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Company DP World Limited
TIDM DPW
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DP WORLD LIMITED ANNOUNCES STRONG FINANCIAL RESULT

Released 07:00 20-Mar-2013
Number 3971A07

RNS Number : 3971A
DP World Limited
20 March 2013
 



 

 

DP WORLD LIMITED ANNOUNCES STRONG FINANCIAL RESULTS

For the year ended 31 December 2012

 

Dubai, United Arab Emirates, 20 March, 2013: Global marine terminal operator DP World today announces strong financial results from its global portfolio of marine terminals for the twelve months to 31 December 2012, delivering profit attributable to owners of the Company before separately disclosed items of $555 million, 21% ahead of last year.

 

Financial results

before separately disclosed items unless stated[1]

USD million (unless stated)

2012

 

2011

 

%  change

Gross throughput[2] (TEU '000)

56,076

54,737

2%

Consolidated throughput[3]  (TEU '000)

27,097

27,471

(1%)

Revenue

3,121

2,978

5%

Adjusted EBITDA[4]

1,407

1,307

8%

Adjusted EBITDA margin

45.1%

43.9%

-

Profit for the year attributable to owners of the Company

555

459

21%

Profit for the year attributable to owners of the Company after separately disclosed items

749

683

10%

Earnings per Share  (US cents) after separately disclosed item

90 cents

82 cents

10%

Ordinary dividend per share

Special dividend per share

Total dividend per share (US cents)

21 cents

3 cents

24 cents

19 cents

5 cents

24 cents

10%

(36%)

0%

 

Our results reflect a very strong performance from those terminals which were operational within our portfolio for the duration of the year.  Year over year growth was impacted by the monetisation of assets from the Australia, Europe and Middle East region.    Excluding all these changes in our portfolio, revenue growth would have been 8% and adjusted EBITDA growth would have been 11%.

 

Ø Revenue of $3,121 million

§ Container revenue increased 2.4% driven by a 4% increase in container revenue per TEU  in spite of the 1% decline in container volumes

§ Non-container revenue increased 14%

 

Ø Adjusted EBITDA of $1,407 million; adjusted EBITDA margin of 45.1%

§ A focus on higher revenue, higher margin business improved adjusted EBITDA margin

  

Ø Profit for the year attributable to owners of the Company[5] of $555 million

§ Strong adjusted EBITDA growth and lower net debt delivered 21% increase in profit

 

Ø Active management of portfolio to recycle capital into faster growing strategic markets

§ Realised $249 million profit  from monetisation of assets during the year which helped drive profit attributable to owners of the Company after separately disclosed items of $749 million

 

Ø Strong cash generation and balance sheet remains robust

§ Net cash from operating activities increased to $1,231 million

§ Leverage (Net Debt to adjusted EBITDA) reduced to 2.0 times

§ The Hong Kong transactions, announced on 7 March 2013, will further reduce our leverage

 

Ø Continued investment in quality long-term assets to drive long-term profitable growth

§ $685 million invested across the portfolio in 2012

§ Key developments at Jebel Ali (UAE), Embraport (Brazil) and London Gateway (UK) remain on track to open later this year as scheduled

 

Ø Earnings per share, after separately disclosed items,  increased 10% to US 90 cents

 

Ø Total dividend per share of 24 US cents

§ Ordinary dividend of 21 US cents per share, 10% ahead of the prior year

§ Special dividend of 3 US cents per share

 

DP World Chairman, Sultan Ahmed Bin Sulayem commented;

 

"DP World delivered increased profit for the year of $749 million[6] following a strong year of operational performance from its global operations, prudent financial management and proactive management of assets, whilst continuing to invest in the future growth of the Company.

 

"Delivering an improvement in profits during what has been a challenging operating environment shows that our portfolio is focused on the right markets, and on delivering the right operations and service to our customers. 

 

"This year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets, and repaying debt.  This has enabled us to move capital into those markets where we see more profitable returns whilst significantly reducing our leverage and strengthening our capital base.

 

"We are in the midst of a large investment programme that ends in 2014.  During this time, not only will we deliver another 10 million TEU of capacity across our global portfolio helping to drive profitable growth, but our cash generation will continue to grow strongly. 

 

"It is our actions today, whether investing for growth, actively managing our portfolio of assets or strengthening our balance sheet that will allow us to deliver higher returns for our shareholders over the medium term.

"Reflecting this strong performance, combined with the realisation of profit from the monetisation of assets during the year, the Board of DP World is recommending total dividend of $199 million, or 24 US cents per share.  This comprises a 10% increase in the ordinary dividend to 21 cents paid with a special dividend of 3 cents.  The Board is confident of the Company's ability to continue to generate cash and support our future growth whilst maintaining a consistent dividend payout."

 

DP World Group Chief Executive, Mohammed Sharaf commented;

 

"In 2012 we have focused on our existing operations through the delivery of exceptional customer service from improved efficiencies in our terminals.  This has allowed us to deliver good revenue growth and manage costs, resulting in a significant improvement in adjusted EBITDA margin to 45.1%. 

 

"Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia which has supported our improvement in adjusted EBITDA to $1,407 million.

 

"Last year was also an important period in terms of progressing the delivery of four major development projects around the world.  The first of these will come on stream in the next few months at Jebel Ali (UAE), with Embraport (Brazil) and London Gateway (UK) opening later this year. The fourth, the new terminal at Jebel Ali, is well underway and set to open next year. 

 

"Operating conditions in each of our markets in the first two months of 2013 have been consistent with those experienced at the end of last year and the economic environment continues to remain uncertain. 

 

"We remain confident about the long term outlook of our industry and remain well positioned to deal with a changing economic environment as well as continue to focus on our established high standards of service to customers."

 

- END -

 

 

The Chairman's Statement, Operating and Financial Review and Financial Statements follow from page 5.

 

 

 

Investor Inquiries

Fiona Piper
DP World Limited
Dubai Mobile: +971561778731
UK Mobile: +447919175602
Email:
Fiona.piper@dpworld.com

 

 

 

Jasmine Lindsay
DP World Limited
Direct: +97148080812
Mobile: +971504220405
Email:
jasmine.lindsay@dpworld.com

 

 

  

 

12 Noon Conference Call and Analyst / Investor Meeting in Dubai, UAE

 

 

1)   Meeting for analysts and investors hosted by CEO Mohammed Sharaf and CFO Yuvraj Narayan in Dubai, UAE at 1200 noon on Wednesday 20 March at DIFC Conference Centre, The Gate Building 4. Those unable to attend in person can join the meeting by conference call (0900 London).

 

2)   An additional conference Call will be hosted at 1600 Dubai time (1200 London, 0800 New York) on Wednesday 20 March 2013.

 

3)   A playback of the call will be available shortly after the 12 noon conference call concludes.  For the dial in details and playback details please contact investor.relations@dpworld.com.

 

The presentation accompanying these conference calls will be available on DP World's website within the investor centre. www.dpworld.com from 0900 UAE time this morning.

 

 

Forward-Looking Statements

 

This document contains certain "forward-looking" statements reflecting, among other things, current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond DP World's ability to control or predict (such as changing political, economic or market circumstances). Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of DP World speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except to the extent required by law, DP World does not undertake to update or revise forward-looking statements to reflect any changes in DP World's expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based.





 

Chairman's Statement

 

Delivering an improvement in profits during what has been a challenging operating environment shows that our portfolio is focused on the right markets, and on delivering the right operations and service to our customers. 

 

This year, we have continued to actively manage our portfolio, managing our assets to maximum advantage, divesting non-core or low return assets, and repaying debt.  This has enabled us to move capital into those markets where we see more profitable returns whilst significantly reducing our leverage and strengthening our capital base.

 

This has all been achieved without compromising our global network or compromising our focus on delivering world class customer service. When taking into account profit from divestments and monetisations, the profit attributable to owners of the Company was $749 million.

 

We continue to invest in our portfolio with an additional 10 million TEU becoming operational during 2013 and 2014.  This new capacity will come into markets where there is significant demand for container terminal capacity, such as Brazil and the UAE, or where the existing infrastructure is insufficient to meet the changing requirements of our customers, for example in the UK and the Netherlands. 

 

Progress against Strategy

 

DP World continues to make good progress towards the delivery of our strategy.  With our focus on incremental revenue generation and improving operational efficiencies, as well as delivering new capacity, we will drive profitable growth and deliver our longer-term objective of improving returns.

 

Following another strong performance in 2012, we remain on track to reach global capacity of 100 million TEU, 50% adjusted EBITDA margin and 15% return on capital employed[7] over the medium-term, whilst retaining a strong capital base.  We have gross capacity of 70 million with utilisation rates in excess of 80%.  In 2012, we reported an increase in adjusted EBITDA margin to 45.1% and further improvement in return on capital employed to 6.8%. 

 

DP World has invested more than $6 billion to add over 20 million TEU of operational capacity over the past five to six years and a further 10 million TEU will be added in the next two years.  Today's results are diluted by this significant investment.  However, we will see further improvement as this capacity matures and as we continue to focus on price improvements, cost management and efficiencies across the remainder of our portfolio.

 

Our balance sheet remains very strong.   With another year of strong cash performance, net cash flow from operations increased to $1,231 million.  The improvement in cash flow combined with the proceeds of divestments or monetisations during 2012 has resulted in lower net debt of $2,871 million as at 31 December 2012.  Our leverage (net debt to adjusted EBITDA) remains low at 2.0 times, which gives us the flexibility to continue to invest in new opportunities whilst retaining a strong capital base.

 

In line with our strategy, DP World is focused on investing for the long term capacity requirements of our customers, whether it is in developed markets which do not have the efficiencies or capabilities to handle the increasing size of vessels, or in developing markets, which have limited container port capacity to meet their growing needs. 

 

New projects at Embraport (Brazil), London Gateway (UK), Rotterdam (Netherlands) and NSCIT (India) as well as the expansion of our flagship facility at Jebel Ali (UAE), will add a significant amount of infrastructure to the DP World network. 

Dividend

 

The Board is recommending a full year dividend of 24 US cents per share (2011: 24 US cents per share).  This comprises an increase of 10% in the ordinary dividend to 21 US cents per share, supplemented by a special dividend of 3 US cents per share reflecting the profit attributable to owners of the Company from separately disclosed items.   This will result in a total dividend distribution of $199 million reflecting continued confidence in our ability to generate cash and support our growth plans whilst maintaining a consistent dividend payout.

 

Subject to approval by shareholders, the dividend will be paid on 30 April 2013 to shareholders on the relevant register as at the close of business on 2 April 2013.

 

Outlook

 

Operating conditions in each of our markets in the first two months of 2013 have been consistent with those experienced at the end of last year and the economic environment continues to remain uncertain. 

 

We remain confident about the long term outlook of our industry and remain well positioned to deal with a changing economic environment as well as continue to focus on our established high standards of service to customers.

 

 

Sultan Ahmed Bin Sulayem

Chairman

 

 



 

Group Chief Executive's Review

 

Global trade lies at the heart of DP World's business. Ensuring our ports are well placed to capture current and future trade flows is essential to our success and creating value for all stakeholders.

 

The patterns of global trade continue to evolve as the balance of economic activity shifts to the south and the east and emerging markets take an increasing share of world economic activity.

 

Figures from the United Nations Conference of Trade and Development show that in 2011, developing countries had a 40.4% share of global manufactured exports. In some categories the export market share of these countries grew by over 30 percentage points in only 15 years.

 

While industrialised Asian countries still dominate these trends, one of the growing patterns is for increased intra-regional trade.  Over the 2000-2010 period, south-south exports grew from 13% to 23% of world trade. China-India trade has more than doubled since 2007 and Africa is also an increasingly important part of the picture. Trade between China and Africa is likely to be over $200 billion in 2012.  The World Trade Organisation has suggested at this rate of increase - 25% year on year - Africa could, within three to five years, surpass the EU and US to become China's largest trade partner.

 

Another factor at play is the "Made in the World" phenomenon as manufacturing processes continue to become global; developing countries increasingly act as producers and markets for each other. World Trade Organisation figures show almost 60% of trade in goods is in intermediate goods with the average import content of exports around 40%.

 

With manufacturing continuing to shift to cheaper locations, middle class consumers in the emerging markets are playing an increased role in global demand for goods.  These trends are set to continue.

