1. Teleconference - 12 November 2008
A.P. Møller - Mærsk A/S
Interim Management Statement
Teleconference - 12 November 2008
16 November 2018
Speakers: Group CEO Nils Smedegaard Andersen
Group CFO Soren Thorup Sorensen

2. Forward-looking Statements
The presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Moller - Maersk A/S’ control, may cause actual development and result to differ materially from the expectations contained in the presentation
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3. Agenda Highlights Consolidated Financial Information Business Segments
2008 Expectations
Focus Areas 2008
Q & A
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4. Highlights first nine months 2008
Result for oil and gas activities increased significantly
Improved result in the container activities
Strong offshore markets
Increased average oil and bunker prices
Lower result from Danske Bank
Value adjustment of securities and exchange rate adjustments
Net profit
3,606
2,596
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5. Consolidated Financial Information – 1 January to 30 September 2008
Profit and Loss
(Unaudited) 
USD million
2008
YTD
2007 ∆
2008/07
Revenue
47,176
36,970
28%
Profit before depreciation, amortization, etc. (EBITDA)
13,432
8,268
62%
Depreciation and amortization
3,640
3,302
10%
Sales gains
820
835
-2%
Earnings Before Interest and Tax (EBIT)
10,908
6,221
75%
Net profit
3,606
2,596
39%
Operational cash flow
7,657
5,748
33%
Investment cash flow
-7,858
-6,539
20%
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6. Container Shipping and Related Activities
Highlights YTD 2008
Net result of USD 92 million (2007: USD -57 million)
Before streamLINE costs and sales gains the result was USD -64 million (2007: USD -202 million)
Volume up by 5% (5.3 million FFE)
Utilisation in line with same period 2007
Average freight rates including BAF increased 11%
13% increase in total unit costs impacted by average bunker prices up 71%
USD 348 million in sales gains (2007: USD 145 million)
ML and Safmarine volume 0% 1%
+4%
+15%
+19%
+20%
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7. *Weighted by ownership share
APM Terminals
Highlights YTD 2008
APMT crane lifts*
Turnover was 29% above same period last year
Activity measured in crane lift weighted by ownership share increased by 10%
Average rate increases from USD exchange rate, changed product mix and tariff increases
Net profit above same period 2007
13% 1%
*Weighted by ownership share
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8. Tankers, Offshore and Other shipping
Highlights YTD 2008
Net profit before sales gains exceeded same period 2007
Delivery of two VLCCs, one product tanker and one LNG vessel in Q3
Delivery of two 350 feet jack-up rigs in Q3
Strong rate development in large tanker segments in Q3
Conditional offer for Broström Tankers AB
EBIT excl. sales gains
YTD 2008 vs. YTD 2007
Maersk Contractors
Maersk Supply
Maersk Tankers
Svitzer
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9. APMM share of production before tax
Oil and Gas Activities
APMM share of production before tax
Highlights YTD 2008
Net profit increased significantly
Volume after sharing before tax up 9%
Average oil price up 65%
15 exploration wells drilled
Exploration agreement with Chevron
Oil price (Brent)
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10. Oil prices and USD exchange rates effects
Dated Brent & bunker oil prices
Oil price
Negative effect in Q3 from narrowing crack and falling oil prices
Positive effect in Q3 from lower fuel consumption than expected in the container activities and positive value adjustment of oil hedge contracts which do not qualify for hedge accounting
USD
DKK/USD
Negative effect in Q3 from rising USD rate due to FX adjustments of receivables, bank deposits and currency hedge contracts not qualifying for hedge accounting
For the remainder of 2008 the accounting effect of a rising USD rate is expected to be negative
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11. Expectations for 2008 2008 Revenue and Profit
Expected revenue in the order of USD 62 billion
Net profit in the order of USD 4.0 – 4.3 billion
The outlook for 2008 is still subject to uncertainty, not least due to the development in the world economy and the financial markets. Specific uncertainties relate to the development in container freight rates, transported volumes, exchange rates, oil prices and prices of securities
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12. Focus Areas 2008 Maersk Line profitability
Continued expansion of terminal activities
Successful start of operation on new rigs and vessels in the offshore activities
Field development plan in Qatar
Safety and environment
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13. Q & A
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14. Consolidated Financial Information – 1 January to 30 September 2008
Profit and Loss
(Unaudited) 
DKK million
2008
YTD
2007 ∆
2008/07
Revenue
231,360
205,418
13%
Profit before depreciation, amortization, etc. (EBITDA)
65,873
45,940
43%
Depreciation and Amortization
17,849
18,345
-3%
Sales gains
4,024
4,635
-13%
Earnings Before Interest and Tax (EBIT)
53,498
34,559
55%
Net profit
17,685
14,425
23%
Operational cash flow
37,454
31,968
17%
Investment cash flow
-38,537
-36,333 6%
APPENDIX I
16 November 2018