Satisfactory results in a weak market

• Net sales fell by 7% to MSEK 732.9 (784.3)
• Costs remained at the same level as 2008
• The operating profit before tax amounted to MSEK 128.2 (181.4)
• Expansion in Norra Hamnen (North Harbour) in Malmö and at Prøvestenen in Copenhagen

The Swedish-Danish venture Copenhagen Malmö Port AB (CMP) is the largest port operator in the Öresund Region. The company offers transport and logistics services in one of Scandinavia’s most expansive markets. Operations cover cruise and container traffic, car distribution and ro-ro, tank and dry bulk cargo vessels. CMP has 412 employees.

2009 in summary
The dramatic downturn in the global economy reduced total cargo volumes within CMP to 15 million tonnes (18), around 17% lower than the previous year. The biggest fall was within car distribution and ferry traffic. At the same time, some of CMP’s business areas reported relatively stable development. During 2009, there was, for instance, a record number of cruises. Copenhagen received 335 cruise ships with almost 677,000 passengers, which confirms the city's position as the largest and most popular cruise destination in Northern Europe. The trends for liquid and dry bulk cargo operations have also been good.

“We have achieved a satisfactory result in an unusually weak market – particularly because this result was affected by several costs of a one-off nature,” says CEO Johan Röstin. “The downturn hit hardest during the first half of the year. Despite that, our net sales have only fallen around 6.5 per cent, which can be regarded as marginal.”

“The downturn was most strongly felt within car distribution, where volumes halved. Like many others, we were affected by the structural crisis within the automotive industry. However, we have managed to retain all our customers within this business area. This proves that CMP has long-term competitiveness within this area.”

Cost adjustments
In order to deal with the weak market conditions in 2009, CMP implemented a cost reduction process in the business. As a result, the permanent workforce has been reduced by around 13 per cent. All the restructuring costs for this measure – and one-off costs for write-down of fixed assets – have affected the profit for the year by around MSEK 20.

“The development for the year confirms how important it is to have a broad customer base, where business areas with different products and services can give the business traction,” confirms Johan Röstin. “And work on expanding this base is continuing. A clear example is Norra Hamnen in Malmö, where we commenced construction of a new intermodal harbour facility in 2009, costing an estimated SEK 900 million. Here we will offer new and improved services for both new and old customers.”

Investments in, above all, Norra Hamnen in Malmö – as well as the oil and bulk terminal at Prøvestenen in Copenhagen – increase the requirements on CMP of course. With these extensive investments, the company’s capital costs will increase during the next year.

“The savings made must be viewed against this background,” emphasises Johan. “We will develop volumes and quality within all business areas, as well as further clarify the environmental profile of the business. The investments made in 2009 mean that CMP is generally well-equipped to face the opportunities that will arise once market conditions improve.”

Multi-year summary Copenhagen Malmö Port, 2005 – 2009
                                                 2005     2006      2007       2008       2009
Net sales, MSEK                            603       649        733         784        733
Profit after financial items, MSEK      80         93        146         181        128
Profit margin, %                             13         14          20          23          17
Equity/assets ratio, %                     50          61         68          72          75
Average number of employees       463        473        490        476         412

Latest news
11 November 2019
On Monday, Minister for Transport Benny Engelbrecht visited the Port of Copenhagen for a meeting with Danish Ports and Copenhagen Malmö Port (CMP). The main topics for discussion were the Danish Ports Act and the green transition, and the Minister was also given a tour of the port.
30 October 2019
Malmö Industrial Park will be at Logistics & Transport – the Nordic region’s leading trade fair for everybody working with freight flows – in 2019 too. Malmö City and CMP will occupy a joint stand to show why Sweden’s best logistics location is in Malmö.
28 October 2019
Now that the cruise season can be summarised, it can be revealed that CMP is continuing to break records. This year’s contender is Visby, where the number of arrivals increased by 40 per cent. At the same time, Copenhagen is consolidating its position as Northern Europe’s major destination.
9 October 2019
Copenhagen Malmö Port (CMP) and DFDS have reached an agreement to establish a shore power facility in Copenhagen, which means that the Crown Seaways and Pearl Seaways vessels will be able to receive electricity from land. Shore power facility reduce emissions of air contaminated particles such as NOx, SOx and particulate matter, which goes hand in hand with the ambitions of both CMP and DFDS to actively contribute to a greener Copenhagen.

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