Results Highlights
– Revenue of USD3,968 million
– Revenue growth of 16.3% supported by acquisition of Economic Zones World (EZW)
– Like-for-like revenue increased by 5.6% driven by a 4.9% increase in containerised revenue
– Volume growth of 2.7% ahead of industry growth estimated at 1.1%
– Containerised revenue per TEU (twenty-foot equivalent unit) grew 3.2% on a like-for-like basis
– Non-container revenue increased 8.2% on a like-for-like basis and up by 64.6% on a reported basis due to acquisitions

– Adjusted EBITDA of USD1,928 million; record adjusted EBITDA margin of 48.6%
– Adjusted EBITDA margin reached a record high of 48.6% due to improved contribution from higher margin locations and EZW acquisition

Profit for the period attributable to owners of the Company of USD883 million
– Strong adjusted EBITDA growth resulted in a 30.7% increase in profit attributable to owners of the Company before separately disclosed items

Strong cash generation and robust balance sheet
– Cash from operating activities amounted to $1,928 million up from $1,486 million in 2014. Cash conversion remained high at 100% of adjusted EBITDA
– Free cash flow (post cash tax maintenance capital expenditure and pre dividends) amounted to USD1,595 million against USD1,228 million in 2014
– Leverage (Net Debt to adjusted EBITDA) increased to 3.2 times due to acquisitions and higher capex

– Total dividend per share increased by 28% to 30 US cents
– Ordinary dividend increased by 28% to 30 US cents to reflect growth in 2015 earnings

Continued investment in high quality long-term assets to drive long-term profitable growth
– USD1,389 million invested across the portfolio during the year
– Mumbai (India) and Yarimca (Turkey) both added 800k TEU of capacity each. 850k TEU capacity came on line with acquisition of Prince Rupert (Canada). Continued expansion in London Gateway Logistics Park (UK) and Jebel Ali Freezone (UAE)
– By the end of 2016 they expect to have approximately 86 million TEU of gross global capacity, an increase of approximately 15 million TEU since 2012, and over 100 million TEU of gross capacity by 2020, subject to market demand
– They expect capital expenditure in 2016 to be between USD1.2-1.4 billion with investment planned into Jebel Ali (UAE), Jebel Ali Freezone (UAE), London Gateway (UK), Prince Rupert (Canada).

– Key acquisition of EZW (UAE) and Prince Rupert (Canada) performing ahead of expectations
– Approximately USD4.0 billion invested in acquisitions which includes EZW (UAE), Prince Rupert (Canada)
– Integration of EZW and Prince Rupert progressing well with both businesses performing ahead of expectations. Freezone revenues grew 7% year-on-year on a pro-forma basis

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem commented: “We are pleased to announce a strong set of financial results for 2015, reporting earnings growth of 31% year on year, driven by the acquisition of EZW and robust underlying growth. This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets. In 2015, we have invested approximately USD5.4 billion with USD4.0 billion in acquisitions and USD1.4 billion in capex, and this investment leaves us well placed to capitalise on the significant medium to long-term growth potential of this industry. Furthermore, we are pleased to report strong progress with EZW with continued growth as we benefit from operating an integrated logistics hub.

“The Board of DP World is recommending increasing the dividend by 28% to a total dividend of USD249.0 million, or 30.0 US cents per share to reflect the increase in our earnings. 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.

“While 2016 is expected to be another challenging year for global trade, we have made an encouraging start to the year and current trading is in line with group expectations. Macro-economic conditions and geopolitical issues across some locations remain uncertain but we believe our portfolio is well positioned to deliver volume growth ahead of the market this year.

“We remain on course to deliver over 100 million TEU of capacity by 2020, while maintaining the existing shape of our portfolio that has a 70% exposure to origin and destination cargo and 75% exposure to faster growing markets. This positioning should enable us to deliver attractive earnings growth and shareholder value over the long term.”

The General Assembly also ratified all the remaining items on the Agenda, including the proposal by the Board of Directors to distribute a cash dividend of 50% of the nominal share value (equivalent to QAR 5 per share). The General Assembly further approved the appointment of KPMG as external auditors for the year 2016.

During the General Assembly meeting, HE Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha’s Board of Directors presented an overview of the company’s activities and financial results for 2015 along with highlights of business plans for the year 2016.

The Chairman said: “2015 was a year of milestones for Milaha as we launched a first of its kind direct shipping service between Qatar and India, secured new contracts, and increased our market share in several sectors.”
The Chairman added: “Despite difficult market conditions, our growth this year was driven by significant improvement in our core businesses – maritime and logistics, gas and petrochem, and offshore services – and this is an indication of the success of our growth strategy as we build a stronger foundation for our future.”

During the meeting, the Chairman provided shareholders with detailed answers with regards to all the questions that were raised.

Milaha’s net profit for 2015 increased by 4% to QAR 1.095 billion up from QAR 1.049 billion in 2014. Shareholders can review the company’s financial statements for more information.

Dividend distribution will commence starting March 23, 2016 through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividend account administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.

As part of the Extraordinary Meeting, the General Assembly approved the recommendation to amend several articles in the company’s Articles of Association as per the provisions of the Commercial Companies Law.

The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
The legal entity, Qatar Navigation Q.S.C. (QNNS:QD), is publically listed on the Qatar Exchange.

As a result of the negotiations, Kalmar has decided to utilise the successful cooperation model with the joint venture Rainbow Cargotec Industries (RCI) in China that is already in place in the rubber-tyred gantry (RTG) cranes and extend it to automatic stacking cranes (ASC). The change of the business model will lead to a permanent reduction of 10 employees in Tampere. Additionally 13 employees will be transferred to RCI’s competence team located in Tampere.

The new organisation will take effect on 1 April 2016. Kalmar will continue to hold responsibility for automation and software development, sales, marketing and customer interface, as well as project deliveries of mega projects, while RCI will be responsible for the automatic stacking cranes.

“With the new setup, we are expecting to improve our competitiveness on the global market. Together with RCI, we will deliver automatic stacking crane projects within set time, budget and quality standards, to the full satisfaction of our customers. In Tampere, we will focus on developing our automation and software offering to support our digitalisation journey,” says Antti Kaunonen, Senior Vice President, Automation and Projects, Kalmar.

Kalmar currently employs approximately 300 people in Tampere. Kalmar’s Technology and Competence centre in Tampere includes the industry’s largest port automation test field and world-class facilities and laboratories for prototyping, simulation, testing, monitoring and optimisation.