A.P. MØLLER HOLDING A/S
ANNUAL REPORT
2024
apmoller.com
28 March 2025
CVR 25 67 92 88
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
0
THE A.P. MOLLER GROUP
The A.P. Moller Group is a diversified group of industry companies. While independently run with dedicated boards
and executive teams, we encourage and facilitate collaboration, networking, and sharing of best practices across our
portfolio companies. A.P. Moller Holding is the parent company of the Group, investing in and building businesses with
a positive impact on society – ‘nyttig virksomhed’.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024
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CONTENTS
A.P. Møller Holding A/S (hereafter referred to as A.P. Moller Holding) is the parent company
of the A.P. Moller Group (the Group). The Annual Report of A.P. Moller Holding includes
management review, consolidated financial statements, and parent company financial
statements. The term A.P. Moller Holding group (the group) is used in the Annual Report
for controlled and consolidated companies. In A.P. Moller Holding’s investment activities, in-
vestments owned by APMH Invest A/S are included.
The 2023 comparative figures are stated in brackets, except in ‘Letter from the CEO’.
A.P. Møller Holding A/S
Esplanaden 50 • DK-1263 Copenhagen K • Registration number: 25 67 92 88 • apmoller.com
MANAGEMENT REVIEW 2
Letter from the CEO ................................................................................................... 3
Five-year summary ..................................................................................................... 5
Financial performance ............................................................................................... 6
Building a portfolio of platforms for the future ................................................. 11
Risk management .................................................................................................... 16
Corporate social responsibility ............................................................................. 17
Sustainability highlights ......................................................................................... 18
Board of Directors ................................................................................................... 20
Executive Board ....................................................................................................... 21
FINANCIAL STATEMENTS 22
Consolidated financial statements ....................................................................... 23
Basis of preparation ................................................................................................ 29
Operating profit ....................................................................................................... 33
Invested capital ........................................................................................................ 40
Capital and financing .............................................................................................. 57
Other disclosures .................................................................................................... 74
Parent company financial statements ................................................................. 84
REPORTS 93
Management’s statement...................................................................................... 94
Independent auditor’s report ................................................................................ 95
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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ROBERT M. UGGLA
CEO
The A.P. Moller Group developed satisfactory in 2024, despite
economic headwinds in some of its bigger markets and an in-
creasingly complex geopolitical landscape. The Group ended
the year with a revenue of DKK 425bn (USD 62bn), EBITDA of
DKK 91bn (USD 13bn), a net result of DKK 49bn (USD 7bn),
and total assets of DKK 831bn (USD 116bn).
During the year, the parent company of the Group, A.P. Moller
Holding, pursued investments and add-on acquisitions across
its segments ‘public markets’, ‘principal holdings’, ‘growth eq-
uity’, and ‘scale-ups’. The principal, scale-up, and growth equity
investments remain centred around the investment themes
‘global trade’, ‘the energy transition’, ‘circularity, water & waste
recovery’, and ‘demographic & societal change’.
At the end of 2024, A.P. Moller Holding remained debt free, with
a full year cash inflow of DKK 17bn (USD 2bn). The net asset
value increased 7% to DKK 230bn (USD 32bn) with our liquid
public markets portfolio valued at DKK 44bn (USD 6bn) record-
ing a 16% return for the year.
What stands out in 2024 is the very strong performance of two
of our Group’s listed companies: Danske Bank delivered its best
financial results ever with a net profit of DKK 24bn (USD 3bn)
and A.P. Moller - Maersk delivered its third best result ever with
a net profit of DKK 43bn (USD 6bn).
ADDRESSING VULNERABILITIES OF GLOBAL SUPPLY
CHAINS
Trade experienced continued growth of around 7% despite un-
derlying economic weakness in several bigger markets. The Red
Sea became a focal point of disruption for ocean-based com-
merce, with attacks by Houthi forces resulting in unacceptable
safety risks for the crews and cargoes of our container and
tanker vessels in what is a critical transit area for one of the
world’s most important global trade routes.
The volatile security developments and lack of safe navigation in
the Red Sea and Black Sea underlined the vulnerabilities of
global supply chains, which followed a series of other unex-
pected disruptions of magnitude in recent years, including the
Covid pandemic outbreak in 2020 and drought in the Panama
Canal.
By engaging closely with clients, our shipping activities enjoyed
high customer satisfaction in 2024, despite the implications and
added cost of rerouting vessels around the Cape of Good Hope.
The strong operating performance is partly a function of the
close collaboration across A.P. Moller - Maersk’s different busi-
ness segments, not least its liner and terminal activities. In this
respect, it is worth highlighting that six of the ten best perform-
ing container ports globally are run by APM Terminals, based
on the World Bank’s study of more than 400 ports covering
182,000 vessel calls and 238 million moves.
The continuous disruptions facing global and regional supply
chains call for closer commercial partnerships and new operat-
ing models. In early 2024, A.P. Moller - Maersk announced the
Gemini Cooperation, which was launched on 1 February 2025.
Throughout the year, the team focused on preparing for the im-
plementation of this new modular liner shipping network de-
signed to move customers' cargo far more reliably with reduced
risk of disruptions. The network is enabled by extensive invest-
ments in efficient transhipment hub terminals operated by
LETTER FROM THE CEO
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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APM Terminals. Once the network is fully phased in, Maersk’s
liner network will reduce number of port calls per trade loop by
40% and shorten loops by around 15% in terms of sailed miles,
ultimately leading to markedly higher projected reliability for
customers, improved asset turnover, and lower emissions.
Also, Maersk Tankers has worked to improve its customer offer-
ings. In February 2024, Penfield Marine became part of Maersk
Tankers. The combined company manages around 240 tanker
vessels and leverages its complimentary capabilities to offer a
broader service offering across more tanker segments and with
a stronger presence in the US market.
BUILDING A MORE DIVERSIFIED AND RESILIENT
PORTFOLIO
In 2016, A.P. Moller Holding consisted of only two activities:
Danske Bank and A.P. Moller - Maersk. At the time, we carried
DKK 3bn (USD 0.5bn) of net debt. Also, our cash inflow was
highly concentrated: approximately 60% of A.P. Moller Hold-
ing’s cash generation from 2016 to 2018 came from Danske
Bank. In subsequent years, Danske Bank’s dividends and share
buy-back programmes came to a standstill due to its regulatory
AML-related challenges.
We have worked diligently to strengthen the resilience of A.P.
Moller Holding. Today, approximately 50% (down from 100% in
2016) of the net asset value of A.P. Moller Holding is repre-
sented by our shareholdings in Danske Bank and A.P. Moller -
Maersk. A.P. Moller Holding no longer carries any debt and we
have accumulated a sizeable liquid public markets portfolio, now
valued at DKK 44bn (USD 6.2bn).
Our investment strategy is to build scalable platforms, while we
strive to fulfil our Group’s long-standing purpose of ‘nyttig virk-
somhed’ (building and investing in businesses that have a posi-
tive impact on society). From 2019 onwards, we have developed
a portfolio of principal holdings through acquisitions of mid-size
to large companies, such as KK Wind Solutions, Faerch, and
Unilabs. These activities have also grown through several add-
on acquisitions.
In 2024, Unilabs acquired kempf and pfaltz, a premier dermato-
pathology institute based in Zurich. By merging with Unilabs,
kempf and pfaltz will gain access to one of Europe’s largest net-
works of pathologists, as well as Unilabs’ AI and digital pathol-
ogy capabilities. With the acquisition, Unilabs will strengthen its
capabilities in dermatopathology, a specialised, large, and grow-
ing market.
During the year, KK Wind Solutions also expanded its activities
and customer offerings by successfully integrating the recently
acquired converter activities of Vestas and the cooling solutions
of Nissens.
Furthermore, A.P. Moller Holding expanded its principal hold-
ings through the acquisition of Concentric in a public offer of
DKK 6bn (USD 0.8bn). Concentric is a global industrial supplier
of pump, fan, and thermal management solutions for the com-
mercial vehicle market. The company is well positioned to sup-
port its customers through the energy transition, providing solu-
tions for incumbent internal combustion engine technologies as
well as electric drive lines. In addition, Concentric’s solutions are
also positioned for expansion into new product markets, includ-
ing energy storage and data centres.
A.P. Moller Holding also noted several other developments in
its portfolio, including the demerger and separate listing of
Svitzer, the merger of Maersk Supply Service and DOF (A.P.
Moller Holding becoming the biggest shareholder of DOF), the
successful closing of A.P. Moller Capital’s fundraise for its sec-
ond infrastructure fund targeting emerging markets, and the
continued development of our Group’s scale-ups, including the
establishment of Maersk Offshore Wind and Vioneo.
Finally, A.P. Moller Holding’s growth equity team, targeting mi-
nority holdings in late stage ventures across select macro
themes, recorded investments in Circtec, GetYourGuide, Revo-
lut, Tenderd, and Zopa during 2024.
ACKNOWLEDGING OUR COLLEAGUES ACROSS THE
GROUP
Several military conflicts and attacks by paramilitary groups put
many of our Group’s colleagues at risk during the year. The
safety of our people is always at the forefront of our minds.
These conflicts also impact the communities of our customers,
suppliers, and employees. To provide support, A.P. Moller -
Maersk’s special logistics team has been a significant contribu-
tor to the United Nations’ emergency logistics programme. Our
team also provided critical logistics services to the World Food
Programme, UNICEF, and many countries’ relief efforts for
some of the worst impacted war zones globally.
As our Group looks ahead, we are acknowledging the rapid rise
of economic nationalism and protectionism. During 2024, the
US and EU imposed import duties on certain Chinese goods to
safeguard domestic industries. In 2025, we are seeing the be-
ginning of multiple escalating trade conflicts, which may hold
profound implications for the global economy, trade, and some
of our holdings.
In closing, let me express my sincere gratitude to our many col-
leagues and Directors across the Group for their relentless ef-
forts to provide customers with reliable and impactful products
and services. I also applaud their dedication to invest in and de-
velop businesses that aspire to contribute to solutions for some
of our generation’s greatest challenges, including economic de-
velopment, demographic change, energy security, and climate
change.
We have worked diligently to
strengthen the resilience of
A.P. Moller Holding.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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FIVE-YEAR SUMMARY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
HIGHLIGHTS
The A.P. Moller Group delivered a strong result in 2024, de-
spite the economic headwinds in some of our larger seg-
ments, the continued conflicts in Ukraine and Gaza, an in-
creasingly complex geopolitical landscape, and operational
challenges driven by disruptions such as attacks on vessels
around the Red Sea
A.P. Moller - Maersk delivered its third best result ever, sig-
nificantly above initial expectations, positively impacted by
higher demand and increased freight rates
Danske Bank delivered its best result ever and reported a
net profit of DKK 24bn
The demerger and separate listing of Svitzer from A.P.
Moller - Maersk was completed in April 2024
The merger of Maersk Supply Service and DOF was suc-
cessfully completed in Q4, leading to A.P. Moller Holding
taking a significant holding in the combined company
We concluded the acquisition of Concentric and delisted the
company from the Swedish stock exchange
We launched Vioneo, a new venture dedicated to defossilis-
ing plastics production
Our growth equity portfolio counted nine investments at the
end of 2024
Amounts in DKKm
2024
2023
2022
2021
2020
INCOME STATEMENT
Revenue
424,785
388,950
611,207
408,025
276,958
Result before depreciation, amortisation and impairment losses, etc. (EBITDA)
90,612
71,762
265,551
154,266
57,378
Share of profit in associated companies
6,740
7,119
1,171
4,695
2,016
Result before financial items (EBIT)
47,517
33,771
216,859
128,547
19,115
Financial items, net
6,586
5,065
- 6,682
- 4,660
- 6,674
Result for the year
48,935
35,425
203,808
118,975
9,987
A.P. Møller Holding A/S' share of the result
22,415
18,713
82,579
51,527
4,737
Average number of employees
131,970
128,733
125,399
93,076
88,191
BALANCE SHEET
Total assets as of 31 December
831,410
740,213
790,315
579,049
421,819
Total equity as of 31 December
561,706
503,890
541,394
374,790
249,202
CASH FLOW STATEMENT
Cash flow from operating activities
92,217
80,640
249,113
141,824
55,885
Purchase of property, plant and equipment
- 34,137
-27,517
- 27,706
- 23,260
- 9,957
FINANCIAL RATIOS
Proposed dividend to the A.P. Moller Foundation
1,000
1,000
2,500
2,000
600
Return on equity
9.2%
6.8%
44.5%
38.1%
3.9%
Equity ratio
67.6%
68.1%
68.5%
64.7%
59.1%
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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A.P. Moller Holding is the parent company of the A.P. Moller
Group, investing in ‘nyttig virksomhed’ – building and develop-
ing businesses that have a positive impact on society. Our focus
is to build and buy platforms within our four thematic invest-
ment areas: Global trade; Energy transition; Circularity, water &
waste recovery; and Demographic & societal change.
Activity levels have been high during 2024, most notably with
the demerger and separate listing of Svitzer. Svitzer had its first
day of trading on the Danish stock exchange on 30 April 2024.
A.P. Moller Holding owns 47% of Svitzer and maintains de facto
control of the company.
Furthermore, A.P. Moller Holding concluded the acquisition of
Concentric in Q4 and delisted the company from the Swedish
stock exchange. We find Concentric’s position and its energy
transition story very compelling and look forward to supporting
the continued development of the company.
