CMA CGM Board highlights 2012 achievements
The Board of Directors of France’s CMA CGM, the world’s third largest container shipping group, 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, the French carrier said on Tuesday.
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 has successfully implemented its action plan, which has generated $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.
Marseille-headquartered CMA CGM, the world’s third largest container shipping company and ranked number one in France, operates a fleet of 394 vessels. The Group serves more than 400 ports around the world. With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 18,000 people worldwide.