XCSE:MAERSK-B ESEF Report
A.P. MØLLER - MÆRSK A/S (XCSE:MAERSK-B)
ESEF Report
2022-11-17
For: 2022-09-30
View Original
Added on
September 23, 2026
Contacts for further information
Søren Skou,
CEO
Tel. +45 3363 1901
Patrick Jany,
CFO
Tel. +45 3363 3106
Investors
Sarah Spray,
Head of Investor Relations
Tel. +45 3363 3106
Media
Jesper Lov,
Head of Media Relations
Tel. +45 3363 1901
Webcast and dial-in information
A webcast relating to the Q3 2022
Interim Report will be held on
2 November 2022 at 11.00 (CET).
Dial-in information on
investor.maersk.com.
Presentation material for the web-
cast will be available on the same
page.
The Interim Report for Q3 2022 of
referred to as A.P. Moller - Maersk
as the consolidated group of com-
panies) has been prepared in accord-
ance with IAS 34 ‘Interim Financial
Reporting’ as issued by the Interna-
tional Accounting Standards Board
(IASB) and adopted by the EU and
additional Danish disclosure require-
ments for interim financial reporting
of listed companies.
The interim consolidated financial
statements have not been subject
to audit or review.
Comparative figures
Unless otherwise stated, all figures
in parentheses refer to the corre-
sponding figures for the same period
prior year.
Forward-looking statements
The interim report contains
forward- looking statements. Such
statements are subject to risks and
uncertainties as numerous factors,
many of which are beyond the control
of A.P. Moller - Maersk, may cause
the actual development and results
to differ materially from expectations
contained in the interim report.
Financial calendar
8 February 2023
Annual Report 2022
Management review
Highlights Q .........................................................................................................................
Summary financial information .................................................................................................
Review Q ................................................................................................................................
– Delivering strong financial results while markets start to normalise ................
– Winding down in Russia ...........................................................................................................
– Status on acquisitions ...............................................................................................................
– ESG update .....................................................................................................................................
– Delivering on the roadmap to ..................................................................................
Financial review Q .............................................................................................................
Financial review M ............................................................................................................
Guidance for ...........................................................................................................................
Market insights ...................................................................................................................................
Segments ..............................................................................................................................................
– Ocean ................................................................................................................................................
– Logistics & Services ....................................................................................................................
– Terminals .........................................................................................................................................
– Towage & Maritime Services..................................................................................................
Statement of the Board of Directors and the Executive Board ...................................
Financials
Condensed income statement ....................................................................................................
Condensed statement of comprehensive income .............................................................
Condensed balance sheet at September ........................................................................
Condensed cash flow statement ...............................................................................................
Condensed statement of changes in equity .........................................................................
Notes .......................................................................................................................................................
Additional information
Quarterly summary ..........................................................................................................................
Definition of terms ...........................................................................................................................
Improving life for all by integrating the world
At A.P. Moller - Maersk, we aspire to provide truly integrated logistics. Across oceans, ports, on land and in
the air, we are combining our supply chain infrastructure with the power of our people and technology to
drive end-to-end innovation that accelerates our customers’ success.
With a dedicated team of 100,000+ talents, operating in more than 130 countries, we explore new frontiers
and embrace new technologies because we see change as an opportunity. No matter the challenge, we stay
optimistic and resilient because our values are constant. By living our values, we inspire trust in our efforts
to integrate the world and improve life for all.
Contents
2
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Management review
A.P. Moller - Maersk continued to deliver record results in Q3 2022 as revenue increased by 37%,
and both EBITDA and EBIT increased around 60% compared to Q3 2021. Profit was USD 8.9bn
(USD 5.4bn) for Q3 and USD 24.2bn (USD 11.9bn) for the first nine months.
Profitability was driven by the substantially higher freight rates, however, as expected, freight
rates began to decline in the second part of the quarter, due to weakening customer demand,
coupled with markets beginning to normalise with fewer supply chain disruptions and pro-
gressive unwinding of congestion. The acquisition of LF Logistics was completed and the
intended acquisition of Martin Bencher Group was announced. While the divestment of
Maersk Container Industry was discontinued following regulatory challenges, the divestment
of Terminal’s participation in Global Ports Investments (GPI), Russia, was completed.
Highlights Q3 2022
Revenue for Q3 increased by USD 6.2bn to USD 22.8bn (USD 16.6bn), mainly due to an increase in Ocean of USD 4.9bn, while
revenue increased by USD 1.6bn in Logistics & Services and by USD 90m in Terminals. EBITDA increased by USD 4.0bn to USD
10.9bn (USD 6.9bn), and EBIT increased by USD 3.6bn to USD 9.5bn (USD 5.9bn) with an increase in:
Ocean by USD 3.4bn to USD 8.7bn (USD 5.3bn), mainly driven by significantly higher freight rates on contract and shipment
on routes from Asia to Europe and to North America, partly offset by a decrease in volumes and by higher costs related to
bunker, container handling and network.
Logistics & Services to USD 258m (USD 194m), mainly due to added revenue from acquisitions and higher volumes, in
particular from top 200 customers, however at lower margins especially in Managed by Maersk and in Fulfilled by
Maersk, which was impacted by some softness in the current market.
Terminals to USD 357m (USD 325m), mainly due to higher results from higher volumes and prices and by the disposal
of GPI, partially offset by impairments. EBIT excluding divestments and impairments was USD 325m.
Free cash flow increased to USD 7.8bn (USD 5.3bn), due to strong cash flows from operating activities of USD 9.4bn (USD 6.6bn),
partly offset by CAPEX of USD 906m (USD 610m) and higher capitalised lease instalments of USD 811m (USD 611m), driven by higher
investments across all segments. Total cash and bank balances including term deposits increased to USD 22.9bn (USD 11.9bn).
Total distribution of cash to shareholders through share buy-backs was USD 858m in Q3 2022.
On the ESG strategy, A.P. Moller - Maersk made further progress during Q3 on its decarbonisation journey to net zero, announc-
ing new investments, partnerships and logistics facilities that will enable A.P. Moller - Maersk to deliver low carbon solutions
for its customers.
Highlights Q3 USD million
Revenue EBITDA EBIT CAPEX
Ocean
Logistics & Services
Terminals
Towage & Maritime Services
Unallocated activities eliminations etc - - - - - -
AP Moller - Maersk consolidated
3
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Management review I Highlights Q3 2022
Q Q M 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
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 USD
Diluted earnings per share 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 is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc.
and net impairment losses as well as transaction, restructuring and integration costs related to major transactions. The adjustments include
A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies and, when applicable, the adjustments are net of tax.
Summary financial information
4
AMOUNTS IN USD MILLION
Management review I Summary financial information
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Review Q3 2022
Delivering strong financial results
while markets start to normalise
A.P. Moller - Maersk’s strong financial results continued in
Q3 2022, with higher earnings in the three main businesses
compared to the same quarter last year.
In particular, the earnings in Ocean increased significantly
through higher freight rates on both contract and shipments,
however, rates started to decline as expected during the lat-
ter part of Q3 due to weakening customer demand, as mar-
kets began to normalise with fewer supply chain disruptions
and a gradual relieve of congestion.
In Logistics & Services, the increase in earnings came from
both inorganic growth from recent acquisitions and organic
growth. The increase in Terminals was driven by higher
volume in Europe and Asia, CPI-related tariff increases, and
higher global storage income offset by cost increases.
The businesses experienced pressure on the cost base due
to inflation, which is expected to continue for a longer
period.
Winding down in Russia
As previously announced, A.P. Moller - Maersk is winding
down its operations in Russia, which will ultimately result
in a complete exit from the country. All services to and from
Russia have been discontinued since Q1, and in Q3, sale of
the minority stake of 30.75% of Global Ports Investments
(GPI) was completed. The process of divesting the remain-
ing assets is ongoing.
The original impact on EBIT in Q1 from the Russia/Ukraine
situation was less negative due to the reversal in Q2 of
USD 94m and in Q3 with the reversal of container impair-
ments and the disposal of GPI, net of translation reserves
totalling USD 92m, leaving a net EBIT impact of negative
USD 532m for 9M 2022.
Russia/Ukraine EBIT impact USD million
Q Q Q M
Ocean - -
Logistics & Services - - -
Terminals - - -
Towage & Maritime
Services - -
- -
Total - -
Status on acquisitions
The acquisition of LF Logistics was completed in
August 2022 and LF Logistics was included in the
financials for Logistics & Services for the first time
in September.
Status on other intended acquisitions
The creation of a joint venture with Grindrod Intermodal
Group in which A.P. Moller - Maersk would own 51% of the
group was announced in November 2021 and is expected to
close in Q1 2023. In August 2022, the intended acquisition of
Martin Bencher, a 25-year-old Danish-based project logistics
business with premium capabilities in designing end-to-end
project solutions for its customers, was announced. The
intended acquisition is expected to close in Q1 2023. Both
transactions are subject to regulatory approvals.
ESG update
In Q3, A.P. Moller - Maersk made further progress on its
decarbonisation journey to net zero, announcing new
investments, partnerships and logistics facilities that will
enable the company to deliver low carbon solutions for its
customers.
For a full overview of A.P. Moller - Maersk’s ESG strategy and
roadmap, please see WWW.MAERSK.COM/SUSTAINABILITY
Green transformation of shipping continues with
six additional large container vessels
In addition to the orders announced in 2021 and 2022 of
one feeder vessel and 12 large ocean-going container ves-
sels, on 5 October 2022, A.P. Moller - Maersk announced
an additional order of six large ocean-going vessels that
can sail on green methanol. The six vessels will be built by
Hyundai Heavy Industries (HHI) and have a nominal capacity
of approx. 17,000 containers (Twenty Foot Equivalent – TEU).
