CMA CGM’s 2015 results remain firm in a difficult environment

Growth in the container shipping market in 2016 will continue to be dependent on global macroeconomic trends

CMA CGM’s 2015 results remain firm in a difficult environment

Commenting on the 2015 results, Rodolphe Saadé, CMA CGM Group Vice-Chairman says: “Our operating performance once again illustrates the strength of our business model and our capacity to adapt. In a challenging market environment, we continued to roll out our strategy while adjusting our cost and financing structure to best effect. The beginning of 2016 was tough and marked by freight rates under pressure. We are therefore strengthening our continuous efforts to adapt and optimize our maritime services as well as our cost reduction program.”

At the same time, CMA CGM entered a decisive new stage in its development with the project to acquire NOL. The project is progressing in line with expectations. “Combined with our intrinsic capacity to deliver solid operating results, this project will make us more competitive going forward,” Rodolphe Saadé adds.

Financial and operating highlights:

  • Volumes carried in 2015 rose by 6.3% year-on-year, to 13.0 million TEUs, significantly outperforming the market.

In particular, volume growth was led by:

  • The new Ocean Three Alliance in place since January 2015 with China Shipping and UASC.
  • CMA CGM’s robust expansion in the United States, where the Group had anticipated the market’s growth.
  • Consolidated revenue was down 6.4% year-on-year to USD 15.7 billion. Volume growth helped stem this decline in revenue despite the sharp fall in freight rates.
  • Core EBIT came in at USD 911 million.
  • The resulting core EBIT margin remained stable, at 5.8% for the year, and was once again one of the highest in the industry. Unit costs fell as a result of the slump in oil prices and the Group’s tight rein on other costs.
  • Consolidated net profit Group share was therefore also virtually stable, at USD 567 million. As in 2014, it benefitted from a positive exchange rate impact.

2015 Highlights:

Operational launch of the Ocean Three Alliance on Transpacific and Asia-Europe routes: this agreement, effective since the beginning of 2015, enables the Group to offer high-quality service while deploying the right size vessels.

  • Optimisation of the shipping lines constantly in phase with market demand:
  • Delivery of 18 ships, including six 18,000-TEU vessels deployed on major shipping routes.
  • Capacity adjustments on certain lines in order to adapt the Group’s offer to identified changes in demand.
  • Enhanced intra-European coverage: since its consolidation within the CMA CGM Group as of 1 July 2015, OPDR has seen volumes surge by 30%, attesting to the Group’s integration expertise and the growth of its recently acquired subsidiaries.
  • Extended agency network, with new sales offices opened in 13 countries: these new offices will allow the Group to deepen its footprint in countries with high growth potential and expand the client portfolio.


2015 2014 % Change
Revenue, in $ billions 15.7 16.7 -6.4%
Core EBIT*, in $ millions 911 973 -6.4%
Core EBIT margin 5.8% 5.8% 0.0pt
Consolidated net profit Group share, in $ millions 567 584 -2,9%
Return on invested capital 9,2% 9.9% -0,7pt
Volumes carried, in TEU millions 13.0 12.2 +6.3%
Vessel fleet 471 445 +26.0
Fleet capacity, in TEU** millions 1.893 1.649 +14.8%
Gearing 0.65 0.55 +0.10

 *Core EBIT before disposals and impairment charges