3.3. Shareholder Capital & Debt Securities

Shares and GDRs

PJSC NCSP’s charter capital is 192,598,154 rubles, divided into 19,259,815,400 shares with par value of 0.01 rubles. PJSC NCSP carried out an IPO on the London Stock Exchange and Russia’s RTS (Moscow Exchange as of December 2011) in November 2007, placing 19.38% of its equity in the form of common shares and Global Depositary Receipts (GDRs).

At the beginning of 2012, PJSC NCSP converted 2.68% of treasury shares into GDRs. These shares were purchased from investors under a mandatory offer as part of the deal to acquire LLC Primorsk Trade Port. The conversion of the shares was carried out on the basis of a decision made by the PJSC NCSP Board of Directors on February 17, 2012.

PJSC NCSP’s largest shareholders as at December 31, 2012 were Novoport Holding Ltd. with 50.1% and the Federal State Property Management Agency (Rosimuschestvo) with 20%. The other 29.9% of shares are held by minority shareholders, including companies that are part of OJSC Russian Railways (RZD), and the free float, including shares held nominally by JP Morgan Bank as the administrator of the company’s GDR program. As at the end of 2012, 3,549,137,890 PJSC NCSP shares, amounting to 18.4% of outstanding shares, were traded on the London Stock Exchange in the form of GDRs.

Table: PJSC NCSP common shares

Type Common registered shares
State registration number 1-01-30251-E
ISIN code RU0009084446
Exchange/Listing Moscow Exchange/B
Ticker NMTP

Table: PJSC NCSP Global Depositary Receipts (GDRs)

Issue limit 25% of share capital
Shares to GDR ratio 75
Type Regulation S Rule 144 A
Exchange London Stock Exchange OTC Board
Ticker NCSP NVSKL
CUSIP 67011U208 67011U109
ISIN US67011U2087 US67011U1097
SEDOL B283BT30 B284CR8
Common code 32 417 710 32 418 384

Eurobonds

NCSP Group on May 17, 2012 completely redeemed an issue of five-year LPN (Loan Participation Notes) totaling $300 million that was placed on May 17, 2007 through Novorossiysk Port Capital S.A., a special purpose vehicle registered in Luxembourg. The LPN had a 7% coupon that was paid semi-annually.

Table: Novorossiysk Port Capital S.A. Eurobonds

Type of securities Loan Participation Notes
Issue size $300 million
Coupon rate 7%
Coupon period Semiannual (May 17 and Nov 17)
Placement date May 17, 2007
Redemption date May 17, 2012
ISIN XS 03000986337

Ruble bonds

PJSC NCSP’s Board of Directors on March 4, 2012 approved a ruble bond program consisting of five series of exchange traded bonds. Bond series BO-01, BO-02, BO-03, BO-04 and BO-05 amount to respectively 5 billion rubles, 4 billion rubles, 4 billion rubles, 3 billion rubles and 2 billion rubles. The coordinator of the program is VTB Capital. The Group completed the registration of the program on April 3, 2012 and the bonds were included in the listing of securities admitted to trading on the Moscow Exchange. On the date publication of this report only series BO-02 bonds were placed and traded on the market.

Table: PJSC NCSP ruble bonds

Issue BO-01 BO-02 BO-03 BO-04 BO-05
Issue size 5 bln rubles 4 bln rubles 4 bln rubles 3 bln rubles 2 bln rubles
Coupon rate 1st coupon ahead of placement or in bidding, remainder according to issue documents Coupons 1-6 – 9% annually 1st coupon ahead of placement or in bidding, remainder according to issue documents 1st coupon ahead of placement or in bidding, remainder according to issue documents 1st coupon ahead of placement or in bidding, remainder according to issue documents
Coupon period Semi-annual Semi-annual Semi-annual Semi-annual Semi-annual
Coupon accrual start date 2013 02.05.12 2013 2013 2013
Maturity date 2016 29.04.15 2016 2016 2016
Issue status Planned In circulation Planned Planned Planned
State registration number 4B02-01-30251-E 4B02-02-30251-E 4B02-03-30251-E 4B02-04-30251-E 4B02-05-30251-E

Dividend policy

The procedure for determining the amount of dividends paid to PJSC NCSP shareholders and their payment is governed by the Regulation on Dividend Policy approved by the Board of Directors in 2007, which is available on the Group’s website.

The dividend policy aims to meet the interests of all shareholders, while taking into account the need to increase the company’s liquidity, capitalization and investment appeal.

The decision on the amount of dividends to be paid is made at the General Shareholder Meeting. PJSC NCSP’s Board of Directors annually makes a recommendation on the amount of dividends that should be paid. When reviewing proposals for the distribution of net profit and deciding on the share of profit to be set aside for dividends, the Board of Directors considers a number of factors, including:

  • The actual amount of PJSC NCSP net profit
  • The need to support PJSC NCSP’s strategic development priorities, including implementation of investment programs
  • The need to fund PJSC NCSP’s reserve fund
  • PJSC NCSP’s profitability, including return on assets and return on equity
  • PJSC NCSP’s solvency and financial strength indicators, including current liquidity ratios
  • Availability of working capital and debt ratio

Table: Dividend history

Year for which dividends declared Total amount of declared dividends,
‘000 USD
2011* 14,138
2010 14,651
2009 79,241
2008 16,095
2007 14,818
  © PJSC «Novorossiysk Commercial Sea port» 2013