 

To date, however, port development has not kept pace with these changes. Volume growth has been almost double the rate of new capacity growth, resulting in a significant lack of global container terminal capacity today.

 

Shortage of capacity is further exacerbated by the fact that much of the developed world port capacity is over 30 years old and increasingly no longer fit for purpose. This point takes on increased relevance with the arrival this year of a new breed of ultra-large container ships at 18,000 TEU.  These vessels are around 400m in length, which is larger than the average 300-350m container berth.

 

The shift to these new vessels by our customers, the shipping lines, represents a significant operational change on the Asia to Europe routes. This in turn has led to a cascade of sub 8,000 TEU vessels being deployed on 'smaller' or emerging trade routes, which can add further to bottle-necks because many of the smaller emerging market ports are not yet capable of handling these larger vessels.

 

Meanwhile, cargo owners are increasingly focused on short lead times and real time inventories, pushing port operators to improve terminal efficiencies to move goods along the supply chain more quickly.  Our investment in London Gateway for example is expressly for this reason, to improve the efficiency of the UK supply chain.

  

Responding to these different operating challenges is critical to fulfilling our customers' requirements and ensuring an efficient supply chain. We do this through implementing processes, training and efficient equipment.  We are very focused on investing to improve the reliability and performance of our container terminals for the benefit of our customers and we are already seeing results.  In Dakar (Senegal) for example, truck turnaround time has decreased from 8 hours to 45 minutes, in Dubai (UAE) it has reduced to 25 minutes and in Constanta (Romania) to 21 minutes.  This allows a higher number of deliveries and pick up's each day and helps reduce congestion in port cities.

 

With the average life of a container port concession across the industry in excess of 30 years, DP World must take a long term view in positioning the company to respond to these trends.  

 

Over the past five to six years DP World has invested more than $6 billion adding over 20 million TEU of new capacity and growing ahead of the market. Our investment has focused on ensuring we have the capacity to match customer needs by:

 

-     matching investment to changing trade lanes (such as in Africa, Turkey, Latin America);

-     matching investment for larger vessels (such as in London Gateway and Jebel Ali); and

-     matching investment to emerging market growth (such as in India).

 

The investment we are making now will ensure we are the best positioned port operator to respond to these significant changes to the global supply chain.  We are already one of the best placed terminal operators to handle these larger vessels across our portfolio.  We handled 1,283 ultra-large container ships globally in 2012, 72% more than last year. This has driven higher utilisation across our portfolio and increased our market share.

 

By 2015 we expect to have approximately 85 million TEU of capacity globally, with 30% of our capacity in the Middle East and Africa, markets that are forecast to grow significantly.  Our aim by 2020 is to be operating 100 million TEU of capacity, retaining our 10% market share and our 75% focus on emerging markets. 

 

Uncertainty persists in the global economic outlook.  Volumes on major trade routes such as Asia to Europe will come under stress during 2013 owing to a weak Eurozone economy.  However, the DP World geographic network positions us effectively to take advantage of the strong intra-Asia trade and Middle East trades, the growing African market and the relatively stable markets of the Americas.  We see plenty of opportunity to further expand our portfolio with an emphasis on emerging markets in Africa, Central and South America and Asia.

 

 

Mohammed Sharaf

Group Chief Executive Officer

 



 

Operating and Financial Review


This year, we have focused on our existing operations through the delivery of exceptional customer service from improved efficiencies in our terminals.  This has allowed us to deliver good revenue growth and manage costs, resulting in an improvement in adjusted EBITDA margin to 45.1%. 

 

Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia which has supported our improvement in adjusted EBITDA to $1,407 million.

 

In 2012 we continued to actively manage our portfolio, strategically divesting or monetising some of our terminals.  This makes a comparison with the prior year more challenging. Like for like growth at constant currency, where referenced below, is a better comparison as this is without the addition of (a) new capacity at Paramaribo (Suriname) (b) divested equity-accounted investees Tilbury (UK), P&O Trans Australia (POTA), Aden (Yemen), Adelaide (Australia), Vostochny (Russia) and DMS (P&O Maritime) (c) the deconsolidation of our five Australian terminals and (d) the impact of exchange rates as our financial results are translated into US dollars for reporting purposes.

 

USD Million

before separately disclosed items[8]

2012

2011

% change

Consolidated throughput (TEU '000)

27,097

27,471

(1%)

Revenue

3,121

2,978

5%

Share of profit (loss) from equity-accounted investees

134

142

(6%)

Adjusted EBITDA

1,407

       1,307

8%

Adjusted EBITDA margin

45.1%

43.9%

-

Profit for the year attributable to owners of the Company

555

459

21%

 

Revenue for our consolidated terminals was $3,121 million, 5% ahead of the prior year. Containerised revenue accounted for 77% of our total revenue and was $2,411 million for the year, 2% ahead of the previous year.  In spite of the 1% decline in throughput, container revenue per TEU increased 4% as we focused on handling higher revenue container volumes and implemented price increases particularly in the Middle East, Europe and Africa region.  Non-container revenue was $710 million, 14% ahead of the prior year and accounted for 23% of total revenue. 

 

During the year we divested a number of terminals from our equity-accounted investee's portfolio, in particular in the Middle East, Europe and Africa region.  Our share of profit from equity accounted investees was lower than last year at $134 million.  However, excluding these divestments, the portfolio performed well, delivering 9% like for like growth at constant currency as terminals in the Americas and Australia region, and Middle East, Europe and Africa region performed strongly. 

 

Adjusted EBITDA continued to improve reaching $1,407 million, an increase of 8%, due to strong growth in the Middle East, Europe and Africa region.  Adjusted EBITDA margin expanded to 45.1% as utilisation rates improved to over 80%, terminal efficiencies improved and we maintained good cost discipline.

 

Profit for the year attributable to owners of the Company, before separately disclosed items, was $555 million and 21% ahead of the prior year following the increase in adjusted EBITDA growth and a $17 million reduction in net finance costs, depreciation and amortisation from the prior year.

 

On a like for like basis at constant currency[9], revenue was 10% ahead and adjusted EBITDA was 11% ahead of the prior year.

 

During 2012, we invested $685 million across our portfolio.  This was significantly lower than expected as some of our planned capital expenditure in 2012 will now come in 2013.  This will not impact the timing of the delivery of new capacity, but is simply a function of when equipment is invoiced and paid for.

 

Investment in new developments accounted for approximately 57% of our total capital expenditure with the majority focused on our new development at London Gateway (UK), which will open with 1.6 million TEU of capacity in the fourth quarter of 2013.

 

Expansion of existing facilities accounted for 27% of our total capital expenditure, supporting the expansion of Jebel Ali where an additional 1 million TEU is on track to open at Terminal 2 in 2013 and a further 4 million TEU is due to open at Terminal 3 in 2014.

 

Middle East, Europe and Africa

 

The Middle East, Europe and Africa region delivered an excellent performance with a 19% improvement in adjusted EBITDA, and further improvement in adjusted EBITDA margin to 48.3% as both container revenue per TEU and non-container revenue increased.  This reflects the strategic positioning of our terminals toward the stronger economies with a focus on the origin and destination markets and compensates for weaker trade across continental Europe.

 

USD million

before separately disclosed items

2012

2011

% change

Consolidated throughput (TEU '000)

19,202

19,110

1%

Revenue

2,112

1,884

12%

Share of profit (loss) from equity-accounted investees

24

14

69%

Adjusted EBITDA

1,021

861

19%

Adjusted EBITDA margin

48.3%

45.7%

-

 

Revenue was $2,112 million, 12% ahead of the prior year as container volumes increased 1% and container revenue per TEU increased 10% following price increases in this region. Non-container revenue increased 19% to $493 million, primarily driven by the UAE where we saw an increase in demand related to construction, tourism and roll-on roll-off cargo.

 

Our share of profit from equity-accounted investees increased to $24 million as a stronger performance from the Africa and Middle East terminals mitigated a weaker performance in European ports where volumes softened and recent divestments impacted our share of profit.

 

Adjusted EBITDA was $1,021 million, 19% ahead of 2011 as the increase in revenue combined with improved productivity, higher utilisation and good cost management resulted in higher adjusted EBITDA margin of 48.3%. 

 

The UAE region delivered another excellent performance with container revenue per TEU increasing by 18%.  This growth in revenue is as a result of proactive pricing measures for both container stevedoring and container storage.  Non-container revenue grew by 28% as the region continued to benefit from an improvement in economic performance, driven by the tourism and retail sectors and an increase in the number of infrastructure projects.

 

Investment in our Middle East, Europe and Africa portfolio was $575 million during 2012.  This investment was focused on London Gateway (UK), which will open with 1.6 million TEU in 2013, and the extension of Jebel Ali (UAE) where an additional 1 million TEU at Terminal 2 will open in 2013 and 4 million TEU at Terminal 3 is expected in 2014.  

 

During the year, some of our Europe and Middle East equity-accounted terminals were divested as we took the opportunity to recycle capital into high return businesses in faster growing markets where we have management control.  Divestments included container terminals at Tilbury (UK), Aden (Yemen) and Vostochny (Russia).  In addition, as part of a restructuring at Antwerp (Belgium), we divested our break bulk facility to focus on container terminal operations.  Excluding these divestments, like for like revenue growth at constant currency[10]  was 13% ahead of the prior year and adjusted EBITDA was 20% ahead.

 

Asia Pacific and Indian Subcontinent

 

The Asia Pacific and Indian Subcontinent region took a strategic decision to focus on handling a smaller number of higher margin containers.  Whilst this has reduced revenue and adjusted EBITDA, adjusted EBITDA margin increased to 65.6%.  The region was also impacted by unfavourable currency movements.

 

USD million

before separately disclosed items

2012

2011

% change

Consolidated throughput (TEU '000)

5,401

5,578

(3%)

Revenue

457

500

(9%)

Share of profit (loss) from equity-accounted investees

111

117

(6%)

Adjusted EBITDA

299

322

(7%)

Adjusted EBITDA margin

65.6%

64.5%

-


Revenue across the region fell 9% to $457 million due to the reduction in container volumes, lower storage revenue in Karachi (Pakistan) and unfavourable currency movements. Non-container revenue improved 8% to $63 million as we saw a greater contribution from our rail service in India and non-container revenue in some Indian ports.

 

Whilst our portfolio of terminals accounted for as equity accounted investees performed well in 2012, the comparison with the prior year was impacted by higher profit in 2011 from a one-off government rent and rates refund in Asia.  Excluding this, profit from our portfolio of equity-accounted terminals was slightly lower than the prior year.

 

Adjusted EBITDA was $299 million, 7% lower than last year on account of the lower revenue and lower contribution from our share of profit from equity accounted investees.  However, our decision to focus on higher margin containers in India has resulted in higher adjusted EBITDA margin of 65.6%. 

 

Excluding unfavourable currency movements, like for like revenue growth at constant currency[11] declined 3% and adjusted EBITDA declined 6% when compared with the prior year.

 

On 7 March 2013, DP World entered into a strategic partnership with Goodman Hong Kong Logistics Fund, monetising 75% of its interests in CSX World Terminals Hong Kong Limited (CT3), which operates berth 3 of the Kwai Chung Container Terminal (CT3) and ATL Logistics Centre Hong Kong Limited (ATL), a logistics centre located alongside CT3. As part of the strategic partnership, DP World will continue to manage the port operations.  Completion, subject to regulatory approvals, is expected to be towards the end of the first half of 2013.

 

On the same day, DP World divested all of its interest in Asia Container Terminals Holdings Limited, the holding company of the entity that owns and operates Asia Container Terminal 8 West (CT8).

 

The total consideration for the two transactions was $742 million and the total net gain is expected to be approximately $151 million, subject to transaction costs and currency movements.

 

Australia and Americas


Our terminals in the Americas and Australia region delivered a strong underlying[12] revenue performance in 2012.  However this has not been converted into equally strong adjusted EBITDA growth due to weaker results from our equity-accounted investees which were impacted by pre-operational costs in Embraport (Brazil) and the impact of one-off non-core expenses in the region.

