essar ports ltd · * cargo handled at kandla port partly includes the cargo handled at -12 major...
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Essar Ports LtdEssar Ports Ltd
Annual Results FY2011-12
& Key Highlights
Indian Port Industry Performance
570 560
314369
0
100
200
300
400
500
600
700
800
900
1000
Ca
rgo
Ha
nd
led
(M
MT
)
Growth in Indian Port Traffic
884 9295%
FY11 FY12
Non Major Ports 314 369
Major Ports 570 560
0
Share in
FY11
Share in
FY12
Growth
Rate
Major Ports 64% 60% -2%Non Major
Ports 36% 40% 18%
�Major ports volumes declined mainly
because of lower iron ore export which
has declined by 30% and less than
expected growth in coal traffic which
grew by 8%.
� In the last few months, Government
has shown positive inclination towards
sorting out the issues related to power
sector; this will increase the coal
2
sector; this will increase the coal
import through ports. Iron ore export is
also expected to increase with
strengthening of global economy.
�Several BOT projects which were
awarded in last 3-4 years are expected
to be commissioned during the current
financial year and next year; this will
not only increase the port capacity but
also improve the efficiency of Indian
ports as these will be mechanized
facilities.
82.50
67.42 65.75
64.01
56.19 55.71 54.25 60.00
70.00
80.00
90.00
Cargo Handled across top Indian Port Companies in FY11
Cargo Handled across top Indian Port Trusts/Companies
-
10.00
20.00
30.00
40.00
50.00
MMT
* Cargo handled at Kandla Port partly includes the cargo handled at
Cargo Handled across top Indian Port Companies in FY11-12
Cargo Handled across top Indian Port Trusts/Companies
Major Ports
Private Ports
3
43.23
39.00
32.94 31.01
28.11
20.09
14.96 12.23 11.00
Port partly includes the cargo handled at Essar’s Vadinar Terminal
Essar Ports: Overview
Salaya
Hazira
Vadinar
� 16 MTPA Iron Ore Berth at Paradip
� 20 MTPA Dry Bulk Terminal at Salaya
Operational
Under Construction
� 58 MTPA Liquid Terminal at Vadinar
� 30 MTPA Dry Bulk / General Cargo Terminal
at Hazira
Hazira
� 20 MTPA General Cargo Terminal
(expansion) at Hazira
� 14 MTPA Coal Terminal at Paradip
� Liquid Storage Terminal (expansion) at
Vadinar
Under Development
� 3 stand-alone ports on the West Coast and 2 terminals on the East Coast of India
� Presence in strategic locations of east and west coast
� High visibility on revenue with long term Take-or-Pay contracts
� Current capacity of 88 MTPA being scaled up to 158 MTPA by FY 2014. Further
� High operating margins at both the operating ports
Paradip I (Iron ore)
4
INDIA
BAY of
BENGAL
INDIAN
OCEAN
Paradip II (Coal)
Hinterland for Essar Ports
alone ports on the West Coast and 2 terminals on the East Coast of India
FY 2014. Further scalability possible at most locations
Essar Ports: Key Highlights
� During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability
� Essar Ports Board recommends a dividend of 5% of face value of share (Re 0.5 per share) for FY 12, amounting to Rs 20.53
crore
� Essar Ports has signed a Strategic Alliance Agreement with Port of Antwerp.
� Port of Antwerp investing approx Rs 175 crores through Global Depository Receipts in Essar Ports
period. The one time liability due to this was Rs 235.5 crore
� The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5
tax losses.
� Net one time liability recognized during the quarter is Rs 110.0
� One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013
� Economic ownership of Hazira has been increased from 74% to 96%
During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability till last
of face value of share (Re 0.5 per share) for FY 12, amounting to Rs 20.53
Essar Ports has signed a Strategic Alliance Agreement with Port of Antwerp.
through Global Depository Receipts in Essar Ports
5
The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5 crore on unabsorbed
Net one time liability recognized during the quarter is Rs 110.0 crore
One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013
Economic ownership of Hazira has been increased from 74% to 96%
Partnership with Port of Antwerp International
� Port of Antwerp is the 2nd largest port in
Europe and gateway of many European
economies. The port handled 187 MMT of
cargo in 2011.
