REG - DP World Limited - DP WORLD ANNOUNCES ADJUSTED EBITDA of $5 BILLION
16/03/2023 08:15
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RNS Number : 1960T DP World Limited 16 March 2023
DP WORLD ANNOUNCES RECORD RESULTS
WITH ADJUSTED EBITDA of $5 BILLION
Dubai, United Arab Emirates, 16 March 2023: DP World Limited announces strong
financial results for the year ended 31 December 2022. On a reported basis,
revenue grew 58.9% to $17,127 million and adjusted EBITDA grew 31% to $5,014
million with adjusted EBITDA margin of 29.3%.
2022 2021 % change Like-for- like at constant currency % change 2 (#_ftn2)
Gross throughput 3 (#_ftn3) (TEU '000) 79,031 77,935 1.4% 2.8%
Consolidated throughput 4 (#_ftn4) (TEU '000) 46,093 45,422 1.5% 0.7%
Containerised Revenue 5,050 4,629 9.1% 12.1%
Non-Containerised Revenue 12,077 6,149 96.4% 18.3%
Total Revenue 17,127 10,778 58.9% 15.6%
Share of profit from equity-accounted investees 166 152 9.2% 29.0%
Adjusted EBITDA 5 (#_ftn5) 5,014 3,828 31.0% 19.8%
Adjusted EBITDA margin 29.3% 35.5% -6.2% 37.2% 6 (#_ftn6)
EBIT 3,034 2,338 29.8% 22.4%
Profit for the year 1,839 1,353 35.9% 28.0%
Profit for the year attributable to owners of the Company before separately 1,438 1,103 30.4% -
disclosed items
Profit for the year attributable to owners of the Company after separately 1,227 896 37.0% -
disclosed items
Results Highlights
Ø Revenue increased by $6,349 million to $17,127 million (Revenue growth of
58.9% on a reported basis)
§ Revenue growth of 58.9% supported by acquisitions and like-for-like revenue
growth driven by the solid performance of Ports and Terminals and Marine
Services.
§ Containerised revenue increased by 12.1%, driven by higher demand for
ancillary container services.
§ Like-for-like non-containerised revenue is up 18.3%, with a strong
performance from Unifeeder due to improved average freight rates.
Ø Adjusted EBITDA increases 31% to $5,014 million
§ Adjusted EBITDA grew 31.0% on strong revenue growth and EBITDA margin for
the year stood at 29.3%. Like-for-like adjusted EBITDA margin stood at 37.2%.
Ø Broadening of strategic partnerships strengthens balance sheet and drives
long-term value
§ Broadening of partnerships and monetisations raises over $8 billion to
significantly strengthen balance sheet and provide long-term flexibility.
§ Caisse de dépôt et placement du Québe (CDPQ) and Hassana Investment
Company (Hassana) 7 (#_ftn7) partnerships in UAE raises $7.4 billion to help
capture the growth potential of the wider region.
§ Expansion of National Investment and Infrastructure Fund (NIIF) India
partnership and new partnership with the UK's development arm British
International Investment (BII) to raise approximately $600 million.
Ø Robust cash generation and a stronger balance sheet on asset monetisations
§ Cash generated from operating activities increased by 20.6% to a record
$4,451 million in 2022 ($3,692 million in 2021).
§ Leverage (Net debt to adjusted EBITDA) On a pre-IFRS16 basis declines to
2.7x (FY2021: 3.7x) due to improved profitability and lower net debt. On a
post-IFRS16 basis, net leverage stands at 3.0 times compared to 4.2 times in
FY2021.
Ø DP World credit rating improves to Baa2 with Stable Outlook
§ DP World's credit rating improved by one notch by Moody's to Baa2 with
Stable Outlook on improved financial performance and a stronger balance sheet.
§ Fitch credit rating improved to Positive outlook with BBB- rating.
§ DP World is committed to a strong investment grade rating in the medium
term.
Ø Selective investment in key growth markets
§ Capital expenditure of $1,715 million ($1,393 million in 2021) was invested
across the existing portfolio.
