#1A.P. Møller-Mærsk A/S Interim Report 03 2015 MAERSK#2Maersk Group - Interim Report 03 2015 CONTENTS DIRECTORS' REPORT Maersk Group performance for Q3 2015 Guidance for 2015 - Summary financial information - Invested capital and ROIC Businesses - Maersk Line Maersk Oil APM Terminals Maersk Drilling - APM Shipping Services Maersk Group performance for the first nine months of 2015 - Statement of the Board of Directors and Management PAGE 3-22 FINANCIALS Condensed income statement Condensed statement of comprehensive income Condensed balance sheet - Condensed cash flow statement - Condensed statement of changes in equity - Notes PAGE 23-39 Comparative figures Unless otherwise stated, all figures in parenthesis refer to the corresponding figures for the same period prior year. Forward-looking statements The interim report contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are outside A.P. Møller-Mærsk A/S' control, may cause actual development and results to differ materially from expectations contained in the interim report. 2/40#3Maersk Group - Interim Report 03 2015 MAERSK GROUP PERFORMANCE For Q3 2015 Contents The Maersk Group- and especially Maersk Line - was severely impacted by continued low economic growth and significant market imbalances. Global container demand is expected to have grown by 0-1%, whereas the global container fleet grew by almost 9%. Container freight rates declined significantly across all trades except North America, and especially Maersk Line's key Europe trades were impacted severely. The Group delivered a profit of USD 778m (USD 1.5bn) nega- tively impacted by the lower oil price and lower average con- tainer freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%). The underlying profit was USD 662m (USD 1.3bn) with lower profits in Maersk Line, Maersk Oil and APM Terminals and im- proved result for Maersk Drilling while APM Shipping Services was on par with Q3 last year. Underlying result reconciliation USD million, Q3 Maersk Group Maersk Line Maersk Oil APM Terminals Maersk Drilling APM Shipping Services Maersk Supply Service Maersk Tankers Damco Svitzer Result for the period - continuing operations 2015 778 264 32 175 184 154 45 59 20 30 2014 1,495 685 222 345 192 119 79 84 -68 23 Gain on sale of non- current assets, etc., net 2014 2015 118 21 1 12 5 1 1 3 454 26 357 74 1 -1 1 The Group's revenue decreased by USD 2.1bn or 17% compared to 03 2014, predominantly due to lower oil price and lower average container freight rates. The operating expenses de- creased by USD 1.1bn mainly due to lower bunker prices and cost saving initiatives. Cash flow from operating activities remained at a high level of USD 2.2bn (USD 2.7bn) while the Group continues to invest in growth with a net cash flow used for capital expenditure of USD 1.3bn (USD 1.4bn). The Group's free cash flow was USD 904m (USD 1.4bn). With an equity ratio of 59.7% (61.3% at 31 December 2014) and a liquidity reserve of USD 10.7bn (USD 11.6bn at 31 December 2014) the Group maintains its strong financial position. Impairment losses, net¹ 2014 2015 'Including the Group's share of impairments, net, recorded in joint ventures and associated companies. -109 -6 -74 -30 -30 Tax on adjustments 2015 -2 -1 -1 -1 2014 -134 4 -139 Underlying result 2015 662 243 32 175 172 150 44 58 18 30 2014 1,284 3/40 659 224 201 118 148 79 85 -38 22#4Maersk Group - Interim Report 03 2015 DEVELOPMENTS IN THE QUARTER Maersk Line placed its third newbuilding order this year with the signing of a contract for nine 14,000 TEU vessels with a value of USD 1.1bn, and with the option of an additional eight vessels, to be delivered in 2017. Maersk Oil's Culzean field was sanctioned by the UK govern- ment, and as operator Maersk Oil is now placing orders for the field development capex programme of around USD 4.5bn. The field is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21. Production is ex- pected to commence in 2019. In August, the Norwegian Ministry of Petroleum and Energy approved the field development plan for the first phase in the Norwegian Johan Sverdrup field, where Maersk Oil is ex- pected to contribute around USD 1.8bn in capex. Production is expected to commence in 2019. One of the partners has filed a complaint to the "King in Council" regarding the ownership split of the field. A response is expected later this year. In September, APM Terminals announced the agreement to acquire 61% in Grup Marítim TCB (TCB), the leading Spanish container terminal operator, with terminals located in Spain, Colombia, Brazil, Mexico, Guatemala and Turkey. In October, APM Terminals signed an agreement to acquire the remain- ing 39%. APM Terminals' global terminal network will grow from 61 to 72 terminals in 37 countries across five continents. The 11 acquired TCB terminals add an additional 4.3m TEU in capac- ity and 3.5m TEU in estimated annual container volumes to the APM Terminals portfolio. The acquisition has an implied enterprise value of USD 1.1bn with capex investments of USD 400m over the next five years. Subject to regulatory approv- als the transaction is expected to be completed in 01 2016. Contents Maersk Drilling signed two new contracts. Maersk Resilient secured a three-year contract and Mærsk Giant received a contract for 150 days, both for work in the Danish sector of the North Sea. Furthermore, Maersk Drilling signed four con- tract extensions; a 16 month extension for Mærsk Innovator working in Norway, a five-year extension for Heydar Aliyev working in the Caspian Sea in Azerbaijan, a three-year ex- tension for Maersk Discoverer working offshore Egypt and a 250 day extension Maersk Resolve in the Danish ector of the North Sea. Although at significantly lower day rates com- pared to previous contracts, the new contracts and exten- sions added USD 1.1bn to Maersk Drilling's revenue backlog. The share buy-back programme of up to DKK 6.7bn (USD 1bn) is to be executed during a 12-month period from 1 September 2015. As of 30 September, 74,098 shares have been repurchased (14,972 A shares and 59,126 B shares) for USD 118m. 4/40#5Maersk Group - Interim Report 03 2015 GUIDANCE FOR 2015 The Group expects an underlying result of around USD 3.4bn which is unchanged from the result adjustment published on 23 October. Gross cash flow used for capital expenditure is now expected to be around USD 7bn (USD 8.7bn) from previously around USD 8bn, while cash flow from operating activities is still ex- pected to develop in line with the result. Copenhagen, 6 November 2015 Contacts Group CEO Nils S. Andersen - tel. +45 3363 1912 Group CFO Trond Westlie - tel. +45 3363 3106 Changes in guidance are versus guidance given at 02 2015. All figures in parenthesis refer to full year 2014. The Annual Report 2015 is expected to be announced on 10 February 2016. Contents In line with the 23 October announcement Maersk Line ex- pects an underlying result of around USD 1.6bn (USD 2.2bn). Global demand for seaborne container transportation is revised to an expected increase of 1-3% versus previously by 2-4%. Maersk Oil continues to expect a positive underlying result for 2015 significantly below 2014 (USD 1.0bn) at oil prices in the range of 45-55 USD from previously 55-60 USD per barrel. The low oil price is somewhat offset by the effect of cost sav- ings, strong production performance and deferred tax income in the UK. Maersk Oil's entitlement production is now expected at around 295,000 boepd (251,000 boepd) from previously around 285,000 boepd. The exploration costs are expected to be around USD 500m (USD 765m) from previously approximately USD 700m for the year due to the reduction of the exploration activity level. APM Terminals maintains the expectation for the underlying result to be significantly below 2014 (USD 849m) due to contin- ued weak business climate in oil dependent markets. Maersk Drilling maintains the expectation of a significantly higher underlying result than in 2014 (USD 471m) due to more rigs in operation, high forward contract coverage as well as im- pact from the initiated profit optimisation programme. APM Shipping Services still expects the underlying result for 2015 to be significantly above the 2014 result (USD 185m) due to better performance. The Group's guidance for 2015 is subject to considerable un- certainty, not least due to developments in the global economy, the container freight rates and the oil price. The Group's result depends on a number of factors. Based on the expected earnings level and all other things being equal, the sensitivities for the rest of the calendar year 2015 for four key value drivers are listed in the table below. Factors Oil price for Maersk Oil Bunker price Container freight rate Container freight volume Change +/-10 USD/barrel +/-100 USD/tonne +/-100 USD/FFE +/-100,000 FFE Effect on the Group's underlying profit rest of year +/-USD 0.09bn -/+USD 0.1bn +/-USD 0.2bn +/-USD 0.1bn 5/40#6Maersk Group - Interim Report Q3 2015 SUMMARY FINANCIAL INFORMATION AMOUNTS IN USD MILLION INCOME STATEMENT Revenue Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies *********** Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period - continuing operations Profit for the period - discontinued operations Profit for the period A.P. Møller-Mærsk A/S' share BALANCE SHEET Total assets Total equity Invested capital Net interest-bearing debt Investments in property, plant and equipment and intangible assets CASH FLOW STATEMENT Cash flow from operating activities¹ Cash flow used for capital expenditure¹ FINANCIAL RATIOS Return on invested capital after tax (ROIC), annualised Return on equity after tax, annualised Equity ratio Contents 03 2015 10,110 2,245 1,238 118 45 34 1,204 -127 1,077 299 778 778 755 64,684 38,642 46,584 7,941 1,695 2,194 -1,290 7.6% 8.3% 59.7% 03 2014 12,169 3,199 1,108 454 -14 157 2,688 -188 2,500 1,005 1,495 1,495 1,465 72,489 43,061 51,117 8,053 2,507 2,722 -1,352 12.7% 14.1% 59.4% 2015 31,183 7,446 3,562 461 145 76 4,566 -278 4,288 852 3,436 3,436 3,363 64,684 38,642 46,584 7,941 5,682 5,921 142 10.5% 11.4% 59.7% 9 months 2014 35,854 9,301 4,851 534 58 416 5,458 -527 4,931 2,781 2,150 2,856 5,006 4,865 72,489 43,061 51,117 8,053 6,904 6,345 -4,601 13.8% 15.7% 59.4% Full year 2014 47,569 11,919 7,008 600 -6 412 5,917 -606 5,311 2,972 2,339 2,856 5,195 5,015 68,844 42,225 49,927 7,698 9,368 8,761 -6,173 11.0% 12.3% 61.3% STOCK MARKET RATIOS Earnings per share (EPS), USD Diluted earnings per share, USD Cash flow from operating activities per share, USD¹ Share price (B share), end of period, DKK Share price (B share), end of period, USD Total market capitalisation, end of period, USD m GROUP BUSINESS DRIVERS Maersk Line Transported volumes (FFE in '000) Average freight rate (USD per FFE) Unit cost (USD per FFE incl. VSA income) Average bunker price (USD per tonne) Maersk Line fleet, owned. Maersk Line fleet, chartered Fleet capacity (TEU, '000) Maersk Oil Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) APM Terminals Containers handled (measured in million TEU and weighted with ownership share) Number of terminals Maersk Drilling Operational uptime Contracted days Revenue backlog (USD bn) 0.3 2015 36 36 102 10,270 1,542 32,608 2,427 2,163 2,310 324 300 50 8.9 97% 1,834 Discontinued operations comprise Dansk Supermarked Group. 03 2014 67 67 124 14,000 2,367 50,926 2,401 2,679 2,597 575 238 102 9.7 97% 1,603 2015 157 157 276 10,270 1,542 32,608 7,118 2,300 2,331 339 282 322 3,024 303 55 27.2 61 97% 5,305 5.8 9 months 2014 223 222 290 14,000 2,367 50,926 7,041 2,647 2,598 578 272 308 2,834 243 107 28.9 64 97% 4,499 6.6 Full year 2014 230 230 401 12,370 2,021 42,848 9,442 2,630 2,584 562 274 336 2,946 38.3 64 ¹ Figures for 2014 relate only to continuing operations. The interim consolidated financial statements on pages 23-39 have not been subject to audit or review. The interim consolidated financial statements are prepared in accordance with IAS 34. 251 99 97% 6,275 6.0 6/40#7Maersk Group - Interim Report 03 2015 INVESTED CAPITAL AND ROIC MAERSK GROUP MAERSK LINE MAERSK OIL APM TERMINALS MAERSK DRILLING APM SHIPPING SERVICES Maersk Supply Service Maersk Tankers Damco Svitzer Contents 2015 46,584 20,383 5,965 6,033 8,092 4,758 1,754 1,655 248 1,101 Invested capital 30 September USD million 2014 51,117 20,260 5,155 5,874 7,710 5,465 1,755 1,760 506 1,444 2015 7.6% 5.2% 2.1% 11.6% 9.0% 13.1% 10.4% 14.6% 30.0% 10.8% ROIC, annualised 03 2014 12.7% 13.5% 17.5% 22.5% 10.7% 8.7% 18.5% 19.1% -53.0% 6.5% 2015 10.5% 9.8% 8.6% 11.8% 9.4% 11.0% 11.5% 10.9% 8.2% 11.1% ROIC, annualised 9 months 2014 13.8% 11.1% -19.1% 16.9% 8.8% 5.3% 10.7% 7.2% -30.4% 8.1% 7/40#8Maersk Group - Interim Report 03 2015 Businesses Maersk Line / Maersk Oil / APM Terminals / Maersk Drilling / APM Shipping Services Maersk Group performance for the first nine months of 2015 / Statement of the Board of Directors and Management Contents 8/40#9Maersk Group - Interim Report 03 2015 MAERSK LINE Contents The quarter was characterised by poor market conditions with oversupply and decreased imports into Europe, where freight rates declined to new historical lows. Maersk Line delivered a profit of USD 264m (USD 685m) and a ROIC of 5.2% (13.5%). The underlying profit was USD 243m (USD 659m). Revenue of USD 6.0bn was 14.9% lower than 03 2014 due to an average freight rate decline of 19.3% to 2,163 USD/FFE, where especially the key Europe trades were severely impacted. Recognised freight revenue was USD 5.4bn (USD 6.5bn) and MAERSK LINE HIGHLIGHTS Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Revenue Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in associated companies Profit/loss before financial items (EBIT) Invested capital ROIC, annualised other revenue was USD 604m (USD 599m). In a difficult quarter, Maersk Line defended its market position and grew volumes by 1.1% to 2,427k FFE. Transported volumes (FFE in '000) Average freight rate (USD per FFE) Unit cost (USD per FFE incl. VSA income) Average bunker price (USD per tonne) Maersk Line fleet, owned Maersk Line fleet, chartered Fleet capacity (TEU in '000) Global container demand is expected to have grown between 0-1% in Q3 2015 compared to Q3 2014. The low growth is pri- marily due to weaker imports into Europe. Estimated EBIT-margin gap to peers was at 5.7%-points in 02 2015. This remains consistent with Maersk Line's ambition to sustain a gap to peers above 5%-points. 03 2015 6,018 765 483 21 303 39 264 694 -535 20,383 5.2% 2,427 2,163 2,310 324 03 2014 7,074 1,178 464 26 740 55 685 1,029 -483 20,260 13.5% 2,401 2,679 2,597 575 USD MILLION 9 months 2014 2015 18,535 2,965 1,428 33 -1 1,569 84 1,485 2,538 -1,598 20,383 9.8% 7,118 2,300 2,331 339 282 322 3,024 20,439 3,064 1,300 46 1,810 124 1,686 2,612 -1,339 20,260 11.1% 7,041 2,647 2,598 578 272 308 2,834 9/40#10Maersk Group - Interim Report 03 2015 Unit cost decreased by 11.1% to 2,310 USD/FFE benefitting from decreased bunker prices and USD appreciation. Bunker cost decreased 41.5% compared to 03 2014 driven by lower bunker prices. Bunker efficiency deteriorated by 2.8% to 942 kg/FFE (916 kg/FFE). Maersk Line's fleet utilisation was lower than expected and down compared to both 02 2015 and 03 2014. Cash flow from operating activities was USD 694m (USD 1.0bn) and cash flow used for capital expenditure was USD 535m (USD 483m) leaving a free cash flow of USD 159m (USD 546m). The capital expenditure in Q3 2015 was related to the 11 new Triple-E vessels ordered in 02 and the new order of nine 14,000 TEU vessels. As part of its effort to improve profitability, Maersk Line an- nounced in November to reduce its network capacity and postpone investments in new capacity, while at the same time reduce operating costs by further simplifying processes and organisation. By the end of 03, the Maersk Line fleet consisted of 282 owned vessels (1.8m TEU) and 322 chartered vessels (1.2m TEU) with a total capacity of 3.0m TEU. Maersk Line's nominal fleet capacity decreased by 1.7% and the average vessel size increased by 0.7% compared to 02 2015. Compared to 03 2014 the nominal fleet capacity has increased by 6.7%. Idle capacity at the end of Q3 2015 was 32,086 TEU (three vessels) versus 1,122 TEU (one vessel) at the end of 03 2014. Maersk Line's idle capacity corresponds to around 4% of total idle capacity in the market. Contents MAERSK LINE > The Mærsk Mc-Kinney-Møller during loading operations in Tanjung Pelepas, Malaysia. The contracted nine 14,000 TEU vessels with an option for eight vessels more are scheduled to be delivered in 2017. Maersk Line will continue to manage capacity and does not plan to exercise the previously announced options for six 19,630 TEU vessels and two 3,600 TEU feeders and will postpone decision on the optional eight 14,000 TEU vessels. The global container fleet has grown by almost 9% compared to Q3 2014 and at the end of Q3 2015 it stood at 19.7m TEU of which 4.0% were idle. Deliveries amounted to 501,000 TEU (64 vessels) and 28,000 TEU (23 vessels) were scrapped during Q3 2015. During the same period 794,000 TEU (157 vessels) of new capacity were ordered, keeping the order book at around 21% of the fleet (Alphaliner). SWL FOR WIN-FORCONTAINER T SNL UNDER CARG EAM ZPMC T191 10/40#11Maersk Group - Interim Report 03 2015 MAERSK OIL Contents Maersk Oil made a profit of USD 32m (USD 222m) with an un- derlying profit of USD 32m (USD 224m). ROIC was 2.1% (17.5%). The result was negatively impacted mainly by the lower oil price but positively impacted by increased production, cost savings and lower exploration costs. The entitlement production increased by 26% to 300,000 boepd (238,000 boepd), however at a 51% lower average oil price of USD 50 per barrel. The increased production was a result of improved operational performance and production from new projects in particular in the UK, as well as higher share of pro- duction from Qatar due to the lower oil price. Maersk Oil expects that the net operating costs excluding ex- ploration will be reduced by around 10% by the end of 2015 compared to the 2014 baseline. This is in line with the targeted 20% reduction by the end of 2016. MAERSK OIL HIGHLIGHTS Share of profit/loss in associated companies ............. Profit/loss before financial items (EBIT) Tax Net operating profit/loss after tax (NOPAT) Revenue Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised As part of its effort to improve profitability, Maersk Oil an- nounced in October to reduce its overall global workforce by a further 10-12%, taking the total number of positions removed during 2015 to approximately 1,250. Exploration costs Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) Exploration costs were USD 82m (USD 210m) with the comple- tion of three (three) exploration/appraisal wells. Maersk Oil's exploration activities have been reduced in light of the oil price expectations and the disappointing exploration results over the past couple of years. Instead, short term focus is directed towards identifying inorganic growth opportunities and in- vesting in exploration acreage in order to rebuild the portfolio for reserves growth. The decrease in tax of USD 506m to USD 187m was mainly due to lower tax related to Denmark, Qatar and Algeria because of the lower average oil price. 