A.P. Moller-Maersk Group in full sail

The group reported a profit of $790 billion for 2013’s first quarter, when it also reaped a return on invested capital (ROIC) of 8 per cent.

Maersk Line also made a profit of $204 million and a ROIC of 4 per cent.

“We have improved our performance in the past year and we are satisfied with our result for this year’s first quarter. Maersk Line is much more competitive and has gained strength to deal with the challenging shipping markets. During the year, Maersk Oil has replaced its reserves successfully and we will continue with a high exploration level to develop our portfolio for the long term.

APM Terminals continues to progress in growth markets while Maersk Drilling has overcome its operational issues and is back on tracks,” said the group’s chief executive officer Nils S.Andersen.

Cash flows from operating activities hit $2.4 billion. Cash flow used for capital expenditure at $1.7 billion and net of sales proceeds $1.5 billion. The group’s free cash flow was $926 million.

Net interest-bearing debt decreased by $1.1 billion to $13.4 billion ($14.5 billion at December 31, 2012). Total equity was $39.6 billion.

The group still expects a result for 2013 below its 2012 result of $4 billion. The net result is expected to be in line with 2012 ($2.9 billion) excluding impairment losses, divestment gains and gain from the tax settlement in Algeria.

Cash flow used for capital expenditure is expected to be somewhat higher than the $6.2 billion last year, while cash flow from operating activities is expected to develop in line with the result.

However, the group said the outlook for 2013 was subject to considerable uncertainty, not least due to developments in the global economy.