Contacts for further information
Vincent Clerc,
CEO
Tel. +45 3363 1901
Patrick Jany,
CFO
Tel. +45 3363 3106
Investors
Sarah Spray,
Head of Investor Relations
Tel. +45 3363 3106
Media
Jesper Lov,
Head of Media Relations
Tel. +45 3363 1901
Webcast and dial-in information
A webcast relating to the Q4 2022
Interim Report will be held on
8 February 2023 at 11.00 (CET).
Dial-in information on
investor.maersk.com.
Presentation material for the web-
cast will be available on the same
page.
The Interim Report for Q4 2022 of
referred to as A.P. Moller - Maersk
as the consolidated group of com-
panies) has been prepared in accord-
ance with IAS 34 ‘Interim Financial
Reporting’ as issued by the Interna-
tional Accounting Standards Board
(IASB) and adopted by the EU and
additional Danish disclosure require-
ments for interim financial reporting
of listed companies.
The interim consolidated financial
statements have not been subject
to audit or review.
Comparative figures
Unless otherwise stated, all figures
in parentheses refer to the corre-
sponding figures for the same period
prior year.
Forward-looking statements
The interim report contains
forward- looking statements. Such
statements are subject to risks and
uncertainties as numerous factors,
many of which are beyond the control
of A.P. Moller - Maersk, may cause
the actual development and results
to differ materially from expectations
contained in the interim report.
Financial calendar
4 May 2023
Interim Report Q1 2023
4 August 2023
Interim Report Q2 2023
3 November 2023
Interim Report Q3 2023
8 February 2024
Annual Report 2023
Management review
Highlights Q4 2022 ................................................................................ 3
Summary financial information ................................................................ 4
Review Q4 2022 .................................................................................... 5
– Strong financial results impacted by normalisation ................................. 5
– Winding down in Russia ....................................................................... 5
– Status on acquisitions ......................................................................... 5
– ESG update ....................................................................................... 5
– Delivering on the roadmap to 2025 ...................................................... 5
Financial review Q4 2022 ........................................................................ 6
Guidance for 2023 ................................................................................. 7
Segments .............................................................................................. 8
– Ocean ............................................................................................... 8
– Logistics & Services ............................................................................ 9
– Terminals .......................................................................................... 11
– Towage & Maritime Services ................................................................ 12
Management’s statement........................................................................ 14
Financials
Condensed income statement .................................................................. 15
Condensed statement of comprehensive income ........................................ 15
Condensed balance sheet at 31December ................................................ 16
Condensed cash flow statement............................................................... 17
Condensed statement of changes in equity ................................................ 18
Notes ................................................................................................... 19
Additional information
Quarterly summary ................................................................................. 25
Definition of terms ................................................................................. 26
Improving life for all by integrating the world
At A.P. Moller - Maersk, we aspire to provide truly integrated logistics. Across oceans, ports, on land and in
the air, we are combining our supply chain infrastructure with the power of our people and technology to
drive end-to-end innovation that accelerates our customers’ success.
With a dedicated team of 100,000+ talents, operating in more than 130 countries, we explore new frontiers
and embrace new technologies because we see change as an opportunity. No matter the challenge, we stay
optimistic and resilient because our values are constant. By living our values, we inspire trust in our efforts
to integrate the world and improve life for all.
Contents
2
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Management review
A.P. Moller - Maersk continued to deliver strong results although profitability was at a lower
level compared to Q4 2021. Profit was USD 5.0bn (USD 6.1bn) for Q4.
Compared to previous year, results were mainly affected by lower volumes caused by a weak-
ening customer demand which triggered an easing of congestions and operational bottlenecks.
Sequentially, freight rates were down from the peak levels reached by mid-2022.
Highlights Q4 2022
Revenue for Q4 decreased by USD 686m to USD 17.8bn (USD 18.5bn), mainly due to a decrease in Ocean of USD 1.3bn, while
revenue increased by USD 844m in Logistics & Services and decreased by USD 90m in Terminals. EBITDA decreased by USD
1.5bn to USD 6.5bn (USD 8.0bn), and EBIT decreased by USD 1.5bn to USD 5.1bn (USD 6.6bn) comprising:
Ocean, with a decrease by USD 1.5bn to USD 4.8bn (USD 6.3bn), driven by lower volumes and lower freight rates on
shipment rates on routes from Asia to Europe and to North America together with higher costs related to bunker,
container handling and network.
Logistics & Services on par at USD 139m (USD 137m), due to the increase in revenue offset by lower margins especially
in Managed by Maersk and in Fulfilled by Maersk impacted by the unfolding destocking.
Terminals, with a decrease to USD 232m (USD 307m), mainly due to significantly lower volumes on the US West Coast
and in Spain, and lower congestion related storage revenue and volumes in North America.
Free cash flow increased to USD 6.5bn (USD 5.6bn), due to strong cash flows from operating activities of USD 8.2bn (USD
7.9bn), partly offset by CAPEX of USD 895m (USD 1.6bn) and higher capitalised lease instalments of USD 861m (USD 586m),
driven by further investments across all segments. Total cash and bank balances, including term deposits and securities
increased to USD 28.6bn (USD 16.9bn).
Total distribution of cash to shareholders through share buy-backs was USD 685m in Q4 2022.
Highlights Q4 USD million
Revenue EBITDA EBIT CAPEX
2022 2021 2022 2021 2022 2021 2022 2021
Ocean 13,299 14,589 6,034 7,337 4,817 6,346 427 1,043
Logistics & Services 3,860 3,016 328 219 139 137 174 346
Terminals 999 1,089 288 384 232 307 132 136
Towage & Maritime Services 568 544 82 91 122 -123 118 56
Unallocated activities, eliminations, etc. -906 -732 -192 -41 -188 -33 44 4
A.P. Moller - Maersk consolidated 17,820 18,506 6,540 7,990 5,122 6,634 895 1,585
3
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Management review I Highlights Q4 2022
Q4 Q4 12M 12M
Income statement 2022 2021 2022 2021
Revenue 17,820 18,506 81,529 61,787
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,540 7,990 36,813 24,036
Depreciation, amortisation and impairment losses, net 1,612 1,626 6,186 4,944
Gain on sale of non-current assets, etc., net 33 50 101 96
Share of profit/loss in joint ventures and associated companies 161 220 132 486
Profit before financial items (EBIT) 5,122 6,634 30,860 19,674
Financial items, net 171 -343 -629 -944
Profit before tax 5,293 6,291 30,231 18,730
Tax 312 182 910 697
Profit for the period 4,981 6,109 29,321 18,033
A.P. Møller - Mærsk A/S ’ share 4,950 6,094 29,198 17,942
Underlying profit
1
4,863 6,278 29,703 18,170
Balance sheet
Total assets 93,680 72,271 93,680 72,271
Total equity 65,032 45,588 65,032 45,588
Invested capital 52,410 44,043 52,410 44,043
Net interest-bearing debt -12,632 -1,530 -12,632 -1,530
Cash flow statement
Cash flow from operating activities 8,200 7,880 34,476 22,022
Capital lease instalments – repayments of lease liabilities 861 586 3,080 2,279
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 895 1,585 4,163 2,976
Cash flow from financing activities -1,601 -1,370 -14,135 -7,900
Free cash flow 6,462 5,637 27,107 16,537
Financial ratios
Revenue growth -3.7% 64.4% 32.0% 55.5%
EBITDA margin 36.7% 43.2% 45.2% 38.9%
EBIT margin 28.7% 35.8% 37.9% 31.8%
Cash conversion 125% 99% 94% 92%
Return on invested capital after tax (ROIC) (last twelve months) 60.4% 45.3% 60.4% 45.3%
Equity ratio 69.4% 63.1% 69.4% 63.1%
Underlying ROIC
1
(last twelve months) 61.2% 45.7% 61.2% 45.7%
Underlying EBITDA
1
6,517 7,990 36,843 24,036
Underlying EBITDA margin
1
36.6% 43.2% 45.2% 38.9%
Underlying EBIT
1
5,002 6,804 31,244 19,808
Underlying EBIT margin
1
28.1% 36.8% 38.3% 32.1%
Stock market ratios
Earnings per share, USD 278 324 1,600 941
Diluted earnings per share, USD 277 323 1,595 938
Cash flow from operating activities per share, USD 461 414 1,889 1,155
Share price (B share), end of period, DKK 15,620 23,450 15,620 23,450
Share price (B share), end of period, USD 2,242 3,576 2,242 3,576
Total market capitalisation, end of period, USD 39,135 64,259 39,135 64,259
1 Underlying is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc.
and net impairment losses as well as transaction, restructuring and integration costs related to major transactions. The adjustments include
A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies and, when applicable, the adjustments are net of tax.
Summary financial information
4
AMOUNTS IN USD MILLION
Management review I Summary financial information
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Strong financial results impacted by normalisation
A.P. Moller - Maersk delivered strong financial results in Q4
2022 as the anticipated normalisation continued.
