SHIPPING Q3 PREVIEWS Recovery starting to materialise

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1 EQUITY RESEARCH SHIPPING Q3 PREVIEWS Recovery starting to materialise Chemical recovery moving faster than expected. From our Asia trip we were left with the impression that the recovery is underway, and we have become more convinced since then as rates have increased faster than we first anticipated. We have upgraded our recommendation on Odfjell from HOLD to BUY. With Capesizes at USD40k/day the dry bulk fleet revealed its actual utilisdtion. We believe investors viewed the strong uptick in rates seen in September and into October as anecdotal evidence that fleet utilisation is relatively tight in this market as share prices have only slightly fallen (our dry bulk BUY recommendations are down 0.5% over the past month) although Capesize spot rates have halved from their peak in September. We continue to see further upside in the sector as we expect strong demand growth in the coming years (11 12% annual growth in 2014e 15e). Flat LNG shipping market into the strong winter market. While we believe that older and less efficient vessels will be discriminated against, we currently see older vessels securing contracts for the winter market. Rates on longer durations are currently too low for companies like Golar to seek long employment, leading to a likely increase in shorter contracts, and therefore fewer MLP drop downs are likely. Up, then down and so it will continue. The container market has performed more or less in line with our expectations as rates have drifted downwards since the previous collective implementation of GRIs in July. The surprise has been cost reductions with Maersk leading the way, once again, but this time it was mostly network optimisation and less speed optimisation. Now, GRIs are again very much on the agenda as most liners have announced rate hikes in the region of USD900 1,000/TEU on Asia-Europe trades. As fleet growth is still significantly outpacing demand growth, we reiterate our view that the GRIs will only have a temporary effect. What to BUY and SELL? Our top sector BUY picks are Frontline 2012, Golden Ocean, D/S Norden, Stolt-Nielsen, Wilh. Wilhelmsen ASA and Hoegh LNG, while we are underweight on Euronav. The performance of our current top pick portfolio is up 2% since our sector report on 9 September 2013, while the combined performance on all convictions since inception (27 Sept 2012) is 41%. Company Cur Rec Target Price P/E 13e P/E 14e P/E 15e A. P. Møller Mærsk DKK HOLD Awilco LNG NOK HOLD nm D/S Norden DKK BUY nm Diana Shipping USD BUY nm nm 15.7 Eitzen Chemical NOK HOLD nm nm nm Euronav EUR SELL nm nm nm Frontline NOK SELL nm nm nm Frontline 2012 NOK BUY nm GasLog USD BUY Genco Shipping & Trading USD SELL nm nm 7.4 Golar LNG USD HOLD Golar LNG Partners USD HOLD Golden Ocean NOK BUY Höegh LNG Holdings NOK BUY nm KNOT Offshore Partners USD BUY Norwegian Car Carriers NOK BUY Odfjell NOK BUY nm Safe Bulkers USD BUY Scorpio Tankers USD BUY nm Stolt-Nielsen NOK BUY Teekay Tankers USD HOLD nm Torm DKK SELL nm Tsakos Energy Navigation USD BUY nm Wilh. Wilhelmsen ASA NOK BUY Wilh. Wilhelmsen Holding NOK BUY Source: DNB Markets Shipping vs OSEBX (12m) Oct Dec Feb Apr Jun Aug Shipping OSEBX (Rebased) Source: Factset ANALYSTS Nicolay Dyvik nicolay.dyvik@dnb.no Petter Haugen petter.haugen@dnb.no Øyvind Berle PhD oyvind.berle@dnb.no Please see last pages for important information

2 27-Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct-13 Performance (%) Index (100 = with closing prices at the 27 Sept 2012) DNB Markets What to BUY and SELL Our top picks Our top sector BUY picks are Frontline 2012, Golden Ocean, D/S Norden, Stolt-Nielsen, Wilh. Wilhelmsen ASA and Hoegh LNG, while we are underweight on Euronav As of close on Friday 25 October, the performance of our current top pick portfolio is up 2% since our sector report on 9 September The combined performance on all convictions since inception (27 Sept 2012) is 41%, while the current positions are up 33% since opening. We have not made any changes to our top pick portfolio at this point. DNB Markets shipping top pick portfolio LONG/OVERWEIGHT Since opening of current positions Open Open Current Price Company date price price change Frontline 2012 Ltd 28/09/ % Golden Ocean Group Ltd 08/01/ % D/S Norden 08/01/ % Stolt-Nielsen Ltd 28/09/ % Wilh. Wilhelmsen Asa 06/09/ % Hoegh Lng Holdings Ltd 06/09/ % SHORT/UNDERWEIGHT Euronav Sa 27/09/ % Long performance 40% Short performance 7% Total performance with equal stock weight 33% Source: Bloomberg, DNB Markets (grey text colour implies that the position now is closed) Top pick portfolio performance Performance since inception 45% 40% 35% 30% 41% 33% % % 15% 10% % 2% 90 0% Full portfolio since inception Current portfolio since opening Since prev. sector report ( ) Source: Bloomberg, DNB Markets Source: Bloomberg, DNB Markets 2

3 Rates and recommendations Coverage and recommendations Coverage and recommendations Recommendation Target Dry bulk Currency Current Previous Current Previous Price Upside/downside Comment D/S Norden DKK BUY BUY % Diana USD BUY BUY % Genco USD SELL SELL % Golden Ocean NOK BUY BUY % Safe Bulkers USD BUY BUY % Tankers Frontline 2012 NOK BUY BUY % Scorpio Tankers USD BUY BUY % Torm DKK SELL SELL % Euronav EUR SELL SELL % Frontline NOK SELL SELL % Teekay Tankers USD HOLD HOLD % Tsakos Energy Navigation USD BUY BUY % KNOT Offshore Partners USD BUY BUY % LNG Awilco LNG NOK HOLD HOLD % Golar LNG USD HOLD HOLD % GasLog USD BUY BUY % Target lifted 29/10 Golar LNG Partners USD HOLD HOLD % Höegh LNG NOK BUY BUY % Chemical Eitzen Chemical NOK HOLD HOLD % Odfjell NOK HOLD BUY % Upgraded 29/10 Stolt Nielsen NOK BUY BUY % Target lifted 29/10 Car Norwegian Car Carriers NOK BUY BUY % Wilh. Wilhelmsen ASA NOK BUY BUY % Target lifted 24/10 Wilh. Wilhelmsen Holding NOK BUY BUY % Target lifted 24/10 Container A.P. Møller Mærsk DKK HOLD HOLD 51,000 51,000 53,200-4% Source: DNB Markets 3

