Global Ports Revenues Fall

 

Net loss of the port operator in 2015 amounted to $33.7 million versus $197.3 million net loss a year earlier, the financial report said the company’s financial and operating results for the year of 2015. Thus, the net loss decreased in 5.8 times.

 

The leading operator of container terminals on the Russian market explains the decrease in revenue the drop in traffic (container throughput of Global Ports in 2015 decreased compared with the previous year by 31%, to 1.8 million TEU(equivalent 20-foot container)).

 

Vladislav Baumgertner, CEO of Global Ports Management said “The macro-economic backdrop in Russia continues to be challenging and the container market has inevitably felt the effects of this."

 

Global Ports notes that during the reporting period, generated significant free cash flow in the amount of $236 million “the Group continues to prioritize deleveraging of its balance sheet and cut its net debt by $160 million”, – stated in the message.

 

The group achieved a record Aadjusted EBITDA margin of 71.7% as continued focus on efficiency and cost control, supported by the devaluation of the Russian rouble, enabled the group to reduce total operating cash costs by 38% and to expand the margin by 488 basis points.

 

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 and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland3 (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka). 

 

Global Ports also owns inland container terminals Yanino Logistics Park and Logistika-Terminal, both located in the vicinity of St. Petersburg, and has a 50% stake in the major oil product terminal AS Vopak E.O.S. in Estonia.