They will be delivered from 2025 and will replace existing
capacity in the fleet. With the order, A.P. Moller - Maersk
has now ordered a total of 19 vessels with dual-fuel engines
able to operate on green methanol.
A.P. Moller - Maersk engages in green bio-methanol
partnership with Debo
A.P. Moller - Maersk adds another methanol partnership
with Chinese bioenergy enterprise Debo on the quest to
boost global production capacity for the green methanol
needed to power the company’s vessels.
5
Management review I Review Q3 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
The parties have signed a Letter of Intent covering
Debo’s plans to develop a green bio-methanol project for
A.P. Moller - Maersk in China with a capacity of 200,000
tonnes per year, aiming to start commercial operation by
autumn 2024.
Market demand for Maersk ECO Delivery shipping
product continues to increase
Q3 saw continued growth in demand for Maersk ECO
Delivery, with volumes four times higher than in Q3 2021.
Maersk ECO Delivery customers pay a green premium for
a low- carbon shipping product, which provides certified
carbon emissions savings.
New warehouses in Latin America and Europe
support low-carbon offerings
As part of A.P. Moller - Maersk’s 2030 commitment to
provide industry-leading green customer offerings across
the supply chain, the company is expanding its warehouse
footprint with more facilities with green features as exem-
plified below.
In Q3, A.P. Moller - Maersk opened or announced the con-
struction of three new facilities combining multiple green
features such as on-site photovoltaic panels or special con-
struction elements. These facilities are located in Cajamar, in
the state of Sao Paolo, Brazil, in Duisburg, Germany, and in
Taulov, Denmark. All three warehouses aim to achieve high
grades from sustainability accreditation for new buildings.
A.P. Moller - Maersk joins the zero emission road
transport leadership initiative EV100+ as founding
partner
A.P. Moller - Maersk’s net zero target and efforts extend
to all transport modes and services in its global operation.
Earlier this year, the company announced an investment in
400+ new electric trucks in the USA. A.P. Moller - Maersk has
now joined the Climate Group initiative EV100+ for electri-
fication of road vehicles as a founding member together
with IKEA, JSW Steel, Unilever and DPD group. This initiative
aims to phase out the heaviest and most polluting vehicles
on today’s roads. Representing just 4% of all vehicles on the
road globally, medium and heavy-duty vehicles (MHDV’s)
account for 40% of all road transport emissions and a third
of total transport fuel use.
6
Management review I Review Q3 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Delivering on the roadmap to 2025
The roadmap to 2025 initiated in 2021 is providing specific targets for the transformation towards becoming
the integrator of container logistics.
The return on invested capital (ROIC) (LTM) was 66.6%, well above the target of above 7.5% every year under
normalised conditions, and above 12% for the period 2021-2025, driven by the increase in profit.
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 shareholders through share buy-backs and special dividends
in that order.
A.P. Moller - Maersk’s share buy-back programme, originally planned for USD 5.0bn over 2022-2023, has been
progressively extended to USD 12.0bn over 2022-2025 or USD 3.0bn annually. Of the share buy-back pro-
gramme over 2022-2023, USD 2.5bn has been completed of the USD 6.0bn commitment.
Ocean delivered an EBIT margin of 46.8% over the last twelve months, well above the target of 6%
under normalised conditions. Total fleet capacity is within the range of 4.1-4.3m TEU.
For Logistics & Services, organic growth of 33% over the last twelve months was above the target of
10%, and 66% of the organic growth related to top 200 customers was also above the target of 50%.
Finally, the EBIT margin was 6.0% versus the target of above 6%, making Logistics & Services the
strategic growth driver for the company. In addition to rapid organic growth, the expectation is to
continue to make acquisitions, mainly of new capabilities and growth platforms, to expand the
logistics business.
The return on invested capital (ROIC) (LTM) was 8.2% for Terminals in Q3 and lower than the expectation
of above 9% towards 2025. Excluding the impact from Russia, ROIC (LTM) was 12.8%.
Roadmap to 2025
Targets LTM
Consolidated
Return on invested capital (ROIC)
Every year - under normalised conditions > %
Average - > % %
– CAPEX and leases at depreciation level
– Stable invested capital over the period
Dividend policy of underlying net profit -%
Share buy-back over - USDbn (of which completed)
Ocean
EBIT margin – under normalised conditions > % %
Execute with the existing fleet size TEUm -
Logistics & Services
Organic revenue growth per year >% %
Of which from top customers % %
EBIT margin > % %
Terminals
Return on invested capital (ROIC) > % %
7
Management review I Review Q3 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Revenue increased by USD 6.2bn to USD 22.8bn (USD 16.6bn),
with increases in Ocean of USD 4.9bn, in Logistics & Services
of USD 1.6bn and in Terminals of USD 90m.
The increase in Ocean was driven by higher loaded freight
rates, partly offset by lower volumes. However, due to
weakening customer demand, coupled with markets begin-
ning to normalise, freight rates started to decline during the
quarter. The record-high revenue in Logistics & Services was
achieved through both organic and inorganic growth.
EBITDA increased to USD 10.9bn (USD 6.9bn), primarily com-
ing from Ocean with an EBITDA of USD 9.9bn (USD 6.3bn),
driven by an increase in revenue, partly offset by higher
costs related to bunker, container handling and network.
In Logistics & Services, EBITDA increased by USD 127m to
USD 394m (USD 267m) due to the higher revenue, and in
Terminals, EBITDA increased by USD 13m to USD 391m (USD
378m) because of higher volume and higher storage income
partly offset by increases in costs. In addition, USD 85m of
the increase was due to the transaction break fee from the
discontinued divestment of Maersk Container Industry.
EBIT increased to USD 9.5bn (USD 5.9bn).
Financial items, net, amounted to USD 303m (USD 185m),
as increased interest income was more than offset by for-
eign exchange rate adjustments and derivative losses on
hedging from share buy-back.
Tax increased to USD 263m (USD 213m), primarily due to
the improved financial performance.
The underlying profit was USD 8.8bn (USD 5.4bn).
Cash flow from operating activities was USD 9.4bn (USD
6.6bn), driven by EBITDA of USD 10.9bn, partly offset by an
increase in net working capital of USD 1.2bn, mainly driven
by higher receivables translating into a cash conversion of
87% (95%).
Gross capital expenditure (CAPEX) of USD 906m (USD
610m) was driven by higher investments across all seg-
ments.
Free cash flow of USD 7.8bn (USD 5.3bn) was positively
impacted by higher cash flow from operating activities,
slightly offset by increased lease, financial payments and
higher capital expenditures.
Financial review Q3 2022
Contractual capital commitments totalled USD 4.1bn (USD
3.3bn at year-end 2021), of which USD 2.0bn is for Ocean
vessels and equipment, including green methanol- enabled
vessels, and USD 1.4bn in Terminals mainly related to con-
cessions grantors.
Capital structure and credit rating
Net interest-bearing debt decreased to a net cash position
of USD 6.9bn (a net cash position of USD 1.5bn at year-end
2021), as free cash flow of USD 20.6bn for the first nine
months was partly used for share buy-backs of USD 2.1bn,
dividends of USD 6.9bn and acquisition of companies of
USD 4.6bn. Further, lease liabilities increased by USD 1.1bn,
and excluding lease liabilities, the Group had a net cash
position of USD 18.5bn (USD 12.1bn at year-end 2021).
A.P. Moller - Maersk remains investment grade-rated and
holds a Baa2 (positive outlook, updated from stable) from
Moody’s and a BBB+ (stable) rating from Standard & Poor’s.
The liquidity reserve increased to USD 27.2bn (USD 21.5bn
at year-end 2021) and was composed of liquid funds and
term deposits of USD 21.3bn, excluding restricted cash
(USD 15.5bn at year-end 2021) and undrawn revolving credit
facilities of USD 6.0bn (USD 6.0bn at year-end 2021).
Share buy-back
During Q3, A.P. Moller - Maersk bought back 78,710 A shares
and 314,864 B shares, worth DKK 6.7bn (approximately USD
908m), and no shares were bought for the long-term incen-
tive programme. At 30 September 2022, A.P. Moller - Maersk
owns a total of 134,521 A shares and 623,897 B shares as
treasury shares, corresponding to 4.05% of the share capital.
The Annual General Meeting has authorised the Board of
Directors to allow the Company to acquire own shares to the
extent that the nominal value of the Company’s total hold-
ing of own shares at no time exceeds 15% of the Company’s
share capital.
8
Management review I Financial review Q3 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Revenue increased by USD 20.4bn to USD 63.7bn (USD
43.3bn), with substantial increases in Ocean of USD 17.4bn,
in Logistics & Services of USD 3.7bn, and in Terminals of
USD 461m.
The increase in Ocean was driven by significantly higher
loaded freight rates, given the continuing congestion
throughout the year, which started to ease in the latter
part of Q3 combined with weakening customer demand
and lower volumes. The increase in Logistics & Services
was primarily due to sig nificant volume growth both
organically and inorganically. The increase in Terminals
was mainly driven by storage income in North America
and continued higher volume.
EBITDA increased significantly to USD 30.3bn (USD 16.0bn).
