Of Firm Transgarant LLC for 2009 2009 · ANNUAL REPORT Firm TransgaranT LLC ... ammonia and lpg tanks, ... gondola cars and 209 fitting flat cars for refrigerator

2009

ANNUAL REPORTOf Firm Transgarant LLC for 2009

Freight rail turnoven

25

7own locomotives

the rolling stock Fleet

14 865

billion ton/km

Firm transgarant llc

2

branches and representationsoF company are

27

largest privatly owned Freight rail operator

locatedoF russia and cis

80%own rolling stock

ANNUAL REPORTFirm TransgaranT LLC

2009

1

cONTENTs

MANAGING DIREcTOR sTATEMENT __________________________ 2

AbOUT ThE cOMPANy ____________________________________ 4Performance Highlights _______________________________________________________________ 6Company’s Description ________________________________________________________________ 7Core Lines of Transgarant’s Business and Competitive Advantages _____________________________ 7The Subsidiaries _____________________________________________________________________ 8Branch and Route Network _____________________________________________________________ 9Corporate Governance ________________________________________________________________ 12Development Strategy ________________________________________________________________ 14Mission and Goals ___________________________________________________________________ 14Corporate Highlights of 2009 ___________________________________________________________ 15

FREIGhT RAIL TRANsPORTATION MARKET OVERVIEW. ThE MARKET sTANDING OF ThE cOMPANy ___________________ 16

The Rail Transportations Market and the Reform of the Railway Transport ______________________ 18The Competitive Landscape in the Freight Rail Transportation Market _________________________ 21The Share of the Company in the Freight Rail Transportation Market __________________________ 22Introduction of Self-Regulated Organisation for the Rail Transport ____________________________ 23

OPERATION AcTIVITIEs AND INFRAsTRUcTURE _______________ 24Bulk Cargo Transportation ____________________________________________________________ 26Container Transportation _____________________________________________________________ 28Rolling Stock Fleet ___________________________________________________________________ 29Locomotive Fleet ____________________________________________________________________ 31The Company’s Infrastructure __________________________________________________________ 31Information Technologies _____________________________________________________________ 33

FINANcE AND EcONOMIcs REsULTs _______________________ 34IFRS Financial Highlights _____________________________________________________________ 36Financing of the Company Operations ___________________________________________________ 38Owner’s Contribution _________________________________________________________________ 39

sOcIAL REsPONsIbILITy _________________________________ 40Personnel and Social Policy ___________________________________________________________ 42Charity ____________________________________________________________________________ 43

cONTAcTs AND REqUIsITEs ______________________________ 44

branches and representationsoF company are

27


2009

2

MANAGING DIREcTOR sTATEMENT

DEAR cOLLEAGUEs!

we are drawing up the conclusions of 2009 – a difficult year for all of the world economy, for russian economy in general and the transport sector in particular.

the past year was a year of the most noticeable recession, but at the same time a year of the end of the economic crisis. demand for the services of our company has considerably decreased comparing to 2008 and appropriate to the general market situation. this didn’t fail to influence the performance and financial indicators. as a result the revenue of transgarant dropped by a third and came to 4.3 billion rubles. the company has registered a loss of 1.968 billion rubles as a result of a decrease in the volume of cargo transportation (by more than 20%), a reduction of the working fleet and a decrease in profitability. however our effective and timely crisis programme, modernizations across all of the areas of group’s activities allowed transgarant to come out of the difficult period with new projects and plans.

in the conditions of the unfavourable market environment, considerable problems with the company’s liquidity and delayed payments from the contractors transgarant has nonetheless managed to completely fulfil all of its financial liabilities.

the market conditions have changed dramatically and the company management has reacted by developing and implementing a series of events aimed at preserving the business stability. the first course of the crisis measure of transgarant was to cut down the rolling stock fleet and refrain from the project of infrastructure developments. it allowed us to considerably decrease production costs. we focused on optimization of business-processes and increasing of internal efficiency of our work to control over spending. but what has helped us most in this difficult year was our policy of open-doors in relation to our clients and partners. we aimed to meet the new demands of our clients, to foresee their wishes, with the sole objective of attracting cargo for transportation


2009

3

by the company. when all of the actions target one particular goal – it works. in the past year transgarant has concluded a long-term contract with the leading Finnish logistics company nurminen logistics, has continued its successful long-term collaboration with the largest manufacturer of pulp and paper products mondi syktyvkar timber processing complex, has been actively developing the logistics in the container transportation segment thus becoming the largest operator of container cargo with 5% of the fitting flat cars across the whole of the segment. in order to put its gondola cars to an efficient use in the coal transportation segment transgarant has started works to provide the rolling stock to such large clients as irkutskenergo, siberian coal energy company, yakutugol and mechel.

transgarant was one of the first operators to predict the approaching restoration of the transportation volumes and place a large order for new cars in october 2009. the crisis has led us to deeply re-evaluate our relationships with our clients and partners, define the

priorities. the marketing management of transgarant has conducted a survey of our clients about how client-orientated to they perceive our company to be. it has shown that in the last year our managers have demonstrated a great improvement in terms of service and levels of communications.

the main components of our success are professional and experienced staff, a variety of logistics services, reliability, as well as constant development of the company according to the demands of the market.

at the moment we have completed our minimal targets. the market situation is rather inclining us to take a pause and take a better look at its changes in order to build our strategic development plans.

i would like to thank our clients, the staff of transgarant and all our partners who were with us in this difficult year. i am sure that transgarant will maintain its flawless reputation and will continue to be an attractive partner for our clients.

managing Director alexey grom

ANNUAL REPORTFirm Transgarant LLC

2009

7 Company’s Description 6 Performance

Highlights 7 Core Lines of Transgarant’s Business and Competitive advantages

8 The subsidiaries 9 Branch and route network

AbOUT ThE cOMPANy

12 Corporate governance 9 Branch

and route network

14 Development strategy 14 mission and

goals 15 Corporate Highlights of 2009


2009

6

PERFORMANcE hIGhLIGhTs

2007 2008 2009

PERFORMANcE INDIcATORs

Freight rail turnover trasgarant group billion ton/km 32.40 34.64 25.33

Firm transgarant llc billion ton/km 25.68 23.03 20.18

transportation volume trasgarant group million tons 21.10 24.76 19.23

Firm transgarant llc million tons 12.46 11.88 11.27

rolling stock operated (at year end)

trasgarant group car 16 011 16 376 14 865

Firm transgarant llc car 11 991 13 166 12 522

average distance of loaded trip trasgarant group km 1 536 1 399 1 317

Firm transgarant llc km 2 064 1 965 1 791

staff numbers at 31 december trasgarant group persona 497 494 512

Firm transgarant llc persona 398 390 378

FINANcIAL INDIcATORs UNDER IFRs

revenue mln rubles 4 733 6 158 4 321

cost of sales mln rubles (3 269) (4 011) (4 087)

ebitda mln rubles 1 671 2 204 6531

profit for the year mln rubles 757 160 (1 968)

owner’s contribution mln rubles 880 880 3 697

equity mln rubles 2 133 2 267 3 120

assets mln rubles 8 607 13 307 9 981

gross margin % 31% 35% 5%

1 Adjusted EbITDA before allowance for doubtful debts


2009

7

cOMPANy’s DEscRIPTION

cORE LINEs OF TRANsGARANT s̀ bUsINEss AND cOMPETITIVE ADVANTAGEs

Firm transgarant llc has operated in the freight rail transportation market for twelve years, providing industrial cargo carriages, and has become the second largest privately owned freight rail operator. the company's strategic objective is to strengthen the customer relationships by complex solving of all their transportation needs.

