International Joint-Stock Company
Global Ports Investments
SAFE
HARBOUR
▶ Annual Report
2024
About the Report
Since 2022, Delo Group, the Company’s controlling
shareholder, has been issuing a Consolidated
Sustainable Development Report, which combines
information on all of its assets. In 2023, part of the non-
financial indicators disclosed in Delo Group’s Report
underwent the assurance procedure by an independent
auditor, including part of the non-financial indicators
within the Company’s perimeter.
If Delo Group conducts an independent assurance
of non-financial data for 2024, the Company’s indicators
provided in this Report may be adjusted based
on the audit results.
3. Changes in methodology
The Company strives to improve the methodology and
methods used to collect non-financial data. In parallel,
the Company is currently in the process of harmonising
its approaches and the adoption of methods and
practices for collecting and disclosing data with
the controlling shareholder Delo Group.
In the event of changes in methodologies or other
adjustments to non-financial data, the corresponding
explanations are provided in the footnotes.
Due to the limited availability of historical data,
non-financial indicators in the Report are disclosed
for the periods when the data were collected and
available.
▶ Approval of the Report
The Report was preliminarily approved by the
Board of Directors of IJSC GPI on 26 May 2025
(Minutes No. 07 dated 26 May 2025).
The Report was approved by the Annual General
Meeting of Shareholders of IJSC GPI on 30 June 2025
(Minutes No. 01 dated 01 July 2025).
▶ Contact details
You can send comments and suggestions on our corporate
reporting by email ir@globalports.com.
Feedback helps the Company enhance information
transparency and improve the quality of reporting.
▶ Disclaimer
This document does not constitute or form part
of any advertisement of securities, any offer or invitation
to sell or issue, or any solicitation of any offer
to purchase or subscribe to any securities of the Holding
in any jurisdiction. This document or any part hereof,
its presentation, or distribution does not constitute and
should not be relied on in connection with any contract
or investment decision.
These materials may contain forward-looking
statements regarding future events or the future financial
performance of the Holding. You can identify forward
looking statements by terms such as “expect”, “believe”,
“estimate”, “anticipate”, “intend”, “will”, “could”, “may”,
or “might”, the negative version of such terms, or other
similar expressions. The Holding cautions you that
forward-looking statements are not guarantees of future
performance and that the Holding’s actual results may
differ materially from those described in or suggested
by the forward-looking statements contained in these
materials. Many factors could cause the actual results
to differ materially from those contained in the Holding’s
forward-looking statements, including, inter alia, general
economic conditions, the competitive environment, risks
associated with operating in Russia, market changes
in the Russian transportation industry or particularly
in the ports operation segment, as well as many
other risks specifically related to the Holding and
its operations.
The Holding does not intend to update these statements
to reflect events and circumstances occurring
after the date hereof or to reflect the occurrence
of any unanticipated events.
The Annual Report (hereinafter also referred
to as the “Report”) of International Joint-Stock
Company Global Ports Investments (together with
its subsidiaries and joint ventures, hereinafter also
referred to as “IJSC GPI”, “Global Ports”, “Company”,
or “Holding”) for 2024 was prepared on the basis
of information available to IJSC GPI as of 31 December
2024 and includes a reliable overview of business results,
the position of the Holding and its assets included
in the consolidation perimeter, as well as the main risks
and uncertainties they face, unless otherwise evident
from the meaning or content of the information provided.
This Report has been prepared in accordance with
the requirements of applicable law, is addressed
to a wide range of stakeholders, and reflects the main
results of IJSC GPI for 2024 in terms of financial
and operational activities, strategic and corporate
management, and sustainable development.
This Report should be read in its entirety taking
into account the content of all its chapters,
as well as the notes and explanations contained therein.
The Report is published on an annual basis. This Report
covers the period from 1 January to 31 December 2024.
The Report may also include significant events that
occurred outside the reporting period in order to comply
with the principle of the timely reflection of information.
▶ Market data
Market data as well as certain statistics, including
statistics with respect to market growth, the 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.
Since 2025, the Company has switched to a new
methodology for calculating the marine container
market. Previously, the Company relied on Drewry
methodology, whereby only one half of cabotage
in small (other) ports in the Far East was included
in the total market volume in order to eliminate
duplication. As part of the new methodology, 100%
of the cabotage in all ports of all regions of the Russian
Federation is used to in the calculation of the total
market volume.
▶ Non-financial information
1. Perimeter
In late 2022, the Company gained full control over
the Moby Dik and Yanino terminals, increasing its share
from 75% to 100%. The new assets were included
in the perimeter of non-financial information in 2023.
The share of the new assets in quantitative indicators
for 2023–2024 does not exceed 5% of the final indicators.
The perimeter of the non-financial information currently
coincides with the perimeter of the IFRS consolidated
financial statements. The Company is working to improve
its approaches to building a system for collecting and
consolidating data to disclose all indicators along
a single perimeter in the future.
When preparing the Report, the Company does not
adjust quantitative indicators for the ownership stake
in subsidiaries.
2. External assurance
The non-financial information has not undergone
the procedure of independent data assurance
or compliance of disclosures with GRI standards,
but the Company understands the importance
of independent assurance in order to increase the level
of stakeholder confidence in the information contained
herein.
3
Annual Report — 2024
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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International Joint-Stock Company Global Ports Investments
2
Annual Report — 2024
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4
5
Contents
▶ ▶ ▶
1
2
3
About the Company
8
Global Ports today
10
Investment appeal
12
Geographic footprint
14
Our assets
18
Key ESG results of 2024
20
Key milestones
Strategic Report
24
Board of Directors statement
26
Management statement
28
Mission
28
Strategy
30
Business model
32
Market overview
34
Operational results
40
Improvements to operational
efficiency
Sustainable
Development
46
Management statement
48
Sustainable development
management
60
Environmental aspect
68
Social aspect
88
Governance aspect
Corporate
Governance
98
Corporate governance
structure
104
Risk management
Additional
Information
116
GRI content index
121
Additional information
for the Sustainable
Development section
130
Glossary
131
Shareholder information and
key contacts
5
Annual Report — 2024
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International Joint-Stock Company Global Ports Investments
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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growth rate
in container throughput at Global Ports
marine terminals in 2024
27%
ONE STEP
AHEAD
Global Ports is the leader in the stevedoring industry in Russia and the only
company in the country that simultaneously controls assets for container
handling and other types of cargo in two basins - the Baltic and the Far
Eastern ones. In 2024, Global Ports outpaced the market by two times in terms
of the growth rate of marine container throughput.
About the Company
1
8
Global Ports today
10
Investment appeal
12
Geographic footprint
14
Our assets
18
Key ESG results of 2024
20
Key milestones
▶
Strategic Report
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Corporate Governance
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Additional Information
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▶ ▶ ▶
Sustainable Development
About the Company
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Annual Report — 2024
7
International Joint-Stock Company Global Ports Investments
6
The key shareholder is Delo Group,
a leading transport and logistics
holding in Russia
Strong financial profile, high profit
margins, and a comfortable debt load
Since being founded, the Holding has maintained its leadership in the volume
of marine container handling. During this time, the market has survived several crises,
each of which led to structural changes on the market. The key to Global Ports’
success is a diversified business and the ability to quickly adapt to changes.
Russia’s largest companies in terms of marine
container handling in 20241, thousand TEU
1,152
Global Ports
Competitor 5
Competitor 4
Competitor 3
Competitor 2
Competitor 1
Global Ports today
Global Ports is a reliable partner for container lines and cargo owners and a reliable
employer in the regions where it operates. In 2024, the Holding achieved strong results and
demonstrated resilience in the face of macroeconomic uncertainty and a rapidly changing
operating environment.
Company profile
Achievements in 2024
A leader in the growing and promising
Russian marine container market1
The only player in Russia
with a network of terminals
in the Baltic and Far Eastern
basins
Diversified business that is resilient
to changes in the external environment
7 multifunctional marine terminals
in Russia and Finland with capacity
of 2.7 million TEU2
1
Based on the cargo throughput data of the Association of Sea Commercial Ports (ASOP) for 2024.
2 Management assessment based on the throughput capacity of the storage yard.
▶The Holding’s container throughput in the Baltic
basin more than doubled and fertiliser handling
volume increased by more than 30% y-o-y
For more, see ‘Operational results’
▶The first line of the bulk terminal was built
at Petrolesport, which significantly increased
the Company’s fertiliser handling capacity
For more, see ‘Fertiliser handling’
▶An FCT bond issue won the award for best initial
bond offering in the Transportation segment
For more, see ‘Shareholder and investor relations’
▶Reduction in LTIFR, development of a safety culture,
and improvements to safety standards compliance
For more, see ‘Safety indicators’
▶Retention of management and operational
personnel in the face of staff shortages and
the indexation of salaries for employees
For more, see ‘Employee support measures’
▶Based on the results of the Operational Efficiency
Department’s first year of work, the total economic
effect from the ideas that were implemented
exceeded RUB 1 billion and the level of engagement
amounted to 0.33 ideas per employee
For more, see ‘Operational efficiency improvement’
▶A unit for work with students was established, and
a cooperation agreement was signed with Admiral
Makarov State University of Marine and Inland
Shipping
For more, see ‘Work with students and youth’
▶Completion of the procedure to convert the GDRs
of GPI PLC into the shares of IJSC GPI
For more, see ‘Shareholder and investor relations’
International Joint-Stock Company Global Ports Investments
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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•
Stable high profit margins
•
Strict control over operating costs
•
Positive free cash flow
Strong financial
profile
50%
average adjusted EBITDA margin in 2020-2024
15%
average share of capital expenditures in revenue
in 2020-2024
~ 11.5%
average rate on debt portfolio
•
Access to Russian and foreign capital markets
•
Impeccable history of repayment of liabilities
•
Transparency for creditors
Impeccable public
debt history
More than RUB 53 bn
of total face value of bonds
8 issues
of rouble denominated bonds outstanding
2 issues
of Eurobonds fully repaid
•
High credit ratings from leading rating agencies
•
Comfortable and controlled debt load
•
No currency and interest rate risks
High credit
quality
AA(RU)
with a ‘stable’ outlook from ACRA
ruAA–
with a ‘stable’ outlook from Expert RA
2.2x
net debt to adjusted EBITDA ratio at the end of 2024
Investment appeal
•
Multifunctional terminals
•
High quality and speed of service
•
Capacity growth potential
•
7 marine terminals and 1 inland terminal
•
Leading positions in the Baltic and Far Eastern
basins
•
Growing faster than the market
•
Simultaneous presence in two basins
•
Growth in non-containerised cargo handling
as an additional source of revenue
•
More than 20 container lines in service
Modern
infrastructure
Leader in the stevedoring
industry in Russia
Diversified
business
2.7 mn TEU
capacity of the Holding’s marine container terminals3
1,152,000 TEU
consolidated marine container throughput in 2024
27.1% y-o-y
growth in the Holding’s consolidated marine container
throughput in 2024
No. 1
in container throughput in the Northwest1
No. 2
in container throughput in the Far East1
28 berths
with a total length of 5.6 km
3.7 mn tonnes
fertiliser handling volume in 2024
2.4 mn tonnes
coal handling volume in 2024
~400 ha
of total area of marine terminals, of which about 60%
is owned
•
Double-digit average annual market growth
rates since 2000
•
In 2024, the market fully recovered from
the downturn in 2022
•
The industry is growing faster than the Russian
economy as a whole
Fast-growing and
promising market
13.5% y-o-y
market growth in 2024
10.6%
average annual market growth rate in 2000-2024
More than 3 times
behind the global marine container market in terms
of containerisation2
1
Based on the cargo throughput data of the Association of Sea Commercial Ports (ASOP) for 2024.
2 Based on the data of the independent research agency Drewry.
3 Management assessment based on the throughput capacity of the storage yard.
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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Saint Petersburg
Murmansk
Novorossiysk
Nakhodka
3
Far Eastern basin
48%
share of the Far Eastern basin in the total
container throughput of Russian terminals
at the end of 2024
The Far Eastern basin is the fastest
route for container transport from Asia
to the European part of Russia and CIS
countries, as well as transit to the EU. Shorter
transit time is a key advantage for customers
shipping valuable and perishable cargo.
Starting from 2022, the Far East has accounted
for roughly half of the Russian market,
as European lines have ceased to call at Russian
ports in the Baltic basin and cargo flows from
the Northwest have been partially redirected
to Asia. Terminals in the Far Eastern basin have
a high utilisation rate of port facilities and high
tariffs, but also face increased competition
for cargo exports due to the limited capacity
of railway infrastructure in the Far East.
Russia
Sea of Japan
4
Ust-Luga Container
Terminal
Leningrad Region
5
Moby Dik
Saint Petersburg
6
Yanino Logistics Park
Leningrad Region
7
8
5
2
6
1
4
Geographic footprint
Baltic basin
Fully consolidated under IFRS
Not consolidated under IFRS
The Baltic basin is attractive for the container
business due to the region’s high level of economic
development, as well as good transport accessibility
and the convenience of container transportation
to major cities in Central Russia.
The European lines that left in 2022 have freed up
a niche for new players. In 2023, Asian container
lines started testing direct vessel calls to the Baltic
basin given the record-high handling tariffs in the Far
East, and such calls already became regular in 2024.
New Russian container lines have also appeared
in the Northwest, operating on international routes
and carrying out coastal shipping. Due to an increase
in the number of direct services in the Baltic basin
and the recovery in demand for container handling
in the Baltics, the region became the leader in terms
of growth rates in 2024 and increased its market
share relative to 2022-2023.
Finland
Baltic sea
Global Ports is the only stevedoring company in Russia that
manages assets in two basins, the Baltic and the Far Eastern.
29%
share of the Baltic basin in the total
container throughput of Russian terminals
at the end of 2024
▶ ▶ ▶
▶ ▶ ▶
1
First Container
Terminal
Saint Petersburg
2
Petrolesport
Saint Petersburg
3
Far Eastern Terminal
Primorsky Territory
7
MLT Кotka
Kotka, Finland
8
MLT Helsinki
Helsinki, Finland
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Strategic Report
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Additional Information
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Sustainable Development
About the Company
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First Container Terminal
•
Container throughput more than doubled
•
DEEP SEA vessel handling speed reached 48 hours/
vessel
•
Increase in the scale of work on unstuffing, storage,
and accounting of cars
•
Increase of yard capacity by 6,000 TEU
due to reconfiguration of storage areas
•
Increase in the length of railway tracks
Petrolesport
•
Container throughput almost doubled
•
Building of the first stage of bulk cargo terminal (rail
car unloading station)
•
Increase in the length of railway tracks
•
High utilisation of berths (70%) and storage capacity
(85%)
Far Eastern Terminal
•
Maintaining leading positions in container handling
in the region
•
Purchase of new port equipment
•
Reconstruction of craneways
•
The terminal signed an agreement with the Ministry
of Professional Education and Employment
of the Primorsky Territory to set up the Transport
Industry Educational and Production Centre
Far Eastern Terminal
One of the largest terminals in the Russian Far East.
It handles import and export containers and provides
all kinds of stevedoring and forwarding services.
It is directly connected with the Trans-Siberian Railway.
100%
129 ha
700,000 TEU
12
1,284 m
•
Containers
•
General cargo
212 units
Nakhodka
2024 results
Our assets
First Container Terminal
One of the largest in terms of capacity and the first
specialised container terminal in Russia. For more than
20 years, FCT has consistently remained the most high-
tech container terminal in Russia.
Ownership
Location
Terminal area
Throughput capacity1
Berth length
Number of railway branches
Total number of equipment
Terminal specialisation
Petrolesport
Russia’s largest multifunctional terminal facility
with container, car, Ro-Ro terminals, as well as bulk
and general cargo terminal. Unique transportation
location near the Western High-Speed Diameter
and the M11 St. Petersburg-Moscow highway.
100%
100%
89 ha
121 ha
915,000 TEU
550,000 TEU
947 m
9
17
2,587 m
•
Containers
•
Bulk cargo
•
General cargo
•
Containers
•
Bulk cargo
•
General cargo
•
Metal scrap
•
Timber
•
Fruit and vegetable restuffing facility
•
Ro-Ro
Great Port of St. Petersburg
Great Port of St. Petersburg
269 units
157 units
1
Management assessment based on the throughput capacity of the storage yard.
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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Ust-Luga Container Terminal
•
Resumption of container line vessel calls
•
Launch of fertiliser handling using container
technology
•
Increased guaranteed vessel draft at berths up
to 12.6 m
•
Modernisation of the railway front
Moby Dik
•
Container throughput more than doubled
•
Became a key terminal for receiving cargo from
Kaliningrad
•
Terminal joined Conterra information system
to automate the document flow of cargo operations
Yanino Logistics Park
•
Increase in the scale of work on the unstuffing,
storage, and accounting of cars
•
Increase in the car storage area by optimising
storage capacities and territories
•
The terminal was ranked first among the Holding’s
assets based on the results of a compliance audit
with the 5C system in mechanisation services
Yanino Logistics Park
This modern multifunctional logistics facility is an inland
terminal for the Northwest’s leading ports. The terminal
offers a wide range of services for handling containerised
and general cargo. It has well-developed infrastructure,
including container and railway terminals, warehousing, and
customs facilities.
100%
51 ha
200,000 TEU
6
-
•
Containers
•
General cargo
•
Cars
•
Bonded warehouse
Yanino
2024 results
24 units
Our assets
Ust-Luga Container Terminal
The first container terminal in Russia that was designed
and built from scratch in accordance with modern
requirements for container handling. The first deep-
water container terminal in the Northwest. Unique
railway infrastructure with direct access to the central
part of Russia.
Moby Dik
Marine terminal located in Kronstadt, on Kotlin Island
at the entrance to the Nevskaya Guba water area.
Advantageous location of the terminal at a distance
of only 6 miles from the receiving buoy. Direct
access to St. Petersburg ring motor road.
80%
100%
51 ha
13 ha
220,000 TEU
275,000 TEU
440 m
6
-
320 m
•
Containers
•
General cargo
Ust-Luga port cluster
Great Port of St. Petersburg
39 units
93 units
•
Containers
•
Bulk cargo
•
General cargo
1
Management assessment based on the throughput capacity of the storage yard.
Ownership
Location
Terminal area
Throughput capacity1
Berth length
Number of railway branches
Total number of equipment
Terminal specialisation
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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S-aspect
G-aspect
Number of employees
Share of women
in the total staff
LTIFR
Staff training expenses,
RUB mn
Staff turnover rate
Number of Board of Directors
meetings
Expenditures on occupational
safety and health activities,
RUB mn
78%
of employees are covered
by collective bargaining
agreements
100%
of employees have reviewed
current anti-corruption
policies and practices
▶
▶
3,088
3,160
3,273
2023
2024
2022
2023
2024
2022
108.4
103.9
519.8
2023
2024
2022
10.9
17.6
34.3
2023
2024
2022
14.5%
12.1%
10.6%
2023
2024
2022
0.71
1.48
0.53
29.0%
28.1%
27.9%
2023
2024
2022
16
12
25
2023
2024
2022
Key ESG results of 2024
Over the past few years, the stevedoring industry
has undergone structural changes, but even in this
dynamically changing situation, Global Ports remains
strategically focused on sustainable development and
fully supports global and Russian priorities in this area.
We adhere to high standards of environmental
protection, social responsibility, and corporate
governance. Incorporating sustainability principles into
our daily operations helps to maintain strategic stability
and ensures that the interests of our stakeholders
are taken into account at all levels of management.
E-aspect
Expenditures on environmental protection activities,
RUB mn
Electric power
consumption, TJ
1
In 2023–2024, the boundaries of the sustainable development report were extended relative to 2022 due to the acquisition of assets. Audited
non-financial data is provided for 2022–2023. For 2024, unaudited data is shown. For more, see ‘About the Report’.
51.7
67.8
78.7
2023
2024
2022
Fuel consumption from
non-renewable sources, TJ
116.1
2023
2024
2022
131.0
147.2
2023
2024
2022
535.4
421.9
370.7
1
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Sustainable Development
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9 Work with students
Global Ports and Admiral Makarov
State University of Maritime and
Inland Shipping signed a network
cooperation agreement for the joint
training of port industry specialists.
3 Finance
Rating agency Expert RA affirmed
Global Ports’ rating at ruAA- level
with a ‘stable’ outlook.
0 Volunteering
Global Ports organised
a corporate blood donation event
for employees in the Northwest
and Far East for the first time.
The event was attended
by 80 employees of the Company.
3 Finance
A bond issue by First Container
Terminal was deemed to be the best
primary placement transaction
in the Transport segment in 2024
based on voting results among
investors and placement organisers.
2 Operations
Moby Dik started working
in the Conterra information system.
The new software unifies processes
with the Holding’s other terminals.
4 Corporate governance
The deadline expired for submitting
applications for the forced
conversion of the GDR of GPI PLC,
the rights to which are registered
by foreign organisations, into
the shares of IJSC GPI.
1 Charity
The charity event ‘New Year’s Tree
of Kindness’ was held for the third
time in the Far East, with
individuals from the Nakhodka
Society of Disabled People
receiving New Year’s gifts from
Global Ports employees.
▶ September
▶ November
▶ December
Key milestones
3 Finance
ACRA rating agency assigned Global
Ports a rating of AA(RU) with a ‘stable’
outlook.
4 Corporate governance
A new GPI Board of Directors
was elected following redomiciliation
to the Russian Federation.
3 Finance
Expert RA rating agency
downgraded Global
Ports rating by one notch
to ruAA- with a ‘stable’
outlook due to the transition
to an external impact assessment
based on the consolidated
reporting of the controlling
shareholder – Delo Group.
3 Finance
The Holding placed a new 1.5-
year bond issue for RUB 10 billion
with quarterly coupon payments
at a rate of 15.7% per annum.
9 Work with students
For the fifth time, Global Ports
held a series of career
guidance sessions for students
of the Admiral Makarov State
University of Maritime and Inland
Shipping in St. Petersburg called
‘Global Ports Week’.
7 Safety
The Holding equipped RTG
at all its terminals with a video
surveillance system to improve
safety, monitor loading and
unloading operations, and prevent
and investigate incidents.
2 Operations
First Container Terminal
modernised its railway front,
increasing its length from 2.2 km
to 2.7 km, which will increase track
capacity and boost the speed
of train handling.
2 Operations
Ust-Luga Container Terminal
increased the guaranteed draft
of vessels at berths from 12.1 m
to 12.6 m. Thanks to this work,
ULCT will be able to receive
Panamax container vessels and
dry bulk carriers.
▶ February
▶ April
▶ August
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Sustainable Development
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ACHIEVE
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In 2024, Global Ports handled a record volume of 6.6 million tonnes of non-
containerised cargo, of which 3.7 million tonnes were mineral fertilisers. The Holding
now views non-containerised cargo as a significant source of additional revenue.
It is actively attracting customers for long-term fertiliser handling contracts and
is investing in expanding its capacity to handle non-containerised cargo using
container technology.
Strategic Report
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Global Ports increased
fertiliser handling
9-fold
from 2020 to 2024
24
Board of Directors statement
26
Management statement
28
Mission
28
Strategy
30
Business model
32
Market overview
34
Operational results
40
Improvements to operational efficiency
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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22
Annual report — 2024
International Joint-Stock Company Global Ports Investments
▶ Strategy
The impressive performance in 2024 was not
only the result of hard work by the entire
team, but also the correct strategic decisions
previously taken by the management with
the support of the Board of Directors.
