XCSE:MAERSK-A ESEF Report
A.P. MØLLER - MÆRSK A/S (XCSE:MAERSK-A)
ESEF Report
2024-11-05
For: 2024-09-30
View Original
Added on
September 23, 2026
Management Review
Highlights Q3 2024 ............................................................... 03
Summary financial information
................................................. 04
Review Q3 2024
.................................................................. 05
Financial guidance and targets
.................................................. 06
Market environment
.............................................................. 07
Segments
.......................................................................... 08
– Ocean
.......................................................................... 08
– Logistics & Services
........................................................... 09
– Terminals
...................................................................... 11
Review 9M 2024
.................................................................. 13
Financials
Condensed income statement ................................................... 14
Condensed statement of comprehensive income
............................. 14
Condensed balance sheet at 30 September
................................... 15
Condensed cash flow statement
................................................ 16
Condensed statement of changes in equity
.................................... 17
Notes
............................................................................... 18
Management’s statement
........................................................ 22
Quarterly summary
............................................................... 23
Definition of terms
................................................................ 24
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 around 100,000 employees, 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 confident 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
Contacts for further information
Vincent Clerc
CEO
Patrick Jany
CFO
Investors
Stefan Gruber
Head of Investor Relations
Tel. +45 3363 3484
Media
Jesper Lov
Head of Media Relations
Tel. +45 6114 1521
Webcast and dial-in information
A webcast relating to the Q3 2024 Interim
Report will be held on 31 October 2024
at 11.00 (CET). Dial-in infor mation on
investor.maersk.com.
Presentation material for the webcast will
be available on the same page.
The Interim Report for Q3 2024 of
A.P. Møller - Mærsk A/S (further referred to
as A.P. Moller - Maersk as the consolidated
group of companies) has 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 interim consolidated financial state-
ments have not been subject to audit or
review.
Comparative figures
Unless otherwise stated, all figures in
parentheses refer to the corresponding
figures for the same period prior year.
Financial calendar
06 February 2025
Annual Report 2024
Produced in Denmark
2
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
ESEF data
Domicile of entity
Description of nature of entity’s
operations and principal activities
Country of incorporation
Principal place of business
Legal form of entity
Name of reporting entity or other
means of identification
Address of entity’s registered office
Management Review
Highlights Q3 USD million
Revenue EBITDA EBIT CAPEX
2024 2023 2024 2023 2024 2023 2024 2023
Ocean 11,107 7,897 4,002 1,133 2,834 -27 561 443
Logistics & Services 3,893 3,517 431 339 200 136 211 196
Terminals 1,183 999 424 353 338 270 160 113
Unallocated activities, eliminations, etc. -421 -284 -60 53 -63 159 9 67
A.P. Moller - Maersk consolidated 15,762 12,129 4,797 1,878 3,309 538 941 819
A.P. Moller - Maersk saw strong business performance with good progress across all segments in Q3 2024.
As expected, profitability in Ocean was substantially higher compared to Q2 2024 due to the higher average freight rates driven by the
continued Red Sea/Gulf of Aden situation and strong volumes. Logistics & Services progressed with its continued recovery in EBIT
margin to 5.1% on the back of cost management and organic growth of 11%. Terminals demonstrated another strong quarter, building
on its operational strength supported by good volumes and higher revenue per move.
As communicated on 21 October 2024, due to the ongoing supply chain disruption caused by the situation in the Red Sea/Gulf of Aden
and robust container market demand, which have maintained high rates into the second half of 2024, A.P. Moller - Maersk upgrades its
full-year 2024 guidance. A.P. Moller - Maersk expects an underlying EBITDA of USD 11.0-11.5bn (previously USD 9.0-11.0bn), underlying
EBIT of USD 5.2-5.7bn (previously USD 3.0-5.0bn) and free cash flow of at least USD 3.0bn (previously at least USD 2.0bn).
The outlook for the global container market volume growth for the full-year 2024 has been revised to around 6% (previously 4-6%).
Highlights Q3 2024
A.P. Moller - Maersk’s results reflect the positive impact from significantly higher freight rates, improved volumes across all segments
and higher revenue per move in Terminals, resulting in revenue of USD 15.8bn (USD 12.1bn). EBITDA of USD 4.8bn (USD 1.9bn) and
EBIT of USD 3.3bn (USD 538m) were significantly above the previous year, primarily driven by Ocean, however both Logistics & Services
and Terminals also contributed with increased EBITDA and EBIT. Sequentially, revenue increased across all segments by USD 3.0bn,
and EBITDA and EBIT increased by USD 2.7bn and USD 2.3bn, respectively, resulting in a strong EBITDA margin of 30.4% and an EBIT
margin of 21.0%.
Ocean profitability is a result of freight rates having increased by 54%, as well as positive volume growth of 0.3%, culminating
in a 41% increase in revenue. The re-routing south of Cape of Good Hope remained a significant factor, impacting bunker con-
sumption and operating costs. Despite these cost pressures, both EBITDA and EBIT increased by USD 2.9bn, with an EBIT margin
reaching 25.5%.
Logistics & Services delivered a strong Q3 with revenue growth year-over-year and sequentially of 11% and 7.2%, respectively,
due to increased volumes across most product families. EBIT continued its recovery landing at USD 200m, an increase of USD 64m
year-over-year, primarily from profitable growth in Lead Logistics and Air, resulting in an EBIT margin of 5.1%.
Terminals continued to deliver strong topline growth, particularly in North America where volume remained strong. Both volume
and revenue per move reached all-time highs during the quarter. Accordingly, Terminals achieved its best EBITDA since Q1 2022
of USD 424m, driven by strong volumes and localised increased storage revenue, in particular in North America, finishing the
quarter with a ROIC (LTM) of 13.0%.
Free cash flow of USD 2.7bn (negative USD 124m) increased as a result of the significant uptick in cash flow from operating activities
compared to Q3 2023 due to the higher profits across segments slightly offset by the higher capital expenditures during the quarter.
Management Review I Highlights Q3 2024
3
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Q3 Q3 9M 9M 12M
Income statement 2024 2023 2024 2023 2023
Revenue 15,762 12,129 40,888 39,324 51,065
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,797 1,878 8,531 8,752 9,591
Depreciation, amortisation and impairment losses, net 1,570 1,584 4,569 5,035 6,615
Gain on sale of non-current assets, etc., net 16 136 231 439 523
Share of profit/loss in joint ventures and associated companies 66 108 256 315 435
Profit/loss before financial items (EBIT) 3,309 538 4,449 4,471 3,934
Financial items, net -51 153 113 327 428
Profit/loss before tax 3,258 691 4,562 4,798 4,362
Tax 177 137 440 434 454
Profit/loss for the period 3,081 554 4,122 4,364 3,908
A.P. Møller - Mærsk A/S’ share 3,049 521 4,024 4,258 3,822
Underlying profit/loss
1
3,097 489 3,930 4,396 3,954
Balance sheet
Total assets 84,942 83,459 84,942 83,459 82,100
Total equity 56,497 55,973 56,497 55,973 55,090
Invested capital 50,846 49,080 50,846 49,080 50,430
Net interest-bearing debt -5,634 -6,844 -5,634 -6,844 -4,658
Cash flow statement
Cash flow from operating activities 4,272 1,385 6,993 9,477 9,643
Repayments of lease liabilities 776 816 2,267 2,463 3,226
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 941 819 2,551 2,395 3,646
Cash flow from financing activities -1,031 -1,200 -2,457 -15,260 -16,805
Free cash flow 2,705 -124 2,951 5,681 3,967
Financial ratios
Revenue growth 30.0% -46.7% 4.0% -38.3% -37.4%
EBITDA margin 30.4% 15.5% 20.9% 22.3% 18.8%
EBIT margin 21.0% 4.4% 10.9% 11.4% 7.7%
Cash conversion 89% 74% 82% 108% 101%
Return on invested capital after tax (ROIC) (last 12 months) 7.4% 17.7% 7.4% 17.7% 7.4%
Equity ratio 66.5% 67.1% 66.5% 67.1% 67.1%
Underlying ROIC
1
(last 12 months) 7.0% 17.5% 7.0% 17.5% 7.5%
Underlying EBITDA
1
4,798 1,907 8,538 8,860 9,771
Underlying EBITDA margin
1
30.4% 15.7% 20.9% 22.5% 19.1%
Underlying EBIT
1
3,322 450 4,252 4,482 3,962
Underlying EBIT margin
1
21.1% 3.7% 10.4% 11.4% 7.8%
Stock market ratios
Earnings per share, USD 193 31 255 250 227
Diluted earnings per share, USD 193 31 255 249 227
Cash flow from operating activities per share, USD 271 87 443 556 572
Share price (B share), end of period, DKK 11,260 12,735 11,260 12,735 12,140
Share price (B share), end of period, USD 1,691 1,809 1,691 1,809 1,800
Total market capitalisation, end of period, USD 26,027 29,490 26,027 29,490 28,541
1 Definition of terms see p. 24.
Summary financial information
AMOUNTS IN USD MILLION
Management Review I Summary financial information
4
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Profitability continued to increase sequentially
across segments, driven by strong volumes
and peak rates in Ocean as supply chain
disruptions persisted.
