The Group’s unconsolidated CAPEX for 2013 on a 100% and cash basis is expected to be USD 139 million. For the Russian Ports segment, CAPEX on a 100% and cash basis is expected to exceed USD 120 million in 2013 and will include:
1) further investment in PLP infrastructure to lay the groundwork for the next phase of capacity expansion. This includes reconstruction and expansion of PLP’s internal railway infrastructure and road system (including the inter-terminal access road to the Western High Speed Diameter), the addition of further electricity capacity, and engineering work on infrastructure, parking and the repairs area for the port’s machinery;
2) further upgrading of the existing heavy Ro-Ro and car handling terminal at PLP. The terminal is experiencing strong client demand, with the utilisation rate for the heavy Ro-Ro facilities at 73% during the first half of 2012. By continuing to upgrade the terminal, the Group will increase the level of service for its clients, enhance flexibility in Ro-Ro and cars handling as well as improve the safety of the operations;
3) other projects aimed at facilitating further bulk cargo turnover growth and container throughput as well as increasing the bulk containerisation level; and
4) the replacement of equipment, the reconstruction of rail tracks and maintenance at VSC.
For the Oil Products Terminal segment, CAPEX for 2013 on a 100% basis will be USD 18 million and will primarily consist of investments related to an increased amount of railway logistics services provided by Vopak EOS to its clients, further improvement of interconnectivity of terminal facilities and other investments focused on maintenance, reliability and safety of the Group’s operations.
Taking into account the approved CAPEX program, the Group’s current liquidity position and low leverage, the Board has resolved to recommend a special dividend of USD79.9 million equal to USD0.17 per share (both ordinary and ordinary non-voting) or USD0.51 per GDR. The payment of the special dividend is expected to take place by the end of February 2013 subject to approval at the EGM. The dividend record date and ex-dividend date will be set later this month.