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Global Ports Inv (GLPR)

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Thursday 20 January, 2022

Global Ports Inv

Q4 and FY 2021 Operational Results

RNS Number : 9948Y
Global Ports Investments PLC
20 January 2022
 

 

 

For immediate release   20 January 2022

Global Ports Investments PLC

Q4 and FY 2021 Operational Results

Global Ports Investments PLC ("Global Ports" or the "Company" and, together with its subsidiaries and joint ventures, the "Group") (LSE ticker: GLPR) today announces its operational results for Q4 and FY 2021.

Highlights

● Market growth continued in Q4 2021 (+4.4% y-o-y) resulting in the Russian marine container market achieving record volumes in 2021 of 5.4 million TEU (+7.1% y-o-y), driving growth in both containerised import (4Q 2021: + 4.9% y-o-y, FY21: +11.1% y-o-y) and containerised export (4Q 2021: - 1.1% y-o-y, FY21: +4.2% y-o-y) 

● As a result of the sharp rise in freight rates in the global container shipping market and a deficit of empty containers globally, during Q4 2021 market players continued to prefer faster container import and export supply chains with the shortest sea leg. As a result, Q4 and FY 2021 market growth was concentrated in the Far Eastern basin (Q4 2021: +13.4% y-o-y, FY21: +14.0% y-o-y) and the Southern basin (Q4 2021: +0.4% y-o-y, FY21: +6.4% y-o-y) while combined throughput of terminals located in Saint Petersburg and the surrounding area declined by 4.6% y-o-y in Q4 2021 and 3.7% y-o-y in FY 2021. 

● The Group successfully improved market share position in FY 2021 in all its basins of presence with throughput at VSC improving by 14.8% y-o-y FY 2021 and throughput of its terminals in the Baltic Basin declining by 2.3% y-o-y. In total, Consolidated Marine Container Throughput increased by 2.8% y-o-y in 2021 to 1.576 thousand TEUs. 

● In Q4 2021, VSC operated in an environment of exceptionally high and rapidly changing demand dynamics whilst undergoing a strategic transition back to a 100% container dedicated facility using advanced terminal operating software, which resulted in a temporary decline in volumes in the middle of the reporting quarter. This important transition period ended in November and both VSC and our customers have seen a clear increase in the transparency and manageability of clearance processes and the efficiency of cargo handling. As a result, growth rate of container throughput at VSC slowed down to 2.3% in Q4 2021 while throughput of Group's terminals in the Baltic Basin in the same period performed better than the relevant market declining by 2.4%. In Q4 2021, Consolidated Marine Container Throughput decreased marginally by 0.9% y-o-y to 385 thousand TEUs.

● As previously announced, VSC ceased coal handling in September 2021 enabling the terminal to concentrate on the Group's core strategic operations of driving container volumes and decreasing its environmental impact. As a result, the Group's Consolidated Marine Bulk Throughput decreased by 44.8% y-o-y to 0.77 million tonnes in Q4 2021 and by 14.6% y-o-y to 4.33 million tonnes in 2021.

● Heavy Ro-ro handling increased by 6.7% y-o-y to 6.4 thousand units in 4Q 2021 and by 24.4% to 25.2 thousand units in 2021. Car handling declined by 25.1% in 4Q 2021 on the back of declining local demand but increased overall in FY 2021 by 27.8% to 104.9 thousand units.

 

Albert Likholet, CEO of Global Ports Management, commented:

"2021 was a very strong year for infrastructure and logistics and growth across all segments enabled the Russian container market to set a new record in volumes. In this year Global Ports not only successfully protected and enhanced our leadership positions in both of the Group's basins of presence but also successfully set a solid foundation to maintain this strong standpoint going forward."

 

Rounding adjustments have been made in calculating some of operational information included in this release. As a result, numerical figures and percentages shown as totals not be exact arithmetic aggregations and other calculations of the figures that precede them.

 

 

Q4 2021

Q4 2020

Change

 

FY 2021

FY 2020

Change

Abs

 

Abs

%

Global Ports Consolidated Results

 

 

 

 

 

 

 

 

 

 

Consolidated Marine Container Throughput (kTEU)

385

389

-4

-0.9%

 

1,576

1,533

42

2.8%

FCT

154

170

-16

-9.2%

 

628

654

-26

-4.0%

PLP

98

85

13

14.9%

 

399

377

22

5.8%

VSC

127

124

3

2.3%

 

520

453

67

14.8%

ULCT

6

10

-4

-35.8%

 

29

50

-20

-41.1%

Non-containerised cargo

 

 

 

 

 

 

 

 

 

Ro-ro (thousand units)

6.4

6.0

0.4

6.7%

 

25.2

20.3

4.9

24.4%

Cars (thousand units)

22.3

29.8

-7.5

-25.1%

 

104.9

82.0

22.8

27.8%

Bulk cargo (thousand tonnes)

772

1,399

-626

-44.8%

 

4,330

5,074

-743

-14.6%

 

 

 

 

 

 

 

 

 

 

Joint ventures

 

 

 

 

 

 

 

 

 

 

Containerised cargo, kTEU

 

 

 

 

 

 

 

 

 

Finnish Ports

21.0

22.2

-1.2

-5.3%

 

77.4

97.6

-20.3

-20.7%

Yanino (inland terminal)

24.4

19.1

5.3

28.0%

 

