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Investor Presentation June 2016

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Investor Presentation June 2016 A.P. Møller - Mærsk A/S June 2016 page 2 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 Title of presentation |page 3 Agenda 1 History and Group overview 2 Market Overview 3 Business segments 4 Financial review and strategy 5 Funding strategy page| page 4 4 The Maersk Group at a glance • Diversified global conglomerate with activities focused in energy and transportation • Established 1904: 110+ years of financial strength • Headquartered in Copenhagen, Denmark • 2015 FY revenues USD 40.3bn, EBITDA USD 9.1bn • Market cap of around USD 26.8bn at end Q1 2016 • Approximately 90,000 employees in more than 130 countries • Long term credit ratings of BBB+ (negative) and Baa1 (stable) from S&P and Moody’s respectively • Stable and consistent ownership structure • Strategic focus on: • Maersk Line • Maersk Oil • APM Terminals • Maersk Drilling • APM Shipping Services page 5 The Maersk Group at a glance MAERSK LINE Brands Share of FY #1 Global container liner by TEU capacity (14.7% share1) 2015 CFFO Operates a capacity of 3.0m TEU by end Q1 2016: • 287 (1.8m TEU) owned vessels • 318 (1.2m TEU) chartered vessels 41% Young fleet – efficient on fuel and reduced environmental impact MAERSK OIL Mid sized independent E&P company with an entitlement production of 312,000 boepd in 2015 Production in 8 countries, exploration portfolio in 9 countries Reserves and resources (2P+2C) of 1,141m boe with proved and probable reserves (2P) of 649m 22% boe at end-2015 Targeting a 20% reduction in operating costs (excluding exploration) by end-2016 compared to 2014 APM TERMINALS #3 Global terminal operator by equity throughput in 20142 Services around 60 shipping companies 72 operating terminals and 140 inland operations with an overall presence in 69 countries, 11% spanning 5 continents Total container throughput of 36m TEU in 2015 MAERSK DRILLING Leading global operator of high technology drilling rigs, providing offshore drilling services to oil and gas companies Has one of the youngest and most advanced fleets in the world, consisting of premium, harsh and 16% ultra-harsh environment assets Market leader in the Norwegian jack-up market and growing in the ultra deep-water segment APM SHIPPING SERVICES The leading high-end company One of the leading 4PL in the offshore supply vessel providers in the logistics industry industry 10% One of the largest companies The leading company in the in the product tanker industry towage industry 1 Source: Alphaliner, April 1st, 2016 2 Source: Drewry Maritime Research, August 21, 2015 page 6 Group financial highlights Group Financial Highlights Group highlights Q1 2016 Q1 2015 Q1 2016 USDm • Group profit decreased 86% to USD 224m (USD 1.6bn) 1.800 1.572 1.319 negatively impacted by significantly lower container freight rates and oil price. Group ROIC was 2.9% (13.8%) 1.200 • Underlying profit decreased to USD 214m (USD 1.3bn), 600 214 307 224 predominantly driven by lower profit in Maersk Line, 0 Maersk Oil and APM Terminals -600 • Free cash flow was negative USD 1.6bn (positive USD 307m) -1.200 • Cash flow from operating activities decreased to USD -1.800 -1.613 Profit Underlying profit* Free cash flow 250m (USD 2.0bn) due to lower profit and a dispute settlement in Maersk Oil Underlying profit by activity* • Net cash flow used for capital expenditure was USD 1.9bn (USD 1.6bn) primarily driven by the Grup USDm Q1 2015 Q1 2016 Maritim TCB acquisition in APM Terminals and Maersk 800 710 Oil’s acquisition of exploration licences from Africa Oil 600 • Net interest bearing debt increased to USD 10.7bn (USD 7.8bn end-2015) mainly driven by the Grup Maritim 400 223 TCB acquisition with an enterprise value of USD 1.2bn, 207 175 195 200 107 Africa Oil acquisition of USD 0.4bn, and share buy-back of 32 91 71 USD 0.5bn 0 -29 -200 • The Group maintains its strong financial position with an Maersk Maersk APM Maersk APM equity ratio of 56% and a liquidity reserve of USD 11.9bn Line Oil Terminals Drilling Shipping Services • The Group completed its share buy-back program of approximately USD 1bn in Q1 2016, and paid an ordinary *Underlying profit is equal to the profit or loss for the period excluding net impact from divestments and impairments dividend of DKK 300 per share in April. page 7 Acceptable full year result in challenging times Group Financial Highlights Group highlights FY 2015 USDm Underlying 2014 2015 • Group profit decreased 82% to USD 925m (2014: USD Profit