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Q2 2013 EARNINGS CALL – Maersk Oil

Maersk Oil · Aug 16, 2013 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2013 EARNINGS CALL – Maersk Oil – slide 1
  2. Q2 2013 EARNINGS CALL – Maersk Oil – slide 2
    Forward-looking Statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Mller - Mrsk A/S control, may cause actual…
  3. Q2 2013 EARNINGS CALL – Maersk Oil – slide 3
    Strategy update The Group is committed to developing world class businesses that achieve above 10% ROIC over the cycle. Good progress is being made towards the long-term targets. Maersk Line is improving both its absolute and relative…
  4. Q2 2013 EARNINGS CALL – Maersk Oil – slide 4
    Executing on Group strategy Q2 2013 Profit was USD 856m and ROIC was 7.4% Maersk Line reduced unit costs further through reduced bunkers consumption, improved utilisation and network efficiencies Maersk Oil executed on; Gryphon,…
  5. Q2 2013 EARNINGS CALL – Maersk Oil – slide 5
    Group Financial Highlights Q2 2013 Group Financial Highlights Group Financial Highlights USD million Q2 2012 Q2 2013 Reported profit of USD 856m (USD 965m in Q2 2012) was 1,500 impacted by a USD 280m impairment and provision in 1,008…
  6. Q2 2013 EARNINGS CALL – Maersk Oil – slide 6
    Maersk Line results Q2 Q1 Q2 Highlights Q2 2013 (USD million) FY 2012 2013 2013 2012 Maersk Line delivered a profit of USD 439m (USD 227m) Revenue 6,651 6,313 7,322 27,117 and a ROIC of 8.5% (4.6%), based on cost reductions EBITDA 920…
  7. Q2 2013 EARNINGS CALL – Maersk Oil – slide 7
    Maersk Line cost reductions Unit cost including VSA income Comments Total costs reduced by USD 897m compared to Q2 2012 USD/FFE of which 35% (USD 310m) was due to lower bunker 3,300 consumption and 29% (USD 263m) was due to lower…
  8. Q2 2013 EARNINGS CALL – Maersk Oil – slide 8
    Maersk Line EBIT-margin gap to peers Objective of +5%-points EBIT margin gap towards peers achieved for the third consecutive quarter EBIT-margin, % EBIT-margin gap, %-points EBIT gap to peers (RHS) Maersk Line adjusted EBIT-margin…
  9. Q2 2013 EARNINGS CALL – Maersk Oil – slide 9
    Maersk Oil Q2 Q1 Q2 FY Highlights Q2 2013 (USD million) 2013 2013 2012 2012 Maersk Oil delivered a profit of USD 249m (USD 468m) Revenue 2,059 2,381 2,724 10,154 and a ROIC of 15.4% (26.4%). Insurance net income of Exploration expenses…
  10. Q2 2013 EARNINGS CALL – Maersk Oil – slide 10
    APM Terminals Q2 Q1 Q2 FY Highlights Q2 2013 (USD million) 2013 2013 2012 2012 Revenue 1,068 1,040 1,048 4,206 Profit rose to USD 179m (USD 160m) while ROIC decreased to 12.8% (14.3%), mainly attributable to a 29% increase in EBITDA…
  11. Q2 2013 EARNINGS CALL – Maersk Oil – slide 11
    Maersk Drilling Q2 Q1 Q2 FY Highlights Q2 2013 (USD million) 2013 2013 2012 2012 Revenue 512 480 410 1,683 Profit increased by 52% to USD 150m (USD 98m), due to higher operational uptime in 2013 EBITDA 223 238 148 638 Operational…
  12. Q2 2013 EARNINGS CALL – Maersk Oil – slide 12
    Investments and debt Cash flow used for capital expenditure was USD 1.4bn (USD 2.2bn) and net of sales proceeds USD 1.2bn (USD 2.0bn) in Q2. Maersk Line: USD 311m Maersk Oil: USD 455m APM Terminals: USD 212m Maersk Drilling: USD…
  13. Q2 2013 EARNINGS CALL – Maersk Oil – slide 13
    Consolidated Financial Information Income statement (USD million) Q2 2013 Q2 2012 Q1 2013 H1 2013 H1 2012 FY 2012 Revenue 14,163 15,364 14,047 28,210 29,691 59,089 EBITDA 2,971 3,499 2,890 5,861 5,966 12,252 Depreciation, etc. 1,368…
  14. Q2 2013 EARNINGS CALL – Maersk Oil – slide 14
    Outlook for 2013 The Group now expects a result for 2013 around USD 3.3bn (USD Sensitivities for the remainder of 2013 4.0bn). Excluding impairment losses and divestment gains, the net result is now expected to be around USD 3.5bn (USD…
  15. Q2 2013 EARNINGS CALL – Maersk Oil – slide 15