The merger between Maersk Supply Service and DOF was also
successfully completed in Q4, leading to us becoming the
largest shareholder of the combined business, and to the crea-
tion of Maersk Offshore Wind as a separate company.
A.P. Moller Holding delivered a consolidated revenue of DKK
425bn and a net result of DKK 49bn, ending the year with a total
equity of DKK 562bn. Operating profit and earnings increased
compared to 2023, reflecting underlying constructive conditions
for our shipping activities and related services. Our industrial
businesses continued to experience organic growth and have
successfully integrated companies acquired in 2023.
A.P. Moller Holding recorded a cash inflow from our portfolio
companies of DKK 17bn, leading to growth in our financial port-
folio, which reached DKK 44bn at year end.
Total assets and equity increased due to a stronger DKK/USD
exchange rate (6% increase compared to 2023) and positive re-
sults, mainly driven by A.P. Moller - Maersk and Danske Bank as
well as solid returns on our financial portfolio.
FINANCIAL PERFORMANCE
A.P. Moller Holding delivered a consolidated result of DKK 49bn
and a return on equity of 9%. We benefited from a cash inflow of
DKK 17bn and experienced an increase in net asset value of
DKK 16bn to DKK 230bn as a result of strong performance in
the financial markets.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
REVENUE (DKKm)
TOTAL ASSETS (DKKm)
TOTAL EQUITY (DKKm)
276,958
408,025
611,208
388,950
424,785
2020 2021 2022 2023 2024
421,819
579,049
790,315
740,213
831,410
2020 2021 2022 2023 2024
249,202
374,790
541,394
503,890
561,706
2020 2021 2022 2023 2024
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
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Net asset value increased by 7%, mainly driven by the increase
in Danske Bank’s share price and positive shareholder distribu-
tions and a return of 16% from our financial portfolio which ben-
efitted from the positive development in the global financial
markets.
Our valuation of the privately owned portfolio companies re-
mained fairly unchanged throughout the year, however with
changes on portfolio company level.
OPERATING ACTIVITIES
Revenue for 2024 increased by 9% to DKK 425bn (DKK 389bn).
Our shipping businesses have seen a positive development in
revenue, while the growth within Energy transition and Circular-
ity, water & waste recovery was more subdued.
OPERATING COSTS
Operating costs increased by 5% during 2024, mainly due to
higher activity in shipping. Operating costs continued to be neg-
atively impacted by elevated inflation levels, especially within
Demographic & societal change, as well as by various costs due
to several strategic acquisitions and transformation projects
across the organisation.
EBITDA
Our operating profit increased from DKK 72bn in 2023 to DKK
91bn, positively impacted by higher earnings in A.P. Moller -
Maersk and our other shipping activities, and partly offset by
lower profitability mainly in our industrial businesses.
EBIT
EBIT amounted to DKK 48bn compared to DKK 34bn in 2023,
positively impacted by the positive developments across the
group, including improved profitability of our associated com-
panies, Danske Bank and Noble.
FINANCIAL ITEMS
Net financial income amounted to DKK 7bn compared to DKK
5bn last year, mainly reflecting net fair value gains from the fi-
nancial portfolio, as volatility in exchange rates is still negatively
impacting the financial items.
TAX
Corporate income taxes comprise taxes calculated in accord-
ance with various countries’ tax regimes. Land-based activities,
which are subject to normal corporate income tax, include termi-
nals, logistics, services and shipping agencies, sale of industrial
products, diagnostics services, and financial profit from other
equity investments. The taxation of shipping income is based on
tonnage tax regimes and applies to a significant part of the
group’s activities. Given tonnage taxation is not impacted by fi-
nancial profits and is payable even in loss making years, the ef-
fective tax rate metric can fluctuate significantly over the years.
Tax for the year amounted to DKK 5bn compared to DKK 3bn in
2023.
From 1 January 2024, A.P. Moller Holding group has been sub-
ject to the minimum tax for all jurisdictions through the imple-
mentation of Global Minimum Taxation (OECD Pillar Two).
RESULT FOR THE YEAR
Result for the year increased from DKK 35bn in 2023 to DKK
49bn, mainly reflecting solid business considerations across the
shipping and offshore businesses and a record high result in
Danske Bank.
Result attributable to the owner of A.P. Møller Holding A/S was
DKK 22bn compared to DKK 19bn in 2023. The share of result
was positively impacted by the group’s share of the result in as-
sociated companies, mainly Danske Bank.
The DKK/USD average exchange rate was more or less un-
changed compared to 2023.
The result for the year is better than our initial expectations set
in the Annual Report 2023, primarily due to improved conditions
for shipping.
FINANCIAL RESULT FOR THE PARENT COMPANY
A.P. Moller Holding’s administrative costs have increased as we
continue to add resources and capabilities within the
organisation. At the end of 2024, the organisation counted 61
employees, up from 55 the year before.
Result for the year was DKK 23bn (DKK 15bn), benefitting from
higher profit from investments in subsidiaries.
Total assets as of 31 December 2024 amounted to DKK 302bn
(DKK 272bn), of which DKK 300bn (DKK 271bn) were allocated
to investments in subsidiaries.
Equity at year end totalled DKK 301bn (DKK 272bn), of which
DKK 172bn (DKK 170bn) was distributed to retained earnings.
FINANCIAL DEVELOPMENT IN PORTFOLIO COMPANIES
2024 was impacted by supply chain disruptions due to the situa-
tion in the Red Sea. Higher demand and increased freight rates
led to financial results significantly above initial expectations.
A.P. Moller - Maersk delivered a revenue of DKK 382bn, corre-
sponding to an increase of 9%. Continued higher activities in
the terminal segment also contributed to higher growth.
A.P. Moller - Maersk approved a dividend of DKK 1,120 (DKK
515) per share in line with its dividend policy, corresponding to a
dividend yield of 9%. A share buy-back programme of up to
DKK 14bn has been initiated to be executed over a period of 12
months. The purpose of the programme is to adjust the capital
structure through the cancellation of shares repurchased.
Danske Bank reported a net profit of DKK 24bn, up 11% from
2023. 2024 marked the first year of execution of its new strategy
‘Forward ’28’. The improved financial results reflected higher in-
come levels, improved cost/income ratio, and a higher return on
equity. Net loan impairment reversals of DKK 0.5bn supported
the financial result for 2024.
Danske Bank continues to have a strong capital and liquidity po-
sition with buffers above regulatory requirements. At the end of
2024, Danske Bank reported a CET1 ratio at 18%, well above
the bank’s internal target of 16% and the regulatory require-
ment.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
8
The dividend payment for 2024 amounted to DKK 21.50 per
share. Total dividend together with the share buy-back pro-
gramme are equivalent to a dividend payout of 100% of net
profit for 2024 and capital release from sale of its personal cus-
tomer business in Norway. The dividend policy for 2025 will re-
main unchanged, targeting a dividend payout of 40-60% of net
profit. Danske Bank has decided to initiate a new share buy-
back programme of DKK 5bn.
Svitzer continued to grow, driven by solid commercial perfor-
mance, tariff increases offsetting inflation, and earlier than an-
ticipated commencement of a terminal towage contract. Reve-
nue increased to DKK 6bn corresponding to a growth of 9%
compared to 2023. The increase in revenue was partly offset by
higher operating costs, including separation and listing costs.
Return on equity excluding these costs increased to 9% (8%).
Svitzer has proposed a dividend payment for 2024 of DKK 8.00
per share.
Revenue in Unilabs grew 4% compared to 2023, partly due to
inorganic growth. However, the overall performance is still chal-
lenged by price pressure for medical diagnostic services in sev-
eral countries, resulting in declining profitability. An impairment
of goodwill of DKK 9bn has been recognised in 2024. The busi-
ness transformation to support organic growth and improved
profitability in the coming years is ongoing.
In Faerch, the overall sales performance improved slightly com-
pared with 2023, leading to positive volume growth. The high in-
terest rates and elevated consumer prices have continued to im-
pact market sentiment and growth perspectives in Europe.
Profitability has been negatively impacted by higher raw mate-
rial prices and salary inflation. The US market development con-
firmed the high expectations for continued expansion with
higher growth rates and solid margins. In April 2024, Faerch cel-
ebrated a landmark moment with the grand opening of the new
tray recycling line in Duiven, bringing input capacity to 60,000
tonnes of household waste. The dedication to transforming the
rigid food packaging industry will continue industrialising recy-
cling technology and ensuring reuse of PET trays rather than
them ending up in landfills or incineration.
In September 2024, Noble announced the closing of the acquisi-
tion of Diamond Offshore Drilling. Integration is progressing as
planned and targeted synergies of approximately DKK 0.7bn
are being realised.
2024 marked another year of strong progress and continued
growth for KK Wind Solutions. Despite geopolitical turbulence
and economic complexity, KK Wind Solutions achieved several
milestones. The company integrated Nissens Cooling Solutions,
and together with acquisitions from previous years, the com-
bined business delivered a revenue of DKK 8bn, an increase of
15%, and employed more than 3,500 employees at year end.
Strong commercial performance across diverse product and
service offerings has been a key driver of the success. Through
converters and controllers in wind turbines, KK Wind Solutions
is enabling its customers to transition to green energy and elec-
trifying the world with renewable energy. They are also leverag-
ing their substantial footprint in the wind industry to expand
into broader renewable businesses and new frontiers like
Power-to-X.
Concentric is one of the world's leading players in flow control
and fluid power technology for the commercial vehicle market.
As the acquisition of Concentric was concluded in October 2024,
the impact on the result for the year is insignificant.
Following the combination of Maersk Supply Service and DOF,
Maersk Offshore Wind has been created as a separate busi-
ness. Their Wind Installation Vessel concept is 30% more effi-
cient than conventional jack-up vessels. With new technology
designed for year-round installation, it uses purpose-built tugs
and barges improving port accessibility. The first wind installa-
tion vessel will be delivered in 2026 and will go directly on con-
tract.
Maersk Product Tankers delivered a revenue of DKK 4.0bn
(DKK 4.4bn) and a net profit of DKK 1.6bn (DKK 1.8bn), posi-
tively impacted by the TCE earnings, where rates for all seg-
ments continued at above historical averages. During Q4 2024,
the TCE earning declined and spot rates for all segments were
under pressure. The market conditions were affected by the
sanctions related to the war in Ukraine, the situation in the Red
Sea, and wider arbitrage on the back of changes in demand and
trade flows.
On 8 January 2024, Maersk Tankers acquired Penfield Marine to
create a large-scale crude and product tanker company offering
pool partners and cargo customers a wider range of services.
The combined company manages around 240 vessels. Maersk
Tankers reported a revenue of DKK 2.6bn (DKK 3.1bn) and a net
profit of DKK 0.3bn, in line with previous years. The company
benefitted from the positive market conditions with high freight
rates in the first nine months of the year.
As announced last year, Maersk Tankers has ordered ten Very
Large Ammonia Carriers (VLACs), adding VLAC as a new seg-
ment. The first vessel will be delivered in 2026.
In our growth equity portfolio, we completed five (three) new in-
vestments during the year, adding up to a total of nine invest-
ments end of 2024. We continue to see strategic logic from in-
vesting in late-stage growth companies and expect an attractive
risk adjusted financial return.
EQUITY
As of 31 December 2024, total equity amounted to DKK 562bn
(DKK 504bn), reflecting an increase of 10%. The increase was
mainly the result of the increase in the DKK/USD exchange rate
of 6% compared to end of 2023 and the improved result for the
year, partly set off against paid dividends to our shareholders
and non-controlling interests. The return on equity amounted to
9% (7%) and the equity ratio to 68% (68%). A.P. Moller Hold-
ing’s share of the equity increased to DKK 310bn (DKK 281bn),
impacted by the result for the year and the increase in the
DKK/USD exchange rate.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
9
DIVIDEND
Based on the financial result for 2024, the Board of Directors
proposes a dividend of DKK 1.0bn to A.P. Møller og Hustru
Chastine Mc-Kinney Møllers Fond til almene Formaal (A.P.
Moller Foundation). In 2024, a dividend of DKK 1.0bn was paid.
INVESTMENT ACTIVITY
We were pleased to welcome Svitzer as a stand-alone company
to the A.P. Moller Group. Following the demerger from A.P.
Moller – Maersk in April 2024, A.P. Moller Holding is a signifi-
cant shareholder of the company owning 47% and assuming de
facto control.
In August 2024, A.P. Moller Holding announced a recom-
mended public cash offer to the shareholders of Concentric AB.
The offer was closed in November where 98% of the shares
were acquired and the company was delisted from the Swedish
stock exchange. A compulsory buy-out process has been initi-
ated and is expected to be finalised during 2025.
The combination of Maersk Supply Service and DOF was com-
pleted in November 2024. With the completion of the agree-
ment, A.P. Moller Holding group became the largest share-
holder in the combined company.
Iv3 Aqua, our water utility platform, concluded the acquisition of
Qurayyat Desalination SAOC, which operates one of the largest
seawater reverse osmosis plants in Oman.
Our other portfolio companies have signed and completed a
number of acquisitions, including the takeover of Penfield Ma-
rine by Maersk Tankers, Alpha Ori Technologies by ZeroNorth,
and kempf and pfaltz by Unilabs. Furthermore, Noble completed
the acquisition of Diamond Offshore Drilling.