� Port of Antwerp International is the
international investing arm of Port of Antwerp
Port of Antwerp
Partnership with Port of Antwerp International
� Essar Ports is one of the largest port
companies in India
� The company has operational capacity of 88
MMTPA, going up to 158 MMTPA by FY14
6
MMTPA, going up to 158 MMTPA by FY14
� The company has strategically located all
weather deep draft port assets on the west
and east coasts of India
The Partnership
The Partnership:
� Strategic Alliance Agreement signed between Port of Antwerp International and Essar Ports on
� Port of Antwerp and Essar Ports will work together in the areas of training and consultancy services, port planning, traffic
flow, quality and productivity improvement. Both the companies will mutually assist in volume growth of their businesses.
� As part of the agreement, Port of Antwerp International has invested
issued by Essar Ports at Rs 100 per share. These GDS are convertible after June 2013, and would form approximately 4% stake
in EPL post conversion
� Mr Jan Adam, CFO of Antwerp Port Auhority has been appointed as an additional non executive director on the Board of Essar
Ports
Strategic Alliance Agreement signed between Port of Antwerp International and Essar Ports on 30th May 2012.
Port of Antwerp and Essar Ports will work together in the areas of training and consultancy services, port planning, traffic
flow, quality and productivity improvement. Both the companies will mutually assist in volume growth of their businesses.
As part of the agreement, Port of Antwerp International has invested approx Rs 175 crore in Global Depository Shares (GDS)
issued by Essar Ports at Rs 100 per share. These GDS are convertible after June 2013, and would form approximately 4% stake
7
has been appointed as an additional non executive director on the Board of Essar
Key Features and Benefits of the Strategic Alliance
� Infusion of approx Rs 175 crore of equity at Rs 100 per share through Global Depository Receipts
� Recognizing the attractiveness and potential of port assets of Essar Ports
� Growth of port traffic between Port of Antwerp and Ports of Essar
� Access to relationship with port operators and port based companies operating in Port of
� Developing world class port facilities with focus on quality, productivity and � Developing world class port facilities with focus on quality, productivity and
Aerial view of Port of Antwerp
Key Features and Benefits of the Strategic Alliance
of equity at Rs 100 per share through Global Depository Receipts
Recognizing the attractiveness and potential of port assets of Essar Ports
Access to relationship with port operators and port based companies operating in Port of Antwerp
Developing world class port facilities with focus on quality, productivity and environment
8
Developing world class port facilities with focus on quality, productivity and environment
Aerial view of Port of Antwerp
Growth in Third Party Traffic
� Ramping up of third party traffic at Hazira
� One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013
� Coal Traders have approached EBTL for handling their cargo
� Applications are being made for handling of other third party cargo (clinkers) approx 1
� Handling of Project Cargo for L&T and others
� Third Party Storage terminal at Vadinar
� Plan to invest in crude tankages for traders and National oil companies.
� Will help in better utilization of excess capacity at SBM at Vadinar
� Commissioning of Coal berth at Salaya � Commissioning of Coal berth at Salaya
� Currently 4 to 5 MMT of coal is being handled through shallow draft jetties in the nearby region
� Essar’s deep draft coal berth at Salaya plans to handle coal and bauxite for industries and coal traders in the region. The expected
potential of third party cargo is around 8 MMTPA
� Commissioning of 14 MMTPA Merchant coal berth at Paradip
� Approx. 12 MMT of coal is currently being imported at Paradip via non
deep draft coal berth upon commissioning as per the concession
� Third party traffic at Paradip coal berth is expected to be 12 to 14 MMTPA by FY15
� Building third party traffic at Paradip Iron ore and bulk cargo Terminal
� Plan to handle 1 MMT of third party cargo in FY13
� Plans to handle 5 MMT of third party Iron ore cargo at its facility which will have better loading rate as compared to existi
One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013
Coal Traders have approached EBTL for handling their cargo
other third party cargo (clinkers) approx 1 to 2 MMT in FY 2013
traders and National oil companies.