Ocean contributed with an EBITDA of USD 27.7bn (USD
14.1bn), driven by higher revenue due to higher freight
rates, partly offset by lower volumes and higher costs
from increased bunker prices, container handling and
network. In Logistics & Services, the increased EBITDA
of USD 1.1bn (USD 688m) was led by the higher revenue,
and in Terminals, EBITDA of USD 1.2bn (USD 1.1bn) was
positively impacted by higher storage income, volume
increase and increase in tariffs.
EBIT increased by USD 12.7bn to USD 25.7bn (USD 13.0bn),
positively impacted by the improved EBITDA with a neg-
ative impact from the Russia/Ukraine situation of USD
532m. The EBIT margin increased to 40.4% (30.1%). The
majority of the impact from the Russia/Ukraine situation
of USD 403m relates to Terminal’s sale of the holding in
Global Ports Investments as a result of the withdrawal of
business in Russia.
Financial review 9M 2022
Financial items, net, amounted to USD 800m (USD 601m),
negatively impacted by foreign exchange rate adjustments
and derivative losses.
Tax increased to USD 598m (USD 515m), primarily due to
improved financial performance.
The underlying profit after financial items and tax was
USD 24.8bn (USD 11.9bn).
Cash flow from operating activities was USD 26.3bn (USD
14.1bn), positively impacted by the increase in EBITDA of USD
30.3bn, offset by a negative change in net working capital of
USD 3.5bn, leading to a cash conversion of 87% (88%).
Gross capital expenditure (CAPEX) was USD 3.3bn (USD
1.4bn), driven by higher investments across all segments.
Free cash flow increased to USD 20.6bn (USD 10.9bn), pos-
itively impacted by higher cash flow from operating activi-
ties, partly offset by higher gross CAPEX and increased lease
payments and financial payments.
The ordinary dividend of DKK 2,500 per A.P. Møller - Mærsk A/S
share of nominally DKK 1,000 (USD 6.9bn) declared at the
Annual General Meeting on 15 March 2022 was paid on
18 March 2022.
Total equity increased to USD 60.2bn (USD 45.6bn on
31 December 2021), mainly driven by higher net profit of
USD 24.3bn, partially offset by dividends payments and
share repurchase resulting in an equity ratio of 67.6%
(63.1% at year-end 2021).
Highlights 9M USD million
Revenue EBITDA EBIT CAPEX
Ocean
Logistics & Services
Terminals
Towage & Maritime Services
Unallocated activities eliminations etc - - - - - - -
AP Moller - Maersk consolidated
9
Management review I Financial review 9M 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Guidance for 2022
A.P. Moller - Maersk confirms full year 2022 guidance for
underlying EBITDA of around USD 37.0bn, an underlying
EBIT of around USD 31.0bn and a free cash flow (FCF)
above USD 24.0bn.
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2022 depends on several factors and is subject to uncertainties related to the
situation in Russia and Ukraine, COVID-19, bunker fuel prices and freight rates, given the uncertain macroeconomic conditions.
All else being equal, the sensitivities for 2022 for four key assumptions are listed in the table below:
Factors Change Effect on EBIT
(midpoint of guidance)
Rest of 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
Given the unfolding economic slowdown, which is also
expected to continue into the coming year, A.P. Moller - Maersk
has lowered its outlook for the growth of 2022 global con-
tainer demand to between -2%/- 4% decline from previously
the lower end of the +/- 1% range.
CAPEX guidance for 2022-2023 remains unchanged at USD
9.0-10.0bn.
Guidance 2022 – development USD million
Guidance
August
Guidance
April
Initial guidance
February
Underlying EBITDA - around
Underlying EBIT - around
Free cash flow (FCF) - above
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.
10
Management review I Guidance for 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Market insights
Demand for logistics services moderated across global sup-
ply chains in Q3 2022. The war in Ukraine and the ongoing
energy crisis added to inflationary pressures and weighed
on consumer and business sentiment. Supply-side bottle-
necks continued to pose challenges, but there are signs of
easing as demand slows and COVID 19-related restrictions
in China diminish.
Short-term economic indicators remained negative in Q3.
In the Euro Area, inflation moved into double digits, contrib-
uting to a deterioration in European business and consumer
confidence. While inflationary pressures may be peaking
in the United States, the Federal Reserve has signalled its
intention to maintain a tighter monetary stance until price
inflation returns to target levels. Alongside, US households
have seen excess savings fall, further reducing consumer pur-
chasing power. Chinese economic activity improved during
Q3, although the country’s zero-COVID-19 policy and strug-
gling property sector continue to weigh on growth.
Global container volumes are estimated to have declined
3.0% year-on-year in Q3, while global air cargo volumes,
measured in CTKs, dropped by 9% in July/August (IATA).
Trade flows into the US remain firmly above 2019 levels but
are weakening with North American imports from Far East
estimated to have declined 7.5% in Q3 as pandemic-driven
momentum in retail and tech sectors unwinds. European
container trade also weakened substantially. High inflation
and declining business and consumer confidence all con-
tributed to an estimated 6.0% fall in imports from Far East
in Q3. Far East imports remained soft, negatively impacted
by uncertainty in the Chinese housing market. North/South
trades faced higher inflation and a weakening macroeco-
nomic environment, but container volumes grew an esti-
mated 1.5% during Q3.
Supply-side bottlenecks remain prevalent, but there are
signs of easing. SeaIntel data shows the share of the global
container fleet absorbed by delays decreased from a peak
in January 2022 of almost 14% to a still elevated 8% in
September. Air freight capacity grew year-on-year in the first
two months of Q3 (5.0%), but cargo load factors remained
below 50% on a seasonally adjusted basis (IATA). Asia
Pacific had the highest level of capacity utilisation at 55%
in August, while the North American reading came in low-
est at 39%. Warehousing, particularly in the US, continued
to experience high levels of demand during Q3. Vacancy
rates for industrial warehousing remained close to histori-
cal lows as data from the US Census Bureau showed inven-
tory to sales ratios across the economy rising in Q3, indicat-
ing an increased need for storage. Retail inventory ratios
expanded at the quickest pace, rising to 1.24 in August 2022
from 1.11 a year earlier on a seasonally adjusted basis.
Globally, the nominal container fleet stood at 25.7m TEU
at the end of Q3 2022, an increase of 3.9% compared to Q3
2021. The idle fleet increased but remained low at 1.0% of
the nominal fleet. Nevertheless, lost sailings remained ele-
vated and fleet deployment continues to be skewed towards
longer East-West trades relative to shorter intra-regional
trades, weighing on effective supply growth. Despite this,
headhaul demand likely contracted by more than effective
supply in Q3 compared to Q3 2021, and the supply-demand
balance deteriorated.
Freight and charter rates declined in Q3 2022 relative to Q2.
Freight rates out of China, as measured by the China Con-
tainerized Freight Index (CCFI), were 6.6% lower than in Q2
and 1.4% lower than Q3 2021. The industry orderbook fell
to 27.4% of the nominal fleet at the end of Q3 from 28.3%
at the end of Q2 as ordering activity slowed sharply.
Global container demand is expected to contract between
-2% and -4% in 2022, but uncertainty is high and outcomes
in the lower end of the range have become more likely. In
2023, the global container market is expected to be broadly
flat to negative, however given the current macroeconomic
backdrop risks are skewed to the downside. Demand for air
freight looks set to remain muted during the traditional Q4
peak season. From a landside transportation perspective,
cooling consumer demand and expectations of a slow peak
season indicate high inventory levels are unlikely to trans-
late into strong demand for overland services.
On the supply chain management side, Global Purchasing
Managers Index indicate supplier delivery times are short-
ening, backlogs are falling and finished goods inventories
increasing. This suggests normalising upstream conditions
for supply chains, but also that conditions further down-
stream, for example in warehousing, may be tightening as
final demand growth slows.
11
Management review I Market insights
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Segments
Ocean
Profitability for Q3 increased substantially compared to
the same quarter last year, driven by higher freight rates
on both contract and shipments. Nonetheless, the extra-
ordinary earnings have peaked as freight rates started to
decline during the quarter due to weakening customer
demand, coupled with markets beginning to normalise
with less supply chain disruptions and progressive release
of congestion. Subsequently, loaded volumes were adversely
impacted by both weakening demand, in particular on Asia-
Europe and Transpacific markets, and operational challenges
resulting in a decrease of 7.6% compared to the same quar-
ter last year.
The average loaded freight rates increased by 42% com-
pared to the same quarter last year, driven by both con-
tract and shipment rates on routes from Asia to Europe
and to North America and 1.3% compared to Q2 2022,
driven by contract rates. The unit cost at fixed bunker
increased by 16%, driven by time charter equivalent cost,
Ocean highlights USD million
Q
Q
M
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 fleet capacity (TEU in ’)
Fleet owned (end of period)
Fleet chartered (end of period)
transportation and storage cost of containers, net slot
charter cost and lower volumes. Utilisation at offered
capacity remained strong at 90.4%, and while schedule
reliability continued to be impacted by operational chal-
lenges in the ports, it improved considerably and remained
best in industry.
A.P. Moller - Maersk focuses on managing nor-
malisation and strengthening strategic partner-
ships with contractual customers through ade-
quate availability of equipment, adapting the networks
to the customer needs and improving the quality of
Ocean products.
Digitalisation of the product offering continues
with increased traction for Maersk Spot and
Maersk Twill. Maersk Spot has reached a 68%
(39%) conversion across all brands, and Maersk Twill
has delivered over 75k FFE (66k FFE) in Q3.
