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1 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL
J a n u a r y | 2 0 1 7
Copyright © 2017 Global Ports Holding
GPH: Leading Cruise Port Operator with Excellent Growth Opportunities
2 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
Agenda
Conclusion and Q&A 39
Appendix
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
3 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Highly Profitable Infrastructure Business with Excellent Growth
Opportunities
Global Ports Holding: Overview and Strategy
Superior Growth Profile
14% Revenue CAGR1
Strong Profitability
69% EBITDA Margin2
Visible and Resilient
Cash Flow Generation
105% Occupancy Rate3
High Cash Conversion
89% Cash Conversion4
Notes: 1. Calculated based on revenue growth between 2014 and LTM 9M 2016. 2 Calculated based on LTM 9M 2016 numbers. 3. Historical average occupancy rates of Carnival and Royal Caribbean cruiseliners between 2001 and
2015. 4. Cash conversion calculated as (EBITDA-Capex) / EBITDA; Capex excluding acquisitions.
Growth
Resilience
Sole cruise
port
consolidator
Preferred partner to all
stakeholders
Highly supportive industry dynamics
Ongoing network optimisation
Compelling retail/ancillary services potential
Entrenched essential infrastructure provider
Attractive concession framework
Robust commercial operations
Unique Acquisition
Opportunities in a
Fragmented Industry
Organic Growth
thanks to Port
Network
Resilient
Infrastructure
Characteristics
4 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Livorno3: Ongoing tender: GPH‟s letter was submitted
and accepted in 2016.
World's largest independent cruise port operator1
Dominant Position in the Mediterranean Cruise Port Landscape
Ports: Location Overview
CROATIA (1)
MONTENEGRO (1)
TURKEY (3)
Singapore
Singapore
MALTA (1)
GPH Cruise Ports
- International Cruise Port Operator:
- 8 countries, 14 locations
- Recently added: Venice, Ravenna, Catania, Cagliari and Brindisi
- Dubrovnik to be added in 2017
- Strategic intention to grow in the Caribbean and Asia (first foothold in Singapore)
- Commercial Port Operator in Montenegro and Turkey
- Ownership Structure;
- 89.2% owned by Global Investment Holdings (GIH)
- EBRD acquired the remaining 10.8% shares in September 20152
Key Characteristics
Source: Company Information.
Notes: 1. Based on 2015 annual passenger numbers and number of ports operated. 2. Represents the signing date. 3. Tender bidder has not been announced. Announcement of the winner is expected by March 2017.
Global Ports Holding: Overview and Strategy
SPAIN (2)
PORTUGAL (1)
ITALY (4)
GPH Commercial Ports
Barcelona
Malaga
Lisbon
Venice
Ravenna
Catania
Valletta
Dubrovnik
Kusadasi
Bodrum Antalya
Cagliari
Country (number of ports)
Brindisi
Livorno3
Bar
2 out of Top 5 Mediterranean Cruise Ports (2015 Pax, ‟000s)
2,540
2,272
1,582
1,451
1,270
Barcelona
Civitavecchia
Venice
Marseille
Naples
GPH Cruise Ports
5 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
The preferred partner for all stakeholders
Global Ports Holding: Overview and Strategy
Preferred Partner
for Cruise Lines
Augmented Passenger Experience
Continuous passenger research
A professional counterpart
Operational excellence
Solution oriented approach
Innovation & investment in infrastructure
modernisation
Owning the experience in city
Making ports „a point of interest‟
Replicating best-in-class airport experiences
b2b b2c
Cooperative Partner to
Governments
Generating value for destinations
b2g
Sizeable port network with critical mass
Track record as a dependable and
professional partner
6 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Building a truly global network of branded cruise ports
Global Ports Holding: Overview and Strategy
- Mediterranean Focused
- Portfolio of Ports
- Emerging Brand
- Truly Global
- Network of Ports
- Global Brand
Today Vision
7 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
High margin infrastructure business with excellent growth opportunities
Global Ports Holding: Overview and Strategy
Infrastructure with Excellent Growth
Potential
Resilient Financial Profile
Efficient Network Operations to Drive
Organic Growth
Significant Opportunities to Grow Through Acquisitions
8 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
27
47 53
64
5862
91
105115
2014 2015 LTM 9M 2016
1.7
4.1
4.6
2014 2015 LTM 9M 2016
CAGR
Resilient financial profile with high margins and strong
cash conversion
Global Ports Holding: Overview and Strategy
Source: Company Information. Notes: 1. Passenger numbers include Lisbon and Singapore Pax fully, but exclude Pax from recent acquisition Venice (annual passengers for year ending May 2016: 1.7m). 2. EBITDA calculated as operating profit plus depreciation and
amortization, excluding GPH HoldCo expenses. 3. Cash conversion calculated as (EBITDA-Capex) / EBITDA; Capex excluding acquisitions. 4. LTM 9M 2016 calculated as actual 9M 2016 plus actual full year 2015 numbers minus actual 9M 2015 numbers.
