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Novorossiysk 13.8 pp growth of market share in cargo turnover through Russian seaports NCSP Group NCSP Group Russia 29.3% 58.6% 2.3% Russia 44.0% 29.7 pp of cargo turnover through of oil shipped through Russian growth of total NCSP Group cargo turn- growth of container turnover growth in share of oil exports Russian seaports seaports in 2011 over in 2011 versus 1.8% growth by all at Novorossiysk terminals in TEU from Russia Russian seaports Credit Rating 0.9 pp growth of share in container turnover Rating from Moody’s: through Russian seaports Ba3, Outlook Stable Rating from Standard & Poor’s: BB-, Outlook Negative NCSP Group 46.9% 29.6% 29.3% Russia 3.3 pp of oil exported from Russia in 2011 of grain shipped through growth of NCSP Group container growth of share in oil product turnover Russian seaports in 2011 turnover in tonnes through Russian seaports 2 NCSP Group in Figures NCSP Group. Annual Report 2011 3 NCSP Group in Figures Cargo turnover, mln tonnes Revenue, $mln Forward-looking statements Source of operating data and 2011 75.1 157.0 2011 +65.2% 249.7 1,049.5 This annual report was written using the information available to NCSP certain financial information Group (PJSC NCSP and its subsidiaries) (hereinafter also the Group») at 2010 71.8 153.4 2010 -5.9% 635.3 the time of its preparation. Some of the statements in this Annual Report Operating data and certain financial information (e.g. cargo regarding the Group’s business activities, economic indicators, financial turnover analysis, storage volumes, capacities, EBITDA and 2009 86.5 2009 +3.3% 675.1 position, business and operating performance, plans, projects and ex- number of personnel) used in this Annual financial report and pected results, as well as tariff trends, costs, anticipated expenses, devel- are based on the Group management accounting data which is 2008 81.6 2008 +35.3% 653.8 opment prospects, industry and market forecasts, individual projects and subject to the management judgment and presentation. other factors are forwardlooking statements, i.e. they are not established facts. The financial information presented in a number of tables in 2007 79.4 2007 483.4 this document has been rounded to the nearest whole number The forward-looking statements which the Group may make from or the nearest decimal place. Therefore, the sum of the numbers PTP PTP time to time (but which are not included in this document) may in a column may not conform exactly to the total figure given Source: NCSP Group data. Source: NCSP Group data. also contain planned or expected data on revenue, profits (losses), for that column. In addition, certain percentages presented dividends and other financial indicators and ratios. The words «in- in the tables and charts in this document reflect calculations tends», «aims», «projects», «expects», «estimates», «plans», «be- based upon the underlying information prior to rounding, and, lieves», «assumes», «may», «should», «will», «will continue» and accordingly, may not conform exactly to the percentages that Gross profit, $mln EBITDA*, $mln similar expressions usually indicate forward-looking statements. would be derived if the relevant calculations were based upon However, this is not the only way to denote the forward-looking the rounded numbers. character of information. 2011 +40.9% 554.1 2011 +32,3% 550.3 Due to their specific nature, forward-looking statements are associated with inherent risk and uncertainty, both general and specific, and there is 2010 -10.3% 393.2 2010 -3,5% 416.0 the danger that assumptions, forecasts and other forward-looking state- Abbreviations ments will not actually come to pass. In light of these risks, uncertain- 2009 +40.7% 438.2 2009 +20,4% 431.0 ties and assumptions, the Group cautions that, owing to the influence of PJSC NCSP – Public Joint Stock Company Novorossiysk Commercial a wide range of material factors, actual results may differ from those in- Sea Port 2008 +34.7% 311.5 2008 +89,2% 357.9 dicated, directly or indirectly, in the forward-looking statements, which OJSC NLE – Open Joint Stock Company Novoroslesexport are only valid as at the time of preparation of this Annual Report. NCSP PJSC NGT – Public Joint Stock Company Novorossiysk Grain Terminal 2007 231.2 2007 189.2 Group neither affirms nor guarantees that the performance results set OJSC IPP – Open Joint Stock Company IPP forth in the forward-looking statements will be achieved. OJSC Novorossiysk Shipyard – Open Joint Stock Company * The amount is either a non-IFRS measure or according to management Novorossiysk Shipyard Source: NCSP Group data. * reportingThe amount data is either a non-IFRS measure or according to management The Group accepts no liability for losses which may be incurred by individu- PJSC Fleet NCSP - Public Joint Stock Company Fleet Novorossiysk reporting data als or legal entities who act on the basis of the forward-looking