In Ocean, with lower volumes and market normalisation set-
ting in, deployed capacity is actively being adjusted to meet
available demand, and Ocean continues to partner with key
customers, offering contract customers additional flexibility
and space to help with volatility in their supply chains. A total
of 1.9m FFE are currently signed on multi-year deals and the
share of long-haul contract volumes stood at 65% (75%).
In Logistics & Services, the development in revenue is driven
by inorganic revenue with expanded capabilities through
facilitator type acquisitions, while revenue decreased organ-
ically as a result of lower volumes and market normalisa-
tion in Q4.
In Terminals, business is resilient despite the weakening of
the global container market affecting volumes and revenue.
Overall, the businesses performed well in an environment of
receding demand and rising inflation.
Winding down in Russia
As previously announced, A.P. Moller - Maersk is winding
down its operations in Russia, which will ultimately result
in a complete exit from the country. All services to and from
Russia have been discontinued since Q1, and in Q3, sale of
the minority stake of 30.75% of Global Ports Investments
(GPI) was completed. The process of divesting the remaining
assets, two warehouses and four tugboats is ongoing.
The original impact on EBIT in Q1 from the Russia/Ukraine
situation was less negative due to the reversal in Q2 of USD
94m, in Q3 with the reversal of container impairments and
the disposal of GPI, net of translation reserves totalling
USD 92m and in Q4 with further reversal of impairments
amounting to USD 21m leaving a net EBIT impact of nega-
tive USD 511m for 2022.
Russia/Ukraine EBIT impact USD million
Q1
2022
Q2
2022
Q3
2022
Q4
2022
2022
Ocean -162 93 14 14 -41
Logistics & Services -53 1 -4 7 -49
Terminals -485 - 82 - -403
Towage & Maritime
Services -18 -
- - -18
Total -718 94 92 21 -511
Status on acquisitions
The acquisition of Martin Bencher Group
announced in August 2022 was completed
on 2 January 2023 and Martin Bencher Group
was included in the financials for Logistics & Services
at the same time.
ESG update
For a full overview of A.P. Moller - Maersk’s ESG strategy
and roadmap, see www.maersk.com/sustainability
For a summary ESG update for 2022, reference is made
to the Annual Report 2022 for A.P. Moller - Maersk.
See the 2022 Annual Report
Delivering on the roadmap to 2025
For an update on the roadmap to 2025 with specific
targets for the transformation towards becoming the
integrator of container logistics, reference is made to
A.P. Moller - Maersk’s Annual Report 2022.
See the 2022 Annual Report
Review Q4 2022
5
Management review I Review Q4 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Revenue decreased by USD 686m to USD 17.8bn (USD 18.5bn),
with decreases in Ocean of USD 1.3bn and in Terminals by
USD 90m, while revenue increased in Logistics & Services by
USD 844m.
The decrease in Ocean was driven by lower volumes and lower
loaded freight rates. The increase in revenue in Logistics &
Services was achieved through inorganic growth whereas the
lower revenue in Terminals was due to lower storage income
and lower volume.
EBITDA decreased to USD 6.5bn (USD 8.0bn), coming from
Ocean with an EBITDA of USD 6.0bn (USD 7.3bn), with the
decrease of USD 1.3bn due to lower revenue. In Logistics &
Services, EBITDA increased by USD 109m to USD 328m (USD
219m) due to the higher revenue, and in Terminals, EBITDA
decreased by USD 96m to USD 288m (USD 384m) because
of lower volume and lower storage income and increases
in costs.
EBIT decreased by USD 1.5bn to USD 5.1bn (USD 6.6bn).
Financial items, net, amounted to a positive USD 171m
(nega tive USD 343m), as increased interest income exceeded
foreign exchange rate adjustments and derivative losses on
hedging from share buy-back.
Tax increased to USD 312m (USD 182m), primarily due to
increased taxable income on financial items.
The underlying profit was USD 4.9bn (USD 6.3bn).
Cash flow from operating activities was USD 8.2bn (USD
7.9bn), driven by EBITDA of USD 6.5bn, and a favourable
decrease in net working capital of USD 1.7bn, mainly driven
by lower receivables translating into a cash conversion of
125% (99%).
Gross capital expenditure (CAPEX) of USD 895m (USD 1.6bn)
decreased, mainly driven by lower investments in Ocean
fleet and equipment.
Free cash flow of USD 6.5bn (USD 5.6bn) was positively
impacted by higher cash flow from operating activities,
slightly offset by increased lease, financial payments and
capital expenditures.
Financial review Q4 2022
Contractual capital commitments totalled USD 5.0bn (USD
3.3bn at year-end 2021), of which USD 3.0bn in Ocean for
equipment and green methanol-enabled vessels and USD
930m in Terminals mainly related to concessions grantors.
Capital structure and credit rating
Net interest-bearing debt decreased to a net cash position
of USD 12.6bn (a net cash position of USD 1.5bn at year-end
2021), as free cash flow of USD 27.1bn was partly used for
share buy-backs of USD 2.8bn, dividends of USD 6.9bn and
acquisition of companies of USD 4.8bn. Excluding lease lia-
bilities, the Group had a net cash position of USD 24.2bn
(USD 12.1bn at year-end 2021).
A.P. Moller - Maersk remains investment grade-rated and
holds a Baa2 (positive outlook) from Moody’s and a BBB+
(stable) rating from Standard & Poor’s.
The liquidity reserve increased to USD 33.3bn (USD 21.5bn at
year-end 2021) and was composed of cash and bank balances
(excluding restricted cash), term deposits and securities
of USD 27.3bn (USD 15.5bn at year-end 2021) and undrawn
revolving credit facilities of USD 6.0bn (USD 6.0bn at year-
end 2021).
Share buy-back
During Q4, A.P. Moller - Maersk bought back 67,196 A shares
and 268,238 B shares, worth DKK 5.0bn (approximately USD
695m), and no shares were bought for the long-term incen-
tive programme. At 31 December 2022, A.P. Moller - Maersk
owns a total of 201,717 A shares and 887,557 B shares as
treasury shares, corresponding to 5.82% of the share capital.
The Annual General Meeting has authorised the Board of
Directors to allow the Company to acquire treasury shares
to the extent that the nominal value of the Company’s total
holding of treasury shares at no time exceeds 15% of the
Company’s share capital.
6
Management review I Financial review Q4 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Guidance is based on the expectation that inventory correc-
tion will be complete by the end of H1 leading to a more
balanced demand environment, that 2023 global GDP growth
remains muted, and that the global ocean container market
will grow in a range of -2.5% to +0.5%. Ocean expects to grow
in line with market. Without impacting financial guidance, an
impairment and restructuring charge of USD 450m regarding
A.P. Moller - Maersk’s brands is expected in Q1 2023.
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2023 depends on several factors subject to uncertainties related to the given
uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2023 for four
key assumptions are listed below:
Factors Change Effect on EBIT
(Full year 2023)
Container freight rate +/- 100 USD/FFE +/- USD 1.2bn
Container freight volume +/- 100,000 FFE +/- USD 0.1bn
Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.4bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.2bn
Guidance for 2023
USDbn
EBITDA
Underlying 8.0-11.0
EBIT
Underlying
2.0-5.0
Free cash flow
(FCF) at least
2.0
CAPEX guidance, maintained
2022-2023
9.0-10.0
CAPEX guidance
2023-2024
10.0-11.0
7
Management review I Guidance for 2023
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Segments
Ocean
Profitability for Q4 was lower compared to the same
quarter last year, primarily due to lower volumes and freight
rates as a result of a significant inventory correction due
to weakening consumer demand, in addition to inflationary
cost pressure. This weakening of demand, in particular for
Asia- Europe and the Transpacific market, resulted in a 14%
decrease of loaded volumes, compared to Q4 2021. In addi-
tion, Q4 was characterised by the easing of port congestions
and reduced operational bottlenecks.
The average loaded freight rates decreased slightly by 3.5%
compared to Q4 2021, largely driven by shipment rates on
routes from Asia to Europe and to North America. Sequen-
tially, loaded freight rates decreased by 23% compared to
Q3 2022, mainly driven by shipment rates. The unit cost at
fixed bunker increased by 14% compared to Q4 2021, driven
by a reduction in volumes. Utilisation at 83% of offered
capacity was 11 percentage points lower compared to Q4
Ocean highlights USD million
Q4
2022
Q4
2021
12M
2022
12M
2021
Freight revenue 11,581 12,808 56,499 42,374
Other revenue, including hubs 1,718 1,781 7,800 5,858
Revenue 13,299 14,589 64,299 48,232
Container handling costs 2,477 2,477 10,214 9,775
Bunker costs 1,834 1,563 8,077 5,369
Network costs, excluding bunker costs 1,771 1,868 7,516 7,189
Selling, General & Administration (SG&A) costs 778 797 2,947 2,795
Cost of goods sold and other operational costs 433 614 1,835 1,629
Total operating costs 7,293 7,319 30,589 26,757
Other income/costs, net 28 67 60 -43
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,034 7,337 33,770 21,432
EBITDA margin 45.4% 50.3% 52.5% 44.4%
Profit before financial items (EBIT) 4,817 6,346 29,149 17,963
EBIT margin 36.2% 43.5% 45.3% 37.2%
Invested capital 32,368 30,529 32,368 30,529
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 427 1,043 2,620 2,003
Operational and financial metrics
Loaded volumes (FFE in ’000) 2,807 3,263 11,924 13,089
Loaded freight rate (USD per FFE) 3,869 4,009 4,628 3,318
Unit cost, fixed bunker (USD per FFE incl. VSA income) 2,547 2,241 2,444 2,102
Bunker price, average (USD per tonne) 720 557 763 484
Bunker consumption (tonne in ’000) 2,547 2,805 10,579 11,090
Average operated fleet capacity (TEU in ’000) 4,270 4,250 4,285 4,171
Fleet owned (end of period) 318 311 318 311
Fleet chartered (end of period) 389 427 389 427
2021 and 7 percentage points lower compared to Q3 due to
weakening demand. Schedule reliability continued to see an
improvement in Q4.