transgarant transports cargoes and containers via russian railways, cis and baltic states. there are branches and representations in 27 cities of russia and cis. the company has subsidiaries, united in transgarant group: transgarant-ukraine, tektrans, transgarant-vostok, stroyopttorg.

since april 2007 the company has entered as a core of railway division into Fesco transportation group – the largest intermodal operator, combining all possibilities of stevedore services with marine and railway carriages.

both for transgarant and Fesco integration served to expanding business to provide clients with a wide range

transgarant provides the sophisticated transport solutions based on its proven track record of achievements in freight rail transportation. responsibility to the clients, experience of transport solutions for any sector of economy and individual approach to every inquiry enable us provide quality, operative and stable services.

the core lines of the company/s activities are the bulk and container cargoes transportation via russia and cis, freight forwarding and warehouse services.

The key advantages of our company are

� extensive rolling stock fleet by 14 different types. having an extensive and diversified fleet of rolling stock, the company enables to give the client the required number of cars as soon as possible.

of services for door-to-door cargo delivery. with the advent of transgarant Fesco has been restructured its portfolio of businesses for maximizing the synergy of all group's companies.

transgarant operates 12.5 thousand items, and together with affiliated companies has got a total of 14.9 thousand items of rolling stock, 80% of which are its own cars. the fleet of rolling stock operated by transgarant includes universal cars: gondola cars, box cars and flat cars, and also specialized cars: ore pellet cars, fitting flat cars, mineral oils tanks, ammonia and lpg tanks, grain cars, flat cars for sheet steel transportation, cement cars, cars for mineral raw materials transportation. apart from the rolling stock fleet transgarant and its subsidiaries own five main line diesel locomotives and two shunting locomotives.

the freight rail turnover of transgarant in 2009 amounted to 25.3 billion ton/km, the transportation volume - 19.2 billion tons.

� proven track record in transportation of wide range of cargoes.

� well arranged network of branches and representations in 27 cities of russia and cis, based on most effective service of cargo traffic.

� in-house facilities for cars repairs and maintenance.

� efficient cooperation with ОАО russian railways and railway administrations of cis and baltic countries.

� Financial stability applicable for a number of payment terms when entering in long-term contracts.


2009

8

ThE sUbsIDIARIEs

transgarant group incorporates subsidiaries, each one specializing in a definite type of works. operations of all subsidiaries are coordinated by transgarant head office.

DP TRANsGARANT-UKRAINE The share in the owner’s contribution: 100%

transgarant-ukraine is the major privately owned freight rail operator in ukraine. it provides forwarding services for the companies of the metals and mining sector of ukraine economy. its subsidiaries are located in donetsk and dnepropetrovsk.

the company operates 1 127 cars, including 748 own ore pellet cars and 423 gondola cars. the key customers are northern ore-dressing combine, southern ore-dressing combine, azovsteel, donetsksteel, Zaporozhsteel.

sIA TEKTRANsThe share in the owner’s contribution: 100%

sia tektrans was established in 2002 in latvia as a freight rail operator for liquefied petroleum gas transportation. the company operates its own fleet of 210 specialized high cube tanks of 75 m3. the company is engaged in export, import and transit freight transportation of liquefied petroleum gas and light petroleum raw materials via railway network of cis and baltic countries.

ООО TRANsGARANT-VOsTOKThe share in the owner’s contribution: 100%

ooo transgarant-vostok provides carrier and forwarding services via dalnevostochnaya railwayand is one of the largest forwarding agents of coal. the company operates 1 786 cars, including 1 289 own gondola cars and 209 fitting flat cars for refrigerator containers. transgarant-vostok owns two main line diesel locomotives for coal transportation from yakutugol to yakutskenergo (nerungri hydropower plant).

OAO sTROyOPTTORGThe share in the owner’s contribution: 98%

the warehouse complex stroyopttorg is located in khabarovsk and occupies an area of 9.8 hectares. it’s one of the biggest centers of storage and handling of goods, delivered by railway, motor and river transport.

the core advantage of the complex is its good location close to federal route vladivostok – khabarovsk and operating frontier crossing pokrovka – Jaohe (china). there is outlet to the amur river, as well as railway branch line to krasnaya rechka station of Far eastern railways.

the total area of covered warehouses is 20 000 m2. the area of class a warehouses is 7 000 m2. 13 000 m2 are occupied by cool warehouses. there are also open sites for timber, metal, fuels and lubricants storage.

the government of khabarovsk entered stroyopttorg in the general plan of regional transport system development.


2009

9

bRANch AND ROUTE NETWORK

in thousand tons The share

VIA RUssIA 13 399 69.7%

Far eastern railway 3 648 19.0%

eastern siberian railway 3 362 17.5%

krasnoyarsk railway 1 118 5.8%

sverdlovsk railway 891 4.6%

south eastern railway 804 4.2%

west eastern railway 596 3.1%

south ural railway 571 3.0%

privolzhsk railway 499 2.6%

northern railway 449 2.3%

moscow railway 445 2.3%

october railway 437 2.3%

kuybyshev railway 279 1.5%

northern caucasus railway 211 1.1%

yakutia railways 55 0.3%

gorky railway 26 0.1%

Zabaikal railways 9 0.1%

VIA cIs AND bALTIc cOUNTRIEs 5 833 30.3%

ukraine 5 743 29.9%

kazakhstan 62 0.3%

baltic states 23 0.1%

TOTAL 19 232 100.0%

route network

the route network of transgarant encompasses russia, near and far abroad countries (ukraine, kazakhstan, lithuania, estonia, Finland, etc.)

branches, regional representations and subsidiaries in 27 cities of russia and cis were established to provide more effective rolling stock fleet management and efficient cooperation with clients in terms of expansion of the company’s operations.