Cash flow used for investing activities was mainly impacted by
our investments in portfolio companies as well as activity in our
financial portfolio. The total capital inflow from dividends, share
buy-back programmes, and our financial portfolio was DKK
17bn (DKK 43bn), positively impacted by dividends from
Danske Bank and dividends and share buy-back programmes
from A.P. Moller - Maersk.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
INVESTMENT COMMITMENTS (DKKm)
CASH INFLOW (DKKm)
DISTRIBUTION OF CASH INFLOW
14,286
37,832
8,429
4,819
18,765
2020 2021 2022 2023 2024
4,361
8,774
28,501
43,288
16,747
2020 2021 2022 2023 2024
27%
30%
17%
2%
24%
Cash inflow
DKK 16.7bn
A.P. Moller - Maersk Danske Bank
Financial portfolio Noble
Other
Amounts in DKKm
2024
2023
2022
2021
2020
KEY FIGURES: A.P. Moller Holding's investment activities
Cash flow from operating activities
- 1,062
- 55
- 567
- 221
- 263
Cash flow for investing activities inflow
16,747
43,288
28,501
8,774
4,361
Cash flow for investing activities outflow
- 13,420
- 36,970
- 26,243
- 11,967
- 577
Cash flow from financing activities
- 1,043
- 2,543
- 2,096
- 23
- 403
Net asset value (market value)
229,937
214,320
199,199
223,891
141,708
Average number of employees
61
55
48
39
36
9
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
10
NET ASSET VALUE
At the end of 2024, the net asset value increased to DKK 230bn,
up 7% from the end of 2023.
The main contributor of the value appreciation is Danske Bank
with a 13% increase in share price and total shareholder return
of 25%, driven by the solid financial performance.
The value of Svitzer contributed positively following the sepa-
rate listing. Further, our shareholding in DOF has contributed
with an increase of around 2%.
The value of our shareholding in Noble has decreased by 35%
during the year as market momentum slowed significantly.
A.P. Moller - Maersk’s share price decreased 3% from the end
of 2023 following the normalisation of freight rates. Total share-
holder return for 2024 was 6%. The share price in April 2024 fol-
lowing the demerger of Svitzer was more or less unaffected.
The net asset value is a volatile measure, not least over a shorter
period, given our significant exposure to a few main portfolio
companies. The net asset value calculation is based on different
valuation methods. Our listed portfolio companies are assessed
using their share prices at the stock exchange. The privately
held companies are assessed based on recognised valuation
methods, and the financial portfolio on market capitalisation,
primarily quoted prices.
FINANCIAL OUTLOOK
A.P. Moller Holding and its portfolio companies are exposed to
the global economic activity levels as well as the development in
the global financial markets. Based on our expectations and fi-
nancial guidance for our portfolio companies, we expect
EBITDA for 2025 to be in the range of DKK 20-50bn based on
current exchange rates.
The above statement is, by nature, subject to several uncertain-
ties, including but not limited to, geopolitical uncertainties that
will challenge global supply chains and global economic growth,
and rapid rise of economic nationalism and protectionism. This
could cause actual results and performance to differ materially
from our expectations. In addition, financial performance de-
pends on several factors subject to uncertainties related to the
given uncertain macroeconomic conditions as well as future de-
velopment of freight rates and volumes, import duties, demo-
graphic and societal changes, demand for sustainable solutions,
commodity prices, including but not limited to, oil and energy
prices, inflation, and interest rates.
Xxx xxx x
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
NET ASSET VALUE (DKKm)
DISTRIBUTION OF NET ASSET VALUE
141,708
223,891
199,199
214,320
229,937
2020 2021 2022 2023 2024
33%
16%
6%
18%
19%
0%
8%
Net asset value
DKK 229.9bn
A.P. Moller - Maersk
Danske Bank
Other shipping and offshore (listed)
Privately owned companies
Financial portfolio
Growth equity
Other net assets
10
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
11
Our strategy implies that we devote our time and resources to
identifying and executing investments across sectors and coun-
tries, and within four themes that we believe will be relevant for
multiple business cycles:
Global trade
Global trade is key to prosperity as it enables income and
growth for people and societies. Our businesses enable global
trade in different ways, for example by facilitating more efficient
logistics across the globe and by building critical infrastructure.
Financial services and the proliferation of efficient capital alloca-
tion are also drivers as well as beneficiaries of increased global
trade.
Energy transition
Our societies depend on a steady and reliable supply of energy.
At the same time, we need to migrate from the fossil sources
that propelled the industrial revolution and drove wealth crea-
tion and consumption for many decades and move towards en-
ergy generation from non-fossil and renewable sources. Our fo-
cus is on this transition which will not happen overnight and
maintaining access to energy is a necessity for our societies.
Circularity, water & waste recovery
Global consumption of resources and products is not in balance
with our planet’s ability to regenerate the resources consumed
nor to absorb the substantial generation of waste. Sustainable
replacements are being adopted and the use and utilisation of
resources must be optimised. We are committed to the devel-
opment of circular rather than linear production and consump-
tion models.
Demographic & societal change
Across both mature and emerging economies, population de-
mographics continue to change, which is creating challenging
conditions for societal welfare models. These slow-moving but
largely inevitable demographic and societal factors are trans-
forming our societies. Absent continuous improvements in effi-
ciency and new business models, the welfare imbalance in our
societies will create unsustainable levels of inequality. We invest
in digital and automated ways of working to address the welfare
challenges arising from demographic change.
INVESTMENT MANDATES
We leverage our knowledge, expertise, and experience across
four different mandates:
Principal holdings
Large control-oriented investments in companies backed by
solid long-term trends. We prefer our principal investments to
be platforms where we can continue to deploy additional capital
over time for organic and inorganic expansion.
Growth equity
Patient minority investments in late-stage growth businesses. In
addition to generating attractive financial returns, the objective
is to leverage and continue to enhance domain knowledge
within our core areas of expertise and investment themes.
Scale-ups
Rooted in our entrepreneurial legacy and spirit, we selectively
initiate incubation projects and actual building of new busi-
nesses. Such greenfield projects and business building are
based on internally generated ideas, a few of which are, after an
extensive vetting process, pushed forward and initially funded
by us. Over time, we typically bring in other investors.
Public markets
We apply active concentrated global strategies across various
asset classes seeking to generate financial results above or in-
line with external market benchmarks.
ENGAGED AND ACTIVE LONG-TERM OWNERS
In the spirit of our founder, A.P. Møller, we are engaged and ac-
tive long-term owners with a point of view on key matters. Stew-
ardship and a continued focus on the quality of interactions be-
tween management, Board of Directors, and owner(s) are
therefore critical to our success. In recent years, we developed
and implemented a set of principles and guidelines defining our
ownership model, and how we exercise it. These principles are
rooted in our legacy, and we will continue to optimise our stew-
ardship and ownership model in the years to come.
BUILDING A PORTFOLIO OF
PLATFORMS FOR THE FUTURE
Our investment strategy is to build scalable platforms in areas
where we can leverage momentum to drive long-term value and
impact. We focus on long-term mega trends, and, as owners, we
utilise and leverage the strengths and capabilities accumulated
across our Group throughout more than 120 years. In doing
this, we strive to fulfil our Group’s long-standing purpose of
‘nyttig virksomhed’ (having a positive impact on society).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
12
A.P. MOLLER - MAERSK is an inte-
grated transport and logistics company
working to connect and simplify its cus-
tomers’ supply chains. The company is a
global leader in shipping activities.
CEO: Vincent Clerc
CFO: Patrick Jany
Representatives
• Robert M. Uggla (Chair)
Key figures end of 2024
• Market cap: DKK 183bn
• Ownership: 41.5% / 51.5% voting
share
REVENUE
(USDm)
DANSKE BANK is Denmark’s largest
bank. Its core business includes private,
business, institutional customer seg-
ments, and other financial services to
the Nordic markets.
CEO: Carsten R. Egeriis
CFO: Cecile Hillary
Representatives
• Martin N. Larsen (Vice Chair)
• Lars-Erik Brenøe
Key figures end of 2024
• Market cap: DKK 170bn
• Ownership: 21.3%
TOTAL INCOME
(DKKm)
UNILABS is a leading diagnostics ser-
vices provider in Europe, focusing on la-
boratory testing, pathology, and radiol-
ogy. The company services both public
and private healthcare providers across
multiple countries.
Executive Chair: Badhri Srinivasan
CFO: Carsten Højlund
Representatives
• Jan T. Nielsen (Vice Chair)
REVENUE
(EURm)
FAERCH is a leading supplier of circular
packaging solutions to the global food
industry, serving leading food manufac-
turers and retailers around the world.
CEO: Lars G. Hansen
CFO: Tom Sand-Kristensen
Representatives
• Henrik Poulsen (Chair)
• Jan T. Nielsen (Vice Chair)
REVENUE
(EURm)
NOBLE is a leading offshore drilling
company for the oil and gas industry.
The company owns and operates one of
the youngest and most advanced fleets
in the offshore drilling industry.
CEO: Robert W. Eifler
CFO: Richard B. Barker
Representatives
• Claus V. Hemmingsen
Key figures end of 2024
• Market cap: DKK 36bn
• Ownership: 19.5%
REVENUE
(USDm, includes only Noble up to the merger with
Maersk Drilling in 2022)
39,740
61,787
81,529
51,065
55,482
2020 2021 2022 2023 2024
40,928
42,665
41,811
52,422
56,405
2020 2021 2022 2023 2024
1,458
2,033
1,769
1,556
1,622
2020 2021 2022 2023 2024
370
559
893
1,292 1,245
2020 2021 2022 2023 2024
964
848
1,414
2,589
3,058
2020 2021 2022 2023 2024
A.P. Moller - Maersk
Danske Bank
Unilabs
Faerch
Noble
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
13
DOF is a leading provider of global off-
shore marine services for the energy
sector, including oil and gas companies,
offshore renewable companies, and sub-
sea contractors.
CEO: Mons S. Aase
CFO: Martin Lundberg
Representatives
• Erik Bergöö (Vice Chair)
Key figures end of 2024
• Market cap: DKK 13bn
• Ownership: 25.0%
REVENUE
(USDm, includes only DOF up to the merger with
Maersk Supply Service in 2024)
SVITZER is a global leader in sustaina-
ble marine services, providing critical
towage infrastructure and maritime so-
lutions across Europe, AMEA, Australia,
and the Americas.
CEO: Kasper Friis Nilaus
CFO: Knud Winkler
Representatives
• Robert M. Uggla (Vice Chair)
Key figures end of 2024
• Market cap: DKK 7bn
• Ownership: 47.0%
REVENUE
(DKKm)
MAERSK PRODUCT TANKERS is an
asset company, owning tankers trans-
porting energy products worldwide for
large energy companies and trading
houses.
CEO: Tina Revsbech
CFO: Christian Huss
Representatives
• Martin N. Larsen (Chair)
• Birgitte Schou
• Erik Bergöö
REVENUE
(USDm)
KK WIND SOLUTIONS is a leading
global supplier of power electronic sys-
tem solutions for the wind turbine indus-
try, offering a wide range of products
and services to wind turbines and parks.
CEO: Mauricio Quintana
CFO: Bjørn R. Mogensen
Representatives
• Simon K. Ibsen (Vice Chair)
REVENUE
(DKKm)
MAERSK TANKERS is a service
company providing commercial
management solutions for shipowners
in the tanker industry. The company
operates one of the largest tanker
fleets in the world.
CEO: Tina Revsbech
CFO: Christian Huss
Representatives
• Robert M. Uggla (Chair)
• Maria Pejter
• Martin N. Larsen
REVENUE
(USDm)
660
739
963
1,129
1,385
2020 2021 2022 2023 2024
4,453
4,653
5,476
5,786
6,320
2020 2021 2022 2023 2024
664
433
708
640
576
2020 2021 2022 2023 2024
2,580
2,550
2,581
5,486
7,682
2020 2021 2022 2023 2024
527
466
569
450
372
2020 2021 2022 2023 2024
DOF
Svitzer
Maersk Product
Tankers
KK Wind Solutions
Maersk Tankers
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
14
CONCENTRIC is a global leader in
pump, fan, and thermal management so-
lutions for the commercial vehicle mar-
ket, helping customers increase fuel effi-
ciency, reduce emissions, and improve
engine control.
CEO: Martin Kunz
CFO: Marcus Whitehouse
Representatives
• Simon K. Ibsen (Vice Chair)
• Jan T. Nielsen
REVENUE
(USDm)
A.P. MOLLER CAPITAL is an infrastruc-
ture fund manager focusing on high
growth markets, combining attractive
risk adjusted returns with a positive
societal impact.
CEO: Kim Fejfer
CFO: Joe Nielsen
Representatives
• Robert M. Uggla (Chair)
INNARGI is a geothermal heating com-
pany aiming to heat millions of urban
homes while leaving zero impact on our
planet.
CEO: Samir Abboud
CFO: Lars Heineke
Representatives
• Claus V. Hemmingsen (Chair)
ZERONORTH is a technology company
providing a range of software solutions
that enable the shipping industry to re-
duce its impact on the climate while
maintaining commercial performance.
CEO: Søren C. Meyer
CFO: Karsten Gregory
Representatives
• Maria Pejter
IV3 AQUA is a water management com-
pany owning and operating water,
wastewater, reuse plants, concessions,
and related water utility businesses.
CEO: Olaf N. Krohg
CFO: Frederick Hung
Representatives
• Jan T. Nielsen (Vice Chair)
• Brighton Mudzingwa
163
247
401
396
342
2020 2021 2022 2023 2024
Concentric
A.P. Moller Capital
Innargi
ZeroNorth
Iv3 Aqua
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
15
C2X is a green methanol production
company aiming to develop and operate
green methanol production facilities to
supply both the chemical and shipping
sectors.