Ocean focused on managing normalisation and
strengthening strategic partnerships with contrac-
tual customers through adequate availability of
equipment, adapting the networks to the customer needs
and improving the quality of Ocean products.
The uptake of the digitalised product offerings
continues to increase for Maersk Spot and Maersk
Twill. Maersk Spot is at 67% conversion across all
brands in Q4, an increase of 20 percentage points from
Q4 2021 and a performance on par compared to Q3.
Maersk Twill has delivered over 81k FFE during Q4, imply-
ing a growth factor of 11% compared Q4 2021 and 5%
compared to Q3.
8
Management review I Segments I Ocean
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Financial and operational performance
Revenue decreased by USD 1.3bn to USD 13.3bn (USD 14.6bn),
driven by a decrease in freight revenue of 9.6% with loaded
volumes down by 14% and loaded freight rates down by 3.5%.
EBITDA decreased by USD 1.3bn to USD 6.0bn (USD 7.3bn)
largely due to lower revenue. The EBITDA margin decreased
by 4.9 percentage points to 45.4% (50.3%). Consequently,
EBIT decreased by USD 1.5bn to USD 4.8bn (USD 6.3bn).
Loaded volumes decreased by 14% to 2,807k FFE (3,263k
FFE) due to weaker demand, largely for headhaul trades
on Asia-Europe and Transpacific markets. Loaded volumes
decreased by 209k FFE or 6.9% compared to Q3 2022.
The average loaded freight rates decreased by 3.5% to
3,869 USD/FFE (4,009 USD/FFE), driven by shipment rates,
partly offset by improved contract rates. Loaded freight
rates declined by 1,177 USD/FFE or 23% compared to Q3
2022, mainly due to shipment rates.
Total operating cost was 0.4% lower at USD 7.3bn (USD
7.3bn), mainly driven by lower network costs, excluding bun-
ker costs, which decreased by 5.2% compared to Q4 2021. This
was offset by higher bunker costs, which increased by 17%
compared to Q4 2021. Adjusting for the positive impact of
foreign exchange rates, operating costs increased by 2.2%.
Bunker cost increased by 17% to USD 1.8bn (USD 1.6bn), with
an increase in average bunker prices of 29% to 720 USD/
tonne (557 USD/tonne), partially offset by a 9.2% decrease
in bunker consumption. Bunker efficiency decreased by 1.2%
to 42.5 g/TEU*NM (42.0 g/TEU*NM).
Unit cost at fixed bunker increased by 14% to 2,547 USD/
FFE (2,241 USD/FFE) mainly driven by a reduction in volumes
and higher net time-charter equivalent costs, higher net slot
charter costs and higher empty container costs. Adjusting
for the positive impact of foreign exchange rates, unit costs
at fixed bunker increased by 17%.
The average operated capacity of 4,270k TEU increased
by 0.5%. A total of 19 carbon-neutral vessels, including one
feeder vessel, are in the newbuilding programme at the end
of Q4. The fleet consisted of 318 owned and 389 chartered
vessels, of which 302k TEU or 7.2% of the fleet were idle (41
vessels), mainly due to repairs.
Key initiatives in Q4
Ocean continues to partner with key customers, offering con-
tract customers additional flexibility and space to improve
the agility and resilience in their supply chains. The share
of long-haul contract volumes was at 65% (75%), driven
by destocking of mostly retail and technology customers.
Ocean continues to expand on the product portfolio, offer-
ing customers premium products and value-added-services
designed to meet their demands and specific requirements,
such as eco-deliveries, flex-hub, free time extension and
premium quality containers.
Loaded volumes FFE (’000)
Q4 2022 Q4 2021 Change Change %
East-West 1,247 1,543 -296 -19.2
North-South 919 969 -50 -5.2
Intra-regional 641 751 -110 -14.6
Total 2,807 3,263 -456 -14.0
Average freight rates USD/FFE
Q4 2022 Q4 2021 Change Change %
East-West 4,066 4,184 -118 -2.8
North-South 4,705 4,911 -206 -4.2
Intra-regional 2,353 2,554 -201 -7.9
Total 3,869 4,009 -140 -3.5
As the market continues on the path of normalisation, driven
by lower port congestion and lower demand, deployed capac-
ity is actively being adjusted to meet available demand, which
will help improve the service quality in terms of frequency,
reduce waiting times and improve predictability.
Logistics & Services
Logistics & Services shows strong revenue growth year-
on-year as business continues to build on integrated solu-
tion offerings to meet customers end-to-end supply chain
needs. The progression in revenue is driven by inorganic
performance, as Logistics & Services expanded capabilities
through acquisitions closed during 2022.
LF Logistics is one of the main contributors to
revenue growth in Q4.
Integration of Martin Bencher, to bring high-
quality, reliable end-to-end integrated solutions
to customers.
Financial and operational performance
Revenue increased by 28% to USD 3.9bn (USD 3.0bn), pri-
marily driven by Fulfilled by Maersk.
Fleet overview, end Q4 2022
Q4 2022 Q4 2021
TEU
Own container vessels 2,393 2,368
Chartered container vessels 1,828 1,937
Total fleet 4,221 4,305
Number of vessels
Own container vessels 318 311
Chartered container vessels 389 427
Total fleet 707 738
9
Management review I Segments I Ocean I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Logistics & Services highlights USD million
Q4
2022
Q4
2021
12M
2022
12M
2021
Revenue 3,860 3,016 14,423 9,830
Direct costs (third-party costs) 2,831 2,297 10,717 7,396
Gross profit 1,029 719 3,706 2,434
Direct Operating Expenses 435 305 1,482 967
Selling, General & Administration (SG&A) 266 195 846 560
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 328 219 1,378 907
EBITDA margin 8.5% 7.3% 9.6% 9.2%
Earnings before interest, taxes, and amortisation (EBITA) 183 155 944 678
EBITA margin 4.7% 5.1% 6.5% 6.9%
Profit before financial items (EBIT) 139 137 814 623
EBIT margin 3.6% 4.5% 5.6% 6.3%
Invested capital 9,858 3,130 9,858 3,130
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 174 346 657 460
Operational and financial metrics
EBIT conversion (EBIT/gross profit - %) 13.5% 19.1% 22.0% 25.6%
Managed by Maersk revenue 568 480 2,343 1,578
Fulfilled by Maersk revenue 1,208 777 3,898 2,320
Transported by Maersk revenue 2,084 1,759 8,182 5,932
Supply chain management volumes (kcbm) 24,568 28,285 110,264 98,394
Intermodal volumes (kFFE) 969 1,118 4,526 4,491
Air freight volumes (tonne) 53,501 47,620
1
211,484 163,838
1
1 2021 Air freight volumes have been restated to exclude pure terminal handling.
The acquired businesses Pilot, Senator International and
LF Logistics contributed with revenue of USD 902m and an
EBITA of USD 40m. Organic revenue growth was slightly neg-
ative driven by lower volumes and market normalisation in
Q4. The top 200 customers contributed 46% of total reve-
nue in Q4 2022 versus 43% in Q4 2021. EBITA decreased USD
12m organically.
Organic/inorganic USD million
2021 Organic Inorganic 2022
Revenue 3,016 -58 902 3,860
-2% 30%
EBITA 155 -12 40 183
Managed by Maersk revenue increased by USD 88m to USD
568m (USD 480m), driven by lead logistics from new busi-
ness in booking services and better rates in supply chain
management partly offset by volumes decrease of 13% to
24,568kcbm (28,285kcbm) in tandem with lower consumer
demand and inventory adjustment. Further, customs ser-
vices volumes were up by 4% to 1,342k declarations (1,293k).
Fulfilled by Maersk revenue increased by USD 431m
to USD 1.2bn (USD 777m), primarily driven by contract
logistics as warehouse capacity grew organically by 857k
sqm or 28% since Q4 2021 as well as inorganically by 3,149k
sqm from the integration of LF Logistics. The contribution
from e-commerce was limited and continues to be affected
by lower consumer demand.
