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Danish shipping giant Maersk reported impressive earnings

Friday, 22 February 2013
The Group delivered a profit of USD 4.0bn (USD 3.4bn), which was slightly higher than the latest announced outlook of around USD 3.7bn expressed on 9 November 2012.
The company writes in a statement that the return on invested capital (ROIC) was 8.8% (8.3%).
Profit was positively affected by the settlement of an Algerian tax dispute in Q1 of USD 899m combined with improved volumes, rates and unit costs for Maersk Line.

Profit was negatively affected by a decline in Maersk Oil’s share of production and impairment losses of net USD 405m of which USD 268m related to Maersk Tankers in Q3. Divestment gains were USD 636m (USD 890m) with the divestment of two FPSOs, Maersk LNG and Maersk Equipment Service as the largest transactions. Revenue decreased slightly to USD 59.0bn (USD 60.2bn).

Cash flow from operating activities was USD 7.6bn (USD 7.3bn) while cash flow used for capital expenditure was USD 6.3bn (USD 9.8bn) after netting sales proceeds amounting to USD 3.4bn (USD 1.7bn). The Group’s free cash flow was positive USD 1.3bn (negative USD 2.5bn).

Net interest-bearing debt increased by USD 339m to USD 15.7bn (USD 15.3bn). Total equity was USD 39.3bn (USD 36.2bn); positively affected by the profit of the year of USD 4.0bn. Dividend paid was USD 945m (USD 924m).

Detail quarterly figure could be obtained Maersk financial reporting

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