Global ports fy14_results_presentation

Global Ports Investments PLC
2014 Full-Year Results
Presentation
16 March 2015

DISCLAIMER
Information contained in this presentation concerning Global Ports Investments PLC, a company organised and existing under the laws of Cyprus (the “Company”, and together
with its subsidiaries and joint ventures, “Global Ports” or the “Group”), is for general information purposes only. The opinions presented herein are based on general information
gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not
guarantee its accuracy or completeness.
Concurrently Global Ports is publishing Unaudited Selected Illustrative Combined Financial Metrics for the year ended 31 December 2013 (the “Illustrative Combined Financial
Metrics” or “Illustrative Combined”) of Global Ports Group, including NCC Group Limited and its consolidated subsidiaries (“NCC Group” or “NCC”), the “Enlarged Group”)
following the Group’s announcement on 27 December 2013 that it had completed the acquisition of 100% of the share capital of NCC Group (the “Transaction”). For the
purposes of this announcement, Global Ports is using the Illustrative Combined Financial Metrics as a comparator against the actual results of operations for the twelve-month
period ended 31 December 2014 in respect of (i) the Group’s results and (ii) the Russian Ports segment’s results. Where relevant, for reader’s reference, actual (reported)
results of operations for the year ended 31 December 2013 are presented in separate columns in the tables presenting financial information. The comparative figures for 2013 in
the audited IFRS financial statements do not include cashflows and financial results of NCC Group for the year ended 31 December 2013, but include financial position of NCC
Group as of that date
The Illustrative Combined Financial Metrics represent information prepared based on estimates and assumptions deemed appropriate by the Group and are provided for
illustrative purposes only. They do not purport to represent what the actual results of the operations or cash flows of the Group would have been had the Transaction occurred
on 1 January 2013, nor are they necessarily indicative of the results or cash flows of the Group for any future periods. Because of their nature, the Illustrative Combined
Financial Metrics are based on a hypothetical situation and, therefore, do not represent the actual financial position or results of the operations and cash flows of the Group.
These materials may contain forward-looking statements regarding future events or the future financial performance of the Enlarged Group. You can identify forward looking
statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These
forward-looking statements include matters that are not historical facts and statements regarding the Company’s and its shareholders’ intentions, beliefs or current expectations
concerning, among other things, the Enlarged Group’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company
operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in
the future.
The Company cautions you that forward-looking statements are not guarantees of future performance and that the Enlarged Group’s actual results of operations, financial
condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates may differ materially from those described in or suggested
by the forward-looking statements contained in these materials. In addition, even if the Company’s results of operations, financial condition, liquidity, prospects, growth,
strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those results or
developments may not be indicative of results or developments in future periods.
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 forward-looking statements of the Company, including, among others, general
economic conditions, the competitive environment, risks associated with operating in Russia, market change in the Russian transportation industry or particularly in the ports
operation segment, as well as many other risks specifically related to the Company and its operations.
These materials do not constitute an offer or an advertisement of any securities in any jurisdiction.
2Definitions for terms marked in this presentation with capital letters provided in the Appendices at pages 27-28

REFERENCE TO ACCOUNTS AND
OPERATIONAL INFORMATION
Unless stated otherwise all financial information in this presentation is extracted from the Consolidated Financial Statements of the Company for the year ended 31
December 2014 which are prepared in accordance with International Financial Reporting Standards adopted by the European Union (“IFRS”) and the requirements of
Cyprus Companies Law, Cap. 113.
From 1 January 2014 the Group adopted IFRS 11, ‘Joint arrangements’ which has resulted in significant changes in the accounting policies applied by the Group. Prior
to 1 January 2014, the Group’s interests in jointly controlled entities (VEOS and MLT and CD groups) were accounted for by using the proportionate method of
consolidation. From 1 January 2014 jointly controlled entities are accounted for using the equity method of consolidation.
The Global Ports Group’s Consolidated Financial Statements for the twelve months period ended 31 December 2014 are available at the Global Ports Group’s corporate
website (www.globalports.com).
The financial information is presented in US dollars, which is also the functional currency of the Company and certain other entities in the Group. The functional currency
of the Group’s operating companies for the periods under review was (a) for the Russian Ports segment, the Russian rouble, (b) for Oil Products Terminal segment and
for the Finnish Ports segment, Euro.
In this presentation the Group has used certain non-IFRS financial information as supplemental measures of the Group’s operating performance. Such information is
marked in this presentation with an asterisk {*}.
Information (including non-IFRS financial measures) requiring additional explanation or defining is marked with initial capital letters and the explanations or definitions
are provided at the end of this presentation.
Rounding adjustments have been made in calculating some of the financial and operational information included in this presentation. As a result, numerical figures
shown as totals in some tables may not be exact arithmetic aggregations of the figures that precede them.
Market share data has been calculated using the information published by the Association of Sea Commercial Ports (“ASOP”), www.morport.com, ARGUS Nefte
Transport and Drewry Financial Research Services Ltd (“Drewry”).