In recent years, the Holding has been building its work
based on market opportunities and prospects
for the recovery of container logistics in the Baltic
Sea, while retaining its team and infrastructure even
during the period of almost zero container throughput
in the basin. As a result, in 2024, Global Ports significantly
outperformed its competitors due to the rapid
revitalisation of the market and the recovery of demand
for container handling in Northwest Russia.
The Company sees long-term potential in non-
containerised cargo in the Baltics region and supports
investment in this market segment. Global Ports
set another record for handling volume in 2024.
There are also long-term growth opportunities
in the container segment in the Baltics. The Holding
is counting on the deep-water Ust-Luga Container
Terminal to actively handle containers and a new
cargo base of non-containerised cargo.
Unusually high interest rates and increased currency
volatility have made it even clearer that Global Ports'
prudent approach to its debt load with a low tolerance
for interest rate and currency risks is the correct one.
As of the end of 2024, the Company had increased
the proportion of fixed-rate debt to 100%. A well-
conceived approach to debt portfolio duration and
consistent investor relations enabled Global Ports
to avoid the need to refinance when interest rates were
at their peak and save significantly on interest costs.
Improving operational efficiency is an important
component of our strategy. The Board of Directors
supports the systematic work of management
in this regard. The Board highly appreciates
the work of the Global Ports management
team and thanks each employee for their
contribution to achieving common goals.
https://www.globalports.com/en/investors/
Board of Directors statement
Respected Shareholders, Investors,
Partners, and Colleagues,
In 2024, the Holding had a solid operational and financial performance, strengthened its leadership
on the Russian stevedoring market, made progress towards sustainable development, and
improved its corporate governance system. Global Ports' reputation as a ‘safe harbour’
is well deserved, as the Holding consistently achieves strong results even in the most
challenging times. The Board of Directors highly values the fact that this reliability is based
on the joint work of the entire team and adherence to the Company’s chosen strategy.
After completing its redomiciliation to Russky Island, 2024 marked the first full year
of the Company's operations in Russia. This decision, which was taken in the interest of long-
term development, has strengthened and secured Global Ports' position on the market
and provided opportunities for more effective management and strategic planning.
▶ Corporate governance
▶ Sustainable development
▶ Forecast
Global Ports always strives to adhere to high standards
and best practices in corporate governance, and
its redomiciliation to Russia has not altered this
approach. The Holding has retained an efficient
and flexible Board of Directors, which is able
to respond quickly to new challenges and changes.
Following redomiciliation, the Board was bolstered
by industry professionals with extensive expertise.
After its redomiciliation, the Company underwent
mandatory procedures for the automatic and forced
conversion of the GDRs of GPI PLC into the shares
of IJSC GPI with the status of an international company.
This was an important step that opens up new
opportunities for the Holding, since the uncertainty
surrounding its shareholder structure resulted in restrictions
on the flow of funds and dividend distribution.
The Company's corporate culture is based on adherence
to the principles of sustainable development, and
this is integral to the long-term growth of the business
and the creation of value for all stakeholders.
Global Ports values its employees. The Holding
has created a highly skilled and motivated team
in its operational and administrative units that
is capable of solving almost any task. In 2024,
the Company introduced new professional training
and personal development programmes and
expanded social support measures for employees.
Considering the current shortage of personnel
in the Russian economy, the Board of Directors
is confident that the Global Ports management will
make every effort to retain the team, since the success
of its business directly depends on the team.
The Holding pays special attention to ensuring
operational safety and reducing injury rates. The Board
of Directors is pleased to note that the LTIFR for 2024
was 0.53 compared with 1.48 in 2023. The Company's
efforts to promote safety culture, occupational safety,
and health training have yielded results. Reducing injuries
continues to be one of the key priorities for Global Ports
and the Board remains focused on this objective.
After two years of strong recovery, the Russian marine
container market has returned to its 2021 levels. Logistics
has adapted to the new conditions. This suggests that
the potential for further recovery has been exhausted.
The slowdown in economic activity in a high interest rate
environment could put pressure on the container market.
The beginning of 2025 year does not bode well
for logistics, while the external background remains
volatile. Despite this, the Board sees great potential
for the further development of Global Ports:
the Holding is in the hands of an experienced
team that has been able to successfully
overcome numerous challenging situations.
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
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International Joint-Stock Company Global Ports Investments
25
Annual Report — 2024
▶ Market conditions and operating results
In 2024, the marine container market recovered
to the 2021 level. It took more than two years
for the market to adapt to the new conditions.
In the fourth quarter of 2024, Russian marine
terminals set an all-time quarterly record
for container handling on the Russian market.
Our expectations for the start of container throughput
recovery in the Northwest proved to be correct:
our terminals were ready for the explosive growth.
Overall, Global Ports strengthened its leading
position in the Russian stevedoring industry in 2024.
We grew twice as fast as the market: the Holding's
consolidated marine container throughput
increased by 27%, while the market grew by 13.5%.
Global Ports terminals accounted for about 85%
of the total volume of new demand that appeared
in the Baltic basin in 2024. The Holding increased
container throughput at its Baltic terminals
by 122% compared with 2023. We are pleased
to celebrate the return of container services
to our deep-water terminal in Ust-Luga. In 2024,
dredging was carried out at the ULCT to enhance
our customers' fleet utilisation capabilities.
Over the last few years, the Company has been actively
developing non-containerised cargo handling by utilising
facilities that are temporarily free of containers.
At present, along with the recovery of container
volumes, we no longer view non-containerised cargo
as a temporary solution, but see it as a new reliable
source of additional revenue and work under long-term
contracts with major exporters. In 2024, Global Ports
handled a record 6.6 million tonnes of non-containerised
cargo, including 3.7 million tonnes of mineral fertilisers.
Typically, the handling of non-containerised cargo
is less profitable than container handling, but fertilisers
are a promising cargo base for the Company. Fertiliser
handling is more profitable than the coal we are used
to working with. In addition, the use of container
technologies to handle fertilisers increases handling
efficiency and reduces investment costs. Since 2020,
the Holding has increased the volume of fertiliser
handling by nine-fold, and we are committed to further
growth. At Petrolesport, the Company launched the first
phase of a specialised bulk cargo handling facility with
a unique infrastructure for the Russian market, which
significantly increased fertiliser handling capacity.
https://www.globalports.com/en/investors/
Management statement
The results of the past year allow us to view it as an asset for the Company and
provide grounds for cautious optimism. We have achieved strong growth in container
throughput, set another record in non-containerised cargo handling, and have also
managed to reduce injuries by making our terminals safer. The Holding's financial
results are stable, its debt load is moderate, and financial risks remain low.
Respected Shareholders, Investors,
Partners, and Colleagues,
▶ Improvements in operational excellence
▶ Occupational safety
▶ Financial performance
▶ Forecast
Safety culture was another topic that Global Ports
actively and extensively promoted in 2024. It approved
a regulation on safety culture and identified
the main areas to further develop the safety culture
in 2025-2026. The Holding continues to conduct regular
occupational safety and health training sessions and
seminars, spending RUB 4.4 million on such training
in 2024. The new Leadership in Safety management
training programme was also launched last year.
All these measures have yielded clear results, with
a significant reduction in injuries. In 2024, the Holding’s
terminals had three accidents resulting in temporary
disability (eight cases in 2023), while the LTIFR decreased
to 0.53 (from 1.48 in 2023). The Company has no intention
of stopping there, as it always strives zero injuries.
Global Ports has always been committed to improving
its operational processes in order to achieve the best
results. Over the years of our hard work, we have
learned a lot, but in today's realities the Company
always faces new challenges and growing demands
from the market and customers. In late 2023,
Global Ports decided to establish an Operational
Efficiency Department, which will systematise
and regularly work on improving operational
efficiency by involving employees at all levels.
Over its first full year of operation, the department
has shown excellent results: in 2024, 1,020 ideas
to improve efficiency were accepted from
employees for implementation with a total economic
effect of more than RUB 1 billion. For the next
two years, we are setting a higher goal in terms
of the number of ideas and the economic effect.
Employees are involved in a programme where they
can submit ideas to improve operational efficiency
with tangible and intangible components. We correctly
rely on employees as the ones who know best how
to improve their work results and what it takes to do this.
In 2024, the Holding had a solid financial performance.
We have increased our operating cash flow,
generated positive free cash flow year after year,
and maintained profit margins at a high level.
Record interest rates have tested the Russian
economy, but even in these conditions Global Ports has
maintained its financial strength. At the time of the key
rate hike cycle, the Company's financial position
was comfortable and stable, as our debt portfolio
was predominantly composed of rouble-denominated
bonds with fixed coupon payments. At year-end,
our debt portfolio was 100% rouble-denominated
and 100% fixed rate. The average borrowing rate
is around 11.5%. Our net debt to adjusted EBITDA ratio
was 2.2x at the end of the year. This is a comfortable
level of debt burden that does not restrict access
to capital markets and leaves room for future growth.
Independent experts highly value the Holding’s
financial discipline and financial policy. The Holding
has been assigned two creditworthiness ratings:
AA(RU) with a ‘stable’ outlook by ACRA and
ruAA- with a ‘stable’ outlook by Expert RA.
The Russian marine container market has grown by 30%
over the last two years and reached 5.6 million TEU
by the end of 2024. This figure is close to the record
values of 2021, so it is unrealistic to expect such high
growth rates to continue. Moreover, in an environment
of high interest rates, 2025 started with a slowdown
in economic growth amid inflationary pressure. This all
promises a challenging external environment in 2025, but
we are ready for it, having high-quality multifunctional
terminals in key basins and an experienced team that
has successfully managed more than one crisis situation.
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Strategic Report
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Additional Information
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Sustainable Development
About the Company
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26
International Joint-Stock Company Global Ports Investments
27
Annual Report — 2024
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Providing customers with
the highest quality services
▶ ▶ ▶
Ensuring high standards
of operational performance
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Efficiently using technology
▶ ▶ ▶
Building a well-coordinated and
professional team
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Growing organically and
inorganically
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Implementing investment
projects
We develop
our business by:
Strategy
Our strategy is to ensure long-term growth in the Company’s value by providing access
to import and export trade flows through a network of terminals located in Russia’s
key basins. As part of Delo Group, we fully support the shareholder's strategic vision
of creating Russia's leading logistics operator and ensuring the country's transport
sovereignty.
Mission
Our key services –
terminal operations
Our main focus –
containers
We are the leader
in the stevedoring
industry, the preferred
partner in the market,
and an attractive
employer. We base our
activities on the principles
of responsibility and
sustainable development.
We make life better by tightly
connecting the threads of logistics
Key focus areas
Being the preferred partner
on the Russian stevedoring
market
The Company is exploring opportunities
for growth outside of Russia
Safe and efficient operations
The Company provides customers with first-
class port and related logistics solutions
Sustainable business and
a balanced approach
to capital management
The Company is developing expertise
in non-containerised cargo using container
technology
Our customers – shipping
lines, exporters, importers,
and forwarders
▶ Professionalism
▶ Respect
▶ Cooperation
Values
Vision
Key link in import-export and
transit logistics chains
By connecting and optimising supply chains,
the Holding contributes to the business
development of its customers
Our key market –
export/import from
and to Russia and cabotage
Annual Report — 2024
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Corporate Governance
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Sustainable Development
About the Company
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28
International Joint-Stock Company Global Ports Investments
Business model
Our assets
How we create value
Value
Global Ports results in 2024
Marine terminals' total area
~ 400 ha
2.2x
increase in container
throughput at Baltic
basin marine terminals
1.2 mn TEU
consolidated marine
container throughput
RUB 8.8 bn
in employee
remuneration
6.6 mn tonnes
consolidated marine
non-containerised
cargo throughput
RUB 519.8 mn
spent on occupational safety
and health activities
RUB 34.3 mn
in staff training costs
1
inland
terminal
For our customers – shipping
lines, exporters, importers,
and forwarders – we provide
first-class port and related
services and ensure efficient
interaction with our partners.
7
marine
terminals
~ 60%
under ownership
The terminal is a platform
for effective interaction
between all parties involved
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• Comfortable and safe
working environment
• Decent remuneration
• Opportunities for professional
growth and development
For employees
When providing services and
interacting with customers,
we strive to be:
• The preferred partner in the Baltics
and the Far East
• A company with the safe and efficient
organisation of operational processes
• Technological and efficient logistics centre
• Quality service
• Infrastructure that enables seamless logistics
For customers
▶
28
berths
berth wall length
5.6 km
3,300
employees
RUB 3.1 bn
paid in taxes
AA (RU)
credit rating from
ACRA agency
2.2x
net debt-to-
adjusted EBITA
ruAA−
rating from Expert RA agency
is at the rating level of the controlling
shareholder Delo Group
RUB 52.5 mn
donations from the Atmosphere
Charity Fund
RUB 78.7 mn
spent on environmental
protection activities
More than 29 km
of railway tracks
• Customs inspection
• Acceptance and dispatching
container block trains
• Empty containers depot
• Cargo tracking
• Preparing shipping documents
• Stuffing and unstuffing
• Container repair and other services
• Containers
• Non-containerised
(general and
bulk) cargo
• Ro-Ro
• Containers
• Non-containerised
(general and bulk) cargo
• Ro-Ro
▶ Extra services
▶ Storage
▶ Cargo handling
Shipping
lines
Forwarders
and cargo owners
Federal authorities, Russian Railways,
railway operators, and road carriers
▶ ▶ ▶
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• One of the largest employers
in the regions where we operate,
making a significant contribution
to their socioeconomic development
• A sustainable business that limits
its environmental footprint
• Satisfied customers and support
for local communities
For society
• Shareholder value
• Ability to generate consistently
high cash flows
For shareholders
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Sustainable Development
About the Company
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Market overview1
The Russian marine container market grew by 13.5%
y-o-y in 2024, from 5.0 million TEU to 5.6 million TEU
and recovered to the 2021 level. In addition, Russian
marine terminals handled 1.5 million TEU in the fourth
quarter of 2024, which is a record quarterly figure
in the history of the Russian market. Thus, the market
has completely overcome the downturn of 2022.
Russian marine container market, mn TEU
The main growth factors on the Russian market
in 2024 are: growth in the national economy,
the level of business activity, cabotage handling
in the Northwest, and the number of direct services
with calls in the Baltic basin, which resulted
in the recovery of demand for container handling
in the Baltics, as well as export reorientation to new
markets and growth in imports from Asian countries.
Russian marine container market by basin
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0.5
0.7
0.9
1.1
1.5
2.0
2.4
3.0
3.8
2.5
3.6
4.6
5.1
5.3
5.3
3.9
4.0
4.6
5.1
5.3
5.3
5.6
5.6
4.3
5.0
2024
Far Eastern basin
Baltic basin
2023
2024
2022
2021
2020
South ports
Arctic basin
29%
19%
4%
46%
3%
3%
44%
15%
15%
52%
25%
20%
3%
53%
25%
18%
4%
38%
36%
48%
1
The Company adopted a new methodology for calculating the sea container market size. For more, see ‘About the Report’.
Starting from 2022, the Far East accounted for about
half of the market, since European lines stopped calling
at Russian ports in the Baltic Sea and cargo flows were
partially redirected to Asian countries. However, in 2024,
the growth rates of container throughput in the Far East
basin slowed down to 4.6% y-o-y from 12.1% y-o-y in 2023
due to increased competition between containers and
other cargo on the Far Eastern railways and the growing
attractiveness of the Northwest region for Asian lines.
The Northwest region was the leader in terms of growth
in 2024, with the Baltic basin in particular seeing a 34.4%
y-o-y increase in handing volumes. While the Far
Eastern and Southern Russia are certainly in high
demand due to their proximity to countries with active
international trade, these regions have a high level
of port capacity utilisation and limitations in railway
infrastructure capacity. For this reason, the main
growth in freight traffic in 2024 was in the Northwest,
where the European lines that left have created
a niche for new Russian and Asian lines. Whereas
in 2023 Asian lines were just beginning to test direct
vessel calls to the Baltic basin, in 2024 such calls had
become regular and increased many times over.
Russian container market with changes by basin
in 2024, thousand TEU
Cabotage handling in the Baltic basin continues
to actively develop. In 2023, cabotage received a boost
due to the fact that Kaliningrad ceased to be a link
in international marine logistics and restrictions were
imposed on railway traffic to the region. Cargo flows
to Kaliningrad were redirected to marine transport and
the St. Petersburg-Kaliningrad route became highly
popular. In 2024, cabotage handling in the Northwest
continued to actively expand and made a significant
contribution to the total container market growth.
Despite the recovery of cargo throughput at ports,
there is still a significant imbalance between import
and export cargo flows on the market, which may
be reflected in a shortage of containers. In addition,
seaports and railways compete with each other in terms
of shipping loaded and empty containers for export.
Russian container market with changes by cargo
flow in 2024, thousand TEU
64
335
118
83
67
4,958
5,625
32.0%
4.6%
49.2%
41.0%
6.3%
Baltic basin:
St. Petersburg
and
Leningrad
Region
2023
2024
Baltic basin:
Kaliningrad
Arctic
basin
South
ports
Far Eastern
basin
-12
323
186
156
87
–72
–63.7%
–17.7%
9.0%
5,625
20.3%
17.2%
16.4%
4,958
Import
full
Cabotage
Export
empty
Export
full
Import
empty
Transit
2023
2024
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Sustainable Development
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293
650
2024
2023
Operational results
Global Ports consolidated results
Indicator
FY 2024
FY 2023
Difference
2024/2023
Marine terminals
Container throughput (thousand TEU)
Baltic basin
650
293
122.0%
Far Eastern basin
502
614
–18.2%
Non-containerised cargo throughput
Ro-Ro (thousand units)
1.4
2.5
–46.6%
Coal and coke (thousand tonnes)
2,388
2,834
–15.7%
Fertilisers (thousand tonnes)
3,720
2,808
32.5%
Other non-containerised cargo (thousand tonnes)
486
787
–38.3%
Inland terminal
Container throughput (thousand TEU)
57
43
34.3%
Non-containerised cargo throughput (thousand tonnes)
105
120
–12.0%
Consolidated marine container throughput (thousand TEU)
1,152
907
27.1%
Consolidated marine non-containerised cargo throughput
(thousand tonnes)
6,594
6,428
2.6%
Container capacity1, thousand TEU
Indicator
FY 2024
Marine terminals
Baltic basin
1,960
Far Eastern basin
700
Marine terminals consolidated capacity
2,660
Inland terminal
200
Russian terminals consolidated capacity
2,860
In 2024, Global Ports strengthened its leading position
in the actively recovering Russian marine container
market. As the only player with a simultaneous presence
in two basins, Global Ports became the beneficiary
of demand recovery in the Northwest in 2024, while
maintaining a strong market in the Far East.
However, the Company’s growth rates outpaced
the market not only due to the favourable location
of its diversified network of multifunctional terminals,
but also due to timely investments in equipment
and the quality of our service. The Holding set
another record in terms of non-containerised
cargo handling. Moreover, the increase in fertiliser
handling due to a gradual decrease in coal handling
allowed us to increase the profit margins of our
non-containerised cargo handling operations.
1
Management assessment based on the throughput capacity of the storage yard as of 31 December 2024.
Consolidated marine non-containerised cargo
throughput, mn tonnes
Container throughput of marine terminals
in the Baltic basin, thousand TEU
In 2024, the Holding's marine terminals handled 1,152,000
TEU, an increase of 27.1% from 2023, and significantly
outperformed the market, which grew by 13.5% y-o-y.
• In Q4 2024, Global Ports marine terminals had
consolidated container throughput of 299,000
TEU, the highest quarterly total since Q1 2022
• Improvements in market conditions throughout
2024 were also reflected in the monthly
dynamics of container throughput: December
was the best month for Global Ports
in terms of container handling volumes
The key driver of the Holding’s container throughput
growth in 2024 was the recovery in demand in the Baltic
basin. The favourable positioning of the Baltic Sea
terminal network enabled Global Ports to significantly
outperform both the Northwest region and the total
container market in terms of growth rates. Container
handling at the Company's Baltic terminals in 2024 totalled
650,000 TEU, a 122.0% increase from 2023. At the same
time, the total container throughput of all Russian terminals
in the Baltic basin increased by 34.4% y-o-y in 2024.
• The Holding's terminals in the Baltic basin actively
increased both export and import cargo handling,
and also multiplied the volume of cabotage
• Thanks to its extensive experience and high-quality
service, Global Ports handled about 85% of the total
new demand that appeared in the Baltic basin in 2024
Consolidated marine container throughput,
thousand TEU
In 2024, consolidated marine non-containerised cargo
throughput reached an all-time high of 6.6 million tonnes,
up 2.6% y-o-y. In 2024, there was an increase in higher
margin fertiliser handling on the back of a gradual
decline in coal handling. As a result, coal throughput
at the Holding's terminals decreased by 15.7% y-o-y
in 2024, while fertiliser throughput grew by 32.5% y-o-y.
• Whereas two years ago the Company viewed
the handling of non-containerised cargo
as a temporary measure amidst declining
demand for container handling, now the Holding
regards non-containerised cargo as one
of the key elements of its business model and
a significant source of additional revenue
• Global Ports is actively attracting customers
for long-term fertiliser handling contracts and
investing in expanding its capacity to handle non-
containerised cargo using container technology
+27.1%
907
1,152
2024
2023
2024
2023
2.8
3.7
2.4
Fertilisers
Coal and coke
Other non-containerised cargo
2.8
0.5
0.8
+122.0%
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Sustainable Development
About the Company
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Fertiliser handling
Development of the Company's fertiliser handling business
Global Ports regards containers as priority cargo and
is developing the infrastructure of its terminals with
a focus primarily on container handling. Nevertheless,
the Company has always included a certain share
of general and non-containerised cargo in its cargo
throughput structure in order to increase capacity
utilisation. Until 2022, the volume of fertiliser handling
at the Company's terminals remained insignificant.
Historically, Baltic and Finnish ports accounted for about
30% of total Russian marine fertiliser exports. However,
in 2022, amidst geopolitical uncertainty, fertiliser
producers lost access to the infrastructure of foreign
ports. At the same time, fertilisers remained one
of the few products not subject to sanctions restrictions.
Leading fertiliser manufacturers in the Russian
Federation began actively redirecting export flows
to Russian terminals in the Baltic basin in search of new
sales channels. In this situation, the Holding recognised
new growth points and a promising cargo base.
▶Until 2022, fertilisers were handled exclusively
at the Petrolesport terminal, but with increased
demand, the FCT also became involved in handling.
In order to fully meet demand, the Company
partially utilised big bags in the same year,
despite their inconvenience and low efficiency.
▶In order to increase non-containerised cargo
handling capacity, Global Ports acquired its own
fleet of 4,000 special containers in 2023. As early
as 2024, this enabled the Company to abandon
big bags utilisation for fertiliser handling.
▶In 2024, the Company added a deep-water terminal,
ULCT, for fertiliser handling, which significantly
expanded its ability to handle this cargo range.
3.7
2.8
1.3
0.8
0.4
2020
2021
2022
2023
2024
Fertiliser handling at Global Ports terminals, mn tonnes
+32.5%
Advantages of using special containers
Ability to adapt
infrastructure to changes
in the market and cargo
base in a short period
by operating with
container equipment
Ability for one-time
delivery, storage, and
accumulation of any number
of cargo types within
a single container yard
High speed of handling
and turnover
of the container fleet
Increased profit margins of operations
with non-containerised cargo
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Sustainable Development
About the Company
▶ ▶ ▶
Bulk cargo terminal
Fertilisers are currently one of the most promising
export cargoes. Fertiliser production and export
volumes in Russia are increasing annually and still
have potential for further growth. Global Ports already
cooperates with leading fertiliser suppliers on the basis
of long-term contracts. Terminal capacity needs
to be expanded to attract new customers and cargo.
