our strategy - dp worldar.dpworld.com/2013/assets/downloads/dpworld_ar13_p14... · 2014-04-25 ·...

14 DP World Annual Report and Accounts 2013

Our Strategy

Our strategy describes our plan to maximise shareholder value through leveraging our portfolio of world-class infrastructure assets, to strengthen global supply chains and to generate sustainable economic growth.

Strategic pillars Strategic priorities

DP WORLD GLOBAL STRATEGY ROAD MAP

Our Vision looks to our future. It gives direction to where we are going and what we want our Company to become.

Our Mission describes our purpose. It says what we exist to do and how this takes us towards achieving our Vision.

Our Values are the common principles that shape our culture. They describe “how we do things” at DP World.

Our VisionSustainable value through global growth, service and excellence.

Our MissionA global approach to a local business environment where excellence, innovation and profitability drive our core business philosophy of exceptional customer service.

Our Values• Commitment to our people

and our customers• Profitable global growth• Responsible corporate and

personal behavior• Excellence and innovation

OUR STRATEGYAs we evolve and live in a more integrated world, we have to constantly adapt to the changing environment and our customers’ needs. Our strategy therefore has to be flexible to the changing dynamics, whilst providing clear guidance on how to achieve our vision.

In 2013, we introduced the concept of the balanced scorecard framework to communicate DP World’s strategy, with the aim of communicating a clear, consistent and shared vision of DP World for a sustainable future. The framework provides measurable guidance and targets for DP World over the medium and long-term, and uses key performance indicators (KPIs) to measure the implementation of the strategy across the portfolio.

The next section describes DP World’s global strategy road map.

Our global strategy is communicated via two avenues: Our Vision, Mission and Values and the DP World balanced scorecard framework. Our Vision, Mission and Values define our purpose, the means to achieve our purpose and the principles that drive behaviour at our Company.

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http://ar.dpworld.com/2013

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Internal/OperationalDeveloping efficient, safe and securemethods of managing our operations

People and LearningCreating a learning and

growth environment

FinancialDriving sustained long-term

shareholder value

CustomerCreating a satisfied

and profitablecustomer experience

DP WorldBalancedScorecard

The DP World balanced scorecard framework defines strategic pillars to be implemented across the Company and strategic priorities which are measured against KPIs.

STRATEGIC PILLARSOur organisation-wide strategic pillars define objectives that apply and need to be implemented across the regions and business units in our Group. They align our business to build a more sustainable business model, develop robust risk and compliance processes, communicate effectively to all stakeholders and implement our strategy. They are comprised of:• Strategy Implementation:

communicate key messages and define measurable performance milestones.

• Corporate Governance: ensure good corporate governance and adherence to international best practice.

• Communications: enhance internal and external communications.

• Corporate Responsibility: build and sustain strong communities through strategic community investment, to leave a sustainable legacy and to take the lead in being a good corporate citizen.

STRATEGIC PRIORITIESOur four strategic priorities tell the story of our strategy and describe how we create value for our stakeholders, by focusing on the following:• Financial Priorities: driving sustained

long-term shareholder value.• Customer Priorities: creating

a satisfied and profitable customer experience.

• People & Learning Priorities: creating a learning and growth environment.

• Internal & Operational Priorities: developing efficient, safe and secure methods of managing our operations.

Our four strategic priorities are explained in further detail in the table and case studies to follow, including an outline of our achievements during 2013 and KPIs.


2013 ACHIEVEMENTS

FinancialDriving sustained long-term shareholder value

• We strategically adjusted our portfolio, divesting and monetising some of our assets in Hong Kong (China) and recycling capital into faster growing markets and new developments, including Jebel Ali (UAE), Embraport (Brazil), Rotterdam (Netherlands) and the DP World London Gateway port (UK).

• We opened the new extension to Container Terminal 2 (T2) at Jebel Ali port (UAE). The expansion adds one million TEU, extending the T2 quay

CustomerCreating a satisfied and profitable customer experience

• We welcomed the first scheduled vessel to the DP World London Gateway port, the MOL Caledon from South Africa, after more than a decade of planning and construction across three square miles of development.