In Ocean, EBIT continued the positive trajectory to USD 2.8bn
(USD negative 27m), increasing by USD 2.4bn from Q2 2024 as
the results continued to be impacted by supply chain disruptions
due to the prevailing situation in the Red Sea/Gulf of Aden.
In both Logistics & Services and Terminals, revenue and EBIT
increased year-over-year and sequentially on the back of higher
volume. In Terminals, revenue also increased due to higher
revenue per move.
Revenue increased by USD 3.6bn to USD 15.8bn (USD 12.1bn),
stemming from an increase in Ocean of USD 3.2bn, supported
by Logistics & Services and Terminals with revenue increases
of USD 376m and USD 184m, respectively.
EBITDA increased to USD 4.8bn (USD 1.9bn), mainly related to the
increase in Ocean of USD 2.9bn driven by higher revenue from
freight rates, slightly offset by higher bunker costs and container
handling costs. In Logistics & Services, EBITDA increased by USD
92m due to higher volumes and Terminals increased by 20% due
to higher volumes and revenue per move.
Ocean
(2023: 1.1bn)
Logistics & Services
(2023: 339m)
Terminals
(2023: 353m)
4.0bn 431m 424m
EBIT increased to USD 3.3bn (USD 538m), with an EBIT margin
of 21.0% (4.4%). In Ocean, EBIT generation was strong, delivering
USD 2.8bn (negative USD 27m), which was USD 2.4bn higher than
Q2 2024 due to the freight rate peak reached in the beginning of
Q3. In Logistics & Services, EBIT followed the increased EBITDA
while amortisation remained on par resulting in an EBIT margin
of 5.1% (3.9%). In Terminals, EBIT increased by 25% or USD 68m,
mainly due to the higher topline and revenue per move.
Ocean
(2023: -27m)
Logistics & Services
(2023: 136m)
Terminals
(2023: 270m)
2.8bn 200m 338m
Financial items, net amounted to a loss of USD 51m (income
of USD 153m), driven by lower interest income, higher interest
expenses and negative foreign exchange rate impacts on work-
ing capital.
Tax increased to USD 177m (USD 137m), primarily due to the
increased taxable income.
Review Q3 2024
The underlying profit was USD 3.1bn (USD 489m), reflecting
the higher EBIT.
Cash flow from operating activities of USD 4.3bn (USD 1.4bn) was
driven by the higher EBITDA with a cash conversion of 89% (74%).
Gross capital expenditure (CAPEX) of USD 941m (USD 819m) was
driven by higher investments in Ocean.
Free cash flow of USD 2.7bn (negative USD 124m) was primarily
driven by the increased cash flow from operating activities,
slightly offset by higher capital expenditures.
Share buy-back
As previously communicated, the Board of Directors decided to
suspend the share buy-back programme in February 2024, there-
fore no shares were bought back during Q3 2024. At 30 Septem-
ber 2024, A.P. Moller - Maersk owns a total of 82,627 B shares as
treasury shares, corresponding to 0.52% 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.
ESG update
During Q3, A.P. Moller - Maersk welcomed Alette Mærsk and
Alexandra Mærsk into its fleet. These dual-fuel methanol-
capable vessels are important milestones in the delivery of
A.P. Moller - Maersk’s ambition to achieve net-zero GHG emis-
sion by 2040. By the end of Q3, the company had six dual-fuel
methanol-capable vessels in operation.
It is imperative for the energy transition of international ship-
ping that the International Maritime Organization (IMO) adopts
strong regulation of GHG emissions from shipping in 2025.
A.P. Moller - Maersk was encouraged by the constructive atmos-
phere at the recently concluded MEPC82 IMO meeting. How-
ever, significant work remains in the coming months to forge
an ambitious agreement that bridges the price gap between
green and fossil fuels. For A.P. Moller - Maersk, it is crucial that
the IMO member countries make decisive strides to close this
gap when they reconvene at the beginning of next year. With
only six months to reach a consensus on effective measures,
it is imperative to secure regulatory certainty and make green
energy projects economically viable on a Well-to-Wake basis in
the short term while at the same time securing a just and equi-
table transition. This will empower cargo owners to reduce scope
3 emissions and drive the sector forward. A.P. Moller - Maersk
will continue to push for an ambitious pricing mechanism that
can support turning ambition into action.
For more information about A.P. Moller - Maersk’s validated
climate targets, please see www.maersk.com/sustainability
Management Review I Review Q3 2024
5
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Financial guidance for 2024
As announced on 21 October 2024, on the back of strong
Q3 results combined with strong container market demand
and the continuation of the Red Sea/Gulf of Aden situation,
A.P. Moller - Maersk raises its financial guidance for the full-year
2024 as seen in the table below. A.P. Moller - Maersk now expects
global container market growth for the full year to be around
6% (previously 4-6%). CAPEX guidance remains unchanged.
CAPEX (Unchanged) CAPEX (Unchanged)
2023-2024
8.0-9.0
2024-2025
10.0-11.0
USDbn
EBITDA Underlying
(Previously: 9.0-11.0)
EBIT Underlying
(Previously: 3.0-5.0)
Free cash flow Or higher
(Previously 2.0 or higher)
11.0-11.5 5.2-5.7 3.0
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2024 depends on
several factors subject to uncertainties related to the given uncertain
macro economic conditions, bunker fuel prices and freight rates.
All else being equal, the sensitivities for 2024 for four key assumptions
are listed below:
Factors Change Effect on EBIT
(Rest of 2024)
Container freight rate +/- 100 USD/FFE +/- USD 0.3bn
Container freight volume +/- 100,000 FFE +/- USD 0.1bn
Bunker price
(net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.1bn
Foreign exchange rate
(net of hedges) +/- 10% change in USD +/- USD 0.0bn
Roadmap towards 2025
The mid-term financial targets introduced at the Capital Markets
Day in May 2021 relate to the transformation towards becoming
the integrator of container logistics.
Consolidated
The return on invested capital (ROIC) (last 12 months) was 7.4%,
slightly below the target of above 7.5% every year under nor-
malised conditions. Profitability lagged in H1 2024; however, the
strong result in Q3 had a positive impact bringing the ROIC just
below target. The average return on invested capital from the
start of 2021 to Q3 2024 was 32.3%, which was above the 12%
target for the period 2021-2025.
ROIC (LTM)
Target:
>7.5%
7.4%
Financial guidance and targets
A.P. Moller - Maersk will prioritise the capital allocation to
investments in the business, including acquisitions in Logistics
& Services, repaying debt, paying dividends based on a pay-out
ratio of 30-50% of underlying net profit and distributing excess
cash to shareholders through share buy-backs and special
dividends in that order.
During Q2 2024, A.P. Moller - Maersk completed the demerger
and separate listing of Svitzer, resulting in the distribution of
shares in Svitzer to shareholders of A.P. Møller - Mærsk A/S.
The dividend payment for 2023 of DKK 515 per share repre-
sented a 4.2% dividend yield and 30% of the net under lying
profit. Of the share buy-back programme of USD 12.0bn over
2022-2025, A.P. Moller - Maersk bought back a total of USD
6.7bn. The share buy-back programme was suspended during
Q1, with a re-initiation to be reviewed once market conditions
in Ocean are settled.
Ocean
The Ocean EBIT margin of 6.4% over the last 12 months exceeded
the target of 6% under normalised conditions. Total average
operated fleet capacity over the last 12 months remains within
the range of 4.1-4.3m TEU.
EBIT margin Execute with the existing fleet size
Target:
>6%
6.4%
Target:
4.1-4.3 TEUm
4.2 TEUm
Logistics & Services
The organic growth of Logistics & Services returned to positive
territory at 2% over the last 12 months, but is still below the
target of 10%. The EBIT margin for the last 12 months was 3.0%,
below the target of above 6%.
Organic growth EBIT margin
Target:
>10%
2%
Target:
>6%
3.0%
Terminals
Terminals delivered a return on invested capital (ROIC) (LTM) of
13.0%, continuing to exceed the expectation of above 9%.
ROIC
Target:
>9%
13.0%
Forward-looking statements
The Interim Report contains forward-looking statements. Such state-
ments are subject to risks and uncertainties as several factors, many of
which are beyond A.P. Moller - Maersk’s control, may cause the actual
development and results to differ materially from expectations con-
tained in the Interim Report.
Management Review I Financial guidance and targets
6
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
The global economy grew at a moderate though robust pace in
Q3, keeping full-year growth in line with previous expectations.
Growth, however, is once again unbalanced across regions and
sectors. The services sector remains the main driver, while the
fragile recovery in manufacturing activity observed in the first
half of the year came to a halt. The Global Manufacturing Pur-
chasing Managers Index fell into contractionary territory in Q3,
averaging 49.4. New orders plummeted, and inventories rose
among manufacturers in the US and Europe.
