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2013 ANNUAL REPORT – Maersk Oil

Maersk Oil · Feb 27, 2014 · 51 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. 2013 ANNUAL REPORT – Maersk Oil – slide 1
    A.P. Mller - Mrsk A/S Group Annual Report 2013 27 February 2014 Conference call 9.30am CET webcast available at www.maersk.com
  2. 2013 ANNUAL REPORT – Maersk Oil – slide 2
    page 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…
  3. 2013 ANNUAL REPORT – Maersk Oil – slide 3
    page 3 Group Financial Highlights 2013 Group Financial Highlights Reported profit of USD 3.8bn in 2013 (USD 2012 2013 4.0bn). Profit excluding one-offs increased by USD million 36% to USD 4.0bn (USD 2.9bn) 5,000 4,038 3,974…
  4. 2013 ANNUAL REPORT – Maersk Oil – slide 4
    page 4 Maersk Line results Q4 Q4 FY FY (USD million) 2013 2012 2013 2012 Highlights FY 2013 Revenue 6,450 6,522 26,196 27,117 Maersk Line delivered a profit of USD 1.5bn (USD EBITDA 763 715 3,313 2,179 461m). ROIC was 7.4%…
  5. 2013 ANNUAL REPORT – Maersk Oil – slide 5
    page 5 Maersk Line cost reductions Continued network optimisation FY 2013 Weekly long haul carrying capacity (000FFE/week) Indexed Network optimisation has reduced weekly carrying 120 capacity globally by 8% Y/Y and has…
  6. 2013 ANNUAL REPORT – Maersk Oil – slide 6
    page 6 Maersk Oil results (USD million) Q4 Q4 FY FY Highlights FY 2013 2013 2012 2013 2012 Maersk Oil delivered a profit of USD 1.0bn (USD 2.4bn incl. Revenue 2,492 2,504 9,142 10,154 one-off income of USD 1bn) and a ROIC of…
  7. 2013 ANNUAL REPORT – Maersk Oil – slide 7
    page 7 APM Terminals results Q4 Q4 FY FY Highlights FY 2013 (USD million) 2013 2012 2013 2012 Revenue 1,102 1,042 4,332 4,206 Profit rose to USD 770m (USD 701m) with an EBITDA 231 181 892 871 underlying profit of USD 708m (USD…
  8. 2013 ANNUAL REPORT – Maersk Oil – slide 8
    page 8 Maersk Drilling results Q4 Q4 FY FY (USD million) 2013 2012 2013 2012 Highlights FY 2013 Revenue 473 440 1,972 1,683 Profit increased by 52% to USD 528m (USD 347m), marking Maersk Drillings best annual result to date…
  9. 2013 ANNUAL REPORT – Maersk Oil – slide 9
    page 9 Services & Other Shipping results Underlying profit by activity FY 2013* Highlights FY 2013 USD million 2012 2013 Maersk Supply Service Reported profit of USD 235m (USD 132m), mainly attributable to higher utilisation and…
  10. 2013 ANNUAL REPORT – Maersk Oil – slide 10
    page 10 Executing on Group Strategy Performance Building world class businesses; management Five out of eight of our businesses achieved a ROIC above 10% in 2013 Six out of eight of our businesses top quartile performers in…
  11. 2013 ANNUAL REPORT – Maersk Oil – slide 11
    page page 11 11 Focus on performance Breakdown of ROIC by business Business Invested ROIC % ROIC % ROIC % capital Q4 2013* FY 2013 FY 2012 (USDm) Group 54,630 7.8% 8.2% 8.9% Maersk Line 20,046 6.2% 7.4% 2.3% Maersk Oil…
  12. 2013 ANNUAL REPORT – Maersk Oil – slide 12
    page 12 Financial Framework Well capitalised position Active portfolio management Net debt reduction of USD 2.9bn since 2012** Cash flow from divestments has been USD 6.9bn with divestment gains of USD 1.8bn pre-tax 2009 to 2013…
  13. 2013 ANNUAL REPORT – Maersk Oil – slide 13
    page 13 Consolidated Financial Information Income statement (USD million) Q4 2013 Q4 2012 Change FY 2013 FY 2012 Change Revenue 11,984 12,099 -1.0% 47,386 49,491 -4.3% EBITDA 2,647 2,879 -8.1% 11,372 11,797 -3.6% Depreciation, etc.…