 

USD million

before separately disclosed items

2012

2011

As reported % change

Underlying % change

Consolidated throughput (TEU '000)

2,494

2,782

(10%)

12%

Revenue

553

594

(7%)

14%

Share of profit (loss) from equity-accounted investees

(1)

10

(110%)

(7%)

Adjusted EBITDA

166

203

(18%)

2%

Adjusted EBITDA margin

30.0%

34.2%

-

-

 

Revenue was $553 million for the year, down 7% due to the deconsolidation of Australian terminals from 12 March 2011.  On an underlying basis this was 14% ahead, reflecting a 4% improvement in container revenue per TEU and a 3% improvement in non-container revenue.

 

We reported a loss of $1 million on our share of profit from equity-accounted investees. This was due to the higher interests costs associated with the new capital structure in relation to our joint venture in Australia, pre-operational expenses in relation to our new development in Embraport (Brazil) and the exclusion of profit from P&O Trans Australia (POTA) and Adelaide (Australia), which were divested in 2011 and 2012 respectively.

 

Adjusted EBITDA was $166 million, down 18% on a reported basis principally due to the deconsolidation of Australian terminals and divestments.  On an underlying basis adjusted EBITDA was 2% ahead as we continued to grow underlying revenue and maintain good cost control.  The adjusted EBITDA margin of 30% was diluted by the loss of profit from equity-accounted investees.

 

Like for like revenue growth at constant currency[13] was 11% ahead of the prior year as volumes grew 10% and adjusted EBITDA decreased 3%.

 

 

Capital Expenditure


During 2012, we invested $685 million across our portfolio.  This was significantly lower than expected as some of our planned capital expenditure in 2012 will now come in 2013.  This will not impact the timing of the delivery of new capacity, but is simply a function of when equipment is invoiced and paid for.

 

Our three year forecast for capital expenditure between 2012 and 2014 remains at $3.7 billion with the expectation of investing approximately $1.8 billion and $1.1 billion in 2013 and 2014 respectively.  From 2015 onwards we expect capital expenditure, including maintenance capital expenditure, to significantly reduce.

 

Investment in new developments accounted for approximately 57% of our total capital expenditure with the majority focused on our new development at London Gateway (UK) which will open with 1.6 million TEU of capacity in the fourth quarter of 2013.

 

Expansion of existing facilities accounted for 27% of our total capital expenditure, supporting the expansion of Jebel Ali Port where an additional 1 million TEU is on track to open at Terminal 2 in 2013 and a further 4 million TEU is due to open at Terminal 3 in 2014.

 

Alongside these larger capital investment projects, additional capital expenditure was focused on our existing portfolio to ensure that our terminals are improving efficiencies and productivity. 

 

Net Finance Costs


As at 31 December 2012, gross debt was $4.8 billion and cash balances were $1.9 billion.

 

In April 2012, we repaid a $3 billion syndicated loan facility using some of the cash held on our balance sheet.  The repayment of the loan facility resulted in lower finance costs of $364 million for the year and reduced finance income of $75 million. Net finance costs of $289 million remained broadly in line with the previous year.

 

Interest Cover (adjusted EBITDA and net finance costs) improved to 4.9 times in 2012.

 

Taxation


DP World is not subject to income tax on its UAE operations.  The tax expense relates to the tax payable on the profit earned by overseas subsidiaries, as adjusted in accordance with taxation laws and regulations of the countries in which they operate.  For 2012, DP World's income tax expense was $73 million before separately disclosed items. 

 

The effective tax rate before separately disclosed items was 14.9%, lower than the prior year, due to a change in the mix of our profit.

 

Profit Attributable to non-controlling interests (minority interest)


Profit attributable to non-controlling interests (minority interests) was higher than the prior year at $80 million due to a stronger performance in those terminals where there is a larger non-controlling interest.

 

The key terminals where we have non-controlling interest in 2012 are CT3 (Hong Kong), Doraleh (Djibouti), Karachi (Pakistan), Buenos Aires (Argentina) and Southampton (UK).

 

Separately Disclosed Items


In 2012, DP World reported separately disclosed items of $192 million.  This comprised $249 million profit on sale of businesses and our share of profit of equity-accounted investees.  These profits were netted off against impairment of assets and restructuring costs, ineffective interest rate swaps and currency options and income tax expenses.

  

Balance Sheet


In 2012, total assets reduced to $16.4 billion as cash balances decreased due to the repayment of debt using cash from the balance sheet.  Total equity increased to $8.7 billion due to an increase in retained earnings.

 

The Group's investment in equity-accounted investees reduced to $3.3 billion as we made a number of divestments from this portfolio during the year.

 

Cash Flow


Net cash from operating activities was $1,231 million, an increase of $251 million over 2011 due to better performance from our terminals. 

 

Net Debt


As at 31 December 2012 net debt was $2.9 billion (gross debt of $4.8 billion and cash of $1.9 billion).  This compares with a net debt of $3.5 billion as at 30 June 2012.  Net debt is significantly lower due to increased net cash from operating activities, and proceeds from divestments.

 

Long-term corporate bonds totalled $3.25 billion, made up of $1.75 billion 30-year unsecured MTN due in 2037 and $1.5 billion 10-year unsecured sukuk due in 2017.  In addition we have $1.5 billion of debt at the subsidiary level.

 

Leverage (net debt to adjusted EBITDA) decreased to 2.0 times.  Following the transactions in Hong Kong, our leverage will reduce further.

 

Return on Capital Employed


In 2012, we reported an improvement in return on capital employed (EBIT divided by total assets less current liabilities) to 6.8%. 

 

DP World has a portfolio of long-term assets with an average concession life of approximately 40 years.  As at the end of 2012, 26% of our capacity was less than five years old and we have four major projects at pre-operational stage of development.  This means a significant proportion of our assets are some way from delivering maximum potential EBIT which dilutes the overall returns.  However, as this capacity becomes operational and matures we expect our returns to make steady progress towards 15%.

 

 

 

Mohammed Sharaf

Group Chief Executive Officer     

Yuvraj Narayan

Chief Financial Officer


DP World Limited and its subsidiaries

 

Consolidated income statement

for the year ended 31 December 2012

 


 

 

 

 

Year ended 31 December 2012

 

Year ended 31 December 2011

 


 

 

Notes

 

 

 

Before separately

disclosed items

 

Separately

disclosed items

(Note 11)

 

 

 

Total

 

 

Before separately

disclosed items

 

Separately

disclosed items

(Note 11)

 

 

 

Total



USD'000

USD'000

USD'000

USD'000

USD'000

USD'000









Revenue

7

3,121,017

-

3,121,017

2,977,731

-

2,977,731

Cost of sales


(2,002,806)

-

(2,002,806)

(2,005,159)

-

(2,005,159)



------------

-----------

-------------

------------

-----------

-------------

Gross profit


1,118,211

-

1,118,211

972,572

-

972,572

General and administrative expenses


(276,900)

(55,850)

(332,750)

(256,961)

(243,862)

(500,823)

Other income


21,643

-

21,643

21,029

-

21,029

Profit on sale and termination of businesses (net of tax)

11

-

237,204

237,204

-

484,354

484,354

Share of profit/ (loss) from equity-accounted investees (net of tax)

15

133,897

20,710

154,607

141,711

(3,047)

138,664



------------

----------

     ------------

----------

----------

     ------------

Results from operating activities


996,851

202,064

1,198,915

878,351

237,445

1,115,796



---------

----------

------------

----------

----------

------------

Finance income

9

75,211

-

75,211

135,361

-

135,361

Finance costs

9

(364,092)

(10,373)

(374,465)

(422,931)

(10,770)

(433,701)



----------

---------

        ----------

----------

---------

        ----------

Net finance costs


(288,881)

(10,373)

(299,254)

(287,570)

(10,770)

(298,340)



----------

---------

----------

----------

---------

----------

Profit before tax


707,970

191,691

899,661

590,781

226,675

817,456

Income tax expense

10

(72,954)

-

(72,954)

(59,042)

(7,211)

(66,253)

 

 


-----------

----------

        ----------

-----------

----------

        ----------

Profit for the year

8

635,016

191,691

826,707

531,739

219,464

751,203



======

======

======

======

======

======

Profit attributable to:








Owners of the Company


555,390

193,216

748,606

458,620

224,672

683,292

Non-controlling interests


79,626

(1,525)

78,101

73,119

(5,208)

67,911



-----------

-----------

      -----------

-----------

-----------

      -----------



635,016

191,691

826,707

531,739

219,464

751,203



======

======

======

======

======

======

Earnings per share








Basic and diluted earnings per share - US cents

22



            90.19



              82.32



=====



             =====

The accompanying notes form an integral part of these consolidated financial statements.  For a full set of notes 1-35 please visit DP World website at www.dpworld.com

 

 


DP World Limited and its subsidiaries

 

Consolidated statement of comprehensive income

for the year ended 31 December 2012

 



2012

2011


Notes

USD'000

USD'000





Profit for the year


826,707

751,203



----------

----------

Other comprehensive income




Foreign exchange translation differences for foreign operations *


104,135

(202,057)

Foreign exchange profit recycled to consolidated

 income statement on sale of businesses


 

(2,131)

 

(425,773)

Effective portion of net changes in fair value of cash flow hedges


(24,768)

(52,308)

Net change in cash flow hedges recycled to

 consolidated income statement


 

10,373

 

-

Net change in fair value of available-for-sale financial assets

16

(132)

8,939

Defined benefit plan actuarial losses

24

(49,900)

(110,400)

Share in other comprehensive income of equity-accounted investees


(8,686)

(10,268)





Income tax on other comprehensive income:




Fair value of cash flow hedges


10,444

14,595

Defined benefit plan actuarial losses


500

2,245



---------

----------

Other comprehensive income for the year, net of income tax


39,835

(775,027)



----------

----------

Total comprehensive income/ (loss) for the year


866,542

(23,824)



======

======

Total comprehensive income/ (loss) attributable to:




Owners of the Company


788,531

(82,589)

Non-controlling interests


78,011

58,765



-----------

----------



866,542

(23,824)



======

======

 

*    A significant portion of this includes foreign exchange translation differences arising from the translation of goodwill and purchase price adjustments which are denominated in foreign currencies at the Group level. The translation differences arising on account of translation of the financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency on Group consolidation are also reflected here. There are no differences on translation from functional to presentation currency as the Company's functional currency is currently pegged to the presentation currency (refer to note 2(d)).

 

The accompanying notes form an integral part of these consolidated financial statements.  For a full set of notes 1-35 please visit DP World website at www.dpworld.com

 

 

 

 

 

 

 

 

DP World Limited and its subsidiaries

 

Consolidated statement of financial position

as at 31 December 2012

 



2012

2011


Notes

USD'000

USD'000

Assets




Non-current assets




Property, plant and equipment

12

5,413,262

5,124,120

Goodwill

13

1,588,918

1,607,655

Port concession rights

13

3,115,084

3,223,958

Investment in equity-accounted investees

15

3,348,317

3,451,264

Deferred tax assets

10

105,753

101,212

Other investments

16

60,833

73,193

Accounts receivable and prepayments

17

263,428

260,114



-------------

-------------

Total non-current assets


13,895,595

13,841,516



-------------

-------------





Current assets




Inventories


53,283

54,979

Accounts receivable and prepayments

17

603,103

624,020

Bank balances and cash

18

1,881,928

4,159,364

Assets held for sale

28

-

77,706



-------------

-------------

Total current assets


2,538,314

4,916,069



-------------

-------------

Total assets


16,433,909

18,757,585



========

========

 


DP World Limited and its subsidiaries

 

Consolidated statement of financial position (continued)

as at 31 December 2012

 



2012

2011


Notes

USD'000

USD'000

Equity




Share capital

19

1,660,000

1,660,000

Share premium

20

2,472,655

2,472,655

Shareholders' reserve

20

2,000,000

2,000,000

Retained earnings


2,936,637

2,367,164

Hedging and other reserves

20

(122,229)

(104,408)

Actuarial reserve

20

(398,302)

(352,402)

Translation reserve

20

(482,909)

(586,555)



------------

------------

Total equity attributable to equity holders of the Company


 

8,065,852

 

