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Forward Looking Statements
The following presentation includes forward-looking statements, which involve known and unknown risks and uncertainties, that could cause actual results or performance to differ. Forward looking information is based on current views and assumptions of management, including, but not limited to, prevailing economic and market conditions. Such statements are not, and should not be interpreted as a forecast or projection of future performance.
1 2013 F ll Y P f R i B N Y t Ch1. 2013 Full Year Performance Review By Ng Yat ChungGroup President & CEO
NOL Group FY2013 Results HighlightsImproved results despite weak market conditionsImproved results despite weak market conditions• Revenue fell 7% to US$8.8b• Net loss narrowed by 82% to US$76m, helped by US$200mNet loss narrowed by 82% to US$76m, helped by US$200m
building sale gain• Achieved US$470m cost savings• Core EBIT loss improved by 9% YoY to US$167m
Improved Liner results from lower cost base
• Core EBIT loss improved by 9% YoY to US$167m
L i ti t i i k t
• Positive Core EBITDA of US$74m, up 72% YoY• Core EBIT loss reduced 8% YoY to US$231m
Logistics taps growing emerging markets
• Emerging markets led growth, up 14% YoY in Asia/Middle East• Core EBIT of US$64m down 4% mainly due lower Contract
Page 4 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
• Core EBIT of US$64m, down 4% mainly due lower Contract Logistics contribution
Industry overcapacity drives down container freight rates
YoY % change Index
SCFI freight rate index falls 14% YoYIndustry capacity growth > Global volume growth
5.7 6.0
1,254
1,300
Capacity
3.6 4.0
1,0781,100
14%
Capac tygrowth
2.0
1,078
Volumegrowth
-end 2013
% Annual Capacity Growth % Global Throughput Growth
900 Average for FY12 Average for FY13
Page 5 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
% Annual Capacity Growth % Global Throughput GrowthSource: SCFI. The SCFI is a composite index of 15 individual shipping
routesSource: Alphaliner
Operational & cost efficiencies offset weaker market conditions
24 50 4,900
US$m US$m
FY13 Core EBIT
4,711
4,801
(60)(50)
-
4,700
improved 9% YoY
4 435
(107)
(150)
(100)4,500
4,435 4,396 (207)
(250)
(200)4,300
(300)
( )
4,100 1H12 2H12 1H13 2H13
FY13 Revenue
Page 6 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Revenue (LHS) Core EBIT (RHS) FY13 Revenuedeclined 7% YoY
Group achieves US$470m* cost savings
FY13 cost savings highlights
• Larger & more fuel-efficient vessels
Sl t i• Slow steaming
• Minimise empty box repositioningBunker &
Network-
Terminals, Land
Operations, Equipment
31% p g
• Improved cargo planning to reduce terminal handling lifts
Network-related52%
Others17% • Pre-emptive voyage planning
to avoid slowdowns from bad weather
17%
Page 7 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
*Excludes bunker price drop of 8%YoY
Group Financial HighlightsR d li d 7% k f i ht tRevenue declined 7% on weak freight rates
US$m
Revenue
9,512
10,000
US$m
8,831 9,000 7%
8,000 FY12 FY13
$ FY12 FY13 % ▲ Better/(US$m) FY12 FY13 % ▲ Better/ (Worse)
Liner 8,054 7,329 (9)Logistics 1,555 1,586 2
Page 9 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Elimination (97) (84) 13Total 9,512 8,831 (7)
Group Financial HighlightsFY13 C EBITDA 24% C EBIT 9%
US$mUS$m
Core EBIT
FY13 Core EBITDA up 24%, Core EBIT up 9%
Core EBITDA
(150)
US$m
121
150 160
US$m
24%
(183)
(167)(175)110
9%
24%
(200)FY12 FY13
60 FY12 FY13
(US$m) FY12 FY13 % ▲ Better/ (Worse)(US$m) FY12 FY13 % ▲ Better/
(Worse)
1) With ff t f 3Q13 th d fi iti f C EBIT d C EBITDA h h d t l d fi d i C ti b t t d di l
Liner (250) (231) 8Logistics 67 64 (4)Total (183) (167) 9
Liner 43 74 72Logistics 78 76 (3)Total 121 150 24
Page 10 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
1) With effect from 3Q13, the definition of Core EBIT and Core EBITDA have changed to exclude finance expense and income. Comparative numbers restated accordingly2) Core EBIT excludes non-recurring items3) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is effective from
financial year 2013..