CEO: Brian Davis
CFO: Alastair Maxwell
Representatives
• Jan T. Nielsen (Chair)
• Martin N. Larsen
MAERSK OFFSHORE WIND is a pro-
vider of installation services to the off-
shore wind market accelerating the
rollout of offshore wind farms.
CEO: Michael Reimer Mortensen
CFO: Jesper Høybye
Representatives
• Martin N. Larsen (Chair)
• Maria Pejter
VIONEO was established to be the
world’s first large-scale producer of fos-
sil-free plastics based on green metha-
nol.
CEO: Alex Hogan
Representatives
• Simon K. Ibsen (Vice Chair)
• Jan T. Nielsen
C2X
Maersk Offshore Wind
Vioneo
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
16
Risk management reporting is an integrated part of our busi-
ness processes, allowing A.P. Moller Holding to respond appro-
priately to the changing environments our businesses are oper-
ating in. The Board of Directors receives portfolio performance
reports including risk management measures on a regular basis
throughout the year.
Being an investor focusing on capital risk, we continuously
develop our risk framework, and we have embedded controls
and operational risk mitigation processes in our critical daily
operations. We have a constant focus on good governance, and
we have implemented procedures to continuously assess and
ensure that we follow market standards and developments. Fur-
ther, in line with the purpose of the A.P. Moller Foundation, and
to ensure the long-term viability and longevity of A.P. Moller -
Maersk, our portfolio companies are structured as visualised on
page 82.
OUR PORTFOLIO COMPANIES
Having a long-term ownership horizon, our ambition for each
investment is defined in a clear ownership strategy, considering
sector specific market parameters and developments, as well as
current and emerging risks.
Risks related to our portfolio companies include business and
financial risks associated with operations and performance. The
management of such risks is effectively anchored with the Board
of Directors in each of the portfolio companies. Each entity has
defined and implemented their own risk management frame-
work, managing specific, defined risks. As owners, we monitor
business performance in the portfolio companies closely as part
of our ownership aspiration. We report on business and risk re-
lated issues to our Board of Directors as appropriate.
Our investment team focuses on large and long-term invest-
ments and brings valuable global investment expertise. As we
evaluate investment opportunities, the investments will undergo
committees and investment gates where thorough risk analysis,
due diligence, and mitigation are natural parts of the investment
evaluation process. Our risk management framework allows us
to critically evaluate such risks. Investments will be abandoned
where risks/rewards are not deemed attractive and in line with
our values as well as our financial and strategic beliefs.
As our investments are expected to have a long-term owner-
ship horizon, we focus on the inherent risks related to such
investments. At all times, it is part of our strategic beliefs to
invest in and build businesses that have a positive impact on
society. Hence, we strive to ensure that all our partners
acknowledge our values and share our commitment to conduct
business in an ethical, legal, and socially responsible manner.
PUBLIC MARKETS
A.P. Moller Holding has a financial portfolio primarily with expo-
sure to global equity markets managed by our own public mar-
kets team. The overall objective of the portfolio is i) to create
economic value in line with our values, ii) to ensure a part of our
financial portfolio remains highly liquid, acting as a buffer for the
company to be flexible and able to react as needed in relation to
our portfolio companies or to significant changes in our cash
flows, and iii) to deliver performance in line with a fixed bench-
mark.
The Board of Directors approves the investment policy and
defines the acceptable risk limits including a variety of risk man-
agement factors such as single line limits, currency exposures,
and asset class weights. These, in combination with internal in-
vestment principles, guide the financial investments on a daily
basis. We manage the market, credit, liquidity, and currency
risks related to our financial portfolio by limiting maximum
exposure to individual asset classes and underlying assets. The
guidelines are reviewed regularly to ensure they reflect the mar-
ket situation and our financial situation at any given time.
RISK MANAGEMENT
Our risk management setup is closely related to our investment
strategy and allows us to safeguard the longevity of our
portfolio companies by understanding the inherent risks
associated with each of them and by supporting the companies
in managing these risks in a changing environment.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
17
‘Nyttig virksomhed’ is a key element in our investment strategy,
and we are open to reconsider our ownership of a business if its
business model does not have a positive impact on society.
Hence, social responsibility is integrated into our purpose and is
core to everything we do.
As part of good governance practice, we have implemented pol-
icies and systems to secure a solid basis for our activities as an
engaged investment company. We focus on mitigating the key
risks of essential compliance areas including money laundering
& financing of terrorism and bribery & corruption. As reflected
in our Anti-Bribery & Anti-Corruption Policy, we have zero toler-
ance towards fraud and bribery, which is one of the corner-
stones in our overall framework for how to exercise due care to
prevent bribery and corruption internally as well as in relation to
third parties acting on behalf of A.P. Moller Holding. This is es-
pecially relevant in relation to our investments, where we, prior
to investing, conduct thorough due diligence measures on the
target and relevant counterparties such as advisors, co-inves-
tors, etc.
STATUTORY REPORT CF. SECTION 99A OF THE DANISH
FINANCIAL STATEMENTS ACT
As an international investment company with a broad range of
investment activities, A.P. Moller Holding has a significant influ-
ence on society. We acknowledge the responsibilities that this
entails and make an effort to ensure that we are recognised as a
trustworthy group of companies.
The Board of Directors of each of our portfolio companies de-
fine their own specific CSR policies and Codes of Conduct. We
are represented on each board in companies where we hold a
minimum of 50% of the votes, and these representatives ensure
that CSR policies, including human rights, climate change, and
environmental impact, are enforced. Policies are adapted to
meet the circumstances in which each of the affiliates operate.
For A.P. Moller Holding’s statutory statement on CSR in
accordance with section 99a of The Danish Financial Statements
Act, please refer to: https://apmoller.com/wp-
content/uploads/2025/03/APMH-CSR-Report-2024.pdf.
CORPORATE SOCIAL
RESPONSIBILITY
A.P. Moller Holding invests in and builds businesses with a
positive impact on society – ‘nyttig virksomhed’ – as defined
by our founder A.P. Møller.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
18
SUSTAINABILITY HIGHLIGHTS
The companies in the A.P. Moller Group define and execute their
own sustainability initiatives. In 2024, numerous activities were
launched of which a few are highlighted here. For more details,
please refer to the respective sustainability reports.
Faerch’s emission reduction targets for 2030 and
2040 have been validated by the Science Based
Targets initiative (SBTi), ensuring they align with
the globally recognised 1.5°C pathway.
C2X partnered with SunGas to fund the Beaver Lake
project in Louisiana, aiming to produce 500,000 tonnes of
green methanol with over 80% lower carbon intensity
compared to fossil fuels.
Danske Bank was the leading Nordic arranger
of sustainable bonds in 2024 and the leading
arranger of sustainable bonds from Nordic
corporate issuers.
Maersk Tankers set out to deploy wind-assisted
propulsion systems on five vessels, expecting double-
digit percentage reductions in fuel consumption and
CO2 emissions per vessel by 2025 and 2026.
A.P. Moller Holding launched Vioneo to become the
world's first large-scale producer of zero-emission,
virgin-quality, fossil-free plastics from green methanol,
achieving a 4-6 kg CO2 reduction per kg of plastic
produced.
ZeroNorth’s acquisition of Alpha Ori Technologies
led to the establishment of the maritime industry’s
largest data platform, with high-frequency data from
IoT sensors driving greater operational, commercial,
and sustainable efficiency for its customers.
A.P. MØLLER HOLDING A/S
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19
A.P. Moller Holding created Maersk Offshore Wind as
a separate company to service the offshore wind market
with its new Wind Installation Vessel concept, reducing
wind turbine installation time by 30%, thereby lowering
overall costs and speeding up grid connection.
Unilabs entered a partnership with C2N Diagnostics to
expand the reach of C2N’s Precivity™ blood tests,
providing a less invasive test for Alzheimer’s.
APM Terminals rolled out battery-electric container
handling equipment in Egypt, Jordan, and Spain as
part of their USD 60m electrification pilot
programme to reduce the use of fossil fuels.
Svitzer commissioned the construction of the
world’s first battery-methanol electric tug,
designed to enable carbon neutral towage for
the majority of its operational lifecycle.
A.P. Moller - Maersk took delivery of seven large dual-
fuel methanol vessels (16,000-17,000 TEU) and the
world's first retrofitted dual-fuel vessel, with eleven
more large dual-fuel vessels set for delivery in 2025.
ZeroNorth enhanced the operational efficiency
of 72,000 voyage legs by generating 1.5 million
possible routes for customer vessels, resulting
in a reduction of one million metric tonnes of
CO2 for their customers.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
20
BOARD OF DIRECTORS
Ane M.M. Uggla
Chair
Chair of the Board of Directors
• A.P. Møller og Hustru Chastine Mc-Kinney
Møllers Fond til almene Formaal
• Den A.P. Møllerske Støttefond
Other management duties
• Estemco III ApS (CEO)
• Timer ApS (CEO)
Claus V. Hemmingsen
Chair of the Board of Directors
• DFDS A/S
• Innargi Holding A/S
• HusCompagniet A/S
• Rambøll Gruppen A/S
Member of the Board of Directors
• A.P. Møller og Hustru Chastine Mc-Kinney
Møllers Fond til almene Formaal
• Den A.P. Møllerske Støttefond
• Noble Corporation PLC
• Det Forenede Dampskibs-selskabs
Jubilæumsfond
• Fonden Mærsk Mc-Kinney Møller
Center for Zero Carbon Shipping
• Global Maritime Forum Fonden
Other management duties
• CVH Consulting ApS (CEO)
• Committee for Corporate Governance,
Denmark (member)
Jan Leschly
Member of the Board of Directors
• Universal Tennis Ranking LLC
• The Leschly Tennis Foundation
• Nightingale Veterinary Partners
Other management duties
• Adjunct Professor at Copenhagen
Business School
Lars-Erik Brenøe
Member of the Board of Directors
• Danske Bank A/S
• A.P. Møller og Hustru Chastine
Mc-Kinney Møllers Fond til almene Formaal
• A.P. Møller og Hustru Chastine
Mc-Kinney Møllers Familiefond
• Monjasa Holding A/S
• Odense Havn A/S
• Operaparkfonden
Other management duties
• LEBrenoe (personally owned law firm)
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · MANAGEMENT REVIEW
21
EXECUTIVE BOARD
Robert M. Uggla
Chief Executive Officer
Other management duties, etc.
• A.P. Møller - Mærsk A/S (Chair)
• A.P. Møller Capital P/S (Chair)
• Maersk Tankers A/S (Chair)
• Svitzer Group A/S (Vice Chair)
• IMD (Director of the Foundation Board)
• Agata ApS (CEO)
• Estemco XII ApS (CEO)
• International Business Leaders’ Advisory
Council, IBLAC (Member)
Robert M. Uggla is appointed to the Board of
Directors in a number of entities controlled by
A.P. Møller Holding A/S.
Jan T. Nielsen
Chief Investment Officer
Other management duties, etc.
• C2X A/S (Chair)
• Unilabs Group Holding ApS (Vice Chair)
• Faerch Group Holding A/S (Vice Chair)
• Iv3 Aqua Holding A/S (Vice Chair)
• Concentric AB (Board member)
• Vioneo Holding AG (Board member)
• LEGO A/S (Board member)
• Thorsgaard Holding ApS (CEO)
Jan T. Nielsen is appointed to the Board of
Directors in a number of entities controlled by
A.P. Møller Holding A/S.
Martin N. Larsen
Chief Financial Officer
Other management duties, etc.
• Ammonia Carriers A/S (Chair)
• Maersk Product Tankers A/S (Chair)
• Navigare Capital Partners A/S (Chair)
• Maersk Offshore Wind A/S (Chair)
• Danske Bank A/S (Vice Chair)
• Assuranceforeningen SKULD (Gjensidig)
(Vice Chair)
• Maersk Tankers A/S (Board member)
• C2X A/S (Board member)
• MVKH ApS (CEO)
Martin N. Larsen is appointed to the
Executive Board and Board of Directors in a
number of entities controlled by A.P. Møller
Holding A/S.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
23
Consolidated
financial
statements
Consolidated income statement for 1 January to 31 December ........................................................... 24
Consolidated statement of comprehensive income ................................................................................. 24
Consolidated balance sheet as of 31 December ....................................................................................... 25
Consolidated cash flow statement for 1 January to 31 December ....................................................... 26
Consolidated statement of changes in equity ........................................................................................... 27
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
24
Note
Amounts in DKKm
2024
2023
2.1
Revenue
2.2, 5.2
Operating costs
- 335,439
- 319,424
Other income
Other costs
- 168
- 160
Result before depreciation, amortisation and impairment losses, etc.
2.3
Depreciation, amortisation and impairment losses, net
- 54,266
- 49,983
2.4
Gain on sale of non-current assets, etc., net
3.4
Share of profit in joint ventures
3.4
Share of profit in associated companies
Result before financial items
4.1
Financial income
4.1
Financial expenses
- 16,764
- 13,624
Result before tax
2.5
Tax
- 5,168
- 3,411
Result for the year
Result for the year attributable to:
4.6
Non-controlling interests
Owner of A.P. Møller Holding A/S
Note
Amounts in DKKm
2024
2023
Result for the year
Translation to functional currency
Translation impact arising during the year
- 3,151
Reclassified to income statement, gain on sale of non-current assets,
etc., net
4.3
Cash flow hedges
Value adjustment of hedges for the year
- 1,211
- 156
Reclassified to income statement
- 95
2.5
Tax on other comprehensive income
3.4
Share of other comprehensive income of joint ventures and associated
companies, net of tax
- 91
Total items that have been or may be reclassified subsequently
to the income statement
- 3,665
4.3
Other equity investments (FVOCI), fair value adjustments for the year
- 417
4.5
Actuarial gains/losses on defined benefit plans, etc.