03 2015 1,321 641 422 219 187 32 548 -515 5,965 2.1% 82 300 50 03 2014 2,174 1,238 323 915 693 222 726 -591 5,155 17.5% 210 238 102 USD MILLION 9 months 2014 2015 4,337 2,080 1,173 3 910 533 377 1,264 -1,511 5,965 8.6% 353 303 55 6,894 4,218 2,743 -5 1,470 2,299 -829 2,178 -1,616 5,155 -19.1% 555 243 107 11/40▶#12Maersk Group - Interim Report 03 2015 Cash flow from operating activities was USD 548m (USD 726m); lower than last year mainly due to the lower oil price. Cash flow used for capital expenditure was USD 515m (USD 591m). PRODUCTION The 26% increase in the entitlement production originated from good operational performance in particular in the UK and production from the new fields Golden Eagle in UK and Jack in the US as well as higher entitlement production from Qatar, where the low oil price results in more cost-recovery-barrels. Entitlement share of production Thousand barrels of oil equivalents per day (boepd) 160 140 120 100 80 60 40 20 0 98 121 Qatar Contents 33 65 62 59 38 39 UK Denmark Algeria 8 US 3 6 03 2014 03 2015 4 Kazakhstan Brazil DEVELOPMENT The development project at the Al Shaheen field offshore Qatar is progressing as planned. Maersk Oil Qatar is progressing ahead of schedule now more than 75% through the drilling programme. The development plan for phase 1 of Johan Sverdrup field off- shore Norway was approved by the Norwegian Ministry of Petroleum and Energy in August 2015. Phase 1 project prepa- rations continue according to schedule with major contract awards in place for drilling, living quarters, production facil- ities, offshore power cables, subsea production systems and remaining jackets. The development plan for the Maersk Oil operated high- pressure, high-temperature Culzean gas field offshore the UK was approved by authorities in August 2015. The project is progressing and contracts for subsea infrastructure, Floating Storage and Offloading Unit (FSO), topsides, and jackets for the central processing facility and living quarters have been awarded recently. The Chissonga project in Angola remains challenged due to the low oil price. Negotiations with authorities, partners and con- tractors are ongoing to make the project viable. Maersk Oil has taken steps to reduce the scope of activities and the size of the project teams in Angola and the US until there is more clarity regarding the viability of the project. MAERSK OIL ▸ Danish North Sea. Managing the complexity of the infrastructure is part of Maersk Oil's Operations Excellence. EXPLORATION Three exploration wells were completed in UK, Kazakhstan and Denmark. The Danish Jude well encountered hydrocar- bons and commercial viability is being assessed. The wells in UK and Kazakhstan showed no signs of hydrocarbon. In Brazil, Itaipu and Wahoo are under commercial evaluation. Decision of extension of exploration licence or field develop- ment is expected by the end of 2015. DUC-TE A 12/40#13Maersk Group - Interim Report 03 2015 APM TERMINALS Contents APM Terminals delivered a profit of USD 175m (USD 345m) and a ROIC of 11.6% (22.5%). The underlying profit was USD 175m (USD 201m). The low oil price resulted in a sharp decline in import volumes into oil producing countries in West Africa, Russia and Brazil. Along with the appreciating USD and divest- ments in 2014, this caused revenue to decrease by 5.7% and the EBITDA-margin to decrease by 2.1% compared to same quarter last year. The number of containers handled by APM Terminals (weighted with APM Terminals' ownership interest) decreased by 8.7% compared to 2014, reaching 8.9m TEU (9.7m TEU). This was partly due to the divestments of APM Terminals facilities in Virginia, Charleston, Jacksonville and Houston, USA and APM TERMINALS HIGHLIGHTS .............. Tax Net operating profit/loss after tax (NOPAT) Revenue *********** Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit/loss before financial items (EBIT) Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised Terminal Porte Océane S.A. Le Havre, France. Excluding these, like-for-like volumes decreased by 4.4% whereas the overall global container market grew approximately by 1.8% in 03 (Drewry). Containers handled (measured in million TEU and weighted with ownership share) Number of terminals The acquisition of the TCB portfolio will have a negative impact on ROIC of approximately 1%-point due to the increased asset base and the amortisation of terminal rights. The acquisition has an implied enterprise value of USD 1.1bn with capex invest- ments of USD 400m over the next five years. Subject to regula- tory approvals the deal is expected to close in Q1 2016. Revenue improvement and cost savings initiatives continue to be driven across the global portfolio and have successfully 03 2015 1,046 220 80 1 40 24 205 30 175 224 -172 6,033 11.6% 8.9 03 2014 1,109 256 97 357 -31 25 510 165 345 318 570 5,874 22.5% 9.7 USD MILLION 9 months 2014 2015 3,215 646 227 11 111 66 607 81 526 671 -563 6,033 11.8% 27.2 61 3,331 781 242 373 16 70 998 215 783 815 235 5,874 16.9% 28.9 64 13/40#14Maersk Group - Interim Report 03 2015 = Contents delivered improvements in both revenue increase and cost savings of approximately USD 50m in Q3 2015 to the bottom line; however the impact from the adverse market conditions was only partly mitigated. The share of profit in joint venture and associate companies increased compared to last year to USD 64m (loss of USD 6m), mainly caused by the USD 52m impairments in joint venture companies in Q3 2014. Although certain tax incentives have expired since Q3 2014, the effective tax rate decreased to 14.6% (32.3%) due to lower profits in terminals with a relatively high tax rate. The 2014 tax includes tax on the sale of APM Terminals, Portsmouth, Virginia, USA. Cash flow from operating activities of USD 224m (USD 318m) developed in line with the operational results. Cash flow used for capital expenditure in the quarter increased to USD 172m versus a net cash inflow of USD 570m in Q3 2014 due to the sale of APM Terminals Virginia in Q3 2014. APM TERMINALS Emma Maersk at berth under super post Panamax cranes at APM Terminals Algeciras, Spain. 14/40#15Maersk Group - Interim Report 03 2015 MAERSK DRILLING Contents Maersk Drilling delivered a profit of USD 184m (USD 192m) generating a ROIC of 9.0% (10.7%), positively affected by fleet growth, cost savings and strong operational performance, but negatively affected by increased idle time. The result was further affected by an additional gain of USD 9m (USD 73m) re- lated to the sale of the Venezuela business in 2014. The underly- ing profit was USD 172m (USD 118m). The economic utilisation of the fleet was 85% (89%) adversely affected by increased idle time and Mærsk Deliverer on yard stay. The average operational uptime was 97% (97%) for the jack-up rigs and 98% (96%) for the floating rigs. Though at significantly lower day rates compared to previous contracts, the new contracts and extensions signed in Q3 added MAERSK DRILLING HIGHLIGHTS Revenue **********. Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Invested capital Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Profit/loss before financial items (EBIT) ROIC, annualised USD 1.1bn to Maersk Drilling's revenue backlog. At the end of Q3 2015, Maersk Drilling's forward contract coverage was 85% for the remaining part of 2015, 70% for 2016 and 49% for 2017. The total revenue backlog by the end of Q3 2015 amounted to USD 5.8bn (USD 6.6bn). Operational uptime ....….... Contracted days Revenue backlog (USD bn) Maersk Drilling decommissioned and recycled the jack-up rig Maersk Endurer (built 1984) from the fleet in July 2015. The semi-submersible rig Mærsk Deliverer finalised yard stay as planned and was back on operating rate mid-September 2015. Operating costs increased due to new rigs entering the fleet and starting operation during the last five quarters partly off- set by the divestment of the Venezuela business in Q3 2014. 