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Base Document For immediate release 11 March 2016 Global Ports Investments PLC 2015 Full Year Results Global Ports Investments PLC (“Global Ports” or the “Company”, together with its subsidiaries and joint ventures, the “Group” or the “Global Ports Group”; LSE ticker: GLPR) today announces its full- year results for the financial year ended 31 December 2015. Certain financial and operational information which is derived from the management accounts is marked in this announcement with an asterisk {*}. Information (including non-IFRS financial measures) requiring additional explanation or terms which begin with capital letters and the explanations or definitions thereto are provided at the end of this announcement. SUMMARY In 2015 Global Ports proactively responded to the conditions in both its industry and in the broader economy. This included an even greater focus on operational cash costs and efficiency, emphasis on maintaining pricing discipline, as well as a pragmatic review of CAPEX plans. As a result of these actions, the Group increased its Adjusted EBITDA margin by 488 basis points* to a record 71.7%* and generated strong Free Cash Flow of USD 236 million*. The Group continued prioritizing further deleveraging its balance sheet and decreased its Net Debt by USD 160 million*. Group financial and operational highlights for 2015 ● Against the backdrop of a macroeconomic slowdown and a sharp devaluation of the Russian rouble negatively impacting imports, Global Ports’ Marine Container Throughput declined 31%*1 year on year to 1,834 thousand TEU* in 2015; ● Revenue was 27.9% lower than in 2014 at USD 405.7 million, the decline was mainly driven by lower container throughput; ● The Group achieved a record Adjusted EBITDA margin of 71.7%* as continued focus on efficiency and cost control, supported by the devaluation of the Russian rouble, enabled the Group to reduce Total Operating Cash Costs by 38%* and to expand the margin by 488 basis points*; ● Adjusted EBITDA in 2015 declined 22.6%* to USD 291.0 million*, with growth in the Adjusted EBITDA margin partly offsetting the impact of the revenue decline on Adjusted EBITDA; ● The Group reduced its capital expenditures on a cash basis in 2015 by 50.2% to USD 11.7 million. CAPEX reduction was achieved without compromising service quality, reliability and safety of operations at the Group’s already well invested terminals; ● The Group generated a high level of Free Cash Flow of USD 236.3 million* during the period, 24.2%* below what was achieved in 2014; 1 Russian and Finnish Ports’ throughput 1 ● The Group continued to focus on deleveraging: Net Debt2 reduced by USD 160 million* in 2015. The Group’s Total Debt has decreased by over USD 290 million* since the NCC Group acquisition in the end of 2013. ● The Group successfully refinanced part of its debt portfolio by issuing two 5-year tranches of Russian rouble nominated bonds3 swapped to USD for the aggregate amount of approximately USD 134 million*. This allowed Global Ports to achieve greater financial flexibility, extend its maturity profile, decrease its average cost of borrowings and increase the share of fixed-rate borrowing in its portfolio. ● In line with statements made a year ago, the Group continues to prioritize deleveraging over dividend distribution in order to ensure the long-term financial flexibility of the Company in the current market environment. Mr. Vladislav Baumgertner, CEO of Global Ports Management, commented: “The macro-economic backdrop in Russia continues to be challenging and the container market has inevitably felt the effects of this. In 2015 we tried to mitigate as much as possible the macro impact on our company's performance while still preserving our undoubted long-term potential. Our focus on efficiency combined with the successful promotion of our premium terminal services with our clients has allowed us to increase our Adjusted EBITDA margin to a record level of 72%* and generate healthy free cash flow of USD 236 million*. We continued our process of deleveraging that has already seen us reimburse more than USD 290 million* in debt since the NCC Acquisition. We also entered the public debt markets last year, an important step that has increased our financial flexibility. We fully expect 2016 to be another challenging year. So far we have seen no signs of a market recovery and at the same time competition in our industry is intensifying. Nevertheless as a team we feel well prepared to face even this toughest of environments since our track is one of repeated success in navigating our way through difficult cycles .” Further information is available in the following Appendices: ● Appendix 1: Results of operations for Global Ports for 2015; ● Appendix 2: Definitions and Presentation of Information; and ● Appendix 3: Investor Presentation. Other Pursuant to Article 2.1(i) (ii) of the Transparency Directive (2004/109/EC) and Rule 6.4.2 of the Disclosure and Transparency Rules of the UK Financial Services Authority, the Company confirms that it has chosen the United Kingdom as its Home State. Downloads The consolidated financial statements for 2015 for Global Ports are available for viewing and downloading at www.globalports.com. 2 Including derivative financial instruments used for economic hedge of the Group’s borrowings 3 Two tranches RUB 5 billion each were issued in December 2015 and February 2016 2 Analyst and Investor Conference call The publication of these results will be accompanied by an analyst and investor conference call hosted by: Vladislav Baumgertner, Chief Executive Officer, Global Ports Management LLC; Mikhail Loganov, Chief Financial Officer, Global Ports Management LLC; Evgeny Zaltsman, Head of Business Development, Global Ports Management LLC; Anders Kjeldsen, Chief Operational Officer, Global Ports Management LLC. Date: Friday, 11 March 2016 Time: 14.00 UK / 09.00 US (east coast) / 17.00 Moscow To participate in the conference call, please dial one of the following numbers and ask to be put through to the "Global Ports" call: Standard International Access: +44 (0) 20 3003 2666 UK Toll Free: 0808 109 0700 USA Toll Free: +1 866 966 5335 Russia Toll Free: 8 10 8002 4902044 ENQUIRIES Global Ports Investor Relations Mikhail Grigoriev +357 25 313 475 Email: [email protected] Global Ports Media Relations Anna Vostrukhova +357 25 313 475 E-mail: [email protected] Teneo Strategy Laura Gilbert / Sabine Pirone +44 20 7240 2486 E-mail: [email protected] NOTES TO EDITORS Global Ports Global Ports Investments PLC is the leading operator of container terminals in the Russian market. Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign trade 3 cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal4 and Moby Dik5 in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland6 (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka). Global Ports also owns inland container terminals Yanino Logistics Park7 and Logistika-Terminal, both located in the vicinity of St. Petersburg, and has a 50% stake in the major oil products terminal AS Vopak E.O.S.8 in Estonia. Global Ports’ consolidated revenue for 2015 was USD 405.7 million and Adjusted EBITDA was USD 291.0 million*. The total marine container throughput was 1,834 thousand TEU* in 2015. Global Ports’ major shareholders are Transportation Investments Holding Limited (operating under the brand name of N-Trans), one of the largest private transportation and infrastructure groups in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operates a global terminal network of 72 ports and 140 inland services facilities, giving the company a global presence in 69 countries. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR). For more information please see: www.globalports.com LEGAL DISCLAIMER Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Global Ports. You can identify forward looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate”, “intend”, “will”, “could,” “may” or “might” or the negative of such terms or other similar expressions. Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Global Ports does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Global Ports, including, among others, general political and economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries Global Ports operates in, as well as many other risks related to Global Ports and its operations. 4 In which Eurogate currently has a 20% effective ownership interest. 5 In which Container Finance currently has a 25% effective ownership interest. 6 In each of which Container Finance currently has a 25% effective ownership interest. 7 In which Container Finance currently has a 25% effective ownership interest. 8 In which Royal Vopak currently has a 50% effective ownership interest. 4 Appendix 1: Results of operations for Global Ports for 2015 The financial information presented in this appendix is extracted from the Consolidated Financial Statements of the Global Ports for the twelve month period ended 31 December 2015, prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”).
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