Corporate Social Responsibility Report 2018
Global Ports Investments PLC Global Ports During 2018 the Group continued to implement its strategy of harnessing the recovery of the container market, developing additional revenue streams, improving operational efficiency, maximising Free Cash Flow, and deleveraging.
Global Ports’ Consolidated Marine Container Throughput increased 12.2% year-on-year in 2018 outperforming the overall market which grew by 10%. The Group continued to deliver impressive growth in bulk throughput posting a 15.9% year-on-year increase in Consolidated Marine Bulk Throughput in 2018. In accordance with the Group’s strategy of developing additional revenue streams, a new coal handling facility at ULCT was successfully launched in December 2018.
In 2018 the Group achieved а 4.0% growth in Revenue and an 8% growth of Adjusted EBITDA compared to 2017. Adjusted EBITDA Margin expanded by 224 basis points to 63.2%. Net Debt to Adjusted EBITDA decreased to 3.6x as of 31 December 2018 from 4.3x as at the end of 2017.
Key Strengths1
№1 323 hectares 7 container terminal of land marine container operator in Russia (equivalent to more than 450 football fields) and multipurpose terminals1 Undisputed industry leader in Russia and 5 km of quay wall in key in Russia and Finland, in terms of container throughput and sea basins covering 2 major sea basins3 capacity, handling almost one in every three containers coming in and out of the country2
1.35 mln TEU 3.1 mln tonnes Consolidated Marine Container of Consolidated Marine Bulk Throughput Throughput in 2018 A record result for the Group
2018 Results 8% 12% 0.7x increase in Adjusted EBITDA increase in Consolidated Marine reduction in the Group’s Container Throughput financial leverage in 2018 (3.6x as of 31.12.2018)4
1. Hereinafter all operational statistics is stated without Vopak E.O.S. (VEOS) which was sold in April 2019. 2. Based on 2018 overall container throughput in the Russian Federation ports (Source: ASOP) and public sources on capacity. 3. Including Joint Ventures. 4. Rounding adjustments have been made in calculating some of the financial and operational information included in this report. As a result, some numerical figures used in this report may not be exact arithmetic aggregations of the figures of which they are composed.
Corporate Social Responsibility Report 2018 02 Global Ports Investments PLC Overview Strategy Corporate Social Risk Additional Responsibility Management Information
Overview Strategy Corporate Social Risk Additional Responsibility Management Information
04 08 10 14 20 Directors’ Responsibility Statement
21 Definitions
24 For more information, Shareholder Information and Key Contacts please, visit our corporate website: http://www.globalports.com
224 16% LTIFR 1.28 basis point – increase increase in the Group’s close to 5 year low in Adjusted EBITDA Margin Consolidated Bulk Throughput
Corporate Social Responsibility Report 2018 03 Global Ports Investments PLC Overview
About Us – Performance
In 2018 Global Ports delivered on its potential: its share of the container market of Russia began to recover, the non-container segment produced a solid performance, it reported Adjusted EBITDA growth of 8% and a further substantial reduction in financial leverage (Net Debt/Adjusted EBITDA declined 0.7x to its lowest level in 4 years)1.
Ownership Structure2 Consolidated Financial and Operating Data 2017 2018 Change 9% Selected IFRS Financial Information USD million USD million USD million Change, % 20.5% 9% Revenue 330.5 343.6 13.1 4% Cost of sales and administrative, selling and (191.2) (174.9) 16.3 (9%) marketing expenses
Gross profit 182.0 207.6 25.6 14%
Operating profit/(loss) (5.3) 131.6 137.0 (2,569%)
Net profit/(loss) (52.9) (58.3) (5.4) 10% 30.75% 30.75%
Free-float (LSE listing)
Delo Group Selected operating information 2017 2018 Change Change, % USD million USD million USD million APM Terminals Consolidated Marine Container Throughput, mln 1.2 1.4 0.1 12.2% Ilibrinio Establishment Ltd TEU
Polozio Enterprises Ltd Consolidated Marine Bulk Throughput, mln 2.7 3.1 0.4 15.9% tonnes
APM Terminals operates a global terminal Ro-Ro, thousand units 23.9 20.3 (3.6) (14.9%) network of 22,000 professionals with Cars, thousand units 95.4 121.1 25.6 26.9% 74 operating port facilities and 117 Inland Services operations in 58 countries around the globe. APM Terminals is a part of A.P. Moller-Maersk, the world’s largest integrator of container and ports logistics. 2017 2018 Change Change, % Balance sheet and cash flow statement USD million USD million USD million
Delo Group is one of the largest private Total assets 1,655.6 1,288.3 (367.2) (22.2%) transportation and logistics holding Cash and cash equivalents 130.4 91.6 (38.8) (29.8%) companies in Russia. The Group offers a full range of services in the port of Net cash from operating activities 173.9 174.3 0.4 0.2% Novorossiysk, including stevedoring, tug boats and vessels bunkering (DeloPorts). Delo Group also offers multimodal freight forwarding services using own inland terminals, warehouses, flatcars (RUSCON). 2017 2018 Change Change, % Delo Group operates two marine terminals Selected non-IFRS financial information USD million USD million USD million and five inland terminals and employs Total Operating Cash Costs (128.9) (126.3) 2.6 (2.0%) a workforce of over 2,000 people. Adjusted EBITDA 201.6 217.3 15.7 7.8%
Adjusted EBITDA Margin 61.0% 63.2% Ilibrinio Establishment Limited and Polozio Enterprises Limited (former owners of NCC Net debt 865.9 780.3 (85.6) (9.9%) Group) each own 9% of the share capital Net debt to Adjusted EBITDA 4.3 3.6 (0.7) (16.4%) of Global Ports.
