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2005 final results

Date:2006-03-23     Publish:本站

2005 Final Results

The board of directors of COSCO Pacific Limited ("COSCO Pacific" or the "Company") and its subsidiaries (the "Group") achieved an outstanding performance in overall results as at 31 December 2005.

Turnover of the Group was US$295,648,000 for the year, 7.4% up from US$275,296,000 in 2004. Profit attributable to the equity holders recorded a significant increase to US$334,937,000, 62.1% up from last year's US$206,646,000 (as restated). Earnings per share rose to US15.28 cents from US9.57 cents (as restated) a year ago. The significant increase in profit attributable to the equity holders was in part due to the acquisition of 16.23% equity interest in China International Marine Container (Group) Co., Ltd. ("CIMC"), which brought a net profit contribution to the Group of US$55,636,000. Meanwhile, the continuous boom in China's import/export trade and the shipping market had helped the Group to achieve an outstanding performance in its container leasing and container terminal businesses. Further, the disposal of the 17.5% equity interest in Shekou Terminal in March, had enabled the Group to achieve a dual objective: re-deploying the investment portfolio to better capitalise on the strategic development of the Pearl River Delta while generating a profit of US$61,875,000.

  • Profit attributable to equity holders rose by 62.1% to US$334,937,000
  • The directors recommended the payment of a final cash dividend of HK27.80 cents (2004¡GHK24.60 cents) per share, Full-year dividend payout ratio was 56.6%
  • Return on total assets was 13.1%, up 3.1 percentage points
  • Return on equity holders of the Company was 20.0%, up 5.3 percentage points
  • Total container terminal throughput rose by 16.2% to 26,079,612 TEUs, ranking the fifth among global terminal operators
  • Total number of container terminal berths increased from 72 to 100 with aggregate annual capacity to be increased by 50.4% to 54,900,000 TEUs
  • Total container leasing fleet increased by 13.5% to 1,042,852 TEUs, pushed up its world ranking from number four in 2004 to number three in 2005
  • Received nine awards on corporate achievements, investor relations and corporate governance

Container terminals
Total container terminal throughput increased by 16.2% in 2005 to 26,079,612 TEUs. In the Bohai Rim, overall growth was 25.2% to 9,370,361 TEUs. In the Yangtze River Delta, overall growth was 6.1% to 6,831,502 TEUs. In the Pearl River Delta overall growth was 15.6% to 9,196,652 TEUs. Overseas overall growth was 19.1% to 681,097 TEUs.

Throughput of operating container terminals and annual growth rate
Container terminal (TEUs)
Effective shareholding
Pearl River Delta  
   COSCO-HIT Terminal
   Yantian Terminal (Phases I, II & III)
Yangtze River Delta
   Shanghai Terminal
   Shanghai Pudong Terminal
   Zhangjiagang Win Hanverky Terminal
   Yangzhou Yuanyang Terminal
   Nanjing Longtan Terminal
Bohai Rim
   Qingdao Qianwan Terminal
   Qingdao Cosport Terminal
   Dalian Port Container Co.
   Dalian Port Terminal
   Yingkou Terminal
   Tianjin Five Continents Terminal
   COSCO-PSA Terminal
   Antwerp Terminal
Total throughput  

*Shekou Terminal was disposed of on 23rd March 2005, and throughput from the terminal for both years have been excluded from the table above.

Acquisitions in 2005
During the year, COSCO Pacific further strengthened its global network both by acquiring new terminals and increasing its investment in existing terminals, with some projects undergoing government approval procedures. The Company's total number of berths increased by 30 to 100 in 2005.

Yangshan Port Phase II (4 berths) and Guangzhou Nansha Port Phase II (6 berths) are currently under construction. Nanjing Longtan Terminal (5 berths) and Suez Canal Terminal (4 berths) are already in operation.

The berths acquired through extending the Company's investment in existing joint ventures were at Yantian Terminal Phase III (6 berths), Dalian Port Terminal (4 berths) and Zhangjiagang Win Hanverky Terminal (1 berth).

Container leasing
In 2005, Florens ranked the world's third largest container leasing company, up from the fourth place in the previous year. Its share of the global market was approximately 10.9% in 2005, up from 10.1% in 2004. Florens' customer base grew from 218 in 2004 to 256 in 2005, and container fleet capacity increased by 13.5% to 1.04 million TEUs.

