GLPR.L Regulatory News (GLPR)

For immediate release 20 January 2021

Global Ports Investments PLC

Q4 and full year 2020 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 the full year 2020.

Highlights

● In Q4 2020 the Russian container market continued the industry trend seen over previous months demonstrating full containerised export growth (y-o-y growth of 5.3%) and early signs of recovery in full containerised import (y-o-y growth of 8.6%) compared to Q4 2019, resulting in a corresponding 4.2% y-o-y growth compared to Q4 2019.

● As a result of the solid Q4 2020 performance the Russian container market remained broadly flat in 2020 compared to 2019 demonstrating strong resilience on the back of the global and local macroeconomic impact of COVID-19. The total container throughput of marine terminals in Russia amounted to 5.053 million TEU in 2020, a decline of only 0.8% compared to 2019. The growth in full containerised export was the key driver of such resilience posting 5.2% y-o-y growth in 2020, while full container import declined slightly by 1.8% y-o-y.

● The Group outperformed the overall market in 2020 with Consolidated Marine Container Throughput up by 5.1% to 389 thousand TEU in Q4 2020. Consolidated Marine Container Throughput for the full year 2020 increased by 6.6% to 1,533 thousand TEU against the container market decline of 0.8% over the same period in 2019.

● This Group market outperformance in 2020 in both key basins where its terminals are located was as a direct result of the Group's ongoing efforts to increase productivity and raise customer service standards.

● Consolidated Marine Bulk Throughput increased by 79.0% y-o-y to 1.4 million tonnes in Q4 2020, with the full year 2020 growth of 38.7% y-o-y driven by the strong recovery in global coal demand towards the end of the year and strong growth of fertilisers and scrap metal handling at PLP in Q4 2020.

● Heavy Ro-ro handling demonstrated a continued recovery in Q4 2020 with 3.1% growth in Q4 2020 against Q4 2019 resulting in a 1.3% growth in volumes of this cargo handling for the full year 2020.

● Car handling was also strong in Q4 2020 with 41.1% growth but this was unfortunately not sufficient to offset the overall 20.6% decline in 2020, reflecting the slowdown in Russian consumer demand and closure of car dealers in Q2 2020.

Albert Likholet, CEO of Global Ports Management, commented:

"In 2020 the Russian container market demonstrated not only strong resilience but also its ability to adapt swiftly to upcoming challenges. In the course of 2020, the industry faced supply chain disruption, reshuffling of vessels calls, strong macro headwinds, and high FX volatility. Nonetheless market performance was broadly flat in 2020 - a marked improvement compared to the 20-30% negative impact seen under less challenging circumstances in 2009 and 2014.

We see this strong resilience as a clear sign that the Russian container market is becoming more efficient and progressively more advanced. However, in turn this means more demanding requirements on container terminals, on standards of service, infrastructure capabilities, IT and our focus on clients. Our outperformance of the market in 2020 demonstrates that we are more than capable of meeting market expectations as they develop and remain on the right track in implementing our strategy."

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

ENQUIRIES

NOTES TO EDITORS

Global Ports Investments PLC

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 trade 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 of 2020 was USD 184.4 million and Adjusted EBITDA was USD 104.9 million. Consolidated Marine Container Throughput was 774 thousand TEU in the first half of 2020.

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 74 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).

Global Ports and its instruments are rated Ba2, Stable (Moody's Investors Service), BB+, Stable (Fitch Ratings) and ruA+, Stable (Expert RA).

For more information please see: www.globalports.com

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).

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.