Interim Report Q1 2015

in profitable growth. The Group delivered a profit of USD 1.6bn (USD 1.2bn) positively ... Maersk Oil expects a small positive underlying result for 2...

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A.P. Møller - Mærsk A/S

Interim Report Q1 2015

A.P. Moller - Maersk Group — Interim Report Q1 2015

CONTENTS

DIRECTORS’ REPORT — Maersk Group performance — Guidance for 2015 — Summary financial information — Invested capital and ROIC Businesses — Maersk Line — Maersk Oil — APM Terminals — Maersk Drilling — APM Shipping Services ­  Maersk Supply Service   Maersk Tankers  Damco   Svitzer — Statement of the Board of Directors and Management

Comparative figures Unless otherwise stated, all figures in parenthesis refer to the corresponding figures for the prior period. Forward-looking statements The interim report contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are outside A.P. Møller - Mærsk A/S’ control, may cause actual development and results to differ materially from expectations contained in the interim report.

PAGE 3-19

INTERIM FINANCIALS — Condensed income statement — Condensed statement of comprehensive income — Condensed balance sheet — Condensed cash flow statement — Condensed statement of changes in equity — Notes PAGE 20-33

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A.P. Moller - Maersk Group — Interim Report Q1 2015

MAERSK GROUP PERFORMANCE

All businesses in the Group are impacted by the current low oil price and low economic growth, and as a consequence all busi­ nesses are undergoing cost saving initiatives in order to adjust to the current environment. In this difficult environment, the Group has continued to deliver high returns and cash flows, and with a strong balance sheet, the Group continues to invest in profitable growth.

The Group’s revenue decreased by USD 1.2bn or 10%, predomi­ nantly due to lower oil price, and operating expenses decreased by USD 744m, mainly due to lower bunker prices. Tax decreased by USD 773m, primarily as a result of the lower oil price as well as a USD 170m deferred tax income as a consequence of the lowered tax rate on oil activities in the UK. The impact from the sharply appreciated USD was limited on the overall Group result due to the applied currency hedging policy as explained in the Annual Report.

The Group delivered a profit of USD 1.6bn (USD 1.2bn) positively impacted by an after tax gain from the sale of shares in Danske Bank A/S of USD 223m.

The Group’s cash flow from operating activities continued at a high level of USD 2.0bn (USD 1.9bn) and net cash flow used for capital expenditure decreased to USD 1.6bn (USD 1.8bn). Investments were predominantly related to newbuilding rigs and oil production fields.

The underlying profit increased by 18% to USD 1.3bn (USD 1.1bn) and the return on invested capital (ROIC) was 13.8% (10.0%). Maersk Line, Maersk Drilling and APM Shipping Services in­ creased their underlying profits, whereas the underlying profits were lower in Maersk Oil and APM Terminals.

Underlying result reconciliation USD million, Q1 Group

Result for the period Gain on sale of non- – continuing operations current assets, etc., net 2015 2014 2015 2014

Impairment losses, net1 2015 2014

Tax on adjustments 2015

Underlying result 2015

2014

1,572 1,207 275 23 -20 68 -2 -2 1,319

1,118

2014

Maersk Line

714

454

4

16

-

72

-

-

710 366

Maersk Oil

208

346

3

-

-

-

-2

-

207 346

APM Terminals

190

215

8

-2

7

-

-

1

175 216

Maersk Drilling

168

116

-

9

-27

-

-

-2

195 109

Maersk Supply Service

38

24

-2

-

-

-

-

-

40 24

Maersk Tankers

36

28

2

-

-

-4

-

-

34 32

Damco

-9

-10

2

-

-

-

-

-

-11 -10

Svitzer

29

33

1

1

-

-

-

-

28 32

1 Including the Group's share of impairments, net, recorded in joint ventures and associated companies.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

Net interest-bearing debt decreased to USD 7.6bn (USD 7.7bn at 31 December 2014) mainly due to the free cash flow of USD 307m (USD 26m) partly offset by share repurchases of USD 268m. Total equity was USD 36.9bn (USD 42.2bn at 31 December 2014), positively impacted by the profit of USD 1.6bn offset by the de­ clared ordinary dividend of USD 935m and the extraordinary dividend of USD 5.2bn. With an equity ratio of 53.5% (61.3% at 31 December 2014) and a liquidity reserve of USD 10.6bn (USD 11.6bn at 31 December 2014) the Group still has a strong financial position and is within its financial policy ratio targets. The sale of the Danske Bank shares was finalised in Q1 with 85% ordered by A.P. Møller Holding A/S and 7% by other share­ holders, at an offer price of DKK 177.27 per Danske Bank share. The Group’s retained 1.6% ownership in Danske Bank is classi­ fied as held for trading. The ordinary dividend of DKK 300 as well as the extraordinary cash dividend equal to DKK 1,671 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000 (in total equal to USD 6.1bn) de­ clared at the Annual General Meeting 30 March 2015 was paid on 7 April 2015. During Q1 2015 the Group acquired own shares at a total value of DKK 1.7bn (USD 0.3bn) as part of the DKK 5.6bn share buyback program. At the Annual General Meeting on 30 March 2015 the cancellation of 86,500 A-shares and 346,118 B-shares was approved and is expected to be completed in Q2.

MAERSK OIL  Maersk Oil and DUC partners continues to invest in the Danish North Sea.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

GUIDANCE FOR 2015 The Group expects an underlying result around USD 4.0bn (USD 4.1bn excluding Danske Bank). Gross cash flow used for capital expenditure is unchanged expected to be around USD 9bn in 2015 (USD 8.7bn), while cash flow from operating activities is expected to develop in line with the result.

Maersk Line continues to expect a higher underlying result than for 2014 (USD 2.2bn). Global demand for seaborne con­ tainer transportation is expected to increase by 3-5% and Maersk Line aims to grow with the market. Maersk Oil expects a small positive underlying result for 2015 (USD 1.0bn) as a consequence of cost savings as well as de­ ferred tax income in the UK at oil prices in the range 55-60 USD per barrel. Maersk Oil’s entitlement production is now expected to be above 265,000 boepd (251,000 boepd). The exploration ex­ penses are still expected to be around USD 0.7bn (USD 765m) for the year.

The Group’s guidance for 2015 is subject to considerable un­ certainty, not least due to developments in the global economy, the container freight rates and the oil price. The Group’s result depends on a number of factors. Based on the expected earnings level and all other things being equal, the sensitivities on calendar 2015 for four key value drivers are listed in the table below.

Factors Change Oil price for Maersk Oil Bunker price

APM Terminals now expects the underlying result to be ­below 2014 (USD 849m) due to weaker business in oil dependent markets.

Container freight rate Container freight volume

Effect on the Group’s underlying profit rest of year

+/- 10 USD/barrel

+/- USD 0.25bn

+/- 100 USD/tonne

-/+ USD 0.2bn

+/- 100 USD/FFE

+/- USD 0.8bn

+/- 100,000 FFE

+/- USD 0.1bn

Maersk Drilling’s expectation of a higher underlying result than in 2014 (USD 471m) due to more rigs in operation, high forward contract coverage as well as impact from the initiated profit optimisation program, is unchanged. APM Shipping Services continues to expect the underlying result for 2015 to be above the 2014 result (USD 185m).

