Luka Rijeka d.d. New Gateway to EU.

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1 Luka Rijeka d.d. New Gateway to EU

2 Disclaimer It is prohibited to copy one part or the entirety of this presentation, to create summaries of it or make an extract from it, to quote from it, present it or discuss it in public in any other manner without previously obtaining written permission from Port of Rijeka j.s.c. This presentation may contain certain statements pertaining to the future business of Port of Rijeka j.s.c. and the Port of Rijeka Group, which can be recognised by the use of terms such as shall be, planned, is expected, is foreseen etc, i.e. by statements pertaining to strategy, plans or intents. The aforementioned statements reflect the current position of Port of Rijeka j.s.c. on future events and are subject to certain risks, uncertainties and assumptions. Multiple factors may result in the concrete results, effects or achievements of Port of Rijeka j.s.c. or the Port of Rijeka Group being significantly different from the results, effects or achievements expressed or foreseen in such statements pertaining to the future. All projections contained within this presentation are based on assumptions. These assumptions may or may not prove to be accurate. The real outcome can be influenced by economic changes and other circumstances that cannot be foreseen, and no guarantee is provided that some of the estimates contained within this presentation will actually become a reality. 2

3 Content A B C Introduction The Port of Rijeka today The development of business the Port of Rijeka tomorrow 3

4 A Geographical position Due to its favourable geographical position, the Port of Rijeka ( Company ) allows for the shortest sea connection between the countries of Central and Eastern Europe and overseas countries. As an integral part of the TEN-T transport network and corridor, the Port of Rijeka is of particular importance for the landlocked countries in the region (Hungary, Austria, Slovakia, Czech Republic, Serbia and Bosnia and Herzegovina) and is in an excellent position to make use of its location. the Port of Rijeka lies on the Mediterranean TEN-T corridor the Port of Rijeka also connects to the Baltic- Adriatic corridor Source: 4

5 A Geographical position a competitive advantage of the Port of Rijeka the North Adriatic transport route: possesses great nautical advantages for ships arriving from the Suez Canal >2,000 Nm it shortens the travel time for approximately 5 to 7 days decreases transport costs decreases transport costs Source: Port of Rijeka 5

6 A Geographical position competition The main competitors of the Port of Rijeka are the ports of the North Adriatic cluster Koper, Trieste, Venice, Ravenna, Chioggia and Monfalcone. The Port of Rijeka divides its gravitational market into: Countries within the primary strategic zone: Croatia, Hungary and Slovakia Countries within the secondary strategic zone: Austria, Czech Republic, Serbia, Poland and Bosnia and Herzegovina the North Sea cluster (~284 million t) Upon Croatia s accession to the EU in 2013, and in light of the fact that two corridors of the TENT- T network pass through Croatia, the Port of Rijeka now has the opportunity to harness the full potential of its position. the Baltic cluster (~44 million t) the North Adriatic cluster (~42 million t) the Black Sea cluster (~40 million t) ~500 km radius Marginal area clusters (~26 million t) Note: approximate cargo traffic for 2013; includes bulk cargo and general cargo, container cargo and RO-RO cargo excluded; Source: European Sea Ports Organisation. ~1.000 km radius 6

7 A Republic of Croatia transport strategy The Port of Rijeka is located on a strategic EU transport route (the TEN-T Mediterranean corridor) and connects on to the Baltic-Adriatic route. EU and Croatia strategically and operatively support investment in port and railroad infrastructure that increases the transport capacity of this route and remove bottlenecks situated on it. EU structural and cohesion funds will serve as a significant support to the investment cycles of both the port and the railroad sector. The liberalisation of the market of railroad operators, together with the entry of private capital into port operations increases the efficiency of both, while also improving the competitiveness of the Rijeka transport route. In the Strategy for Managing State Property for the period between 2013 and 2017, which was adopted by the Croatian Parliament in 2013, Port of Rijeka j.s.c. is mentioned as a subject of developmental importance for which restructuring, capital increase and full, i.e. partial privatisation is planned. The Plan for Managing State Property for 2015 mentions Port of Rijeka j.s.c. as a company of particular interest for which share capital increase is planned during

