Registration no A.P. Møller - Mærsk A/S Interim Report 3rd Quarter2011

Transcription

1 Registration no A.P. Møller Mærsk A/S Interim Report 3rd Quarter2011

2 Interim Report 3rd Quarter 2011 A.P. Moller Maersk Group Page Highlights for the Group during the 3rd quarter Highlights for the Group during the first 9 months Outlook for Financial highlights 6 Business areas 8 Segment overview 9 Container activities 11 Oil and gas activities 16 Terminal activities 20 Tankers, offshore and other shipping activities 23 Retail activities 29 Other businesses 32 Unallocated activities 35 Directors statement 37 Interim consolidated financial statements Condensed income statement 38 Statement of comprehensive income 39 Condensed balance sheet 40 Condensed cash flow statement 42 Statement of changes in equity 43 Notes 45 Forwardlooking statements Governing text This interim report contains forwardlooking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Møller Mærsk A/S control, may cause actual development and results to differ materially from expectations contained in the interim report. The interim report has been translated from Danish. The Danish text shall govern for all purposes and prevail in case of any discrepancy with the English version.

3 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 A.P. Moller Maersk Group Interim Report 3rd Quarter Highlights for the Group during the 3rd quarter 2011 (figures for Q in parenthesis) DKK million 3rd quarter USD million 3rd quarter Change Change Profit before depreciation, amortisation and impairment losses, etc. Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Profit before financial items Profit before tax Profit for the period 80,794 17,835 6, ,004 9,459 1,920 81,249 24,438 8, ,967 15,869 9,621 1% 27% 17% 98% 35% 40% 80% 15,330 3,389 1, ,096 1, ,056 4,232 1, ,938 2,751 1,671 9% 20% 9% 95% 29% 34% 78% Cash flow from operating activities Cash flow used for capital expenditure 11,018 25,279 17,217 7,570 36% 234% 2,091 4,775 2,993 1,316 30% 263% Return on invested capital after tax (ROIC), annualised 4.7% 15.7% 4.8% 15.7% The Group s profit was USD 371m (USD 1,671m) and return on invested capital (ROIC) was 4.8% (15.7%). Cash flow from operating activities was USD 2.1bn (USD 3.0bn). The majority of the Group's businesses performed well and delivered good returns. The Group's container and tanker activities continued to face difficult markets due to excess supply of tonnage and a fragmented competitive landscape. With an equity ratio of 52% (50%), net interestbearing debt of USD 14.5bn (USD 13.7bn) and committed undrawn credit facilities of USD 9.3bn (USD 9.6bn), the Group is well prepared and determined to execute on its long term growth aspirations and seize market opportunities within its core businesses despite current turmoil in the financial markets. The Group's Container activities transported 2.1m FFE (1.8m FFE), 16% higher than in Q However, this was not enough to offset the impact from declining freight rates leading to a loss for the period of USD 297m (profit of USD 1,028m). The unsatisfactory market conditions are a challenge for the liner industry, however Maersk Line aims to achieve an EBITmargin 5% point above peers. Maersk Line launched a new service concept on the AsiaEurope trade, Daily Maersk, offering daily departures, fixed transportation time and market leading reliability. The Group s Oil and gas activities continue to invest in building and developing its resource base, and had another strong earnings quarter with a profit of USD 341m (USD 430m). The profit was negatively affected by higher exploration costs of USD 336m (USD 166m) and positively by a higher average oil price of USD 113 per barrel (USD 77 per barrel). The Chissonga discovery offshore Angola has been declared commercially viable to the local authorities and appraisal drilling is ongoing to assess the development

4 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 options. Maersk Oil has a 20% share in the Avaldsnes discovery in Norway, where the operator raised the estimates of recoverable resources in September 2011, increasing Maersk Oil s share from 2080 million barrels to million barrels of oil equivalents. The Group's terminal activities continue to show stable earnings growth and delivered a profit of USD 174m (USD 140m) and a ROIC of 13.5% (11.9%). Container throughput increased by 10% compared to Q on a likeforlike basis. New concession agreements were secured in Moin, Costa Rica and Callao, Peru. Furthermore, APM Terminals won the concession for the Skandia Container Terminal in Gothenburg, bringing the number of new and expansion terminal projects to 15. Maersk Tankers continued to face difficult market conditions and posted a loss of USD 37m (USD 11m excluding impairment loss of USD 107m). The overcapacity in the crude and product market is expected to continue whereas the gas market is positively affected by limited new supply. Maersk Drilling had another strong quarter with a result of USD 138m (USD 126m), positively affected by high uptime and a continued increasing demand for efficient drilling rigs. All rigs were employed during Q3 and are fully booked for the rest of the year. Maersk FPSOs and Maersk LNG had full vessel utilisation during Q3 and posted a profit of USD 59m (loss of USD 5m excluding USD 67m divestment gain). In October 2011, an agreement was signed to sell Maersk LNG for USD 1.4bn on a cash and debt free basis. A potential divestment gain will not have significant impact on the Group's profit. Maersk Supply Service benefited from improved spot rates in the North Sea and a high activity level in Brazil and delivered a profit of USD 68m (USD 45m). Svitzer experienced mixed market developments and slightly improved the profit to USD 34m (USD 33m). The retail activities continued to be negatively affected by customers migration towards lower margin goods and made a profit of DKK 208m (DKK 450m). Other businesses delivered a profit of DKK 64m (DKK 274m). Highlights for the Group during the first 9 months 2011 (figures for the first nine months of 2010 in parenthesis) DKK million USD million 9 months 9 months Change Change Profit before depreciation, amortisation and impairment losses, etc. Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Profit before financial items Profit before tax Profit for the period 240,023 61,489 20,935 4,513 45,605 41,928 16, ,782 68,152 24,746 3,646 47,486 42,891 23,777 2% 10% 15% 24% 4% 2% 31% 45,257 11,594 3, ,599 7,906 3,104 41,415 12,022 4, ,376 7,566 4,194 9% 4% 10% 32% 3% 4% 26% Cash flow from operating activities Cash flow used for capital expenditure 32,690 40,585 41,748 18,361 22% 121% 6,164 7,652 7,364 3,239 16% 136% Return on invested capital after tax (ROIC), annualised 9.5% 14.5% 10.0% 13.6% increased by 9% to USD 45.3bn (USD 41.4bn), primarily due to higher oil prices and container volumes. Profit was 26% lower at USD 3.1bn (USD 4.2bn), negatively affected by lower freight rates, higher bunker costs and lower share of the oil production, partly offset by higher oil price and the divestment gain from the sale of Netto Foodstores Limited, UK of USD 0.7bn. The Group s ROIC was 10.0% (13.6%).

