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2012 GROUP ANNUAL REPORT – Maersk Oil

Maersk Oil · Feb 22, 2013 · 42 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. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 1
    22 February 2013 - Conference call 9.30 am CET Webcast available at www.maersk.com
  2. 2012 GROUP ANNUAL REPORT – 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. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 3
    Execution on Group strategy 2012 Profit was USD 4.0bn and ROIC was 8.8% Maersk Line reduced unit costs, improved surcharge collection and increased rates enabled through active capacity adjustments Maersk Oil continued to progress…
  4. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 4
    Group Financial Highlights 2012 Group Financial Highlights Group Financial Highlights USD million 2011 2012 4,500 4,038 Profit increased by 20% to USD 4.0bn (USD 3,377 3,500 3.4bn). Excluding gains, impairments and special 2,500…
  5. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 5
    Maersk Line Q4 Q4 FY FY Highlights 2012 (USD million) 2012 2011 2012 2011 Maersk Line turned profit-making as unit costs were reduced and Revenue 6,522 6,366 27,118 25,108 volume grew. Maersk Line restored market rate levels…
  6. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 6
    Maersk Line Recent Developments Maersk Line has announced a General Rate Increase (GRI) on reefer containers effective from 1 January 2013 The GRI on reefers has largely been accepted by the market. Maersk Line carried around…
  7. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 7
    Maersk Oil Q4 Q4 FY FY Highlights 2012 (USD million) 2012 2011 2012 2011 Revenue 2,504 3,021 10,154 12,616 Profit increased by 16% to USD 2.4bn but profit excluding extraordinary tax, gains and special items Exploration expenses 322…
  8. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 8
    APM Terminals Q4 Q4 FY FY Highlights 2012 (USD million) 2012 2011 2012 2011 Revenue 1,199 1,265 4,780 4,682 Profit increased by 12% to USD 723m. Excluding gains, restructuring and impairments the profit increased by 8% to EBITDA 240…
  9. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 9
    Maersk Drilling Q4 Q4 FY FY Highlights 2012 (USD million) 2012 2011 2012 2011 Revenue 486 506 1,889 1,878 Profit declined significantly to USD 359m (USD 488m) EBITDA 123 234 682 862 negatively affected by more than USD 125m related…
  10. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 10
    Opportunistic core Profit by activity* Profit from Opportunistic core units was negative USD 116m (USD 255m) due to poor market conditions affecting Maersk USD million 2011 2012 Tankers and Maersk Supply Service and impairments taken…
  11. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 11
    page 11 Strategic investments and other Profit by activity* Dansk Supermarked: USD million 2011 2012 A transformation of Danske Supermarket was initiated in 2012 including improved procurement and customer insight and reorganised…
  12. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 12
    Consolidated Financial Information Income statement (USD million) Q4 2012 Q4 2011 FY 2012 FY 2011 Revenue 14,743 14,973 59,036 60,230 EBITDA 3,114 3,067 12,581 14,661 Depreciation, etc. 1,359 1,449 5,346 5,396 Gain on sale of…
  13. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 13
    Investments and funding The Group made gross investments of USD 9.7bn in long-term growth whereof 90% were focused on the four core growth businesses Divestments of assets and activities for USD 3.4bn, with Maersk LNG and FPSO Maersk…
  14. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 14
    Outlook for 2013 The Group expects a result for 2013 below the 2012 result (USD 4.0bn). The operational result is expected to be in line with 2012 (USD 2.9bn) excluding impairment losses, divestment gains and gain from the tax…
  15. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 15
    Final Remarks The Group continues to prioritise investments in the four core growth businesses and the active portfolio management by cleaning our balance sheets of underperforming or non-core assets In addition to delivering a…
  16. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 16
  17. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 17
  18. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 18
    Consolidated Financial Information Income statement (DKK million) Q4 2012 Q4 2011 FY 2012 FY 2011 Revenue 84,794 82,497 342,058 322,520 EBITDA 17,910 17,017 72,897 78,506 Depreciation, etc. 7,815 7,954 30,973 28,889 Gain on sale of…
  19. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 19
    Group Business Drivers Q4-12 Q3-12 Q4-11 Change vs Change vs Comment previous quarter previous year to Q4 (vs Q4 2011) Transported container 2.0 2.1 2.2 -5% -10% AE: +3% IntraAsia: +19% volumes, mill FFE Africa: -4% NAm: +5% Lam:…
  20. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 20
    Return on Invested Capital Group ROIC annually 2005-2012 Breakdown of ROIC by business Business Invested ROIC % ROIC % capital 2012 2011 USDm A. P. Moller 54,982 8.8 8.3 Maersk Group Maersk Line 20,649 2.4 -3.1 Maersk Oil…
  21. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 21
    Development in dividend payout Historical dividend Dividend per share Dividend yield (RHS) Continue historical trend DKK % of increasing dividends per share supported by 1,400 3.5% underlying earnings growth 1,200 3.0% 1,000…
  22. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 22
    A.P. Mller - Mrsk A and B shares 2012 A. P. Mller - Mrsk Share development Listed on NasdaqOMXC, MAERSK-A (voting right) large cap MAERSK-B (no voting right) Market value USD 32bn end of 2012 No of shares 4,395,600 (even split between…
