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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.

Cost reductions everywhere

  • 12 Aug 16

AP Moller-Maersk had poor results in Q2 16 as expected. In particular, Maersk Line turned negative at the underlying profit level. Q2 16 earnings. - Revenue reached $8,861m (-16%). In the container shipping activity, key indicators included an increase in volume (+6.9% to 2.65m FFE) above market growth (+2%) and a further reduction in average freight rate (-24% yoy to $1,716/FFE, -8% sequentially). In the oil & gas business, the average oil price was down to $46/bl (-26% yoy). - Group EBITDA decreased to $1,779m (-32%) due to lower contribution from Maersk Line (-63% to $365m), Maersk Oil (-11% to $755m), APM Terminals (-9% to $187m), Maersk Drilling (-9% to $330m), and APM Shipping Services (-27% to $157m). - Group profit collapsed to $118m (vs $1,086m in Q2 15) and the underlying profit dropped to $134m (vs $1,099m in Q2 15) due to an underlying loss of $-139m at Maersk Line (vs $+499m in Q2 15) and lower contributions from all other activities, o/w Maersk Oil which had an underlying result of $130m (vs $217m in Q2 15). H1 16 key figures. - Based on revenue of $17,400m (-17%), EBITDA dropped to $3,376m (-35%), EBIT was $1,146m (-66%) due to the lower gain on the sale of assets ($122m vs $343m in H1 15) and share of profit in joint ventures ($59m vs $100m in H1 15). - Group net profit collapsed to $312m (vs $2,608m in H1 15) after a higher net financial result ($-275m vs $-151m in H1 15) and significant income tax ($-529m vs $-553m in H1 15). The operating cash flow was $1,190m (-68%) below net capex of $2,061 (-42%). Cash out-flows included acquisitions net of disposals for $-696m, the purchasee of owned shares for $-475m, and the dividend paid for $-953m. The financial situation was not alarming on 30 June 2016. Net debt amounted to $11.6bn and represented 34% of shareholders’ equity.