4 Our coverage Eitzen Chemical Tsakos Energy Navigation Höegh LNG Norwegian Car Carriers Frontline 2012 Wilh. Wilhelmsen Holding Odfjell Stolt Nielsen Wilh. Wilhelmsen ASA GasLog Golden Ocean Diana KNOT Offshore Partners Scorpio Tankers Golar LNG Partners Awilco LNG Safe Bulkers Teekay Tankers D/S Norden Golar LNG A.P. Møller Mærsk Euronav Torm Genco Frontline -57% -72% -76% -92% -1% -3% -4% 60% 44% 38% 33% 31% 24% 23% 18% 13% 11% 10% 3% 2% 1% 1% 0% 0% 90% -150% -100% -50% 0% 50% 100% Source: DNB Markets Rate forecasts Our dry bulk dayrate forecasts 2014e 2015e Date of revision: Product LR2 24,000 28, tankers LR1 21,000 24, MR 19,000 22, SR 11,000 13, Crude VLCC 19,000 18, tankers Suezmax 20,000 19, Aframax 15,000 15, Panamax 13,000 13, Dry bulk Capesize 21,000 32, Panamax 14,000 18, Supramax 13,000 17, Handysize 10,000 13, LPG VLGC 37,000 34, Source: FIS, DNB Markets 4

5 Our forecasts versus consensus Our forecasts versus consensus on EBITDA and EPS, by sub-segment EBITDA EPS DNB Consensus DNB vs. Cons DNB Consensus DNB vs. Cons '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 Dry bulk DNORD DC % 8 % 42 % % 42 % >100% DSX US % 19 % 36 % % >100% >100% GNK US % 46 % 48 % % 33 % >100% GOGL NO % 2 % 24 % >100% 13 % 72 % SB US % 20 % 21 % % 37 % 34 % Tankers FRNT % 10 % 47 % % -85 % -77 % STNG US % 7 % 19 % % -35 % -7 % TORM DC n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. EURN BB % -12 % -39 % % -34 % <-100% FRO NO % 36 % -40 % % 33 % -61 % OSGIQ US n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. TNK US % 28 % -7 % <-100% >100% -4 % TNP US n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. KNOP US % -16 % 0 % % -2 % 11 % LNG ALNG NO % 19 % -15 % % 51 % -35 % GLNG US % -25 % -8 % % -24 % -9 % GLOG US % 15 % 13 % % 7 % 8 % GMLP US % -1 % -18 % % -2 % -5 % HLNG NO % 27 % 0 % % >100% -14 % Chemical ECHEM NO n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. ODF NO % 22 % 12 % >100% >100% >100% SNI NO % 9 % 3 % % -1 % -20 % Car NOCC NO % 0 % 4 % % -23 % 3 % WWASA NO % 2 % 4 % % 2 % 7 % WWI NO % -1 % 1 % % -21 % -20 % Container MAERSKB DC 74,073 90,943 94,124 70,777 79,750 86,978 5 % 14 % 8 % 4,516 7,035 8,022 3,773 4,978 6, % 41 % 30 % Source: Bloomberg, DNB Markets 5

6 Sell-side recommendations Our target prices versus consensus' Ap Moeller-B % Wilhelmsen-A Shs % Wilh. Wilhelmsen % Norwegian Car Ca 7 0 5% Stolt-Nielsen % Odfjell Se-A Sh % Eitzen Chemical % Hoegh Lng Holdin % Golar Lng Partne % Gaslog Ltd % Golar Lng Ltd % Awilco Lng As % Knot Offshore Pa 5 0-1% Tsakos Energy Na % Teekay Tank-Cl A % Frontline Ltd % Euronav Sa % Torm A/S % Scorpio Tankers Frontline % 3% Safe Bulkers Inc Golden Ocean Grp Genco Shipping & Diana Shipping I D/S Norden % 20% 40% 60% 80% 100% Buy Hold Sell Source: Bloomberg (we have not adjusted Bloomberg for DNB Market's contributions) -46% 10% 22% 31% 40% -100% -50% 0% 50% 100% DNB target price vs Bloomberg consensus' Source: Bloomberg, DNB Markets (we have not adjusted Bloomberg for DNB Market's contributions) 6

7 Utilisation DNB Markets Shipping markets summary Where are we in the cycle LNG 0.5 FSRU 0 Product tankers LPG Car carriers -0.5 Dry Bulk Crude tankers Containers -1 Chemicals Time Source: DNB Markets Dry bulk surprise, it is all about speed Over the past six years, dry bulk fleet growth has exceeded demand growth. In the same period spot rates are down ~85%. We believe that this is set to change in 2013 as ton-mile demand growth of 8% exceeds conventional supply growth of 6%, which we believe will make the actual, i.e. speed adjusted, fleet utilisation of 89% more relevant for spot rate formation at the expense of conventional utilisation of 72%. In our future rate model, we have a 10% weight on effective utilisation leading to capesize (panamax) rates of USD21k/day (USD14k) in 2014 and USD32k/day (USD18k) in Car carriers watch out for longer sailing distances We estimate car carrier utilisation of 91% in 2014, up from 87% in 2013e and 93% in Our fleet growth forecast is 2.2% for 2013, 2.7% in 2014 and 4.6% in This compares with demand growth estimates of 3.5% in 2013, from 5.0% to 6.3% in 2014 and from 5.0% to 7.0% in The average sailing distance for the combined export volume of Hyundai and Kia has risen by 10% from the trough in 2010 but this is still 10% below 2007 levels. We believe the structural share of car imports will continue to increase in the US with the big three losing market share. LPG US growth story We forecast a strong LPG carrier market in the coming years, with utilisation set to rise from the current 89% to 92% next year, before returning to current levels in 2015e. A such, we expect VLGC rates to average USD34,300/day in 2013, USD37,000/day in 2014e and USD34,000 in 2015e. When substantial LPG exports materialise from the US, and assuming that the end markets are in Asia, Latin America and Africa, we see significant potential for increasing distances, which will lift ton-mile demand and utilisation for LPG carriers. In our previous sector report, we forecast supply of 1% for 2013, 5.2% for 2014 and 10.2% for 2015 on the back of strong contracting figures YTD, but contend that the bulk of speculative orders in the LPG sector have already been placed. Product tankers record-high utilisation, but no agreement on speed We estimate record-high utilisation of the product tanker fleet of 98% when adjusting for the speed of the fleet, but 75% when doing the calculation on normal speed. Our rate forecasts for MRs are USD19,000/day for 2014, increasing to USD22,000/day in Demand in the product tanker segment looks strong and will, by our numbers, become stronger. However, speed is a controversial topic in the product tanker space. When we talk to companies in the segment they tend to claim that vessels sail close to their normal speed, there is not much slow-steaming going on. Actual speed data shows a very different story. Compared with our speed optimisation model, the smaller segments actually sail too slowly at present. However, we believe that the speed data in this segment is somewhat deflated as it has seen more short haul trades indicating more of the time used in manoeuvring operations (in/out of ports, etc). 7