8 A Republic of Croatia Development of the Rijeka transport route Recent improvements and investments in the electrification of Croatia s railroad network represent very positive steps forward in relation to the main activities of Port of Rijeka j.s.c. The railroad network between Rijeka and the Hungarian border (passing through Zagreb and Koprivnica) has been completely electrified (25kV, 50Hz), which directly cuts down on transport costs and strengthens transport connections with one of the key countries of the gravitational area. Further investments in electrification are expected as of yet, 980 out of 2,605 kilometres have been completed. The key parties in the system of transport infrastructure relevant to the transport of cargo and port activities are ports and relevant railroad operators. The market of railroad cargo transport is currently undergoing a process of liberalisation (of which the effects are not yet visible), which creates competition, increases flexibility and decreases logistical expenses for the transport route. 8

9 A Comparison with competition The Port of Koper is the most significant competitor of the Port of Rijeka: the turbulences that have affected the Port of Rijeka have not affected the Port of Koper, thus creating a gap in development the Port of Koper has recorded a particularly significant increase in business since the accession of Slovenia to the EU in 2004 Cargo transport (excluding liquid cargo; including container cargo) (in thousands of tonnes) War of Independence The large ship operator Croatia Line (a key partner) ceases to operate Global economic crisis The Port of Rijeka The Port of Koper Note: The growth of the Port of Rijeka in 2014 was 14.9% in relation to 2014, while the growth rate of the Port of Koper for the same period was 4.8% (excluding liquid cargo) Source: Statistics of the Port of Rijeka and the Port of Koper 9

10 A The historical growth of the traffic of dry cargo at the Port of Rijeka and the Port of Koper Note: The historical growth of the traffic of dry cargo at the Port of Rijeka and the Port of Koper (excluding liquid cargo) Source: Statistics of the Port of Rijeka and the Port of Koper 10

11 Board Supervision Commite B The Port of Rijeka today Basic information The Port of Rijeka, pursuant to a concession contract valid by 2042, is the largest port operator for the transhipment of dry cargo in Croatia, with a total cargo amount of over 4,1 million tonnes in 2014 The Port of Rijeka specialises in the dispatchment and transhipment of dry cargo, with its primary activities including loading, unloading, storing and transporting general cargo, wood, bulk cargo, cattle, tropical fruits and other fruits, grains and oilseed crops. With a share of 49%, the Port of Rijeka also manages Jadranska vrata d.d. ("AGCT", Adriatic Gate Container Terminal), a terminal for loading and unloading containers with a concession contract valid by as an integral part of the TEN-T transport network and corridor, the Port of Rijeka is of great transport-related importance for the landlocked countries in the region (Hungary, Austria, Slovakia, Czech Republic, Serbia and Bosnia and Herzegovina, etc.) Ownership structure Board and Supervision Committee Market capitalization HRK 269 mil. Vedran Devčić President of the Board Nikola Mendrila President Linda Sciucca Member of the Board Loris Rak Vice president Note: *through multiple state institutions; **small shareholders with an individual share of less than 1% ***on 21 May 2015 Nenad Janjić Member of the Board + 3 members 11

12 B The Port of Rijeka today Organisational structure COMPANY BOARD AFFILIATE SUBSIDIARIES BOARD OFFICE DEPARTMENT FOR QUALITY MANAGEMENT DEPARTMENT FOR INTERNAL CONTROL CONTROLLING DEPARTMENT Jadranska vrata d.d. (Adriatic Gate Container Terminal) (49%) Luka - Prijevoz d.o.o. (100%) Stanovi d.o.o. (100%) ICT DEPARTMENT PROCUREMENT DEPARTMENT SECTOR FOR MANAGING HUMAN RESOURCES SECTOR FOR DEVELOPING AND MANAGING PROPERTY SECTOR FOR FINANCES AND ACCOUNTING SECTOR FOR SALES AND MARKETING SECTOR FOR OPERATIONS Terminals Services Rijeka Silos berthing and unberthing cargo insurance Bršica Škrljevo Bakar maintenance port and transport workers and technical operators 12

