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A.P. Møller - Mærsk A/S Interim Report Q3 2013 13 November 2013 – Conference Call 9.30Am CET Webcast Available At

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A.P. Møller - Mærsk A/S Interim Report Q3 2013 13 November 2013 – Conference call 9.30am CET webcast available at www.maersk.com Forward-looking Statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Møller - Mærsk A/S’ control, may cause actual development and results to differ materially from the expectations contained in the presentation. Interim Report Q3 2013 page 3 Executing on Group Strategy • Profit in Q3 was USD 1,195m and ROIC was 9.5%. Profit for the first 9M was USD 2,841m and ROIC was 8.3% • Maersk Line reduced unit costs further mainly through improved utilisation. Fourth consecutive quarter with +5%- points EBIT-margin gap to peers • Maersk Oil stabilised share of production due to: • Gryphon (UK) reverting to full production • Continued ramping up of El Merk (Algeria) Development plans for Chissonga (Angola) and Flyndre/ Cawdor (UK) were submitted to respective authorities • APM Terminals had a strong quarter with ROIC reaching 14.2%. Operations in Santos (Brazil) have commenced • Maersk Drilling continued to deliver high operational uptime. An additional ultra harsh jack-up rig was ordered backed by a long term contract • APM Terminals and Maersk Drilling are well on track towards the target of contributing USD 1bn NOPAT by 2016 and 2018 respectively • Portfolio optimisation continued with the divestment of the 31.3% stake in DFDS Interim Report Q3 2013 page 4 Group Financial Highlights Group Financial Highlights • Reported profit of USD 1,195m in Q3 2013 (USD 934m). Profit excluding one-offs was USD 1,254m (USD 948m), driven by an USD million 9M 2012 9M 2013 accounting loss of USD 56m from divestment of the DFDS stake 3,500 3,429 3,074 2,968 • ROIC was 9.5% (8.4%) 3,000 2,841 • Operational cash flow improved to USD 2.9bn (USD 2.8bn) and 2,500 2,068 2,000 1,906 capex increased to USD 1.4bn (USD 0.6bn) 1,500 • Portfolio optimisation continued with the divestment of the stake 1,000 in DFDS. The overall ownership has given the Group a positive 500 return including dividends received 0 • Full year result excluding one-offs upgraded to be around USD Profit Profit ex. one-offs Free cash flow 3.7bn from previously around USD 3.5bn Underlying profit by activity* USD million 9M 2012 9M 2013 1,200 1,200 1,012 1,000 800 674 600 524 466 451 400 281 200 116 119 31 0 Maersk Line Maersk Oil APM Terminals Maersk Drilling All Other * Excluding gains, impairments and other one-offs Interim Report Q3 2013 page 5 Maersk Line results Q3 Q3 9M 9M (USD million) 2013 2012 2013 2012 Highlights Q3 2013 Revenue 6,782 6,961 19,746 20,595 • Maersk Line delivered a profit of USD 554m (USD 498m) and a ROIC of 10.9% (9.7%) EBITDA 999 932 2,550 1,464 • Unit cost decreased by 13% or 390 USD/FFE to 2,622 Sales gains 10 6 18 13 USD/FFE compared to Q3 2012. Bunker cost decreased Profit (NOPAT) 554 498 1,197 126 by 17% compared to Q3 2012, driven by 8% lower consumption and 11% lower bunker price. Network Operating cash flow 1,259 1,082 2,811 994 efficiencies and utilisation improved Volume (FFE million) 2.3 2.1 6.7 6.5 • Freight rate declined by 12% to 2,654 USD/FFE compared to Q3 2012, and increased by 1.4% compared to Q2 2013 Rate (USD/FFE) 2,654 3,022 2,678 2,893 • Volumes increased by 11% to 2.3m FFE compared to Q3 Bunker (USD/tonne) 580 648 598 678 2012. Headhaul volumes increased on all trades except ROIC (%) 10.9 9.7 7.8 0.8 for North America which decreased with 3%. Headhaul volumes were up 17% on Asia to Europe ML volume versus fleet capacity development • Maersk Line’s free cash flow was USD 768m in Q3, an Indexed Q1’12 =100 improvement of USD 400m versus Q3 2012 (USD 368m) Fleet capacity Volumes 110 • The P3 Parties have carefully reviewed the applicable 105 laws and are cooperating closely with competition and maritime authorities worldwide to provide the information 100 required to obtain regulatory approval. Aim is to start operations in Q2 2014, assuming regulatory approval has 95 been obtained by then. P3 is expected to deliver additional cost reductions after initial phase-in costs 90 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Interim Report Q3 2013 page 6 Maersk Line cost reductions Continued unit cost improvements • Unit costs declined by USD 81/FFE to USD Unit cost (USD/FFE) 2,622/FFE Q3/Q2 driven by increased 3,200 3,108 volume on flat cost base 3,100 3,054 • Total costs reduced by USD 237m compared 3,000 to Q3 2012 of which USD 116m was lower 2,900 bunker consumption and USD 