  14. 2013 ANNUAL REPORT – Maersk Oil – slide 14
    page 14 Outlook for 2014 The Group expects a result significantly above the 2013 result Sensitivities for 2014 (USD 3.8bn) impacted by the sale of Dansk Supermarked Group. The underlying result is expected to be in line with the…
  15. 2013 ANNUAL REPORT – Maersk Oil – slide 15
    page 15 Priorities for execution in 2014 Maersk Line Keep EBIT-margin advantage to industry of above 5% Manage capacity effectively and maintain market share during the introduction of additional Triple-E vessels Maersk Oil…
  16. 2013 ANNUAL REPORT – Maersk Oil – slide 16
    page 16 Q&A - To ask a question please press * then 01
  17. 2013 ANNUAL REPORT – Maersk Oil – slide 17
    page 17 Appendix
  18. 2013 ANNUAL REPORT – Maersk Oil – slide 18
    page 18 Group Financial Highlights Q4 2013 Group financial highlights Reported profit of USD 936m in Q4 2013 (USD USD million Q4 2012 Q4 2013 964m). Profit excluding one-offs was USD 1,006m 1,500 (USD 1,029m) 964 936 1,029…
  19. 2013 ANNUAL REPORT – Maersk Oil – slide 19
    page 19 Consolidated Financial Information (DKK) Income statement (DKK million) Q4 2013 Q4 2012 Change FY 2013 FY 2012 Change Revenue 65,668 69,575 -5.6% 266,236 286,753 -7.2% EBITDA 14,460 16,554 -12.6% 63,893 68,352 -6.5%…
  20. 2013 ANNUAL REPORT – Maersk Oil – slide 20
    page 20 Group Business Drivers Q4-13 Q3-13 Q4-12 Change vs Change vs previous previous quarter year Transported container 2.2 2.3 2.0 -4% +10% volumes, FFE (million) Average container freight 2,662 2,654 2,846 +0.3% -6.4%…
  21. 2013 ANNUAL REPORT – Maersk Oil – slide 21
    page 21 Maersk Group Key facts Founded in 1904 Represented in over 130 countries, employing around 90,000 people Market capitalization of around USD 46bn end of 2013 Facilitating global containerised trade Maersk Line…
  22. 2013 ANNUAL REPORT – Maersk Oil – slide 22
    page 22 Strategy and targets Maersk Line Maersk Oil APM Terminals Maersk Drilling Services & other shipping* Self-funded 400,000 boepd USD 1bn NOPAT USD 1bn NOPAT USD 0.5bn NOPAT EBIT 5%-points peers ROIC at least 10% Global…
  23. 2013 ANNUAL REPORT – Maersk Oil – slide 23
    page 23 Development in invested capital Development in invested capital since Q2 2012 Invested capital Q4 2013 Maersk Line Maersk Oil APM Terminals 41% APM Terminals Maersk Drilling Maersk Drilling 35% Other Shipping & other…
  24. 2013 ANNUAL REPORT – Maersk Oil – slide 24
    page 24 Capital allocation Businesses Investment guidelines Maersk Line Invest up to own cash flow from operations when required to defend market position and preserve cost leadership Maersk Oil Continued investment program to…
  25. 2013 ANNUAL REPORT – Maersk Oil – slide 25
    page 25 Investment in growth Cash flow from operations and Capex Capital & growth commitments USDbn USDbn 12 10.8 14 1.2 11.9 9.6 12 4.2 10 9.1 8.9 7.7 10 8 6.7 7.0 6.3 8 6.5 6 5.1 3.9 6 4 4 2 2 0 0 2009 2010 2011 2012…
  26. 2013 ANNUAL REPORT – Maersk Oil – slide 26
    page 26 Cash flow supported by active portfolio management Cash flow from divestments has been USD 6.9bn with divestment gains of USD 1.8bn pre-tax from since 2009 USDbn 3.5 3.3 3.0 2.5 2.0 1.4 1.5 1.2 1.0 0.7 0.6 0.5 0.5…
  27. 2013 ANNUAL REPORT – Maersk Oil – slide 27
