CMA CGM posts 2014 financial results
The Board of Directors of France's CMA CGM, one of the leading global container shipping companies, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the year ended 31 December 2014, the company said in its press release.
In 2014, consolidated revenue rose by 5.3% year-on-year to $16.7 billion.
Volumes carried increased by 8.1% to 12.2 million TEUs, largely outpacing the market and reaching a new historic high thanks to gains on the leading East-West lines and the strong sales performance by the Group's regional and speciality brands.
In particular, volume growth was led by:
- The Asia-North Europe and Asia-North Africa trades, which enjoyed sustained growth.
- The reorganisation of CMA CGM and Delmas' Africa lines, combined with the opening of new inland corridors and dry ports.
- The more vigorous US economy.
- The expansion of the ANL subsidiary, specialised in Asia-Pacific trades, which increased volumes carried on existing lines and opened new shipping services.
In addition, the Group's e-business platform, opened in October 2013, handled an impressive 1.3 million TEUs in its first full year of operation.
Core EBIT ended the year at $973 million, a 28.8% increase over 2013. The resulting core EBIT margin showed a substantial improvement, to 5.8% for 2014 and 7.9% for the fourth quarter, and thus once again ranked as one of the highest in the industry.
Consolidated net profit stood at $584 million for the year, a 43.2% increase from the $408 million reported in 2013, which included the gain from the disposal of the 49% stake in Terminal Link. In addition to the operating performance, this sharp increase was driven by a clear reduction in net finance costs, to $222 million from $445 million, including the $70 million positive impact of the euro-dollar exchange rate.
The operating performance also helped strengthen the Group's balance sheet, which at year-end showed a strong cash position. Adjusted net debt amounted to $2.9 billion, down a steep 21.5%, and gearing stood at 0.55 at the year of 2014.
