Maersk Investor Presentation Deck
Consequent de-leveraging and solid
balance sheet going forward
●
●
Excess cash from earnings has significantly accelerated
the deleveraging using disposal proceeds. Gross debt
decreased from USD 21.6bn in 2016 to USD 14bn in Q1
2021
Net repayments of USD 3.5bn of debt in 2020-2021, while
returning USD 3.6bn cash to shareholders in 2020-2021
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Increased operational earnings and capital discipline allow
for future free cash flow to be stable and recurring
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• Balance sheet significantly improved, strength to be
maintained and allowing to invest in growth, keeping debt
levels low and returning cash to shareholders
Solidly anchored in BBB credit rating territory
2016 & 2017 high level adjusted for IFRS16 impact. Figures include impacts from extraordinary conditions.
2021 estimates for net repayments are around USD 1.6bn, while share buy-backs are USD 1.4bn
High level credit ratings are internal estimates of our credit ratings based on NIBD/EBITDA levels.
NIBD/EBITDA ratio
6,0
4,5
3,0
1,5
0,0
Non IG-level: +3x
BBB+/Baal: -1.5x-
2016
2017
2018
2019
2020
2021
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