XCSE:MAERSK-A ESEF Annual Report
A.P. MØLLER - MÆRSK A/S (XCSE:MAERSK-A)
ESEF Annual Report
2022-02-17
For: 2021-12-31
View Original
Added on
September 23, 2026
Table of contents
The Interim Report for Q4 2021 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 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 corresponding figures for the same
period prior year.
Forward-looking statements
The interim report contains forward-looking state-
ments. 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 dif-
fer materially from expectations contained in the
interim report.
Contacts for further information
Søren Skou, CEO
Tel. +45 3363 1901
Patrick Jany, CFO
Tel. +45 3363 3106
Investors
Stig Frederiksen, Head of Investor Relations
Tel. +45 3363 3106
Media
Signe Wagner, Head of External Relations
Tel. +45 3363 1901
The Q1 Interim Report 2022 is expected to be
announced on 4 May 2022.
Webcast and dial-in information
A webcast relating to the Q4 2021 Interim Report
will be held on 9 February 2022 at 11.00 (CET).
Dial-in infor mation on investor.maersk.com.
Presentation material for the webcast will be
available on the same page.
3 Management review
Highlights Q 021
Summary financial information
Financial review
Full-year guidance for 22
Ocean
Logistics & Services
Terminals & Towage
Manufacturing & Others
Statement of the Board of Directors
and the Executive Board
16 Financials
Condensed income statement
Condensed statement of comprehensive income
Condensed balance sheet at 1December
Condensed cash flow statement
Condensed statement of changes in equity
Notes
26 Additional information
Quarterly summary
Definition of terms
2 A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Highlights Q4 2021
• A.P. Moller - Maersk’s financial results for Q4 conclude a remarkable 2021 across all businesses
with record revenue, EBIT and net result. As the extreme market conditions persisted in Q4, with
strong demand being confronted with persistent COVID-19 induced disruptions and bottlenecks,
the logistics integrator strategy allowed A.P. Moller - Maersk to support and grow the relation-
ship with the company’s customers. Capacity for long-term contract customers increased in
Ocean, the offering in Logistics & Services was significantly expanded and productivity improved
in Terminals to ensure the flow of goods and functioning supply chains.
• Revenue for Q4 increased by USD 7.2bn to USD 18.5bn (USD 11.3bn), mainly due to an increase in
Ocean of USD 6.3bn, while revenue increased by 46% or USD 955m in Logistics & Services, and by
22% or USD 231m in Terminals & Towage.
• EBIT in Ocean increased to USD 6.3bn (USD 1.3m), driven by increased freight rates, partially offset
by higher costs related to handling, bunker and network.
• In Logistics & Services, EBIT increased to USD 137m (USD 93m), mainly reflecting the significant
organic growth in revenue of 38%, reflecting all product families and strong commercial synergies
to top 200 Ocean customers. The EBIT-margin was impacted by continued integration of newly
acquired businesses, including significant acquisition-related costs and an extraordinary bonus to
all employees.
• EBIT in Terminals & Towage increased to USD 336m (USD 195m), with an increase in gateway
terminals of USD 133m, driven by higher volume, higher storage income and higher results from
joint ventures and associated companies, slightly offset by higher depreciation.
• Free cash flow increased to USD 5.6bn (USD 1.7bn), driven by strong cash flow from operating
activities of USD 7.9bn (USD 2.6bn), mainly offset by CAPEX of USD 1.6bn (USD 370m) and slightly
higher capitalised lease instalments on vessels of USD 586m (USD 575m).
• Return on invested capital (ROIC), last twelve months, increased to 45.3% (9.4%), due to the strongly
improved earnings.
• Net interest-bearing debt decreased to a net cash position of USD 1.5bn (net debt of USD 9.2bn), as
free cash flow of USD 16.5bn for 2021 was partly used for share buy-backs of USD 2.0bn, dividends
of USD 1.0bn, acquisition of companies of USD 815m and lease liabilities increased by USD 1.8bn.
Excluding lease liabilities, the group had a net cash position of USD 12.1bn (net debt of USD 485m).
• To align A.P. Moller - Maersk’s finance strategy with its decarbonisation ambitions, a 10-year, EUR
500m green bond was issued to support the funding of the first series of green container vessels.
• In Q4, A.P. Moller - Maersk announced three intended acquisitions, pending regulatory approvals
and expected to be finalised during 2022. Most recently, LF Logistics, a significant contract
logistics player with a vast footprint across Asia-Pacific, Senator International, adding to the
air freight network, and Grindrod Intermodal Group, a partnership offering a range of logistics
services in South Africa.
• The Board of Directors proposes an ordinary dividend to the shareholders of DKK 2,500 per share
of DKK 1,000 (DKK 330 per share of DKK 1,000).
• Guidance for full-year 2022 for the underlying EBITDA is expected to be around USD 24bn, an
underlying EBIT of around USD 19bn and a free cash flow (FCF) above USD 15bn.
3 Highlights Q4 2021 Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Summary financial information
Q Q M M
Income statement
Revenue
Profit before depreciation amortisation and impairment losses etc (EBITDA)
Depreciation amortisation and impairment losses net
Gain on sale of non-current assets etc net
Share of profit/loss in joint ventures and associated companies
Profit before financial items (EBIT)
Financial items net - - - -
Profit before tax
Tax
Profit for the period
AP Møller - Mærsk A/S’ share
Underlying profit/loss
Balance sheet
Total assets
Total equity
Invested capital
Net interest-bearing debt - -
Cash flow statement
Cash flow from operating activities
Capital lease instalments – repayments of lease liabilities
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Cash flow from financing activities - - - -
Free cash flow
Financial ratios
Revenue growth % % % %
EBITDA margin % % % %
EBIT margin % % % %
Cash conversion % % % %
Return on invested capital after tax (ROIC) (last twelve months) % % % %
Equity ratio % % % %
Underlying ROIC (last twelve months) % % % %
Underlying EBITDA
Underlying EBITDA margin % % % %
Underlying EBIT
Underlying EBIT margin % % % %
Stock market ratios
Earnings per share – continuing operations USD
Diluted earnings per share – continuing operations USD
Cash flow from operating activities per share USD
Share price (B share) end of period DKK
Share price (B share) end of period USD
Total market capitalisation end of period USD
1 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 transaction, 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.
4
Amounts in USD million
Summary financial information Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Financial review Q4 2021
Revenue increased by USD 7.2bn to USD 18.5bn (USD 11.3bn),
with increases across all segments, in Ocean by USD 6.3bn,
in Logistics & Services by USD 955m, and in Terminals &
Towage by USD 231m.
EBITDA increased to USD 8.0bn (USD 2.7bn), primarily driven
by Ocean with an increase to USD 7.3bn (USD 2.2bn), driven
by the increased freight revenue due to higher freight
rates which are caused by the current demand peak com-
bined with bottle necks and congestions across global sup-
ply chains. However, the increased freight revenue is par-
tially offset by higher costs related to handling, bunker and
network. In Logistics & Services, EBITDA increased by USD
61m to USD 219m (USD 158m) due to the higher revenue,
and in gateway terminals, EBITDA increased to USD 384m
(USD 316m) as a result of the increase in volume and higher
storage income.
EBIT of USD 6.6bn (USD 1.6bn) was mainly the result of
the improved EBITDA. However, a net impairment loss of
USD 298m was recognised in Maersk Supply Service due
to a strategic review of the fleet and the compatibility
towards the green transition. The EBIT margin increased
to 35.8% (14.2%).
Financial items, net, amounted to USD 343m (USD 272m),
as interest payments on a reduced debt position were more
than offset by costs relating to prepayment of borrowing,
interest on tax liabilities, and negative foreign exchange rate
impacts.