CONTENTS
4Definitions for terms marked in this presentation with capital letters are provided in the Appendices on pages 27-28
Page
I. Global Ports at a Glance 5
II. 2014: Focus on efficiency, cash flow and pricing 6
III. Russian container market 7
IV. High potential for further containerisation across key industries 8
V. Operational and commercial developments 9
VI. Financial highlights: 2014 10
 Focus on operational efficiency 11
 Other segments 12
 Strong cash flow, focus on deleveraging 13
VII. Key takeaways 14
VIII. Appendices
 Enlarged Global Ports 16
 Selected operational and financial information 21

The #1 container terminal operator in Russia(1), market leadership reinforced by acquisition of Global Port’s largest
competitor, NCC Group Limited at the end of 2013
● Approximately every second container in Russia is handled by Global Ports
Strong presence in both key container gateways to Russia: Baltic and the Far Eastern basins
Efficient, well invested terminals provide for low CAPEX requirements and high cash flow generation
Listed on the main market of the London Stock Exchange, free float of 20.5%(2)
● APM Terminals and N-Trans (each with 30.75% of share capital) are the core strategic shareholders
● Adherence to best-in-class corporate governance, Board of Directors with strong track record and deep understanding
of the industry
GLOBAL PORTS AT A GLANCE
5
(1) Source: ASOP, based on 2014 overall Container Throughput in the Russian Federation ports
(2) Of total share capital.
Definitions for terms marked in this presentation with capital letters provided in the Appendices at pages 27-28
BALTIC
BASIN
BLACK SEA
BASIN
FAR
EASTERN
BASIN
Vostochnaya
Stevedoring Company
MLT-Helsinki
MLT-Kotka
Vopak E.O.S. Ust-Luga
Container
Terminal
Moby Dik
First Container Terminal
Petrolesport
Logistika-Terminal
Yanino

2014: FOCUS ON EFFICIENCY, CASH FLOW AND PRICING
6
Focus on efficiency
improvement and free
cash flow
maximisation
Revenue per TEU up 3.5%* year on year to USD 212*
Successful commercial campaign for 2015 completed
Unparalleled terminal
network provides added
value
(1) Before dividends from joint ventures
(2) Including derivative instruments
Debt reduced, priority
on further deleverage
Margin expansion,
increase in Adjusted
EBITDA
Adjusted EBITDA margin expanded c. 556 bps* to a record level of 66.8%* due to efficiency
gains, strong pricing and FX
Adjusted EBITDA increased 4% to USD 375.9 million*
● Cost reductions mitigated the 4.5%* revenue decline
Net Debt(2) reduced by USD 141 million, Net Debt / Adjusted EBITDA decreased from 3.7 to 3.2
times(2)
Following a recent sharp decline of container volumes and low visibility, the BoD has decided to
prioritize deleveraging and not distribute further dividends in the medium term
• FY 2014 dividend total remains USD 0.12 per GDR
• Dividends to resume upon recovery and reduced volatility of the market subject to sustaining
conservative leverage
Total Operating Cash Costs reduced 18%* compared to 2013 driven by efficiency improvements
and positive FX impact
• Further efficiency improvement initiatives are being implemented
CAPEX reduced from USD c.70 million in 2013 to USD 24 million in 2014

1q14 2q14 3q14 4q4 Jan-Feb15
2013 20142013 2014
Russian container market declined by 1% in 2014(1) with
negative y-o-y growth rates since August 2014
Impact of the food ban was muted
● Only few percent(2) of overall Russian container volumes were
affected
● Banned cargo was gradually substituted by container flows
from distant locations
Laden export grew 20%* y-o-y during 2014(1), positively
impacted by the depreciation of the Russian rouble and
ongoing containerisation of exports
Sharp decline in Rouble exchange rate and hike in interest
rates toward the end of 2014 have strongly impacted
consumption and imports
● This drove a 23%(3) decline in container volumes in January-
February 2015
Containerisation of Russian trade continues
● High potential across many key industries
RUSSIAN CONTAINER MARKET
7
Container Throughput in Russia
millionTEU
Source: ASOP
(1) Source: ASOP, based on FY 2014 overall container throughput in the Russian Federation ports without transit cargo volumes
(2) Company estimates based on Customs data
(3) Source: ASOP, YTD data of January - February 2015.
+20%*
-1%*
Container Throughput
5.18* 5.11*
0.92*0.76*
+3%* +1%*
-2%*
-6%*
2014 laden export
containers
-23%*
Dynamics of Container Throughput in Russia, y-o-y
Source: ASOP

