Maersk Results Presentation Deck | Slidebook.io

Maersk Results Presentation Deck

July 2023, 42 slides

interim report | Maersk

contents directors report group performance for developments in the quarter comparative figures unless otherwise stated all figures in parenthesis refer to the corresponding figures for the same period prior year forward looking statements summary financial information subject to risks and uncertainties as various factors many of which are outside shipping services statement of the board of and management independent auditors review | Maersk

group performance for negatively impacted by the lower oil price lower bunker prices and cost saving initiatives year was positively impacted by a gain from the cash flow from operating activities remained at a high level of offset by impairments of on oil assets the underlying profit was with decreases in line oil and terminals and increases the still has a strong financial position and is within its underlying result reconciliation | Maersk

second generation triple vessels capacity of and improvements of energy efficiency leading to vessels with a value of to be delivered in and with the option for additionally six vessels the vessels will the investment will fund the development of a new joint venture port outside of the present facility and an upgrade differentiate through technology and innovation project will result in four deep water berths a new break ing the group competitive edge and this will be an important position the group for a new oil environment portion of the business units innovation furthermore the group across the group development and operation is expected in pending approval oil has launched an extensive cost transformation and prepares for upcoming regulations both as a part continued during in accordance with the schedule to reduce the net operating costs excluding exploration with technologies relative to tender process petroleum initiated an evaluation process in for the the field as the current agreement expires mid cost savings initiatives in each of its terminals contributing prepare for global ballast water treatment requirements control areas offer the state of a competitive reliable and unique value since the launch of drilling cost reduction and line is also working to improve the fuel consumption oil extensive technical knowledge of this complex has delivered savings on the operating cost level excluding transparency and frequency of vessel data to support opera expected during second half of line has begun a journey to its customer terminal signed units will also benefit from this | Maersk

by being good at extracting hydrocarbons from complex res monitoring of lubricating and hydraulic oil condition for critical high pressure high temperature fields like the field an example of this effort is oil and the other projects where automatic greasing of crane wires and of a flexible chain wheel are being investigated technology launched in where the has developed the generation tugs with bet passing advanced water flooding of the dan and fields other focus areas are enhanced reservoir aquatic life solar panel heating and on board water recycling these are the first purpose built hybrid tugs in the world with well completions fuel consumption define growth platforms for the future data and signal transmission in wells timing is uncertain and depends on our return fully and emissions free powered con terminals has successfully implemented a new terminal to further operational processes and leverage oil and gas resources the rigs will be able to safely and up to pounds per square inch and degrees | Maersk

group strategy update the group is executing on the strategy to become a premium conglomerate based on top quartile performance in all our business units over cycle with creation of first six focused active portfolio and management dis line continues improve its competitiveness through we reiterate strategic direction of targeting profitable which line has delivered every quarter since with above over cycle has been achieved since line adjusts its growth target from growing line with market growing at oil and offshore markets and countries dependent oil this profit and growth targets will be replaced by plans target from between and more challenging environment valuable experience reduced while acquisitions are being considered order grow lays solid foundation for these programmes of key projects and has brought fields golden eagle and oil reducing operating expenses by jack us stream terminals will continue build its track record for safety but will be challenged by adverse market share over time supported by underlying earnings growth for recycling drilling taking steps reduce its cost board has decided launch second buy back pro shipping services successfully initiatives | Maersk

guidance for the group expectation of an underlying result around is unchanged gross cash flow used for capital expenditure is now expected to be around in from previously around while cash flow from ing activities is still expected to develop in line with the result operating earnings level and all other things being equal versus by listed table below significantly below at oil prices range positive low oil price somewhat offset by effect cost savings strong production performance drilling expects a significantly higher underly due more rigs operation high forward changes are versus given at all figures parenthesis refer full year not least due developments global economy | Maersk

summary financial information share of profit associated companies at a the period discontinued operations i ice nana | Maersk

invested capital and | Maersk

businesses | Maersk

line in compared to the soft market develop driven by the decline in the average freight rate to the freight rate decline was largely attributable to bun cost savings being passed through to the customers and unit cost decreased by to benefitting from decreased bunker prices and the appreciation bunker remained on par with last year at fleet capacity in | Maersk

a capital expenditure in was mainly due to delivery of the last five of the first generation triple vessels by the end of the line fleet consisted of owned total capacity of the before mentioned last five first generation triple vessels have a capacity of ire if a saa line signed a contract for delivery of second with an option for six vessels more at the beginning of june delivery is scheduled to take place in line nominal fleet capacity increased by and the average vessel size increased by compared to by idle capacity at the end of was three line idle capacity corresponds to around of total idle capacity in the market the global container fleet has grown by compared to capacity were ordered lifting the order book to around of | Maersk

oil impacted by impairment on assets improved operational performance and production from new negative the result was positively impacted by increased production lower costs due to the cost as a response to the lower price has initiated impacted mainly by the lower price and impair for growth the current asset portfolio is being internal and from subcontractors expects that the net operating costs excluding exploration will be reduced with barrel the increased production was a result of a higher share line with the targeted reduction by the end of | Maersk

