For immediate release                                                                                                                 19 August 2021

Global Ports Investments PLC

2021 Interim Results

Global Ports Investments PLC ("Global Ports" or the "Company", together with its subsidiaries and joint ventures, the "Group" or the "Global Ports Group"; LSE ticker: GLPR) today publishes its interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2021.

Information (including non-IFRS financial measures) requiring additional explanation or terms which begin with capital letters and the explanations or definitions thereto are provided at the end of this announcement. Certain financial information is derived from the management accounts.

Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2021 is available here: http://www.rns-pdf.londonstockexchange.com/rns/1001J_1-2021-8-18.pdf

2021 INTERIM RESULTS SUMMARY

●       Revenue increased by 24.6% to USD 229.8 million (+6.9% like-for-like)[1]

●      Adjusted EBITDA grew 8.5% to USD 113.8 million, delivering like-for-like Adjusted EBITDA Margin increase of 92 basis points to 64.8%, reflecting ongoing strong cost control and focus on efficiency

●       Operating profit growth of 11.0% to USD 87.4 million

●       Profit for the period more than doubled to USD 53.9 million

●       Free Cash Flow generation growth of 34.8% to USD 93.6 million

●       Further deleveraging success with Net Debt down USD 58.2 million and Net Debt to LTM Adjusted EBITDA reduced to 2.5x (-0.4x compared to 31 December 2020)

●       Consolidated Marine Container Throughput up 1.9% y-o-y to 789 thousand TEU with strong market position successfully protected in all key basins of presence

●       Consolidated Marine Bulk Throughput of 2.6 million tonnes (+19.4% y-o-y)

●       Strong recovery in Cars and High and Heavy Ro-Ro handling (+62.3% y-o-y and +45.6% y-o-y respectively)

●       Improved credit profile confirmed by rating agencies: RA Expert upgraded rating of the Group and its financial instruments by 2 notches to ruAA, Fitch Ratings affirmed at BB+ and Moody's at Ba2.

Albert Likholet, CEO of Global Ports, commented:

"I believe that over the last six months, the Group has achieved a very strong set of results - both in the container and non-container segments of our business. In addition, we have successfully protected our terminals' container market share in both the Group's key basins of presence and taken the required steps to capitalise on the recovery in container and non-container cargo handling as the world begins to emerge from the impacts of the pandemic.

"In an increasingly competitive market, we have successfully converted volume growth into Revenue generation and due to our commitment to efficiency, we have demonstrated both Adjusted EBITDA growth and Adjusted EBITDA Margin improvement.

"Our cash generation from operations remains strong and this half of the year we saw further growth in Free Cash Flow of almost 35% enabling clear progress towards our deleveraging target with Net Debt to LTM Adjusted EBITDA ratio reduced to 2.5x.

"Given the acceleration in growth momentum that we saw in 2Q21 in both full container import and full container exports, combined with the thriving growth in transit volumes, we take a cautiously optimistic view on the rest of the year.  Nonetheless, our priorities remain unchanged - we will continue to focus on providing high standards of service, reliability and predictability for our clients and ensuring that we strive to achieve constant improvement in our offering. This strategic approach has served us well and enabled the Group to achieve consistently strong results over the last several years, despite all the challenges the industry has faced."

Group financial and operational highlights for the six months ended 30 June 2021

Unless otherwise stated, all comparisons below are for the first half of 2021 in comparison to the first half of 2020.

Financial Highlights

●       Consolidated revenue increased by 24.6% to USD 229.8 million; excluding the impact of VSC transportation services, like-for-like revenue increased by 6.9% driven by an increase in both Consolidated Container and Non-Container Revenue

●       Like-for-like Revenue per TEU increased by 5.3% to USD 169.1 mainly as a result of positive cargo and basin mix changes

●       Operating profit increased by 11.0% to USD 87.4 million

●       The 4.2% - growth of like-for-like Total Operating Cash Costs to USD 62.3 million was successfully kept under control as a result of ongoing efficiency measures and economies of scale from the healthy growth in both container and non-container throughput

