15th Mar 2012 07:00
For immediate release 15 March 2012
Global Ports Investments PLC
Notification of Management Changes
Global Ports Investments PLC ("Global Ports", and together with its subsidiaries and joint ventures, "the Group"), (LSE ticker: GLPR) announces the following changes at its terminals.
Valery Mestulov has been appointed General Manager of OOO Vostochnaya Stevedoring Company (VSC), the Group's port in the Far East of Russia. He replaces John Scourtis who has served in this capacity since June 2006. Up to now Mr. Mestulov was General Manager of both OOO Moby Dik, one of the Group's container terminals in the Big Port of St. Petersburg, and OOO Yanino Logistic Park, an inland terminal built in the Leningrad region.
Mr. Mestulov will continue to pursue the Group's strategy in the Far East region which includes improving the overall performance through a focused investment program and increasing the efficiency of the terminal's operations.
Alexander Dudko, who has been serving as the Director for Operations of VSC, will take over as General Manager at Moby Dik.
Biographies
Valery Mestulov was born in 1959 in the Voronezh Region. He has worked for N-Trans Group, parent company of Global Ports, in various roles for over 10 years. He has extensive experience in running container terminals, including in the Far East of Russia, and has been instrumental to the development of Global Ports strategy to develop inland terminals.
Alexander Dudko was born in 1981 in Sochi. He received a degree from the Saint Petersburg State Marine Technical University (Saint Petersburg) and the UK Chartered Institute of Logistics and Transport. He received a master's degree from the Cass Business School of the City University London (United Kingdom). He joined VSC in early 2011 from DP World Southampton (UK) where he held various positions.
ENQUIRIES
Global Ports Investor Relations
Sergey Stikharev
+357 25 503 163
Email: [email protected]
NOTES TO EDITORS
Global Ports Investments PLC is the leading operator of container terminals in the Russian market. Global Ports accounts for 30%[1] of the total container volumes in the Russian ports and 25%[2] of the total exports of fuel oil from the former Soviet Union countries (according to Drewry, an industry consulting company). Global Ports is part of N-Trans group, one of the largest private transportation and infrastructure operators in Russia. Global Ports' terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows. Global Ports operates three container terminals in Russia (Petrolesport, 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 Yanino logistics park located in the vicinity of St. Petersburg and a major oil terminal Vopak E.O.S. in Estonia.
Global Ports' consolidated revenue for the year ended 31 December 2010 was US$382.4 million (an increase of 39.3% on the previous year) and for the six months ended 30 June 2011 was US$259.7 million (up 57% on the six months ended 30 June 2010). Adjusted EBITDA[3] for the year ended 31 December 2010 was US$206.6 million (an increase of 58.3% on the previous year) and for the six months ended 30 June 2011 was US$145.0 million (up 82% on the six months ended 30 June 2010).
The Group's container terminals had a total container throughput of approximately 1,095 thousand TEUs[4] in 2010[5], which represented 81.3% growth on the previous year, and of approximately 747 thousand TEUs in the first six months of 20115, a 57.6% increase on the first six months of 2010. GPI's terminals are located in the Baltic Sea and Far East Basins, key gateways that collectively handled 87% of Russian container cargo in 2010[6].
In June 2011 Global Ports listed its GDRs at the London Stock Exchange (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 the Company. 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 Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company 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 Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.
[1] Source: ASOP, as of 1H 2011
[2] Source: Argus Nefte Transport, as of 1H 2011
[3] Adjusted EBITDA is defined as profit for the year before income tax expense, finance costs, finance income, depreciation of property, plant and equipment, amortisation of intangible assets, other gains/(losses) - net, impairment charge of property, plant and equipment and impairment charge of goodwill.
[4] TEUs are twenty-foot equivalent units, a measurement used for container cargos.
[5] Excluding throughput in Yanino, the Group's inland container terminal.
[6] Including transit cargo volumes through Finland and the Baltic countries (Source: Drewry).
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