1. 3.6x as of 31 December 2018 versus 4.3x as of 31 December 2017. 2. As of April 2019.
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Non-Container Cargo Business has excellent momentum (four-fold growth in 4 years, from 16% of Revenue to 26% of Revenue). Such performance justifies the Group’s focus on this segment and associated investments. With its unique asset base, (323 ha of land and 5 km of quay wall) the Group is in an excellent position to exploit further opportunities in the non-container business segment.
KEY MILESTONES
April April July September Delo Group, one of the largest Unique portfolio of services Vladimir Bychkov appointed PLP celebrates the 10th private transportation and makes FCT and PLP the only as CEO of Global Ports. anniversary of its car handling logistics holding companies in Russian ports of call for the Mr. Bychkov has twenty years terminal. Almost 900,000 cars Russia, becomes a co-controlling world’s largest ice class container of experience in the logistics and have been handled at PLP over shareholder of Global Ports. vessels operated by Maersk. transportation industry. its ten years of operations. Through its subsidiary DeloPorts, Delo owns and operates marine container and grain terminals in the port of Novorossiysk (Black Sea basin) alongside operating agency, tugboat and bunkering services. The board is re-elected in May to reflect new composition of shareholders.
September September December December 2018 – PLP becomes the first Baltic port Global Ports completes the ULCT delivers its inaugural January 2019 of call for Venta Maersk during sale of JSC Logistika-Terminal, shipment of coal-handling On 1st January 2019, Global its historic first ever container one of its two inland facilities. services. ULCT has excellent rail Ports launched a new ERP vessel voyage via Artic Route. The 1.9 billion rouble sale connectivity and the capability system in all of the marine proceeds are put towards to support up to 1.0 million terminals in Russia, as well as in further financial deleveraging. tonnes of coal shipments per certain other companies across year. The first coal deliveries the Group. This will result in began arriving at ULCT in better management and further November 2018, with the integration of business processes inaugural shipment completed and therefore improved levels on 27 December. The container of efficiency and productivity. handling capacity of the terminal remains unchanged at 440 thousand TEU per annum.
Corporate Social Responsibility Report 2018 05 Global Ports Investments PLC Overview
Strong presence in Russia’s key container and bulk gateways1
Baltic Sea Basin The Group’s container and multipurpose terminals in the Baltic Sea Basin offer direct access to the most St. Petersburg populous and economically developed
regions of the European part of Russia, Moscow including Moscow and St. Petersburg. Ekaterinburg
Cargo from the Americas FINLAND 7 8 52 Gulf of Finland 6 Baltic Sea 4 1 ESTONIA RUSSIA
LATVIJA By Sea By rail By road
By Rail The Far East Basin is the fastest route for transporting containers from Asia to the European part of Russia and many CIS countries 51% and transit to EU. The shorter transit time is a key advantage for Share of Baltic Basin terminals customers shipping high-value and time-sensitive cargo. in the overall container throughput of Russian terminals. By Sea The Baltic Sea Basin’s container terminals are close to key transhipment hubs for Russia’s inbound and outbound containers, such as Hamburg 2 and Rotterdam. The basin has a strong customer base due to its 2.0 mteu economic development, access to Russia’s most populous regions and Global Ports marine terminal capacity. cost-effective transportation of containers to major Russian cities.
