Comment / On the wires: CMA CGM – there is one scary number on its balance sheet...

“As a consequence of this new classification of expenses, the group’s ebitda margin and core ebit margin, excluding Ceva, improved by respectively $887.0m and $143.8m for the six-month period ended June 30, 2019” – CMA CGM, 6 September 2019.

All catchy numbers on the surface – H1 sales, +36% to €15.1bn, received a boost, mainly thanks to the consolidation of Ceva Logistics – but latest accounting changes should point us to its cash flows and capital structure rather than other headline metrics, ...