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Dividend reduced

  • 09 Feb 17

In Q4 16, AP Moller-Maersk posted significant net losses ($-2.7bn) due to impairment losses at Maersk Drilling and Maersk Supply Service for a total of $-2.6bn. The underlying result was slightly negative at $-63m (vs $-9m in Q4 15). The proposed dividend was cut to DKK150/share (-50%). Q4 16 figures: Revenue was down 2.6% to $8,887m. EBITDA decreased to $1,504m (-8%) due to lower contributions from Maersk Line (-3% to $349m) and Maersk Drilling (-53% to $152m) principally. Low freight rates and higher bunker costs weighed on Maersk Line’s performance, while Maersk Drilling was impacted by the collapse of revenue (-44%) due to early terminations and a higher number of idle rigs. Conversely, Maersk Oil had higher EBITDA (+8% to $723m) thanks to the higher oil price and still cost savings. Underlying result was negative at $-63m (vs $-9m in Q4 15). Reported loss was $-2,677m (vs $-2,511m in Q4 15) due to impairment losses at Maersk Drilling ($-1.5bn) and Maersk Supply Service ($-1.1bn), reflecting overcapacity in the market and lower demand expectation. FY2016 figures: Revenue was down 12% at $35,464m. EBITDA dropped to $6,767m (-25%) due to lower contributions from Maersk Line (-54% to $1,525m), APM Terminals (-10% to $764m), Svitzer (-13% to $166m), Maersk Oil (-5% to $2,600m), Maersk Supply Service (-61% to $104m) and Maersk Tankers (-33% to $199m). Underlying result collapsed to $711m (vs $3,0371m in 2015). Reported loss was $-1,897m (vs net profit of $925m in 2015). The cash flow from operations dropped to $4,326m (-46%) including a one-off dispute settlement in Maersk Oil, net capex was reduced to $3,879m (-41%) and free cash flow was $447m below net investment in shares of $694m (including the acquisition of TCB) in 2016. Other cash out-flows included the payment of the dividend ($953m), the purchase of owned shares ($475m), and the repayment of borrowings ($1,608m). Net borrowings surged to $11,178m (+40%) at year-end 2016 and represented 36% of shareholders’ equity (vs 23% in 2015). Considering the target of an investment grade rating, the proposed dividend was cut to DKK150/share (-50%).

AP Moller-Maersk heads in a new direction

  • 13 Dec 16

The new group’s strategy consists of focusing on container shipping, logistics and port activities (75% of total revenue and 67% of the invested capital in 2015) as mentioned in September 2016. The separation of the oil and oil-related businesses leads to the loss of 25% of total revenue which should be replaced by organic revenue growth and external growth in Transport & logistics. The acquisition of Hamburg Süd (2015 revenue of $6.7bn), which is subject to the regulatory approvals, will contribute c.15% of revenue. The problem that has to be solved in Transport & logistics is how to generate revenue growth over a cycle, contrary to the stagnation seen in 2010-15 (revenue of $32bn in 2015 vs $33bn in 2010 with peaks of $36bn in 2012 and 2014) and a volatile ROIC that led to 7% on average over 2010-15, below the target of 8.5%+ assigned for the future. Regarding the Energy activities (revenue of $9.8bn, underlying profit of $1.4bn in 2015), the priority is to maximise value until the separation, which should take the form of listings, mergers and/or joint ventures. In this value context, capital allocation will be mainly in favour of Maersk Oil (57% of the Energy division’s revenue) while limited investments are forecast at Maersk Drilling, Maersk Supply Service and Maersk Tankers in order to maintain their market positions. The mid-term financial goals are summarised in two key ratios (equity/adjusted total assets >30%; adjusted FFO/adjusted net debt >30% – restated from the operating lease debt equivalent) and measures to keep an investment grade rating, including the reduction in capex and commitments (lower investment needed in Transport & logistics, strict capital allocation in Energy), divestments from Energy depending on credit metrics and outlook. Finally, the maintenance of the dividend policy which consists of increasing the dividend/share supported by underlying earnings growth.

Poor 2016 confirmed, lack of visibility for 2017.

  • 02 Nov 16

AP Moller-Maersk delivered a poor set of results in a depressed environment in both transport and energy. Nevertheless, there were some positive achievements in Q3 16 such as a further gain in market share at Maersk Line and breakeven now below $40/bl (vs $40-45/bl) at Maersk Oil. Maersk Drilling had an exceptional and non-recurring performance due to strong termination fees. Q3 16 results: Based on revenue of $9,177m (-9%), impacted by a lower average container freight rate (-16% to $1,811/FFE) and the oil price (-8% to $46/bl), EBITDA was down to $1,887m (-16%), EBIT collapsed to $805m (-33%) including a lower gain on the sale of assets ($9m vs $118m in Q3 15). Group net profit was $429m (-43%). Restated for the gain on the sale of assets and impairment losses, the underlying net result dropped to $426m (-36%) due to lower contributions from Maersk Line which was loss-making ($-122m vs $243m in Q3 15), APM Terminals which was impacted by tough trading conditions in Latin America, North-West Europe and some oil-related countries in Africa (-28% to $126m), and APM Shipping Services ($25m vs $150m in Q3 15) which suffered losses at Maersk Tankers ($-1m vs $58m in Q3 15) and Maersk Supply Service ($-11m vs $44m in Q3 15). 9m figures: AP Moller-Maersk posted revenue of $26,577m (-15%), EBITDA of $5,263m (-29%), EBIT of $1,951m (-57%) after a lower gain on the sale of assets ($131m vs $461m in Q3 15) and share of profit of joint ventures and associated companies (a total of $167m vs $221m in Q3 15). Group net profit was $741m (vs $3,363m in Q3 15). Operating cash flow decreased to $2,861m (-52%) due to lower EBITDA and was close to capital expenditure of $2,936m net of the sale of assets. Other outflows included principally acquisitions ($694m), the payment of the ordinary dividend to shareholders ($953m) and the purchase of own shares ($-475m). Net debt increased to $11.3bn and gearing remained reasonable at 32% as of 30 September 2016.