§ Capital expenditure guidance for 2023 is for approximately $1.7 billion to
be invested in UAE, Jeddah (Saudi Arabia), London Gateway (United Kingdom),
Dakar (Senegal), Banana (Democratic Republic of the Congo) Callao (Peru) and
DPW Logistics (South Africa).
Ø Transformation of business to drive revenue synergies and long-term
relationships with cargo owners
§ Enhanced logistics portfolio offers value-add capabilities in fast-growing
markets and verticals.
§ DP World aims to deliver supply chain solutions to cargo owners by
leveraging its best-in-class infrastructure across logistics, ports &
terminals, marine services and digital.
§ Providing bespoke integrated solutions to cargo owners and removing
inefficiencies across the supply chain. DP World is well-positioned to
capitalize on the growing demand for customised solutions in the logistics
industry.
§ DP World's transformation strategy aims to strengthen its position in the
market and drive long-term growth.
Ø Committed to transition to net zero in line with UAE 2050 Initiative
§ Decarbonisation remains a core focus as we transition to net zero by 2050.
§ Committed to investing more than $500 million to reduce CO(2 ) emissions
by 700k tonnes in the next 5 years.( )
§ DP World was recognised as a top performer by Sustainalytics and we
achieved A- (Leadership) rating by CDP Climate Change.
Ø Strong 2022 Performance, Encouraging Start to 2023, Outlook Remains
Uncertain
§ 2022 performance was ahead of expectations, and the start of 2023 has been
encouraging.
§ Outlook is uncertain due to geopolitics, potential new trade wars, a higher
inflationary environment and currency fluctuations.
§ DP World remains positive on the medium to long-term outlook for global
trade and is focused on delivering integrated supply chain solutions to cargo
owners to drive growth and returns.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented:
We are pleased to announce that DP World achieved record results in 2022, with
our adjusted EBITDA rising by 31.0% to exceed $5 billion. Our continued focus
on high-margin cargo and end-to-end supply chain solutions is the key driver
of these results, and we believe this strategy will continue to yield
sustainable returns over the long term.
Cargo owners have responded positively to our end-to-end product offering, as
our customized solutions empower customers to trade more effectively. By
investing in high-growth verticals and markets, we aim to provide compelling
logistics solutions that leverage our world-class infrastructure across
logistics, ports & terminals, marine services, and digital technologies.
We remain focused on driving revenue synergies through our enhanced logistics
platform, lowering inefficiencies throughout the supply chain, and improving
connectivity in critical trade lanes to deliver value to cargo owners.
In 2022, we focused on strengthening the balance sheet and raised over $8
billion through asset monetizations. This programme and new partnerships
will allow us to continue to drive growth in our portfolio. Furthermore, the
fresh capital also provides capacity and flexibility to invest in key growth
markets while maintaining an investment grade rating.
Overall, 2022 performance exceeded expectations, and the start of the year has
been encouraging. However, the outlook is uncertain due to the more
challenging macro and geopolitical environment, and we expect growth rates to
soften in 2023. Despite this, we expect our portfolio to continue to deliver
a robust performance, and we remain positive on the medium to long-term
fundamentals of the industry and DP World's ability to continue to deliver
sustainable returns."
- END -
Investor Enquiries
Redwan Ahmed
Amin Fikree
DP World
Limited
DP World Limited
Mobile: +971 50 554 1557
Mobile: +971 56 6811553
Direct: +971 4 808 0842
Direct : +971 4 808 0923
Redwan.Ahmed@dpworld.com (mailto:Redwan.Ahmed@dpworld.com)
Amin.Fikree@dpworld.com
Thursday, 16(th) March 12:00pm UAE (08:00am UK) Conference Call
1) Conference call for Full Year 2022 Results hosted by Yuvraj Narayan,
Group Deputy CEO and CFO.
2) A playback of the call will be available after the conference call
concludes. For the dial in details and playback details please contact
Investor.Relations@dpworld.com.
The presentation accompanying the conference call will be available on DP
World's website within the investor centre under Financial Results on
https://www.dpworld.com/investor-relations/financials-presentation/investor-presentations
(https://www.dpworld.com/investor-relations/financials-presentation/investor-presentations)
from approximately 9am UAE time.
