Global Ports Investments : 2020 Financial results FY

Global Ports Investments Plc

Management report and consolidated financial statements 31 December 2020

GLOBAL PORTS INVESTMENTS PLC

Management report and consolidated financial statements for the year ended 31 December 2020

Table of Contents

Board of Directors and other officers ......................................................................................................................... 2

Management report ...................................................................................................................................................... 4

Directors' Responsibility Statement ......................................................................................................................... 27

Consolidated income statement for the year ended 31 December 2020 .............................................................. 28

Consolidated statement of comprehensive income for the year ended 31 December 2020 .............................. 29

Consolidated balance sheet as at 31 December 2020 ............................................................................................ 30

Consolidated statement of changes in equity for the year ended 31 December 2020 ........................................ 31

Consolidated statement of cash flows for the year ended 31 December 2020 .................................................... 32

Notes to the consolidated financial statements ...................................................................................................... 33

• 1 General information .................................................................................................................................................. 33

• 2 Basis of preparation and summary of significant accounting policies ....................................................................... 34

• 3 Financial risk management ....................................................................................................................................... 46

• 4 Critical accounting estimates and judgements ......................................................................................................... 50

• 5 Segmental information .............................................................................................................................................. 52

• 6 Expenses by nature .................................................................................................................................................. 67

• 7 Other gains/(losses) - net ......................................................................................................................................... 68

• 8 Employee benefit expense ....................................................................................................................................... 68

• 9 Finance income/(costs) - net .................................................................................................................................... 69

• 10 Net foreign exchange gains/(losses) ........................................................................................................................ 69

• 11 Income tax expense .................................................................................................................................................. 70

• 12 Basic and diluted earnings per share ....................................................................................................................... 70

• 13 Dividend distribution ................................................................................................................................................. 70

• 14 Property, plant and equipment .................................................................................................................................. 71

• 15 Intangible assets ....................................................................................................................................................... 74

• 16 Financial instruments by category ............................................................................................................................ 75

• 17 Credit quality of financial assets ............................................................................................................................... 75

• 18 Inventories ................................................................................................................................................................ 76

• 19 Trade and other receivables ..................................................................................................................................... 76

• 20 Cash and cash equivalents ....................................................................................................................................... 78

• 21 Share capital, share premium ................................................................................................................................... 78

• 22 Borrowings ................................................................................................................................................................ 79

• 23 Lease liabilities and right-of-use assets .................................................................................................................... 82

• 24 Derivative financial instruments ................................................................................................................................ 83

• 25 Deferred income tax liabilities ................................................................................................................................... 84

• 26 Trade and other payables ......................................................................................................................................... 85

• 27 Joint ventures and non-controlling interests ............................................................................................................. 85

• 28 Contingencies ........................................................................................................................................................... 90

• 29 Commitments ............................................................................................................................................................ 92

• 30 Related party transactions ........................................................................................................................................ 92

• 31 Events after the balance sheet date ......................................................................................................................... 94

Independent Auditor's Report ................................................................................................................................... 95

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GLOBAL PORTS INVESTMENTS PLC

Management report and consolidated financial statements for the year ended 31 December 2020

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors

Mr. Soren Jakobsen (appointed 02 March 2018)

(Mr. Mogens Petersen is the alternate to Mr. Soren Jakobsen)

Chairman of the Board of Directors since 24 April 2020, Non-Executive Director, Member of Nomination and Remuneration and Strategy Committees

Mrs. Britta Dalunde (appointed 12 May 2017)

Senior Independent Non-Executive Director, Chairwoman of Audit and Risk Committee

Mr. Kristian Bai Hollund (appointed 29 May 2020)

(Mr. Soren Jakobsen is the alternate to Mr. Kristian Bai Hollund) Non-executive Director

Ms. Alexandra Fomenko (appointed 18 June 2019)

Non-Executive Director, Member of Nomination and Remuneration Committee

Mr. Shavkat Kary-Niyazov (appointed 18 June 2019)

Non-Executive Director

Mr. Demos Katsis (appointed 14 May 2018) Non-Executive Director

Mrs. Inna Kuznetsova (appointed 01 January 2018)

Independent Non-Executive Director, Chairwoman of Nomination and Remuneration Committee Member of Audit and Risk Committee

Mr. Lambros Papadopoulos (appointed 01 January 2018)

Independent Non-Executive Director, Member of Audit and Risk and Strategy Committees

Mr. Mogens Petersen (appointed 18 June 2019)

(Mr. Soren Jakobsen is the alternate to Mr. Mogens Petersen) Non-Executive Director, Member of Audit and Risk and Strategy Committees

Mr. Sergey Shishkarev (appointed 14 May 2018)

(Ms. Alexandra Fomenko is the alternate to Mr. Sergey Shishkarev) Non-executive Director, Chairman of Strategy Committee

Mr. Andrey Yashchenko (appointed 16 April 2020)

Non-executive Director, Member of Audit and Risk and Strategy Committees

Mr. Morten Henrick Engelstoft resigned 29 May 2020

Mr. Ivan Besedin resigned 16 April 2020

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GLOBAL PORTS INVESTMENTS PLC

Management report and consolidated financial statements for the year ended 31 December 2020

Board of Directors And Other Officers (continued)

Registered office

20 Omirou Street Ayios Nicolaos CY-3095 Limassol Cyprus

Secretary

Team Nominees Limited 20 Omirou Street

Ayios Nicolaos CY-3095 Limassol Cyprus

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