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CMA CGM bounces back in 2012

CMA CGM bounces back in 2012
Paris: CMA CGM has reported a marked return to profit in 2012 raking in $361m compared to deficit of $5m in 2011.

A hefty 82% year-on-year increase in EBITDA, to $1.32bn from $729m in 2011, was driven by $800m savings from implementation of the company’s “action plan”. CMA CGM claimed the industry's highest operating margin for 2012 of 6.3%, and revenue increases to $15.9bn from $14.9bn in 2011.

One-time measures included the sale of a 49% stake in Terminal link, generating around $5.2m, as well as equity injections of $100m from Yildirim and $150m from Fonds Stratégique d’Investissement (FSI).

Volume growth reached 6% year-on-year, to 10.6m teu from 10m teu in 2011. The company reports that it is expecting to benefit from stronger freight rates at the beginning of 2013, and although demand is “remaining weak” from Europe, there are “more positive trends elsewhere, especially in the United States, Russia and emerging markets (particularly in Asia, Africa and Latin America).”

“2012 was an important year for CMA CGM, which delivered a very good performance,” said Rodolphe Saadé, CMA CGM’s executive officer. “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.”

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