Page 1 For immediate release 02 September 2013 Global Ports Investments PLC Global Ports to acquire NCC Group Limited Global Ports Investments PLC (“Global Ports” or the “Company”, together with its subsidiaries and joint ventures, the “Group”; LSE ticker: GLPR) today announces that it has entered into binding arrangements to acquire 100% of the share capital of NCC Group Limited (together with its subsidiaries the “NCC Group”), for a cash consideration of USD 291.0 million and new shares representing approximately 18% 1 of the enlarged share capital of Global Ports 2 to be issued to Ilibrinio Establishment Limited and Polozio Enterprises Limited (the “Sellers”) in equal proportions (the “Transaction”). The acquisition of NCC Group, the second largest container terminals operator in Russia 3 , strengthens Global Ports’ leading position in the growing Russian container market and provides potential for greater operational efficiency through improved terminal network management and a reduction in overhead costs as well as the centralisation of support functions. In addition, the enlarged group will have approximately 1.12 4 million TEU of available capacity enabling it to accommodate throughput growth while reducing the Group’s CAPEX outlays for the next few years. The combination of NCC Group and Global Ports will enable shipping line customers to benefit from network savings through improved call rationalization, improved berth utilisation and enhanced productivity. NCC Group’s container terminal operations are located on the Baltic Sea, the principal gateway for Russian containerized cargo. Its key assets include 100% ownership of First Container Terminal (“FCT”) in St. Petersburg, 80% ownership of the recently launched Ust-Luga Container Terminal (“ULCT”) in the port of Ust-Luga and 100% ownership of Logistika-Terminal (“LT”), an inland container terminal located close to St. Petersburg which serves primarily as an inland container yard for FCT. As at the end of 2012 NCC Group’s marine terminals’ annual container handling capacity was approximately 1.69 million TEUs which can be significantly expanded in response to market demand. NCC Group’s inland container facility has a capacity of 200,000 TEUs. In 2012 NCC Group generated revenues of USD 253 million and Adjusted EBITDA of USD 164 million 5 . The Transaction also includes a call option for Global Ports to acquire 50% of the Illichevsk Container Terminal (“CTI”) for the strike price of USD 60 million 6 from NCC Group's current shareholders. The term of the call option is three years following the closing of the Transaction. CTI, which is located on the Black Sea, has a market share 7 of the Ukrainian container handling market of approximately 30%. As part of the Transaction, at closing, the Sellers will transfer loans provided to their related parties by NCC Group to Global Ports in the amount of USD 568.2 million and the interest accrued for the period from 31 December 2012 until the closing. Further, USD 155 million of loans outstanding from the related 1 On a fully diluted basis, consisting of 103,170,730 shares of Global Ports (market value of USD 361.1 million based on a GDR price of USD 10.50 per GDR on the London Stock Exchange as of 30 August 2013) of which 50% will be voting shares and 50% will be non-voting shares. 2 50% of the equity component (i.e. 9% of new Global Ports’ shares) will be in the form of GDRs representing ordinary voting shares (corresponding to approximately 15% of Global Ports’ enlarged voting share capital) and the other 50% will be issued as non-voting shares. 3 By 2012 throughput, according to the Association of Sea Commercial Ports (“ASOP”). 4 Calculated as NCC Group’s and the Group’s marine terminal's container handling capacity as of 31 December 2012 less combined maritime container throughput in 2012. 5 See Appendix 2. 6 Adjusted for the proportionate amount of the net debt at the time of exercise. 7 Source: http://portsukraine.com/
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Page 1
For immediate release 02 September 2013
Global Ports Investments PLC
Global Ports to acquire NCC Group Limited
Global Ports Investments PLC (“Global Ports” or the “Company”, together with its subsidiaries and joint
ventures, the “Group”; LSE ticker: GLPR) today announces that it has entered into binding arrangements to
acquire 100% of the share capital of NCC Group Limited (together with its subsidiaries the “NCC Group”),
for a cash consideration of USD 291.0 million and new shares representing approximately 18%1 of the
enlarged share capital of Global Ports2 to be issued to Ilibrinio Establishment Limited and Polozio
Enterprises Limited (the “Sellers”) in equal proportions (the “Transaction”).
