CMA CGM 2012 Resullts

Press Release
Tuesday, March 19, 2013

The Board of Directors of France’s CMA CGM met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the year ended 31 December 2012.
 

Consolidated revenue rose by 7% in 2012, to $15.9 billion from $14.9 billion in 2011, led by the 6% growth in volumes carried, to 10.6 million TEUs from 10.0 million in 2011.
 
During the year, CMA CGM implemented its action plan, generating a reported $800 million savings, well ahead of the initial target.
 
As a result, EBITDA improved by a sharp 82% year-on-year to $ 1,324 million, for an operating margin (EBIT) of 6.3%, the industry’s highest (as yet announced). Consolidated net profit stood at $361 million for the year.
 
In addition to this robust operating performance, CMA CGM has significantly strengthened its balance sheet with:

  •    Signing of the sale of 49% of Terminal Link for € 400m.
  •    Closing of $ 100 million equity injection from Yildirim
  •    Signing of $ 150 million equity injection from FSI (Fonds Stratégique d’Investissement)
  •    Closing of the agreement with its Banks regarding its debt restructuring.

 
 
Outlook

 
In early 2013, freight rates levels are higher than in early 2012. World demand is expected to vary by region, remaining weak inbound Europe but showing more positive trends elsewhere, especially in the United States, Russia and emerging markets (particularly in Asia, Africa and Latin America).


CMA CGM expects an operating performance for 2013 in line with 2012, based on current market conditions.
 
 
Rodolphe Saadé, CMA CGM’s Executive Officer, said, “2012 was an important year for CMA CGM, which delivered a very good performance. As we had announced, we also completed our financial restructuring and significantly strengthened our balance sheet with the sale of a new equity interest to FSI and an additional stake to Yildirim.  We have therefore begun 2013 on solid foundations from which to pursue our growth.”
 
 
Financial highlights
 
                                          2011    2012    % Change
Revenue in $ billions   14.9    15.9    +7%
EBITDA in $ millions    729    1,324    +82%
Net profit/(loss)* in $ millions    (5)    361    
ROIC (Return on Invested Capital)    4.9%    10.6%    
Volumes carried, in TEU** millions    10.0    10.6    +6%
Shipping fleet  394    414    +5%
Fleet capacity, in TEU** millions    1,345    1,446    +8%


*   Net income attributable to owners of the parent amount to $ 332m in 2012 versus $ -35m in 2011
** TEU = twenty-foot equivalent units

 

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

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Container Ships

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

Hansa Offenburg, Hansa Drakenburg Sail Scale-free

Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company

Vessels

Greek Shipping – Still Number One!

Despite the many domestic and market challenges facing the Hellenic ship owning community, Greece has continued to strengthen its position as the largest ship owning nation in recent years,

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

Hansa Offenburg, Hansa Drakenburg Sail Scale-free

Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company

 
 
Maritime Contracts Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar 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: 0.1182 sec (8 req/sec)