In late 2024, the Holding completed construction
on the first line of a specialised bulk cargo terminal,
which has no analogues in Russia. The start
of construction of the second line is expected
in the near future. The new terminal has design
capacity of 2.4 million tonnes per year, which will
increase the Company's total throughput capacity
for non-containerised cargo by approximately 50%.
The key element of the project is the wagon unloading
station. Its functionality enables the Company to receive
cargo by rail in standard hopper wagons and reload
fertilisers from them into special containers, from where
they are then unloaded directly into the vessel's hold.
This provides customers with flexibility in choosing
the cargo shipment method and allows for the more
efficient use of a customer's special containers, while
the Holding is able to speed up the turnover of its own
special containers. This approach increases the overall
efficiency and profit margins of operations. In addition,
the handling technology described above is safe
and complies with high environmental standards.
Operating principles of wagon unloading stations
Special hoses are used
to pour the cargo into
special containers
Empty special
containers are returned
to the warehouse/station
Special containers are delivered
to the berth and fertilisers
are poured into the vessel's hold
The elevator conveyor
belt carries the load
to the top hopper
2.
3.
4.
5.
6.
1.
Through the open bottom,
the cargo is dumped
from the wagons into
underground bunkers
Fertilisers arrive at the station
in hopper wagons
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Sustainable Development
About the Company
▶ ▶ ▶
Economic effect (% of adjusted EBITDA):
▶ 2024 – 2.5%
▶ 2025 – 3.8%
▶ 2026 – 5.6%
Employee involvement (number of improvement
ideas accepted per employee):
▶ 2024 – 0.28
▶ 2025 – 0.41
▶ 2026 – 0.55
The Operational Efficiency Department
works in two main areas:
▶
▶
Improvements to operational
efficiency
Global Ports has always been committed to improving
its operational processes in order to achieve the best
results, which is reflected in the quality and speed
of our service. At present, the Holding's terminals
are rightfully considered among the most modern
and technologically advanced in Russia in terms
of customer interaction and cargo handling speed.
Over years of hard work, we have learned to manage
our operating costs by preventing their uncontrolled
growth in good times and reducing them in hard times.
But in today's realities, the Company
faces new challenges:
• High inflation is affecting the cost
of equipment and component purchases
• A staff shortage in the national economy is leading
to a high workload and requires increased
productivity, as well as increased financial and
non-financial support to retain employees
• Record-high interest rates require increased
control over the level of debt load
• Rapidly changing economic conditions require prompt
management decision-making and flexibility
Taking these factors into account, the decision
was made to systematise and build regular work
to improve operational efficiency. A systematic
approach helps to improve customer focus and meet
higher market requirements. For this reason, in late 2023
Global Ports established the Operational Efficiency
Department, which is directly subordinate to the CEO.
▶In its work, the department is guided by the core
principle: achieving the best possible business results
at the lowest possible cost by eliminating losses at all
stages of operational and non-operational processes.
▶What we do to this end: develop an operational
culture by involving employees of all levels
in enhancing the efficiency of processes
through small improvements.
▶What we are striving for: a mature efficiency
system with the availability of performance
metrics for each process and advance
metrics that affect top-level KPIs.
Global Ports has adopted
an operational efficiency
strategy for the period
of 2024–2026. Based
on the experience of Russian
companies that have
successfully deployed similar
systems in the past, the strategy
contains two targets.
Implementation of measures/ideas
to improve operational efficiency
Employee training in operational
efficiency tools
Measures to improve operational efficiency
Since 2023, all Global Ports terminals have employed
a system to collect ideas for improving operational
efficiency. Any employee of the Company can
submit an idea for any business or any process
with a description of the proposed improvements.
The suggestions do not necessarily have to have
an economic benefit. For example, they may
concern labour conditions, workplace comfort,
quality of workwear, or something else.
The programme gives employees the opportunity
to directly influence processes and feel their
contribution to the Company's activities. At the same
time, the Company receives prompt feedback from
employees and sees specific needs for improvement
and opportunities to increase efficiency. The employees
in the field are the ones who best know how to improve
the result of their work and what is needed to do so.
All proposals submitted to the ‘Container of Ideas’
are reviewed by a committee that meets once
a week. For each proposal, a decision is made
to either accept or reject the idea, as well as assign
responsibility for implementation and set deadlines.
In 2024, one-third of all the ideas that were accepted
aimed to reduce costs and increase productivity, while
one-third of the ideas were focused on improving
working conditions and occupational safety.
Employees can
submit proposals
in any of the following
convenient ways
‘Container of Ideas’ programme of proposals
Using a QR code by filling
out a survey form
Verbally communicating
the idea to any member
of the department
At the Service Desk using
the ‘Submit an idea’ button
Filling out a paper form
and placing it in the idea
collection box
Writing in free form
to the department's
email address
Ideas submitted in 2024 by area of concern
Improving working conditions
Productivity
Costs
Safety
Quality
Environment
Energy efficiency
Other
8%
1%
1%
22%
20%
19%
16%
13%
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
From 2025 onwards, the author of an idea will
be rewarded with 2,000 points in the benefits
cafeteria (equivalent to RUB 2,000 on the platform
where employees choose their social
package) for a proposal that was accepted
for implementation, regardless of the economic
effect. For a proposal that was implemented,
the employee who submitted it also receives 2,000
points in the benefits cafeteria. Previously, until
2025, employees received a fixed cash bonus.
For measures with an economic effect,
the incentive for the implementation team is 5%
of the confirmed actual economic effect for the 12
months of the calendar year in which the measure
was implemented, but no more than RUB 1.5 million.
The new measure is then monitored for 24 months
and employees can also receive incentive payments
for the second and third years, but no more than
RUB 1.5 million for each year. The bonus is distributed
among team members (if several people were
involved in implementing the measure) based
on their contribution, with the largest share (up
to 50%) going directly to the author of the idea.
The implementation of the operational efficiency
improvement programme is included in the KPIs
of terminal managers and functional directors.
Employees are also involved in the idea submission
programme through an intangible component:
contests, prizes, and ratings of the best
authors. Employee achievements are actively
communicated within the Company.
Motivation and remuneration
Unique authors of the ‘Container of Ideas’ programme in 2024
23%
involvement
341
authors
(workers )
235
authors
(specialists )
83
authors
(managers )
20%
involvement
738
authors of ideas in total 659
authors whose ideas were accepted
Over RUB 36 mn
received by employees in the form
of bonuses for the implementation
of proposals with a proven
economic effect in 2024
1,020
ideas accepted for
implementation
Results of the ‘Container of Ideas’ programme in 2024
1,547
ideas submitted
66%
of ideas submitted
12%
of ideas
accepted
8%
of ideas
submitted
119
ideas with
an economic effect
RUB 1,032 mn
actual economic effect from
the implementation of measures to improve
operational efficiency in 2024
0.33
idea acceptance
rate per employee
Employees of the department have currently developed three
training programmes tailored to a specific job level:
For line managers
and specialists
What operational
efficiency tools exist
For workers
The history of operational
systems
How to apply the tools
in practice
What operational efficiency is
For senior executives
In 2024–2025, training primarily aims to build a basic
level of knowledge among employees:
The training also includes case studies and a discussion
of measures that have already been implemented and their effect.
We plan to conduct further training in the form of workshops
on special comprehensive operational efficiency tools.
More than 1,300 employees
were trained in operational efficiency tools in 2024
Employee training in operational
efficiency tools
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Additional Information
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Sustainable Development
About the Company
▶ ▶ ▶
FROM WORDS
TO DEEDS
Sustainable Development
3
Lost Time Injury Frequency Rate
(LTIFR) in 2024
0.53
46
Management statement
48
Sustainable development management
60
Environmental aspect
68
Social aspect
88
Governance aspect
LTIFR in 2024 reached its lowest level in the last four years
due to our continuous work to improve working conditions
and the occupational safety management system.
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Sustainable Development
About the Company
▶ ▶ ▶
Management statement
We are pleased to present Global Ports’
Sustainable Development Report.
In this document, we have compiled key information about the Holding’s environmental
activities, social responsibility, and aspects of its corporate governance system.
The logistics industry has undergone rapid and
profound transformation in recent years. Global
Ports changed partners and counterparties, and
is building new logistics chains and developing
a new cargo base. Even in such a dynamically
changing situation, though, the Company has
always maintained its strategic focus on sustainable
development. The management of Global Ports
believes that this helps the business to not only remain
competitive in the long term, but to also get through
periods of turbulence quickly and successfully.
Even during the deep recession of 2022, we realised
that our main task was to preserve our skilled team.
This helped us maintain our leadership potential and,
as the market recovered, we managed to quickly
restore the utilisation rate of our production capacity.
Caring for the Company’s employees and their families
has been and remains a key and promising tool
for creating a healthy environment and retaining staff.
We are committed to providing each employee
with decent working conditions and fair
remuneration. Employee salaries are annually
indexed to at least the inflation rate and are also
reviewed by job category in the event of deviations
from the competitive market level, and 2024
was no exception. In 2024, we introduced a new
approach to the social package with a cafeteria
benefit plan, which gives employees the freedom
to choose the benefits and preferences they need.
At Global Ports, we are creating an environment
for professional and career growth. A talent
pool programme covering a wide range
of line managers and key specialists has been
introduced at the Holding’s terminals. It allows
employees to develop expertise and attain
new levels of responsibility. The Corporate
Ladder leadership development programme
is also being implemented for management.
It is important for us to provide our terminals with
human resources in the long term. To this end,
Global Ports actively cooperates with specialised
educational institutions in St. Petersburg and the Far
East, is involved in the educational process, and
takes on students for on-the-job training. Many
graduates then go on to work at the Company’s
terminals. A systematic approach is crucial in this
work, so in 2024 we developed a strategy for working
with students. During the reporting year, Global Ports
reached a new level of cooperation with its long-
standing partner Admiral Makarov State University
of Maritime and Inland Shipping after concluding
a network cooperation agreement for the joint
training of specialists in a number of fields.
Global Ports paid special attention to occupational
health and safety in 2024. Since 2020, safety
culture has been at the core of the Company’s
safety development strategy. In 2024, the Company
approved a Regulation on Safety Culture, which
defines occupational health and safety issues
as a priority for each employee regardless of position,
and for the first time a comprehensive assessment
of the safety culture level was conducted. Almost
1,200 employees underwent occupational health
and safety training programmes in 2024, with
a total of RUB 4.4 million spent for these purposes.
▶ ▶ ▶
We managed to significantly reduce the number
of injuries and had a LTIFR of 0.53 in 2024. Global
Ports did not have a single fatality among
its employees or contractors in the reporting year.
An important part of taking care of our employees
is providing support for their families. As part
of a programme to increase the birth rate and support
motherhood and childhood, the Holding employs
a set of financial and non-financial support measures
for families with children. In addition, employees
receive payments of RUB 1 million for the birth
of a third or any subsequent children. The programme
was initiated by our shareholder Delo Group.
As regards corporate governance, Global Ports
is improving its processes based on Russian
legislation. The Company officially acquired
the status of a Russian legal entity in 2024. Since then,
we have actively adopted and adapted the best
management practices of Russian public companies.
Since 2022, Global Ports’ non-financial indicators
have been audited as part of an audit of the non-
financial reporting of the parent company Delo
Group. We always strive for openness and work
to strengthen the accounting function to better
understand the current situation and manage
any changes that occur. The independent audit
of non-financial data is a key step in improving
the quality of information disclosure.
The Company’s management appreciates
the Holding’s performance in matters concerning
sustainable development in 2024. Going forward,
we will continue to focus on the development
of human capital, environmental stewardship, and
improving the quality of corporate governance.
▶ ▶ ▶
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Corporate Governance
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Sustainable development
management
Global Ports fully supports the sustainable development
priorities that are being pursued in Russia and
the rest of the world. In keeping with the principles
of economic growth, socially responsible business,
and respect for the environment, the Holding
implements projects that aim to achieve the UN
Sustainable Development Goals (SDGs) and national
development goals of the Russian Federation.
While focusing on maximising the impact of its initiatives,
the Company has identified five priority UN SDGs
and four key national goals to which it makes
the greatest contribution and promotes a sustainable
future and the well-being of all stakeholders.
Priority UN SDGs
▶Good Health and Well-Being. Ensure healthy lives
and promote well-being for all at all ages
▶Decent Work and Economic Growth. Promote sustained,
inclusive, and sustainable economic growth, full and
productive employment, and decent work for all
▶Industry, Innovation, and Infrastructure. Build resilient
infrastructure, promote inclusive and sustainable
industrialisation, and foster innovation
▶Climate Action. Take urgent action to combat
climate change and its impacts
▶Partnership for the Goals. Strengthen the means
of implementation and revitalise the Global
Partnership for Sustainable Development
1
In accordance with Decree No. 309 of the President of the Russian Federation dated 7 May 2024 ‘On the National Development Goals
of the Russian Federation for the Periods until 2030 and 2036’.
Priority national development goals of the Russian Federation1
⟶
For more on the Company’s
involvement in realising Russia’s
national development goals,
see p. 55
Preservation
of the population,
promotion of health
and well-being, and
support for the family
Realisation of each
person’s potential,
development of their
talents, and upbringing
of a patriotic and socially
responsible individual
Comfortable and safe
living environment
Sustainable and
dynamic economy
No. 1
No. 2
No. 3
No. 5
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Strategic areas
▶
Climate
agenda
▶
Environmental
impact
▶
Environmental
management
system
▶
Responsible
employer
▶
Workplace
safety
Creating a system
to monitor and
record greenhouse
gas emissions
Improving the quality
of working conditions and
employees’ well-being
Recruiting and
retaining employees
Preparing training and
skills development
programmes
Maintaining an inclusive
and diverse workforce
Maintaining and
developing corporate
volunteering activities
Developing a safety
culture
Maintaining a zero
injury rate
Improving energy
efficiency and reducing
diesel and gasoline
consumption
Improving
the pollution
prevention and
control system
Ensuring sustainable
water use
Developing
the environmental
management
system
Conserving
the marine
ecosystem
and preserving
biodiversity
Reducing waste
Complying with
environmental
requirements
Environmental
responsibility
Social
responsibility
▶ ▶ ▶
▶ ▶ ▶
▶ ▶ ▶
▶ ▶ ▶
▶ ▶ ▶
▶
Collaboration with local
community and business
partners
▶
Efficient
management
▶
ESG communications
▶
Sustainable
procurement
Reliable partnership
Promoting charitable
activities and increasing
social investments
Developing sustainable
development
management system
Ensuring compliance with
stakeholder requests
Improving employee
awareness on ESG topics
Introducing the Supplier
Code of Conduct
Conducting ESG
assessments of suppliers
High customer satisfaction
rating
Ensuring information
security
Strengthening global and
regional partnerships
ESG risks management
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Strategic Report
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Corporate Governance
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
51
Annual report — 2024
50
International Joint-Stock Company Global Ports Investments
• Preparation of the first
sustainability report
• Establishment
of a hotline for reporting
violations
• Launch of annual
staff satisfaction
survey
• Adoption of an Anti-
Fraud Policy
• Adoption
of a Whistleblowing
Policy
• Development
of a security
improvement strategy
and its extension
to contractors
• Establishment
of the Atmosphere
Charity Fund
• Assignment
of a ‘BBB’ ESG rating
to the Company
by MSCI
• Development
of the GP Alarm mobile
application
• Sustainalytics assessed
the Company’s
exposure to ESG risks
as ‘average’
▶ 2019
▶ 2020
▶ 2017
▶ 2018
Improving sustainable development management practices
Approach to sustainable development management
Global Ports strives to be a leader in sustainable
development among stevedoring companies.
The Holding is consistently building a mature
sustainability management system.
We adhere to high standards in environmental
protection, social responsibility, and corporate
governance despite the challenging and volatile
conditions of recent years. Incorporating sustainability
principles into our daily operations helps to maintain
the Company’s strategic stability and ensures
that the interests of stakeholders are taken
into account at all levels of management.
The sustainable development principles
are embedded in the Holding’s operations at all
levels. Responsibility for sustainable development
management lies with the Board of Directors and
the CEO. Structural units are responsible for managing
sustainability issues within the scope of their
functions. In addition, the Company has established
a separate function for sustainable development and
the implementation of the ESG strategy. Individual
tasks are assigned to specific departments (units).
The sustainable development management
system operates at three levels and includes
mechanisms to monitor, evaluate, and improve
social, environmental, and economic indicators.
Global Ports works to consistently improve all
aspects of its sustainability practices, taking into
account the needs of stakeholders. Over the past
few years, the Holding’s ESG practices have
become more extensive and more in-depth.
▶ 2021
▶ 2023
▶ 2022
▶ 2024
• Updates
to the Environmental
Policy
• Approval
of the Regulation
on Safety Culture
• Development
of a Student
Engagement Strategy
• Updates to the Code
of Ethics
• Establishment
of sustainability KPIs
for several senior
managers
• Launch of annual
strategy sessions
• Adoption of Supplier
Code
• Preparation
of a sustainability
report with reference
to GRI standards
• Participation
in the preparation
of Delo Group’s
consolidated
sustainability report
• Foreign agencies
withdrew
the Company’s
ESG ratings
due to the geopolitical
situation
• Accession to Delo
Group’s Maternity and
Childhood Support
Programme
• Launch of the corporate
volunteering
programme
• Establishment
of the Internal
Communications
Department
• Establishment
of the Operational
Efficiency Department
• Establishment
of the function
for sustainable
sevelopment and
the implementation
of the ESG strategy
Sustainable development management structure
Strategic
level
Management
level
Operational
level
▶Approval of key internal documents/policies concerning
sustainable development and monitoring their implementation
▶Determination of approaches to the organisation
of the sustainability risk management system
▶Identification of KPIs
▶Budget approval
▶Preparation of key sustainability documents to embed
sustainability principles into operational activities
▶Function for sustainable development and
implementation of the ESG strategy
▶Implementation of
sustainability solutions
Function for sustainable
development and
implementation
of the ESG strategy
▼
▼
▼
▼
▼
▼
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Strategic Report
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Corporate Governance
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Additional Information
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Annual report — 2024
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International Joint-Stock Company Global Ports Investments
Sustainability risks
Global Ports seeks to effectively manage existing
ESG risks and promptly identify new risks in order
to improve efficiency and competitiveness.
At present, the Company is at the initial stage
of conducting an ESG risk assessment of its operating
activities. In 2025, the Company plans to determine
the materiality of risks, draw up a risk matrix,
and develop a list of measures and activities
to mitigate risks that are recognised as material.
At the same time, the Company already faces numerous
sustainability risks and responds to them in one way
or another within the framework of existing internal
regulatory documents (IRD). ESG risk management
is integrated into the overall risk management system.
Internal regulatory documents
To effectively integrate ESG principles into the Holding’s
business processes, a number of strategic documents
regulating key areas of the ESG agenda have been
developed. The overall approach of Global Ports
is reflected in its Sustainability Policy.
Policies and other strategic documents apply to all
areas of activity and all employees, and are enacted,
amended, and cancelled by order of the CEO.
Environmental aspect
• Sustainability Policy
• Ecological Policy
• Environmental Policy
• Risk Management Policy
• Supplier Code
Social aspect
• Collective bargaining
agreement (valid
at multiple terminals)
• Regulation on Awarding
Bonuses
• Regulation on Labour
Remuneration
• Regulation on Labour
Remuneration Systems
for Certain Categories
of Personnel
• Regulation on Innovation
Proposals
• Regulation
on the Recruitment,
Assessment, and
Selection of Personnel
• Regulation on the Adaptation
and Induction of Personnel
• Regulation on Personnel
Training and Development
• Regulation on Personnel
Records Management
• Charity and
Sponsorship Policy
Governance aspect
• Code of Business Ethics
• Conflict of Interest Policy
• Human Rights Policy
• Regulation on the Board
of Directors
• Appointment Policy
• Corporate Fraud and
Corruption Policy
• Antitrust Compliance Policy
• Risk Management Policy
• Supplier Code
• Government Relations Policy
• Information Security
Management policy
• Policy on the Investigation
of Improper Activities
• Data Protection
Compliance Policy
• Foreign Trade Controls Policy
• Insurance Standard
• Internal Audit Policy
Contribution to the national goals
of the Russian Federation
Preservation
of the population,
promotion of health
and well-being, and
support for the family
RUB 4.4 mn
spent on the occupational
safety and health training
of 1,169 employees
RUB 519.8 mn
expenses on occupational
safety and health measures
RUB 7.3 mn
expenses on organising
and holding social, fitness,
medical, and other events
for employees and their
family members
Realisation of each
person’s potential,
development of their
talents, and upbringing
of a patriotic and socially
responsible individual
More than 45
corporate events organised
for employees that were
attended by more than 650
employees
RUB 34.3 mn
total personnel training
expenses
6
volunteer events were
organised
80
employees joined the blood
donation campaign
Comfortable and safe
living environment
RUB 78.7 mn
expenses on environmental
protection measures
35 TJ
reduction in total energy
consumption
Sustainable and
dynamic economy
100%
share of costs on local
suppliers
No. 1
No. 2
No. 3
No. 5
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Stakeholder map
Stakeholder engagement
Global Ports is committed to a transparent and
open dialogue with all stakeholders and provides
convenient ways to communicate with each of them.
Creating effective means of communication allows us
to accurately identify essential stakeholder requests and
take into account their needs, interests, and concerns
when taking business decisions. The Company bases
its stakeholder engagement on the principles of respect,
openness, regularity, and the fulfilment of commitments.
The Holding uses various communication
channels and mechanisms for each stakeholder
and builds various interaction strategies based
on the degree of mutual influence. This approach
enables the Company to achieve its strategic
goals, including in matters concerning sustainable
development, and successfully create value
for the economy, society, and the environment.