5 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Cash flow from operating activities was USD 6.2bn (USD 7.4bn), while cash flow used for capital expenditure was USD 7.7bn (USD 3.2bn). Net interestbearing debt increased with USD 2.1bn to USD 14.5bn (USD 12.4bn at 31 December 2010). Total equity was USD 36.5bn (USD 34.4bn at 31 December 2010), positively affected by the profit of USD 3.1bn. Dividend paid was USD 0.9bn (USD 0.3bn). Outlook for 2011 The Group still expects a result lower than the 2010 result, as stated in the interim report in August 2011, including the USD 0.7bn gain from the divestment of Netto Foodstores Limited, UK. The Group expects a profit for 2011 in the range of USD bn including divestment gains. The Group s Container activities now expect a negative result for the full year as a consequence of lower rates on especially the AsiaEurope trade. Oil and gas activities expect a profit at the same level as for 2010, based on an oil price of USD 105 per barrel, higher level of exploration activities and a share of the oil and gas production of around 120 million barrels which is 13% below The result for Terminal activities, Tankers, offshore and other shipping activities as well as Other businesses is expected to be above 2010 excluding divestment gains. For Retail activities the result, excluding divestment gains, is now expected to be below Cash flow from operating activities is expected to develop in line with the result, while cash flow used for capital expenditure is expected to be significantly higher than in The outlook for 2011 is subject to uncertainty, not least due to developments in the global economy, oil price and global trade conditions. Copenhagen, 9 November 2011 Contacts: Group CEO Nils S. Andersen tel Group CFO Trond Westlie tel Annual Report is expected to be announced on 27 February 2012.

6 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Financial highlights Amounts in DKK million 3rd quarter 9 months Full year Profit before depreciation, amortisation and impairment losses, etc. Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items Financial items, net Profit before tax Tax Profit for the period continuing operations 80,794 17,835 6, ,004 1,545 9,459 7,574 1,885 81,249 24,438 8, ,967 1,098 15,869 6,246 9, ,023 61,489 20,935 4, ,605 3,677 41,928 25,500 16, ,782 68,152 24,746 3, ,486 4,595 42,891 19,107 23, ,396 89,218 33,822 3, ,649 5,263 54,386 26,174 28,212 Profit/loss for the period discontinued operations Profit for the period 1,920 9,621 16,464 23,777 28,215 A.P. Møller Mærsk A/S share 1,643 9,196 14,256 22,591 26,455 Total assets Total equity Cash flow from operating activities Cash flow used for capital expenditure Investment in property, plant and equipment 387, ,973 11,018 25,279 12, , ,391 17,217 7,570 7, , ,973 32,690 40,585 30, , ,391 41,748 18,361 19, , ,962 56,972 26,078 26,683 Return on invested capital after tax (ROIC), annualised Return on equity after tax, annualised Equity ratio Earnings per share (EPS), DKK Diluted earnings per share, DKK Cash flow from operating activities per share, DKK Share price (B share), end of period, DKK Total market capitalisation, end of period 4.7% 3.9% 51.9% ,524 32, , % 20.7% 50.0% 2,107 2,106 3,944 45, , % 11.1% 51.9% 3,266 3,264 7,488 32, , % 18.5% 50.0% 5,176 5,173 9,564 45, , % 16.0% 51.5% 6,061 6,058 13,052 50, ,464 The condensed interim consolidated financial statements on pages 3853 are presented in DKK. To further illustrate the development of the businesses, key figures for the A.P. Moller Maersk Group and segment figures are also presented in USD. For the segments where the primary functional currency is USD, the comments on these segments refer to the USD figures. The comments on the other segments refer to DKK figures alone. The interim financial statements have not been subject to audit or review. The interim financial statements are prepared in accordance with IAS 34. The applied accounting policies are unchanged compared to the Annual Report 2010, except for the changes described in Note 31 of the 2010 consolidated financial statements, to which reference is made. The changes have no effect on the interim financial statements.

7 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Financial highlights Amounts in USD million 3rd quarter 9 months Full year Profit before depreciation, amortisation and impairment losses, etc. Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items Financial items, net Profit before tax Tax Profit for the period continuing operations 15,330 3,389 1, , ,803 1, ,056 4,232 1, , ,751 1,080 1,671 45,257 11,594 3, , ,906 4,809 3,097 41,415 12,022 4, , ,566 3,371 4,195 56,090 15,867 6, , ,672 4,655 5,017 Profit/loss for the period discontinued operations Profit for the period 371 1,671 3,104 4,194 5,018 A.P. Møller Mærsk A/S share 317 1,598 2,688 3,985 4,705 Total assets Total equity Cash flow from operating activities Cash flow used for capital expenditure Investment in property, plant and equipment 70,237 36,467 2,091 4,775 2,444 67,481 33,771 2,993 1,316 1,217 70,237 36,467 6,164 7,652 5,751 67,481 33,771 7,364 3,239 3,445 66,756 34,376 10,132 4,638 4,745 Return on invested capital after tax (ROIC), annualised Return on equity after tax, annualised Equity ratio Earnings per share (EPS), USD Diluted earnings per share, USD Cash flow from operating activities per share, USD Share price (B share), end of period, USD Total market capitalisation, end of period 4.8% 4.0% 51.9% ,973 25, % 20.7% 50.0% ,370 36, % 11.7% 51.9% ,412 5,973 25, % 17.4% 50.0% ,687 8,370 36, % 15.4% 51.5% 1,078 1,077 2,321 8,998 38,741

