14th Nov 2011 08:00
For immediate release November 14, 2011
GLOBAL PORTS INVESTMENTS PLC CFO COMMENTS ON BUSINESSENVIRONMENT AND GROUP OPERATING PERFORMANCE
Speaking at an investor conference today in London Oleg Novikov, CFO of Global Ports Investments PLC, the leading container terminal operator serving Russian cargo flows ("GPI" or "the Group") made the following comments regarding the current business environment and the Group's recent experience within that context.
"In spite of the economic challenges that have impacted world trade and economic activity as 2011 has progressed, Russian growth has continued at a pace that while not immune from the macro-economic trends, suggests that moving into 2012 the country will remain one of the brighter spots in the global economy."
"Against this backdrop, our own business has continued to progress broadly in line with the market with the Group's Russian Ports segment's Gross Container Throughput[1] for the third quarter amounting to 330thousand TEUs, a 29% increase compared to the same period in 2010. This compares with a 24% increase in Container Throughput in the Russian Federation Ports[2] during the same period."
"We continue to evolve our business in line with market developments. By way of example VEOS, the Group's oil products terminal, is on track with its development plan and we continue to diversify our client base and product mix. As expected, VEOS is showing a good level of resilience and we anticipate its key financial metrics during the current year to be slightly above the level reported in 2010."
"Notwithstanding the macroeconomic uncertainties anticipated in the short term we are continuing with our discretionary capital expenditure plans while the fundamentals of the underlying markets remain in place."
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Sergey Stikharev
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NOTES TO EDITORS
Global Ports Investments PLC is the leading operator of container terminals in the Russian market. Global Ports accounted for 30% of the total container volumes in the Russian Federation ports and 25% of the total exports of fuel oil from the former Soviet Union countries in the first six months of 2011 (according to publicly available information). Global Ports' terminals are located in the Baltic and Far East Basins, key gateways that collectively handled 82% of Russian container cargo in the first six months of 2011. Global Ports operates three container terminals in Russia (Petrolesport and Moby Dik in St. Petersburg and Vostochnaya Stevedoring Company in the Vostochny Port) and two container terminals in Finland (Multi-Link Helsinki and Multi-Link Kotka). Global Ports also includes an oil terminal Vopak E.O.S. in Estonia and Yanino, an inland container terminal located in the vicinity of St. Petersburg.
Global Ports' consolidated revenue for the six months ended 30 June 2011 was USD 259.7 million (up 57% period-on-period). Adjusted EBITDA for the six months ended 30 June 2011 was USD 145.0* million (up 82% period-on-period). The Group's Russian Ports segment handled a total container throughput of approximately 669* thousand TEUs in the first six months of 2011 (excluding Yanino), a 71% increase on the first six months of 2010.
Global Ports' global depositary receipts (ticker symbol: GLPR) are listed on the Main Market of the London Stock Exchange since June 2011. N-Trans group, one of the largest private transportation and infrastructure groups in Russia, is a key shareholder of Global Ports.
To learn more on Global Ports, please visit 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 the Group. 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. The Group wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Group 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 the Group, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries the Group operates in, as well as many other risks specifically related to the Group and its operations.
[1] Gross Container Throughput for the Russian Ports segment represents total container throughput of the segment shown on a 100% basis, excluding the container throughput of the Group's inland container terminal, Yanino.
[2] Container Throughput in the Russian Federation Ports is defined as total container throughput of the ports located in the Russian Federation, excluding transit cargo volumes.
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