●       Adjusted EBITDA increased by 8.5% to USD 113.8 million as a result of volume growth, Revenue per TEU increase and ongoing cost control measures. Profitability improved with like-for-like Adjusted EBITDA Margin to 64.8% posting an increase of 92 basis points

●       The Group achieved significant Free Cash Flow growth of 34.8% by generating USD 93.6 million

●       The Group reduced Net Debt by USD 58.2 million over the first six months of the year and continues to prioritise deleveraging over dividend distribution

●       In line with the Group's focus on deleveraging, Net Debt to LTM Adjusted EBITDA decreased from 2.9x as of 31 December 2020 to 2.5x as at the end of the reporting period, achieving the Group's lowest leverage ratio since 2012

Operational Highlights

●       Strong market growth seen in the first half of 2021 as the overall Russian container market grew by 7.6% to 2.67 million TEU, driven by both the accelerating growth of full containerised import (+16.0% y-o-y) and the continued growth of containerised export (+2.2 y-o-y)

●       As a result of the sharp increase in freight rates in the global container shipping market in the second half of 2020 and a deficit of empty containers globally, during the first half of 2021 market players preferred faster container import and export supply chains with the shortest sea leg. As a result, in the first half of 2021 market growth was concentrated in the Far Eastern basin (+14.7% y-o-y) and the Southern basin (+9.1% y-o-y). Despite these market dynamics, combined throughput of terminals located in Saint Petersburg and the surrounding area demonstrated signs of recovery in Q2 2021[2] with volumes in the first half of 2021 down by 4.2% y-o-y

●       Successfully protecting market share in both basins of presence, the Group's Consolidated Marine Container Throughput increased by 1.9% y-o-y to 789 thousand TEU in the first half of 2021 with principal terminal growth in the Far East of 17.8% y-o-y and a decline of container throughput at terminals located in Saint Petersburg and the surrounding area of 4.1% y-o-y

●       The Group's Consolidated Marine Bulk Throughput increased by 19.4% y-o-y to 2.6 million tonnes in the first half of 2021, driven by the solid recovery in global coal demand and high growth of fertilisers and scrap metal handling at PLP

●       High and Heavy Ro-Ro handling demonstrated a continued recovery in the first half of 2021 with a 45.6% growth to 13 thousand units. Car handling was also strong in reporting period with a 62.3% growth to 54.6 thousand units

●       On the back of the strong prolonged container market growth in the Far East, the decision has been made to discontinue coal handling at VSC in 3Q 2021 and concentrate on the Group's core strategic operations of driving container volumes. This decision will enable the Group to decrease its environmental impact from the third quarter of 2021 and capture the growth opportunity presented by the increased sustained demand for container import and export flows as well as steadily growing transit volumes -  at VSC

Outlook

The Russian container market proved its resilience during a challenging 2020 and demonstrated strong performance in the first half of 2021 driven by the recovery in full import, booming transit volumes and continuing growth on containerised export.  We see solid market fundamentals suggesting that these trends might continue for the rest of 2021, with demand being exceptionally strong in the Far Eastern basin. The improvement of supply-demand balance in the market is expected to continue.

Bulk cargo handling volumes are expected to be impacted in the second half of 2021 by the decision of the company to gradually cease coal handling at VSC concentrating on the Group's core strategic container operations.

Disciplined CAPEX approach to be maintained although strong market growth and growing utilisation will require the full year 2021 CAPEX increase by around 40% compared to the full year 2020.

Further information is available in the following Appendices:

●       Appendix 1: Results of operations for Global Ports for the six month period ended 30 June 2021;

●       Appendix 2: Reconciliation of Additional data (non-IFRS) to the condensed consolidated financial information;

●       Appendix 3: Definitions and Presentation of Information;

●       Appendix 4: Investor Presentation.

Market data

Market data used in this press-release, as well as certain statistics, including statistics in respect of market growth, volumes of third parties and market share, have been extracted from official and industry sources and other third-party sources, such as the Association of Sea Commercial Ports ("ASOP") the Central Bank of the Russian Federation and the Russian Federal State Statistics Service, among others.

