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May 2018 Bond Investor Presentation – Maersk Oil

Maersk Oil · May 31, 2018 · 52 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. May 2018 Bond Investor Presentation – Maersk Oil – slide 1
    A.P. MLLER - MRSK A/S BOND INVESTOR PRESENTATION MAY 2018
  2. May 2018 Bond Investor Presentation – Maersk Oil – slide 2
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  3. May 2018 Bond Investor Presentation – Maersk Oil – slide 3
    A.P. Moller - Maersk at a glance Established 1904: 110+ years of financial strength. Headquartered in Copenhagen, Denmark. An integrated transport and logistics business. The worlds leading container shipping company for more than…
  4. May 2018 Bond Investor Presentation – Maersk Oil – slide 4
    5 The new APMM: an integrated transport & logistics company Focus on growth and synergies 1 Global container liner by Services around 60 shipping One of the leading 4PL The leading company in the Maersk Container Industry TEU…
  5. May 2018 Bond Investor Presentation – Maersk Oil – slide 5
    6 The new APMM: reporting segments re-organised Other business Manufacturing & Ocean Logistics & Services Terminals & Towage Unallocated Others Maersk Liner Ocean business Damco APM Terminals Gateways Maersk Container Industry…
  6. May 2018 Bond Investor Presentation – Maersk Oil – slide 6
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  7. May 2018 Bond Investor Presentation – Maersk Oil – slide 7
    8 Recap on 2017 Financials Financial highlights Cash flow USDm USDm 2016 2017 2016 2017 35,000 7,000 6,187 30,945 30,000 27,266 5,000 25,000 4,151 Hamburg Sd 3,000 2,596 20,000 2,073 1,264 15,000 1,000 2,036 10,000 -1,000…
  8. May 2018 Bond Investor Presentation – Maersk Oil – slide 8
    9 Financial highlights for Q1 2018 Revenue growth profit not satisfactory strong capital discipline Revenue increased 30% to USD 9.3bn (USD 7.1bn), excluding Hamburg Sd the increase amounted to 10%. The non-Ocean businesses all…
  9. May 2018 Bond Investor Presentation – Maersk Oil – slide 9
    10 Update on energy separation Maersk Oil transaction closed ongoing work on Maersk Drilling and Maersk Supply Service The discontinued operations reported a profit of USD 3.0bn (USD 377m) including an accounting gain of USD 2.6bn…
  10. May 2018 Bond Investor Presentation – Maersk Oil – slide 10
    11 Strategy and transformation update Moving forward in the transformation of APMM Transformation metrics Q1 2018 Q1 2017 FY 2017 Introducing a new financial reporting structure, including transformation metrics, with effect from Q1…
  11. May 2018 Bond Investor Presentation – Maersk Oil – slide 11
    12 Financial highlights for Q1 2018 Strong revenue growth pressure on margins Cash flow impacted by delivery of vessels USDm USDm Q1 2017 Q1 2018 10,000 9,253 1,000 Q1 2017 Q1 2018 445 433 8,000 7,101 0,500 6,000 0,000 4,000 -…
  12. May 2018 Bond Investor Presentation – Maersk Oil – slide 12
    13 Financial guidance for 2018 and long term targets Guidance for 2018 Sensitivity guidance A.P. Moller - Maersk reiterates its expectations for 2018 of an underlying profit above A.P. Moller - Maersks guidance for 2018 depends on…
  13. May 2018 Bond Investor Presentation – Maersk Oil – slide 13
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  14. May 2018 Bond Investor Presentation – Maersk Oil – slide 14
    15 Delivering on stated strategy TRANSPORT & LOGISTICS ENERGY In December 2016, we announced our vision: Maersk to become the global APMM has made progress in separating its energy-related businesses: integrator of container…