Revenue Development (US$m)
Cash Conversion3 Development (%) Segmental EBITDA2 Development (US$m)
Passenger Growth1 (m)
80% 87% 89%
2014 2015 LTM 9M 2016Cruise Commercial
Cruise Commercial
4
4
4
2034 36
42
40 44
62
74 79
2014 2015 LTM 9M 2016
68% 70% 69% Segmental
EBITDA2
Margin
4
(2%)
47%
CAGR
3%
38%
4
9 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL
Has 20 years of C-Level experience in global businesses
Managed the consumer business at Turkcell, business development at Vimpelcom Group, marketing at Microsoft Turkey and brand experience at Verizon
Holds a postgraduate degree in Systems Engineering at Rutgers and Princeton Universities
Emre Sayın
CEO
Appointed Chief Financial Officer of Global Ports Holding in 2010
Former CFO of Kuşadası Cruise Port, Bodrum Cruise Port and Port Akdeniz – Antalya.
Worked for Teba Group, Arthur Andersen and Ernst and Young
Holds a BSc degree in Economics from Dokuz Eylül University
Ferdağ Ildır
CFO
Recently appointed as CBDO in 2016
Previously held Deputy CEO role at Global
Ports Holding between 2010 and 2016
Former VP of Business Development at Global Investment Holdings
Serves on the Board with significant industry experience
Holds an MBA degree with a concentration in Finance from United States International University-San Diego, California
Arpak Demircan
CBDO
Appointed as COO of Global Ports Holding in August 2016
Over 20 years senior management experience, 14 of which in the cruise industry
Served as CEO and CFO of Valletta Cruise Port
Experience in the audit and financial advisory sectors as well as in the retail, property and hospitality industries
Fellow of the Chartered Institute of Accountants and a Henley MBA graduate
Stephen Xuereb
COO
Appointed Director of Cruise Marketing at Global Ports Holding in 2016, 15 years of experience in the Cruise Industry
Joined Barcelona Port Authority in 2006 as Cruise Manager, in 2010 was appointed as Marketing & Cruise Director
Holds a BSc degree in Economics and Business Sciences from Pompeu Fabra University, completed the PMD at ESADE and attended the Value Innovation Program at INSEAD
Carla Salvado Director of Cruise
Marketing
Serves as Head of Corporate Finance at Global Securities, part of GIH, and advisor to the GPH Board
Previously led the Structured Finance activities of Fresenius VAMED Germany and held various positions at IEG in Berlin, Barclays Capital Investment Banking Division and Deutsche Bahn
Holds Master‟s degree from ESCP Europe
Jan Fomferra Head of
Corporate Finance
GPH Senior Management: The right mix of professional
experience with extensive international track record
Global Ports Holding: Overview and Strategy
Founding Shareholder, Chairman and Chief Executive Officer of Global Investment Holdings Group
Actively involved in business development at the Company level and serves on the boards of several GIH subsidiaries and affiliates
Prior to founding the company in 1990, he held an executive position at Net Holding, a Turkish group investing in tourism and real estate
Holds a BA (Hons.) from Boğaziçi University and an MBA from the University of Texas
Mehmet Kutman
Chairman
10 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
Agenda
Conclusion and Q&A 39
Appendix
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
11 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Serving an attractive US$40bn1 growth industry
Infrastructure with Excellent Growth Potential
Large, resilient industry with attractive
growth profile
• Worldwide cruise market size of c. $40bn1
• Over 22m cruise passengers carried
worldwide of which 6.6m cruise passengers
carried in Europe
• 315 vessels worldwide as of 2016
• Average market capacity per vessel per
annum: 73,546 (2015 Pax)
• Resilient market demand growth trajectory of
4.7% in 2007-2015
• Relatively stable passenger numbers during
the 2007-2008 crisis
Trend: Larger cruise vessels in quest for
lower unit costs
• Massification
Cruise ships are getting larger and larger with
increasing overall capacity as well as
price/pax between 2000-2015
• Market Capacity Growth (2000-2015): 61%
• Price Growth (2000-2015): 215%
• Concentration
Top 4 corporations control 85% of the market
based on capacity
• Carnival Corporation(44%), Royal
Caribbean Cruises(25%), Norwegian
Cruise Line(9%) and MSC Cruises(7%)
Fundamentally supply-driven
Annual passenger growth shows strong
consumer interest in cruising
Demand outstripping supply: Newly built ships
and added capacity can be filled continually
Following push strategy
Demand in the cruise business created through;
• Pricing
• Branding
• Segmenting
1
2
Massification & Concentration Unique Characteristics Large and Resilient Industry
Source: Cruise Industry News 2016–2017 State of the Industry Annual Report; and Cruise Market Watch 2015.
Note: 1. Excluding side industries such as shipbuilding, retail, etc.
12 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
0.0 20.0 40.0 60.0 80.0 100.0 120.0
Cru
ise P
enetr
ation (
%)
GDP/Capita ('000 US$)
Source: EIU, Econstats, Cruise Industry News 2016-2017 State of the Industry Annual Report, World Bank Indicators, CLIA, ECC, ICCA. 1. Bubble size indicates population size. Cruise Penetration = Cruise Pax / Population.