    Priorities for H2 2013 Deliver on commitments Maersk Line will keep managing its capacity effectively during the introduction of the first new Triple-E vessels which will come into the fleet this year. In addition to a safe operation, the…
  16. Q2 2013 EARNINGS CALL – Maersk Oil – slide 16
  17. Q2 2013 EARNINGS CALL – Maersk Oil – slide 17
  18. Q2 2013 EARNINGS CALL – Maersk Oil – slide 18
    Services & Other Shipping Profit by activity* Profit from Services & Other Shipping was USD -187m (USD 83m) mainly due to impairments in Maersk Tankers USD million Q2 2012 Q2 2013 Maersk Supply Service Profit increased to USD 55m…
  19. Q2 2013 EARNINGS CALL – Maersk Oil – slide 19
    Investments Profit by activity* Dansk Supermarked Group USD million Q2 2012 Q2 2013 Profit improved to USD 82m (USD 58m) due to; Revenue growth seen across all countries Cost reduction initiatives Profitability improvements in ftex…
  20. Q2 2013 EARNINGS CALL – Maersk Oil – slide 20
    Consolidated Financial Information Income statement (DKK million) Q2 2013 Q2 2012 Q1 2013 H1 2013 H1 2012 FY 2012 Revenue 80,939 88,908 79,324 160,263 170,219 342,363 EBITDA 16,976 20,202 16,318 33,294 34,206 70,986 Depreciation, etc.…
  21. Q2 2013 EARNINGS CALL – Maersk Oil – slide 21
    Group Business Drivers Q2-13 Q1-13 Q2-12 Change vs Change vs Comment previous previous to Q2 (vs Q2 2012) quarter year Transported container 2.2 2.1 2.2 +5% +2.1% Change in trade mix, headhaul volumes from Asia to Europe and North…
  22. Q2 2013 EARNINGS CALL – Maersk Oil – slide 22
    Return on Invested Capital Group ROIC 2005 - Q2 2013 Breakdown of ROIC by business Business Invested ROIC % ROIC % capital Q2 2013 Q2 2012 18% USDm 15.9% 16% 14% A. P. Moller 12.2% 53,108 7.4 8.9 Maersk Group 12% 9.7% 10.1% 10.1%…
  23. Q2 2013 EARNINGS CALL – Maersk Oil – slide 23
    Capital is focused on our core growth business Invested capital Q2 2012 Invested capital Q2 2013 Maersk Line Maersk Oil APM Terminals Maersk Line Maersk Oil APM Terminals Maersk Drilling Other Maersk Drilling Other 32.1% 29.6%…
  24. Q2 2013 EARNINGS CALL – Maersk Oil – slide 24
    Maersk Oils portfolio - Q2 2013 Exploration Resources Project Maturation Process Reserves Production Prospects in Initiate & the pipeline Discoveries Assess Select Define Execute Assets Diamante Torvastad Dunga III Farsund Denmark…
  25. Q2 2013 EARNINGS CALL – Maersk Oil – slide 25
    Maersk Oils Key Projects Q2 2013 2013-2014 Sanctioned development projects Project (Country) First Working Net Capex Plateau Production Production Interest (USD Billion) (Entitlement, boepd) FDP2012 (Qatar) 2013 100% 1.5 100,0001…
  26. Q2 2013 EARNINGS CALL – Maersk Oil – slide 26
    Maersk Oils Share of Production and Exploration Costs Maersk Oils share of production (000 boepd) 400 350 300 250 200 150 100 50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011* 2011* 2011* 2012* 2012* 2012 2012 2013 2013 DK UK Qatar…
  27. Q2 2013 EARNINGS CALL – Maersk Oil – slide 27
    Development in dividend payout Historical dividend Dividend per share Dividend yield (RHS) DKK % 1,400 3.5% Continue historical trend of increasing dividends 1200 per share supported by 1,200 3.0% underlying earnings 1000 growth…
  28. Q2 2013 EARNINGS CALL – Maersk Oil – slide 28
    Capital commitments for growth Track record for growth the cash flow used Capital commitments as of 31 December 2012 for capital expenditure has been USD 39bn accumulated for the past five years Four core growth All other The Group…
  29. Q2 2013 EARNINGS CALL – Maersk Oil – slide 29
    Funding in place with a liquidity reserve of USD 14.3bn Loan maturity profile end Q2 2013 Funding USD bn Maintain a conservative capital structure and funding 10 profile matching that of a strong investment grade company over the…
  30. Q2 2013 EARNINGS CALL – Maersk Oil – slide 30

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