at Vadinar
9
Currently 4 to 5 MMT of coal is being handled through shallow draft jetties in the nearby region
coal and bauxite for industries and coal traders in the region. The expected
Commissioning of 14 MMTPA Merchant coal berth at Paradip
Approx. 12 MMT of coal is currently being imported at Paradip via non-mechanized berths. This cargo will be shifted to Essar’s
the concession agreement
Third party traffic at Paradip coal berth is expected to be 12 to 14 MMTPA by FY15
Building third party traffic at Paradip Iron ore and bulk cargo Terminal
Plans to handle 5 MMT of third party Iron ore cargo at its facility which will have better loading rate as compared to existing IOHP
Essar Ports: Key Results Highlights
� Essar Ports revenue increased to Rs 296.6 crore for Q4 FY12 as against Rs 203.9
� Revenue increased to Rs 1,131.0 crore for FY12 from Rs 746.5
� Essar Ports achieved cargo handling of 12.36 MMT during Q4 FY12 as against 10.22 MMT in Q4 FY11
� Cargo handled was 43.23 MMT for FY12 as against 39.55 MMT for FY11
� EBITDA increased to Rs 243.2 crore in Q4 FY12 as against Rs 152.2
� EBITDA increase to Rs 913.2 crore for FY12 as against Rs 550.9
� During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability
period. The one time liability due to this was Rs 235.5 crore
� EBITDA increase to Rs 913.2 crore for FY12 as against Rs 550.9
� On account of above, Essar Ports suffered a loss of Rs 61.5 crore
� PAT increased to Rs 63.9 crores for FY12 as against Rs 28.5 crore
� Essar ports achieved PAT of Rs 48.5 crore of PAT for Q4FY14 and Rs 173.9
exceptional items
� The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5
tax losses.
� Net one time liability recognized during the quarter is Rs 110.0
Essar Ports: Key Results Highlights
for Q4 FY12 as against Rs 203.9 crore in Q4 FY11, an increase of 45% .
for FY12 from Rs 746.5 crore for FY11, an increase of 52%
Essar Ports achieved cargo handling of 12.36 MMT during Q4 FY12 as against 10.22 MMT in Q4 FY11
Cargo handled was 43.23 MMT for FY12 as against 39.55 MMT for FY11
in Q4 FY12 as against Rs 152.2 crore in Q4 FY11, an increase of 60 %
for FY12 as against Rs 550.9 crore for FY11, an increase of 66%
10
During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability till last
for FY12 as against Rs 550.9 crore for FY11, an increase of 66%
crore in Q4 FY12 as against profit of Rs 11.5 crore in Q4 FY11
crore for FY11, an increase of 124 %
of PAT for Q4FY14 and Rs 173.9 crore for FY12 before the treatment for one time
The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5 crore on unabsorbed
Net one time liability recognized during the quarter is Rs 110.0 crore
Vadinar Oil Terminal CDR – Recognition of Contingent Liability and Deferred Tax Recognition
CDR Contingent Liability:
� Pursuant to the CDR scheme entered into by Vadinar Oil Terminal Limited with its lenders in 2003, all interest on loans at th
contracted rate of interest for the Vadinar Oil Terminal project for the period from 1October 1998 to 29 December 2003 was
converted into a funded interest facility called Facility Stoppage.
� As per CDR terms, Vadinar Oil Terminal, subject to the consent of its Lenders, has the option to prepay the Facility Stoppage
Further, the interest on Facility Stoppage for the period from 25 April 2007 to 24 April 2012 was not payable in case of prep
being made before 24 April, 2012
� The interest accrued during the above period was treated as contingent liability since Vadinar Oil Terminal planned to prepay
Facility before 24 April, 2012. This amount represents the additional interest that would otherwise have been charged to the
statement during the 5 year period (2007-2012) if the debt was not to be prepaid statement during the 5 year period (2007-2012) if the debt was not to be prepaid
� The above amount was not prepaid before 24 April, 2012, the company recognized the outstanding amount (shown as contingent
liability) towards the interest for 5 years. This amounts to Rs 235.5 crores which has been recognized as a one time exceptio
liability
� This liability will bear an interest of 5% per annum and is repayable between FY2019 and FY2023
Recognition of Deferred Tax Assets:
� Vadinar Oil Terminal has recognized Rs. 125.5 crores as net deferred tax asset in accordance with the Accounting Standard (AS
The deferred tax asset has been recognized and carried forward only to the extent that there is virtual certainty that suffic
taxable income is available as per the standard
� The deferred tax asset is due to excess of deferred tax assets on carried forward losses and unabsorbed depreciation over def
tax liabilities as income.
Net one time liability recognized during the quarter is Rs 110
Recognition of Contingent Liability and Deferred Tax Recognition
Pursuant to the CDR scheme entered into by Vadinar Oil Terminal Limited with its lenders in 2003, all interest on loans at the
contracted rate of interest for the Vadinar Oil Terminal project for the period from 1October 1998 to 29 December 2003 was
converted into a funded interest facility called Facility Stoppage.
As per CDR terms, Vadinar Oil Terminal, subject to the consent of its Lenders, has the option to prepay the Facility Stoppage.