8 Chemicals US exports not set to impact materially before We expect utilisation to improve from the current 86% in 2013 to 87% in 2014 and further to 88% in US chemical production has fallen by 20% after the financial crisis while Western European production has fallen 15%. According to ACC (American Chemical Council), the US chemical production is expected to come back to 2007 levels first in 2015 and then grow by close to 30% from 2015 to 2020, while Western Europe production will be restored but not expected to come back to pre-crisis levels. Nearly 100 chemical industry investments valued at USD71bn were announced by March 2013, according to ACC. Looking at the capex projections, the investments will pick up in 2013 but accelerate in 2014 and According to chemical industry sources, the capex is mostly for new plants and only some expansion which depending on the products/lines this would take years before exports can commence, which means that the chemical shipping market is first likely to benefit from increased US exports from onwards. Our handy chemical supply growth estimate is 1% annually for LNG expect flat utilisation over the next three years. We expect utilisation to fall from an average of 81% in 2012 to 78% in 2013 with utilisation remaining at this level until 2015e, before improving in 2016e. We highlight that one of the critical drivers of fleet utilisation is delays in new liquefaction capacity coming on-stream, assuming that market continues are supply driven, hence this is a factor to watch closely. We forecast annual supply growth of 8% in 2013e 2015e, declining to 4% in 2016, while we forecast demand growth of 4% in 2013e, 8% in 2014e, 8% in 2015e and 8% in 2016e. We have reduced our dayrate forecast from USD90k to USD85k for five-year timecharter contracts for modern tri-fuel vessels, while modern turbine vessels will trade at a USD20k 30k/day discount and older vessels will be phased out as non-active supply. Container weaker outlook We expect (liner) utilisation of 81% in 2013, increasing to 82% in 2014 and further to 83% in Our 2013 forecast for demand growth is 2.3%, increasing to 6.4% in 2014 and further to 6.0% in We also see limited potential for further cost reductions in the container industry from further speed reductions as the fleet is only sailing about 0.7 knots above what we calculate to be the optimal speed. The average container vessel speed has decreased from 22 knots in 2007 to the current 15.7 knots. Further cost reductions will have to come from eco ships that offer significant savings, or network improvements. Crude tankers more difficulties ahead We are not very positive towards crude tankers. We expect VLCC rates of USD19,000/day in 2014, decreasing to USD18,000/day in We now estimate 75% utilisation in 2013 when adjusted for slower speeds, but a record-low 59% if we base our calculations on full-speed utilisation. Demand in the crude tanker segment looks weak and will, on our numbers, become weaker. This is largely due to the trend of crude production in the US rising 15% YTD, while domestic US consumption has declined for six of the last seven years, representing an average annual decline of 1.6%. Not much help can be expected from the supply side either as the fleet will continue to grow by ~2% annually in 2013e 2015e. 8

9 Fleet (including newbuilds) Multiples Sensitivities Leverage Valuation Misc. DNB Markets Peer group tables Dry bulk peer group Diana Safe Bulkers Genco Ticker DSX SB GNK GOGL DNORD Currency (Local) Recommodation BUY BUY SELL BUY BUY Price (as of ) (Local) Target (Local) Deviation from target (%) EPS (USD/share) Performance (%) EBITDA (USDm) Golden Ocean Norden Average Median 1 month month year NIBD (USDm) , Market cap (USDm) , EV (USDm) 1,004 1,018 1, ,763 1,242 1,018 Current NAV (Local/share) NAV one year ahead (Local/share) NAV low case (Local/share) NAV high case (Local/share) Price/Current NAV ratio Price/NAV one year ahead ratio Contract coverage of current NAV (%) Yield (%, base current price) ChgNAV per +10% values** EPS sensitivity*** (Local/share) % neg NIBD/EBITDA ratio Contract coverage (%) EV/EBITDA P/E neg. 7.7 neg. 9.0 neg > neg > Capesize Number Panamax Number Supramax Number Handysize Number MR - product Number 11 Handysize - product Number 13 Total Number Share large bulk (%) Share small bulk (%) Avg. age owned fleet (Years) Share fleet fuel efficient (%) Source: DNB Markets 9

10 Fleet Multiples Leverage Sensitivities Valuation Misc. DNB Markets Tanker peer group Frontline Torm Frontline 2012 Teekay Tankers Scorpio Tankers Tsakos Energy Euronav Average Median Ticker FRO Torm FRNT TNK STNG TNP EURN Currency (Local) Recommodation SELL SELL BUY HOLD BUY BUY SELL Price (as of ) (Local) Target (Local) Deviation from target (%) EPS (USD/share) Performance (%) EBITDA (USDm) month month year NIBD (USDm) 1,234 1, ,272 1, ,142 Market cap (USDm) , , EV (USDm) 1,411 1,956 1, ,599 1,565 1,398 1,519 1,565 Current NAV (Local/share) NAV one year ahead (Local/share) NAV low case (Local/share) NAV high case (Local/share) Price/Current NAV ratio Price/NAV one year ahead ratio Price/current NAV ratio Yield (%, base current price) ChgNAV per +10% values (Local/share) EPS sensitivity*** NIBD/EBITDA ratio Contract coverage (%) EV/EBITDA P/E VLCC Number Suexmax Number Aframax Number LR - product Number MR - product Number Handysize - product Number Capesize Number Other Number Total Number Share crude carriers (%) Share product carriers (%) Avg. age owned fleet (Years) Share fleet fuel efficient (%) Source: DNB Markets 10