13 B The Port of Rijeka today geographical position of the port basins Image of the port basins operated by the Port of Rijeka: The Škrljevo Background Terminal is located 7.5 km from the Rijeka Basin (Brajdica Container Terminal) and 3 km from the Bakar Basin. 13

14 B The Port of Rijeka today - terminals Drvo Drvo Drvo Generalni Žitarice Frigo Generalni Generalni AGCT Generalni Rijeka (general) Silos (grains) Rijeka (cooler) AGCT Rijeka (wood) Annual capacity: 1,000,000 t Sea depth: 14 m Key activities / characteristics: The transhipment and storage of grains and oilseed crops The silos are equipped to dry grains, clean them with separators and disinfect them Annual capacity: 100,000 t Sea depth: 10 m Key activities / characteristics: Handling tropical fruit and frozen meat Specialised refrigeration chambers for various types of perishable goods Annual capacity: 600,000 TEU Sea depth: 14.5 m Key activities / characteristics: Terminal for loading and unloading containers Concession by (49% share in the subsidiary company AGCT) Annual capacity: 500,000 t Sea depth: 10 m Key activities / characteristics: Handling cut wood The favourable climate allows the wood to dry naturally Annual capacity: 4,000,000 t Sea depth: 18 m Key activities / characteristics: Specialises in handling iron ores, coal and other bulk cargo Is able to accommodate Panamax and Capesize ship categories Bakar Bršica Škrljevo Bakar (bulk cargo) Annual capacity: 600,000 t Sea depth: 8 m Key activities / characteristics: A multi-purpose terminal for the accommodation and shipping of live cattle and the transhipment of wood, general and bulk cargo A storage facility with an area of 510,383 m² is located in the immediate vicinity Bršica Covered warehouses:28,160 m² Open space: 130,000 m² Free space: 243,000 m² Key activities / characteristics: The possibility of storing cargo (customs free zone) Multi-modal background terminal direct access to the motorway and railroad Škrljevo Covered warehouses:28,160 m² Open space: 130,000 m² Free space: 243,000 m² Key activities / characteristics: The possibility of storing cargo (customs free zone) Multi-modal background terminal direct access to the motorway and railroad 14

15 B The Port of Rijeka today - terminals (continuation) Border of the port areas of Rijeka and Sušak Port area under the concession of the Port of Rijeka Zagreb Dock a new container terminal RGP Port/City interface repurposing and construction Adriatic Gate Container Terminal Decreasing the area under concession 15

16 B Terminal for general cargo (Rijeka) Offers the possibility of handling and storing various types of general cargo, such as metal products and constructions, granite blocks, paper etc. In addition, it is connected to the hinterland via railroad. The terminal also specialises in handling lengths over 60 m for overseas destinations. Sea depth: 12 m; Annual capacity: t; 11 berths at multiple operational docks; Mobile cranes with a capacity between 40 and 63 t; Other port machinery; Adequate storage facilities located in the vicinity of the dock; Two new Liebherr cranes: Installed in May 2013.; Each of them with a capacity of 84 t Gravitational area: Croatia, Hungary, Slovakia, Czech Republic, Austria, Serbia and Bosnia and Herzegovina Destination / outbound area: Turkey, South Africa, Egypt, Lebanon, Algeria, Colombia 16

17 B Terminal for grains (silos) Terminal for the transhipment and storage of grains and oilseed crops, with a railroad connection The silos can be used to dry grains, clean them with a separator, disinfect them and weigh them during all phases of operation Sea depth: 14 m; Annual capacity: 1,000,000 t; One-time storage capacity: 56,000 t; The equipment enables the following loading / unloading operations: Ship Silo; Silo Ship; Ship Silo Wagon (truck); Wagon (truck) Silo Ship. Gravitational area: Croatia, Hungary, Italy Destination / shipment area: Brazil, India 17