154m was lower bunker price 2,800 2,727 2,700 • A large part of bunker savings Y/Y was due 2,600 to not running the AE5 service since October 2012 and AE9 service since February 2013, 2,500 2011 2012 9M 2013 as well as due to other network optimization Definition of unit cost: EBIT cost excl. gain/loss, restructuring cost and including VSA income (speed equalization, vessel scale upgrades and service rationalization) Cost improvement 9M 2013 vs. 9M 2012, cost savings (USDm) • Terminal expenses increased by 6% (USD 90 -153 97m) against a volume increase of 11% 2,000 65 426 1,762 compared to Q3 2012 1,600 1,334 • Inland intermodal cost was reduced by 17% 1,200 (USD 144m) compared to Q3 2012 800 Container lifting at Port berthing terminals costs • Improved vessel utilization, technical retrofit 400 initiatives and efforts to reduce inefficiency from all parts of the operational execution 0 Bunker Inland Terminal Port Other Total supported the cost savings on a per FFE transportation costs expenses saving basis Notes: Other includes reduced time charter cost, VSA cost and income, SG&A cost, equipment and feeder cost and others (e.g. other variable cost, cash flow hedge, other fixed costs) Interim Report Q3 2013 page 7 Maersk Oil results Q3 Q3 9M 9M (USD million) Highlights Q3 2013 2013 2012 2013 2012 Revenue 2,210 2,388 6,650 7,650 • Maersk Oil delivered a profit of USD 189m (USD 243m) and a ROIC of 12.0% (14.3%), impacted by lower entitlement Exploration expenses 256 268 871 766 production across the portfolio EBITDA 1,393 1,604 4,212 5,493 • Production declined by 5% due to reconfiguration at Tyra, (DK), maintenance in Qatar and unplanned shutdowns in Profit (NOPAT) 189 243 784 2,004 the UK, however is on the rise versus Q2 Operating cash flow 989 1,347 2,861 3,526 • The return of the Gryphon FPSO in the UK to full production and the continued ramp up of El Merk (Algeria) reversed Prod. (Boepd ’000) 229 240 231 261 the production decline Brent (USD per barrel) 110 109 108 112 • Longer term development; ROIC (%) 12.0 14.3 16.1 38.8 • The development plans for Chissonga (Angola) and Flyndre/Cawdor (UK) have been submitted to respective Maersk Oil’s entitlement share of production authorities for approval Q3 2012 Q3 2013 ‘000 boepd • Exploration costs were USD 256m (USD 268m). Six 120 exploration/appraisal wells drilled in Q3: 103 100 95 • Cubal discovery well in Angola 80 • New successful appraisal well at Johan Sverdrup (Norway) 69 66 60 • Itaipu (Brazil) appraisal well being assessed 40 34 36 • Three other wells in Brazil, Kurdistan and Norway did not 25 26 encounter hydrocarbons in commercial volumes 20 6 4 3 2 0 Qatar DK Algeria UK Brazil Kazakhstan Interim Report Q3 2013 page 8 APM Terminals results Q3 Q3 9M 9M (USD million) 2013 2012 2013 2012 Highlights Q3 2013 Revenue 1,122 1,051 3,230 3,164 • Profit rose to USD 203m (USD 156m) with a strong underlying profit of USD 195m (USD 156m). ROIC EBITDA 241 225 661 690 increased to 14.2% (14.0%) Profit (NOPAT) 203 156 548 542 • 4% volume growth compared to Q3 2012, in line with market and reaching highest quarterly throughput reported Operating cash flow 261 232 744 682 • EBITDA-margin has improved slightly to 21.5% (21.4%) Throughput (TEU m) 9.3 9.0 27.0 26.6 despite higher construction revenue on behalf of ROIC (%) 14.2 14.0 13.0 16.1 concession grantors grossing up revenue and costs • Focus continues to be on improving productivity in existing terminals Volume growth and margin development • Portfolio initiatives: 25% • Santos (Brazil) commenced operations during Q3 2013. 20% Operations remain limited in scope while dredging work 15% is under completion by port authorities 10% • A 24% share of APM Terminals Zeebrugge (Belgium) 5% was sold awaiting regulatory approval 0% • Bridge Terminal Transport Inc. (USA) was divested -5% during Q3 -10% 2005 2006 2007 2008 2009 2010 2011 2012* 9M • Global Ports** signed an agreement to acquire National 2013 Container Co. The transaction is subject to regulatory EBITDA-margin Throughput growth approvals * Only EBITDA margin for FY12 has been restated accordingly to IFRS 11 ** APM Terminals holds a 37.5% co-controlling share in Global Ports Interim Report Q3 2013 page 9 Active Portfolio Management focusing on growth markets Significant recent developments New project Expansion Acquisition New Projects Major Acquisitions Major Expansions Divestments • Lazaro Cardenas, Mexico • Global Ports International • Callao, Peru • BTT, USA • Santos, Brazil (Russia) • Monrovia, Liberia • Inland Services in Germany, • Izmir, Turkey • NCC (by GPI pending) • Apapa, Nigeria Vietnam, etc.
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