Robust growth yet still low market penetration
Infrastructure with Excellent Growth Potential
Cruise Market Development: Passengers (m) Cruise Penetration (Cruise Pax / Population) vs. GDP/Capita1 2015
CAGR 2007-2015
Global 4.7%
Europe 7.4%
Strong Expansion in the Past Expected to
Continue in the Future
Low Penetration Suggests Significant
Headroom for Growth
Cruise Penetration in Asia at around
0.1%
15.5 16.2
16.9 17.8
19.7 19.3 20.4
21.4 22.2
26.0
29.6
31.2 31.7 31.8
3.7 4.5 5.0 5.2
6.1 5.9 6.2 6.4 6.6
2007 2008 2009 2010 2011 2012 2013 2014 2015 2017E 2019E 2020E 2021E 2022E
Global Europe
13 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
High visibility of capacity and industry expansion
Infrastructure with Excellent Growth Potential
Source: Seatrade Insider, Cruise Industry News 2016-2017 State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch 2015, Association of Mediterranean Cruise Ports, Wall Street research. 1. Excludes order book vessels not yet assigned to a region.
Global Order Book Total Ship Capacity „000 PAX European Order Book Total Ship Capacity „000 PAX
Highly Visible Industry Expansion… …with GPH‟s Core Markets Set to be Prime
Beneficiaries
31.4% 33.8% 33.3% 34.8% 35.6% 34.6%
xx European capacity as % of global capacity being deployed1
• New vessel
deployment
highlights continued
industry growth…
• …and increased
demand for cruise
port capacity
497
2016E 2017E 2018E 2019E 2020E 2021E 2022E Total
Capacity
497
156
0.0
21.6
7.0
23.6
15.3
4.1
71.6
2016E 2017E 2018E 2019E 2020E 2021E 2022E Total
Capacity
156
34.1% 34.1%
315 ships
329 ships
342 ships
355 ships
363 ships
9.4
28.6
28.8
43.9
30.2
30.2
366 ships
367 ships
171.1
14 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Highly resilient key revenue driver: vessel occupancy stable
through the cycle
Infrastructure with Excellent Growth Potential
Cruiseliners typically fill their ships, so port operators benefit from the full capacity
Carnival and Royal Caribbean Occupancy (2001 – 2017E) Carnival and Royal Caribbean Ticket Price Development
(per APCD1, 2003 – 2017E)
Robust Occupancy Rates… …Supported by Flexible Ticket Pricing
(20%)
(10%)
0%
10%
20%
30%
40%
2003 2007 2011 2015
CCL RCL
0%
20%
40%
60%
80%
100%
120%
2001 2005 2009 2013 2017E
CCL RCL
• Passenger
numbers are a key
driver of cruise port
revenues
• Cruise lines are
strongly focused on
maximising vessel
occupancy and
adjust prices
accordingly
Average 2015-2017E: 105.0%
Flexible ticket pricing supports
robust occupancy rates
Historical Average: 104.8%
Source: Seatrade Insider, Cruise Industry News 2016-2017 State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch 2015, Association of Mediterranean Cruise Ports, Wall Street research. 1. Available Passenger Cruise Days = Double Occupancy per Cabin * the Number of Cruise Days.
MSCI World Index
Impact of Global
Economic Crisis
European Debt Crisis
Costa Concordia Disaster
Dotcom Bubble Burst
15 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
GPH: Strong infrastructure characteristics
Infrastructure with Excellent Growth Potential
Source: Company information. Notes: 1. Almost fully pre-paid (minor per-pax fee due); 2. Recently obtained approval for a 10% tariff increase in 2015, 20% tariff increase for 2016; 3. Tariff change subject to relevant authorities‟ approval; 4. Initial court decided in favour of Bodrum Port case to extend the concession until 2056 (currently 2019). The appeal is pending before the Supreme Court; 5. The concession can be extended for 5+5 years by mutual agreement of parties; 6. Council of State reversed a lower court‟s judgement in a case to extend the concession until 2052 (currently 2033). It is expected that the lower court will decide in favour of Ege Liman in a new decision; 7. Council of State is expected to reverse a lower court‟s judgement in a case to extend the concession until 2047 (currently 2028) – in line with decision in favour of Ege Ports. It is expected that the lower court will decide in favour of Ortadogu Antalya in a new decision. 8. Extension based on Spanish concession law. Concession dates refer to major concession representing 94% and 98% of total traffic for Barcelona and Malaga, respectively, in 2015
Solid, Long-dated and Commercially Supportive
Concession Framework High Barriers for New Entrants
Cagliari
Catania
Ravenna
Venice
Dubrovnik
Valletta
Adria-Bar
Malaga
Singapore
Lisbon
Barcelona
Ege
Bodrum
Antalya
No Future Capex
Obligation?
Pre-Paid
Concession? Tariff Discretion?
Concession
Expiry
2028
2049 1 2
2043 3
Port
2038 (Levante)
2033 (Adossat)
2019
2033
2067
2056 3
2024 3
2027
2020
2026
2022
Cruise Ports Mainly Commercial Port with Some Minor Cruise Activities
Competitive edge for concession renewal based on regulatory protection for incumbents
Coastal development limits construction of new ports
High investment requirements and long construction lead times
Long license and regulatory approval processes for new entrants
Strategic geographic locations in Europe already locked in by GPH
Material financial and scale advantage as sole consolidator in cruise ports
3
3
3
Concession
Extension
20477
20526
20564
2053 (Adossat)
2033 5
-
-
-
-
2060
-
-
-
8
2058 (Levante)
8
16 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
GPH: A well diversified business
Infrastructure with Excellent Growth Potential
Diversification by Type
2 Commercial Ports1
Specialising in container, bulk and
general cargo handling
14 Cruise Ports1
Serving cruise liners, ferries,
yachts and mega-yachts
Source: Company Information.
