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Change in expectations to the 2001 result
Since the publication of the Interim Report on 28 August 2001 the Companies have experienced unforeseen negative changes in the world economy, intensified by the tragic and sad events in the US on 11 September 2001.
On several important services, the container vessels have experienced a stronger decline in freight rates and a weaker development in cargo volumes than anticipated. For dry bulk carriers the rate level is also lower than expected. The other areas within the Shipping Activities and Oil and Gas Activity have developed as expected.
For the combined Shipping Activities, before exchange rate adjustments and other special items, the result for 2001 is now expected to be somewhat below that of year 2000, which was DKK 3,865 million. The previous expectation was a result slightly above that of year 2000.
The result for 2001 for the Shipping Activities before tax and transfer from the Oil and Gas Activity is expected to be at the level of that of year 2000, which was DKK 2,370 million. The previous expectation was a result somewhat above that of year 2000.
The result for the Oil and Gas Activity in the North Sea is still expected to be well above that of year 2000, which was DKK 5,876 million before tax and DKK 3,226 million after tax.
The overall result for 2001 for the Shipping Activities and for the Oil and Gas Activity, before exchange rate adjustments and other special items, is expected to be slightly above that of year 2000, which was DKK 9,741 million. The previous expectation was a result somewhat above that of year 2000.
The negative exchange rate adjustment of debt is expected to be lower than previously estimated. Therefore, the overall result for 2001 for the Shipping Activities and for the Oil and Gas Activity after exchange rate adjustments and other special items and after tax is still expected to be somewhat above that of year 2000, which was DKK 5,246 million.
The combined result for the associated and other companies in the A.P. Moller Group for 2001 is expected to be slightly below that of year 2000 – the previous expectation was a result at the level of that in year 2000.
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The above expectations are based on a DKK/USD exchange rate of 8.25. Changes in exchange rates, in cargo volumes, freight rates or oil prices, etc. may still affect the result.
Contact person:
Eivind Kolding, CFO (phn: +45 3363 3680)
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