The Group’s Adjusted EBITDA increased 2% to USD 288 million*.
Key highlights
Global Ports became a partnership between APM Terminals and N-Trans in Russia, the CIS and the Baltic States.
Global Ports maintained its leading position in the Russian container market with 29.5%* market share1 of overall container throughput through Russian Federation ports. The Group’s Russian Ports segment container throughput increased 8% year on year to approximately 1,450 thousand* TEUs (twenty-foot equivalent units) in 2012.
Total Operating Cash Costs declined 2.4%* to USD 214 million* mainly due to strict cost control and improved efficiency in the Russian Ports’ segment, a decline in expenses in other segments as well as a positive foreign exchange rate effect.
The Group’s Adjusted EBITDA Margin increased to 57.4%* compared to 56.3%* in 2011 with Adjusted EBITDA up by 2%* to USD 288 million*.
Net Profit Adjusted for Impairment increased 17%* to USD 171.2 million*.
Net cash from operating activities increased 9% to USD 252 million.
Net Debt to Adjusted EBITDA was 0.8x* at 31 December 2012 leaving sufficient headroom for the target gearing ratio of 1.5x-2x* to be reached by balancing further expansion with dividend distribution.
CAPEX on an accrued basis was USD 110.9 million. CAPEX on a cash basis was USD 79.8million. Investments were made to enable capacity expansion (the construction of 400 thousand TEUs of capacity at Petrolesport), for equipment renewal, and to improve the services rendered to clients.
On the basis of the improved financial results and strong balance sheet of the Group, the Board of Directors is recommending an additional dividend payment of USD 37.6 million or USD 0.24 per GDR subject to shareholder approval at the Annual General Meeting. This together with a dividend payment of USD 47 million or USD 0.30 per GDR in September 2012 results in a total regular dividend for the year 2012 at USD 0.54 per GDR (USD 84.6 million).
Taking into account the CAPEX program, the Group’s liquidity position and low leverage, the Board recommended a special dividend in December 2012 for the total amount of USD 79.9 million (USD 0.51 per GDR) which was paid in February 2013.
In 2012 Global Ports increased to 100% the Group’s ownership interest in VSC, one of the key gateways for Russian container transport in the Far East of Russia