Copenhagen, 13 May 2015 Contacts Group CEO Nils S. Andersen – tel. +45 3363 1912 Group CFO Trond Westlie – tel. +45 3363 3106 The Interim Report for Q2 is expected to be announced on 13 August 2015.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

SUMMARY FINANCIAL INFORMATION AMOUNTS IN USD MILLION

INCOME STATEMENT Revenue Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in joint ventures Share of profit/loss in associated companies Profit before financial items (EBIT) Financial items, net Profit before tax Tax Profit for the period – continuing operations Profit for the period – discontinued operations Profit for the period A.P. Møller - Mærsk A/S' share

Q1 Q1 Full year 2015 2014 2014 10,547 11,736 47,569 2,570

3,017

1,101 275 61 18 1,823 -71 1,752 180 1,572 - 1,572 1,539

937 23 31 103 2,237 -154 2,083 953 1,130 77 1,207 1,150

11,919 7,008 600 -6 412 5,917 -606 5,311 2,972 2,339 2,856 5,195 5,015

BALANCE SHEET Total assets Total equity Invested capital Net interest-bearing debt Investments in property, plant and equipment and intangible assets

69,001 36,948 44,580 7,630

76,525 42,415 53,558 9,309

68,844 42,225 49,927 7,698

1,989

2,138

9,368

CASH FLOW STATEMENT Cash flow from operating activities 1 Cash flow used for capital expenditure 1

1,950 1,874 8,761 -1,643 -1,848 -6,173

FINANCIAL RATIOS Return on invested capital after tax (ROIC), annualised Return on equity after tax, annualised Equity ratio

13.8% 15.9% 53.5%

10.0% 11.4% 55.4%

11.0% 12.3% 61.3%

STOCK MARKET RATIOS Earnings per share (EPS), USD Diluted earnings per share, USD Cash flow from operating activities per share, USD1 Share price (B share), end of period, DKK Share price (B share), end of period, USD Total market capitalisation, end of period, USD m

Q1 Q1 Full year 2015 2014 2014 72 72

53 53

230 230

91 86 401 14,540 13,000 12,370 2,094 2,401 2,021 44,297 51,474 42,848

GROUP BUSINESS DRIVERS Maersk Line Transported volumes (FFE in '000) Average freight rate (USD per FFE) Unit cost (USD per FFE incl. VSA income) Average bunker price (USD per tonne) Maersk Line fleet, owned Maersk Line fleet, chartered Fleet capacity (TEU in '000) Maersk Oil Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) APM Terminals Containers handled (measured in million TEU and weighted with ownership share) Number of terminals Maersk Drilling Operational uptime Contracted days Revenue backlog (USD bn)

2,207 2,493 2,449 358 273 335 2,929

2,243 2,628 2,612 581 268 296 2,657

9,442 2,630 2,584 562 274 336 2,946

304 54

256 108

251 99

9.1 64

9.4 65

38.3 64

97% 1,800 5.9

97% 1,440 7.4

97% 6,275 6.0

1 Figures for 2014 relate only to continuing operations. The interim consolidated financial statements on pages 20-33 have not been subject to audit or review. The interim consolidated financial statements are prepared in accordance with IAS 34. Discontinued operations comprise Dansk Supermarked Group.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

INVESTED CAPITAL AND ROIC Invested capital 31 March USD million

ROIC, annualised Q1 (USD)

2015

2014

2015

2014

44,580

53,558

13.8%

10.0%

19,839

20,161

14.3%

9.0%

MAERSK OIL

5,956

6,565

14.8%

21.2%

APM TERMINALS

5,821

6,150

12.9%

14.0%

MAERSK DRILLING

8,220

6,204

8.5%

8.1%

APM SHIPPING SERVICES

4,635

5,854

8.1%

5.2%

Maersk Supply Service

1,691

1,671

8.8%

5.7%

Maersk Tankers

1,582

2,266

9.0%

4.9%

Damco

296

469

-11.2%

-9.3%

Svitzer

1,066

1,448

11.0%

9.4%

A.P. MOLLER - MAERSK GROUP MAERSK LINE

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A.P. Moller - Maersk Group — Interim Report Q1 2015

Businesses

Maersk Line / Maersk Oil / APM Terminals / Maersk Drilling / APM Shipping Services / Maersk Supply Service  Maersk Tankers / Damco / Svitzer / Statement of the Board of Directors and Management

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A.P. Moller - Maersk Group — Interim Report Q1 2015

MAERSK LINE

Maersk Line continued the strong financial performance with a profit of USD 714m (USD 454m) and a ROIC of 14.3% (9.0%). The underlying profit was USD 710m (USD 366m). The im­ provement was driven by lower bunker prices and the appre­ ciation of the USD. Revenue of USD 6.3bn was 3.2% lower than Q1 2014, impacted by a volume decline of 1.6% to 2,207k FFE as well as by the average freight rate reducing 5.1% to 2,493 USD/FFE. Demand has weakened in particular in oil exporting countries and China. Recognised freight revenue was USD 5.6bn (USD 5.9bn) and other revenue USD 627m (USD 570m). The increase in other

revenue was primarily due to increased demurrage/detention income following congestion in the ports on the US West Coast. Global container demand is expected to have grown around 1% in Q1 2015 compared to Q1 2014. Maersk Line volumes de­ creased by 1.6% in Q1 2015 underlining challenging market con­ ditions and a less than satisfactory development in volumes and vessel utilisation. Maersk Line’s strategy remains to grow with the market and also to ensure satisfactory vessel utilisa­ tion. Especially affected were imports into Europe. The decline in EUR/USD has had a dampening effect on trade as buyers try to minimise the inflation impact from exchange rates. At the

USD MILLION Q1 MAERSK LINE HIGHLIGHTS 2015 2014

Revenue 6,254 6,463 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,202 862 Depreciation, amortisation and impairment losses, net 469 375 Gain on sale of non-current assets, etc., net 4 16 Share of profit/loss in associated companies -1 Profit/loss before financial items (EBIT) 736 503 Tax 22 49 Net operating profit/loss after tax (NOPAT) 714 454 Cash flow from operating activities 971 713 Cash flow used for capital expenditure -202 -368 Invested capital 19,839 20,161 ROIC, annualised 14.3% 9.0% Transported volumes (FFE in '000) 2,207 2,243 Average freight rate (USD per FFE) 2,493 2,628 Unit cost (USD per FFE incl. VSA income) 2,449 2,612 Average bunker price (USD per tonne) 358 581 Maersk Line fleet, owned 273 268 Maersk Line fleet, chartered 335 296 Fleet capacity (TEU in '000) 2,929 2,657

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A.P. Moller - Maersk Group — Interim Report Q1 2015

same time, carriers have added significant new capacity in the Asia-Europe trade which contributed to freight rates from Asia to Europe being historically low. The implementation of the new vessel sharing agreement (VSA) with Mediterranean Shipping Company (MSC) on the East-West network was completed by 4 April 2015. The phase-in of the 193 vessels was executed successfully and with only very few dis­ ruptions during Q1. Five Triple-E vessels on order with a total capacity of 90,000 TEU are expected to be delivered in Q2 2015. During Q1 seven 3,600 TEU ice-class container vessels were ordered for delivery in 2017 and deployment in the intra-European market in the Baltic and

North Sea. In line with the strategy to grow with the market, Maersk Line is planning further vessel investments in 2015. Industry overcapacity and profitability remains a concern, however, with an estimated EBIT-margin gap to the peer group of 9.3%-points in Q4 2014, Maersk Line is competitive and re­ mains above the ambition of sustaining a gap to peers above 5%-points. Unit cost decreased by 6.2% to 2,449 USD/FFE driven by the de­ creased bunker cost and the USD appreciation. The underlying unit cost improvement was higher at 7.4% as a net impairment reversal in Q1 2014 of USD 72m influenced the unit cost in Q1 2014 by 32 USD/FFE.

