18 Jul 2018 07:00
For immediate release 18 July 2018
Global Ports Investments Plc
Update on FAS conditions
Global Ports Investments PLC ("Global Ports" or the "Company", together with its subsidiaries, the "Group" or the "Global Ports Group"; LSE ticker: GLPR) today announces that Russia's Federal Antimonopoly Service ("FAS") has declared Global Ports to be compliant with its required conditions, including those requirements imposed on the tariff setting of the Group's Russian terminals [1].
FAS has officially confirmed to the Group the satisfaction of the conditions in its previously issued ruling based on its determination that the operational actions undertaken by the Group's terminals regarding tariff payments are being carried out in accordance with both current legislation and the terms of the settlement agreements concluded in December 2017[2]. Prices for stevedoring services in Russian ports remain market-driven and are not subject to regulation; therefore, Global Ports remains able to revise its pricing policy and tariff structures in response to any substantial change in the industry or macroeconomic environment.
In recognition of this development, Global Ports now plans to withdraw its claim to the Moscow Arbitrage Court to challenge the aforementioned conditions.
ENQUIRIES
Global Ports Investor Relations
Mikhail Grigoriev / Tatiana Khansuvarova
+7 495 989 4769
+7 916 991 7396
Email: ir@globalports.com
Global Ports Media Relations
Anna Vostrukhova
+7 495 989 4769
E-mail: media@globalports.com
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E-mail: globalports@teneobluerubicon.com
NOTES TO EDITORS
Global Ports Investments PLC
Global Ports Investments PLC is the leading operator of container terminals in the Russian market.
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[3] and Moby Dik[4] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[5] (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminals Yanino Logistics Park[6] and Logistika-Terminal[7], both located in the vicinity of St. Petersburg, and has a 50% stake in the major oil products terminal Vopak E.O.S.[8] in Estonia.
Global Ports' Revenue for 2017 was USD 330.5 million and Adjusted EBITDA was USD 201.6 million*. Consolidated Marine Container Throughput was 1,205 thousand TEU in 2017.
Global Ports' major shareholders are Delo Group, one of the largest private transportation and logistics holding companies in Russia (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 operates a global terminal network of 76 ports and 117 inland services facilities, giving the company a global presence in 59 countries. 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. Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Global Ports 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 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.
[1] See Global Ports announcement dated 11 May 2018
[2] See Global Ports announcements dated 12 December, 19 December and 21 December 2017
[3] In which Eurogate currently has a 20% effective ownership interest.
[4] In which Container Finance currently has a 25% effective ownership interest.
[5] In each of which Container Finance currently has a 25% effective ownership interest.
[6] In which Container Finance currently has a 25% effective ownership interest.
[7] In August 2017 the Group signed an agreement to sell its 100% shares in LT. The transaction is subject to approval of relevant regulatory authorities.
[8] In which Royal Vopak currently has a 50% effective ownership interest.