  15. May 2018 Bond Investor Presentation – Maersk Oil – slide 15
    16 The global integrator of container logistics Leveraging existing strong positions throughout the value chain Supplier Unique starting point to create a truly integrated transport & logistics company Increased terminal…
  16. May 2018 Bond Investor Presentation – Maersk Oil – slide 16
    17 Expected synergies Synergies from integration of transport and logistics businesses Synergies from Hamburg Sd USDm 400 350-400 300 USD 0.6bn USD 0.1bn 200 120 100 2019 target 2017 achievement 0 0 2017 2018 2019 59…
  17. May 2018 Bond Investor Presentation – Maersk Oil – slide 17
    18 Digitisation Our pipeline includes a broad selection of digital initiatives Improve customer Improve cost and Develop new revenue experience asset productivity sources my.maerskline.com Spotlanes Global Trade Digitisation…
  18. May 2018 Bond Investor Presentation – Maersk Oil – slide 18
    19 Executing on separation strategy Energy proceeds from completed transactions USDbn 10 1.2 8 1.2 3.7 6 5.0 4 6.2 2 2.5 0 Maersk Oil Maersk Oil Total S.A.* Maersk Tankers EV from completed transactions (Cash…
  19. May 2018 Bond Investor Presentation – Maersk Oil – slide 19
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  20. May 2018 Bond Investor Presentation – Maersk Oil – slide 20
    21 Container shipping market Freight rates have increased from historically low levels Nominal supply growth increasing in Q1 2018 Growth y/y, (%) Index China Containerized Freight Index 3.6% 10% 8.7% 8.5% 1400 7.9% 8% 7.3% 7.2% 1200…
  21. May 2018 Bond Investor Presentation – Maersk Oil – slide 21
    22 The liner industry is consolidating and the top 5 share is growing Consolidation wave is rolling again 8 top 20 players have disappeared 96 98 00 02 04 06 08 10 12 14 16 18 Wave 3 Wave 2 Wave 1 27% 31% 36% 43% 45% 64% 53%…
  22. May 2018 Bond Investor Presentation – Maersk Oil – slide 22
    23 Container terminal market Development in volumes Regional split of volumes 800 25% 2% 4% 600 15% 6% 8% Asia/Middle East 400 5% Europe N America 200 -5% 15% C+S America 0 -15% 65% Africa 2009 2010 2011 2012 2013 2014 2015 2016…
  23. May 2018 Bond Investor Presentation – Maersk Oil – slide 23
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  24. May 2018 Bond Investor Presentation – Maersk Oil – slide 24
    25 Ocean Highlights Q1 Revenue EBITDA (USD m) 492 The Ocean segment reported a revenue of USD 6.8bn (USD 5bn) or a growth of 38% driven by a combination of higher volumes and rates. Excluding Q1 2018 Q1 2017 484 Q1 2017 Q1 2018…
  25. May 2018 Bond Investor Presentation – Maersk Oil – slide 25
    26 Ocean Highlights Q1 High volume growth from Hamburg Sd Average freight rate (USD/FFE) Q1 2018 Q1 2017 Change, USD Change, % East-West 1,796 1,813 -17 -0.9 Ocean volumes increased 24% including Hamburg North-South 2,018 1,843 175…
  26. May 2018 Bond Investor Presentation – Maersk Oil – slide 26
    27 Ocean Highlights Q1 Increasing unit cost in Ocean Unit cost increased by 12% or 214 USD/FFE to 2,072 Q1 2018 Q1 2017 Change % FY 2017 USD/FFE. Other revenue, including hubs (USD m) 830 556 49.3 2,547 On a fixed bunker price, unit…
  27. May 2018 Bond Investor Presentation – Maersk Oil – slide 27
    28 Ocean Highlights Q1 Synergies from Hamburg Sd Strong start to the integration The integration is of Hamburg Sd of to a good start, USDm successfully protecting volume and contributing both to growth 500 350-400 in revenue and…