Further, the interest on Facility Stoppage for the period from 25 April 2007 to 24 April 2012 was not payable in case of prepayment
The interest accrued during the above period was treated as contingent liability since Vadinar Oil Terminal planned to prepay the
Facility before 24 April, 2012. This amount represents the additional interest that would otherwise have been charged to the income
2012) if the debt was not to be prepaid 2012) if the debt was not to be prepaid
The above amount was not prepaid before 24 April, 2012, the company recognized the outstanding amount (shown as contingent
liability) towards the interest for 5 years. This amounts to Rs 235.5 crores which has been recognized as a one time exceptional
This liability will bear an interest of 5% per annum and is repayable between FY2019 and FY2023
Vadinar Oil Terminal has recognized Rs. 125.5 crores as net deferred tax asset in accordance with the Accounting Standard (AS 22).
The deferred tax asset has been recognized and carried forward only to the extent that there is virtual certainty that sufficient future
The deferred tax asset is due to excess of deferred tax assets on carried forward losses and unabsorbed depreciation over deferred
Net one time liability recognized during the quarter is Rs 110 crore
Vadinar: Highlights for the Year
� Vadinar handled 9.06 MMT of cargo in Q3 FY12 as against 7.37 MMT for Q4 FY11, registering a jump of 23%. Cargo handled was
31.21 MMT for FY12 as against 30.05 MMT for FY11
� The jump in cargo handled at Vadinar is due to completion of expansion of Essar Oil refinery. The cargo handled is expected t
further up as the refinery throughput ramps up
� 3 new HSD tanks of capacity 180,000 KL are under construction for Essar Oil and the construction is expected to complete duri
FY13
� Total number of vessels called at Vadinar during the year decreased from 320 vessels in FY11 to
size increasing to larger size ships
� ISO 2800 Security Management system and ISO 9001-2008 Quality Management system certifications renewed successfully during
the year
Vadinar handled 9.06 MMT of cargo in Q3 FY12 as against 7.37 MMT for Q4 FY11, registering a jump of 23%. Cargo handled was
The jump in cargo handled at Vadinar is due to completion of expansion of Essar Oil refinery. The cargo handled is expected to go
3 new HSD tanks of capacity 180,000 KL are under construction for Essar Oil and the construction is expected to complete during Q1
Total number of vessels called at Vadinar during the year decreased from 320 vessels in FY11 to 271 vessels in FY12 due to parcel
12
2008 Quality Management system certifications renewed successfully during
Hazira: Highlights for the Year
� Hazira handled 3.30 MMT of cargo in Q4 FY12 as against 2.85 MMT for Q4 FY11, registering a jump of 16%.
� Cargo handled was 12.02 MMT for FY12 as against 9.50 MMT for FY11, a growth of 26%
� In principle approval received from Railways for a green field railway project
� Approvals for Hazira expansion project are also on track
� Total vessels handled during the year increased from 190 in FY2011 to 243 in FY2012
� ISO 9001:2008 (Quality Management), ISO 14001:2004 (Health & Safety), OHSAS 18001:2007 (Environment) awarded to EBTL
Hazira during the year
Hazira handled 3.30 MMT of cargo in Q4 FY12 as against 2.85 MMT for Q4 FY11, registering a jump of 16%.
Cargo handled was 12.02 MMT for FY12 as against 9.50 MMT for FY11, a growth of 26%
In principle approval received from Railways for a green field railway project
Total vessels handled during the year increased from 190 in FY2011 to 243 in FY2012
ISO 9001:2008 (Quality Management), ISO 14001:2004 (Health & Safety), OHSAS 18001:2007 (Environment) awarded to EBTL
13
Paradip: progress
Conveyor gallery erection at Paradip I
Paradip I (Iron Ore)
� 92% project completed. Estimated COD: Q1 FY13
� Ship loader trial operations completed
� Conveyor trials started
� Stacker reclaimer erection in progress
Conveyor gallery erection at Paradip I
14
Salaya: progress
Construction work at Salaya
� 53% project completed. Estimated COD: Q4 FY14
� Ship unloaders are delivered
� 1 Stacker reclaimer erected, erection of other 2 are under
progress
� Jetty construction and conveyor erection are under
progress
� Environment and CRZ clearance are received. Forest
clearance awaited for part of the project
Construction work at Salaya
15
Essar Ports: Increasingly diversified cargo split with higher realization
Crude (SPM), 13.20
Liquid Intermediate,
3.14 Dry Bulk, 8.53
Breakbulk/Containers, 0.92
Project Cargo, 0.05
Average realization increased to Rs 233/MT from Rs 187 / MT based on higher tariff for new cargo segments and increased
earnings post commissioning of 12 MMTPA expansion project at Vadinar in April 2011
Liquid Product (Jetty), 8.70
Liquid Product (Road/Rail), 5.