The acquisition of NCC Group, the second largest container terminals operator in Russia3, strengthens
Global Ports’ leading position in the growing Russian container market and provides potential for greater
operational efficiency through improved terminal network management and a reduction in overhead costs
as well as the centralisation of support functions. In addition, the enlarged group will have approximately
1.124 million TEU of available capacity enabling it to accommodate throughput growth while reducing the
Group’s CAPEX outlays for the next few years. The combination of NCC Group and Global Ports will
enable shipping line customers to benefit from network savings through improved call rationalization,
improved berth utilisation and enhanced productivity.
NCC Group’s container terminal operations are located on the Baltic Sea, the principal gateway for Russian
containerized cargo. Its key assets include 100% ownership of First Container Terminal (“FCT”) in St.
Petersburg, 80% ownership of the recently launched Ust-Luga Container Terminal (“ULCT”) in the port of
Ust-Luga and 100% ownership of Logistika-Terminal (“LT”), an inland container terminal located close to
St. Petersburg which serves primarily as an inland container yard for FCT. As at the end of 2012 NCC
Group’s marine terminals’ annual container handling capacity was approximately 1.69 million TEUs which
can be significantly expanded in response to market demand. NCC Group’s inland container facility has a
capacity of 200,000 TEUs. In 2012 NCC Group generated revenues of USD 253 million and Adjusted
EBITDA of USD 164 million5.
The Transaction also includes a call option for Global Ports to acquire 50% of the Illichevsk Container
Terminal (“CTI”) for the strike price of USD 60 million6 from NCC Group's current shareholders. The term
of the call option is three years following the closing of the Transaction. CTI, which is located on the Black
Sea, has a market share7 of the Ukrainian container handling market of approximately 30%.
As part of the Transaction, at closing, the Sellers will transfer loans provided to their related parties by
NCC Group to Global Ports in the amount of USD 568.2 million and the interest accrued for the period
from 31 December 2012 until the closing. Further, USD 155 million of loans outstanding from the related
1 On a fully diluted basis, consisting of 103,170,730 shares of Global Ports (market value of USD 361.1 million based on a GDR price
of USD 10.50 per GDR on the London Stock Exchange as of 30 August 2013) of which 50% will be voting shares and 50% will be non-voting shares. 2 50% of the equity component (i.e. 9% of new Global Ports’ shares) will be in the form of GDRs representing ordinary voting shares
(corresponding to approximately 15% of Global Ports’ enlarged voting share capital) and the other 50% will be issued as non-voting shares. 3 By 2012 throughput, according to the Association of Sea Commercial Ports (“ASOP”). 4 Calculated as NCC Group’s and the Group’s marine terminal's container handling capacity as of 31 December 2012 less combined maritime container throughput in 2012. 5 See Appendix 2. 6 Adjusted for the proportionate amount of the net debt at the time of exercise. 7 Source: http://portsukraine.com/
Page 2
parties of the Sellers as of 31 December 2012 together with USD 17 million of further loans advanced
during 2013 and all accrued interest thereto are to be set-off against non-cash dividends to be declared by
NCC Group.
The Sellers are expected to receive two seats (one each) on the Board of Directors without any special
voting or veto rights. The Sellers will be subject to certain non-compete restrictions for as long as they have
rights to board representation and will cease to be entitled to board representation if they sell any of the
interests in the Company they received as a consideration in the Transaction. The non-compete restrictions
will remain in effect for a two year period after the Sellers cease to have board representation. All the
Global Ports' shares received by the Sellers as a consideration in the Transaction (representing
approximately 18% of Global Ports’ enlarged share capital) will be locked up for 6 months following
completion. This lock up will extend for an additional 18 months with respect to a portion of such of shares
(representing approximately 10% of Global Ports’ enlarged share capital). Transportation Investments
Holding Limited (“TIHL”) and APM Terminals B.V. (“APM Terminals”) have pre-emptive rights over any
Sellers’ disposals of these shares.
The Transaction has been approved by the Board of Directors of Global Ports. In connection with such
approval, Deutsche Bank provided an opinion addressed to the Board of Directors of Global Ports as to
whether the consideration to be paid by Global Ports pursuant to the Transaction is fair, from a financial
point of view, to Global Ports. The increase in the authorised share capital of Global Ports is subject to
approval at an Extraordinary General Meeting to be held on 27 September 2013.