When it comes to regions, the US is still driving the global expan-
sion. The Federal Reserve move of 50bp cut cast out recession
fears, and the US consumer is still optimistic, supported by a
resilient labour market and continued wage gains. Total goods
demand was up 2.7% year-over-year in July and August. Sticky
core inflation and a recent dip in consumer confidence are clouds
on the horizon for US consumption but all in all, the expectation
is to see continued robust economic growth.
Despite falling inflation at 1.7% in September in the euro area
and rate cuts from the European Central Bank, economic growth
in Europe was disappointing in Q3. Prolonged weaknesses in the
manufacturing sector spilled over to the service sector. Germany
remains the Achilles’ heel of the European economy. A recovery
of euro area goods consumption is yet to materialise, as retail
sales (excluding food and fuels) grew by only 0.5% year-over-year
in the first two months of Q3. Recent improvement in household
income, fuelled by wage growth expected in the range of 4-5%
in 2024, translated into higher savings rather than higher con-
sumption.
China’s economy continues to be characterised by manufactur-
ing overcapacity and a reliance on export-driven growth, while
domestic demand and consumer confidence remain subdued.
The recently announced stimulus package provides upside poten-
tial to the outlook. Geopolitics and crises, like the recent escala-
tion in the Middle East, remains the main source of volatility for
the economy and for trade and logistics.
Container trade remained strong in Q3. Demand is estimated
to have grown 4-6% year-over-year. Exports out of China and
Southeast Asia make a very large portion of such growth. Imports
grew above average in Latin America and North America, while
imports into Africa turned negative. Despite the weak economic
outlook for the region, European imports from Far East Asia
remained resilient. Trade in tech-related goods was particularly
positive. Compared to the previous year, household machinery
including a wide range of goods from white goods to appliances
saw strong growth. The retail vertical continued its solid volume
recovery. Full-year growth for global trade demand is estimated
to be around 6%.
The large influx of deliveries continues to dominate the out-
look on the supply side of the market. Simultaneously, recycling
remains very low. At the end of the quarter, the nominal fleet
was 10.8% larger than at the same time in 2023, while inactive
Market environment
capacity remained low. After peaking in July at just over 3,700,
the Composite Shanghai Container Freight Index (SCFI) has de-
clined steadily. The SCFI stood at 2,135 at the end of September
but despite the recent drop, is up around 140% from the same
week in 2023.
Global air freight forwarding demand was robust in Q2 at 8%
year-over-year. Partial data indicate that momentum remained
strong in Q3. Booming exports out of China and Southeast Asia
explain close to half of the growth. Even though the surge in
direct-to-consumer e-commerce continues to play a key role, all
verticals support growth. Rates remained stable, with the TAC
Index at USD 2.14 per kilo in Q3, pointing to a balance between
global supply and demand. However, challenges are emerging
on the supply side with key manufacturers struggling to meet
delivery dates amid strikes and shortages of materials.
North American ground freight saw a 0.3% year-over-year vol-
ume decline in July and August, though signs suggest that the
sector has stabilised, with contract truckload volumes showing
improvement. Truckload supply continued to expand, exerting
downward pressure on rates, while tight capacity in the Less
Than Truckload segment contributed to higher rates. In Europe,
mixed performance in the region’s biggest economies limited
volume growth, but tight capacity pushed spot rates up 12%
year-over-year.
Vacancy rates in US warehousing rose to 6.4% according to
Cushman and Wakefield. The increase was driven by vacant
speculative deliveries, but with the construction pipeline
thinning, vacancy rates are likely to remain below the long-
term 7% average. In Europe, Savills reports vacancy rates at 6%,
with weak investment conditions and subdued demand likely
to limit supply growth and keep vacancy in check.
North America
Latin America
Far East Asia
Europe
Global Index
(FY2019=100)
Source: Maersk Strategic Insights
Container trade volumes, by import region
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2Q1Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023 2024
125
100
75
Management Review I Market environment
7
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Ocean
Profitability increased substantially in Q3 driven by higher
rates. Ocean reported an EBIT of USD 2.8bn (negative USD 27m),
significantly higher than both Q3 2023 and Q2 2024.
Loaded volumes increased by 0.3% compared to Q3 2023. Fol-
lowing strong demand, the average freight rate increased by 54%
compared to the low level in Q3 2023 and was 29% higher com-
pared to Q2 2024. Sequentially, revenue benefitted from freight
rates that peaked in Q3. The re-routing south of Cape of Good
Hope resulted in higher bunker consumption, which increased
by 14% compared to Q3 2023. Total operating costs increased
by 6.7%, leading to a 3.9% increase in unit cost at fixed bunker.
Ocean maintained a high utilisation level at 96% (95%). Reliability
has increased compared to H1 2024, reflecting Ocean’s commit-
ment on enhancing the customer outcome.
Segments
Ocean highlights USD million
Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Freight revenue 9,934 6,687 23,928 22,532 28,421
Other revenue, including hubs 1,173 1,210 3,558 3,941 5,232
Revenue 11,107 7,897 27,486 26,473 33,653
Container handling costs 2,499 2,360 7,309 6,880 9,233
Bunker costs 1,791 1,470 5,430 4,417 6,064
Network costs, excluding bunker costs 1,728 1,799 5,053 5,180 6,917
Selling, General & Administration (SG&A) costs 669 754 1,929 2,235 2,921
Cost of goods sold and other operational costs 463 318 1,419 1,013 1,646
Total operating costs 7,150 6,701 21,140 19,725 26,781
Other income/costs, net 45 -63 19 -4 68
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,002 1,133 6,365 6,744 6,940
EBITDA margin 36.0% 14.3% 23.2% 25.5% 20.6%
Profit before financial items (EBIT) 2,834 -27 3,143 3,147 2,227
EBIT margin 25.5% -0.3% 11.4% 11.9% 6.6%
Invested capital 30,832 28,843 30,832 28,843 29,851
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 561 443 1,464 1,295 1,987
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,175 3,166 9,204 8,796 11,904
Loaded freight rate (USD per FFE) 3,236 2,095 2,712 2,451 2,313
Unit cost, fixed bunker (USD per FFE incl. VSA income) 2,376 2,287 2,405 2,404 2,371
Bunker price, average (USD per tonne) 615 593 625 603 616
Bunker consumption (tonne in ’000) 2,820 2,481 8,478 7,325 9,838
Average operated fleet capacity (TEU in ’000) 4,362 4,166 4,277 4,173 4,162
Fleet owned (end of period) 305 310 305 310 310
Fleet chartered (end of period) 411 361 411 361 362
Financial and operational performance
Revenue increased by USD 3.2bn to USD 11.1bn (USD 7.9bn),
driven by the higher freight revenue which was mainly attrib-
uted to a 54% increase in freight rates, supported by a slight
increase in volumes of 0.3%.
EBITDA increased by USD 2.9bn to USD 4.0bn (USD 1.1bn), driven
by the higher revenue. The EBITDA margin increased by 22 per-
centage points to 36.0% (14.3%). EBIT increased by USD 2.9bn
to USD 2.8bn (negative USD 27m).
Loaded volumes increased marginally by 0.3% to 3,175k FFE
(3,166k FFE) due to stronger demand in Asia-Europe, Intra-Asia,
Intra- Europe, Oceania and Latin America trades. The increase was
offset by lower volumes in India-Middle East, North America
and Africa trades.
Management Review I Segments I Ocean
8
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
The average loaded freight rate increased by 54% to 3,236
USD/FFE (2,095 USD/FFE), driven by an increase in Asia and
India-Middle East-Africa exports. The average freight rate
increased by 29% compared to Q2 2024 of 2,499 USD/FFE.
Total operating costs were 6.7% higher at USD 7.2bn (USD
6.7bn), driven by higher bunker costs and container handling
costs, which increased by 22% and 5.9%, respectively, due to the
re-routing south of Cape of Good Hope. The higher costs were
partially offset by lower port and canal costs associated with
fewer Suez Canal crossings and lower SG&A costs, highlighting
a more efficient organisation.
Bunker costs increased by 22% to USD 1.8bn (USD 1.5bn). Exclud-
ing the EU Emissions Trading System (ETS) effect of USD 55m,
bunker costs increased by 18% affected by the increased bunker
consumption of 14% due to vessel re-routings south of Cape of
Good Hope and the 3.7% increase in the average bunker price to
615 USD/tonne (593 USD/tonne). Bunker efficiency decreased
marginally by 0.3% to 36.3 g/TEU*NM (36.2 g/TEU*NM).
Unit cost at fixed bunker increased by 3.9% to 2,376 USD/FFE
(2,287 USD/FFE), driven by the higher cost associated with the Red
Sea/Gulf of Aden situation, slightly offset by the higher volumes.
