The Netherlands: APM Terminals’ Q1 2013 Report

The result for the period of first quarter of 2013 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 Q1 2012.

Volumes from customers outside the APMM Group grew by 9% and reached 50% of the total (46% in Q1 2012).


APM Terminals announced the following developments with portfolio implications in Q1:APM

• 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 with Bolloré 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.

APM Terminals’ proposal to operate all Port of Virginia facilities in Hampton Roads, USA under a long-term concession agreement with the Virginia Port Authority (VPA) was rejected by the Virginia Port Authority Board of

Commissioners, who decided to discontinue the process. Construction of the jointly owned Brasil Terminal Portuario in Santos, Brazil has been completed and operations are expected to commence during Q2 2013. Volumes will ramp up during the second half of the year, as dredging of the port gets finalised.

Financial performance

APM Terminals delivered a profit of USD 166m and a return on invested capital of 12.0%. This compares to a profit of USD 226m in Q1 2012, where the result was affected by gains of USD 73m after tax primarily on the sale of Maersk Equipment Service Company Inc., USA (MESC) (USD 48m) and half of the stake in Xiamen, China (USD 21m). Operational cash flow was USD 242m (USD 185m).

Safety performance

The LTIF for the last four quarters was 2.22 per million working hours (3.46 per million working hours). APM Terminals has continued focus on eliminating accidents and advancing the safety management culture.

APM Terminals, May 21, 2013



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