Non-Core Asset Sale Programme

In 2018, in accordance with the decision of the PAO Sovcomflot Board of Directors dated 31 January 2018 (Minutes No. 169 dated 5 February 2018) and based on the results of the analysis for compliance with the methodological guidelines for identifying and disposing of non-core assets approved by Russian Government Order No. 894-r dated 10 May 2017, a new version of the Programme on the Sale of PAO Sovcomflot Non-Core Assets was approved and the register of PAO Sovcomflot non-core assets, which also includes the non-core assets of its subsidiary PAO Novoship, was updated.

The Programme on the Sale of PAO Sovcomflot Non-Core Assets defines the main approaches, principles and procedures for identifying and disposing of non-core assets belonging to the Company.

The main objectives of the PAO Sovcomflot non-core asset disposal programme are to

  • promote more efficient use of assets and maximise income (minimise losses) on the sale of the Company’s property;
  • reduce financial costs associated with the maintenance and servicing of non-core assets;
  • form additional sources of financing;
  • improve the competitiveness and investment attractiveness of the Company;
  • increase capitalisation.
No. Asset Means for identifying a non-core asset Activity using the non-core asset Residual (net book) value of the non-core asset, RUB Planned method of disposing of the non-core asset
Non-core assets of PAO Sovcomflot
1 0.3% interest in the National Reserve Bank (NRB) State registration number: 101021170B Banking 5,116,000 Sale, public electronic auction
2 2% interest in the St. Petersburg International Commodity Exchange Registration number: 1-02-80100-N Organisation of exchange trades 8,700,000 Sale, public electronic auction
Non-core assets of PAO Novoship
3 Recreation Centre Moryak Sukhaya Shchel, Novorossiysk (cadastral number of the land plot: 23:47:0116009:8) Health resort facilities (territory) in operation 134,472,625 Sale, tender
4 Territory located at 1st Railroad Loop St., Novorossiysk 1st Railroad Loop St., Novorossiysk (cadastral numbers of the land plots: 23:47:0109008:505; 23:47:0109008:506; 23:47:0109008:753; 23:47:0109008:168) Production and warehousing facilities (territory) in operation 32,674,747.93 Sale, tender
5 Territory located at 120 Sukhumi Highway, Novorossiysk 120 Sukhumi Highway, Novorossiysk (cadastral number of the land plot: 23:47:0208016:7) Administrative and production facilities (territory) in operation 9,477,718.03 Sale, tender

PAO Sovcomflot and PAO Novoship did not make any disposals of non-core assets in 2018.