The average operated capacity of 4,362k TEU (4,166k TEU)
increased by 4.7%. The current order book for dual-fuel vessels
totalled 27 at the end of Q3 2024. The fleet consisted of 305
owned and 411 chartered vessels, of which 137k TEU or 3.1% of
the fleet were idle (21 vessels).
Key initiatives in Q3
With around four months remaining until the launch of the
‘Gemini cooperation’ in February 2025, A.P. Moller - Maersk and
Hapag-Lloyd AG are accelerating the efforts in finalising the
details of the Network of the Future. After careful considera-
tion, prioritising both crew safety and cargo security, the two
com panies have decided to initiate their cooperation by sailing
south of Cape of Good Hope. As the situation remains highly
dynamic, Hapag-Lloyd and A.P. Moller - Maersk will return to
the Red Sea when it is safe to do so.
The Gemini cooperation has the ambition to generate industry-
leading schedule reliability above 90% once fully phased in, while
providing extensive geographical coverage and competitive
transit times, protected from disruptions and demand changes.
The cooperation will comprise around 340 vessels with a total
capacity of 3.7m TEU, including 29 mainliner services supported
by 28 intraregional shuttle services.
Ocean is focused on decarbonising operations and continues its
fleet renewal programme initiated in 2021 by placing orders and
charter contracts of dual-fuel vessels equivalent to 800k TEU in
total until 2030. The new vessels will serve as replacements
rather than adding capacity.
Financial review 9M 2024
Revenue increased by 3.8% to USD 27.5bn (USD 26.5bn), driven
by an increase in freight revenue due to average freight rates
increasing by 11% combined with 4.6% higher volumes. EBITDA
decreased to USD 6.4bn (USD 6.7bn) with an EBITDA margin of
23.2% (25.5%). EBIT of USD 3.1bn (USD 3.1bn) decreased margin-
ally with an EBIT margin of 11.4% (11.9%).
The total operating costs increased by 7.2% to USD 21.1bn (USD
19.7bn), driven by an increase in bunker costs of 23%, associated
with the higher bunker consumption attributable to vessels re-
routing south of Cape of Good Hope and a 6.2% increase in con-
tainer handling costs. The increased cost was partially counter-
balanced by a 2.5% decrease in network costs excluding bunker,
mainly due to lower port and canal expenses linked to fewer
Suez Canal crossings, as well as a 14% decrease in SG&A costs,
reflecting increased productivity.
Logistics & Services
The Logistics & Services segment grew revenue by 11% year-
over-year. Growth was driven by increased volumes across most
products.
In Managed by Maersk, Lead Logistics continued to drive prof-
itable growth combined with enhanced operational efficiency.
In Fulfilled by Maersk, revenue saw solid year-over-year growth
across all regions, with Warehousing contributing with the
majority of the overall increase. Transported by Maersk bene-
fitted from solid growth across all products, with Asia Pacific
contributing with the majority of the increase.
Loaded volumes FFE (’000)
Q3 2024 Q3 2023 Change Change %
East-West 1,449 1,496 -47 -3.1%
North-South 1,047 1,039 8 0.8%
Intra-regional 679 631 48 7.6%
Total 3,175 3,166 9 0.3%
Average freight rates USD/FFE
Q3 2024 Q3 2023 Change Change %
East-West 3,664 1,969 1,695 86%
North-South 3,888 2,802 1,086 39%
Intra-regional 1,621 1,438 183 13%
Total 3,236 2,095 1,141 54%
Fleet overview, end Q3 2024
Q3 2024 Q4 2023
TEU
Own container vessels 2,396 2,363
Chartered container vessels 1,985 1,754
Total fleet 4,381 4,117
Number of vessels
Own container vessels 305 310
Chartered container vessels 411 362
Total fleet 716 672
Management Review I Segments I Ocean I Logistics & Services
9
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Logistics & Services highlights USD million
Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Revenue 3,893 3,517 11,029 10,374 13,916
Direct costs (third-party costs) 2,680 2,432 7,720 7,202 9,694
Gross profit 1,213 1,085 3,309 3,172 4,222
Direct operating expenses
1
569 538 1,661 1,571 2,064
Selling, General & Administration (SG&A)
1
213 208 603 635 907
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 431 339 1,045 966 1,251
EBITDA margin 11.1% 9.6% 9.5% 9.3% 9.0%
Profit after depreciation and impairment losses, before amortisation (EBITA) 243 179 509 515 619
EBITA margin 6.2% 5.1% 4.6% 5.0% 4.4%
Profit before financial items (EBIT) 200 136 380 386 446
EBIT margin 5.1% 3.9% 3.4% 3.7% 3.2%
Invested capital 11,844 10,739 11,844 10,739 10,779
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 211 196 571 547 771
Operational and financial metrics
EBIT conversion (EBIT/gross profit - %) 16.5% 12.5% 11.5% 12.2% 10.6%
Managed by Maersk revenue
2
624 589 1,583 1,697 2,182
Fulfilled by Maersk revenue
2
1,415 1,285 4,247 3,851 5,238
Transported by Maersk revenue
2
1,854 1,643 5,199 4,826 6,496
Supply chain management volumes (CBM in ’000) 34,902 28,745 90,321 76,138 102,252
First Mile volumes (FFE in ’000)
3
1,780 1,624 5,103 4,462 6,092
Air freight volumes (tonne in ’000) 80 82 249 210 295
1 The 2023 Direct operating expenses and Selling, General & Administration (SG&A) have been restated due to the reclassification of Direct IT costs into Direct operating
expenses from SG&A.
2 The 2023 ‘by Maersk’ revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.
3 The 2023 First Mile volumes (previously called Intermodal volumes) have been restated to include volumes from newly integrated businesses.
Financial and operational performance
Revenue increased by USD 376m or 11% to USD 3.9bn (USD 3.5bn),
primarily driven by continued volume growth across most prod-
ucts. Revenue increased by 7.2% compared to Q2 2024.
Gross profit increased by USD 128m to USD 1.2bn (USD 1.1bn),
driven by Managed by Maersk and Transported by Maersk,
resulting in a gross profit margin of 31% (31%). Gross profit
increased by 11% compared to Q2 2024.
EBITDA increased by USD 92m to USD 431m (USD 339m) with
an EBITDA margin of 11.1% (9.6%). Compared to Q2 2024, EBITDA
increased by USD 83m.
EBIT increased by USD 64m to USD 200m (USD 136m) with an
EBIT margin of 5.1% (3.9%) due to solid performance in Lead
Logistics and Air coupled with cost control. The EBIT margin
increased by 1.6 percentage points compared to Q2 2024.
Managed by Maersk revenue increased by USD 35m to USD
624m (USD 589m), driven by solid development in Project
Logistics and Cold Chain Logistics. Revenue increased by USD
133m compared to Q2 2024, primarily due to volume growth.
Positive volume development in Managed by Maersk was driven
by favourable market conditions with customers pulling forward
bookings due to geopolitics and crises, like the recent escalation
in the Middle East. Supply Chain Manage ment volumes increased
by 21% to 34,902k CBM (28,745k CBM). Customs volumes
increased by 16% to 1,766k declarations (1,522k declarations),
primarily due to new customer wins.
Fulfilled by Maersk revenue increased by USD 130m to USD 1.4bn
(USD 1.3bn), driven by growth across all products, with Ware -
housing accounting for the majority of the increase. Ground
Freight has seen increased costs due to refocusing on the core
business. Overall, Fulfilled by Maersk revenue increased by USD
6m compared to Q2 2024.
Transported by Maersk revenue increased by USD 211m to USD
1.9bn (USD 1.6bn) and by USD 122m from Q2 2024. The increase
from Q3 2023 was due to higher rates in Air and higher volumes
in First Mile. The LCL value proposition continues to be strength-
ened and more than 37 new lanes were added in Q3 2024, build-
ing a total LCL network of over 735 own direct consolidation
lanes versus 570 in Q3 2023. Air freight volumes decreased by
2.4% from Q3 2023 and was 4.8% lower compared to Q2 2024
of 80k tonnes. The decline in volume was mainly driven by an
improved customer mix effect. First Mile volumes increased by
9.6% to 1,780k FFE (1,624k FFE), mostly due to higher volume in
Asia Pacific.
Management Review I Segments I Logistics & Services
10
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Key initiatives in Q3
In Q3, Logistics & Services launched a new end-to-end inte-
grated e-commerce solution from Europe to the US and opened
A.P. Moller - Maersk’s largest logistics park in the Middle East,
which provides integrated logistics solutions under one roof.
Logistics & Services also welcomed a new Boeing 777F aircraft
to its fleet which provides customers with increased capacity
and efficiency and a readiness to support customers with the
upcoming peak season.
Financial review 9M 2024
Revenue of USD 11.0bn (USD 10.4bn) was driven by Fulfilled by
Maersk and Transported by Maersk, growing by USD 396m and
USD 373m, respectively. Managed by Maersk revenue decreased
by USD 114m to USD 1.6bn (USD 1.7bn). EBITDA increased by USD
79m to USD 1.0bn (USD 966m), and EBIT decreased by USD 6m
to USD 380m (USD 386m).