18 B Wood terminal Possesses a climate favourable to cut wood that allows it to dry naturally Sea depth: 10 m; Annual capacity: 500,000 t; One-time storage : 35,000-50,000 m³ (depending on the type of wood); Preparing cut wood for: Sorting; Impregnation; Marking; Packaging and binding. Gravitational area: Croatia, Austria, Bosnia and Herzegovina Destination / outbound area: Egypt, Libya, Qatar, Saudi Arabia, Algeria, China, Kuwait 18

19 B Frigo Terminal Frigo Terminal is a business unit for the transhipment of frozen cargo, and is also a part of the terminal for general cargo in Rijeka Sea depth: 10 m; Annual capacity: 100,000 t; Total area of the conditioned warehouse: 8,000 m²; One-time storage capacity: 3,175 t; Cold storage with refrigeration chambers for tropical fruit (bananas and citrus fruits), frozen meat and fish. Gravitational area: Croatia, Serbia, Slovenia Destination / outbound area: Ecuador 19

20 B Terminal for bulk cargo (Bakar) Terminal for the handling and storage of iron ores, coal and other bulk cargo. Accommodates Panamax and Capesize ships. Is connected to the hinterland via railroad Sea depth: 18 m; Annual capacity: 4,000,000 t; One-time storage capacity: For fine iron ore 300,000 t, or For iron ore pellets 250,000 t, or For coal 120,000 t. Key terminal equipment: Portal harbour crane with grab; Continued ship unloader ; Continued ship loader; Mobile storage bridge; Transport tracks Gravitational area: Hungary, Austria Destination / outbound area: USA, Ukraine, Brazil, South Africa, Colombia 20

21 B Terminal Bršica Bršica Terminal is a multi-purpose terminal for the accommodation and transhipment of live cattle and the transhipment of wood, general and bulk cargo. Sea depth: 8m; Annual capacity: 600,000 t; Accommodation capacity: approx. 1,000 cattle heads; Continued veterinary supervision; The storage facility Štalije, under the concession of two Croatian wood exporters via Bršica terminal, is located in the immediate vicinity: Total storage area: 510,383 m²; Covered area: 35,500 m². Gravitational area: Croatia, Hungary Destination / outbound area: Lebanon, Egypt 21

22 B Škrljevo Terminal - today Škrljevo Background Terminal a multi-purpose logistical centre intended for the handling and storage of containers and general and bulk cargo The terminal is under the ownership of the Port of Rijeka and has the status of a customs free zone Total area: 468,977 m²; Open space: approx. 130,000 m²; Covered warehouses: 28,160 m²; Area free for development: approx. 245,000 m²; Added value services for goods; Direct connections with railroad and motorway; Railroad infrastructure: 6 railroad gauges with a length of 3,500 m. Gravitational area: Croatia, Austria Destination / outbound area: Egypt, Qatar, Saudi Arabia, Brazil 22

23 B Adriatic Gate Container Terminal AGCT Ownership structure of AGCT: 51% -ICTS Inc., (global operator of container terminals with headquarters in Manila, the Philippines); 49% - Port of Rijeka j.s.c. Investment cycle completed: Expansion of the dock by 326 m; BIP station for the phytosanitary inspection of goods; Installed terminal equipment: 2 Panamax container cranes; 2 post Panamax container cranes; 6 RTG (rubber tyre gantry cranes); 2 RMG (rail mounted gantry cranes). Annual capacity: 600,000 TEU Dock 1: berth length 300 m; Sea depth m; Dock 2: berth length 326 m; Sea depth m. 23

24 B Physical indicators of business After the breakout of the global economic crisis in 2008, the amount of bulk cargo as a category has been decreasing, while the amount of general cargo has remained stable. The volume of container traffic generated by AGCT (part of the category of general cargo has been yielding a higher profit margin in comparison with other types of cargo, and it is the least susceptible to market turbulences. Only AGCT in thousands of tonnes Total cargo traffic in thousands of tonnes YoY +15% Note: *AGCT included Generalni Rasuti Drvo 24