Downloads

The interim condensed consolidated financial information for the six month period ended 30 June 2021 for Global Ports are available for viewing and downloading at
 https://www.globalports.com/en/investors/reports-and-results/.

Analyst and Investor Conference call

The publication of these results will be accompanied by an analyst and investor conference call hosted by:

·      Albert Likholet, Chief Executive Officer, Global Ports Management LLC

·      Alexander Roslavtsev, Chief Financial Officer, Global Ports Management LLC

·      Brian Bitsch, Chief Commercial Officer, Global Ports Management LLC

·      Alexander Iodchin, Head of Strategy and Business Development and General Manager of Global Ports Investments PLC

·      Mikhail Grigoriev, Head of Capital Markets and Investor Relations, Global Ports Management LLC

Date: Thursday, 19 August 2021
Time: 12.00 UK / 14.00 Moscow
To participate in the conference call, please dial one of the following numbers and ask to be put through to the "Global Ports" call:
Standard International Access: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
USA Toll Free: 1 866 966 5335
Russia Toll Free: 8 10 8002 4902044
Moscow: +7 (8) 495 249 9843

ENQUIRIES

NOTES TO EDITORS

Global Ports Investments PLC

Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput.[3]

Global Ports' terminals are located in the Baltic and Far East Basins, key regions for foreign Russian trade and transit cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal[4] and Moby Dik[5] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[6] (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park[7] located in the vicinity of St. Petersburg.

Global Ports' revenue for the first half 2021 was USD 229.8 million and Adjusted EBITDA was USD 113.8 million. Consolidated Marine Container Throughput was 789 thousand TEU in the first half of 2021.

Global Ports' major shareholders are Delo Group, the largest intermodal container and port operator in Russia[8] (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 operate a terminal network of 75 terminals globally. 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. Any forward-looking statement is based on information available to Global Ports as of the date of the statement and, other than in accordance with its legal or regulatory obligations, Global Ports does not intend or undertake to update or revise these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements involve known and unknown risks and Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially from what is expressed or implied by these statements. 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. All written or oral forward-looking statements attributable to Global Ports are qualified by this caution.

Appendix 1: Results of operations for Global Ports for the six month period ended 30 June 2021

The financial information presented in this appendix is extracted from the Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2021. This appendix also includes certain non-IFRS financial information, identified using capitalised terms below. For further information on the calculation of such non-IFRS financial information, see Appendix 3 (Definitions and Presentation of Information) and the section entitled "Non-IFRS Measures: Adjusted EBITDA and Adjusted EBITDA Margin" below. Readers of this appendix should read the entire announcement together with the Global Ports Group consolidated financial information also released on the date hereof, and not just rely on the summary information set out below.

Rounding adjustments have been made in calculating some of the financial and operational information included in this release. As a result, numerical figures and percentages shown as totals in some tables may not be exact arithmetic aggregations and other calculations of the figures that precede them. Certain financial information is derived from the management accounts.

Operational Information

The table below sets out the container and bulk cargo throughput of the Group's terminals for the periods indicated. Gross throughput is shown on a 100% basis for each terminal, including terminals held through joint ventures and accounted for using the equity method.

Strong market growth was seen in the first half of 2021 as the overall Russian container market grew by 7.6% to 2.67 million TEU, driven by both the accelerating growth of full containerised import (+15.6% y-o-y) and the continued growth of containerised export (+2.2 y-o-y). Due to the sharp increase in freight rates in the global container shipping market in the second half of 2020 and a deficit of empty containers globally, during the first half of 2021 market players preferred faster container import and export supply chains with the shortest sea leg. As a result, in the first half of 2021 the market growth was concentrated in the Far Eastern basin (+14.7% y-o-y) and the Southern basin (+9.1% y-o-y). Despite this shift in market dynamics, nonetheless the combined throughput of terminals located in Saint Petersburg and the surrounding area demonstrating signs of recovery in Q2 2021 with volumes in the first half of down only 4.2% y-o-y.