  28. May 2018 Bond Investor Presentation – Maersk Oil – slide 28
    29 Logistics & Services Highlights Q1 Revenue EBITDA (USD m) 23 Revenue in Logistics & Services grew by 6% to USD 1,455m (USD 1,378m) positively impacted by volume and revenue growth in supply chain management Q1 2018 Q1 2017…
  29. May 2018 Bond Investor Presentation – Maersk Oil – slide 29
    30 Logistics & Services Highlights Q1 EBITDA lower due to investments and rate of exchange Q1 2018 Q1 2017 Change % FY 2017 Gross profit (USD m) 263 253 4.0 1,039 Despite higher gross profit in the quarter EBITDA EBIT conversion…
  30. May 2018 Bond Investor Presentation – Maersk Oil – slide 30
    31 Terminals & Towage Highlights Q1 Revenue EBITDA (USD m) 196 Terminals & Towage reported a growth in revenue of Q1 2018 Q1 2017 139 11% with revenue from gateway terminals of USD Revenue increased by 11%, Q1 2017 Q1 2018…
  31. May 2018 Bond Investor Presentation – Maersk Oil – slide 31
    32 Terminals & Towage Highlights Q1 Growing above the market Equity weighted throughput moves increased by 9.3% Q1 2018 Q1 2017 Change % FY 2017 in Q1, mainly due to strong volumes in Latin America and Europe through the 2M partnership…
  32. May 2018 Bond Investor Presentation – Maersk Oil – slide 32
    33 Terminals & Towage Highlights Q1 Gateway terminals project progress Project Opening Details Investment Moin, 2019 33-year concession for the design, construction and USD 1.0bn Costa operation of new deep-water terminal. Rica 80…
  33. May 2018 Bond Investor Presentation – Maersk Oil – slide 33
    34 Manufacturing & Others Highlights Q1 Revenue EBITDA (USD m) 17 Maersk Container Industry reported a revenue of USD Q1 2018 Q1 2017 41 288m (USD 243), equal to a growth of 18% due to Revenue in MCI increased by 18% to Q1 2017 Q1…
  34. May 2018 Bond Investor Presentation – Maersk Oil – slide 34
    Agenda 1 Corporate overview 2 Financial highlights 3 Strategy update 4 Market overview 5 Business segments continuing operations 6 Funding
  35. May 2018 Bond Investor Presentation – Maersk Oil – slide 35
    36 A strong financial framework We are committed to remain investment grade rated Net interest-bearing debt (NIBD) decreased by USD 1.4bn in Q1 USDbn USDbn 20 125% 1.0 2.3 14.8 0.7 0.3 0.3 13.4 16 100% 15.3 14.0 14.9 12 13.4 75% 12.4…
  36. May 2018 Bond Investor Presentation – Maersk Oil – slide 36
    37 Deleveraging from Energy separation We are committed to remain investment grade rated USDbn 16 14 12 0.8 10 4.4 8 13.4 6 11.4 4 6.2 Total S.A. shares (current value) 2 0 NIBD Q1 2018 Maersk Oil proceeds Maersk…
  37. May 2018 Bond Investor Presentation – Maersk Oil – slide 37
    38 Flexible capex process Contractual capex commitments reduced by USD 0.7bn in Q11 Development in gross capital expenditure2 USDbn USDbn 6 4 3.7 3.5 3.7 5 3.1 3.0 3 4 3.2 Total 3 2 5.4 5.3 5.0 5.4 5.2 1.4 Terminals 4.9 1.2 2 4.1…
  38. May 2018 Bond Investor Presentation – Maersk Oil – slide 38
    39 Financial policy & funding strategy A.P. Moller - Maersks We are committed to remain investment grade rated. financial policy BBB (CreditWatch Negative) and Baa2 (Review, possible downgrade) ratings from S&P and Moodys.…
  39. May 2018 Bond Investor Presentation – Maersk Oil – slide 39
    40 Diversified debt portfolio Loan maturity profile Public debt capital markets1 USDbn USDbn 10 2 8 6 1 4 2 0 0 ROY 2018 2019 2020 2021 2022 2023 2024 2025 2026+ ROY 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Drawn Debt…
  40. May 2018 Bond Investor Presentation – Maersk Oil – slide 40