57%
98%
68%
99% 86% 93%
Russia Brazil Turkey US EU Global
15%
33%
60% 68% 65%
47%
53%
71%
56%
78% 80% 78%
HIGH POTENTIAL FOR FURTHER CONTAINERISATION
ACROSS KEY INDUSTRIES1
8
Temperature or Climate Control (frozen food
and fish, perishable cargo etc.)
Chemicals & Products Foodstuffs & Beverages for human
consumption
Consumables
Plastics & rubbers
Consumer fashion, personal & household
goods
Manufactured metal & semi-manufactured
industrial consumables
Machinery parts. Components, supplies &
manufactures, n.e.s.
(1) Source: Seabury 2013 data, calculated as total containerised ocean trade in tonnes divided by total trade by country/region in tonnes
(2) Selected cargo groups represent more than 50% of Russian import measured in TEU’s
(3) Selected cargo groups represent around 45% of Russian export (excluding liquids) measured in tonnes
Chemicals & Products
Containerisation of imports(2) Containerisation of exports(3)
34%
65%
37%
71%
51%
65%
45%
86%
37%
83% 84% 75%
4%
31% 31% 29%
47%
36%
25%
30%
19%
31% 31% 36%
8%
25% 26%
66%
34% 35%
8% 12%
67%
13%
39% 32%

2013 2014
OPERATIONAL AND COMMERCIAL DEVELOPMENTS
9
Revenue per TEU* (Russian Ports Segment)(1)
millionTEU
Gross container throughput*(2)
2.55*
2.40*
(1) Data for FY 2013 is based on an Illustrative Combined basis, including the results of NCC Group.
(2) Gross container throughput and Total marine container throughput include throughput of Global Ports standalone and NCC Group. Global Ports standalone gross container throughput includes 100% throughput in PLP, VSC, Moby Dik,
and Finnish ports, NCC Group throughput includes 100% throughput of FCT and ULCT.
(3) Source: PwC report, Feb2015? www.pwc.ru
USD
Unparalleled terminal network provides for added value
● Growth in revenue per TEU in 2014 vs FY 2013
due to firm pricing
● Successful pricing campaign for 2015
Gross container throughput decreased 4%*
● Mainly driven by loss of volumes to low cost competition due
to “pricing over market share ” strategy of Global Ports
5%* volume growth in car handling despite a 40% decline in
imported new car sales volumes in Russia(3) as
● Key client gains market share
● New car brands attracted
0.25*0.22*
2.77* 2.67*
Russian ports Finnish ports Total marine
container throughput
2013
2014
-4%
-6%
+12%
205*
212*
+3.5%

2013 2014
2013 2014
2013 2014
2013 2014
2013 2014
2013 2014
FINANCIAL HIGHLIGHTS: 2014(1)
10
Strong
pricing
mitigated
volume
impact on
revenues
Margin
expansion
driven by
positive FX
impact and
cost control
Reduced
CAPEX to
maximise
FCF
562589
mlnUSD
Revenue
-4.5%
mlnUSD
4.1%
Adjusted EBITDA and Adjusted EBITDA margin
-66%
CAPEX
mlnUSD
376*361*
70
24
66.8%*61.3%*
Russian Ports segment: 3.5%* growth in revenue per
TEU partially offset the 6%* decrease in container
volumes
Group revenues decreased 4.5%* to USD 562 million
Positive FX impact and cost control measures in
Russian Ports segment led to a 18% reduction in
Group’s Total Operating Cash Costs
Adjusted EBITDA margin up 556 bps* to record 66.8%*
Adjusted EBITDA increased 4% to USD 375.9 million*
as cost reductions mitigated the impact of the revenue
decline
Cash CAPEX in 2014 was substantially reduced from
initial plan of USD 66 million to USD 24 million
● Well invested terminals allow to focus on
maintenance CAPEX in current market environment
CAPEX guidance lowered to USD 27 million for 2015
and USD 25-35 million for few years thereafter
626 602
65.6%* 70.1%*
2.9%
410* 422*
-65%
72
25
Global Ports Russian Ports segment,
100% basis
-3,8%
Due to mandatory adoption of IFRS 11 from January 1st 2014, the Group’s joint ventures (VEOS, MD, YLP, Kotka, Helsinki) are consolidated
using the equity method of accounting and their proportional share of net profit is reported below EBITDA
(1) The results for 2013 are provided on Illustrative Combined basis and include the results of NCC Group.