Turnover rose 7.5% to US$276,313,000 in 2005, driven by foreign trade, market demand and an enlarged container leasing fleet. Florens' average utilisation rate was around 95.5% in 2005, was 4.6% above the industry average of around 90.9%.

Container manufacturing
COSCO Pacific has shareholdings in four container manufacturing companies: CIMC, Shanghai CIMC Reefer Containers Co., Ltd., Shanghai CIMC Far East Container Co., Ltd. and Tianjin CIMC North Ocean Container Co., Ltd. These companies contributed US$58,717,000 to COSCO Pacific's net profit in 2005.

In 2005, CIMC was ranked the world's number one container manufacturer, and maintained its global market share of about 54%.

In 2005, COSCO Logistics maintained its ranking as China's number one logistics enterprise among 100 largest logistics providers in China. Shipping agency business handled 180,263 vessels during the period, of which 45,482 vessels (2004: 44,510 vessels) were handled by wholly owned subsidiaries. The freight forwarding business handled 100,000,000 tonnes of cargoes, of which sea-freight forwarding agency business recorded a volume of 1,600,000 TEUs. Net profit contribution from the Group's logistics business rose 7.0 % to US$15,064,000.

To meet expansion objectives, COSCO Logistics will increase investment in technology, people and management, enhance service capabilities, increase our share of wallet from existing customers; develop new customers and business; and uncover new earnings drivers. We will also continue to enhance operational flows, strengthen quality control, reduce operational costs, and improve efficiency.

Other investments
The Group has a 20% equity interest in Liu Chong Hing Bank Limited, which contributed net profit of US$10,026,000 to the Group, an increase of 2.5% from last year.

Investor relations
COSCO Pacific values communication with its shareholders and investors and considers it a top priority to ensure that they are kept continually informed of the Company's performance and strategy. COSCO Pacific's dedication towards improving corporate governance and investor relations has won it accolades from the investment community, and has been recognised through the following awards:

  • Listed Enterprise with the Best Investor Relations from Institutional Investor
  • Honours in Best Overall Presentation - Annual Report from ARC International
  • Conglomerate with the Best Investor Relations in Asia and Chinese Enterprise with the Best Investor Relations from Institutional Investor
  • Standard & Poor's Top 30 Stock Picks in 2005
  • Forbes' Top 2000 Enterprises in 2005
  • FinanceAsia's Top 10 Chinese Enterprises with the Best Dividend Policy
  • CFO Asia's Top 50 Management Teams in Asia
  • Economist Digest's Hong Kong Outstanding Enterprises in 2005
  • Holman Fenwick & Willan Award - Shipping In-House Team of the Year at the Asian Legal Business Awards 2005 in Hong Kong

Prospects and earnings drivers
COSCO Pacific's strategy is to grow rapidly and consistently by enhancing its global port network, in order to maintain and enhance its position as a global industry leader. In particular, the Company aims to further strengthen its position as a global player in the container terminal industry through acquisitions, especially in carrier-terminal partnerships. COSCO Pacific intends to maintain its market share and industry leadership in container leasing.

Looking ahead for 2006, it is expected that the world economy will maintain sustainable and rapid growth. Together with improving logistics for the hinterlands of the Pearl River Delta, the Yangtze River Delta and the Bohai Rim, we view the operating environment as highly positive for COSCO Pacific.

The Company's high-growth, high-return strategy for the container terminal business, with throughput driven by organic growth and new investments, is expected to be the key earnings driver in 2006.

We project the container leasing business to contribute stable profit growth, with the main demand drivers being new vessels, an increased containerisation rate in China, and the replacement of used containers. We view the manufacturing business as providing support for the Company's other businesses.

Stable growth in logistics is seen as a contributor of stable, consistent growth to the profits of the Company as a whole. In 2006, COSCO Logistics is posed to expand all of its core operations, the strategic partnership between COSCO Logistics and TNT Group Logistics will lead to further expansion into the home appliance logistics business in Asia Pacific, as the company takes further steps towards becoming a global leader in logistics.

COSCO Pacific's mission is to enhance shareholder value and to provide superior service to our customers. Our vision is to be highly profitable, effectively managed, strategically balanced, independent, socially responsible and environmentally friendly, with leadership positions in all our core businesses.