• We implemented new initiatives using smartphone mobile applications to integrate our entire range of customer services at Jebel Ali port (UAE), with the aim of increasing

People & LearningCreating a learning and growth environment

Internal/ OperationalDeveloping efficient, safe and secure methods of managing our operations

• We rolled out the newly developed software “Planning Terminal Operations” that provides learners with the opportunity to test and understand different techniques safely, then implement in live operations.

• We implemented a new framework for leadership development. See page 36 for further information.

• We ran the third My World employee engagement survey during 2013 to

• We launched the industry’s largest ever asset management programme which will cover our entire global operations. By managing our assets across our portfolio, it greatly improves efficiency, eliminates wastage and duplication, cuts costs, and minimises disruption to customer service.

• We joined forces with the Dubai Carbon Centre of Excellence (DCCE) on the eve of World Environment Day. The initial phase of the five-year agreement with DCCE will see them review our practices, explore and identify energy reduction opportunities to implement in line with international standards. Agreed projects will have the potential to be applied across our global network.

wall by 400 metres to 3,000 metres, allowing for the simultaneous handling of six ultra-large container vessels.

• We opened the c. $2.3bn DP World London Gateway port and logistics park project (UK) on schedule in the fourth quarter of 2013.

our customers’ competitiveness and lowering supply chain costs.

• We jointly announced with Marks and Spencer the building of a new c. $300 million distribution centre at the London Gateway logistics park, which will give Marks and Spencer closer access to key UK cities and access to the rail network being built.

• We inducted almost 5000 truck drivers into our safety programme for external truck drivers at Jebel Ali port (UAE) as part of our priority to provide a safe and secure work environment.

• We implemented the methodology of scenario planning to strengthen our ability to think through future environments and ensure our strategy is best placed to take advantage of a changing world. The “DP World Global Scenarios 2040” booklet was launched in December 2013.

gain a better understanding of the key drivers that engage our people. The survey was conducted in 26 languages and we received over 16,000 responses. See page 36 for further information regarding the My World survey results.

Our Strategic Priorities

FOR MORE INFORMATIONSEE PAGES 18-19






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Return on Capital Employed

13 6.7%09 3.8%10 4.4%1112

6.0%6.8%

6.7%

Gross Capacity mTEUGross Capacity Utilisation %

13 72.872.8

09 73%59.7

10 77%64.1

11

12

79%69.4

80%69.7

70.7/80%

■ Gross Capacity Utilisation (%)■ Gross Capacity (mTEU)

Increase in Gross Berth Moves Per Hourcompared against our 2008 baseline

13 13%09 3%10 5%1112

10%12%

13%

2013 DP World Institute Training Programmes

72.872.8

3510

6416

27040

18789

Asia Pacific & Indian Subcontinent

Middle East, Europe & Africa

■ Operations■ Leadership

Australia & Americas

Global Programmes

Earnings Per Share (US cents) exc SDI

13 72.809 35.610 45.01112

55.365.7

72.8

Lost Time Injury Frequency Rate

13 6.4%09 10.1%10 8.8%1112

8.0%7.3%

6.4%

My World Employee Engagement Survey Response Rate

0911

75%77%

77%

■ 17% Maintenance

■ 49% New facilities ■ 34% Existing facilities

2013 Capital Expenditure

KEY PERFORMANCE INDICATORS

ROCE (return on capital employed) is EBIT before separately disclosed items as a percentage of total assets, less current liabilities. Our ROCE is impacted by the very low age profile of our portfolio and the up front capital investment required. ROCE has almost doubled in the last four years and we are making good progress towards our target of 15% on our existing portfolio by 2020.

EPS (earnings per share) is calculated by dividing the profit after tax attributable to owners of the Company (before separately disclosed items) by the weighted average shares outstanding. In 2013, our EPS grew 27% on a like-for-like basis, displaying our ability to target higher margin cargo, improve efficiencies and maintain costs.

$1,063 million of capital expenditure was invested across our portfolio in 2013, with a significant proportion invested in our DP World London Gateway port (UK) and Jebel Ali port (UAE). Our capital expenditure in 2013 was predominantly targeted at new facilities and the expansion of existing facilities.

