CMA CGM posts 2022 results
CMA CGM's full-year 2022 revenue stood at USD 74.5 billion, a 33% increase versus 2021 led by the Group’s maritime shipping business, according to the company's release. EBITDA came to USD 33.3 billion, representing an EBITDA margin of 44.7% or 3.4 points higher than the year before. Net income, Group share amounted to USD 24.9 billion for the year. The Group continued to strengthen its balance sheet, with net debt holding steady at USD 7.7 billion as of December 31, 2022. In addition, the Group has USD 11.6 billion in short-term financial assets.
In 2022, 21.7 million TEUs were transported, down 1.3% from 2021. Revenue from the maritime shipping operations rose by 30.1% year-on-year, to USD 58.9 billion. EBITDA stood at USD 31.6 billion, versus USD 22.1 billion in 2021. EBITDA margin widened by five points to 53.7%, lifted by the USD 2,771 in average revenue per TEU during the year.
Revenue from the logistics business rose by a steep 47.6% to USD 16.1 billion versus 2021. Growth was supported by robust expansion in the freight management business, particularly in the first half, as well as by recent acquisitions. EBITDA ended the year at USD 1,223 million, a 38.7% increase on 2021.
Volumes transported by CMA CGM on East-West routes declined by 7.2% in the fourth quarter, while the North-South routes proved more resilient thanks in particular to the sustained growth of certain emerging economies. Lastly, intra-regional volumes suffered both from the Russian-Ukrainian events (with the termination of Russian services) and from the lack of capacity in Asia early in the year.
The Group owns equity stakes in more than 56 port terminals and projects around the world. In 2022, CMA CGM stepped up its investments in industry-leading infrastructure to continue supporting growth in its shipping lines and enhance the quality of its customer service. The Group now owns 100% of the Fenix Marine Services (FMS) terminal in the Long Beach/Los Angeles port area, the US’s leading West Coast import gateway; has started its 10-year operation to manage, operate and maintain the Beirut container terminal; and has been awarded the concession for the Nhava Sheva terminal in India, with its partner JM Baxi. Late in the year, CMA CGM announced the acquisition of two strategic terminals at the Port of New York, GCT Bayonne and GCT New York, which have a combined capacity of two million TEUs per year with potential for further expansion up to almost double the current capacity. The closing of this transaction remains subject to regulatory approvals.
Following the acquisition of CEVA Logistics in 2019, CMA CGM accelerated its transformation in 2022 with the completion of three strategic acquisitions: Ingram Micro’s Commerce & Lifecycle Services business, which provides end-to-end e-commerce logistics solutions, including warehousing, inventory management, shipping and returns. The acquired assets represent annual revenue of an estimated USD 1.8 billion in 2021 and 11,500 employees in 59 warehouses around the world, with a strong presence in the United States and Europe. Colis Privé, a specialist in home delivery and parcel pick-up in France, Belgium and Luxembourg. GEFCO, a European leader in automotive logistics, with a focus on finished vehicles as well as other contract logistics and ground transport services.
In line with its commitment to making CMA CGM AIR CARGO a French air freight carrier with a fleet of 12 aircraft by 2026, the Group obtained its Air Operator Certificate (AOC) from the French Civil Aviation Authority (DGAC) on June 1, 2022. Following the delivery of two Boeing 777Fs, CMA CGM AIR CARGO began operating in early June from its new base at Paris Charles de Gaulle airport. Regular service is now offered from Paris-CDG to Hong Kong, Chicago, Miami and Shanghai. To drive quicker growth in the business, a long-term strategic air freight partnership was signed with Air France-KLM. The exclusive commercial partnership, which would start operations in April, will enable the parties to jointly market their air cargo networks, full-freighter capacity and dedicated services to build an increasingly competitive array of solutions, thanks to the expertise and global footprint of Air France-KLM and CMA CGM. As part of the agreement, the Group acquired a 9% stake in Air France-KLM, becoming its largest private shareholder, and Rodolphe Saadé became a member of the Air France-KLM Board of Directors. The transaction remains subject to the usual regulatory approvals.
Almost 90% of the year’s profits are being reinvested, €23 billion invested to grow the Group’s business, including €2 billion in France.
The CMA CGM Group is committed to achieving Net Zero-Carbon by 2050 and intends to accelerate the energy transition in shipping and logistics. The Group has reduced carbon emissions per container carried by 50% since 2008.
$10,2 billion (USD) already committed for a fleet of 77 LNG-powered and “e-methane ready” vessels of which 32 are already in operation and six biomethanol-powered, e-methanol ready ships will be available by the end of 2026. Nine new e-methane ready dual-fuel container ships joined the fleet in 2022.