2009

10

SAINT PETERSBURG

VORONEZH

ASTRAKHAN

CHELYABINSK

RIGA

EKATERINBURG

SYKTYVKAR

KISHINEV

KRASNODAR

SAMARADONETSK

OMSKNOVOSIBIRSK

KEMEROVO

BRATSK

SARATOV

DNEPROPETROVSK

CHEREPOVETS

NERUNGRY

NAKHODKAVLADIVOSTOK

KOMSOMOLSK-ON-AMUR

STARY OSCOL

KRASNOYARSK

IRKUTSK

KHABAROVSK

MOSCOW

THE HEAD OFFICE AND BRANCHES

SUBSIDIARIES

REPRESENTATIONS AND REPRESENTATIVES

RAILWAYS

KIEV

branches and representations oF the company are located in 27 cities oF russia and cis

Brunch network


2009

11

SAINT PETERSBURG

VORONEZH

ASTRAKHAN

CHELYABINSK

RIGA

EKATERINBURG

SYKTYVKAR

KISHINEV

KRASNODAR

SAMARADONETSK

OMSKNOVOSIBIRSK

KEMEROVO

BRATSK

SARATOV

DNEPROPETROVSK

CHEREPOVETS

NERUNGRY

NAKHODKAVLADIVOSTOK

KOMSOMOLSK-ON-AMUR

STARY OSCOL

KRASNOYARSK

IRKUTSK

KHABAROVSK

MOSCOW

THE HEAD OFFICE AND BRANCHES

SUBSIDIARIES

REPRESENTATIONS AND REPRESENTATIVES

RAILWAYS

KIEV


2009

12

cORPORATE GOVERNANcE

Firm transgarant llc considers its main goals to uphold the welfare of shareholders, create attractive employment and work conditions for its employees and acts in the best interests of its clients. understanding its high responsibility to the clients, and also to lending institutions, the company improves corporate governance standards, which in the current environment are the cornerstones of successful activities.

since January 2008, the duty of sole executive authority have been transferred Fesco transportation group managing company limited (Fesco transportation group ltd.), witch provides strategic management at the group of companies, leaving the operational management at the business-units or corporate bodies.

evgeny ambrosov was appointed the president of Fesco transportation group ltd., and since February

ThE ExEcUTIVE bOARD OF ThE MANAGING cOMPANy

sERGEy V. KOsTyANBoard Member, Vice President of Linear and Logistic Division

ANTONINA b. GILTsBoard Member, Vice President, Internal Audit and Controlling

VLADIMIR A. OLsUFIEVBoard Member, Vice President, Personnel Policy and Organizational Development

ANDREy yU. TOKAREVBoard Member, Vice President of Port Division

DMITRy A. shOKhINBoard Member, Vice President, Legal Affairs

sERGEy V. GENERALOVChairman of the Board of Directors, President of the Managing Company

yURy b. GILTsBoard Member, Vice President, Finance

NIKOLAy N. ERMOshKINBoard Member, Vice President, Corporate Finance

VLADIMIR N. KORchANOVBoard Member, Vice President of Marine Division, Managing Director of FESCO Plc

ALExEy N. GROMBoard Member, Vice President of Railway Division, Managing Director of Firm Transgarant LLC

2009, sergey generalov became the president. the management is exercised by divisions. ship ownership and fleet operations are united in marine division, which is headed by board member, vice president of the marine division, managing director of Fesco plc. vladimir korchanov. the enterprises, incorporated in railway division, are supervised by vice president of railway division, managing director of Firm transgarant llc alexey grom. container lines and logistics, united in linear and logistic division, are headed by board member, vice president of linear and logistic division sergey kostyan. terminal projects are developed in port division, which is supervised by board member, vice president of port division andrey tokarev.

the main management goal is permanent improvement of work for maximizing synergy of division’s cooperation.


2009

13

ExEcUTIVE bOARD

Corporate governance structure

bOARD OF DIREcTORs

MARINE DIVIsION

PORT DIVIsION

LINEAR AND LOGIsTIc DIVIsION

PREsIDENT

RAILWAy DIVIsION

FIRM TRANsGARANT LLc

DP TRANsGARANT-UKRAINE

sIA TEKTRANs

ООО TRANsGARANT-VOsTOK

ОАО sTROyOPTTORG


2009

14

DEVELOPMENT sTRATEGy

MIssION AND GOALs

development strategy of transgarant takes into consideration joining the Fesco transportation group as a railway division. the strategy focused on creation of long-term competitive prefers based on the synergy of all group’s divisions.

Our strategic objectives are:

� further reinforcement of transgarant’s position in the freight rail transportation market;

TRANsGARANT’s MIssION

transgarant's mission is focused on providing every client throughout the 1520 zone2 with an optimal and efficient transport component to guarantee the most successful business.

TRANsGARANT's GOALs

transgarant as a group of companies in a railway area with its own brand in the multiple structure of the Fesco transportation group must become the most effective privately owned freight rail operator of 1520 zone, providing services in the wholesale and retail sectors.

combining efficient compliance with technical and technological standards of railway transport, proven track record of management and up-to-date it, transgarant must became a leader of railway transport sector by the quality of services.

� development of container transportation in domestic market, including fast container train transportation;

� extension of route network and transportation volumes thus geographical expansion into freight rail transportation markets of cis and the other countries;

� enhancing the share of transgarant in the subsidiaries to 100%.

2 1520 means 1 520 mm. This is officially approved width of railway gauge in russia, Cis and Baltic states, mongolia and Finland. its total length in these territories is 226 830 km. such gauge is also called wide gauge, as compared to the so called narrow gauge, which is used particular, in north and south america, Europe and China, and is 1 435 mm wide


2009

15

cORPORATE hIGhLIGhTs OF 2009

IN 2009 ThE cORPORATE hIsTORy OF TRANsGARANT WAs ENRIchED WITh ThE PRODUcTION AND FINANcIAL EVENTs TRULy TO bE PROUD OF.

The company has concluded a 7-year contract with the largest Finnish logistics company nurminen Logistics.

Transgarant began transportation of construction materials cargo for the construction of the complex of the 2014 Olympics in sochi.

The owner’s contribution has been increased fourfold, up to 3.7 billion rubles.

Transgarant became one of the founders of the Council of the Participants of the railway rolling stock Operators market non-profit Partnership.

Transgarant became one of the first operator companies to start building up its rolling stock fleet after it has placed an order for the construction of new gondolas in the post-crisis year.

The company has signed a memorandum on cooperation and collaboration with the institute of management and informational Technologies of the moscow state University of railway Engineering.

The ownership of OaO stroyopttorg was increased from 75% to 98%.