8 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Business areas The A.P. Moller Maersk Group comprises approximately 1,100 companies. The Group's invested capital at 30 September 2011 was USD 51bn (USD 47bn) and annualised return on invested capital after tax (ROIC) was 10.0% (13.6%). Invested capital USD million 30 September 2011 ROIC % annualised 3rd quarter ROIC % annualised 9 months Container activities Maersk Line, Safmarine and MCC Global container services 18, Damco Logistic and forwarding activities Oil and gas activities Maersk Oil Oil and gas production and exploration activities 5, Terminal activities APM Terminals Container terminal activities, inland transportation, repair of containers and container depots, etc. 5, Tankers, offshore and other shipping activities Maersk Tankers Maersk Drilling Tanker shipping of crude oil, oil products and gas Offshore drilling activities and operation of land rigs through 50% ownership of Egyptian Drilling Company 3,767 4, Maersk FPSOs Maersk LNG Floating oil and gas production units Natural gas transportation 2, Maersk Supply Service Supply vessel activities with anchor handling and platform supply vessels, etc. 1, Svitzer Towing and salvage activities, etc. 1, Ro/Ro and 39% ownership of related activities Höegh Autoliners and 31% ownership of DFDS A/S (associated companies) DKK million ROIC % ROIC % Retail activities The Dansk Supermarked Group 68% ownership of Dansk Supermarked A/S Supermarkets (Føtex and Bilka), department stores (F. Salling) and discount supermarkets (Netto), etc. (subsidiary) 14, Other businesses The Odense Steel Shipyard Group Shipyard in Denmark Danske Bank 20% ownership of Danske Bank A/S (associated company) 26, Maersk Container Industry Production of dry and reefer containers Other Star Air, Danbor Service, etc.

9 Segment overview Maersk Container Industry Qingdao China Finished containers are stacked outside Maersk Container Industry s production facilities in Qingdao, China. Since 2007 the entire production has taken place in China, where Maersk Container Industry employs more than 5,000 people.

10 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Segment overview For the 3rd quarter DKK million USD million Container activities Oil and gas activities Terminal activities Tankers, offshore and other shipping activities Retail activities Other businesses Total reportable segments Unallocated activities (Maersk Oil Trading) Eliminations Total ,119 39,969 7,230 6,922 15,863 13,441 3,012 2,320 6,353 6,067 1,205 1,049 8,121 7,760 1,541 1,341 13,193 14,753 2,504 2,551 2,303 2, ,952 84,488 15,929 14,617 1, ,501 3, ,794 81,249 15,330 14,056 Profit/loss for the period Container activities Oil and gas activities Terminal activities Tankers, offshore and other shipping activities Retail activities Other businesses Total reportable segments Unallocated activities Eliminations Discontinued operations, after elimination Total 1,583 1, , , ,920 5,904 2, ,568 1, , , , ,671 For the first 9 months DKK million USD million Container activities Oil and gas activities Terminal activities Tankers, offshore and other shipping activities Retail activities Other businesses Total reportable segments Unallocated activities (Maersk Oil Trading) Eliminations Total , ,531 20,474 19,497 50,890 41,701 9,595 7,356 18,121 17,812 3,417 3,142 22,998 24,024 4,337 4,239 40,832 43,249 7,699 7,629 6,877 5,904 1,297 1, , ,221 46,819 42,904 3,747 1, ,029 10,330 2,268 1, , ,782 45,257 41,415 Profit/loss for the period Container activities Oil and gas activities Terminal activities Tankers, offshore and other shipping activities Retail activities Other businesses Total reportable segments Unallocated activities Eliminations Discontinued operations, after elimination Total 508 8,236 2,538 2,793 4, ,499 2, ,464 12,779 7,591 3,790 1,590 1, ,790 4, , , , ,104 2,254 1, , ,194

11 Container activities Margrethe Maersk Cai Mep Vietnam Containers are being loaded onto Margrethe Maersk at APM Terminals' new facilities in Cai Mep, Vietnam. Margrethe Maersk was build at Odense Steel Shipyard in 2008 and has a capacity of 9,000 TEU enough to carry more than 700,000 washing machines.

12 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Container activities (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit/loss before financial items (EBIT) Financial items, net Profit/loss before tax Tax Profit/loss for the period 38, , , , ,583 39,969 8,838 2, , , ,904 5% 89% 1% 25% 22% 55% 7, ,922 1, , , ,028 4% 88% 8% 0% 16% 52% Cash flow from operating activities Cash flow used for capital expenditure 20 6,633 9,111 2, % 1 1,255 1, % Return on invested capital after tax (ROIC), annualised 6.5% 23.1% 6.5% 23.3% Transported volumes (FFE in million) Average rate (USD per FFE) Average fuel price (USD per tonne) 2.1 2, , % 12% 48% For the first 9 months DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 108,587 6,777 6, , , ,531 20,711 6, , ,818 1,039 12,779 2% 67% 8% 361% 100% 92% 91% 32% 96% 20,474 1,278 1, ,497 3,653 1, , , ,254 5% 65% 1% 404% 100% 91% 91% 28% 96% Cash flow from operating activities Cash flow used for capital expenditure 4,905 12,742 15,778 3,594 69% 255% 925 2,403 2, % 279% Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 107,451 22,711 27, ,973 99,580 22,389 26,210 95,759 8% 1% 4% 8% 19,497 4,121 4,933 18,685 18,238 4,100 4,800 17,538 7% 1% 3% 7% Return on invested capital after tax (ROIC), annualised 0.7% 18.3% 0.7% 17.2% Transported volumes (FFE in million) Average rate (USD per FFE) Average fuel price (USD per tonne) 5.9 2, , % 6% 33%