    page 27 The Groups financial guidelines Defined financial ratios in line with strong investment grade rating Key ratio guidelines: Equity / Total Assets 40% Equity / Adj. Total Assets* 30% Adj. FFO / Adj. Net Debt* 30% Adj.…
  28. 2013 ANNUAL REPORT – Maersk Oil – slide 28
    page 28 Funding in place with liquidity buffer of USD 14.8bn Loan maturity profile end 2013 Funding USD bn. BBB+/Baa1 credit ratings (both stable) 10 assigned by S&P/Moodys on 25 September 2013 8 Liquidity reserve of USD…
  29. 2013 ANNUAL REPORT – Maersk Oil – slide 29
    page 29 Shareholders A. P. Mller - Mrsk Share Development 65,000 Listed on NASDAQ OMX MAERSK-A (voting right) Copenhagen MAERSK-B (no voting right) 60,000 Market Capitalisation DKK 251bn end of 2013 55,000 50,000 No of shares…
  30. 2013 ANNUAL REPORT – Maersk Oil – slide 30
    page 30 Maersk Line Founded Revenue in 2013 (USDm) 1928 26,196 32,900 3,313 employees EBITDA in 2013 (USDm) Number of vessels/ fleet capacity (TEUm) Net Operating Profit After Tax in 2013 (USDm) 584 / 2.6 1,510 Note:…
  31. 2013 ANNUAL REPORT – Maersk Oil – slide 31
    page 31 Maersk Line results Q4 Q4 FY FY (USD million) 2013 2012 2013 2012 Highlights Q4 2013 versus Q4 2012 Revenue 6,450 6,522 26,196 27,117 Maersk Line delivered a profit of USD 313m (USD EBITDA 763 715 3,313 2,179 335m). ROIC…
  32. 2013 ANNUAL REPORT – Maersk Oil – slide 32
    page 32 Maersk Line break-even level for freight rate reduced Average freight rate, (USD/FFE) 3,100 Quarterly 3,014 3,022 Annual 3,000 2,908 2,892 2,900 2,846 2,860 2,800 2,770 2,662 2,654 2,700 2,671 2,646 2,618…
  33. 2013 ANNUAL REPORT – Maersk Oil – slide 33
    page 33 Maersk Line EBIT-margin gap to peers EBIT-margin, % EBIT-margin gap, %-points 25% 25% 20% 20% 15% 12.9% 15% 10.5% 7.0% 9.2% 10% 7.9% 7.9% 7.9% 10% 6.8% 6.8% 5.3% 5.4% 5.8% 5.8% 5.4% 5.4% 5.4% 3.2% 1.2% 4.0% 5%…
  34. 2013 ANNUAL REPORT – Maersk Oil – slide 34
    page 34 Vessel, bunker and terminal represent the largest components of our cost base Cost base, FY 2013 Administration Terminal 10% and other costs USD 24.7bn costs 26% FY 2013 cost base Bunker 21% 11% Inland 2,731…
  35. 2013 ANNUAL REPORT – Maersk Oil – slide 35
    page 35 Stability from diversity in contract duration and global footprint Revenue split, FY 2013 Volume split, FY 2013 Demurrage, 3+ month Intra detention 9% contracts 11% and other revenue 38% 25% 44% East-West…
  36. 2013 ANNUAL REPORT – Maersk Oil – slide 36
    page36 page 36 Maersk Oil Founded 1962 4,100 employees Operated production/ entitlement production 557,000 boepd 235,000 boepd Number of platforms/FPSOs* 77/3 *Floating Production, Storage and Offloading units…
  37. 2013 ANNUAL REPORT – Maersk Oil – slide 37
    page 37 Maersk Oils execution on strategy Strategic aspiration by 2020 Status December 2013 (communicated at CMD 2012) ROIC expected to remain above 10% ROIC was 16% in 2013 Creating value by investing in production Total…
  38. 2013 ANNUAL REPORT – Maersk Oil – slide 38
    page 38 Maersk Oils Key Projects (as of Q4 2013) 2013-2014 Sanctioned development projects Project (Country) First Production Working Interest Net Capex Plateau Production (USD Billion) (Entitlement, boepd) Al Shaheen FDP2012…
  39. 2013 ANNUAL REPORT – Maersk Oil – slide 39
    page 39 Progress on the road to 400,000 barrels per day (Q4 2013) - A maturing project portfolio EXPLORATION Resources PROJECT MATURATION PROCESS Reserves PRODUCTION Prospects in Initiate & the pipeline Discoveries Assess…
