Maersk Results Presentation Deck
July 2023, 40 slides
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interim report | Maersk
contents directors report comparative figures unless otherwise stated all figures in parenthesis refer to the corresponding figures for the same period prior year forward looking statements subject to risks and uncertainties as various factors many of which are outside group performance for guidance for drilling group performance for the first nine months of condensed statement of changes in equity | Maersk
group performance for impacted by continued low economic growth and significant to predominantly due to lower oil price and lower have grown by whereas the global container fleet grew by creased by mainly due to lower bunker prices and almost container freight rates declined significantly across key trades were impacted severely cash flow from operating activities remained at a high level the delivered a profit of impacted by the lower oil price and lower average con the same period last year the return on invested capital the maintains its strong financial position proved result drilling while shipping services underlying result reconciliation | Maersk
developments in the quarter secured a three year contract and giant received a value of and with the option of an additional eight vessels to be delivered in oil field was sanctioned by the govern working in the sea in a three year the field development of around the field is expected to produce enough gas to meet of total the north sea although at significantly lower day rates sions added to drilling revenue backlog is to be executed during a month period from to contribute around in production is brazil and turkey in ing to terminals in countries across five continents the over the next five years subject to regulatory als the transaction is expected to be completed in | Maersk
guidance for the group expects an underlying result of around which is unchanged from the result adjustment published on gross cash flow used for capital expenditure is now expected to be around from previously around while cash flow from operating activities is still to develop in line with the result increase versus by certainty not least due developments global economy depends a number factors based sensitivities rest calendar year four strong production performance and deferred tax income year due reduction exploration activity level significantly below due drilling maintains expectation a significantly rigs operation high forward contract coverage as well as shipping services nils better performance changes are versus given at all figures parenthesis refer full year | Maersk
summary financial information ere are i career eer ree a see see a vane a | Maersk
invested capital and | Maersk
businesses | Maersk
line defended its market position and grew volumes by to global container demand is expected to have grown between due to imports into revenue of was lower than due to an average freight rate decline of to where this remains consistent with ambition to | Maersk
decreased bunker prices and appreciation bunker cost prices bunker efficiency deteriorated by to line will continue to manage capacity and does not plan on the optional eight vessels put as met cash flow from operating activities was and cash flow used for capital expenditure was triple vessels ordered in and the new order of nine vessels as part of its effort to improve profitability line an postpone investments in new capacity while at the same time reduce operating costs by further simplifying processes by the end of the line fleet consisted of owned total capacity of line nominal fleet capacity decreased by and compared to the nominal fleet capacity has increased by idle capacity at the end of was line idle capacity corresponds to around of total idle capacity in the market | Maersk
oil in to reduce its overall global by a price but positively impacted by increased production cost savings and lower exploration costs during to approximately the entitlement production increased by to of three three exploration appraisal wells per barrel the increased production was a result of improved operational performance and production from new the past couple of years instead short term focus is directed duction from due to the lower price vesting in exploration acreage in order to rebuild the portfolio ploration will be reduced by around by the end of the decrease in tax of to was mainly due reduction by the end of the lower average price | Maersk
lower than last year mainly due to the lower oil price the development project at the field offshore three exploration wells were completed in ahead of schedule now more than through the drilling and commercial viability is being assessed the wells in and showed no signs of hydrocarbon the increase in the entitlement production originated the development plan for phase of field off in brazil and wahoo are under commercial evaluation production from the new fields golden eagle in the and jack in the us as well as higher entitlement production from rations continue according to schedule with major contract offshore power cables subsea production systems and the development plan for the oil operated high was approved by authorities in august the project is the central processing facility and living quarters have been the project in remains challenged due to the tractors are ongoing to make the project viable oil has regarding the viability of the project entitlement share of production i a | Maersk