13 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Container activities The Group transported a total volume of 2.1m FFE (1.8m FFE), an increase of 16% compared to Q Average freight rates, including bunker surcharges, were 12% lower than in Q3 2010, and 6% lower in the first nine months compared to the same period in 2010 Earnings per transported FFE (EBIT per FFE), excluding gain on sale of ships and containers, were a loss of USD 124 (a profit of USD 616) Loss was USD 297m (profit of USD 1,028m) Cash flow from operating activities was negative by USD 1m (positive by USD 1,595m) ROIC was negative by 6.5% (positive by 23.3%) THE MARKET FOR CONTAINER ACTIVITIES The development in demand for container transportation was mixed during Q3. Volumes stagnated in the US and euro zone as a consequence of the negative development in the economies, whereas the positive volume development continued in growth markets. For the first nine months, volumes were overall 7% higher than same period last year (Drewry). The positive demand growth has not been sufficient to balance the supply of new capacity, which mainly has been added in form of larger vessels deployed on the AsiaEurope trade. The ordinary peak season has not materialised this year, and the main EastWest trades have been characterised by a fierce competition. During the first nine months, 224 container vessels with a combined capacity of 1.6m TEU (Twenty Foot Equivalent Unit) were ordered (Alphaliner) and the global order book was 4.5m TEU, equivalent to 30% of the current fleet. As a result of the tough market conditions, ordering of new vessels came to a complete stop in Q3. Overall, freight rates continued the negative development during Q3 at unsustainable levels. Despite increasing capacity and declining rates, no signs of any significant layup activity have been seen this year. A few strings were redrawn from the AsiaEurope and the Transpacific trades, but still insufficient to balance the trades. Container shipping Container shipping USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit/loss before financial items (EBIT) Profit/loss for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised 6, , % 6,424 1, ,121 1,003 1, % 18,742 1,190 1, , % 17,820 3,571 1, ,416 2,214 2, %

14 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 In Q3 the Group transported a total volume of 2.1m FFE (1.8m FFE), an increase of 16% compared to Q and 6% higher than Q In the first nine months the total volume was 5.9m FFE, 9% higher than the same period last year. In Q3 average freight rates, including bunker surcharges, were 12% lower than in Q and 6% lower for the first nine months compared to same period last year. The volumes between Asia and Europe increased by 24%. Volumes on the head haul routes from Asia increased by 27% and volumes on the back haul routes from Europe increased by 18% compared to Q Despite the positive volume development on the Asia Europe trade, Maersk Line, as the rest of the industry, was not able to implement the normal peak season surcharges due to excess capacity. On the Latin America and Africa trades volumes increased by 18% and 27%, respectively, compared to Q Volumes for the Transpacific, Transatlantic, Oceania and IntraAsia trades were also higher than in Q rd quarter 9 months Q3 vs. Q vs Rates Volumes Rates Volumes Asia Europe 26% 24% 17% 14% Africa 2% 27% 2% 18% Transpacific 16% 2% 3% 4% Latin America 13% 18% 7% 14% Transatlantic 1% 1% 3% 1% Oceania 4% 0% 9% 5% IntraAsia 5% 3% 7% 4% Total 12% 16% 6% 9% During Q3, the Group took delivery of seven new container vessels (40,200 TEU) and one new multi purpose vessel (17,900 deadweight tonnage). The average bunker price for the Group s container shipping activities was 4% higher in Q3 compared to Q2 and 33% higher for the first nine months compared to same period last year. The average BAF ratio (% of the change in bunker costs that are transferred to the customers) declined to 80% from 86% in the first nine months. As a consequence of the pressure on freight rates it has become more difficult to pass on the increasing bunker cost to the customers. Maersk Line is continuously seeking new ways of optimising bunker consumption. One initiative is super slow steaming, which is primarily used on the backhaul trades and brings down the service speed to as low as 10 knots, allowing for significant bunker and cost savings. The strong focus on controlling cost continues. However, the total unit costs per FFE increased by 1% compared to Q2, while unit costs, excluding bunker costs, decreased by 1%. For the first nine months the increase was 11% and 5%, respectively, negatively affected by higher oil prices, an unfavorable development in the USD exchange rate and higher time charter costs as well as lower capacity utilisation. Maersk Line is committed and has the scale to operate at lower cost than its peer group and aims to achieve an EBITmargin 5% point above peers. In September 2011, Maersk Line announced the new service concept "Daily Maersk" introducing daily departures from four main ports in Asia to three main ports in Europe. The service is unique and provides an opportunity for customers to reduce their supply chain costs, including inventories and thereby improve their working capital. Furthermore, shipping with Daily Maersk reduces CO2 emissions by 13% per transported container compared to the industry average on the AsiaEurope trade. The lost time incidents frequency (LTIF) for the last four quarters was 1.34 per million working hours. The loss was USD 322m (profit of USD 1,003m). ROIC was negative by 7.2% (positive by 23.0%). At the end of Q3, the fleet consisted of 252 own container vessels and 387 chartered container vessels with a total capacity of 2.5m TEU. In addition, the Group owns two and has chartered 12 multi purpose vessels. Two container vessels (14,800 TEU) and one multi purpose vessel are expected to be delivered during Q4 and additional 42 container vessels (491,000 TEU) are on order for delivery in and three multi purpose vessels in Q Earnings per transported FFE (EBIT), excluding gain on sale of ships and containers, were a loss of USD 124 per FFE (profit of USD 616 per FFE). Cash flow from operating activities was negative by USD 53m (positive by USD 1,562m), while cash flow used for capital expenditure was USD 1,161m (USD 380m).

15 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Damco Damco USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Profit before financial items (EBIT) Profit for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % 2, % 2, % Damco continued to focus on growth and investments in selected industry segments and emerging markets. Airfreight services were strengthened considerably with the acquisition of China based airfreight forwarder NTS International Transport Services which was completed in August Volumes were lower than anticipated on the back of a soft market. Damco's ocean volume grew well ahead of the market at 19% and airfreight volume was up 42%, primarily driven by the NTS acquisition. The supply chain management volumes were 4% lower than the same period last year. EBIT was USD 36m (USD 37m) and profit was USD 25m (USD 25m). ROIC was 37.4% (45.3%).

16 Oil and gas activities Maersk Oil Dunga field Kazakhstan Dromedaries are watching the oil pumps operating on the Dunga field which covers 281 square kilometres in western Kazakhstan. Maersk Oil has been active in the country since 2000 and is currently working on a significant development of the Dunga field, including some 200 wells, with planned production start in 2012.