25 B Profit and loss account I-III 2014 I-III 2015 Revenue from sales Other income Materials, services and consumables used (58.705) (59.346) (67.398) (15.894) (15.773) Personnel expenses (83.845) (83.329) (81.228) (18.422) (18.421) Depreciation and amortisation (12.239) (10.493) (10.127) (2.542) (2.683) Other expenses (32.299) (24.026) (23.770) (5.344) (6.925) ( ) ( ) ( ) (42.202) (43.802) Finance income Finance costs (7.276) (9.528) (8.593) (595) (1.064) Net finance income / (costs) (1.980) (3.675) (6.552) (352) (509) Share of profit / (loss) of equity-accounted investees (1.281) - - Profit before tax (6.060) Income tax (expense)/benefit (826) Profit/(loss) for the year (603) (5.788) Revalouation of AFS financial assets (net of tax) (359) Revalouation of land (net of tax) Other comprehensive income (359) Total comprehensive income / (loss) (548) Earnings / (loss) per share (in HRK) (0,10) 0,24 (0,97) 0,66 0,24 Source: Revised and consolidated financial reports of the Company for 2012, 2013 and 2014 and the unrevised and consolidated financial reports of the Company for the first quarter of

26 B Net debt Net debt of the Port of Rijeka Group (in thousands of HRK) (in '000 HRK) Short-term loans Long-term loans Finance lease liabilities Short-term bank deposits Cash and cash equivalents* = NET DEBT *Money in the treasury, money on giro account, shares in financial funds and all other forms of highly liquid financial assets Source: Revised and consolidated financial reports of the Company for 2012, 2013 and 2014 and the unrevised and consolidated financial reports of the Company for the first quarter of The Company s net debt grew in 2013 due to the increase in the long-term loan (Liebherr cranes) while, in 2014, the Company had to enter into additional short-term debt in order to settle the foreclosure by the Tax Administration upon losing the administrative procedure that the Company contested for years. A decrease in deposits in 2014 due to the cancellation of a part of the fixed-term assets intended for the preparation of the Škrljevo project also affected the increase of the net debt. 26

27 B Ratios Liquidity ratios Cash ratio 0,49 0,32 0,22 Quick ratio 0,88 0,64 0,61 Current ratio 0,89 0,66 0,62 Debt ratios Total debt / Total assets 0,18 0,21 0,17 Equity /Total assets 0,63 0,63 0,66 Net debt / EBITDA n.d. 5,34 7,89 Shor-term loans / EBITDA 2,16 2,99 4,31 EBITDA interest coverage 2,21 2,87 2,58 EBIT interest coverage 0,21 0,64 0,38 Activity ratios Total assets turnover 0,29 0,25 0,28 Current assets turnover 1,68 1,78 2,47 Trade receivables turnover n.d. 4,89 5,34 Inventory turnover 93,23 105,41 136,67 Trade payables turnover n.d. 8,36 6,82 Profitability ratios ROE -0,16% 0,39% -1,52% ROA -0,10% 0,25% -0,98% Profitability margins EBITDA margin 7,99% 9,22% 7,11% EBIT margin 0,76% 2,04% 1,06% Net profit margin -0,36% 0,98% -3,46% Source: Revised and consolidated financial reports of the Company for 2012, 2013 and 2014 and the unrevised and consolidated financial reports of the Company for the first quarter of