2013 2014
FOCUS ON OPERATIONAL EFFICIENCY(1)
Further
measures to
take effect in
2015
Headcount: 5% reduction in operating staff of Russian
Ports segment during 2014 (expected to be reflected in
2015 results)
Process optimisation: decrease the number of
unproductive moves
Centralisation of top procurement items
11
(1) The results for 2013 are based on Illustrative Combined basis including the results of NCC Group.
Operating
improvements
at the enlarged
operation
launched
Comprehensive analysis of efficient use of available
capacity launched immediately after the NCC acquisition
● Review of distribution of container volumes in North
West and related headcount optimisation
● Adjustments to operating processes and practices
● Equipment utilization and technical asset management
Operating Cash Costs of the Russian Ports segment
decreased by 17%* during 2014 y-o-y (broadly flat in
Rouble terms). Inflationary pressures largely mitigated by:
● Optimised equipment use resulting in reduction of
equipment running costs and M&R costs
● Decrease in transportation expenses via
optimisation of intra-terminal movements
● Thorough control over other expenses
Operating Cash Costs of Russian Ports segment
mlnUSD
-17%
179.8*
215.8*
Breakdown of Operating Cash Costs of Russian
Ports segment (FY 2014)
46.8%
7.0%
8.1%
8.3%
29.8%
Staff costs
Transportation
expenses
Fuel, electricity and
gas
Repair and
maintenance of PPE
Other

OTHER SEGMENTS
12
Vopak E.O.S.: changing business model Finnish Ports segment - growth in volumes and
Adjusted EBITDA
Throughput, mln tons
9.7*
6.9*
-29%
202
117
-42%
87*
47*
-46%
2013
2014
224*
3.4
23.6251*
24.1
3.9*
12%
2%
15%
Throughput, thousand TEU Revenue, USDm Adjusted EBITDA, USDm
Revenue, USDm Adjusted EBITDA
(USDm) and Adjusted
EBITDA margin (%)
Implemented a new business model focusing more on
storage and accumulation of large shipment, utilising the
unique features of the tank farm consisting of 78 tanks of
different sizes
A 29% decrease in throughput along with an increased share
of lower-revenue generating seaborne deliveries negatively
affected VEOS’s revenues
Restructuring of VEOS’s operations achieved a 39%*
reduction in the segment’s cash costs mitigating the negative
impact to Adjusted EBITDA
Market environment remains challenging
2013
2014
Due to mandatory adoption of IFRS 11 from January 1st 2014, Vopak E.O.S. and Finnish Ports segment are consolidated
using the equity method of accounting and their proportional share of net profit is reported below EBITDA
43%* 40%*
Finnish Ports segment throughput increased 12%* supported by
volumes from new clients acquired in 2013
Revenues increased 2% resulting in 15%* growth in Adjusted
EBITDA
Competitive landscape changed in Finland, another player re-
appeared in the 2h14

as of 31.12.13 as of 31.12.14as of 31.12.13 as of 31.12.14
STRONG CASH FLOW, FOCUS ON DELEVERAGE
13
Net debt to Adjusted EBITDA, interest rate Balanced debt repayment schedule
Net cash flow from operating activities 2014
Cash and deposits(2) as at 31.12.14
Debt repayment schedule as at 31.12.14
335
79
53*57*
175*
(1)Including cross-currency interest rate swap arrangement
(2)Including deposits with the maturity over 90 days
Healthy net cash flow from operating activities of USD 335
million in 2014
Balanced debt repayment schedule
Following a recent sharp decline of container volumes and
low visibility regarding the market outlook, the Board has
decided to prioritize deleveraging and not distribute further
dividends in the medium term
Net debt reduced by USD 141 million during 2014 resulting in
net debt of USD 1,208 million*(1) as of 31 December 2014
● Net debt to Adjusted EBITDA decreased from 3.7 to 3.2
times(1)*
● Average interest rate of the debt portfolio decreased from
6.2% to 6% during 2014
Almost 100% of debt portfolio priced in US dollars(1) as of
31.12.14 matching revenues mainly denominated in US
dollars
Net CF from
operating
activities
Cash and
deposits
1H 2015 2H 2015 2016 2017
197*
mlnUSD
1,349
1,208
3.2x
3.7x
Net debt, USD million
AVG interest rate(1), %
6.2% 6.0%

2009 2015
KEY TAKEAWAYS: GPI HAS BUILT A STRONG PLATFORM…
One of several
market players
in Russia
Initiated re-development of
PLP from timber port to
modern container terminal
Clear market leader with
unparalleled network of seven
maritime container terminals
1.84* 4.16*
2.3x*
Marine container throughput
capacity(1)
Modern well - invested
terminals with highest level of
service
Private company
LSE listed company,
co-controlled by APM Terminals
and N-Trans
Stronger
market position
Better value
proposition for
clients
Operating
to best
international
standards
2009 2015
Client mix dominated by
regional feeder lines
Around 80% of clients are blue
chip main line operators
Share of main line operators in throughput
More resilient
client base
2009 2015
34% 80%
(1) In Russia
14