17 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Oil and gas activities (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before exploration costs Exploration costs Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 15,863 13,681 1,777 11,904 2, , ,944 7,159 1,785 13,441 11, ,892 3, , ,220 4,733 2,487 18% 16% 87% 9% 16% 21% 67% 24% 51% 28% 3,012 2, , , ,700 1, ,320 2, , , , % 27% 102% 20% 8% 33% 61% 37% 67% 21% Cash flow from operating activities Cash flow used for capital expenditure 6,522 13,567 5,686 1,263 15% 974% 1,239 2, % 1,119% Return on invested capital after tax (ROIC), annualised 27.6% 37.2% 28.3% 37.1% Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) % 48% For the first 9 months DKK million USD million Highlights Change Change Profit before exploration costs Exploration costs Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 50,890 44,479 3,664 40,815 8, , ,879 23,643 8,236 41,701 36,542 1,960 34,582 10, , ,307 16,716 7,591 22% 22% 87% 18% 15% 31% 71% 31% 41% 8% 9,595 8, ,696 1, , ,011 4,458 1,553 7,356 6, ,100 1, , ,288 2,949 1,339 30% 30% 100% 26% 10% 41% 84% 40% 51% 16% Cash flow from operating activities Cash flow used for capital expenditure 21,091 16,795 19,353 8,107 9% 107% 3,977 3,167 3,414 1,430 16% 121% Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 51,777 8,668 29,075 31,370 43,606 6,188 25,699 24,095 19% 40% 13% 30% 9,395 1,573 5,276 5,692 7,987 1,133 4,707 4,413 18% 39% 12% 29% Return on invested capital after tax (ROIC), annualised 37.2% 39.4% 39.0% 37.0% Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) % 45%

18 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Oil and gas activities Share of oil and gas production was 10% lower compared to Q2. For the first nine months the production was 11% lower than in the same period of 2010, mainly due to lower share of production in Qatar and lower production in Denmark and the UK Average oil price was at USD 113 per barrel, 3% lower than in Q2 Exploration costs increased to USD 336m (USD 166m) Profit was USD 341m (USD 430m) Cash flow from operating activities was USD 1.2bn (USD 1.0bn) ROIC was 28.3% (37.1%) The profit was USD 341m (USD 430m), positively affected by higher oil prices but offset by higher exploration costs as well as lower share of production in Qatar and lower production in Denmark and the UK. ROIC was 28.3% (37.1%). PRODUCTION AND DEVELOPMENT With an average daily share of the oil and gas production of 312,000 barrels of oil equivalent per day (361,000 barrels per day), the Group s share for the first nine months was on average 336,000 barrels of oil equivalent per day. The decline for the first nine months was 11% compared to the same period of 2010, due to a lower share of production in Qatar and lower production in Denmark and the UK, partly offset by new production in Brazil. Safety continued to be on top of the Maersk Oil agenda and the incident frequency continued to drop. In Maersk Oil, LTIF for the last four quarters declined by 18% from 1.1 to 0.9 per million working hours. Efforts will continue to further improve safety performance. In Qatar, two new wells were put into production, increasing the total number of completed wells under the Al Shaheen field development to 167 out of the 169 planned wells. While the evaluation of the field potential is still ongoing in collaboration with Qatar Petroleum, the field production level in the range of 300,000 barrels of oil per day is expected to continue. The Group s average share of the oil production was 159,000 barrels per day (170,000 barrels per day), and on average 157,000 barrels per day in the first nine months, 7% lower than in the same period of The decline was primarily due to higher oil prices resulting in a lower share to recover investments and costs. In the Danish part of the North Sea, drilling activities are ongoing or planned at the Dan, Tyra and Valdemar fields to partly offset the declining production. With an average share of 71,000 barrels of oil per day (75,000 barrels per day), the Group s share for the first nine months averaged 76,000 barrels per day, 7% lower than in the same period of In Q3, the Group s share of the gas production was 470 million m3 (580 million m3), affected by the normal lower gas demand during the summer period. The total share of the gas production in the first nine months was 1.7 billion m3 or on average 39,000 barrels of oil equivalent per day, 22% lower than in the same period of The lower oil and gas production compared to 2010 was caused by decreasing production from the mature fields, maintenance activities and high gas demand in Q In the UK, repair of Maersk Oil s FPSO at Gryphon is ongoing to reinstate production from the area mid 2012 after damage during a storm in February The Group s share of production was on average 13,000 barrels of oil per day (50,000 barrels per day), negatively impacted by the Gryphon area shut down and the planned maintenance shut down on Dumbarton. In total, the production share was 29,000 barrels of oil per day in the first nine months which was 42% less than in the same period of 2010, mainly due to the Gryphon shut down. In Algeria, development of the El Merk fields is ongoing with an expected additional production share of 10,000 barrels of oil per day from At 25,000 barrels of oil per day (23,000 barrels per day), the Group s share of the production for the first nine months was at the same level as in In Kazakhstan, the Group s share of the oil production was at a level of 3,000 barrels of oil per day (4,000 barrels per day), resulting in a production share of 3,000 barrels of oil per day for the first nine months. Work continues for the significant development of the Dunga field, including some 200 wells, with start of production of the first

