The Netherlands: APM Terminals Announces Strong Midyear Results

APM Terminals earned $2.212 billion USD in revenue during the first six months of 2011, representing a 6% increase over the same period in 2010, and generating $304 million USD in profits as the company continued to aggressively expand into high growth markets.

 Portfolio expansion

In the first half of the year new operations have commenced at the recently completed 1.1 million TEU annual capacity deep-water Cai Mep International Terminal in Vietnam, and at the multi-service facilities at the Port of Monrovia, Liberia, West Africa, as well as at the Poti Seaport in the Republic of Georgia on the Black Sea. Concession agreements were also signed for the Terminal Muelle Norte at the port of Callao, Peru on the west coast of South America. Of interest, the successful takeover of operations in the port in Callao, Peru in just 50 days after contract signing reflects the company’s unique scale and expertise in managing new port locations.

 Financial execution

Commenting on the results, APM Terminals CEO Kim Fejfer, stated “We achieved very good results for the first half fiscal year and our key business metrics continue to trend positively. I am delighted to see our client portfolio expanding, our new business activities performing well, opening new markets in line with our growth strategy. Our investment in new terminals continues to drive APM Terminals strong market leading position.”

Highest ever EBITDA

Return on Invested Capital after tax (ROIC) was 12.2% for the period, and profit before depreciation, amortization and impairment losses, (EBITDA) increased by 22% over the 1st Half of 2010 to $513 million USD, representing the highest level for first half results in the company’s history. On a like-for-like basis, container throughput increased by 8% to 16.2 million TEUs, weighted by equity share, for the period, and by 3% in a straight year-on-year comparison. Container traffic from non-A.P. Moller-Maersk Group affiliates rose to 46% of total business for the first half of the year, compared with 43% in the same period the year prior.

 The future

“Our strategies in meeting the needs of the market, and our customers have been effective, and we will continue to make the necessary adjustments and investments in operations and personnel to become the best and the leading port operator in the world. During the first half of 2011, we have committed more than $1 billion USD in new terminals to drive our portfolio expansion and the execution of our strategic growth program. I remain optimistic about our opportunity to create value and grow the business.“ Mr. Fejfer concluded.

[mappress]

Source: apmterminals, August 18, 2011.