statements. Commercial Sea Port Source: NCSP Group data. In each particular case, the forward-looking statements represent only one LLC Baltic Stevedore Company – Limited Liability Company Baltic of many possible development scenarios, and should not be seen as the most Stevedore Company Quarterly change in NCSP Group revenue and EBITDA probable. Except in those cases directly stipulated by applicable legislation LLC PTP - Limited Liability Company Primorsk Trade Port in 2011, $mln and the Listing Rules of the UK Listing Authority, the Group assumes no CJSC Sovfracht-Primorsk – Closed Joint Stock Company obligation to publish updates and amendments to the forward-looking state- Sovfracht-Primorsk ments to reflect new information or subsequent events. LLC NFT - LLC Novorossiysk Fuel Oil Terminal 267.5 Q 4 $ – US dollar 54.8 146.5 287.9 Q 3 55.8 160.7 261.1 Q 2 48.0 125.4 233.1 Q 1 50.5 117.6 Revenue EBITDA EBITDA Margin, % Source: NCSP Group data. 4 Mini Report NCSP Group. Annual Report 2011 5 New executive team – a year at the helm New management team NCSP Group opened a new chapter in its history in 2011, as the controlling stake in the Company was acquired by – OJSC AK Transneft and Ziyavudin Magomedov. Major changes were made in the Group’s management composition. A new management team with a broad experience, including international, took the helm. The new team is determined to turn NCSP Group into Russia’s largest and Europe’s leading port operator, with an emphasis on long-term growth of shareholder value. Petr Maximov Andrey Bubnov Mikhail Sidorov Deputy CEO for Legal and Deputy CEO for Finance and Deputy CEO for Internal Corporate Affairs Economics Communications and Public Relations Petr Maximov is a specialist in mergers and Andrey Bubnov joined NCSP in May 2011. acquisitions, cross-border M&A transac- Starting from 2003, Mr. Bubnov held vari- tions and corporate governance. He has ous positions at Morgan Stanley, includ- Mikhail Sidorov joined NCSP Group in steered the acquisition and sale of a num- ing head of fixed income capital markets in 2011. In 2009, he became director of public ber of major assets in Russia and abroad. Moscow. He has led projects to raise debt relations at Summa Capital, where he led Rado Antolovic Marat Shaydaev Yury Matvienko Mr. Maximov has experience working at and equity financing for leading Russian and projects such as information support for a number of leading international law firms: international companies, and provided ad- the opening of the State Academic Bolshoi Milbank, Tweed, Hadley&McCloy, Coudert visory services on capital structure, ratings Theater of Russia. Аcting CEO of PJSC NCSP First Deputy CEO Executive Director Brothers, Debevoise&Plimpton and Squire, and derivatives. Sanders&Dempsey. In 2004-2005 he head- In 2006-2009, Mr. Sidorov held various Rado Antolovic is a highly qualified profes- Marat Shaydaev handled operational man- Yury Matvienko is one of the most experi- ed the legal department at investment firm Andrey Bubnov has considerable experience positions at Russian communications hold- sional in marine transport. He has been agement at Summa Group in 2009-2011. In enced managers in Russia’s port industry. He Coalco AG and served on the board of mining working with NCSP as a financial adviser. ing IMA Group, where he was responsible working in the port industry since 1976, 2005-2009, he was head of CJSC Trans Flot, was general director of LLC BaltTransService company OJSC Mikhailovsky GOK, and from He was involved in the process of obtain- for developing and implementing national and has been managing container terminals where he ran the management company of in 2009-2011. In 2005-2009 he was general 2005 he was director of corporate assets and ing credit ratings and placing Eurobonds, media campaigns for major private and since 1997. In 2009-2010 he was managing the Primorsk Port in Leningrad Region and director of LLC Primorsk Trade Port, and in headed the legal department at investment as well as the Group’s IPO preparations, and state companies, as well as government director of CSCT Romania, the largest con- oversaw the construction of the oil and oil 2003-2005 he was first deputy general direc- group EastOne (Interpipe). led the process of soliciting consent from the agencies. He has strong experience imple- tainer terminal on the Black Sea; from 2005 products terminals at the port. tor and then general director of CJSC Sea Port Company’s bondholders as part of the acqui- menting information and advertising cam- he worked at DP World Group, one of the Service. Mr. Maximov graduated with honors from sition of PTP. paigns in Russia and abroad. He has been world’s largest port operators. Moscow State University with a specialization involved in providing information support in law, and earned an LL.M degree at Columbia for major projects such as the rebrand- Mr.
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