Successfully protecting market share in both basins of presence, the Group's Consolidated Marine Container Throughput increased by 1.9% y-o-y to 789 thousand TEU in the first half of 2021, with terminal growth in the Far East of 17.8% y-o-y and a decline of container throughput at terminals located in Saint Petersburg and the surrounding area of 4.1% y-o-y.

The Group's Consolidated Marine Bulk Throughput increased by 19.4% y-o-y to 2.6 million tonnes in the first half of 2021, driven by the solid recovery in global coal demand and high growth of fertilisers and scrap metal handling at PLP.

High and Heavy Ro-Ro handling demonstrated a continued recovery in the first half of 2021 with a 45.6% growth to 13 thousand units. Car handling was also strong in the reporting period with a 62.3% growth to 54.6 thousand units.

On the back of the strong container market growth in the Far East, the decision has been made to discontinue coal handling at VSC in 3Q 2021 and concentrate on the Group's core strategic container operations. This decision will enable the Group to capture the growth opportunity presented by the increased sustained demand for container import and export flows and the steadily growing transit volumes at VSC. In the first half of 2021 VSC handled 925 thousand tonnes of coal.

Results of operations of Global Ports for the six month period ended 30 June 2021 and 30 June 2020

The following table sets out the principal components of the Group's consolidated income statement and certain additional non-IFRS data of the Group for the six month period ended 30 June 2021 and 30 June 2020.

Revenue

The following table sets forth the components of the consolidated revenue for the first half of 2021 and

for the first half of 2020.

In the first half of 2021 like-for-like consolidated revenue increased by 6.9% to USD 175.4 million from USD 164.1 million in the first half of 2020, driven by the increase in like-for-like Consolidated Container Revenue and other revenue.

Like-for-like Consolidated Container Revenue increased by 7.3%, or USD 9.1 million, to USD 133.4 million. This change was driven by an increase in Consolidated Marine Container Throughput of 1.9% and by a 5.3% increase in like-for-like consolidated Revenue per TEU. Like-for-like Revenue per TEU increased mainly as a result of positive cargo and basin mix changes.

Consolidated Non-Container Revenue increased by 5.8%, or USD 2.3 million, to USD 42.0 million, as growth in throughput was partially offset by discount support given by the Group to its clients in 2020 in response to the decline of coal prices in the global market alongside the depreciation of the Russian Rouble.

As a result of new terms agreed on certain sales agreements, in 2020 and 2021 VSC acted as a principal versus a role as an agent at the beginning of 2019: previously the net result of revenue from transportation services and associated cost was included in the consolidated revenue. Since the middle of the first half of 2019 full revenue and associated cost have been gradually recognised in consolidated revenue and transportation expenses accordingly. This Adjusted EBITDA neutral change resulted in an additional USD 54.3 million attributed to consolidated revenue (USD 20.4 million in the first half of 2020) and USD 54.3 million attributed to the cost of sales in the first half of 2021. The Group discloses like-for-like data to provide historical consistency with the data before this accounting change in 2019. In the first half of 2021 the growth of VSC revenue from transportation services caused by organic growth of this part of business.

Cost of sales

The following table sets out a breakdown by expenses of the cost of sales for the first half of 2021 and

for the first half of 2020.

The cost of sales increased by USD 39.0 million, or 43.4%, from USD 89.9 million in the first half of 2020 to USD 129.0 million in the first half of 2021 primarily due to growth in transportation expenses at VSC. The growth in transportation expenses from USD 23.0 million to USD 57.5 million in the first half of 2021 was driven by new terms of certain agreements that changed the recognition of revenue and costs generated by VSC from railway services for clients as described above.

Like-for-like Cash Cost of Sales increased by USD 5.2 million, or 11.3%, from USD 45.7 million in the first half of 2020 to USD 50.8 million in the first half of 2021 driven by certain cost items related to the growth of coal handling at ULCT and VSC and growth in throughput and inflation.

Gross profit

Gross profit increased by USD 6.3 million, or 6.7%, from USD 94.5 million in the first half of 2020 to USD 100.8 million in the first half of 2021. This increase was due to the factors described above under Revenue and Cost of sales.

