DP World limited preliminary results for the 12 months to 31 December 2009

Published March 24th, 2010 - 12:45 GMT
DP World today announces financial results from its global portfolio of marine terminals, which reflect the resilience of the portfolio and the inherent flexibility of the business model. DP World reported a stronger second half of 2009 as some volume returned and the benefits of management’s swift action on costs came through.
Summary

Consolidated throughput of 25.6 million TEU2 (27.8 million)

Revenue of $2,821 million ($3,283 million)

EBITDA3 of $1,072 million ($1,340 million)

EBITDA margins of 38% (40.8%)

Adjusted net profit after tax from continuing operations of $333 million ($621 million)

Gross cash generation from operating activities remained very strong at $992 million ($1,204 million)

Earnings per share 2.01 cents (2.90 cents)

Dividend of 0.82 of a US cent (0.69 of a US cent)
DP World has reported better than expected results reflecting management action and the continued investment in new terminals despite the challenging macroeconomic environment and the decline in global trade experienced in 2009.
Taking the macroeconomic and other factors into consideration, DP World has performed remarkably well. Not only did the Group report a substantially smaller decline in volumes than the industry4 maintaining higher utilisation rates, but also reported EBITDA in excess of $1 billion and profits well in excess of $300 million. Gross cash generation from operating activities remained very strong at $992 million.
The focus on maintaining and generating incremental revenue, improving efficiencies and cutting costs across all container terminals has mitigated the impact of non-container revenue declines and successfully delivered a higher level of EBITDA in the second half of the year than the first half and an incremental improvement in underlying5 EBITDA margins in the second half. These actions leave DP World in a far stronger position moving through 2010 and into 2011.

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