11 A. P. MØLLER MÆRSK Rates down 1.2% QOQ We forecast Maersk s Q3 box rate fell 1.2% QOQ, which puts us 1% below consensus before the Q3 results on 13 November. Our Q3 estimates reflect a 3% YOY decline in unit costs. We reiterate our HOLD recommendation on weak Container supply/demand. EBITDA 1% below preliminary consensus before Q3 results. We forecast Q3 EBITDA of USD18.7bn compared to consensus of USD18.8bn. We have lowered our 2013 EBITDA by 2% and EPS by 7% when reflecting the weaker container rates in Q3. We forecast a 3% YOY decline in Maersk Line unit costs excl. bunkers. We forecast a Q3 box rate of USD2,586/FEU, down 1.2% QOQ from USD2,618/FEU in Q2. As a preliminary indicator for Q4, our model indicates that October is 4.5% below the Q3 average, but as we expect GRIs of USD875 1,000/TEU from 1 November on Asia-Europe trades, we believe average rates in Q4 will be in line or above Q3 levels. However, we expect rates to trend down from the implementation of GRIs until year end. P3, if approved, could result in lower costs of USD350m 750m. Regulatory clearance is needed before the planned Q startup given the likely dominant position of the P3 alliance with an estimated 42% market share on Asia-Europe, 24% on Transpacific and 40% on Transatlantic. We believe regulatory approval is a substantial hurdle for this alliance, and while pre-sounding with regulators is likely to have already happened we believe there is still a risk that the P3 alliance will fail to get regulatory approval. Maersk estimates annual cost savings of USD100m USD999m from the P3 alliance and based on its conservative guidance we forecast likely savings of USD350m 750m, which are not reflected in our estimates. YTD demand up 1.9%, below YTD net fleet growth of 6.8%. Annualised net YTD fleet growth for the same period that we have demand data for (Jan Aug) was 6.8%, still significantly above demand growth of 1.9%. Demand momentum picked up in August with TEU-mile up by 4.6% YOY. In addition, TEU-mile (1.9% YOY) outpaced pure volume growth (0.7% YOY) as the average distance increased with Asia-Europe trades picking up. HOLD recommendation and DKK51,000 target price reiterated, based on a c30% discount to our SOTP of DKK70,900/share (DKK72,600/share). HOLD TP: DKK51000 maerskb versus OMXC20 (12m) 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 38,000 Oct Dec Feb Apr Jun Aug A. P. Møller Mærsk OMXC20 Source: Factset SUMMARY Recommendation (prev.) HOLD (HOLD) Share price (DKK) 53,200 Target price (previous) (DKK) 51,000 (51,000) Upside/downside potential (%) -4 Tickers MAERSKB DC, maerskb.co CAPITAL STRUCTURE No. of shares (m) 4.4 No. of shares fully dil. (m) 4.4 Market cap. (DKKm) 232,249 NIBD adj end-2013e (DKKm) 75,292 Enterprise value adj (DKKm) 307,541 Net debt/ebitda adj (x) 1.05 SHARE PRICE PERFORMANCE Abs. 1/3/12m (%) 3/21/32 Rel. 1/3/12m (%) -1/12/12 High/Low 12m (DKK) 53950/39720 UPCOMING EVENTS Q313 13/11/2013 ESTIMATE CHANGES (DKK) Year-end Dec old new % chg EPS adj 2013e 4,745 4, EPS adj 2014e 7,040 7, EPS adj 2015e 8,026 8, Source: DNB Markets Year-end Dec e 2014e 2015e Revenue (DKKm) 260, , , , , , ,259 EBITDA adj (DKKm) 49,262 89,218 78,506 72,897 71,424 88,955 92,136 EBIT adj (DKKm) 19,305 55,857 50,268 43,210 46,225 61,883 65,316 PTP (DKKm) 14,904 54,386 50,452 42,517 41,638 57,117 61,232 EPS rep (DKK) -1,674 6,061 3,479 4,965 4,516 7,035 8,022 EPS adj (DKK) -1,880 5,192 2,392 4,121 4,424 7,035 8,022 DPS (DKK) ,000 1,000 1, ,406 1,604 Revenue growth (%) EBITDA growth adj (%) EPS growth adj (%) nm nm EBITDA margin adj (%) EV/Sales adj (x) EV/EBITDA adj (x) EV/EBIT adj (x) P/E adj (x) nm P/Book (x) ROE (%) nm Dividend yield (%) ANALYSTS Nicolay Dyvik nicolay.dyvik@dnb.no Petter Haugen petter.haugen@dnb.no Øyvind Berle PhD oyvind.berle@dnb.no Please see last pages for important information 11

12 Q3 deviation from consensus We are 1% below preliminary Bloomberg consensus Q3 EBITDA before Q3 results with EBITDA of USD18.7bn compared to consensus of USD18.8bn. We have lowered our 2013 EBITDA by 2% and EPS by 7% when reflecting the weaker container rates in Q3. We forecast a 3% YOY decline in Maersk Line unit costs excl. bunkers. We forecast a Q3 box rate of USD2,586/FEU, down 1.2% QOQ from USD2,618/FEU in Q2. As a preliminary indicator for Q4, our model indicates that October is 4.5% below the Q3 average, but as we expect GRIs of USD875 1,000/TEU from 1 November on Asia-Europe trades, we believe average rates in Q4 will be in line or above Q3 levels. However, we expect rates to trend down from the implementation of GRIs until year end. Q3 deviation from consensus Income statement (DKKm) Q3/12 Q2/13 Q3/13 DNB Q2/13 Cons DNB vs. Cons (DKKm) Revenue 87,196 80,939 81,987 82, EBITDA 19,882 16,976 18,708 18, Depreciation -8,581-7,802-6,703 Gain on sale 1, Associated companies EBIT 12,741 10,080 12,476 12, Adj. EBIT 11,621 9,908 0 Net financials -1,077-1,123-1,221 Profit/loss before tax 11,664 8,957 11,255 11, Tax -6,080-4,067-5,758 Profit for the year 5,584 4,890 5,498 6, Minority interest Profit to Maersk 5,150 4,481 5,387 Adj. Profit to Maersk 4,030 4,309 0 EPS, DKK 1,179 1,026 1,234 1, Nr of shares Source: DNB Markets, company, Bloomberg DNB Markets relative to guidance Division 2012 adj. profit (USDbn) Q2 guidance 2013 DNB profit (USDbn) Maersk Group 2.90 Adj. result of USD3.5bn 3.35 Maersk Line 0.46 Significantly above 1.26 Maersk Oil 1.50 Significantly below 1.24 APM Terminals 0.72 Above Maersk Drilling 0.36 Significantly above 0.61 Other activities Above Source: DNB Markets 12