88.3

86.1

2.2

2.5%

Bulk cargo throughput, thousand tonnes

Moby Dik

52.0

47.0

5.0

10.6%

 

269.5

226.7

42.8

18.9%

Yanino

94.6

54.3

40.3

74.3%

 

354.1

261.3

92.8

35.5%

 

 

 

 

 

 

 

 

 

 

Russian Container Market, kTEU

 

 

 

 

 

 

 

 

 

 

Total Market

1,415

1,355

59

4.4%

 

5,405

5,049

356

7.1%

Baltics (incl. Kaliningrad)

634

637

-3

-0.5%

 

2,509

2,431

78

3.2%

-incl terminals of Saint-Petersburg and area

517

543

-25

-4.6%

 

2,072

2,150

-79

-3.7%

Northern Ports

50

48

2

3.6%

 

157

162

-5

-3.0%

South

224

224

1

0.4%

 

847

796

51

6.4%

Far East

507

447

60

13.4%

 

1,892

1,660

232

14.0%

 

 

 

 

ENQUIRIES

Global Ports Investor Relations

Mikhail Grigoriev / Tatiana Khansuvarova

+7 (812) 677 15 57

+7 916 991 73 96

E-mail: [email protected]

Global Ports Media Relations

Margarita Potekhina

+7 (812) 677 15 57 ext. 2889

E-mail: [email protected]

Teneo

 

Zoë Watt / Douglas Campbell

+44 20 7260 2700

E-mail: [email protected]

 

NOTES TO EDITORS

Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput.[1]

Global Ports' terminals are located in the Baltic and Far East Basins, key regions for foreign Russian trade and transit cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal[2] and Moby Dik[3] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[4] (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park[5] located in the vicinity of St. Petersburg.

Global Ports' revenue for the first half 2021 was USD 229.8 million and Adjusted EBITDA was USD 113.8 million. Consolidated Marine Container Throughput was 789 thousand TEU in the first half of 2021.

Global Ports' major shareholders are Delo Group, the largest intermodal container and port operator in Russia[6] (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 operate a terminal network of 76 terminals globally. 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. Any forward-looking statement is based on information available to Global Ports as of the date of the statement and, other than in accordance with its legal or regulatory obligations, Global Ports does not intend or undertake to update or revise these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements involve known and unknown risks and Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially from what is expressed or implied by these statements. 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. All written or oral forward-looking statements attributable to Global Ports are qualified by this caution.

DEFINITIONS

First Container Terminal (FCT) is located in the St. Petersburg harbour, Russia's primary gateway for container cargo and is one of the first specialised container terminals established in Russia. The Global Ports Group owns a 100% effective ownership interest in FCT. The results of FCT are fully consolidated.

Moby Dik (MD) is located on the St. Petersburg ring road, approximately 30 kilometres from St. Petersburg, at the entry point of the St. Petersburg channel. It is the only container terminal in Kronstadt. The Global Ports Group owns a 75% effective ownership interest in MD, CMA Terminals currently has a 25% effective ownership interest. The results of MD are accounted in the Global Ports' financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA).

Petrolesport (PLP) is located in the St. Petersburg harbour, Russia's primary gateway for container cargo. The Group owns a 100% effective ownership interest in PLP. The results of PLP are fully consolidated.

Ro-Ro, roll on-roll off is cargo that can be driven into the belly of a ship rather than lifted aboard. Includes cars, buses, trucks and other vehicles.

Revenue per TEU is defined as the Global Ports Group's Consolidated Container Revenue divided by total Consolidated Container Marine Throughput.

TEU is defined as twenty-foot equivalent unit, which is the standard container used worldwide as the uniform measure of container capacity; a TEU is 20 feet (6.06 metres) long and eight feet (2.44 metres) wide and tall.

Ust Luga Container Terminal (ULCT) is located in the large multi-purpose Ust-Luga port cluster on the Baltic Sea, approximately 100 kilometres westwards from St. Petersburg city ring road. ULCT began operations in December 2011. The Global Ports Group owns an 80% effective ownership interest in ULCT, Eurogate, the international container terminal operator, currently has a 20% effective ownership interest. The results of ULCT are fully consolidated.

Vostochnaya Stevedoring Company (VSC) is located in the deep-water port of Vostochny near Nakhodka on the Russian Pacific coast, approximately eight kilometres from the Nakhodka-Vostochnaya railway station, which is connected to the Trans-Siberian Railway. The Group owns a 100% effective ownership interest in VSC. The results of VSC are fully consolidated.

Yanino Logistics Park (YLP) is the first terminal in the Group's inland terminal business and is one of only a few multi-purpose container logistics complexes in Russia providing a comprehensive range of container and logistics services at one location. It is located approximately 70 kilometres from the Moby Dik terminal in Kronstadt and approximately 50 kilometres from PLP. The Global Ports Group owns a 75% effective ownership interest in YLP, CMA Terminals currently has a 25% effective ownership interest. The results of YLP are accounted in the Global Ports' financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA).

 

[1] Company estimates based on 1H 2021 throughput and the information published by the "ASOP".

[2] In which Eurogate currently has a 20% effective ownership interest.

[3] Joint venture in which CMA Terminals currently has a 25% effective ownership interest.

[4] Joint ventures in each of which CMA Terminals currently has a 25% effective ownership interest.

[5] Joint venture in which CMA Terminals currently has a 25% effective ownership interest.

[6]According to publicly available data at www.delo-group.com.

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