A.P. Moller Maersk profit of 4.0bn dollar
The Maersk Group delivered a profit of USD 4.0bn dollar, which was slightly higher than the latest announced outlook. Maersk Line made a profit of 461m dollar, compared to a loss of 553 million dollar in 2011.
Maersk Line’s result was positively affected by improved volumes, rates and unit costs. The average freight rates were 1.9% higher at 2,881 USD/FFE (2,828 USD/FFE) and volumes increased by 5% to 8.5m FFE (8.1m FFE). Bunker consumption per FFE was reduced by 11% and headquarters headcount was reduced significantly.
Maersk Line maintained its market share for the full year.
Maersk Oil made a profit of USD 2.4bn (USD 2.1bn). The result was positively affected by the one-off tax income of USD 899m from the settlement of an Algerian tax dispute and a USD 91m gain from a partial divestment of interests in Brazil. This was partly offset by a 23% decline in the Group’s share of oil and gas production to 257,000 boepd (333,000 boepd), primarily due to a lower share of production in Qatar and Denmark.
APM Terminals made a profit of USD 723m (USD 648m). The result was positively affected by pre-tax divestment gains of USD 123m (USD 28m). Number of containers handled increased by 6% to 35.4m TEU (33.5m TEU), ahead of the market growth of 4%, boosted by additions to the portfolio.
Maersk Drilling made a profit of USD 359m (USD 488m). The result was negatively impacted by delayed start-up and maintenance yard stays of two units.
Maersk Supply Service made a profit of USD 132m (USD 243m), negatively affected by general oversupply in most segments of the market, except in the emergency response and rescue segment.
Maersk Tankers made a loss of USD 312m (loss of USD 153m). The result was negatively affected by a USD 268m impairment loss. Maersk Tankers divested the Small Northwest Europe segment and entered into an agreement to divest the Handygas segment. The Handygas transaction will take place in 2013. The divestments are equivalent to 14% of the fleet measured on invested capital.
SVITZER made a profit of USD 9m (USD 102m) after impairment of goodwill of USD 102m related to the Adsteam activities acquired in 2007. ROIC was 0.6% (6.4%).
Source: A.P. Moller-Maersk
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