7,456,454





Non-controlling interests


663,993

765,013



------------

------------

Total equity


8,729,845

8,221,467



------------

------------

Liabilities








Non-current liabilities




Deferred tax liabilities

10

1,070,931

1,078,355

Employees' end of service benefits

23

55,747

49,393

Pension and post-employment benefits

24

273,796

235,750

Interest bearing loans and borrowings

25

4,049,621

4,563,309

Accounts payable and accruals

26

504,755

467,240



-------------

------------

Total non-current liabilities


5,954,850

6,394,047



-------------

------------





Current liabilities




Income tax liabilities

10

180,267

169,585

Bank overdrafts

18

195

1,017

Pension and post-employment benefits

24

11,845

12,621

Interest bearing loans and borrowings

25

702,835

3,178,446

Accounts payable and accruals

26

854,072

780,402



-------------

------------

Total current liabilities


1,749,214

4,142,071



-------------

-------------

Total liabilities


7,704,064

10,536,118



-------------

-------------

Total equity and liabilities


16,433,909

18,757,585



========

========

 

The accompanying notes form an integral part of these consolidated financial statements.  For a full set of notes 1-35 please visit DP World website at www.dpworld.com

 


DP World Limited and its subsidiaries

 

Consolidated statement of changes in equity

for the year ended 31 December 2012

 


Attributable to equity holders of the Company




 

Share

capital

USD'000

 

Share

premium

USD'000

 

Shareholders'

reserve

USD'000

 

Retained

earnings

USD'000

Hedging

and other

reserves

USD'000

 

Actuarial

reserve

USD'000

 

Translation

reserve

USD'000

 

 

Total

USD'000

Non-controlling

interests USD'000

 

Total

equity

USD'000












Balance as at 1 January 2012

1,660,000

2,472,655

2,000,000

2,367,164

(104,408)

(352,402)

(586,555)

7,456,454

765,013

8,221,467


------------

------------

------------

------------

----------

----------

----------

------------

----------

------------

Total comprehensive income for the year











Profit for the year

-

-

-

748,606

-

-

-

748,606

78,101

826,707

Total other comprehensive income, net of income tax

-

-

-

-

(17,821)

(45,900)

103,646

39,925

(90)

39,835


----------

----------

----------

----------

---------

---------

----------

----------

---------

----------

Total comprehensive income for the year

-

-

-

748,606

(17,821)

(45,900)

103,646

788,531

78,011

866,542


----------

----------

----------

----------

---------

---------

----------

----------

---------

-----------

Transactions with owners, recorded

  directly in equity











Dividends paid (refer to note 21)

-

-

-

(199,200)

-

-

-

(199,200)

-

(199,200)


----------

----------

----------

-----------

-------

----------

--------

-----------

----------

-----------

Total transactions with owners

-

-

-

(199,200)

-

-

-

(199,200)

-

(199,200)


----------

----------

----------

-----------

-------

----------

--------

-----------

----------

-----------












Changes in ownership interests

  in subsidiaries











Acquisition of non-controlling interests without

 change in control *

 

-

 

-

 

-

 

20,067

 

-

 

-

 

-

 

20,067

 

(66,457)

 

(46,390)












Transactions with non-controlling interests,

  recorded directly in equity











Dividends paid

-

-

-

-

-

-

-

-

(90,050)

(90,050)

Derecognition of non-controlling interests

  on monetisation of investment in subsidiaries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(22,524)

 

(22,524)


------------

----------

----------

----------

----------

----------

----------

----------

---------

------------

Total transactions with non-controlling interests

-

-

-

20,067

-

-

-

20,067

(179,031)

(158,964)


------------

------------

------------

------------

----------

-----------

-----------

------------

----------

------------

Balance as at 31 December 2012

1,660,000

2,472,655

2,000,000

2,936,637

(122,229)

(398,302)

(482,909)

8,065,852

663,993

8,729,845


=======

=======

=======

=======

======

======

======

=======

======

=======

 

* This mainly includes acquisition of remaining 10%  interest in a subsidiary in Middle East, Europe and Africa Region for a consideration of USD 46,390 thousand resulting in a gain on acquisition of USD 20,067 thousand.

 

The accompanying notes form an integral part of these consolidated financial statements.  For a full set of notes 1-35 please visit DP World website at www.dpworld.com

 

 

DP World Limited and its subsidiaries

 

Consolidated statement of changes in equity (continued)

for the year ended 31 December 2012


Attributable to equity holders of the Company




 

Share

capital

USD'000

 

Share

premium

USD'000

 

Shareholders'

reserve

USD'000

 

Retained

earnings

USD'000

Hedging

and other

reserves

USD'000

 

Actuarial

reserve

USD'000

 

Translation

reserve

USD'000

 

 

Total

USD'000

Non-controlling

interests

USD'000

 

Total

equity

USD'000












Balance as at 1 January 2011

1,660,000

2,472,655

2,000,000

1,823,491

(64,658)

(249,700)

40,074

7,681,862

814,064

8,495,926


------------

------------

------------

------------

----------

----------

----------

------------

----------

------------

Total comprehensive income for the year:











Profit for the year

-

-

-

683,292

-

-

-

683,292

67,911

751,203

Total other comprehensive income, net of income tax

-

-

-

-

(36,550)

(102,702)

(626,629)

(765,881)

(9,146)

(775,027)


----------

----------

----------

----------

---------

---------

----------

----------

---------

----------

Total comprehensive income for the year

-

-

-

683,292

(36,550)

(102,702)

(626,629)

(82,589)

58,765

(23,824)


----------

----------

----------

----------

---------

---------

----------

----------

---------

-----------

Transactions with owners, recorded

  directly in equity











Dividends paid (refer to note 21)

-

-

-

(142,760)

-

-

-

(142,760)

-

(142,760)

Settlement of share-based payment transactions

-

-

-

-

(3,200)

-

-

(3,200)

-

(3,200)


----------

----------

----------

-----------

-------

----------

--------

-----------

----------

-----------

Total transactions with owners

-

-

-

(142,760)

(3,200)

-

-

(145,960)

-

(145,960)


----------

----------

----------

-----------

-------

----------

--------

-----------

----------

-----------












Changes in ownership interests

  in subsidiaries











Acquisition of non-controlling interest,

 recorded directly in equity

 

-

 

-

 

-

 

3,141

 

-

 

-

 

-

 

3,141

 

(20,141)

 

(17,000)












Transactions with non-controlling interests,

  recorded directly in equity











Dividends paid

-

-

-

-

-

-

-

-

(51,665)

(51,665)

Derecognition of non-controlling interests

 on monetisation of  investment in subsidiaries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(51,763)

 

(51,763)

Acquisition of subsidiary with non-controlling

  interests (refer to note 30)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

15,753

 

15,753


------------

----------

----------

----------

----------

----------

----------

----------

---------

------------

Total transactions with non-controlling interests

-

-

-

3,141

-

-

-

3,141

(107,816)

(104,675)


------------

------------

------------

------------

----------

-----------

-----------

------------

----------

------------

Balance as at 31 December 2011

1,660,000

2,472,655

2,000,000

2,367,164

(104,408)

(352,402)

(586,555)

7,456,454

765,013

8,221,467


=======

=======

=======

=======

======

======

======

=======

=======

=======

 

* During the previous year, the Group acquired an additional 10% non-controlling interest of USD 20,141 thousand in a subsidiary in 'Australia & Americas' region for a consideration of USD 17,000 thousand resulting in a gain on acquisition.

 

Notes 1 to 35 form an integral part of these consolidated financial statements, For a full set of notes please visit the DP World website.


DP World Limited and its subsidiaries

 

Consolidated statement of cash flows

for the year ended 31 December 2012

 



2012

2011


Notes

USD'000

USD'000

Cash flows from operating activities




Profit for the year


826,707

751,203





Adjustments for:




Depreciation, amortisation and impairment

8

460,532

672,973

Share of profit from equity-accounted investees (net of tax)


(154,607)

(138,664)

Finance costs

9

374,465

433,701

Loss/ (gain) on sale of property, plant and equipment

 and port concession rights


 

1,490

 

(6,928)

Profit on sale and termination of businesses (net of tax)


(237,204)

(484,354)

Finance income

9

(75,211)

(135,361)

Income tax expense

10

72,954

66,253



------------

-------------

Gross cash flows from operations


1,269,126

1,158,823

Change in inventories


1,641

(2,637)

Change in accounts receivable and prepayments


25,036

60,374

Change in accounts payable and accruals


47,141

(114,941)

Change in provisions, pensions and

 post-employment benefits


 

(36,743)

 

(48,575)



-----------

------------

Cash generated from operating activities


1,306,201

1,053,044

Income taxes paid


(74,856)

(72,687)



------------

----------

Net cash from operating activities


1,231,345

980,357



------------

----------

Cash flows from investing activities




Additions to property, plant and equipment

12

(641,934)

(449,508)

Additions to port concession rights

13

(43,017)

(31,673)

Proceeds from disposal of property, plant and equipment

 and port concession rights


 

17,744

 

31,559

Net proceeds from monetisation of investment in subsidiaries


14,744

1,404,649

Net cash outflow on acquisition of interest in a subsidiary

30

-

(31,315)

Cash outflow on acquisition of non-controlling interests

 without change in control


 

(46,390)

 

(17,000)

Interest received


77,594

108,980

Net proceeds from sale of investment in equity-accounted investees


421,308

111,230

Dividends received from equity-accounted investees


197,839

160,588

Additional investment in equity-accounted investees


(15,283)

(11,527)

Net loan given to equity-accounted investees


(500)

(53,385)

Return of capital from equity-accounted investees


28,244

-

Return of capital from other investments


12,228

-



---------

------------

Net cash from investing activities


22,577

1,222,598



---------

------------



 

 

DP World Limited and its subsidiaries

 

Consolidated statement of cash flows (continued)

for the year ended 31 December 2012

 



2012

2011


Notes

USD'000

USD'000

Cash flows from financing activities




Repayment of interest bearing loans and borrowings


(3,204,428)

(197,457)

Drawdown of interest bearing loans and borrowings


241,411

216,024

Interest paid


(292,575)

(447,405)

Dividend paid to the owners of the Company


(199,200)

(142,760)

Dividends paid to non-controlling interests


(90,050)

(51,665)



-------------

-----------

Net cash used in financing activities


(3,544,842)

(623,263)



-------------

-----------





Net (decrease)/ increase in cash and cash equivalents


(2,290,920)

1,579,692





Cash and cash equivalents as at 1 January


4,158,347

2,567,516





Effect of exchange rate fluctuations on cash held


14,306

11,139



------------

------------

Cash and cash equivalents as at 31 December

18

1,881,733

4,158,347



=======

=======





Cash and cash equivalents comprise the following:








Bank balances and cash


1,881,928

4,159,364

Bank overdrafts


(195)

(1,017)



------------

------------

Cash and cash equivalents


1,881,733

4,158,347



=======

=======

 

The accompanying notes form an integral part of these consolidated financial statements.  For a full set of notes 1-35 please visit DP World website at www.dpworld.com

 

 


DP World Limited and its subsidiaries

 

Selected Notes to consolidated financial statements

A full set of Notes is available on the DP World website at www.dpworld.com

 

 

The following table presents certain results, assets and liabilities information regarding the Group's segments as at the reporting date.

 


Asia Pacific and Indian subcontinent

Australia and Americas

Middle East, Europe and Africa

Head office

Inter-segment

Total


2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011


USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000














(Including separately disclosed items)














Revenue

456,578

499,765

552,751

594,065

2,111,688

1,883,901

-

-

-

-

3,121,017

2,977,731


======

======

======

======

=======

=======

=====

=====

=====

=====

=======

=======

Segment results

 from operations *

 

217,755

 

118,471

 

109,330

 

589,973

 

955,186

 

490,986

 

(156,310)

 

(149,887)

 

-

 

-

 

1,125,961

 

1,049,543














Finance income

-

-

-

-

-

-

75,211

135,361

-

-

75,211

135,361














Finance costs

-

-

-

-

-

-

(374,465)

(433,701)

-

-

(374,465)

(433,701)


---------

----------

----------

---------

----------

----------

----------

----------

---------

---------

----------

-----------

Profit/ (loss) for the year

217,755

118,471

109,330

589,973

955,186

490,986

(455,564)

(448,227)

-

-

826,707

751,203


======

======

======

=====

======

======

======

======

=====

=====

======

======

 

*      Segment results from operations comprise profit for the year before net finance cost.