Group Financial HighlightsN t l d t US$76 i d 82% Y YNet loss narrowed to US$76m, improved 82% YoY
EBIT Net Profit / (Loss)
(76)(100)
-
US$m
20
(50)
50
US$m
(400)
(300)
(200)
(250)
(150)
82%Swing topositive
(412)(500)
FY12 FY13
(287)(350)
FY12 FY13
Note:1) With effect from 3Q13, the definition of EBIT has changed to exclude finance expense and income. Comparative numbers restated accordingly2) EBIT includes non-recurring items. FY13 includes NOL building sale gain of US$200m3) FY13 includes realised foreign exchange gain of US$34 million arising from repayment of Singapore-dollar loan4) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is
ff ti f fi i l 2013
Page 11 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
effective from financial year 2013.
Group Balance Sheet Highlights
US$m 27 Dec’ 13 28 Dec’ 12
Total Assets 9,029 8,220(Restated)1,2
Total Liabilities 6,898 6,027Total Equity 2,131 2,193
Total Debt 4 866 3 976Total Debt 4,866 3,976
Total Cash 981 897
Net Debt 3,885 3,079
Gearing (Gross) 2.28x 1.81x
Gearing (Net) 1.82x 1.40x
NAV per share (US$) 0 80 0 83NAV per share (US$) 0.80 0.83
(S$) 1.02 1.01
1 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit
Page 12 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
2012 s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit(Revised), which is effective from financial year 2013. 2 2012’s results are also restated due to finalisation of purchase price allocation exercise from acquisition of a subsidiary.
Group Cash Flow Highlights
US$m FY13 FY12
C h & C h E i l t B i i @ Q1 897 228Cash & Cash Equivalents – Beginning @ Q1 897 228
Cash Inflow / (Outflow)
Operating Activities 32 (13)Operating Activities 32 (13)
Investing/Capex Activities (910) (898)
Financing Activities 962 1,580
Cash & Cash Equivalents – Closing @ Q4 981 897
Page 13 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Group Capital Expenditure
US$m FY13 FY12
1. Vessels 1,072 859
2. Equipment / Facilities 84 79
3 Drydock 48 213. Drydock 48 21
4. IT 97 40
5. Others 7 10
Total 1,308 1,009
Page 14 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Liner FY13 Results Highlights
Improved results in tough market conditionsImproved results in tough market conditions
• US$7.3b revenue, down 9% on capacity management & weaker freight rates
Managed down costs & increased efficiencies
g• Core EBITDA up 72% YoY to US$74m• Core EBIT loss improved 8% YoY to US$231mManaged down costs & increased efficiencies
• Cost of sales/FEU reduced by 8% YoY• Bunker consumption dropped by 14% YoY (386k MT)
Continued focus on yield & capacity management
p pp y ( )• 11 new ships* replaced 8 older/smaller ships sold/scrapped & 5
charter ships returned
Continued focus on yield & capacity management
• Fleet capacity increased but capacity management & reconfigured service network better align APL with lower demand levels
Page 16 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
g• Headhaul utilisation >90%* Excludes 3 x 14,000 TEU new ships chartered out to MOL
Liner Results SummaryRevenue Core EBIT
8 054
8,500
US$m
(200)
US$m
8,054
7 3297,500
8,000
(231)(240)
(220)
9%7,329
7,000 FY12 FY13
(250)(260)
( )
FY12 FY13
8%
FY13 Revenue decreased 9% or US$725m YoY, while Core EBIT improved 8% YoY due to cost, efficiency & yield focus.
Capacity management & weaker freight rates reduced Average Revenue per FEU to US$2,318.Cost of sales per FEU was 8% lower YoY due to operational cost efficiencies and lower bunker prices. Bunker prices averaged US$617/MT or 8% lower YoY.
N t
Page 17 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Note:1) With effect from 3Q13, the definition of Core EBIT has changed to exclude finance expense and income. Comparative numbers restated accordingly2) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is effective
from financial year 2013.