12
Management review I Segments I Ocean
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Financial and operational performance
Revenue increased to USD 18.0bn (USD 13.1bn), driven by an
increase in freight revenue of 38% with loaded freight rates
up by 42%, partly offset by a decrease in volumes of 7.6%.
EBITDA increased by USD 3.7bn to USD 9.9bn (USD 6.3bn) due
to higher revenue, partly offset by higher bunker cost from
increased bunker prices and higher operating cost, driven by
negative impact from the high inflationary environment in Q3
2022, which is expected to continue throughout Q4 2022.
The EBITDA margin increased by 7.4 percentage points to
55.1% (47.7%). Consequently, EBIT increased by USD 3.4bn to
USD 8.7bn (USD 5.3bn).
Loaded volumes decreased by 7.6% to 3,016k FFE (3,263k
FFE) due to weaker demand, in particular on Asia-Europe and
Transpacific markets and operational bottlenecks in North
America and Europe. Volumes on East-West decreased mainly
from the headhaul trades on Transpacific and Asia-Europe.
North-South decreased on headhaul trades on West Coast
South America, partly offset by higher backhaul volumes.
Intra-regional volumes decreased, driven by Intra-Europe
volumes. Loaded volumes decreased by 79k FFE or 2.6% com-
pared to Q2 2022.
The average loaded freight rate increased by 42% to 5,046
USD/FFE (3,561 USD/FFE) compared to last year, driven
by both contract and shipment rates. Loaded freight rates
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
increased by 63 USD/FFE or 1.3% compared to Q2 2022,
with contract rates surpassing shipment rates which started
to decrease during Q3 2022 due to weakening demand and
normalisation of market conditions.
Total operating costs were 21% higher at USD 8.2bn (USD
6.8bn), mainly driven by higher bunker cost with an increase
of 69%. Network costs excluding bunker costs increased by
4.5%, mainly due to slot charter costs. Container-handling
costs increased by 4.1%, primarily due to higher storage costs
and transportation costs of empty containers. Adjusting
for the positive impact of foreign exchange rates, operating
costs increased by 24%.
Bunker costs increased by 69% to USD 2.4bn (USD 1.4bn),
with an increase in average bunker prices of 78% to 895
USD/tonne (504 USD/tonne), partially offset by a 4.8%
decrease in bunker consumption. Bunker efficiency
decreased by 5.7% to 43.05 g/TEU*NM (40.75 g/TEU*NM).
Unit cost at fixed bunker increased by 16% to 2,474 USD/
FFE (2,136 USD/FFE), driven by higher time-charter equiva-
lent costs, terminal storage costs and transportation costs of
empty containers and higher net slot charter costs. Adjusting
for the positive impact of foreign exchange rates, unit cost at
fixed bunker increased by 19%.
The average operated capacity of 4,298k TEU increased by
2.1%. In the newbuilding programme, there were replace-
ments of twelve vessels and one feeder vessel capable of
running on green fuels at the end of Q3, with an addition
of six vessels announced on 5 October 2022. The fleet con-
sisted of 318 owned and 400 chartered vessels, of which
189k TEU or 4.4% of the fleet were idle (31 vessels), mainly
due to repairs.
Key initiatives in Q3
Ocean continues to partner with key customers, offering
contract customers additional flexibility and space to help
with volatility in their supply chains. More than 1.9m FFE
are currently signed on multi-year deals, and the share of
long-haul contract volumes remained flat at 71% (72%).
By the end of Q3, some markets show signs of normalisation.
For these markets a number of initiatives have been launched
to manage the performance dynamically. Deployed capacity
is actively being adjusted to meet avail able demand, which
helps improve service quality in terms of frequency, reduced
wait times and predictability.
A.P. Moller - Maersk continues to expand on the product
portfolio, offering customers premium products and value-
added-services designed to meet their demands and specific
requirements, such as eco-deliveries, free time extension
and premium quality containers.
Financial review 9M 2022
Revenue increased by 52% to USD 51.0bn (USD 33.6bn), driven
by an increase in loaded freight rates of 57%, partly off-
set by 7.2% lower volumes. The EBITDA margin increased by
Fleet overview, end Q3 2022
Q Q
TEU
Own container vessels
Chartered container vessels
Total fleet
Number of vessels
Own container vessels
Chartered container vessels
Total fleet
13
Management review I Segments I Ocean
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
12.5 percentage points to 54.4% at USD 27.7bn (USD 14.1bn),
and the EBIT margin increased by 13.2 percentage points to
47.7% at USD 24.3bn (USD 11.6bn).
Total operating costs increased by 20% to USD 23.3bn (USD
19.4bn), driven by increase in bunker costs of 64% due to
increase in average bunker prices of 69%, partly offset by
3.1% lower consumption. Container handling costs increased
by 6.0% and higher network costs excl. bunker by 8.0%.
Adjusting for the positive impact of foreign exchange
rates, operating costs increased by 22%.
Logistics & Services
Logistics & Services continues to build a strong integrated
value proposition and delivered profitable growth in Q3
2022. All Logistics & Services product families achieved
positive revenue growth year on year with favourable
organic growth compared to target as well as inorganic
growth from recent acquisitions. This performance is pri-
marily the result of increased demand for end-to-end
solutions as Logistics & Services continues to gain scale
and add new capabilities to better serve customers
throughout the entire supply chain.
The M&A roadmap continues to progress, and
Logistics & Services has successfully completed
the acquisition of LF Logistics in Q3.
The intended acquisition of Martin Bencher Group
will add further capabilities to the existing port-
folio of project logistics solutions.
Financial and operational performance
Revenue increased by 61% to USD 4.2bn (USD 2.6bn), driven
by higher volumes and increased rates, especially within
Transported by Maersk.
Organic/inorganic USD million
Q-A Organic Inorganic Q-A
Revenue
% %
EBITA
Organic revenue increased by USD 675m and contributed
with 26 percentage points of the 61% increase in revenue
to USD 4.2bn. 80% of the organic revenue growth came
from top 200 customers highlighting the rationale for the
Logistics & Services highlights USD million
Q
Q
M
M
M
Revenue
Direct costs (third-party costs)
Gross profit
Direct Operating Expenses
Selling General & Administration (SG&A)
Profit before depreciation amortisation and impairment
losses etc (EBITDA)
EBITDA margin % % % % %
Earnings before interest taxes and amortisation (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)
Air freight volumes (tonne)
1 2021 Air freight volumes have been restated to exclude pure terminal handling.
14
Management review I Segments I Ocean I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
integrator strategy. The increase in organic EBITA was
USD 35m. Inorganically, B2C Europe, Visible Supply Chain
Management, Pilot, Senator International and LF Logistics
contributed with a revenue of USD 906m and an EBITA of
USD 51m. LF Logistics was reported for the first time as
part of the Logistics & Services financials in September.
Managed by Maersk revenue increased by USD 258m
to USD 691m (USD 433m), driven by lead logistics
where volumes increased by 875kcbm to 29,604kcbm
(28,729kcbm) as a result of the effect of new business
wins, partially offset by lower organic growth from retail
and lifestyle customers as a result of US economic slow-
down and high inventories at destination. Further, Customs
Services volumes were up by 192k declarations to 1,446k
declarations (1,254k declarations).
Fulfilled by Maersk revenue increased by USD 405m to USD
1.0bn (USD 606m), primarily driven by contract logistics with
additional organic volume and expanded capacity by 718k
sqm (+24%) since Q3 2021 as well as additional 3.1m sqm
from LF Logistics. Revenue in Fulfilled by Maersk was also
positively impacted by e-commerce, driven by the acquisi-
tion of Visible Supply Chain Management and B2C Europe
in H2 2021 and Pilot in Q2 2022. The widely expected global
recession and change in consumer spending has, however,
impacted the performance of e-commerce.
Transported by Maersk revenue was up by USD 918m to
USD 2.5bn (USD 1.6bn), driven by improved rates and higher
volumes in air, and higher rates in intermodal, positively
impacted by the acquisition of Pilot. In air, revenue growth
was the result of the consolidation of Senator International
in Q2 2022 with volumes up by 62% to 73.4k tonne (45.4k
tonne), of which Senator added 43k tonnes.
Gross profit increased by USD 379m to USD 1.0bn (USD
641m), driven by an increase in volumes in lead logistics
and in the number of declarations handled in Customs
Services under Managed by Maersk, volume growth in con-
tract logistics under fulfilled by Maersk, as well as higher
rates in intermodal and increased volumes in air under
Transported by Maersk.
EBITDA increased by USD 127m to USD 394m (USD 267m)
due to the higher revenue, and the EBITDA margin was
9.4% (10.3%).
EBIT increased to USD 258m (USD 194m), and the EBIT mar-
gin was 6.2% (7.5%). The decrease in EBIT margin was driven
by the organic business where products such as lead logis-
tics and contract logistics reported downward pressure on
profitability. Lead logistics margin was impacted by volume
slowdown as a result of US economic downturn, while con-
tract logistics experienced a decrease in margins.
Key initiatives in Q3
In Fulfilled by Maersk, the global warehousing footprint
continued to expand, and 21 new warehouses (net) were
opened in Q3, adding 373k sqm, for a total capacity 3.8m
sqm across 247 warehouses, 24% higher capacity than in
Q3 2021. In addition, LF Logistics was consolidated for the
first time as part of the Logistics & Services financials in
September and further increased the warehousing foot-
print by 3.1m sqm. Combining Logistics & Services’ reach
and product portfolio with LF Logistics’ premium capabil-
ities within omnichannel fulfilment services is a key mile-
stone in the ambition to connect and simplify customers’
global supply chains.
