Global Ports narrows IFRS loss to $33.7 mln, container throughput down 31% in 2015
MOSCOW. March 11 (Interfax) - Global Ports had net losses of $33.7 million audited to International Financial Reporting Standards (IFRS) in 2015, way below the $197.3 million losses it posted for 2014, the company said in a statement.
Analysts said in a consensus forecast for Interfax that they thought Global Ports would report losses of $140 million for 2015.
Sales revenue fell 28% last year to $405.7 million, just above a forecast $400 million.
Earnings before taxes, depreciation and amortization (EBITDA) fell 22.6%, to $291 million, above a forecast $278 million, and the EBITDA margin rose 4.99 pp to 71.7%.
Free cash flow was down 24% at the end of the year at $263.3 million.
Capex fell 50.2% to $11.7 million.
Net debt decreased by $160 million during 2015 to $1.048 billion.
Administrative and marketing costs fell 23% to $42 million.
Global Ports is one of the largest operators of container terminals in Russia. The group's assets are located in the Baltic and the Far East. The company operates five terminals in Russia and two in Finland.
Global Ports said on March 11 that its container throughput fell 31% in 2015 to 1.834 million TEU. Not including terminals in Finland, throughput fell 35% to 1.562 million TEU.
Terminals handled 100,500 automobiles, down 11.5%. 1.4 million tonnes of bulk cargo, up 82%, and 4.9 million tonnes of petroleum cargo, down 28%.
Cargo turnover of Global Ports container terminals in 2015 ('000 TEU):
| Terminals: | 2015 | 2014 | Change, % |
| Petrolesport (PLP) | 376,3 | 657,8 | -43 |
| VSC | 353,2 | 474,7 | -26 |
| Moby Dik | 168,8 | 227,5 | -26 |
| FCT | 577,6 | 940,8 | -39 |
| ULCT | 85,9 | 103,5 | -17 |
| Finnish ports | 272,3 | 250,8 | +8.6 |
| Total | 1834 | 2655 | -31 |
The Yanino logistics park handled 107,000 TEU in 2015, up 20% from 2014.
Transportation Investment Holding Ltd, a member of N-Trans Group, and APM Terminals share 50-50 ownership of a 75% stake in Global Ports. Another 20.5% of the shares of Global Ports belong to shareholders in the form of GDR and have a listing on the London Stock Exchange. Ilibrinio Establishment Ltd and Polozio Enterprises Ltd, the former owners of National Container Company, own a 9% stake each in the shareholder capital of Global Ports.