTURE 2014 Key financial indicators Revenue, mln USD Operating cash flow, mln USD 2014 198.1 2014 86.8 2013 147.8 2013 57.3 2012 123.8 2012 44.6 +34% +51% EBITDA, mln USD Capital expenditures, mln USD 2014 100.0 2014 9.8 2013 56.3 2013 14.5 2012 55.5 2012 47.1 +78% -32% EBITDA margin, % Total debt, mln USD 2014 50.5 2014 120.3 2013 38.1 2013 160.6 2012 44.8 2012 177.3 +12.4p.p. -25% Adjusted net profit1, mln USD Net debt/ EBITDA, x 2014 65.2 2014 1.0 2013 32.4 2013 1.3 1 A2012djusted net profit 29.0, mln USD 2012 3.1 1 Net profit adjusted for revaluation of USD denominated liabilities 2014 % 65.2 +1012013 32.4 -0.3X 2012 See 29.0 detailed information on DeloPorts’ financials 1 Net profit adjusted for revaluation of USD denominated liabilities on page 24 02 — 11 12 — 16 17 — 26 27 — 30 31 — 34 35 — 39 05 ABOUT DEVELOPMENT OUR PROGRESS GOVERNANCE SOCIAL FINANCIAL DELOPORTS PROSPECTS IN 2014 RESPONSIBILITY STATEMENTS 2014 developments Solid operating results with total cargo throughput mln tonnes increasing to 6.5 million tonnes, up 35% from 2013 6.5 Solid operating results with total cargo throughput Record grain handling volumes by KSK % of 2.8 million tonnes, up 123% from 2013 +35 DeloPorts reported revenues of 198.1 million USD up 34% from 2013 2.8mln tonnes Consolidated EBITDA was 100 million USD, up 78% Record grain handling volume by KSK from 2013. EBITDA margin increased from 38.1% in 2013 % to 50.5% in 2014 +123 Net debt/EBITDA decreased from 1.3x as of 31 December, 2013 to 1.0x as of 31 December, 2014 New Expansion programme for further development investment of KSK Grain Terminal approved. Expected increase in throughput capacity to 5.0 million tonnes programme Launch of preliminary construction works for Developed and approved a new deep-water berth at the NUTEP container terminal. Expected increase in throughput capacity to 700,000 TEU On 20 February 2015, DeloPorts received initial credit See ratings: BB- from Fitch and B+ from S&P, both with BB- B+ detailed information on DeloPorts’ segments a stable outlook Fitch S&P on page 22 Shareholder structure % DeloPorts is a privately-owned company with 10 the majority beneficiary Mr. Sergey Shishkarev holding 90% and the minority shareholder and CEO of DeloPorts, Mr. Timofey Telyatnik, holding 10%. Sergey Shishkarev Timofey Telyatnik 90% 06 MESSAGE FROM ANNUAL REPORT THE FOUNDING 2014 SHAREHOLDER Message from the founding shareholder In 2014 DeloPorts benefited from the recently completed investment projects and entered the next phase of development 02 — 11 12 — 16 17 — 26 27 — 30 31 — 34 35 — 39 07 ABOUT DEVELOPMENT OUR PROGRESS GOVERNANCE SOCIAL FINANCIAL DELOPORTS PROSPECTS IN 2014 RESPONSIBILITY STATEMENTS Over the years we have always set ambitious goals and However routine the work we undertake, we have to do reached them. We have come a long way and now it better today than we did yesterday and then do better gives me a great deal of satisfaction to see our Company tomorrow than we did today. We will never sit back and outperform even in the most challenging circumstances. relax. I am proud to state that in 2014 DeloPorts achieved record throughput volumes, revenues and profitability. I would also like to thank our partners and customers The Company’s results were duly appreciated by who made these results possible. We work hard the international rating agencies – Fitch and S&P – and to improve the quality of our services and your serve as an indicator of our fine performance track-record satisfaction is a key priority for us. even in the current economic situation. An important development for the Company in 2014 It is important to note that behind these results there is was the approval of a new investment programme the hard work of the DeloPorts team.
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