Maersk Results Presentation Deck
Maersk 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
81View entire presentation