1 2 3 4 5 6
First Container Petrolesport (PLP) Vostochnaya UST-LUGA Container Moby Dik (MD) Yanino (YLP) Terminal (FCT) Stevedoring Terminal (ULCT) Location: Company (VSC) Location: Location: Location: St. Petersburg Location: Kronstadt St. Petersburg Location: Nakhodka Ust-Luga port cluster (St. Petersburg) St. Petersburg Cargo handled: Cargo handled: Cargo handled: Containers, Ro-Ro, Cargo handled: Cargo handled: Cargo handled: Containers, bulk cargo bulk and general cargo Containers Containers, Ro-Ro, Containers, bulk cargo Containers, Ro-Ro, Container throughput Container throughput Container throughput bulk cargo (coal) Container throughput bulk and general cargo capacity3: 3 berth/yard capacity3: berth/yard capacity : Container throughput berth/yard capacity3: Container throughput 0.2m TEU per year 1.25m/0.95m TEU 1m/0.35m TEU per berth/yard capacity3: 0.44m/0.44m TEU berth/yard capacity3: per year year 0.65m/0.65m TEU per year 0.4m/0.28m TEU per Land total 51.2 ha per year year Land total 88.6 ha Land total 119.0 ha Land total 38.9 ha Ownership: 75% Land total 76.6 ha Land total 12.9 ha Ownership: 100% Ownership: 100% Ownership: 80% Ownership: 100% Ownership: 75%
Fully consolidated in IFRS
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Global Ports owns 323 ha of land and 5 km of quay wall in the key marine gateways of Russia. Its modern fleet of equipment, advanced rail and road connections, skilled personnel, and advanced client-focused IT solutions underpin the Group’s strong market position in container handling and provide a growth platform for its non-container businesses. Well-invested terminals reduce the need for extensive maintenance CAPEX.
Far East Basin The Group’s container terminal in the Far East Basin is located in an ice-free harbour with deep-water access and a direct link to the Trans-Siberian railway.
RUSSIA
CHINA
3
DPRK Sea of Japan
Cargo from the Americas
57%4 323 30% of land freehold hectares of land Share of Far East Basin terminals (more than 450 football pitches) in the overall container throughput of Russian terminals. 2.7 mteu 5 km 0.65 mteu2 capacity of quay Global Ports marine terminal capacity.
7 8 Our Partners: MLT Kotka MLT Helsinki Russian Ports segment: Location: Helsinki and Location: Helsinki and PLP, VSC, FCT, ULCT, Moby Dik, Entity: Moby Dik, Finnish Ports, Yanino Kotka, Finland Kotka, Finland Yanino Partner: Container Finance Ltd Oy Cargo handled: Cargo handled: Finnish Ports segment: Share: 25% in each Containers, Ro-Ro, Containers, Ro-Ro, MLT Kotka and MLT Helsinki bulk cargo bulk cargo Entity: UCLT Container throughput Container throughput Partner: Eurogate capacity3: capacity3: 0.15m TEU per year 0.27m TEU per year Share: 20%
Land total 0.5 ha Land total 7 ha Ownership: 75% Ownership: 75% 1. Numbers for the Group are presented on a consolidated basis. 2. Based on yard capacity. Company data. 3. Company estimates based on annual potential berth and yard throughput capacity. To maximise the efficiency of its operations, the Group may choose to flex headcount, working hours and used equipment at its terminals. As a result, current actual capacity may differ from the published numbers based on annual potential berth and yard throughput capacity. 4. On consolidated basis.
Corporate Social Responsibility Report 2018 07 Global Ports Investments PLC Strategy
Strategy
Our strategy aims to deliver strong returns to shareholders, excellent service to customers and consistent value to our all stakeholders. We aim to create sustainable value through our business model, which drives performance against our strategic priorities of capitalising on the growth of the container industry in Russia, developing new revenue opportunities, optimising operational efficiency and deleveraging.