Degree of stakeholders’ influence on the Company
Degree of Company’s influence on stakeholders
▶ low
▶ low
▶ ▶ moderate
▶ ▶ moderate
▶ ▶ ▶ high
▶ ▶ ▶ high
▶
MEDIA
▶
Educational institutions
▶
Local
communities
▶
Federal and regional
authorities, control and
supervisory bodies
▶
Capital markets, lenders,
financial institutions, rating
agencies, auditors
Approach to interaction:
Consulting
▶
Industry and professional
communities
Approach to interaction:
Maintaining awareness
▶
Customers and partners
▶
Suppliers and contractors
Approach to interaction:
Beneficial cooperation
▶
Employees and
labour unions
Approach to interaction:
Maintaining satisfaction levels
▶
Shareholders and investors
Approach to interaction:
Active involvement
Stakeholders
Expectations and interests
Interaction channels
Interaction forms and tools
Customers and
partners
•
Safety and high
quality of service
•
Clear tariff policy
•
Comfortable
communication
on working issues
•
Mutually beneficial
cooperation
•
Expanding cargo
handling capabilities
•
Modern port infrastructure
•
Informing about sustainable
business development
•
Responsible supply chain
•
Business ethics
•
Countering corruption
•
Timely and accurate
fulfilment of contractual
obligations
•
Newsletters
•
Satisfaction surveys
•
Official website
•
Hotline
•
Loyalty programmes
•
Face-to-face meetings
•
Financial reporting
•
Annual report
•
Establishment of long-
term mutually beneficial
partnership relations
based on mutual trust
•
Timely fulfilment
of mutual obligations
•
Anti-corruption activities and
compliance with ethics norms
•
Participation in forums,
exhibitions, and industry
conferences
•
Regular work meetings
•
Due diligence
of counterparties
•
Cooperation in developing
and mastering new
technical solutions
•
Customer surveys
for feedback
Suppliers and
contractors
•
Comfortable
communication
on working issues
•
Mutually beneficial
cooperation
•
Fulfilment of financial
obligations
•
Operational safety
•
Informing about sustainable
business development
•
Responsible supply chain
•
Transparency and openness
of competitive procedures
•
Business ethics
•
Countering corruption
•
Timely and accurate
fulfilment of contractual
obligations
•
Official website
•
Electronic trading platforms
•
Hotline
•
Face-to-face meetings
•
Financial reporting
•
Annual report
•
Establishment of long-
term mutually beneficial
partnership relations
based on mutual trust
•
Equal conditions for suppliers
and contractors to participate
in competitive tenders
•
Timely fulfilment
of mutual obligations
•
Anti-corruption activities and
compliance with ethics norms
•
Regular work meetings
•
Due diligence
of counterparties
•
Cooperation in developing
and mastering new
technical solutions
•
Supplier surveys for feedback
Shareholders and
investors
•
Shareholder value growth
•
Financial and operational
performance
•
Compliance with corporate
governance requirements
•
Informing about
the Company’s
development strategy
•
Dividend policy
•
Observance of minority
shareholders’ rights
•
Compliance with legislation
•
ESG agenda
•
Newsletters
•
Financial reporting
•
Media
•
Shareholders meetings
•
IR website
•
Social media
•
Investor conferences
•
Webinars and individual
meetings with investors
•
Mandatory disclosure
•
Working with analysts
•
Annual report
•
Organising shareholder
meetings
•
Keeping the IR website up
to date
•
Preparing investor
presentation materials
•
Individual and general
meetings with investors
•
Preparation of annual report
and sustainability report and
participation in the Moscow
Exchange Annual Report
Contest
•
Maintaining credit ratings
•
Publications in mass media
for significant events
•
Regular meetings with
analysts to maintain coverage
of the Company’s securities
Approach to interaction: Dialogue
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Strategic Report
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Corporate Governance
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Stakeholders
Expectations and interests
Interaction channels
Interaction forms and tools
Employees and labour
unions
•
Compliance with labour
legislation
•
Decent remuneration
•
Prospects for career growth
and development
•
Developed corporate
culture
•
Comfortable and safe
working conditions
•
Social guarantees and
benefits
•
Welfare for employees and
their families
•
Comfortable working
environment
•
Newsletters
•
Individual and general
meetings
•
Strategic sessions
•
Satisfaction surveys
•
Corporate press
•
Corporate TV
•
Collective bargaining
agreements with employees
•
Trade union organisations
•
Annual report
•
Personnel development
programmes, including
the succession pool
programme
•
Informing employees through
internal communication
channels
•
Employee meetings with
management
•
Professional competitions
among employees
•
Corporate events, including
sports and recreational
events
•
Training
•
Occupational health and
safety programmes
•
Developing safety culture
•
Flexible social package
Federal and regional
authorities, control
and supervisory
bodies
•
Compliance with legislation
•
Contribution
to the development
of the transport industry
•
Contribution to achieving
national goals
•
Tax and financial
transparency
•
Investment
in the development
of regions of operation
•
Financial reporting
•
Working groups
•
Official website
•
Annual report
•
Media
•
Answers to enquiries
•
Work meetings with regional
authorities
•
Regular audits
Capital markets,
lenders, financial
institutions, rating
agencies, and
auditors
•
Creditworthiness
of the Holding
•
Full and timely fulfilment
of contractual obligations
•
Credit rating level
•
Compliance with legislation
•
Transparency
•
Meetings with analysts and
bank representatives
•
Financial reporting
•
Annual report
•
Questionnaires
•
Mandatory disclosure
•
Regular meetings with
stakeholder representatives
•
Informing on performance
results
•
Risk assessment, limit
confirmation, and
creditworthiness assessment
procedures
•
Annual credit rating review
•
Rating of new bond issues
•
Audit of financial statements
Local communities
•
Safety and environmental
protection
•
Support for vulnerable
population groups
•
Programmes to support
youth, education, and
sports development
•
Comfortable urban
environment
•
Building public trust through
active participation
in the life of the regions
of operation
•
Official website
•
Media
•
Social media
•
Industry and various
regional events
•
Annual report
•
Interaction with educational
institutions
•
Interaction with municipal
authorities
•
Social investments
in the regions of operation
•
Charity
•
Corporate volunteering
•
Environmental accountability
•
Joint investment projects
for economic development
in the regions of operation
Stakeholders
Expectations and interests
Interaction channels
Interaction forms and tools
Media
•
Building a positive image
of the Company
•
Strengthening its reputation
in business circles
•
Enhancing openness and
transparency
•
ESG agenda
•
Meetings
•
Interview
•
Official website
•
Mandatory disclosure
•
Financial reporting
•
Annual report
•
Conferences and other
events
•
Participation in contests,
ratings, and awards
•
Publications in mass media
•
Comments and interviews
of senior management
•
Participation in industry and
investor conferences
Educational
institutions
•
Internship for students
•
Employment of graduates
•
Development of students’
professional skills
•
Meetings
•
Events for students
•
Conferences and forums
•
Media
•
Conclusion of cooperation
agreements with educational
institutions
•
Enrolling students
for internships at the Holding’s
enterprises
•
Further employment
of graduates
•
Conducting excursions,
business games, and training
sessions at the Holding’s
enterprises
•
Participation in open days
of educational institutions
•
Participation in HR forums and
career exhibitions
Industry and
professional
communities
•
Informing about current
trends in the industry
•
Expanding business
relations
•
New partnerships
•
Finding solutions
to common problems
together
•
Improving industry
regulation
•
Official website
•
Media
•
Industry conferences,
roundtables, and other
events
•
Individual and general
meetings
•
Annual report
•
Meetings with stakeholder
representatives
•
Participation in forums,
exhibitions, and conferences
•
Public speeches and
interviews of management
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Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Environmental aspect
As a key player in international
marine logistics, Global Ports is aware
of its responsibility for its environmental
impact. Even though the Company’s core
business – handling containerised and
non-containerised cargo – has a relatively
small impact on the climate, and sea
transport is regarded as one of the most
eco-friendly modes of transport,
the Holding adheres to a responsible
approach to environmental protection.
One of the key principles of Global Ports’
operations is to strictly comply with environmental
legislation and ensure full transparency and
accountability in environmental issues. All
the Holding’s assets regularly assess and
monitor their environmental impact, ensure
compliance with regulatory requirements,
and continuously improve business processes
to enhance environmental efficiency.
▶ ▶ ▶
Achievements
in 2024
▶Establishment of an internal
carbon price for investment
project assessments
▶Updates to the Environmental Policy
Plans for 2025 and
the medium term
▶Expansion of green office practices
▶Introduction of a centralised
environmental management
system and ensuring readiness
for ISO 14001 certification
▶Development of a decarbonisation plan
▶Scenario analysis and climate
risk assessment based on IFRS S2
recommendations and
the identification of risk mitigation
measures and target indicators
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Scopes 1 and 2 greenhouse gas emissions1, 2,
thousand tonnes of CO2 equivalent
42.7
42.4
2023
2024
To improve energy efficiency,
Global Ports implemented
various initiatives in 2024,
including:
▶Equipment upgrades
▶Introduction of energy
conservation technologies
▶Replacement of outdated lighting
systems with LED lighting
▶Reduction in power losses in electricity
intake and distribution systems
▶Optimisation of equipment
operation modes to improve
the quality of electricity supply
Total energy consumption2, TJ
552.9
517.9
Electric energy
Fuel from non-renewable sources
2023
2024
1
In 2024, Delo Group assets switched to a new methodology for calculating greenhouse gas emissions. For more, see ‘About the Report’.
2 Audited non-financial data provided for 2023. Unaudited data provided for 2024. For more, see ‘About the Report’.
Climate change
Maritime transport, which has a high level of energy
efficiency, transports 90% of the world’s cargo.
With key positions in the Russian logistics system,
Global Ports terminals help to reduce greenhouse
gas emissions in transport chains, thereby making
their own contribution to solving global climate
problems. Due to the strategic location of container
terminals on key routes, the Company serves as a link
between eco-friendly modes of transport – both
sea and railway. This facilitates the creation of more
sustainable and eco-friendly value chains.
At the same time, Global Ports recognises that
climate change, in particular rising sea levels and
the increased frequency of extreme weather events,
poses risks to port infrastructure. In response to these
risks, the Company is implementing adaptation
measures, including the modernisation of assets
and optimisation of business processes.
As part of its climate agenda, Global Ports focuses
on reducing greenhouse gas emissions by determining
the best approaches to minimising its carbon footprint.
In 2024, emissions (Scopes 1 and 2) amounted to 42,400
tonnes of CO2 equivalent. Although the Company
strictly adheres to all required regulations for the control
of greenhouse gas emissions, we are aware of the need
to strengthen our decarbonisation measures.
Environmental protection and conservation
Reducing the environmental impact of port activities
is one of Global Ports’ strategic objectives. The Company
takes an integrated approach to environmental
management that aims to protect, restore, and maintain
ecosystems in the areas where port assets are located.
When planning the expansion of port infrastructure
capacity, Global Ports first takes into account
sustainable development principles and carefully
analyses the possible environmental impact.
The Company actively cooperates with local and
regional authorities to develop and introduce
measures to minimise environmental risks.
In 2024, Global Ports approved an updated
Environmental Protection Policy that defines the Holding’s
key approaches and principles in this regard.
To achieve its goals, Global Ports
undertakes the following obligations:
• Minimise the risks of a negative environmental
impact both in its current operations and during
the implementation of investment projects
• Ensure the monitoring of its environmental impact
and promptly take measures needed to prevent
potentially harmful consequences for the environment
• Monitor and introduce innovative methods,
technologies, and eco-friendly solutions
in operational processes, including the use
of best practices from related industries
Main objectives of the Policy
▶To reduce any negative environmental
impact associated with the Company’s
business and other activities, especially
in the context of increased economic
activity and climate change
▶To preserve environmental quality
at the level required for people to lead
a prosperous life and for the Holding’s
sustainable development
• Ensure compliance with environmental legislation
and established norms and rules, especially
given the constant tightening of environmental
regulations and growing requirements for the eco-
friendliness of operational processes
• Monitor compliance with environmental standards
by contractors working in the Company’s territories
• Prevent pollution of water basins,
the air, and territories
• Continuously improve the environmental
management system
• Improve the level of environmental
protection expertise among staff
• Implement energy and resource conservation and
energy efficiency improvement programmes
• Take measures to preserve biodiversity and
ecosystems in areas where the Company operates
• Efficiently handle waste, prioritise the maximum use
of raw materials and inputs, prevent waste generation,
or reduce the amount of waste through recycling
• Modernise and introduce equipment
taking into account the best available
environmental protection technologies
• Conduct regular internal audits to ensure that
the Company’s practices comply with the stated
objectives of the Environmental Policy
• Implement environmental protection measures
• Inform and maintain an open dialogue with all
stakeholders about environmental issues
Global Ports’ operating facilities are classified as second-
and third-category Negative Environmental Impact
(NEI) facilities. The Holding’s greatest environmental
impact is caused by pollutant emissions from its handling
equipment. In 2024, air emissions from the Holding’s
assets did not exceed the maximum permissible
values. To control and reduce pollutant emissions,
the Company continuously monitors the technical
condition of equipment and machinery, and promptly
eliminates any malfunctions that affect emissions.
Environmental safety experts, the heads of labour and
environmental protection departments, terminal managing
directors, and the Company’s CEO are responsible
for preparing and implementing environmental measures.
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Environmental protection measures
Global Ports is implementing a range of measures
to assess and reduce its environmental impact.
Key focuses of environmental protection activities in 2024
Expenditures on environmental
protection activities1, RUB mn
2023
2024
67.8
78.7
Air protection:
• Ambient air laboratory studies
• Control of maximum permissible emissions
• Control of emissions during unfavourable
meteorological conditions
Wastewater collection and
treatment:
• Wastewater monitoring
• Morphometric information on water bodies
Protection and rehabilitation
of surface and groundwater:
• Examination of natural water and bottom
sediments
Environment protection against
noise:
• Laboratory noise research
Waste management:
• Industrial waste and solid municipal waste
removal
• Recycling of car tyres
• Disposal of lamps
1
Audited non-financial data provided for 2023. Unaudited data provided for 2024. For more, see ‘About the Report’.
Water usage
Global Ports strives to ensure the sustainable
use of water resources and reduce their
consumption wherever possible.
The Holding does not use water in its core operational
processes. Water is mainly consumed for service
needs, irrigation, and cleaning. Centralised systems
are mainly used for water supply and wastewater
disposal (except for storm water). If it is impossible
to connect centralised utilities, water is taken from
underground sources. The Company does not
draw water from natural surface water bodies.
Despite its negligible impact on water resources,
the Company takes the following measures
to minimise the risks of pollution of open water
bodies and the impact of wastewater discharge,
as well as to reduce water consumption:
• Regular monitoring of water consumption
and maximum permissible concentrations
(MPC) of pollutants in water
• Prompt cleaning of floating debris
from sea water area
• Disposal of wastewater into centralised
water disposal systems
• Informing employees about
sustainable water consumption
• Maintaining the storm water drainage
system in good working order
• Annual monitoring of wastewater treatment efficiency
• Maintenance and routine repairs
of water supply systems
All water used at Global Ports enterprises undergoes multi-
stage purification, after which it is returned to surface water
bodies. In addition, the Holding is constantly improving
treatment technologies to ensure that treated water
meets the established environmental quality standards.
To control and reduce water consumption, the Company
has implemented strict monitoring by equipping all water
consumption points with metering devices. Monthly
readings are taken from meters installed at all water
discharge and intake points. This information is regularly
submitted to the Federal Water Resources Agency
in accordance with the established requirements.
Waste management
Global Ports attaches great importance to effective
waste management in an effort to minimise its negative
environmental impact. The Company also aims to reduce
the amount of waste sent to landfills by prioritising
recycling, utilisation, and safe disposal practices.
Separate waste collection is a practice that Global
Ports is actively developing. Waste is categorised
according to its degree of hazard and stored in specially
equipped places in accordance with legal requirements.
Almost 100% of the waste generated in the course
of the Company’s activities is classified as Hazard
Class 4 and 5 waste, i.e., it is considered low-hazardous
or practically non-hazardous (construction waste,
sweepings from enterprises, etc.). Hazard Class 3 waste
is sent for neutralisation (mercury lamps, thermometers,
used uninterruptible power supplies, batteries, and filters).
Solid utility waste disposal, recycling, and neutralisation
are performed by regional operators with whom
contracts have been concluded and who hold licences
for the treatment of Hazard Class 4-5 waste, which
is mainly shipped off for utilisation or sale to third parties.
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Environmental measures implemented
at Global Ports in 2024
Utilisation of recyclable
materials
At one terminal, old recyclable asphalt
was reused to building a parking area.
Although this material is not suitable
for the heavy loads of highways, it is safe
and effective for use in car parks,
as well as country and secondary roads.
Transition
to electronic HR
document flow
About 50% of the Holding’s employees
have already digitised their HR
documents. Electronic HR document
flow helps reduce the cost of paper,
stationery, and courier services.
Resource conservation
Improvements were made to the practice
of placing and securing 40-foot containers
in open wagons. This practice, which
was implemented at one of Global Ports’
terminals, reduced the use of sawn
timber, while maintaining a high level
of cargo transport reliability.
Reduction
in greenhouse gas
emissions
▶The number of equipment operating hours
was reduced through the optimisation
of operational process algorithms
▶Energy consumption was reduced
by optimising the work
of STS electric cranes
Green office
▶The use of plastic and paper cups
was eliminated at the Company’s offices
▶Separate waste collection is being
actively introduced in office spaces
▶Containers to collect used batteries
were installed at all terminals
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▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Social aspect
As an operator of critical national
infrastructure, Global Ports recognises
its high degree of responsibility to society.
We believe that the well-being of our
employees and society is directly
linked to the Holding’s sustainable
growth and long-term prospects.
The Company has a significant impact
on the social sphere in the regions
where it operates by
▶Supporting local communities
▶Investing in social projects
▶Creating jobs
▶Providing opportunities for people’s
professional growth and development
▶ ▶ ▶
Achievements
in 2024
▶Reduction in LTIFR (Lost Time
Injury Frequency Rate)
▶Approval of safety culture regulations
▶Introduction of a flexible social
package based on the cafeteria
benefits principle
▶Development of a strategy
for working with students
▶Provision of training for managers
under the Corporate
Ladder programme
▶Improvements to the labour
remuneration system
at a number of terminals
▶Expansion of the talent
pool programme to a wide
range of line managers
Objectives of the Holding’s social
programme
▶Create safe working conditions
▶Motivate employees
▶Provide economic and social
support to its regions of operation
Plans for 2025 and
the medium term
▶Expansion of the leadership
development programme to more
managers and key specialists
▶Introduction of a mentoring system
▶Improvements to staff
recruitment efficiency
▶Development of the employer
brand amidst staff shortages
▶Expansion of presence
at universities and colleges
▶Expansion of the social benefits
package to support employee
demographics and health
▶Continued practice of annual
salary indexation
▶Expansion in the scale
of the volunteer movement
▶Greater involvement of operational
personnel and employees from
small and remote terminals
in the Holding’s corporate culture
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
The approved Safety Culture
Regulation establishes unified
requirements for a safe working
environment. It aims to create
a sustainable system based
on compliance with a specific set
of norms, rules, and the conscious
behaviour of all employees.
Occupational safety
Safety is an unconditional priority in our activities and the basis of Global
Ports’ corporate culture. We recognise our responsibility for personnel
safety and are committed to creating a sustainable safety culture
at the Company along with reducing occupational risks.
Stages of developing a safety culture
at Global Ports
Our safety system is based on two key components:
• Physical safety: compliance with all
regulatory requirements, standards,
and procedures in the workplace
• Mental safety: treating safety as an integral
part of daily work, behaviour culture, and
the involvement of each employee
Safety culture is embedded in all units, regardless
of the focus of their activities. Global Ports has
been working for five years to make safety one
of its corporate values. In 2024, safety became
a particularly important theme throughout the Holding.
• The Company chooses safety culture as the basis
of its safety development strategy and declares
its desire to implement a sustainable safety culture
that will change employees’ views on occupational
health and safety.
▶ 2020
▶ 2024
• The Company approved its Safety Culture Regulation,
assessed the safety culture maturity level, held
the first safety leadership development conference,
and implemented over 320 safety and health
innovation proposals.
▶ 2021
• Safety committees are established at each terminal,
regular audits are conducted, and the GP Alarm
mobile app launched.
▶ 2022
• Systematic safety training work was launched and
safety culture seminars were organised.
▶ 2023
• Global Ports rolled out a risk assessment project
for all its terminals, introduced safety assessment
checklists, approved safety standards, and initiated
quarterly checklist audits.
Key objectives of safety culture
Continuously develop, improve,
and assess the safety culture,
as well as the verification
methods used for this purpose
Integrate safety culture
principles into organisational and
operational activities
Enable the effective
introduction of safety
management systems and
safety-related processes
Ensure compliance with
all legal and regulatory
requirements concerning
occupational health and
safety
Create a sustained employee
commitment to the purpose
and principles of safety
culture measures
Achieve and maintain a level
of safety compatible with
international best practices
Global Ports’ safety standards are also a key component of the safety
management system, which is designed to ensure that all safety
standards are met and to enable accident-free operations.
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Participants in the occupational health and safety management system
70%
of the time is spent on audits,
briefings, seminars, risk
assessments, and employee
communication
Main measures of the occupational safety management system
Create and enforce safety
standards that are consistent
with industry best practices
for occupational health and
safety
Introduce regular pre-shift health
and safety briefings for line
managers and employees
Conduct regular safety audits
to prevent injuries and accidents
Conduct occupational safety
and health training
Introduce a daily safety audit
programme at each terminal
Monitor the health and well-
being of employees to improve
their health and reduce
occupational diseases
Board of Directors
CEO
Managers at all levels
at the terminals
▶Receives monthly performance reports, conducts
systematic reviews of safety performance, and discusses
the implementation of corrective measures with management
▶Holds monthly meetings to analyse safety
performance and set targets for improvement
▶Conduct safety audits and monitor
safety work performance
We are committed to an open dialogue about safety:
20%
on teamwork and
communication with
supervisors
10%
on formal training
One of the key focuses of strengthening the safety
culture in 2024 was the development of leadership.
A conference dedicated to safety leadership was held
for the first time and brought together almost 100 line
managers. The event was held in Northwest Russia
and provided a key platform for sharing experience
and discussing effective approaches to work and
cooperation on safety issues. Managers dealt with
real-life incidents and made commitments to develop
safety in their units. In 2025, a similar conference
is planned for our managers in the Far East.
The Company also developed an online course titled
‘Leadership in Safety’, which will become mandatory
for all Holding managers starting from 2025.
In addition, a project was launched in the reporting
year to develop safety ambassadors who serve
as informal safety leaders among employees of all
units. These proactive employees are actively involved
in ensuring and monitoring safe working conditions,
setting a personal example, and helping their
colleagues to comply with rules and regulations.
Safety leadership principles that all managers use
Start with oneself
Organise safety improvement
efforts
Establish goals and ways
to achieve them
Inspire and motivate people
1
Serve as a role model for safety behaviour
2
Promote safety as a core value of the Company
3
Continuously develop their own safety skills
4
Anticipate and manage risks
5
Monitor working conditions at workplaces and
stop unsafe activities
6
Investigate incidents, do not allow them
to be covered up, and focus on finding causes
rather than culprits
7
Take effective corrective and preventive actions
8
Discuss safety issues
9
Emphasise clear expectations for workplace
safety
10
Encourage and recognize achievements
in safety performance
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Safety indicators
Safety is the Company’s top priority. Global Ports
focuses on the health and wellbeing of its employees,
contractors, customers, and suppliers. We strictly adhere
to the schedule of safety audits conducted by business
unit managers and annual safety compliance reviews.
Feedback from employees is also an important
component of our safety management system.
The Company takes into account their opinions and
suggestions expressed during regular meetings.
Based on the results of a safety compliance audit
conducted at all the Holding’s assets in 2024,
the average compliance level score was 3.89
on a five-point scale (5 – full compliance, 1 – full non-
compliance), which is 2% better than the 2023 result.
During the reporting year, the Holding conducted
a comprehensive assessment of the safety culture
level for the first time. It covered seven key criteria
that reflect the qualifications, staff engagement and
commitment, and maturity of the safety system at all levels
of the organisation. Based on the assessment results,
the aggregate score totalled 4.04 points on a five-point
scale, where 5 is the highest score and 1 is the lowest.
According to the criteria it adopted, the Company assessed
the level of the safety culture in 2024 as independent.
Despite its solid performance, Global Ports
continues to develop its safety culture in a targeted
manner, recognising that it has a direct impact
on the occupational injury rate. The 2024
assessment identified both strengths of the safety
culture and areas where it can be improved.