Transported by Maersk revenue increased by USD 325m
to USD 2.1bn (USD 1.8bn), driven by the acquisitions made
over the course of the year. Air freight was affected by lower
rates, however, partly offset by higher volume from the inte-
gration of Senator International of 25k tonnes in Q4 2022.
Gross profit increased by USD 310m to USD 1.0bn (USD 719m),
primarily in fulfilled by Maersk driven by growth in contract
logistics from the LF Logistics integration, and within trans-
ported by Maersk due to higher rates in Intermodal.
EBITDA increased by USD 109m to USD 328m (USD 219m)
due to the higher revenue, and the EBITDA margin was
8.5% (7.3%).
EBIT was USD 139m (USD 137m), driven by higher deprecia-
tion and amortisation from acquisitions. The EBIT margin was
3.6% (4.5%) driven by lower volume as a result of a declin-
ing market demand, in particular for inland, contract logis-
tics and air.
10
Management review I Segments I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Key initiatives in Q4
In Fulfilled by Maersk, the global warehousing footprint con-
tinued to expand organically, and seven new warehouses (net)
were opened in Q4, adding 187k sqm, for a total capacity of
4.0m sqm across 254 warehouses, with a 28% higher capacity
than in Q4 2021. Including LF Logistics, the total capacity was
7.1m sqm or 452 warehouses.
In Transported by Maersk, the Less than Container Load (LCL)
value proposition continues to be strengthened enhancing
digital solutions on Maersk.com. More than 60+ new own
consolidation lanes were added in Q4, building a total LCL net-
work of over 400 own direct consolidation lanes available for
instant price and booking, versus less than 200 in Q4 2021.
Maersk Air Cargo, the cargo airline arm of A.P. Moller - Maersk,
commenced on 31 October 2022 the transpacific operations
with scheduled flights between USA and Korea. This will fur-
ther strengthen integrated air cargo operations.
Terminals
The weakening of the global container market affected
Terminal’s volumes and revenue in Q4, with particularly the
West Coast of North America and Spain seeing significantly
lower throughput. Volume decreased by 5.0% (decrease by
3.8% like-for-like, adjusted for exits) versus Q4 2021, with
largely unchanged volumes elsewhere. As port conges-
tion eased, congestion-related storage income declined
and was below Q4 2021, but remains elevated compared to
pre-COVID-19 levels, as some pockets of congestion remain.
The rising cost basis is progressively compensated by price
increases.
Terminals and Bolloré Ports have launched a
new terminal in Abidjan, Côte d’Ivoire, in West
Africa with capacity to handle 1.5m TEUs a year.
The terminal also features automated gates and an online
truck appointment system for the pickup and delivery
of containers. The facility opened up for business in
November and is now ramping up.
The 51% share of Sociedade Gestora de Terminais,
S.A. (Sogester) in Angola was divested by the
end of Q4.
Financial and operational performance
Revenue decreased by 8.3% to USD 1.0bn (USD 1.1bn),
driven by lower storage income and lower volume. Volume
decreased by 5.0% (decreased by 3.8% like-for-like) and utili-
sation decreased to 74% (78%), mainly driven by lower volume
in North America. Volume from the Ocean segment decreased
by 7.1% and volume from external customers decreased by
3.9%. Revenue per move decreased by 2.7% to USD 327 (USD
336) as CPI-related tariff increases did not fully compensate
for the lower storage income. Cost per move increased by
5.4% to USD 273 (USD 259), mainly driven by cost related to
legal cases and future exits, inflationary labour costs, lower
volumes and higher energy prices.
Terminals highlights USD million
Q4
2022
Q4
2021
12M
2022
12M
2021
Revenue 999 1,089 4,371 4,000
Concession fees (excl. capitalised lease expenses) 79 91 362 339
Labour costs (blue collar) 327 295 1,270 1,151
Other operational costs 155 174 638 559
Selling, General & Administration (SG&A) and other costs, etc. 150 145 566 496
Total operating costs 711 705 2,836 2,545
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 288 384 1,535 1,455
EBITDA margin 28.8% 35.3% 35.1% 36.4%
Profit/loss before financial items (EBIT) 232 307 832 1,173
EBIT margin 23.2% 28.2% 19.0% 29.3%
Invested capital 7,593 8,289 7,593 8,289
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 132 136 516 304
Operational and financial metrics
Volumes – financially consolidated (moves, m) 3.1 3.3 12.8 12.8
Ocean segment 1.1 1.1 4.6 4.5
External customers 2.0 2.2 8.2 8.3
Revenue per move – financially consolidated (USD) 327 336 341 312
Cost per move – financially consolidated (USD) 273 259 263 242
Result from joint ventures and associated companies (USDm) 60 82 -46 297
11
Management review I Segments I Logistics & Services I Terminals
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
At fixed foreign exchange rates, volume mix and portfolio
mix, revenue per move increased by 0.6% and cost per move
increased by 8.2%.
EBITDA decreased to USD 288m (USD 384m) driven by lower
storage revenue and volume in North America and changes
in provisions with an EBITDA margin of 28.8% (35.3%).
EBIT decreased to USD 232m (USD 307m), as the lower
EBITDA is partially offset by lower depreciation, amortisa-
tion and impairments.
ROIC (LTM) declined to 7.6% (10.9%) driven by the GPI exit.
ROIC adjusted for the GPI divestment was 12.3%.
CAPEX was on par at USD 132m (USD 136m).
In North America, revenue decreased due to a 16% drop in
volume and revenue per move decreased by 6.4% due to lower
congestion related storage income. Cost per move increased
by 13%, driven by significantly lower volume, higher labour
costs, higher maintenance cost and higher energy price.
In Europe, revenue decreased due to lower revenue per
move of 3.7% and a volume decrease of 1.3% primarily
observed in Spain. Cost per move decreased by 0.5% due
to lower operational costs offset by higher labour costs.
In Asia, volume increased by 4.4%, mainly driven by higher
volume in Pipavav, India, but total revenue was stable,
and revenue per move decreased by 3.2%. Cost per move
improved by 17%.
In Latin America, volume decreased by 4.6%, largely due to
Itajai, Brazil, where services were gradually being phased
out and due to the divestment of a terminal in Cartagena,
Colombia. Overall revenue, however, increased, driven by a
17% increase in revenue per move across region due to
tariff increases and cargo mix. Future exit provisions, lower
volume and inflation related cost increases, led to a cost per
move increase by 36%. Excluding provisions cost per move
increased by 20%.
In Africa and Middle East, revenue decreased due to reduc-
tion in volume by 4.8%, while revenue per move increased
by 1.1%. Results were supported by 11% lower costs per move
due to lower Selling General & Administration cost and
lower labour costs.
Results from joint ventures and associated companies
The share of profits in joint ventures and associated compa-
nies was USD 60m (USD 82m), driven by lower results from
Tema, Ghana, Laem Chabang, Thailand, and as a result of the
GPI divestment.
Key initiatives in Q4
The new terminal in Abidjan, Ivory Coast, is live now and
progressing as planned.
In Rijeka, Croatia, the new terminal project is in the phase
of applying for all applicable permits and in Onne, Nigeria,
the last phase of the upgrade is being finalised while in GTI,
Mumbai, India, work continues to upgrade the berth.
Terminals and Aqaba Development Cooperation have signed
a Memorandum of Understanding for a 15-year extension of
their partnership in the Aqaba Container Terminal (ACT).
APM Terminals signed a transition contract for the Port of
Itajaí, extending the concession to mid-2023.
Towage & Maritime Services
Revenue was USD 568m (USD 544m) with an EBITDA of
USD 82m (USD 91m). EBIT increased by USD 245m to posi-
tive USD 122m (negative USD 123m) mainly due to a rever-
sal of previously recognised impairment in Höegh Autoliner
shareholdings and a net impairment loss recognised for
Maersk Supply Services in Q4 2021.
Towage
Financial and operational performance
Revenue increased to USD 196m (USD 190m), and adjusted
for foreign exchange rate effects, the increase was 12% or
USD 23m. Harbour Towage revenue increased by USD 9m,
and activity increased by 12%. The harbour towage revenue
increase mainly came from increased tariffs in Australia,
while the activity increase came from additional tug jobs in
Australia and Europe. Terminal towage revenue decreased
by USD 3m, driven by a negative exchange rate effect and
from lower activity in Europe and Australia.
EBITDA increased to USD 60m (USD 55m), due to increased
revenue and decreased staff costs offset by higher bunker
and vessel maintenance costs. EBIT increased to USD 36m
(USD 28m), driven by the increase in EBITDA and an impair-
ment of intangible assets recognised in Q4 2021.