03 2015 646 369 143 12 238 54 184 382 -44 8,092 9.0% 97% 1,834 03 2014 525 227 78 74 8 231 39 192 127 -673 7,710 10.7% 97% 1,603 USD MILLION 9 months 2014 2015 1,900 1,073 402 41 8 720 150 570 910 -775 8,092 9.4% 97% 5,305 5.8 1,467 617 199 83 9 510 85 425 379 -2,003 7,710 8.8% 97% 4,499 6.6 15/40#16Maersk Group - Interim Report 03 2015 The initiated cost reduction and efficiency enhancement pro- gramme delivered a saving of more than 10% in Q3. The increased cash flow from operating activities of USD 382m (USD 127m) was mainly related to four additional rigs in oper- ation. Cash flow used for capital expenditures declined to USD 44m (USD 673m), mainly due to fewer instalments paid for the newbuild projects. Contract coverage per segment Segment Ultra-harsh environment jack-up rigs (Norway) Premium jack-up rigs Ultra deepwater and midwater rigs Total Revenue backlog, end Q3 2015 USD bn 2.5 2.0 1.5 1.0 0.5 0.0 Contents -0.6 -1.9 -1.4 -1.0 ... 2017 2015 2015 ROY 88% 90% 80% 85% 2016 2018 2016. 70% 66% 74% 70% -0.9 2019+ MAIOREN YEAR ALTER Heugha MAERSK DRILLING A five year extension contract was signed for the semi-sub Heydar Aliyev working in the Caspian Sea in Azerbaijan with an estimated contract value of USD 523m. 16/40#17Maersk Group - Interim Report 03 2015 APM SHIPPING SERVICES APM Shipping Services made a profit of USD 154m (USD 119m) and a ROIC of 13.1% (8.7%). The underlying profit was USD 150m (USD 148m). Contents Maersk Supply Service reported a profit of USD 45m (USD 79m) and a ROIC of 10.4% (18.5%). The underlying profit was USD 44m (USD 79m). The combination of lower rates and lower utilisation resulted in a lower revenue of USD 145m (USD 232m) which was only partly mitigated by significant operational cost reductions to USD 69m (USD 104m) mainly due to lower crew costs and re- pair and maintenance cost. Contract coverage for the remainder of 2015 is 53% (73%), and 40% (46%) for 2016. Cash flow from operations increased to USD 82m (USD 47m) primarily due to a reduction in receivables partly offset by a lower operational result. Cash flow used for capital expend- iture increased to USD 111m (USD 85m) mainly due to instal- ments on newbuilds. APM SHIPPING SERVICES HIGHLIGHTS Revenue *********** .……..….….…..…. Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Profit/loss before financial items (EBIT) Invested capital During the quarter Maersk Supply Service took delivery of a new Anchor Handling Tug Supply Vessel (AHTS) and sold one AHTS. Total order book stands at 11 vessels. ROIC, annualised Maersk Tankers made a profit of USD 59m (USD 84m) and a ROIC of 14.6% (19.1%). The underlying profit was USD 58m (USD 85m). The profit and the underlying result for Q3 2014 were positively affected by the USD 71m reversal of provision for onerous contracts in the VLCC segment. The result of the quarter was positively impacted by improved rates across all the product segments up 47% due to increased demand in the market for transportation of refined oil products. Cash flow from operating activities was USD 84m (USD 41m), positively impacted by improved operating result. Cash flow used for capital expenditures was USD 96m (inflow of USD 37m) due to the acquisition of two product vessels and newbuilding 03 2015 1,307 251 101 5 5 160 6 154 255 -235 4,758 13.1% 03 2014 1,536 259 132 7 134 15 119 95 -93 5,465 8.7% USD MILLION 9 months 2014 2015 3,860 663 295 37 19 424 38 386 608 -412 4,758 11.0% 4,471 568 327 1 25 267 43 224 307 191 5,465 5.3% 17/40 ▶#18Maersk Group - Interim Report 03 2015 instalments, offset by the sale of one product vessel, while 03 2014 was positively impacted by the divestment of the VLCC segment. Maersk Tankers signed a newbuilding contract for nine MR vessels with a contract value of approximately USD 300m in September. The order book totals 17 MR newbuildings to be added to the fleet over the next three years, as part of the fleet renewal. Damco made a profit of USD 20m (loss of USD 68m) and a ROIC of 30.0% (negative 53.0%). The underlying profit was USD 18m (loss of USD 38m). Revenue was USD 719m (USD 848m) down 15%, to a large ex- tent caused by rate of exchange movements. Volumes grew by 5% in the supply chain management product. Airfreight volumes returned to growth and increased by 5%. Controlled ocean freight volumes fell by 10%, partly due to de-selection of non-profitable business. Ocean freight and supply chain management margins saw improvements. Continued productivity improvements and growth in supply chain management and warehousing activities improved the result. Additionally, Q3 2014 was impacted by significant one- off costs not repeated in 2015. Cash flow from operating activities was positive USD 53m (negative USD 59m) due to the improved operational result and reduced working capital. Svitzer made a profit of USD 30m (USD 23m) and a ROIC of 10.8% (6.5%). The underlying profit was USD 30m (USD 22m). Revenue decreased by USD 28m compared to 03 2014 as a result of a substantially stronger USD compared to AUD and EUR, and because Salvage revenue was excluded after Contents Q3 HIGHLIGHTS Revenue Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures ********** Profit/loss before financial items (EBIT) Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised 9 MONTHS HIGHLIGHTS Revenue .……….…..... Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Profit/loss before financial items (EBIT) .…………………..……. Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised MAERSK SUPPLY SERVICE 2015 2014 145 76 36 1 41 +4 45 82 -111 1,754 10.4% 485 228 106 30 152 5 147 189 -128 1,754 232 MAERSK SUPPLY SERVICE 2015 2014 11.5% 128 37 91 12 79 47 -85 1,755 18.5% 583 259 106 1 154 18 136 196 -136 1,755 10.7% MAERSK TANKERS 2015 2014 282 95 37 1 59 59 84 -96 1,655 14.6% 818 237 105 -1 131 1 130 215 -151 1,655 267 MAERSK TANKERS 2015 2014 10.9% 119 34 -1 84 84 41 37 1,760 19.1% 890 215 103 -3 109 +1 110 161 521 1,760 7.2% 2015 719 28 7 3 3 27 7 20 53 9 248 30.0% 2015 2,057 46 21 5 7 37 19 18 85 9 248 8.2% DAMCO 2014 848 -33 39 3 -69 +1 -68 -59 -5 506 -53.0% DAMCO 2014 2,382 -51 55 7 -99 11 -110 -192 -33 506 -30.4% USD MILLION SVITZER 2014 2015 161 52 21 2 33 3 30 36 -37 1,101 10.8% 2015 500 152 63 3 12 USD MILLION SVITZER 2014 104 13 91 119 -142 1,101 11.1% 189 46 23 1 4 28 5 23 65 -40 1,444 6.5% 18/40 618 145 63 4 17 103 15 88 141 -162 1,444 8.1%#19Maersk Group - Interim Report 03 2015 salvage activities were merged with Titan Salvage, USA on 1 May 2015. Svitzer improved its operating margins in harbour towage compared to same period last year through pricing, produc- tivity and cost saving initiatives, despite facing industry over- capacity in Europe and Australia, and a slowdown in the bulk trades. Cost was USD 109m (USD 143m); decreasing primarily due to currency effect and cost saving initiatives. Cash flow from operating activities was USD 36m (USD 65m) decreasing due to exclusion of the salvage activity. Cash flow from investing activities was USD 37m (USD 40m). Contents SVITZER ► Svitzer Oden and Lars unberthing Ebba Maersk in Gothenburg. 19/40#20Maersk Group - Interim Report 03 2015 MAERSK GROUP PERFORMANCE For the first nine months of 2015 Contents Maersk Group delivered a profit for the first nine months of USD 3.4bn (USD 5.0bn). The profit last year was positively im- pacted by a USD 2.8bn gain from the sale of the majority share of Dansk Supermarked Group partly offset by the impairment of USD 1.7bn on Brazilian oil assets. The Group's ROIC was 10.5% (13.8%). The underlying profit was USD 3.1bn (USD 3.5bn). Revenue decreased to USD 31.2bn (USD 35.9bn), predominantly due to lower oil price and lower average container freight rates only partly compensated by higher entitlement production. The operating expenses decreased by USD 2.8bn mainly due to lower bunker prices and cost saving initiatives. The decrease in tax by USD 1.9bn was primarily a result of the lower oil price. Cash flow from continuing operating activities was USD 5.9bn (USD 6.3bn) while cash flow used for capital expenditure was USD 4.8bn (USD 4.6bn), excluding the sale of shares in Danske Bank of USD 4.9bn including dividend received in 01. Underlying result reconciliation USD million, 9 months Maersk Group Maersk Line Maersk Oil APM Terminals Maersk Drilling APM Shipping Services Maersk Supply Service Maersk Tankers Damco Svitzer Result for the period - continuing operations 2015 3,436 1,485 377 526 570 386 147 130 18 91 2014 2,150 1,686 -829 783 425 224 136 110 -110 888 Gain on sale of non- current assets, etc., net 2014 2015 461 33 3 11 41 37 30 -1 5 3 534 46 373 83 1 -3 4 Net interest-bearing debt was USD 7.9bn (USD 7.7bn at 31 December 2014). Total equity was USD 38.6bn (USD 42.2bn at 31 December 2014) positively affected by the profit year to date of USD 3.4bn and negatively affected by the ordinary dividend of USD 1.0bn, the extraordinary dividend of USD 5.2bn and share repurchases of USD 387m. Maersk Line made a profit of USD 1.5bn (USD 1.7bn) and a ROIC of 9.8% (11.1%). The underlying profit was USD 1.5bn (USD 1.6bn). The decline in the financial performance was