STRATEGIC PRIORITIES STRATEGIC OBJECTIVES 2018 ACTIONS 2018 OUTCOMES
EFFICIENTLY UTILISE >> Prioritise safety operations >> Harness recovery in container market >> Consolidated Marine Container Throughput +12% to 1.35 m TEU CORE ASSETS >> Focus on core (maritime) activities >> Focus on customer service and improving response times in vessel, >> Record 3.1 million tonnes of marine bulk throughput, up 16% year-on-year AND EXISTING yard, and gate operation >> Maximise value from assets >> Car volumes up 27% year-on-year INFRASTRUCTURE >> Continued focus on bulk cargoes to better utilise idle terminal space >> Generate new revenue streams >> Coal handling launched at ULCT in December 2018 >> Coal handling facility launched at ULCT. Supports 1.0 million tonnes >> Improve value proposition >> Non-container revenue grew strongly to 26% of total revenue (2017: 23%) of coal shipments per annum to customers >> Unified Client Service Centre created across all GPI terminals >> Client satisfaction survey conducted >> Comprehensive set of behavioural-change measures introduced to: embed >> Investment in IT systems safety culture; improve reporting and monitoring; incentivise staff; align >> Considering a rise in LTIF rate in 2018, full safety review conducted at external contractor policies more closely with GPI’s own safety protocols all terminals. We thoroughly reviewed the occurrences and enacted and greater leadership participation in safety corrective measures to reduce the likelihood of repeat incidents
MAXIMISE >> Implementing continuous cost >> Stringent cost controls maintained >> Total Operating Cash Costs decreased by 2% despite 12% increase in cargo savings measures through volumes and 16% increase in bulk cargo throughput EFFICIENCY AND >> Optimizing the equipment fleet, standardizing procurement and increasing efficiency COST CONTROL repair procedures, and servicing opportunity cargo in between peak >> Adjusted EBITDA margin increased to 63% (2017: 61%) >> Focus on improving productivity demands to create steady workloads >> As of the beginning of 2019 ERP launched at all marine terminals in Russia >> Optimised workforce scheduling
>> ERP implementation and further centralisation of core fuctions
FOCUS ON CASH >> Optimise CAPEX >> Capital expenditure focused on planned maintenance requirements >> Total CAPEX limited to USD 41 million; ULCT coal-handling facility is main and attractive growth projects with high IRR and short payback periods recipient of non-maintenance CAPEX FLOW AND >> Debt repayment DELEVERAGING and deleveraging >> Reviewing equipment relocation opportunities to drive optimal usage >> Maintenance CAPEX target in line with guidance of USD 25-35 million per and reduce new purchase needs annum
>> Accelerated debt reduction – net debt levels fell further >> Healthy Free Cash Flow of USD 134 million
>> Generated significant positive cash flow >> Net Debt reduced by an additional USD 86 million
>> Proceeds from LT sale used for further deleveraging >> Net Debt/Adjusted EBITDA of 3.6x, its lowest level since 2014
Corporate Social Responsibility Report 2018 08 Global Ports Investments PLC Strategy Corporate Social Risk Additional Overview Responsibility Management Information
STRATEGIC PRIORITIES STRATEGIC OBJECTIVES 2018 ACTIONS 2018 OUTCOMES
EFFICIENTLY UTILISE >> Prioritise safety operations >> Harness recovery in container market >> Consolidated Marine Container Throughput +12% to 1.35 m TEU Increase in Consolidated CORE ASSETS >> Focus on core (maritime) activities >> Focus on customer service and improving response times in vessel, >> Record 3.1 million tonnes of marine bulk throughput, up 16% year-on-year Marine Container Throughput AND EXISTING yard, and gate operation >> Maximise value from assets >> Car volumes up 27% year-on-year INFRASTRUCTURE >> Continued focus on bulk cargoes to better utilise idle terminal space >> Generate new revenue streams >> Coal handling launched at ULCT in December 2018 >> Coal handling facility launched at ULCT. Supports 1.0 million tonnes >> Improve value proposition >> Non-container revenue grew strongly to 26% of total revenue (2017: 23%) +12% of coal shipments per annum to customers >> Unified Client Service Centre created across all GPI terminals >> Client satisfaction survey conducted Increase in Marine >> Comprehensive set of behavioural-change measures introduced to: embed >> Investment in IT systems Consolidated Bulk Throughput safety culture; improve reporting and monitoring; incentivise staff; align >> Considering a rise in LTIF rate in 2018, full safety review conducted at external contractor policies more closely with GPI’s own safety protocols all terminals. We thoroughly reviewed the occurrences and enacted and greater leadership participation in safety corrective measures to reduce the likelihood of repeat incidents +16%
MAXIMISE >> Implementing continuous cost >> Stringent cost controls maintained >> Total Operating Cash Costs decreased by 2% despite 12% increase in cargo Adjusted EBITDA Margin savings measures through volumes and 16% increase in bulk cargo throughput EFFICIENCY AND >> Optimizing the equipment fleet, standardizing procurement and increasing efficiency COST CONTROL repair procedures, and servicing opportunity cargo in between peak >> Adjusted EBITDA margin increased to 63% (2017: 61%) >> Focus on improving productivity demands to create steady workloads >> As of the beginning of 2019 ERP launched at all marine terminals in Russia % >> Optimised workforce scheduling 63 >> ERP implementation and further centralisation of core fuctions