- 58
Translation from functional currency to presentation currency
- 13,442
2.5
Tax on other comprehensive income
- 1
3.4
Share of other comprehensive income of joint ventures and associated
companies, net of tax
- 195
Total items that will not be reclassified to the income statement
- 13,526
Other comprehensive income, net of tax
- 13,173
Total comprehensive income for the year
Total comprehensive income for the year attributable to:
4.6
Non-controlling interests
Owner of A.P. Møller Holding A/S
CONSOLIDATED INCOME STATEMENT FOR
1 JANUARY TO 31 DECEMBER
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
25
Note
Amounts in DKKm
2024
2023
3.1
Intangible assets
3.2
Property, plant and equipment
3.3
Right-of-use assets
3.4
Investments in joint ventures
3.4
Investments in associated companies
Other equity investments
4.3
Derivatives
4.5
Pensions, net assets
Loans receivable
3.5
Other receivables
Financial non-current assets
2.5
Deferred tax
Total non-current assets
3.6
Inventories
4.3
Trade receivables
Tax receivables
4.3
Derivatives
3.5
Loans receivable
3.5
Other receivables
Prepayments
Receivables, etc.
Securities
Cash and bank balances
Assets held for sale
Total current assets
Total assets
Note
Amounts in DKKm
2024
2023
4.7
Share capital
Reserves
- 8,895
- 1,980
Retained earnings
Proposed dividend
Equity attributable to A.P. Møller Holding A/S
4.6
Non-controlling interests
Total equity
4.2
Borrowings, non-current
4.2
Lease liabilities, non-current
4.5
Pensions and similar obligations
3.7
Provisions
4.3
Derivatives
2.5
Deferred tax
Tax payables
Other payables
Other non-current liabilities
Total non-current liabilities
4.2
Borrowings, current
4.2
Lease liabilities, current
3.7
Provisions
Trade payables
Tax payables
4.3
Derivatives
Other payables
Deferred income
Other current liabilities
Liabilities associated with assets held for sale
Total current liabilities
Total liabilities
Total equity and liabilities
CONSOLIDATED BALANCE SHEET
AS OF 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
26
Note
Amounts in DKKm
2024
2023
Result before financial items
2.3
Depreciation, amortisation and impairment losses, net
2.4
Gain on sale of non-current assets, etc., net
- 3,312
- 3,851
3.4
Share of profit in joint ventures
- 1,119
- 1,022
3.4
Share of profit in associated companies
- 6,740
- 7,119
5.4
Change in working capital
- 1,835
Change in provisions and pension obligations, etc.
- 40
Financial income received
5.4
Other non-cash items
Cash flow from operating activities before tax
Taxes paid
- 5,696
- 5,096
Cash flow from operating activities
5.4
Purchase of intangible assets and property, plant and equipment
- 32,585
- 27,587
Sale of intangible assets and property, plant and equipment
3.8
Acquisition of subsidiaries and activities
- 6,699
- 3,511
3.8
Sale of subsidiaries and activities
Dividends received
5.4
Other financial investments
- 22,348
Purchase/sale of securities, trading portfolio
- 7,951
- 25,838
Cash flow used for investing activities
- 55,283
- 10,368
4.2
Repayment of borrowings
- 16,758
- 8,926
4.2
Repayment of leases
- 22,329
- 23,213
4.2
Proceeds from borrowings
Financial expenses paid
- 4,609
- 3,750
Financial expenses paid on lease liabilities
- 4,360
- 3,986
Dividends distributed
- 1,000
- 2,500
Dividends distributed to non-controlling interests
- 5,743
- 45,116
Purchase of own shares
- 2,604
- 12,697
Sale of treasury shares
Capital increases made by non-controlling interests
- 401
Purchase of non-controlling interests
- 182
Sale of non-controlling interests
Other equity transactions
- 300
- 179
Cash flow from financing activities
- 35,487
- 86,289
Net cash flow for the year
- 16,017
Note
Amounts in DKKm
2024
2023
Cash and cash equivalents as of 1 January
Currency translation effect on cash and cash equivalents
- 3,370
Net cash flow for the year
- 16,017
Cash and cash equivalents as of 31 December
Cash and bank balances
Overdrafts
- 339
- 268
Cash and cash equivalents as of 31 December
Cash and bank balances include DKK 7.0bn (DKK 7.0bn) relating to cash and bank balances in
countries with exchange rate control or other restrictions. These funds are not readily available
for general use by the parent company or other subsidiaries.
CONSOLIDATED CASH FLOW STATEMENT
FOR 1 JANUARY TO 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
27
Amounts in DKKm
Share
capital
Transla-
tion
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Proposed
dividend
Total
Non-
control-
ling
interests
Total
equity
Equity as of 1 January 2023
- 4,662
Other comprehensive income, net of tax
- 89
- 243
- 7,677
- 5,655
- 7,518
- 13,173
Result for the year
Total comprehensive income for the year
- 89
- 243
Dividends to shareholders
- 2,500
- 2,500
- 45,116
- 47,616
Value of share-based payment
Sale of own shares
Purchase of own shares
- 147
- 147
- 12,356
- 12,503
Acquisition of non-controlling interests
- 32
- 32
- 43
- 75
Sale to non-controlling interests
- 556
- 556
Capital increases and decreases
Transfer of loss on disposal of equity investments at FVOCI to retained earnings
- 5
Transfer of cash flow hedge reserve to non-current assets
- 14
- 14
- 19
- 33
Change in non-controlling interests
- 46
- 46
- 661
- 707
Liability (put option)
- 186
- 186
- 181
Other equity movements
- 18
- 18
Total transactions with shareholders
- 14
- 811
- 2,500
- 3,320
- 56,436
- 59,756
Equity as of 31 December 2023
- 2,308
- 206
Other comprehensive income, net of tax
- 6,502
- 150
- 228
Result for the year
Total comprehensive income for the year
- 6,502
- 150
- 228
Dividends to shareholders
- 1,000
- 1,000
- 5,743
- 6,743
Value of share-based payment
Sale of own shares
Purchase of own shares
- 300
- 294
- 2,122
- 2,416
Acquisition of non-controlling interests
- 406
- 253
Sale to non-controlling interests
- 41
- 41
- 34
Sale of subsidiaries, loss of control through dilution, etc.
- 117
- 117
- 107
- 224
Capital increases and decreases
- 41
- 41
Transfer of loss on disposal of equity investments at FVOCI to retained earnings
- 5
Change in non-controlling interests
- 41
- 41
Liability (put option)
- 97
Other equity movements
- 1,181
- 1,181
- 303
- 1,484
Total transactions with shareholders
- 30
- 5
- 1,117
- 1,000
- 2,152
- 8,266
- 10,418
Equity as of 31 December 2024
- 8,840
- 434
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
28
Notes to
consolidated
financial
statements
BASIS OF PREPARATION 29
Note 1.1: General accounting policies....................................................................................................... 29
Note 1.2: Significant accounting estimates and judgments ................................................................ 32
OPERATING PROFIT 33
Note 2.1: Revenue .......................................................................................................................................... 33
Note 2.2: Operating costs ............................................................................................................................ 35
Note 2.3: Depreciation, amortisation and impairment losses, net ..................................................... 36
Note 2.4: Gain on sale of non-current assets, etc., net ......................................................................... 36
Note 2.5: Tax and deferred tax ................................................................................................................... 37
INVESTED CAPITAL 40
Note 3.1: Intangible assets .......................................................................................................................... 40
Note 3.2: Property, plant and equipment................................................................................................. 46
Note 3.3: Right-of-use assets ..................................................................................................................... 49
Note 3.4: Investments in joint ventures and associates ....................................................................... 50
Note 3.5: Loans receivable ........................................................................................................................... 51
Note 3.6: Inventories ..................................................................................................................................... 52
Note 3.7: Provisions ...................................................................................................................................... 52
Note 3.8: Acquisition/sale of subsidiaries and activities ..................................................................... 53
CAPITAL AND FINANCING 57
Note 4.1: Financial income and expenses ................................................................................................ 57
Note 4.2: Borrowings and lease liabilities reconciliation ...................................................................... 58
Note 4.3: Financial instruments and risks ................................................................................................ 60
Note 4.4: Financial instruments by category ........................................................................................... 67
Note 4.5: Pensions and similar obligations ............................................................................................. 70
Note 4.6: Non-controlling interests ........................................................................................................... 73
Note 4.7: Share capital .................................................................................................................................. 73
OTHER DISCLOSURES 74
Note 5.1: Share-based payment ................................................................................................................. 74
Note 5.2: Commitments ................................................................................................................................ 78
Note 5.3: Contingent liabilities .................................................................................................................... 79
Note 5.4: Cash flow specifications ............................................................................................................. 79
Note 5.5: Related parties.............................................................................................................................. 80
Note 5.6: Events after the balance sheet date ........................................................................................ 81
Note 5.7: Company overview ....................................................................................................................... 82
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
29
BASIS OF PREPARATION
Note 1.1: General accounting policies ......................................................................................................... 29
Note 1.2: Significant accounting estimates and judgments ................................................................... 32
Note 1.1: General accounting policies
This note sets out general accounting policies for A.P. Møller Holding A/S that relate to the
financial statements as a whole. Where an accounting policy is generally applicable to a specific
note to the financial statements, the policy is described within that note.
BASIS OF PREPARATION
The consolidated financial statements for 2024 for A.P. Møller Holding A/S have been prepared
on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by
the EU (IFRS) and additional Danish disclosure requirements for large enterprises in class C.
The consolidated financial statements are presented in DKK million (DKKm) and all values are
rounded to the nearest thousand except when otherwise stated.
The accounting policies are consistent with those applied in the consolidated financial state-
ments for 2023, except for the changes to accounting standards that were effective from 1 Janu-
ary 2024 and endorsed by the EU. The changes have not had a material impact on the financial
statements.
CONSOLIDATION
The consolidated financial statements comprise the parent company A.P. Møller Holding A/S,
its subsidiaries, and proportionate shares in joint arrangements classified as joint operations.
Subsidiaries are entities controlled by A.P. Moller Holding. Control is based on the power to
direct the relevant activities of an entity and the exposure, or right, to variable returns arising
from it. In that connection, relevant activities are those that significantly affect the investee’s
returns. Control is usually achieved by directly or indirectly owning or in other ways controlling
more than 50% of the voting rights, or by other rights, such as agreements on management
control.
Joint arrangements are entities in which A.P. Moller Holding, according to contractual agree-
ments with one or more parties, has joint control. The arrangements are classified as joint ven-
tures, if the contracting parties’ rights are limited to net assets in separate legal entities, and as
joint operations, if the parties have direct and unlimited rights to the assets and obligations for
the liabilities of the arrangement.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
30
Note 1.1: General accounting policies – continued
Entities in which A.P. Moller Holding exercises a significant but non-controlling influence are
considered associated companies. A significant influence is usually achieved by directly or indi-
rectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances
are considered when assessing the degree of influence.
Consolidation is performed by summarising the financial statements of the parent company and
its subsidiaries in accordance with A.P. Moller Holding’s accounting policies. Intra-group income
and expenses, shareholdings, dividends, intra-group balances, and gains on intra-group trans-
actions are eliminated. Unrealised gains on transactions with associated companies and joint ar-
rangements are eliminated in proportion to A.P. Moller Holding’s ownership share. Unrealised
losses are eliminated in the same way, unless they indicate impairment.
When the group ceases to consolidate or applies equity accounting for an investment because
of a loss of control, joint control, or significant influence, any retained interest in the entity is re-
measured to its fair value, with the change in carrying amount recognised in profit or loss. This
fair value becomes the initial carrying amount for the purpose of subsequently accounting for
the retained interest as an associate, joint venture, or other equity investment. In addition, any
amounts previously recognised in other comprehensive income in respect of that entity are ac-
counted for as if the group had directly disposed of the related assets or liabilities. Therefore,
amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Non-controlling interests’ share of the result for the year and of equity in subsidiaries is included
as part of A.P. Moller Holding’s result and equity, respectively, but shown as separate items.
FOREIGN CURRENCY TRANSLATION
The functional currency of the parent company is USD. DKK has been selected as the presenta-
tion currency as the ultimate owner of the group, A.P. Moller Foundation, is located in Denmark.
In the translation to the presentation currency of the parent company, subsidiaries, associated
companies, or joint arrangements with functional currencies other than DKK, the total compre-
hensive income is translated into DKK at average exchange rates, and the balance sheet is trans-
lated at the exchange rates as of the balance sheet date. Exchange rate differences arising from
such translations are recognised directly in other comprehensive income and in a separate re-
serve of equity (translation to the functional currency).
The functional currency varies from business area to business area. For the group’s principal
shipping and other maritime activities, the functional currency is typically USD. This means,
among other things, that the carrying amounts of property, plant and equipment and intangible
assets and, hence, depreciation and amortisation are maintained in USD from the date of acqui-
sition. For other activities, the functional currency is generally the local currency of the country in
which such activities are performed, unless circumstances suggest that a different currency is
appropriate.