01
FY11 Total Volume 39.55 MMT
Essar Ports: Increasingly diversified cargo split with higher
Crude (SPM), 12.18
Liquid Intermediate, 6.4
Dry Bulk, 10.13
Breakbulk/Containers, 1.78
Project Cargo, 0.11
16
Average realization increased to Rs 233/MT from Rs 187 / MT based on higher tariff for new cargo segments and increased
earnings post commissioning of 12 MMTPA expansion project at Vadinar in April 2011
Liquid Product (Jetty), 8.29
Liquid Product (Road/Rail), 4.34
Intermediate, 6.40
FY12 Total Volume 43.23 MMT
9.9
30.1
0.0
20.0
40.0
60.0
80.0
FY11
MMT
Traffic Growth (Volume Billed)CAGR FY11
Hazira Vadinar
39.9
Growth along with diversification in customer mix
Estimated Revenue Split
Customer mix changing with additional projects and increased utilization levels
Capacity: 88 MMTPA
Utilization: ~50%
Essar Group98%
3rd Party2%
Estimated Revenue Split (FY2012)
17.324.0
31.2
39.0
4.5
FY12 FY13E
Growth (Volume Billed)CAGR FY11-13: 30%
Vadinar Paradip Ironore
48.5
67.5
Growth along with diversification in customer mix
Estimated Revenue Split
17
Customer mix changing with additional projects and increased utilization levels
Capacity: 158 MMTPA
Estimated Utilization: 75%+
Essar Group75%
3rd Party25%
Estimated Revenue Split (FY2015)
Essar Ports: Strong growth in performance
600.0
800.0
1000.0
1200.0
502.9
698.9
Revenue (Rs Crore)
746.5
1131.0
427.4
67% Increase in EBITDA based on: 1. increased volumes, 2. improved realization, and 3. higher EBITDA margins
0.0
200.0
400.0
FY10 FY11 FY12
0.0
244.9
432.9427.4
502.9
Hazira Vadinar
427.4
Essar Ports: Strong growth in performance
500.0
600.0
700.0
800.0
900.0
596.2
EBITDA (Rs Crore)
550.9
913.2
326.5
18
67% Increase in EBITDA based on: 1. increased volumes, 2. improved realization, and 3. higher EBITDA margins
0.0
100.0
200.0
300.0
400.0
FY10 FY11 FY12
0.0
147.1
300.5326.5
368.3
Hazira VadinarFY11 EBITDA
Margin 74%
FY12 EBITDA
Margin 81%
326.5
(Figures in Rs Crore) Q4 FY12
Actuals
Total Income 296.6
Total Expenses 53.5
EBITDA 243.2
EBITDA Margin 82%
Interest and Finance Expenses 114.3
Profit Before Depreciation and Tax 128.8
Essar Ports: Financial Performance
Depreciation 59.1
Profit Before Tax 69.7
Exceptional Item 235.5
Profit After Exceptional Item and Before
Taxes -165.8
Tax -106.4
Adjustment for Share of Minority Interest 2.1
Profit After Tax -61.5
Number of Shares (Crore) 41.1
EPS (Rs) -1.5
Q4 FY11
Actuals
203.9
51.8
152.2
75%
89.9
62.3
� Quarter on Quarter revenue saw a growth
of 45% to Rs 296.6 crore and EBITDA saw
a growth of 60% to Rs 243.2 crore on
account of higher tariff and increased
earnings post commissioning of Vadinar
Expansion
� During the quarter, company suffered loss
due to recognition of interest on a CDR
facility which was a contingent liability till
Highlights for Q4 FY12
44.5
17.8
0.0
17.8
3.2
3.1
11.5
41.1
0.3
19
facility which was a contingent liability till
last period. The one time liability due to this
was Rs 235.5 crore. The company also
recognized a deferred tax asset in
accordance with AS 22 to the extent of Rs
125.5 crore
� Due to the above one time liability and
asset, the company has reported loss of Rs
61.5 crore for Q4 FY12 as against Rs 11.5
crore profit for the previous year (for Ports
only within the earlier consolidated ESPLL)
� The profit for the quarter is Rs 48.5 crore
before the recognition of contingent liability
and deferred tax asset
(Figures in Rs Crore) FY2012 FY2011
Essar Ports Ltd
ESPLL
(Ports only)
(Includes Shipping Ports,
Total Income 1131.0 746.5
Total Expenses 217.9 195.6
EBITDA 913.2 550.9
EBITDA Margin 81% 74%
Interest and Finance Expenses 420.8 325.8
Essar Ports: Financial Performance
Interest and Finance Expenses 420.8 325.8
Profit Before Depreciation and Tax 492.4 225.1
Depreciation 220.2 170.5
Profit Before Taxes 272.1 54.5
Exceptional Item 235.5 0.0
Profit After Exceptional Item and
Before Taxes 36.6 54.5
Tax -62.2 13.4
Adjustment for Share of Minority
Interest 34.9 12.7
Profit After Tax 63.9 28.5
Number of Shares (Crore) 41.05 41.05
EPS (Rs) 1.6 0.7
FY2011
ESPLL
(Consol.)