Bunker cost decreased 38.4% compared to Q1 2014 due to the bunker price decline. Bunker efficiency deteriorated by 1.8% to 974 kg/FFE (957 kg/FFE) as a result of lower utilisation. Cash flow from operating activities was USD 971m (USD 713m) and cash flow used for capital expenditure was USD 202m (USD 368m) leaving a free cash flow of USD 769m (USD 345m). By the end of Q1, the Maersk Line fleet consisted of 273 owned ves­ sels (1.7m TEU) and 335 chartered vessels (1.2m TEU) with a total capacity of 2.9m TEU. Two vessels were redelivered in Q1 2015. Maersk Line owns five and charters three multipurpose vessels. Maersk Line’s nominal fleet capacity decreased by 0.6% and the average vessel size decreased by 0.3% compared to Q4 2014. Compared to Q1 2014 the nominal fleet capacity has increased by 10.2%. Idle capacity at the end of Q1 2015 was 15,000 TEU (four vessels) versus 35,000 TEU (six vessels) at the end of Q1 2014. Maersk Line’s idle capacity corresponds to 5.4% of total idle capacity in the market. At the end of Q1 2015 the global container fleet stood at 18.8m TEU, an increase of 7.2% compared to a year ago. Deliveries tallied 440,000 TEU (55 vessels) during the first quarter of 2015. The corresponding numbers for scrapping were 57,000 TEU (31 vessels), while idling stood at 1.5% of the container fleet at the end of the quarter. New ordering amounted to 599,000 TEU (45 vessels) and the global order book continues to hover around 20% of the fleet.

  MAERSK LINE Munkebo Maersk, the first vessel on Maersk Line’s new East-West network in the port of Dalian in northeast China on 9 January 2015.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

MAERSK OIL

Maersk Oil made a profit of USD 208m (USD 346m) with an underlying profit of USD 207m (USD 346m). ROIC was 14.8% (21.2%). The result was negatively impacted by the lower oil price but positively impacted by increased production and a deferred tax income of USD 170m due to reduction of the UK tax rate. The entitlement production increased by 19% to 304,000 boepd (256,000 boepd) at a 50% lower average oil price of USD 54 per barrel. The increased production was partly a result of a higher share of production from Qatar due to the lower oil price, as well as improved operational performance and production from new projects. As a response to the lower oil price, Maersk Oil initiated a number of activities to improve profitability and evaluate the current asset portfolio. Costs are being reviewed across

all categories, both internal and from subcontractors. Since the programme was initiated, manpower positions (for em­ ployees and core contractors) have been reduced by 200 with a further reduction of 200 positions recently initiated. Oper­ ating costs excluding exploration were 9% (USD 65m) lower than the same quarter last year and in line with the targeted reduction of 20% (USD 560m) in net operating costs exclud­ ing exploration by the end of 2016. In addition, the ongoing review of the production portfolio focusing on simplification and continuous efficiency improvement continues to deliver encouraging results for relatively small incremental invest­ ments. Exploration costs were USD 162m (USD 173m) with the com­ pletion of three (three) exploration/appraisal wells. Maersk Oil

USD MILLION Q1 MAERSK OIL HIGHLIGHTS 2015 2014

Revenue 1,433 2,448 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 590 1,539 Depreciation, amortisation and impairment losses, net 311 319 Gain on sale of non-current assets, etc., net 3 Share of profit/loss in associated companies - -3 Profit/loss before financial items (EBIT) 282 1,217 Tax 74 871 Net operating profit after tax (NOPAT) 208 346 Cash flow from operating activities 105 734 Cash flow used for capital expenditure -494 -479 Invested capital 5,956 6,565 ROIC, annualised 14.8% 21.2% Exploration costs 162 173 Average share of oil and gas production (thousand barrels of oil equivalent per day) 304 256 Average crude oil price (Brent) (USD per barrel) 54 108

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A.P. Moller - Maersk Group — Interim Report Q1 2015

continues to evaluate the costs and benefits of exploration ac­ tivities given the oil price expectations. The decrease in tax of USD 797m was due to lower current tax (USD 562m reduction) mainly related to Denmark, Qatar and Algeria because of the lower average oil price in Q1 2015, and due to the change in tax percentage in the UK. Cash flow from operating activities was USD 105m (USD 734m); lower than last year mainly due to the lower oil price. Cash flow used for capital expenditure was USD 494m (USD 479m). RESERVES AND RESOURCES The yearly update of Maersk Oil’s reserves and resources as per end of 2014 showed entitlement reserves and resources (2P+2C) of 1,311m barrels of oil equivalent (1,473m boe) includ­ ing proved and probable (2P) reserves of 510m barrels of oil

Entitlement share of production Thousand barrels of oil equivalents per day (boepd)

  Q1 2014

160

  Q1 2015

138

equivalent (599m boe). In 2014, the 92m boe of entitlement pro­ duction (86m boe) was offset only by a minor net reserves ad­ dition (2P) of 3m boe, as no major development projects were sanctioned during the year. However, reserves additions are very irregular by nature and significant additions from major projects being sanctioned by the authorities are expected in 2015. PRODUCTION Both Golden Eagle in the UK and Jack in the US Gulf of Mexico came on stream in Q4 2014 and contributed to the entitlement production in Q1 2015. The Tyra South East field in the Danish North Sea commenced production; however, late in Q1 2015 and therefore not yet with significant impact on the declining production from the mature Danish fields. An increase in the overall entitlement share of the production originates from higher production particularly in the UK as well as increased entitlement production from Qatar where the low oil price led to more cost-recovery-barrels. DEVELOPMENT The development project at the Al Shaheen field offshore Qatar is progressing as planned. Maersk Oil Qatar is now more than half way through the drilling programme planned to reach a total of 50 wells.

In Angola, the Chissonga project is challenged due to the low oil price and negotiations with authorities, partners and contrac­ tors are ongoing. The high-pressure, high-temperature Culzean gas field offshore the UK is progressing well towards expected sanction mid-2015 and production start-up in 2019. A development plan at a cost level of USD 1.8bn (Maersk Oil’s preliminary 8.12% share) for Phase 1 of the Johan Sverdrup project offshore Norway was submitted to the authorities in February 2015. Project sanction is expected mid-2015. EXPLORATION In Q1 2015, three (three) exploration/appraisal wells were completed in UK and Norway. The wells included the UK Drumtochty discovery and commerciality of the well is being assessed. The remaining two wells were the dry Norwegian Kopervik well, and the Tvillingen South well also in Norway which did not reach target depth and is planned for re-drilling at a later drilling-slot. In Iraqi Kurdistan, Maersk Oil has inter­ ests in the Sarsang licence, where the operator in April 2015 has declared the Swara Tika East exploration well a discovery and commercial development is being assessed.

140 120

102

100

Maersk Oil’s reserves and resources

73

80

61

60



57

42 32

40

Proved reserves (1P) Probable reserves (2P¡)1 Contingent resources (2C)

37

Reserves and resources (2P2+2C)

20

4 6

0 Qatar

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UK

Denmark

Algeria Kazakhstan

0 3

3 2

US

Brazil

End 2014

End 2013

327 183 801

392 207 874

1,311

1,473

Reserves and resources in million boe – barrels of oil equivalent. 1 Incremental volume. 2 Proved and probable reserves.

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APM TERMINALS

APM Terminals delivered a profit of USD 190m (USD 215m) and a ROIC of 12.9% (14.0%). The underlying profit was USD 175m (USD 216m). The result was negatively impacted by significant decreases in key oil dependent markets. Revenue increased by 4%, as a result of an increase in pass-through construction rev­ enue. Excluding this, the revenue decreased by 3% compared to last year, primarily due to the weakening of local currencies against the USD resulting in lower revenue in USD terms, as well as the low oil price negatively impacting revenues of some key terminals in oil dependent markets. The number of containers handled by APM Terminals (weighted with APM Terminals’ ownership interest) decreased by 2.6% compared to 2014, reaching 9.1m TEU (9.4m TEU). This decrease

was mainly due to the divestment of APM Terminals Virginia, Portsmouth, USA and Terminal Porte Océane S.A. Le Havre, France during Q3 2014, which negatively impacted volumes by 3.4%. This was further impacted by lower volumes in key oil dependent markets due to the impact of low oil prices on local economic conditions. Partially offsetting this was the volume ramp up in Maasvlakte II, Rotterdam, The Netherlands, and Brasil Terminal Portuario SA, Santos, Brazil. Like-for-like volumes increased by 0.4% in Q1 2015 compared to same period last year vs. an overall market growth of approx­ imately 4% as estimated by Drewry. APM Terminals grew less than the market in large part due to lower volumes in key oil dependent markets.

