 |
| Søren Skou, CEO of A.P. Moller – Maersk |
Danish shipping group
A.P. Moller-Maersk is forecasting higher profits in 2019 after delivering
improved results in 2018.
A.P. Moller-Maersk is forecasting higher profits in 2019 after delivering
improved results in 2018.
For
2019, Maersk expects EBITDA of around USD 5 billion including effects from IFRS
16, and around USD 4 billion excluding effects from IFRS 16.
The
organic volume growth in Ocean is expected to be in line with the estimated
average market growth of 1-3% for 2019.
organic volume growth in Ocean is expected to be in line with the estimated
average market growth of 1-3% for 2019.
“Maersk’s guidance for 2019 is subject to
considerable uncertainties due to the current risk of further restrictions on
global trade and other factors impacting container freight rates, bunker prices
and foreign exchange rates,” the company said.
considerable uncertainties due to the current risk of further restrictions on
global trade and other factors impacting container freight rates, bunker prices
and foreign exchange rates,” the company said.
In
2018, A.P. Moller – Maersk reported an increase in revenue of 26% to USD 39
billion compared to USD 30.9 billion reported a year earlier, with growth in
all segments. EBITDA for the year was USD 3.8 billion, increasing from USD 3.5
billion seen in 2017, in line with the company’s latest guidance of USD 3.6 – 4
billion.
2018, A.P. Moller – Maersk reported an increase in revenue of 26% to USD 39
billion compared to USD 30.9 billion reported a year earlier, with growth in
all segments. EBITDA for the year was USD 3.8 billion, increasing from USD 3.5
billion seen in 2017, in line with the company’s latest guidance of USD 3.6 – 4
billion.
Net
profit including discontinued operations was USD 3.2 billion, against a loss of
USD 1.2 billion reported in the previous year, positively impacted by an
accounting gain of USD 2.6 billion from the closing of the Maersk Oil
transaction in 2018 and an impairment in Maersk Drilling
of USD 1.75 billion in 2017.
profit including discontinued operations was USD 3.2 billion, against a loss of
USD 1.2 billion reported in the previous year, positively impacted by an
accounting gain of USD 2.6 billion from the closing of the Maersk Oil
transaction in 2018 and an impairment in Maersk Drilling
of USD 1.75 billion in 2017.
“In 2018, we made significant progress in
implementing our strategy. With the expected demerger and listing of Maersk
Drilling in April, the separation of our Energy-related businesses will be
almost complete,” said Søren Skou, CEO of A.P. Moller –
Maersk.
implementing our strategy. With the expected demerger and listing of Maersk
Drilling in April, the separation of our Energy-related businesses will be
almost complete,” said Søren Skou, CEO of A.P. Moller –
Maersk.
The
improvement in operating earnings was driven by higher freight rates,
efficiencies gained from the integration of continuing operations, and
synergies from the acquisition of Hamburg Süd.
improvement in operating earnings was driven by higher freight rates,
efficiencies gained from the integration of continuing operations, and
synergies from the acquisition of Hamburg Süd.
However,
margins in continuing operations were challenged and EBITDA was lower than
initially expected at the beginning of the year, primarily due to an increase
in bunker fuel prices not fully recovered by higher freight rates, the company
explained.
margins in continuing operations were challenged and EBITDA was lower than
initially expected at the beginning of the year, primarily due to an increase
in bunker fuel prices not fully recovered by higher freight rates, the company
explained.
“Although we had a challenging start to
2018, looking at our financial performance, we increased earnings despite
significantly higher bunker fuel prices and lower than expected container
volume growth in the second half of 2018. However, profitability needs to
improve,” Søren Skou added.
2018, looking at our financial performance, we increased earnings despite
significantly higher bunker fuel prices and lower than expected container
volume growth in the second half of 2018. However, profitability needs to
improve,” Søren Skou added.