As a consequence of industrial actions being organised by
the employee unions in Australia, Svitzer Australia Pty Ltd
in November gave notice of lockout to maritime unions and
crew covered by the National Towage Enterprise Agreement
Regional volume
1
Million moves
Q4 2022 Q4 2021 Growth (%)
North America 0.7 0.8 -15.7
Latin America 0.6 0.6 -4.6
Europe, Russia and the Baltics 0.7 0.7 -1.3
Asia 0.7 0.6 4.4
Africa and Middle East 0.4 0.6 -4.8
Total 3.1 3.3 -5.0
1 Financially consolidated.
12
Management review I Segments I Terminals I Towage & Maritime Services
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
from 2016. The Fair work commission tribunal in Australia
decided to suspend all industrial actions for six months.
Results from joint ventures and associated companies
The share of profit in joint ventures and associated compa-
nies remained on par at USD 5m (USD 5m).
Key initiatives in Q4
Svitzer Americas welcomed three newbuilds to service
operations in Bahamas, Dominican Republic and Costa Rica,
and a new contract was secured in Oman with start date in
Q1 2023.
Maritime Services
Maersk Supply Service reported an increase in revenue of
USD 11m to USD 99m (USD 88m), reflecting increased pro-
ject activity, increased utilisation of the time charter fleet,
partly offset by slightly lower day rates. EBITDA decreased
by USD 1m to USD 8m (USD 9m), driven by increased cost.
EBIT increased by USD 301m to positive USD 2m (negative
USD 299m), mainly due to impairment losses recognised in
Q4 2021.
For Maersk Container Industry, revenue decreased by USD
97m to USD 81m (USD 178m) mainly driven by lower market
demand. EBITDA remained on par at USD 14m (USD 14m) as
lower revenue was offset by reversal of transaction related
costs related to the stopped sale of the company. EBIT
decreased by USD 5m to USD 7m (USD 12m) due to a non-
recurring cost related to discontinued business.
Key initiatives in Q4
Maersk Supply Service showed strong commercial progress
in Latin America with notable contracts being signed. These
included a one-year contract in Guyana and a comprehensive
towing and mooring contract in Brazil – the largest solutions
contract for Maersk Supply Service to-date.
Continuing its strategic journey into offshore renewables,
Maersk Supply Service was contracted for transport and
installation of three floating Wind Turbines at the EFGL
wind farm in France, with offshore work expected at the
end of 2023.
Towage & Maritime Services highlights USD million
Q4
2022
Q4
2021
12M
2022
12M
2021
Revenue 568 544 2,293 2,082
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 82 91 369 356
EBITDA margin 14.4% 16.7% 16.1% 17.1%
Profit before financial items (EBIT) 122 -123 307 17
EBIT margin 21.5% -22.6% 13.4% 0.8%
Invested capital 2,794 2,216 2,794 2,216
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 118 56 350 203
Operational and financial metrics
Number of operational tug jobs (harbour towage) (’000) 38 34 146 138
13
Management review I Segments I Towage & Maritime Services
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Executive Board
Board of Directors
Management’s statement
14
Management review I Management’s statement
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Financials
Condensed income statement
Note Q4
2022
Q4
2021
12M
2022
12M
2021
1 Revenue 17,820 18,506 81,529 61,787
1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,540 7,990 36,813 24,036
Depreciation, amortisation and impairment losses, net 1,612 1,626 6,186 4,944
Gain on sale of non-current assets, etc., net 33 50 101 96
Share of profit/loss in joint ventures and associated companies 161 220 132 486
1 Profit before financial items (EBIT) 5,122 6,634 30,860 19,674
Financial items, net 171 -343 -629 -944
Profit before tax 5,293 6,291 30,231 18,730
Tax 312 182 910 697
Profit for the period 4,981 6,109 29,321 18,033
Of which:
Non-controlling interests 31 15 123 91
A.P. Møller - MærskA/S’ share 4,950 6,094 29,198 17,942
Earnings per share, USD 278 324 1,600 941
Diluted earnings per share, USD 277 323 1,595 938
Condensed statement of comprehensive income
Q4
2022
Q4
2021
12M
2022
12M
2021
Profit for the period 4,981 6,109 29,321 18,033
Translation from functional currency to presentation currency 353 -69 -551 -364
Reclassified to income statement, gain on sale of non-current assets, etc., net -9 - 53 23
Cash flow hedges 81 9 115 -109
Tax on other comprehensive income 9 -2 -10 -7
Share of other comprehensive income of joint ventures and associated companies,
net of tax -2 4 6 -5
Total items that have been ormay be reclassified subsequently to the income
statement 432 -58 -387 -462
Other equity investments -34 116 54 143
Actuarial gains/losses on defined benefit plans, etc. 36 46 36 -23
Tax on other comprehensive income 30 -6 30 7
Total items that will not be reclassified to the income statement 32 156 120 127
Other comprehensive income, net of tax 464 98 -267 -335
Total comprehensive income for the period 5,445 6,207 29,054 17,698
Of which:
Non-controlling interests 29 14 92 87
A.P. Møller - MærskA/S’ share 5,416 6,193 28,962 17,611
Financials I Interim consolidated financial statements Q4 2022
15
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Condensed balance sheet at 31December
2022 2021
Intangible assets 10,785 5,769
Property, plant and equipment 28,194 27,303
Right-of-use assets 10,967 9,906
Financial non-current assets, etc. 3,272 3,135
Deferred tax 399 356
Total non-current assets 53,617 46,469
Inventories 1,604 1,457
2 Receivables, etc. 27,391 12,111
Securities 942 3
Cash and bank balances 10,057 11,832
Assets held for sale 69 399
Total current assets 40,063 25,802
Total assets 93,680 72,271
2022 2021
3 Equity attributable to A.P. Møller - MærskA/S 63,991 44,508
Non-controlling interests 1,041 1,080
Total equity 65,032 45,588
Lease liabilities, non-current 8,582 8,153
Borrowings, non-current 3,774 4,315
Other non-current liabilities 2,971 2,122
Total non-current liabilities 15,327 14,590
Lease liabilities, current 3,032 2,398
Borrowings, current 255 469
Other current liabilities 10,025 8,982
Liabilities associated with assets held for sale 9 244
Total current liabilities 13,321 12,093
Total liabilities 28,648 26,683
Total equity and liabilities 93,680 72,271
Financials I Interim consolidated financial statements Q4 2022
16
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Condensed cash flow statement
Note Q4
2022
Q4
2021
12M
2022
12M
2021
Profit before financial items 5,122 6,634 30,860 19,674
Non-cash items, etc. 1,643 1,374 6,225 4,540
Change in working capital 1,678 101 -1,808 -1,610
Cash flow from operating activities before tax 8,443 8,109 35,277 22,604
Taxes paid -243 -229 -801 -582
Cash flow from operating activities 8,200 7,880 34,476 22,022
Purchase of intangible assets and property, plant and equipment (CAPEX) -895 -1,585 -4,163 -2,976
Sale of intangible assets and property, plant and equipment 47 60 303 205
4 Acquisition of subsidiaries and activities -20 -82 -4,774 -815
Sale of subsidiaries and activities -19 24 2 3
Acquisition of joint ventures and associated companies -146 -50 -46 -79
Sale of joint ventures and associated companies 103 - 219 -4
Dividends received 83 64 327 282
Sale of other equity investments 5 3 31 8
Financial investments, etc., net -3,991 -4,501 -13,518 -4,966
Cash flow from investing activities -4,833 -6,067 -21,619 -8,342
Repayments of/proceeds from borrowings, net 35 -181 -717 -1,934
Repayments of lease liabilities -861 -586 -3,080 -2,279
Financial payments, net 29 -79 -238 -258
Financial expenses paid on lease liabilities -141 -117 -518 -459
Purchase of treasury shares -685 -416 -2,738 -1,956
Dividends distributed - - -6,847 -1,017
Dividends distributed to non-controlling interests -23 -27 -78 -91
Other equity transactions 45 36 81 94
Cash flow from financing activities -1,601 -1,370 -14,135 -7,900
Net cash flow for the period 1,766 443 -1,278 5,780
Cash and cash equivalents, beginning of period 8,330 11.146 11,565 5,864
Currency translation effect on cash and bank balances -58 -24 -249 -79
Cash and cash equivalents, end of period 10,038 11,565 10,038 11,565
Of which classified as assets held for sale -1 -28 -1 -28
Cash and cash equivalents, end of period 10,037 11,537 10,037 11,537
Cash and cash equivalents
Cash and bank balances 10,057 11,832 10,057 11,832
Overdrafts 20 295 20 295
Cash and cash equivalents, end of period 10,037 11,537 10,037 11,537
Cash and bank balances include USD 1.4 bn (USD 1.3 bn) relating to cash and bank balances in countries with exchange control or other restrictions.
These funds are not readily available for general use by the parent company or other subsidiaries.