profit*Free cash flow** 5.2bn) negatively impacted by net impairments of USD 8.000 6,561 2.6bn on oil assets as well as lower container freight rates and lower oil prices 6.000 5.195 4.532 • Group ROIC was 2.9% (2014: 11.0%) 4.000 3.071 2.588 • Underlying profit decreased to USD 3.1bn (2014: USD 2.000 4.5bn). All business units remained profitable but with 925 1.633 significantly lower profits in Maersk Line, Maersk Oil 0 and APM Terminals Profit Underlying Free cash flow** profit* • Free cash flow was USD 6.6bn (2014: USD 2.6bn). Excluding the sale of the shares in Danske Bank free cash flow was USD 1.6bn Underlying profit by activity* • Net cash flow used for capital expenditure came at USDm 2014 2015 USD 6.3bn (2014: USD 6.2bn), excluding the sale of 2.500 2.199 shares in Danske Bank of USD 4.9bn 2.000 • Cash flow from operating activities remained at a 1.500 1,287 high level of USD 8.0bn (2014: USD 8.8bn) 1.035 1.000 849 732 626 435 471 404 500 185 0 Maersk Line Maersk Oil APM Maersk APM Shipping Terminals Drilling Services *Continuing businesses excluding net impact from divestments and impairments **From continuing operations page 8 Group strategy overview The Group’s ambition is for all our businesses to deliver top quartile returns and achieve above 10% ROIC over the cycle • Growing at least with the market to defend our market leading position • EBIT margin 5%-points above peer average • Funded by own cash flow MAERSK LINE • Average returns of 8.5-12.0% (ROIC) • Mature key projects • Acquisitions and opportunistic investments • Focus on cost management MAERSK OIL • Container and multiport (adjacent) expansion • Active portfolio management • Grow ahead of global transportation market APM TERMINALS • Capitalise on large and new fleet • Maintain core focus on ultra-deepwater & harsh-environment market segments • Focus on cost savings initiatives MAERSK DRILLING • Optimise operational efficiency performance • Executing on cost programs • Rejuvenating part of the fleet APM SHIPPING SERVICES page 9 Invested capital and ROIC Breakdown of ROIC by business Guidance for 2016 The Group’s expectation of an underlying result significantly Invested ROIC % ROIC % ROIC % Business capital below last year (USD 3.1bn) is unchanged. Gross cash flow Q1 2016 Q1 2015 FY 2015 (USDm) used for capital expenditure is still expected to be around USD 7bn in 2016 (USD 7.1bn). Group 46,457 2.9% 13.8% 2.9% Maersk Line 20,157 0.7% 14.3% 6.5% Sensitivities for 2016 Effect on the Group’s Factors Change Maersk Oil 4,334 -3.0% 14.8% -38.6% underlying profit + USD 0.3bn / Oil price for Maersk Oil + / - 10 USD/barrel APM Terminals 7,731 6.2% 12.9% 10.9% - USD 0.5bn Maersk Drilling 7,792 11.2% 8.5% 9.3% Bunker price + / - 100 USD/tonne - / + USD 0.2bn Container freight rate + / - 100 USD/FFE + / - USD 0.8bn APM Shipping 4,893 6.2% 8.1% 9.5% Container freight volume + / - 100,000 FFE + / - USD 0.1bn Services Maersk Tankers 1,647 11.5% 9.0% 9.9% Sensitivity Guidance Maersk Supply The Group’s guidance for 2016 is subject to considerable Service 1,820 -0.4% 8.8% 8.5% uncertainty, not least due to developments in the global economy, the container freight rates and the oil price. Svitzer 1,202 9.4% 11.0% 10.9% The Group’s expected underlying result depends on a number Damco 224 3.0% -11.2% 7.1% of factors. Based on the expected earnings level and all other things being equal, the sensitivities for the calendar year 2016 Other Businesses 938 -5.6% 15.5% 10.8% for four key value drivers are listed in the table above. page 10 Agenda 1 History and Group overview 2 Market Overview 3 Business segments 4 Financial review and strategy 5 Funding strategy page 11 Container shipping market Challenging market due to continued supply/demand imbalance Continued pressure on freight rates …as supply continues to outgrow demand Index CCFI Global nominal capacity Global container demand Growth y/y, (%) Estimate 1400 10,0% 9,0% 8,0% 1200 7,0% 6,0% 5,0% 1000 4,0% 3,0% 800 2,0% 1,0% 0,0% 600 400 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Note: Global nominal capacity is deliveries minus scrappings, but excluding idling and slow steaming. Source: Bloomberg Source: Alphaliner, CTS Increased idling partly offsets deliveries Competitive landscape Q/Q (TEUm) TEUm Current fleet Orderbook 1,0 21 TEUm 4,0 20 0,5 3,5 3,0 19 2,5 0,0 2,0 18 1,5 -0,5 1,0 17 0,5 - -1,0 16 13-Q1 13-Q3 14-Q1 14-Q3 15-Q1 15-Q3 16-Q1 Deliveries Scrapping Idling Gross Nominal Fleet (rhs) Idling Adjusted Active Fleet (rhs) Note : An increase in idling reduces the active fleet * excl.
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