Maersk Results Presentation Deck

Maersk 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

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