 

Net finance cost and tax expense from various geographical locations and head office have been grouped under head office.



DP World Limited and its subsidiaries

 

Notes to consolidated financial statements (continued)

 

 


Asia Pacific and Indian subcontinent

Australia and Americas

Middle East, Europe and Africa

Head office

Inter-segment

Total


2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011


USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000














Segment assets

4,993,196

5,076,106

1,804,715

1,847,887

9,448,179

8,031,636

8,862,301

11,185,296

(8,674,482)

(7,383,340)

16,433,909

18,757,585


=======

=======

=======

=======

=======

=======

=======

=======

======

=======

=======

========














Segment liabilities

427,202

422,189

140,115

227,370

1,538,016

1,414,480

6,178,971

7,810,438

(1,831,438)

(586,299)

6,452,866

9,288,178

Tax liabilities *

-

-

-

-

-

-

1,251,198

1,247,940

-

-

1,251,198

1,247,940


----------

----------

----------

----------

------------

------------

------------

------------

----------

----------

------------

-------------

Total liabilities

427,202

422,189

140,115

227,370

1,538,016

1,414,480

7,430,169

9,058,378

(1,831,438)

(586,299)

7,704,064

10,536,118


======

======

======

======

=======

=======

=======

=======

======

======

=======

========














Capital expenditure

7,894

15,954

98,650

84,279

575,034

378,668

3,373

2,280

-

-

684,951

481,181


=====

=====

======

=====

======

======

====

=====

=====

=====

======

======

Depreciation

32,848

32,504

64,458

61,103

187,636

194,133

5,069

5,137

-

-

290,011

292,877


=====

======

=====

=====

======

======

====

====

=====

=====

======

======

Amortisation/ impairment

57,781

170,231

48,675

37,371

64,065

172,494

-

-

-

-

170,521

380,096


=====

======

=====

=====

======

======

====

=====

=====

=====

======

======

Share of profit of equity-

 accounted investees before

 separately disclosed items

 

 

110,853

 

 

117,354

 

 

(973)

 

 

10,107

 

 

24,017

 

 

14,250

 

 

-

 

 

-

 

 

-

 

 

-

 

 

133,897

 

 

141,711


=====

=====

====

=====

====

=====

=====

=====

===

===

=====

=====

Tax expense

-

-

-

-

-

-

72,954

59,042

-

-

72,954

59,042


=====

=====

====

=====

====

=====

=====

=====

===

===

=====

=====

 

Tax liabilities and tax expensesfrom various geographical locations have been grouped under head office.



DP World Limited and its subsidiaries

 

Notes to consolidated financial statements (continued)

 

 

Earnings before separately disclosed items, interest, tax, depreciation and amortisation ("Adjusted EBITDA")

 


Asia Pacific and Indian subcontinent

Australia and Americas

Middle East, Europe and Africa

Head office

Inter-segment

Total


2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011


USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000














Revenue before separately

disclosed items

 

456,578

 

499,765

 

552,751

 

594,065

 

2,111,688

 

1,883,901

 

-

 

-

 

-

 

-

 

3,121,017

 

2,977,731


======

======

======

======

=======

=======

====

====

====

====

=======

=======














Adjusted EBITDA

299,391

322,158

165,845

203,142

1,020,534

860,660

(78,287)

(78,498)

-

-

1,407,483

1,307,462














Finance income

-

-

-

-

-

-

75,211

135,361

-

-

75,211

135,361














Finance costs

-

-

-

-

-

-

(364,092)

(422,931)

-

-

(364,092)

(422,931)














Tax expense

-

-

-

-

-

-

(72,954)

(59,042)

-

-

(72,954)

(59,042)














Depreciation and amortisation

(90,629)

(102,772)

(77,333)

(68,481)

(237,601)

(252,721)

(5,069)

(5,137)

-

-

(410,632)

(429,111)


--------

---------

--------

---------

---------

---------

---------

--------

-------

--------

---------

---------

Adjusted net profit/ (loss) for

 the year before separately

 disclosed items

 

 

208,762

 

 

219,386

 

 

88,512

 

 

134,661

 

 

782,933

 

 

607,939

 

 

(445,191)

 

 

(430,247)

 

 

-

 

 

-

 

 

635,016

 

 

531,739














Adjusted for separately

 disclosed items

 

8,993

 

(100,915)

 

20,818

 

455,312

 

172,253

 

(116,953)

 

(10,373)

 

(17,980)

 

-

 

-

 

191,691

 

219,464


----------

-----------

----------

----------

----------

----------

---------

---------

--------

--------

----------

----------

Profit/ (loss) for the year

217,755

118,471

109,330

589,973

955,186

490,986

(455,564)

(448,227)

-

-

826,707

751,203


======

======

======

======

======

======

======

======

=====

=====

======

======

 


7          Revenue

 


2012

2011


USD'000

USD'000

Revenue  consists of:



Containerized stevedoring revenue

1,366,200

1,382,642

Containerized other revenue

1,044,967

973,073

Non-containerized revenue

709,850

622,016


------------

------------


3,121,017

2,977,731


=======

=======

 

The Group does not have any customer which contributes more than 10 per cent of the Group's total revenue.

 

 


2012

2011


USD'000

USD'000

Profit for the year is stated after charging the following costs:



Staff costs

646,846

575,143

Depreciation and amortisation

410,632

429,111

Impairment

49,900

243,862

Operating lease rentals

384,521

412,398


======

======

 

 


2012

2011


USD'000

USD'000

Finance income



Interest income

67,295

123,392

Exchange gains

6,688

7,350

Other net financing income in respect of pension plans

1,228

4,619


---------

---------


75,211

135,361


---------

---------

Finance costs



Interest expense

(350,222)

(378,563)

Exchange losses

(13,067)

(44,344)

Other net financing expense in respect of pension plans

(803)

(24)


----------

----------

Finance costs before separately disclosed items

(364,092)

(422,931)

Adjusted for separately disclosed items (refer to note 11)

(10,373)

(10,770)


----------

----------

Finance costs after separately disclosed items

(374,465)

(433,701)


======

======




Net finance costs after separately disclosed items

(299,254)

(298,340)


======

======



 

The major components of income tax expense for the year ended 31December:

 


2012

2011


USD'000

USD'000

Current income tax expense



Current year

108,912

58,190

Adjustment for prior periods

(20,738)

2,538


--------

--------


88,174

60,728




Deferred tax credits

(15,220)

(1,686)


--------

--------


72,954

59,042


--------

--------




Income tax expense

72,954

59,042

Tax on separately disclosed items

-

7,211


---------

--------

Total tax expenses

72,954

66,253

Share of income tax of equity-accounted investees

38,189

42,321


---------

--------

Total tax charge

111,143

108,574


=====

=====

Current income tax liabilities

180,267

169,585


=====

=====

 

All tax items included within separately disclosed items are detailed in note 11.

 

The Group is not subject to income tax on its UAE operations. The tax expense relates to the tax payable on the profit earned by the overseas subsidiaries, associates and joint ventures as adjusted in accordance with the taxation laws and regulations of the countries in which they operate. The applicable tax rates in the regions in which the Group operates are set out below:

 

Geographical segments

Applicable corporate tax rate



Asia Pacific and Indian subcontinent

16.5% to 35.0%

Australia and Americas

15.0% to 36.0%

Middle East, Europe and Africa

0% to 34.0%

===========

                                                                                                                                                  

 

                                                                                                                                                  

                                                                                                                                                  

                                                                                                                                                  



           

            The relationship between the tax expense and the accounting profit can be explained as follows:

 



2012

2011



USD'000

USD'000





Net profit before tax


899,661

817,456



======

======

Tax at the Group's domestic tax rate


-

-

Higher income tax on foreign earnings


182,888

439,146

Permanent differences including non-taxable

 income and non-deductible expenses


 

(86,530)

 

(385,070)

Tax charge on equity-accounted investees


38,189

42,321

Current year losses not recognised for deferred tax asset


31,785

29,978

Brought forward losses utilised


(32,691)

(247)

Deferred tax in respect of fair value adjustments


(43,036)

(28,529)

Others


11,933

(547)



---------

---------

Tax expense before prior year adjustments


102,538

97,052





Tax (over)/ under provided in prior periods:




-current tax


(20,738)

2,538

-deferred tax


29,343

8,984



---------

---------

Total tax expense from operations


111,143

108,574

Adjustment for separately disclosed items


-

(7,211)



---------

---------

Total tax expenses

(A)

111,143

101,363



=====

======





Net profit before tax


899,661

817,456

Adjustment for separately disclosed items


(191,691)

(226,675)

Adjustment to share of income tax of equity-accounted investees


 

38,189

 

42,321



----------

----------

Adjusted profit before tax and before separately




 disclosed items

(B)

746,159

633,102



======

======

Effective tax rate before separately disclosed items

(A/B)

14.90%

16.01%



=====

=====

 

Unrecognised deferred tax assets

 

Deferred tax is not recognised on trading losses of USD 486,771 thousand (2011: USD 428,749 thousand) where utilisation is uncertain, either because they have not been agreed with tax authorities, or because the likelihood of future taxable profits is not sufficiently certain, or because of the impact of tax holidays on infrastructure projects. Under current legislation, USD 331,196 thousand (2011: USD 303,676 thousand) of these trading losses can be carried forward indefinitely.

 

Deferred tax is also not recognised on capital and other losses of USD 288,722 thousand (2011: USD 356,423 thousand) due to the fact that their utilisation is uncertain.

 


DP World Limited and its subsidiaries

 

Notes to consolidated financial statements (continued)

 

 

Movement in temporary differences during the year:

 


1 January

2012

Recognised in consolidated income statement

Translation and other movements

31 December

2012


USD'000

USD'000

USD'000

USD'000

Deferred tax liabilities





Property, plant and equipment

136,879

13,480

(2,006)

148,353

Investment in equity-accounted investees

21,219

10,985

755

32,959

Fair value adjustment on acquisitions

492,053

(40,563)

8,696

460,186

Others

428,204

888

341

429,433


------------

---------

--------

------------

Total

1,078,355

(15,210)

7,786

1,070,931


=======

=====

====

=======

Deferred tax assets





Property, plant and equipment

6,531

(3,377)

584

3,738

Pension and post-employment benefits

9,488

(919)

1,534

10,103

Financial instruments

14,185

-

10,511

24,696

Provisions

32,546

(27,741)

477

5,282

Tax value of losses carried forward recognised

22,793

32,430

(6,740)

48,483

Others

15,669

(383)

(1,835)

13,451


----------

---------

--------

----------

Total

101,212

10

4,531

105,753


======

=====

=====

======

 


11        Separately disclosed items


2012

2011


USD'000

USD'000




Impairment of assets and restructuring costs

(55,850)

(243,862)

Share of profit/ (loss) of equity-accounted investees

20,710

(3,047)

Profit on sale and termination of business

237,204

484,354

Ineffective interest rate swaps and currency options

(10,373)

(10,770)

Income tax expense

-

(7,211)


----------

------------


191,691

219,464


======

=======

 

Impairment of assets and restructuring costs represents the following:

Impairment of property, plant and equipment of USD 14,100 thousand in the 'Middle East, Europe and Africa' region and USD 35,800 thousand in the 'Australia and Americas' region. USD 5,500 thousand relates to the restructuring costs of a subsidiary in the 'Middle East, Europe and Africa' region and USD 450 thousand in the 'Australia and Americas' region. The impairment is mainly due to significant adverse effects in the market and economic condition which are outside the control of the Group (2011: Impairment of property, plant and equipment of USD 29,993 thousand in the 'Australia and Americas' region and USD 22,890 thousand in the 'Middle East, Europe and Africa' region.  Impairment of net assets in a subsidiary of USD 99,963 thousand in the 'Asia Pacific and Indian subcontinent' region representing the difference between the value in use and the carrying amount as at the reporting date. Impairment of USD 91,016 thousand of investments in equity-accounted investees in the 'Middle East, Europe and Africa' region, representing the difference between the fair value less cost to sell and the carrying amount as at the reporting date).