4Q13 freight rates among lowest in recent years
1,600
IndexShanghai Containerised Freight Index (Quarterly)
1,400
1,200
1,028 1,000
800 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Page 18 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Source: SCFI. The SCFI is a composite index of 15 individual shipping routes
Liner impacted by market conditions
2,615 2 6012,650 1,500
Volume('000 FEUs) US$/FEU
APL Volume and Average Revenue/FEU Trend
2,598
2,539 2,539
2 420
,6 5 2,601
1,200
764 692 699
824 791
720 707 802 772
705 669
800
2,342
2,420 2,419
2,376
2,372
2,450
900
,2,315
2,218
2,250
300
600
2,050 -1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
T t l V l (LHS) A R /FEU (RHS)
Page 19 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Total Volume (LHS) Average Revenue/FEU (RHS)
Continuous & sustainable cost improvement
US$/FEU
$245/FEU*reduction
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Liner Cost of Sales/FEU Liner Cost of Sales/FEU at fixed bunker price*
Page 20 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
* Calculated cost of sales per FEU at fixed bunker price of US$600/MT from 1Q12 to 4Q13
Vessel utilisation >90% with strict capacity management
Average full year capacity <1% up
130%70,000
Average Capacity (weekly TEUs) Utilisation %FY2013FY2012
92% 91%94%
92% 93% 94% 94%92% 91% 90% 91%
93%
90%
110%
60,000
70%
50,000
50%40,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011 2012 2013
Page 21 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Note: Figures are based on the headhaul leg of main linehaul servicesThe capacity figures takes into account “winter program” initiations
Leaner cost base mitigated weak industry conditions; improved operating results
2 500 2,509
2,600
Liner Rev/FEUUS$
p p gCore EBIT improved despite Revenue/FEU fall
2,500 2,509
2,318
2,400
2,200
FY2011 FY2012 FY2013-
(250)(231)(250)
(424)
(500)
FY2011 FY2012 FY2013
Page 22 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
FY2011 FY2012 FY2013Liner Core EBIT
(US$m)
Operational Update
Volume (‘000 FEUs) FY13 FY12 % ▲ 4Q13 4Q12 % ▲Transpacific 855 857 - 235 232 1
Intra-Asia 1,296 1,313 (1) 354 348 2
Asia-Europe 422 472 (11) 112 118 (5)
Latin America 200 210 (5) 53 57 (7)
Transatlantic 173 168 3 46 47 (2)( )
Total 2,946 3,020 (2) 800 802 -
Average Revenue/FEU (US$) FY13 FY12 % ▲ 4Q13 4Q12 % ▲Transpacific 3,420 3,681 (7) 3,265 3,500 (7)Intra-Asia 1,386 1,559 (11) 1,317 1,493 (12)Asia-Europe 2,307 2,471 (7) 2,242 2,405 (7)Latin America 3,339 3,524 (5) 3,105 3,533 (12)Transatlantic 2,698 2,795 (3) 2,706 2,636 3Total 2,318 2,509 (8) 2,218 2,419 (8)
Page 23 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Note: Based on point of sailing and inclusive of headhaul and backhaul trade.
10 newbuild deliveries in FY2014
180,000
14
TEUs 24 vessels delivered at end-2013 10 vessels to be delivered in 2014
120,000 106 x 14,000 TEU
10
60,000
,
4 x 14,000 TEU
10 x 10 000 TEU
0
6 x 9,000 TEU
6 x 9,000 TEU
2 x 8,100 TEU
10 x 10,000 TEU
2012 2013 2014
Total vessels
N t
Page 24 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Note: 1) 5 out of the 10 x 14,000 TEU vessels for delivery between 2013 and 2014 will be chartered out to MOL
Operating Fleet UpdateD li i f l f l ffi i t hi i l t t
FY2014FY2013
Deliveries of larger, more fuel-efficient ships improve slot costs
Fleet 583,000 640,000 +57,000 -37,000 603,000
1 Jan 2013 Net change 27 Dec 2013 Net change 26 Dec 2014
capacity TEU TEUTEU TEU TEU
No of 7 20No. of vessels 128 121-7
vessels-20
charters expiring
+8
109
4 550 5 300 5 530
Note:
+8 newbuilds
Average vessel size
4,550 TEU
5,300 TEU
5,530 TEU
Page 25 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
1) FY2014 fleet changes are provisional and excludes APL capacity chartered out2) FY2014 capacity net change comprises -119,000 TEU linehaul vessel charters expiring and +82,000 TEU newbuild capacity 3) FY2014 vessel net change comprises -20 linehaul vessel charters expiring and +8 newbuild deliveries (excludes 2 vessels chartered
out to MOL)
Liner business conditions
Industry
• Recent large orders for new vessels to pressure freight rates g p gin low growth environment
• Cascading continues to impact all trades
APL
• Bunker prices remains high at around US$600/MT
• Charter returns and new fuel-efficient vessels are expected to further improve slot costs
• Long term benefit from improved cost structure and operational• Long-term benefit from improved cost structure and operational efficiencies
• Change to functional structure to speed up decision making and
Page 26 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
improve market responsiveness
Logistics FY13 Results Highlights
Profitable growth despite weak global economy
• Revenue US$1 6b up 2% YoYRevenue US$1.6b, up 2% YoY• Core EBIT of US$64m, down 4% YoY mainly due to lower Contract
Logistics contribution C EBIT i f 4 0%
Emerging markets led growth
• Core EBIT margin of 4.0%
• Emerging markets revenue led by 14% growth in Asia/Middle East• International Services revenue up 10% YoY to US$585m on
business expansion in consumer and retail segmentsbusiness expansion in consumer and retail segments • Contract Logistics revenue down 2% YoY to US$1.0b mainly due to
extended customers’ automotive plant shutdown and slow auto sector recovery
Page 28 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
sector recovery
Logistics Results Highlights
1,700
US$m
80
US$m
Revenue Core EBIT*
1,555 1,586
1,350
67 64
60 4%
2%
1,000 FY12 FY13
40 FY12 FY13FY12 FY13 FY12 FY13
• Logistics achieved revenue of US$1.6b in FY13, growing 2% year-on-year (YoY), led by emerging markets in Asia/Middle East.