Октябрь

янвАрь

нОябрь

МАй

ДекАбрь

Июнь

october

January

november

may

december

June


2009

18 The rail Transportations market and the reform of the railway Transport

21 The Competitive Landscape in the Freight rail Transportation market

FREIGhT RAIL TRANsPORTATION MARKET OVERVIEW. ThE MARKET sTANDING OF ThE cOMPANy

22 The share of the Company in the Freight rail Transportation market

23 introduction of self-regulated Organisation for the rail Transport


2009

18

ThE RAIL TRANsPORTATIONs MARKET AND ThE REFORM OF ThE RAILWAy TRANsPORT

railway transport is one of the components of the unified transport system of the russian Federation and should timely and with good quality satisfy the demands of natural persons, legal bodies and the state in terms of cargo transportation on the railways.

in the cargo turnovers structure across the entire transportation sector the priority is still held by the railway transportations, which receive 90% of the entire cargo turnover (not counting the pipeline transport).

the development of economics has a naturally adulatory character. a decline invariably follows an economic rise. over the course of the last few years the volume of railway transportations has been sufficiently stable and was characterised by a growth. however, in the situation of the world economic crisis, at the end of 2008 and the first half of 2009, they have noticeable decreased. up until July 2009 in the railway transportation sphere across most of the cargo types the losses were from 20 to 50 % comparing to 2008. the revival in the russian economy has started only by the 2nd half of 2009 and its growth in september allowed increase the railway transportation volumes, although over the year in total they have decreased by 15% and only came to 1.108 million tons. the freight rail turnover has fallen by 12% comparing to last year’s and amounted to 1.866 billion t/km. the process of investment in the new rolling stock was started again. in this period transgarant was one of the first in the market to sign a contract for new gondolas.

to aid the development of railway transport, which plays a very important role in the russian economy, in 2001 the government of the russian Federation has approved a programme of a structural reform. the three-stage reform is coming to its conclusion; however the final structure of the railway sector is still undefined. russia, which at the very start of the reform has adopted the european model of vertical development of lines of activities and has thus created separate and independent transport companies, has not yet defined its position on the necessity of separation of locomotive traction and infrastructure. the results of the reformation of the railway sector in other countries were ambiguous. and the specifics of russia make it possible to suggest that it is too early for the full separation, especially bearing in mind that some operators are already using, to a limited extend, their own locomotives.

the implementation of the programme of the structural reform of the railway transport allowed achieve the following results:

� separation of functions of industrial activities and state regulation;

� formation of oao russian railways in october 2003.

at the moment the state regulation of the railway transport is done by ministry of transport, Federal agency of railway transport, Federal tariffs service, Federal antimonopoly service, rostransnadzor (Federal transport oversight agency).

in the conditions of the railway services market formation and the continuing structural reform of the sector, the main tendency is a reduction of number of cars of oao russian railways as a result of active purchases of cars by private operational companies and of creation of subsidiaries of oao russian railways.

as of the 31st of december 2009 the russian fleet of freight cars was 992 thousand items, out of which

� 339.3 thousand, or 34%, - owned by oao russian railways;

� 237.2 thousand, or 24%, - owned by subsidiaries of oao russian railways;

� 415.5 thousand, or 42%, - the other owners.

From 2003 the fleet has generally increased by more than 21%. alongside, the fleet of freight cars of independent owners has increased by 220 thousand items.

alongside these tendencies oao russian railways has created the following subsidiary companies – oao transcontainer, oao refservice and oao Freight one – for the purposes of forming a competitive market of operative services and for liberalization of traffic regulation in this segment of the market.

these last steps in reformation of oao russian railways have seriously altered the market situation and the practical positive results of the work of the subsidiary allowed commence the implementation of further steps within the target model framework and


2009

19

Dynamics of the Key Operating indicators of the railway Transportation sector

TRANSPORTATION VOLUME, mln tons

FREIGHT RAIL TURNOVER, bln ton/km

1 047

1 058

1 084

1 161

1 221

1 273

1 311

1 344

1 304

1 108

1 163

1 373

1 434

1 510

1 669

1 802

1 858

1 951

1 959

1 866

2 088

2 113

plan 2009

2008 2007

2006 2005

2004 2003

2002 2001

2000for 2010

plan 2009

2008 2007

2006 2005

2004 2003

2002 2001

2000for 2010


2009

20

russian railcar Fleet structure by Types of Ownership

russian railcar Fleet3

thousand items

OAO Russian Railways

OAO Russian Railways subsidiaries

23.9%

41.8% 34.2%

The other owners

3 2003-2008 – data from the May cross-network census, 2009 – data for the end of the year

2003 2004 2005 2006 2007 2008 2009

ОАО rZd owned 620.7 619.5 622.3 625.3 584.6 515.5 339.3

privately owned 196.0 224.6 255.4 279.4 347.9 465.0 652.7

TOTAL 816.7 844.2 877.6 904.7 932.5 980.6 992.0

% privately owned 24% 27% 29% 31% 37% 47% 66%

the creation of second Freight company on the basis of the remaining car fleet of oao russian railways. but the rolling stock will be passed to second Freight company will be done in stages. aside from that, until the end of 2011 oao russian railways will have to make a decision on the sale of the controlling shares of the current leader – Freight one.

despite of the visible successes of private operators on the freight transportations market, none of the so far can be considered a realistic competitor to oao

russian railways. the main players of the railway transportations market are the subsidiaries of oao russian railways, which is still the only railway transporter.

nonetheless the fleet of private operators is showing stable growth, as is the volume of transported cargo. thanks to the operational companies, in the process of its formation the railway transport is gaining the necessary investment stability.


2009

21

ThE cOMPETITIVE LANDscAPE IN ThE FREIGhT RAIL TRANsPORTATION MARKET

according to target pattern of freight rail transportation market on the third stage of reform, it was planned to create two freight rail companies based on russian railways owned fleet of rolling stock. thus it was supposed to develop the competitive activities of railcar operation market and to create the equal conditions for all its members.

the competition in the freight rail sector depends on the type of rolling stock and demand and supply ratio. the attractive investment conditions for privately owned freight rail operators depends on the cost of rolling stock, the regulated charge, which private operators pay to ОАО rZd, routing, transport component in the cost of transported cargoes, etc.

the dominant share of privately owned railcar fleet composed for tanks, cars for mineral raw materials transportation, ore pellet cars and the others types of specialized rolling stock, which mainly used in block trains.

the railway operators, working now in the freight transportation market, are divided into three groups. the first group is represented by companies, owned by large russian industrial enterprises. in their activities they are focused on the transport needs of the parent company. so, their extent of business depends on the activities of the parent company. their additional advantage is the own rolling stock fleet, owned as a rule by the parent company, and also the financing of the rolling stock acquisition. the representatives of this group are lukoil-trans, gazpromtrans, rusaltrans, mmk-trans, mechel-trans, evraztrans, sibur-trans. the second group is represented by ОАО rZd subsidiaries – transcontainer, refservice, transles, railtransauto and Freight one, which have the support of the parent company. the third group is represented by railway operators, which initially provide customer focused services.

transgarant belongs to the third type of companies. business model of the company is the maximum meeting of market demands. more efficient customer services and diversity of cargoes make the railway operators stable to market environment and tariff changes.