1. Port Akdeniz-Antalya and Port of Adria-Bar, while predominantly a commercial port, also have cruise operations. 2. EBITDA calculated as
operating profit plus depreciation and amortization. 3. LTM 9M 2016 calculated as actual 9M 2016 plus actual full year 2015 numbers minus
actual 9M 2015 numbers. 4. Share of full TEU unloaded (imports).
Cruise Ports' Revenue Share by Countries
Commercial Ports' Revenue Share by Countries
Turkey30%
EU70%
Only 12.4% of Turkish volumes relate to Turkish GDP 4
Cru
ise
Po
rts
C
om
me
rcia
l P
ort
s
EBITDA Margin2
68%
Revenue (LTM 9M ‟163)
% of total
EBITDA (LTM 9M ‟163)
% of total
US$53m US$36m
45%46%
EBITDA Margin2
71%
Revenue (LTM 9M ‟163)
% of total
EBITDA (LTM 9M ‟163)
% of total
US$62m US$44m
55%54%Turkey86%
Montenegro14%
Total Revenue
(LTM 9M20163)
US$62m
Total Revenue
(LTM 9M20163)
US$53m
17 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
GPH: Strategically located commercial ports with captive hinterland
Infrastructure with Excellent Growth Potential
Po
rt o
f A
kd
en
iz
(Tu
rke
y)
• Strategically located on the Southern coast of
Turkey with lack of direct competition
• High speed rail link to significantly expand
catchment area
• Akdeniz is currently focused on diversifying its
cargo base, increasing imports share by 5%
• Located within a Free Zone regime with
significant benefits
• Important link for regional intermodal transport to
inland capitals
• Benefits from local steel, aluminium exports and
automotive manufacturing
Po
rt o
f A
dri
a-B
ar
(Mo
nte
ne
gro
)
Cargo Mix (by Volume) / LTM 9M 20163
Cargo Mix (by Volume) / LTM 9M 20163
Containers66%
Cement14%
Coal11%
Woodchips2%
Aluminium1%
Barite1%
Other6%
Containers82%
Steel Coils5%
Cement1%
Aluminium7% Other
4%
Why Robust?
Source: Company information.
1. Point to point distance on land; 2. Over 200 marble mines are operating in the hinterland. 3. LTM 9M 2016 calculated as actual 9M 2016 plus actual full year 2015 numbers minus actual 9M 2015 numbers.
Strategically Located Commercial Port Operations
Strategic Location
Export Business in Turkey
Attractive Hinterlands
Hard Currency Price but Local Costs
18 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Agenda
Conclusion and Q&A 39
Appendix
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
19 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Cruise Port Operations: Compelling Business Model with
Attractive Revenue Streams
Efficient Network Operations to Drive Organic Growth
Home Port
Port of Call
Home Port
Cruise Liners
Customers Revenue Sources
Ferry / Yachts
Terminal Revenues (based on number of passengers)
Marine Services
(Pilotage, towage, mooring, sheltering, security, etc)
Ancillary Service Revenues
Individual passengers and crew
Retailers
Duty Free Operator
Retail Revenues (revenue sharing agreement between Port and
duty-free operator Setur at Turkish ports)
• Cruise ports mainly extract revenue from liners by charging landing fees, linked to the number of passengers
• Port costs do not represent significant cost item for cruise liners, so there is typically demand elasticity with respect to changes in tariffs
• Homeports have attractive incremental revenue opportunities such as luggage handling, etc.
Port of Call Port of Call
Re
ve
nu
e D
rive
rs
20 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Operational Excellence: Optimizing the portfolio and driving
organic growth
Efficient Network Operations to Drive Organic Growth
Sharing Best Practice
Building Economies of Scale
Creating Network Synergies
Developing Ancillary Revenues
21 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Best practice codifying and sharing: Implementing industry-leading
standards throughout the network
Efficient Network Operations to Drive Organic Growth
GPH Codes and Policies Book
The GPH codes and policies book is an initiative to set standards and develop an optimum model to operate Global Ports
• Strategy, Business and Financial Planning
• Financial and Operational Reporting Guidelines
• Internal Control Systems, Accounting
• Personnel and Payroll, Travel and Entertainment
• Centralized Procurement Guidelines
• Standard Operating Procedures
• GPH Security Code
• Contingency Plan
• Waste Management Plan, Response Plan
• Supply Services (Water, Fiberoptic etc.)