USD MILLION Q1 APM TERMINALS HIGHLIGHTS 2015 2014

Revenue 1,136 1,092 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 220 265 Depreciation, amortisation and impairment losses, net 70 72 Gain on sale of non-current assets, etc., net 8 -2 Share of profit/loss in joint ventures 39 19 Share of profit/loss in associated companies 20 20 Profit/loss before financial items (EBIT) 217 230 Tax 27 15 Net operating profit after tax (NOPAT) 190 215 Cash flow from operating activities 271 305 Cash flow used for capital expenditure -222 -120 Invested capital 5,821 6,150 ROIC, annualised 12.9% 14.0% Containers handled (measured in million TEU and weighted with ownership share) 9.1 9.4 Number of terminals 64 65

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A.P. Moller - Maersk Group — Interim Report Q1 2015

The EBITDA-margin decreased by 4.9%, due mainly to the reduced performance in terminals impacted by the reduced oil price. Excluding pass-through construction costs of USD 114m (USD 38m), operating expenses of USD 802m were in line with last year (USD 789m). APM Terminals has identified a number of initiatives to drive margin improvements through increasing operational efficiency, growing volumes and diversifying the revenue base by focusing on the value proposition towards the cargo owners. These initiatives resulted in additional profit of around USD 58m in Q1. The share of profit from joint venture companies increased to a profit of USD 39m (USD 19m) positively impacted by Brasil Terminal Portuario SA, Santos, Brazil (USD 8m) due to volumes ramping up. The increase in the effective tax rate to 12.7% (6.1%) reflects the expiration of certain tax incentives since Q1 2014. Cash flow from operating activities of USD 271m (USD 305m) developed in line with the operational results. Cash flow used for capital expenditure increased by USD 102m, due mainly to investment activities in new projects; APM Terminals Lazaro Cardenas, Mexico and APM Terminals Moin, Costa Rica.

APM TERMINALS  A remote operator at work at APM Terminals Maasvlakte II, Rotterdam.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

MAERSK DRILLING

Maersk Drilling delivered a profit of USD 168m (USD 116m) generating a ROIC of 8.5% (8.1%), positively impacted by fleet growth, but partly offset by two rigs off contract. The underly­ ing profit was USD 195m (USD 109m). Due to the market down­ turn, Maersk Drilling initiated a cost reduction and efficiency enhancement programme in Q4 2014. The utilisation of the fleet for Q1 2015 was 88% (88%) adversely impacted by two rigs being idle, and benefitting from no yard stay/upgrade projects in the quarter and a high operational performance across the rig fleet. The average uptime was 99% (96%) for the jack-up rigs and 94% (98%) for the floating rigs.

At the end of Q1 2015, Maersk Drillings’ forward contract cover­ age was 86% for the remaining part of 2015, 61% for 2016 and 32% for 2017. The total revenue backlog by the end of Q1 2015 amounted to USD 5.9bn (USD 7.4bn). Operating costs decreased due to the divestment of the Venezuela business in Q3 2014 partly offset by higher costs from newbuilds that started operation during the last four quarters. Furthermore, the initiated cost reductions and effi­ ciency enhancement programmes delivered a 5% savings on the operating cost level in Q1 compared to Q1 2014.

USD MILLION Q1 MAERSK DRILLING HIGHLIGHTS 2015 2014

Revenue 630 477 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 343 176 Depreciation, amortisation and impairment losses, net 141 59 Gain on sale of non-current assets, etc., net - 9 Share of profit/loss in joint ventures 13 3 Profit/loss before financial items (EBIT) 215 129 Tax 47 13 Net operating profit after tax (NOPAT) 168 116 Cash flow from operating activities 280 79 Cash flow used for capital expenditure -686 -852 Invested capital 8,220 6,204 ROIC, annualised 8.5% 8.1% Operational uptime 97% 97% Contracted days 1,800 1,440 Revenue backlog (USD bn) 5.9 7.4

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A.P. Moller - Maersk Group — Interim Report Q1 2015

Maersk Drilling took delivery of one ultra-harsh environment jack-up rig and one ultra deepwater drillship in Q1, both proceed­ ing directly to fixed long term contracts. Maersk Drilling has one ultra-harsh environment jack-up rig under construction scheduled to be delivered in 2016, also proceeding directly to a firm long term contract.

The increased cash flow from operating activities of USD 280m (USD 79m) was mainly related to five additional rigs in opera­ tion and no yard stay/upgrade projects in Q1. Cash flow used for capital expenditures declined to USD 686m (USD 852m) over last year mainly due to fewer instalments paid for the newbuild projects.

CONTRACTS SIGNED IN Q1 2015 Maersk Drilling was awarded a long term contract for the new drillship Maersk Voyager offshore Ghana. The firm contract pe­ riod is 3.5 years with an option to extend by one year. The total estimated revenue from the contract is USD 545m including mobilisation and escalations.

Contract coverage per segment MAERSK DRILLING Maersk Drilling has secured a 3.5 year contract for Maersk Voyager offshore Ghana.

Segment

2015 ROY

2016

Ultra-harsh environment jack-up rigs (Norway) Premium jack-up rigs Ultra deepwater and midwater rigs

92% 80% 83%

74% 46% 61%

Total

86% 61%

Revenue backlog, end Q1 2015 USD bn

2.5

2.0

1.5

~1.8

~1.8

~1.3

1.0 ~1.0 0.5 0.0 2015

 Contents

2016

2017

2018+

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A.P. Moller - Maersk Group — Interim Report Q1 2015

APM SHIPPING SERVICES APM Shipping Services made a profit of USD 94m (USD 75m) and a ROIC of 8.1% (5.2%). The underlying profit was USD 91m (USD 78m).

USD MILLION Q1 APM SHIPPING SERVICES HIGHLIGHTS 2015 2014

Revenue 1,319 1,479 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 198 180 Depreciation, amortisation and impairment losses, net 97 101 Gain on sale of non-current assets, etc., net 3 1 Share of profit/loss in joint ventures 6 7 Profit/loss before financial items (EBIT) 110 87 Tax 16 12 Net operating profit after tax (NOPAT) 94 75 Cash flow from operating activities 160 101 Cash flow used for capital expenditure -95 -55 Invested capital 4,635 5,854 ROIC, annualised 8.1% 5.2%

Q1 HIGHLIGHTS

USD MILLION MAERSK SUPPLY SERVICE MAERSK TANKERS DAMCO SVITZER 2015 2014 2015 2014 2015 2014 2015 2014

Revenue 183 175 276 338 683 749 178 217 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 79 62 68 65 1 1 50 53 Depreciation, amortisation and impairment losses, net 35 35 34 37 7 9 21 20 Gain on sale of non-current assets, etc., net -2 - 2 - 2 - 1 1 Share of profit/loss in joint ventures - 1 - - 1 2 5 4 Profit/loss before financial items (EBIT) 42 28 36 28 -3 -6 35 38 Tax 4 4 - - 6 4 6 5 Net operating profit after tax (NOPAT) 38 24 36 28 -9 -10 29 33 Cash flow from operating activities 38 78 76 37 12 -62 34 48 Cash flow used for capital expenditure -17 -34 -34 61 1 -5 -45 -77 Invested capital 1,691 1,671 1,582 2,266 296 469 1,066 1,448 ROIC, annualised 8.8% 5.7% 9.0% 4.9% -11.2% -9.3% 11.0% 9.4%