Forward-Looking Statements
This document contains certain "forward-looking" statements reflecting, among
other things, current views on our markets, activities, and prospects. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that may or may not occur and
which may be beyond DP World's ability to control or predict (such as changing
political, economic or market circumstances). Actual outcomes and results may
differ materially from any outcomes or results expressed or implied by such
forward-looking statements. Any forward-looking statements made by or on
behalf of DP World speak only as of the date they are made and no
representation or warranty is given in relation to them, including as to their
completeness or accuracy or the basis on which they were prepared. Except to
the extent required by law, DP World does not undertake to update or revise
forward-looking statements to reflect any changes in DP World's expectations
with regard thereto or any changes in information, events, conditions or
circumstances on which any such statement is based.
Group Chairman and CEO Statement
DP World benefits from a focus on high-margin cargo and supply chain solutions
DP World's strong performance in 2022 was driven by our consistent investment
in relevant capacity, prioritisation of high-margin cargo and focus on
delivering customised solutions to meet the unique needs of cargo owners. This
emphasis on providing solutions has allowed us to serve our customers better,
which has resulted in cementing long-term relationships with cargo owners.
By leveraging our best-in-class infrastructure across logistics, ports &
terminals, marine services and digital, DP World has been removing
inefficiencies across the supply chain and providing improved connectivity in
fast-growing trade lanes. The demand for bespoke supply chain solutions will
continue to rise as cargo owners' needs shift and DP World is well-placed to
benefit from these developments.
DP World Logistics platform enhanced
In 2022, we made significant strides to enhance our logistics platform as we
integrated the acquisitions of Imperial Logistics and syncreon to bring
additional capabilities and access to new growth markets. DP World Logistics
offers integrated solutions capability, including value add contract logistics
in more than 30 countries with a particular focus on the high growth Africa
market.
We have focused on developing our products across the Automotive, Technology,
Healthcare and Consumer verticals. We aim to invest further to add new
verticals and markets to serve our customers better. We are focused on
providing flexibility and customisation as we understand that every cargo
owner has unique needs and challenges. We aim to reduce inefficiencies in the
supply chain and offer efficient and effective solutions for our customers
through streamlining documentation and optimizing transportation routes.
We continue to develop and invest in our propriety technology platform to
provide intelligent solutions to cargo owners. These include Cargoes Flow, a
one-stop-solution that offers end-to-end visibility; Cargoes Finance which
provides critical supply chain finance, particularly for SMEs, the backbone of
any economy; and Cargoes Logistics, which simplifies trade by providing
instant cargo bookings.
Marine Services delivers exceptional profit growth
2022 has also proved to be a positive year for our Marine services business,
with Unifeeder delivering an exceptional performance as it benefited from
providing critical connectivity in challenging supply-constrained markets.
Unifeeder Group is a facilitator of integrated supply chains providing
efficient and sustainable transport solutions. We have expanded our business
to new geographies in recent years, including Asia, the wider Indian
Subcontinent, the Middle East, and Latin America. This expansion has enabled
us to serve our customers better, increase our market share, and offer more
opportunities for growth.
We remain committed to investing in our business to ensure that we can
continue providing critical connectivity for cargo owners. Our marine services
business is an integral part of our Company's vision and strategy, and we are
excited about the possibilities for growth and success in the future.
Robust growth in Ports & Terminals
The ports and terminals business delivered a strong performance in 2022 as
containerised revenues grew by 12.1%(( 8 (#_ftn8) )) as demand for ancillary
services continued to remain solid. Our ports portfolio was critical in 2022
in providing much-needed efficient capacity during supply chain disruptions.
Our assets in the UAE and Americas delivered a particularly solid performance
as the local economy continued to provide robust growth. Our port capacity
utilisation was above 80% in 2022, and we invested over $950 million in our
portfolio, adding capacity in key markets including London Gateway (UK),
Callao (Peru), Sokhna (Egypt), Jeddah (Saudi Arabia) and Canada. Our
consistent approach to adding relevant capacity and investment in automation
is a key differentiator and we continue investing in markets with strong
supply-demand dynamics.