The cash element of the Transaction will be financed through bank financing. The transaction is expected
to complete by the end of 2013, subject to customary conditions precedent, including regulatory approvals
and the issuance of a prospectus for the enlarged Global Ports Group approved by the UK Listing
Authority.
The Company is today also releasing the consolidated financial statements of NCC Group for the years
ended 31 December 2012, 2011 and 2010 in a separate announcement.
Nikita Mishin, Chairman of the Board of Global Ports, commented:
“By acquiring NCC Group and bringing the two companies together, Global Ports confirms its market
leadership and creates a company with an enviable position in the high-growth Russian container market.
NCC Group is not only considered to be one of the best container terminal operators in Russia and Eastern
Europe, it is also highly profitable with a track record of more than 10 years of excellent performance.
Global Ports’ development over the past five years has made it possible for us to seize this unique
opportunity. The decision to list the company in London in 2011, the improved access to capital alongside
its cash-generative operations and the introduction of APM Terminals, a major international ports operator,
into the shareholder base have all played key roles. We believe we have strengths and competencies that
few can replicate and therefore have an unparalleled ability to capitalise on the opportunities that we see
ahead to create significant value for the Group and all of its stakeholders.”
Further information is available in the following Appendices
Appendix 1: Extracts from the Financial Statements of the NCC Group for 2010-2012
Appendix 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
of NCC Group Limited and its Consolidated Subsidiaries
Total .......................................................................................................................... 577 611
In addition, the average monthly gross container throughput at ULCT in the first six months of 2013 was
3.5 thousand TEUs and in July 2013, gross container throughput was 7.3 thousand TEUs.
Indebtedness
In June and July 2013, NCC Group borrowed a total of USD 250 million under a loan agreement with VTB
Capital PLC, with a maturity in 2020. The loan was used to refinance some existing loans. The terms of
the loan provide for repayments to begin in 2017, with the majority of repayments falling due in 2018 and
2019.
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In May 2013, NCC Group refinanced its existing loan facility from Sberbank of Russia with a principal
amount of USD 288 million, effectively extending the maturity to 2020 and making some of the financial
covenants more favourable to the borrower. The terms of the new loan provide for repayments to begin in
2017, with the majority of repayments falling due in 2018 and 2019.
In March 2013, NCC Group also entered into a swap arrangement (the “Swap Arrangement”) with an
affiliate of Sberbank of Russia to swap the payments under a Rouble-denominated loan from Sberbank of
Russia (shown in NCC Group’s consolidated statement of financial position as at 31 December 2012 in an
amount of USD 212 million) into US dollars and to swap the floating rate of interest on that loan to a fixed
rate. This arrangement was entered into to fix the interest costs under the relevant loan and to hedge NCC
Group’s Rouble currency exposure as its revenues are largely in US dollars.
Prior to completion of the Transaction, a loan owing by ULCT to Eurogate, the minority shareholder of
ULCT, is expected to be converted into equity in ULCT, together with all accrued interest up to the point of
such conversion, together with a similar conversion of a pro rata amount of indebtedness owing by ULCT
to another member of the NCC Group (which will be eliminated on consolidation). As at 31 December
2012, this loan was included in NCC Group’s loans and borrowings in an amount of USD 53.4 million (the
“Eurogate Loan”).
As at 30 June 2013, the scheduled cash principal repayments (excluding any interest or other amounts and
excluding any effect or adjustment from the Swap Arrangement, but applying the relevant exchange rate
under the Swap Arrangement) of NCC Group’s loans and borrowings from banks (excluding, for the
avoidance of doubt, the Eurogate Loan) was as set out in the table below. This information is not prepared
in accordance with IFRS and differs in its calculation from the presentation in NCC Group’s consolidated
financial statements or the notes thereto.
As at 30 June 2013
(USD millions)
Due in the second half of 2013 ............................................................................................................... 55
Due in 2014 ............................................................................................................................................ 62
Due in 2015 ............................................................................................................................................ 40
Due in 2016 ............................................................................................................................................ 135
Due after 2016 ........................................................................................................................................ 645
Total loans and borrowings from banks(1)(2) ........................................................................................ 937
(1) The Rouble-denominated loans and borrowings from banks to which the Swap Arrangement relates are converted into US
dollars at the rate under such swap.
(2) Excludes the Eurogate Loan referred to above.