By offering a market-leading portfolio of products and tools, the DP World Institute team exists to add value to the business by meeting our customer’s needs and by enabling our people to meet their true potential.

GBMH (gross berth moves per hour) is calculated by taking the total container vessel moves, divided by the sum of the gross crane hours (where gross crane hours is the time from first lift to the last lift of each quay crane combined). We have calculated the GBMH as an average across our portfolio and the above graph shows our GBMH improvement as a percentage against our 2008 baseline.

We recognise the need to have a solid understanding of the attitudes and opinions of our people and understand the relationship between employee engagement and business performance. We measure these key indicators bi-annually through our My World employee engagement survey. In 2013, a 77% response rate from staff at participating business units was achieved. Over 16,000 responses were received in 2013.

LTIFR (lost time injury frequency rate) is the frequency of injuries per million hours worked. DP World is committed to ensuring the safety of our people and we will continue to strive towards achieving our goal of zero harm.

Gross capacity is the total capacity from our global portfolio of over 65 terminals. Gross capacity utilisation is the total throughput divided by the total capacity. Our portfolio remains highly utilised and above the industry average.


At DP World we actively manage our portfolio and our finances with two principal strategic aims in mind: to maintain the diversity of our network of terminals globally, focusing on maximising financial returns from our business; and to ensure we have a strong balance sheet.

During 2013, we took the opportunity to strategically adjust our portfolio, divesting and monetising some Hong Kong assets and recycling capital into faster growing markets and new developments, including Jebel Ali (UAE), Embraport (Brazil), Rotterdam (the Netherlands) and the DP World London Gateway port (UK), which are all investments for the future.

FinancialTo ensure we retain our status as an attractive and competitive business for investors, we must drive sustained long-term shareholder value.

Our Strategy in Action

We undertook two linked transactions in Hong Kong, a relatively mature market, with the first being the divestment of our CT8 terminal. At the same time we entered a strategic partnership with the Hong Kong arm of the Australian headquartered Goodman Group, which develops and manages industrial and commercial business space, to monetise our second Hong Kong terminal, known as CT3, and the giant logistics facility ATL, which is located alongside CT3. We retain a 25% ownership of those two assets as well as retaining management and oversight of CT3.

KEY GOALS AND TARGETS

We set challenging financial targets to drive optimised productivity and to deliver sustainable value. Our terminals contribute to our financial performance by:• increasing asset utilisation;• increasing productivity;• reducing costs; and• increasing current and new

sources of revenue.

By actively managing our global portfolio and ensuring access to the best sources of capital for the long-term, we manage our leverage and investment grade to ensure we remain competitive. By operating our terminals through long-term concessions and strategically investing in value-adding terminals where we have management control, we manage our portfolio by strategically investing and divesting to maximise value for tomorrow and beyond.

Hong Kong CT3 (China)

“OUR AIM IS TO MAINTAIN OR INCREASE OVERALL MARKET SHARE BY BEING IN THE RIGHT LOCATIONS AND OFFERING THE RIGHT PRODUCTS TO OUR CUSTOMERS. WHEN ENTERING OR EXITING MARKETS, WE DO SO WITH STRICT FINANCIAL CRITERIA AND A CONSIDERED APPROACH.”YUVRAJ NARAYAN CHIEF FINANCIAL OFFICER



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Driving sustained shareholder valueThe transactions were achieved at compelling multiples with the total consideration paid for the two transactions being $742 million, with a net gain of approximately $152 million. The transactions were aligned with our strategic goals and direction, reducing leverage and allowing us to reinvest capital into other markets.

The Hong Kong transactions built on the divestments and monetisations of 2012, which saw us exiting non-core businesses with low returns, small joint ventures and terminals where we had little operational control or were a minority shareholder.

Over the past two years, we have divested approximately 3.9 million TEU capacity, however, our investment pipeline will have added more than 10 million TEU to our global capacity by the end of 2014.

These activities have resulted in us maintaining the shape of our business with around 70% of the cargo we handle destined for or originating from the market our terminals serve (origin and destination cargo), and three quarters of our business in emerging markets, which have greater growth potential than mature markets.

It has also meant that we have significantly reduced our net debt to adjusted EBITDA to 1.7 times, compared with 2.0 times in 2012.

