A.P.
Møller - Mærsk A/S
Interim Management Statement
Teleconference - 12 November 2008
20 February 2024
Speakers: Group CEO Nils Smedegaard Andersen
Group CFO Soren Thorup Sorensen
Forward-looking Statements
The presentation contains forward-looking statements.
Such statements are subject to risks and uncertainties as
various factors, many of which are beyond A.P. Moller -
Maersk A/S’ control, may cause actual development and
result to differ materially from the expectations contained
in the presentation
PAGE
PAGE 22 20 February 2024
Agenda
Highlights
Consolidated Financial Information
Business Segments
2008 Expectations
Focus Areas 2008
Q&A
PAGE 3 20 February 2024
Highlights first nine months 2008
Result for oil and gas activities Net profit
increased significantly
Improved result in the container 4,000
3,606
activities 3,500
797
3,000
2,596
USD million
Strong offshore markets 2,500
792
2,000
Increased average oil and
bunker prices 1,500
4,000
1,000
3,000
2,000
Lower result from Danske Bank 500
1,000
0 YTD 2007 YTD2008
Value adjustment of securities YTD 2007 YTD 2008
and exchange rate adjustments
sales gains after tax
PAGE
PAGE 44 20 February 2024
Consolidated Financial Information –
1 January to 30 September 2008
USD million
2008 2007 ∆
Profit and Loss
YTD YTD 2008/07
(Unaudited)
Revenue 47,176 36,970 28%
Profit before depreciation, amortization,
etc. (EBITDA) 13,432 8,268 62%
Depreciation and amortization 3,640 3,302 10%
Sales gains 820 835 -2%
Earnings Before Interest and Tax (EBIT) 10,908 6,221 75%
Net profit 3,606 2,596 39%
Operational cash flow 7,657 5,748 33%
Investment cash flow -7,858 -6,539 20%
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PAGE 55 20 February 2024
Container Shipping and Related Activities
Highlights YTD 2008
Net result of USD 92 million Average freight rates including BAF
(2007: USD -57 million) increased 11%
Before streamLINE costs and sales gains 13% increase in total unit costs
the result was USD -64 million impacted by average bunker prices
(2007: USD -202 million) up 71%
Volume up by 5% (5.3 million FFE) USD 348 million in sales gains
(2007: USD 145 million)
Utilisation in line with same period 2007
ML and Safmarine volume
2,000
0%
0%
1,800
1,600
1,400
1,000 FFE
1,200 YTD 2007
1,000 1% +4%
1% +4% YTD 2008
800 +15%
+15% +19%
+19% +20%
+20%
600
400
200
0
Asia/Europe Transpacific Africa Latin Transatlantic Safmarine
America
PAGE
PAGE 66 20 February 2024
APM Terminals
Highlights YTD 2008
APMT crane lifts*
25,000
13%
Turnover was 29% above same 20,000
period last year
1,000 TEU
15,000
Activity measured in crane lift
weighted by ownership share 10,000
increased by 10% 1%
5,000
Average rate increases from USD 0
exchange rate, changed product mix North America Other Regions
and tariff increases
YTD 2007 YTD 2008
Net profit above same period 2007
*Weighted by ownership share
PAGE
PAGE 77 20 February 2024
Tankers, Offshore and Other shipping
Highlights YTD 2008
Net profit before sales gains exceeded same
period 2007
Delivery of two VLCCs, one product tanker
and one LNG vessel in Q3
Delivery of two 350 feet jack-up rigs in Q3
Strong rate development in large tanker
segments in Q3
Conditional offer for Broström Tankers AB
EBIT excl. sales gains
YTD 2008 vs. YTD 2007
Maersk Contractors Maersk Tankers
Maersk Supply Svitzer
PAGE
PAGE 88 20 February 2024
Oil and Gas Activities
APMM share of production
Highlights YTD 2008
before tax
60 YTD 2007 YTD 2008
Net profit increased 50
significantly 40
Million boe
30
Volume after sharing before 20
tax up 9%
10
160
0
Avg 1.1-30.9 08: 111 USD/barrel
Qatar Denmark Great Britain Algeria
Average oil price up 65% 140
120 Oil price (Brent)
100 160
Avg 1.1-30.9 08: 111 USD/barrel 2007
15 exploration wells drilled 80 140
2008
60 120
Avg 1.1-30.9 07: 67 USD/barrel
USD/barrel
40 100
Exploration agreement with 20 80
Chevron 0 60
Jan Feb Mar Apr May Avg 1.1-30.9
Jun Jul 07:
Aug67 USD/barrel
Sep Oct Nov Dec
40
20
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
PAGE
PAGE 99 20 February 2024
Oil prices and USD exchange rates effects
Dated Brent & bunker oil prices
Oil price 160 -45
140 -40
<< Dated Brent
Negative effect in Q3 from 120 -35
narrowing crack and falling oil prices 100 -30
USD/barrel
USD/barrel
80 -25
Positive effect in Q3 from lower fuel
consumption than expected in the 60
<< Bunker oil
-20
container activities and positive 40 -15
Bunker crack spread >>
value adjustment of oil hedge 20 -10
contracts which do not qualify for 0 -5
hedge accounting Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008
DKK/USD
USD 6.00
5.75
Negative effect in Q3 from rising 5.50
USD rate due to FX adjustments of 5.25
receivables, bank deposits and
5.00
currency hedge contracts not
qualifying for hedge accounting 4.75
4.50
For the remainder of 2008 the 4.25
accounting effect of a rising USD 4.00
rate is expected to be negative Jan Feb Mar Apr May June July Aug Sept Oct Nov
2008
PAGE 10
PAGE 10 20 February 2024
Expectations for 2008
2008 Revenue and Profit
Expected revenue in the order of USD 62 billion
Net profit in the order of USD 4.0 – 4.3 billion
The outlook for 2008 is still subject to uncertainty, not least due to the
development in the world economy and the financial markets. Specific
uncertainties relate to the development in container freight rates,
transported volumes, exchange rates, oil prices and prices of securities
PAGE 11
PAGE 11 20 February 2024
Focus Areas 2008
Maersk Line profitability
Continued expansion of terminal
activities
Successful start of operation on new
rigs and vessels in the offshore
activities
Field development plan in Qatar
Safety and environment
PAGE 12
PAGE 12 20 February 2024
Q&A
PAGE 13
PAGE 13 20 February 2024
Consolidated Financial Information –
1 January to 30 September 2008
DKK million
Profit and Loss 2008 2007 ∆
(Unaudited) YTD YTD 2008/07
Revenue 231,360 205,418 13%
Profit before depreciation, amortization,
etc. (EBITDA) 65,873 45,940 43%
Depreciation and Amortization 17,849 18,345 -3%
Sales gains 4,024 4,635 -13%
Earnings Before Interest and Tax (EBIT) 53,498 34,559 55%
Net profit 17,685 14,425 23%
Operational cash flow 37,454 31,968 17%
Investment cash flow -38,537 -36,333 6%
PAGE 14 I
APPENDIX 20 February 2024
