Non-Core Asset Sale Programme
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 guide-lines 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 PAO Sovcomflot Non-Core Asset Disposal Programme was approved and the register of PAO Sovcomflot non-core assets, which also included the non-core assets of its subsidiary PAO Novoship, was updated.
The PAO Sovcomflot Non-Core Asset Disposal Programme 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.
One core asset, shares of JSC St. Petersburg International Commodity Exchange, was sold during the reporting period. The actual sale value of the asset exceeded its book value by RUB 549,280. The difference between the actual value of the asset and its book value is due to the fact that the sale was made through a public auction on the Sber-bank - AST Electronic Trading Platform at market value
|No.||Asset||Means for identifying the asset||Activity using the asset||Book value, RUB||Actual sale value, RUB|
|1.||2% interest in JSC St. Petersburg International Commodity Exchange||Registration number: 1-02-80100-N||Organisation of exchange trades||8,700,000||60,249,280|
In accordance with the decision of the PAO Sovcomflot Board of Directors dated 10 December 2019 (Minutes No. 187 dated 13 December 2019), the assets owned PAO Novoship were removed from the register pursuant to the methodological guidelines for identifying and disposing of non-core assets. The sale of these assets will be controlled through the management and supervisory bodies of PAO Novoship.
Given the disposal of shares of JSC St. Petersburg Commodity Exchange, the register of the Company’s non-core assets as of 31 December 2019 contained one non-core asset owned by to PAO Sovcomflot by the right of owner-ship.
|No.||Asset||Means for identifying the asset||Activity using the asset||Book value, RUB||Planned method of disposal|
|1.||0.3% interest in Joint-stock commercial bank "National Reserve Bank"||State registration number: 01021170B||Banking||5,116,000||Sale, public electronic auction|