… ABLE TO RESPOND TO CHALLENGES OF 2015.
Clear strategy…
… and action plan in
place…
Focus on containers
Emphasis on efficiency and cost control
Optimise CAPEX; supported by well-invested facilities
Focus on FCF generation
Maintain strong pricing in containers supported by an unparalleled terminal network
Further process optimisation and cost cutting
Reduce CAPEX to c USD 25-35 million p.a. over the coming years
… prioritizing
deleverage.
Net Debt reduced by USD 141 million during 2014, Net Debt / EBITDA reduced
by 0.5 to 3.2 times
Prioritise deleveraging over dividends in the mid term

16
APPENDIX #1
Enlarged Global Ports

WELL INVESTED CONTAINER TERMINALS IN KEY GATEWAYS
Source: Drewry, open sources, Company analysis
Note: Gross container handling capacity with respect to container terminals of the Group as at 31 December 2014
Black Sea Basin
15% of Russian market 2014 throughput
Russia
• Capacity: 440 ths. TEU
NCSP
Novorossiysk
Black
Sea
Turkey
NUTEP (Delo)
Baltic Sea Basin
Far East Basin
VSC
VMTP (FESCO)
Vladivostok
Okhotsk
Sea
VSFP
Russia
China
Russia
Finnish transit
Baltic countries’ transit
Moby Dik
• Capacity: 1,000 ths. TEU
PLP
St. Petersburg
Region
Estonia
Latvia
Kaliningrad
Region
Baltic Sea
Lithuania
Ust-Luga
BSC (NCSP)
and Kaliningrad SCP
• Capacity: 1,250 ths. TEU
FCT
CT St-Petersburg (UCL
Holding)
Moscow
Finland
Other terminals
17Definitions for terms marked in this presentation with capital letters are provided in the Appendices on pages 27-28

GLOBAL PORTS CORPORATE STRUCTURE1
18
Entity Partner Share Partner Profile
Vopak E.O.S. Royal Vopak 50%
• Global market leader in independent bulk liquid storage terminals
• 80 terminals with a combined storage capacity of more than 31 million cubic
meters in 28 countries1
Moby Dik, Finnish
Ports, Yanino
Container Finance
Ltd Oy
25% in
each
• Finnish investment company with extensive experience in transportation
• Shareholder of door-to-door European container transport company
Containerships
ULCT Eurogate 20%
• One of the largest and the most reputable European container-terminal groups,
operating ten sea terminals on the North Sea, in the Mediterranean region as
well as on the Atlantic
• Handled over 14.8 million TEUs in 2014
Global Ports
VSC PLP Moby Dik
75%100%100%
Yanino
75%
Finnish
Ports
75%
Vopak E.O.S.
50%
9%
Polozio
Enterprises Limited
TIHL
30.75%
APM Terminals
9%30.75%
FCT ULCT LT
100%100% 80%
Ilibrinio
Establishment Limited
20.5%
Free Float
Source: Companies’ data.
(1) As of March 2015.

Best practice governance standards established since 2008
● Quick and un-bureaucratic decision making processes
Strong and professional Board of Directors including
experienced INED’s
● Board committees chaired by INEDs
Entrepreneurial and experienced management team
● Proper split of responsibilities between head office and
terminal management
STRONG AND EFFECTIVE GOVERNANCE
Global Ports governance structure
Capt. Bryan Smith
Senior INED
(since 2008)
Chairman of Nominations
and Remuneration
committees
Siobhan Walker
INED
(since 2011)
Chairman of Audit and
Risk committee
General meeting of shareholders Remuneration Committee
Nomination Committee
Audit and Risk Committee
Internal Auditor
KEY EXECUTIVE MANAGEMENTTERMINALS
VICTORIA SCHERBAKOVA-
SLUSARENKO,
General Manager of Yanino
EDUARD CHOVUSHYAN,
Managing Director of PLP
ALEXANDER DUDKO, ,
Managing Director of VSC
DIRK VAN ASSENDELFT,
General Manager of Multi-
Link Terminals
VITALY MISHIN,
General Manager of Logistika
Terminal
ALEXANDER TIKHOV,
Managing Director of FCT
ARNOUT DIRK LUGTMEIJER,
General Manager of VEOS
ANDREY BOGDANOV,
General Manager of ULCT
MIKHAIL LOGANOV,
Chief Financial Officer
EVGENY ZALTSMAN,
Head of Business Development
ROY CUMMINS,
Chief Commercial Officer
ANDERS KJELDSEN,
Chief Operating Officer
Board of Directors
ALEXANDER NAZARCHUK,
Chief Executive Officer
Appointment of the
members of terminals’
Board of Directors and
General Managers
Coordination of respective activities and policies
19
Definitions for terms marked in this presentation with capital letters are provided in the Appendices on pages 27-28