Financials I Interim consolidated financial statements Q4 2022
17
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Condensed statement of changes in equity
A.P. Møller - Mærsk A/S
Note Share
capital
Trans-
lation
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Total Non-
con-
trolling
interests
Total
equity
Equity 1 January 2022 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Other comprehensive income,
net of tax - -465 90 103 36 - 236 -31 -267
Profit for the period - - - - 29,198 29,198 123 29,321
Total comprehensive income
for the period - -465 90 103 29,234 28,962 92 29,054
Dividends to shareholders - - - - -6,845 -6,845 -80 -6,925
Value of share-based payment - - - - 26 26 - 26
Sale of non-controlling interests - - - - 1 1 -1 -
Sale of subsidiaries - - - - - - -67 -67
3 Purchase of treasury shares - - - - -2,785 -2,785 - -2,785
3 Sale of treasury shares - - - - 31 31 - 31
3 Capital increases and decreases - 121 - - - 121 - 17 17
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -13 - 13 -
Transfer of cash flow hedge reserve
to non-current assets - - - 30 - 30 - 30
Other equity movements - - - - 63 63 - 63
Total transactions with
shareholders -121 - -13 30 -9,375 -9,479 -131 -9,610
Equity 31 December 2022 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Equity 1 January 2021 3,632 -432 -6 -42 26,698 29,850 1,004 30,854
Other comprehensive income,
net of tax - -335 144 -118 -22 -331 -4 -335
Profit for the period - - - - 17,942 17,942 91 18,033
Total comprehensive income
for the period - -335 144 -118 17,920 17,611 87 17,698
Dividends to shareholders - - - - -1,017 -1,017 -96 -1,113
Value of share-based payment - - - - 17 17 - 17
Acquisition of non-controlling
interests - - - - -19 -19 16 -3
Sale of non-controlling interests - - - - 1 1 - 1
3 Purchase of treasury shares - - - - -1,956 -1,956 - -1,956
3 Sale of treasury shares - - - - 22 22 - 22
3 Capital increases and decreases -119 - - - 119 - 69 69
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -3 - 3 - - -
Other equity movements - - - - -1 -1 - -1
Total transactions with
shareholders -119 - -3 - -2,831 -2,953 -11 -2,964
Equity 31 December 2021 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Financials I Interim consolidated financial statements Q4 2022
18
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q4 2022
External revenue 12,628 3,945 736 482 29 - 17,820
Inter-segment revenue 671 -85 263 86 7 -942 -
Total revenue 13,299 3,860 999 568 36 -942 17,820
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,034 328 288 82 -188 -4 6,540
Profit before financial items (EBIT) 4,817 139 232 122 -189 1 5,122
Key metrics
Invested capital 32,368 9,858 7,593 2,794 -145 -58 52,410
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 427 174 132 118 14 30 895
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q4 2021
External revenue 14,234 3,036 787 432 17 - 18,506
Inter-segment revenue 355 -20 302 112 6 -755 -
Total revenue 14,589 3,016 1,089 544 23 -755 18,506
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 7,337 219 384 91 -35 -6 7,990
Profit before financial items (EBIT) 6,346 137 307 -123 -31 -2 6,634
Key metrics
Invested capital 30,529 3,130 8,289 2,216 -76 -45 44,043
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 1,043 346 136 56 12 -8 1,585
Financials I Interim consolidated financial statements Q4 2022
19
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
12 months 2022
External revenue 61,497 14,710 3,323 1,894 105 - 81,529
Inter-segment revenue 2,802 -287 1,048 399 26 -3,988 -
Total revenue 64,299 14,423 4,371 2,293 131 -3,988 81,529
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 33,770 1,378 1,535 369 -207 -32 36,813
Profit before financial items (EBIT) 29,149 814 832 307 -229 -13 30,860
Key metrics
Invested capital 32,368 9,858 7,593 2,794 -145 -58 52,410
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 2,620 657 516 350 35 -15 4,163
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
12 months 2021
External revenue 47,212 9,782 2,927 1,790 76 - 61,787
Inter-segment revenue 1,020 48 1,073 292 18 -2,451 -
Total revenue 48,232 9,830 4,000 2,082 94 -2,451 61,787
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 21,432 907 1,455 356 -101 -13 24,036
Profit before financial items (EBIT) 17,963 623 1,173 17 -106 4 19,674
Key metrics
Invested capital 30,529 3,130 8,289 2,216 -76 -45 44,043
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 2,003 460 304 203 20 -14 2,976
USD million Types of revenue Q4
2022
Q4
2021
12M
2022
12M
2021
Ocean Freight revenue 11,581 12,808 56,499 42,374
Other revenue, including hubs 1,718 1,781 7,800 5,858
Logistics & Services Managed by Maersk 568 480 2,343 1,578
Fulfilled by Maersk 1,208 777 3,898 2,320
Transported by Maersk 2,084 1,759 8,182 5,932
Terminals Terminal services 999 1,089 4,371 4,000
Towage & Maritime Services Towage services 196 190 774 740
Sale of containers and spare parts 81 178 499 690
Offshore supply services 98 88 390 301
Other shipping activities 68 68 282 269
Other services 125 20 348 82
Unallocated activities and eliminations -906 -732 -3,857 -2,357
Total revenue 17,820 18,506 81,529 61,787
Receivables, etc. amount to USD 27.4bn (USD 12.1bn) and consist
primarily of term deposits with a maturity of more than three
months amounting to USD 17.6bn (USD 5.0bn).
Note 2 Term deposits
Financials I Interim consolidated financial statements Q4 2022
20
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Note 3 Share capital
Development in the number of shares:
A shares of B shares of Nominal value
DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million
1 January 2021 10,599,293 216 9,432,463 166 20,032 3,632
Cancellations 131,186 - 524,745 - 656 119
31 December 2021 10,468,107 216 8,907,718 166 19,376 3,513
1 January 2022 10,468,107 216 8,907,718 166 19,376 3,513
Conversions 1 -2 3 -6 - -
Cancellations 133,779 - 535,076 - 669 121
31 December 2022 10,334,329 214 8,372,645 160 18,707 3,392
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no
voting rights.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on
15 March 2022, the shareholders decided on the cancellation of
treasury shares, whereby the share capital would be decreased.
On 25 May 2022, the company’s share capital was reduced from
nominally DKK 19,376,016,000 by nominally DKK 668,855,000
in total, divided into 133,779 A shares and 535,076 B shares of
DKK 1,000 to nominally DKK 18,707,161,000.
The reduction in the share capital has been recorded by applying the
historical rate of exchange of USD/DKK 5.5153.
Development in the holding of treasury shares:
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2022 2021 2022 2021 2022 2021
A shares
1 January 120,494 119,176 121 119 0.62% 0.59%
Additions 215,002 132,504 215 133 1.15% 0.68%
Cancellations 133,779 131,186 134 131 0.69% 0.65%
31 December 201,717 120,494 202 121 1.08% 0.62%
B shares
1 January 549,587 505,281 550 505 2.84% 2.52%
Additions 904,856 586,476 905 587 4.83% 3.03%
Cancellations 535,076 524,745 535 525 2.76% 2.62%
Disposals 31,810 17,425 32 17 0.17% 0.09%
31 December 887,557 549,587 888 550 4.74% 2.84%
The share buy-back programme is carried out with the purpose to
adjust the capital structure of the company. Shares which are not
used for hedging purposes for the long-term incentive programmes
will be proposed cancelled at the Annual General Meetings.
Disposals of treasury shares are related to the share option plan and
the restricted share unit plan.
From 1 January 2022 to 31 December 2022, A.P. Moller - Maersk
bought back as treasury shares 110,689 A shares, with a nominal
value of DKK 111m, and 336,597 B shares, with a nominal value of
DKK 337m from A.P . Møller Holding A/S and 99,927 B shares, with
a nominal value of DKK 100m from A.P. Møller og Hustru Chastine
Mc-Kinney Møllers Familiefond, which are considered related parties.
The dividend of DKK 2,500 per share of DKK 1,000 – a total of DKK
46.3bn is equivalent to USD 6.9bn, excluding treasury shares. Of this,
USD 6.0bn was paid to shareholders on 18 March 2022, and the with-
holding tax of USD 882m was paid in Q2 2022. Payment of dividends
to share holders does not trigger taxes for A.P. Moller - Maersk.
Financials I Interim consolidated financial statements Q4 2022
21
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Acquisitions during 2022
LF Logistics Holdings Limited (Logistics & Services)
On 22 December 2021, the Group signed an agreement to acquire
100% of the shares in LF Logistics Holdings Limited, a leading omni-
channel fulfilment contract logistics company in Asia Pacific. The
acquisition was completed end of August 2022. The acquisition will
further strengthen A.P. Moller - Maersk’s capabilities as an integrated
container logistics company, offering global end-to-end supply chain
solutions to its customers. The total purchase price is USD 3.4bn, in-
cluding a contingent consideration of USD 60m. Of the consideration
paid, USD 2.3bn is related to goodwill while USD 807m is related
to intangible assets, mainly customer relationships. USD 179m is
related to trade receivables and USD 362m is related to RoU assets.
Liabilities are mainly related to trade payables and lease liabilities.
Goodwill is mainly attributable to commercial and operational
future expected synergies, driven by cross-selling and improved
productivity. Acquired goodwill is not allowable for tax purposes.
From the acquisition date to 31 December 2022, LF Logistics con-
tributed with a revenue of USD 360m and an insignificant net profit.