2009

22

ThE shARE OF ThE cOMPANy IN ThE FREIGhT RAIL TRANsPORTATION MARKET

transgarant group operates in the post-soviet space, placing a high importance on cargo transportation via russia and ukraine.

the share the company in the russian rail transportation market in 2009 amounted to 1.2% both in transportation volume and rail turnover. the share in ukraine transportation market amounted to 1.5% in the entire transportation volume and 1.3% in freight rail turnover.

transgarant has the most extensive fleet of own ore pellet cars via rZd network. its share amounts 48%

of the entire russian fleet of privately owned ore pellet cars. also the company is one of the major owners of fitting flat cars (5%) and box cars (7%) of the total amount of this type of cars.

as for rZd-partner journal rating of railway operators, published in september 2009, transgarant as one of the leaders of freight rail transportation market rated among top five largest russian companies by own rolling stock fleet. in the final rating, in view of entire railcar quantity, transportation volume and revenue, the company is rated the fourth place.


2009

23

INTRODUcTION OF sELF-REGULATED ORGANIsATION

FOR ThE RAIL TRANsPORT

the idea of self-regulating in the transportation sphere came long before 2009 – the year of the final stage of implementation of this structural reform and liquidation of inventory fleet. the creation of a self-regulated organisation for the railway transport was supported by the ministry of transport, ministry of economic development and oao russian railways.

the purpose of creating a self-regulated organisation is to realize the unified state policy for the protection of interests of subjects of business activities and for the lowering of the state influence on the free market, business and professional relationships. the most important function of a self-regulated organisation will be the protection of interests of business people in their interactions with the state.

at the first stage in 2009 the council of the participants of the railway rolling stock operators market non-profit partnership was created – a prototype of the first

future self-regulated organization. this partnership is a russian organization which represents the interests of the business circles. the priority direction of activity for the partnership is a development of the new model of the cargo transportation services market, as well as of internal standards and regulations of the operators’ activities, active participation in the development of the sector’s legislation.

the key target for the non-profit partnership is to develop, in collaboration with all of the interested parties, projects for a set on normative acts that would regulate the operators’ services market and reform the current legislation for the sector.

in may 2009 transgarant became one of the founders of the council of the participants of the railway rolling stock operators market non-profit partnership, and the managing director alexey grom was elected a member of the presidium of the organization.


2009

29 rolling stock Fleet 28 Container

Transportation 26 Bulk Cargo Transportation

OPERATION AcTIVITIEs AND INFRAsTRUcTURE

32 The Company’s infrastructure 33 information

Technologies 29 rolling stock Fleet 31 Locomotive

Fleet


2009

26

bULK cARGO TRANsPORTATION

the priority direction of business for the transgarant group is transportation of cargo by own and rented cars. in 2009 the group has implemented a dedicated policy of maintaining and strengthening its positions of the transport services market in russia and the cis. the freight rail turnover of the group amounted to 25 billion ton/km and shipment – 19.2 million tons.

the negative market processes connected with the 10.8 % decrease in industrial productions in 2009 comparing to 2008, did not fail to influence the results of the company’s activities on the transportation market. the greatest decrease in industrial productions happened in the 1st quarter when the decline was 6.4%, and in manufacturing – as much as 11.1%. From the start of summer, as a result of the restoration of external demand, the industrial producers on the whole started to show positive dynamics.

a considerable decline in transportation volumes was registered in the 1st and 2nd quarters of 2009. at the same time in the 3rd quarter the freight rail turnover of transgarant has increased by 7%, and transportation volume – by 25% comparing to the 1st quarter of 2009. in the fourth quarter the growth has continued. the first to regain healthy levels of activity were transportations of coal, macadam, industrial goods and provisions.

starting from June 2009 transgarant has transported 2.200 cars, or 150 thousand tons, of macadam for the construction of the olympics complex in sochi.

a considerable part of the company revenue was received as a result of collaboration with such large clients as siberian coal energy company, evraz and mechel. the growing volumes of coal transportation have provided the company with such clients as irkutskenergo, suek and yakutugol.

the company continues its successful collaboration with nizhnekamskneftekhim, which in 2009 contracted transgarant for export transportations of chemicals, thus increasing the volume of such transportations threefold comparing to 2008.

in 2009, in spite of the general economic decline, the transportations of paper by box cars has stayed on a very good level, due to a long-term contract with a large manufacturer of pulp and paper products mondi syktyvkar timber processing complex (+15%) and with the leading Finnish logistics company nurminen logistics (+14,5%), thus providing the total increase of 11% in transportation volume on these ranges comparing to 2008.

a subsidiary company transgarant-ukraine has increased the transportation volume by 20% through transportation of iron ore to the metallurgical works of the ukraine.

Transportation Volume and Freight rail Turnover of Transgarant group

Transportation volume, million tonnes Freight rail turnover, billion tonnes-km

21.1 32.4

24.8 34.6

19.2 25.3

2007 2008 2009


2009

27

The structure of Freight rail Transportation

Cargo range, 2009thousand tonnes

40.6% Сoal

Foodstuffs 1.0%

Timber 1.7%

Paper 1.8%

Cement 2.7%

Manufactured 3.2% products

Rubble 3.9%

Metals 5.7%

Lime 5.9%

Iron ore 26.6%

0,8% Oil & oil products

0.5% Ore of non-ferrous metals

0.3% LPG

5.4% The others

Transgarant group

Firm Transgarant LLC

Transgarant-Vostok

Transgarant-Ukraine Tektrans

Сoal 7 815 5 698 2 037 80

iron ore 5 123 974 5 4 144

lime 1 129 4 1 125

metals 1 092 719 1 372

rubble 747 747

manufactured products 625 625

cement 513 513

paper 337 337

timber 330 330

Foodstuffs 187 187

oil & oil products 159 159

ore of non-ferrous metals 89 89

lpg 55 12 43

the others 1 031 871 159 1

TOTAL 19 232 11 265 2 202 5 722 43


2009

28

increase by 5%

increase in 4.8 times

2009

2008

2007

Container Transportation

cONTAINER TRANsPORTATION

as an owner of a large fleet of flat cars – 5% of the total owned fleet across the whole of the segment for this type of cars, transgarant is an important player in the russian container transportations market.