Tax increased to USD 182m (USD 21m), primarily due to the
improved financial performance.
The underlying prot was USD 6.3bn (USD 1.4bn).
Cash ow from operating activities was USD 7.9bn (USD 2.6bn),
driven by EBITDA of USD 8.0bn, with tax paid of USD 229m
partly offset by improved working capital of USD 101m,
leading to a cash conversion of 99% (95%).
Gross capital expenditure (CAPEX) of USD 1.6bn (USD 370m),
was driven by investments in Ocean of USD 1.0bn, Logistics &
Services of USD 346m and Terminals & Towage of USD 181m.
Financial review
Free cash ow of USD 5.6bn (USD 1.7bn) was positively
impacted by higher cash flow from operating activities,
mainly offset by higher capital expenditures.
Cash ow from borrowings was negative USD 181m (USD
1.6bn), due to debt repayments of USD 741m partly offset
by the issuance of Maersk’s first green bond of EUR 500m
in November (USD 553m).
Contractual capital commitments totalled USD 3.3bn (USD
1.7bn), of which USD 1.2bn is related to commitments
towards terminal concession grantors and USD 1.8bn is
related to Ocean ordering vessels and equipment which
include green methanol-enabled vessels.
The liquidity reserve increased to USD 21.5bn (USD 11.0bn),
composed of liquid funds and term deposits of USD 15.5bn
(USD 4.8bn) excluding restricted cash, and undrawn revolv-
ing credit facilities of USD 6.0bn (USD 6.2bn).
Capital structure and credit rating
Net interest-bearing debt decreased to a net cash posi-
tion of USD 1.5bn (debt of USD 9.2bn), as free cash flow of
USD 16.5bn for 2021 was partly used for share buy-backs
of USD 2.0bn, dividends of USD 1.0bn, acquisition of com-
panies of USD 815m and lease liabilities increased by USD
1.8bn. Excluding lease liabilities, the Group had a net cash
position of USD 12.1bn (debt of USD 485m).
A.P. Moller - Maersk remains investment grade-rated and
holds a Baa2 (stable outlook) rating from Moody’s and
a BBB+ (stable) rating from Standard & Poor’s.
Share buy-back
In November 2020, the Board of Directors of
A.P. Møller - Mærsk A/S announced a share buy-back pro-
gramme of up to DKK 10bn (around USD 1.6bn). The first
phase of the programme of DKK 3.3bn (around USD 500m)
was concluded on 29 April 2021. The Board of Directors
decided to accelerate the programme with the remaining
part of the programme of DKK 6.7bn (around USD 1.1bn)
being exercised in one phase running from mid-May. The
programme was ended on 24 September 2021.
Highlights Q4
USD million Revenue EBITDA EBIT CAPEX
Ocean
Logistics & Services
Terminals & Towage
Manufacturing & Others -
Unallocated activities eliminations etc - - - - - -
AP Moller - Maersk consolidated
5 Financial review Q4 2021 Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
The Board of Directors further decided in May 2021, under
the authority given at the Annual General Meeting in March
2021, to commit to a new share buy-back programme of up
to USD 5bn (around DKK 32bn) to be executed over a period
of two years. The programme was initiated in early
November 2021.
In addition, the Board of Directors decided to extend the
share buy-back programme by an additional USD 5bn
(around DKK 32bn) over the years 2024 and 2025, subject to
the corresponding mandate of the annual general meeting.
During Q4, A.P. Moller - Maersk bought back 18,547 A shares
and 74,210 B shares, worth DKK 1.9bn (around USD 286m)
excluding shares bought back for the long-term incentive
plan. On 31 December 2021, A.P. Moller - Maersk owns a total
of 120,494 A shares and 549,587 B shares as treasury shares,
corresponding to 3.46% of the share capital.
It is expected that of the outstanding treasury shares at
31 December 2021, 120,494 A shares and 481,929 B shares
will be proposed to be cancelled by the Board of Directors
at the Annual General Meeting.
The Board of Directors can decide to acquire own shares up
to a maximum of 15% of the share capital.
Dividend
The Board of Directors proposes an ordinary dividend to
the shareholders of DKK 2,500 per share of DKK 1,000
(DKK 330 per share of DKK 1,000).
Transformation metrics
In 2020-2021, four metrics are tracked as a measurement
on progress besides the overall ROIC target, see table: Trans-
formation metrics.
Value creation is measured by the return on invested capital
(ROIC), last twelve months, and increased to 45.3% (9.4%), as
earnings improved significantly due to higher freight rates.
Growing the business is measured by the focus on organic
growth in revenue in Logistics & Services and gateway ter-
minals. Organic revenue increased by 46% to USD 3.9bn
with strong performance in both gateway terminals and
Logistics & Services compared to 2020.
Protability in Logistics & Services is measured by EBITA,
which increased from USD 103m to USD 155m, driven by
positive revenue growth.
Progress in the commercial synergies from the revenue
growth between Logistics & Services and the top 200
Ocean customers was an increase of USD 462m, highlight-
ing the impact of the integrator strategy.
Progress on the commercial digitalisation and product offer-
ing in Ocean, is in the first phase measured via Maersk SPOT
volume share of total short-term volumes, which was 47.2%
in Q4. The percentage is based on the last four weeks of the
reported period for all brands.
Market insights
For market insights for Q4 2021, reference is made to the
Annual Report 2021 for A.P. Moller - Maersk.
Transformation metrics
Q Q M M
Value creation
Return on invested capital (ROIC) % % % %
Growth
Organic revenue in Logistics & Services and gateway terminals USDm
Profitability
EBITA in Logistics & Services USDm
Commercial synergies
Logistics & Services revenue with top Ocean customers USDm
Commercial digitalisation and product offering in Ocean
Maersk SPOT volume share of total short-term volumes % % % %
1 Last twelve months
2 Maersk SPOT volume share of total short-term volumes of all brands is based on the last four weeks of the period shown.
6 Financial review Q4 2021 Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Roadmap to 2025
The roadmap to 2025 is providing specific targets for
the transformation towards becoming the integrator
of container logistics.
Over the last years, A.P. Moller - Maersk has
built a record of strongly improved financial perfor-
mance and based on the integrator strategy, the expec-
tation/target is to continue to deliver shareholder
value creating returns on invested capital (ROIC) above
7.5%, and in the period 2021-2025 to deliver average
returns on invested capital above 12% given the strong
starting point in 2021.
A.P. Moller - Maersk will prioritise the capital allocation
to investments in the business including acquisitions
in Logistics & Services, repaying debt, paying ordinary
dividends based on a pay-out ratio of 30-50% of under-
lying net profit and distributing excess cash to share-
holders through share buy-backs and special dividends
in that order.
With the very strong financial position of the company,
the existing share buy-back was accelerated and con-
cluded in September 2021. In addition to the share buy-
back programme announced in May 2021 of USD 5bn
(around DKK 32bn) that was initiated in November 2021,
the Board of Directors decided to extend the share buy-
back programme by an additional USD 5bn (around DKK
32bn), resulting in a total commitment of USD 10bn
(around DKK 64bn).
Over the last four years, fundamentals have improved
for the Ocean business. A strong growth engine has
been built in Logistics & Services, and the gateway
terminals business is again delivering value-creating
returns. Based on performance and progress, new tar-
gets were set for the performance of the business
through to 2025.
Ocean is expected to deliver EBIT margins above 6%
under normalised conditions. Total fleet capacity will
be in the range of 4.1-4.3m TEU.