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A.P. Moller - Maersk Group — Interim Report Q1 2015

Maersk Supply Service reported an improved profit of USD 38m (USD 24m) and a ROIC of 8.8% (5.7%). The underlying profit was USD 40m (USD 24m). The increased profit for Q1 2015 was driven by higher turnover as utilisation improved, although at slightly lower day rates, and operational costs decreased to USD 104m (USD 113m) mainly driven by lower repair and maintenance costs and crew costs. One vessel was sold during the quarter. As a consequence of the low oil price, Maersk Supply Service has initiated end-to-end reviews of earnings potentials and cost drivers to accommodate the changed market conditions. Maersk Supply Service entered the year with good contract coverage in its core markets and coverage for the remainder of 2015 is 46% and 28% for 2016 excluding options. Cash flow used for capital expenditure decreased to USD 17m (USD 34m). Cash flow from operations decreased to USD 38m (USD 78m) mainly as a result of working capital movements. Maersk Tankers made a profit of USD 36m (USD 28m) and a ROIC of 9.0% (4.9%). The underlying profit was USD 34m (USD 32m). The result was positively impacted by cost saving initiatives and improved rates across all the product segments due to increased demand in the market for transportation of refined oil products.

tion in net working capital, offset by the lower activity from the reduced fleet. Cash flow from capital expenditures was negative USD 34m (positive USD 61m) due to the acquisition of two product vessels, offset by the delivery of one VLCC, while Q1 2014 was positively impacted by the divestment of the VLCC segment. One VLCC has been delivered to its new owner in Q1 2015 and one vessel was delivered in April. The VLCC fleet hereafter consists of two chartered vessels expiring in 2016. Damco made a loss of USD 9m (loss of USD 10m) and a ROIC of negative 11.2% (negative 9.3%). Revenue was USD 683m (USD 749m) down 9% year-on-year, hereof approximately 8% caused by rate of exchange move­ ments. Volumes grew by 6% in the supply chain management product whereas the controlled ocean freight volumes declined by 2% and airfreight volumes fell 19%. The drop in airfreight volumes was mainly due to project shipments in prior year which was not repeated in 2015. Restoring growth in the ocean and airfreight segments is a key focus area to improve overall Damco profitability. Margins in all three segments were under pressure through Q1.

Cost was USD 128m (USD 164m), with decrease seen primarily from cost saving initiatives and lower salvage activity. The appreciated USD had an overall negative impact of USD 4m on the result. Cash flow from operating activities decreased to USD 34m (USD 48m) driven by lower operating result in harbour towage and salvage activities. Cash flow from investing activities de­ creased to USD 45m (USD 77m) due to an acquisition in Q1 2014.

Focus in 2015 will remain on driving commercial competi­ tiveness and to capture targeted productivity improvements through a number of ongoing select initiatives. Cash flow from operating activities was USD 12m (negative USD 62m) due to working capital improvements.

The reduction in revenue was mainly due to the divestment of the VLCC segment, offset by improved rates in the product segments.

Svitzer made a profit of USD 29m (USD 33m) and a ROIC of 11.0% (9.4%). The underlying profit was USD 28m (USD 32m).

Cash flow from operating activities was USD 76m (USD 37m), positively impacted by improved operating margin and reduc­

Revenue decreased by USD 39m vs Q1 2014 as a result of the ap­ preciated USD and lower revenue in salvage. Svitzer improved

 Contents

its operating margins in harbour towage compared to same period last year through pricing and cost saving initiatives, de­ spite facing industry overcapacity in Europe and Australia, and a slowdown in some of the bulk trades.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

STATEMENT OF THE BOARD OF DIRECTORS AND MANAGEMENT The Board of Directors and the Management have today dis­ cussed and approved the interim report of A.P. Møller - Mærsk A/S for the period 1 January to 31 March 2015. The interim financial statements of the A.P. Moller - Maersk Group have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and Danish disclosure require­ ments for listed companies. In our opinion the interim financial statements (page 20-33) give a true and fair view of the Group’s assets, liabilities and financial position at 31 March 2015 and of the result of the Group’s operations and cash flows for the period 1 January to 31 March 2015. Furthermore, in our opinion the Directors’ report (pages 3-18) includes a fair review of the development in the Group’s operations and financial conditions, the result for the period, cash flows and financial position as well as the most significant risks and uncer­tainty factors that the Group faces.

Copenhagen, 13 May 2015

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A.P. Moller - Maersk Group — Interim Report Q1 2015

Financials (In parenthesis the corresponding figures for 2014)

Interim consolidated financial statements Q1 2015 Condensed income statement / Condensed statement of comprehensive income / Condensed balance sheet at 31 December Condensed cash flow statement / Condensed statement of changes in equity / Notes to the consolidated financial statements

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A.P. Moller - Maersk Group — Interim Report Q1 2015

CONDENSED INCOME STATEMENT

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

AMOUNTS IN USD MILLION

AMOUNTS IN USD MILLION

Note

Q1 Q1 Full year 2015 2014 2014

1 Revenue 10,547 11,736 47,569 Profit before depreciation, amortisation and impairment losses, etc. 2,570 3,017 11,919 Depreciation, amortisation and impairment losses, net 1,101 937 7,008 Gain on sale of non-current assets, etc., net 275 23 600 Share of profit/loss in joint ventures 61 31 -6 Share of profit/loss in associated companies 18 103 412 Profit before financial items 1,823 2,237 5,917 Financial items, net -71 -154 -606 Profit before tax 1,752 2,083 5,311 Tax 180 953 2,972 Profit for the period – continuing operations 1,572 1,130 2,339 Profit for the period – discontinued operations - 77 2,856 1 Profit for the period 1,572 1,207 5,195 OF WHICH: Non-controlling interests 33 57 180 A.P. Møller - Mærsk A/S' share 1,539 1,150 5,015 Earnings per share of continuing operations, USD 72 50 100 Diluted earnings per share of continuing operations, USD 72 50 100 Earnings per share, USD 72 53 230 Diluted earnings per share, USD 72 53 230

 Contents

 Notes / Financials



Q1 Q1 Full year 2015 2014 2014

Profit for the period 1,572 1,207 ITEMS THAT ARE OR MAY BE RECLASSIFIED SUBSEQUENTLY TO THE INCOME STATEMENT Translation from functional currency to presentation currency -255 -86 Other equity investments -112 4 Cash flow hedges -141 -79 Tax on other comprehensive income 14 5 Share of other comprehensive income of joint ventures, net of tax -3 - Share of other comprehensive income of associated companies, net of tax - -7 Total items that are or may be reclassified subsequently to the income statement -497 -163 ITEMS THAT WILL NOT BE RECLASSIFIED TO THE INCOME STATEMENT Actuarial gains/losses on defined benefit plans, etc. 1 - Tax on actuarial gains/losses on defined benefit plans, etc. - - Total items that will not be reclassified to the income statement 1 - Other comprehensive income, net of tax -496 -163 Total comprehensive income for the period 1,076 1,044 OF WHICH: Non-controlling interests 16 57 A.P. Møller - Mærsk A/S' share 1,060 987

5,195

-1,200 -121 -288 17 -24 9 -1,607

-21 12 -9 -1,616 3,579

134 3,445

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A.P. Moller - Maersk Group — Interim Report Q1 2015

