Efter aflæggelse af Q2 regnskabet afholdte APMs ledelse med analytikerne, deres investorpræsentation som kan ses via dette link. Her har man mulighed for at høre Q&A med analytikerne efter ledelsens indledende præsentation.
A.P Møller Mærsk indleder præsentationen sådan:
Highlights Q2 2020
• In Q2, the global economic environment was severely impacted by the spread of the
COVID-19 pandemic and its effect on economies on all continents. Our business was
negatively impacted by a sharp drop in volumes.
• Revenue decreased by 6.5% to USD 9.0bn (USD 9.6bn), mainly driven by a volume
decrease of 16% in Ocean and 14% in gateway terminals, partially offset by increased
freight rates and increased revenue per move in Terminals.
• EBITDA increased across all segments and improved by 25% or USD 340m to USD 1.7bn
(USD 1.4bn), higher than the expected EBITDA of slightly above USD 1.5bn communicated
on 17 June. The EBITDA margin increased to 18.9% (14.1%) with increases in all segments.
• EBITDA in Ocean increased by USD 280m to USD 1.4bn (USD 1.1bn), as the 16% decline in
volume was more than offset by active network capacity management, higher freight
rates, improved bunker efficiency and lower fuel prices.
• In Logistics & Services, EBITDA more than doubled at USD 97m (USD 46m), with the decline
in volumes more than offset by spikes in air freight forwarding rates, margin optimisation
in intermodal and the acquisition of Performance Team in April 2020.
• In Terminals & Towage, gateway EBITDA was on par at USD 186m (USD 184m) with volume
decreases of 14% offset by higher revenue per move and cost reductions. Towage showed
resilience and slightly increased its EBITDA.
• Cash flow from operating activities increased to USD 1.9bn (USD 1.2bn) continuing the
positive development from previous quarters and gross CAPEX decreased to USD 362m
(USD 445m). Free cash flow increased significantly to USD 1.1bn (USD 270m).
• Cash return on invested capital (CROIC), last twelve months, increased to 12.5% (8.9%)
due to stronger cash flow from operations and lower gross CAPEX. Return on invested
capital (ROIC), last twelve months, increased to 4.7% (1.4%), as earnings improved and
invested capital declined slightly.
• Net interest-bearing debt was on par at USD 11.6bn (USD 11.7bn end of 2019), as free cash
flow of USD 1.5bn for the first six months was used for share buy-back of USD 598m,
annual dividends of USD 430m and acquisitions of USD 234m.
• Reinstating full-year guidance for 2020 with EBITDA expectations between USD 6.0bn-7.0bn
compared to the initial full-year guidance of an EBITDA around USD 5.5bn. However, significant uncertainties remain on demand growth due to COVID-19, global supply growth
and bunker prices.
