baltic oil terminals plc  
annual re port 
and accounts 2007
baltic coverindd   2 30042008   140215


Summary:
 01
baltic oil terminals plc annual report and accounts 2007
highlights
• acquisition of a 50 interest in the rosbunker terminal 25 in july 2007 
a further 25 was acquired in january 2008 which is newly constructed and 
fully operational it is the only terminal in kaliningrad with deep‑water capacity
• first phase of rosbunker development complete with throughput rising 
to 59000 tonnes per month by december 2007
• 	 	 operates	three	oil	and	refined	products	terminals	in	kaliningrad	with	two	
already fully operational
• drilling program in kurgan complete with the drilling of two wells both 
encountering hydrocarbon shows at several levels
 
• adjusted loss after adding back non‑recurring items of £41 million 
2006 adjusted loss of £31 million
• £69 million invested in oil terminal infrastructure in 2007
• cash position of £30 million as at 31 december 2007 2006 £179 million
• additional £19 million net raised through a placing of new ordinary shares 
in january 2008
 
• on schedule for deep‑water development phase and install additional  
tank	capacity	at	rosbunker 	significantly	increasing	throughput	capability	
to up to 400000 tonnes per month by 2009
• rosbunker acquisition has provided immediate access to new source of low‑risk 
p r o fi t a b l e 	 e x p o r t 	 b u s i n e s s 	 w i t h 	 m i n i  r e fi n e r i e s  	 t h r o u g h 	 a 	 s e r i e s 	 o f 	 e x c l u s i v e	
off take	agreements	requiring	minimal	capital	expenditure
• 	 long 	term	plan	to	maximi se	returns	from	rybachiy	site	in	place
• 	 on	track	to	achieve	origina l	objective	of	making	first	dividend	payment	in	2009	
in respect of year ending 31 december 2008
opera tional
 ifc who we are
  what we do
  where we do it
 01 highlights
 02 chairman’s statement
 04	 chief	 executive	 officer’s	 statement
 06	 chief	 executive	 officer’s	 statementkaliningrad
 08	 chief	 executive	 officer’s	 statementk urga n
 10 finance review
 14 directors and advisers
 16  directors’ report
 16  statement of directors’ responsibilities 
 17 directors’ remuneration report
 18 independent auditor’s report
 19 group accounts 
 20 consolidated income statement
 21  consolidated balance sheet
 22  consolidated cash flow statement
 23 consolidated statement of changes in equity
 24  notes to the consolidated financial statements
 45 company accounts
 46 statement of directors’ responsibilities
 47 independent auditor’s report
 48 balance sheet
 49 notes to the financial statements
outlook
financial
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