comparing to the same period of 2008, in 2009 the volume of container transportations via russian railways dropped by 20.9%. and the inland transportations demonstrated relative stability to the crisis (-8.5%), comparing to the volume of international container transportations. accordingly, some changes have happened within the structure of railway container transportations in russia: the share of inland transportations increased from 46% in 2008 to 53% in 2009; both export and import dropped from 48% to 41% (mainly through import); transit decreased from 6.3% to 6.1%.

as a promptly reaction to the market environment in the container transportation segment, at the start of 2009 transgarant made a decision to break up block

container trains, which were mainly used for the imported container traffic for servicing of inland retail transportation. as a result, despite the general decline in the railway container transportations, in 2009 transgarant managed to increase the transportation volume by 5% to 61.8 thousand teu.

an additional number of 109 new contracts have been concluded. among the large clients are ooo modul, ooo Firm ecodor, ooo eastern stevedoring company, ooo vladivostok container terminal, oao volga.

in 2009 transgarant, ooo Firm ecodor and ooo vladivostok container terminal successfully launched block container train transportation between silikatnaya station (moscow railway) and vladivostok (Far eastern railway). this project was named Fesco moscow shuttle. the trains run once a week provide regular container transportation from south easternt asia ports to moscow and vice-versa via vladivostok.


2009

29

Leased-in rolling stock

2009 2008

2007

14 865

16 376

16 011

Own rolling stock

11 993

12 967

11 564

4 018

3 409

3 301

ROLLING sTOcK FLEET

the rolling stock fleet of transgarant group consists of 14.9 thousand cars at the end of 2009, 80% of which are owned by the company.

the technical state of the car fleet is one of the biggest advantages of transgarant. the average age of the rolling stock for the end of 2009 is 11.4 years, whereas the average age across the network is 17.4 years.

the rolling stock of transgarant consists of both universal and specialised cars, which make near one half of all of the rolling stock.

one of transgarant’s measures to fight the outcome of the crisis was a program to withdraw from a part

Transgarant group’s rolling stock Fleet4

4 The number of cars indicated at period end5 The number of cars indicated at period end 2009

of rented cars. in the course of 2009 the rented fleet was cut down by 3.261 cars, which is around 20% of the total rolling stock fleet. transgarant has sold 161 fitting flat cars to the subsidiary of Fesco – dalreftrans; 115 ore pellet cars with expired life duration and 26 diesel cars for refrigerating carriers – as secondary assets. 53 cars (50 ore pellet cars and 3 gas tanks) were written off for technical reasons. starting from the 2nd half of 2009 transgarant started to update its fleet with most asked-for types of cars. the total of 2105 cars were rented or leased, out of which 1 848 gondola cars.

the share of the idle fleet in 2009 was 6.9% (in 2008 – 3.3%).

Transgarant group


Transgarant-Vostok


own rolling stock 11 564 10 177 1 171 210

leased-in rolling stock 3 301 2 245 106 956

TOTAL 14 865 12 422 106 2 127 210

structure of rolling stock Fleet5


2009

30

Transgarant group’s rolling stock Fleet structure6

Transgarant group


Transgarant-Vostok


gondola cars 6 296 4 979 100 1 217

ore pellet cars 3 074 2 164 910

Fitting flat cars 1 926 1 926

box cars 1 224 1 224

mineral oils tanks 593 593

cement cars 582 582

timber flat cars 389 389

gas tanks 260 50 210

multifunctional flat cars 208 208

mineral cars 100 100

ammonia tanks 100 100

Flat cars for sheet steel transportation

80 80

grain cars 27 27

refrigerator sections 6 6

TOTAL 14 865 12 422 106 2 127 210

6 The number of cars indicated at 31.12.2009

average age of Transgarant rolling stock Fleetyears

2009

2007

2008


2009

31

transgarant group operates 7 own locomotives (5 main line diesel and 2 shunting).

the main line diesel locomotives (type 2tЭ10У, 2ТЭ10М and 2ТЭ116) were leased-out to northern railway. the shunting locomotives (type ТЭМ2У and ТГМ6В) are

the own infrastructure is one of the key component of success and independent position of transgarant in transportation market. the own material and technical base was founded within years of the company development, which allows to provide carriages and storage by oneself.

the infrastructure facilities of the company are pervoozernaya station (chelyabinsk) and warehouse complex stroyopttorg (khabarovsk).

PERVOOzERNAyA sTATION

pervoozernaya station located at the south ural railway was purchased by transgarant more than four years ago. it consists of eleven station and one connective tracks with the total length of 16.5 km, as well as a building of the locomotive depot with the area of 1000 m2.

the approach tracks of the station are normally used for services of delivering and receiving and keeping of railway cars. own shunting locomotives allow affectively deliver the cars and form routes. transgarant has organised a delivery of well car with heavy-weight and outsized freights to the power-generating unit №3 (currently under construction) of chelyabinsk chpp-3. the construction and assembly works are planned to be completed in 2010 and for the entirety of this period the company is going to provide shipment services from its tracks.

used in south ural railway at pervoozernaya station for supply and taking away of cars.

transgarant-vostok owns main line diesel locomotives (type 2ТЭ10У and ТЭ10М), which are used in company’s own trains in tynda branch of Far eastern railway.

as pervoozernaya is in the close proximity to chelyabinsk steel works (the chelyabinsk steel works are a part of mechel group), transgarant is planning to construct a connecting track (2.8 km) to metallurgicheskaya station, where all of the in- and out-going cargo traffic of the steel works is concentrated. this will considerably optimize the transportations of the steel works, as well as increase the volume of work for pervoozernaya. the first stage of this was development and approval of the project designs for the construction of the connecting track.

WAREhOUsE cOMPLEx sTROyOPTTORG

the warehouse complex stroyopttorg was purchased by transgarant in February 2006 as a base of further multi-functional logistic centre.

it’s located in khabarovsk and occupies an area of 9.8 hectares. the complex is one of the biggest centers of storage and handling of goods, delivered by railway, motor and river transport.

the core advantage of the complex is a good location close to the federal route vladivostok – khabarovsk and the operating frontier crossing pokrovka (russia) – Jaohe (china). there is outlet to the amur river, as well as railway branch line to krasnaya rechka station of Far east rrailway.