Broadening of partnerships strengthens balance sheet and drives long-term
value
DP World announced several partnership expansions and monetizations last year,
raising over $8 billion to significantly strengthen its balance sheet. The
most significant partnership was with CDPQ and Hassana in the UAE, raising
$7.4 billion which was used to settle external debt held by and guaranteed by
the Group.
The Company also expanded its partnership with NIIF in India to raise around
$300 million and created a new investment platform with BII Group to
accelerate investment in Africa. DP World also optimized its Ports and
Terminals portfolio in France, raising approximately $300 million by exiting
Le-Havre and consolidating Eurofos. The new capital provides capacity and
flexibility to continue investing in key growth markets and verticals, driving
returns for DP World stakeholders while maintaining an investment-grade
rating.
Decarbonisation is a core focus as we transition to net zero by 2050
When we developed the 'Our World, Our future' sustainability strategy, we set
out a clear objective to build, protect and maintain DP World's 'license to
operate' in ways that are economically, socially and environmentally
responsible. We have made substantial progress in our commitments, and our
efforts have not gone unnoticed. We have been recognised as a top performer by
Sustainlytics and received a leadership score (A-) from the CDC Climate Change
submission. However, there is much more to achieve yet, and we are committed
to a net zero target by 2050 in line with the UAE 2050 strategic initiative.
In the near term, we have committed to invest over $500 million to cut CO(2)
emissions by 700k in the next 5 years.
Group Deputy CEO & CFO Review
DP World has delivered an impressive set of financial results for 2022 with a
significant improvement in profitability, as adjusted EBITDA of $5,014 million
was up by 31.0% on a reported basis and 19.8% on a like-for-like basis on
strong top line growth. The adjusted EBITDA margin also remained healthy at
29.3% and the year-on-year decline in adjusted EBITDA margin is due to a mix
change.
Reported revenue grew by 58.9% to $17,127 million, and profit attributable to
owners improved considerably by 30.4%, demonstrating DP World's strong
performance in the market.
DP World's like-for-like revenue growth was driven by its Ports and Terminals
business in the UAE, Africa and the Americas, along with the Marine Services
business, where Unifeeder played a vital role as the key growth driver.
Meanwhile, reported revenue growth was aided by the acquisitions of syncreon
and Imperial logistics.
In 2022, DP World focused on strengthening its balance sheet and raised over
$8 billion through asset monetisations. The most significant transactions were
in the UAE, where the Company partnered with CDPQ and Hassana to raise $7.4
billion. In addition, a new partnership with BII in Africa raised
approximately $300 million, while in India, DP World expanded its partnership
with NIIF to include its ports portfolio, expecting to raise an additional
$300 million.
The strengthening of DP World's balance sheet has resulted in the Company's
credit rating being upgraded by Moody's by one notch to Baa2 with Stable
Outlook, while the rating by Fitch has improved to a Positive Outlook with a
BBB- rating.
Overall, DP World's strong financial results for 2022 reflect its robust
business model and efficient operations. The Company's focus on asset
monetisation and partnerships has strengthened its balance sheet, while its
continued investments in key markets has enabled it to stay ahead of the
competition.
Middle East, Europe and Africa
Results before separately disclosed items 2022 2021 % change Like-for-like at constant currency % change
USD million
Consolidated throughput (TEU '000) 25,025 24,310 2.9% 1.5%
Containerised Revenue 2,656 2,499 6.3% 7.5%
Non-Containerised Revenue 8,944 4,143 115.9% 14.2%
Total Revenue 11,600 6,642 74.6% 11.7%
Share of profit from equity-accounted investees 56 52 6.1% 61.0%
Adjusted EBITDA 3,448 2,740 25.8% 11.9%(5)
Adjusted EBITDA margin 29.7% 41.2% (11.5%) 41.5%
Profit After Tax 2,154 1,777 21.2% 12.2%
Market conditions were broadly favourable, with strong growth driven by Ports
and Terminals in UAE and Africa. At the same time, non-container revenue
experienced a significant increase due to Unifeeder's (Europe) strong
performance. The like-for-like containerised revenue growth of 7.6% exceeded
the volume growth of 1.5%, mainly due to higher ancillary revenue. Although
the performance in Europe was solid overall, there was a noticeable slowdown
in the second half of 2022, attributable to the weaker economic conditions.