Merger & Acquisitions
The Merger & Acquisition roadmap for Logistics
& Services focuses on facilitator type of acquisi-
tions to expand capabilities. Logistics & Services
announced a number of acquisitions in 2021 and
most recently communicated the intended acqui-
sition of Martin Bencher Group in Q3.
The acquisitions of Visible Supply Chain Manage-
ment, B2C Europe and HUUB provide end-to-end
e-commerce capabilities that will strengthen the
logistics offering within Fulfilled by Maersk. Pilot,
consolidated since 2 May, is complementing these
earlier acquisitions by providing integrated logis-
tics solutions in North America. The acquisition
of Senator International, closed in June, and the
acquisition of LF Logistics, closed in August, bring
capabilities, reach and platform within Trans-
ported by and Fulfilled by Maersk, respectively,
while the Grindrod Intermodal Group will com-
plement both offerings once closed.
Senator International
Grindrod
Visible SCM
B2C
Europe
Huub
Pilot
LF Logistics
Fulfilled
by Maersk
Managed
by Maersk
Transported
by Maersk
Martin Bencher
Group
15
Management review I Segments I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
In Transported by Maersk, the Less than Container Load
(LCL) value proposition continues to be strengthened and
more than 60 new lanes were added in Q3 2022, building
a total LCL network of over 340 own direct consolidation
lanes versus less than 170 in Q3 2021. In addition, digital LCL
solutions were enabled on Maersk.com from Q3 2022 with
over 150 own consolidation lanes available for instant price
and booking.
In Managed by Maersk, TradeLens continues to expand
its network and now consists of more than 455 network
members.
Financial review 9M 2022
Revenue of USD 10.6bn (USD 6.8bn) was driven by increas-
ing revenue in Managed by Maersk services to USD 1.8bn
(USD 1.1bn), Fulfilled by Maersk services to USD 2.7bn (USD
1.5bn) and Transported by Maersk services to USD 6.1bn
(USD 4.2bn). This increase was the result of intermodal
volumes being up 5% to 3,557k FFE (3,373k FFE), mainly
due to a higher penetration ratio into existing Ocean cus-
tomers and higher rates and increased volumes in air, up
36% to 158k tonne (116k tonne) as a result of the Senator
acquisition. Revenue also increased, driven by an increase
of lead logistics volumes of 22% to 85,696 kcbm (70,109
kcbm), driven by strong growth from the existing customer
base and strong commercial traction in landing new busi-
ness, as well as increased warehousing footprint.
EBITDA increased to USD 1.1bn (USD 688m), and EBIT
increased to USD 675m (USD 486m). When adjusting for the
impact of winding down operations and divesting all assets in
Russia of USD 56m in 9M 2022, EBIT amounts to USD 731m.
Organic/inorganic USD million
M-A Organic Inorganic M-A
Revenue
% %
EBITA
Inorganic revenue accounted for USD 1,592m (USD 309m) and
EBITA was USD 72m (USD 21m).
Terminals
Despite a weakening global market, Terminals’ revenue con-
tinued to grow based on higher volume and higher global
storage income. Volume increased by 1.5% (2.8% like-for-like,
adjusted for exits) versus the same period last year, driven
by strong growth in Europe and Asia. While rising inflation
and high energy prices put pressure on the cost base, results
remain healthy as terminal tariffs have been increased
accordingly. Investment levels increased significantly as
Terminals invests in growth, efficiency and auto mation.
Terminals highlights USD million
Q
Q
M
M
M
Revenue
Concession fees (excl capitalised lease expenses)
Labour costs (blue collar)
Other operational costs
Selling General & Administration (SG&A) and other costs etc
Total operating costs
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)
Operational and nancial metrics
Volumes – financially consolidated (moves m)
Ocean segment
External customers
Revenue per move – financially consolidated (USD)
Cost per move – financially consolidated (USD)
Result from joint ventures and associated companies (USDm) -
16
Management review I Segments I Logistics & Services I Terminals
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Terminals has won the auction for the acquisition
of an area in the Port of Suape, Brazil, with plans to
develop and operate a container and general cargo
terminal. This confirms a strong focus on Brazil as one of
the key Latin American markets, where the company has
already made significant investments in the past years.
Following the announcement of A.P. Moller - Maersk’s
commitment to discontinue activities in Russia ear-
lier this year, Terminals has now divested its entire
30.75% shareholding in Global Ports Investments (GPI) to
Terminals’ long-standing joint venture partner Delo Group
that already owned 30.75% of the shares. The transaction
includes an ability for Terminals to re-enter the partnership
with Delo in the future.
Financial and operational performance
Revenue increased by 8.8% to USD 1.1bn (USD 1.0bn), driven
by higher volume, CPI-related tariff increases and higher
storage income. Volume increased by 1.5% (2.8% like-for-
like) and utilisation increased to 81% (78%), mainly driven by
higher volume in Europe and Asia. Volume from the Ocean
segment increased by 2.8%, and volume from external cus-
tomers increased by 0.7%. CPI-related tariff increases, and
higher global congestion-related storage revenue resulted
in an increase in revenue per move of 7% to USD 335 (USD
314). Cost per move increased by 8% to USD 256 (USD 238),
mainly driven by inflationary labour costs, higher selling,
general and administration costs and higher energy prices.
At fixed foreign exchange rates, volume mix and portfolio
mix, revenue per move increased by 13%, and cost per move
increased by 12%.
EBITDA increased to USD 391m (USD 378m) driven by higher
volume and higher storage revenue resulting in an EBITDA
margin of 35%.
EBIT improved to USD 357m (USD 325m), mainly due to
higher results from joint ventures and associated compa-
nies driven by the sale of GPI, partially offset by impair-
ments. EBIT excluding the impacts of GPI and impairments
was USD 325m.
ROIC (LTM) declined to 8.2% (10.0%) driven by the Global
Port Investment exit and impairments offset by significantly
better operating performance. ROIC adjusted for the GPI
divestment was 12.8%.
CAPEX increased to USD 199m (USD 59m), mainly driven
by a terminal modernisation project in Los Angeles, USA.
In North America, revenue increased slightly driven by con-
tinued strong market conditions with volume growth of
1.0%. Storage income began to decrease toward the end of
the quarter but still remains strong with revenue per move
increasing by 5.0%. Cost per move increased by 6.2%, driven
by higher labour costs and operational costs and higher
energy prices.
In Europe, revenue increased due to higher storage income
and CPI-related tariff increases driving up revenue per move
by 3.7%. Additionally, volume increased by 6.7% driven by
strong demand in Barcelona, Spain, and Aarhus, Denmark.
Cost per move decreased by 3.2%, due to reduced selling
general and administration costs which was partially offset
by higher energy costs.
In Asia, volume increased by 4.4%, mainly driven by higher
volume in Pipavav, India, and Yokohama, Japan, resulting in
improved revenue despite a drop in revenue per move of 12%,
driven by terminal mix. Cost per move improved by 21% driven
by the impact from a cyclone in the same period last year.
In Latin America, volume decreased by 2.7%, largely due
to Itajai, Brazil, where services are gradually being phased
out as the concession is ending in 2023 and the divestment
of a terminal in Cartagena, Colombia. Overall revenue, how-
ever, increased driven by a 18% increase in revenue per move
due to high storage income and CPI-related tariff increases.
The increase in revenue was partly offset by increase in cost
per move by 9.0%, driven by inflation related cost increases
and higher variable concession fees.
In Africa and Middle East, volume decreased by 2.9%,
mainly driven by lower volume in Onne, Nigeria, but over-
all revenue increased due to a 15% increase in revenue
per move on the basis of higher storage income and CPI-
related tariff increases. Cost per move increased by 23%,
due to higher maintenance and repairs and higher variable
concession fees.
Results from joint ventures and associated companies
The share of profits in joint ventures and associated com-
panies was USD 206m (USD 77m), driven by gains from the
divestment of GPI.
Key initiatives in Q3
The new terminal in Abidjan, Ivory Coast, is entering the last
preparation phase, and the terminal is expected to be ready
for its first move by the end of the year.
The Rijeka, Croatia, new terminal project is in the phase of
applying for all applicable permits and in Onne, Nigeria, the
last phase of the upgrade is being finalised while in GTI,
Mumbai, India, work continues to upgrade the berth.
Regional volume Million moves
Q Q Growth (%)
North America
Latin America -
Europe Russia and the Baltics
Asia
Africa and Middle East -
Total
1 Financially consolidated.
17
Management review I Segments I Terminals
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Terminals and Aqaba Development Cooperation have
signed a Memorandum of Understanding for a 15-year
extension of their partnership in the Aqaba Container
Terminal (ACT).
Financial review 9M 2022
Revenue improved to USD 3.4bn (USD 2.9bn), driven
by higher storage income in North America and a 1.4%
increase in volume. Capacity utilisation improved to
79% (76%).
Revenue per move increased to USD 346 (USD 304),
driven by high congestion related storage income and
CPI-related tariff increases. Cost per move increased
to USD 260 (USD 236), driven by high labour inflation,
higher energy prices and higher variable concession fees.
EBITDA improved to USD 1.2bn (USD 1.1bn) and EBIT
decreased to USD 600m (USD 866m), mainly driven by
the divestment of the holding in Global Port Investment
in Russia, offset by impairments. EBIT adjusted for GPI
and the impairments was USD 1.1bn (USD 866m), driven
by higher congestion related income with tariff increases
offsetting higher labour cost and energy prices.