• Career Management
• Transfer & Promotion
• End of Employment Process, Working Standards
• Compensation & Talent Management
• Environment, Health & Safety Standards
• Positioning strategy / identification of brand attributes,
• Promotional activities
• Communication and Commercial action plans,
• PR & Stakeholders relationship guidelines
• Information provision schedule
Finance, G&A & Procurement
Operations & Security
HR & Performance Evaluations
Marketing
22 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Operational excellence driving results: Selected highlights
Efficient Network Operations to Drive Organic Growth
PAX Growth (2014-2015) | Barcelona Ancillary Revenue Growth (2016) | Lisbon
Retail Growth (2014-2015) | Valletta Revenue Growth (2010-2015) | Kuşadası
15%
35%
210%
25%
Effect of consolidated marketing efforts Effect of advertising, water supply and heavy
machinery services
Effect of redesigned best practice travel retail venue Effect of increased revenue in marine services as
well as steady call growth
23 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Driving Best Practice through Innovation: PortALL - the first and only
proprietary Cruise Port Operating System (“CPOS”)
Efficient Network Operations to Drive Organic Growth
- Real time itinerary data
- Comprehensive and
consolidated view of market
(with itineraries, ships, cruise
lines and ports'
specifications)
- Key metrics to monitor
facility and terminal
operations
- Enhanced operational
flexibility and responsiveness
- Enables real-time KPI
management
- Central management of
tariffs and revenue
projections
- Central management of
key procurement items
- Integration to Local Finance
Systems
Key Highlights of
PortALL
24 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Leveraging GPH‟s unique network advantages to drive incremental
revenue generation
Efficient Network Operations to Drive Organic Growth
Ability to offer superior itinerary solutions to cruise line partners
- Consolidated marketing efforts:
- Leverage GPH brand to drive traffic to developing ports
- Economies of scale in marketing through centralization
- Single point of contact with cruise companies strengthens relationships
- Bundle offers for mutual gains
Highlights
Source: Company Information.
Kuşadası
Santorini
Piraues
Valletta
Rome
Florence
Cannes
Barcelona
GPH Ports in the Itinerary Other Ports in Itinerary Alternative GPH Ports for the itinerary
Bodrum Catania
Cagliari
Bar
Antalya
Potential Propositions
Cruising at Sea Cagliari
Santorini Bodrum, Antalya
Instead of Alternative GPH Ports
Messina Catania
Messina
Sample Itinerary
25 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Understanding cruise line needs drives new products and services
Efficient Network Operations to Drive Organic Growth
Cruise Lines
Services aimed at
improving group wide
benefits
Customer GPH Way New Products & Services Market to
Understanding cruise
line processes
Managing and
analyzing
comprehensive data
Innovative offerings
directly targeting P&L
Source: Company Information.
26 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Understanding passenger needs drives new products and services
Efficient Network Operations to Drive Organic Growth
Passengers
The Public
Services to
Improve Passenger
Experience
Position Port as a
Point of Interest
Passenger GPH Way Market to
Passenger research
& understanding
Value Creation via
Products & Service
Development
B2C Offerings
Source: Company Information.
New Products & Services
27 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Passenger Services Enhanced Retail Practice Advertisement Areas
Clearly identified substantial upside potential for enhanced
retailing via traffic management and retail space design
Developed retail experiences
in Kusadasi and Valletta
Replicate retail experiences in
other ports
Over 7 million passengers
passing through GPH ports
GPH to offer terminal and
outdoor advertising space in
ports
Alliance with Airport Services Developer
Harness unique position in the cruising value chain to
maximize ancillary revenue
Efficient Network Operations to Drive Organic Growth
One stop shop for passenger services
Mobile Wi-Fi
Concierge
Car Rental
City Map
"GPH Guest Service Centers"
Source: Company Information.
28 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Agenda
Conclusion and Q&A 39
Appendix
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
29 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Ports typically under-managed by governmental organizations with
no commercial focus
Significant Opportunities to Grow through Acquisitions
Distribution of Worldwide Cruise Ports by Ownership1 (%)
1. Source: adapted from P. Verhoeven (2011) European Port Governance, European Seaports Organization (ESPO), Brussels. The great majority of European port authorities are publically owned, like in much of the rest of the world (Opsago Management Consulting Estimation).
40%
4%
3%
35%
3%
15%
Relevant Universe of Ports Worldwide
Stated Owned Region Province Municipality Private Other
• GPH is the largest independent cruise port operator
• GPH owns 14 of the private cruise ports
• 85% of all itineraries in Mediterranean visit at least one GPH port
• Other private cruise ports mostly controlled by cruise companies
30 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Harnessing global opportunities: Targeting expansion mostly
outside of Europe
Significant Opportunities to Grow through Acquisitions
Americas: • 13.3M Pax.
• 165 Ships
• 56.3% Market Share of which 38.4% Caribbean/Bahamas
Asia Pacific/Australia: • 4M Pax.
• 40 Ships
• 16.9% Market Share of which 13.5% Asia Pacific
Europe: • 6.3M Pax.
• 110 Ships
• 26.8% Market Share of which 16.1% Mediterranean
Strategy
• GPH‟s stronghold (14 ports, 7.05M Pax.) • Focus on marquee ports and expansion • Regional shift from East to Mid/West
Mediterranean
Strategy
• First mover in fast growing market • Established foothold in Asia (GPH
Singapore – 0.45M Pax. (2%) • Seeking assets around main regional home
ports (e.g. Singapore, Shanghai, Hong Kong etc.)
Strategy
• Establish presence in largest cruise market
• Seeking one or more marquee ports to penetrate the market
Source: Seatrade Insider, Cruise Industry News 2016-2017 State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch 2015, Association of Mediterranean Cruise Ports, Wall Street research..
