2012 Final Results Announcement
Hong Kong, 26th March 2013
Results Highlights
•
The Group’s revenue rose by 22.8% to
US$735,500,000 (2011: US$599,159,000). Revenue from
the terminal business rose 24.4% to US$402,16
1,000 (2011: US$323,339,000) mainly due to the
business growth of Piraeus Container Terminal
S.A. (“Piraeus Terminal”) and Guangzhou South
China Oceangate Terminal Company Limited (“
Guangzhou South China Oceangate Terminal”).
Revenue from the container leasing, manage
ment and sale businesses rose 21.6% to
US$336,224,000 (2011: US$276,547,000), mainly attributable
to an increase in the number of
containers on hire and a sharp increase in the nu
mber of disposed returned containers upon expiry
of 10-year leases.
• Profit from the terminal business and container leasing, management a nd sale businesses grew steadily. However, the growth of the Group’s overa ll profit was affected by a decrease in profit from China International Marine Containers (G roup) Co., Ltd. (“CIMC”). Excluding the share of profit from CIMC and non-recurring items Note 1 , profit attributable to equity holders of the Company rose by 14.6% to US$280,299,000 (2011: US$244,574,000). Including the share of profit from CIMC and excluding the non-recurring item s, profit attributable to equity holders of the Company was US$342,194,000 (2011: US$364,373,000), a d ecrease of 6.1%. Including the share of profit from CIMC and the no n-recurring items, profit attributable to equity holders of the Company dropped by 12.0% to US$342,194,000 (2011: US$388,771,000).
• Profit from the terminal business grew by 9.7% to US$188,964,000 (2011: US$172,333,000 Note 2). The rise was mainly due to equity throughput having increased by 13.8% to 15,638,070 TEU (2011: 13,744,329 TEU). Total throughput increased 9 .8% to 55,685,225 TEU (2011: 50,695,897 TEU).
• Profit from the container l easing, management and sale businesses increased by 19.8% to US$139,522,000 (2011: US$116,508,000). The increase was mainly due to the fact that disposal of returned c ontainers soared 2.2 ti mes to 31,671 TEU (2011: 9,826 TEU) while the container fleet size increased by 4.4% to 1,8 55,597 TEU (2011: 1,777,792 TEU).
• The Group holds a 21.8% equity stake in CIMC. Share of profit from CIMC declined by 48.3% to US$61,895,000 (2011: US$119,799,000).
• The proposed final dividend is HK18.3 cents per share (2011: HK17.4 cents). The dividend will be payable in cash and with a sc rip dividend alternative. The full-year dividend was HK38.8 cents (2011: HK44.6 cents) representing a pa yout ratio of 40.0% (2011: 40.0%).
Note 1: Non-recurring items in 2011 include a gain on release of exchange reserve of US$11,841,000 upon reclassification of COSCO Ports (Nansha) Limited (“CP Nansha”) and its s ubsidiary, Guangzhou South China Oceangate Terminal, from jointly controlled en tities to subsidiaries from 1st January 2011, and a gain on disposal of Qingdao Cosport Internati onal Container Terminals Co., Ltd. (“Qingdao Cosport Terminal”) of US$12,557,000.
Note 2: Excluding the gain of US$12,557,000 on disposal of Qingdao Cosport Terminal in 2011.
Full report at: www.coscopac.com.hk
COSCO Pacific Limited, Press Release