28 B Conclusion the Port of Rijeka today The Port of Rijeka today: Largely state-owned (83% share), other shareholders with shares below 2%; Concession contract concluded with the Port Management of Rijeka expires in 2042; Port of Rijeka holds a 49% share in the container terminal AGCT. Results in 2014: Prihodi od prodaje HRK 167 mil.; EBITDA HRK 11,9 mil. (7,1% EBITDA marža); Neto dug HRK 100 mil.; Promet 4,1 mil. t (uključujući AGCT). Annual capacity by terminal and type of cargo: Rijeka (general): 2 million t; Rijeka (wood): 0,5 million t; Rijeka (refrigeration): 0,1 million t; Silos (grains): 1 million t; Bakar (bulk cargo): 4 million t; Bršica (cattle, wood, general, bulk cargo ): 0,6 million t AGCT (containers): 0,6 million TEU 28

29 C Key growth generators Value initiators External Internal Potential of the gravitational area of Central and Eastern Europe Historical recognisability of the brand on the gravitational market Holding concession up to 2042 and ownership of the Škrljevo Background Terminal Defined marketing and sales plan based on key customers Great potential and continued growth of the destination/outbound market of the Far/Central/Middle East Advantage of the shortest route between the Far/Central/Middle East and the gravitational area Development of added value services Catching up with the prices of competitors Accession to the EU capitalising on previous opportunities and providing the Port of Rijeka with the chance to fairly compete Being part of the vital TEN-T transport route (Mediterranean corridor) and the possibility for using EU grant schemes (CEF) Improving and developing operational efficiency (optimisation of processes) Introducing a motivation system for stimulating staff Liberalisation of railroad transport that removes cost-related obstacles and increases the efficiency of the supply chain Approximating the maximum capacity of competing ports (port and railroad capacity) Improving the quality of systems for managing normatives and rates Developing a digitalised database system for information on markets, customers, competition etc. and introducing CRM Construction of a new container terminal in Rijeka and the significant increase of container traffic The developmental potential of the Bakar port basin (harmonised spatial plans, excellent maritime conditions, etc.) Improving business intelligence, planning and controlling systems Possibility of using tax incentives due to the high level of investment 29

30 C Škrljevo Terminal the greatest capital investment An amount of 322 million HRK (~43 million EUR) is planned to be invested in Škrljevo Background Terminal. Škrljevo Terminal today Škrljevo Terminal after 2017 Total area: 468,977 m2 28,160 m2 of covered storage space approx. 130,000 m2 of open space free zone status Total area: 468,977 m2 53,818 m2 of covered storage space (of which 25,658 m2 is new) 36,016 m2 of new canopies 13,915 m2 of new container depots with a one-time capacity of TEU Open warehouse plateaus, new railroad gauges, service zone New mobile mechanisation Possible future investments: Construction of a new cold storage with an area of approx. 36,000 m m2 of new canopies A second container depot 30

31 C Škrljevo Terminal the greatest capital investment (continuation) Škrljevo Terminal is a key strategic project of the Port of Rijeka j.s.c. : Land and facilities are 100% owned by Port of Rijeka j.s.c. Effective building permits have been obtained. construction can begin immediately upon the closure of financing (SPO). Relieving pressure from the limited dock capacities: Alternative storage capacities after the loss of the area where the Zagreb Dock and the area of Delta-Porto Baroš are being constructed today, for which urbanisation and the construction of a marina or mega yachts are planned as part of the Rijeka Gateway project. Investment structure : With the investment of 322 million HRK in the Škrljevo Terminal project, the existing covered storage space will be expanded by an additional 25,658 m2, 36,016 m2 of new canopies and a new container depot with an area of m2 will be constructed, new road and railroad infrastructure will be necessary together with the needed new machinery, while space will also be left free for further construction The project s function is to bring the Company s long-term goals to fruition by: Enabling the growth of more profitable general cargo and container traffic Returning cargo traffic to the levels reached before the war (approx 7 million t in the mid 1980s) and achieving a profitability comparable to that of competing ports in the region (~30% EBITDA margin). 31

32 C Škrljevo Terminal the greatest capital investment (continuation) Investment structure (in millions of HRK) Plateaus Civil engineering Road construction Railroad construction Energetics Hydrotechnology Environment Mechanisation Project development Škrljevo total 32

33 Contact Company board Phone: Fax: uprava@lukarijeka.hr

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