LOcOMOTIVE FLEET

ThE cOMPANy’s INFRAsTRUcTURE


2009

32

transgarant, possessing box cars and fitting flat cars, provides regular cargo delivery from stroyopttopr to any region of russia.

the total area of covered warehouses is 20 000 m2. the area of class “a” warehouses is 7 000 m2. 13 000 m2 are occupied by cool warehouses. there are also open sites for timber, metal, fuels and lubricants storage.

transgarant systematically invests to stroyopttorg development. For the period of 2006-2008 were invested more than 120 million rubles, that allowed to modernize two warehouses the total area of 7 000 m2, restore the enterprise’s infrastructure, build the new station access and repair offices. the modernization allowed to sign contracts with such companies as: coca-cola, avon, henkel, concern kalina, rehau.

in 2009 the addition share issue was carried on, which allowed transgarant to enhance the share in the owner’s contribution to 97.68%.

the two years revenue of stroyopttorg has increased twofold, from 23 to 42 million rubles.

the acquisition in december, 2009 the Federal agency for railway transport resolution, permits container handling at stroyopttorg, became of great importance for terminal development. it will attract extra container traffic of 25 thousand teu a year.

after opening the frontier crossing to big ussurijsk island, stroyopttorg will became the key terminal for customs registration and transshipment of goods, transported by automobiles from china.

the government of khabarovsk entered stroyopttorg for the general plan of regional transport system development.


2009

33

INFORMATION TEchNOLOGIEs

transgarant operates a comprehensively automated it system. For these reasons the company implements a policy of forming a unified informational space and a unified data base, which ensures electronic coordination of the head office and its branches with the external it systems (for example of oao russian railways).

the unified informational space allows:

� promptly and effectively control cargo transportation;

� Form a unified system of production, accounting and finance reporting;

� improve the quality of service.

in 2009 the company conducted works to expand the functionality of the corporate it system of the company.

the system allows for daily monitoring of transportations. it helps to quickly and efficiently carry out the responsibilities on contracts in terms of accounting (invoices, shipment registers, forming and issuing of automated accounting forms).

all of the conditions of settling accounts with contractors have been automated.

the company has developed and implemented a new automatic system for uploading of primary information on progress and technical state of the car fleet from all of the sources used, including oao russian railways.

this system allows the controls personnel to reduce the amount of technical work, eliminate the risks of late database updates.

all of the company staff, including its regional branches, have an opportunity to use the system of primary information processing in a mode that brings it as close as possible to the time of its actual forming at the servers of oao russian railways.

the unique gateway to accounting system of rail tariffs – rail tariff server, which allows quickly and quantity handle any number of requests.

the subject of electronic documentation turnover built into the corporate it system and reflecting the real business-processes of the company will be the priority for it specialists in the future years.

in 2009 a comprehensive set of works for the integration of the corporate it system and the etran system was continued. it has concluded an agreement for collaboration both of oao russian railways and transgarant systems in acs-acs mode (automatic control system mode).

the company has formed a plan for modernization of its server equipment in 2010 and in the following years to achieve the greatest effect from its continuously developing corporate it system.


2009

FINANcE AND EcONOMIcs REsULTs

36 iFrs Financial Highlights 38 Financing of the

Company Operations

39 Owner’s Contribution


2009

36

IFRs FINANcIAL hIGhLIGhTs

transgarant group keeps to the high standards of business transparency and already for 6 years has been preparing consolidated financial reports according to iFrs. in 2009 the company’s activities were audited by kpmg.

the past year has been a big challenge for transgarant and the entire railway sector. the revenue of transgarant group reduced by 30% and there was a registered loss of 2.0 billion rubles.

The main factors for the losses in 2009 were:

considerable decrease in transportation volumes and fall of income, as a result of decrease in business activities.

the decline in the profitability of the rolling stock fleet in 2009 came to about 40% comparing to 2008 and was caused by the general fall in transportation volumes and a surplus of the rolling stock in the russian freight transportation market.

decrease of the working fleet as a result of a withdrawal of rented cars.

to overcome the negative consequences of the crisis back in november 2008 transgarant started to cut down the size of its rented fleet to use its own rolling stock as much as possible. First of all they have withdrawn the cars paid for in foreign currencies. over december 2008 and the 1st quarter of 2009 the company withdrawn 2.8 thousand cars, which was around 15% of the total rolling stock fleet. the direct expenses on the withdrawal of the rented fleet were more than 160 million rubles (excl vat) and have directly influenced the prime cost of the company. the withdrawal of the rented cars has lead to a considerable decrease in the working fleet which has also contributed to the decline of company’s revenue.

allowance for doubtful debts for a sum of 468.5 million rubles.

changing the fleet finance leases for operating leases.

as a result of changing finance leases for operating leases under agreement with brunswick rail leasing, pp&e losses has accrued for the sum of 644.9 million rubles through disposal of finance leasing liabilities and revaluation of fixed assets of transgarant-vostok subsidiary.

changing of the rate of us dollar.

the most of the liabilities of transgarant group for the start of 2009 were nominated in us dollars, so by the end of this year, as a result of the revaluation of currency obligations, the group has lost 128.3 million rubles on the currency rates differences. also the high rate of us dollar in the course of the 2009 became the reason of increase the interest paid for the sum of 1.4 billion rubles (including loan liabilities – 1.1 billion rubles and leases – 269.8 rubles).


2009

37

Key Financial indicators for 2007-2009million rubles

Revenue

Cost of sales

EBITDA

Profit for the year

4 733

6 158

4 321

2 204

653

1 671

-3 269

-4 011

-4 087

757

160

-1 968

200920082007


2009

38

FINANcING OF ThE cOMPANy OPERATIONs

the high solvency ratio of transgarant is achieved through the quality dynamics of finance indicators, the finance stability and excellent credit history. the sources of finance for the growing business of the company are both its own (100% of earned profit are reinvested) and borrowed funds.

transgarant successfully collaborates with the leading russian banks – oao sberbank, Оao bank vtb, ОАО transcreditbank, ОАО Jscb investbank, ОАО nomos-bank; and the foreign banks – Zao raiffeisenbank, Zao unicreditbank, oao swedbank, sumitomo mitsui banking corporation, ing wholesale banking, hsh nordbank ag, Zao banque societe generale vostok, as well as leasing companies – ooo hansa leasing, ooo brunswick rail leasing, ooo unicredit leasing, ooo alfa-leasing, ooo intergroup, ooo leasing company inpromleasing.

business development is impossible without attracting credit resources. in the course of 2009 the allocations of the following leading banks were agreed upon and used on mutually beneficial conditions, for the purposes of crediting of transgarant group to the total sum of 3.7 billion rubles.

the successful partnership with finance organisations allowed increase the credit limits, bring some quality improvements to the portfolio of liabilities, decrease the rates and extend the periods of loans.

in spite of the unfavourable market situation, connected with constant problems with company’s liquidity and late payments of contractors, all of the company’s payments were done on time and fully.

the size of transgarant group loan portfolio by december 31, 2009 was 8.7 billion rubles – this is 13% less than a year earlier.

the average rate on the loan portfolio has been kept at 10%. the currency bonds make 83% of the total loan portfolio.

in the course of the year the bank guarantee for the sum of 150 million rubles for securing of rail tariff accounts with cFto oao russian railways was agreed, approved and received on mutually beneficial conditions.

the company d/e ratio is at the level of 2.8.