Towage & Maritime Services
Revenue was USD 591m (USD 486m) with an EBITDA
of USD 127m (USD 81m). EBIT of USD 100m (USD 35m)
increased by USD 65m, mainly driven by a reversal of
previously recognised impairment in Höegh Autoliner
shareholdings, and increased utilisation of the fleet and
higher day rates for Maersk Supply Services.
A.P. Moller - Maersk’s divestment of Maersk Container
Industry was discontinued following regulatory challenges.
Towage
Financial and operational performance
Revenue increased to USD 188m (USD 185m), and adjusted
for foreign exchange rate effects, the increase was 10% or
USD 19m. Harbour Towage revenue increased by USD 6m,
and activity increased by 8.6%. The Harbour Towage reve-
nue increase mainly comes from increased tariffs in Europe
and Americas, while the activity increase comes from addi-
tional tug jobs in Australia and Europe. Terminal towage rev-
enue decreased by USD 3m, mainly due to lower activity in
Australia, partly offset by increased activity in Asia, Middle
East & Africa, driven by four additional tugs in Egypt.
EBITDA decreased to USD 53m (USD 54m), due to higher bun-
ker costs, partly offset by increased revenue. EBIT increased
to USD 30m (USD 28m), driven by lower depreciation in
Americas and Europe, partly offset by decreased EBITDA.
Results from joint ventures and associated companies
The share of profit in joint ventures and associated com-
panies was unchanged from Q3 2021 at USD 5m (USD 5m).
Key initiatives in Q3
Svitzer ordered two newbuilds to meet increasing customer
demand in Brazil.
Maritime Services
Maersk Supply Service reported a 36% increase in revenue
to USD 113m (USD 83m), reflecting increased project activity
and increased utilisation of the time charter fleet and higher
day rates. EBITDA increased by USD 16m to USD 23m (USD
7m), mainly driven by the improved time charter and pro-
ject activity. EBIT increased by USD 23m to USD 19m (neg-
ative USD 4m).
Towage & Maritime Services highlights USD million
Q
Q
M
M
M
Revenue
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
Number of operational tug jobs (harbour towage) (’)
18
Management review I Segments I Terminals I Towage & Maritime Services
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
For Maersk Container Industry revenue increased by USD
9m to USD 143m (USD 134m), mainly driven by higher pric-
ing. EBITDA increased by USD 18m to USD 27m (USD 9m),
driven by reversal of transaction related costs related to the
unsuccessful sale of the company and increased revenue.
EBIT decreased by USD 7m to USD 2m (USD 9m), driven by
impairment losses and additional depreciations as a result
of the re-classification of Maersk Container Industry from
assets held for sale and partly offset by increased EBITDA.
Key initiatives in Q3
Building on the companies’ individual positions in the floating
wind industry, Maersk Supply Service and Stiesdal Offshore
have entered a strategic partnership to offer combined solu-
tions to the fast-growing sector within offshore wind.
Maersk Supply Service was awarded a Preferred Supplier
Agreement for installation of wind turbines at the Beacon
Wind Park in the USA, expected start in 2028. In addition to
the first awarded contract for the Empire Wind project, this
is the second contract for its newly ordered Wind Installa-
tion Vessel.
Financial review 9M 2022
Revenue, with an increase of USD 187m, was USD 1.7bn
(USD 1.5bn), EBITDA was USD 287m (USD 265m) and EBIT
was USD 185m (USD 140m).
Revenue in Towage was USD 578m (USD 550m). EBITDA
was USD 169m (USD 165m), mainly driven by increased
volumes and tariffs in Europe and Asia, Middle East &
Africa, partly offset by higher bunker costs and negative
currency exchange rate impact. EBIT was USD 80m (USD
93m), mainly due to the withdrawal from operations in
Russia in Q1 2022.
Maersk Supply Service reported a revenue of USD 291m
(USD 212m) and an EBITDA of USD 17m (USD 7m), mainly
driven by increased utilisation of time charter fleet and
higher day rates. EBIT was positive USD 14m (negative USD
25m), driven by improved EBITDA and gain of sold assets
in 2022.
Maersk Container Industry reported a revenue of USD 418m
(USD 512m). Third-party customers accounted for 40% of
the revenue. EBITDA was USD 40m (USD 55m) and EBIT was
USD 15m (USD 66m).
19
Management review I Segments I Towage & Maritime Services
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Executive Board
Board of Directors
Statement of the Board of Directors
and the Executive Board
20
Management review I Statement of the Board of Directors and the Executive Board
A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Financials
Condensed income statement
Note Q
Q
M
M
M
Revenue 22,767 16,612 63,709 43,281 61,787
Profit before depreciation amortisation and impairment
losses etc (EBITDA) 10,862 6,943 30,273 16,046 24,036
Depreciation amortisation and impairment losses net 1,649 1,206 4,574 3,318 4,944
Gain on sale of non-current assets etc net 4 27 68 46 96
Share of profit/loss in joint ventures and associated companies 260 95 -29 266 486
Profit before financial items (EBIT) 9,477 5,859 25,738 13,040 19,674
Financial items net -303 -185 -800 -601 -944
Profit before tax 9,174 5,674 24,938 12,439 18,730
Tax 263 213 598 515 697
Profit for the period 8,911 5,461 24,340 11,924 18,033
Of which:
Non-controlling interests 32 23 92 76 91
AP Møller - MærskA/S’ share 8,879 5,438 24,248 11,848 17,942
Earnings per share USD 488 287 1,318 620 941
Diluted earnings per share USD 487 287 1,313 619 938
Condensed statement of comprehensive income
Q
Q
M
M
M
Profit for the period 8,911 5,461 24,340 11,924 18,033
Translation from functional currency to presentation currency -440 -189 -904 -295 -364
Reclassified to income statement gain on sale of non-current
assets etc net 53 - 62 23 23
Cash flow hedges 22 -49 34 -118 -109
Tax on other comprehensive income -10 2 -19 -5 -7
Share of other comprehensive income of joint ventures and
associated companies net of tax 9 - 8 -9 -5
Total items that have been ormay be reclassified subsequently
to the income statement -366 -236 -819 -404 -462
Other equity investments 7 25 88 27 143
Actuarial gains/losses on defined benefit plans etc - - - -69 -23
Tax on other comprehensive income - - - 13 7
Total items that will not be reclassified to the income statement 7 25 88 -29 127
Other comprehensive income net of tax -359 -211 -731 -433 -335
Total comprehensive income for the period 8,552 5,250 23,609 11,491 17,698
Of which:
Non-controlling interests 16 23 63 73 87
AP Møller - MærskA/S’ share 8,536 5,227 23,546 11,418 17,611
Financials I Interim consolidated financial statements Q3 2022
21
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Condensed balance sheet at 30September
September
September
December
Intangible assets 10,683 5,709 5,769
Property plant and equipment 27,757 26,377 27,303
Right-of-use assets 11,088 9,681 9,906
Financial non-current assets etc 3,317 2,857 3,135
Deferred tax 372 265 356
Total non-current assets 53,217 44,889 46,469
Inventories 1,902 1,470 1,457
Receivables etc 25,333 7,275 12,111
Securities - 1 3
Cash and bank balances 8,334 11,306 11,832
Assets held for sale 272 453 399
Total current assets 35,841 20,505 25,802
Total assets 89,058 65,394 72,271
September
September
December
Equity attributable to AP Møller - MærskA/S 59,160 38,727 44,508
Non-controlling interests 1,071 1,044 1,080
Total equity 60,231 39,771 45,588
Lease liabilities non-current 8,550 7,945 8,153
Borrowings non-current 3,660 4,537 4,315
Other non-current liabilities 3,024 1,993 2,122
Total non-current liabilities 15,234 14,475 14,590
Lease liabilities current 3,122 2,147 2,398
Borrowings current 192 397 469
Other current liabilities 10,113 8,370 8,982
Liabilities associated with assets held for sale 166 234 244
Total current liabilities 13,593 11,148 12,093
Total liabilities 28,827 25,623 26,683
Total equity and liabilities 89,058 65,394 72,271
Financials I Interim consolidated financial statements Q3 2022
22
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Condensed cash flow statement
Note Q
Q
M
M
M
Profit before financial items 9,477 5,859 25,738 13,040 19,674
Non-cash items etc 1,354 1,208 4,582 3,166 4,540
Change in working capital -1,207 -366 -3,486 -1,711 -1,610
Cash flow from operating activities before tax 9,624 6,701 26,834 14,495 22,604
Taxes paid -180 -129 -558 -353 -582
Cash flow from operating activities 9,444 6,572 26,276 14,142 22,022
Purchase of intangible assets and property plant and
equipment (CAPEX) -906 -610 -3,268 -1,391 -2,976
Sale of intangible assets and property plant and equipment 109 21 256 145 205
Sale of other equity investments 6 1 26 5 8
Acquisition of subsidiaries and activities -3,218 -723 -4,754 -733 -815
Sale of subsidiaries and activities 1 7 21 -21 3
Dividends received 142 123 244 218 282
Financial investments etc net -4,865 -445 -9,311 -498 -5,049
Cash flow used for investing activities -8,731 -1,626 -16,786 -2,275 -8,342
Repayments of/proceeds from borrowings net -105 -288 -752 -1,753 -1,934
Repayments of lease liabilities -811 -611 -2,219 -1,693 -2,279
Financial payments net -56 -83 -267 -179 -258
Financial expenses paid on lease liabilities -135 -114 -377 -342 -459
Purchase of own shares -858 -759 -2,053 -1,540 -1,956
Dividends distributed - - -6,847 -1,017 -1,017
Dividends distributed to non-controlling interests -12 -23 -55 -64 -91
Other equity transactions 9 25 36 58 94
Cash flow from financing activities -1,968 -1,853 -12,534 -6,530 -7,900
Net cash flow for the period -1,255 3,093 -3,044 5,337 5,780
Cash and cash equivalents beginning of period 9,688 8,094 11,565 5,864 5,864
Currency translation effect on cash and bank balances -103 -41 -191 -55 -79
Cash and cash equivalents end of period 8,330 11,146 8,330 11,146 11,565
Of which classified as assets held for sale -18 -29 -18 -29 -28
Cash and cash equivalents end of period 8,312 11,117 8,312 11,117 11,537
Cash and cash equivalents
Cash and bank balances 8,334 11,306 8,334 11,306 11,832
Overdrafts 22 189 22 189 295
Cash and cash equivalents end of period 8,312 11,117 8,312 11,117 11,537
Cash and bank balances include USD 1.6 bn (USD 1.4 bn) relating to cash and bank balances in countries with exchange control or other restrictions.
