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30 May 2013 12:40
For immediate release 30 May 2013
Global Ports Investments PLC
Statement re suspension
Global Ports Investments PLC ("the Company" and, together with its subsidiaries and joint ventures, "Global Ports" or "the Group") (LSE ticker: GLPR), today announces that following speculation which has appeared in media regarding a potential sale of NCC Group Limited ("NCC") to it, trading in the Company's GDRs has been suspended. The suspension is in accordance with UKLA rules requiring a suspension in such circumstances when certain acquisitions are under consideration and information regarding the potential target is not available in the market.
Global Ports, in line with its active growth strategy which it intends to pursue through organic growth as well as opportunistic value accretive acquisitions, regularly reviews all sector opportunities and confirms that it is in discussions with the owners of NCC, which owns a number of sea and inland container terminals. Additional information on NCC, in accordance with UKLA requirements, is attached to the appendix to this announcement. There is no certainty as to the outcome of such negotiations at this stage
ENQUIRIES
Global Ports Investor Relations
Mikhail Grigoriev
+357 25 503 163
Email: irteam@globalports.com
Global Ports Media Relations
Anna Vostrukhova
+357 25 503 163
E-mail: media@globalports.com
Holloway & Associates
Laura Gilbert/ Zoe Watt
+44 20 7240 2486
E-mail: globalports@rholloway.com
Appendix
(1) Financial and operational information on NCC
The selected audited consolidated financial information on NCC set out below, as at and for each of three years ended 31 December 2010, 2011 and 2012, has been extracted from financial statements made available to the Company by NCC. Those financial statements were prepared in accordance with IFRS.
NCC Group Limited key financials | |||
In thousands US Dollars | |||
Profit and loss statement | 2012 | 2011 | 2010 |
Sales | 253,291 | 317,539 | 260,215 |
Cost of sales | (68,123) | (64,224) | (57,590) |
Gross profit | 185,168 | 253,315 | 202,625 |
Depreciation and amortization expenses | (33,400) | (20,141) | (18,045) |
Selling, general and administrative expenses | (14,130) | (15,245) | (14,904) |
Other (expenses)/income, net | (6,154) | 9,702 | (6,777) |
Finance income | 39,994 | 54,892 | 5,974 |
Finance costs | (71,973) | (57,286) | (8,329) |
Foreign exchange (loss) / gain, net | 7,848 | (10,059) | 3,550 |
Profit before income tax expense | 107,353 | 215,178 | 164,094 |
Income tax expense | (27,680) | (30,735) | (22,776) |
Profit for the year | 79,673 | 184,443 | 141,318 |
Balance sheet | 2012 | 2011 | 2010 |
NON-CURRENT ASSETS | |||
Goodwill | 106,127 | 100,117 | 105,765 |
Property, plant and equipment | 579,478 | 557,044 | 512,531 |
Finance lease receivables | 1,833 | - | - |
Loans receivable | 568,271 | 539,502 | 755,443 |
Deferred tax assets | 324 | 576 | 284 |
Other non-current assets | 1,741 | 3,638 | 12,266 |
Other intangible assets | - | - | 1,580 |
Total non-current assets | 1,257,774 | 1,200,877 | 1,387,869 |
CURRENT ASSETS | |||
Inventories | 3,064 | 2,810 | 3,214 |
Trade and other receivables | 19,844 | 25,591 | 27,531 |
Advances paid and prepaid expenses | 3,306 | 3,770 | 4,462 |
Finance lease receivables | 480 | - | - |
Taxes reimbursable and prepaid | 3,807 | 31,981 | 10,429 |
Prepaid current income tax | 2,404 | - | - |
Loans receivable | 154,988 | 176,244 | 92 |
Cash and cash equivalents | 36,971 | 60,388 | 27,415 |
Total current assets | 224,864 | 300,784 | 73,143 |
TOTAL ASSETS | 1,482,638 | 1,501,661 | 1,461,012 |
EQUITY AND LIABIITIES | |||
EQUITY | |||
Share capital | 9 | 9 | 9 |
Share premium | 294,995 | 294,995 | 294,995 |
Retained earnings | 194,303 | 192,983 | 111,275 |
Foreign currency translation reserve | (50,463) | (68,174) | (48,619) |
Equity attributable to shareholders of the Parent | 438,844 | 419,813 | 357,660 |
Non-controlling interest | (8,229) | (1,547) | (8,005) |
Total shareholders' equity | 430,615 | 418,266 | 349,655 |
NON-CURRENT LIABILITIES | |||
Loans and borrowings | 700,706 | 970,089 | 886,527 |
Deferred tax liabilities | 36,953 | 30,474 | 30,493 |
Long-term obligations under finance leases | 2,094 | - | - |
Total non-current liabilities | 739,753 | 1,000,563 | 917,020 |
CURRENT LIABILITIES | |||
Trade and other payables | 3,139 | 3,650 | 1,886 |
Loans and borrowings | 303,035 | 71,647 | 174,870 |
Taxes payable | 1,576 | 3,977 | 15,035 |
Obligations under finance lease | 402 | - | - |
Other current liabilities and accrued expenses | 4,118 | 3,558 | 2,546 |
Total current liabilities | 312,270 | 82,832 | 194,337 |