Transactions in currencies other than the functional currency are translated at the exchange rate
prevailing on the date of the transaction. Monetary items in foreign currencies not settled by the
balance sheet date are translated at the exchange rate as of the balance sheet date. Foreign ex-
change gains and losses are included in the income statement as financial income or expenses.
STATEMENT OF COMPREHENSIVE INCOME
Other comprehensive income consists of gains and losses not recognised in the income state-
ment, including exchange rate adjustments arising from the translation from functional currency
to presentation currency, fair value adjustments of other equity investments (at FVOCI), cash
flow hedges, forward points and currency basis spread, and actuarial gains/losses on defined
benefit plans, etc. The group’s share of other comprehensive income in associated companies
and joint ventures is also included.
On disposal or discontinuation of an entity, the group’s share of the accumulated exchange rate
adjustment relating to the relevant entity with a functional currency other USD, is reclassified to
the income statement. Accumulated value adjustments of equity instruments classified as equity
instruments at fair value through other comprehensive income will remain in equity upon dis-
posal.
Other comprehensive income includes current and deferred income tax to the extent the items
recognised in other comprehensive income are taxable or deductible.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
31
Note 1.1: General accounting policies – continued
CLIMATE-RELATED RISKS
When preparing the consolidated financial statements, management considers climate-related
risks, where this could potentially impact reported amounts materially. The areas in which the
group has assessed climate-related risks at the end of 2024 are included in the individual notes
including Note 2.2 Operating costs, Note 3.1 Intangible assets, and Note 3.2 Property, plant and
equipment.
NEW FINANCIAL REPORTING REQUIREMENTS IN 2024 OR LATER
In 2024, A.P. Moller Holding adopted the amendments to IAS 1 Classification of Liabilities as
current or non-current and non-current liabilities with covenants. The amendments did not have
any material impact on the amounts recognised in prior periods and are not expected to signifi-
cantly affect the current or future periods.
A.P. Moller Holding has not yet adopted the following new or amended accounting standards
and requirements that have not yet become effective.
• Amendments to IAS 21 Lack of Exchangeability
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
Amendments to IAS 21 are effective from 1 January 2025 and are endorsed by the EU. IFRS 19
is effective from 1 January 2027, but there is some uncertainty as to its EU endorsement date.
Changes from IAS 21 and IFRS 19 are not expected to have any significant impact on recogni-
tion and measurement.
IFRS 18 is also effective from 1 January 2027 and is expected to be endorsed by the EU. IFRS 18
replaces IAS 1 and introduces new requirements for presentation within the income statement,
including specified totals and subtotals. Furthermore, it is required that all income and expenses
within the income statement be classified into one of five categories: operating, investing, financ-
ing, income taxes, and discontinued operations, whereof the first three are new. The group is
working to identify all impacts the amendments will have on the primary financial statements and
notes to the financial statements.
DEFINITIONS OF FINANCIAL RATIOS
Return on equity is calculated as result for the year in proportion to the average total equity for
the year.
Equity ratio is calculated as total equity end of year in proportion to total assets end of year.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
32
Note 1.2: Significant accounting estimates and judgments
This note describes the significant accounting estimates and judgments that management has
identified as having a potentially material impact on the group’s consolidated financial state-
ments.
The preparation of the consolidated financial statements requires management to make esti-
mates and judgments on an ongoing basis, and form assumptions that affect the reported
amounts. Management forms its estimates and judgments based on historical experience, inde-
pendent advice, external data points, in-house specialists, and on other factors believed to be
reasonable under the circumstances.
In its assumption setting, management deals with various aspects of uncertainty. One aspect of
uncertainty is the assessment of control over investments classified as associates, joint ventures,
and subsidiaries, where the assessment forms the basis for classification. Another aspect is the
measurement of uncertainty, where management makes assumptions that derive the value of
recognised assets and liabilities. These assumptions concern the timing and amount of future
cash flows as well as the risks inherent in these.
In certain areas, the outcome of business plans, including ongoing negotiations with external
parties to execute those plans or the outcome of negotiations to settle claims that are raised
against the group, is highly uncertain. Therefore, assumptions may change, or the outcome may
differ in the coming years, which could require a material upward or downward adjustment to the
carrying amounts of assets and liabilities.
The areas and their related impact in which the group is particularly exposed to material uncer-
tainty over the carrying amounts as at the end of 2024 are included in the individual notes as out-
lined below:
Note
Significant accounting estimates and judgments
Estimate/
Judgment
Impact
Note 2.2
Vessel sharing agreements (cost-sharing arrangements)
Estimate
L
Note 2.2
EU Emissions Trading Systems (ETS) classification determination
Judgment
L
Note 2.5
Recognition and measurement of deferred tax assets and uncertain tax
positions
Estimate
M
Note 3.1
Cash-generating unit determination
Judgment
M
Note 3.1
Impairment testing key assumptions
Estimate
H
Note 3.2
Useful life and residual value estimates
Estimate
L
Note 3.7
Provisions for legal dispute assumptions
Estimate
M
Note 3.8
Measurement of acquired assets, liabilities, and contingent liabilities
Judgment
H
Note 5.4
Operations in countries with limited access to repatriating surplus cash
assumptions
Judgment
L
Level of potential impact to the consolidated financial statements:
• L = Low
• M = Medium
• H = High
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
33
OPERATING PROFIT
Note 2.1: Revenue ............................................................................................................................................ 33
Note 2.2: Operating costs ............................................................................................................................... 35
Note 2.3: Depreciation, amortisation and impairment losses, net ....................................................... 36
Note 2.4: Gain on sale of non-current assets, etc., net ............................................................................ 36
Note 2.5: Tax and deferred tax ...................................................................................................................... 37
Note 2.1: Revenue
TYPES OF REVENUE
Amounts in DKKm
2024
2023
Global trade
394,994
361,045
Energy transition
8,025
6,678
Circularity, water & waste recovery
9,671
9,630
Demographic & societal change
12,095
11,597
Total
424,785
388,950
Of which:
Recognised over time
379,546
319,532
Recognised at a point in time
45,239
69,418
Types of revenue have been organised according to our four investment themes:
• Global trade includes shipping activities, sale of bunker oil, integrated transportation, fulfil-
ment and management solutions, including landside and air transportation, warehousing
and supply chain management offerings, gateway terminal activities, towage and related ma-
rine activities, and trading, etc.
• Energy transition includes sale of goods and services for renewable solutions
• Circularity, water & waste recovery includes mainly sales of food packaging solutions and re-
cycled plastic
• Demographic & societal change includes mainly diagnostic services within laboratory, imag-
ing, and pathology specialities
CONTRACTS WITH CUSTOMERS
Set out below is the reconciliation of the revenue from contracts with customers to the amounts
disclosed as total revenue.
Amounts in DKKm
2024
2023
Revenue from contracts with customers
417,400
381,011
Revenue from other sources
Vessel sharing and slot charter income
5,488
6,465
Lease income
764
419
Others
1,133
1,055
Total
424,785
388,950
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
34
Note 2.1: Revenue – continued
CONTRACT BALANCES
Amounts in DKKm
2024
2023
Trade receivables from contracts with customers
44,350
35,596
Accrued income - contract assets
3,513
2,217
Deferred income - contract liabilities
5,640
700
Trade receivables in the balance sheet include accrued income and contract assets comprising
unbilled amounts representing the group’s right to consideration for the services transferred to
date. All deferred income is recognised in the income statement within 12 months.
Under the payment terms generally applicable to the group’s revenue generating activities,
prepayments are only received to a limited extent. Typically, payment is due upon or after
completion of the services.
Part of the deferred income presented in the balance sheet constitutes contract liabilities, which
represent advance payments and billings in excess of the recognised revenue.
There were no significant changes in accrued and deferred income during the reporting period.
Impairment losses disclosed in note 4.3 relate to receivables arising from contracts with
customers.
PERFORMANCE OBLIGATIONS
Performance obligations are services that are to be completed under existing customer con-
tracts.
Amounts in DKKm
2024
2023
Within one year
4,172
5,813
Between one and five years
1,733
2,678
After five years
0
0
Total
5,905
8,491
ACCOUNTING POLICIES
Revenue is recognised when the performance obligation has been satisfied, which hap-
pens upon the transfer of control to the customer at an amount that reflects the considera-
tion to which the group expects to be entitled in exchange for the goods and services.
Revenue from shipping activities is recognised over time as the performance obligation is
satisfied, including a share of revenue from incomplete voyages at the balance sheet date.
Invoiced revenue related to an estimated proportion of remaining voyage time and activi-
ties at the destination port is deferred. The percentage of completion is calculated as the
remaining number of days of a voyage, as a percentage of the total number of days a voy-
age is estimated to last. Detention and demurrage fees are recognised over time until the
customers’ late return or pick-up of containers.
Revenue from terminal operations and towing activities is recognised upon completion of
the service. In container terminals operated under certain restrictive terms of pricing and
service, etc., the value of tangible assets constructed on behalf of the concession grantor
is recognised as revenue during the construction.
Revenue from most freight forwarding activities is recognised over time.
Revenue from the sale of goods is recognised upon the transfer of control to the buyer.
Contract work in progress and services are included in revenue based on the stage of com-
pletion so that revenue corresponds to the selling price of the work performed and ser-
vices completed in the financial year (the percentage-of-completion method).
No significant element of financing is deemed present as sales are made with credit terms
which are consistent with market practice. Revenue from sales is recognised based on the
price specified in the contract, net of the estimated volume discounts. Accumulated experi-
ence is used to estimate and provide for the discounts, using the expected value method,
and revenue is only recognised to the extent that it is highly probable that a significant
reversal will not occur.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
35
Note 2.2: Operating costs
Amounts in DKKm
2024
2023
Cost of goods sold
26,893
27,083
Bunker costs
49,856
42,582
Other shipping related costs
87,626
88,332
Rent and lease costs
11,946
10,189
Staff costs
64,698
60,718
Other costs
94,420
90,520
Total operating costs¹
335,439
319,424
Remuneration of employees
Wages and salaries²
55,728
52,251
Severance payments
1,037
1,639
Pension costs, defined benefit plans
308
503
Pension costs, defined contribution plans
2,650
2,328
Other social security costs
5,623
5,131
Total remuneration
65,346
61,852
Of which:
Recognised in the cost of assets
- 142
- 114
Included in other costs
- 506
- 1,020
Expensed as staff costs
64,698
60,718
Average number of employees
1
Including DKK 73m related to research and development expenditures
2
Including DKK 256m (DKK 193m) related to share-based payment programmes
Customary agreements have been entered into with employees regarding compensation in con-
nection with resignation with consideration for local legislation and collective agreements.
Please refer to note 5.1 for further information about share-based payment.
FEES AND REMUNERATION TO THE EXECUTIVE BOARD AND BOARD OF DIRECTORS
The Executive Board of A.P. Moller Holding is considered key management personnel. The
group has a cash-settled incentive plan to members of the Executive Board and grants have
been awarded on a yearly basis. The incentive plan provides an annual bonus and long-term in-
centive programmes, which are determined by the development in the value creation of the un-
derlying investments. The main parts of the long-term incentive programmes are capped.
Amounts in DKKm
2024
2023
Executive Board
Fixed base salary
18
18
Short-term cash incentive
15
14
Long-term incentive, grant value
9
9
Annual board fees from subsidiaries
5
4
Remuneration to the Executive Board before fair value adjustments
47
45
Fair value adjustments of long-term incentive, including of previous years' grants
55
41
Remuneration to the Executive Board, including fair value adjustments
102
86
Board of Directors
Annual fees
2
3
Remuneration to the Board of Directors
2
3
Remuneration to the Board of Directors and Executive Board
104
89
FEES TO STATUTORY AUDITORS
PricewaterhouseCoopers including network firms
Amounts in DKKm
2024
2023
Statutory audit
164
150
Other assurance services
23
17
Tax and VAT advisory services
11
13
Other services
21
19
Total fees
219
199
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
36
Note 2.2: Operating costs – continued
SIGNIFICANT ACCOUNTING ESTIMATES
Vessel sharing agreements (cost sharing arrangements)
Vessel sharing agreements in shipping require that some vessels are committed to spe-
cific service routes. The committed vessel’s capacity is then shared with one or more con-
tainer shipping providers in proportion to each party’s contribution to the joint service. In
practice, it is not always possible to provide tonnage precisely as agreed in the sharing
arrangements, therefore financial settlement often takes place on a basis of relative capac-
ity over/under utilised on a monthly basis or other mutually agreed cycle. These capacity
adjustments are settled as close as possible to actual costs incurred based on market
rates applicable at that time.
SIGNIFICANT ACCOUNTING JUDGMENTS
EU Emissions Trading System (ETS) classification determination
From 1 January 2024 onwards, the group’s maritime activities are subject to the new EU
ETS, a cap-and-trade system to reduce emissions via a carbon market. Implementation of
EU ETS requires the group to purchase EU allowances (EUAs) representing the right to
emit a specific amount of greenhouse gases (GHG). The group has purchased EUAs either
as spot or future contracts. EUA futures are financial instruments with delivery in Decem-
ber of the same year, and they satisfy the conditions for the ‘own use’ exemption and are
off-balance sheet items. EUA spot contracts are classified as other current assets upon
delivery of certificates. They are measured at cost of settlement and are not subject to re-
measurement until surrender. The cost includes all costs of purchase, costs of conversion,
and other directly attributable costs such as transaction costs. For more information on
the EUAs recognised refer to note 3.5. The accrual is recognised as fuel is burnt in the
group’s applicable maritime activities, measured at expected cost for the required EUAs,
based on actual emissions and the price of the EUAs, which is calculated as a weighted
average price of EUA spots and futures. The corresponding cost is presented as bunker
cost.
