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Maersk EBITDA improved 14%

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Christian Fernsby ▼ | February 20, 2020
Maersk improved earnings and free cash flow in 2019, despite weaker market conditions and global container growth of only 1.4%.
Maersk
Maersk   Revenue decreased slightly to USD 38.9bn in 2019 from USD 39.3bn
Earnings before interest, tax, depreciation and amortisation (EBITDA) improved 14% to USD 5.7bn compared to 2018 and the EBITDA margin increased to 14.7%.

Topics: Maersk

Revenue decreased slightly to USD 38.9bn in 2019 from USD 39.3bn.

Free cash flow was USD 6.8bn, compared to USD 5.1bn last year and CAPEX declined by USD 1.2bn to USD 2bn in 2019.

In Ocean, EBITDA in 2019 increased 15% to USD 4.4bn and the EBITDA margin of 15.3% increased by 2 percentage points, driven by a lower cost base.

Revenue was USD 28.4bn with a small decrease in volumes to 13.3m FFE.

Unit cost at fixed bunker decreased by 1.7%, mainly due to improvements in capacity management and foreign exchange rate developments.

In 2019, EBITDA in Logistics and Services increased 24% to USD 238m with an EBITDA margin of 4%, while revenue decreased slightly to USD 6bn from USD 6.1bn, driven by a decrease in sea and air freight forwarding activity, which was only partly offset by an increase in warehousing and distribution.

Terminals and Towage reported an increase in EBITDA of 11% to USD 1.1bn with an EBITDA margin of 28.4% in 2019.

Revenue increased 3.2% to USD 3.9bn.

In gateway terminals, EBITDA increased by 17% to USD 902m, reflecting an increase in EBITDA margin to 28% and revenue increased by 4.1% to USD 3.2bn.

The positive development was driven by a ramp-up of the new terminal in Moin, Costa Rica, higher volumes, higher storage income and reduction in SGandA.

Net interest-bearing debt decreased through the year to USD 11.7bn from USD 15bn in 2018.

In 2019, USD 1.3bn was distributed to shareholders via ordinary dividends and share buy backs.

An ordinary dividend equal to USD 469m was paid to shareholders and as part of the share buy back programme announced in May 2019, the company bought back shares worth USD 791m.


 

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