A.P. Møller - Mærsk A/S

Transcription

1 A.P. Møller - Mærsk A/S Interim Management Statement Conference call 9.3 am CET Webcast available at PAGE 1

2 Forward-looking statements The presentation contains forward-looking 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 the expectations contained in the presentation PAGE 2

3 Highlights (1 January 3 September) Group profit/loss Segment result after tax 4, 3,5 3, 2,5 2, 1,5 1,15 1, , , ,5 2, 1,5 1, , -1,5-2, Container APM Shipping Terminals Tankers, offshore and other shipping Oil and gas Retail Highlights Challenging market conditions in especially in container shipping and tankers Sale of treasury shares and bond issuance PAGE 3 Container rates 3% below last year Container volume 5% below Average crude oil price of USD 57 per barrel - 48% below Share of oil and gas production 9% above

4 Consolidated Financial Information Profit and Loss () Index Revenue 35,34 47, ,552 16,74 EBITDA 6,851 13, ,613 5,222 Depreciation, amortisation and impairments 4,89 3, ,423 1,373 Sales gains EBIT 2,89 1, ,229 3,974 Profit before tax 2,132 9, ,16 3,265 Profit/Loss for the period -76 3,66 N/A ,15 Impairments and write-downs etc Cash flow () Index Operating cash flow 4,79 7, ,385 3,25 Investment cash flow -6,29-7, ,84-3,745 PAGE 4

5 Container Shipping and related activities Index Revenue 15,45 22,48 68 EBITDA ,72 N/A Sales gains EBIT -1, N/A Segment result after tax -1, N/A Volume (FFE mill) Average rate (USD pr. FFE) 2,299 3,37 7 Highlights Volume down 5% vs. - down 3% in vs. Rates down 3% vs. - down 32% in vs. Average fuel cost per ton 43% below - up 31% in vs. Q2 Segment result after tax excl. special items* Development in average Rates and Bunker cost , -1,2-1,4-1,6 PAGE ,46 USD * Integration costs, sales gains etc. Avg. Bunker cost per ton (left axis) Avg. Rate per FFE (right axis) Jan Feb Mar Apr May Jun Jul Aug Sept 2,9 2,75 2,6 2,45 2,3 2,15 2,

6 Container Shipping and related activities Container fleet and order book Highlights No. of vessels Own T/C N/B -2,999 TEU ,-4,699 TEU ,7-7,999 TEU ,- TEU 69 2 Total MPV 17 4 Total fuel consumption decreased by 13% vs. Cost saving initiatives including reduction of 2, positions Unit cost per FFE for Maersk Line and Safmarine excluding fuel costs down 7% Approx. 1% of the global fleet laid up Newbuilding delivery schedule No. of vessels 3 Graf over timing af nybygninger % (53, TEU) of the Groups total fleet taken out of service 8 older container vessels with a total capacity of 35, TEU scrapped in T/C fleet reduced by 9% since 1 January Further capacity reductions have been effected through reduced service speed PAGE 6

7 APM Terminals Index Highlights Revenue 2,219 2, EBITDA Sales gains EBIT Segment result after tax Volume (TEU mill) Segment result after tax excl. special items* * Impairments, and sales gains PAGE 7 APM Terminals volume declined 9% compared to vs. global market decline of 15% Other customers than Maersk Line and Safmarine now accounting for 4% of total volume Focus on cost reductions through renegotiation of supplier contracts and trimming of the organisation 8 terminal projects still ongoing

8 Tankers, offshore and other shipping activities Index Highlights Revenue 4,3 3, EBITDA 1,159 1, Sales gains EBIT 347 1, Segment result after tax 258 1, Segment result after tax, excl. selected items* Very poor rates in the tanker markets High contract coverage in the offshore activities Impairments, Integration costs etc. of USD 296 million Sales gains USD 3 million vs. USD 38 million Delivery of one tanker vessels, one jack-up rig, one semisubmersible rig and four anchor handling vessels * Impairments, write-downs, onerous contracts integration costs and sales gains PAGE 8