13 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13-7% -4% -5% -4% TEU transported (m) -1% -2% -1% 3% 1% 5% 0% -1% -2% 0% 2% 3% 4% 3% 5% 7% YOY growth (%) DKKm Relative to consensus (%) DNB Markets Our forecasts relative to consensus (EBITDA DKKm) 100,000 13% 7% 14% 90,000 80,000 2% 12% 70,000 10% 60,000 8% 50,000 40,000 30,000 71,424 70,318 88,955 92,136 86,335 78,790 6% 4% 20,000 10,000 2% 0 13Y 14Y 15Y DNB Markets Bloomberg consensus DNB Markets relative to cons. 0% Source: DNB Markets, Bloomberg Selected container market charts Container demand % 8% 3% -2% -7% -12% << total TEU transported Growth in TEU >> Growth in TEU-mile >> Source: CTS, DNB Markets 13

14 GRI from 1 Nov Monthly changes in fleet (m TEU) Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Container fleet (m TEU) YTD2013 m TEU (annualized) 6% 6% 7% 8% 10% 10% 13% 14% 13% Yearly supply growth (not speed adjusted) 17% DNB Markets Fleet growth (not speed adjusted) % % 14% % % 8% 0.0 6% % 2% % Note: YTD-numbers are shown on annualized basis Delivered Scrapped Misc Annualized supply growth (%) Source: Clarksons, DNB Markets Speed adjusted supply growth over the past 12 months Delivered Misc Scrapped Speed effect This chart shows the container fleet as reported compared to the effective fleet when speed is taken into account. The YOY growth of 6% is reduced to 2% after the speed effect has been accounted for. Source: Clarkson, AIS Live, DNB Markets Announced GRIs for 1 Nov Asia-Europe Asia-Med Source: SeaIntel, DNB Markets 14

15 DKK/share DNB Markets Valuation We reiterate our HOLD recommendation and DKK51,000 target price based on a c30% discount to our SOTP of DKK70,900/share (DKK72,600/share). We believe the lion s share of cost improvements has already passed and our HOLD recommendation is based on a weak container market balance. SOTP valuation of DKK70,900/share 100,000 90,000 1, ,409 80,000 70,000 2,612 2,592 1,272 1,520 1, ,374 14,185 9,806 60,000 9,250 50,000 40,000 21,156 70,958 30,000 20,000 29,207 10,000 0 Maersk Line Maersk Oil APM Terminals Maersk Drilling Maersk Supply Maersk Tankers Damco Svitzer Dansk Supermarked Maersk FPSO 20% Danske Bank 37.5% Global ports 31% DFDS G&A Net debt SOTP Source: DNB Markets 15

16 Forecast changes P&L New Old Change (DKKm) 2013e 2014e 2015e 2013e 2014e 2015e 2013e 2014e 2015e Revenues 325, , , , , ,259-1, Cost of sales -254, , , , , , Gross profit 71,424 88,955 92,136 72,585 88,955 92,136-1, Operating expenses 2,250 1,988 1,988 2,250 1,988 1, EBITDA 74,073 90,943 94,124 75,235 90,943 94,124-1, EBITDA adj 71,424 88,955 92,136 72,585 88,955 92,136-1, EBITDA margin (%) Depreciation -27,449-29,060-28,808-27,449-29,060-28, EBITA 46,625 61,883 65,316 47,786 61,883 65,316-1, EBIT 46,625 61,883 65,316 47,786 61,883 65,316-1, EBIT adj 46,225 61,883 65,316 47,386 61,883 65,316-1, Net interest -4,987-4,765-4,084-4,982-4,746-4, Other financial items Net financial items -4,987-4,765-4,084-4,982-4,746-4, PBT 41,638 57,117 61,232 42,805 57,136 61,249-1, Taxes -20,844-25,958-25,762-20,610-25,958-25, Minorities -1, , Discontinued operations Net profit 19,714 30,714 35,019 21,115 30,733 35,036-1, Adjustments to net profit Net profit adj 19,314 30,714 35,019 20,715 30,733 35,036-1, Per share data (DKK) EPS 4,516 7,035 8,022 4,837 7,040 8, EPS adj 4,424 7,035 8,022 4,745 7,040 8, DPS ,406 1, ,407 1, Other key metrics (%) Revenue growth EBIT adj growth EPS adj growth Avg. number of shares (m) Capex -33,473-23,520-5,040-33,473-23,520-5, OpFCF 37,951 65,435 87,096 39,112 65,435 87,096-1, Working capital 15,267 48,215 99,399 16,668 49, ,552-1,401-1,140-1,153 NIBD adj 75,292 41,987-11,164 73,868 40,846-12,318 1,424 1,140 1,153 Source: DNB Markets 16