For Logistics & Services, the expectation is to continue
the strong growth and target organic growth above 10%,
of which 50% of the organic growth will be related to
the top 200 Ocean customers and with an EBIT mar-
gin above 6%, making Logistics & Services the growth
engine, measured by revenue, for the company. In addi-
tion to rapid organic growth, the expectation is to con-
tinue to make acquisitions, mainly of new capabilities
and growth platforms, to expand the logistics business.
Finally, for gateway terminals the expectation is to deliver
returns on invested capital of above 9% towards 2025,
well above industry average, driven by synergies with
Ocean and the operating model in gateway terminals.
The roadmap to 2025
Targets M
Consolidated
Return on invested capital (ROIC)
Every year > %
Average - > % %
– CAPEX and leases at depreciation level
– Stable invested capital over the period
Dividend policy of underlying net profit -%
Share buy-back over - USDm
Share buy-back over - USDm
Ocean
EBIT margin – under normalised conditions > % %
Execute with the existing fleet size TEUm -
Logistics & Services
Organic revenue growth per year >% %
Of which from top Ocean customers % %
EBIT margin > % %
Terminals
Return on invested capital (ROIC) > % %
Mid-term targets were introduced at the Capital Markets Day
in May 2021.
1 A 40% dividend is proposed for approval at the Annual
General Meeting.
7 Financial review Q4 2021 Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Guidance for 2022
Guidance for 2022 is based on the expectations that
A.P. Moller - Maersk will have a strong first half year, and
the assumption that normalisation in Ocean occurs early
in the second half of the year.
Based on these assumptions, A.P. Moller - Maersk expects
for full year 2022 an underlying EBITDA of around USD
24bn, an underlying EBIT of around USD 19bn and a free
cash flow (FCF) above USD 15bn.
Ocean is expected to grow in line with the global container
demand of 2-4% in 2022, subject to high uncertainties
related to the current congestion, network disruptions
and demand patterns.
For 2022-2023, the expectation for the accumulated
CAPEX is USD 9.0-10.0bn driven by intensified growth in
Logistics & Services and ESG investments. The CAPEX
guidance for 2021-2022 of USD 7.0bn is maintained.
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for the full year 2022 depends on several factors and is subject to uncertainties
related to COVID-19, bunker fuel prices and freight rates, given the uncertain macroeconomic conditions.
All else being equal, the sensitivities for the full year 2022 for four key assumptions are listed in the table below:
Factors Change Effect on EBIT
(midpoint of guidance)
Full-year
Container freight rate +/- USD/FFE +/- USD bn
Container freight volume +/- FFE +/- USD bn
Bunker price (net of expected BAF coverage) +/- USD/tonne +/- USD bn
Foreign exchange rate (net of hedges) +/- % change in USD +/- USD bn
Underlying EBITDA is earnings before interest, taxes, depreciation and
amortisation adjusted for restructuring and integration costs.
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 impairment losses.
8 Full-year guidance for 2022 Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Ocean
Profitability for Q4 increased substantially compared to
same quarter last year due to an increase in revenue from
higher freight rates. Ocean continued to assist its long-term
customers in facing exceptional conditions with significant
and persisting bottlenecks, while the volumes were down
despite the added capacity of 62k TEU during Q4. The aver-
age loaded freight rates increased across both long-term
contracts and short-term rates, particularly on routes from
Asia to Europe and to North America. The unit cost at fixed
bunker increased by 13% driven by higher network costs and
container handling costs. Utilisation on offered capacity
remained strong at 93.7%, but schedule reliability remains
challenged with on going and further congestions such as
at Long Beach, Los Angeles, and Felixstowe in the United
Kingdom.
Financial and operational performance
Revenue increased to USD 14.6bn (USD 8.3bn) impacted by
an increase in freight revenue of 79% with loaded freight
rates up by 83%, partly offset by a decrease in volumes of
4.0%. Other revenue increased by 64% to USD 1.8bn.
EBITDA more than tripled to USD 7.3bn (USD 2.2bn) and
was driven by the increased freight revenue, despite cost
increase on bunker costs, container handling costs and net-
work costs. The EBITDA margin increased by 23.6 percent-
age points to 50.3% (26.7%).
Loaded volumes decreased by 4.0% to 3,263k FFE (3,400k
FFE) due to operational bottlenecks. East-West volumes
dropped mainly on Europe exports offset by Asia-Pacific
exports. North-South volumes declined driven by lower
volumes in Africa. These were partially offset by higher
volumes on Intra Asia.
The average loaded freight rate increased by 83% to 4,009
USD/FFE (2,192 USD/FFE) mainly from increases on long
haul trades, with the sharpest increase on Transpacific
trades. As a result, the average loaded freight rate at fixed
bunker price increased by 70%.
Total operating costs were 21% higher at USD 7.3bn (USD
6.0bn), mainly due to higher bunker cost with an increase
of 71% driven by higher bunker prices, slightly offset by
lower consumption. Network costs excluding bunker costs
increased by 7.7%, mainly due to higher capacity, with an
increased inflationary pressure on time charter equivalent
cost. Container handling costs increased by 3.8% mainly
due to higher cost for transportation of empty containers.
Adjusting for the positive impact of foreign exchange rates,
operating cost increased by 22%.
Ocean highlights
USD million Q Q M M
Freight revenue
Other revenue including hubs
Revenue
Container handling costs
Bunker costs
Network costs excluding bunker costs
Selling General & Administration (SG&A)
Cost of goods sold and other operational costs
Total operating costs
Other income/costs net - -
Profit before depreciation amortisation and impairment losses
etc (EBITDA)
EBITDA margin % % % %
Profit before financial items (EBIT)
EBIT margin % % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
Loaded volumes (FFE in ’)
Loaded freight rate (USD per FFE)
Unit cost fixed bunker (USD per FFE incl VSA income)
Bunker price average (USD per tonne)
Bunker consumption (tonne in ’)
Average nominal fleet capacity (TEU in ’)
Fleet owned (end of period)
Fleet chartered (end of period)
9 Ocean Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Bunker costs increased by 71% to USD 1.6bn (USD 915m),
with an increase in average bunker prices of 72% to 557 USD/
tonne (323 USD/tonne) partially offset by a 1.0% decrease in
bunker consumption. Bunker efficiency decreased by 2.3% to
42.0 g/TEU*NM (41.0 g/TEU*NM).
Unit cost at fixed bunker increased by 13% to 2,241 USD/FFE
(1,987 USD/FFE), driven by an increased inflationary pres-
sure on time charter equivalent cost, foreign feeders and
higher container handling costs. Adjusting for the positive
impact of developments in foreign exchange rate, unit cost
at fixed bunker increased by 13% and by 5.5% compared to
Q3 2021.
The average capacity of 4,250k TEU increased by 3.8%.
There were nine vessels in the newbuilding programme at
the end of Q4. The fleet consisted of 311 owned and 427
chartered vessels, of which 53k TEU or 1.2% of the fleet
were idle (10 vessels), mainly due to repairs.
Key initiatives in Q4
The focus in Q4 was to support customers and to offer con-
tract customers additional flexibility and space to assist
with volatility in their supply chains. As a result of the
emphasis on customer stability and resilience, long-term
volumes increased more than 325k FFE or 21% compared to
Q4 2020. The average contract length increased and more
than 1.5m FFE are currently signed on multi-year deals.
A.P. Moller - Maersk continues to expand on digital engage-
ment models like Maersk Spot to serve the short-term mar-
ket. Maersk Spot increased the share of short-term volumes
on the Spot product to 47% (36%). It remains a critical prod-
uct for freight forwarder customers, and Ocean will con-
tinue to expand scope across brands and keep adding fea-
tures to attract more customers.