OVERVIEW OF JV ACCOUNTING IMPLEMENTATION
100% basis consolidation in IFRS
● Adjusted EBITDA of USD 375.9 million*(1)
Consolidated using equity method of accounting
Proportional share of Net Profit reported below EBITDA:
● Proportional share of net loss of USD 7.7 million
Previous amount of financial information on segments (100% basis)
available in IFRS statement’s segment note 5
Segment on a 100% basis
● EBITDA: USD 422 million*
Segment on a 100%
basis
● EBITDA: USD 47 m*
Segment on a 100%
basis
● EBITDA: USD 3.9 m*
VSC PLP FCT ULCT
Moby
Dik
LT Yanino
Vopak
E.O.S.
Global Ports
Russian Ports segment Oil Products segment Finnish Ports segment
Finnish
Ports
Source: Company’ data.
(1) Including results of Holdings.
Holdings

21
APPENDIX #2
Selected operational and
financial information

SELECTED OPERATIONAL INFORMATION1
22
Source: Management accounts
(1) Data is on a 100% basis. 2013 numbers include NCC Group FY13 data
(2) Total throughput of Russian Ports excludes the throughput of Yanino which, in 2013 and 2014 was 63 thousand TEUs and 89 thousand TEUs respectively and the throughput of LT which, in 2013 and 2014 was 95 thousand TEUs and
89 thousand TEUs respectively;
(2)
2013 2014 2013 2014
Gross throughput Gross throughput
Russian Ports segment Finnish Ports segment
Globalports containerised cargo (thousand TEUs)
PLP 711 658 Containerised cargo (thousand TEUs) 224 251
VSC 475 475
Moby Dik 219 228
FCT 1,084 941 Oil Products Terminal segment
ULCT 62 104
Total Russian Ports segment 2,551 2,404
Oil products Gross Throughput (million
tonnes)
9.7 6.9
Non-containerised cargo
Ro-ro (thousand units) 24 23
Cars (thousand units) 108 114
Bulk cargo (thousand tonnes) 895 751

SELECTED OPERATIONAL INFORMATION (continued)
23
Source: The management accounts
2014 2014
Capacity (end of the period)
Russian Ports segment Finnish Ports segment
Russian Container Terminal Capacity (excluding Yanino and LT inland)
Annual container handling capacity (Thousand TEUs)
PLP 1,000
VSC 650 MLT Kotka 150
Moby Dik 400 MLT Helsinki 270
FCT 1,250 Total 420
ULCT 440
Total Global Ports 3,740
Yanino, inland container terminal
Annual container handling capacity (Thousand TEUs) 200
Annual general cargo capacity (Thousand tonnes) 400
Oil Products Terminal
Segment
LT, inland container terminal Storage Capacity (in thousand cbm) 1,026
Annual container handling capacity (Thousand TEUs) 200

GLOBAL PORTS INCOME STATEMENT
24
Source: Global Ports consolidated financial statements; all data is based on equity method of accounting of joint ventures
USD million 2014 Reported
2013
Illustrative
Combined
2013 Reported
Revenue 562.4 589.1* 332.2
Cost of sales (231.5) (285.3)* (137.0)
Gross profit 330.9 303.8* 195.3
Selling, general and administrative expenses (55.2) (62.3)* (45.6)
Share of profit of joint ventures (7.7) 16.9* 16.9
Other gains/(losses) - net 10.5 7.6* 2.8
Operating profit 278.6 266.0* 169.4
Finance income/(costs) - net (507.7) (19.9)
Profit before income tax (229.1) 149.5
Income tax expense 31.8 (35.4)
Profit for the period (197.3) 114.1
Profit attributable to:
Owners of the Company (193.1) 114.1
Non-controlling interests (4.2) (0.0)
Adjusted EBITDA* 375.9* 361.0* 197.8*
Adjusted EBITDA Margin* 66.8%* 61.3%* 59.6%*
Summary Income Statement