FOCUS ON CASH >> Optimise CAPEX >> Capital expenditure focused on planned maintenance requirements >> Total CAPEX limited to USD 41 million; ULCT coal-handling facility is main Reduction in Group and attractive growth projects with high IRR and short payback periods recipient of non-maintenance CAPEX FLOW AND >> Debt repayment Net Debt DELEVERAGING and deleveraging >> Reviewing equipment relocation opportunities to drive optimal usage >> Maintenance CAPEX target in line with guidance of USD 25-35 million per and reduce new purchase needs annum >> Accelerated debt reduction – net debt levels fell further >> Healthy Free Cash Flow of USD 134 million USD 86 m >> Generated significant positive cash flow >> Net Debt reduced by an additional USD 86 million
>> Proceeds from LT sale used for further deleveraging >> Net Debt/Adjusted EBITDA of 3.6x, its lowest level since 2014
Corporate Social Responsibility Report 2018 09 Global Ports Investments PLC Corporate Social Responsibility
Corporate Social Responsibility
At Global Ports, corporate social responsibility (CSR) is an integral part of realising our core strategic priorities. The objectives for our business and CSR strategies are the same – to generate sustainable shareholder value over the long term.
Introduction As a company, our goal is to build and Our CSR activity embraces 5 key objectives embed a sustainable safety culture that that support delivery of the Group’s overall changes the way our people think about Being a responsible business is a critical component of commercial strategy. As a sustainable and health and safety, that is easy for our how we operate at Global Ports and responsible organisation, our objectives people to understand and that is simple to fundamental to our delivering long- are to: implement, based on three core principles: term sustainable growth.
>> Follow responsible business practices >> Providing a safe working environment; Britta Dalunde especially with regard to Health, Safety Chairman of the Audit and Environment; >> Providing comprehensive implementation and Risk Committee plans built around best practice safety Senior Independent >> Deliver economic and social benefit to and compliance standards; Director the communities we serve; >> Offering comprehensive training programs >> Build employee advocacy for the Group focused on risk awareness and reduction. and its role in the community; Ensuring a safe working >> Manage the environmental impacts of our environment business operations; and We expect our people to put safety first in everything they do. To achieve this, we >> Communicate our commitment to invest in Safety, providing suitable resources, corporate responsibility openly and training and time with priority given to transparently. addressing behavioural and cultural attitudes. >> Through regular safety and risk awareness training for our staff and contractors. Safety At the same time, we recognise that the Health & Safety forms part of the work place is a dynamic environment so we induction process for new employees Introduction constantly review our working processes and for any new visitors visiting our Safety remains the highest priority for to ensure they are the safest they can be. production areas. We conduct regular the business. Nothing is more important safety-training exercises for staff covering than the health and safety of our people The Group has put in place a focused general safety issues including, but not and we view their well-being as a primary safety management framework that covers limited to: fire drills, first aid, electrical responsibility of any company. all aspects of performance monitoring, safety, traffic rules around facilities and benchmarking, target-setting, training and safe working at height; The nature of our industry means our development. people are regularly exposed to activities >> In addition, the Group runs regular that put them at risk. Therefore our ultimate We ensure a safe working environment specialised training programmes for its safety goal is zero-harm, with all our people in a number of ways: employees that need more specialised returning home safely every day. training for example in the safe operation >> By establishing critical minimum of hazardous production facilities or Strong leadership and management safety standards in line with industry handling of hazardous materials; involvement is critical to building a best practice (Global Minimum responsible safety culture. At Global Requirements, GMR); >> Through regular monitoring of the health Ports, our Board and senior executives and wellbeing of our employees aimed understand that the tone is set from the >> Through regular safety audits that at improving and maintaining their top and are fully committed to driving benchmark our facilities’ compliance wellbeing and reducing the incidence forward our safety agenda. in implementing our GMRs; of occupational illnesses.
