COSCO Pacific Limited
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Financial Highlights
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2011
2010
y-o-y
Revenue Note 1 US$599,159,000 US$446,492,000 +34.2%
Operating profit before finance income and finance costs US$179,400,000 US$113,267,000 +58.4%
Share of profits less losses of jointly controlled entities and associates US$275,928,000 US$206,774,000 +33.4%
Profit attributable to equity holders of the Company
(excluding non-recurring items Note 2)
US$364,373,000 US$269,577,000 +35.2%
Profit attributable to equity holders of the Company US$388,771,000 US$361,307,000 +7.6%
Basic earnings per share
(excluding non-recurring items Note 2)
US13.44 cents US14.17 cents +27.2%
Basic earnings per share US14.34 cents US14.17 cents +1.2%
Dividend per share US5.736 cents US5.668 cents +1.2%
- interim dividend US3.496 cents US1.759 cents +98.7%
- special interim dividend (Note 3) - US1.426 cents n.a.
- final dividend US2.240 cents US2.483 cents -9.8%
Payout ratio 40.0% 40.0% -
Consolidated total assets US$6,472,184,000 US$5,251,917,000 +23.2%
Consolidated total liabilities US$2,592,025,000 US$1,758,055,000 -47.4%
Consolidated net assets US$3,880,159,000 US$3,493,862,000 +11.1%
Capital and reserves attributable to
  the equity holders of the Company
US$3,627,312,000 US$3,348,121,000 +8.3%
Consolidated net debts US$1,586,925,000 US$1,034,481,000 +53.4%
Return on equity holders of the Company 11.1% 11.9% -0.8 pp
Return on net assets 6.6% 7.3% -0.7 pp
Net debt-to-equity ratio 40.9% 29.6% +11.3 pp
Interest coverage (Note 4) 8.3x 11.1x -2.8x

 

Note 1 : The Group's revenue was generated from Florens, Zhangjiagang Terminal, Quan Zhou Pacific Terminal, Yangzhou Yuanyang Terminal, Jinjiang Pacific Terminal, Piraeus Terminal, Guangzhou South China Oceangate Terminal, Plangreat and its subsidiaries and COSCO Ports Services (Guangzhou) Limited.
Note 2 : Non-recurring items in 2011 include gain on release of exchange reserve of US$11,841,000 upon reclassification of COSCO Ports (Nansha) Limited and its subsidiary, Guangzhou South China Oceangate Terminal, from jointly controlled entities to subsidiaries from 1st January 2011, and profit on disposal of Qingdao Cosport Terminal of US$12,557,000 (2010: profit on disposal of COSCO Logistiscs of US$84,710,000 and profit on disposal of Dalian Port Container Co., Ltd. of US$7,020,000).
Note 3 : A special interim cash dividend was declared as a result of the disposal of the 49% equity interest in COSCO Logistiscs in 2010.
Note 4 : Interest coverage in 2010 excluded profit from the discontinued logistics operation.

 

* The financial effect of the put options of CIMC was excluded in the calculation of dividend payout ratio for 2006 and 2007.

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