GLOBAL PORTS CONSOLIDATED BALANCE SHEET
25
Source: Global Ports consolidated financial statements; all data is based on equity method of accounting of joint ventures. The comparative figures for 2013 in the audited IFRS financial statements does not
include cashflows and financial results of NCC Group for the year r ended 31 December 2013, but include financial position of NCC Group as of that date
(1) Including bank deposits with maturity over 90 days
USD million 31-Dec-13* 31-Dec-14*
PP&E (incl. prepayments) 1,337.3 736.7
Intangible assets 1,441.1 822.2
Other non-current assets 246.4 221.1
Cash and equivalents1 114.2 78.8
Other current assets 137.7 54.7
Total assets 3,276.8 1,913.6
Equity attributable to the owners of the Company 1,208.0 366.3
Minority interest (15.4) 25.4
LT borrowings 1,230.9 1,073.7
Derivative financial instruments 26.1 102.8
Other non-current liabilities 422.3 199.8
ST borrowings 206.4 110.0
Other current liabilities 198.5 35.6
Total equity and liabilities 3,276.8 1,913.6
Summary Balance Sheet

GLOBAL PORTS CONSOLIDATED CASH FLOW STATEMENT
26
Source: Global Ports consolidated financial statements; all data is based on equity method of accounting of joint ventures
000 000 USD
2013
Reported
2013
Illustrative
Combined
2014 Reported
Cash generated from operations 218.8 393.7* 388.4
Dividends received from joint ventures 70.3 70.3* 9.5
Tax paid (37.5) (57.4)* (62.7)
Net cash from operating activities 251.6 406.6* 335.2
Cash flow from investing activities
Acquisition of subsidiary under common control net of cash acquired (177.6) (177.6)* -
Purchases of intangible assets (0.1) (0.1)* (0.2)
Purchases of property, plant and equipment (63) (70)* (24)
Contingent consideration paid - - (61.6)
Loans granted to related and third parties (19.6) (37.6)* (12.5)
Loans and finance lease repayments received 1.3 1.3* 0.5
Other 2.2 2.6* 4.0
Net cash used in investing activities (256.6) (281.4)* (93.3)
Cash flow from financing activities
Proceeds from the issue of shares to non-controlling interest - - 12.8
Net cash inflows/(outflows) from borrowings and financial leases 210.3 168.6* (105.8)
Interest paid (15.0) (93.0)* (92.2)
Dividends paid to the owners of the Company (150.4) (153.9)* (48.5)
Expenses in relation to issued shares (1.5) (1.5)* -
Net cash from/(used) in financing activities 43.5 (79.7)* (233.6)
Summary Cash Flow Statement

DEFINITIONS
27
Adjusted EBITDA (a non-IFRS financial measure) for Global Ports Group is defined as profit for the period before income tax expense, finance income/(costs)-net, share of profit/losses of JVs accounted
for using equity method, depreciation of property, plant and equipment, amortisation of intangible assets, other gains/(losses)-net, impairment charge of property, plant and equipment, and impairment
charge of goodwill;
Adjusted EBITDA Margin (a non-IFRS financial measure) is calculated as Adjusted EBITDA divided by revenue, expressed as a percentage;
Average Storage Capacity is a storage capacity available at Vopak E.O.S. oil products terminals, averaged for the beginning and end of the year;
Baltic Sea Basin is the geographic region of northwest Russia, Estonia and Finland surrounding the Gulf of Finland on the eastern Baltic Sea, including St. Petersburg, Tallinn, Helsinki and Kotka;
Container Throughput in the Russian Federation Ports is defined as total container throughput of the ports located in the Russian Federation, excluding half of cabotage cargo volumes. Respective
information is sourced from ASOP (“Association of Sea Commercial Ports”, www.morport.com);
Cash Costs of Sales (a non-IFRS financial measure) are defined as cost of sales, adjusted for depreciation and impairment of property, plant and equipment, amortisation of intangible assets;
Cash Administrative, Selling and Marketing expenses (a non-IFRS financial measure) are defined as administrative, selling and marketing expenses, adjusted for depreciation and impairment of
property, plant and equipment, amortisation of intangible assets;
CD Holding group consists of Yanino Logistics Park (an inland terminal in the vicinity of St-Petersburg), CD Holding and some other entities. The results of CD Holding group are accounted for in the
Global Ports’ financial information using equity method of accounting (proportionate share of net profit shown below EBITDA);
Far East Basin is the geographic region of southeast Russia, surrounding the Peter the Great Gulf, including Vladivostok and the Nakhodka Gulf, including Nakhodka on the Sea of Japan;
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 to be established in the USSR.
The Global Ports Group owns a 100% effective ownership interest in FCT. The results of FCT are fully consolidated;
Finnish Ports segment consists of two terminals in Finland, MLT Kotka and MLT Helsinki (in port of Vuosaari), in each of which Container Finance currently has a 25% effective ownership interest. The
results of the Finnish Ports segment are accounted for in the Global Ports’ financial information using equity method of accounting (proportionate share of net profit shown below EBITDA);
Fuel Oil Export Market is defined as the export of fuel oil from ports located in the Former Soviet Union countries;
Functional Currency is defined as the currency of the primary economic environment in which the entity operates. The functional currency of the Company and certain other entities in the Global Ports
Group is US dollars. The functional currency of the Global Ports Group’s operating companies for the years under review was (a) for the Russian Ports segment, the Russian Rouble, (b) for Oil Products
Terminal segment, and for the Finnish Ports segment, the Euro;
Gross Container Throughput represents total container throughput of a Group’s terminal or a Group’s operating segment shown on a 100% basis. For the Russian Ports segment it excludes the
container throughput of the Group’s inland container terminals, Yanino and Logistika Terminal;
Logistika Terminal (LT) is an inland container terminal providing a comprehensive range of container freight station and dry port services at one location. The terminal is located to the side of the St.
Petersburg - Moscow road, approximately 17 kilometres from FCT and operates in the Shushary industrial cluster. The Global Ports Group owns a 100% effective ownership interest in LT. The results of LT
are fully consolidated;
LTM Adjusted EBITDA (a non-IFRS financial measure) represents Adjusted EBITDA for the last twelve months;
MLT group consists of Moby Dik (a terminal in the vicinity of St-Petersburg) and Multi-Link Terminals Oy (terminal operator in Vuosaari (near Helsinki, Finland) and Kotka, Finland). The results of MLT
group are accounted for in the Global Ports’ financial information using equity method of accounting (proportionate share of net profit shown below EBITDA);
Moby Dik (MD) is located on the St. Petersburg ring road, approximately 30 kilometers 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, Container Finance LTD currently has a 25% effective ownership interest. The results of MD are accounted for in the Global Ports’
financial information using equity method of accounting (proportionate share of net profit shown below EBITDA);