 

Share of profit/ (loss) of equity-accounted investees includes USD 11,717 thousandshare of equity earnings of a joint venture upon sale of an entity within this group in the 'Australia and Americas' region and USD 8,993 thousand share of profit on transfer of certain assets by an associate in the 'Asia Pacific and Indian subcontinent' region. (2011: represents USD 3,047 thousand impairment of deferred tax assets in an equity-accounted investee in the 'Middle East, Europe and Africa' region).

 

Profit on sale and termination of businesses represents:

·     USD 193,533 thousand profit on monetisation of investments in equity-accounted investees in the 'Middle East, Europe and Africa' region.

·     USD 53,288 thousand profit on monetisation of investments in an equity-accounted investeein the 'Australia and Americas' region, offset by a tax charge of USD 7,937 thousand.

·     USD 6,312 thousand loss on termination of a concession in the 'Middle East, Europe and Africa' region.

·     USD 4,632 thousand profit on monetisation of a subsidiary in the 'Middle East, Europe and Africa' region. (2011: relates to the profit (net of tax) of USD 435,509 thousand on monetisation of 75% interest in the Australia Ports business and sale of interest in an associate in the 'Australia and Americas' region resulting in a profit (net of tax) of USD 49,796 thousand. The profit on sale and termination of businesses includes foreign exchange reserves recycled to the consolidated income statement on account of loss of control. This is offset by USD 951 thousand loss on termination of a non-core business in the 'Asia Pacific and Indian subcontinent' region).

 

Ineffective interest rate swaps and currency options: USD 10,373 thousand relates to the loss on ineffective interest rate swaps in the 'Asia Pacific and Indian subcontinent' region. (2011: represents USD 10,770 thousand loss on foreign currency options in the 'Australia and Americas' region).

 

Income tax expense:  2012 : Nil (2011: represents USD 12,785 thousand of deferred tax assets impaired in a subsidiary in the 'Middle East, Europe and Africa' region which is offset by USD 5,574 thousand of tax credit on impairment of assets in the 'Australia and Americas' region).

 

 


Land and buildings

Plant and equipment

Ships

Capital work- in-progress

Total


USD'000

USD'000

USD'000

USD'000

USD'000







Cost






As at 1 January 2012

3,069,584

2,486,928

216,479

791,760

6,564,751

Additions during the year

7,530

39,771

48,582

546,051

641,934

Transfers from capital

 work-in-progress

 

27,347

 

51,097

 

-

 

(78,444)

 

-

Translation adjustment

(2,815)

(2,667)

(9,000)

59,650

45,168

Disposals

(3,662)

(68,093)

(15,700)

(2,211)

(89,666)

Disposal of subsidiaries

(24,400)

(44,756)

-

-

(69,156)


------------

------------

----------

----------

------------

As at 31 December 2012

3,073,584

2,462,280

240,361

1,316,806

7,093,031


------------

------------

----------

----------

------------

Depreciation and impairment






As at 1 January 2012

482,535

883,323

74,773

-

1,440,631

Charge for the year

137,944

138,964

13,103

-

290,011

Impairment (refer to note 11)

4,900

19,000

26,000

-

49,900

Translation adjustment

1,640

4,424

276

-

6,340

On disposals

(2,752)

(57,661)

(10,300)

-

(70,713)

On disposal of subsidiaries

(9,500)

(26,900)

-

-

(36,400)


----------

----------

---------

----------

------------

As at 31 December 2012

614,767

961,150

103,852

-

1,679,769


----------

-----------

---------

----------

------------

Net book value






As at 31 December 2012

2,458,817

1,501,130

136,509

1,316,806

5,413,262


=======

=======

======

======

=======

 

In the prior years, the Group had entered into agreements with third parties pursuant to which the Group participated in a series of linked transactions including leasing and sub-leasing of certain cranes of the Group ("the Crane French Lease Arrangements"). At 31 December 2012, cranes with aggregate net book value amounting to USD 288,710 thousand (2011: USD 304,449 thousand) were covered by these Crane French Lease Arrangements. These cranes are accounted for as property, plant and equipment as the Group retains all the risks and rewards incidental to the ownership of the underlying assets.

 

At 31 December 2012, property, plant and equipment with a carrying amount of USD 2,391,298 thousand (2011: USD 1,148,903 thousand) are pledged to secure bank loans (refer to note 25). At 31 December 2012, the net carrying value of the leased plant and equipment and other assets was USD 48,796 thousand (2011: USD 59,067 thousand).

 

Borrowing costs capitalised to property, plant and equipment amounted to USD 44,900 thousand (2011: USD 10,512 thousand) with a capitalisation rate in the range of 4.68 % to 5.13% per annum (2011: 4.73% to 5.08% per annum).



 


Land and buildings

Plant and equipment

Ships

Capital work- in-progress

Total


USD'000

USD'000

USD'000

USD'000

USD'000

Cost






As at 1 January 2011

3,000,931

2,491,086

131,080

604,271

6,227,368

Acquired through business

 combination

 

29,099

 

-

 

-

 

-

 

29,099

Additions during the year

8,342

22,827

73,951

344,388

449,508

Transfers from capital

work-in-progress

 

73,911

 

59,061

 

7,031

 

(140,003)

 

-

Translation adjustment

(19,881)

(52,201)

4,417

(16,896)

(84,561)

Disposals

(22,818)

(33,845)

-

-

(56,663)


------------

------------

----------

----------

------------

As at 31 December 2011

3,069,584

2,486,928

216,479

791,760

6,564,751


------------

------------

----------

----------

------------

Depreciation and impairment






As at 1 January 2011

364,690

756,326

20,135

-

1,141,151

Charge for the year

106,763

163,266

22,848

-

292,877

Impairment (refer to note 11)

17,918

4,932

30,033

-

52,883

Translation adjustment

(4,089)

(11,173)

1,757

-

(13,505)

On disposals

(2,747)

(30,028)

-

-

(32,775)


----------

----------

---------

----------

------------

As at 31 December 2011

482,535

883,323

74,773

-

1,440,631


----------

-----------

---------

----------

------------

Net book value






As at 31 December 2011

2,587,049

1,603,605

141,706

791,760

5,124,120


=======

=======

======

======

=======

 

13        Goodwill and port concession rights

 


Goodwill

Port concession rights

Total


USD'000

USD'000

USD'000

Cost




As at 1 January 2012

1,607,655

3,941,977

5,549,632

Additions

-

43,017

43,017

Re-classification

-

(37,991)

(37,991)

Disposals

(58,237)

(1,613)

(59,850)

Translation adjustment

39,500

(10,742)

28,758


------------

------------

------------

As at 31 December 2012

1,588,918

3,934,648

5,523,566


------------

------------

------------

Amortisation




As at 1 January 2012

-

718,019

718,019

Charge for the year

-

120,621

120,621

On disposals

-

(1,332)

(1,332)

Translation adjustment

-

(17,744)

(17,744)


-----------

----------

----------

As at 31 December 2012

-

819,564

819,564


-----------

----------

----------

Net book value




As at 31 December 2012

1,588,918

3,115,084

4,704,002


=======

=======

=======



13        Goodwill and port concession rights (continued)

 

Port concession rights include concession agreements which are mainly accounted for as business combinations and acquisitions. These concessions were determined to have finite and indefinite useful lives based on the terms of the respective concession agreements and the income approach model was used for the purpose of determining their fair values.

           

At 31 December 2012, port concession rights with a carrying amount of USD 502,896 thousand (2011: USD 344,668 thousand) are pledged to secure bank loans (refer to note 25).

         


Goodwill

Port concession rights

Total


USD'000

USD'000

USD'000

Cost




As at 1 January 2011

1,670,301

4,118,142

5,788,443

Acquired through business

 combination (refer to note 30)

 

9,693

 

32,474

 

42,167

Additions

-

31,673

31,673

Impairment loss

(12,790)

-

(12,790)

Disposals

-

(2,385)

(2,385)

Translation adjustment

(59,549)

(237,927)

(297,476)


------------

------------

------------

As at 31 December 2011

1,607,655

3,941,977

5,549,632


------------

------------

------------

Amortisation and impairment losses




As at 1 January 2011

-

540,329

540,329

Charge for the year

-

136,234

136,234

Impairment loss

-

96,710

96,710

On disposals

-

(1,642)

(1,642)

Translation adjustment

-

(53,612)

(53,612)


-----------

----------

----------

As at 31 December 2011

-

718,019

718,019


-----------

----------

----------

Net book value




As at 31 December 2011

1,607,655

3,223,958

4,831,613


=======

=======

=======

 


14        Impairment testing

 

Goodwill acquired through business combinations and port concession rights with indefinite useful lives have been allocated to various cash-generating units ("CGU"), which are reportable business units, for the purposes of impairment testing.

 

Impairment testing is done at an operating port level that represents an individual CGU. Details of the CGUs by operating segment are shown below:

 

 


Carrying amount of goodwill

Carrying amount of port concession rights with indefinite useful life

Discount rates

Perpetuity growth rate


2012

2011

2012

2011




USD'000

USD'000

USD'000

USD'000



Cash-generating units

 aggregated by operating

 segment







Asia Pacific and Indian

 subcontinent

 

224,868

 

233,123

 

-

 

-

 

8.00% - 15.50%

 

2.50%

Australia and Americas

271,309

323,104

-

-

8.00% - 14.50%

2.50%

Middle East, Europe and

 Africa

 

1,092,741

 

1,051,428

 

1,030,134

 

989,012

 

7.00% - 12.50%

 

2.50% - 2.60%


------------

------------

------------

----------



Total

1,588,918

1,607,655

1,030,134

989,012




=======

======

=======

======



 

The recoverable amount of the CGU has been determined based on their value in use calculated using cash flow projections based on the financial budgets approved by management covering a three year period and a further outlook for five years, which is considered appropriate in view of the outlook for the industry and the long-term nature of the concession agreements held i.e. generally for a period of 25 -50 years.

 

Key assumptions used in value in use calculations

 

The followingdescribes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill and port concession rights with indefinite useful lives.

 

Budgeted margins - The basis used to determine the value assigned to the budgeted margin is the average gross margin achieved in the year immediately before the budgeted year, adjusted for expected efficiency improvements, price fluctuations and manpower costs.

 

Discount rates - These represent the cost of capital adjusted for the respective location risk factors. The Group uses the post-tax Weighted Average Cost of Capital which reflects the country specific risk adjusted discount rate.

 

Cost inflation - The forecast general price index is used to determine the cost inflation during the budget year for the relevant countries where the Group is operating.

 

Perpetuity growth rate - In management's view, the perpetuity growth rate is the minimum growth rate expected to be achieved beyond the eight year period. This is based on the overall regional economic growth forecasted and the Group's existing internal capacity changes for a given region. The Group also takes into account competition and regional capacity growth to provide a comprehensive growth assumption for the entire portfolio.

 

The values assigned to key assumptions are consistent with the past experience of management.

 

Sensitivity to changes in assumptions

 

The calculation of value in use for the CGU is sensitive to future earnings and therefore a sensitivity analysis was performed. The analysis demonstrated that a 10% decrease in earnings for a future period of three years from the reporting date would not result in an impairment.


 

Summary financial information for equity-accounted investees, not adjusted for the percentage ownership held by the Group:

 


Asia Pacific and Indian subcontinent

Australia and Americas

Middle East, Europe and Africa

Total


2012

2011

2012

2011

2012

2011

2012

2011


USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000

USD'000










Current assets

515,254

492,575

373,871

425,910

324,725

316,072

1,213,850

1,234,557

Non-current assets

8,068,891

7,533,647

2,861,185

2,799,767

2,389,594

2,311,415

13,319,670

12,644,829


------------

------------

------------

------------

------------

------------

--------------

--------------

Total assets

8,584,145

8,026,222

3,235,056

3,225,677

2,714,319

2,627,487

14,533,520

13,879,386


=======

=======

=======

=======

=======

=======

========

=========










Current liabilities

666,372

511,661

168,232

236,265

209,422

181,051

1,044,026

928,977

Non-current liabilities

1,903,811

1,528,068

1,846,981

1,458,954

1,022,209

841,070

4,773,001

3,828,092


------------

------------

----------

----------

------------

------------

------------

------------

Total liabilities

2,570,183

2,039,729

2,015,213

1,695,219

1,231,631

1,022,121

5,817,027

4,757,069


=======

=======

======

======

=======

=======

=======

=======










Revenue

1,268,308

1,203,610

852,553

749,426

623,095

694,793

2,743,956

2,647,829

Expenses

(979,062)

(937,343)

(846,046)

(765,353)

(536,398)

(639,529)

(2,361,506)

(2,342,225)


----------

---------

---------

---------

---------

---------

-----------

------------

Net profit/ (loss)

289,246

266,267

6,507

(15,927)

86,697

55,264

382,450

305,604


======

======

=====

=====

=====

=====

======

======




The Group's share of profit from equity-accounted investees (before separately disclosed items)

133,897

141,711


======

=======

The Group's investments in net assets of equity-accounted investees as at 31 December

3,348,317

3,451,264


=======

=======

For ownership percentages in equity-accounted investees, refer to note 34.



