RUS

Annual report



SCF Group has received the award for ‘Shipping Company of the Year’ at Seatrade Maritime Awards International 2020. The judges noted SCF’s efforts in decarbonisation, its response to the opportunities and challenges presented by new technologies, and SCF’s contribution to further developing shipping in adverse climatic conditions
SCF named ‘Shipping Company of the Year 2020’ by Seatrade
SCF Group has received the award for ‘Shipping Company of the Year’ at Seatrade Maritime Awards International 2020. The judges noted SCF’s efforts in decarbonisation, its response to the opportunities and challenges presented by new technologies, and SCF’s contribution to further developing shipping in adverse climatic conditions
SCF’s LNG-fuelled Aframax tankers
Sovcomflot was one of the first companies in the shipping industry which decided to operate Aframax ships, specially designed for alternative fuel - liquefied natural gas.

Financial reporting under Russian Accounting Standards

In accordance with the requirements of the Bank of Russia Regulation on Information Disclosure by Issuers of Issue-Grade Securities dated 27 March 2020 No.714-P PAO Sovcomflot publishes consolidated financial reports prepared in accordance with IFRS, and also accounting reports of PAO Sovcomflot, prepared in accordance with Russian Accounting Standards.

The reports prepared in accordance with Russian Accounting Standards differ significantly from the reports prepared in accordance with IFRS, as they do not include figures from all companies within Sovcomflot Group. Furthermore, RAS and IFRS differ in their evaluation of the economic composition of reporting indices.

In light of this, for the analysis of Sovcomflot Group’s financial and production results it is recommended using consolidated financial reporting prepared in accordance with IFRS.

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