The senior facility was provided by a group of new and existing lenders and led by Royal Bank of Canada. The Holdco facility was provided by CPPIB Credit Investments Inc, a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), a global institutional investor with more than USD190 billion of assets under management and a leading infrastructure and credit investor. Concurrent with the transaction, CPPIB will own a 10 percent equity participation in the company. Highstar Capital remains majority owner of Ports America.

Highstar Capital Founder and Managing Partner Christopher Lee said regarding the refinancing: “We are very excited to welcome CPPIB as new partner in the Ports America business. CPPIB is one of the largest pension funds in the world and one of the most respected leaders in infrastructure investing. We believe its global reach, knowledge of the ports sector, and aligned views will provide us with the ability to continue to grow and continue to expand our business, both within the US and internationally.

This new partnership further affirms Ports America’s commitment to our customers, supply chain partners and employees as we continue to strengthen our position as a leader and best in class terminal operator.”

Ports America was advised by Goldman Sachs and Perella Weinberg Partners LP and its legal adviser was Cleary, Gottlieb, Steen & Hamilton LLP.

The programme consists of two phases. The first phase includes specific financial performance targets for the year 2014 (business area or corporate operating profit and working capital). The second phase consists of an additional earnings multiplier, which is based on Cargotec’s market value (including both class A and class B shares) at the end of a three year performance period in 2016. The second phase serves to align the interests to that of the shareholders as well as retention (eligible participants need to be employed by Cargotec in the beginning of 2017).

The potential reward will be delivered in Cargotec class B shares in the beginning of 2017. Gross reward, before deduction for the applicable taxes and employment related expenses, is in range of 25-120% of annual base salary for on target performance. If the targets were fully met for the maximum number of participants, the cost of the programme for the three year period would be approximately EUR 12 million. If the financial performance threshold levels were not met, there would not be any incentive payment.

As a part of total compensation, additional restricted share grants can be allocated for selected few key employees during 2014-2016. Gross reward, before deduction for the applicable taxes and employment related expenses, is in range of 50-60% of annual base salary. If the financial performance threshold levels were met for the maximum number of participants, the cost of the programme for the three year period would be approximately EUR 2.9 million. If the financial performance threshold levels were not met, there would not be any incentive payment.

No new shares will be issued in connection with the above programme and therefore the programme will have no diluting effect.

– Orders received increased 8 percent to EUR 3,307 (3,058) million.
– Sales fell 4 percent to EUR 3,181 (3,327) million.
– Operating profit excluding restructuring costs was EUR 126.5 (157.5) million, representing 4.0 (4.7) percent of sales.
– Operating profit was EUR 92.5 (131.4) million, representing 2.9 (3.9) percent of sales.
– Cash flow from operations before financial items and taxes totalled EUR 180.9 (97.1) million.
– Net income for the financial period amounted to EUR 55.4 (89.5) million.
– Earnings per share was EUR 0.89 (1.45).

The Board of Directors proposes a dividend of EUR 0.41 per class A share and EUR 0.42 per class B share be paid.

Outlook for 2014
Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructurings costs for 2014 is expected to improve from 2013.  The acquisition of the Aker Solution’s mooring and loading systems unit was completed 30 January 2014. Consolidation of the acquisition does not impact Cargotec’s above-mentioned outlook for 2014.

Cargotec’s President and CEO Mika Vehviläinen:
“Despite our many achievements, 2013 was financially disappointing. However, it was pleasing during the fourth quarter to see the amount of orders received increase, while cash flow continued to strengthen from the third quarter.

MacGregor’s growth strategy progressed significantly during the fourth quarter. Announced in July, the acquisition of Hatlapa was completed in October. Then we also announced our intention to acquire the Aker Solutions’ mooring and loading systems unit. These acquisitions will position MacGregor as a leading player in the offshore equipment market.

Our main target is to improve our profitability. During 2013, a great deal of work was done in developing our strengths. Although much remains to be done, I expect our efforts to bear fruit this year and also to be reflected in the results.”

“We are at the forefront of a fast-moving industry, and these talented and aggressive young professionals, reflecting our diverse operations and worldwide scope, will help to write the future of our company, and the global logistics industry”, stated Mr. Fejfer.

The 2013 MAGNUM class members presented team projects on such subjects as energy strategy, automation and enhanced web-based customer service to APM Terminals’ senior leadership prior to the graduation ceremonies. The successful MAGNUM candidates represented 19 nationalities and 26 company offices, port facilities and Inland Services operations. Of these operational and office locations, 19 are in important economically developing areas of Latin America, South Asia, the Middle East, Asia and Africa where APM Terminals has focused recent infrastructure investment.

“Professional development of talented and ambitious local managers from around the world who can become global leaders for the company is an essential component of our company strategy” noted APM Terminals Vice President of Human Resources and Labor Relations Steve Bird, who also participated in the graduation ceremony.

MAGNUM class participants are chosen from internal applications from throughout the APM Terminals Global Terminal Network in a highly competitive process. The 2013 MAGNUM class was divided into four teams, with program modules including overseas assignments as well as classroom responsibilities, and included extended visits to the APM Terminals Pier 400 facility in Los Angeles, the world’s largest proprietary container terminal, and APM Terminals Rotterdam, where a new automated facility is scheduled to open next year at the Maasvlakte II site.

“This has been a tremendous opportunity and experience for all of us, and I am looking forward to putting these new ideas and expertise to use for excellence” said Nancy (Yi Hong) Huang, a MAGNUM graduate and Terminal Director from the Xiamen Songyu Container terminal (XSCT) in China. APM Terminals holds a 25% in the facility, located in China’s 8th largest port, which was named the global leader in terminal productivity based upon JOC data for the 1st Half of 2013 with an average of 130.8 crane moves per hour.

“We are a global presence with a new international face, and I am proud to be a part of this Class, and this company” said Kuruvilla Xavier, an Indian national who joined the MAGNUM program from his position as Head of Operations of APM Terminals Liberia, at the Port of Monrovia, the first wholly-owned APM Terminals concession in Africa.