5.1. Statement Of Management’s Responsibilities For The Preparation And Approval Of The Consolidated Financial Statements For The Year Ended 31 December 2012

Management is responsible for the preparation of consolidated financial statements that present fairly the consolidated financial position of Public Joint Stock Company Novorossiysk Commercial Sea Port and its subsidiaries (the “Group”) as at 31 December 2012, and the consolidated results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards (“IFRS”).

In preparing the consolidated financial statements, management is responsible for:

  • properly selecting and applying accounting policies;
  • presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
  • providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s consolidated financial position and financial performance; and
  • making an assessment of the Group’s ability to continue as a going concern.

Management is also responsible for:

  • designing, implementing and maintaining an effective and sound system of internal controls, throughout the Group;
  • maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the consolidated financial position of the Group, and which enable them to ensure that the consolidated financial statements of the Group comply with IFRS;
  • maintaining statutory accounting records in compliance with statutory legislation and accounting standards;
  • taking such steps as are reasonably available to them to safeguard the assets of the Group; and
  • preventing and detecting fraud and other irregularities.

The consolidated financial statements of the Group for the year ended 31 December 2012 were approved by management on 16 April 2013:

Y.V.Matvienko G.I. Kachan
Acting Chief Executive Officer Chief Financial Officer
  © PJSC «Novorossiysk Commercial Sea port» 2013