17 Forecast changes By segment and assumptions New Old Change (DKKm) 2013e 2014e 2015e 2013e 2014e 2015e 2013e 2014e 2015e Revenues Maersk Line (USDm) 26,350 27,503 28,362 26,621 27,503 28, Maersk Oil (USDm) 9,237 10,410 10,204 9,170 10,410 10, APM Terminals (USDm) 4,640 4,978 5,247 4,640 4,978 5, Maersk Drilling (USDm) 1,949 2,573 3,135 1,949 0 Maersk Supply (USDm) Maersk Tankers (USDm) 1,495 1,221 1,230 1,495 0 Damco (USDm) 3,199 3,231 3,310 3,199 3,231 3, Svitzer (USDm) 898 1,051 1, Dansk Supermarked (USDm) 9,860 10,016 10,116 9,860 10,016 10, Maersk Supply & LNG (USDm EBIT Maersk Line (USDm) 1,349 2,649 3,006 1,612 2,649 3, Maersk Oil (USDm) 4,410 5,038 4,880 4,354 5,038 4, APM Terminals (USDm) , , Maersk Drilling (USDm) 742 1,176 1, ,176 1, Maersk Supply (USDm) Maersk Tankers (USDm) Damco (USDm) Svitzer (USDm) Dansk Supermarked (USDm) Maersk Supply & LNG (USDm EBIT margin Maersk Line (USDm) 5.1% 9.6% 10.6% 6.1% 9.6% 10.6% -0.9% 0.0% 0.0% Maersk Oil (USDm) 47.7% 48.4% 47.8% 47.5% 48.4% 47.8% 0.3% 0.0% 0.0% APM Terminals (USDm) 18.5% 18.9% 19.1% 18.5% 18.9% 19.1% 0.0% 0.0% 0.0% Maersk Drilling (USDm) 38.1% 45.7% 48.2% 38.1% 45.7% 48.2% 0.0% 0.0% 0.0% Maersk Supply (USDm) 23.7% 19.5% 18.5% 23.7% 19.5% 18.5% 0.0% 0.0% 0.0% Maersk Tankers (USDm) -18.5% 2.3% 3.1% -18.5% 2.3% 3.1% 0.0% 0.0% 0.0% Damco (USDm) 2.7% 3.3% 3.4% 2.7% 3.3% 3.4% 0.0% 0.0% 0.0% Svitzer (USDm) 20.4% 20.0% 20.3% 20.4% 20.0% 20.3% 0.0% 0.0% 0.0% Dansk Supermarked (USDm) 3.4% 3.3% 3.3% 3.4% 3.3% 3.3% 0.0% 0.0% 0.0% Maersk Supply & LNG (USDm 16.9% 16.9% 16.9% 16.9% 16.9% 16.9% 0.0% 0.0% 0.0% EBITDA Maersk Line (USDm) 3,128 4,429 4,786 3,391 4,429 4, Maersk Oil (USDm) 6,074 7,201 6,998 6,018 7,201 6, APM Terminals (USDm) 989 1,120 1, ,120 1, Maersk Drilling (USDm) 968 1,408 1, Maersk Supply (USDm) Maersk Tankers (USDm) Damco (USDm) Svitzer (USDm) Dansk Supermarked (USDm) Maersk Supply & LNG (USDm EBITDA margin Maersk Line (USDm) 11.9% 16.1% 16.9% 12.7% 16.1% 16.9% -0.9% 0.0% 0.0% Maersk Oil (USDm) 65.8% 69.2% 68.6% 65.6% 69.2% 68.6% 0.1% 0.0% 0.0% APM Terminals (USDm) 21.3% 22.5% 22.5% 21.3% 22.5% 22.5% 0.0% 0.0% 0.0% Maersk Drilling (USDm) 49.7% 54.7% 55.6% 49.7% 0.0% Maersk Supply (USDm) 41.7% 38.8% 38.0% 41.7% 0.0% Maersk Tankers (USDm) 10.9% 19.7% 20.3% 10.9% 0.0% Damco (USDm) 3.3% 4.1% 4.1% 3.3% 4.1% 4.1% 0.0% 0.0% 0.0% Svitzer (USDm) 28.2% 28.4% 28.6% 28.2% 0.0% Dansk Supermarked (USDm) 4.7% 4.5% 4.5% 4.7% 4.5% 4.5% 0.0% 0.0% 0.0% Maersk Supply & LNG (USDm 37.3% 37.3% 37.3% 37.3% 37.3% 37.3% 0.0% 0.0% 0.0% Assumptions Maersk Line volumes (FFEm) Maersk Line Average rate (US 2,650 2,703 2,733 2,676 2,703 2, APM Terminals volumes (TEU Maersk Oil net production (mb Brent spot price (USD/bbl) UK NBP Nat Gas (USD/boe) Source: DNB Markets 17

18 Quarterly numbers (DKKm) Q Q Q Q Q Q Q3 2013e Q4 2013e Q1 2014e Q2 2014e Q3 2014e Revenues 81,250 88,818 87,196 87,518 79,324 80,939 81,987 83,555 80,451 84,412 87,623 Cost of sales -66,828-68,135-67,314-69,608-63,006-63,963-63,279-64,133-60,428-61,831-64,582 Gross profit 14,422 20,683 19,882 17,910 16,318 16,976 18,708 19,422 20,023 22,581 23,041 Operating expenses EBITDA 16,553 21,346 21,322 18,645 17,065 17,882 19,179 19,947 20,520 23,078 23,538 Depreciation -7,124-7,453-8,581-7,815-6,103-7,802-6,703-6,841-7,051-7,227-7,342 EBITA 9,429 13,893 12,741 10,830 10,962 10,080 12,476 13,106 13,469 15,851 16,195 EBIT 9,429 13,893 12,741 10,830 10,962 10,080 12,476 13,106 13,469 15,851 16,195 Net interest ,363-1, ,418-1,123-1,221-1,225-1,241-1,202-1,180 Other financial items Net financial items ,363-1, ,418-1,123-1,221-1,225-1,241-1,202-1,180 PBT 8,485 12,530 11,664 9,838 9,544 8,957 11,255 11,881 12,228 14,649 15,016 Taxes -1,825-6,930-6,080-4,303-5,084-4,067-5,758-5,935-5,877-6,362-6,753 Minorities Discontinued operations Net profit 6,152 5,263 5,150 5,108 4,010 4,481 5,387 5,836 6,241 8,176 8,151 Adjustments to net profit -1, , Net profit adj 4,311 4,961 4,030 4,688 3,782 4,309 5,387 5,836 6,241 8,176 8,151 Dividend paid , , ,861 0 Avg. number of shares (m) Per share data (DKK) EPS 1,409 1,206 1,180 1, ,026 1,234 1,337 1,430 1,873 1,867 EPS adj , , ,234 1,337 1,430 1,873 1,867 Growth and margins (%) Revenues, QOQ growth Revenues, YOY growth EPS adj, YOY growth Gross margin EBITDA adj margin Depreciation/revenues EBIT adj margin Net profit margin