These funds are not readily available for general use by the parent company or other subsidiaries.
Financials I Interim consolidated financial statements Q3 2022
23
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Condensed statement of changes in equity
AP Møller - Mærsk A/S
Note Share
capital
Trans-
lation
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Total Non-
con-
trolling
interests
Total
equity
Equity January 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Other comprehensive income
net of tax - -810 88 13 7 -702 -29 -731
Profit for the period - - - - 24,248 24,248 92 24,340
Total comprehensive income
for the period - -810 88 13 24,255 23,546 63 23,609
Dividends to shareholders - - - - -6,845 -6,845 -57 -6,902
Value of share-based payment - - - - 16 16 - 16
Sale of subsidiaries - - - - - - -30 -30
Purchase of own shares - - - - -2,090 -2,090 - -2,090
Sale of own shares - - - - 25 25 - 25
Capital increases and decreases -121 - - - 121 - 15 15
Transfer of gain/loss on disposal
of equity investments to retained
earnings - -14 - 14 - - -
Total transactions with
shareholders -121 - -14 - -8,759 -8,894 -72 -8,966
Equity September 3,392 -1,577 209 -147 57,283 59,160 1,071 60,231
Equity January 3,632 -432 -6 -42 26,698 29,850 1,004 30,854
Other comprehensive income
net of tax - -268 28 -125 -65 -430 -3 -433
Profit for the period - - - - 11,848 11,848 76 11,924
Total comprehensive income
for the period - -268 28 -125 11,783 11,418 73 11,491
Dividends to shareholders - - - - -1,017 -1,017 -75 -1,092
Value of share-based payment - - - - 12 12 - 12
Acquisition of non-controlling
interests - - - - -17 -17 16 -1
Sale of non-controlling interests - - - - 1 1 - 1
Purchase of own shares - - - - -1,540 -1,540 - -1,540
Sale of own shares - - - - 20 20 - 20
Capital increases and decreases -119 - - - 119 - 26 26
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -2 - 2 - - -
Total transactions with
shareholders -119 - -2 - -2,420 -2,541 -33 -2,574
Equity September 3,513 -700 20 -167 36,061 38,727 1,044 39,771
Financials I Interim consolidated financial statements Q3 2022
24
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q3 2022
External revenue -
Inter-segment revenue - - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) -
Profit before financial items (EBIT) -
Key metrics
Invested capital - -
Gross capital expenditures excl
acquisitions and divestments (CAPEX) -
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q3 2021
External revenue -
Inter-segment revenue - - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) - -
Profit before financial items (EBIT) - -
Key metrics
Invested capital - -
Gross capital expenditures excl
acquisitions and divestments (CAPEX) -
Financials I Interim consolidated financial statements Q3 2022
25
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
9 months 2022
External revenue -
Inter-segment revenue - - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) - -
Profit before financial items (EBIT) - -
Key metrics
Invested capital - -
Gross capital expenditures excl
acquisitions and divestments (CAPEX) -
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
9 months 2021
External revenue -
Inter-segment revenue - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) - -
Profit before financial items (EBIT) -
Key metrics
Invested capital - -
Gross capital expenditures excl
acquisitions and divestments (CAPEX) -
USD million Types of revenue Q
Q
M
M
M
Ocean Freight revenue
Other revenue including hubs
Logistics & Services Managed by Maersk
Fulfilled by Maersk
Transported by Maersk
Terminals Terminal services
Towage & Maritime Services Towage services
Sale of containers and spare parts
Offshore supply services
Other shipping activities
Other services
Unallocated activities and eliminations - - - - -
Total revenue
Receivables, etc. amount to USD 25.3bn (USD 7.3bn) and consist
primarily of term deposits with a maturity of more than three
months amounting to USD 14.6bn (USD 500m).
Note 2 Term deposits
Financials I Interim consolidated financial statements Q3 2022
26
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Note 3 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 -
September
January
Conversion - - - -
Cancellation - -
September
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no
voting rights.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on
15 March 2022, the shareholders decided on the cancellation of
treasury shares, whereby the share capital would be decreased.
On 25 May 2022, the Company’s share capital was reduced from
nominally DKK 19,376,016,000 by nominally DKK 688,855,000
in total, divided into 133,779 A shares and 535,076 B shares of
DKK 1,000 to nominally DKK 18,707,161,000.
The reduction in the share capital has been recorded by applying the
historical rate of exchange of 551.53 DKK/USD (551.53 DKK/USD).
Development in the holding of treasury shares
No of shares of DKK Nominal value DKK million % of share capital
Treasury shares
A shares
January % %
Additions % %
Cancellation % %
September % %
B shares
January % %
Additions % %
Cancellation % %
Disposals % %
September % %
The share buy-back programme is carried out with the purpose to
adjust the capital structure of the company. Shares which are not
used for hedging purposes for the long-term incentive programmes
will be proposed cancelled at the Annual General Meetings.
Disposals of treasury shares are related to the share option plans
and the restricted shares plan.
From 1 January 2022 to 30 September 2022, A.P. Moller - Maersk has
bought back 76,109 A shares, with a nominal value of DKK 76m, and
231,922 B shares, with a nominal value of DKK 232m, as treasury shares
from A.P. Møller Holding A/S, which is considered a related party.
The dividend of DKK 2,500 per share of DKK 1,000 – a total of DKK
46.8bn is equivalent to USD 6.9bn, excluding treasury shares. Of this,
USD 6.0bn was paid to shareholders on 18 March 2022, and the with-
holding tax of USD 882m was paid in Q2 2022. Payment of dividends
to share holders does not trigger taxes for A.P. Moller - Maersk.
Financials I Interim consolidated financial statements Q3 2022
27
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Acquisitions during Q3 2022
LF Logistics Holdings Limited (Logistics & Services)
On 22 December 2021, the Group signed an agreement to acquire
100% of the shares in LF Logistics Holdings Limited, a leading omni-
channel fulfilment contract logistics company in Asia Pacific. The
acquisition was completed end of August 2022. The acquisition will
further strengthen A.P. Moller - Maersk’s capabilities as an integrated
container logistics company, offering global end-to-end supply chain
solutions to its customers. The total purchase price is USD 3.2bn, in-
cluding a contingent consideration of USD 60m. Of the consideration
paid, USD 2.2bn is related to goodwill while USD 842m is related
to intangible assets, mainly customer relationships. USD 179m is
related to trade receivables and USD 362m is related to RoU assets.
Liabilities are mainly related to trade payables and lease liabilities.
Goodwill is mainly attributable to commercial and operational
future expected synergies, driven by cross-selling and improved
productivity.
From the acquisition date to 30 September 2022, LF Logistics con-
tributed with a revenue of USD 88m and an insignificant net profit.
Had the acquisition occurred on 1 January 2022, the impact on the
Group’s revenue would have been USD 653m. The net profit impact
to the Group would have been USD 55m, before amortisation of intan-
gibles recognised in the acquisition. Acquisition- related costs of USD
12m was recognised as operating costs in the income statement of
the Logistics & Services segment, and in operating cash flow in the
statement of cash flow in 2021.
The accounting for the business combination is considered provi-
sional as at 30 September 2022, as valuation of intangible assets is
not yet finalised.
Pilot Freight Services (Logistics & Services)
On 5 February 2022, the Group signed an agreement to acquire 100%
of the shares in Pilot Freight Services, a US-based first, middle and
last mile cross-border solutions provider. The acquisition was com-
pleted in early May 2022. Pilot has specialised in the big and bulky
freight segment in North America. Pilot Freight Services will add spe-
cific new services within the fast-growing big and bulky e-commerce
segment to the Group, thus increasing cross-selling opportunities.
The total purchase price is USD 1.6bn of which USD 597m is related
to the settlement of debt. Of the consideration paid, USD 1.1bn is
related to goodwill while USD 650m is related to intangible assets,
mainly customer relationships. USD 235m is related to trade receiv-
ables and USD 174m is related to RoU assets. Liabilities are mainly
related to trade payables, lease liabilities and debt settled as part of
the transaction. Goodwill is mainly attributable to commercial and
operational future expected synergies, driven from cross-selling,
network optimisations and improved productivity.
From the acquisition date to 30 September 2022, Pilot Freight
Services contributed with a revenue of USD 627m and an insignif-
icant net profit. Had the acquisition occurred on 1 January 2022,
the impact on the Group’s revenue would have been USD 1.1bn.