At the same time as maximising the value of our existing portfolio, we maintained a disciplined approach to new investments during 2013. We have stringent investment parameters in place that require a return on capital employed of 15% over the life of any project we invest in.

Our aim is to maintain or increase overall market share by being in the right locations and offering the right products to our customers. When entering or exiting markets, we do so with strict financial criteria and a considered approach. With an already well-diversified network, the focus in 2013 was to grow capacity in existing terminals and developments. And since ours is a long-term business, we make sure we match our debt profile to our long-term objectives, avoiding short-term liabilities and maximising returns for our shareholders today and tomorrow.


Our new c. $2.3 billion DP World London Gateway port and logistics park project in the UK is a standard bearer of our customer strategic priority. Now open and trading, the terminal is the UK’s first 21st century major deep-sea container port and Europe’s largest logistics park.

Operated by DP World on the north bank of the River Thames, it provides unrivalled shipping access to the largest consumer market in the UK. It will offer cost reductions for businesses that want to ship goods closer to the consumer, rather than having the goods transported further than necessary by trucks. In essence, it is saving British businesses time, money and reducing the CO2 emissions in their supply chains.

Consultation with stakeholders was a key feature of this project. A series of customer visits and receptions throughout the UK and in Asia have all raised the profile of the port and its advantages. Public advocacy programmes reached out to customers such as DB Schenker, Freight Liner, Maersk Line and MOL. Political figures also visited the site, including British Prime Minister David Cameron, as have potential port users; from companies of all shapes and sizes to trade associations. It was also critical for the sustainability of this project that we engaged positively with the surrounding communities. From the beginning, we consulted with the local communities to engage them in the project and receive their feedback.

In line with the port being completed and additional jobs being created, the team continued to engage with local universities and colleges in 2013 to inform young people in the local and wider communities of the exciting and fulfilling careers available at the port and the opportunities more widely available throughout DP World’s global portfolio.

Our stakeholder and customer-focused commitment evidenced by the development and operation of the DP World London Gateway port and logistics park is already delivering results. The port received its first ship in late 2013, the MOL Caledon from South Africa and also announced a c. $300 million deal with Marks and Spencer for a major new distribution centre providing easier access to London and the South East.

Stakeholders and industry experts are already taking notice:

“London Gateway offers the potential for JLR to gain competitive advantage by integrating consolidation and distribution flows through the port. We already import and export a lot of material, and we’re growing, so there will certainly be opportunities.” Andy Gallon, International Manufacturing Development Manager, Jaguar Land Rover.

“Our members feed the nation – including the capital. We see London Gateway as a potential food hub for London, enabling us to deliver on day one for consumption on day two, which would mean extended shelf life for products and supply chain cost savings for our customers.” Chris Sturman, CEO, Food Storage & Distribution Federation.

For stakeholders, the added value of unparalleled tidal access to the UK as well as superior efficiencies is clear. From the moment a ship arrives at the port there will be minimal downtime for a customer’s cargo with the use of innovative operational techniques and technologies built on the backbone of our global, proven and tested operational practice. The DP World London Gateway port will deliver an unprecedented level of automated productivity to the container delivery process, including automated loading of heavy goods vehicles, with traffic flows managed using industry proven vehicle booking systems. Other novel features include an increased tidal window allowing it to stay open even in severe weather.

CustomerOur customers’ needs are constantly changing. This means we have to anticipate these changing needs and be agile with our response so that we deliver a satisfied and profitable customer experience.



To continue to be a leader in quality and reliability we will:• continually develop and innovate

services that offer superior performance for our customers;

• deliver value for money on time;• deliver the right capacity to

meet the right demand; and• enhance value-adding services both

inside and outside the terminal to grow ancillary revenue.

As part of our aim to deliver a satisfied and profitable customer experience we will also develop and grow sustainable, high-value customer relationships and provide access to a global network. Through this focus, we will be known as a trusted brand that can be relied on by our customers to deliver at all of our locations.

