Maersk Investor Presentation Deck
Terminals & Towage - highlights Q1 2020
Stable earnings and cash contribution from JV's and Associates
Equity weighted EBITDA for gateway terminals
ā
22
The equity weighted EBITDA was on par
with Q1 2019, with a negative impact
from Apapa, lower volumes in North
America and China and exit from
Douala, offset by ramp-up of Moin and
Tema.
In the last twelve months the JV's and
Associates have generated USD 554m
to the Equity weighted EBITDA of USD
1,313m.
The cash contribution through
dividends from JV's and Associates in
the last twelve months has been USD
176m, or 32% of the EBITDA with a
pay-out ratio of 86% of the net result.
Q1 2020 interim report
400
350
300
250
200
150
100
50
0
67
120
89
139
95
91
166 171
978
106
121
109
131
116
91
129
163
1,020
130
TH
136
126
155
139
171
117
198
1,202
127
184
142
153
144
Note: 2016-2017 IFRS16 adjustment is a high level estimate for comparability use only. The estimate does not
take into account differences in internal discount rate nor remaining length of concessions, but simply
extrapolates numbers back from 2018. The 2016-2017 adjustment is not audited and no full restatement of
figures to adjust for IFRS16 has been conducted prior to 2018. 2018 onwards all the numbers are restated with
segment changes.
230
137
197
1,313
131
179
1,400
1,200
1,000
800
600
400
200
0
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
EBITDA equity weighted (Share in JV & Associates)
EBITDA equity weighted (Consolidated terminals excl. minority shares)
EBITDA equity weighted (LTM total)
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