9%
16%
2012-2016 2016-2020
6%
49%
2012-2016 2016-2020
202%
59%
2012-2016 2016-2020
Regional
Growth by
Pax. Capacity
31 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Strong pipeline with clearly identified opportunities to deliver
sustained inorganic growth
Significant Opportunities to Grow through Acquisitions
• Global best-practice approach to negotiating attractive tariff, investment and concession structures
• Clearly identified pipeline of acquisition growth opportunities
• Existing industry relationships support new lead generation and ongoing opportunity monitoring
• Only player with ability/appetite to consolidate
• «Recognized Brand Name» advantage
• Track record of opportunity identification and execution
• Swift and effective implementation of operational/service best practice
Project Funnel
Closing and Induction Concession Agreement &
Financing Negotiations Pre-Feasibility/Due Diligence Project Screening
Caribbean/
Bahamas
Mediterranean
Asia/Pacific
Catania
Cagliari
Ravenna
Brindisi
Structured Approach
6 Ports
4 Ports
3 Ports
3 Ports
1 Port
2 Ports
1 Port
1 Port
32 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Established solid track record of implementing a comprehensive
approach to swiftly bring new ports up to speed
Significant Opportunities to Grow through Acquisitions
Pre-Induction
Induction
• Chief Business Development Officer,
who is also part of the acquisition
process, monitors and controls the
recently acquired ports
• Financial reporting settings are
implemented to comply with GPH
unified standards
• GPH Codes and Policies Book is
introduced within the first month
• New Board structure, minimal re-
organization and recruitment within 3
months
• GPH PortALL is operational within 1
month
• Construction and other commitments
are completed
• An inducted port is ready typically
within 3 to 6 months
Induction Global Ports Under M&A Scope
Ports completely transformed/
induction completed Right after acquisition
Ports under consideration After induction
Un
de
r R
esp
on
sib
ilit
y o
f
COO
Operations
CBDO
Business Development
CFO
Finance
CMO
Marketing
Reorganisation,
process
adaption,
governance
setting and
technology
landscape
formation
(all around the
“PORTALL”
structure)
Drives induction management as well as to support strategy and direction of M&A efforts Governs finance of all
ports rightafter the acquisition
Concentrates on global ports (transformed) but supports induction and M&A considering development
on new services/products
Runs operations following the
induction process
33 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Agenda
Conclusion and Q&A 39
Appendix
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
34 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
20 34 36 42
40 44 62 74 79
2014 2015 LTM 9M 2016
1.7
4.1 4.6
2014 2015 LTM 9M 2016
Financial Snapshot
Resilient Financial Profile
Notes: 1. Revenue allocated to cruise segment includes sum of revenues of cruise ports as well as cruise portion of revenue from Port Akdeniz-Antalya and Port of Adria - Bar, which while mainly a commercial port also has minor
cruise operations. 2. Cash conversion calculated as (EBITDA-Capex) / EBITDA; Capex excluding acquisitions. 3. LTM 9M 2016 calculated as actual 9M 2016 plus actual full year 2015 numbers minus actual 9M 2015 numbers. 4.
Passenger numbers include Lisbon and Singapore Pax fully, but exclude Pax from recent acquisition Venice (annual passengers for year ending May 2016: 1.7m).
Performance Development 2016 Commentary
2014 2015 LTM 9M 20163
Cruise Commercial
Revenue
1
US
$m
• Organic and inorganic growth driving revenue
• Recent growth driven by acquisitions in cruise sector
• All revenue is generated in US Dollars or Euros
Segm
enta
l
EB
ITD
A
US
$m
• High and consistent margins
Passengers
4
(‟m
PA
X)
• Strong growth driven by organic and inorganic growth
Cash
Convers
ion
2
(%)
• Strong cash generation driven by capex-light operating model
27 47 53
6458 62
91105 115
2014 2015 LTM 9M 20163
3
3
3
Margin 68% 70% 69%
80% 87% 89%
2014 2015 LTM 9M 2016
35 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
GPH‟s diversified business benefits from a mix of both stable
and high growth activities
Resilient Financial Profile
Consolidated Revenue LTM 9M 2016 = US$115m
Commercial Port Activities Cruise Port Activities
Cargo Volume LTM 9M 2016 = 4.5m Tons3 Pax Volume1 LTM 9M 2016 = 4.6m
Cruise97%
Ferry3%
Cargo Handling
85%
Vessel Handling
11%
Rental & Duty Free
2%
Other2%
Commercial Rev. LTM 9M 2016 = US$62m Cruise Revenue LTM 9M 2016 = US$53m
PAX Handling
60%Vessel
Handling16%
Rental & Duty Free
22%
Other2%
Containers68%
Cement12%
Coal9%
Others5%
Aluminum2%
Woodchips2%
Steel Coils1% Barite
1%
Note: LTM 9M 2016 calculated as actual 9M 2016 plus actual full year 2015 numbers minus actual 9M 2015 numbers. 1. Passenger numbers include Lisbon and Singapore Pax fully, but exclude Pax from recent acquisition Venice (annual
passengers for year ending May 2016: 1.7m)
36 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
GPH: Consistent outperformance versus comparable industries
Resilient Financial Profile
Note: Information taken from public disclosures, selected Port Operators include SIPG, DP World, Adani port and SEZ, ICTSI, Pipavav. Selected Airport Operators include: Airports of Thailand, Shanghai International Airport, Shenzhen Airport, Auckland International Airport, OMA.
Cruise Operators include: Carnival Corp, Royal Caribbean Cruises, Norwegian Cruise Line. 1. Commercial. 2. Calculated using consolidated EBITDA. 3. Cash conversion calculated as (EBITDA-Capex) / EBITDA; Capex excluding acquisitions.
