Interim Report for A.P. Møller - Mærsk A/S

Tuesday, August 29, 2006
A.P. Møller - Mærsk A/S recently released its 2006 Interim Report. The company’s half-year revenue is $29.9b, compared with $15.1b from 2005. Profit before depreciation, amortization, etc. is $4.4b compared with last year’s $3.6b. Profit before tax is $2.9b and profit for the period $1.2b. The half year is particularly affected by the following factors: Revenue, costs, depreciation, amortization and financial items are affected by the acquisition of P&O Nedlloyd and oil interests from Kerr-McGee, which are included as from August 11, 2005 and November 17, 2005 respectively; Maersk Line has not obtained a share of the general market growth during the first half year 2006; Rates for the container services were on average approximately 5 percent lower including bunkers adjustment factor compared to the first half year 2005; Highly increased costs for bunkers which are only partly compensated by bunkers adjustment factor; 38 percent higher crude oil prices compared to the first half year 2005; Highly increased government shares and taxes in the oil and gas activities; Changed depreciation periods with a positive effect on the profit for the period of approx. $360.8m; A dollar exchange rate which on average was 5 percent above that of the first half year in 2005 with positive effect on the revenue (in kroner) and the operating result for the period. As from January 1 to June 30, 2006 the dollar exchange rate has declined approximately 8 percent compared to the kroner with a negative effect for the Group’s equity. The total revenue for the A.P. Moller - Maersk Group is expected to be at the level of $46.4b. For the year 2006 the result for the group after tax is expected to be in the order of $2.7b compared to that in 2005 of $3.5b which is in accordance with the statement of June 27, 2006. Cash flow from operating activities is now expected to be in the order of $4.3b (2005: $5.7b) negatively affected partly by increased funds tied up in freight receivables. The expected result is still very sensitive to the changes in freight rates and volumes, especially in Maersk Line, and in oil prices and exchange rates.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Glosten Promotes Lamkin to Senior Marine Consultant

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant

TORM CFO Zacho Resigns

Mads Peter Zacho, Chief Financial Offer at TORM, has resigned to become Chief Executive Officer at J. Lauritzen A/S. Mads has been with TORM since 2013 and will

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0919 sec (11 req/sec)