ACCOUNTING POLICIES
Operating costs comprise costs incurred in generating revenue for the year, including
costs for crew, labour, raw materials and consumables, repair and maintenance, and sales
and administration.
Note 2.3: Depreciation, amortisation and impairment losses, net
Amounts in DKKm
2024
2023
Depreciation
43,507
42,907
Amortisation
4,478
4,384
Impairment losses, net¹
6,281
2,692
Depreciation, amortisation and impairment losses, net
54,266
49,983
1
Including DKK 18m related to reversal of impairment regarding assets held for sale
For more information, reference is made to note 3.1, 3.2, and 3.3.
Note 2.4: Gain on sale of non-current assets, etc., net
Amounts in DKKm
2024
2023
Gains
4,139
4,160
Losses
- 827
- 309
Gain on sale of non-current assets, etc., net
3,312
3,851
Gains include the sale of vessels and equipment DKK 2.3bn (DKK 2.7bn), sale of businesses
DKK 1.9bn (DKK 1.0bn), and sale of other non-current assets DKK 0.0bn (DKK 0.5bn).
Losses are related to the sale of vessels and equipment DKK 0.4bn (DKK 0.2bn), and sale of
other non-current assets DKK 0.5bn (DKK 0.1).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
37
Note 2.5: Tax and deferred tax
Amounts in DKKm
2024
2023
Tax recognised in the income statement
Current tax on result for the year
4,149
4,626
Adjustment for current tax of prior periods
45
- 663
Utilisation of previously unrecognised deferred tax assets
- 681
- 1,405
Withholding tax
878
706
Total current tax
4,391
3,264
Origination and reversal of temporary differences
187
- 535
Adjustment for deferred tax of prior periods
- 504
- 457
Recognition of previously unrecognised deferred tax assets
- 3
81
Reassessment of recoverability of deferred tax assets, net
162
118
Total deferred tax
- 158
- 793
Total income tax
4,233
2,471
Tonnage and freight tax
935
940
Total tax expenses
5,168
3,411
Tax reconciliation
Result before tax
54,103
38,836
Profit subject to Danish and foreign tonnage taxation, etc.
- 40,328
- 19,846
Share of profit in joint ventures
- 1,119
- 1,022
Share of profit in associated companies
- 6,740
- 7,119
Result before tax, adjusted
5,916
10,849
Tax using the Danish corporation tax rate (22%)
1,302
2,387
Tax rate deviations in foreign jurisdictions
434
503
Pillar Two tax expenses
152
0
Non-taxable income
- 219
- 609
Non-deductible expenses
2,026
1,307
Adjustment to previous years' taxes
- 459
- 920
Change in recoverability of deferred tax assets
- 522
- 1,405
Deferred tax assets not recognised
355
396
Other differences, net
1,164
812
Total income tax
4,233
2,471
Effective tax rate
9.6%
8.8%
Amounts in DKKm
2024
2023
Tax recognised in other comprehensive income and equity
166
57
Of which:
Current tax
170
- 33
Deferred tax
- 4
90
The group generates profit across multiple business sectors and countries. Corporate income
taxes comprise taxes calculated in accordance with various countries’ tax regimes.
The land-based activities, which are subject to normal corporate income tax, include terminals,
logistics (transportation, warehousing, and distribution including cold storage, customs services,
and supply chain management services), services and shipping agencies through which the
group operates one of the world’s most comprehensive port and integrated logistics service net-
works, sale of industrial products, diagnostics services, and financial profit from other equity in-
vestments.
The taxation of shipping income generated by vessels providing services on the high seas,
calling at multiple ports across the globe, is outlined in the OECD Model Tax Convention, Article
8 (Shipping Article). Under the Shipping Article, activities are taxable in the jurisdiction where
the ship owning and operating entity is resident. Within our group, this is predominantly in Den-
mark and Singapore.
To encourage ship registration in Europe and ensure global competitiveness of the European
Maritime Industry, the EU has approved a specific shipping regime. This is normally referred to
as tonnage tax which calculates corporate income tax, based on the net tonnage of the fleet.
Consequently, under the tonnage tax regime, no credit is given for losses and, despite massive
capital investments in containers and vessels, no tax deductions are granted for depreciation or
operating expenses.
Tonnage tax regimes apply to the main part of the group’s activities within global trade and re-
sult in a stable annual tax liability. Given the liability to tonnage tax is not impacted by financial
profits, and is payable even in loss making years, the effective tax rate (ETR) metric can fluctuate
significantly. The group operates 750+ vessels delivering cargo to every corner of the globe, in-
cluding dry cargo commodities, refrigerated cargo, and dangerous cargo, as well as transport of
oil products.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
38
Note 2.5: Tax and deferred tax – continued
Recognised deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net liabilities
Amounts in DKKm
2024
2023
2024
2023
2024
2023
Intangible assets
354
291
8,729
8,108
8,375
7,817
Property, plant and equipment
396
689
2,750
2,266
2,354
1,577
Right-of-use assets
863
820
66
86
- 797
- 734
Provisions, etc.
2,126
1,886
1,016
738
- 1,110
- 1,148
Tax loss carryforward
1,467
946
0
7
- 1,467
- 939
Other
638
469
1,043
912
405
443
Total
5,844
5,101
13,604
12,117
7,760
7,016
Offsets
- 2,189
- 1,790
- 2,189
- 1,790
0
0
Total
3,655
3,311
11,415
10,327
7,760
7,016
Change in deferred tax, net during the year
Amounts in DKKm
2024
2023
As of 1 January
7,016
7,892
Intangible assets
- 422
- 260
Property, plant and equipment
280
- 174
Right-of-use assets
- 50
- 3
Provisions, etc.
64
- 78
Tax loss carryforward
- 260
- 148
Other
230
- 130
Recognised in the income statement
- 158
- 793
Other, including business combinations
752
- 264
Exchange rate adjustments
150
181
As of 31 December
7,760
7,016
Unrecognised deferred tax assets
Amounts in DKKm
2024
2023
Deductible temporary differences
882
780
Tax loss carryforward
6,266
7,147
Unused tax credit
67
80
Total
7,215
8,007
The unrecognised deferred tax assets have no significant time limitations. There are no substan-
tial unrecognised tax liabilities on investments in subsidiaries, associated companies, or joint
ventures.
GLOBAL MINIMUM TAXATION (OECD PILLAR TWO)
In an effort to end tax avoidance and to address concerns about the erosion of the global corpo-
rate tax base, a global framework for corporate taxation has been formed by the OECD/G20 In-
clusive Framework. One of the key elements is to introduce a global minimum tax rate of 15%,
based on group accounting income per jurisdiction.
The minimum tax rules are designed as a hierarchy of the right to claim income tax. If the income
is not subject to a minimum effective tax rate of 15% in the country where it is earned, then the
remaining tax payment (top-up tax) can be picked up by another jurisdiction where the group is
active. For the group, Denmark will add top-up tax if not applied locally as the ultimate parent
entity of the A.P. Moller Group, A.P. Møller Holding A/S, is located in Denmark.
The Danish implementation of Council Directive (EU) 2022/2523 of 14 December 2022 is effec-
tive from 1 January 2024. This means that A.P. Moller Holding group’s income is subject to the
minimum tax rules for all jurisdictions via Danish implementation for the financial year 2024 and
onwards.
Because the Danish implementation covers the group’s global activities, it is not expected that
other national implementations will have a significant additional impact on the global tax pay-
ments of the group. It may, however, have an impact on the location where potential top-up
taxes will be paid.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
39
Note 2.5: Tax and deferred tax – continued
Three elements are key to understanding how the rules will impact the group. First, the group
does not set up artificial structures in low-tax jurisdictions for tax purposes or earn significant
profits in such jurisdictions, which means that our business structure itself is not impacted signif-
icantly by the rules, but some additional tax may become payable where services are provided in
low-tax jurisdictions. Second, tax incentives given to capital projects, such as critical infrastruc-
ture, will be considered less effective going forward as it will impact the effective tax rate and
thereby the basis for potential top-up tax. Third, although the rules exclude ‘international ship-
ping income’, the definition is more restrictive than the global definitions usually applied under a
tax treaty following the OECD Model Tax Convention or under Danish tonnage tax.
Further, inland transportation is not a part of the international shipping income under the global
minimum tax rules. This is relevant for the part of the group’s land transport linked directly to
ocean transportation which is recognised as shipping income for tax treatment in the OECD
Model Tax Convention. The group is awaiting further guidance on the application of the shipping
income provision from the OECD Secretariat. Contrary to the purpose of the rules, top-up tax
could be triggered by the shipping classification in years where shipping net income is negative.
Due to the design of tonnage taxation, the group’s effective tax rate fluctuates significantly de-
pending on the yearly results. In accordance with the Global Minimum Taxation rules, the effec-
tive tax rate is calculated on a consolidated basis, also including non-shipping activities in the
individual countries.
SIGNIFICANT ACCOUNTING ESTIMATES
Deferred tax assets
Judgment has been applied with respect to the group’s ability to utilise deferred tax as-
sets. Management considers the likelihood of utilisation based on the latest business
plans and recent financial performances of the individual entities. Net deferred tax assets
recognised in entities having recognised an accounting loss in either the current or pre-
ceding period amount to DKK 1.4bn (DKK 1.1bn). These assets mainly relate to unused
tax losses or deductible temporary differences generated during construction of terminals,
where taxable profits have been generated either in the current period or are expected
within a foreseeable future.
Uncertain tax positions
The group is engaged in a number of disputes with tax authorities of varying scope. Ap-
propriate provisions and recognition of uncertain tax positions have been made where the
probability of the tax position being upheld in individual cases is considered less than
50%. Claims, for which the probability of the group’s tax position being upheld is as-
sessed by management to be at least 50%, are not provided for. Such risks are instead
evaluated on a portfolio basis by geographical area and country risk. Provisions and un-
certain tax liabilities are recognised when the aggregated probability of the tax position
being upheld is considered less than 50%.
ACCOUNTING POLICIES
Tax
Tax comprises an estimate of current and deferred income tax as well as adjustments to
previous years’ taxes. Income tax is tax on taxable profits and consists of corporation tax,
withholding tax of dividends, etc. Tax is recognised in the income statement to the extent
it arises from items recognised in the income statement, including tax on gains on intra-
group transactions that have been eliminated in the consolidation.
Deferred tax
Deferred tax is calculated on temporary differences between the carrying amounts and tax
bases of assets and liabilities. Deferred tax is not recognised for differences on the initial
recognition of assets or liabilities where, at the time of the transaction, neither accounting
nor taxable profit/loss is affected, unless the differences arise in a business combination.
In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when
the group controls the timing of dividends. No taxable dividends are currently expected. A
deferred tax asset is recognised to the extent that it is probable that it can be utilised
within a foreseeable future.
The group applies the IAS 12 exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
40
INVESTED CAPITAL
Note 3.1: Intangible assets ............................................................................................................................. 40
Note 3.2: Property, plant and equipment ................................................................................................... 46
Note 3.3: Right-of-use assets ........................................................................................................................ 49
Note 3.4: Investments in joint ventures and associates .......................................................................... 50
Note 3.5: Loans receivable.............................................................................................................................. 51
Note 3.6: Inventories ........................................................................................................................................ 52
Note 3.7: Provisions ......................................................................................................................................... 52
Note 3.8: Acquisition/sale of subsidiaries and activities ........................................................................ 53
Note 3.1: Intangible assets
Amounts in DKKm
Goodwill
Terminal
and ser-
vice con-
cession
rights¹
Customer
relations
and brand
names
Other in-
tangible
assets²
Total
Cost
As of 1 January 2024
75,317
20,440
40,935
11,263
147,955
Addition
0
533
0
1,384
1,917
Acquired in business combinations³
3,780
0
2,316
248
6,344
Disposal
- 310
0
- 101
- 1,288
- 1,699
Transfers, tangible assets
0
0
0
3
3
Transfers, liabilities
- 5
- 2
- 1
- 3
- 11
Exchange rate adjustment
1,656
762
800
326
3,544
As of 31 December 2024
80,438
21,733
43,949
11,933
158,053
Amortisation and impairment losses
As of 1 January 2024
2,469
6,317
6,825
4,762
20,373
Amortisation
0
723
2,569
1,186
4,478
Impairment losses
9,044
0
0
61
9,105
Disposal
- 121
0
0
- 689
- 810
Exchange rate adjustment
1
202
203
141
547
As of 31 December 2024
11,393
7,242
9,597
5,461
33,693
Carrying amount:
As of 31 December 2024
69,045
14,491
34,352
6,472
124,360
1
Of which DKK 0.1m is under development. Service concession rights with a carrying amount of DKK 0.5bn
have restricted title
2
Of which DKK 3.6bn is related to software
3
Acquired in business combinations, please refer to note 3.8
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
41
Note 3.1: Intangible assets – continued
Amounts in DKKm
Goodwill
Terminal
and ser-
vice con-
cession
rights¹
Customer
relations
and brand
names
Other in-
tangible
assets²
Total
Cost
As of 1 January 2023
75,759
20,796
43,157
10,971
150,683
Addition
0
142
81
1,508
1,731
Acquired in business combinations³
401
0
723
316
1,440
Disposal
- 44
0
- 2,773
- 1,375
- 4,192
Transfers
- 119
0
119
0
0
Transfers, tangible assets
- 14
0
0
12
- 2
Transfers, liabilities
66
0
0
27
93
Transfers, assets held for sale
0
0
- 21
0
- 21
Exchange rate adjustment
- 732
- 498
- 351
- 196
- 1,777
As of 31 December 2023
75,317
20,440
40,935
11,263
147,955
Amortisation and impairment losses
As of 1 January 2023
2,431
5,740
5,065
3,867
17,103
Amortisation
0
710
2,545
1,129
4,384
Impairment losses
127
0
2,057
168
2,352
Disposal
0
0
- 2,773
- 345
- 3,118
Transfers, tangible assets
0
0
0
7
7
Transfers, assets held for sale
0
0
- 21
0
- 21
Exchange rate adjustment
- 89
- 133
- 48
- 64
- 334
As of 31 December 2023
2,469
6,317
6,825
4,762
20,373
Carrying amount:
As of 31 December 2023
72,848
14,123
34,110
6,501
127,582
1
Of which DKK 0.1m is under development. Service concession rights with a carrying amount of DKK 0.5bn
have restricted title
2
Of which DKK 1.1bn is related to software
3
Acquired in business combinations, please refer to note 3.8
The carrying amount of goodwill has been allocated to the following operating cash-generating
units based on the management structure.
