Net loss of Global Ports in 2015 has decreased in 5,8 times, to $33.7 million

Net loss of Global Ports in 2015 has decreased in 5,8 times, to $33.7 million

MOSCOW, March 11. Net loss port operator Global Ports in 2015 amounted to $33.7 million versus $197.3 million net loss a year earlier, the report said the company’s financial and operating results for the year of 2015. Thus, the net loss decreased in 5,8 times.

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Vladislav Baumgertner was replaced by Alexander Nazarchuk as Director General of Global Ports

The company’s revenue for the reporting period decreased by 28%, to $405.7 million

The company explains the decrease in revenue the drop in traffic (container throughput of Global Ports in 2015 decreased compared with the previous year by 31%, to 1.8 million TEU(equivalent 20-foot container)).

Global Ports notes that during the reporting period, generated significant free cash flow in the amount of $236 million “the Group continues to prioritize deleveraging of its balance sheet and cut its net debt by $160 million”, – stated in the message.

Adjusted EBITDA in 2015 decreased by 22.6%, to 291 million. The EBITDA margin was 71.7% vs. 66.8% in 2014 “due to the continuation of work aimed at improving the efficiency and control over costs, but also due to the devaluation of the Russian ruble,” said the company.

In 2015, the group reduced its capital expenditure 50.2%, to $11.7 million “Due to sufficient investments of previous years, reducing capital costs has been achieved without compromising the quality of service, reliability and safety of terminal operations group,” adds Global Ports.

Global Ports Investments PLC is the leading operator of container terminals on the Russian market, the company’s terminals are located in the Baltic and far East basins. Global Ports operates five container terminals in Russia – “Petrolesport” and “First container terminal”, “Ust-Luga container terminal and Moby dick” in the port of St. Petersburg and Ust-Luga port cluster, “Eastern stevedoring company” in the port of Vostochny, as well as two container terminals in Finland (terminal “Multi-link Kotka” and terminal “Multi-link Helsinki”). The group also owns 75% of a logistics Park “Yanino” and 100% in the rear terminal “logistics-Terminal” near St. Petersburg, and 50% in the oil product terminal AS Vopak E. O. S., located in Estonia.

The main shareholders of Global Ports are the company Transportation Investments Holding Limited (group “N-TRANS”, 30.75 per cent), APM Terminals B. V. (30.75 per cent), 20.5% of Global Ports shares are owned by their shareholders in the form of GDRs listed on the London stock exchange. Companies Ilibrinio Establishment Limited and Polozio Enterprises Limited (former owners of NCC group) each own 9% in the share capital of Global Ports.