19 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 wells planned for The share of the production is expected to reach a level of 15,000 barrels of oil per day. The previously announced sale of the Saigak field was approved by the authorities. In Brazil, the Group s share of the production was 8,000 barrels of oil per day from the Polvo field in a newly acquired licence. EXPLORATION AND BUSINESS DEVELOPMENT In Q3, drilling of four exploration and appraisal wells was completed. Overall, Maersk Oil completed eight wells in 2011 and is involved in drilling of further 16 exploration and appraisal wells, either in progress or committed to start in 2011 in Angola, Brazil, Kazakhstan, Norway, Qatar, the UK and the US. In Angola, the Chissonga discovery has been declared commercially viable to the local authorities and appraisal drilling is ongoing to assess the development options. In Block 23, an exploration well is ongoing and a well is planned in Block 8 for In Brazil, the USD 2.4bn acquisition of shares in three offshore licences was completed in July 2011, and drilling is ongoing in licences BMC32/30 to appraise the Itaipu and Wahoo discoveries. The Itaipu 2 well started in Q3 and the Wahoo 4 well is planned to start in Q4. In addition, preparations are ongoing to start drilling of two exploration wells in Q4 in the offshore licence BMC34. In Iraq, Maersk Oil has acquired a 20% shareholding in HKN Energy Ltd, which comprises a 75% interest in the Sarsang Production Sharing Contract in the Kurdistan Region. HKN drilled an oil discovery well in 2011 which is expected to be brought into production in In Norway, appraisal drilling is ongoing at the Avaldsnes discovery in the Licence PL501, where the operator announced a significant increase in the recoverable resources late September 2011, increasing Maersk Oil s share from 2080 million barrels to million barrels of oil equivalents with production potentially to start in In addition, preparation to start drilling of the Zidane appraisal well and the TRex exploration well in Q4 is ongoing. Bids have been submitted for the Norwegian exploration bid round with results expected early In the UK, submission of a development plan for the Maersk Oil operated Flyndre/Cawdor discovery areas in the North Sea is planned for the end of this year. Appraisal activities are ongoing to determine the extent of the Culzean, Jackdaw and Courageous discoveries and further three wells are either ongoing or planned to commence drilling later this year. In the US Gulf of Mexico, drilling of the Buckskin appraisal well is ongoing. Drilling of the Oceanographer exploration well has been postponed until 2012 due to low rig availability following the moratorium. The Jack deepwater development project in the Gulf of Mexico continues to progress towards oil production in 2014, initially with Maersk Oil's share of production of around 8,000 barrels of oil per day. Exploration costs were USD 336m (USD 166m) and USD 691m in the first nine months, almost a doubling compared to the same period of This reflects Maersk Oil's high exploration activity, not least the drilling activities in Angola, Norway and the UK as well as the predevelopment activities in Angola and the UK, all in accordance with Maersk Oil s strategic target of increasing the reserves base.

20 Terminal activities APM Terminals Rotterdam The Netherlands APM Terminals Rotterdam is one of the largest and most significant European terminals in APM Terminals portfolio. Its operation includes 13 post panamax cranes on 100 hectares of land and 1,600 metres of quay wall with an annual capacity of 3.4 million TEU.

21 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Terminal activities (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 6,353 1, , , ,067 1, , , % 7% 11% 64% 70% 9% 38% 9% 2% 12% 1, , % 17% 1% 52% 78% 21% 0% 21% 8% 24% Cash flow from operating activities Cash flow used for capital expenditure 1, ,330 2,216 1% 61% % 59% Return on invested capital after tax (ROIC), annualised 13.4% 12.2% 13.5% 11.9% Containers handled (measured in million TEU and weighted with ownership share) % For the first 9 months DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 18,121 4,204 1, , , ,538 17,812 3,730 1,942 2, , , ,790 2% 13% 25% 96% 94% 32% 117% 31% 22% 33% 3, , % 21% 20% 96% 106% 27% 100% 27% 17% 28% Cash flow from operating activities Cash flow used for capital expenditure 3,373 3,067 3, % 254% % 278% Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 29,700 4,943 6,337 28,306 27,532 4,770 6,226 26,076 8% 4% 2% 9% 5, ,150 5,136 5, ,140 4,776 7% 3% 1% 8% Return on invested capital after tax (ROIC), annualised 12.3% 19.1% 12.9% 17.9% Containers handled (measured in million TEU and weighted with ownership share) %

22 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Terminal activities Number of containers handled was 11% higher than in Q and 10% higher on a likeforlike basis Volumes from third party customers were unchanged at 46% in Q3 as well as for the first nine months Profit was USD 174m (USD 140m) Cash flow from operating activities was USD 255m (USD 230m) ROIC was 13.5% (11.9%) The global container terminal market measured in TEU increased by 7% compared to Q and 7% in the first nine months compared to the same period last year (Drewry). APM Terminals has been growing faster than the global market. The number of containers handled by APM Terminals (measured in crane lifts weighted with APM Terminals ownership interest) increased by 11% compared to Q and 10% on a likeforlike basis. For the first nine months the increase was 5% compared to the same period of 2010 and 8% on a likeforlike basis. The growth is a result of higher utilisation and positive effect from active portfolio management. All regions have contributed positively to the increase, with strong markets in Africa, China and South East Asia generating a likeforlike expansion in terminal volumes of 14% compared to the first nine months of During Q3, APM Terminals signed a concession agreement with the Costa Rican Government to build and operate the new Moin container terminal on the Caribbean coast, and APM Terminals also took over operations in Port of Callao, Peru. In October 2011, APM Terminals won the concession to operate the Skandia Container Terminal in Gothenburg Sweden s largest and the 8th busiest North European container terminal with a throughput of 880,000 TEU in The concession includes USD 115m in infrastructure improvements over the first five years. The concession is subject to approval from the Swedish Competition Authority. The transfer of management and operations for the terminal is anticipated to take place in Q Safety is on top of APM Terminals' agenda, and the LTIF was 3.91 per million working hours for the last four quarters. APM Terminals has continued focus on eliminating accidents and advancing the safety management culture and systems. The profit was USD 174m (USD 140m) and USD 478m for the first nine months. ROIC was 13.5% (11.9%) and reached 12.9% for the first nine months. The substantial improvement in margins and competitiveness was largely due to consistent implementation of improved operational methods, enhanced efficiency in partnership with customers, portfolio optimisation and restructuring of the inland services.

23 Tankers, offshore and other shipping activities Mærsk Deliverer West Africa Offshore Liberia The semisubmersible rig Mærsk Deliverer is working in deep waters offshore West Africa. The rig is designed for yearround operations in water depths down to 3,000 metres and with a drilling depth of 9,140 metres. The rig can accommodate 180 people.