caused by signifi- cantly lower freight rates only partially offset by lower bunker prices, USD appreciation and cost efficiencies. Volume increased by 1.1% to 7,118k FFE and average freight rate declined by 13.1% to 2,300 USD/FFE. Cash flow from operating activities was USD 2.5bn (USD 2.6bn) and cash flow used for capital expenditure was USD 1.6bn (USD 1.3bn) leaving a free cash flow of USD 940m (USD 1.3bn). Impairment losses, net¹ 2014 2015 -100 -80 7 -27 'Including the Group's share of impairments, net, recorded in joint ventures and associated companies. -1,773 72 -1,741 -74 -31 -4 -30 3 Tax on adjustments 2015 -5 -2 -1 -1 -1 2014 -118 27 -144 -2 1 1 Underlying result 2015 3,080 1,452 456 509 556 350 117 131 14 88 2014 3,507 1,568 885 628 344 253 136 20/40 116 -80 81#21Maersk Group - Interim Report 03 2015 Maersk Oil made a profit of USD 377m (loss of USD 829m after impairment on Brazilian assets). The underlying profit was USD 456m (USD 885m) negatively impacted by 49% lower average oil prices but positively impacted by a higher average entitlement production of 303,000 boepd (243,000 boepd), de- ferred tax income of USD 170m due to reduction of the UK tax rate, lower costs due to the cost transformation programme and lower exploration costs. The increased entitlement production was a result of a higher production share in Qatar where the decreased oil price gives more barrels for cost recovery, as well as strong operational performance in particular in the UK and production from the new fields Golden Eagle in the UK and Jack in the US. Maersk Oil completed eight (nine) exploration/appraisal wells; including the East Swara Tika well in Iraq, Kurdistan, the Drumtochty well in the UK, and the Xana and Jude wells in Denmark. These four wells discovered hydrocarbons and commercial viability is being assessed. The other four wells were assessed not to be commercially viable. Cash flow from operating activities was USD 1.3bn or 42% lower than last year mainly due to the lower oil price. Cash flow used for capital expenditure was USD 1.5bn (USD 1.6bn). APM Terminals made a profit of USD 526m (USD 783m) and a ROIC of 11.8% (16.9%). The underlying profit was USD 509m (USD 628m). Volumes decreased by 6.0% compared to 2014, reach- ing 27.2m TEU (28.9m TEU). The decrease was mainly due to divestments of APM Terminals facilities in Virginia, Charleston, Jacksonville and Houston, USA and Terminal Porte Océane S.A. Le Havre, France. Excluding these divestments, like-for-like volumes decreased by 2.2%, whereas the overall global con- tainer market grew by 2.1% (Drewry). Pressure on key oil de- pendent markets has deteriorated local economic conditions, which caused volumes to decrease. Contents Revenue improvement and cost savings initiatives continue to be driven across the global portfolio and have delivered im- provements in both revenue increase and costs savings of more than USD 150m to date to the bottom line; however the impact from the adverse market conditions was only partly mitigated. Cash flow from operating activities was USD 671m (USD 815m) and cash flow used for capital expenditure was USD 563m (positive USD 235m). Maersk Drilling made a profit of USD 570m (USD 425m) posi- tively impacted by fleet growth, cost savings, strong operational performance and fewer yard stays, but offset by increased idle time and Maersk Endurer decommissioned and recycled. The gains in 2015 and 2014 were primarily related to the sale of the Venezuela business in 2014. ROIC was 9.4% (8.8%). The under- lying profit was USD 556m (USD 344m). Maersk Drilling has taken delivery of one ultra harsh environ- ment jack-up rig Maersk Integrator and one ultra deepwater drillship Maersk Voyager during the first nine months of 2015. Since the launch of Maersk Drilling's cost reduction and effi- ciency enhancement programme in Q4 2014, Maersk Drilling has, excluding the positive effect of exchange rates, delivered above 5% savings on the operating cost level. The increase in cash flow from operating activities to USD 910m (USD 379m) was due to fleet growth and fewer yard stays. Cash flow used for capital expenditure was USD 775m (USD 2.0bn) mainly due to fewer instalments paid for the newbuild projects. APM Shipping Services made a profit of USD 386m (USD 224m) and a ROIC of 11.0% (5.3%) with improvements in all businesses. Maersk Supply Service improved profit to USD 147m (USD 136m), Maersk Tankers made a profit of USD 130m (USD 110m), Damco improved from a loss of USD 110m in 2014 to a profit of USD 18m and Svitzer was in line with last year at USD 91m (USD 88m). The sale of Danske Bank shares was finalised in 01 with 85% ordered by A.P. Møller Holding A/S and 7% by other sharehold- ers, at an offer price of DKK 177.27 per Danske Bank share. The Group's retained 1.6% ownership in Danske Bank is classified as held for trading. The ordinary dividend of DKK 300 as well as the extraordinary cash dividend equal to DKK 1,671 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000 (in total equal to USD 6.2bn) de- clared at the Annual General Meeting 30 March 2015 was paid on 7 April 2015. As part of the share buy-back programme 86,500 A-shares and 346,118 B-shares were cancelled in Q2 in accordance with the decision at the Annual General Meeting on 30 March 2015. Other businesses made a profit of USD 331m (USD 444m). The result for 2015 includes primarily the gain from the sale of shares in Danske Bank of USD 223m and the sale of Esvagt of USD 76m, while 2014 primarily included the Group's share of profit in Danske Bank of USD 362m. Unallocated activities comprise activities which are not attrib- uted to reportable segments, including financial items as well as centralised purchasing and resale of bunker and lubricating oil to companies in the Group. Financial items were negative by USD 278m (USD 527m); the positive development in the net fi- nancial expenses was primarily driven by value adjustment on Danske Bank shares, lower interest expenses due to lower debt and interest rates as well as currency adjustments. 21/40#22Maersk Group - Interim Report 03 2015 STATEMENT OF THE BOARD OF DIRECTORS AND MANAGEMENT The Board of Directors and the Management have today dis- cussed and approved the interim report of A.P. Møller-Mærsk A/S for the period 1 January 2015 to 30 September 2015. The interim consolidated financial statements of the A.P. Moller-Maersk Group have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and Danish disclosure requirements for listed companies. In our opinion the interim consolidated financial statements (pages 24-39) give a true and fair view of the Group's assets, liabilities and financial position at 30 September 2015 and of the result of the Group's operations and cash flows for the period 1 January to 30 September 2015. Furthermore, in our opinion the Directors' report (pages 3-21) includes a fair review of the development in the Group's operations and financial conditions, the result for the period, cash flows and financial position as well as the most significant risks and uncertainty factors that the Group faces. Copenhagen, 6 November 2015 Contents MANAGEMENT Nils S. Andersen Group CEO Kim Fejfer Claus V. Hemmingsen Søren Skou Jakob Thomasen Trond Westlie BOARD OF DIRECTORS Michael Pram Rasmussen-Chairman Niels Jacobsen - Vice chairman Ane Mærsk Mc-Kinney Uggla - Vice chairman Dorothee Blessing Sir John Bond Niels B. Christiansen Renata Frolova Arne Karlsson Jan Leschly Palle Vestergaard Rasmussen Robert Routs Robert Mærsk Uggla 22/40#23Maersk Group - Interim Report 03 2015 Financials (In parenthesis the corresponding figures for 2014) Interim consolidated financial statements 03 2015 Condensed income statement / Condensed statement of comprehensive income / Condensed balance sheet at 30 September Condensed cash flow statement / Condensed statement of changes in equity / Notes to the consolidated financial statements Contents 23/40#24Maersk Group - Interim Report 03 2015 CONDENSED INCOME STATEMENT AMOUNTS IN USD MILLION Note 1 2 1 6 Revenue Profit before depreciation, amortisation and impairment losses, etc. Depreciation, amortisation and impairment losses, net 6 6 Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit before financial items Financial items, net Profit before tax Tax Profit for the period - continuing operations Profit for the period - discontinued operations Profit for the period OF WHICH: Non-controlling interests A.P. Møller-Mærsk A/S' share Earnings per share of continuing operations, USD 6 Diluted earnings per share of continuing operations, USD Earnings per share, USD Diluted earnings per share, USD = Contents Notes / Financials 03 2015 10,110 2,245 1,238 118 45 34 1,204 -127 1,077 299 778 778 23 755 36 36 36 36 0.3 2014 12,169 3,199 1,108 454 -14 157 2,688 -188 2,500 1,005 1,495 1,495 30 1,465 67 67 67 67 2015 31,183 7,446 3,562 461 145 76 4,566 -278 4,288 852 3,436 3,436 73 3,363 157 157 157 157 9 months 2014 35,854 9,301 4,851 534 58 416 5,458 -527 4,931 2,781 2,150 2,856 5,006 141 4,865 93 93 223 222 Full year 2014 47,569 11,919 7,008 600 -6 412 5,917 -606 5,311 2,972 2,339 2,856 5,195 180 5,015 100 100 230 230 CONDENSED STATEMENT OF COMPREHENSIVE INCOME AMOUNTS IN USD MILLION Profit for the period Translation from functional currency to presentation currency Other equity investments Cash flow hedges Tax on other comprehensive income Share of other comprehensive income of joint ventures, net of tax Share of other comprehensive income of associated companies, net of tax *********** Total items that have been or may be reclassified to the income statement .