A.P. Møller - Mærsk A/S – Adjustment of expectations for the 2018 result
07 Agosto 2018 - 8:15AM
A.P. Møller - Mærsk A/S – Adjustment of expectations for the 2018
result
ANNOUNCEMENT
A.P. Møller - Mærsk A/S – Adjustment of expectations for
the 2018 result
As highlighted in the A.P. Møller - Mærsk A/S’
(APMM) financial report for Q1 2018 the expectation for the 2018
result was subject to increased uncertainties impacting container
freight rates, bunker prices and rate of exchange due to
geopolitical risks, trade tensions and other factors.
Based on the outlook for freight rates for the
rest of the year and continued high bunker fuel prices, APMM
adjusts its expectation for the 2018 result.
APMM’s new expectation for earnings before
interests, tax, depreciations and amortisations (EBITDA) is in the
range of USD 3.5-4.2bn and a positive underlying profit. The
previous expectation for EBITDA was in the range of USD 4.0-5.0bn
and an underlying profit above 2017 (USD 356m). The remaining part
of the guidance is unchanged.
Revenue was USD 9.5bn for APMM in Q2 2018 and
EBITDA was USD 0.9bn and for the first half-year revenue was USD
18.8bn and EBITDA USD 1.6bn. EBITDA in Ocean was USD 0.7bn for Q2
2018 reflecting improved unit cost, which both in total and at
fixed bunker was down by more than 5% compared to Q1 2018. However,
profitability was negatively impacted by an average bunker price
increase of 28% compared to the same period last year while average
freight rates were 1.2% lower.
”We delivered good progress in Q2 on revenue,
volumes and unit cost across our business, and results improved
from a weak Q1. Spot freight rates have restored after a
significant drop in Q2, and volumes are growing in line with
market. However, we continue to encounter very high bunker prices,
which we have not been able to get fully compensated for in freight
rates, leading to an adjustment in our expectations for the
full-year 2018.” CEO Søren Skou.
Further details will be published in the Interim
Report for Q2 2018 on 17 August 2018.
Copenhagen, 7 August 2018
Contact persons:
Head of Investor Relations, Stig Frederiksen, tel. +45 3363
3106
Head of External Relations, Signe Wagner, tel. +45 3363 1901
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- Announcement - Adjustment of expectations 2018