    41 Operating lease obligations end-2017 Operating lease payments Adjusted net debt USDbn USDbn 6 25 5 20 8.8 4 2.6 15 3 23.7 10 2 17.5 14,9 14.9 17.5 1 5 0 0 2018 2019 2020 2021 2022 After 2022 Gross debt Total interest- Net…
  41. May 2018 Bond Investor Presentation – Maersk Oil – slide 41
    42 Ownership & dividend policy Summary The Foundation The Family Foundation The shares are listed on NASDAQ Copenhagen and are divided into two classes: A.P. Mller og Hustru Chastine Mc-Kinney Mllers Fond til almene Formaal, A shares…
  42. May 2018 Bond Investor Presentation – Maersk Oil – slide 42
    43 Summary SUMMARY Focused on becoming an integrated transport and logistics company. Business portfolio Competitive advantages due to large scale and industry leadership in transportation. World leading in container shipping and…
  43. May 2018 Bond Investor Presentation – Maersk Oil – slide 43
    APPENDIX
  44. May 2018 Bond Investor Presentation – Maersk Oil – slide 44
    45 Ocean Capacity market share by trade No. 2 Pacific Atlantic Intra Europe Asia-Europe 10% No. 3 14% No. 3 18% 21% No. 1 No. 1 No. 2 Ocean activities in Maersk liner business Intra America Intra Asia No. 1 No. 1 No. 1 8% No.…
  45. May 2018 Bond Investor Presentation – Maersk Oil – slide 45
    46 Ocean Development in owned vs. chartered fleet, end of period Ocean vessel capacity development TEUm 5 500 450 442 430 Our fleet increased with the acquisition of Hamburg Sd in 2017. 4 391 400 Ocean segment aims to…
  46. May 2018 Bond Investor Presentation – Maersk Oil – slide 46
    47 Freight rates in the Ocean segment up 7.0% compared to Q1 2017 Freight rates Freight rates USD 000s/FFE Q1 2017 = 100 2.400 125 120 2.200 115 2.000 110 105 1.800 100 1.600 95 90 1.400 85 1.200 80 Q1 2017 Q2 2017 Q3 2017 Q4…
  47. May 2018 Bond Investor Presentation – Maersk Oil – slide 47
    48 Energy Maersk Drilling and Maersk Supply Service continue to operate Maersk Oil and Maersk Tankers divested separately pending divestment Leading global operator of high The leading high-end company in Mid sized independent E&P…
  48. May 2018 Bond Investor Presentation – Maersk Oil – slide 48
    49 Maersk Drilling Highlights Q1 Revenue EBITDA (USD m) Discontinued operations held for sale Maersk Drilling reported a net profit of USD 160m 166 (USD 48m) in Q1 2018, mainly due to no Q4 2017 Q4 2016 depreciations included after…
  49. May 2018 Bond Investor Presentation – Maersk Oil – slide 49
    50 Maersk Drilling Highlights Q1 Activity in the market increasing due to higher oil price USD million Q1 2018 Q1 2017 Change FY 2017 Maersk Drilling during the quarter contracted new backlog with a value of USD 17m and…
  50. May 2018 Bond Investor Presentation – Maersk Oil – slide 50
    51 Maersk Supply Service Highlights Q1 Revenue EBITDA (USD m) Discontinued operations held for sale 3 -5 Q4 2017 Q4 2016 Revenue increased by 25% Q1 2017 Q1 2018 Maersk Supply Service reported an EBITDA of USD compared to Q1…
  51. May 2018 Bond Investor Presentation – Maersk Oil – slide 51
    52 Summary financial information Income Statement (USD m) Q1 2018 Q1 2017 Change % FY 2017 Revenue 9,253 7,101 30% 30,945 EBITDA 669 638 5% 3,532 Depreciation, impairments etc. 768 635 21% 3,015 Gain on sale of non-current assets,…
  52. May 2018 Bond Investor Presentation – Maersk Oil – slide 52
    53 The Executive Board Acts as the daily management of the company Sren Skou CEO Joined Maersk in 1983 Claus V. Vincent Clerc Morten H. Sren Toft Hemmingsen Engelstoft Vice CEO Executive Vice Executive Vice Executive Vice…

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