Is CMA tough in the US
CMA CGM: Stable annual result for 2015 despite difficult environment
The Deputy Executive Board member of the CMA CGM Group Rodolphe Saadé commented on the results for 2015 as follows: “The performance once again testifies to the strength of our business model and our adaptability. The strategy continued to be implemented in a demanding market environment, while the cost and financial structure was adjusted as best as possible. 2016 got off to a tough start and was marked by heavy pressure on freight rates. We are therefore intensifying our continuous efforts to adapt and optimize our sea services and the cost reduction program. "
At the same time, CMA CGM is entering a decisive phase with the planned acquisition of NOL. The project is on schedule. "In combination with our high-performance capacity to deliver solid operating results, this project will further increase our competitiveness in the future," adds Rodolphe Saadé.
Financial and operational highlights:
- The volume rose in 2015 by 6.3% year-on-year to 13 million TEU, and was thus well above the market average.
The growth in volume is mainly due to:
- The new Ocean Three Alliance, since January 2015 with China Shipping and UASC
- CMA CGM's robust expansion in the US, where the group anticipated market growth.
- Consolidated sales decline 6.4% to $ 15.7 billion. The increase in volume dampened the decline in sales despite the sharp drop in freight rates.
- Core EBIT was $ 911 million.
- The core EBIT margin remained stable at 5.8% for the year, and was again one of the highest in the industry. Unit costs fell as a result of the collapse in oil prices and the Group's otherwise strict cost controls.
- Consolidated net sales remained virtually stable at $ 567. As in 2014, it benefited from positive currency effects.
Highlights of 2015:
Operational start of the Ocean Three Alliance on the Trans-Pacific and Asia-Europe routes: the contract, which came into force at the beginning of 2015, enables the Group to offer high-quality service and at the same time provide ships of the right size.
- Optimization of the liner services according to the demand in the market
- Takeover of 18 ships, including six 18,000 TEU ships for the main routes.
- Capacity adjustments on certain routes in order to adapt the group's offer to changes in demand.
Improved intra-European coverage: since the consolidation within the CMA CGM group from July 1, 2015, OPDR has recorded a 30% increase in volume, which confirms the integration skills of the group and the growth of the recently acquired subsidiaries.
Expanded agency network with the opening of sales offices in 13 countries: with the new offices, the group can expand its presence in countries with high growth potential and expand its customer portfolio.
|Revenue, in $ billions||15.7||16.7||-6.4%|
|Core EBIT *, in $ millions||911||973||-6.4%|
|Core EBIT margin||5.8%||5.8%||0.0pt|
|Consolidated net profit Group share, in $ millions||567||584||-2,9%|
|Return on invested capital||9,2%||9.9%||-0.7pt|
|Volumes carried, in TEU millions||13.0||12.2||+6.3%|
|Fleet capacity, in TEU ** millions||1.893||1.649||+14.8%|
* EBIT from core business before sales and goodwill amortization
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