CONDENSED BALANCE SHEET, TOTAL ASSETS

CONDENSED BALANCE SHEET, TOTAL EQUITY AND LIABILITIES

AMOUNTS IN USD MILLION

AMOUNTS IN USD MILLION

31 March 31 December Note 2015 2014 2014

31 March 31 December Note 2015 2014 2014

Intangible assets 2,852 4,818 Property, plant and equipment 45,109 42,400 Financial non-current assets 4,414 9,587 Deferred tax 523 538 Total non-current assets 52,898 57,343 Inventories 1,034 1,298 2 Receivables, etc. 11,036 6,896 Securities 795 335 Cash and bank balances 3,078 4,654 2 Assets held for sale 160 5,999 Total current assets 16,103 19,182 1 Total assets 69,001 76,525

Equity attributable to A.P. Møller - Mærsk A/S 36,249 39,698 Non-controlling interests 699 2,717 Total equity 36,948 42,415 Borrowings, non-current 10,369 11,696 Other non-current liabilities 6,057 5,872 Total non-current liabilities 16,426 17,568 Borrowings, current 1,336 3,164 5 Other current liabilities 14,284 9,742 2 Liabilities associated with assets held for sale 7 3,636 Total current liabilities 15,627 16,542 1 Total liabilities 32,053 34,110 Total equity and liabilities 69,001 76,525

 Contents

 Notes / Financials

2,818 44,671 4,594 536 52,619 1,139 5,911 379 3,507 5,289 16,225 68,844

41,542 683 42,225 10,913 6,104 17,017 1,412 8,178 12 9,602 26,619 68,844

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A.P. Moller - Maersk Group — Interim Report Q1 2015

CONDENSED CASH FLOW STATEMENT AMOUNTS IN USD MILLION



Q1 Q1 Full year 2015 2014 2014

Profit before financial items 1,823 Non-cash items, etc. 804 Change in working capital -318 Cash from operating activities before financial items and tax 2,309 Financial payments, net 85 Taxes paid -444 Cash flow from operating activities 1,950 Purchase of intangible assets and property, plant and equipment -1,985 Sale of intangible assets and property, plant and equipment 138 Acquisition/sale of subsidiaries and activities, etc., net 204 Cash flow used for capital expenditure -1,643 Purchase/sale of securities, trading portfolio 6 Cash flow used for investing activities -1,637 Repayment of/proceeds from loans, net -207 Purchase of own shares -268 Dividends distributed - Dividends distributed to non-controlling interests - Other equity transactions 21 Cash flow from financing activities -454 Net cash flow from continuing operations -141 Net cash flow from discontinued operations - Net cash flow for the period -141 Cash and bank balances 1 January 3,406 Currency translation effect on cash and bank balances -261 Cash and bank balances, end of period 3,004 Of which classified as assets held for sale -1 Cash and cash equivalents, end of period 3,003

 Contents

 Notes / Financials

2,237 779 -345 2,671 -29 -768 1,874 -2,113 207 58 -1,848 -23 -1,871 -1,385 - - -99 82 -1,402 -1,399 2,201 802 3,358 75 4,235 -106 4,129

5,917 6,026 260 12,203 -153 -3,289 8,761 -8,639 1,515 951 -6,173 -90 -6,263 -2,888 -641 -1,131 -148 122 -4,686 -2,188 2,509 321 3,358 -273 3,406 -1 3,405



Q1 Q1 Full year 2015 2014 2014

Cash and cash equivalents Cash and bank balances 3,078 4,654 3,507 Overdrafts 75 525 102 Cash and cash equivalents, end of period 3,003 4,129 3,405 Cash and bank balances include USD 1.0bn (USD 1.0bn at 31 December 2014) that relates to cash and bank balances in countries with exchange control or other restrictions. These funds are not readily available for general use by the parent company or other subsidiaries.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

CONDENSED STATEMENT OF CHANGES IN EQUITY AMOUNTS IN USD MILLION

2015

A.P. Møller - Mærsk A/S

Share capital Translation Reserve for Reserve for Retained Total Non- Total equity reserve other equity hedges earnings controlling investments interests Equity 1 January 2015 3,985 -7 -106 -294 37,964 41,542 683 Translation from functional currency to presentation currency - -237 - - - -237 -18 Other equity investments - - -112 - - -112 - Cash flow hedges - - - -142 - -142 1 Share of other comprehensive income of joint ventures, net of tax - - - - -3 -3 - Acturial gains/losses on defined benefit plans, etc. - - - - 1 1 - Tax on other comprehensive income - - - 14 - 14 - Other comprehensive income, net of tax - -237 -112 -128 -2 -479 -17 Profit for the period - - - - 1,539 1,539 33 Total comprehensive income for the period - -237 -112 -128 1,537 1,060 16 Dividends to shareholders - - - - -6,141 -6,141 Value of granted and sold share options - - - - 6 6 - Purchase of own shares - - - - -268 -268 - Sale of own shares - - - - 24 24 - Other equity movements - - - - 26 26 - Total transactions with shareholders - - - - -6,353 -6,353 - Equity 31 March 2015 3,985 -244 -218 -422 33,148 36,249 699

42,225 -255 -112 -141 -3 1 14 -496 1,572 1,076 -6,141 6 -268 24 26 -6,353 36,948

The cancellation of own shares approved at the Annual General Meeting on 30 March 2015, cf. note 5, has been registered with the Danish Business Authority on 1 April 2015. The execution of the capital decrease is expected to be registered as final during the second quarter of 2015.

 Contents

 Notes / Financials

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A.P. Moller - Maersk Group — Interim Report Q1 2015

CONDENSED STATEMENT OF CHANGES IN EQUITY AMOUNTS IN USD MILLION

2014

A.P. Møller - Mærsk A/S

Share capital Translation Reserve for Reserve for Retained Total Non- Total equity reserve other equity hedges earnings controlling investments interests Equity 1 January 2014 738 1,148 15 -24 37,952 39,829 2,684 Translation from functional currency to presentation currency - -86 - 1 - -85 -1 Other equity investments - - 3 - - 3 1 Cash flow hedges - - - -79 - -79 - Share of other comprehensive income of associated companies, net of tax - - - - -7 -7 - Tax on other comprehensive income - - - 5 - 5 - Other comprehensive income, net of tax - -86 3 -73 -7 -163 - Profit for the period - - - - 1,150 1,150 57 Total comprehensive income for the period - -86 3 -73 1,143 987 57 Dividends to shareholders - - - - -1,131 -1,131 -99 Value of granted and sold share options - - - - 2 2 - Acquisition of non-controlling interests - - - - -11 -11 70 Sale of own shares - - - - 22 22 - Capital increases and decreases 3,247 - - - -3,247 - - Other equity movements - - - - - - 5 Total transactions with shareholders 3,247 - - - -4,365 -1,118 -24 Equity 31 March 2014 3,985 1,062 18 -97 34,730 39,698 2,717

 Contents

 Notes / Financials

42,513 -86 4 -79 -7 5 -163 1,207 1,044 -1,230 2 59 22 5 -1,142 42,415

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTES

 Contents

NOTE 1 — Segment information

27

NOTE 2 — Discontinued operations and assets held for sale

30

NOTE 3 — Financial risks, etc.