…..….….…...... Actuarial gains/losses on defined benefit plans, etc. Tax on actuarial gains/losses on defined benefit plans, etc. *********.. Total items that will not be reclassified to the income statement Other comprehensive income, net of tax Total comprehensive income for the period OF WHICH: Non-controlling interests ...….....……………….. A.P. Møller-Mærsk A/S' share 03 2015 778 -160 1 -56 13 -5 3 -204 -204 574 15 559 03 2014 1,495 -600 -81 -97 1 1 -16 -792 -792 703 -1 704 2015 3,436 -348 -78 5 11 -2 26 -386 -386 3,050 57 2,993 9 months 2014 5,006 -843 -92 -165 12 -2 -21 -1,111 -1,111 3,895 95 3,800 Full year 2014 5,195 -1,200 -121 -288 17 -24 9 -1,607 -21 24/40 12 60 -1,616 3,579 134 3,445#25Maersk Group - Interim Report 03 2015 CONDENSED BALANCE SHEET, TOTAL ASSETS AMOUNTS IN USD MILLION Note 2 1 Intangible assets Property, plant and equipment Financial non-current assets, etc. Deferred tax Total non-current assets Inventories Receivables, etc. Securities Cash and bank balances Assets held for sale Total current assets Total assets ********** = Contents Notes / Financials 30 September 31 December 2014 2015 2,834 45,732 4,497 515 53,578 882 6,069 872 3,233 50 11,106 64,684 2014 3,264 44,124 10,179 582 58,149 1,305 6,928 366 5,163 578 14,340 72,489 2,818 44,671 4,594 536 52,619 1,139 5,911 379 3,507 5,289 16,225 68,844 CONDENSED BALANCE SHEET, TOTAL EQUITY AND LIABILITIES AMOUNTS IN USD MILLION Note 2 1 Equity attributable to A.P. Møller-Mærsk A/S Non-controlling interests Total equity Borrowings, non-current Other non-current liabilities Total non-current liabilities Borrowings, current Other current liabilities Liabilities associated with assets held for sale ***********.. Total current liabilities Total liabilities Total equity and liabilities 30 September 31 December 2014 2015 38,053 589 38,642 11,050 6,074 17,124 1,138 7,772 8 8,918 26,042 64,684 2014 42,393 668 43,061 11,609 5,939 17,548 2,690 9,165 25 11,880 29,428 72,489 41,542 683 42,225 10,913 6,104 17,017 1,412 8,178 12 9,602 26,619 68,844 25/40#26Maersk Group - Interim Report 03 2015 CONDENSED CASH FLOW STATEMENT AMOUNTS IN USD MILLION Profit before financial items Non-cash items, etc. Change in working capital Cash flow from operating activities before financial items and tax Financial payments, net Taxes paid Cash flow from operating activities Purchase of intangible assets and property, plant and equipment Sale of intangible assets and property, plant and equipment Acquisition/sale of subsidiaries and activities, etc., net ..... Cash flow used for capital expenditure Purchase/sale of securities, trading portfolio Cash flow used for investing activities Repayment of/proceeds from loans, net Purchase of own shares Dividends distributed Dividends distributed to non-controlling interests Other equity transactions ********.. Cash flow from financing activities Net cash flow from continuing operations Net cash flow from discontinued operations Net cash flow for the period Cash and cash equivalents 1 January Currency translation effect on cash and cash equivalents ************ Cash and cash equivalents, end of period Of which classified as assets held for sale Cash and cash equivalents, end of period = Contents Notes / Financials 2015 4,566 2,938 -283 7,221 -42 -1,258 5,921 -5,468 383 5,227 142 -7 135 601 -387 -6,141 -90 26 -5,991 65 65 3,406 -265 3,206 -2 3,204 9 months 2014 5,458 3,745 -397 8,806 -44 -2,417 6,345 -6,719 1,181 937 -4,601 -74 -4,675 -1,000 -151 -1,131 -132 120 -2,294 -624 2,509 1,885 3,358 -166 5,077 -1 5,076 Full year 2014 5,917 6,026 260 12,203 -153 -3,289 8,761 -8,639 1,515 951 -6,173 -90 -6,263 ********* -2,888 -641 -1,131 -148 122 -4,686 -2,188 2,509 321 ******** 3,358 -273 3,406 -1 3,405 CASH AND CASH EQUIVALENTS Cash and bank balances Overdrafts Cash and cash equivalents, end of period 2015 3,233 29 3,204 9 months 2014 5,163 87 5,076 Full year 2014 3,507 102 3,405 Cash and bank balances include USD 1.2bn (USD 1.0bn at 31 December 2014) that relates to cash and bank balances in countries with exchange control or other restrictions. These funds are not readily available for general use by the parent company or other subsidiaries. 26/40#27Maersk Group - Interim Report 03 2015 CONDENSED STATEMENT OF CHANGES IN EQUITY AMOUNTS IN USD MILLION 2015 Equity 1 January 2015 Translation from functional currency to presentation currency Other equity investments Cash flow hedges Tax on other comprehensive income Share of other comprehensive income of joint ventures, net of tax Share of other comprehensive income of associated companies, net of tax Other comprehensive income, net of tax Profit for the period ********* Total comprehensive income for the period Dividends to shareholders Value of share-based payments Sale of non-controlling interests Purchase of own shares Sale of own shares Capital increases and decreases. Total transactions with shareholders = Contents Share capital Notes / Financials 3,985 -79 -79 Equity 30 September 2015 3,906 ¹ At the Annual General Meeting of A.P. Møller-Mærsk A/S on 30 March 2015, cf. note 6, the shareholders decided on the cancellation of treasury shares, whereby the share capital has decreased by a transfer of reserves to retained earnings. 1 Translation reserve -7 -332 -332 -332 -339 Reserve for other equity investments -106 -78 -78 -78 -184 Reserve for hedges -294 5 11 16 16 -278 A.P. Møller-Mærsk A/S Retained earnings 37,964 -2 26 24 3,363 3,387 -6,141 20 -387 26 79¹ -6,403 34,948 Total Non-controlling interests 41,542 -332 -78 5 11 -2 26 -370 3,363 2,993 -6,141 20 -387 26 -6,482 38,053 683 -16 -16 6 73 57 -90 -62 -151 589 Total equity 42,225 -348 -78 5 11 -2 26 -386 3,436 3,050 -6,231 20 -62 -387 26 1 -6,633 38,642 27/40#28Maersk Group - Interim Report 03 2015 CONDENSED STATEMENT OF CHANGES IN EQUITY AMOUNTS IN USD MILLION 2014 Equity 1 January 2014 Translation from functional currency to presentation currency Other equity investments Cash flow hedges Tax on other comprehensive income Share of other comprehensive income of joint ventures, net of tax Share of other comprehensive income of associated companies, net of tax Other comprehensive income, net of tax Profit for the period ********* Total comprehensive income for the period Dividends to shareholders Value of share-based payments Sale of non-controlling interests Sale of own shares Purchase of own shares Capital increases and decreases Other equity movements *********** Total transactions with shareholders = Contents Share capital Notes / Financials 738 3,247 1 3,247 Equity 30 September 2014 3,985 At the Annual General Meeting of A.P. Møller-Mærsk A/S on 31 March 2014 the shareholders decided on the issue of bonus shares by four shares to one, whereby the share capital has increased by a transfer of reserves from retained earnings. Sale of Dansk Supermarked Group in April 2014. A 19% share is retained by the Group as available-for-sale (other equity investments). 2 Translation reserve 1,148 -797 -797 -797 351 Reserve for other equity investments 15 -92 -92 -92 -77 Reserve for hedges -24 -165 12 -153 -153 -177 A.P. Møller-Mærsk A/S Retained earnings 37,952 -2 -21 -23 4,865 4,842 -1,131 12 -11 45 -151 -3,247 ¹ -4,483 38,311 Total Non-controlling interests 39,829 -797 -92 -165 12 -2 -21 -1,065 4,865 3,800 -1,131 12 -11 45 -151 -1,236 42,393 2,684 -46 -46 141 95 -667 -1,466 2 16 6 -2,111 668 Total equity 42,513 -843 -92 -165 12 -2 -21 -1,111 5,006 3,895 -1,798 12 -1,477 45 -151 16 6 -3,347 28/40 43,061#29Maersk Group - Interim Report 03 2015 NOTES Contents NOTE 1 -Segment information NOTE 2 - Discontinued operations and assets held for sale NOTE 3 - Financial risks, etc. NOTE 4 - Commitments NOTE 5 - Acquisition/sale of subsidiaries and activities NOTE 6 - Share capital and earnings per share NOTE 7 - Accounting policies, judgements and significant estimates 30 35 36 36 37 38 39 29/40#30Maersk Group - Interim Report 03 2015 NOTE 1 SEGMENT INFORMATION AMOUNTS IN USD MILLION Q3 2015 External revenue Inter-segment revenue Total revenue Profit/loss before depreciation, amortisation and impairment losses, etc. Depreciation and amortisation Gain/loss on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies ********…..…….