As at 30 June 2013, the weighted average interest rate on NCC Group’s loans and borrowings was 6.4%
per annum (calculated as the weighted average of loans and borrowings as at 30 June 2013, according to
management accounts) and applying the applicable exchange rate under the Swap Arrangement (but
excluding the effect of fees and commissions), which will differ to the calculation for the purposes of
presentation in the notes to NCC Group’s consolidated financial statements).
Loans to shareholders
In February and March 2013, NCC Group advanced an aggregate principal amount of USD 17.0 million to
its shareholders under existing loan agreements. See also “—Key Factors Affecting NCC Group’s
Financial Condition and Results of Operations—Loans to shareholders and related borrowings—Loans to
shareholders”.
Acquisition of IT service provider
In April 2013, NCC Group acquired Rolis, a software and IT services company providing services to NCC
Group, from NCC Group’s related party for USD 3.5 million, in anticipation of the Transaction.
Page 18
Acquisition of Balt Container
In August 2013, NCC Group acquired LLC Balt Container, from NCC Group’s related party for USD 0.3
thousand, in anticipation of the Transaction.
DESCRIPTION OF KEY LINE ITEMS
The following discussion provides a description of the composition of the principal line items on NCC
Group’s income statement for the periods presented.
Revenue
NCC Group generates revenue primarily from cargo handling and storage services. Revenue is measured at
the fair value of the consideration received or receivable and represents amounts receivable for goods and
services provided in the normal course of business, net of sales related taxes. Revenue is recognised to the
extent that it is probable that the economic benefits will flow to NCC Group and the revenue can be reliably
measured. Revenue is reduced for estimated trade discounts and other similar allowances. Revenue from
cargo and handling services is recognised in the accounting period in which the services are rendered.
Revenue from storage services is recognised on a straight-line basis over the accounting period in which
the services are rendered.
Cost of sales
Cost of sales consists of staff costs and related taxes, services (which include electricity supply, security
services and transportation services), property insurance, inventory costs (which include fuel, gas and spare
parts), rent, repairs and maintenance and other expenses net.
Gross profit
Gross profit is calculated by subtracting cost of sales from revenue.
Selling, general and administrative expenses
Selling, general and administrative expenses consists of staff costs and related taxes, other third parties
services, audit and consulting services, bank charges, rent, repair and maintenance, communication
expenses and other expenses.
Depreciation and amortization expenses
Depreciation and amortization expenses consists of NCC Group’s depreciation and amortization expenses.
Other income/(expenses), net
Other income/(expenses), net consists of taxes other than income taxes, loss on disposal of property, plant
and equipment, other income/(expenses) net and prior period value added tax for refund.
Finance income
Finance income includes interest income on bank balances, short-term bank deposits, and loans to related
parties.
Finance costs
Finance costs include interest expenses on bank borrowings, on finance leases, on loans from related
parties, and on loans from third parties.
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Foreign exchange gain/(loss), net
Foreign exchange gain/(loss), net consists of foreign exchange gains and losses relating to certain non-
financial assets and liabilities.
Profit before income tax expense
Profit before income tax expense is calculated by subtracting selling, general and administrative expenses,
depreciation and amortization expenses, other income/(expenses), net, finance income, finance costs and
foreign exchange gain/(loss), net from gross profit.
Income tax expense
Income tax expense represents the sum of current and deferred income taxes.
Profit for the year
Profit for the year is calculated by subtracting income tax expense from profit before income tax expense.
RESULTS OF OPERATIONS FOR NCC GROUP FOR THE YEARS ENDED 31 DECEMBER 2010, 2011 AND 2012
The following table sets out the principal components of NCC Group’s consolidated income statement for
Revenue primarily comprises cargo handling and storage services. NCC Group handles containers in its sea
ports and containers and bulk cargoes in its inland facility, LT.
The following table sets out NCC Group’s revenue for the years ended 31 December 2010, 2011 and 2012.
