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The results of the annual general meeting of shareholders of ОАО Novoship

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On 28 May 2015 the annual general shareholders meeting of JSC Novorossiysk Shipping Company (OAO Novoship, part of Sovcomflot Group) was held in Novorossiysk.

Following recommendations from the Board of Directors, the general meeting of shareholders approved the annual report and annual accounting reports of OAO Novoship for 2014, and also took the decision to pay out dividends on the results of the company’s work in 2014 in the sum of 2.05 roubles for each ordinary and privileged share.

The annual general meeting of OAO Novoship elected members to its Board of Directors and Audit Committee. The Board of Directors now comprises:

Evgeniy Nikolayevich Ambrosov - Senior Executive Vice-President / Chief Operating Officer, PAO Sovcomflot;

Vladimir Nikolayevich Emelianov - Vice-President / Chief Strategy Officer, PAO Sovcomflot;

Nikolay Lvovich Kolesnikov - Executive Vice-President / Chief Financial Officer, PAO Sovcomflot;

Alexander Lvovich Kurtynin - Vice-President / Head of Seismic Fleet and Development Division, PAO Sovcomflot;

Alexey Victorovich Ostapenko - Executive Vice-President, PAO Sovcomflot;

Sergey Gennadyevich Popravko - Managing Director of Unicom Management Services (Cyprus) Ltd.;

Igor Vasilyevich Tonkovidov - Executive Vice-President / Technical Director of SCF Group;

Sergey Ottovich Frank, President and Chief Executive Officer of PAO Sovcomflot;

Yury Aleksandrovich Tsvetkov – President / Chairman of the Management Board, OAO Novoship;

The Audit Committee was elected as:

Tatyana Pavlovna Kalinkina - Acting Head of Internal Audit Department, PAO Sovcomflot;

Anastasiya Viktorovna Chudinovskikh – Senior Auditor of Internal Audit Department, PAO Sovcomflot;

Eduard Favelevich Yakovlev – Veteran of OAO Novoship; pensioner.

Sergey Frank, Chairman of the Board of OAO Novoship, noted in his speech the most significant indicators of the company’s activities in 2014, and informed shareholders of the condition of the shipping market in 2015.

- In this reporting period JSC Novorossiysk Shipping Company consolidated its status as a financially sound, modern and responsible company.  The company’s revenue in 2014 was 14,851,814,000 roubles, which is a 26.4% increase on 2013.
In accordance with consolidated financial reporting for 2014, the value of the assets of Novoship Group reached 101,876,271,000, a growth of 58.6%, compared with a growth of 3.8% in 2013. The sum of the group’s shareholders’ equity increased by 71.6%.

The company is facing difficult tasks. Work must continue to strengthen the company’s competitive position in light of the current market environment. Ways must be found to optimise the company’s management structure and increase operational effectiveness. To achieve these goals each employee must make efforts. The results from 2014 show that this strategy brings success. They confirm that the company has chosen the correct priorities, and suggest that the further development of OAO Novoship will continue to benefit the company’s shareholders.

Also on 28 May there was an annual meeting of OAO Novoship’s Audit Committee. After Mr Sergey Frank has been elected as the Chairman of the Board, Ms Tatyana Kalinkina was named Head of the Audit Committee.

Information for editors:

As of 31 December 2014 the sum of the charter capital of OAO Novoship 315,629,119 roubles consisting of 286,836,224 ordinary registered shares and 28,792,895 class ‘A’ registered shares of preferred stock. The share of PAO Sovcomflot in the share capital of OAO Novoship was 89.32%.