Non-container revenue grew 115.9%, primarily due to the acquisition of
syncreon and Imperial logistics.
Overall, revenue in the region grew 74.7% to $11,600 million and adjusted
EBITDA increased 25.8% to $3,448 million. On a like-for-like basis, adjusted
EBITDA improved by 11.9%.
We invested $1,104 million in the region, mainly focused on Jebel Ali Port
& EZ World (UAE), Jeddah (Saudi Arabia), Dakar (Senegal), Sokhna (Egypt)
and London Gateway Port & London Gateway Park (UK).
Asia Pacific and India
Results before separately disclosed items 2022 2021 % change Like-for-like at constant currency % change
USD million
Consolidated throughput (TEU '000) 9,658 10,232 (5.6%) (5.6%)
Containerised Revenue 533 532 0.2% 8.7%
Non-Containerised Revenue 2,066 1,389 48.8% 35.5%
Total Revenue 2,599 1,921 35.3% 28.4%
Share of profit from equity-accounted investees 96 92 3.9% 10.1%
Adjusted EBITDA 1,001 729 37.3% 40.4%5
Adjusted EBITDA Margin 38.5% 37.9% 0.6% 41.4%
Profit After Tax 678 509 33.2% 38.2%
The financial performance of the Asia Pacific and India region was impressive,
driven by robust performance in Marine Services and Logistics. The growth in
Marine Services was primarily led by Unifeeder (ISC), which benefited from
improved average freight rates, while the growth in Logistics was attributable
to Unico (South Korea). The performance of Ports and Terminals was mixed, with
volumes in the region being softer. Nonetheless, stronger demand for ancillary
services resulted in a rise in like-for-like containerised revenue.
Total reported revenue rose 35.3% to $2,599 million, and adjusted EBITDA
increased by 37.3% to $1,001 million. On a like-for-like basis, adjusted
EBITDA increased by 40.4%. Adjusted EBITDA margin of 38.5% remains broadly
flat year-on-year. Profit from equity-accounted investees increased to $96
million.
Capital expenditure in this region during the year was $163 million, mainly
focused on India.
Australia and Americas
Results before separately disclosed items 2022 2021 % change Like-for-like at constant currency % change
USD million
Consolidated throughput (TEU '000) 11,410 10,881 4.9% 4.9%
Containerised Revenue 1,854 1,623 14.2% 18.2%
Non-Containerised Revenue 1,075 593 81.4% 11.8%
Total Revenue 2,929 2,215 32.2% 16.6%
Share of profit from equity-accounted investees 14 7 98.1% 106.5%
Adjusted EBITDA 1,005 807 24.6% 16.2%5
Adjusted EBITDA Margin 34.3% 36.4% (2.1%) 38.1%
Profit After Tax 655 509 28.6% 21.7%
The Americas region was the primary driver of containerised revenue growth,
with a particularly strong performance in Latin America. The growth in
containerised revenue was also supported by ancillary revenue. Additionally,
reported non-containerised revenue growth of 81.4% was mainly due to the
full-year contribution of syncreon, which was acquired in December 2021.
Total reported revenue rose 32.2% to $2,929 million, and adjusted EBITDA
increased by 24.6% on a reported basis to $1,005 million. On a like-for-like
basis, adjusted EBITDA increased by 16.2%, reflecting the higher top line.
We invested $446 million in capital expenditure in this region, mainly focused
on Prince Rupert, Vancouver (Canada), Callao (Peru) and Caucedo (Dominican
Republic).