Significant and consistent
revenue growth outperformance
Margins materially superior to
broad universe of comparables
Strong cash generation based
on Capex-light operating model 53.7%
17.0%
85.1%
GPH Selected Airport Operators Selected Port Operators Cruise Operators
88.2% 86.5%
Total Comm.1 Cruise Selected Port
Operator Average
Selected Airport
Operator Average
Cruise Operator
Average
2
Total Comm.1 Cruise
Total Comm.1 Cruise
Selected Port
Operator Average
Selected Airport
Operator Average
Cruise Operator
Average
Selected Port
Operator Average
Selected Airport
Operator Average
Cruise Operator
Average
15.8%
30.8%
7.3%
67.5% 72.3%67.9%
9.7%
5.1%
11.0%
47.3%56.4%
26.4%
51.1%
78.7%
23.2%
• Growth Outperformance (Revenue Growth CAGR 12-15A) 1
• Superior Margin (EBITDA Margin 2015) 2
High Cash Conversion and Low Capex (Cash Conversion3 2015) 3
37 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
0.3%
26.4%
73.3%
CurrencyBrakdown of Debt
10.016.9 14.5 15.3 14.0
7.9
18.7
250
2016 2017 2018 2019 2020 2021 2022+
257.9
Debt Profile
Resilient Financial Profile
Net Debt (US$mn)
Debt Repayment (US$mn) CapEx (US$mn)
• Increase in net debt 30.09.2016 due to Eurobond interest accruals
and dividend distribution in March 2016
• Bond Leverage Covenant1 comfortably below the bond covenant of
5.0x
• 24.7% of the debt has a floating interest rate, while 75.3% has a fixed
rate as at 30.09.2016
Notes: 1. Leverage covenant of the GPH Eurobond is calculated excluding EBITDA and gross debt from Malaga and Malta, which are Unrestricted Subsidiaries.
2. 2015 pro forma for Malta acquisition and its financing.
As of 30.09.2016
3.3x
4.5x
3.8x
4.6x
3.4x
4.3x
Net Debt/EBITDA Gross Debt/EBITDA
Euro-
bond:
Eur:
US$:
TL:
6.5
7.9
9M 2015 9M 2016
253289
248
31.12.2015PF 30.09.2016 30.09.2016Bond Convenant
2
38 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Agenda
Conclusion and Q&A 39
Appendix
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
39 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Highly Profitable Infrastructure Business with Excellent Growth
Opportunities
Conclusion and Q&A
Superior Growth Profile
14% Revenue CAGR1
Strong Profitability
69% EBITDA Margin2
Visible and Resilient
Cash Flow Generation
105% Occupancy Rate3
High Cash Conversion
89% Cash Conversion4
Notes: 1. Calculated based on revenue growth between 2014 and LTM 9M 2016. 2 Calculated based on LTM 9M 2016 numbers. 3. Historical average occupancy rates of Carnival and Royal Caribbean cruiseliners between 2001 and
2015. 4. Cash conversion calculated as (EBITDA-Capex) / EBITDA using LTM 9M 2016 numbers.
Growth
Resilience
Sole cruise
port
consolidator
Preferred partner to all
stakeholders
Highly supportive industry dynamics
Ongoing network optimisation
Compelling retail/ancillary services potential
Entrenched essential infrastructure provider
Attractive concession framework
Robust commercial operations
Unique Acquisition
Opportunities in a
Fragmented Industry
Organic Growth
thanks to Port
Network
Resilient
Infrastructure
Characteristics
40 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
Infrastructure with Excellent Growth Potential How our business as a provider of essential infrastructure is best positioned to capture the industry’s supportive dynamics
11
Efficient Network Operations to Drive Organic Growth How we are optimising our existing platform 19
Significant Opportunities to Grow Through Acquisitions How we are growing our platform 29
Resilient Financial Profile How our business translates into a compelling financial profile 34
Agenda
Conclusion and Q&A 39
Appendix
Global Ports Holding: Overview and Strategy Who we are, and what and how we are striving to achieve
3
GPH: Leading Cruise Port Operator
with Excellent Growth Opportunities
41 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL
Source: Company Information.
1. Represents the signing date. 2. Tender bidder has not been announced. Announcement of the winner is expected by March 2017.