………... Profit/loss before financial items (EBIT) Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Free cash flow Investments in non-current assets¹ ¹ Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations. = Contents Notes / Financials Maersk Line 5,933 85 6,018 765 483 21 303 39 264 694 -535 159 537 Maersk Oil 1,321 1,321 641 422 219 187 32 548 -515 33 560 APM Terminals 660 386 1,046 220 80 1 40 24 205 30 175 224 -172 52 204 Maersk Drilling 644 2 646 369 143 12 238 54 184 382 -44 338 73 Maersk Supply Service 142 3 145 76 36 1 41 +4 45 82 -111 -29 123 Maersk Tankers 282 282 95 37 1 59 59 84 -96 -12 114 Damco 719 719 28 7 3 3 27 7 20 53 9 62 2 Svitzer 151 10 161 52 21 - 2 33 3 30 36 -37 -1 41 Total reportable segments 9,852 486 10,338 2,246 1,229 39 45 24 1,125 316 809 2,103 -1,501 602 1,654 30/40#31Maersk Group - Interim Report 03 2015 NOTE 1 SEGMENT INFORMATION — CONTINUED AMOUNTS IN USD MILLION 9 MONTHS 2015 External revenue Inter-segment revenue Total revenue Profit/loss before depreciation, amortisation and impairment losses, etc. Depreciation and amortisation Impairment losses Reversal of impairment losses Gain/loss on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit/loss before financial items (EBIT) ********** Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Free cash flow Investments in non-current assets¹ Intangible assets Property, plant and equipment Investments in joint ventures Investments in associated companies Other non-current assets Assets held for sale Other current assets *********. Total assets Non-interest bearing liabilities Invested capital, net ¹ Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations. = Contents Notes / Financials Maersk Line 18,276 259 18,535 2,965 1,428 33 -1 1,569 84 1,485 2,538 -1,598 940 1,667 1 21,838 1 170 2 3,122 25,134 4,751 20,383 Maersk Oil 4,337 4,337 2,080 1,093 80 3 910 533 377 1,264 -1,511 -247 1,594 1,360 8,068 625 1 1,116 11,170 5,205 5,965 APM Terminals 2,073 1,142 3,215 646 234 7 11 111 66 607 81 526 671 -563 108 652 1,284 2,921 1,468 505 125 46 793 7,142 1,109 6,033 Maersk Drilling 1,890 10 1,900 1,073 375 27 - 41 8 720 150 570 910 -775 135 829 42 7,883 126 28 718 8,797 705 8,092 Maersk Supply Service 477 8 485 228 106 30 152 5 147 189 -128 61 189 11 1,766 6 1 145 1,929 175 1,754 Maersk Tankers 817 1 818 237 105 -1 131 1 130 215 -151 64 366 1,686 1 152 1,839 184 1,655 Damco 2,054 3 2,057 46 21 5 7 37 19 18 85 9 94 7 106 77 24 33 607 847 599 248 Svitzer 477 23 500 152 ~ w., 104 13 91 119 -142 -23 159 24 1,004 76 42 105 1,251 150 1,101 Total reportable segments 30,401 1,446 31,847 7,427 3,425 107 7 125 138 65 4,230 886 3,344 5,991 -4,859 1,132 5,463 2,828 45,243 1,695 506 1,029 50 6,758 58,109 12,878 45,231 31/40#32Maersk Group - Interim Report 03 2015 NOTE 1 SEGMENT INFORMATION — CONTINUED AMOUNTS IN USD MILLION Q3 2014 External revenue Inter-segment revenue Total revenue Profit/loss before depreciation, amortisation and impairment losses, etc. Depreciation and amortisation Impairment losses Gain/loss on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit/loss before financial items (EBIT) **********………………….. Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Free cash flow Investments in non-current assets¹ ¹ Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations. = Contents Notes / Financials Maersk Line 6,964 110 7,074 1,178 464 26 740 55 685 1,029 -483 546 581 Maersk Oil 2,174 2,174 1,238 317 6 915 693 222 726 -591 135 665 APM Terminals 689 420 1,109 256 75 22 357 -31 25 510 165 345 318 570 888 235 Maersk Drilling 524 1 525 227 78 - 74 co 8 231 39 192 127 -673 -546 801 Maersk Supply Service 229 3 232 128 37 91 12 79 47 -85 -38 79 Maersk Tankers 266 1 267 119 34 - -1 84 84 41 37 78 377 Damco 848 848 -33 9 30 3 -69 +1 -68 -59 -5 -64 7 Svitzer 183 6 189 46 23 1 4 28 5 23 65 -40 25 57 Total reportable segments 11,877 541 12,418 3,159 1,037 58 457 -16 25 2,530 968 1,562 2,294 -1,270 1,024 2,802 32/40#33Maersk Group - Interim Report 03 2015 NOTE 1 SEGMENT INFORMATION — CONTINUED AMOUNTS IN USD MILLION 9 MONTHS 2014 External revenue Inter-segment revenue Total revenue Profit/loss before depreciation, amortisation and impairment losses, etc. Depreciation and amortisation Impairment losses Reversal of impairment losses Gain/loss on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit/loss before financial items (EBIT) ..……….……..……………………. Tax Net operating profit/loss after tax (NOPAT) Cash flow from operating activities Cash flow used for capital expenditure Free cash flow Investments in non-current assets¹ Intangible assets Property, plant and equipment Investments in joint ventures Investments in associated companies Other non-current assets Assets held for sale Other current assets Total assets Non-interest bearing liabilities Invested capital, net ¹ Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations. = Contents Notes / Financials Maersk Line 20,086 353 20,439 3,064 1,372 72 46 1,810 124 1,686 2,612 -1,339 1,273 1,542 1 21,574 1 121 3 3,184 24,884 4,624 20,260 Maersk Oil 6,894 6,894 4,218 1,002 1,741 -5 1,470 2,299 -829 2,178 -1,616 562 1,929 1,559 7,273 713 1,476 11,021 5,866 5,155 APM Terminals 2,049 1,282 3,331 781 220 22 373 16 70 998 215 783 815 235 1,050 680 1,134 2,796 1,670 513 162 138 793 7,206 1,332 5,874 Maersk Drilling 1,457 10 1,467 617 199 83 9 510 85 425 379 -2,003 -1,624 2,252 38 7,461 168 33 734 8,434 724 7,710 Maersk Supply Service 576 7 583 259 106 1 154 18 136 196 -136 60 146 9 1,731 4 10 249 2,003 248 1,755 Maersk Tankers 889 1 890 215 99 4 -3 109 +1 110 161 521 682 399 2 1,365 1 1 420 229 2,018 258 1,760 Damco 2,378 4 2,382 -51 25 30 7 -99 11 -110 -192 -33 -225 18 156 87 27 51 5 901 1,227 721 506 Svitzer 593 25 618 145 66 3 4 17 103 15 88 141 -162 -21 140 360 991 65 47 165 1,628 184 1,444 Total reportable segments 34,922 1,682 36,604 9,248 3,089 1,797 75 503 50 65 5,055 2,766 2,289 6,290 -4,533 1,757 7,106 3,259 43,278 1,931 515 1,131 576 7,731 58,421 13,957 44,464 33/40#34Maersk Group - Interim Report 03 2015 NOTE 1 SEGMENT INFORMATION CONTINUED AMOUNTS IN USD MILLION REVENUE Reportable segments Other businesses Unallocated activities (Maersk Oil Trading) Eliminations ******** Total PROFIT FOR THE PERIOD Reportable segments Other businesses Financial items Unallocated tax Other unallocated items, cost Eliminations Total continuing operations Discontinued operations, after eliminations Total = Contents Notes / Financials 03 2015 10,338 286 72 -586 10,110 809 86 -127 +15 19 14 778 778 - — 03 2014 12,418 403 71 -723 12,169 1,562 161 -188 35 17 12 1,495 1,495 2015 31,847 977 191 -1,832 31,183 3,344 331 -278 +31 12 20 3,436 3,436 9 months 2014 36,604 1,116 184 -2,050 35,854 2,289 444 -527 8 58 10 2,150 2,856 5,006 ASSETS Reportable segments Other businesses Unallocated activities. Eliminations .......... Total LIABILITIES Reportable segments Other businesses Unallocated activities Eliminations Total 30 September 2015 58,109 1,274 7,012 -1,711 64,684 12,878 443 14,390 -1,669 26,042 2014 58,421 6,998 8,508 -1,438 72,489 13,957 457 16,318 -1,304 29,428 34/40#35Maersk Group - Interim Report 03 2015 NOTE 2 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE AMOUNTS IN USD MILLION PROFIT FOR THE PERIOD- DISCONTINUED OPERATIONS Revenue Expenses Gains/losses on sale of assets & businesses **************** Profit before tax, etc. Tax Profit for the period - discontinued operations A.P. Møller-Mærsk A/S' share hereof Earnings earnings per share Diluted earnings per share CASH FLOWS FROM DISCONTINUED OPERATIONS FOR THE PERIOD Cash flow from operating activities Cash flow used for investing activities Cash flow from financing activities Net cash flow from discontinued operations = Contents Notes / Financials 2015 9 months 2014 2,768 2,662 2,775 2,881 25 2,856 2,831 130 129 -94 1,914 689 2,509 Full year 2014 2,768 2,662 2,775 2,881 25 2,856 2,831 130 130 -94 1,914 689 2,509 BALANCE SHEET ITEMS COMPRISE: Non-current assets Current assets ..….…....... Assets held for sale Provisions Other liabilities Liabilities associated with assets held for sale 30 September 31 December 2014 2015 45 5 50 1 7 8 Discontinued operations and assets held for sale during the first nine months 2015 Assets held for sale primarily relate to various minor assets in APM Terminals. 2014 553 25 578 3 22 25 5,283 6 5,289 The shares in Danske Bank were held for sale at the end of 2014 and were divested in March 2015 through an offer to shareholders. Out of the 202,209,171 Danske Bank shares offered, 171,714,796 shares were acquired by A.P. Møller Holding A/S. The offer price which was determined as the volume weighted average price (VWAP) of Danske Bank shares traded on Nasdaq Copenhagen during the five trading days in the period from Friday 20 March 2015 to Thursday 26 March 2015 (both days incl.) amounted to DKK 177.27 per Danske Bank share. Discontinued operations and assets held for sale during the first nine months 2014 Dansk Supermarked Group was classified as discontinued operations and information of discontinued operations above solely relates to Dansk Supermarked Group. After the sale of the majority share in Dansk Supermarked Group, a 19% share was retained by the Group. This investment was classified as available-for-sale (other equity investments) in unallocated activities and measured at fair value. Assets held for sale at 30 September 2014 related primarily to five vessels in the VLCC segment in Maersk Tankers. 