Twill, the end-to-end digital product designed for small cus-
tomers without in-house logistic capabilities, crossed the
average of 5,000 FFE (2,632 FFE) per week by end of Q4.
Logistics & Services
Logistics & Services continues to develop new integrated
solutions that meet customers’ logistics needs through-
out the entire supply chain. As proof point of the integrator
strategy, 58% of organic revenue growth in Q4 2021 was from
top 200 Ocean customers. This customer focused proposi-
tion was critical in driving the revenue growth across all prod-
uct families but especially in Managed by Maersk and Fulfilled
by Maersk, which are the essence of integrated logistics and
have seen outstanding growth in Q4, both with 60% growth
in revenue. Transported by Maersk revenue increased by 38%.
The EBIT margin was impacted by the integration of newly
acquired businesses, including significant acquisition-related
costs. Adjusted for these costs and an extraordinary bonus to
employees, the EBIT margin was 6.2%.
The integration of the acquisitions made in 2020 is pro-
gressing and ramping-up to deliver up to full potential in
2022. While the offerings continued being strengthened
across products and services, the acquisitions of Visible
Supply Chain Management, B2C Europe, and HUUB in the
e-commerce logistics area will allow A.P. Moller - Maersk
to respond to growing customer needs within business-to-
consumer fulfilment and delivery. Looking forward to the
still pending acquisitions, Senator International will be an
important next step in expanding the air freight network,
and Grindrod Intermodal Group will complement the cur-
rent logistics and services available in South Africa. Simi-
larly, the recent announcement of the intended acquisition
of LF Logistics is a landmark milestone in building up the
Fulfilled by Maersk service offering. The acquisitions are
expected to be finalised during 2022.
Financial and operational performance
As a result of the solid progress on the integrator strategy,
Logistics & Services increased revenue by 46% to USD 3.0bn
(USD 2.1bn). Organic revenue contributed 38% of the 46%
increase in revenue to USD 3.0bn (USD 2.1bn).
The increase in EBITA was USD 52m, of which USD 47 was
organic. Inorganic revenue of USD 163m consisted of revenue
from B2C Europe and Visible Supply Chain Management which
contributed to inorganic revenue by 21% and 79%, respectively.
The inorganic EBITA was USD 5m after subtracting transaction
costs of USD 2m in Q4 2021.
Loaded volumes
FFE (’) Q Q Change Change %
East-West - -
North-South - -
Intra-regional - -
Total - -
Average freight rates
USD/FFE Q Q Change Change %
East-West
North-South
Intra-regional
Total
Fleet overview, end Q4 2021 ’
Q Q
TEU
Own container vessels
Chartered container vessels
Total fleet
Number of vessels
Own container vessels
Chartered container vessels
Total fleet
10 Ocean | Logistics & Services Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Logistics & Services highlights
USD million Q Q M M
Revenue
Direct costs (third party cost)
Gross profit
Direct Operating Expenses
Selling General & Administration (SG&A)
Profit before depreciation amortisation and impairment losses
etc (EBITDA)
EBITDA margin % % % %
Profit after depreciation and impairment losses
before amortisations (EBITA)
EBITA margin % % % %
Profit before financial items (EBIT)
EBIT margin % % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
EBIT conversion (EBIT/gross profit - %) % % % %
Managed by Maersk revenue
Fulfilled by Maersk revenue
Transported by Maersk revenue
Supply chain management volumes (kcbm)
Intermodal volumes (kFFE)
Sea freight volumes (TEU)
Air freight volumes (tonne)
For the Managed by Maersk services, revenue increased by
60% to USD 480m (USD 301m), driven by a 27% increase in
volumes in Lead Logistics to 28,285 kcbm (22,248 kcbm).
The increase in volume reflects the effect of acquired busi-
ness, an increase in demand of retail goods in H2 2021 in
North America as well as anticipated orders in preparation
to Chinese New Year. Further, Customs Services volumes
were up by 352k declarations to 1,293k declarations (941k
declarations).
For the Fulfilled by Maersk services, revenue increased by
60% to USD 777m (USD 485m), driven by the establishment
of 24 new warehouses in Q4, and productivity improve-
ment of the existing facilities. Revenue was also positively
impacted by growing volumes from increasing supply chain
needs from customers and a growing footprint following
the acquisition of Performance Team. The acquisitions of
Visible Supply Chain Management in Q3 and B2C Europe in
Q4 further contributed to the increase in revenue within
the e-commerce space.
For the Transported by Maersk services, revenue was up
by 38% to USD 1.8bn (USD 1.3bn), driven by an increase
in Landside Transportation Intermodal volumes of 2% to
1,118k FFE (1,095k FFE), mainly due to a higher penetra-
tion ratio into existing Ocean customers. Intercontinental
rail also increased in volume by 17% to 7.2k FFE (6.2k FFE)
driven by China and Russia rail services. Further, revenue
growth was driven by increased air freight carrier volumes
of 25% to 50.1k tonnes (39.9k tonnes) primarily coming
from Asia Pacific into North America.
Overall, Logistics & Services gross profit increased by USD
219m to USD 719m (USD 500m), driven by an increase in
volumes in Lead Logistics and in the number of declarations
handled in Customs Services under Managed by Maersk,
increased profitability in Contract Logistics facilities in
North America under Fulfilled by Maersk, as well as growth
and higher margins in Landside Transportation under Trans-
ported by Maersk.
EBIT increased to USD 137m (USD 93m) and the EBIT mar-
gin and EBIT conversion ratio were on par with the same
quarter last year. EBIT includes acquisition-related costs
totalling USD 26m (USD 5m) and an extraordinary bonus to
employees of USD 23m (USD 17m). Excluding acquisition-
related costs and the extraordinary bonus, EBITA margin
would be 6.8% (5.2%) and EBIT margin would be 6.2%
(4.8)%, thus aligned with the targeted profitability.
Organic/inorganic USD million
Organic Inorganic
Revenue
% %
EBITA
11 Logistics & Services Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Key initiatives in Q4
Logistics & Services continued to take further steps towards
strengthening the value proposition to customers offer-
ing additional flexibility and space to help mitigate negative
impacts from the current supply chain challenges.
In providing a wider range of logistics and service offerings to
customers, A.P. Moller - Maersk has announced an agreement
to partner with the Grindrod Intermodal Group. This proposed
joint venture will complement the current A.P. Moller - Maersk
logistics and services available in South Africa and will
strengthen the Fulfilled and Transported by Maersk offerings.
Further, Vestas and A.P. Moller - Maersk have formed a long-
term strategic partnership for all containerised transport.
This partner ship includes, amongst other, door-to-door trans-
port from supplier factories and service warehouses and
would extend across all three models.
In Fulfilled by Maersk, the global warehousing network con-
tinues to expand with 24 new warehouses opened in Q4
2021, adding to a total of 85 warehouses added in 2021 and
increasing the global active footprint to 3.1m sqm as of 31
December 2021. Notably, an agreement with Saudi Ports
Authority was signed for the setup of an integrated logis-
tics park at the Jeddah Islamic Port in Saudi Arabia. This
park will spread over 205k sqm and will offer warehousing
and distribution, petrochemical consolidation and e-com-
merce solutions, as well as Transported by Maersk offerings
in serving as a hub for transhipments, air freight and LCL. In
addition, A.P. Moller - Maersk announced in December 2021
the intended acquisition of LF Logistics, an omnichannel and
fulfilment leader in Asia-Pacific.
In Managed by Maersk, TradeLens continues to strengthen
its network with +360 members now in the network while
Customs Services customer digital journey continues to
be enhanced with the launch of MyCustoms module on
Maersk.com.
In Transported by Maersk, significant steps have been taken
in expanding the air freight offering and an agreement to
acquire air-based freight forwarder Senator International,
was signed.
