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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

GTT Earns Five AIPs for Multi-gas Membranes

Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five

‘Green’ Hybrid-powered Research Vessel Christened

The Maritime Aquarium at Norwalk christened a larger, “greener” new research vessel on Friday, September 26 in preparation for launching a new era in examining,

WCI to Move Offices to Washington DC

In an effort to better facilitate WCI’s lobbying work on Capitol Hill, we will be moving offices from Arlington, Virginia to 499 S. Capitol Street, SW, Suite 401,

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Container Ships

MOL Restructures Asia to S. Africa Service

Mitsui O.S.K. Lines, Ltd. (MOL) announced the restructuring of its existing Asia to South Africa liner services into two direct loops. One service will call South China,

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

Vessels

Nigerian Customer Orders Ninth Damen Dredger

A Nigerian customer has added its ninth Damen dredger to its fleet. The Cutter Suction Dredger type CSD500 was chosen due to the availability of Damen Field Services in Nigeria,

Power and Endurance Ready for Austrailian Waters

Wamalhanha is the final newbuild in a series of six tugs of the Robert Allan Design, RAstar 3200 where her main duties will be terminal activities, escort duties, ship assist, towage duties.

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2262 sec (4 req/sec)