Terminals
Terminals continued to grow in Q3 2024 and reported its high-
est ever revenue, surpassing the peak from Q1 2022. Volume
increased by 8.4% (like-for-like), driven by North America and
Asia. Utilisation increased by 6.6 percentage points to 83% (76%),
with the increase in volume being partly offset by a capacity
increase, primarily in North America. Revenue per move
(like-for-like) increased by 15% driven by inflation-offsetting
tariff increases, improved product mix and higher storage
revenue due to localised congestion. Cost per move (like-for-
like) increased by 4.3%, driven by inflation and product mix,
which outweighed the positive impact from higher utilisation.
The combination of significant volume and revenue growth
contributed to a 25% increase in EBIT.
Financial and operational performance
Revenue increased by 18% to USD 1.2bn (USD 1.0bn), driven by
higher volume, tariff increases and higher storage revenue from
localised congestion. Storage per move increased by 19% com-
pared to the average of the last six quarters. Volume increased
by 7.6% (8.4% like-for-like excluding exits), driven by strong
growth in North America, particularly in Los Angeles and Port
Elizabeth and in Mumbai, India, where the terminal became fully
operational again after con struction closures in 2023. Volume
from Ocean decreased by 0.9% (increased 0.4% like-for-like) and
volume from external customers increased by 12% (13% like-
for-like). Utilisation increased to 83% (76%), with the increase in
volume being partly offset by an increase in capacity, mainly in
North America.
Revenue per move increased by 9.3% to USD 343 (USD 314),
driven by tariff increases, improved product mix and higher stor-
age revenue, partially offset by unfavourable foreign exchange
rates and terminal mix impacts. Cost per move increased by
6.5% to USD 260 (USD 244), driven by inflation and product mix,
partially offset by the impact of higher utilisation.
Terminals highlights USD million
Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Revenue 1,183 999 3,271 2,825 3,844
Concession fees (excl. capitalised lease expenses) 95 88 265 231 308
Labour costs (blue collar) 338 291 947 822 1,121
Other operational costs 191 131 479 405 618
Selling, General & Administration (SG&A) and other costs, etc. 135 136 400 392 519
Total operating costs 759 646 2,091 1,850 2,566
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 424 353 1,180 975 1,278
EBITDA margin 35.8% 35.3% 36.1% 34.5% 33.2%
Profit/loss before financial items (EBIT) 338 270 991 746 980
EBIT margin 28.6% 27.0% 30.3% 26.4% 25.5%
Invested capital 7,947 7,674 7,947 7,674 7,813
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 160 113 422 321 541
Operational and financial metrics
Volumes – financially consolidated (moves in ’000) 3,408 3,168 9,736 9,036 12,204
Ocean segment 1,115 1,125 3,143 3,155 4,245
External customers 2,293 2,043 6,593 5,881 7,959
Revenue per move – financially consolidated (USD) 343 314 332 311 313
Cost per move – financially consolidated (USD) 260 244 254 246 252
Results from joint ventures and associated companies (USDm) 55 67 225 191 282
Management Review I Segments I Logistics & Services I Terminals
11
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
EBITDA improved by 20% to USD 424m (USD 353m), driven by
the high volume growth and higher revenue per move, resulting
in an improved EBITDA margin of 35.8% (35.3%).
EBIT increased by 25% to USD 338m (USD 270m), driven by
the higher EBITDA, partially offset by lower results from joint
ventures and associated companies. EBIT margin improved to
28.6% (27.0%).
ROIC (LTM average) increased to 13.0% (10.3%).
CAPEX increased to USD 160m (USD 113m), driven by the con-
struction of new terminals in Suape, Brazil, and Rijeka, Croatia.
In North America, volume increased by 20%, driven by significant
growth in Los Angeles and Port Elizabeth. Utilisation increased
by 11 percentage points to 89% (78%) as the increase in volume
was only partly offset by an increase in capacity.
In Asia, volume increased by 14%, driven by Mumbai, India,
where one berth was closed in 2023 due to construction, partly
offsetting the negative volume impact of the Red Sea/Gulf of
Aden situation in Middle Eastern terminals. Utilisation increased
by 9.7 percentage point to 87% (77%).
In Europe, volume was at par as the impact of additional demand
for transhipments in Barcelona, Spain, and Vado, Italy, was offset
by lower volume in Poti, Georgia, and the divestment of Castellón,
Spain. Adjusted for the exit, volume increased by 1.1%. Utilisation
decreased by 1.0 percentage point to 75% (76%).
In Latin America, volume decreased by 1.3%, driven by weaker
imports into Buenos Aires, Argentina, and lower volume in Callao,
Peru, partly offset by higher volume in Buenaventura, Colombia.
Utilisation increased by 5.9 percentage points to 83% (78%) due
to a reduction in capacity.
In Africa, volume decreased by 14% due to the divestment of
two terminals in Mauritania and lower volume in Onne, Nigeria.
Adjusted for the exits, volume decreased by 7.8%. Utilisation
increased by 1.1 percentage points to 66% (65%) as the reduced
capacity from exits more than offset the decrease in volume.
Results from joint ventures and associated companies
The share of profits in joint ventures and associated companies
decreased by 18% to USD 55m (USD 67m).
Key initiatives in Q3
Terminals has received a 15-year extension of the concession
in Aqaba, Jordan, after the agreement was approved by the
Cabinet in Amman in September. With this extension, the con-
cession now runs until 2046.
The terminal under construction in Suape, Brazil Terminal has
completed the purchase of 28 pieces of all-electric container
handling equipment. The equipment has been specifically cus-
tomised for the new terminal and features state-of-the-art
technology with a high level of efficiency and safety.
Terminals celebrated the inauguration of a USD 115m upgrade
project at the West Africa Container Terminal (WACT) in Onne,
Nigeria, increasing both capacity and efficiency of the terminal.
Financial review 9M 2024
Revenue increased by 16% to USD 3.3bn (USD 2.8bn), driven
by a 7.7% increase in volume (8.7% like-for-like), higher tariffs
and higher storage revenue. Capacity utilisation increased to
76% (71%).
Revenue per move increased by 6.9% to USD 332 (USD 311),
driven by higher tariffs and storage revenue, partially offset
by unfavourable foreign exchange rate impacts. Cost per move
increased by 3.0% to USD 254 (USD 246), mainly from invest-
ment-driven depreciation, revenue-driven concession fees and
unfavourable terminal mix, partially offset by the positive
impact of higher utilisation and foreign exchange rates.
EBITDA increased to USD 1.2bn (USD 975m), driven by the higher
volume and increased revenue per move. EBIT increased at an
even higher rate to USD 991m (USD 746m) due to higher volume-
driven results from joint ventures and associated companies.
Regional volume
1
Moves (’000)
Q3 2024 Q3 2023 Growth %
North America 1,003 834 20.3%
Latin America 591 599 -1.3%
Europe, Russia and the Baltics 717 719 -0.3%
Africa 180 210 -14.4%
Asia and the Middle East 917 806 13.8%
Total 3,408 3,168 7.6%
1 Financially consolidated.
Management Review I Segments I Terminals
12
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Strong profitability due to higher container
demand from prevailing supply chain disruptions.
Revenue increased by USD 1.6bn to USD 40.9bn (USD 39.3bn),
with improvements of USD 1.0bn in Ocean, USD 655m in
Logistics & Services and USD 446m in Terminals. The decrease
in Unallocated revenue was mainly due to the Svitzer demerger
in Q2.
Increased revenue in Ocean by 3.8% reflects an increase in
loaded freight rates of 11% as well as an increase in loaded
volumes of 4.6%.
Revenue increased in Logistics & Services driven by Fulfilled
by Maersk and Transported by Maersk.
The 16% increase in revenue in Terminals was due to continued
higher volumes, tariffs and storage revenue.
EBITDA came in at USD 8.5bn (USD 8.8bn), with a decrease in
Ocean of USD 379m mainly driven by higher bunker and con-
tainer handling costs, partly offset by increases in Logistics &
Services and Terminals of USD 79m and USD 205m, respectively.
Unallocated decreased by USD 126m mainly due to the Svitzer
demerger.
EBIT decreased marginally to USD 4.4bn (USD 4.5bn), impacted
by the lower EBITDA, counter-balanced by prior year impairment
resulting from the retirement of brands in 2023 of USD 299m.
The EBIT margin decreased to 10.9% (11.4%).
Financial items, net, was USD 113m (USD 327m) as lower inter-
est income on lower cash and bank balances, higher interest
expenses on borrowings and higher foreign exchange rate losses
on working capital were only partly offset by gains from foreign
exchange rate hedging.
Tax was on par at USD 440m (USD 434m).
The underlying profit of USD 3.9bn (USD 4.4bn) was adjusted
for net gains of USD 212m, mainly driven by vessel and container
sales in Ocean.
