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Maersk Interim Report Q2 2014 - Financial Results
Dienstag, der 19.August 2014
Maersk Interim Report Q2 2014 - Financial Results

Copenhagen: A.P. Møller – Mærsk A/S has published its Interim Report Q2 2014 today, 19 August 2014. Unless otherwise stated, all figures in parenthesis refer to the corresponding figures for the same period prior year.

The Group delivered a profit of USD 2.3bn (USD 856m) and a return on invested capital (ROIC) of 18.6% (7.4%) for Q2 2014.“The Group achieved a very satisfactory result for first half of 2014 with underlying profit increasing 42% to USD 2.4bn, mainly driven by Maersk Line, APM Terminals and Maersk Oil. As result of the good progress in delivering on our Group priorities and the solid financial performance across the Group, which has been achieved in challenging markets, we upgrade the outlook for the Group result to be around USD 4.5bn for 2014. Due to the current strong financial situation, the Board has decided to buy back shares of USD 1bn within the coming 12 months,” says Group CEO Nils S. Andersen.

Group highlights 
The result for Q2 was positively impacted by the USD 2.8bn gain from the sale of the majority share of Dansk Supermarked Group partly offset by impairments of USD 1.7bn on Brazilian oil assets due to disappointing exploration and appraisal results together with increasing project costs. The impairment announced in July has reduced Maersk Oil’s valuation of Brazilian assets to USD 0.6bn from USD 2.3bn. 

The underlying profit for the Group was USD 1.3bn (USD 1.0bn) when excluding discontinued operations, impairment losses and divestment gains. Increased underlying profits were in particular achieved for Maersk Line, APM Terminals and Maersk Oil.

The Group’s revenue increased by 2.3% in part impacted by higher container volumes, higher oil entitlement production at a higher average oil price partly offset by lower average container freight rates.

Cash flow from continuing operating activities was USD 1.7bn (USD 2.1bn) negatively impacted by increased working capital. Cash flow used for capital expenditure was USD 1.9bn (USD 1.3bn) and net of sales proceeds USD 1.4bn (USD 1.1bn). The Group’s free cash flow was USD 348m (USD 995m).

Net interest-bearing debt decreased compared to year-end by USD 2.1bn to USD 9.5bn (USD 11.6bn at 31 December 2013) positively impacted by receipt of USD 2.8bn net proceeds from the sale of Dansk Supermarked Group.

The financial items were negative by USD 185m (negative by USD 191m); a positive development of USD 6m primarily due to lower net interest costs reflecting less debt, lower interest rates and higher capitalised borrowing cost related to the newbuilding programmes, partly offset by currency adjustments.

Maersk Line made a profit of USD 547m (USD 439m) and a ROIC of 10.8% (8.5%). The improvements, despite 2.7% lower total revenue per FFE, were achieved through 4.4% lower unit costs supported by higher bunker efficiency and a volume increase of 6.6% to 2,396k FFE.

Cash flow from operating activities was USD 870m (USD 790m) and cash flow used for capital expenditure was USD 488m (USD 311m).

Maersk Oil made a loss of USD 1.4bn (profit of USD 249m) due to impairments on Brazilian assets. However, the underlying result excluding impairments and one-offs was USD 431m (USD 140m) positively impacted by higher average oil price of USD 110 per barrel (USD 102 per barrel), increased entitlement production in line with earlier guidance, to 235,000 boepd (226,000 boepd) and lower exploration costs.

The continued maturation of major projects was a focus for Q2. Johan Sverdrup in Norway is progressing as planned and the development concept for the Culzean project in the UK was selected. In Angola tender bids were received in Q2 for the major construction parts of the Chissonga project and are currently being evaluated.

Exploration costs were USD 172m (USD 380m) with the completion of three exploration wells. The two wells in Iraq (Kurdistan) did not contain hydrocarbons in commercial volumes and the third, in the UK, is currently being assessed.

Cash flow from operating activities was USD 718m (USD 713m) and cash flow used for capital expenditure was USD 546m (USD 455m).

APM Terminals made a profit of USD 223m (USD 179m) and a ROIC of 14.2% (12.8%). Volumes increased by 8% to 9.8m TEU supported by terminals becoming fully operational and new terminals added to the portfolio.

An agreement was reached for divesting the APM Terminals Virginia, Portsmouth, USA, with an expected completion during Q3.

Cash flow from operating activities was USD 192m (USD 241m) and cash flow used for capital expenditure was USD 215m (USD 212m).

Maersk Drilling made a profit of USD 117m (USD 150m) impacted by three rigs on planned yard stays and start-up costs for new rigs entering the fleet. ROIC was 7.2%

Delivery was taken of the second newbuild drillship, Maersk Valiant, which is expected to start operating in August 2014.
Cash flow from operating activities was USD 173m (USD 227m) and cash flow used for capital expenditure was USD 478m (USD 153m).

Services & Other Shipping made a profit of USD 30m (loss of USD 200m) and a positive ROIC of 2.1% (negative 11.5%). The improvement came predominantly from Maersk Tankers with a loss of USD 2m (loss of USD 274m due to VLCC impairments and provisions of USD 280m) however offset by a lower profit in Maersk Supply
Service of USD 33m (USD 43m) and a loss in Damco of USD 32m (loss of USD 8m) with Svitzer delivering a profit of USD 32m (USD 40m).