Terminals & Towage
Terminals & Towage reported an increase in revenue of
USD 231m to USD 1.3bn (USD 1.0bn), with an increase in EBITDA
of USD 75m to USD 439m (USD 364m) and an increase in EBIT
of USD 141m to USD 336m (USD 195m).
In gateway terminals, revenue increased to USD 1.1bn (USD
872m), supported by recovery in global demand. Overall ter-
minal volume grew by 3.5%, with North America and Asia lead-
ing the way. Utilisation grew significantly to 78% (76%). Con-
tinued congestion in the supply chain in the USA contributed
to growth in revenue per move of 21%. Significant efforts
Terminals & Towage highlights
USD million Q Q M M
Revenue
Concession fees (excl capitalised lease expenses)
Labour cost (blue collar)
Other operational cost
Selling General & Administration (SG&A) and other costs etc
Total operating costs
Profit before depreciation amortisation and impairment losses
etc (EBITDA)
EBITDA margin % % % %
Profit before financial items (EBIT)
EBIT margin % % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
Terminal volumes – financially consolidated (moves m)
Ocean segment
External customers
Terminal revenue per move – financially consolidated (USD)
Terminal cost per move – financially consolidated (USD)
Result from joint ventures and associated companies (USDm)
Number of operational tug jobs (harbour towage) (’)
Annualised EBITDA per tug (terminal towage) (USD in ’)
12 Logistics & Services | Terminals & Towage Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
are taken to ease US congestion through extended open-
ing hours and improved gate turnaround time. Additional
congestion-related costs resulted in an increase in cost per
move of 18%. As a result, EBITDA increased to USD 384m
(USD 316m) with a decrease in EBITDA margin by 1 percent-
age point. Strong results from joint ventures and associated
companies of USD 83m (USD 54m) supported the increase
in EBIT to USD 308m (USD 175m).
In Towage, revenue increased to USD 190m (USD 175m),
while EBITDA was USD 55m (USD 47m). EBIT increased to
USD 28m (USD 20m).
Terminals
Financial and operational performance
Revenue increased to USD 1.1bn (USD 872m), driven by
higher global demand, above market growth and increased
storage income due to the continued congestion along all
nodes in the supply chain, particularly in North America.
Volume increased by 3.5% as markets recovered from the
pandemic downturn with North America and Asia lead-
ing the way. As a result, utilisation improved to 78% (76%).
Volume from the Ocean segment increased by 4.6% and
volume from external customers increased by 2.9%.
Higher congestion-driven storage revenue in North America
helped to drive a 21% increase in gateway revenue per move
to USD 336 (USD 279). Higher volume in high-cost loca-
tions, additional efforts to ease congestion and higher var-
iable concession drive up cost per move by 18% to USD 259
(USD 220).
Adjusted for foreign exchange rates, volume mix and one-
off effects revenue per move increased by 24%, and cost
per move increased by 13%.
The positive volume growth and additional storage income,
offset by higher cost, resulted in an EBITDA of USD 384m
(USD 316m) and an EBITDA margin of 35.2% (36.3%).
EBIT increased to USD 308m (USD 175m) supported by
higher results from joint ventures and associated com-
panies and lower depreciation. CAPEX increased to USD
136m (USD 108m).
In North America, high consumer spend helped drive volume
up by 10% while congestion drove up storage income leading
to an increase in EBITDA margin to 41% (26%).
In Latin America, volume dropped by 1.9% with a higher
revenue per move across the region supported by higher
rates and higher transhipment storage income, offset
by a non-recurring item in Q4 2020, which led to a lower
EBITDA margin to 46% (50%).
In Asia, volume grew 4.3% driven by additional volumes
from two new berths in Yokohama, Japan. Income from the
increased volume was offset by higher maintenance cost
and negative location mix resulting in an EBITDA margin
decrease to 23% (37%).
In Europe, revenue increased as a result of 2.6% higher
volume and congestion-related storage income, leading
to an increase in EBITDA margin to 33% (26%).
In Africa and Middle East, volume remained flat. A negative
location mix and unfavourable exchange rate movements
reduced the EBITDA margin to 29% (33%).
Results from joint ventures and
associated companies
The share of profit in joint ventures and associated
companies increased to USD 83m (USD 54m), driven by
higher results in Abidjan, Ivory Coast, and Global Port
Investments.
Key initiatives in Q4
In November, Plaquemines Port, Harbour and Terminal
District (PPHTD), Louisiana, USA, and APM Terminals
announced a Letter of Intent whereby APM Terminals will
become the operator of a newly planned Container Termi-
nal and Intermodal Rail Facility. External parties will be the
investor in the new port.
During Q4, the concession agreement for the new terminal
in Rijeka, Croatia, was signed.
Towage
Financial and operational performance
Revenue increased by USD 15m to USD 190m (USD 175m),
but adjusted for foreign exchange rate development,
the increase was 5% or USD 9m. Revenue was positively
impacted by higher harbour towage activity driven by strong
grain exports and increased RoRo activities in Australia,
ramp-up of activities in Morocco and increased activity in
Brazil. This was partly offset by weaker harbour towage
activities across Europe region. Terminal towage reve-
nue increased by USD 5m, excluding currency impact, due
to new time charters and bareboat charters in Angola, the
UK and Belgium, partly offset by lower revenue in Panama
due to reduced operations because of sale of tugs. EBITDA
increased by USD 8m to USD 55m (USD 47m), mainly due
to restructuring costs in Australia in Q4 2020 as well as
Regional volume, Terminals
Million moves Q Q Growth (%)
North America
Latin America -
Europe Russia and the Baltics
Asia
Africa and Middle East
Total
1 Financially consolidated.
13 Terminals & Towage Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
favourable exchange rate in 2021, partly offset by decrease
in harbour towage volumes mainly in Europe. EBIT increased
by USD 8m to USD 28m (USD 20m) mainly due to some
receivables adjustments in 2020.
For terminal towage, annualised EBITDA per tug increased
by 10%, driven by improvements in the Asia, Middle East &
Africa region as well as improvement in Americas. This was
partly offset by a decrease in margin per vessel in Europe
and Australia, decreasing the annualised EBITDA per tug.
Results from joint ventures and
associated companies
The share of profit in joint ventures and associated com-
panies decreased to USD 5m (USD 6m) mainly driven by the
winding down of activities in Bowen, Australia.
Key initiatives in Q4
Svitzer successfully started operation for the Port of
Bunbury in Western Australia, as well as for Australia’s
naval fleet across the country.
In addition, in Europe six tugs were part of a firefighting
effort in Gothenburg that lasted several days, and EcoTow
started in UK, with tugs powered by marine biofuel.
As of Q1 2022, Towage will be reported under Manufactur-
ing & Others. At the same time, the segment will change its
name to Towage and Maritime Services.
Manufacturing & Others
Revenue was USD 357m (USD 319m) with an EBITDA of
USD 36m (USD 25m) and an EBIT of negative USD 150m
(positive USD 31m).
For Maersk Container Industry, revenue increased by USD
22m to USD 178m (USD 156m) mainly driven by increase in
reefer unit pricing. EBITDA decreased by USD 4m to USD
14m (USD 18m), and EBIT decreased by USD 26m to USD
12m (USD 38m) mainly driven by a gain in Q4 2020 related
to the sale of the factory in Dongguan.
Maersk Supply Service reported a 44% increase in revenue
to USD 88m (USD 61m) and a positive EBITDA of USD 9m
(negative USD 3m), reflecting increased activity and
improved rates. A decrease in EBIT was realised as a result
of net impairment loss of USD 298m that was recognised
due to the strategic review of the fleet and its compatibil-
ity towards the green transition.