24 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Tankers, offshore and other shipping activities (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 8,121 2,829 1, , , ,464 7,760 2,571 1, % 10% 35% 91% 50% 78% 54% 78% 29% 107% 1, , % 21% 29% 86% 33% 95% 400% 93% 21% 153% Cash flow from operating activities Cash flow used for capital expenditure 1,762 3,104 2,354 1,312 25% 137% % 159% Return on invested capital after tax (ROIC), annualised 7.3% 3.0% 7.4% 3.0% For the first 9 months DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 22,998 7,568 4, , , ,793 24,024 6,858 5, , , ,590 4% 10% 17% 87% 60% 50% 60% 18% 76% 4,337 1, ,239 1, % 18% 12% 86% 71% 72% 27% 88% Cash flow from operating activities Cash flow used for capital expenditure 5,604 7,657 5,805 4,409 3% 74% 1,057 1,443 1, % 85% Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 76,899 16,236 9,615 83,520 79,602 8,686 9,511 78,777 3% 87% 1% 6% 13,954 2,946 1,744 15,156 14,578 1,591 1,742 14,427 4% 85% 0% 5% Return on invested capital after tax (ROIC), annualised 4.6% 2.8% 4.8% 2.6%

25 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Tankers, offshore and other shipping activities was at USD 1.5bn (USD 1.3bn) Continued difficult tanker markets Increased demand in offshore and high uptime for Maersk Drilling Profit was USD 276m (USD 109m) Cash flow from operating activities was USD 335m (USD 408m) ROIC was 7.4% (3.0%) Maersk Tankers Maersk Tankers USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Loss before financial items (EBIT) Loss for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % % % The unsatisfactory market conditions for Maersk Tankers continued in Q3. For crude and product tankers the average earnings were lower than Q2 and much lower than historical average, while earnings for the gas segment were higher than Q2 and higher than the historical average. Both the crude and product tanker markets were driven by excess supply of tonnage and reduced refinery intake, resulting in earnings below operating costs. The gas market was driven by increased exports from the Middle East resulting in strong earnings in this segment. The tanker markets are affected by overcapacity, which is likely to continue as the delivery of new vessels for the crude and product segments continue and scrapping activity remains low. Maersk Tankers took delivery of one VLCC, one handysize product tanker and one handysize gas carrier, while one handysize product tanker and three small product tankers were purchased in the secondhand market. Delivery of one handysize product tanker, one handysize gas carrier and one VLGC (50% owned) is planned for Q4 from the newbuilding programme along with two large secondhand product tankers. Six newbuildings are expected to be delivered in Maersk Tanker s LTIF for the last four quarters was 1.05 per million working hours. The loss was USD 37m (loss of USD 118m, negatively impacted by impairment of USD 107m). ROIC was negative by 4.1% (negative by 13.7%). The contract coverage for the rest of 2011 is 23.7% and 12.5% for 2012.

26 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Maersk Drilling Maersk Drilling USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Profit before financial items (EBIT) Profit for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % 1, % 1, % The high oil price has resulted in increased exploration and production activity from the oil companies, and demand for rigs has remained high with an upward trend. In particular, demand for modern high specification rigs continues to strengthen due to operators increasing requirements for safe and efficient equipment. The Norwegian jackup market remained solid with full utilisation, and recent large discoveries in Norway confirm the positive outlook for the segment. Maersk Drilling currently has six jackup rigs in Norway, of which some are on longterm contracts until In addition, Maersk Drilling has two ultra harsh environment jackup rigs under construction for this market, and discussions with operators for drilling campaigns starting in 2014 are ongoing. activity was increasing and the ultra deepwater market is expected to remain firm, also in the longer term, as both development and exploration activity in the emerging markets will drive solid future demand. Maersk Drilling has three ultra deepwater semisubmersible rigs in operation and four ultra deepwater drillships under construction with expected deliveries in 2013 and During Q3, all of Maersk Drilling s 26 drilling rigs were employed, except for a few rigs entering yards for planned surveys and upgrades. With the constant focus on employment safety, Maersk Drilling has experienced a continuous improvement for the last four quarters with a LTIF of 0.49 per million working hours. Large discoveries impact the strong market fundamentals positively in the ultra deepwater rig market. The market has been characterised by close to full utilisation and day rates have increased during Q3, establishing a new day rate level around USD 500,000. The increasing demand was mainly seen from growth regions such as West Africa and Brazil. The US Gulf of Mexico remains adversely affected by the Macondo incident. However, Maersk Drilling has 99% contract coverage for the remainder of 2011, and more than 75% of the available capacity for 2012 is already contracted. The profit of USD 138m (USD 126m) was positively impacted by full employment of the semisubmersible rigs Maersk Explorer and Mærsk Deliverer. ROIC was 13.6% (13.3%).

27 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Maersk FPSOs and Maersk LNG Maersk FPSOs and Maersk LNG USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit/loss before financial items (EBIT) Profit/loss for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % % % The activity in the FPSO market has picked up with the numbers of new contract awards reaching the high level experienced during the peak. The rates in the LNG market increased to a five year high level. All of the Group s six FPSOs were fully employed in Q3 and production uptime has improved. Maersk FPSOs' LTIF was 0.97 and Maersk LNG's LTIF was 1.47 per million working hours for the last four quarters. The profit was USD 59m (loss of USD 5m excluding USD 67m divestment gain) and ROIC was 8.9% (8.4%). The improvement was driven by higher LNG rates and contract coverage as well as the FPSO Maersk Peregrino achieving full day rate since May Further, Maersk FPSOs received a performance bonus of USD 19m while the profit was negatively impacted by operational losses and extraordinary costs on Maersk NgujimaYin. Maersk LNG was divested for USD 1.4bn on a cash and debt free basis in October 2011 with closing of the transaction expected in Q4. A potential divestment gain will not have significant impact on the Group's profit. Maersk Supply Service Maersk Supply Service USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Profit before financial items (EBIT) Profit for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % % %

28 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 The market for anchor handling and supply vessels was positively affected by seasonal project work in the North Sea and continued high activity level in Brazil. The rate level in the North Sea spot market increased with rate peaks at a level not seen for three years. Other markets were not affected to the same degree and remained at the same level as in Q2 due to a more balanced supply and demand. in the market. Contract coverage for the remainder of 2011 is 80%, and 36% for Maersk Supply Service s LTIF was 1.02 per million working hours for the last four quarters. In line with the fleet renewal program, the anchor handling vessel Maersk Rider (BHP 14,400) was sold during Q3. Maersk Supply Service had a suitable balance of spot and contract coverage to benefit from this seasonal spike The profit was USD 68m (USD 45m), primarily affected by seasonal project work in the North Sea and increased rate level in the spot market. ROIC was 14.5% (9.1%). Svitzer Svitzer USD million USD million 3rd quarter 9 months Highlights Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Profit for the period Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised % % % % The harbour towage market had overall moderate growth, but weakened in Europe. Within terminal towage new tenders are seen as a result of growing global demand for energy infrastructure. Emergency response and rescue demand was firm whereas ocean towage and salvage markets remained weak. Svitzer s activity within harbour towage was largely unchanged compared to Q3 last year and slightly lower compared to Q The terminal towage activities increased with the startup of the Angola LNG contract. The emergency response and rescue units saw almost full vessel utilisation during Q3 and higher rates. Salvage held on to its market share. Svitzer s LTIF for the last four quarters was 0.7 per million working hours. The profit was USD 34m (USD 33m) and ROIC was 6.8% (7.6%). Ro/Ro and related activities Ro/Ro and related activities comprise the Group s ownership interests in DFDS A/S and Höegh Autoliners, etc. The profit was USD 9m (loss of USD 36m) and ROIC was 5.6% (negative by 19.9%).