Level of compliance
with safety standards
at Global Ports
2023
2024
3.82
3.89
Assessment of safety culture at Global Ports
in 2024
Motivation
and
engagement
Objectives
and
programmes
Security
management
system
Leadership and
commitment
Personnel
qualification
Workplace
safety
Risk
management
3.73
3.93
3.98
4.00
4.16
4.20
4.26
Strengths: what employees agree with most
(highest scoring questions)
Nothing is more important than
safety in the workplace
Examinations, tests, and knowledge checks
are conducted in a friendly manner that does
not make me feel prejudiced or pressured
Management always prioritises a safety
first principle
If I see a high risk at work,
I know whom to contact and
what to do
I can always ask for and get PPE if I
need it for work
1
In 2023–2024, the boundaries of the sustainability report were extended relative to 2022 due to the acquisition of assets. For more, see ‘About
the Report’.
2 Audited non-financial data provided for 2022–2023. Unaudited data provided for 2024. For more, see ‘About the Report’.
Areas for improvement: what employees agree with the least
(lowest scoring questions)
In 2024, the Lost Time Injury Frequency Rate (LTIFR)
reached its lowest value in the last four years
due to the cumulative results of our active and
continuous work to improve working conditions
and the safety management system and develop
a safety culture among our employees.
0
fatalities among employees and
contractors in 2024
LTIFR1, 2
0.71
1.48
0.53
2023
2024
2022
Expenses on occupational
safety and health training2,
RUB mn
2023
2024
3.6
4.4
I’m trying to improve
the safety guidelines
Safety meetings and workshops
are interesting and I learn something new
and important
I speak up on safety issues myself and encourage
others to get involved
I’m ready to take responsibility
for safety if my supervisor is absent
I propose my own suggestions
for improving safety
Expenses on occupational
safety and health protection
measures2, RUB mn
2023
2024
103.9
519.8
0.53
LTIFR in 2024
RUB 4.4 mn
allocated for occupational safety and health training
of employees in 2024
RUB 519.8 mn
total expenditures on occupational safety
and health measures in 2024
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1
In 2023–2024, the boundaries of the sustainability report were extended relative to 2022 due to the acquisition of assets. Audited non-financial
data provided for 2022–2023. Unaudited data provided for 2024. For more, see ‘About the Report’.
Our employees
Global Ports strives to be an attractive employer
for talented and ambitious professionals. We create
a corporate culture in which each employee can
realise their potential, contribute to the achievement
of common goals, and build a successful career.
The Company invests in personnel development,
is improving work processes, and provides employees
with opportunities for continuous professional growth.
We value the uniqueness of each employee and create
an atmosphere of respect, support, and mutual trust.
Total number
of employees1
3,088
3,160
3,273
2023
2024
2022
Number and % of dismissed
employees1
449
382
348
2023
2024
2022
14.5%
12.1%
10.6%
Number and % of new
employees1
631
20.4%
689
21.8%
524
16.0%
2023
2024
2022
As of 31 December 2024, Global Ports employed
3,273 people. In 2024, the Company hired 524
new employees (the proportion of new employees
is 16.0%). During the year, 348 employees were made
redundant, resulting in a turnover rate of 10.6%.
The stevedoring industry is traditionally considered
a male-dominated industry, so the share of men
among employees is high. Nevertheless, over the last
few years, the share of women in the total number
of employees has been stable at around 28%.
Global Ports staff structure in 2024
By region
Northwest
Far East
33%
67%
By age
Up to 25 years old
26 - 35 years old
36 - 55 years old
Over 56 years old
7%
18%
18%
57%
By gender
Men
Women
28%
72%
By position
Managers
Specialists
Workers
29%
7%
64%
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1
In 2024, the methodology for calculating satisfaction and engagement indicators was adjusted. The approach to calculating the loyalty index
and the happiness index did not change. For more, see ‘About the Report’.
At Global Ports we believe that employee
engagement and loyalty directly affect the success
of business. Therefore, we strive to create a corporate
culture in which each team member feels valued
and involved in the common business.
To continuously improve working conditions and
engagement, Global Ports uses a wide range
of communication tools, including briefings, seminars,
surveys, meetings, and open dialogues. The Company
focuses on feedback from employees to better
understand their needs and expectations.
Measures implemented in 2024 based on the 2023 satisfaction survey
2024 satisfaction survey1
In 2024, Global Ports continued the practice of conducting regular employee surveys to assess
employee satisfaction, engagement, loyalty, and overall emotional well-being. Approximately 1,900
employees participated in the 2024 survey, representing approximately 60% of the total workforce.
For example, regular satisfaction surveys help us
assess the effectiveness of our social and corporate
programmes. The results of these surveys serve
as the basis for constructive discussions with employees,
both online (webinars) and during face-to-face meetings
at terminals. This approach promotes transparency
and the prompt implementation of changes to improve
working conditions and employee satisfaction.
More than 1,900 employee
requests for minor repairs and
equipment purchases were
granted
The number of corporate
events for employees
was increased
A flexible social package
(benefits cafeteria)
was introduced
Wages were indexed
52 loading and utility vehicles,
18 semi-trailers, and 5 roll
trailers were purchased
Terminals began offering
therapist appointments
twice a month as part
of the corporate insurance
programme
Results of survey
▶The satisfaction level did not change
significantly compared with 2023 and
amounted to 68% (73% for administrative
personnel and 65% for operational personnel),
which generally corresponds to the average
values for Russian companies.
▶The level of engagement also remained virtually
unchanged compared with 2023 and amounted
to 70% (75% for administrative personnel and
66% for operational personnel), which is also
comparable with the average values in Russia.
▶The loyalty level decreased to 19% (35%
for administrative personnel and 9%
for operational personnel) compared
with 39% in 2023. The indicator is around
the level of the average value for Russian
companies in general and slightly exceeds
the average values in the logistics industry.
▶The Happiness Index totalled 67%
(69% for administrative personnel
and 65% for operational personnel)
compared with 75% in 2023.
Satisfaction survey results
2024
2023
73%
70%
68%
Engagement level
Satisfaction level
Loyalty level
71%
19%
39%
Happiness Index
67%
75%
The employee satisfaction survey not only
helped to record stable and positive indicators
in a number of areas, but also to identify
areas that require special attention.
Low scores on the survey included:
1) Soft factors:
a) Employees feeling recognised and valued
b) Positive changes since the last survey
c) Awareness of company goals
2) Corporate factors:
a) Introduction of innovations at the company
b) Income level
Among the processes that need to be improved
at the Company, respondents most often pointed
to insufficient interaction between departments,
as well as between management and subordinates.
Employees most often suggested the following
necessary changes: improvements in working
conditions (better material conditions, more
comfortable workplaces, updated equipment and
personal protective equipment), a better attitude
towards employees, and higher salaries.
Satisfaction indicators
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Development of corporate culture
Over 1,200 employees
took part in corporate events, including
over 650 unique participants
In 2024, Global Ports continued active work
to improve internal communications with a focus
on bridging the information gap between
administrative and operational personnel,
as well as on increasing the involvement of operational
personnel in the Company’s corporate life.
Global Ports organised more than 45 events
for employees and their children in 2024, including more
than 10 sporting events. For the first time, a children’s
day was organised at ULCT. A professional skills
competition among dock machine operators and port
equipment drivers has become an annual tradition.
Other events included intellectual quizzes, photo
contests, one-day hikes, and paintball tournaments.
Global Ports attracts and retains professionals
by offering competitive conditions on the labour
market and a sustainable system of staff support.
The Company takes a comprehensive approach
to the compensation package, which not only
includes an attractive salary and performance
bonuses, but also a wide range of social benefits.
Global Ports’ remuneration system is based
on the principles of transparency, clarity, and
fairness. It aims to recognise and reward employees’
successes, take into account their individual
contribution to the Company’s development, create
motivation to achieve its strategic goals, and enhance
operational efficiency. A transparent and clear labour
productivity management system closely linked
to the Company’s strategic goals ensures the objective
assessment of results and fair remuneration.
Financial support measures
• Wages are indexed at least once a year
at a rate no lower than the inflation rate.
• Employees are paid in accordance with
the Labour Code of the Russian Federation
for working at weekends and on public
holidays, as well as for extra hours.
• Additional payments are made for combining
professions, expanding the scope of services,
increased workloads, performing the duties
of a temporarily absent employee, and night work.
• Temporary or permanent personal allowances may
be established for professional excellence, superior
job performance, and extra work performed.
• One-time bonuses are paid to employees
on anniversaries and professional holidays.
• Assistance is provided to employees
in difficult life situations.
Social benefits
In addition to direct financial support, Global Ports
has a social package that aims to promote the health,
family, and well-being of employees. The Company
pays special attention to programmes that support
maternity and childhood, increase birth rates, provide
recreation and health treatment for employees, and
support healthy lifestyles, culture, and sports.
In 2024, the Company expanded its social package
for employees by introducing a cafeteria benefits system
that functions based on the marketplace principle.
Employees were able to choose their own benefits within
a set limit based on their individual needs. The wide
range of benefits encompasses different categories:
health and beauty, medicine and insurance, sports and
fitness, healthy eating, education, charity, transport,
auto, travel, and more. The list of benefits is regularly
updated to take into account the wishes of employees.
100%
employee coverage with VHI programmes (among
full-time employees on an open-ended contract
who have completed their probationary period)
Almost 2,700 employees
(more than 80% of the total workforce) used
the benefits cafeteria in the incomplete year 2024
since the programme was launched
Employee support measures
Programme to increase birth rates and
support motherhood and childhood
• Partial compensation for preschool expenses
• Financial assistance for the birth of a child
• Additional payments in the event of early
return from childcare leave
• Reduced working hours during childcare
leave for children up to 1.5 years of age and
in the event of early return from childcare leave
• Additional payments to women’s average
earnings during maternity leave
• Additional payments to women’s average earnings
when they are unable to work during pregnancy
• Partial compensation for the cost
of vouchers to children’s health camps
• Compensation for the cost of subscriptions
to fitness clubs or swimming pools
for employees on parental leave
• Provision of an additional paid day off
on 1 September (or on the first school day of the year)
for employees with children in grades 1-4
• More than 45 events were organised
for employees and their children
• The number of employees subscribed
to the Company’s closed Telegram channel
increased to 1,200 people (more than one
third of the total number of employees)
• Corporate TV and video information projects
for employees were launched
• Information stands at terminals were
updated
• 6 issues of the corporate newspaper were
published
Results of the Internal
Communications Department
in 2024
• Increase the percentage of employees who
use all information channels to 75%
• Increase the coverage of safety, operations,
operational efficiency, and sustainability
topics
• Expand the representation of ‘small terminals’
and their employees in the Company’s
information field and among subscribers
of its Telegram channel
• Develop the video information project and
purchase missing equipment for the regular
release of video content
Internal communications plans
for 2025
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Staff training costs1,
RUB mn
2023
2024
17.6
34.3
Working with students and youth
For several years Global Ports has been consistently
building a culture of intergenerational succession
by engaging students and young professionals.
In 2024, the Company systematised its approach
to working with educational institutions, expanded
its presence at universities and colleges, and
approved a student relations strategy for 2025.
In the long term, the Holding has ambitious goals:
to enhance the recognisability of the HR brand, increase
the share of employees hired after completing student
internships, and create a common communication
channel for young people and students.
The measures that were implemented to this end in 2024
have already produced the first results. For example,
the recognition of Global Ports’ HR brand has increased
significantly among the relevant educational institutions,
while more than 100 students completed internships
with the Company during the reporting period.
Employee training
Global Ports regards staff training and development
as a strategically important focus and a prerequisite
for ensuring the Company’s future success.
We are committed to providing each employee
with opportunities for professional growth and
self-realisation and invest significant resources
in creating a talent pool and training new
generation leaders to manage the Holding.
Global Ports is implementing a wide range
of educational programmes to support the career
development of its employees and to build a team
of highly skilled professionals who are capable
of solving the most complex tasks. The Holding
has its own internal training system that covers
key areas ranging from occupational safety and
first aid to English language training programmes,
as well as operational efficiency tools and specialised
training, such as training for women crane operators.
Employees can also take external training
courses and programmes to expand their
expertise outside the Company.
The Holding pays special attention to the development
of management skills and leadership qualities. In 2024,
the top 150 managers were trained under the Ladder
of Growth programme, which aims to synchronise
approaches to team management at all levels. As part
of the programme, employees learned practices
to assess the level of professional maturity of employees,
mastered proactive thinking tools, and developed
their emotional intelligence. There are plans to scale
the leadership development programme to a wider
range of managers and key specialists in the future.
RUB 34.3 mn
total costs for staff training
in 2024
Collaboration with Admiral Makarov
State Maritime Academy
Global Ports actively develops partnership relations
with leading educational institutions with a focus
on training future industry professionals and establishing
the continuity of generations. The Academy has
become one of the Holding’s key partners.
The Company regularly organises career guidance trips
and specialised lectures for students at its terminals
featuring experienced experts and managers. In 2023,
the Petrolesport terminal opened a training department
for transport process technology students, where
classes are taught by professors from the Academy and
experts from the Company. In 2024, the department
continued to hold classes once every two weeks
directly at the terminal, which enabled students to gain
practical knowledge in a workplace environment.
In spring 2024, the traditional Global Ports Week –
a series of career guidance sessions for students
of the Academy – was held for the fifth time.
In autumn 2024, Global Ports and Admiral Makarov
State Maritime Academy signed a network collaboration
agreement for the joint training of port industry
specialists. The parties agreed to join efforts in training
students in three educational majors: ‘Organisation
of water-based transportation and management’,
‘Management of water and multimodal transportation’,
and ‘Operation of port and transport terminal handling
equipment’. As part of the agreement, the Company
purchased modern equipment for the university,
and there are plans to open a Global Ports branded
classroom at one of the university’s buildings in 2025.
New focuses
In 2024, the Holding expanded its existing agreement
with Petrovsky College for the transport logistics major,
and also signed new cooperation agreements with
the Academy of Transport Technologies and the Centre
for Advanced Professional Training of St. Petersburg.
One component of the Company’s on-the-
job approach to training was a trip to ULCT
for students from Slantsy Industrial College,
which provided them with an introduction
to real working conditions at the enterprise.
The Company also took part in a municipal
conference of educational institutions and
employers with an audience of up to 1,000 people
and bolstered the presence of its HR brand
in the professional educational community.
In the Far East, Global Ports signed an agreement with
the Ministry of Professional Education and Employment
of the Primorsky Territory and Nakhodka State
Humanitarian and Polytechnic College. The parties
agreed to create the Transport Industry educational
and professional centre (cluster) in the region as part
of the Professionalism Federal Project. The cluster will
be used to launch a specialised training programme
for experts who will be able to find employment
with Global Ports after completing their studies.
In St. Petersburg
• Admiral Makarov State Maritime Academy
• Petrovsky College
• Admiral Senyavin Maritime Technical College
• Academy of Transport Technologies
• Vsevolozhsk Agro-Industrial Technical College
• Kingisepp College of Technology and Service
• Slantsy Industrial College
Educational institutions with which Global Ports cooperates
• Career days
• Open doors days
• Career guidance classes and business games
• Excursions to terminals
• Operational and pre-graduation internships
Main formats of interaction
In the Far East
• Nakhodka State Humanitarian and Polytechnic
College
• Primorsky Multiprofile College
• Far Eastern Maritime School, Nakhodka
• Nakhodka Branch of Admiral Nevelsky Maritime
State University
• Vladivostok State University
• Far East Federal University
1
Audited non-financial data provided for 2023. Unaudited data provided for 2024. For more, see ‘About the Report’.
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Supporting local communities
Global Ports is actively involved in the life of the regions
where it operates and is keenly aware of its important
role as a major employer, reliable investor, and
consumer of local goods and services. The Company
has a significant impact on the economic development
of the regions by creating new jobs and stimulating
the development of small and medium-sized businesses.
Volunteering
Since 2023, the Holding has been actively developing its volunteer work.
Global Ports employees enthusiastically take part in socially significant
initiatives to help people, animals, and the environment.
Volunteer campaigns organised in 2024
An important part of the Holding’s corporate strategy
is its endeavour to not just be a business entity, but
an integral part of local communities. Global Ports
aims to improve the quality of life in the regions through
social investments and local initiatives. The Company’s
social investment programme aims to create
sustainable positive changes and make a long-term
impact on the lives of people and communities.
Visit to the Kronstadt
Social Rehabilitation
Centre
Visit to the Rzhevka shelter
for homeless animals
in St. Petersburg
Planting birch trees
in Khmylovka village
Donor Day
Charity Saturday clean-up
at Izmalkovo Manor
in cooperation with
the Gift of Life Foundation
New Year’s Tree of Kindness
New Year’s Tree of Kindness
The charitable New Year’s campaign – New Year’s
Tree of Kindness was held for the third time in the Far
East, during which wards from the Nakhodka
Society for the Disabled received New Year’s gifts
from employees of the Global Ports container
terminal in the Primorsky Territory, who helped
to create a festive atmosphere and provide joy and
attention to those who truly appreciate care and
support. The New Year’s Tree of Kindness was a true
manifestation of corporate kindness and cohesion.
Donor Day
Global Ports organised its first ever corporate blood donation event for employees in the Northwest and Far
East, with 80 workers from the Leningrad Region, St. Petersburg, and Nakhodka joining the initiative. This event
was an important step in the development of corporate volunteering, generated positive feedback within
the team, and laid the foundation for regular similar events in the future.
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2023
2024
34.1
52.5
Charity
RUB 52.5 mn
donated by the Atmosphere
Fund in 2024
About RUB 170 mn
in total social investments
by the Atmosphere Fund since
its foundation
Charitable donations
by the Atmosphere Fund, RUB mn
Charity projects of the Atmosphere Fund in 2024
In 2024, the Atmosphere Charity Fund, which was established with the support
of Global Ports, continued to actively assist beneficiaries in the Far East, while
expanding its geography to the Northwest, Central, and Volga regions.
Design of a kindergarten and
school in Nakhodka
The Fund provided assistance
for the preparation of design documentation
and an expert appraisal for the construction
of a kindergarten and school in Nakhodka.
The new educational institution will provide
access to preschool and general education
for children in a new residential neighbourhood
under construction. The building will
simultaneously house a school for 800 students
and a kindergarten for 210 children.
Lighting the New Year’s Lights
In December, the first corporate charity event
was held and attended by all Delo Group
employees – more than 650 in total. The funds
raised were sent to the Centre for Children
Without Parental Care in the town of Kudymkar
(Perm Territory). In particular, the Fund
purchased sports equipment, creative props,
board games, furniture, as well as equipment
for a psychologist’s office and a computer class.
On 25 December, Delo Group employees came
to the Perm Territory and personally handed over
the long-awaited gifts to the Centre’s wards.
Support for Portovik football club
Support was provided to the Portovik children’s
football club from Nakhodka, including
the purchase of sports equipment and payment
for its participation in tournaments. In 2024,
the team from the children’s football school
pulled off a major achievement when it won
an international tournament in Dalian, China.
Assistance to medical and
children’s centres
In the Northwest, assistance was provided
to medical centres and centres that work with
orphans and disabled children to purchase
much-needed equipment for the rehabilitation,
socialisation, and development of patients.
Urban environment improvement in the Far East
In the Far East, the Fund helped to repair the roof and façade and improve landscaping
at a kindergarten. To celebrate the 79th anniversary of the victory in World War II, the Fund purchased
and planted saplings, bought garlands to lay at a monument to fallen warriors, and organised
a festive firework show. In the run-up to the New Year’s holidays, the Fund organised the decoration
of the ‘ecological square’ park area, which was also previously developed at the Fund’s expense.
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Governance aspect
Achievements
in 2024
▶Launch of Delo Space’s own
corporate messenger
▶Improvements to the hotline
mechanism
▶Digitalisation of the procurement
process
▶Drafting of the Regulation
on Contractor Prequalification
Plans for 2025 and
the medium term
▶Updates to the Supplier
Code, development of an ESG
assessment questionnaire, and
categorisation of suppliers
▶Development of training materials
on the use of the Supplier Code
for procurement personnel
▶Development of ESG communications
to raise awareness about sustainable
development among employees
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Business ethics
Good governance and ethical behaviour
are fundamental principles of our work. Global
Ports strictly complies with all relevant laws and
regulatory requirements, while striving to maintain
the highest standards of business ethics. We expect
all of our employees, as well as contractors and
suppliers, to share the Holding’s values and
to act responsibly, honestly, and ethically.
The centrepiece of the Company’s ethical infrastructure
is the Code of Conduct, which sets the framework
for all aspects of our business practices. It describes
the general principles of business ethics and
acceptable standards of professional behaviour
for all our directors, employees, and contractors.
The document also covers human rights, anti-fraud
and corruption, and conflict of interest principles.
The purpose of the Code is to clearly define our ethical
standards and set clear expectations for employee
behaviour and business activities, as well as to provide
clear guidelines for decision-making in various work
situations. To achieve this, we also regularly send
employees up-to-date information on the Holding’s
management policy and provide training to familiarise
them with changes that affect corporate governance.
All employees are required to review the Code upon
hiring. It is also available in electronic and printed
form in the HR departments of all the Holding’s assets.
Additional training programmes and sessions may
be organised for employees in order to effectively
inform and explain the provisions of the Code.
Employees and external parties are encouraged
to report any suspected violations of the Code through
various channels, including a dedicated hotline.
Human rights
The main principles of Global Ports’ approach
to protecting and ensuring the observance
of human rights in all aspects of its activities
are enshrined in the Human Rights Policy.
The Policy includes commitments to respect human
rights that strictly comply with both Russian and
international law. We also adhere to the UN Guiding
Principles on Business and Human Rights and endeavour
to integrate them into all facets of our operations. Our
Policy sets minimum standards that must be met not
only by our employees, but by all counterparties as well.
Global Ports respects and upholds the fundamental
civil, political, economic, and social rights and freedoms
of each and every person, treating them as an integral
part of our corporate culture and daily practices.
The Company ensures equal opportunities for both
job applicants when being selected for a position
and full-time employees by providing decent working
conditions, fair remuneration, and opportunities
for further growth and development. The Holding
strives to employ uniform principles and approaches
to human resources management in all regions where
it operates. It pays special attention to hiring employees
with disabilities and creating decent and comfortable
working conditions for them. A number of the Holding’s
assets have collective bargaining agreements in place.
Global Ports consistently opposes any form
of discrimination. As a matter of principle,
we do not tolerate prejudice based on race,
religion, political beliefs, marital status, age,
gender, sexual orientation, or disability.
The Company has communication channels with
employees (hotlines, contact via the corporate
website, HR department, trade union organisation,
and meetings with management) that any of them
can use to report a conflict situation for further
investigation. If a dispute arises within companies,
it is fully investigated and, if the allegations
are proven, the appropriate action is taken.
0 reported incidents
of human rights violation in 2024
0 substantiated complaints
about breaches of confidentiality in 2024
0 cases of discrimination
in 2024
32 employees with
disabilities
are employed by the Holding
78%
of employees are covered by collective
bargaining agreements
Cybersecurity
Information security is an integral part of sustainable
development and responsible governance at Global
Ports. As it digitalises its operational processes,
the Company is making consistent efforts to protect
its information infrastructure, as well as the data
of customers, partners, and employees.
To minimise cyber risks and enhance
the sustainability of the digital environment,
the Company is implementing a set of technical
and organisational measures that includes:
• Modern information protection equipment
• Access rights differentiation system
• Multi-factor authentication and
corporate password policy
• Protection of communication channels
• Regular software updates
• Management of vulnerabilities
• Incident monitoring and response
Global Ports has an Information Security Policy,
as well as internal regulations that describe information
protection requirements, the procedure for accessing
information resources, and employee responsibilities.
The documents are regularly updated to reflect changes
in legislation and the technological environment.
To foster a sustainable information security culture
among employees, the Company has introduced
training and regular awareness programmes.