terminals and a of the underlying profit was like for like volumes decreased by whereas the overall in import volumes into oil producing countries in west margin to decrease by compared to same quarter on of approximately point due to the increased asset the number of containers handled by weighted of over the next five years subject to regula profit loss before depreciation and impairment losses | Maersk
savings of approximately in to the bottom was only partly mitigated versus a net cash inflow of in due to the sale | Maersk
drilling forward contract coverage was for but negatively affected by increased idle time the result was further affected by an additional gain of decommissioned and recycled the jack up rig affected by increased idle time and deliverer on yard the semi submersible rig deliverer yard stay as jack up rigs and for the floating rigs contracts the new contracts and extensions signed in added set by the divestment of the business in profit loss before depreciation and impairment losses | Maersk
gramme delivered a saving of more than in the increased cash flow from operating activities of was mainly related to four additional rigs in contract coverage per segment revenue backlog end | Maersk
shipping services shipping services made a profit of and a of the underlying profit was on partly mitigated by significant operational cost reductions to result for rates across all product segments up due to increased primarily due to reduction in receivables partly offset by | Maersk
was positively impacted by the divestment of the segment tankers signed a contract for nine the order book totals to be renewal of negative the underlying profit was by in the supply chain management product airfreight of non profitable business ocean freight and supply chain management margins saw improvements continued productivity improvements and growth in supply result additionally was impacted by significant one cash flow from operating activities was positive and reduced working capital revenue decreased by compared to as of a substantially compared to | Maersk
may improved its operating margins in harbour towage compared to same period last year through pricing capacity in and and a slowdown in the bulk trades cost was decreasing primarily due to decreasing due to exclusion of the salvage activity cash flow | Maersk
group performance for the first nine months of partly offset by impairment dividend extraordinary dividend due to lower oil price and lower average container freight rates only partly compensated by higher entitlement production decline in financial was caused by lower bunker prices and cost saving initiatives decrease in prices appreciation and cost efficiencies volume increased cash flow from continuing operating activities was and cash flow used capital expenditure was underlying result reconciliation | Maersk
impairment on assets the underlying profit was to be driven across the global portfolio and have delivered average oil prices but positively impacted by a higher average from the adverse market conditions was only partly mitigated ordered by a holding a and by other rate lower costs due to the cost transformation group retained ownership in bank is classified the increased entitlement production was a result of a higher the ordinary dividend of as well as the extraordinary more barrels for cost recovery as well as strong operational impacted by fleet growth cost savings strong operational performance and yard stays but offset by increased idle gains in and were primarily related to the sale of the wells including the east well in lying profit was decision at the annual general meeting on march commercial viability is being assessed the other four wells jack up rig integrator and one ultra deepwater cash flow from operating activities was or enhancement in drilling while primarily included the group share of above savings on the operating cost level of the underlying profit was as purchasing and resale of bunker and lubricating shipping services made a profit of market grew by pressure on key oil pendent markets has deteriorated local economic conditions and interest rates as well as currency adjustments | 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 significant risks uncertainty factors that group faces | Maersk
in parenthesis the corresponding figures for | Maersk
condensed income statement condensed statement of comprehensive income a share other an non controlling interests he by | Maersk
condensed balance sheet total assets condensed balance sheet total equity and liabilities | Maersk
condensed cash flow statement from operating activities | Maersk
condensed statement of changes in equity | Maersk
condensed statement of changes in equity | Maersk
notes note acquisition sale of subsidiaries earnings per share accounting policies | Maersk
note segment information note free cas be be | Maersk
note segment information continued note investments in non current assets | Maersk
note segment information continued note net operating a a | Maersk
note segment information continued note an a investments in non current assets tana | Maersk
note segment information continued note total | Maersk
note discontinued operations and assets held for sale note | Maersk
note financial risks note commitments note note | Maersk
note commitments continued note acquisition sale of subsidiaries and activities note notes | Maersk
note share capital and earnings per share note profit for the period of discontinued operations a | Maersk
note accounting policies and significant estimates | Maersk
colophon design and layout vice chairman blessing nils group | Maersk
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