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.