Review 9M 2024
Cash flow from operating activities of USD 7.0bn (USD 9.5bn)
was driven by EBITDA of USD 8.5bn (USD 8.8bn) and a negative
change in net working capital of USD 1.1bn (positive change of
USD 930m), mainly due to higher trade receivables, translating
into a cash conversion of 82% (108%).
Gross capital expenditure (CAPEX) was USD 2.6bn (USD 2.4bn)
with an increase across all segments.
Free cash flow decreased to USD 3.0bn (USD 5.7bn), negatively
impacted by the lower cash flow from operating activities and
higher financial expenses, partly offset by lower lease payments.
Equity increased to USD 56.5bn (USD 55.1bn on 31 December
2023), driven by net profit of USD 4.1bn, partly offset by divi-
dend payments, share buy-backs and the distribution of shares
in Svitzer, resulting in an equity ratio of 66.5% (67.1% at year-
end 2023).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of
USD 5.6bn (a net cash position of USD 4.7bn at year-end 2023),
with a free cash flow for the first nine months of USD 3.0bn,
offset by share buy-backs of USD 489m and dividends of USD
1.4bn and positively impacted by USD 614m from proceeds
related to Svitzer’s bank loans obtained as part of the demerger.
Further, net new lease liabilities increased by USD 3.0bn. Exclud-
ing lease liabilities, the Group had a net cash position of USD
16.8bn (USD 15.1bn at year-end 2023).
A.P. Moller - Maersk remains investment grade-rated and holds
a Baa1 (stable) from Moody’s and a BBB+ (stable) rating from
Standard & Poor’s.
The liquidity reserve increased to USD 27.1bn (USD 24.4bn at
year-end 2023) and was composed of cash and bank balances
(excluding restricted cash) and term deposits of USD 21.1bn
(USD 18.4bn at year-end 2023) and undrawn revolving credit
facilities of USD 6.0bn (USD 6.0bn at year-end 2023).
The dividend of DKK 515 per A.P. Møller - Mærsk A/S share of
nominally DKK 1,000, a total of USD 1.2bn, declared at the Annual
General Meeting on 14 March 2024, was paid on 19 March 2024.
Withholding tax of USD 157m was paid in Q2 2024.
Highlights 9M USD million
Revenue EBITDA EBIT CAPEX
2024 2023 2024 2023 2024 2023 2024 2023
Ocean 27,486 26,473 6,365 6,744 3,143 3,147 1,464 1,295
Logistics & Services 11,029 10,374 1,045 966 380 386 571 547
Terminals 3,271 2,825 1,180 975 991 746 422 321
Unallocated activities, eliminations, etc. -898 -348 -59 67 -65 192 94 232
A.P. Moller - Maersk consolidated 40,888 39,324 8,531 8,752 4,449 4,471 2,551 2,395
Management Review I Review 9M 2024
13
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Financials
Condensed income statement
Note Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
1 Revenue 15,762 12,129 40,888 39,324 51,065
1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,797 1,878 8,531 8,752 9,591
Depreciation, amortisation and impairment losses, net 1,570 1,584 4,569 5,035 6,615
Gain on sale of non-current assets, etc., net 16 136 231 439 523
Share of profit/loss in joint ventures and associated companies 66 108 256 315 435
1 Profit/loss before financial items (EBIT) 3,309 538 4,449 4,471 3,934
Financial items, net -51 153 113 327 428
Profit/loss before tax 3,258 691 4,562 4,798 4,362
Tax 177 137 440 434 454
Profit/loss for the period 3,081 554 4,122 4,364 3,908
Of which:
Non-controlling interests 32 33 98 106 86
A.P. Møller - MærskA/S’ share 3,049 521 4,024 4,258 3,822
Earnings per share, USD 193 31 255 250 227
Diluted earnings per share, USD 193 31 255 249 227
Condensed statement of comprehensive income
Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Profit/loss for the period 3,081 554 4,122 4,364 3,908
Translation from functional currency to presentation currency 247 -176 -38 -235 -16
Reclassified to income statement, gain on sale of non-current assets, etc., net -1 2 5 42 44
Cash flow hedges 82 -55 22 -77 16
Tax on other comprehensive income 38 -3 35 -4 -6
Share of other comprehensive income of joint ventures and associated
companies, net of tax -10 - -8 2 -1
Total items that have been ormay be reclassified subsequently to the
income statement 356 -232 16 -272 37
Other equity investments 1 -11 4 -9 17
Actuarial gains/losses on defined benefit plans, etc. - - 8 1 9
Tax on other comprehensive income - - - - 3
Total items that will not be reclassified to the income statement 1 -11 12 -8 29
Other comprehensive income, net of tax 357 -243 28 -280 66
Total comprehensive income for the period 3,438 311 4,150 4,084 3,974
Of which:
Non-controlling interests 36 25 98 96 71
A.P. Møller - MærskA/S’ share 3,402 286 4,052 3,988 3,903
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
14
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Condensed balance sheet at 30 September
Note 30 September
2024
30 September
2023
31 December
2023
Intangible assets 9,942 10,183 10,124
Property, plant and equipment 27,374 27,617 27,059
Right-of-use assets 10,396 9,924 9,670
2 Financial non-current assets, etc. 4,786 3,364 3,882
Deferred tax 345 412 343
Total non-current assets 52,843 51,500 51,078
Inventories 1,494 1,769 1,658
2 Receivables, etc. 24,268 22,475 20,873
Cash and bank balances 6,337 7,630 6,701
4 Assets held for sale or distribution - 85 1,790
Total current assets 32,099 31,959 31,022
Total assets 84,942 83,459 82,100
Note 30 September
2024
30 September
2023
31 December
2023
3 Equity attributable to A.P. Møller - MærskA/S 55,447 54,874 54,030
Non-controlling interests 1,050 1,099 1,060
Total equity 56,497 55,973 55,090
Lease liabilities, non-current 8,466 7,853 7,798
Borrowings, non-current 4,759 4,030 4,169
Other non-current liabilities 2,527 2,784 2,652
Total non-current liabilities 15,752 14,667 14,619
Lease liabilities, current 2,707 2,779 2,650
Borrowings, current 710 191 197
Other current liabilities 9,276 9,835 9,296
4 Liabilities associated with assets held for sale or distribution - 14 248
Total current liabilities 12,693 12,819 12,391
Total liabilities 28,445 27,486 27,010
Total equity and liabilities 84,942 83,459 82,100
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
15
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Condensed cash flow statement
Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Profit/loss before financial items 3,309 538 4,449 4,471 3,934
Non-cash items, etc. 1,535 1,437 4,153 4,603 5,973
Change in working capital -414 -435 -1,148 930 417
Cash flow from operating activities before tax 4,430 1,540 7,454 10,004 10,324
Taxes paid -158 -155 -461 -527 -681
Cash flow from operating activities 4,272 1,385 6,993 9,477 9,643
Purchase of intangible assets and property, plant and equipment (CAPEX) -941 -819 -2,551 -2,395 -3,646
Sale of intangible assets and property, plant and equipment 101 40 425 555 601
Acquisition of subsidiaries and activities - - -8 -138 -140
Sale of subsidiaries and activities 1 240 23 960 953
Acquisition of joint ventures and associated companies - -17 -1 -18 -18
Sale of joint ventures and associated companies - 114 51 188 356
Dividends received 102 111 214 184 305
Sale of other equity investments 2 - 2 22 22
Financial investments, etc., net -4,229 -2,578 -3,043 4,183 5,644
Cash flow from investing activities -4,964 -2,909 -4,888 3,541 4,077
Repayments of/proceeds from borrowings, net -133 414 1,597 152 185
Repayments of lease liabilities -776 -816 -2,267 -2,463 -3,226
Financial payments, net 107 114 580 745 853
Financial expenses paid on lease liabilities -160 -139 -443 -422 -563
Purchase of treasury shares -46 -763 -489 -2,349 -3,120
Dividends distributed - - -1,333 -10,876 -10,876
Dividends distributed to non-controlling interests -32 -22 -77 -67 -92
Other equity transactions 9 12 -25 20 34
Cash flow from financing activities -1,031 -1,200 -2,457 -15,260 -16,805
Net cash flow for the period -1,723 -2,724 -352 -2,242 -3,085
Cash and cash equivalents, beginning of period 8,002 10,405 6,730 10,038 10,038
Currency translation effect on cash and bank balances 10 -69 -89 -184 -223
Cash and cash equivalents, end of period 6,289 7,612 6,289 7,612 6,730
Of which classified as assets held for sale - -1 - -1 -47
Cash and cash equivalents, end of period 6,289 7,611 6,289 7,611 6,683
Cash and cash equivalents
Cash and bank balances 6,337 7,630 6,337 7,630 6,701
Overdrafts 48 19 48 19 18
Cash and cash equivalents, end of period 6,289 7,611 6,289 7,611 6,683
Cash and cash equivalents include USD 972 m (USD 1 .0bn at 31 December 2023) relating to cash and cash equivalents 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 Q3 2024
AMOUNTS IN USD MILLION
16
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
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-
controlling
interests