Cash Flow and Balance Sheet
Adjusted gross debt (excluding bank overdrafts and loans from non-controlling
shareholders) stands at $18.5 billion compared to $19.1 billion as of 31
December 2021. Lease and concession fee liabilities account for $4.4 billion,
with interest-bearing debt of $14.1 billion as of 31 December 2022. Cash and
cash-equivalents on the balance sheet stood at $3.3 billion, resulting in net
debt of $15.2 billion or $10.9 billion (on a pre IFRS 16 basis). Our net
leverage (adjusted net debt to adjusted EBITDA) stands at 3.0 times
post-IFRS16 and would be 2.7x pre-IFRS16 basis. Cash generation remained
solid, with cash from operations improving to $4.7 billion (2021: $3.6
billion).
Capital Expenditure
Consolidated capital expenditure in 2022 was $1,715 million (FY2021: $1,393
million), with maintenance capital expenditure of $203 million. We expect the
full-year 2023 capital expenditure to be approximately $1.7 billion, which
will be invested in UAE, Jeddah (Saudi Arabia), London Gateway (United
Kingdom), Dakar (Senegal), Banana (Democratic Republic of the Congo), Callao
(Peru), and DPW Logistics (South Africa).
Net finance costs before separately disclosed items
Net finance costs in 2022 was higher than prior year at $800 million compared
to 2021 of $747 million. Increase in net finance costs mainly due to higher
average debt and increase in the effective interest rate during the year.
Taxation
DP World is not subject to income tax on its UAE operations. The tax expense
relates to the tax payable on the profit earned by overseas subsidiaries
calculated in accordance with the taxation laws and regulations of the
countries in which they operate. For 2022, DP World's income tax expense
before separately disclosed items increased to $395 million (2021: $238
million), due to an improvement in profitability.
Profit attributable to non-controlling interests (minority interest)
Profit attributable to non-controlling interests (minority interest) before
separately disclosed items was $401 million against FY2021 of $250 million,
mainly due to new minority shareholding in the UAE and Africa and strong
performance from Unifeeder (ISC).
Sultan Ahmed Bin Sulayem Yuvraj Narayan
Group Chairman and Chief Executive Officer Group Deputy CEO & CFO
About DP World:
We are a leading provider of worldwide smart end-to-end supply chain
logistics, enabling the flow of trade across the globe. Our comprehensive
range of products and services covers every link of the integrated supply
chain - from maritime and inland terminals to marine services and industrial
parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of over 350
business units in 75 countries across six continents, with a significant
presence both in high-growth and mature markets. Wherever we operate, we
integrate sustainability and responsible corporate citizenship into our
activities, striving for a positive contribution to the economies and
communities where we live and work.
Our dedicated, diverse and professional team of more than 103,000 people from
161 nationalities are committed to delivering unrivalled value to our
customers and partners. We do this by focusing on mutually beneficial
relationships - with governments, shippers, traders, and other stakeholders
along the global supply chain - relationships built on a foundation of mutual
trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading digital
technology to further broaden our vision to disrupt world trade and create the
smartest, most efficient and innovative solutions, while ensuring a positive
and sustainable impact on economies, societies and our planet.
Click on, or paste the following link into your web browser, to view the
associated PDF document.
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1 (#_ftnref1) Results before separately disclosed items (BSDI) primarily
excludes non-recurring items. DP World reported separately disclosed items of
a $211 million loss.
2 (#_ftnref2) Like-for-like at constant currency is without the new
additions at Imperial Logistics, syncreon, Angola, Traders Market (UAE),
divestment at Visakha (India) and Le Havre (France) and consolidation of DPW
Eurofos.
3 (#_ftnref3) Gross throughput is throughput from all consolidated terminals
plus equity-accounted investees.
4 (#_ftnref4) Consolidated throughput is throughput from all terminals where
the Group has control as per IFRS.
5 (#_ftnref5) Adjusted EBITDA is Earnings before Interest, Tax, Depreciation
& Amortisation and including share of profit from equity-accounted
investees before separately disclosed items.
6 (#_ftnref6) Like-for-like adjusted EBITDA margin.
7 (#_ftnref7) Transactions announced on June 2022 and December 2022. Further
details available on DP World Investor Relations website
8 (#_ftnref8) Like-for-like
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