For other businesses, revenue was USD 90m (USD 102m)
with an EBITDA of USD 13m (USD 9m) and EBIT of USD 136m
(negative USD 3m).
The decrease in overall segment EBIT was partially offset
by a reversal of impairment on associates. Höegh Autoliners,
which is recognised as an associate, was listed on Euronext
Growth in Oslo in Q4 2021. As a consequence of the success-
ful listing, USD 132m of previously recognised impairment
on associates was reversed.
Manufacturing & Others highlights
USD million Q Q M
Revenue
Profit before depreciation amortisation and impairment losses
etc (EBITDA)
EBITDA margin % % % %
Profit/loss before financial items (EBIT) - -
EBIT margin -% % -% %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
14 Terminals & Towage | Manufacturing & Others Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Statement of the Board of Directors
and the Executive Board
Executive Board
Board of Directors
15 Statement of the Board of Directors and the Executive Board Directors’ ReportA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Financials
Condensed income statement
Note Q Q M M
Revenue 18,506 11,255 61,787 39,740
Profit before depreciation amortisation and impairment losses etc (EBITDA) 7,990 2,711 24,036 8,226
Depreciation amortisation and impairment losses net 1,626 1,222 4,944 4,541
Gain on sale of non-current assets etc net 50 30 96 202
Share of profit/loss in joint ventures and associated companies 220 75 486 299
Profit before financial items (EBIT) 6,634 1,594 19,674 4,186
Financial items net -343 -272 -944 -879
Profit before tax 6,291 1,322 18,730 3,307
Tax 182 21 697 407
Profit for the period 6,109 1,301 18,033 2,900
Of which:
Non-controlling interests 15 2 91 50
AP Møller - MærskA/S’ share 6,094 1,299 17,942 2,850
Earnings per share USD 324 66 941 145
Diluted earnings per share USD 323 66 938 145
Condensed statement of comprehensive income
Note Q Q M M
Profit for the period 6,109 1,301 18,033 2,900
Translation from functional currency to presentation currency -69 317 -364 195
Reclassified to income statement gain on sale of non-current assets etc net - 2 23 64
Cash flow hedges 9 103 -109 43
Tax on other comprehensive income -2 -8 -7 10
Share of other comprehensive income of joint ventures and associated companies net of tax 4 -1 -5 5
Total items that have been ormay be reclassified subsequently to the income statement -58 413 -462 317
Other equity investments 116 -1 143 2
Actuarial gains/losses on defined benefit plans etc 46 -277 -23 -207
Tax on other comprehensive income -6 -4 7 -4
Total items that will not be reclassified to the income statement 156 -282 127 -209
Other comprehensive income net of tax 98 131 -335 108
Total comprehensive income for the period 6,207 1,432 17,698 3,008
Of which:
Non-controlling interests 14 13 87 47
AP Møller - MærskA/S’ share 6,193 1,419 17,611 2,961
16
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Amounts in USD million
Condensed balance sheet at 31December
Note
Intangible assets 5,769 5,145
Property plant and equipment 27,303 26,481
Right-of-use assets 9,906 8,323
Financial non-current assets etc 3,135 3,183
Deferred tax 356 249
Total non-current assets 46,469 43,381
Inventories 1,457 1,049
Receivables etc 12,111 5,603
Securities 3 1
Cash and bank balances 11,832 5,865
Assets held for sale 399 218
Total current assets 25,802 12,736
Total assets 72,271 56,117
Note
Equity attributable to AP Møller - MærskA/S 44,508 29,850
Non-controlling interests 1,080 1,004
Total equity 45,588 30,854
Lease liabilities non-current 8,153 7,356
Borrowings non-current 4,315 5,868
Other non-current liabilities 2,122 1,985
Total non-current liabilities 14,590 15,209
Lease liabilities current 2,398 1,391
Borrowings current 469 758
Other current liabilities 8,982 7,814
Liabilities associated with assets held for sale 244 91
Total current liabilities 12,093 10,054
Total liabilities 26,683 25,263
Total equity and liabilities 72,271 56,117
17
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Condensed cash flow statement
Note Q Q M M
Profit before financial items 6,634 1,594 19,674 4,186
Non-cash items etc 1,374 1,118 4,540 4,305
Change in working capital 101 -27 -1,610 -239
Cash flow from operating activities before tax 8,109 2,685 22,604 8,252
Taxes paid -229 -116 -582 -424
Cash flow from operating activities 7,880 2,569 22,022 7,828
Purchase of intangible assets and property plant and equipment (CAPEX) -1,585 -370 -2,976 -1,322
Sale of intangible assets and property plant and equipment 60 167 205 435
Sale of other equity investments 3 1 8 5
Acquisition of subsidiaries and activities -82 23 -815 -425
Sale of subsidiaries and activities 24 1 3 36
Dividends received 64 50 282 177
Financial investments etc net -4,551 -20 -5,049 70
Cash flow used for investing activities -6,067 -148 -8,342 -1,024
Repayments of/proceeds from borrowings net -181 -1,562 -1,934 -1,860
Repayments of lease liabilities -586 -575 -2,279 -1,710
Financial payments net -79 -58 -258 -292
Financial expenses paid on lease liabilities -117 -117 -459 -468
Purchase of own shares -416 -110 -1,956 -806
Dividends distributed - - -1,017 -430
Dividends distributed to non-controlling interests -27 -20 -91 -92
Other equity transactions 36 42 94 40
Cash flow from financing activities -1,370 -2,400 -7,900 -5,618
Net cash flow for the period 443 21 5,780 1,186
Cash and cash equivalents beginning of period 11,146 5,838 5,864 4,758
Currency translation effect on cash and bank balances -24 5 -79 -80
Cash and cash equivalents end of period 11,565 5,864 11,565 5,864
Of which classified as assets held for sale -28 -19 -28 -19
Cash and cash equivalents end of period 11,537 5,845 11,537 5,845
Cash and cash equivalents
Cash and bank balances 11,832 5,865 11,832 5,865
Overdrafts 295 20 295 20
Cash and cash equivalents end of period 11,537 5,845 11,537 5,845
Cash and bank balances include USD 1.3 bn (USD 1.0 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.