Reinforced Governance
and Capital Structure
Enhanced
Concession Framework
Successful
Roll-out of
Cruise
Mediterranean
Expansion
Concession
Extension
Valletta Cruise Port
(VCP) Aquisition, Malta
EBRD
Partnership
• In September 20151, EBRD acquired a 10.84% stake in GPH for €53.4m (100% primary investment)
• Significant cash injection, supporting GPH balance sheet for planned acquisitions in ports across the countries where the EBRD invests
• Support in countries where the EBRD invests, namely acquisition and/or debt financing from EBRD
• Enhanced corporate governance (restructuring of BoD, new dividend policy, new disclosure)
Port of Dubrovnik, Croatia Venice Port Other Italian ports
• Malta in a unique position in the
West-Med and East-Med
itineraries, with expected strong
growth
• Completed the acquisition of an
indirect 55.6% stake in VCP in
November 2015
• 65 year concession from 2002;
2016E Pax of 0.75m
• Concession agreement signed in
June 2016; Partnership with
Bouygues, with GPH having a 90%
stake after the final concession
agreement to be signed in 2017
• 40 year concession to operate cruise
port against building a new terminal,
shopping gallery, multi-story parking
lot and bus terminal
• 2017-2019 construction period with a
total cost of c. €60m
• 3rd largest port in the Mediterranean
and 10th in the world in cruise transit
passengers
• Part of international consortium
that acquired 48% stake in
APVS, which in turn owns a 53%
stake in Venezia Terminal
Passeggeri S.p.A.; and 85.9%
stake in FINPAX, which in turn
owns 22.3% stake in VTP
• Partnership with Costa Crociere,
MSC Cruises and Royal
Caribbean
• Third biggest port in Europe after
Barcelona and Civitavecchia
• Bodrum Port
• Initial court decided in favor of Bodrum Port case to extend the concession until 2057 (currently 2019). The appeal is pending before the
Supreme Court
• Ege Ports - Kuşadası
• Council of State reversed a lower court‟s judgement in a case to extend the concession until 2052 (currently 2033). It is expected that the lower court
will decide in favour of Ege Liman in a new decision
• Port Akdeniz - Antalya
• Council of State is expected to reverse a lower court‟s judgement in a case to extend the concession until 2047 (currently 2028) – in line with
decision in favour of Ege Ports. It is expected that the lower court will decide in favour of Ortadoğu Antalya in a new decision
• Barcelona and Malaga
• Recent Spanish legislation provides for extension of port concessions up to 49 years in return for CAPEX commitment or upfront payment
• Venice
• Extension to be requested in return for the planned new terminal to serve large cruise ships
• Singapore
• The concession can be extended for 5+5 years by mutual agreement of parties
• Cagliari, November ‟16
• Acquisition of 70.89% shares in Cagliari
cruise port
• Catania, November ‟16
• Acquisition of 62.2% shares in Catania
cruise port, located in the prestigious
location of the “Vecchia Dogana”
• Ravenna, September ‟16
• Acquisition of 53.67% shares in Ravenna
cruise port, attractively located destination
near Venice and Bologna
• Brindisi
• Acquisition completed in Q4 2016;
concession agreement to be signed
in 2017
• Livorno2
• Acquisition to be completed in Q1 2017
Recent key developments
Appendix
42 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL
P&L and other KPI‟s
Appendix
Source: Company Information.
1. Revenue allocated to cruise segment include sum of revenues of cruise ports excluding Singapore and Lisbon, as well as cruise portion of revenue from Port Akdeniz, which while mainly a commercial port also has minor cruise operations. 2. Segmental
EBITDA figures indicate only operational companies; excludes GPH solo expenses. 3. Passenger numbers include Lisbon and Singapore Pax fully, but exclude Pax from recent acquisition Venice (annual passengers for year ending May 2016: 1.7m).
2014 2015
2014 - 2015
YoY Change 9M 2015 9M 2016
YoY Change
(Actual)
Passengers (mn PAX)3 1.7 4.1 141.2% 3.1 3.4 10.0%
General & Bulk Cargo („000 tons) 1,874.0 1,461.0 (22.0)% 1,151.8 1,106.4 (3.9)%
Throughput („000 TEU) 228.5 217.5 (4.8)% 166.0 161.8 (2.5)%
Revenue (US$m) 90.7 105.5 16.3% 81.6 90.7 11.2%
Cruise Revenue (US$m)1 27.0 47.0 74.1% 37.1 42.8 15.4%
Commercial Revenue (US$m) 64.0 58.5 (8.6)% 44.5 47.9 7.6%
Segmental EBITDA (US$m)2 62.0 73.8 19.0% 54.8 60.3 10.2%
Segmental EBITDA Margin 68.4% 69.9% +150 bps 67.1% 66.5% (60) Bps
Cruise EBITDA (US$m) 20.0 34.0 70.0% 26.0 27.5 5.9%
Cruise Margin 75.0% 72.4% (260) bps 70.0% 64.3% (580) Bps
Commercial EBITDA (US$m) 41.5 39.7 (4.3)% 28.8 32.9 14.1%
Commercial Margin 65.0% 67.9% +290 bps 64.7% 68.5% +390 bps
Consolidated EBITDA (US$m) 59.0 71.2 20.7% 52.3 57.4 9.7%
Consolidated EBITDA Margin 65.0% 67.5% +250 bps 64.1% 63.2% (80) bps
43 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL
14 ports in 8 countries ...
Controlling stakes in 11 ports ...
Venice
Cruise Port
Barcelona
Creuers
Ege Ports
Kuşadası
Cagliari
Cruise Port
Malaga/
Cruceros
Bodrum Cruise
Port
Catania
Cruise Port
Antalya Port
Akdeniz
Ravenna
Cruise Port
Bar
Port of Adria
Lisbon
Cruise Port
Valletta
Cruise Port
Dubrovnik
Cruise Port
Singapore
SATS-Creuers
Turkey Spain Italy Malta Portugal Singapore Montenegro Croatia
72.5%
60.0%
100.0%
62.0%
49.6% 70.9%
62.2%
11.1%
53.7%
55.6% 46.2% 24.8% 64.5% 90.0%
89.16% 10.84%
Under GPH Control
Not Under GPH Control
Mainly Commercial Port with Some Minor Cruise Activities
A Pre-concession Agreement has been Signed
GPH‟s Effective Ownership #
Organisational Structure
Appendix
44 Copyright © 2017 Global Ports Holding STRICTLY CONFIDENTIAL
Copyright © 2017 GPH
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