Group strategy update
The Group will continue to build a premium conglomerate through active portfolio and performance management, disciplined capital allocation and a clear financial strategy.

The Group is on track to deliver above 10% ROIC over the cycle and achieve the strategic aspirations to profitably grow world class businesses.

The Group has taken further steps to optimise the portfolio. The most significant recent steps are the divestment of the ownership share in Dansk Supermarked Group, Maersk Tankers exiting activities in the Very Large Crude Carrier segment and Maersk Oil deciding to no longer pursue a growth strategy in Brazil.

The Group reiterates the ambition to grow dividend per share, supported by underlying earnings growth. The Group’s intention is to maintain its current BBB+/Baa1 rating level. Due to the current strong financial position, the Board has decided to buy back shares up to USD 1bn within the coming 12 months. The Board will decide on the reoccurrence and size of buy-back programs on an annual basis based on the Group’s financial situation and the potential of identifying attractive investment opportunities. A.P. Møller Holding A/S will participate in the buy-back with their pro rata share.

Maersk Line has achieved its goal of industry cost leadership and has reported an estimated EBIT-margin gap of more than 5%-points versus peers since Q4 2012. Maersk Line continues to pursue improved competitiveness through cost leadership and commercial excellence initiatives. Most significant is Maersk Line’s initiative to enter into a 10 year vessel sharing agreement with the world’s second largest carrier in order to improve network efficiencies combined with increased port coverage and service frequency on all East-West trades.

Maersk Oil progresses on maturation of the key projects and the positive production trend will be supported by new fields coming on stream. The development plans require annual capital expenditures in the USD 3-5bn range compared to USD 1-3bn
invested in the recent years. The ambition of reaching 400,000 boepd stated in August 2012 remains subject to the double digit return requirement and should not be seen as an absolute target. The Group has reconsidered its exploration activities and has written down certain Brazilian oil assets. Exploration activities will continue to be an integrated part of development going forward and the level is under evaluation.

APM Terminals is well on track towards the target of contributing USD 1bn NOPAT by 2016. APM Terminals’ growth focus remains on emerging markets where more than 80% of EBITDA is generated today. APM Terminals has noted a strong interest for large terminal projects, to an extent where competing winning bids are deemed uneconomical. APM Terminals will continue to focus on successfully expanding its global terminal network where profitable projects can be won and it will in addition pursue a strategy of building on its present positions through investments in adjacent port activities.

Maersk Drilling is executing on its newbuilding programme. Despite a slowdown, particularly in the ultra deepwater market the view on medium and long-term demand remains positive. The fleet expansion will grow Maersk Drilling’s market position in the ultra deepwater and ultra-harsh environment segments supporting the financial ambition of reaching the USD 1bn NOPAT contribution in 2018. Maersk Drilling remains committed to technology leadership as evidenced by the efforts on developing the new 20K™ rigs.

Services & Other Shipping is now established with a combined target of self-funded growth and USD 0.5bn NOPAT contribution by 2016.

Outlook for 2014
The Group still expects a resultfor 2014 significantly above the 2013 result of USD 3.8bn. The underlying result is now expected to be around USD 4.5bn, an upgrade from previous expectation of around USD 4.0bn (USD 3.6bn) when excluding discontinued operations, impairment losses and divestment gains. 

Gross cash flow used for capital expenditure (excluding discontinued operations) is still expected to be around USD 10bn (USD 6.3bn) and cash flow from operating activities is still expected to develop in line with the result.

Maersk Line revises its expected result from being above 2013 (USD 1.5bn) to being significantly above the 2013 result following a strong financial performance in the first half of 2014. The global demand is still expected to grow by 4-5%.

Maersk Oil now expects a loss at a level of USD 0.7bn for the full year 2014 including the USD 1.7bn asset impairment in Brazil. The expectation for the underlying result is revised upwards to be in line with 2013 (USD 1.0bn) versus previous expectations which were below the 2013 result. This is based on an average oil price for the year of USD 108 per barrel (previous expectation was USD 104 per barrel).

Maersk Oil’s entitlement production is still expected to be above 240,000 boepd. As previously guided, this is expected to be highest in Q1 and Q4 and impacted by extensive planned maintenance activities in Q2 and Q3.

Exploration costs are expected to be below USD 1.0bn for the full year.

APM Terminals now expects an underlying result above 2013 (USD 708m). The previous expectation was a reported result above 2013 (USD 770m).

Maersk Drilling still expects a result below 2013 (USD 528m) due to planned yard stays and high costs associated with training and start-up of operation of six new rigs.

Services & Other Shipping now expects an underlying result around last year (USD 294m). The previous expectation was a result above 2013.

The Group’s outlook for 2014 is subject to considerable uncertainty, not least due to developments in the global economy, the container rates and the oil price.

The Group’s expected result depends on a number of factors. Based on the expected earnings level and all other things being equal, the sensitivities for four key value drivers are listed in the table below. (Press Release19.08.2014)  

Quelle: A.P. Møller – Mærsk A/S | Foto: Mærsk
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