Responsible behaviour in the digital environment
is viewed as an important element of corporate ethics.
The secure Delo Space corporate messenger
was put into operation as part of efforts to achieve
digital independence and the Company’s
technological sustainability strategy.
Given the rapidly growing popularity of various
AI-based services, Global Ports has restrictions
on the use of any third-party AI chatbots and
chatbots that work with corporate data.
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Anti-corruption and anti-fraud
Global Ports fundamentally has zero tolerance
for corruption and bribery in any form, including
conflicts of interest. We absolutely reject all
manifestations of dishonest behaviour, both with
respect to government agencies and in business
interactions with partners and suppliers. These
principles are clearly stated in our Code of Ethics,
which sets standards of behaviour for all
the Company’s employees and business partners.
In its activities, Global Ports is guided by the Corporate
Fraud and Corruption Policy, which ensures the integrity
and transparency of all operations. It aims to ensure
that all business processes are conducted strictly
within the legal framework, openly, and with high
ethical standards. This policy applies to all Global
Ports employees, as well as any person acting
on behalf of the Company in any capacity.
The Company has taken measures to prevent
situations involving potential conflicts of interest
with executive bodies and key managers.
Compliance with measures to prevent conflicts
of interest is monitored on an ongoing basis.
Measures to prevent corporate fraud and corruption
• Creation of an internal regulatory framework
to combat corporate fraud and corruption
• Informing employees and other persons about
the basic principles and requirements for compliance
with applicable anti-corruption laws
• Availability of information channels for reporting
corporate fraud and corruption
• Stipulating the authority and responsibility
of employees in matters concerning
anti-corruption and anti-fraud
• Introduction of employee behaviour standards
• Regular assessment of corruption risks
• Identification and resolution of conflicts of interest
• Regulation of business gifts and hospitality exchanges
• Regulation of procurement activities
• Introduction of employees to the Company’s
anti-corruption and anti-fraud policies
• Anti-corruption campaigns and
awareness-raising activities
0 confirmed cases
of corruption and conflict of interest in 2024
100%
of employees have reviewed the Holding’s
anti-corruption policies and methods
Whistleblowing hotline
Global Ports emphasises the importance of openness and transparency
and therefore encourages its employees, customers, and other
stakeholders to report any potentially unethical, illegal, or suspicious acts
or practices. For this purpose, the Company operates a whistleblowing
service (hotline) that is available 24 hours a day, 7 days a week.
The hotline can
be contacted by:
Calling the Security
Service
Calling the toll-free
anonymous hotline
Sending a report
to the hotline’s
dedicated email
address
Detailed information about the hotline is available
on the Global Ports website, as well as on information
boards in the offices and prominent places
at the Company’s terminals. In 2024, the hotline
operation has changed: it is now administered
by two independent structures – the Security
Service and the Internal Audit Department.
All reports received via the hotline are treated
confidentially and investigated thoroughly and
impartially, ensuring the anonymity of complainants
and protecting them against possible retaliation.
Referrals made through channels administered
by the Internal Audit Department are logged and
evaluated to determine if a further investigation
is necessary. The Internal Audit Department operates
independently of executive management and
reports to the Board of Directors, which is informed
of any allegations that have been received.
In 2024, two allegations were received through channels
administered by the Internal Audit Department, and
both were related to lengthy cargo handling.
0 appeals
containing allegations of fraud
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Procurement
Global Ports is committed to building strong and long-
term partnerships with our suppliers. We expect our
suppliers to also adhere to high ethical standards and
norms of behaviour, which are defined in the Company’s
Code of Ethics. The Holding’s Procurement Policy
sets out the basic principles of interaction with
suppliers, ensuring ethical and transparent
business at all stages of procurement activities.
Key principles of procurement activities
Compliance with the laws of the Russian
Federation, including the requirements
of Federal Law No. 223-FZ
Selection of suppliers based on the best price
offers along with mandatory compliance with
the required quality standards and deadlines
Openness and transparency of information
to ensure fair competition
Assessment of the total cost of ownership
as a basis for taking informed decisions
In order to ensure the fairness and transparency
of tenders, all information on ongoing procurements
is posted on the electronic trading platforms
Federal Specialised Marketplace 223-FZ, Fabrikant,
and Roseltorg, as well as the official website
of the Unified Information System for Procurement.
In 2024, a unified corporate section for Global Ports
was created on the Roseltorg electronic trading
platform, which describes procurement procedures for all
assets within the Holding in a single space. This decision
simplified access to information for potential contractors
and ensured the greater transparency of procedures.
In addition, information on active and archived
procurement procedures is duplicated on the Global
Ports corporate website in the Procurement section.
Also during the reporting period, the Company
drafted the Regulation on Contractor Prequalification
and conducted the first stages of evaluation.
Based on the results for the year, 30 organisations
were included in the Register of Accredited
Suppliers (Executors and Contractors). The Register
is publicly available on the corporate website.
In 2025, further improvements will be made to the pre-
qualification procedure, taking into account the lessons
learned.
Global Ports views sustainability as an integral
part of doing business that is directly linked
to corporate values and ethics. The Company
seeks to build partnerships based on trust,
transparency, and compliance with international
standards in environmental protection, human
rights, and corporate responsibility.
In 2022, the Holding drafted a Supplier Code
of Conduct to inform current and potential
counterparties about the basic principles that
the Company observes in the course of its activities.
The Code reflects Global Ports’ commitment to building
a sustainable supply chain in line with the UN Global
Compact. According to these principles, a sustainable
supply chain involves responsible interaction with
suppliers and managing the environmental, social,
and economic impacts of business decisions
throughout the life cycle of goods and services.
Priority focuses for creating a responsible supply chain
When concluding contracts, Global Ports
asks its suppliers to confirm their acceptance
of the principles enshrined in the Code.
1) Ethical principles
2) Anti-corruption principles
3) Occupational health and safety principles
4) Human rights principles
5) Environmental principles
In order to build a responsible and sustainable
supply chain, Global Ports reserves the right
to request information from suppliers to confirm
their compliance with the principles set out
in the Supplier Code of Conduct. At the same
time, such requests must not contradict the norms
of Federal Law No. 223-FZ. If a supplier refuses
to provide the required information, the Company
may decline further interaction with the supplier
or not to enter into contractual relations at all.
When conducting tender procedures that
are not subject to Federal Law No. 223-FZ and
receiving equivalent offers from several suppliers,
the Company may give preference to the candidate
with the best sustainability performance.
The application of the Code is not yet mandatory
in all procedures. However, in 2025, Global Ports
plans to expand and strengthen ESG principles
in its procurement activities, including updating
the Supplier Code of Conduct and developing
a questionnaire for the ESG assessment of suppliers
and training materials for procurement personnel.
Environmental
impact
Procurement
Waste reduction
Operational and
product innovations
Human rights
Logistics and
distribution
Higher transparency
of the supplier base
Facility
management
Responsible supply chain
100%
share of costs borne by local suppliers
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DECISION
TIME
Global Ports is improving its corporate governance system in accordance with
the best Russian and international practices based on the principles of transparency,
accountability, efficiency, and strict compliance with legislation.
Corporate
Governance
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Risk management
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Corporate governance structure
The corporate governance system of Global Ports ensures
the efficient management of the Company and the observance
of the rights and legitimate interests of all stakeholders.
Due to the redomiciliation of the Holding’s parent
company to the Russian Federation, the Board
of Directors was re-elected at the Extraordinary General
Shareholders Meeting on 27 February 2024. A new Board
of Directors of Global Ports was elected at the Annual
General Meeting of Shareholders in June 2024.
At present, the Company’s Board of Directors consists
of six members, including two representatives
of Delo Group, three representatives of Rosatom
State Corporation, and a management
representative. In 2024, the Board of Directors
did not establish any new committees.
The Board has the balance of skills and expertise
needed to run the Holding. The Board members
have the following educational backgrounds: port
and transportation industry, economics, accounting
and financial, banking sector, and legal.
6 members
on the Board of Directors 17%
executive directors
83%
non-executive directors
48 years
average age of Board
members
18 years
age difference between
junior and senior
members of the Board
of Directors
100%
share of men
on the Board of Directors
▶ ▶ ▶
Role of the Board of Directors
The Board of Directors handles the general management
of Global Ports’ operations, determines the priority
focuses of the Company’s activities, approves
the Company’s strategy and development programmes
for the short and long term, and is responsible
to shareholders for increasing shareholder value
and contributing to the development of the entire
Holding. The Board promotes compliance with
advanced corporate governance standards and
is committed to strengthening corporate culture.
The key role of the Board of Directors is to promote
the entrepreneurial leadership of the Holding
by defining its goals, values, and strategy, and
providing the financial and human resources needed
for their implementation. The Board monitors
the effectiveness of management and guarantees
the fulfilment of all obligations to shareholders.
When forming the Board of Directors, the Company gives
preference to candidates with the relevant experience
and a deep understanding of the industry. The roles
and responsibilities of the Chairman and members
of the Board of Directors are set out in the Regulations
on the Board of Directors, the latest version of which
was approved by shareholders on 18 June 2019.
Members of the Board of Directors
In accordance with the Company’s Charter approved
by the Extraordinary General Meeting of Shareholders
on 2 March 2023, the election and changes in the number
of members of the Board of Directors falls within
the purview of the General Meeting of Shareholders.
Once a year, the Company holds an Annual General
Meeting of Shareholders, which must adopt decisions,
among other things, on the election of the Board
of Directors. The General Meeting of Shareholders
may also re-elect the Board of Directors at any time.
The remuneration of the Board of Directors is determined
at the General Meeting of Shareholders. Directors may
also be compensated for all transportation, hotel, and
other expenses they incur in connection with their duties
as a member of the Board of Directors. In 2024, members
of the Board of Directors were not paid any remuneration
or reimbursed for expenses related to exercising their
powers as members of the Board of Directors.
Chairman of the Board of Directors
The Chairman of the Board of Directors organises
its work, decides whether the Board should hold
meetings or absentee voting to make decisions,
presides over Board meetings, and organises
the preparation of minutes on the results of meetings
or absentee voting for the Board to make decisions.
The role of the Chairman of the Board of Directors
is to ensure that Board meetings are held in a timely
manner in accordance with internal regulations and
the Company’s corporate governance standards.
The Chairman of the Board of Directors ensures
interaction between the Holding and its shareholders,
as well as the Board of Directors and management.
The Holding’s management may be invited to meetings
of the Board of Directors to discuss various agenda
items and assess the performance of the Holding.
The Company separates the positions of Chairman
of the Board and Chief Executive Officer to ensure
the appropriate segregation of roles and responsibilities.
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Board performance
A schedule of meetings is drawn up at the beginning
of each year. Extraordinary meetings
are convened when urgent issues arise that require
consideration and decision-making by the Board
of Directors between scheduled meetings.
The Board met 25 times in 2024 (12 times in 2023)
to review ongoing operations and to discuss and
approve important business decisions, including:
• Approval of the 2023 financial statements,
the interim financial statements for the first
half of 2024, and the Annual Report
• Review of various regulatory compliance matters
• Review and approval of external and internal
funding mechanisms, including new ones,
and organisational restructuring
• Review and approval of major capital
expenditures and investment projects
The Global Ports Board
of Directors met
25 times
in 2024
100%
attendance at meetings
Chief Executive Officer
The Company’s day-to-day operations are managed
by the sole executive body – the Chief Executive Officer.
The Chief Executive Officer:
1) Represents the Company’s interests in interaction with
all institutions, enterprises, organisations, and banks
both in Russia and abroad within the limits established
by this Charter and applicable laws of the Russian
Federation, and opens Company accounts at banks
2) Takes decisions on all transactions, except
for those that fall within the purview of the General
Meeting of Shareholders or the Board
of Directors in accordance with the Charter
3) Organises the execution of the decisions
adopted at the General Meeting of Shareholders
and meetings of the Board of Directors
4) Organises accounting in accordance
with RAS and IFRS principles
5) Performs other functions needed
to achieve the Company’s statutory goals
and ensure its normal operation
Conflict of interests
The Holding does not allow conflicts of interest among
members of the Board of Directors and management.
Issues of ethics and fair behaviour are regulated
by the Code of Business Ethics and the Conflict
of Interest Policy, which all employees must observe.
To minimise the risk of a conflict of interest, the Company
has introduced special preventive measures:
• Regular updating of the list of interested parties
• Prohibition of voting on related-party transactions
and the obligation of members of the Board
of Directors, Chief Executive Officer, and management
representatives to disclose information on all persons
under their control and directly related to them,
as well as on positions held at other companies
• Review and approval of various decisions
related to the operations of the Holding’s
assets and joint ventures
Based on the results of 2024,
the head the Global Ports IAS
won the national award ‘Internal
Auditor of the Year’ in the category
‘Head of Internal Audit Service’.
The award, established in 2013
by the Institute of Internal Auditors
with the support of the Russian
Union of Industrialists and
Entrepreneurs and the Moscow
Exchange, annually recognises
contributions to the development
of the profession in Russia.
Internal audit
The internal audit function is carried out
by the Holding’s Internal Audit Service (IAS). The head
of the IAS reports directly to the Board of Directors.
The IAS is responsible for analysing the systems
of risk management, internal control procedures, and
the corporate governance process for the Holding with
a view to obtaining a reasonable assurance that:
• Risks are appropriately identified, assessed,
responded to, and managed
• Interaction with various governance
groups occurs as needed
• Significant financial, managerial, and operating
information is accurate, reliable, and timely
• Employee’s actions comply with policies, standards,
procedures, and applicable laws and regulations
• Resources are acquired economically, used
efficiently, and sufficiently protected
• Programmes, plans, and objectives are achieved
• Quality and continuous improvement
are fostered in the Holding’s control process
• Significant legislative or regulatory issues impacting
the Holding are recognised and addressed properly
External audit
An external auditor is appointed each year
at the Annual General Meeting of Shareholders of
Global Ports to review the Holding’s financial and
operating performance. The decision to appoint
an auditor is taken based on recommendations
prepared by the Board of Directors.
JSC Technologies of Trust – Audit was appointed
as the Company’s auditor at the Annual General
Meeting of Shareholders held in 2024.
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Shareholder and investor relations
The main principles of the Company’s disclosure
policy are the regularity, efficiency, completeness,
availability, reliability, balance, integrity, and
security of information resources. Global Ports
ensures the transparency of corporate procedures
and informs shareholders in a timely manner about
events that may affect the Company’s business.
In March 2023, an Extraordinary General Meeting
of Global Ports shareholders approved a resolution
to redomicile the Company to the Russian Federation.
On 19 December 2023, International Joint-Stock
Company Global Ports Investments was registered
in Russia in the special economic zone on Russky Island
(Primorsky Territory). The redomiciliation simplified
Global Ports’ corporate governance structure and
cash flow management within the Holding.
In April 2023, Global Ports delisted its Global
Depositary Receipts (GDRs) from the London Stock
Exchange. Throughout 2023-2024, the Company has
been working closely with GDR holders to convert
the receipts into shares of the international company.
In 2024, the Company’s GDR were automatically
converted for security holders whose rights were
on record in accounts with Russian depositories, and
underwent mandatory conversion for holders whose
rights to GDR were on record as being held by foreign
organisations. All stages of the conversion process were
accompanied by detailed and timely explanations,
including in posts on a special section of the Company’s
website that was launched to assist GDR holders.
As such, the Holding ensures that the rights and
legitimate interests of shareholders are respected,
regardless of whether they intend to remain shareholders
or withdraw from the Company’s share capital.
In April 2024, Global Ports placed
another bond issue for RUB 10 bn
with a term of 1.5 years at a fixed
rate of 15.7%. The FCT 1R1 issue
was recognised as the best initial
bond placement in the Transport
segment according to the organisers
and investors. The award
was presented during the 22nd
Cbonds Russian Bond Congress
that took place in December
2024 in St. Petersburg.
Bond issues by companies of the Global Ports Holding
RU000A0J
W0S4
RU000A0J
W5E3
RU000A0J
WBP5
RU000A10
2G50
RU000A10
4362
RU000A10
5KR6
RU000A10
6P06
RU000A10
8AC3
Listing date
21/12/2015
18/02/2016
29/03/2016
09/12/2020
23/11/2021
06/12/2022
04/08/2023
17/04/2024
Maturity date
09/12/2025
06/02/2026
18/03/2026
03/12/2025
17/11/2026
30/11/2027
28/07/2028
15/10/2025
Issue amount
RUB
5 bn
RUB
5 bn
RUB
5 bn
RUB
5 bn
RUB
7.5 bn
RUB
15 bn
RUB
15 bn
RUB
10 bn
Current coupon
rate
5.00%
0.01%
6.50%
6.55%
9.55%
11.25%
12.00%
15.70%
Coupon
frequency
Semi-
annual
Semi-
annual
Semi-
annual
Semi-
annual
Semi-
annual
Semi-
annual
Semi-
annual
Quarterly
Outstanding
amount
RUB
585 mn
RUB
52 mn
RUB
65 mn
RUB
5 bn
RUB
7.5 bn
RUB
15 bn
RUB
15 bn
RUB
10 bn
ruAA-
credit rating with ‘stable’ outlook
from Expert RA
Global Ports adheres to the principles of openness
and transparency, confirming its financial strength
through independent assessments by rating
agencies. The Holding currently has two credit
ratings – from ACRA and Expert RA agencies.
ACRA
Expert RA
АА
А+
АА
АА
А
АА-
АА-
АА
АА-
2019
2018
2020
2021
2023
2024
2025
2022
Global Ports continues to work closely with
bondholders and banks. At present, the Holding’s
companies have eight outstanding bond
issues with an aggregate value of more than
RUB 53 billion maturing in 2025-2028. The bond
holders include individuals, legal entities,
major banks, financial organisations, insurance
companies, and the management companies
of private pension funds and mutual funds.
Global Ports credit rating
AA(RU)
credit rating with ‘stable’ outlook
from ACRA
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Risk management
In organising its Risk Management System (RMS),
the Holding is guided by the methods outlined
in GOST R ISO 31 000 ‘Risk Management. Principles
and Guidelines’. Global Ports is committed
to developing and improving its risk management
system by regularly conducting internal maturity
assessments of the current system.
The organisational structure of the Company’s RMS
ensures vertical and horizontal information flow:
• Information coming vertically from the bottom up
provides the Company’s Board of Directors and
management with data on day-to-day operations
and risks taken in the course of operations,
how to assess and monitor them, response
methods, and the level of risk management
• Top-down decisions ensure that the goals,
strategies, and objectives are communicated
to the Holding’s management and all its companies
through the decisions of the Board of Directors
and management, as well as the approval
of documents on risk management at the Holding
• The horizontal transfer of information implies
interaction between the Company’s structural
units and its companies that are responsible
for risk management activities
Key risks and measures to manage them
Global Ports is exposed to a variety of risks that
could have commercial, financial, operational, and
compliance impacts on its business performance,
reputation, and operating licence. The Board recognises
that creating shareholder value involves taking
on reasonable risk. An effective risk management
system is thus one of the Holding’s top priorities.
In its risk management activities, Global Ports is guided
by clear principles, which are based on the management
team’s extensive experience, as well as on the best
international and Russian practices. The Holding’s
Enterprise Risk Management (ERM) framework
is designed to identify, assess, respond to, monitor,
and, where possible, mitigate or eliminate threats
to the business caused by changes in the business,
financial, regulatory, and operating environment.
The Board of Directors has overall oversight
responsibility for risk management at Global Ports.
It is responsible for establishing a balanced and
effective control framework and regularly monitors
and assesses risks that could affect the fulfilment
of strategic objectives. Once a risk has been identified
and assessed, the Board develops optimal measures
to respond to and mitigate its potential impact.
The Board delegates responsibility for maintaining
the risk management framework to the Chief Executive
Officer. The management team has day-to-day
operational responsibility for risk management.
Global Ports is exposed to a variety of risks,
which are listed below. The order in which
these risks are presented does not reflect
the likelihood of their occurrence or the magnitude
of their possible consequences.
Some of these risks are beyond the Company’s
control, and the list itself is not exhaustive. Given
the ever-changing external and internal environment,
new risks and uncertainties may arise that could
significantly affect the implementation of the Holding’s
strategy and the achievement of its goals.
Risk heat map
Impact
Likelihood
▶ Low
▶ Low
▶ ▶ Average
▶ ▶ Average
▶ ▶ ▶ High
▶ ▶ ▶ High
13
9
10
16
17
5
7
14
15
4
8
6
12
11
1
2
3
Industry and
economic risks
1 Market conditions
2 Competition
3 Geopolitics, military
conflicts, and economic
and social instability
Operational
risks
4 Land lease for terminals
5 Customer profile and
concentration
6 Reliance on third parties
7 Tariff regulation
8 HR management
9 Occupational safety
and health
10 Environmental
11 Information technology
and security
Regulatory and
compliance risks
12 Regulatory compliance
13 Changes in regulations
14 Legal and tax risks
Financial
risks
15 Currency risk
16 Credit risk
17 Debt, leverage,
and liquidity
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Risk factors
Description
Risk management measures
Industry and economic risks
Market conditions
Risk level:
Risk source:
Link to strategy:
Global Ports’ operations
are dependent on the global
macroeconomic environment and
resulting trade flows, including
container volumes.
Container market cargo throughput
is closely correlated to the volume
of imported goods, which is driven
by domestic consumer demand and
influenced by currency fluctuations.
A reduction in Russian and global GDP,
if any, could further reduce consumer
demand and lead to disruptions
in the maritime container handling
market, which, in turn, could have
an adverse impact on the Company’s
business.
Given the volatility of the container market,
the Company takes a comprehensive approach
to reducing the impact of fluctuations in cargo
throughput. Key measures include:
•
Diversifying the range of cargo and balancing export
and import flows
•
Improving the quality of customer service
•
Offering operational flexibility to all customers
through quality service
•
Investing in infrastructure development and
equipment
•
Introducing modern IT solutions
•
Expanding the range of additional services
for customers
Competition
Risk level
Risk source
Link to strategy
Entry barriers to the container
handling industry are traditionally high
due to specific nature of the business
with its high capital intensity.
Nevertheless, in the current difficult
market conditions, competition from
other container terminals remains high.
Given the historically high margins
of the Russian container industry, some
existing non-containerised terminals
have started switching to container
handling.
We do not expect any new large
facilities to emerge on the market
in the next three to four years.
However, possible consolidation
between container terminal
operators and container services,
the creation of new strategic alliances,
the introduction of new capacity,
the modernisation of assets, and
the consolidation of carriers could lead
to increased price competition, lower
utilisation rates, and potentially lower
profit margins.
Beneficial cargo owners may
optimise their supply chains and
decide to control them, which may
lead to changes in the competitive
environment.
From the customers’ perspective,
the choice of a handling terminal
also depends on the inclusion
of terminal operators in certain
multimodal logistics chains. When
cargoes are transferred to multimodal
logistics chains operated by third-
party logistics operators, they may go
to someone else’s terminals.
The Company closely monitors changes
in the competitive environment and flexibly adapts
its strategy in response to market challenges.
The Holding prioritises close long-term strategic
relationships with its leading customers (locally,
regionally, and with headquarters).
The Company’s focus on service quality is a key
differentiator from its competitors and Global Ports
believes this is one of its key competitive advantages.
The Company aims to increase the share of operating
assets in end-to-end multimodal services to guarantee
the utilisation of its capacity.
