Maersk reports record 2022 numbers, profit zooms 57% to $31bn
Maersk lowers guidance; expects underlying EBITDA of $8-11 billion and underlying EBIT of $2-5 billion for 2023
Maersk reported a 53 percent increase in EBITDA at $36.8 billion for the year ended December 2022 compared to $24 billion in 2021 on 32 percent increase in consolidated revenue at $81.5 billion.
"EBIT increased 57 percent to $30.9 billion and capex was up 40 percent to $4.2 billion," says an official release.
Ocean revenue was up 33 percent at $64.3 billion, EBITDA increased 58 percent to $33.8 billion and EBIT was up 63 percent at $29.1 billion. "Throughout the year, Ocean continued to deliver on the strategic transformation, maintaining a stable level of long-term contracts. Ocean continued to improve on delivery performance over the year as congestion eased and was able to maintain strong margins due to the contractual nature of its customer relationship."
In Logistics & Services, revenue increased by 47 percent. Growth was particularly strong in warehousing where the footprint more than doubled to 7.1 million sq.m. with the acquisition of LF Logistics alone adding 198 warehouses or 3.1 million sq.m.
"In Terminals, EBIT, adjusted for the Russia exit, reached a record of $1.2 billion, supported by solid volume growth and high congestion related storage income. Based on a combination of tariff increases and efficiencies, the impact of high global inflation has been mitigated."
Vincent Clerc, CEO, Maersk
Vincent Clerc, CEO, Maersk says: “2022 was remarkable in more than one way. While we report the best financial result in the history of the company, we have also taken the partnerships with our customers to a new level by supporting their supply chains end to end during highly disruptive times. Our commitment to provide visibility and truly integrated logistics solutions continue to resonate strongly with our customers for whom it is a strategic imperative to make their supply chains more resilient and sustainable. As we enter a year with challenging macro-outlook and new types of uncertainties for our customers, we are determined to speed up our business transformation and increase our operational excellence to seize the unique opportunities in front of us."
Guidance for 2023
Guidance for 2023 is based on the expectation that inventory correction will be complete by the end of the first half leading to a more balanced demand environment, the release said. "2023 global GDP growth is expected to be muted and global ocean container market growth to be in a range of -2.5% to +0.5%. A.P. Moller - Maersk expects to grow in-line with the market."
Based on these assumptions, for 2023, Maersk expects an underlying EBITDA of $8-11 billion and underlying EBIT of $2-5 billion. The capex guidance for 2022-2023 of $9-10 billion has been maintained. "For 2023-2024, the expectation for accumulated capex is $10-11 billion, led by investment in our integrator strategy, technology and decarbonisation."
Without impacting the financial guidance and in conjunction with the restructuring of brands announced earlier, an impairment and restructuring charge of $450 million is expected in Q1, the release said.