18
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Condensed statement of changes in equity
AP Møller - Mærsk A/S
Share capital Translation
reserve
Reserve for
other equity
investments
Reserve
for hedges
Retained
earnings
Total Non-
controlling
interests
Total equity
Equity January 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
Addition of non-controlling
interests - - - - -19 -19 16 -3
Sale of non-controlling interests - - - - 1 1 - 1
Purchase of own shares - - - - -1,956 -1,956 - -1,956
Sale of own shares - - - - 22 22 - 22
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 December 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Equity January 3,774 -692 -4 -97 25,117 28,098 739 28,837
-
Other comprehensive income
net of tax - 260 1 55 -205 111 -3 108
Profit for the period - - - - 2,850 2,850 50 2,900
Total comprehensive income
for the period - 260 1 55 2,645 2,961 47 3,008
Dividends to shareholders - - - - -430 -430 -90 -520
Value of share-based payment - - - - 11 11 - 11
Acquisition of non-controlling
interests - - - - -14 -14 302 288
Purchase of own shares - - - - -806 -806 - -806
Sale of own shares - - - - 30 30 - 30
Capital increases and decreases -142 - - - 142 - 6 6
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -3 - 3 - - -
Total transactions with
shareholders -142 - -3 - -1,064 -1,209 218 -991
Equity December 3,632 -432 -6 -42 26,698 29,850 1,004 30,854
19
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Note 1 Segment information
Ocean Logistics
& Services
Terminals
& Towage
Manu-
facturing
& Others
Total
Q4 2021
External revenue
Inter-segment revenue -
Total segment revenue
Unallocated items
Eliminations -
Total revenue
Segment profit before depreciation amortisation and impairment losses
etc (EBITDA)
Unallocated items -
Eliminations -
Consolidated profit before depreciation amortisation and impairment losses etc
(EBITDA)
Depreciation and amortisation
Unallocated items -
Eliminations -
Consolidated depreciation and amortisation
Segment profit before financial items (EBIT) -
Unallocated items -
Eliminations -
Consolidated profit before financial items (EBIT)
Segment invested capital
Unallocated items -
Eliminations -
Consolidated invested capital
Segment gross capital expenditures excl acquisitions and divestments (CAPEX)
Unallocated items
Eliminations -
Consolidated gross capital expenditures excl acquisitions and divestments (CAPEX)
20
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals
& Towage
Manu-
facturing
& Others
Total
Q4 2020
External revenue
Inter-segment revenue
Total segment revenue
Unallocated items
Eliminations -
Total revenue
Segment profit before depreciation amortisation and impairment losses
etc (EBITDA)
Unallocated items -
Eliminations -
Consolidated profit before depreciation amortisation and impairment losses etc
(EBITDA)
Depreciation and amortisation
Unallocated items
Eliminations -
Consolidated depreciation and amortisation
Segment profit before financial items (EBIT)
Unallocated items -
Eliminations -
Consolidated profit before financial items (EBIT)
Segment invested capital
Unallocated items
Eliminations -
Consolidated invested capital
Segment gross capital expenditures excl acquisitions and divestments (CAPEX)
Unallocated items
Eliminations -
Consolidated gross capital expenditures excl acquisitions and divestments (CAPEX)
21
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals
& Towage
Manu-
facturing
& Others
Total
12M 2021
External revenue
Inter-segment revenue
Total segment revenue
Unallocated items
Eliminations -
Total revenue
Segment profit before depreciation amortisation and impairment losses
etc (EBITDA)
Unallocated items -
Eliminations -
Consolidated profit before depreciation amortisation and impairment losses etc
(EBITDA)
Depreciation and amortisation
Unallocated items
Eliminations -
Consolidated depreciation and amortisation
Segment profit before financial items (EBIT) -
Unallocated items -
Eliminations
Consolidated profit before financial items (EBIT)
Segment invested capital
Unallocated items -
Eliminations -
Consolidated invested capital
Segment gross capital expenditures excl acquisitions and divestments (CAPEX)
Unallocated items
Eliminations -
Consolidated gross capital expenditures excl acquisitions and divestments (CAPEX)
22
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals
& Towage
Manu-
facturing
& Others
Total
12M 2020
External revenue
Inter-segment revenue
Total segment revenue
Unallocated items
Eliminations -
Total revenue
Segment profit before depreciation amortisation and impairment losses
etc (EBITDA)
Unallocated items -
Eliminations -
Consolidated profit before depreciation amortisation and impairment losses etc
(EBITDA)
Depreciation and amortisation
Unallocated items
Eliminations -
Consolidated depreciation and amortisation
Segment profit before financial items (EBIT)
Unallocated items -
Eliminations -
Consolidated profit before financial items (EBIT)
Segment invested capital
Unallocated items
Eliminations -
Consolidated invested capital
Segment gross capital expenditures excl acquisitions and divestments (CAPEX)
Unallocated items
Eliminations -
Consolidated gross capital expenditures excl acquisitions and divestments (CAPEX)
USD million Types of revenue Q Q M M
Ocean Freight revenue
Other revenue including hubs
Logistics & Services Managed by Maersk
Fulfilled by Maersk
Transported by Maersk
Terminals & Towage Terminal services
Towage services
Manufacturing & Others Sale of containers and spare parts
Offshore supply services
Other shipping activities
Other services
Unallocated activities and eliminations - - - -
Total revenue
1 Including revenue eliminations between terminal services and towage services.
23
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Note 2 Share capital
Development in the number of shares:
A shares of B shares of Nominal value
DKK DKK DKK DKK DKK million USD million
January
Cancellation - -
Conversion - - - - -
December
January
Cancellation
December
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 23 March 2021, the shareholders decided on the cancellation of treasury shares, whereby the share
capital would be decreased. On 20 May 2021, the company’s share capital was reduced from nominally DKK 20,031,947,000 by nominally DKK 655,931,000 in total,
divided into 131,186 A shares and 524,745 B shares of DKK 1,000 to nominally DKK 19,376,016,000 by cancellation of own shares.
Development in the holding of own shares:
No of shares of DKK Nominal value DKK million % of share capital
Own shares
A shares
January % %
Addition % %
Cancellation % %
December % %
B shares
January % %
Addition % %
Cancellation % %
Disposal % %
December % %
Disposals of own shares are related to the share option plans and the restricted shares plan.
The dividend of DKK 330 per share of DKK 1000 – a total of DKK 6.4bn is equivalent to USD 1.0bn excluding own shares. Of this, USD 889m was paid to shareholders on
26 March 2021, and the withholding tax of USD 128m was paid in Q2 2021. Payment of dividends to shareholders does not trigger taxes to A.P. Moller - Maersk.
From 1 January 2021 to 31 December 2021, A.P. Moller - Maersk has bought back 68,173 A shares, with a nominal value of DKK 68m and 206,850 B shares, with a nominal
value of DKK 207m as treasury shares, from A.P. Møller Holding A/S, which is considered a related party.
24
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Acquisitions during 2021
Visible Supply Chain Management (Logistics & Services)
On 2 August 2021, the Group acquired 100% of
the shares in Visible Supply Chain Management,
an e-commerce logistics provider based in North
America focusing on e-fulfilment, parcel delivery
services and freight management.
Visible Supply Chain Management will contribute
with strong e-commerce capabilities and further
strengthen the business-to-consumer part of the
business.
The total purchase price is USD 801m, including a
contingent consideration valued at USD 63m. The
contingent consideration is made up of a fixed
number of APMM B shares. Of the purchase price
allocation, USD 552m is related to goodwill while
USD 182m is related to intangible assets, mainly cus-
tomer relations, software and technology. USD 59m
is related to RoU assets. Liabilities are mainly related
to lease liability. Goodwill is mainly attributable to
expected future synergies from leveraging the ac-
quired technology software, network optimisations
and improved productivity.
From the acquisition date to 31 December 2021,
Visible Supply Chain Management contributed with a
revenue of USD 205m and an insignificant net profit.
Had the acquisition occurred on 1 January 2021, the
impact on the Group’s revenue would have been USD
504m. The net profit impact to the Group would
have been insignificant.
Acquisition-related costs of USD 10m are recognised
as operating costs in the income statement and in
operating cash flow in the cash flow statement. The
accounting for the business combination is consid-
ered provisional as per 31 December 2021.
B2C Europe (Logistics & Services)
On 1 October 2021, the Group acquired 100% of the
shares in B2C Europe, an e-commerce logistics pro-
vider headquartered in the Netherlands, specialising
in cross-border parcel delivery services. B2C Europe
will contribute with strong e-commerce capabilities
and further strengthen the business-to-consumer
part of our business.
The total purchase price is USD 77m. Of the purchase
price allocation, USD 60m is related to goodwill while
USD 29m is related to intangible assets, mainly cus-
tomer relations and technology. Goodwill is mainly
attributable to expected future synergies from inte-
gration and scale-up of technology.
From the acquisition date to 31 December 2021, B2C
Europe contributed with a revenue of USD 35m and
an insignificant net profit. Had the acquisition oc-
curred on 1 January 2021, the impact on the Group’s
revenue would have been USD 136m. The net profit
impact to the Group would have been insignificant.