19 Adjustments to quarterly numbers (DKKm) Q Q Q Q Q Q Q3 2013e Q4 2013e Q1 2014e Q2 2014e Q3 2014e EBITDA 16,553 21,346 21,322 18,645 17,065 17,882 19,179 19,947 20,520 23,078 23,538 Gains and losses -1, , Other EBITDA adjustments EBITDA adj 14,422 20,683 19,882 17,910 16,318 16,976 18,708 19,422 20,023 22,581 23,041 EBITA 9,429 13,893 12,741 10,830 10,962 10,080 12,476 13,106 13,469 15,851 16,195 Gains and losses -1, , EBITA adj 7,588 13,591 11,621 10,410 10,734 9,908 12,476 13,106 13,469 15,851 16,195 EBIT 9,429 13,893 12,741 10,830 10,962 10,080 12,476 13,106 13,469 15,851 16,195 Gains and losses -1, , EBIT adj 7,588 13,591 11,621 10,410 10,734 9,908 12,476 13,106 13,469 15,851 16,195 Net profit 6,152 5,263 5,150 5,108 4,010 4,481 5,387 5,836 6,241 8,176 8,151 Gains and losses -1, , Other adjustments Net profit adj 4,311 4,961 4,030 4,688 3,782 4,309 5,387 5,836 6,241 8,176 8,151 19

20 Quarterly numbers by segment and assumptions (DKKm) Q Q Q Q Q Q Q3 2013e Q4 2013e Q1 2014e Q2 2014e Q3 2014e Revenues Maersk Line (USDm) 6,312 7,322 6,962 6,522 6,313 6,651 6,560 6,825 6,448 6,788 7,028 Maersk Oil (USDm) 2,538 2,724 2,388 2,504 2,381 2,059 2,358 2,439 2,416 2,572 2,667 APM Terminals (USDm) 1,205 1,189 1,187 1,199 1,040 1,068 1,276 1,257 1,169 1,229 1,304 Maersk Drilling (USDm) Maersk Supply (USDm) Maersk Tankers (USDm) Damco (USDm) Svitzer (USDm) Dansk Supermarked (USDm) 2,296 2,345 2,301 2,656 2,413 2,476 2,482 2,488 2,495 2,501 2,507 Maersk Supply & LNG (USDm EBIT Maersk Line (USDm) Maersk Oil (USDm) 1,463 1,502 1,158 1,205 1, ,149 1,202 1,145 1,241 1,299 APM Terminals (USDm) Maersk Drilling (USDm) Maersk Supply (USDm) Maersk Tankers (USDm) Damco (USDm) Svitzer (USDm) Dansk Supermarked (USDm) Maersk Supply & LNG (USDm EBIT margin Maersk Line (USDm) -9.0% 3.6% 7.9% 4.4% 3.1% 7.0% 4.7% 5.5% 8.3% 11.7% 9.5% Maersk Oil (USDm) 57.6% 55.1% 48.5% 48.1% 50.6% 41.5% 48.7% 49.3% 47.4% 48.3% 48.7% APM Terminals (USDm) 25.2% 19.6% 17.2% 14.5% 17.1% 18.0% 19.0% 19.4% 18.7% 18.9% 19.1% Maersk Drilling (USDm) 32.2% 27.1% 25.1% 12.8% 37.5% 33.4% 40.9% 40.9% 40.4% 44.0% 47.8% Maersk Supply (USDm) 20.5% 15.9% 20.4% 8.1% 27.3% 27.5% 19.8% 19.8% 19.5% 19.5% 19.5% Maersk Tankers (USDm) -8.8% -2.2% -88.3% 1.7% -3.0% -61.5% 1.9% 1.9% 2.3% 2.3% 2.3% Damco (USDm) 1.8% 4.7% 2.9% 1.9% 1.2% 0.5% 4.8% 3.8% 1.9% 2.7% 5.1% Svitzer (USDm) 15.7% 20.4% 20.8% -35.0% 19.9% 22.6% 19.8% 19.9% 19.9% 20.0% 20.1% Dansk Supermarked (USDm) 2.8% 2.8% 2.0% 4.5% 2.9% 4.2% 3.3% 3.3% 3.3% 3.3% 3.3% Maersk Supply & LNG (USDm 94.0% 37.8% 162.0% 58.7% 16.9% 16.9% 16.9% 16.9% 16.9% 16.9% EBITDA Maersk Line (USDm) ,237 1,115 Maersk Oil (USDm) 1,853 2,036 1,604 1,663 1,560 1,259 1,588 1,667 1,647 1,775 1,853 APM Terminals (USDm) Maersk Drilling (USDm) Maersk Supply (USDm) Maersk Tankers (USDm) Damco (USDm) Svitzer (USDm) Dansk Supermarked (USDm) Maersk Supply & LNG (USDm EBITDA margin Maersk Line (USDm) -2.6% 9.5% 13.4% 11.0% 10.0% 13.8% 11.5% 12.0% 15.2% 18.2% 15.9% Maersk Oil (USDm) 73.0% 74.7% 67.2% 66.4% 65.5% 61.1% 67.3% 68.4% 68.2% 69.0% 69.5% APM Terminals (USDm) 22.7% 25.1% 23.6% 20.0% 19.3% 20.4% 22.5% 22.5% 22.5% 22.5% 22.5% Maersk Drilling (USDm) 45.3% 34.8% 39.1% 25.3% 49.6% 43.6% 53.0% 53.0% 51.6% 53.8% 55.8% Maersk Supply (USDm) 40.0% 34.6% 38.5% 32.4% 42.7% 45.9% 39.0% 39.0% 38.8% 38.8% 38.8% Maersk Tankers (USDm) 11.6% 17.2% 19.2% 23.7% 10.0% 0.4% 19.3% 19.3% 19.7% 19.7% 19.7% Damco (USDm) 2.6% 3.4% 3.7% 2.7% 1.7% 1.1% 5.6% 4.5% 2.7% 3.5% 5.8% Svitzer (USDm) 24.9% 32.0% 32.4% 27.6% 27.4% 28.9% 28.2% 28.3% 28.3% 28.4% 28.4% Dansk Supermarked (USDm) 3.9% 4.6% 3.8% 5.6% 4.2% 5.5% 4.5% 4.5% 4.5% 4.5% 4.5% Maersk Supply & LNG (USDm 47.9% 46.9% 13.9% 7.9% 37.3% 37.3% 37.3% 37.3% 37.3% 37.3% Assumptions Maersk Line volumes (FFEm) Maersk Line Average rate (US 2,646 3,014 3,022 2,842 2,770 2,618 2,586 2,625 2,676 2,689 2,716 APM Terminals volumes (TEU Maersk Oil net production (mb Brent spot price (USD/bbl) UK NBP Nat Gas (USD/boe)