Administrative, selling and marketing expenses

Administrative, selling and marketing expenses decreased by USD 2.8 million, or 18.9%, from USD 15.0 million in the first half of 2020 to USD 12.2 million in the first half of 2021. This was primarily due to a decrease of USD 2.2 million, or 21.0%, in staff costs as a result of measures to increase efficiency.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA in the first half of 2021 increased by 8.5%, or USD 8.9 million to USD 113.8 million. Like-for-like Adjusted EBITDA Margin was 64.8%, 92 basis points higher than in the first half of 2020 (63.9%).

Share of profit/(loss) of joint ventures accounted for using the equity method

The Group's share of loss from joint ventures increased from a loss of USD 1.4 million in the first half of 2020 to a loss of USD 1.5 million in the first half of 2021.

The loss from MLT Group increased from USD 1.0 million in the first half of 2020 to a loss of USD 1.5 million. This result was primarily driven mainly by a loss of MLT.

The change in the share of results from CD Holding Group, from a loss of USD 0.4 million in the first half of 2020 to a profit of USD 0.01 million, was mainly driven by the depreciation of the Russian Rouble against the US Dollar in the first half of 2021 that resulted in a gain from the revaluation of the RUB nominated borrowings of YLP.

Other gains/(losses)-net

Other gains/(losses) changed from a net loss of USD 14 thousand in 2020 to a net loss of USD 346 thousand in the first half of 2021.

Operating profit/(loss)

The Group's operating profit increased from USD 78.7 million in the first half of 2020 to USD 87.4 million in the first half of 2021 due to the factors described above under Gross profit, Share of profit/(loss) of joint ventures accounted for using the equity method and Other gains/(losses)-net.

Finance income/(costs)-net

Net finance income/(costs) decreased from a cost of USD 49.7 million in the first half of 2020 to a cost of USD 25.5 million in the first half of 2021. This move was primarily due to a decrease of interest expenses on bonds from USD 31.2 million in the first half of 2020 to USD 22.4 million in the first half of 2021 as the result of own Eurobond buyback in 2020 and successful refinancing of FTC rouble bond with a lower coupon rate. In addition Net foreign exchange loss from financing activities changed from a loss of USD 29.8 million in the first half of 2020 to a profit of USD 6.1 million in the first half of 2021. This was partially offset by a change in the fair value of derivative instruments to a loss of USD 5.0 million in the first half of 2021 from a profit of USD 16.0 million in the first half of 2020.

Profit/(loss) before income tax

Profit before income tax increased to USD 61.9 million in the first half of 2021 from USD 29.1 million in the first half of 2020. This change is due to the factors described above under Operating profit/(loss) and Finance income/(costs)-net.

Income tax expense

In the first half of 2021 income tax expense was USD 8.0 million compared to USD 5.2 million in the first half of 2020.

Profit/(loss) for the period

The Group reported a profit of USD 53.9 million in the first half of 2021, an increase of USD 30.0 million and more than double the profit for the period of USD 23.8 million in the first half of 2020 due to the factors described above.

Liquidity and capital resources

General

As of 30 June 2021, the Group had USD 135.2 million in cash and cash equivalents.

The Group's liquidity requirements arise primarily in connection with repayments of principal and interest payments, capital investment programmes and ongoing costs of its operations. In the first half of 2021 the Group's liquidity needs were met primarily by cash flows generated from its operational activities as well as borrowings. The Group expects to fund its liquidity requirements in both the short and medium term with cash generated from operational activities and borrowings.

As a result of the shareholding and joint venture agreements of Moby Dik, the Finnish Ports and Yanino, the cash generated from the operational activities of each of the entities in those businesses is not freely available to fund the other operations and capital expenditures of the Group or any other businesses within the Group and can only be lent to an entity or distributed as a dividend with the consent of the other shareholders to those arrangements.

As of 30 June 2021, the Group had USD 689.1 million of total borrowings (including lease liabilities), of which USD 213.5 million comprised current borrowings and USD 475.5 million comprised non‑current borrowings. See also "Capital resources".

