For the year ended December 31, 2012, the Group delivered a profit of US$4.0 billion, compared to a Group profit of US$3.4 billion delivered during the prior year. Revenue decreased slightly to US$59.0 billion, from US$60.2 billion in 2011.
Cash flow from operating activities was US$7.6 billion (compared to US$7.3 billion in 2011). With an equity ratio of 52.9 per cent and liquidity of US$13.6 billion, the Group is well positioned to execute on its long-term growth aspirations and seize market opportunities within its core businesses despite continued constraints in the financial markets.
Maersk Line made a profit of US$461 million, compared with a loss of US$553 million in 2011, and a return on invested capital of 2.4 per cent. Results were positively impacted by improved volumes, higher rates and lower unit costs. Average freight rates were 1.9 per cent higher at 2,881 US$/FFE and volumes increased by 5 per cent to 8.5m FFE. Bunker consumption per FFE was reduced by 11 per cent and administrative head count was reduced significantly. Maersk Line announced and implemented significant general rate increases on most trades backed by active capacity adjustments in the form of slow steaming, scrappings, idling and blanked sailings. Total fleet capacity increased by 4 per cent to 2.6 million TEUs. Capacity growth in the company-owned portion of its fleet was partly offset by redelivery of time charter vessels. Maersk Line maintained its market share for the full year. Cash flow from operating activities was US$1.8billion, versus US$899 million in 2011, and cash flow used for capital expenditure was US$3.6 billion.
Damco made a profit of US$55 million, versus US$63 million in 2011, and its return on invested capital was 13.5 per cent. Damco significantly increased its service offerings within the airfreight market through the acquisition in 2011 of NTS International Transport Services in China. In October 2012, Damco acquired freight forwarder Pacific Network Global Logistics, strengthening its position in Oceania.