Regaining forward momentum 10 Global Ports Investments PLC Overview Strategy Corporate Social Risk Additional Responsibility Management Information
Governance Framework a listed company. It also means that in 2019 LTIFR The Board is responsible for setting the we will not reach our goal of zero fatalities. Group’s health and safety strategy, and for 2018 1.28 creating the overarching policies and safety The Board instigated a full investigation into standards that set the guidelines for safety the circumstance surrounding the fatal incident 2017 1.1 throughout all of Global Ports’ operations. at PLP, as required under our safety rules. This has resulted in an immediate review of all our 2016 1.51 The Senior Executives of the Group and its safety programmes and procedures, and the companies oversee implementation of the implementation of measures to reinforce 2015 2.3 strategy and run the initiatives across all our our safety culture and further strenghen our 2014 2. 13 businesses. They regularly review Business safety programmes and procedures. Unit commentary and performance reports in order to monitor the safety performance Our priorities in 2019 Training & Development of individual business units. The Board is determined to transform the In 2018, we conducted our first ever complex safety ethos of the company, and our 2019 (incl. questionnaire, interviews with managers The Senior Executives supply the Board with focus will concentrate on: and meeting with all employees) employee quarterly performance reports for discussion. survey among the staff of our Management The Board conducts a regular review of the >> Improving our monitoring, reporting and Company because we wanted to hear our Group’s safety performance and agrees with reviewing of safety including adopting employees’ views on life at Global Ports and the Senior Executives a plan of action and a more rigorous approach to incident to identify the issues that they think are most targets for the coming months. reporting and follow-up; important to them. Thanks to a great response rate, we have a much better understanding of How We Performed in 2018 >> Developing Safety Improvement strategy; what our staff feel and think about their life The Group has delegated to the Chief in the company in all aspects and about the Operational Officer of Global Ports >> Implementing a comprehensive business. The feedback from the survey has Management Company the monitoring behavioural-change package of been incorporated into a series of action plans and measurement of health and safety measures including greater leadership and initiatives that are prioritising: performance through a number of metrics. involvement in safety initiatives; >> Improving information-sharing about the Over the last three years, our safety record >> Reviewing cargo handling to reduce Company’s activities, and increasing the has been on an improving trend with the or eliminate manual handling of cargo; level of management communication with frequency rate of injuries suffered at our all team members; facilities LTIFR steadily reducing. In 2018, >> Developing an employee rewards we expanded our general cargo operations programme that focuses on safety >> Building a shared sense of unity and into new services. As many of these cargo embracing safety champions in dealing teamwork among employees; operations are more manual in nature, with unsafe situations; this creates an increased exposure to >> Building cross-functional working and potential minor injuries. Unfortunately, we >> Increasing risk awareness training for reducing complexity; experienced an increase in reportable injuries stevedores and dockers; in this area last year. Consequently, our Lost >> Reviewing rewards and benefit packages; Time Injury Frequency Rate (LTIFR) increased >> Implementing our External Contractor to 1.28 in 2018 (2017: 1.10). Every reported safety programme to align contractor >> Improving development and career growth. injury case was thoroughly reviewed and selection more closely to our internal corrective measures enacted to reduce the safety policies. Employee development is a significant part likelihood of repeat incidents. of what we offer to our people. We want to Employee Engagement provide a dynamic and exciting workplace Tragically, although the Group suffered no that is attractive to both existing employees fatalities in 2018 (0 fatalities / thousand We employ more than 2,700 people1 and and new recruits. employees), we have to report that we our success depends on our ability to hire experienced one fatality after the year the best people at every level across the We provide career opportunities across end at our PLP terminal. This is a matter business, provide their well-being at work the Group for our high potential employees. of greatest concern for the Board and and look after them so that they are inspired And we place a strong emphasis on management team, as it is the first fatality to perform. This is core to the success of the identifying and nurturing the next the Group has suffered since it became business and our competitive position. generation of leaders in the business.
1. As at 31 December 2018. More than 3000 people including Joint Ventures.
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Recognising and rewarding our employees Diversity data in a fair and transparent way ensures Diversity: females as a percentage of total staff that our people feel incentivised to succeed, that outstanding performance 33% 67% is recognised, and that individuals are differentiated based on abilities and results. The Group has performance Diversity: females as a percentage of department staff management systems in place throughout ro ction its operations to ensure that corporate and individual goals are clearly aligned. 27% 73%