Had the acquisition occurred on 1 January 2022, the impact on the
Group’s revenue would have been USD 1,013m. The net profit impact
to the Group would have been USD 42m, including amortisation of
intangibles recognised in the acquisition. Acquisition- related costs of
USD 12m was recognised as operating costs in the income statement
of the Logistics & Services segment in 2021, and in operating cash
flow in the statement of cash flow in 2022.
The accounting for the business combination is considered provi-
sional as at 31 December 2022, as valuation of intangible assets is
not yet finalised.
Pilot Freight Services (Logistics & Services)
On 5 February 2022, the Group signed an agreement to acquire 100%
of the shares in Pilot Freight Services, a US-based first, middle and
last mile cross-border solutions provider. The acquisition was com-
pleted in early May 2022. Pilot has specialised in the big and bulky
freight segment in North America. Pilot Freight Services will add spe-
cific new services within the fast-growing big and bulky e-commerce
segment to the Group, thus increasing cross-selling opportunities.
The total purchase price is USD 1.6bn of which USD 597m is related
to the settlement of debt. Of the consideration paid, USD 1.1bn is
related to goodwill while USD 650m is related to intangible assets,
mainly customer relationships. USD 235m is related to trade receiv-
ables and USD 174m is related to RoU assets. Liabilities are mainly
related to trade payables, lease liabilities and debt settled as part of
the transaction. Goodwill is mainly attributable to commercial and
operational future expected synergies, driven from cross-selling,
network optimisations and improved productivity. Goodwill of USD
96m related to the acquisition is expected to be deductible for tax
purposes.
From the acquisition date to 31 December 2022, Pilot Freight
Services contributed with a revenue of USD 987m and an insignif-
icant net profit. Had the acquisition occurred on 1 January 2022,
the impact on the Group’s revenue would have been USD 1.5bn.
The net profit impact to the Group would have been insignificant.
Acquisition- related costs of USD 15m are recognised as operating
costs in the income statement of the Logistics & Services segment
in 2021 and 2022, and in operating cash flow in the statement of
cash flow in 2022.
The accounting for the business combination is considered pro-
visional as at 31 December 2022, as valuation of intangible assets
is not yet finalised.
Senator International (Logistics & Services)
On 2 November 2021, the Group signed an agreement to acquire 100%
of the shares in Senator International, a well renowned German
air- based freight carrier company. The acquisition was completed in
early June 2022. Senator International will contribute with offerings
within air freight out of Europe into the USA and Asia, and thereby add
strong capabilities and geographical reach to the integrator vision.
The total purchase price is USD 584m. Of the consideration paid,
USD 225m is related to goodwill while USD 223m is related to intan-
gible assets, mainly customer relationships. USD 220m is related to
trade receivables and the rest is mainly related to other receivables.
Liabilities are mainly related to accrued expenses and deferred tax.
Goodwill is mainly attributable to commercial and operational future
expected synergies, driven from cross-selling, network optimisations
and improved productivity. Acquired goodwill is not allowable for tax
purposes.
From the acquisition date to 31 December 2022, Senator International
contributed with a revenue of USD 787m and a net profit of USD 40m.
Had the acquisition occurred on 1 January 2022, the impact on the
Group’s revenue would have been USD 1.6bn and a net profit of
USD 105m, including amortisation of intangibles recognised in the
acquisition. Acquisition- related costs of USD 9m were recognised as
operating costs in the income statement of the Logistics & Services
segment in 2021, and as operating cash flow in the statement of
cash flow in 2022.
The accounting for the business combination is considered provi-
sional as at 31 December 2022, as valuation of intangible assets is
not yet finalised.
Other
ResQ (Towage & Maritime Services)
On 17 June 2022, it was announced that the Group signed an agree-
ment to acquire 100% of the shares in ResQ, a Norwegian supplier of
services and expertise in safety training and emergency prepared-
ness. The acquisition was completed in July 2022. The total purchase
price is USD 6m. The accounting for the business combination is con-
sidered provisional as at 31 December 2022, as valuation of intangible
assets is not yet finalised.
Acquisitions after the balance sheet date
Grindrod Intermodal Group (Logistics & Services)
On 15 November 2021, it was announced that the Group will partner
with Grindrod Intermodal Group to merge the logistics activities of
Grindrod Intermodal business with the ocean Activities of the Ocean
Africa Container Lines (OACL with the current Maersk Logistics &
Services products in South Africa. The Grindrod Intermodal Group is a
well-known and trusted partner in South Africa that offers a range
of logistics and services offerings. The Group will have a controlling
interest of 51%. The purchase price is USD 34m. The acquisition was
closed on 2 January 2023 and will operate as Grindrod Logistics.
Martin Bencher Group (Logistics & Services)
On 5 August 2022, it was announced that the Group intends to acquire
100% of the shares in Martin Bencher Group, a Denmark-based project
logistics company, with premium competencies within non-container-
ised project logistics. The acquisition of Martin Bencher Group will add
to the existing project logistics services already available at Maersk,
with a specialised service offering the combination of solution design,
special cargo transportation, and project management services. It will
build on existing infrastructures and know-how across the existing
Project Logistics vertical in Sales & Marketing, Ocean, and L&S Special
Project Logistics (SPL). The purchase price is USD 57m. The acquisition
was closed on 2 January 2023.
Note 4 Acquisitions of subsidiaries
Financials I Interim consolidated financial statements Q4 2022
22
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Note 4 Acquisitions of subsidiaries – continued
Acquisitions during 2022:
LF Logistics Pilot Senator
International
Other Total
Fair value at time of acquisition
Intangible assets 807 650 223 7 1,687
Property, plant and equipment 533 185 48 14 780
Financial assets 110 4 6 - 120
Deferred tax asset 5 - - - 5
Current assets 436 271 398 6 1,111
Provisions 18 4 - - 22
Liabilities 793 1,207 316 24 2,340
Net assets acquired 1,080 -101 359 3 1,341
A.P. Møller - Mærsk A/S’ share 1,080 -101 359 3 1,341
Goodwill 2,291 1,145 225 6 3,667
Purchase price 3,371 1,044 584 9 5,008
Contingent consideration assumed -60 - - - -60
Contingent consideration paid - 19 - - 19
Change in payables on purchase price, etc. -24 8
- - -16
Cash and bank balances assumed -126 -9 -40 -2 -177
Cash flow used for acquisition of subsidiaries and activities 3,161 1,062 544 7 4,774
The total commitments across segments is USD 5.0bn (USD 3.3bn),
mainly related to investments for new methanol container vessels,
wind installation vessels, tugs, aircraft and commitments
towards terminal concession grantors.
Note 5 Commitments
The reportable segments are as follows:
Ocean Global container shipping activities, including strategic transhipment hubs and sale of bunker oil
Logistics & Services Integrated transportation, fulfilment and management solutions, including landside and air transportation
as well as warehousing and supply chain management offerings
Terminals Gateway terminal activities
Towage & Maritime Services Towage and related marine activities, production of reefer containers, providing offshore supply service and
trading and other businesses
Note 6 Accounting policies, judgements and significant estimates
The interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as issued by the
International Accounting Standards Board (IASB) and adopted by the
EU and additional Danish disclosure requirements for interim finan-
cial reporting of listed companies.
The accounting policies, judgements and significant estimates are
consistent with those applied in the Annual Report 2022.
Change to reportable segments
As part of the refinement of A.P. Moller - Maersk’s segment struc-
ture, changes to the segment structure were made with effect from
1 January 2022. The changes involve moving the Svitzer activity from
Terminals & Towage to Manufacturing & Others. In addition, the Man-
ufacturing & Others segment has been renamed Towage & Maritime
Services, while the Terminals & Towage segment has been renamed
Terminals. Comparison figures for note 1 have been restated as if the
change had been implemented in 2021. The reportable segments are
disclosed below.
The allocation of business activities into segments reflects
A.P. Moller - Maersk’s character as an integrated container logistics
business and is in line with the internal management reporting.
Financials I Interim consolidated financial statements Q4 2022
23
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
The details of the income statement impact are as follows:
Operating segment Impacted area Q1 2022 Q2 2022 Q3 2022 Q4 2022 12M 2022
Ocean Net impairments of containers,
net write-down of receivables, provisions -162 93 14 14 -41
Logistics & Services Net impairments of warehouses,
net write-down of receivables, provisions -53 1 -4 7 -49
Terminals Net impairments of investment in joint
venture, including recycling of translation
reserve loss -485 - 82 - -403
Towage & Maritime Services Impairments of tugboats -18 - - - -18
Total income statement impact -718 94 92 21 -511
Russia/Ukraine impact
As previously announced, A.P. Moller - Maersk is winding down its
operations in Russia, which will ultimately result in a complete
exit from the country. All services to and from Russia have been
discontinued since Q1 2022. In Q4 2022, no significant events
have occurred and the process of divesting the remaining assets
is ongoing.