“LONDON GATEWAY IS A FANTASTIC PROPOSITION AND A PERFECT OPPORTUNITY TO DESIGN COLLABORATIVE SUPPLY CHAINS.”PETER SURTEESEUROPEAN SUPPLY CHAIN DIRECTOR, KIMBERLEY-CLARK



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Providing access globally

The DP World London Gateway port (UK) and our flagship Jebel Ali port (UAE) are unique in our portfolio of more than 65 terminals and new developments. They are both purpose built from greenfield sites, both deep water ports able to handle the new generation of ultra-large container vessels, both adjacent to huge logistics parks, and both using the most modern information technology to manage the handling of containers.

Ports take time to build and are a significant investment, planned with long-term horizons. We did not build the DP World London Gateway port and logistics park solely for today or even tomorrow. It has been built for future generations. It will support British trade and the UK economy far into the future, and it will bring jobs to the local and wider community as businesses flourish.


Our dynamic and committed team of over 30,000 people are our greatest asset. By investing in and enhancing the skills and knowledge of our people through world class training programmes, we will continue to build an outstanding and high-performing team.

We believe in developing the talent and potential of our people through ongoing training not only at their home terminals but elsewhere in our network. We run cross-training programmes across our global portfolio so individuals have a wide range of experience in different operational environments. For example, team members from DP World Dakar (Senegal) have received training in the UAE and Djibouti, while staff at Embraport, our new development in Brazil, have been trained at DP World Callao (Peru).

This reflects our belief in moving staff around our network to gain more experience before they return to their home terminal to apply the skills and share the knowledge that they have acquired internationally. This cross-training enhances our skilled workforce, which in turn optimises our business efficiency for the benefit of our stakeholders.

Abdou Niane Ndiaye is living proof that investment in providing training across our network of marine terminals pays off. Abdou comes from Dakar in Senegal and joined DP World as a gantry crane operator at DP World Dakar in 2008. After attending a training course at the Company’s Jebel Ali terminal, he has moved on to become a fully qualified trainer himself.

Abdou observed that his experience is an example of how the approach to training on the job in different locations gives local employees a broader career path and provides them with the technical know-how to pass on to others in their home country. The investment in people has paid off.

We have a myriad of learning and development initiatives that we use globally. During 2013, we delivered planning terminal operations workshops across our network with state of the art simulation software so participants can understand how vessel, yard and equipment operations can be improved.

Our leadership framework was also further developed using a range of globally recognised academic experts to deliver a multi-lingual leadership learning curriculum aligned with organisational priorities and the needs of employees at different levels, from terminals, regions and head office.

Our iLearn web-based learning management system offers eLearning courses, tutor-led webinar sessions and work-based assignments with greater flexibility and more realistic workplace situations. Collaborative learning is encouraged through the use of iPads to access both generic and bespoke learning material, using social networks and applications to deliver paperless learning experiences and personalised video messaging.

Part of the approach includes our ongoing support for local training activities and the well-established advanced trainer and assessor programme, with expert advice to terminals and port authorities on setting-up operational training centres that feature best practice processes with learning materials offered to the wider port community in the markets in which we operate.

Our people are fundamental to our sustained success. Contributing to their learning and development supports our Company’s superior performance. We will continue to focus on the development of our people and foster a company culture where innovation, collaboration and performance are a celebrated part of who we are and what we do.

People and LearningIn a workplace that encourages continuous learning and growth for all, we will create an environment where innovation, collaboration and performance are a recognised and celebrated part of our culture.



We aspire to be an employer of choice with a competitive reward scheme that recognises outstanding performance, and we aim to maintain employee retention levels that are above the industry norm. We achieve this:• through the formal

management of an innovative, performance-driven culture;

• recruiting and retaining a skilled workforce that is able to meet the needs of our business; and

• succession planning for all critical roles.

By promoting the DP World culture we will:• ensure leadership styles are aligned

to the DP World leadership pillars;• encourage open feedback as

part of promoting an open environment that supports innovation and collaboration; and

• encourage innovation across all aspects of our business.

We will also provide an environment that encourages learning and collaboration to:• foster continuous learning, including

using technology to support learning across our global portfolio; and

• promote the sharing of information and statistics to ensure the consistent application of Human Capital policies and procedures globally.