The Holding continues to invest in its terminals and
infrastructure to ensure competitive levels of tariffs and
high-quality service. It manages its terminal network
based on long-term principles: terminals are viewed
as strategic assets in Russia with an expected
lifespan of 10 to 20 years or more. The holding owns
a significant land bank, which allows it to be flexible
if market conditions require it. Global Ports maintains
the level of capital expenditures in accordance with
the requirements necessary for efficient development
of existing facilities.
The Company has developed a long-term operating
master plan for each of its terminals, which enables
it to quickly scale infrastructure and equipment to meet
new customer and market demands.
The Holding’s healthy cash flow and decreasing
leverage allow for financial flexibility in terms
of the timeframe and size of its investment programme.
Risk factors
Description
Risk management measures
Geopolitics, military
conflicts, and economic
and social instability
Risk level
Risk source
Link to strategy
Russian foreign policy and geopolitics
could lead to economic instability.
An uncertain operating environment
as a result of social and political
instability could affect Global Ports’
profit margins and its ability to sell
its services.
Certain government policies
or the selective and arbitrary
enforcement of such policies may
make it difficult for the Company
to effectively compete and/or may
affect its profit margins.
The current geopolitical situation
and the conflict between Russia
and Ukraine are having an adverse
impact on Global Ports’ operations.
The Company may also be indirectly
affected by sanctions imposed
by the United States, the European
Union, the United Kingdom and other
jurisdictions on Russian businesses/
companies, measures that have had
and may continue to have a negative
effect on the Russian economy,
demand for goods and services,
as well as the supply of equipment,
spare parts, interest rates, and
exchange rates.
Ongoing sanctions could also slow
down or make it very challenging
to process settlements with customers
and suppliers and to deal with
certain persons and entities in Russia
or in other countries.
Against the backdrop of the macroeconomic
challenges faced by the port industry in recent years,
the Company has focused on improving business
resilience – in particular, the ability to withstand
short-term economic fluctuations. This has included
a strong focus on cost containment measures, and
on strengthening its financial position by refinancing
its debt, switching to longer maturities at fixed rates,
execute the investment programmes ahead of time and
increase the resilience of its treasury operations.
Global Ports has developed a new growth strategy that
focuses on expanding export flows and generating new
revenue streams to offset risks associated with a decline
in consumer activity or a potential macroeconomic
downturn.
The Company has strengthened its system to monitor
compliance with international sanctions restrictions and
mitigate the risk of secondary sanctions.
The Company has also expanded its monitoring
of developments in Russia and Ukraine and the potential
imposition of further sanctions due to the escalation
of the standoff and any resulting increase in tensions
between Russia and the United States, the United
Kingdom, and/or the European Union. In the current
environment, the Company’s management realises
the importance of efficient resource management and
has expressed a willingness to act confidently and
flexibly.
Global Ports has a strong track record of promptly
meeting all its debt obligations, successfully implements
refinancing and deleveraging programmes, and
enjoys a high level of confidence from Russian and
international financial institutions.
Operational risks
Leases of terminal land
Risk level
Risk source
Link to strategy
The Holding leases a significant
amount of the land and quays
required to operate its terminals
from government agencies and
to a lesser extent from private entities.
Any revision or alteration to the terms
of these leases, the termination
of these leases, or changes
to the underlying property rights under
these leases could adversely affect
Global Ports’ business.
The Company regards the situation with land plots
as stable: Global Ports terminals have been successfully
operating for several years. The Holding owns roughly
60% of the terminals’ territory, while the remaining part
is under short-term and long-term lease. The lease
agreements provide are renewable under standard
terms and conditions.
Risk level
Risk source
Link to strategy
Being the preferred partner in the Russian stevedoring market
Safe and efficient operational processes
Key link in import-export and transit logistics chains
Sustainable business and balanced approach to capital
management
External
Internal
Mixed
High
Moderate
Low
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Risk factors
Description
Risk management measures
Customer profile and
concentration
Risk level
Risk source
Link to strategy
The Holding is dependent
on a relatively limited number
of major customers (shipping lines,
cargo owners, freight forwarders,
etc.). These customers are affected
by market conditions that could
result in contractual changes and
renegotiations, as well as spending
constraints. In addition, there may
be consolidation among carriers and
shippers.
Global Ports maintains an extensive and regular
dialogue with key customers and closely monitors
changes that might affect their demand for our
services.
The Company has a clear strategy to reduce
its dependence on a limited number of customers
by targeting new customers, increasing the share
of business from other existing global customers, and
developing new cargo transportation segments.
The development of the Company’s non-containerised
business also remains a key focus: the Holding
is increasing the volume of bulk cargo handling.
As of the end of 2024, non-containerised revenue
accounted for about 20% of the total volume.
Reliance on third
parties
Risk level
Risk source
Link to strategy
The Holding is dependent on services
by third parties that are outside
its control, including all other
participants in the logistics chain, such
as customs inspectors, the supervisory
authorities, railways, and others.
In addition, the Company depends
on the fulfilment of security procedures
carried out at other port facilities
by its shipping line customers.
Global Ports strives to build sustainable partnerships
and maintain an ongoing dialogue with third parties
throughout the supply chain. This approach ensures
the consistent actions and a prompt response
to changes in the external environment.
In addition, the geographic diversification
of the Company’s business provides flexibility
in its logistics, should bottlenecks develop in certain
regions.
Tariff regulation
Risk level
Risk source
Link to strategy
The Holding’s terminals, like many
other Russian seaport operators,
are classified as natural monopolies
under Russian law. The industry
was previously subject to the state
regulation of tariffs with control
by the Russian Federal Antimonopoly
Service. At present, the government
does not regulate tariffs, but
retains the ability to control and
monitor applied tariffs and prices.
Tariff regulation may also change
in the future.
The Company charges roubles for its services.
According to management, the Holding fully complies
with the requirements of existing tariff legislation.
Global Ports monitors all legislative initiatives and
regulations that could lead to changes in existing tariff
regulation and the Company’s status as a natural
monopoly. Systematic work is under way to build
a constructive dialogue with the specific federal
authorities that handle such issues.
The Holding believes that it has sufficient flexibility and
stability to effectively adapt to any potential changes
in tariff regulation, just like other market participants.
HR management
Risk level
Risk source
Link to strategy
Global Ports’ competitive position
and prospects depend on its ability
to continue to attract, retain, and
motivate staff at all levels.
Each year, the size of the employable
population in Russia continues
to decline, especially the population
of male workers, due to demographic
trends and partial mobilisation
for the special military operation.
A lack of skilled workers on the market
and active competition could lead
to a shortage of human resources,
difficulties in recruitment, and the need
to raise salaries above competitors
in order to attract and retain staff.
The Holding regularly analyses labour market trends,
conducts salary market research, and timely adjusts
salaries and benefits for employees at all levels in line
with market levels to incentivise and retain employees.
The Company consistently invests in the development
of human capital, implements internal training
and professional development programmes
for its employees at all levels, and introduces the best
international and Russian practices.
Global Ports attaches great importance to its internal
climate. It regularly measures the level of employee
satisfaction and loyalty, and develops and implements
measures based on the results of the analysis
to maintain and improve the level of these indicators.
The Holding also strives to maintain positive working
relations with labour unions at its enterprises.
Risk factors
Description
Risk management measures
Occupational safety
and health
Risk level
Risk source
Link to strategy
Accidents involving the handling
of hazardous materials at the Holding’s
terminals could disrupt its operations
and/or result in environmental or other
liability.
The risk of safety incidents is inherent
in Global Ports’ businesses.
The Holding’s operations could
be adversely affected by terrorist
attacks, natural disasters, or other
catastrophic events beyond its control.
Global Ports has a clear and systematic safety policy
based on international best practices and benchmarks.
Safety is one of the Company’s unconditional priorities.
To create a sustainable safety culture, it has developed
a safety strategy and annual action plans that cover
the entire Holding. During the reporting year, Global
Ports developed a Regulation on Safety Culture that
enshrines the key principles and approaches to ensuring
a safe working environment.
Global Ports is constantly improving its security
practices and involves employees in the process
of identifying and mitigating potential threats.
The Company pays special attention to the physical
security of its port infrastructure and shipping
operations. In cooperation with all stakeholders,
measures are being implemented to prevent external
threats, including minimising the risks of terrorist attacks.
Environmental
Risk level
Risk source
Link to strategy
The degradation of the environment
and the consequences from stringent
environmental regulations and
investors’ sustainability expectations
could influence the profitability
of the business.
Expanding the scope of environmental
regulation is likely to entail significant
additional costs, including
maintenance and inspection costs,
as well as the development and
implementation of emergency
procedures.
Global Ports constantly monitors changes
in the environment, legislation, and forecasts. With these
factors in mind, the Company is developing its ESG
objectives so that they are aligned with its business
strategy, corporate governance, and risk management
processes.
Information
technology and
security
Risk level
Risk source
Link to strategy
Any IT failure or incident could lead
to major disruptions in complex
logistics supply chains. This could
materially affect the Company’s ability
to provide services to customers,
resulting in reputational damage,
the disruption of business operations,
or the failure to fulfil its contractual
obligations.
Information security risks
are associated with the potential use
of asset vulnerabilities by specific
threats, damages, or disruptions
in the performance of the Holding’s
companies.
The Information Security Division identifies, assesses,
and forecasts sources of IT security threats, and also
monitors and evaluates the effectiveness of protective
measures and equipment that have been implemented
and applied.
We regularly review, update, and evaluate all software,
applications, systems, infrastructure, and security.
In 2022, a project was launched for the import
substitution of key software, with the main stage
of the project implementation occurring in 2023:
an alternative to Microsoft cloud services was found
and the process of transitioning to new services, server,
and client operating systems, virtualisation systems, and
application software was completed. Arrangements
were made for the purchase of server equipment from
alternative vendors.
All software and systems are updated or upgraded
regularly to minimise vulnerabilities. A vulnerability
management platform was introduced in 2023.
Each of the Company’s business units has an IT disaster
recovery plan. Our security infrastructure is updated
regularly and uses multiple layers of defence.
Security policies and infrastructure tools are regularly
updated to reflect the changing nature of cyberthreats.
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Risk factors
Description
Risk management measures
Regulatory and compliance risks
Regulatory
compliance
Risk level
Risk source
Link to strategy
The Holding is subject to a wide variety
of standards and requirements, and
may face substantial liability if it fails
to comply with existing regulations
applicable to its businesses.
The Holding’s terminal operations
are subject to laws governing, among
other things, the loading, unloading,
and storage of hazardous materials,
environmental protection, and health
and safety.
The Company strives to be in compliance at all times
with all regulations governing its operations and
systematically devotes considerable management and
financial resources to ensure compliance.
Changes
in regulations
Risk level
Risk source
Link to strategy
Changes to existing regulations
or the introduction of new regulations,
procedures, or licensing requirements
are beyond the Holding’s control
and may be influenced by political
or commercial considerations not
aligned with the Company’s interests.
Global Ports maintains a constructive dialogue with
the relevant federal, regional, and local authorities
regarding existing and planned regulations. Although
the Company does not have the power to prevent
the adoption of potentially adverse regulations,
an open dialogue helps to monitor changes and
quickly adapt to the transformation of the regulatory
environment.
Legal and tax risks
Risk level
Risk source
Link to strategy
The adverse resolution of pending
and potential legal actions involving
the Holding’s subsidiaries could have
an adverse effect on Global Ports’
operations and reputation.
Weaknesses relating to the Russian
legal and tax system and appropriate
Russian law create an uncertain
environment for investment and
business activities, and legislation
may not adequately protect against
expropriation and nationalisation.
The lack of independence of certain
members of the judiciary, the difficulty
of enforcing court decisions, and
governmental discretion claims could
prevent the Holding from obtaining
effective redress in court proceedings.
The Holding has a strong and professional legal
service that is designed to monitor legal risks, avoid
legal actions where possible, and promptly respond
to any changes in legislation.
Global Ports continuously monitors changes in relevant
tax legislation and judicial practice, as it shapes and
develops the Holding’s legal and tax positioning in line
with current requirements.
Risk factors
Description
Risk management measures
Financial risks
Currency risks
Risk level
Risk source
Link to strategy
The Company is exposed to currency
risks due to fluctuations in foreign
exchange rates, primarily the USD/
RUB exchange rate. Fluctuations
in exchange rates may have
a negative impact on the Company’s
earnings and cash flow. In addition,
assets and liabilities denominated
in foreign currencies may be revalued.
Starting from 2022, all of Global Ports’ tariffs for services
are denominated in Russian roubles, as are most
of its operating expenses.
In 2022–2023, the Holding fully repaid its Eurobonds.
As of the end of 2024, its loan portfolio consisted solely
of rouble-denominated borrowings in the form of bonds.
During 2024, the Company also raised RUB 10 billion
in new rouble-denominated debt.
Credit risks
Risk level
Risk source
Link to strategy
The Company may be subject to credit
risk arising primarily from trade and
other receivables, loans receivable,
cash and its equivalents, and
derivative financial instruments.
Global Ports’ business is also
dependent on several large key
customers.
Global Ports closely tracks its accounts receivable and
creditworthiness of key customers and suppliers.
Debt, leverage and
liquidity
Risk level
Risk source
Link to strategy
The Holding’s debts or fulfilment
of certain provisions of its financial
agreements (or the failure to fulfil such
provisions) may affect its business
or growth prospects.
The failure to timely monitor and
forecast compliance with credit
agreements – both at the level
of the Holding and individual
terminals – could result in covenant
violations and technical defaults.
If the Company is unable to access
funds (liquidity), it may be unable
to meet financial obligations when
they come due (or on an ongoing
basis) or to borrow funds on the market
at an acceptable price to fund
its commitments.
The Company had a comfortable level of debt burden
as of the end of 2024.
Liquidity risk is carefully controlled: forecasts
for the Holding and its subsidiaries are regularly
prepared and updated.
Liquidity risk was significantly reduced in 2024
by diversifying maturity dates. In addition, the weighted
average rate on the Company’s debt portfolio is fixed
at approximately 11.5%.
In 2024, the Company raised a new 1.5-year bond issue
for RUB 10 billion at an interest rate of 15.7%.
To ensure financial flexibility, the Company has credit
limits with a number of major commercial banks.
The Company regularly performs stress testing
of various scenarios, including potentially unfavourable
trends that could affect cash flows. The liquidity position
is closely monitored in the event of any deterioration
in its financial performance.
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Sustainable Development
About the Company
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2
3
Internal control
The Holding’s Internal Control System (ICS) operates
according to a ‘three lines of defence’ model.
In 2021, the Company conducted an internal
maturity assessment of the ICS, which
resulted in it being recognised as compliant
with the Standardised (‘formalised’) level.
In 2022, the ICS fully transitioned to a new
maturity level — Monitored (‘managed’),
which was also confirmed in 2023—2024.
Second line of defence
Risk Management and Internal Control
Office
The department is responsible for:
• Methodological support in implementing
policies and procedures
• Developing the ICS Evaluation
Methodology
• Assisting business process owners
in implementing control procedures
and executing and monitoring
the implementation of control procedures
• Ensuring the continuous monitoring
of the development and operation
of control procedures, and proactively
interacting with the first line of defence
Third line of defence
Internal Audit Department and the Board
of Directors
The Internal Audit Department
is separate from the Risk Management
and Internal Control Office and
is responsible for the objective and
independent assessment of the ICS and
the implementation of internal audit
procedures in accordance with recognised
international auditing standards. The Internal
Audit Department functionally reports
to the Board of Directors, which, in turn,
monitors the effectiveness of the Internal
Audit Department.
First line of defence
Owners and other participants in business
processes (employees and heads of business
units)
Employees:
• Perform functions in accordance with
the Company’s approved Internal
Control Management Policy
• Seek to avoid any deviations from
the ICS in the course of their activities
and perform self-assessments
of the effectiveness of control procedures
Heads of business units:
• Ensure the implementation of control
procedures in order to prevent
or detect such deviations
• Monitor risks levels and control efficiency
CEO:
• Responsible for the overall
functioning of the ICS
• Sets the ‘tone from the top’ at all
management levels by formalising
the Company’s ethical behaviour
and values in the internal documents
required for the functioning of the ICS
1
Internal Control System structure
External audit
Regulatory authorities
First line of defence
(business functions)
Second line of defence
(monitoring functions)
Third line of defence
(independent functions)
Identification,
development,
introduction, and
execution of control
procedures and
improvements
to business processes
▶Managers and employees
of business units (BP owners,
CP owners, and CP executors)
ICS maintenance and
monitoring and risk
management
▶Risk Management and
Internal Control Office
▶Compliance Department
Independent audit
of the effectiveness
of internal controls and
risk management
▶Internal Audit Unit
Board of Directors
Management of the Holding
Level of independence ▶ ▶ ▶
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Sustainable Development
About the Company
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Additional Information
5
116
GRI content index
121
Additional information for the Sustainable Development section
130
Glossary
131
Shareholder information and key contacts
International Joint-Stock Company Global Ports Investments
114
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Strategic Report
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Corporate Governance
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Additional Information
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Indicator
Disclosure
Chapter of the Report
Page
Note
2-15
Conflicts of interest
Conflict of interests
Business ethics
100
90
–
2-16
Communication
of critical concerns
Business ethics
Anti-corruption and
anti-fraud
Whistleblowing hotline
90
92
93
–
2-18
Evaluation
of the performance
of the highest
governance body
–
–
During the reporting period, no
assessment was conducted of the Board
of Directors' performance.
2-19
Remuneration policies
Members of the Board
of Directors
99
During the reporting period, members
of the Board of Directors were not
paid remuneration or compensation
for expenses related to exercising
their powers as members of the Board
of Directors.
2-22
Statement
on sustainable
development strategy
Strategic areas
50
The Company has not yet adopted
a sustainable development strategy,
but has identified key strategic focuses
in terms of sustainable development.
2-23
Policy commitments
Approach to sustainable
development
management
Business ethics
Human rights
Anti-corruption and
anti-fraud
52
90
91
92
The main obligations, principles,
and approaches to implementation,
as well as responsible departments
are indicated directly in the policies
themselves, some of which are publicly
available on the Company's website.
2-24
Embedding policy
commitments
Approach to sustainable
development
management
Business ethics
Human rights
Anti-corruption and
anti-fraud
52
90
91
92
The main obligations, principles,
and approaches to implementation,
as well as responsible departments
are indicated directly in the policies
themselves, some of which are publicly
available on the Company's website.
2-25
Processes to remediate
negative impacts
Approach to sustainable
development
management
Whistleblowing hotline
Key risks and measures
to manage them
52
93
104
–
2-26
Mechanisms
for seeking advice and
raising concerns
Whistleblowing hotline
93
During the reporting period,
the Company did not receive any calls
to the hotline containing allegations
of fraud.
2-27
Compliance with laws
and regulations
–
–
During the reporting period,
the Company did not receive any fines
for violations of regulatory requirements.
2-28
Membership
associations
–
–
Association of Sea Commercial Ports
(ASOP).
2-29
Approach
to stakeholder
engagement
Stakeholder
engagement
Shareholder and investor
relations
56
102
–
2-30
Collective bargaining
agreements
–
–
Collective bargaining agreements
are in effect at some of the Holding’s
assets. 78% of employees are covered
by collective bargaining agreements.
GRI content index
International Joint-Stock Company Global Ports Investments hereby discloses the information specified in this GRI
content index for the period from 1 January 2024 to 31 December 2024 with reference to the GRI standards.
The table below lists the chapters of the Report where information on the relevant indicators is disclosed and provides
additional explanations.
Indicator
Disclosure
Chapter of the Report
Page
Note
GRI 2: General Disclosures
2-1
Organizational details
About the Report
Shareholder information
and key contacts
2
131
–
2-2
Entities included
in the organization’s
sustainability reporting
About the Report
2
In 2023–2024, the boundaries
of the sustainable development
report were extended relative to 2022
due to the acquisition of assets.
2-3
Reporting period,
frequency and contact
point
About the Report
Shareholder information
and key contacts
2
131
–
2-4
Restatements
of information
About the Report
2
In 2023–2024, the boundaries
of the sustainable development
report were extended relative to 2022
due to the acquisition of assets.
For 2022–2023, audited non-financial
data is provided. For 2024, unaudited
data is provided.
2-5
External assurance
About the Report
2
Some of the non-financial indicators
disclosed in the Report undergo
the certification procedure
by an independent auditor as part
of an audit of Delo Group’s consolidated
sustainable development report.
2-6
Activities, value chain
and other business
relationships
Business model
30
–
2-7
Employees
Our employees
Additional information
for the sustainable
development section
76
121
–
2-9
Governance structure
and composition
Corporate governance
structure
Additional information
for the sustainable
development section
98
121
–
2-10
Nomination and
selection of the highest
governance body
Members of the Board
of Directors
99
–
2-11
Chair of the highest
governance body
Chairman of the Board
of Directors
99
–
2-13
Delegation
of responsibility
for managing impacts
Approach to sustainable
development
management
52
-
2-14
Role of the highest
governance body
in sustainability
reporting
–
–
The sustainability report is submitted
to the Board of Directors for review and
approval prior to release.
GRI content index (continued)
International Joint-Stock Company Global Ports Investments
Annual Report — 2024
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117
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Strategic Report
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Corporate Governance
▶ ▶ ▶
Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Indicator
Disclosure
Chapter of the Report
Page
Note
401-3
Parental leave
Additional information
for the sustainable
development section
121
–
GRI 402: Labor/Management Relations
402-1
Minimum notice
periods regarding
operational changes
–
–
8 weeks, as stipulated by the collective
bargaining agreement.
GRI 403: Occupational Health and Safety
403-1
Occupational
health and safety
management system
Occupational safety
Safety indicators
70
74
–
403-2
Hazard identification,
risk assessment, and
incident investigation
Occupational safety
Safety indicators
70
74
–
403-3
Occupational health
services
Occupational safety
Safety indicators
70
74
–
403-4
Worker participation,
consultation, and
communication
on occupational health
and safety
Occupational safety
Safety indicators
70
74
–
403-5
Worker training
on occupational health
and safety
Occupational safety
Additional information
for the sustainable
development section
74
121
–
403-6
Promotion of worker
health
Employee support
measures
81
–
403-7
Prevention
and mitigation
of occupational
health and safety
impacts directly
linked by business
relationships
Occupational safety
Safety indicators
Employee support
measures
70
74
81
–
403-8
Workers covered
by an occupational
health and safety
management system
Occupational safety
Safety indicators
70
74
The management system covers all
employees and contractors whose work
and/or workplace is under its control.
403-9
Work-related injuries
Safety indicators
Additional information
for the sustainable
development section
74
121
Information is disclosed only
for the Holding's employees.
403-10
Work-related ill health
Additional information
for the sustainable
development section
121
Information is disclosed only
for the Holding's employees.
GRI 404: Training and Education
404-2
Programs
for upgrading
employee skills and
transition assistance
programs
Employee training
82
–
404-3
Percentage
of employees receiving
regular performance
and career
development reviews
Additional information
for the sustainable
development section
121
–
GRI 405: Diversity and Equal Opportunity
405-1
Diversity
of governance bodies
and employees
Our employees
Additional information
for the sustainable
development section
76
121
–
Indicator
Disclosure
Chapter of the Report
Page
Note
GRI 201: Economic Performance
201-1
Direct economic
value generated and
distributed
Operational results
34
–
201-3
Defined benefit plan
obligations and other
retirement plans
–
–
In accordance with the legislation
of the Russian Federation, the Company
transfers a fixed portion of employees’
remuneration to the pension funds they
choose.