D/E ratio

4.4

2.8

2.7

2007 2008 2009


2009

39

OWNER’s cONTRIbUTION

Dynamics of Financial Liabilitiesmillion rubles

Dynamics of Owner’s Contribution of Firm Transgarant LLCmillion rubles

in november 2009 the company organised and conducted a conversion of loans received from Fesco plc., to the amount of 2.816.850.000 rubles into the owner’s contribution Firm transgarant llc by the means of depositing an additional share of Fesco plc. to the said amount (the procedure of depositing and registration of an additional investment into the owner’s contribution was completed on december 18, 2009). From december 2009 the chartered capital of ooo Firm transgarant amounted to 3.696.850.000 rubles.

880

880

3 697

2007 2008 2009

Short-term liabilities

2009 2008

2007

8 712

9 982

5 749

Long-term liabilities

3 908

3 443

1 160

1 841

6 539

7 552

68%

34%

13%

32%

66%

87%


2009

sOcIAL REsPONsIbILITy

42 Personnel and social Policy 43 Charity


2009

42

PERsONNEL AND sOcIAL POLIcy

one of the core conditions for the successful development of a company is the creation of an efficient corporate system.

the hr policy pursued by transgarant is targeted to adapt the corporate and organizational structure to development strategy. it facilitates the labor productivity growth, creation of a hr management system with a strong corporate culture, stimulates growth of mutual

responsibility of the employee and the employer and supports individual initiative at all levels.

the company management is perfectly aware of the human capital, serving as a sound basis for the further financial successes. therefore, a stable and professional team is of great importance to achieve the best results.

FirmTransgarant LLC staff numbers7

age and Educational Characteristics of Transgarant Employees

Breakdown of Employees by groups

2007 2008 2009

TOTAL, INcLUDING; 398 390 378 moscow office 257 244 240

branches 141 146 138

2007 2008 2009

employees, 18 – 25 years 14% 16% 14%

employees, 26-36 years 55% 40% 43%

employees, 37-50 years 27% 30% 27%

employees, over 50 years 4% 14% 16%

TOTAL 100% 100% 100%those, having:

primary and/or secondary professional education 27% 26% 22%

higher professional education 73% 74% 78%

2007 2008 2009

management 10 7 7

directors of departments/heads of divisions 7 13 19

mid-level managers 69 32 59

professional specialists 264 283 257

staff 48 55 31

7 The data indicated at period end


2009

43

chARITy

TARGETED sUPPORT

the charity is an important part of corporate social activities for transgarant. Following the principle “you can’t thank everybody who help you anywhere, but you ought to help the others”, the company supports long-term charitable activities focused on assistance to destitute children and children’s sport.

For charitable assistance to children's homes and boarding schools, disabled people, large families, educational and patient care institutions the welfare fund aliye parusa was established seven years ago.

there are talovskaya, semilukskaya, pavlovskaya boarding schools; ostrogozhsky and tishanysky children's homes in voronezh region; yaroslavskaya and petrovskaya boarding schools in yaroslavl region; miasskiy children`s homes under fund's patronage.

Fund implements a lot of targeted charitable activities. some of them focused on improving of children's everyday life and child's acculturation. there are programmes entitled «make cosiness” and “give a joy”, which include buying furniture, household appliances and gifts.

every year the fund implements an action entitled “hope” for special medical help to children of miasskiy children's home and talovskaya boarding school.

the fund places a high importance on social adaptation and expanding children's horizons to understand not only donation useful for destitute children. there are a programme “the way of knowledge” for stimulating high achievements in study and active participation in public life. different contests, fascinating trips to historic and cultural centers of russia and cis are organized for children.

in 2009 transgarant spent 1.8 million rubles for children’s support.

sPORT’s sUPPORT

in 2009 to children’s sport development transgarant spent 400 thousand rubles for supporting kindness welfare Fund. the funds were spent on energy hockey team preparation for tournaments of siberia, Far east and yakutia, purchasing sportswear and equipment.

taking part in support of young talented sportsmen, transgarant is contributing to the future of russian sport and popularizing physical training and fitness as an important parts of healthy life of the young generation.


2009

44

cONTAcTs AND REqUIsITEs

name: FIRM TRANsGARANT LLc

address: 24/1 RADIO sT., MOscOW, 105005

Telephone: +7 (495) 739-12-43

Fax: +7 (495) 739-12-42

E-mail: [email protected]

web site: WWW.TRANsGARANT.cOM

bRANchEs

sainT PETErsBUrgBranch Director sergei V. smertin 22, Zvenigorodskaya St., Saint Petersburg, 191119tel.: (812) 454-15-75 fax: (812) 315-73-03 e-mail: [email protected]

asTraKHan Branch Director Koblan D. Dzhasenovpost ETS, Aksaraiskaya-2 station, Krasnoyarsk area, Astrakhan region, 416154 tel.: (8512) 32-77-05 e-mail: [email protected]

VOrOnEzH Branch Director anton V. gaik 26a, Studencheskaya St., Voronezh, 394030 tel./fax: (4732) 59-39-50e-mail: [email protected]

EKaTErinBUrgBranch Director svetlana i. Parachukoffice 21, 2/5, Chelyuskintsev St., Ekaterinburg, 620027 tel.: (343) 378-72-85 (86)fax: (343) 358-29-81e-mail: [email protected]

CHELyaBinsK Branch Director igor V. Vladimirov84, Svobody St., Chelyabinsk, 454091 tel.: (351) 265-93-80fax: (351) 265-93-81e-mail: [email protected]

KrasnOyarsK Branch Director Victor s. Krivulin21, Vokzalnaya St., Krasnoyarsk, 660021tel.: (3912) 68-11-24, 59-52-00fax: (3912) 59-50-83e-mail: [email protected]

irKUTsKacting Branch Director Victor V. Kalgin7, Dzerzhinskogo St., Irkutsk, 664033 tel.: (3952) 203-263fax: (3952) 201-459e-mail: [email protected]

KHaBarOVsKBranch Director Denis V. stolypinoffice 208, 46, Turgeneva St., 680000 tel.: (4212) 41-01-46 (49), 38-44-59 fax: (4212) 41-01-48e-mail: [email protected]

WWW.TRANsGARANT.cOM

Documents

Of Firm Transgarant LLC for 2009 2009 · ANNUAL REPORT Firm TransgaranT LLC ... ammonia and lpg tanks, ... gondola cars and 209 fitting flat cars for refrigerator