Total
equity
Equity 1 January 2024 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090
Other comprehensive income,
net of tax - 33 4 54 -63 28 - 28
Profit for the period - - - - 4,024 4,024 98 4,122
Total comprehensive income
for the period - 33 4 54 3,961 4,052 98 4,150
Dividends to shareholders - - - - -1,191 -1,191 -76 -1,267
Value of share-based payment - - - - 26 26 - 26
Acquisition of non-controlling
interests - - - - -14 -14 -19 -33
3 Purchase of treasury shares - - - - -462 -462 - -462
3 Sale of treasury shares - - - - 6 6 - 6
3
Capital increases and decreases -316 - - - 316 - 14 14
4
Distribution of shares in
Svitzer to shareholders of
A.P. Møller - Mærsk A/S - 224
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -2 - 2 - - -
Other equity movements
Total transactions with shareholders -316 224 -2 - -2,541 -2,635 -108 -2,743
Equity 30 September 2024 2,870 -891 191 35 53,242 55,447 1,050 56,497
Equity 1 January 2023 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Other comprehensive income,
net of tax - -78 -51 -79 -62 -270 -10 -280
Profit for the period - - - - 4,258 4,258 106 4,364
Total comprehensive income
for the period - -78 -51 -79 4,196 3,988 96 4,084
Dividends to shareholders - - - - -10,824 -10,824 -69 -10,893
Value of share-based payment - - - - 21 21 - 21
Acquisition of non-controlling
interests - - -
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -2,304 -2,304 - -2,304
3 Sale of treasury shares - - - - 22 22 - 22
3
Capital increases and decreases -206 - - - 206 - 15 15
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - 2 - -2 - - -
Transfer of cash flow hedge reserve
to non-current assets - - - -4 - -4 - -4
Total transactions with shareholders -206 - 2 -4 -12,897 -13,105 -38 -13,143
Equity 30 September 2023 3,186 -1,310 163 -110 52,945 54,874 1,099 55,973
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
17
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Note 1 Segment information
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
Q3 2024
External revenue 10,466 4,144 909 243 - 15,762
Inter-segment revenue 641 -251 274 68 -732 -
Total revenue 11,107 3,893 1,183 311 -732 15,762
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 4,002 431 424 -60 - 4,797
Profit/loss before financial items (EBIT) 2,834 200 338 -68 5 3,309
Key metrics
Invested capital 30,832 11,844 7,947 232 -9 50,846
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 561 211 160 14 -5 941
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
Q3 2023
External revenue 7,431 3,559 733 406 - 12,129
Inter-segment revenue 466 -42 266 110 -800 -
Total revenue 7,897 3,517 999 516 -800 12,129
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,133 339 353 54 -1 1,878
Profit/loss before financial items (EBIT) -27 136 270 156 3 538
Key metrics
Invested capital 28,843 10,739 7,674 1,861 -37 49,080
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 443 196 113 65 2 819
1 Following the demerger of Svitzer (towage) in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining businesses in Towage &
Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated from Q2 2024 onwards.
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
9M 2024
External revenue 26,009 11,429 2,500 950 - 40,888
Inter-segment revenue 1,477 -400 771 201 -2,049 -
Total revenue 27,486 11,029 3,271 1,151 -2,049 40,888
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,365 1,045 1,180 -65 6 8,531
Profit/loss before financial items (EBIT) 3,143 380 991 -76 11 4,449
Key metrics
Invested capital 30,832 11,844 7,947 232 -9 50,846
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 1,464 571 422 85 9 2,551
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
9M 2023
External revenue 25,268 10,520 2,096 1,440 - 39,324
Inter-segment revenue 1,205 -146 729 249 -2,037 -
Total revenue 26,473 10,374 2,825 1,689 -2,037 39,324
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,744 966 975 68 -1 8,752
Profit/loss before financial items (EBIT) 3,147 386 746 180 12 4,471
Key metrics
Invested capital 28,843 10,739 7,674 1,861 -37 49,080
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 1,295 547 321 237 -5 2,395
1 Following the demerger of Svitzer (towage) in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining businesses in Towage &
Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated from Q2 2024 onwards.
Segment Types of revenue Q3
2024
Q3
2023
9M
2024
9M
2023
12M
2023
Ocean Freight revenue 9,934 6,687 23,928 22,532 28,421
Other revenue, including hubs 1,173 1,210 3,558 3,941 5,232
Logistics & Services Managed by Maersk
1
624 589 1,583 1,697 2,182
Fulfilled by Maersk
1
1,415 1,285 4,247 3,851 5,238
Transported by Maersk
1
1,854 1,643 5,199 4,826 6,496
Terminals Terminal services 1,183 999 3,271 2,825 3,844
Unallocated activities and eliminations Towage services
2
- 206 304 617 839
Sale of containers and spare parts 144 114 328 338 496
Offshore supply services
2
- - - 111 111
Other shipping activities
2
25 72 79 217 263
Other services 110 91 366 306 451
Unallocated activities and eliminations -700 -767 -1,975 -1,937 -2,508
Total revenue 15,762 12,129 40,888 39,324 51,065
1 The 2023 ‘by Maersk’ revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.
2 Revenue from Svitzer (Towage), US Marine Management and Maersk Supply Service is included in Towage services, Other shipping activities and Offshore supply services,
respectively, for the period 1 January 2023 until divestment/demerger.
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
19
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Receivables, etc. amount to USD 24.3bn (USD 20.9bn at 31 December 2023)
and consist primarily of term deposits with a maturity of more than three
months, amounting to USD 15.9bn (USD 12.8bn at 31 December 2023).
Financial non-current assets, etc. primarily consist of prepayments
made for operational activities that will be utilised after 12 months of
USD 1.9bn (USD 1.3bn at 31 December 2023).
Note 2 Term deposits and Prepayments, non-current
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 2023 10,334,329 214 8,372,645 160 18,707 3,392
Conversions 1 -2 1 -2 - -
Cancellations 227,390 - 910,056 - 1,137 206
30 September 2023 10,106,940 212 7,462,590 158 17,570 3,186
1 January 2024 10,106,940 212 7,462,590 158 17,570 3,186
Conversions 3 -6 18 -36 - -
Cancellations 350,555 - 1,390,218 - 1,741 316
30 September 2024 9,756,388 206 6,072,390 122 15,829 2,870
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 14 March
2024, the shareholders decided on the cancellation of treasury shares
whereby the share capital would be decreased from nominally DKK
17,569,715,000 to nominally DKK 15,828,942,000. The cancellation was
completed during Q2 2024.
Development in the holding of treasury shares:
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2024 2023 2024 2023 2024 2023
A shares
1 January 306,636 201,717 307 202 1.75% 1.08%
Additions 43,919 238,611 44 239 0.25% 1.35%
Cancellations 350,555 227,390 351 227 2.00% 1.22%
30 September - 212,938 - 214 - 1.21%
B shares
1 January 1,279,120 887,557 1,279 888 7.28% 4.74%
Additions 204,723 945,029 205 945 1.21% 5.36%
Cancellations 1,390,218 910,056 1,390 910 7.91% 4.86%
Disposals 10,998 24,055 11 24 0.06% 0.13%
30 September 82,627 898,475 83 899 0.52% 5.11%
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
20
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
From 1 January 2024 to 7 February 2024, A.P. Møller - Mærsk A/S
bought back as treasury shares 22,599 A shares with a nominal value
of DKK 23m and 68,181 B shares with a nominal value of DKK 68m from
DKK 21m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familie-
fond, which are considered related parties.
The dividend of DKK 515 per share of DKK 1,000 – a total of DKK 8.1bn
is equivalent to USD 1.2bn, excluding treasury shares. Of this, USD 1.0bn
was paid to shareholders on 19 March 2024 and the withholding tax of
USD 157m was paid during Q2 2024. Payment of dividends to share-
holders does not trigger taxes for A.P. Moller - Maersk.
The share buy-back programme was carried out with the purpose to
adjust the capital structure of the company. Cancellation of shares
which are not used for hedging purposes for the long-term incentive
programmes was approved at the Annual General Meeting.
Disposals of treasury shares are related to the share option plan and
the restricted share unit plan.
The total commitment across segments of USD 4.6bn (USD 4.9bn at
31 December 2023) is related to investments in dual-fuel vessels and
aircraft as well as commitments towards terminal concession grantors.
