The Netherlands: APM Terminals Posts Q1 2013 Report

APM Terminals has announced its Q1 2013 financial results.

HIGHLIGHTS

• Profit of USD 166m (USD 226m). Gains of USD 73m after tax were included in 2012;

• RQIC was 12.0% (20.1%);

• Cash flow from operating activities was USD 242m (USD 185m);

• Number of containers handled was 8.6m TEU (8.6m TEU);

• A strategic partnership agreement was signed with Turkey-based Petkim to create and operate the new Aegean Gateway Terminal (AGT) near Izmir, Turkey;

• APM Terminals in consortium with Bollore Africa Logistics and Bouygues was named preferred bidder for a new container terminal in Abidjan, Ivory Coast.

The result for the period was affected by reduced volumes in North America and Western Europe, as well as reduced activity level in Inland Services, following the divestment of Maersk Equipment Service Company Inc., USA (MESC) in March 2012. Positive developments in terminals in high growth markets compensated for this.

MARKET DEVELOPMENT

The global container terminal market measured in TEU increased by 3% during the first quarter of 2013. The number of containers handled by APM Terminals (measured in crane lifts and weighted with APM Terminals’ ownership interest) was unchanged compared to 012012.

Volumes from customers outside the APMM Group grew by 9% and reached 50% of the total (46% in Q12012).

PORTFOLIO

APM Terminals announced the following developments with portfolio implications in 01:

• APM Terminals and Turkey-based Petkim entered into an agreement to create and operate Aegean Gateway Terminal (AGT). AGT will be one of Turkey’s largest container and general cargo terminals and will be entirely operated by APM Terminals under a concession agreement with operations expected to start in summer 2015.

The initial investment for the container terminal is approximately USD 400m. APM Terminals will have the right to operate the port for a period of 28 years which may be further extended. The terminal will be capable of handling vessels over 10,000 TEU capacity.

• China Shipping Terminals signed a Memorandum of Understanding with APM Terminals, stating the intention of purchasing a 24% share of APM Terminals Zeebrugge. The transaction is scheduled to be finalized by the end of June 2013.

• APM Terminals in consortium withBolloré Africa Logistics and Bouygues was named preferred bidder to manage a second container terminal in Abidjan, Ivory Coast. Once constructed, the terminal will be able to handle 8,000 TEU vessels and thereby expand the port’s role as a regional transhipment hub.

More info

[mappress]

Press Release, May 21, 2013