31

NOTE 4 — Commitments

31

NOTE 5 — Share capital and earnings per share

32

NOTE 6 — Accounting policies

33

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 1  SEGMENT INFORMATION AMOUNTS IN USD MILLION

Maersk Maersk APM Maersk Maersk Maersk Damco Svitzer Total Line Oil Terminals Drilling Supply Tankers reportable Service segments Q1 2015 External revenue 6,157 1,433 748 626 181 275 680 171 10,271 Inter-segment revenue 97 - 388 4 2 1 3 7 502 Total revenue 6,254 1,433 1,136 630 183 276 683 178 10,773 Profit/loss before depreciation, amortisation and impairment losses, etc. 1,202 590 220 343 79 68 1 50 2,553 Depreciation and amortisation 469 311 77 114 35 34 7 21 1,068 Impairment losses - - - 27 - - - - 27 Reversal of impairment losses - - 7 - - - - - 7 Gain/loss on sale of non-current assets, etc., net 4 3 8 - -2 2 2 1 18 Share of profit/loss in joint ventures - - 39 13 - - 1 5 58 Share of profit/loss in associated companies -1 - 20 - - - - - 19 Profit/loss before financial items (EBIT) 736 282 217 215 42 36 -3 35 1,560 Tax 22 74 27 47 4 - 6 6 186 Net operating profit/loss after tax (NOPAT) 714 208 190 168 38 36 -9 29 1,374 Cash flow from operating activities 971 105 271 280 38 76 12 34 1,787 Cash flow used for capital expenditure -202 -494 -222 -686 -17 -34 1 -45 -1,699 Free cash flow 769 -389 49 -406 21 42 13 -11 88 Investments in non-current assets1 241 466 252 680 34 139 3 48 1,863 Intangible assets 1 1,456 1,218 39 9 1 113 15 2,852 Property, plant and equipment 21,442 7,705 2,754 7,999 1,704 1,554 78 985 44,221 Investments in joint ventures - - 1,487 131 - 1 29 66 1,714 Investments in associated companies 1 - 499 - - - - - 500 Other non-current assets 169 604 129 28 6 - 36 48 1,020 Assets held for sale 11 - 46 - 13 80 9 - 159 Other current assets 3,051 1,493 790 689 182 180 664 148 7,197 Total assets 24,675 11,258 6,923 8,886 1,914 1,816 929 1,262 57,663 Non-interest bearing liabilities 4,836 5,302 1,102 666 223 234 633 196 13,192 Invested capital, net 19,839 5,956 5,821 8,220 1,691 1,582 296 1,066 44,471 1 Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations.

 Contents

 Notes / Financials

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 1  SEGMENT INFORMATION — CONTINUED AMOUNTS IN USD MILLION

Maersk Maersk APM Maersk Maersk Maersk Damco Svitzer Total Line Oil Terminals Drilling Supply Tankers reportable Service segments Q1 2014 External revenue 6,339 2,448 665 468 173 338 745 210 11,386 Inter-segment revenue 124 - 427 9 2 - 4 7 573 Total revenue 6,463 2,448 1,092 477 175 338 749 217 11,959 Profit/loss before depreciation, amortisation and impairment losses, etc. 862 1,539 265 176 62 65 1 53 3,023 Depreciation and amortisation 447 319 72 59 35 33 9 20 994 Impairment losses - - - - - 4 - - 4 Reversal of impairment losses 72 - - - - - - - 72 Gain/loss on sale of non-current assets, etc., net 16 - -2 9 - - - 1 24 Share of profit/loss in joint ventures - - 19 3 1 - 2 4 29 Share of profit/loss in associated companies - -3 20 - - - - - 17 Profit/loss before financial items (EBIT) 503 1,217 230 129 28 28 -6 38 2,167 Tax 49 871 15 13 4 - 4 5 961 Net operating profit/loss after tax (NOPAT) 454 346 215 116 24 28 -10 33 1,206 Cash flow from operating activities 713 734 305 79 78 37 -62 48 1,932 Cash flow used for capital expenditure -368 -479 -120 -852 -34 61 -5 -77 -1,874 Free cash flow 345 255 185 -773 44 98 -67 -29 58 Investments in non-current assets1 426 415 197 967 36 16 5 31 2,093 Intangible assets 1 3,070 1,128 33 7 3 193 381 4,816 Property, plant and equipment 21,442 6,671 2,897 6,350 1,717 1,407 89 991 41,564 Investments in joint ventures - - 1,669 159 - 5 28 66 1,927 Investments in associated companies 2 199 500 - - 1 - - 702 Other non-current assets 123 649 194 84 4 1 47 45 1,147 Assets held for sale 3 - 175 - - 905 5 - 1,088 Other current assets 3,129 1,764 784 582 198 417 804 188 7,866 Total assets 24,700 12,353 7,347 7,208 1,926 2,739 1,166 1,671 59,110 Non-interest bearing liabilities 4,539 5,788 1,197 1,004 255 473 697 223 14,176 Invested capital, net 20,161 6,565 6,150 6,204 1,671 2,266 469 1,448 44,934 1 Comprise additions of intangible assets and property, plant and equipment, including additions from business combinations.

 Contents

 Notes / Financials

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 1  SEGMENT INFORMATION — CONTINUED AMOUNTS IN USD MILLION



Q1 Q1 2015 2014

REVENUE Reportable segments Other businesses Unallocated activities (Maersk Oil Trading) Eliminations Total

10,773 11,959 365 363 58 70 -649 -656 10,547 11,736

PROFIT FOR THE PERIOD Reportable segments 1,374 1,206 Other businesses 237 108 Financial items, net -71 -154 Unallocated tax +8 +12 Other unallocated items -12 34 Eliminations 12 -8 Total continuing operations 1,572 1,130 Disontinued operations, after eliminations - 77 Total 1,572 1,207

 Contents

 Notes / Financials

31 March 2015 2014 ASSETS Reportable segments 57,663 59,110 Other businesses 6,442 7,170 Unallocated activities 6,733 7,328 Dansk Supermarked Group - 4,878 Eliminations -1,837 -1,961 Total 69,001 76,525 LIABILITIES Reportable segments 13,192 14,176 Other businesses 459 450 Unallocated activities 20,193 17,648 Dansk Supermarked Group - 3,598 Eliminations -1,791 -1,762 Total 32,053 34,110

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 2  DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE AMOUNTS IN USD MILLION



Q1 Q1 Full year 2015 2014 2014

PROFIT FOR THE PERIOD – DISCONTINUED OPERATIONS Revenue - 2,465 Expenses - 2,366 Gains/losses on sale of assets & businesses - - Depreciation, amortisation and impairment losses, net - - Profit before tax, etc. - 99 Tax - 22 Profit for the period – discontinued operations - 77 A.P. Møller - Mærsk A/S' share hereof - 65 Earnings and diluted earnings per share - 3 CASH FLOWS FROM DISCONTINUED OPERATIONS FOR THE PERIOD Cash flow from operating activities - 285 Cash flow used for investing activities - 733 Cash flow from financing activities - 1,183 Net cash flow from discontinued operations - 2,201

2,768 2,662 2,775 2,881 25 2,856 2,831 130

-94 1,914 689 2,509

31 March 31 December 2015 2014 2014 BALANCE SHEET ITEMS COMPRISE: Non-current assets 155 4,828 5,283 Current assets 5 1,171 6 Assets held for sale 160 5,999 5,289 Provisions - 45 1 Other liabilities 7 3,591 11 Liabilities associated with assets held for sale 7 3,636 12

Discontinued operations and assets held for sale during Q1 2015 Assets held for sale primarily relate to one VLCC vessel. The shares in Danske Bank were held for sale at the end of 2014 and are divested as per 30 March 2015 subsequent to the Annual General Meeting, with cash settlement in April 2015. The receivable sales proceeds are included in the line ‘Receivables, etc.’ Discontinued operations and assets held for sale during Q1 2014 Dansk Supermarked Group was classified as discontinued operations and information of discontinued operations above solely relates to Dansk Supermarked Group. Intangible assets held for sale regarding Dansk Supermarked Group amounted to USD 0.3bn and property plant and equipment amounted to USD 3.4bn. Non-controlling interests within equity related to Dansk Supermarked Group amounted to USD 2.1bn. Assets held for sale related, in addition to Dansk Supermarked Group, primarily to 13 vessels in the VLCC segment in Maersk Tankers.

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 Notes / Financials

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 3  FINANCIAL RISKS, ETC.

NOTE 4 COMMITMENTS

AMOUNTS IN USD MILLION

AMOUNTS IN USD MILLION

Except of the below, there are no significant changes to the financial risks, etc. described in note 18 of the Annual Report 2014.