Note 5 Commitments
30 September
2024
30 September
2023
31 December
2023
Intangible assets - - 59
Property, plant and equipment - 30 1,303
Deferred tax assets - 1 52
Other assets - 48 167
Non-current assets - 79 1,581
Current assets - 6 209
Assets held for sale or distribution - 85 1,790
Provisions - 1 12
Deferred tax liabilities - - 27
Other liabilities - 13 209
Liabilities associated with assets held for sale or distribution - 14 248
At 31 December 2023, Svitzer and one terminal within Terminals were
classified as held for sale or distribution. At the Extraordinary General
Meeting on 26 April 2024, the shareholders of A.P. Moller - Maersk
approved the Board of Directors’ proposal to complete the demerger
of A.P. Møller - Mærsk A/S as described in the demerger plan of
22 March 2024.
A.P. Møller - Mærsk A/S injected 100% of the shares in Svitzer A/S,
including the company’s subsidiaries as well as certain other assets
and liabilities related to A.P. Moller - Maersk’s towage activities, to
the new company, Svitzer Group A/S.
The shares of Svitzer Group A/S were admitted to trading and were
officially listed on Nasdaq Copenhagen with the first trading day being
30 April 2024.
The demerger was accounted for based on the carrying value of Svitzer’s
net assets as of the demerger date amounting to USD 1.0bn. Consequently,
no gain or loss on disposal was recognised. Management’s selected ac-
counting policy is to transfer the cumulative translation reserve amounts
within equity, for which reason the Svitzer cumulative translation reserve
of USD 224m, which was presented as translation reserve, was reclassi-
fied within equity to retained earnings upon the demerger in Q2 2024.
Note 4 Assets held for sale or distribution
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 financial
reporting of listed companies. The accounting policies, judgements and
significant estimates are consistent with those applied in the Annual
Report 2023.
Change to reportable segments
As a result of the sale of Maersk Supply Service in Q2 2023 and the de-
merger of Svitzer (Towage) in Q2 2024, changes to the segment structure
were made. As from Q2 2024, the Towage & Maritime Services Segment
is no longer separately reported. The remaining businesses in Towage &
Maritime Services and the contribution from Maersk Supply Service and
Svitzer until their sale and demerger, respectively, are reported under
Unallocated from Q2 2024 onwards. Comparison figures for Note 1
Segment information have been restated as if the change had been
implemented on 1 January 2023.
Note 6 Accounting policies, judgements and significant estimates
Financials I Interim consolidated financial statements Q3 2024
AMOUNTS IN USD MILLION
21
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Management’s statement
Management Review I Management’s statement
22
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Executive Board
Board of Directors
2024 2023
Income statement Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 15,762 12,771 12,355 11,741 12,129 12,988 14,207
Profit before depreciation, amortisation and impairment losses, etc.
(EBITDA) 4,797 2,144 1,590 839 1,878 2,905 3,969
Depreciation, amortisation and impairment losses, net 1,570 1,481 1,518 1,580 1,584 1,571 1,880
Gain on sale of non-current assets, etc., net 16 208 7 84 136 163 140
Share of profit/loss in joint ventures and associated companies 66 92 98 120 108 110 97
Profit/loss before financial items (EBIT) 3,309 963 177 -537 538 1,607 2,326
Financial items, net -51 13 151 101 153 -16 190
Profit before tax 3,258 976 328 -436 691 1,591 2,516
Tax 177 143 120 20 137 104 193
Profit/loss for the period 3,081 833 208 -456 554 1,487 2,323
A.P. Møller - Mærsk A/S’ share 3,049 798 177 -436 521 1,453 2,284
Underlying profit
1
3,097 623 210 -442 489 1,346 2,561
Balance sheet
Total assets 84,942 80,745 81,598 82,100 83,459 83,500 85,490
Total equity 56,497 53,126 53,373 55,090 55,973 56,427 55,833
Invested capital 50,846 49,563 50,430 50,430 49,080 49,343 50,322
Net interest-bearing debt -5,634 -3,563 -3,092 -4,658 -6,844 -7,090 -7,002
Cash flow statement
Cash flow from operating activities 4,272 1,626 1,095 166 1,385 2,758 5,334
Repayments of lease liabilities 776 742 749 763 816 822 825
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 941 904 706 1,251 819 738 838
Cash flow from financing activities -1,031 -368 -1,058 -1,545 -1,200 -3,334 -10,726
Free cash flow 2,705 397 -151 -1,714 -124 1,581 4,224
Financial ratios
Revenue growth 30.0% -1.7% -13.0% -34.1% -46.7% -40.0% -26.4%
EBITDA margin 30.4% 16.8% 12.9% 7.1% 15.5% 22.4% 27.9%
EBIT margin 21.0% 7.5% 1.4% -4.6% 4.4% 12.4% 16.4%
Cash conversion 89% 76% 69% 20% 74% 95% 134%
Return on invested capital after tax (ROIC) (last 12 months) 7.4% 2.0% 3.2% 7.4% 17.7% 34.3% 49.1%
Equity ratio 66.5% 65.8% 65.4% 67.1% 67.1% 67.6% 65.3%
Underlying ROIC
1
(last 12 months) 7.0% 1.5% 2.8% 7.5% 17.5% 34.1% 49.0%
Underlying EBITDA
1
4,798 2,143 1,597 911 1,907 2,916 4,037
Underlying EBITDA margin
1
30.4% 16.8% 12.9% 7.8% 15.7% 22.5% 28.4%
Underlying EBIT
1
3,322 756 174 -520 450 1,469 2,563
Underlying EBIT margin
1
21.1% 5.9% 1.4% -4.4% 3.7% 11.3% 18.0%
Stock market ratios
Earnings per share, USD 193 51 11 -27 31 85 131
Diluted earnings per share, USD 193 51 11 -27 31 85 131
Cash flow from operating activities per share, USD 271 103 69 16 87 163 306
Share price (B share), end of period, DKK 11,260 12,105 8,994 12,140 12,735 11,975 12,445
Share price (B share), end of period, USD 1,691 1,736 1,305 1,800 1,809 1,745 1,816
Total market capitalisation, end of period, USD 26,027 26,992 20,349 28,541 29,490 29,273 30,957
1 ‘Underlying’ items are 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.
Quarterly summary
Management Review I Quarterly summary
AMOUNTS IN USD MILLION
23
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
A
A.P. Moller - Maersk
A.P. Moller - Maersk is referred to as the consoli dated
group of companies and A.P. Møller - Mærsk A/S
as the parent company.
C
CAPEX
Cash payments for intangible assets and property,
plant and equipment, excluding acquisi tions 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.
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, repay-
ments 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.
I
Invested capital
Segment operating assets less segment operating
liabilities, including investments and deferred taxes
related to the operation.
L
Logistics & Services, First Mile volumes
(FFE in ’000)
Previously known as intermodal volumes includes
intermodal, barge, rail and trucking drayage
moves from manufacturing to port and port to
warehouse.
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.
Net zero greenhouse gas (GHG)
Defined as reducing scope 1, 2, and 3 emissions
to zero or to a residual level that is consistent
with reaching net zero emissions at the global or
sector level in eligible 1.5°C-aligned pathways and
neutralising any residual emissions at the net zero
target year and any GHG emissions released into
the atmosphere thereafter.
O
Ocean, average operated fleet capacity
(TEU in ’000)
Average Ocean fleet capacity for the period
excluding idle vessels.
Ocean, loaded freight rate
(USD per FFE)
Average freight rate per FFE for all
A.P. Moller - Maersk con tainers loaded in the
period in either Maersk Line or Hamburg Süd
vessels or third parties (excluding intermodal).
Hamburg Süd is not excluding intermodal.
Ocean, loaded volumes
(FFE in ’000)
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.
Ocean, unit cost, fixed bunker
(USD per FFE incl. VSA income)
Cost per FFE assuming a bunker price of USD
550/tonne excluding intermodal but including
hubs and time charter income. Hamburg Süd is
not excluding intermodal.
R
Return on invested capital after tax (ROIC)
Profit/loss before financial items for the period
(EBIT) less tax on EBIT divided by the average
invested capital, last 12 months.
T
Terminals, revenue per move
Includes terminal revenue, other income and
government grants and excludes IFRIC12
construction revenue.
TEU
Twenty-foot container equivalent unit.
Time charter
Hire of a vessel for a specified period.
Total market capitalisation
Total number of shares – excluding
A.P. Møller - Mærsk A/S’ holding of treasury
shares – multiplied by the end-of-quarter
price quoted by Nasdaq Copenhagen.
U
Underlying EBITDA
Underlying EBITDA is earnings before interest,
taxes, depreciation and amortisation adjusted
for restructuring and integration costs.
Underlying EBIT
Underlying EBIT is operating profit before
interest and taxes adjusted for restructuring
and integration costs, net gains/losses from
sale of non-current – assets and net impair-
ment losses.
Underlying profit/loss
Underlying profit/loss is profit/loss for the period
from continuing operations adjusted for net
gains/losses from sale of non-current assets,
etc., and net impairment losses as well as trans-
action, restructuring and integration costs
related to major transactions. The adjustments
are net of tax and include A.P. Moller - Maersk’s
share of mentioned items in joint ventures and
associated companies.
V
VSA
A 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.
Management Review I Definition of terms
24
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 31 OCTOBER 2024