DP World announces financial results for 2015
Global trade enabler DP World today announces strong financial results from its global portfolio for the twelve months ended 31 December 2015. Revenue grew 16.3% and adjusted EBITDA increased 21.4%, delivering profit attributable to owners of DP World, before separately disclosed items, of $883 million, up 30.7%, and EPS of 106.3 US cents.
Results Highlights
Revenue of $3,968 million
Revenue growth of 16.3% supported by acquisition of Economic Zone s World (EZW)
Like - for - like revenue increased by 5.6% driven by a 4.9% increase in containerised revenue
Volume growth of 2.7% ahead of industry growth estimated at 1.1%
Containerised revenue per TEU (twenty - foot equivalent unit) grew 3.2% on a like - for - like basis
Non - container revenue increased 8.2% on a like - for - like basis and up by 64.6% on a reported basis due to acquisitions
Adjusted EBITDA of $1,928 million; record adjusted EBITDA margin of 48.6%
Adjusted EBITDA margin reached a record high of 48.6% due to improved contribution from higher margin locations and EZW acquisition
Profit for the period attributable to owners of the Company of $883 million
Strong adjusted EBITDA growth resulted in a 30.7% increase in profit attributable to owners of DP World before separately disclosed items
Cash from operating activities amounted to $1,9 28 million up from $1,486 million in 2014. Cash conversion remained high at 100 % of adjusted EBITDA
Free cash flow (post cash tax maintenance capital expenditure and pre dividends) amounted to $1,5 95 million against $1,228 million in 2014
Leverage (Net Debt to adjusted EBITDA) increased to 3.2 times due to acquisitions and higher capex
Total dividend per share increase d by 28% to 30 US cents
Ordinary dividend increased by 28% to 30 US cents to reflect growth in 2015 earnings