13 Gross profit margin, Adjusted EBITDA and Adjusted EBITDA margin (the “Supplemental Non-IFRS Measures”) are presented as
supplemental measures of NCC Group’s operating performance, which NCC Group believes are frequently used by securities
analysts, investors and other interested parties in the evaluation of companies in the Russian market and global ports sector. The Supplemental Non-IFRS Measures are measures of NCC Group’s operating performance that are not required by, or prepared in
accordance with, IFRS. All of these supplemental measures have limitations as analytical tools, and investors should not consider any
one of them in isolation, or any combination of them together, as a substitute for analysis of NCC Group’s operating results as reported under IFRS and should not be considered as alternatives to revenues, profit, operating profit, net cash provided by operating
activities or any other measures of performance derived in accordance with IFRS or as alternatives to cash flow from operating
activities or as measures of NCC Group’s liquidity. In particular, the Supplemental Non-IFRS Measures should not be considered as measures of discretionary cash available to NCC Group to invest in the growth of its business. Other companies in the port containers
terminal sector may calculate these Supplemental Non-IFRS Measures differently or may use each of them for different purposes than
NCC Group, limiting their usefulness as comparative measures. 14 Gross profit margin is calculated as gross profit divided by revenue, expressed as a percentage. 15
Adjusted EBITDA is calculated as profit for the period before income tax expense, foreign exchange gain/(loss), net, finance costs,
finance income and depreciation and amortization expenses adjusted further for the one-off nonrecurring VAT tax refund for previous
periods as described in Note 8 of the NCC Group financial statements and certain other non-cash or one-off nonrecurring gains and losses included within other income/(expenses), net in Note 8 of the NCC Group financial statements. For a reconciliation of
Adjusted EBITDA to profit before income tax expense, see “—Non-IFRS measures: Adjusted EBITDA and Adjusted EBITDA
Margin”. 16 Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue, expressed as a percentage.
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Year ended 31 December
2010 2011 2012
(USD millions)
Cargo handling and storage services .................................... 254.4 304.5 242.2
Rental income ...................................................................... 3.8 5.4 5.3
Other .................................................................................... 2.0 7.6 5.8
Total revenue ...................................................................... 260.2 317.5 253.3
NCC Group’s revenue increased by 22% from USD 260.2 million in 2010 to USD 317.5 million in 2011.
The increase was mainly driven by a 20%, or USD 50.1 million, increase in revenue from cargo handling
and storage services. Revenue from cargo handling and storage services increased mainly due to a 1.2%
increase in marine throughput and an 18% increase in revenue per TEU in 2011, compared with the
previous year. See “—Key Factors Affecting NCC Group’s Financial Condition and Results of Operations
– Throughput volumes” and “—Key Factors Affecting NCC Group’s Financial Condition and Results of
Operations—Pricing”.
In 2012, revenue decreased by 20% from USD 317.5 million in 2011 to USD 253.3 million in 2012. The
decrease was mainly driven by a 20%, or USD 62.3 million, decrease in revenue from cargo handling and
storage services due to a 9% decrease in container throughput and a 13% decrease in revenue per TEU in
2012, compared with the previous year. See “—Key Factors Affecting NCC Group’s Financial Condition
and Results of Operations – Throughput volumes” and “—Key Factors Affecting NCC Group’s Financial
Condition and Results of Operations—Pricing”.
Cost of sales
The following table sets out NCC Group’s cost of sales for the years ended 31 December 2010, 2011 and
2012.
Year ended 31 December
2010 2011 2012
(USD millions)
Staff costs and related taxes ...................................................... 23.3 28.5 30.2
(1) Included within other income/(expenses), net is a one-off nonrecurring VAT tax refund for previous periods as described in
Note 8 of the NCC Group financial statements.
(2) There are certain differences in the format and the presentation layout of the Global Ports financial statements and the NCC
Group financial statements, which are relevant to the calculation of Adjusted EBITDA. In particular, included within other
income/(expenses), net in Note 8 of the NCC Group financial statements are certain non-cash or one-off and nonrecurring items which would be excluded from EBITDA calculation had the NCC Group financial statements be prepared in
accordance with the format and layout of the Global Ports financial statements. These items are summarised under other
gains/(losses) - net in the table above.
NCC Group’s Adjusted EBITDA increased by USD 49.4 million or 27% from USD 181.4 million in 2010
to USD 230.8 million in 2011 due to the factors discussed above.
NCC Group’s Adjusted EBITDA decreased by USD 66.8 million or 29% from USD 230.8 million in 2011
to USD 164.0 million in 2012. This decrease was due to the factors described above including a negative
contribution of USD 10 million to NCC Group’s Adjusted EBITDA from the Adjusted EBITDA of the
ULCT container terminal, which began operations in December 2011.
