Maersk CEO comments on annual result 2012
Maersk CEO Mr Nils S.Anderson comments on the company's annual performance for 2012
“We are satisfied with our result for the year. After a difficult start, Maersk Line improved its performance and the Group achieved a result above last year’s, both in terms of net result and in underlying performance.
We continued our push towards building our four strategic core businesses with investments and improved results in terminals, a high level of oil exploration in Maersk Oil, securing long term contracts for five of our seven new drilling rigs and significantly improved earnings in Maersk Line.
The Group’s presence in growth markets was further expanded through the introduction of SAMMAX and WAFMAX vessels targeted at West Africa and South America trades as well as new terminal investments in Russia and Latin America,” says CEO Nils Smedegaard Andersen.
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 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).