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Encouraging continuous learning

Training centre at DP World Jebel Ali (UAE)


Efficiency, safety and security are key elements in sustaining our long-term growth and maintaining our operational excellence. Ensuring cost containment and safety supported by automation technology and innovation is something that our customers expect, reinforcing our reputation for providing premier services. We achieve this by harnessing the collective knowledge and experience across our global portfolio, exchanging best practice and knowledge sharing, keeping up to date with the latest technological advances in our industry and cascading that information across our network.

These ingredients all contribute to greater efficiency. With regional collaboration, our various Head Office departments also get involved to ensure we are closely aligned. With regular terminal visits and inspections we reinforce compliance with our global policies and verify that operational service levels meet the standard for terminal configuration and customer satisfaction. By monitoring and benchmarking terminal performance and capacity through well-defined key performance indicators we can better identify when additional capacity is required to meet the future needs of our customers.

From automated remote controlled quay cranes to optical character recognition systems for containers, we implement technological advancements that will improve our efficiency which in turn benefits our stakeholders. A rolling series of workshops with users of our terminal systems, also makes sure there is a continuous focus on quality assurance and improving productivity at our terminals.

The best operations model in the industry is a centralised system, with the terminal control centre at its heart supported by the terminal operating system (TOS).

Traditionally such systems are built around a container. We are building ours around equipment because that is what drives our efficiency and effectiveness. Until now we have primarily used third-party TOS but we are currently developing an in-house TOS with multiple smart applications and add-ons to optimise performance. The system is already up and running in Suriname, Tarragona (Spain), Hong Kong (China) and a number of our African ports with plans to implement it in Laem Chabang (Thailand), one of the larger terminals in our network.

Our future aim is to have all knowledge and optimisation embedded in one platform so that we can take advantages of integrated and centralised asset management utilisation.

During 2013, we launched the industry’s largest ever asset management programme, bringing together our activities into a harmonised risk based management system approach strongly aligned with our strategic objectives. This will be compliant with the ISO 55000 standard for asset management.

Port equipment is by its nature expensive and therefore requires careful handling. If all our assets are managed across the global portfolio rather than on a terminal by terminal basis, we can greatly improve efficiency, eliminate waste and duplication, cut costs, and minimise disruption to customer service. Five terminals have already trialled the programme with another eight scheduled to join in 2014.

Our initiatives under the umbrella of operational excellence also bring benefits such as reducing the amount of carbon emissions, faster vessel start up, a shorter equipment cycle, faster shift changes and faster gate transactions matching demand with supply so we can service customers better, faster, and safer.

Internal/OperationalTo sustain our long-term global growth we must ensure we develop and continuously improve efficient, safe and secure ways of managing our operations.



Developing efficient, safe and secure methods of managing our operations by:• providing a safe and secure

environment and contributing to a sustainable environment;

• growing revenue profitably by excelling in customer service, retaining existing customers and targeting a pipeline of new customers;

• growing sustainably and profitably, winning projects in markets with strong economic growth drivers and focusing on origin and destination cargo;

• managing risk intelligently and optimising opportunities, reducing operations downtime and non-operational risks, and operating in compliance with applicable laws and regulation;

• focusing on operational excellence and extracting the maximum value from our resource base which results in increased cost productivity; and

• creating the culture and infrastructure needed to encourage innovation through research and development.



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As customers order larger vessels and seek world class ports to handle them, development of port infrastructure is becoming a major requirement in the industry. Our flagship port at Jebel Ali (UAE), already able to handle the world’s largest vessels, is preparing to be able to serve ten ultra-large container vessels at the same time. In December 2013, the first four of 19 ship to shore quay cranes arrived for the new four million TEU Container Terminal 3 (T3) at Jebel Ali.

With their 69.5 metre lifting height and extended reach, the new cranes can handle the new generation of 25 container-wide ultra-large container vessels. There will be 98 quay cranes in total at Jebel Ali once all cranes on order are in place. T3, which is due to open in 2014, will increase the total capacity of the port to 19 million TEU.

Continuously improving efficiency

Rotterdam World Gateway (the Netherlands)

our strategy - dp worldar.dpworld.com/2013/assets/downloads/dpworld_ar13_p14... · 2014-04-25 ·...

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