NCC Group’s Adjusted EBITDA margin, calculated as Adjusted EBITDA divided by revenue, expressed
as a percentage, was 69.7%, 72.7% and 64.7% in 2010, 2011, and 2012, respectively.
For certain limitations relating to Adjusted EBITDA and Adjusted EBITDA margin, see footnote (13)
above.
LIQUIDITY AND CAPITAL RESOURCES
General
NCC Group’s liquidity needs arise primarily in connection with operating costs, capital maintenance and
investment activities at its terminals and debt servicing. In the periods under review, NCC Group’s liquidity
needs were met by revenues generated from operating activities and from loans and borrowings. NCC
Group expects to fund its liquidity requirements in both the short- and medium-term with cash generated
from operating activities and loans and borrowings.
Cash flows
The following table sets out key selected items of NCC Group’s cash flow statement for the years ended
31 December 2010, 2011 and 2012.
Page 27
Year ended 31 December
2010 2011 2012
(USD millions)
Receipts from customers .................................................................. 286.3 329.1 265.2
Other receipts ................................................................................... 15.9 25.4 36.8
Payments to suppliers and employees .............................................. (96.9) (76.1) (74.8)
Other payments ................................................................................ (21.3) (48.7) (27.4)
Cash generated from operations ................................................... 184.0 229.8 199.8
Income tax paid ................................................................................ (22.1) (30.4) (26.8)
Total borrowings ............................................................................ 1,061.4 1,041.7 1,003.7
For information concerning a swap arrangement entered into in 2013 in respect of certain Rouble-
denominated borrowings, see “—Recent Developments—Indebtedness”.
The following table sets out NCC Group’s loans and borrowings for the years ended 31 December 2010,
2011 and 2012 by maturity (including interest and principal). For further information on the maturity
profile of NCC Group’s debt, see “—Recent Developments—Indebtedness”.
Page 31
As at 31 December
2010 2011 2012
(USD millions)
At call ....................................................................................... - - 226.1(1)
Due within one month ............................................................... 5.7 6.6 1.4
Due from one to three months................................................... 33.6 18.6 15.7
Due from three to twelve months .............................................. 221.7 98.8 108.4
Total current portion repayable in one year......................... 261.0 124.0 351.6(1)
Due from two to five years ....................................................... 877.3 950.7 816.0
Due thereafter ........................................................................... 231.2 197.8 4.8
Total loans and borrowings .................................................... 1,369.5 1,272.6 1,172.4
(1) As discussed above, a loan in the amount of USD 226.1 million was presented in current liabilities as at 31 December 2012
as NCC Group did not comply with certain financial covenants stipulated in the relevant loan agreement, which entitled the relevant lender to claim immediate settlement of the loan (although this right was not exercised). In April 2013, NCC
Group received a waiver from that bank, and subsequently, the loan was repaid.
CAPITAL COMMITMENTS
Construction of container terminals
NCC Group has entered into a number of contracts in connection with the construction of facilities at
ULCT and the expansion of existing facilities during the periods under review. Outstanding commitments
in respect of these contracts as at 31 December 2012 amounted to approximately USD 16 million (31
December 2011: USD 31 million).
Operating leases – NCC Group as a lessee
NCC Group leases certain equipment and office premises. Future minimum rental payments under non-
cancellable operating leases at the reporting date are as follows:
As at 31 December
2010 2011 2012
(USD millions)
Not later than one year ............................................................................. 3.2 4.0 3.8
Later than one year and not later than five years...................................... 12.0 14.9 12.6
Later than five years................................................................................. 83.7 104.1 76.5
Total ........................................................................................................ 98.9 123.0 92.9
Operating leases – NCC Group as a lessor
NCC Group leases certain non-residential premises and land plots at some of its terminals.
The relevant operating lease arrangements are mostly cancellable and have an average life of about one
year. Non-cancellable arrangements have terms from 1 to 5 years.
Future minimum lease receivables under non-cancellable operating leases at the dates specified are as
follows:
As at 31 December
2010 2011 2012
(USD millions)
Not later than one year ............................................................................. 2.3 3.0 3.1
Later than one year and not later than five years...................................... 7.4 6.7 3.3
Total ........................................................................................................ 9.7 9.7 6.4