ANNOUNCEMENT
A.P. Møller - Mærsk A/S - Change in the expected financial result for 2008
Danske Bank A/S has today released the Annual Report for 2008 showing a net
result for 2008 of DKK 1 billion with a negative result in the 4th quarter,
significantly affected by considerable provisions against losses on loans and
impairment loss on goodwill.
The A.P. Moller - Maersk Group owns 20% of Danske Bank, and the lower result
for Danske Bank will reduce the expected financial result for 2008 for the A.P.
Moller - Maersk Group with approx. DKK 1.4 billion corresponding to USD 280
million.
The A.P. Moller - Maersk Group's share in Danske Bank is included as an
associated company at the share of equity value including goodwill on
acquisition. As a consequence of the difficult conditions for the financial
sector, the recognised goodwill on shares in Danske Bank is written down to
zero. This impairment loss amounts to DKK 1.1 billion corresponding to USD 220
million.
For the Group's business units the operation in 4th quarter generally developed
as expected. A number of these business units will, however, also be affected
by the lower global growth, lower oil prices and declining asset values. In
connection with the preparation of the annual report for 2008, so-called
impairment tests are being made for certain assets. Based on this, it is
expected that the annual report for 2008 will include impairment losses on
non-current assets of approx. USD 300 million after tax.
With the above impact from Danske Bank of USD 500 million and the expected
impairment losses of USD 300 million, in total USD 800 million, which do not
affect the cash flow for the year, the expected net result for 2008 for the
A.P. Moller - Maersk Group will change to be in the order of USD 3.4 billion
(2007: USD 3.4 billion) corresponding to DKK 17 billion (2007: DKK 18.7
billion) compared to the expectations announced on 12 November 2008 in the
order of USD 4.0 - 4.3 billion corresponding to DKK 20 - 22 billion.
The annual report for 2008 has not yet been finalised. The report will be
released on 5 March 2009.
Contacts: Søren Thorup Sørensen, Partner and Group CFO - telephone +45 3363 3650
Per Møller, Senior Vice President, Accounting - telephone +45 3363 4313
Copenhagen, 5 February 2009
___________________
This announcement has been translated from Danish. The Danish text shall govern
for all purposes and prevail in case of any discrepancy with the English
version.
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Announcement - A.P. Møller - Mærsk A/S - Change in the expected financial
result for 2008