Total liabilities | 1,052,023 | 1,083,395 | 1,111,357 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,482,638 | 1,501,661 | 1,461,012 |
Cash flow statement | 2012 | 2011 | 2010 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Receipts from customers | 265,205 | 329,141 | 286,338 |
Other receipts | 36,820 | 25,423 | 15,916 |
Payments to suppliers and employees | (74,827) | (76,073) | (96,996) |
Other payments | (27,368) | (48,689) | (21,264) |
Cash generated from operations | 199,830 | 229,802 | 183,994 |
Interest paid | (66,943) | (77,226) | (10,795) |
Income tax paid | (26,789) | (30,357) | (22,110) |
Net cash generated from operating activities | 106,098 | 122,219 | 151,089 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | (18,490) | (84,017) | (45,212) |
Proceeds from loans receivable | - | 221,771 | 8,072 |
Cash received on settlement of loans and time deposits | 20,000 | ||
Payments of loans given and time deposits | (33,000) | (182,532) | (713,649) |
Acquisition of subsidiary under common control | (237) | - | - |
Interest received | 1,010 | 365 | 1,718 |
Proceeds from disposal of property, plant and equipment | - | - | 787 |
Net cash used in investing activities | (30,717) | (44,413) | (748,284) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 117,000 | 340,105 | 855,734 |
Principal payments on borrowings | (171,592) | (329,724) | (54,292) |
Payment for financial lease | (475) | ||
Proceeds from financial sublease | 432 | ||
Dividends paid | (44,000) | (49,400) | (217,950) |
Distributions to shareholders paid | - | - | (7,065) |
Net cash (used in) / generated by financing activities | (98,635) | (39,019) | 576,427 |
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | (23,254) | 38,787 | (20,768) |
Effect of foreign exchange rate changes | (163) | (5,814) | (179) |
CASH AND CASH EQUIVALENTS, at the beginning of the period | 60,388 | 27,415 | 48,362 |
CASH AND CASH EQUIVALENTS, at the end of the period | 36,971 | 60,388 | 27,415 |
The Company is not aware of any key differences between the accounting policies of NCC compared to the accounting policies of the Group.
Selected operational information | |||
2010 | 2011 | 2012 | |
Gross container throughput (thousand TEUs) | 1,179 | 1,265 | 1,182 |
including containerised cargo - inland container depot (thousand TEUs) | 19 | 91 | 113 |
(2) Description of the Target and Trend information
(3) Declarations with regard to information
The directors of the Company consider that this announcement contains sufficient information about NCC to provide a properly informed basis for assessing Global Port's financial position.
The Company confirms that, until such time as a prospectus, if required, is published in relation to any potential transaction, or discussions between the parties are terminated or such other date as required by the UK Listing Authority, the Company will make any announcement that would be required in order to be compliant with its obligations under the Financial Conduct Authority Disclosure and Transparency Rules on developments in relation to NCC as if NCC were already part of an enlarged Global Ports.
NOTES TO EDITORS
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 and Moby Dik in St. Petersburg, Vostochnaya Stevedoring Company in the Vostochny Port) and two container terminals in Finland (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka). Global Ports group also includes Yanino Logistics Park located in the vicinity of St. Petersburg and a major oil product terminal, Vopak E.O.S., in Estonia.
Global Ports' consolidated revenue for 2012 was USD 501.8 million. Adjusted EBITDA for 2012 was USD 288 million. The Group's Russian Ports segment handled a total container throughput of approximately 1,450 thousand TEUs in 2012 (excluding Yanino).
Global Ports major shareholders are Transportation Investments Holding Limited (operating under the brand name of N-Trans), one of the largest private transportation and infrastructure groups in Russia (37.5%), and APM Terminals B.V., whose core expertise is the design, construction, management and operation of ports, terminals and inland services with a global terminal network of 62 operating port facilities and 160 Inland Services operations, giving APM Terminals a global presence in 68 countries (37.5%). The remaining 25% of Global Ports shares are in public hands and held 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 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] Including inland container facility with the capacity of 200 thousand TEU
[2] Source: ASOP
[3] Source: Argus Neftetransport
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