Operating lease commitments At 31 March 2015, the net present value of operating lease commitments totalled USD 7.3bn using a discount rate of 6%, a decrease from USD 7.7bn at 31 December 2014, primarily due to first quarter payments.

Liquidity risk 31 March 31 December 2015 2014 2014 Interest-bearing debt 11,705 14,860 12,325 Net interest-bearing debt 7,630 9,309 7,698 Liquidity reserve 1 10,612 14,633 11,562

1 Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities and cash and bank balances, excluding balances in countries with exchange control or other restrictions. Based on the liquidity reserve, the size of the committed loan facilities, including loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group's financial resources are deemed satisfactory. The Group’s long term objective is to maintain a conservative funding profile in line with its current BBB+/Baa1 rating level. The Group cancelled USD 0.5bn of expensive undrawn financing commitments in the first three months of 2015 due to the Group’s strong liquidity position. The average term to maturity of loan facilities in the Group was about four years (about five years at 31 December 2014).

 Contents

 Notes / Financials

Operating lease commitments at 31 March 2015 are divided into the following main business units: •  Maersk Line of USD 3.1bn •  APM Terminals of USD 2.9bn •  Maersk Tankers of USD 0.5bn •  Other of USD 0.8bn About one third of the time charter payments in Maersk Line and Maersk Tankers are estimated to relate to operating costs for the assets.

Capital commitments

Maersk Maersk APM Maersk Other Line Oil Terminals Drilling

Total

31 MARCH 2015 Capital commitments relating to acquisition of non-current assets 1,043 1,314 987 514 1,658 5,516 Commitments towards concession grantors - 952 1,379 - - 2,331 Total 1,043 2,266 2,366 514 1,658 7,847 31 DECEMBER 2014 Capital commitments relating to acquisition of non-current assets 773 1,143 1,095 1,132 1,671 5,814 Commitments towards concession grantors - 1,088 1,519 - 1 2,608 Total 773 2,231 2,614 1,132 1,672 8,422

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 4 COMMITMENTS — CONTINUED AMOUNTS IN USD MILLION

NOTE 5  SHARE CAPITAL AND EARNINGS PER SHARE AMOUNTS IN USD MILLION

Newbuilding programme No. at 31 March 2015 2015 2016 2017 2018 - Total Container vessels 5 - 7 - 12 Rigs and drillships - 1 - - 1 Tanker vessels 2 7 1 - 10 Anchor handling vessels, tugboats and standby vessels, etc. 8 10 7 - 25 Total 15 18 15 - 48

Capital commitments relating to the USD million newbuilding programme at 31 March 2015 2015 2016 2017 2018 - Total Container vessels 593 - 258 - 851 Rigs and drillships - 426 - - 426 Tanker vessels 93 166 17 - 276 Anchor handling vessels, tugboats and standby vessels, etc. 193 376 632 - 1,201 Total 879 968 907 - 2,754

Development in number of shares:

A-shares of B-shares of Nominal DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million

1 January 2015 Conversion 31 March 2015

10,988,834 - 10,988,834

The capital commitments will be financed by cash flow from operating activities as well as existing and new loan facilities.

190 -4 186

21,978 - 21,978

3,985 3,985

At the Annual General Meeting of A.P. Møller - Mærsk A/S on 30 March 2015 the shareholders decided on the cancelation of treasury shares, whereby the share capital will be decreased. The Company’s share capital will be reduced from nominally DKK 21,978,000,000 with nominally DKK 432,618,000 in total, divided between 86,500 A shares of DKK 1,000 and 346,118 B shares of DKK 1,000 to nominally DKK 21,545,382,000. The reduction is expected to be final during the second quarter of 2015, cf. the Condensed statement of changes in equity.

Development in the holding of own shares: Own shares

USD 2.8bn of the total capital commitments is related to the newbuilding programme for ships, rigs, etc. at a total contract price of USD 3.6bn including owner-furnished equipment. The remaining capital commitments of USD 5.0bn relate to investments mainly within APM Terminals and Maersk Oil.

332 10,988,905 - 2 332 10,988,907

No. of shares of DKK 1,000 Nominal value DKK % of share capital 2015 2014 2015 2014 2015 2014

A SHARES 1 January 61,075 0 61 0 0.28% 0.00% Addition 25,425 - 25 - 0.11% 0.00% 31 March 86,500 0 86 0 0.39% 0.00% B SHARES 1 January 342,066 132,628 342 133 1.56% 0.60% Addition 106,815 - 107 - 0.49% 0.00% Disposal 16,080 17,360 16 18 0.08% 0.08% 31 March 432,801 115,268 433 115 1.97% 0.52%

Additions of own shares are related to the buy-back programme initiated in September 2014. Disposals of own shares are primarily related to the share option programme. The ordinary dividend of DKK 300 as well as the extraordinary cash dividend equal to DKK 1,671 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000 (in total equal to USD 6.1bn) declared at the Annual General Meeting 30 March 2015 was paid on 7 April 2015. As per 31 March 2015, the dividend is included in the line ‘Other current liabilities’.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

NOTE 5  SHARE CAPITAL AND EARNINGS PER SHARE — CONTINUED

NOTE 6  ACCOUNTING POLICIES AMOUNTS IN USD MILLION

AMOUNTS IN USD MILLION The interim consolidated financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board (IASB) and as adopted by the EU and Danish disclosure requirements for listed companies.

Basis for calculating earnings per share is the following: A.P. Møller - Mærsk A/S' share of: 2015 2014 Profit for the period of continuing operations Profit for the period of discontinued operations Profit for the period

1,539 - 1,539

1,085 65 1,150

The accounting policies are consistent with those applied in the consolidated financial statements for 2014, to which reference is made. As of 1 January 2015 the Group has implemented Annual improvements 2012, Annual improvements 2013 and Amendment to IAS 19 ‘Employee benefits’. The amendments encompass various clarifications and additions to disclosure requirements with no material effect on the financial statements.

2015 2014 Issued shares 1 January 21,978,000 21,978,000 Average number of own shares 488,112 126,177 Average number of shares 21,489,888 21,851,823

At 31 March 2015, there is a dilution effect on earnings per share of 24,425 (53,095) issued share options while there is no shares without dilution effect. This corresponds to 0.11% (0.24%) and 0.00% (0.00%) of the share capital, respectively.

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A.P. Moller - Maersk Group — Interim Report Q1 2015

COLOPHON

BOARD OF DIRECTORS Michael Pram Rasmussen, Chairman Niels Jacobsen, Vice chairman Ane Mærsk Mc-Kinney Uggla, Vice chairman Dorothee Blessing Sir John Bond Niels B. Christiansen Renata Frolova Arne Karlsson Jan Leschly Palle Vestergaard Rasmussen Robert Routs Robert Mærsk Uggla

MANAGEMENT Nils S. Andersen, Group CEO Kim Fejfer Claus V. Hemmingsen Søren Skou Jakob Thomasen Trond Westlie

AUDIT COMMITTEE Arne Karlsson, Chairman Niels B. Christiansen Robert Routs

REMUNERATION COMMITTEE Michael Pram Rasmussen, Chairman Niels Jacobsen Ane Mærsk Mc-Kinney Uggla

A.P. MØLLER - MÆRSK A/S Esplanaden 50 DK-1098 Copenhagen K Tel. +45 33 63 33 63 www.maersk.com [email protected] Incorporated in Denmark under registration no. 22756214

AUDITORS PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab KPMG Statsautoriseret Revisionspartnerselskab

Editors Jesper Cramon, Finn Glismand, Henrik Lund Design and layout e-Types & e-Types Daily ISSN 1604-2913 Produced in Denmark 2015

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