Acquisition-related costs of USD 2m are recognised
as operating costs in the income statement and in
operating cash flow in the cash flow statement. The
accounting for the business combination is consid-
ered provisional as per 31 December 2021.
HUUB (Logistics & Services)
On 1 September 2021, the Group acquired 100% of the
shares in HUUB, a Portuguese cloud-based logistics
start-up specialised in technology solutions for B2C
warehousing for the fashion industry. HUUB will
contribute to strengthening Maersk’s technology
capabilities, bringing the best attributes of a modern
entrepreneurial agile workplace. The acquisition is
accounted for as an asset deal. The total acquisition
price is USD 9m, and is subject to adjustment based
on future performance.
Acquisitions after the balance sheet date
Senator International (Logistics & Services)
On 2 November it was announced that the Group will
acquire 100% of the shares in Senator International,
a well-renowned German air-based freight carrier
company. 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 our integrator vision. The
estimated enterprise value is USD 644m.
The acquisition is subject to regulatory approvals and
the transaction is expected to close in 2022.
Grindrod Intermodal Group (Logistics & Services)
On 15 November, it was announced that the Group
will partner with Grindrod Intermodal Group. The
Group will have a controlling interest of 51%. The
Grindrod International Group is a well-known and
trusted partner in South Africa that offers a range
of logistics and services offerings. The estimated
enterprise value is USD 13m.
This partnership is subject to regulatory approvals
and the transaction is expected to close in 2022.
LF Logistics Holdings Limited (Logistics & Services)
On 22 December, it was announced that the Group
will acquire 100% of the shares in LF Logistics Hold-
ings Limited, a leading omnichannel fulfilment con-
tract logistics company in Asia Pacific. The acquisi-
tion will further strengthen Maersk’s capabilities as
an integrated container logistics company, offering
global end-to-end supply chain solutions to its cus-
tomers. The company is organised through two key
business units: In-Country Logistics (ICL) and Global
Freight Management (GFM). The estimated enterprise
value is USD 3.6bn. In addition to the enterprise value,
an earn-out with a total value of up to USD 160m re-
lated to future financial performance has been agreed
as part of the transaction.
The acquisition is subject to regulatory approvals and
the transaction is expected to close in 2022.
Refer to note 3.4 in the Annual Report 2021 for fur-
ther details on acquisitions during the year.
Note 3 Acquisition of subsidiaries
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 2021.
Note 4 Accounting policies, judgements and significant estimates
25
Amounts in USD million
Interim consolidated financial statements Q4 2021 Financials
A.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Additional information
Quarterly summary
Income statement Q Q Q Q Q Q Q Q
Revenue
Profit before depreciation amortisation and impairment losses etc
(EBITDA)
Depreciation amortisation and impairment losses net
Gain on sale of non-current assets etc net
Share of profit/loss in joint ventures and associated companies
Profit before financial items (EBIT)
Financial items net - - - - - - - -
Profit before tax
Tax
Profit for the period
AP Møller - Mærsk A/S’ share
Underlying profit/loss
Balance sheet
Total assets
Total equity
Invested capital
Net interest-bearing debt -
Cash flow statement
Cash flow from operating activities
Capital lease instalments – repayments of lease liabilities
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Cash flow from financing activities - - - - - - - -
Free cash flow
Net cash flow from discontinued operations - - - - - - - -
Financial ratios
Revenue growth % % % % % -% -% %
EBITDA margin % % % % % % % %
EBIT margin % % % % % % % %
Cash conversion % % % % % % % %
Return on invested capital after tax (ROIC) (last twelve months) % % % % % % % %
Equity ratio % % % % % % % %
Underlying ROIC % % % % % % % %
Underlying EBITDA
Underlying EBITDA margin % % % % % % % %
Underlying EBIT
Underlying EBIT margin % % % % % % % %
Stock market ratios
Earnings per share – continuing operations USD
Diluted earnings per share – continuing operations USD
Cash flow from operating activities per share USD
Share price (B share) end of period DKK
Share price (B share) end of period USD
Total market capitalisation end of period USD
1 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 transaction, 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.
26
Amounts in USD million
Quarterly summary Additional informationA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Definition of terms
Technical terms, abbreviations and definitions of key figures and financial ratios.
Backhaul
The direction of the trade route with
the lowest volumes, whereas the
opposite direction is referred to as
headhaul.
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 continuing operations divided
by the number of shares (of DKK 1,000
each), excluding A.P. Moller - Maersk’s
holding of own shares.
Cost per move
Includes cost (EBITDA less revenue
less other income), depreciation and
excludes IFRIC12 construction cost.
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.
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 equip-
ment, dividends received, repayments
of lease liabilities, financial payments
and financial expenses paid on lease
liabilities.
Gross profit
The sum of revenue, less variable costs
and loss on debtors.
Headhaul
The direction of the trade route with the
highest volumes, whereas the return
direction is referred to as backhaul.
Invested capital
Segment operating assets less segment
operating liabilities, including invest-
ments and deferred taxes related to
the operation.
kcbm
The freight volume of the shipment
for domestic and international freight.
Cubic metre (CBM) measurement is
calculated by multi plying the width,
height and length together of the
shipment.
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.
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.
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.
RoRo
Roll-on, Roll-off, which describes how
products are loaded and discharged
from a vessel.
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
own shares – multiplied by the end-
of-quarter price quoted by Nasdaq
Copenhagen.
Underlying profit/loss
Underlying profit/loss is profit/loss
for the period from continuing oper-
ations adjusted for net gains/losses
from sale of non-current assets etc.
and net impairment losses as well as
transaction, restructuring and inte-
gration costs related to major trans-
actions. The adjustments are net of
tax and include A.P. Moller - Maersk’s
share of mentioned items in joint
ventures and associated companies.
VSA
Vessel Sharing Agreement is usually
reached between various partners
within a shipping consortium who
agree to operate a liner service along
a specified route using a specified
number of vessels.
4PL
A 4PL is a fourth-party logistics pro-
vider managing resources, technology,
infrastructure, and managing external
3PLs to design, build and provide supply
chain solutions for businesses.
27 Definition of terms Additional informationA.P. Moller - Maersk Interim Report Q4 | 9 February 2022
Colophon
Editors
Stig Frederiksen
Finn Glismand
Henrik Jensen
Design and layout
e-Types
Produced in Denmark 2022
Board of Directors
Jim Hagemann Snabe, Chairman
Ane Mærsk Mc-Kinney Uggla, Vice Chairman
Bernard L. Bot
Marc Engel
Arne Karlsson
Thomas Lindegaard Madsen
Blythe S. J. Masters
Amparo Moraleda
Jacob Andersen Sterling
Robert Mærsk Uggla
Executive Board
Søren Skou, Chief Executive Officer (CEO)
Patrick Jany (CFO)
Vincent Clerc
Morten Engelstoft
Navneet Kapoor
Henriette Hallberg Thygesen
Audit Committee
Arne Karlsson, Chairman
Bernard L. Bot
Amparo Moraleda
Jim Hagemann Snabe
Remuneration Committee
Jim Hagemann Snabe, Chairman
Amparo Moraleda
Robert Mærsk Uggla
Nomination Committee
Ane Mærsk Mc-Kinney Uggla, Chairman
Jim Hagemann Snabe
Robert Mærsk Uggla
Transformation & Innovation Committee
Jim Hagemann Snabe, Chairman
Marc Engel
Blythe S. J. Masters
Amparo Moraleda
28 ColophonA.P. Moller - Maersk Interim Report Q4 | 9 February 2022