International Services achieved revenue of US$585m, a 10% YoY increaseContract Logistics achieved revenue of US$1.0b, a 2% YoY decrease
• Core EBIT of US$64m for FY13, a 4% YoY decrease
Page 29 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
*With effect from 3Q13, the definition of Core EBIT has changed to exclude finance expense & income. Comparative numbers restated accordingly
APL Logistics Revenue Trend by Region
27% (Asia/Middle East) 25% (Asia/Middle East)
Growth led by Asia/Middle East +14% and Europe +6%
27% (Asia/Middle East)
$436
25% (Asia/Middle East)
$382
63% (Americas)
$993$157
66% (Americas)
$1,025$148
$1,586 $1,555
10% (Europe) 9% (Europe)
FY13 Revenue Breakdown– by Region (US$m)
FY12 Revenue Breakdown– by Region (US$m)
Page 30 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Performance Breakdown
Maintained profitable growth with FY13 Core EBIT of US$64m
FY13 FY12% ▲
Better/ 4Q13 4Q12% ▲
Better/FY13 FY12 Better/ (Worse)
4Q13 4Q12 Better/ (Worse)
Revenue (US$m) 1 586 1 555 2 434 435 -Revenue (US$m) 1,586 1,555 2 434 435
• Contract Logistics 1,001 1,022 (2) 275 282 (3)
• International Services 585 533 10 159 153 4
Core EBIT (US$m) 64 67 (4) 19 26 (27)
• Contract Logistics 22 36 (39) 3 15 (80)
• International Services 42 31 35 16 11 45
Core EBIT Margin (%) 4.0 4.3 4.4 6.0
• Contract Logistics 2.2 3.5 1.1 5.3
Page 31 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
• International Services 7.2 5.8 10.1 7.2
Revenue and Core EBIT Margin TrendSoft economic conditions in developed markets & slow auto sectorSoft economic conditions in developed markets & slow auto sector recovery in North America dampened 4Q13 margins
Weekly Revenue(US$m)
Core EBITMargin (%)
10.0%
30.0
35.0
3 3%
5.2%6.0%
3.7%
5.1%4.4% 5.0%
20 0
25.0
3.3%2.5%
2.9%
15.0
20.0
0.0%10.0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Weekly Revenue (US$m) (LHS) Core EBIT Margin (%) (RHS)
Page 32 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Logistics business conditions
Industry
• Weak macroeconomic conditions in developed end markets pslowed down industry growth
• Domestic consumption continued to grow in emerging markets• Greater adoption of multi-channel retailing provided new supply
APL Logistics
• Greater adoption of multi-channel retailing provided new supply chain management opportunities in emerging markets
APL Logistics
• Beat Simon appointed new APL Logistics President• Continue to look out for growth opportunities in emerging markets g pp g g
& US• Maintain efficiency and cost discipline focus
Page 33 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Group Outlook
Global economic growth prospects are uncertain. Conditions in the liner industryare expected to remain challenging due to continued over-supply of capacity.Liner freight rates will remain under pressure. The Group will continue its focus
i t d ti l ffi i i ith th i t i iton managing costs and operational efficiencies with the aim to improve itsfinancial performance in 2014.