Cash flow

The following table sets out the principal components of the Group's consolidated cash flow statement for the first half of 2021 and for the first half of 2020.

Net cash from operating activities

Net cash from operating activities increased by USD 23.3 million, or 28.8%, from USD 81 million in the first half of 2020 to USD 104.3 million in the first half of 2021. Growth in net cash from operating activities was primarily due to 30.6% increase in cash generated from operations from USD 83.6 million in the first half of 2020 to USD 109.2 in the first half of 2021 due to the financial result from operations as described above.

Net cash used in investing activities

Net cash used in investing activities decreased from USD 11.1 million in the first half of 2020 to USD 9.9 million in the first half of 2021. This change was primarily due to a decrease in purchases of property, plant and equipment from USD 11.5 million in the first half of 2020 to USD 10.7 million in the first half of 2021 because part of the payments for the higher investments into the upgrade of equipment in order to improve productivity and service standards of the Group's terminals and in response to growing throughput, were deferred to the second half of 2021.

Net cash used in financing activities

Net cash used in financing activities increased by USD 123.9 million, or nearly tripled, from USD 43.3 million in the first half of 2020 to USD 167.2 million in the first half of 2021 due to an increase in the repayment of borrowings by USD 122.0 million because of scheduled FCT rouble bonds repayments in the reporting period in line with the Group's deleveraging strategy.

Capital resources

The Group's financial indebtedness consists of bank borrowings, bonds and lease liabilities and amounted to USD 689.1 million as of 30 June 2021. As of that date, all of the Group's borrowings were secured by guarantees and suretyships granted by certain Group members. Certain of these borrowings contain covenants requiring the Group and the borrower to maintain specific indebtedness to Adjusted EBITDA and other ratios, as well as covenants having the effect of restricting the ability of the borrower to transfer assets, make loans and pay dividends to other members of the Group. The Group is in full compliance with covenants in the reporting period.

The Weighted Average Effective Interest Rate of the Group's debt portfolio is 6.7% for USD nominated borrowings and 7.8% for Russian Rouble nominated borrowings.

As of 30 June 2021, the Group had a leverage of Net Debt to LTM Adjusted EBITDA ratio of 2.5x (compared to a ratio of 2.9x as of 31 December 2020).

The following table sets out the maturity profile of the Group's total borrowings (including lease liabilities) as of 30 June 2021.

As of 30 June 2021, the carrying amounts of the Group's borrowings (including lease liabilities) were denominated in the following currencies:

During the 12 month-period ended 31 December 2019 the Group entered into several RUB/USD currency forward contracts to acquire USD dollars in the period 2019-2022 in order to hedge part of its foreign exchange risk associated with its USD denominated non-convertible unsecured bonds (which have been provided as loans to the Russian operating subsidiaries).

As of 30 June 2021, there are outstanding forward contracts to acquire USD 118.6 million and USD 87 million covered by option contracts.

Appendix 2: Reconciliation of additional data (non-IFRS) to the consolidated financial information for the six month period ended 30 June 2021

Reconciliation of Adjusted EBITDA to profit for the period

Reconciliation of Adjusted EBITDA Margin

Reconciliation of Total Operating Cash Costs to cost of sales and administrative, selling and marketing expenses

Reconciliation of Cash Cost of Sales to cost of sales

Reconciliation of Cash Administrative, Selling and Marketing Expenses to Administrative, selling and marketing expenses

Reconciliation of Net Debt and Total Debt to borrowings and lease liabilities

Reconciliation of Free Cash Flow to net cash from operating activities

Reconciliation of LTM Adjusted EBITDA

Reconciliation of like-for-like revenue to consolidated revenue

Reconciliation of like-for-like Consolidated Container Revenue to Consolidated Container Revenue

Reconciliation of like-for-like Cash Cost of Sales to Cash Cost of Sales

Reconciliation of like-for-like Total Operating Cash Costs to Total Operating Cash Costs

Reconciliation of like-for-like EBITDA Margin