  23. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 23
    Maersk Line: From good to best Past Today Five years ahead 4th quartile performer 2nd quartile performer Top quartile performer 3% EBIT margin EBIT margin 5% above peers EBIT margin below peers advantage to peers Growing with…
  24. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 24
    Maersk Line EBIT margin gap to peers EBIT-margin, % EBIT-margin, pp 25% 25% 20% 20% 15% 12.8% 15% 10.4% 10% 7.3% 10% 4.8% 5.1% 5.6% 4.9% 5.4% 4.6% 3,6% 5% 2.9% 3.6% 2.8% 2.9% 5% 0.7% 1.1% 1.3% 0.8% 0% 0% -0.4% -5% -2.5% -5% -10%…
  25. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 25
    page 25 Global container market balance Global supply/demand growth The market balance in nominal terms suggests Procent Y/Y excess capacity also in 2013 20 15 14 13 13 14 The global order book declined to 3.4 million 9 9 10…
  26. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 26
    Maersk Oil: Unlocking potentials Past Today 2020 Producing 400,000 barrels Producing 257,000 boepd Producing 400,000 boepd of oil equivalent per day Top quartile returns Double digit returns (boepd) Exploration results in Building…
  27. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 27
    Maersk Oils Share of Production and Exploration Costs Maersk Oils share of production (000 boepd) 500 450 400 350 300 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e DK UK Qatar Algeria Other…
  28. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 28
    APM Terminals: Continuing profitable growth Past Today Five years ahead Below average performer Top quartile performer Best port operator in Closely linked to Independent company; the world Maersk Line 48% revenue from 3rd Strong…
  29. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 29
    APM Terminals strategic objectives & targets Strategic Objectives Mid Term Targets Top quartile return on capital, min 12% 2016 F Most Profitable ROIC 13.0% Top quartile growth Earn The Customer Emerging market focus Number of…
  30. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 30
    APM Terminals APM Terminals has six new terminal projects: Santos, Brazil, early 2013 Maasvlakte II, end-2014 Ningbo, China, end-2014 Lazaro Cardenas, Mexico, 2015 Moin, Costa Rica, end-2016 Vado, Italy end-2016 and further 15…
  31. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 31
    Maersk Drilling: Investing to reach relevant size Past Today Five years ahead Below average performer Progress towards top Top quartile performer Active in North Sea + other quartile performer 30 high-end rigs mainly Sub-scale but…
  32. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 32
    Building value across the Group Damco Profitable growth Maersk Supply Service Build on leadership position SVITZER Grow margins and invest in profitable contracts Maersk Tankers Protect value during cycle lows Dansk…
  33. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 33
    Capital is focused on our strategic growth business Invested capital 2012 Our portfolio strategy over the next five years Maersk Line Maersk Oil APM Terminals At least 75% of the invested capital Maersk Drilling Other within the four…
  34. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 34
    Strong cash generation through the cycle Cash flow from operations Cash flow of USD 57bn annually from stable businesses Maersk Line and Maersk Tankers contribute annually with cash flow of USD 04bn USD bn 18 16 14 12 10 2.3…
  35. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 35
    supported by active portfolio management Cash flow and gains from divestments Cash flow from divestments Divestment gains (pre-tax) Cash flow from divestments 3,500 of USD 10.4bn since 2007 with a pre-tax gain of USD 3,000 4.4bn…
  36. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 36
    Selected divestments past five years Loksa Rosti (injection-moulded plastic) 2009 and 2010 Maersk Peregrino (FPSO) 2012 Loksa Laevateehase (shipyard) 2009 Maersk Equipment Service Comp. MartinAir (50%) (Dutch Airline) 2008 (66,000…
  37. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 37
    Capital commitments for growth Track record for growth the cash flow used Capital commitments for capital expenditure has been USD 39bn accumulated for the past five years Four core growth All other The Group has capital commitments…
  38. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 38
    Funding in place with liquidity buffer of USD 13.6bn Loan profile for APMM Group end 2012 Funding Maintain a conservative capital structure and funding USD bn profile matching that of a strong investment grade 12 company over the…
  39. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 39
    Critical to the Groups success Performance management of Business Units Disciplined capital allocation Active portfolio management both at Group level and within Business Units Agile HQ utilising economies of scale Building our…
  40. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 40
    Impact from new Joint Venture accounting NOPAT Reported Restated in Changes are due to financial items (USD million) accordance with IFRS Change 2012 2012 and tax related to these, which are Revenue 59,036 58,774 -262 now stated in…
  41. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 41
    Impact from new Joint Venture accounting Revenue Restated in Revenue prior recognised based on Reported accordance with (USD million) 2012 IFRS Change percentage of ownership, will now be 2012 a part of the net result from the…
  42. 2012 GROUP ANNUAL REPORT – Maersk Oil – slide 42

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