(Includes Shipping Ports,
Oilfields Services &
Logistics for H1 FY11)*
2086.1
1174.1
912.0
44%
473.8
� Year on year revenue saw a growth of
52% to Rs 1131.0 crore and EBITDA saw
a growth of 66% to Rs 913.2 crore on
account of higher tariff and increased
earnings post commissioning of Vadinar
Expansion
� The company recognized interest on
CDR facility which was a contingent
liability as exceptional item in Q4FY12
Highlights for FY12
473.8
438.3
320.8
117.4
0.0
117.4
34.6
12.7
70.2
41.05
1.7
20
liability as exceptional item in Q4FY12
which reduced the profit by Rs 235.5 cr
and recognized deferred tax asset on
unabsorbed tax losses of Rs 125.5 cr in
Q4 FY12
� Based on the above, PAT increased to
Rs 63.9 crore as against a profit of Rs
28.5 crore for the previous year (for Ports
only within the earlier consolidated
ESPLL)
Debt as on 31st March 2012 (Rs Crore)
Operating 3862
Projects 1626
TOTAL 5488
Analyst Contacts
Mr. Anshumali Dwivedi
Head – Investor Relations
Essar Ports Limited
Tel: + 91 22 6660 1544 / + 91 98339 45648
Email: [email protected]
Mr. Rakesh Kankanala
Manager – Corporate Finance
Essar Ports Limited
Tel: + 91 22 6660 1527 / + 91 99301 36596
Email: [email protected]
21
Legal Disclaimer
“This presentation is for information purposes only and doesrespect to the purchase or sale of any security of Essar Portsand no part of it shall form the basis of or be relied upon in connection
This presentation is not a complete description of the Companyphrases that are forward looking statements. All forward-assumptions that could cause actual results to differ materiallystatement. Any opinion, estimate or projection herein constitutescan be no assurance that future results or events will be consistentinformation in this presentation is subject to change without notice,condensed and it may not contain all material information concerningdo not intend to, update or otherwise revise any statementspresentation or to reflect the occurrence of underlying events,
All information contained in this presentation has been preparedhas been independently verified by anyone else. No representationnor is any responsibility or liability of any kind accepted withinformation, projection, representation or warranty (expressedCompany nor anyone else accepts any liability whatsoever forpresentation or its contents or otherwise arising in connectioncopied, distributed, shared or disseminated in any other manner
The distribution of this document in certain jurisdictions maypresentation comes should inform them about, and observe, any
does not constitute an offer, solicitation or advertisement withPorts Limited (the “Company” or “EPL” or “Essar Ports Limited”)connection with any contract or commitment whatsoever.
Company. Certain statements in this presentation contain words orforward-looking statements are subject to risks, uncertainties andmaterially from those contemplated by the relevant forward lookingconstitutes a judgment as of the date of this presentation, and there
consistent with any such opinion, estimate or projection. Thenotice, its accuracy is not guaranteed, it may be incomplete or
concerning the Company. We do not have any obligation to, andstatements reflecting circumstances arising after the date of thisevents, even if the underlying assumptions do not come to fruition.
prepared solely by the Company. No information contained hereinrepresentation or warranty (express or implied) of any nature is made
with respect to the truthfulness, completeness or accuracy of any(expressed or implied) or omissions in this presentation. Neither the
for any loss, howsoever, arising from any use or reliance on thisconnection therewith. This presentation may not be used, reproduced,
manner.
may be restricted by law and persons into whose possession thisany such restrictions.”
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