new fields golden eagle in the and jack in the us activities given the oil price expectations the development project at the field offshore in the project remains challenged due to the low oil price negotiations with authorities partners and con to lower current tax related to and be half way through the drilling planned to a plan for development and operation at a cost level of was submitted in and final sanctioning by and potential commercial developments are being assessed the increased entitlement production was a result of a higher in brazil and wahoo are under commercial evaluation more barrels for cost recovery as well as strong operational the high pressure high temperature gas field offshore is expected by the end of three exploration wells were completed in a | Maersk

terminals approximately by in reduction of caused by decreased volumes in key oil pendent markets as well as in and weakening the lower oil price resulted in significantly less import volumes in west and russia which was partially offset by vol savings initiatives have been implemented across the global the number of containers handled by weighted in the first half of however the impact from the adverse market conditions was only partly mitigated by the divestment of the share of profit from joint venture and associate companies profit loss before depreciation and impairment losses | Maersk

for capital expenditure in the quarter decreased from | Maersk

drilling a of positively impacted by general relating to the divestment of activities in in but partly offset by three rigs off contract operating costs increased due to that started opera during the last five quarters partly offset by the divestment cost reduction and efficiency enhancement impacted by three rigs being idle however benefitting from no the operating cost level compared to yard stay upgrade projects in the quarter compared to same for the jack up rigs and for the floating rigs was mainly related to six additional rigs in operation was for the remaining part of for and due to paid for the projects profit loss before depreciation and impairment losses | Maersk

contract coverage per segment revenue backlog end | Maersk

shipping services shipping services made a profit of and a of the underlying profit was on improvement operational costs contributes with costs were primary elements this partly offset by reducing vessel operating cost by improved rates lower revenue due to lower across all product segments due to increased demand in higher than same period last year segments | Maersk

positively impacted by improved operating margin and reduced fleet cash flow from capital expenditures was positive was positively impacted by livered in and the second was in of the remaining eight seven will be product controlled ocean freight volumes fell by partly decreased by due to non repeated project cargo the efforts carried out in have driven pro positively impacted the quarterly result for the remainder of negative due to the improved operational result | Maersk

revenue decreased by compared to same period last year as a result of a substantially and because merged into anew company named towage compared to through pricing productivity and and and a slowdown in from cost saving initiatives and lower salvage activity end of may acquired the towage operator driven by higher operating result cash flow from | Maersk

group performance for the first six months of a profit in giving a profit bank including dividend received in year was positively impacted by a gain from sale majority share partly ber total equity was at was underlying profit was and negatively affected by ordinary dividend operating expenses decreased by mainly due to improvement in financial was achieved volume increased by to and average freight underlying result reconciliation | Maersk

excluding these like for like volumes decreased by ordered by a holding a and by other share the group retained ownership in bank is as held for trading negatively impacted by lower aver the ordinary dividend of as well as the extraordinary and cash flow used for capital expenditure was income of due to reduction of the tax rate lower exploration costs drilling made a profit of pos at the annual general meeting march was paid production share in where the decreased oil price gives decision at the annual general meeting on march performance in particular in the and production from the drilling has taken delivery of one ultra harsh environ oil completed six six exploration appraisal wells in launch of drilling cost reduction and efficiency well in the and the well in these three wells discovered hydrocarbons and commercial viability rate of exchange effects for the first six months of viable than last year mainly due to the lower oil price cash flow used mainly due to paid for the penses was primarily driven by lower interest expenses due bank shares and currency adjustments from result improvement efforts in supply service with | Maersk

statement of the board of directors and management nils group kim vice chairman with interim financial reporting as adopted by opinion interim consolidated financial statements pages give a true fair view group assets liabilities group operations cash flows for period to significant risks uncertainty factors that group faces | Maersk

independent auditors review report to the shareholders of a a standard on interim financial information performed under auditor regulation this requires us con whether anything has come our attention that causes accordance with international standard on on interim auditor performs procedures primarily consisting making for period june and applying analytical procedures and evaluates condensed cash flow statement and condensed statement procedures performed in are substantially less international standards on auditing accordingly we do not for interim consolidated financial statements statements causes us believe that interim consolidated financial reporting listed companies and for such internal control prepared in all material respects in accordance with rial misstatement whether due fraud or error responsibility | Maersk

in parenthesis the corresponding figures for | Maersk

condensed income statement condensed statement of comprehensive income a meller share a a non controlling interests cesses | Maersk

condensed balance sheet total assets condensed balance sheet total equity and liabilities see cas nes | Maersk

condensed cash flow statement from operating activities be a | Maersk

condensed statement of changes in equity june | Maersk

condensed statement of changes in equity june | Maersk

notes note earnings per share and significant estimates | Maersk

note segment information note net operating a a a investments | Maersk

note segment information continued note investments in non current assets arent a me | Maersk

note segment information continued note | Maersk

note segment information continued note lee a ween an | Maersk

note segment information continued note total teas total | Maersk

note discontinued operations and assets held for sale note | Maersk

note financial risks note commitments note note bags abb total we | Maersk

note commitments continued note share capital and earnings per share note note june a go | Maersk

note share capital and earnings per share continued note accounting policies and significant estimates notes average number of cancelled shares | Maersk

colophon design and layout vice chairman blessing nils group | Maersk

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