The net profit impact to the Group would have been insignificant.
Acquisition- related costs of USD 13m are recognised as operating
costs in the income statement of the Logistics & Services segment,
and in operating cash flow in the statement of cash flow.
The accounting for the business combination is considered provi-
sional as at 30 September 2022, as valuation of intangible assets
is not yet finalised.
Senator International (Logistics & Services)
On 2 November 2021, the Group signed an agreement to acquire 100%
of the shares in Senator International, a well renowned German air-
based freight carrier company. The acquisition was completed in early
June 2022. Senator International will contribute with offerings within
air freight out of Europe into the USA and Asia, and thereby add strong
capabilities and geographical reach to the integrator vision. The total
purchase price is USD 575m. Of the consideration paid, USD 222m
is related to goodwill while USD 256m is related to intangible assets,
mainly customer relationships. USD 220m is related to trade receiv-
ables and the rest is mainly related to other receivables. Liabilities
are mainly related to accrued expenses and deferred tax. Goodwill is
mainly attributable to commercial and operational future expected
synergies, driven from cross-selling, network optimisations and im-
proved productivity.
From the acquisition date to 30 September 2022, Senator Inter-
national contributed with a revenue of USD 517m and a net profit
of USD 33m. Had the acquisition occurred on 1 January 2022, the
impact on the Group’s revenue would have been USD 1.4bn and a net
profit of USD 99m, before amortisation of intangibles recognised in
the acquisition. Acquisition- related costs of USD 9m was recognised
as operating costs in the income statement of the Logistics & Services
segment, and in operating cash flow in the statement of cash flow
in 2021.
The accounting for the business combination is considered provisional
as at 30 September 2022, as valuation of intangible assets is not
yet finalised.
Other
Grindrod Intermodal Group (Logistics & Services)
On 15 November 2021, it was announced that the Group will partner
with Grindrod Intermodal Group. The Group will have a controlling
interest of 51%. The Grindrod Intermodal 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. The
acquisition is expected to close during Q1 2023.
ResQ (Towage & Maritime Services)
On 17 June 2022, it was announced that the Group signed an agree-
ment to acquire 100% of the shares in ResQ, a Norwegian supplier of
services and expertise in safety training and emergency prepared-
ness. The acquisition was completed in July 2022. The total purchase
price is USD 6m. Goodwill is mainly attributable to commercial and
operational future expected synergies. The accounting for the busi-
ness combination is considered provisional as at 30 September 2022,
as valuation of intangible assets is not yet finalised.
Martin Bencher Group (Logistics & Services)
On 5 August 2022, it was announced that the Group intends to acquire
100% of the shares in Martin Bencher Group, a Denmark-based project
logistics company, with premium competencies within non-container-
ised project logistics. The acquisition of Martin Bencher Group will add
to the existing project logistics services already available at Maersk,
with a specialised service offering the combination of solution design,
special cargo transportation, and project management services. It will
build on existing infrastructures and know-how across the existing
Project Logistics vertical in Sales & Marketing, Ocean, and L&S Special
Project Logistics (SPL).
The estimated enterprise value is USD 61m. The acquisition is subject
to regulatory approvals and the transaction is expected to close
during Q1 2023.
Note 4 Acquisitions of subsidiaries
Financials I Interim consolidated financial statements Q3 2022
28
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Note 4 Acquisitions of subsidiaries – continued
Acquisitions during the first nine months of
LF Logistics Pilot Senator
International
Other Total
Fair value at time of acquisition
Intangible assets
Property plant and equipment
Financial assets -
Deferred tax asset - - -
Current assets
Liabilities
Net assets acquired -
AP Møller - Mærsk A/S’ share
Goodwill
Purchase price
Contingent consideration assumed - - - - -
Contingent consideration paid - - -
Other adjustments - - -
Cash and bank balances assumed - - - - -
Cash flow used for acquisition of subsidiaries and activities
The total commitment across segments is USD 4.1bn (USD 3.5bn),
mainly related to investments for new methanol container vessels,
wind installation vessels, tugs, aircraft and commitments
towards terminal concession grantors.
Note 5 Commitments
Note 6 Accounting policies, judgements and significant estimates
The interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as issued by the
International Accounting Standards Board (IASB) and adopted by the
EU and additional Danish disclosure requirements for interim finan-
cial reporting of listed companies.
The accounting policies, judgements and significant estimates are
consistent with those applied in the Annual Report 2021.
Change to reportable segments
As part of the refinement of A.P. Moller - Maersk’s segment struc-
ture, changes to the segment structure were made with effect from
1 January 2022. The changes involve moving the Svitzer activity from
Terminals & Towage to Manufacturing & Others. In addition, the Man-
ufacturing & Others segment has been renamed Towage & Maritime
Services, while the Terminals & Towage segment has been renamed
Terminals. Comparison figures for note 1 have been restated as if the
change had been implemented in 2021. The reportable segments are
disclosed below.
The allocation of business activities into segments reflects
A.P. Moller - Maersk’s character as an integrated container logistics
business and is in line with the internal management reporting.
The reportable segments are as follows:
Ocean Global container shipping activities, including strategic transhipment hubs and sale of bunker oil
Logistics & Services Integrated transportation, fulfilment and management solutions, including landside and air transportation
as well as warehousing and supply chain management offerings
Terminals Gateway terminal activities
Towage & Maritime Services Towage and related marine activities, production of reefer containers, providing offshore supply service and
trading and other businesses
Financials I Interim consolidated financial statements Q3 2022
29
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
The details of the income statement impact are as follows:
Operating segment Impacted area Q Q Q M
Ocean Net impairments of containers net write-down
of receivables provisions - -
Logistics & Services Net impairments of warehouses net write-down
of receivables provisions - - -
Terminals Net impairments of investment in joint venture
including recycling of translation reverse loss - - -
Towage & Maritime Services Impairments of tugboats - - - -
Total income statement impact - -
Russia/Ukraine impact
Due to the Russian invasion of Ukraine on 24 February 2022,
A.P. Moller - Maersk decided to withdraw from doing business in
Russia during Q1 2022.
As a result, the recoverable amounts of assets in Russia and Ukraine
have been reassessed, impairment losses have been recognised, and
provisions have been made to cover costs relating to the withdrawal
from operations. This negatively impacted the Q1 2022 income state-
ment by USD 718m.
As a consequence of the ongoing process to minimise the financial
impact, the Q2 2022 income statement was positively impacted
by USD 94m, and the Q3 2022 income statement was positively
impacted by a further USD 92m.
The positive impact subsequent to the write-downs in Q1 is mainly
related to the reversal of impairment losses and provisions of USD
85m during Q2 2022 and USD 21m during Q3 2022 which were
mainly a result of successfully evacuating more containers than
previously anticipated, as well as the divestment of GPI of USD 82m
in Q3 2022.
The income statement for the first nine months was therefore neg-
atively impacted by USD 532m, of which USD 440m is impairment
losses, USD 39m is operating costs and USD 53m of the recycling of
translation reserve loss from the divestment of GPI.
The impact has been classified as non-cash items in the cash flow
statement.
On 5 October, it was announced that an order of an additional six
large ocean-going vessels that can sail on green methanol has been
placed. The six vessels will be built by Hyundai Heavy Industries (HHI)
and have a nominal capacity of approx. 17,000 containers (Twenty
Foot Equivalent – TEU).
They will replace existing capacity in the fleet. With the order,
A.P. Moller - Maersk has ordered a total of 19 vessels with dual- fuel
engines able to operate on green methanol. Delivery is expected
in 2025.
Note 6 Accounting policies, judgements and significant estimates – continued
Note 7 Subsequent events
Financials I Interim consolidated financial statements Q3 2022
30
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Income statement 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
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 USD
Diluted earnings per share 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 is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc.
and net impairment losses as well as transaction, restructuring and integration costs related to major transactions. The adjustments include
A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies and, when applicable, the adjustments are net of tax.
Additional information
Quarterly summary
Additional information I Quarterly summary
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AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
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 con tinuing 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, Deprecia-
tion 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 equipment,
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.
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.
Underlying
Underlying is computed as the relevant
performance measure adjusted for the
net gains/losses from the sale of non-
current assets, etc. and net impairment
losses as well as transaction, restructur-
ing 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.
VSA
Vessel Sharing Agreement is usually reached
between various partners within a shipping
consortium who agree to operate a liner ser-
vice along a specified route using a specified
number of vessels.
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
Additional information I Definition of terms
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A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022
Editors
Finn Glismand
Henrik Jensen
Sarah Spray
Design and layout
e-Types
Produced in Denmark 2022
Board of Directors
Robert Mærsk Uggla, Chair
Marc Engel, Vice Chair
Bernard L. Bot
Marika Fredriksson
Arne Karlsson
Thomas Lindegaard Madsen
Amparo Moraleda
Julija Voitekute
Executive Board
Søren Skou, Chief Executive Officer (CEO)
Patrick Jany (CFO)
Vincent Clerc
Navneet Kapoor
Henriette Hallberg Thygesen
Audit Committee
Arne Karlsson, Chair
Bernard L. Bot
Marika Fredriksson
Amparo Moraleda
Remuneration Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Nomination Committee
Robert Mærsk Uggla, Chair
Marc Engel
Transformation & Innovation Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Colophon
Colophon
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A.P. MOLLER - MAERSK INTERIM REPORT Q3 | 2 NOVEMBER 2022