GRI 202: Market Presence
202-2
Proportion of senior
management hired
from the local
community
Additional information
for the sustainable
development section
121
–
GRI 203: Indirect Economic Impacts
203-1
Infrastructure
investments and
services supported
Supporting local
communities
84
–
GRI 204: Procurement Practices
204-1
Proportion of spending
on local suppliers
Procurement
94
The Company regards local suppliers
as suppliers that are registered and
operate in the Russian Federation.
In the reporting period, local suppliers
accounted for 100% of spending.
GRI 205: Anti-corruption
205-2
Communication and
training about anti-
corruption policies and
procedures
Anti-corruption and
anti-fraud
92
Upon hiring, all employees of the Holding
are required to review the Anti-Corruption
and Anti-Fraud Policy.
205-3
Confirmed incidents
of corruption and
actions taken
Anti-corruption and
anti-fraud
92
No cases of corruption were identified
during the reporting period.
GRI 302: Energy
302-1
Energy consumption
within the organization
Climate change
Additional information
for the sustainable
development section
62
121
–
302-3
Energy intensity
Additional information
for the sustainable
development section
121
–
GRI 303: Water and Effluents
303-1
Interactions with water
as a shared resource
Water use
65
–
GRI 306: Waste
306-1
Waste generation and
significant waste-
related impacts
Waste management
65
–
GRI 308: Supplier Environmental Assessment
308-1
New suppliers that
were screened using
environmental criteria
Responsible supply
chain
95
Environmental criteria are not currently
used to evaluate new suppliers.
However, the Company has adopted
a Supplier Code and encourages
suppliers to conduct their business
in an environmentally responsible manner.
GRI 401: Employment
401-1
New employee hires
and employee turnover
Our employees
Additional information
for the sustainable
development section
76
121
–
GRI content index (continued)
GRI content index (continued)
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Corporate Governance
▶ ▶ ▶
Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Indicator
Disclosure
Chapter of the Report
Page
Note
GRI 406: Non-discrimination
406-1
Incidents
of discrimination and
corrective actions
taken
Human rights
91
No cases of discrimination were identified
during the reporting period.
GRI 407: Freedom of Association and Collective Bargaining
407-1
Operations and
suppliers in which
the right to freedom
of association and
collective bargaining
may be at risk
–
–
During the reporting period, no significant
risks or violations of the right to freedom
of association and collective bargaining
were identified in the Company’s divisions
or among suppliers.
GRI 408: Child Labor
408-1
Operations and
suppliers at significant
risk for incidents
of child labor
–
–
During the reporting period, no significant
risks or cases of child labour were
identified in the Company’s divisions
or among suppliers.
GRI 409: Forced or Compulsory Labor
409-1
Operations
and suppliers
at significant risk
for incidents of forced
or compulsory labor
–
–
During the reporting period, no significant
risks or cases of forced or compulsory
labour were identified in the Company’s
divisions or among suppliers.
GRI 412: Human Rights Assessment
412-2
Employee training
on human rights
policies or procedures
Human rights
91
All employees of the Holding are required
to review the Human Rights Policy upon
hiring.
GRI 413: Local Communities
413-2
Operations with
significant actual and
potential negative
impacts on local
communities
Supporting local
communities
84
During the reporting period, there were
no recorded cases where the Company
had a negative impact on local
communities.
GRI 414: Supplier Social Assessment
414-1
New suppliers that
were screened using
social criteria
Responsible supply
chain
95
Social criteria for evaluating new
suppliers are not currently applied.
However, the Company has adopted
a Supplier Code, and the Company
encourages suppliers to conduct
business in a socially responsible manner.
GRI 415: Public Policy
415-1
Political contributions
–
–
The Company does not participate
in any political activities, does not
participate in political processes, and
does not make political donations.
GRI content index (continued)
Additional information
for the Sustainable Development
section
Social aspect1
GRI 2-7
Number of employees by type of employment, gender, and region2
Indicator
2022
2023
2024
Total number of employees
3,088
3,160
3,273
•
Male
2,191
2,273
2,360
•
Female
897
887
913
Number of employees by region
•
Northwest
2,131
2,055
2,191
•
Far East
957
1,105
1,082
Number of employees by age
•
Under 25 years old
176
226
236
•
From 26 to 35 years old
672
611
580
•
From 36 to 55 years old
1,731
1,767
1,880
•
Over 56 years old
509
556
577
Number of employees by type of employment contract
Number of permanent employees
2,939
3,072
3,205
•
Male
2,080
2,210
2,317
•
Female
859
862
888
Number of temporary employees
149
88
68
•
Male
111
63
43
•
Female
38
25
25
Number of employees by type of employment
Number of full-time employees
3,014
3,137
3,250
•
Male
2,135
2,260
2,346
•
Female
879
877
904
Number of part-time employees
74
23
23
•
Male
56
13
14
•
Female
18
10
9
1
In 2023–2024, the boundaries of the sustainable development report were extended relative to 2022 due to the acquisition of assets.
For 2022–2023, audited non-financial data is provided. For 2024, unaudited data is shown. For more, see ‘About the Report’.
2 The actual number does not include outsourced employees.
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
GRI 401-1
New employee hires and employee turnover1
Indicator
2022
2023
2024
Total number of new employee hires
631
689
524
•
Male
479
486
354
•
Female
152
203
170
•
Under 25 years old
131
163
157
•
From 26 to 35 years old
218
225
125
•
From 36 to 55 years old
262
284
219
•
Over 56 years old
20
17
23
Rate of new employee hires
20.4%
21.8%
16.0%
•
Male
22.0%
21.4%
15.0%
•
Female
17.0%
22.9%
18.6%
•
Under 25 years old
74.0%
72.1%
66.5%
•
From 26 to 35 years old
32.0%
36.8%
21.6%
•
From 36 to 55 years old
15.0%
16.1%
11.6%
•
Over 56 years old
4.0%
3.1%
4.0%
Total employee turnover
449
382
348
•
Male
310
269
244
•
Female
139
113
104
•
Under 25 years old
70
67
91
•
From 26 to 35 years old
131
98
81
•
From 36 to 55 years old
166
156
125
•
Over 56 years old
82
61
51
Rate of employee turnover
14.5%
12.1%
10.6%
•
Male
14.0%
11.8%
10.3%
•
Female
15.0%
12.7%
11.4%
•
Under 25 years old
40.0%
29.6%
38.6%
•
From 26 to 35 years old
19.0%
16.0%
14.0%
•
From 36 to 55 years old
10.0%
8.8%
6.6%
•
Over 56 years old
16.0%
11.0%
8.8%
GRI 401-3
Parental leave2
Indicator
2022
2023
2024
Total number of employees that were entitled to parental leave
during the reporting period
474
335
186
•
Male
359
256
140
•
Female
115
79
46
Total number of employees that took parental leave during
the reporting period
33
30
40
•
Male
1
1
13
•
Female
32
29
27
1
The employee turnover figure includes all reasons for dismissal, excluding internal transfers.
2 According to the Labour Code of the Russian Federation, the right to parental leave is granted to the mother, father, grandmother, grandfather,
or other relatives or guardians who actually care for the child. Employees who have adopted a child also have the right to parental leave.
Indicator
2022
2023
2024
Total number of employees due to return to work during
the reporting period after parental leave ended
15
4
17
•
Male
1
0
7
•
Female
14
4
10
Total number of employees that did return to work during
the reporting period after parental leave ended
15
14
28
•
Male
1
2
13
•
Female
14
12
15
Total number of employees that returned to work after parental
leave ended during the prior reporting period
10
10
14
•
Male
0
1
1
•
Female
10
10
13
Total number of employees that returned to work after parental
leave ended during the prior reporting period and that were still
employed 12 months after their return to work
15
9
11
•
Male
1
0
1
•
Female
14
9
10
Return to work rate (percentage of employees that did return
to work during the reporting period after parental leave ended)1
100%
350%
165%
•
Male
100%
–
186%
•
Female
100%
300%
150%
Retention rate (percentage of employees that were still employed 12
months after their return to work)2
150%
90%
79%
•
Male
–
–
100%
•
Female
140%
90%
77%
GRI 403-5
Worker training on occupational health and safety3
Indicator
2023
2024
Total number of employees that have received occupational health and safety training4
2,518
1,169
Total spending on occupational health and safety training, RUB
3,601,000
4,414,000
1
Return to work rate = Total number of employees that did return to work after parental leave ended / Total number of employees due to return
to work after parental leave ended.
2 Retention rate = Total number of employees that returned to work after parental leave ended during the prior reporting period and were still
employed 12 months after their return to work / Total number of employees that returned to work after parental leave ended during the prior
reporting period.
3 All types of training related to occupational safety and health included: training on labour protection, industrial safety, fire safety, safety
on ships, the use of personal protective equipment, etc.
4 2023 – the number of training sessions held, not unique employees. 2024 – the number of unique employees.
Additional information for the Sustainable Development section (continued)
Social aspect (continued)
Additional information for the Sustainable Development section (continued)
Social aspect (continued)
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▶ ▶ ▶
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▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
GRI 403-9
Work-related injuries
Indicator
2022
2023
2024
Total number of recordable work-related injuries
4
8
3
•
Fatalities
0
0
0
•
High-consequence injuries
0
1
0
Total number of people injured
4
8
3
•
Fatalities
0
0
0
•
High-consequence injuries
0
1
0
Total number of hours worked
5,630,923
5,398,426
5,695,808
Rate of recordable work-related injuries (LTIFR)1
0.71
1.48
0.53
GRI 403-10
Work-related ill health2
Indicator
2022
2023
2024
Number of fatalities as a result of work-related ill health
4
0
0
Number of cases of recordable work-related ill health
0
0
3
1
Based on 1,000,000 working hours.
2 Work-related ill health is regarded as acute, recurrent, or chronic health problems caused or aggravated by working conditions. They include
diseases of the musculoskeletal system, skin and respiratory diseases, malignant oncological diseases, diseases caused by physical factors,
and mental illnesses.
GRI 404-3
Employees receiving regular performance and career development reviews
Indicator
2022
2023
2024
Total number of employees who received a regular performance and
career development review
329
381
393
Percentage of employees who received a regular performance and
career development review
10.7%
12.1%
12.0%
By gender
•
Male
142
162
172
•
Percentage of male
6.5%
7.1%
7.3%
•
Female
187
219
221
•
Percentage of female
20.9%
24.7%
24.2%
By category
•
Managers
146
157
181
•
Percentage of managers
69.9%
82.2%
86.2%
•
Specialists
183
220
212
•
Percentage of specialists
18.0%
24.9%
22.2%
•
Workers
0
1
0
•
Percentage of workers
0.0%
0.1%
0.0%
Additional information for the Sustainable Development section (continued)
Social aspect (continued)
GRI 405-1
Diversity of governance bodies and employees
Indicator
2022
2023
2024
Managers
Total number of managers
209
191
210
•
Male
131
120
126
•
Percentage of male managers
62.7%
62.8%
60.0%
•
Female
78
71
84
•
Percentage of female managers
37.3%
37.2%
40.0%
•
Under 25 years old
0
0
0
•
Percentage of managers under 25 years old
0.0%
0.0%
0.0%
•
From 26 to 35 years old
29
30
35
•
Percentage of managers from 26 to 35 years old
13.9%
15.7%
16.7%
•
From 36 to 55 years old
148
123
130
•
Percentage of managers from 36 to 55 years old
70.8%
64.4%
61.9%
•
Over 56 years old
32
38
45
•
Percentage of managers over 56 years old
15.3%
19.9%
21.4%
Specialists
Total number of specialists
1,018
902
957
•
Male
446
354
387
•
Percentage of male specialists
43.8%
40.0%
40.4%
•
Female
572
548
570
•
Percentage of female specialists
56.2%
62.0%
59.6%
•
Under 25 years old
59
57
73
•
Percentage of specialists under 25 years old
5.8%
6.5%
7.6%
•
From 26 to 35 years old
274
211
203
•
Percentage of specialists from 26 to 35 years old
26.9%
23.8%
21.2%
•
From 36 to 55 years old
548
485
531
•
Percentage of specialists from 36 to 55 years old
53.8%
54.8%
55.5%
•
Over 56 years old
137
149
150
•
Percentage of specialists over 56 years old
13.5%
16.8%
15.7%
Workers
Total number of workers
1,861
2,067
2,106
•
Male
1,614
1,799
1,847
•
Percentage of male workers
86.7%
86.3%
87.7%
•
Female
247
268
259
•
Percentage of female workers
13.3%
12.9%
12.3%
•
Under 25 years old
117
169
163
•
Percentage of workers under 25 years old
6.3%
8.1%
7.7%
•
From 26 to 35 years old
369
370
342
•
Percentage of workers from 26 to 35 years old
19.8%
17.8%
16.2%
•
From 36 to 55 years old
1,035
1,159
1,219
•
Percentage of workers from 36 to 55 years old
55.6%
55.6%
57.9%
•
Over 56 years old
340
369
382
•
Percentage of workers over 56 years old
18.3%
17.7%
18.1%
Additional information for the Sustainable Development section (continued)
Social aspect (continued)
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▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶
Ecological aspect1
GRI 302-1
Energy consumption
Indicator
2022
2023
2024
Total energy consumption, TJ
651.5
552.9
517.9
Total electricity consumption, TJ
116.1
131.0
147.2
Total fuel consumption from non-renewable sources, TJ
535.4
421.9
370.7
•
Diesel
457.6
343.3
365.9
•
Gas
37.7
35.8
0.0
•
Petrol
3.6
4.8
4.8
•
Fleet and heating oil
36.5
38.0
0.0
GRI 302-3
Energy capacity
Indicator
2023
2024
Total energy consumption per 1,000 TEU of container throughput, TJ/thousand TEU2
0.58
0.43
Total energy consumption per RUB 1 mn of revenue, TJ/RUB mn3
0.01
0.01
Total energy consumption per employee, TJ/persons4
0.18
0.16
Governance aspect
GRI 202-2
Senior executives hired from among the local population5
Indicator
2022
2023
2024
Senior executives
1
1
2
Senior executives hired from among the local population
1
1
2
Percentage of senior executives hired from among the local
population
100%
100%
100%
1
In 2023-2024, the boundaries of the sustainable development report were extended relative to 2022 due to the acquisition of assets.
For 2022-2023, audited non-financial data is provided. For 2024, unaudited data is shown. For more details, see the section ‘About the Report’.
2 Total energy consumption per 1,000 TEU of container throughput = Total energy consumption / Consolidated container throughput
of the Holding (marine and inland terminals included).
3 Total energy consumption per RUB 1 mn of revenue = Total energy consumption / Consolidated IFRS revenue of the Holding.
4 Total energy consumption per employee = Total energy consumption / Average headcount.
5 The term ‘senior executives’ includes the sole executive body. The local population refers to employees who are citizens of the Russian
Federation.
Additional information for the Sustainable Development section (continued)
Composition of the Board of Directors and
Management1
Indicator
Units of measurement
2022
2023
2024
Board of Directors size
person
9
5
6
Number of independent directors
person
2
2
0
Percentage of independent directors
%
22%
40%
0%
Number of executive directors
person
1
1
1
Number of non-executive directors
person
8
4
5
Percentage of non-executive directors
%
89%
80%
83%
Tenure of the Board members
•
Less than 1 year
%
44%
0%
83%
•
1–4 years
%
44%
80%
0%
•
More than 4 years
%
11%
20%
17%
Number of Board meetings during the year
number
16
12
25
Board meeting attendance
%
99%
92%
100%
Number of directors attending less than 75%
of meetings
person
0
0
0
Board meeting attendance by independent
directors
%
100%
88%
–
Board members serving more than 10 years
person
0
0
0
Board members serving more than 5 years
person
1
1
1
Independent chairman
yes/no
no
no
no
Number of changes to Board of Directors
during the year
number
6
3
2
CEO on the Board
yes/no
no
no
yes
CEO duality
yes/no
no
no
no
Executive chairman
yes/no
no
yes
no
Former CEO on the Board
yes/no
yes
no
no
Board term
years
3
3
1
Percentage of Board members holding
shares
%
22%
20%
17%
CEO promoted from within
yes/no
yes
yes
yes
CEO age
years
41
42
43
Board diversity
•
Male
%
89%
80%
100%
•
Female
%
11%
20%
0%
Diversity of independent directors
•
Male
%
100%
100%
–
•
Female
%
0%
0%
–
Number of women on the Board
person
1
1
0
Age of the youngest director
years
38
42
40
Age of the oldest director
years
62
57
58
Board of Directors age range
years
24
15
18
Average age of Board member
years
50
50
48
Female CEO
yes/no
no
no
no
Female chairperson
yes/no
no
no
no
Board has at least one female director
yes/no
yes
no
no
Number of Board committees
number
3
3
–
Strategy Committee
yes/no
yes
yes
no
Sustainability Committee
yes/no
no
no
no
1
As of 31 December 2022, 19 December 2023, and 31 December 2024, respectively.
Additional information for the Sustainable Development section (continued)
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Sustainable Development
About the Company
▶ ▶ ▶
Indicator
Units of measurement
2022
2023
2024
Audit and Risk Committee
•
Committee size
person
3
2
–
•
Number of independent directors
on committee
person
2
2
–
•
Percentage of independent directors
on committee
%
67%
100%
–
•
Independent committee chairperson
yes/no
yes
yes
–
•
Number of non-executive directors
on committee
person
3
2
–
•
Percentage of non-executive directors
on committee
%
100%
100%
–
•
Number of committee meetings during
the year
number
9
9
–
•
Committee meeting attendance
%
98%
90%
–
Nomination and Remuneration Committee
•
Committee size
person
3
1
–
•
Number of independent directors
on committee
person
1
1
–
•
Percentage of independent directors
on committee
%
33%
100%
–
•
Independent committee chairperson
yes/no
no
yes
–
•
Number of non-executive directors
on committee
person
3
1
–
•
Percentage of non-executive directors
on committee
%
100%
100%
–
•
Number of committee meetings during
the year
number
14
4
–
•
Committee meeting attendance
%
98%
81%
–
Strategy Committee
•
Committee size
person
3
1
–
•
Number of independent directors
on committee
person
1
1
–
•
Percentage of independent directors
on committee
%
33%
100%
–
•
Independent committee chairperson
yes/no
no
yes
–
•
Number of non-executive directors
on committee
person
3
1
–
•
Percentage of non-executive directors
on committee
%
100%
100%
–
•
Number of committee meetings during
the year
number
8
6
–
•
Committee meeting attendance
%
94%
83%
–
Additional information for the Sustainable Development section (continued)
Composition of the Board of Directors and Management (continued)
Other
Indicator
Units
2022
2023
2024
Tenure of employees
•
Less than 5 years
%
52%
51%
45%
•
5–10 years
%
12%
15%
17%
•
11–20 years
%
28%
25%
26%
•
More than 20 years
%
8%
8%
13%
Employee training costs
RUB mn
10.9
17.6
34.4
Average employee age
years
43.2
43.2
43.6
Number of regions of operations
number
7
7
7
Code of Ethics and Conduct
yes/no
yes
yes
yes
Anti-Corruption Policy
yes/no
yes
yes
yes
Auditor ratification
yes/no
yes
yes
yes
Executive remuneration (including
remuneration of executive and non-
executive directors)
RUB mn
532.0
336.0
275.0
Investor relations
Indicator
2022
2023
2024
IR title
•
Head of IR and Capital Markets
•
IR Analyst
IR phone number
+7 916 991 73 96
+7 812 459 42 42
IR tenure
•
11 years
•
5 years
•
12 years
•
1 year
•
13 years
•
2 year
IR email address
ir@globalports.com
Additional information for the Sustainable Development section (continued)
International Joint-Stock Company Global Ports Investments
Annual Report — 2024
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Strategic Report
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Corporate Governance
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Additional Information
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Sustainable Development
About the Company
▶ ▶ ▶
Glossary
ASOP – Association of Sea Commercial Ports (www.morport.com).
Baltic Sea Basin – the geographic region of Northwest Russia and Finland surrounding the Gulf of Finland on the
eastern coast of the Baltic Sea, including St. Petersburg, Ust-Luga, Helsinki, and Kotka (Kaliningrad included).
Far Eastern Basin – the geographic region of Southeast Russia surrounding the Peter the Great Gulf, including
Vladivostok and the Nakhodka Gulf (ports of Kamchatka, Sakhalin, and Magadan included).
Arctic Basin – the geographical region of Northern Russia surrounding the Barents, White, and Kara Seas, including the
ports of Murmansk, Arkhangelsk, Dudinka, and Sabetta.
Southern Ports – the group of ports in Southern Russia in the Azov-Black Sea basin (including the port of Novorossiysk
and the port of Kavkaz) and the Caspian basin (including the port of Astrakhan and the port of Olya).
Container Throughput in the Russian Federation Ports – the total container throughput of ports located in the Russian
Federation. Information is sourced from ASOP (www.morport.com).
Consolidated Marine Container Throughput – combined marine container throughput by the Holding’s consolidated
marine terminals.
Consolidated Marine Non-Containerised Cargo Throughput – combined marine non-containerised cargo throughput
by the Holding’s consolidated marine terminals.
TEU – 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.
Ro-Ro (roll on-roll off) – cargo that can be driven into the belly of a ship rather than lifted aboard. Includes cars, buses,
trucks, and other vehicles.
Adjusted EBITDA (a non-IFRS financial measure) – profit for the period before income tax expense, finance income/
(costs) – net, depreciation, write-offs, and impairment of property plant and equipment, depreciation and impairment
of right-of-use assets, amortisation, write-off, and impairment of intangible assets, share of profit/(loss) of joint ventures
accounted for using the equity method, other gains/(losses) – net.
Adjusted EBITDA Margin (a non-IFRS financial measure) – Adjusted EBITDA divided by revenue, expressed as a
percentage.
Net Debt (a non-IFRS financial measure) – the sum of current borrowings, non-current borrowings, current and non-
current lease liabilities (following the adoption of IFRS 16), and swap derivatives less cash and cash equivalents and
bank deposits with maturity over 90 days.
Weighted Average Effective Interest Rate – the average of interest rates weighted by the share of each loan in the
total debt portfolio.
Shareholder information and key
contacts
Full company name
International Joint-Stock Company Global Ports Investments
Abbreviated company name
IJSC GPI
Legal address
Building 8, Room 147, Melkovodny Village, Russky Island, Vladivostok Municipal District, Primorsky Territory, Russian Federation
Investor Relations
+7 (812) 459 42 42
+7 (916) 991 73 96
Email: ir@globalports.com
Media Relations
+7 (812) 459 42 42
+7 (921) 963 54 27
+7 (921) 858 36 40
Email: pr@globalports.com
Independent Auditor
JSC Technologies of Trust – Audit
14/3 Ulitsa Krzhizhanovskovo, Room 5/1, Akademichesky Municipal District, Moscow, Russian Federation
+7 (495) 967 60 00
www.tedo.ru
Registrar
JSC Interregional Registration Center
26 Podsosensky Pereulok, Building 2, Moscow, Russian Federation
+7 (495) 234 44 70
+7 (495) 725-75-13
www.mrz.ru
Customer Service Department
Service Call Centre
+7 (812) 335 77 77
8 (800) 201 24 24
Еmail: customer_service@globalports.com
Client portal
www.globalports.com
Client mobile app
Delo Group
International Joint-Stock Company Global Ports Investments
Annual Report — 2024
130
131
▶
Strategic Report
▶ ▶ ▶
Corporate Governance
▶ ▶ ▶
Additional Information
▶ ▶ ▶
▶ ▶ ▶
Sustainable Development
About the Company
▶ ▶ ▶