21 Annual P&L (DKKm) e 2014e 2015e Revenues 278, , , , , , , , ,259 Cost of sales -214, , , , , , , , ,123 Gross profit 64,711 81,250 48,968 89,088 76,955 72,897 71,424 88,955 92,136 Operating expenses 3, ,202 1,286 2,250 1,988 1,988 EBITDA 74,038 86,719 50,484 93,471 83,905 77,866 74,073 90,943 94,124 Depreciation -26,226-26,092-30,317-33,822-28,889-30,973-27,449-29,060-28,808 EBITA 47,812 60,627 20,167 59,649 55,016 46,893 46,625 61,883 65,316 EBIT 47,812 60,627 20,167 59,649 55,016 46,893 46,625 61,883 65,316 Net interest -4,111-7,809-5,263-5,263-4,564-4,376-4,987-4,765-4,084 Other financial items Net financial items -4,111-7,809-5,263-5,263-4,564-4,376-4,987-4,765-4,084 PBT 43,701 52,818 14,904 54,386 50,452 42,517 41,638 57,117 61,232 Taxes -24,537-35,287-20,393-26,174-32,447-19,138-20,844-25,958-25,762 Effective tax rate (%) Minorities ,538-1,760-2,894-1,722-1, Discontinued operations Net profit 17,809 16,959-7,027 26,455 15,189 21,673 19,714 30,714 35,019 Adjustments to net profit -6,062-4, ,792-4,748-3, Net profit adj 11,747 12,303-7,889 22,663 10,441 17,990 19,314 30,714 35,019 Dividend paid -2,473-3,067-3,082-2,104-4,947-5,475-5,981-3,861-6,140 Avg. number of shares Per share data (DKK) EPS 4,328 4,122-1,674 6,061 3,479 4,965 4,516 7,035 8,022 EPS adj 2,855 2,990-1,880 5,192 2,392 4,121 4,424 7,035 8,022 DPS ,000 1,000 1, ,406 1,604 Growth and margins (%) Revenue growth nm EPS adj growth nm 4.7 nm nm Gross margin EBITDA margin EBITDA adj margin Depreciation/revenues EBIT margin EBIT adj margin PBT margin Net profit margin nm

22 Adjustments to annual P&L (DKKm) e 2014e 2015e EBITDA 74,038 86,719 50,484 93,471 83,905 77,866 74,073 90,943 94,124 Gains and losses -6,062-4, ,792-4,748-3, Other EBITDA adjustments -3,081 1, ,286-2,250-1,988-1,988 EBITDA adj 64,895 83,945 49,262 89,218 78,506 72,897 71,424 88,955 92,136 EBITA 47,812 60,627 20,167 59,649 55,016 46,893 46,625 61,883 65,316 Gains and losses -6,062-4, ,792-4,748-3, EBITA adj 41,750 55,971 19,305 55,857 50,268 43,210 46,225 61,883 65,316 EBIT 47,812 60,627 20,167 59,649 55,016 46,893 46,625 61,883 65,316 Gains and losses -6,062-4, ,792-4,748-3, EBIT adj 41,750 55,971 19,305 55,857 50,268 43,210 46,225 61,883 65,316 Net profit 17,809 16,959-7,027 26,455 15,189 21,673 19,714 30,714 35,019 Gains and losses -6,062-4, ,792-4,748-3, Other adjustments Net profit adj 11,747 12,303-7,889 22,663 10,441 17,990 19,314 30,714 35,019 Per share data (DKK) EPS 4,328 4,122-1,674 6,061 3,479 4,965 4,516 7,035 8,022 Recommended adjustment -1,473-1, , EPS adj 2,855 2,990-1,880 5,192 2,392 4,121 4,424 7,035 8,022 22

23 Cash flow (DKKm) e 2014e 2015e Net profit 17,809 16,959-7,027 26,455 15,189 21,673 19,714 30,714 35,019 Other non-cash adjustments -6, ,690-4,429 3, Change in net working capital 2, ,692-2, ,015-3, Cash flow from operations (CFO) 39,820 43,422 25,098 56,972 38,886 44,202 47,761 60,686 64,331 Capital expenditure -59,113-57,862-44,779-32,198-55,128-53,325-33,473-23,520-5,040 Acquisitions 534-2, ,636-5,988-2, Divestments 14,106 14,436 5,193 3,999 8,724 19,496 2, Cash flow from investing (CFI) -44,473-46,219-39,332-25,563-52,392-36,642-31,079-23,520-5,040 Free cash flow (FCF) -4,653-2,797-14,234 31,409-13,506 7,560 16,682 37,166 59,291 Net change in debt 8,823-3,162 4,489-14,377 7, , ,915 Dividends paid -2,473-3,067-3,082-2,104-4,947-5,475-5,981-3,861-6,140 Share issue (repurchase) Other -1, , , Cash flow from financing (CFF) 4,548-6,650 8,841-15,932 2,680-7,678-7,466-3,751-8,055 Total cash flow (CFO+CFI+CFF) ,447-5,393 15,477-10, ,216 33,415 51,236 FCFF calculation Free cash flow -4,653-2,797-14,234 31,409-13,506 7,560 16,682 37,166 59,291 Less: net interest 4,111 7,809 5,263 5,263 4,564 4,376 4,987 4,765 4,084 Less: acquisitions , ,636 5,988 2, Less: divestments -14,106-14,436-5,193-3,999-8,724-19,496-2, Growth (%) CFO nm CFI nm FCF nm CFF nm FCFF nm nm nm nm nm nm nm nm nm 23