9 Oil and gas activities Index Highlights Revenue 6,639 11, Exploration costs EBITDA 5,264 9, EBIT 3,626 8,4 45 Tax 2,621 5, Segment result after tax 958 2,16 44 Share of oil and gas production (mill barrels) Average oil price (Brent) USD 57 per barrel vs. 111 per barrel Share of oil and gas production increased 9% to 124 million barrels Segment result after tax excl. selected items* APMM share of production 2,5 2, 1,5 1, 5 PAGE 9 2, *Impairments, sales gains Mboe Qatar DK Oil DK Gas Great Britain Algeria

10 Oil and gas activities Qatar Field Development Plan Development of the Al Shaheen Field 9% complete 126 wells completed Share of production : 67 million barrels Production affected by authority restrictions Exploration 17 exploration wells completed in Angola, Denmark, Kazakhstan, Norway, Oman, Great Britain and the USA. Five of them were completed in the third quarter Exploration cost at the same level as in Appraisal drillings in the Hobby and Pink fields (Great Britain) to be completed by the end of the year. Assessment whether to go ahead with a combined development of the Golden Eagle, Hobby and Pink wells Appraisal drillings also planned for the Chissonga (Angola) and Buckskin (USA) discoveries PAGE 1

11 Other segments Retail activity DKK million Index Revenue 41,67 42, EBITDA 2,319 2,32 1 Sales gains 59 4 N/A EBIT 1,86 1, Segment result after tax 1,33 1,326 1 Number of stores 1,317 1, Shipyards, other industrial companies, interest in Danske Bank A/S etc. DKK million Index Revenue 4,84 5,78 83 Associated companies 265 1, EBIT , Segment result after tax , Highlights Markets affected by the economic downturn segment result DKK 498 million vs. DKK 414 million in Positive impact from cost reductions and sale of property Highlights The Shipyard Group incurred a negative segment result of DKK 76 million Shipbuilding activities will be phased out as existing orders are completed The Group s share of the result of Danske Bank A/S was DKK 265 million PAGE 11

12 Funding Sale of treasury shares On 2 September, the Group sold 25,34 treasury B shares, corresponding to 5.7% of the total share capital of A.P. Møller - Mærsk A/S through an accelerated book building process - Gross proceeds of DKK 8.3 billion (USD 1.6 billion) Issuance of corporate bonds As part of the efforts to diversify the Group s sources of financing, A.P. Møller - Mærsk A/S on 23 October successfully placed 5-year EUR bonds for a principal amount of EUR 75 million with a coupon of 4.875%. The bonds are dual listed on NASDAQ OMX Copenhagen and the Luxembourg Stock Exchange - Gross proceeds of DKK 5.6 billion (USD 1.1 billion) PAGE 12

13 Outlook for For container trades, average rates including bunker surcharges for the fourth quarter are expected to be slightly above the third-quarter level, while volumes are expected to be somewhat below due to seasonal fluctuations The Group's share of oil and gas production for is expected to be at the same level as. In the fourth quarter, the production is expected to be considerably below the third quarter due to lower share of production in Qatar The outlook for the result for is unchanged compared to the statement in the Interim Report, thus negative in the order of USD 1 billion In the fourth quarter, the Group's cash flow from operating activities is expected, as in previous years, to be negatively affected by tax payments on the oil and gas activities. As a result of the declining investment level, the Group's cash flow used for capital expenditure is expected to be lower than in The outlook for is still subject to uncertainty. Specific uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices PAGE 13

14 Q & A PAGE 14

15 Selected special items Selected special items () Sales gains Container shipping Restructuring costs APM Terminals -Impairments -1-1 Tankers, offshore and other shipping - Integration costs - Onerous contracts -Impairments Oil and gas activities Impairments Shipyards, etc. - Write-downs and impairments PAGE 15

16 Consolidated Financial Information Profit and Loss (DKK million) Index Revenue 192, , ,536 82,995 EBITDA 37,441 65, ,79 25,852 Depreciation, amortisation and impairments 22,346 17, ,417 6,799 Sales gains 644 4, EBIT 15,795 53, ,496 19,694 Profit before tax 11,648 47, ,397 16,199 Profit/Loss for the period -3,859 17,685 N/A ,75 Cash flow (DKK million) Index Operating cash flow 22,356 37, ,26 14,875 Investment cash flow -34,376-38, ,826-18,489 PAGE 16