Note 6 Accounting policies, judgements and significant estimates – continued
On 2 January 2023, the acquisitions of Martin Bencher Group
and Grindrod Intermodal Group were closed. Reference is made
to note 4 Acquisition of subsidiaries.
A.P. Moller - Maersk announced a new organisational structure
and a new Executive Leadership Team effective from 1 February
2023 following the appointment of Vincent Clerc as CEO of
A.P. Moller - Maersk effective from 1 January 2023.
On 27 January 2023 it was announced to move towards a singular
and unified Maersk brand.
Note 7 Subsequent events
Financials I Interim consolidated financial statements Q4 2022
24
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
2022 2021
Income statement Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 17,820 22,767 21,650 19,292 18,506 16,612 14,230 12,439
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 6,540 10,862 10,327 9,084 7,990 6,943 5,064 4,039
Depreciation, amortisation and impairment losses, net 1,612 1,649 1,418 1,507 1,626 1,206 1,087 1,025
Gain on sale of non-current assets, etc., net 33 4 37 27 50 27 12 7
Share of profit/loss in joint ventures and associated
companies 161 260 42 -331 220 95 95 76
Profit before financial items (EBIT) 5,122 9,477 8,988 7,273 6,634 5,859 4,084 3,097
Financial items, net 171 -303 -203 -294 -343 -185 -186 -230
Profit before tax 5,293 9,174 8,785 6,979 6,291 5,674 3,898 2,867
Tax 312 263 164 171 182 213 152 150
Profit for the period 4,981 8,911 8,621 6,808 6,109 5,461 3,746 2,717
A.P. Møller - Mærsk A/S’ share 4,950 8,879 8,593 6,776 6,094 5,438 3,713 2,697
Underlying profit
1
4,863 8,818 8,553 7,469 6,278 5,448 3,732 2,712
Balance sheet
Total assets 93,680 89,058 80,426 73,031 72,271 65,394 60,040 56,734
Total equity 65,032 60,231 52,586 44,940 45,588 39,771 35,282 31,905
Invested capital 52,410 53,386 49,195 45,167 44,043 42,876 41,481 39,829
Net interest-bearing debt -12,632 -6,855 -3,356 -689 -1,530 3,123 6,216 7,746
Cash flow statement
Cash flow from operating activities 8,200 9,444 8,611 8,221 7,880 6,572 4,137 3,433
Capital lease instalments – repayments of lease liabilities 861 811 762 646 586 611 453 629
Gross capital expenditure, excl. acquisitions and divestments
(CAPEX) 895 906 1,008 1,354 1,585 610 452 329
Cash flow from financing activities -1,601 -1,968 -3,046 -7,520 -1,370 -1,853 -2,143 -2,534
Free cash flow 6,462 7,787 6,844 6,014 5,637 5,298 3,230 2,372
Financial ratios
Revenue growth -3.7% 37.1% 52.1% 55.1% 64.4% 67.5% 58.2% 30.0%
EBITDA margin 36.7% 47.7% 47.7% 47.1% 43.2% 41.8% 35.6% 32.5%
EBIT margin 28.7% 41.6% 41.5% 37.7% 35.8% 35.3% 28.7% 24.9%
Cash conversion 125% 87% 83% 90% 99% 95% 82% 85%
Return on invested capital after tax (ROIC) (last twelve
months) 60.4% 66.6% 62.5% 53.6% 45.3% 34.5% 23.7% 15.7%
Equity ratio 69.4% 67.6% 65.4% 61.5% 63.1% 60.8% 58.8% 56.2%
Underlying ROIC
1
(last twelve months) 61.2% 68.1% 64.2% 55.4% 45.7% 34.5% 24.0% 15.9%
Underlying EBITDA
1
6,517 10,851 10,289 9,186 7,990 6,943 5,064 4,039
Underlying EBITDA margin
1
36.6% 47.7% 47.5% 47.6% 43.2% 41.8% 35.6% 32.5%
Underlying EBIT
1
5,002 9,381 8,924 7,937 6,804 5,842 4,070 3,092
Underlying EBIT margin
1
28.1% 41.2% 41.2% 41.1% 36.8% 35.2% 28.6% 24.9%
Stock market ratios
Earnings per share, USD 278 488 466 364 324 287 194 139
Diluted earnings per share, USD 277 487 464 363 323 287 193 139
Cash flow from operating activities per share, USD 461 519 467 442 414 348 215 178
Share price (B share), end of period, DKK 15,620 13,865 16,555 20,370 23,450 17,385 18,025 14,735
Share price (B share), end of period, USD 2,242 1,817 2,313 3,040 3,576 2,707 2,883 2,324
Total market capitalisation, end of period, USD 39,135 32,099 42,108 55,662 64,259 49,637 54,076 43,243
1 Underlying is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc.
and net impairment losses as well as transaction, restructuring and integration costs related to major transactions. The adjustments include
A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies and, when applicable, the adjustments are net of tax.
Additional information
Quarterly summary
Additional information I Quarterly summary
25
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
B
Backhaul
The direction of the trade
route with the lowest volumes,
whereas the opposite direction
is referred to as headhaul.
C
CAPEX
Cash payments for intangible
assets and property, plant
and equipment, excluding
acquisitions and divestments.
Cash conversion
Cash flow from operating
activities to EBITDA ratio.
Cash flow from operating
activities per share
A.P. Moller - Maersk’s operating
cash flow from con tinuing oper-
ations divided by the number
of shares (of DKK 1,000 each),
excluding A.P. Moller - Maersk’s
holding of treasury shares.
Cost per move
Includes cost (EBITDA less
revenue less other income),
depreciation and excludes
IFRIC12 construction cost.
E
EBIT
Earnings Before Interest and
Taxes.
EBITA
Earnings Before Interest, Tax
and Amortisation.
EBITDA
Earnings Before Interest, Taxes,
Depreciation and Amortisation.
Equity ratio
Calculated as equity divided by
total assets.
F
FFE
Forty Foot container Equivalent
unit.
Free cash flow (FCF)
Comprised of cash flow from
operating activities, purchase/sale
of intangible assets and property,
plant and equipment, dividends
received, repayments of lease
liabilities, financial payments and
financial expenses paid on lease
liabilities.
G
Gross profit
The sum of revenue, less variable
costs and loss on debtors.
H
Headhaul
The direction of the trade route
with the highest volumes, whereas
the return direction is referred to
as backhaul.
I
Invested capital
Segment operating assets less
segment operating liabilities,
including investments and
deferred taxes related to the
operation.
K
kcbm
The freight volume of the ship-
ment for domestic and interna-
tional freight. Cubic metre (CBM)
measurement is calculated by
multi plying the width, height and
length of the shipment.
L
Loaded volumes
Loaded volumes refer to the
number of FFEs loaded on a
shipment which are loaded on
first load at vessel departure
time, excluding displaced FFEs.
N
Net interest-bearing debt (NIBD)
Equals interest-bearing debt,
including leasing liabilities, fair
value of deriva tives hedging the
underlying debt, less cash and
bank balances as well as other
interest- bearing assets.
R
Return on invested capital
after tax (ROIC)
Profit/loss before financial items
for the year (EBIT) less tax on EBIT
divided by the average invested
capital, last twelve months.
Revenue per move
Includes terminal revenue, other
income, government grants and
excludes IFRIC12 construction
revenue.
T
TEU
Twenty-foot container Equivalent
Unit.
Time charter
Hire of a vessel for a specified
period.
Total market capitalisation
Total number of shares – exclud-
ing A.P. Møller - Mærsk A/S’ holding
of treasury shares – multiplied by
the end-of-quarter price quoted by
Nasdaq Copenhagen.
U
Underlying
Underlying is computed as the
relevant performance measure
adjusted for the net gains/losses
from the sale of non- current
assets, etc. and net impairment
losses as well as transaction,
restructuring and integration
costs related to major transac-
tions. The adjustments include
A.P. Moller - Maersk’s share of
mentioned items in joint ventures
and associated companies and,
when applicable, the adjustments
are net of tax.
V
VSA
Vessel Sharing Agreement is
usually reached between various
partners within a shipping con-
sortium who agree to operate
a liner service along a specified
route using a specified number
of vessels.
Additional information I Definition of terms
26
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023
Editors
Finn Glismand
Henrik Jensen
Thomas Ryttersgaard
Sarah Spray
Design and layout
e-Types
Produced in Denmark
Board of Directors
Robert Mærsk Uggla, Chair
Marc Engel, Vice Chair
Bernard L. Bot
Marika Fredriksson
Arne Karlsson
Thomas Lindegaard Madsen
Amparo Moraleda
Julija Voitiekute
Registered Executives
Vincent Clerc, Chief Executive Officer (CEO)
Patrick Jany (CFO)
Henriette Hallberg Thygesen
Audit Committee
Arne Karlsson, Chair
Bernard L. Bot
Marika Fredriksson
Amparo Moraleda
Remuneration Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Nomination Committee
Robert Mærsk Uggla, Chair
Marc Engel
Transformation & Innovation Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Colophon
Colophon
27
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2023