29 Retail activities Netto Berlin Germany A truck is about to deliver goods to the nearby Netto stores from the storage facility in Berlin, Germany. The first Netto store outside Denmark opened in Germany in 1990 and with the current 333 stores, Germany is the largest market outside of Denmark.

30 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Retail activities (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 13, , % 31% 48% 37% 47% 31% 54% 2, , % 24% 44% 28% 41% 29% 45% Cash flow from operating activities Cash flow used for capital expenditure % % Return on invested capital after tax (ROIC), annualised 5.9% 12.7% 6.3% 12.6% For the first 9 months DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 40,832 1, ,697 5, , ,763 43,249 2, , , ,362 6% 21% 49% 196% 184% 6% 250% 7, , % 16% 45% 217% 203% 1% 274% Cash flow from operating activities Cash flow used for capital expenditure 1,649 4,230 1,795 1,697 8% % Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 16,906 4,703 7,174 14,435 15,198 7,066 7,555 14,709 11% 33% 5% 2% 3, ,302 2,619 2,784 1,294 1,384 2,694 10% 34% 6% 3% Return on invested capital after tax (ROIC), annualised 42.5% 13.0% 44.5% 12.2% Number of stores 1,262 1,390 9%

31 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Retail activities was 11% lower at DKK 13.2bn (DKK 14.8bn), due to the divestment of Netto Foodstores Limited, UK Profit was DKK 208m (DKK 450m) 17 new stores were opened during Q3 ROIC was 5.9% (12.7%) THE RETAIL MARKET The retail markets in Denmark, Sweden and Poland continued to experience stagnating sales in Q3, while the sales in Germany were slightly increasing. In Denmark the discount chains continued to benefit from more cost conscious consumers and have taken further market shares from the ordinary supermarkets during Q3. THE DANSK SUPERMARKED GROUP for the Dansk Supermarked Group was at DKK 13,193m (DKK 14,753m), 11% lower than Q3 2010, due to the divestment of the retail activities in the UK. Adjusted for this, the revenue decreased by 0.1% and measured in local currency an increase of 0.5%. EBITDA was 31% lower than in Q due to customer migration towards lower margin goods and the effect from the divestment of Netto Foodstores Limited, UK. Excluding the effect from the divestment of Netto Foodstores Limited, UK, EBITDA was 24% lower. EBITDA was negatively affected by startup costs of a new warehouse. Cash flow from operating activities was DKK 538m (negative by DKK 113m). The profit was DKK 208m (DKK 450m), negatively impacted by lower EBITDA and lower financial income due to the development in the financial markets and exchange rates. ROIC was 5.9% (12.7%). During Q3, 17 new stores were opened.

32 Other businesses Maersk Container Industry Qingdao China An employee is applying the finishing touches on the production of a reefer container to Maersk Line. Maersk Container Industry is market leading within production of reefer containers and has developed a container with a controlled atmosphere, allowing transport of bananas, etc. from the Philippines to Europe.

33 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Other businesses (figures for Q in parenthesis) For the 3rd quarter DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 2, , % 71% 6% 100% 68% 63% 137% 77% % 87% 11% 100% 64% 59% 167% 73% Cash flow from operating activities Cash flow used for capital expenditure Return on invested capital after tax (ROIC), annualised 1.0% 5.1% 1.0% 5.1% For the first 9 months DKK million USD million Highlights Change Change Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses Gain on sale of noncurrent assets and businesses, net Associated companies share of profit/loss for the period Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period 6, , % 245% 19% 91% 41% 13% 12% 3% 1, , % 273% 13% 90% 38% 21% 19% 4% Cash flow from operating activities Cash flow used for capital expenditure 31 4, Noncurrent assets Current assets Noninterest bearing liabilities Invested capital, net 26,505 2,207 2,390 26,322 22,346 1,974 2,646 21,674 19% 12% 10% 21% 4, ,776 4, ,970 18% 11% 10% 20% Return on invested capital after tax (ROIC), annualised 3.7% 4.2% 3.9% 3.9%

34 A.P. Moller Maersk Group Interim Report 3rd Quarter /54 Highlights for Other businesses was DKK 2.3bn (DKK 2.5bn) Profit was DKK 64m (DKK 274m) Share of loss from Danske Bank A/S was DKK 77m (profit of DKK 178m) ROIC was 1.0% (5.1%) The Odense Steel Shipyard Group delivered one Ro/Ro vessel during Q3. Remaining orders consist of one Ro/Ro vessel and one frigate with expected delivery around yearend Phasing out of the shipbuilding activities is ongoing according to plan. The profit was DKK 10m (loss of DKK 27m), positively affected by a reimbursement of energy taxes from Maersk Container Industry experienced a continued strong reefer market with increased profitability. Previous years underinvestment in reefers combined with the strong cargo conversion from conventional reefer bulk vessels to reefer containers drove the market. Maersk Container Industry's patented integrated reefer concept has strengthened its position in the reefer market further. The profit was USD 18m (USD 16m) and ROIC was 34.6% (31.6%). The Group s share of result in Danske Bank A/S for Q3 was a loss of DKK 77m (profit of DKK 178m).

35 Unallocated activities Edith Maersk Rotterdam The Netherlands Edith Maersk is approaching Rotterdam on time after leaving Shanghai four weeks earlier. After offloading she will continue her voyage towards Aarhus, Denmark and Gdansk, Poland, before heading back to Asia. Edith Maersk and her sister vessels are the world s largest container vessels with a capacity of 15,500 TEU.