DEFINITIONS
28
Net Debt (a non-IFRS financial measure) is defined as a sum of current borrowings and non-current borrowings, less cash and cash equivalents and bank deposits with maturity over 90 days;
Oil Products Terminal segment consists of the Group’s 50% ownership interest in Vopak E.O.S. (in which Royal Vopak currently has a 50% effective ownership interest). The results of the Oil Products
Terminal segment are consolidated in the Global Ports’ financial information using equity method of accounting (proportionate share of net profit shown below EBITDA);
Operating Cash Costs of Russian Ports are defined as total Russian Ports segment’s cost of sales and administrative, selling and marketing expenses, less segment’s less depreciation and
impairment of property, plant and equipment, less amortisation of intangible assets, a non-IFRS measure;
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;
Revenue per CBM of Storage is defined as the total revenue of Oil Products Terminal segment (Vopak E.O.S.) for a respective period divided by Average Storage Capacity during that period;
Revenue per Tonne of Throughput is defined as the total revenue of Oil Products Terminal segment for a respective period divided by Oil Products Terminal segment’s Gross Throughput in tonnes;
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;
Russian Ports segment consists of the Global Ports Group’s interests in PLP (100%), VSC (100%), FCT (100%), ULCT (80%) (in which Eurogate currently has a 20% effective ownership interest),
Moby Dik (75%), Yanino (75%) (in each of Moby Dik and Yanino Container Finance currently has a 25% effective ownership interest), and Logistika Terminal (100%). The results of Moby Dik and Yanino
are accounted for in the Global Ports’ condensed consolidated financial information for 2014 as well as to the Illustrative Combined Metrics of 2013 financial information using equity method of
accounting (proportionate share of net profit shown below EBITDA);
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;
Total Operating Cash Costs (a non-IFRS financial measure) is defined as Global Ports Group’s cost of sales, administrative, selling and marketing expenses, less depreciation and impairment of
property, plant and equipment, less amortisation of intangible assets;
Transaction is the acquisition of 100% of the share capital of NCC Group Limited, announced on 2 September 2013 and completed on 27 December 2013;
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 a 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;
Vopak E.O.S. includes AS V.E.O.S. and various other entities (including an intermediate holding) that own and manage an oil products terminal in Muuga port near Tallinn, Estonia. The Group owns a
50% effective ownership interest in Vopak E.O.S.. The remaining 50% ownership interest is held by Royal Vopak. The results of Vopak E.O.S. are consolidated in the Global Ports’ financial information
using equity method of accounting (proportionate share of net profit shown below EBITDA);
Vostochnaya Stevedoring Company (VSC) is located in the deep-water port of Vostochny near Nakhodka on the Russian Pacific coast, approximately eight kilometers 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; and
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, Container Finance LTD currently has a 25% effective ownership interest. The results of YLP are accounted for in the Global Ports’ financial information
using equity method of accounting (proportionate share of net profit shown below EBITDA).

INVESTOR
RELATIONS
Mikhail Grigoriev
Phone: +357 25 313 475
E-mail: ir@globalports.com
Web: www.globalports.com
29

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