 


16        Other investments

 


2012

2011


USD'000

USD'000




Debt securities held to maturity  (Note a)

11,277

12,815

Available-for-sale financial assets (Note b)

49,556

60,378


---------

---------


60,833

73,193


=====

=====

 

(a)  The movement in debt securities held to maturity mainly relates to redemption of USD 1,538 thousand during the year.

 

(b)  Available-for-sale financial assets consist of an unquoted investment in an Infrastructure Fund.

 

The movement schedule for these investments is as follows:

 


2012

2011


USD'000

USD'000




As at 1 January

60,378

51,439

Return of capital during the year

(10,690)

-

Change in fair value recognised in consolidated statement of   

 other comprehensive income

 

(132)

 

8,939


---------

---------

As at 31 December

49,556

60,378


=====

=====

 

17        Accounts receivable and prepayments

 


2012

2012

2012


Non-current

Current

Total


USD'000

USD'000

USD'000





Trade receivables (net)

-

244,534

244,534

Advances paid to suppliers

-

53,962

53,962

Other receivables and prepayments

56,115

198,646

254,761

Employee benefit assets (refer to note 24)

216

-

216

Due from related parties (refer to note 27)

207,097

105,961

313,058


----------

----------

----------


263,428

603,103

866,531


======

======

======

 


2011

2011

2011


Non-current

Current

Total


USD'000

USD'000

USD'000





Trade receivables (net)

-

232,957

232,957

Advances paid to suppliers

-

28,268

28,268

Other receivables and prepayments

53,425

258,700

312,125

Employee benefit assets (refer to note 24)

155

-

155

Due from related parties (refer to note 27)

206,534

104,095

310,629


----------

----------

----------


260,114

624,020

884,134


======

======

======

 

The Group's exposure to credit and currency risks are disclosed in note 29.



18        Bank balances and cash

 


2012

2011


USD'000

USD'000




Cash at banks and in hand

472,409

468,673

Short-term deposits

1,362,752

3,637,270

Deposits under lien

46,767

53,421


-------------

------------

Bank balances and cash

1,881,928

4,159,364

Bank overdrafts

(195)

(1,017)


------------

------------

Cash and cash equivalents for consolidated statement of cash

 flows

 

1,881,733

 

4,158,347


=======

=======

 

Short-term deposits are made for varying periods between one day and three months depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit market rates. Bank overdrafts are repayable on demand.

 

The deposits under lien amounting to USD 46,767 thousand (2011: USD 53,421 thousand) are placed to collateralise some of the borrowings of the Company's subsidiaries.

 

19        Share capital

 

The share capital of the Company as at 31 December was as follows:

 


2012

2011


USD'000

USD'000

Authorised



1,250,000,000 of USD 2.00 each

2,500,000

2,500,000


=======

========




Issued and fully paid



830,000,000 of USD 2.00 each

1,660,000

1,660,000


=======

=======

 

20        Reserves

 

Share premium

 

Share premium represents surplus received over and above the nominal cost of the shares issued to the shareholders and forms part of the shareholder equity. The reserve is not available for distribution except in circumstances as stipulated by the law.

 

Shareholders' reserve

 

Shareholders' reserve forms part of the distributable reserves of the Group.

 

Hedging reserve

 

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments related to hedge transactions that have not yet occurred.



20        Reserves (continued)

 

Other reserves

 

The other reserves mainly include statutory reserves of subsidiaries as required by applicable local legislations. This reserve also includes the unrealised fair value changes on available-for-sale investments.

 

Actuarial reserve

 

The actuarial reserve comprises the cumulative actuarial losses recognised in consolidated statement of other comprehensive income.

 

Translation reserve

 

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency. It also includes foreign exchange translation differences arising from translation of goodwill and purchase price adjustments which are denominated in foreign currencies at the Group level.

 

21        Dividends

 


2012

2011


USD'000

USD'000

Declared and paid during the year:



Final dividend 24 US cents per share/  

17 US cents per share

 

199,200

 

142,760


======

======

Proposed for approval at the annual general meeting



(not recognised as a liability as at 31 December):



Final dividend: 24 US cents per share/

 24 US cents per share

 

199,200

 

199,200


=====

======

 

22        Earnings per share

 

Basic earnings per share

 

The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding.

 


2012

2011


USD'000

USD'000




Profit attributable to ordinary shareholders

748,606

683,292


======

======





Number of shares

Number of shares




Number of ordinary shares outstanding as at 31 December

830,000,000

830,000,000


=========

==========



22        Earnings per share (continued)

 


2012

2011


USD

USD

Basic earnings per share after



 separately disclosed items - (US cents)

90.19

82.32


====

====

Basic earnings per share before



 separately disclosed items - (US cents)

66.91

55.26


====

====

 

The Company has no share options outstanding at the year end and therefore the basic and diluted earnings per share are not different.

 

23        Employees' end of service benefits

 

Movements in the provision recognised in the consolidated statement of financial position are as follows:

 


2012

2011


USD'000

USD'000




As at 1 January

49,393

45,988

Provision made during the year *

11,522

13,933

Amounts paid during the year

(5,168)

(10,528)


---------

---------

As at 31 December

55,747

49,393


=====

=====

 

*     The provision for expatriate staff gratuities, included in Employees' end of service benefits, is calculated in accordance with the regulations of the Jebel Ali Free Zone Authority. This is based on the liability that would arise if employment of all staff were terminated at the reporting date.

 

The UAE government had introduced Federal Labour Law No.7 of 1999 for pension and social security. Under this Law, employers are required to contribute 15% of the 'contribution calculation salary' of those employees who are UAE nationals. These employees are also required to contribute 5% of the 'contribution calculation salary' to the scheme. The Group's contribution is recognised as an expense in the consolidated income statement as incurred.

 

24        Pension and post-employment benefits

 

Please refer to DP World website for note 24 in full

 



 


           

 

25        Interest bearing loans and borrowings

 

This note provides information about the terms of the Group's interest-bearing loans and borrowings, which are measured at amortised cost. Information about the Group's exposure to interest rate, foreign currency and liquidity risk are described in note 29.

 


2012

2011


USD'000

USD'000

Non-current liabilities



Secured bank loans

669,322

720,482

Mortgage debenture stock

2,307

2,212

Unsecured loan stock

5,287

5,071

Unsecured bank loans

106,916

552,842

Unsecured bond issues

3,237,234

3,235,320

Finance lease liabilities

28,555

47,382


------------

------------


4,049,621

4,563,309


------------

------------

Current liabilities



Secured bank loans

203,111

100,242

Unsecured bank loans

484,909

3,062,653

Unsecured loans

3,719

3,619

Finance lease liabilities

11,096

11,932


----------

------------


702,835

3,178,446


------------

------------

Total

4,752,456

7,741,755


=======

=======



25        Interest bearing loans and borrowings (continued)

 

Terms and debt repayment schedule

 

Terms and conditions of outstanding loans were as follows:

 

Currency

Notes

Nominal interest rate

Year of maturity

Face value

2012

Carrying

amount





USD'000

USD'000







Secured loans






EGP


Variable

2013

1,868

1,868

EUR


Variable

2017-2023

103,353

103,353

GBP


Variable

2031

119,846

119,846

GBP


8.5%

2017

18,000

18,000

HKD


Variable

2015

837

837

INR


Variable

2015-2017

39,820

39,820

PKR


Variable

2018

76,345

76,345

USD


3%-8%

2017-2022

29,794

29,794

USD


Variable

2013-2020

481,784

481,784

ZAR


9.5%

2017

786

786

Unsecured loans






CAD


Variable

2013

158,030

158,030

SAR


Variable

2017

19,205

19,205

INR


Variable

2014-2019

70,260

70,260

USD


4.14%-7%

2013-2024

29,330

29,330

USD


8%

2013

1,200

1,200

USD


Variable

2013

315,000

315,000

EUR


Variable

2013

2,519

2,519

Mortgage debenture stock






GBP


3.5%

undated

2,307

2,307

Unsecured loan stock






GBP


7.5%

undated

5,287

5,287

Unsecured Bond






USD


7.88%

2027

8,000

7,935

Unsecured sukuk bonds






USD

(b)

*

2017

1,500,000

1,490,661

Unsecured MTNs






USD

(b)

6.85%

2037

1,750,000

1,738,638

Finance lease liabilities in various currencies


 

4.14% - 14%

 

2013-2054

 

39,651

 

39,651





------------

------------





4,773,222

4,752,456





=======

=======

 

*    The profit rate on this Islamic Bond is 6.25%.



25        Interest bearing loans and borrowings (continued)

 

Terms and debt repayment schedule

 

Terms and conditions of outstanding loans were as follows:

 

Currency

Notes

Nominal interest rate

Year of maturity

Face value

2011

Carrying amount





USD'000

USD'000

Secured loans






EGP


Variable

2013

3,099

3,099

EUR


Variable

2017-2024

117,248

117,248

EUR


2%

2024

14,824

14,824

HKD


Variable

2015

1,206

1,206

INR


Variable

2015-2017

76,632

76,632

PKR


Variable

2018

75,306

75,306

USD


3% - 8%

2013-2019

7,089

7,089

USD


Variable

2014-2020

524,320

524,320

ZAR


10%

2017

1,000

1,000

Unsecured loans






CAD


Variable

2013

167,995

167,995

INR


Variable

2014

45,272

45,272

INR


11.25%

2012

28,295

28,295

SAR


Variable

2017

23,232

23,232

USD


4.14%

2024

30,893

30,893

USD


6.21%

2012

1,000

1,000

USD


8%

2012

1,200

1,200

USD

(a)

Variable

2012

3,000,000

2,997,792

USD


Variable

2013

309,999

309,999

USD


Variable

2012

11,017

11,017

EUR


Variable

2012

2,419

2,419

Mortgage debenture stock






GBP


3.50%

undated

2,212

2,212

Unsecured loan stock






GBP


7.50%

undated

5,071

5,071

Unsecured Bond






USD


7.88%

2027

8,000

7,935

Unsecured sukuk bonds






USD

(b)

*

2017

1,500,000

1,488,922

Unsecured MTNs






USD

(b)

6.85%

2037

1,750,000

1,738,463

Finance lease liabilities in various currencies


 

4.14% - 14%

 

2012-2054

 

59,314

 

59,314





------------

------------





7,766,643

7,741,755





=======

=======

 

*    The profit rate on this Islamic Bond is 6.25%.



25        Interest bearing loans and borrowings (continued)

 

(a)  During the year, the Group has repaid USD 3,000,000 thousand outstanding under its revolving credit facility utilising its existing cash resources.

 

(b)  The Group has issued conventional bond of USD 1,750,000 thousand as Medium Term Note and a Sukuk (Islamic Bond) of USD 1,500,000 thousand. The Medium Term note and Sukuk are currently listed on Nasdaq Dubai and the London Stock Exchange (LSE).

 

Certain property, plant and equipment and port concession rights are pledged against the facilities obtained from the banks (refer to note 12 and note 13). The deposits under lien amounting to USD 46,767 thousand (2011: USD 53,421 thousand) are placed to collateralise some of the borrowings of the Company's subsidiaries (refer to note 18).

 

There has been no issuance or repayment of debt securities in the current year (2011: Nil). At 31 December 2012, the undrawn committed borrowing facilities of USD 1,897,511 thousand (2011: USD 1,037,021 thousand) were available to the Group, in respect of which all conditions precedent had been met.