35/40 1 11 12#36Maersk Group - Interim Report 03 2015 NOTE 3 FINANCIAL RISKS, ETC. AMOUNTS IN USD MILLION Except of the below, the financial risks, etc. are not significantly different from those described in note 18 of the consolidated financial statements for 2014, to which reference is made. Liquidity risk Borrowings Net interest-bearing debt Liquidity reserve¹ 30 September 31 December 2015 = Contents 12,188 7,941 Notes / Financials 10,700 2014 14,299 8,053 13,245 ¹ Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities and cash and bank balances, excluding balances in countries with exchange control or other restrictions. 12,325 7,698 Based on the liquidity reserve, the size of the committed loan facilities, including loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group's financial resources are deemed satisfactory. The Group's long term objective is to maintain a conservative funding profile in line with its current BBB+/Baa1 rating level. In September 2015, the Group issued USD 1.0bn in five-year and ten-year bonds in the US market. 2014 11,562 The average term to maturity of loan facilities in the Group was about four years (about five years at 31 December 2014). NOTE 4 COMMITMENTS AMOUNTS IN USD MILLION Operating lease commitments At 30 September 2015, the net present value of operating lease commitments totalled USD 7.2bn using a discount rate of 6%, a decrease from USD 7.7bn at 31 December 2014, primarily due to payments in 2015. Operating lease commitments at 30 September 2015 is divided into the following business units: • Maersk Line of USD 3.3bn APM Terminals of USD 2.9bn • Maersk Tankers of USD 0.3bn • Other of USD 0.7bn About one third of the time charter payments in Maersk Line and Maersk Tankers are estimated to relate to operating costs for the assets. Capital commitments 30 SEPTEMBER 2015 Capital commitments relating to acquisition of non-current assets Commitments towards concession grantors ..…..... Total 31 DECEMBER 2014 Capital commitments relating to acquisition of non-current assets Commitments towards concession grantors Total Maersk Line 2,979 2,979 773 773 Maersk APM Oil Terminals 3,302 443 3,745 1,143 1,088 2,231 860 1,285 2,145 1,095 1,519 2,614 Maersk Drilling 483 483 1,132 1,132 Other 1,709 1 1,710 1,671 1 1,672 Total 9,333 1,729 11,062 5,814 2,608 8,422 ........ 36/40#37Maersk Group - Interim Report 03 2015 NOTE 4 COMMITMENTS-CONTINUED AMOUNTS IN USD MILLION Newbuilding programme at 30 September 2015 Container vessels Rigs and drillships Tanker vessels Anchor handling vessels, tugboats and standby vessels, etc. Total Capital commitments relating to the newbuilding programme at 30 September 2015 Container vessels Rigs and drillships Tanker vessels Anchor handling vessels, tugboats and standby vessels, etc. Total 2015 = Contents N:N Notes / Financials 2 2 2015 176 2 30 66 274 2016 7 10 18 2016 296 432 175 303 1,206 2017 22 - 4 15 41 2017 1,856. 128 701 2,685 No. 2018 5 6 1 12 USD million 2018- 480 159 104 743 The capital commitments will be financed by cash flow from operating activities as well as existing and new loan facilities. Total USD 4.9bn of the total capital commitments is related to the newbuilding programme for ships, rigs, etc. at a total contract price of USD 5.7bn including owner-furnished equipment. The remaining capital commitments of USD 6.2bn relate to investments mainly within APM Terminals and Maersk Oil. 27 1 17 28 73 Total 2,808 434 492 1,174 4,908 NOTE 5 ACQUISITION / SALE OF SUBSIDIARIES AND ACTIVITIES AMOUNTS IN USD MILLION Cash flow from sales during the first 9 months CARRYING AMOUNT Goodwill Intangible assets Property, plant and equipment Financial assets - non-current Deferred tax asset Current assets Provisions Liabilities ****** Net assets sold Non-controlling interests ..….….…..……………………. A.P. Møller-Mærsk A/S' share Gain/loss on sale¹ Proceeds from sale Change in receivable proceeds, etc. Non-cash items Cash and bank balances sold *******.... Cash flow from sale of subsidiaries and activities ¹ Excluding accumulated exchange gain/loss previously recognised in equity. 2015 1 1 490 Sales during the first nine months 2015 Sales during the first nine months of 2015 primarily comprise ESVAGT. 1 109 -1 -347 254 -60 194 150 344 3 -23 -8 316 Acquisitions during the first nine months 2015 No acquisitions of subsidiaries or activities, to an extent of any significance to the Group, were undertaken in the first nine months of 2015. Acquisitions during the first nine months 2014 No acquisitions of subsidiaries or activities, to an extent of any significance to the Group, were undertaken in the first nine months of 2014. 2014 384 128 18 85 -1 -92 522 522 453 975 30 -29 976 Sales during the first nine months 2014 In continuing operations, sales during the first nine months of 2014 primary comprise APM Terminals Virginia, Portsmouth, USA and Maersk Drilling activities in Venezuela. The sale of discontinued activities is disclosed in note 2. 37/40 ▶#38Maersk Group - Interim Report 03 2015 NOTE 6 SHARE CAPITAL AND EARNINGS PER SHARE AMOUNTS IN USD MILLION Development in the number of shares: A-shares of DKK 1,000 1 January 2015 Cancellation Conversion 30 September 2015 Own shares Development in the holding of own shares: A SHARES 1 January Addition Cancellation .………...…... 30 September 10,988,834 86,500 7 B SHARES 1 January Addition Cancellation Disposal 30 September 10,902,341 = Contents 61,075 40,397 86,500 14,972 DKK 500 342,066 165,941 346,118 17,511 144,378 332 No. of shares of DKK 1,000 2015 2014 -14 318 Notes / Financials At the Annual General Meeting of A.P. Møller-Mærsk A/S on 30 March 2015 the shareholders decided on the cancellation of treasury shares, whereby the share capital is decreased. On 10 June 2015, the Company's share capital was reduced from nominally DKK 21,978,000,000 with nominally DKK 432,618,000 in total, divided between 86,500 A shares of DKK 1,000 and 346,118 B shares of DKK 1,000 to nominally DKK 21,545,382,000. 0 12,165 12,165 132,628 48,098 B-shares of DKK 1,000 29,730 150,996 10,988,905 346,118 3 10,642,790 DKK 500 61 40 86 15 190 342 166 346 18 144 -6 184 Nominal value DKK 2015 2014 0 12 12 133 48 Nominal DKK million 30 151 21,978 433 21,545 USD million 0.28% 0.18% 0.39% 0.07% 1.56% 0.76% 1.57% 0.09% 0.66% 3,985 79 3,906 % of share capital 2015 2014 Additions of own shares are related to the buy-back programme initiated in September 2014 and September 2015. Disposals of own shares. primarily related to the share option programme. 0.00% 0.06% 0.00% 0.06% 0.60% 0.22% 0.00% 0.13% 0.69% Basis for calculating earnings per share is the following: A.P. Møller-Mærsk A/S' share of: Profit for the period of continuing operations Profit for the period of discontinued operations Profit for the period Issued shares 1 January Average number of own shares Average number of cancelled shares Average number of shares 2015 3,363 3,363 2015 2014 2,034 2,831 4,865 At 30 September 2015, there is a dilution effect on earnings per share on 22,915 (40,585) issued share options corresponding to 0.11% (0.18%). There are no share options without dilution effect. 2014 21,978,000 333,598 178,137 21,466,265 21,860,348 21,978,000 117,652 38/40#39Maersk Group - Interim Report 03 2015 NOTE 7 ACCOUNTING POLICIES, JUDGEMENTS AND SIGNIFICANT ESTIMATES AMOUNTS IN USD MILLION The interim consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board (IASB) and as adopted by the EU and Danish disclosure requirements for listed companies. The accounting policies, judgements and significant estimates are consistent with those applied in the consolidated financial statements for 2014 on pages 65-71 of the Annual Report, to which reference is made. As of 1 January 2015 the Group has implemented Annual improvements 2012, Annual improvements 2013 and Amendment to IAS 19 'Employee benefits'. The amendments encompass various clarifications and additions to disclosure requirements with no material effect on the financial statements. = Contents Notes / Financials 39/40#40Maersk Group - Interim Report 03 2015 COLOPHON Editors Jesper Cramon Finn Glismand Henrik Lund Design and layout e-Types & e-Types Daily ISSN 1604-2913 Produced in Denmark 2015 Contents BOARD OF DIRECTORS Michael Pram Rasmussen, Chairman Niels Jacobsen, Vice chairman Ane Mærsk Mc-Kinney Uggla, Vice chairman Dorothee Blessing Sir John Bond Niels B. Christiansen Renata Frolova Arne Karlsson Jan Leschly Palle Vestergaard Rasmussen Robert Routs Robert Mærsk Uggla MANAGEMENT Nils Andersen, Group CEO Kim Fejfer Claus V. Hemmingsen Søren Skou Jakob Thomasen Trond Westlie AUDIT COMMITTEE Arne Karlsson, Chairman Niels B. Christiansen Robert Routs REMUNERATION COMMITTEE Michael Pram Rasmussen, Chairman Niels Jacobsen Ane Mærsk Mc-Kinney Uggla AUDITORS PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab KPMG Statsautoriseret Revisionspartnerselskab A.P. MØLLER - MÆRSK A/S Esplanaden 50 DK-1098 Copenhagen K Tel. +45 33 63 33 63 www.maersk.com [email protected] Incorporated in Denmark under registration no. 22756214 40/40