Page 35 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Group Financial Highlights
US$m FY13 FY12% ▲
Better/ (Worse)
4Q13 4Q12% ▲Better/
(Worse)
Revenue 8,831 9,512 (7) 2,334 2,499 (7)
(Restated) (Restated)
, ( ) , , ( )
Core EBITDA 150 121 24 7 25 (72)
Core EBIT (before non-recurring items)
(167) (183) 9 (82) (56) (46)recurring items)
Non-recurring items 187 (103) n.m. (11) 8 n.m.
EBIT 20 (287) n.m. (93) (49) (90)
Net loss to owners of the company
(76) (412) 82 (137) (91) (51)
Net loss to owners of the company (before non-recurring items)
(263) (309) 15 (126) (99) (27)
Note: 1)With effect from 3Q13 the definition of Core EBITDA Core EBIT and EBIT have changed to exclude finance expense and income Comparative numbers restated
Page 37 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
1)With effect from 3Q13, the definition of Core EBITDA, Core EBIT and EBIT have changed to exclude finance expense and income. Comparative numbers restated accordingly.
2) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is effective from financial year 2013.
Financial Highlights by Business Segment
Revenue (US$m) FY13 FY12% ▲
Better/ (Worse)
4Q13 4Q12% ▲
Better/ (Worse)
Liner 7 329 8 054 (9) 1 922 2 089 (8)Liner 7,329 8,054 (9) 1,922 2,089 (8)
Logistics 1,586 1,555 2 434 435 -
Elimination (84) (97) 13 (22) (25) 12
Total Revenue 8,831 9,512 (7) 2,334 2,499 (7)
C EBIT (US$ ) FY13 FY12% ▲
/ 4Q13 4Q12% ▲
/(Restated) (Restated)
Core EBIT (US$m) FY13 FY12 Better/ (Worse)
4Q13 4Q12 Better/ (Worse)
Liner (231) (250) 8 (101) (82) (23)
Logistics 64 67 (4) 19 26 (27)Logistics 64 67 (4) 19 26 (27)
Total Core EBIT (167) (183) 9 (82) (56) (46)
Note:1) With effect from 3Q13 the definition of Core EBIT has changed to exclude finance expense and income Comparative numbers restated accordingly
Page 38 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
1) With effect from 3Q13, the definition of Core EBIT has changed to exclude finance expense and income. Comparative numbers restated accordingly2) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is
effective from financial year 2013.
Liner Results Summary
US$m FY13 FY12% ▲Better/
(Worse)4Q13 4Q12
% ▲Better/
(Worse)
Revenue 7 329 8 054 (9) 1 922 2 089 (8)
(Restated) (Restated)
Revenue 7,329 8,054 (9) 1,922 2,089 (8)
Core EBITDA 74 43 72 (15) (4) (275)
Core EBIT (231) (250) 8 (101) (82) (23)
EBIT (71) (351) 80 (111) (74) (50)
Core EBIT margin (%) (3.1) (3.1) (5.3) (3.9)
Note:1) With effect from 3Q13, the definition of Core EBITDA, Core EBIT and EBIT have changed to exclude finance expense and income. Comparative numbers restated
accordingly2) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is effective
from financial year 2013.
Page 39 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Logistics Results Highlights
US$m FY13 FY12% ▲
Better/ (Worse)
4Q13 4Q12% ▲Better/
(Worse)
(Restated) (Restated)
Revenue 1,586 1,555 2 434 435 -
Core EBITDA 76 78 (3) 22 29 (24)
Core EBIT 64 67 (4) 19 26 (27)Core EBIT 64 67 (4) 19 26 (27)
EBIT 91 64 42 18 25 (28)
Core EBIT margin (%) 4.0 4.3 4.4 6.0
Note:1) With effect from 3Q13, the definition of Core EBITDA, Core EBIT and EBIT have changed to exclude finance expense and income. Comparative numbers restated
accordingly2) 2012’s results are restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee Benefit (Revised), which is effective
from financial year 2013.
Page 40 | 20 February 2014 | Full Year & 4Q 2013 Performance Review
Group Fuel and Currency Exposures
Bunker
• The Group continues to recover part of its fuel price increases from customers through bunker adjustment factors.j
• The Group also maintains a policy of hedging its bunker exposures.
Foreign exchange
• Major foreign currency exposures are in Euro, Singapore Dollar, Canadian Dollar, Japanese Yen and Chinese Renminbi.
• The Group maintains a policy of hedging its foreign exchange exposures.
Page 41 | 20 February 2014 | Full Year & 4Q 2013 Performance Review