The profit for A.P. Moller - Maersk was USD 253m (USD 224m) with a return on invested capital (ROIC) of 3.5% (2.9%), in line with expectations. Gross cash flow used for capital expenditure was USD 1.6bn (USD 2.1bn). The free cash flow was negative USD 376m (negative USD 1.6bn).
• A.P. Moller - Maersk delivered an underlying profit of USD 201m in line with same quarter last year.
• Revenue increased by 5 pct. or USD 424m to USD 9.0bn as a result of revenue growth in Maersk Line and Maersk Oil.
• Transport & Logistics are progressing on business integration with Maersk Line increasing volumes to APM Terminals and improved collaboration between Maersk Line and Maersk Container Industry.
• Freight rates increased significantly during the quarter, lately also on the North-South trades.
• The Energy division was profitable with Maersk Oil delivering strong earnings.
• We see moderate increasing activity in off-shore supply and drilling, albeit from very low levels. Focus continues to be on cost and up-time.