  40. 2013 ANNUAL REPORT – Maersk Oil – slide 40
    page 40 Maersk Oils share of Production and Exploration Costs Maersk Oils share of production (000 boepd) 500 424 429 387 377 400 333 321 300 257 235 240 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 2014e DK UK…
  41. 2013 ANNUAL REPORT – Maersk Oil – slide 41
    page 41 Maersk Oil Short-term perspectives Long-term perspectives Qatar: The Al Shaheen FDP2012 development Angola: Chissonga FDP submitted to authorities. plan; first of 51 wells drilled Cubal discovery included in Chissonga…
  42. 2013 ANNUAL REPORT – Maersk Oil – slide 42
    page 42 APM Terminals Founded Revenue in 2013 (USDm) 2001 4,332 20,300 892 employees EBITDA in 2013 (USDm) Number of terminals + new projects Net Operating Profit After Tax in 2013 (USDm) 65 + 7 770 Note: Figures…
  43. 2013 ANNUAL REPORT – Maersk Oil – slide 43
    page 43 APM Terminals execution on strategy Strategic aspiration by 2016 Status December 2013 (communicated at CMD 2012) Best port operator in the world ROIC remains 12% despite high investment level Recognized for operational…
  44. 2013 ANNUAL REPORT – Maersk Oil – slide 44
    page 44 Portfolio APM Terminals has seven new terminal projects: Maasvlakte II, Netherlands, end-2014 Izmir, Turkey, 2015 Lazaro Cardenas, Mexico, 2015 Ningbo, China, 2015 Moin, Costa Rica, end-2016 Vado, Italy, end-2016…
  45. 2013 ANNUAL REPORT – Maersk Oil – slide 45
    page 45 Port projects underway New terminal developments Existing terminal expansion Americas Region Americas Region Lzaro Crdenas, Mexico (TEC2) Buenos Aires, Argentina (Terminal 4) Moin, Costa Rica (Moin Container Terminal)…
  46. 2013 ANNUAL REPORT – Maersk Oil – slide 46
    page 46 APM Terminals financials including pro-rata share of joint ventures and associates Q4 2013 Q4 2012 Consolidated Share of Total including Consolidated Share of Total including (USD million) under current JVs & ass. JVs…
  47. 2013 ANNUAL REPORT – Maersk Oil – slide 47
    page 47 Maersk Drilling Founded Revenue in 2013 (USDm) 1972 1,972 4,000 863 employees EBITDA in 2013 (USDm) Rig fleet (existing and order book) Net Operating Profit After Tax in 2013 (USDm) 16+8 528 Note: Figures…
  48. 2013 ANNUAL REPORT – Maersk Oil – slide 48
    page page 48 48 Managing the newbuild programme Expected delivery schedule XL Enhanced I Keppel FELS XL Enhanced II Keppel FELS XL Enhanced III Keppel FELS XL Enhanced IV Daewoo Maersk Viking Samsung HI Maersk Valiant…
  49. 2013 ANNUAL REPORT – Maersk Oil – slide 49
    page 49 Full utilisation and strong operational uptime for Maersk Drillings rigs in 2013 Contracted days (left) and coverage % (right) Operational uptime* 1,500 100% 100% 96% 96% 97% 1,200 94% 80% 94% 92% 900 88% 60% 600…
  50. 2013 ANNUAL REPORT – Maersk Oil – slide 50
    page page 5050 High forward contract coverage reflecting solid demand for high end assets Maersk Drilling forward contract coverage 100% 94% 80% 60% 70% 53% 40% 20% 0% 2014 2015 2016 Maersk Deliverer Note:…
  51. 2013 ANNUAL REPORT – Maersk Oil – slide 51
    page 51 Henrik Lund Johan Mortensen Stephanie Fell Head of Investor Relations Senior Investor Relations Officer Investor Relations Officer henrik.lundmaersk.com johan.mortensenmaersk.com stephanie.fellmaersk.com Tel: +45 3363 3106…

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