 

Finance lease liabilities

 

The Group classifies certain property, plant and equipment as finance leases where it retains all risks and rewards incidental to the ownership. The net carrying values of these assets are disclosed in note 12.

 

Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows:

 




2012


Future minimum lease payments

Interest

Present value of minimum lease payments


USD'000

USD'000

USD'000





Less than one year

13,715

(2,619)

11,096

Between one and five years

25,938

(5,011)

20,927

More than five years

15,328

(7,700)

7,628


--------

---------

---------

At 31 December

54,981

(15,330)

39,651


=====

=====

=====

 




2011


Future minimum lease payments

Interest

Present value of minimum lease payments


USD'000

USD'000

USD'000





Less than one year

15,833

(3,901)

11,932

Between one and five years

43,689

(8,866)

34,823

More than five years

22,647

(10,088)

12,559


--------

---------

---------

At 31 December

82,169

(22,855)

59,314


=====

=====

=====

 

            The finance leases do not contain any escalation clauses and do not provide for contingent rents.

26        Accounts payable and accruals

 




2012


Non-current

Current

Total


USD'000

USD'000

USD'000





Trade payables

-

115,415

115,415

Other payables and accruals

384,248

642,625

1,026,873

Provisions *

499

41,000

41,499

Fair value of derivative financial instruments

120,008

41,850

161,858

Amounts due to related parties

 (refer to note 27)

 

-

 

13,182

 

13,182


----------

----------

------------

As at 31 December

504,755

854,072

1,358,827


======

======

=======

 




2011


Non-current

Current

Total


USD'000

USD'000

USD'000





Trade payables

-

138,616

138,616

Other payables and accruals

386,071

549,699

935,770

Provisions *

269

26,479

26,748

Fair value of derivative financial instruments

80,900

53,336

134,236

Amounts due to related parties

 (refer to note 27)

 

-

 

12,272

 

12,272


----------

----------

------------

As at 31 December

467,240

780,402

1,247,642


======

======

=======

 

*    During the current year, additional provision of USD 33,451 thousand was made (2011: USD 13,598 thousand) and an amount of USD 18,700 thousand was utilised (2011: USD 31,550 thousand).

 

27        Related party transactions

 

For the purpose of these consolidated financial statements, parties are considered to be related to the Group, if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over it in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or significant influence i.e. part of the same Parent Group.

 

Related parties represent associated companies, shareholders, directors and key management personnel of the Group, the Parent Company, Ultimate Parent Company (Dubai World Corporation) and entities jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group's management. The terms and conditions of the related party transactions were made on an arm's length basis.

 

The Ultimate Parent Company operates a Shared Services Unit ("SSU") which recharges the proportionate costs of services provided to the Group. SSU also processes the payroll for the Company and certain subsidiaries and recharges the respective payroll costs.



 

27        Related party transactions (continued)

 

Transactions with related parties included in the consolidated financial statements are as follows:

 


Equity- accounted investees

Other related parties

2012

Total


USD'000

USD'000

USD'000





Expenses charged:




Concession fee

-

48,169

48,169

Shared services

-

2,354

2,354

Other services

-

29,249

29,249





Revenue earned:




Management fee income

24,889

-

24,889


=====

=====

=====

 


Equity- accounted investees

Other related parties

2011

Total


USD'000

USD'000

USD'000





Expenses charged:




Concession fee

-

48,166

48,166

Shared services

-

9,259

9,259

Other services

-

20,676

20,676





Revenue earned:




Management fee income

23,248

-

23,248


=====

=====

=====

 

Balances with related parties included in the consolidated statement of financial position are as follows:

 


Due from related parties

Due to related parties


2012

2011

2012

2011


USD'000

USD'000

USD'000

USD'000






Ultimate Parent Company

1,871

2,730

194

-

Parent Company

53,450

54,154

-

-

Equity-accounted investees

232,973

232,052

124

386

Other related parties

24,764

21,693

12,864

11,886


----------

----------

---------

---------


313,058

310,629

13,182

12,272


======

======

=====

=====

 

Guarantees issued on behalf of equity-accounted investees amount to USD 98,720 thousand (2011: USD 12,020 thousand).

 



 

27        Related party transactions (continued)

 

Compensation of key management personnel

 

The remuneration of directors and other key members of the management during the year were as follows:


2012

2011


USD'000

USD'000




Short-term benefits and bonus

8,135

8,620

Post retirement benefits

720

722


-------

-------


8,855

9,342


====

====

 

28        Assets held for sale


2012

2011


USD'000

USD'000




Middle East, Europe and Africa region

-

77,706


=====

======

 

Assets held for sale in 2011 represent the investments in Tilbury Container Services Limited which was disposed in January 2012.

 

29        Financial instruments

 

 

                                                Please refer to DP World website for Note 29 in full

 

30        Business combination

 

There were no business combinations in 2012.

 

2011

On 16 August 2011, the Company acquired 60% interest in Integra Port Services N.V and Suriname Port Services N.V ("Suriname Group") for a total cost of USD 31,315 thousand (net of cash). The Suriname Group is engaged in the ports business in the Republic of Suriname.

 

This acquisition has resulted in recognition of goodwill of USD 9,693 thousand, port concession rights of USD 32,474 thousand and non-controlling interest of USD 15,753 thousand.

 

From the date of acquisition, Suriname Group has contributed revenue of USD 5,898 thousand and profit of USD 1,567 thousand. If the acquisition had taken place at the beginning of the year, the revenue would have been USD 15,600 thousand and profit would have been USD 4,144 thousand.



 

31        Operating leases

 

Operating lease commitments - Group as a lessee

 

Future minimum rentals payable under non-cancellable operating leases as at 31 December are as follows:

 


2012

2011


USD'000

USD'000




Within one year

303,685

192,961

Between one to five years

735,859

711,097

Between five to ten years

1,102,940

1,086,178

Between ten to twenty years

1,351,947

1,398,808

Between twenty to thirty years

1,311,794

1,357,630

Between thirty to fifty years

1,221,425

1,201,046

Between fifty to seventy years

1,052,910

1,063,338

More than seventy years

1,029,272

1,075,017


------------

-------------


8,109,832

8,086,075


=======

========

 

The above operating leases (Group as a lessee) mainly consist of terminal operating leases arising out of concession arrangements which are long term in nature. In addition, this also includes leases of plant, equipment and vehicles. In respect of terminal operating leases, contingent rent is payable based on revenues/ profits earned in the future period. The majority of leases contain renewable options for additional lease periods at rental rates based on negotiations or prevailing market rates.

 

Operating lease commitments - Group as a lessor

 

Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:

 


2012

2011


USD'000

USD'000

Within one year

21,646

22,691

Between one to five years

84,718

75,966

More than five years

25,640

25,887


----------

----------


132,004

124,544


======

======

 

Operating lease commitments - Group as a lessor (continued)

 

The above operating leases (Group as a lessor) mainly consist of rental of property, plant and equipment leased out by the Group. The leases contain renewal options for additional lease periods and at rental rates based on negotiations or prevailing market rates.

 



 

32        Capital commitments

 


2012

2011


USD'000

USD'000




Estimated capital expenditure contracted for as at 31 December

1,178,529

538,383


======

======

 

33     Contingencies

 

(a)     The Group has contingent liabilities amounting to USD 15,538 thousand (2011: USD 99,491 thousand) in respect of payment guarantees, USD 152,556 thousand (2011: USD 82,117 thousand) in respect of performance guarantees and USD 853 thousand (2011: 195 thousand) in respect of letters of credit issued by the Group's bankers. The bank guarantees and letters of credit are arising in the ordinary course of business from which it is anticipated that no material liabilities will arise.

 

(b)     The Group has contingent liabilities in respect of guarantees issued on behalf of equity-accounted investees (refer to note 27).

 

(c)     The Group through its 100% owned subsidiary Mundra International Container Terminal Private Limited ("MICT") has developed and is operating the container terminal at the Mundra port in Gujarat.

 

In 2006, MICT received a show cause notice from Gujarat Maritime Board ("GMB") requiring MICT to demonstrate that the undertaking given by its parent company, P&O Ports (Mundra) Private Limited, with regard to its shareholding in MICT has not been breached in view of P&O Ports being taken over by the Group (DP World).

 

Based on the strong merits of the case and on the advice received from legal counsel, management believes that the above litigation is unsubstantiated, and in management's view, it will have no impact on the Group's ability to continue to operate the port.

 

(d)  Chennai Port Trust ("CPT") had raised a demand for an amount of USD 21,773 thousand (2011: USD 22,548 thousand) from Chennai Container Terminal Limited ("CCTL"), a subsidiary of the Company, on the basis that CCTL had failed to fulfil its obligations in respect of non-transhipment containers for a period of four consecutive years from 1 December 2003. CCTL had subsequently paid USD 11,633 thousand (2011: USD 12,047 thousand) under dispute in 2008. CCTL had initiated arbitration proceedings against CPT in this regard. The arbitral tribunal passed its award on November 26, 2012 ruling in favour of CCTL. As per the local legislation, CPT can make an application for setting aside the award within a period of 90 days from the date of award. No such application for setting aside the arbitration has been made by CPT as at the reporting date.



34        Significant group entities

 

            Please refer to DP World website for Note 34, the list of significant group entities,  in full

 

 

35        Subsequent events

 

On 7 March 2013, the Group entered into a strategic partnership with Goodman Hong Kong Logistics Fund, monetising 75% of its interests in CSX World Terminals Hong Kong Limited (CT3), which operates berth 3 of the Kwai Chung Container Terminal ('CT3') and ATL Logistics Centre Hong Kong Limited (ATL), a logistics centre located alongside CT3 for a total cash consideration of USD 463,000 thousand. As part of the strategic partnership, the Group will continue to manage the port operations.  Completion, subject to regulatory approvals, is expected to be towards the end of the first half of 2013.

 

On the same day, the Group divested all of its 55.16% interest in Asia Container Terminals Holdings Limited, the holding company of the entity that owns and operates Asia Container Terminal 8 West (CT8), for a cash consideration of USD 279,000 thousand, to Hutchison Port Holdings Trust (HPH Trust).

 

The total consideration to be received by the Group for the two transactions is USD 742,000 thousand including the repayment of certain shareholder loans. The proceeds will go towards maintaining a strong capital position. The net financial impact will be computed and disclosed in the consolidated financial statements for the six months ended 30 June 2013, after taking into account the impact of recycling of the foreign currency translation reserve and other costs related to the transaction.

 

 

- END -



[1] Before separately disclosed items primarily excludes non-recurring items.  Further details can be found in Note 11 of the audited accounts.

[2] Gross throughput is 100% of the throughput from all terminals we operate regardless of % ownership.

[3] Consolidated throughput is throughput from all terminals where we have control as defined under IFRS.

[4] Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation before separately disclosed items including share of profit from equity-accounted investees.

[5] Before separately disclosed items.

[6] Profit for the year attributable to owners of the Company after separately disclosed items.

[7] Return on capital employed is EBIT divided by total assets less current liabilities and includes goodwill.

[8] Full details available on page 15 onwards

[9] Like for like growth at constant currency, is without the addition of (a) new capacity at Paramaribo (Suriname) (b) divested equity-accounted investees Tilbury (UK), P&O Trans Australia (POTA), Aden (Yemen), Adelaide (Australia), Vostochny (Russia) and DMS (P&O Maritime) (c) the deconsolidation of our five Australian terminals (d) and the impact of exchange rates as our financial results are translated into US dollars for reporting purposes.

 

[10] Like for like growth at constant currency normalises for the divestments or monetisation of Tilbury (UK), Aden (Yemen),Vostochny (Russia) and the translation impact of exchange rates.

[11] Like for like growth at constant currency normalises for the translation impact of exchange rates.

[12] Underlying change shows what the % year over year change would have been had the five terminals in Australia continued to be consolidated in DP World's accounts from 1 January 2012 to 11 March 2012 and allows a better comparison with the prior period.

[13] Like for like growth at constant currency normalizes for the divestments or monetisation of Australia, P&O Trans Australia, Adelaide (Australia), DMS (P&O Maritime, Australia), new capacity at Paramaribo (Suriname) and the translation impact of exchange rates.


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DP WORLD LIMITED ANNOUNCES STRONG FINANCIAL RESULT - RNS