Cash-generating unit
Amounts in DKKm
2024
2023
Ocean
2,256
2,131
Logistics & Services
32,611
31,018
Terminals (multiple terminals)
1,720
1,625
Towage & maritime services
408
390
Demographic & societal change
16,901
25,420
Tray (food packaging)
9,138
9,186
Recycling PET
718
717
Energy transition (renewable solutions)
2,248
1,834
Energy transition (other solutions)
3,045
0
Other
0
527
Total
69,045
72,848
IMPAIRMENT – KEY ASSUMPTIONS APPLIED
The outcome of impairment tests is subject to estimates in financial budgets, forecasts and busi-
ness plans, as well as of the future development of freight rates and volumes, demographic and
societal changes, demand for sustainable solutions, commodity prices, including but not limited
to oil and utility prices, inflation, and the discount rates applied. Management determines these
key assumptions by considering past experience as well as market analysis and future expecta-
tions based on supply and demand trends.
Further, the value in use calculation is sensitive to discount rates and the terminal growth rates.
Value in use is determined based on the expected future economic growth rates and replace-
ment CAPEX during the terminal period, which is based on management’s plans and expecta-
tions for the future.
The future development in freight rates is a significant factor impacting Ocean and the product
tanker market in particular, and is influenced by regional and global economic environments,
trade patterns, and by industry specific trends in respect of capacity supply and demand. Con-
tainer freight rates continued to increase throughout the first half of 2024 as a result of the Red
Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply
catching up. Product tanker spot rates have deteriorated throughout 2024 as a result of the pro-
nounced market normalisation.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
42
Note 3.1: Intangible assets – continued
The future development in oil price is also an uncertain and significant factor impacting
accounting estimates, either directly on the bunker oil price, green fuel and its availability, or in-
directly through its impact on market freight rates charged to customers. Bunker consumption
increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation
in the Red Sea/Gulf of Aden.
Logistics & Services is impacted by rates and volumes across the Logistics & Services product
lines, particularly in the air and warehousing business. The future growth and productivity of the
‘Fulfilled by Maersk’ product range is also considered a key assumption, as volumes are sensi-
tive to the development of the global economy. Management considers both the future eco-
nomic outlook and expected synergies from completed acquisitions when determining the
growth and productivity.
Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by
the development in oil prices and the consequences for the respective countries’ economies,
which not only affect volumes handled in the terminals, but also foreign exchange rates. Contin-
ued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing
countries could also put pressure on the carrying amounts of individual terminals. The repercus-
sions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may im-
pact port rates in a few strategic regions. The other key sensitivities impacting Terminals include
container moves, revenue and cost per move, and local port rates, all of which are impacted by
the local economic outlook and competition, as well as concession right extensions and the dis-
count rate applied.
The future development in demand for sustainable solutions within food packaging, recycling of
plastic, as well as the demand for wind energy onshore and offshore is uncertain and signifi-
cantly impacting mainly Tray, Recycling PET, and Energy transition (renewable solutions). The
Paris Agreement adopted in 2015, together with increased focus on sustainable value chains
and sustainability reporting will also determine the extent of the demand.
The future development in demand within medical diagnostic services is dependent on demo-
graphic development and composition, including what the public authorities in individual coun-
tries decide to allocate to the healthcare budget. Demographic changes include an increasing
and ageing population, increasing prevalence of chronic diseases, and higher welfare.
Inflation is also expected to continue to have a high impact on 2025, affecting both the discount
rates and terminal growth rates.
IMPAIRMENT - RESULTS OF IMPAIRMENT ASSESSMENTS
Impairment losses recognised are specified as follows:
Impairment losses
Amounts in DKKm
2024
2023
Goodwill
Demographic & societal change
9,039
0
Other
0
127
Terminal and service concession rights
Terminals
7
0
Other intangible assets
Ocean¹
0
2,204
Logistics & Services¹
0
14
Towage & maritime services
0
7
Other
59
0
Total
9,105
2,352
1
In 2023, A.P. Møller - Mærsk A/S announced that it would move towards a singular and unified brand by inte-
grating the A.P. Moller - Maersk brands. Existing brands were retired, resulting in the recognition of impair-
ment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impair-
ment losses related to the retirement of brands in 2023 recognised in the income statement is DKK 2.1bn, of
which DKK 2.0bn is within Ocean and DKK 14m is within Logistics & Services
In Ocean, the cash flow projection is based on forecasts as per Q3 2024, covering five-year busi-
ness plans for 2025-2029. Management has applied an assumption of growth in volumes based
on a calculated terminal value with growth equal to the expected economic growth of 2.1%
(2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate
of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering manage-
ment’s planned fleet renewal programme running until 2030. The impairment test showed head-
room between the value in use and the carrying amount. The majority of the carrying amount is
comprised of vessels. Management is of the opinion that the assumptions applied are sustaina-
ble.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
43
Note 3.1: Intangible assets – continued
Using the discount rate as of 31 December 2024 and keeping all other assumptions constant,
Ocean showed headroom of DKK 29.3bn (DKK 26.3bn) between the value in use and the carry-
ing amount. The following changes in assumptions reflect the related impact on the value in use
and thus, the headroom for Ocean. The sensitivities are prepared with all other assumptions
kept constant.
Key assumption
Assump-
tion
Change
Effect on
value in
use
Growth in terminal period
2.1%
+/- 0.5 ppts
DKK 14.3bn
Discount rate p.a. before tax
9.9%
+/- 0.5 ppts
DKK 19.3bn
In Logistics & Services, the annual impairment test is based on the estimated value in use from
the five-year business plans for 2025-2029 (2024-2028), where the volume and improved margin
growth assumptions, which are regionally specific, reflect the current market expectations for the
relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a.
before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom
from the value in use to the carrying amount. Management is of the opinion that the assump-
tions applied are sustainable.
In Terminals, management assesses indicators of impairment including decreasing volumes, and
based on these indicators, estimates the recoverable amounts of the individual terminals where
impairment indicators exist. Management also tests for impairment of the cash-generating units
to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for
each terminal cover the concession period and extension options deemed likely to be exercised,
the latter of which is expected to have a positive impact on the replacement volumes. The
growth rates reflect current market expectations for the relevant period, and the discount rates
applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests
were considered fair value less cost of disposal compared to the carrying amount and resulted in
an immaterial amount across two terminals amounting to DKK 0.3bn (impairment losses of DKK
0.9bn across multiple terminals, of which DKK 0.6bn was related to a cash-generating unit in the
Mediterranean region). The fair values of individual terminals are measured at fair value less cost
of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value
level 3) are prepared by discounting expected cash inflows and outflows for the period until con-
cession end. This includes expected concession extensions, and costs and benefits related to
restructuring and improvement projects that a potential buyer can be assumed to undertake in
order to extract the best value from the terminal. Individual country-specific discount rates are
applied.
In Demographic & societal change, the estimated future cash flows are based on the budget for
2025 (2024) and business plans and projections for 2026-2037 (2025-2036). The extended fore-
cast period reflects the nature of the business, where the business is benefitting from long-term
demographic trends driving predictable volume growth, and is a business underpinned by a
well-diversified portfolio of long-term government contracts, long-term partnerships with insur-
ance companies, contracts with hospitals, as well as a broad-based exposure to referring physi-
cians combined with an extensive footprint of collection centres and clinics. The business plans
and projections are based on a market by market approach, assessing the organic business po-
tential for each of the key markets, and estimating the volume growth, sales prices, and contribu-
tion margins for each segment. Further, the capital expenditure and working capital required to
maintain and organically grow the business are considered. The average revenue growth rate in
the forecast period 2028-2037 (2027-2036) is 2.5% (5.0%) and while uncertainties connected to
especially inflation can impact the growth rates, management considers the average growth
rates realistic based on historical growth rates, expected test volumes, as well as the business
plans and market analysis at hand. The long-term growth rate in the terminal period has been
estimated to 2.0% (2.5%) and is supported by industry specific market analyses performed by
external advisors. A discount rate p.a. pre-tax of 8.7% (9.0%) has been applied. The following
changes in assumptions reflect the related impact on the value in use. The sensitivities are pre-
pared with all other assumptions kept constant.
Key assumption
Assump-
tion
Change
Effect on
value in
use
Annual growth in forecast period (2028-2037)
2.5%
+/- 0.5 ppts
DKK 1.1bn
Growth in terminal period
2.0%
+/- 0.5 ppts
DKK 1.9bn
Discount rate p.a. before tax
8.7%
+/- 0.5 ppts
DKK 3.9bn
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
44
Note 3.1: Intangible assets – continued
In Tray and Recycling PET, the estimated future net cash flows are based on the budgets for
2025 (2024) and business plans and projections for 2026-2029 (2025-2028). The business plans
and projections are based on a market by market approach, assessing the organic business po-
tential for each of the key markets and segments, and estimating the volume growth, sales
prices, and contribution margins for each segment. The capital expenditure and working capital
required to maintain and organically grow the business is also considered. The average revenue
growth rates in the forecast period 2025-2029 (2024-2028) are 6.3% (1.4%) for Tray and 8.2%
(2.8%) for Recycling, respectively. Management expects to gain market share due to the com-
pany’s strong product portfolio, comprehensive recycling offerings, and positive tailwind from
material conversion into PET, also driven by regulatory developments, e.g. mandatory recycled
content. The long-term growth rate in the terminal period has been set to equal for an expected
long-term rate of inflation of 2.0% (2.0%) for the Euroregion. Discount rates p.a. pre-tax of 8.4%
(9.1%) for Tray and 8.3% (9.0%) for Recycling PET have been applied. The impairment test
showed headroom from the value in use to the carrying amount. The sensitivity test performed
shows that there is headroom for a reasonable possible change in the key assumptions, individ-
ually.
In Energy transition (renewable solutions), the estimated future cash flows are based on the
budget for 2025 (2024) and business plans and projections for 2026-2028 (2025-2027). The
business plans and projections are based on a market by market approach, assessing the or-
ganic business potential for each of the key markets, and estimating the volume growth, sales
prices, and contribution margins for each segment. Further, the capital expenditure and working
capital required to maintain and organically grow the business are considered. The average reve-
nue growth rate in the forecast period 2025-2028 (2024-2027) is 12.5% (18.8%) and while uncer-
tainties connected to especially inflation can impact the short-term growth rates, management
considers the average growth rates realistic based on the business and market plans at hand.
The long-term growth rate in the terminal period has been set to equal for an expected long-
term rate of inflation of 2.0% (2.0%). A discount rate of 10.7% (11.4%) p.a. pre-tax has been ap-
plied. The impairment test showed headroom from the value in use to the carrying amount. The
sensitivity test performed shows that there is headroom for a reasonable possible change in the
key assumptions, individually.
OTHER INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIFE
Terminal and service concession rights include DKK 228m (DKK 229m) related to terminal rights
with indefinite useful life. These terminal rights are included in the impairment test for Terminals.
Brand names with indefinite useful life of DKK 3.0bn (DKK 2.8bn) are included in the cash-gener-
ating unit Tray (food packaging) and Energy transition (other solutions), respectively. Thus, the
asset is carried at cost without amortisation as it is estimated that the brand will generate net
cash inflows for an indefinite period.
SIGNIFICANT ACCOUNTING ESTIMATES
Impairment tests
The recoverable amount of each cash-generating unit is determined based on the higher
of its value in use and fair value less costs to sell. The estimated value in use is calculated
using certain key assumptions for the expected future cash flows and applied discount
factor.
Current market values for vessels, etc., are estimated using acknowledged brokers.
The cash flow projections are based on financial budgets, forecasts, and business plans. In
nature, these projections are subject to judgments and estimates that are uncertain,
though based on experience and external sources, where available.
The discount rates applied reflect the time value of money as well as the specific risks re-
lated to the underlying cash flows, i.e. project and/or country specific risk premiums. Fur-
ther, any uncertainties reflecting past performance and possible variations in the amount
or timing of the projected cash flows, are generally reflected in the discount rates.
Refer to notes 3.1 and 3.2 for information about impairment analysis, key assumptions and
impairment test results.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
45
Note 3.1: Intangible assets – continued
SIGNIFICANT ACCOUNTING JUDGMENTS
Determination of cash-generating units
Judgment is applied in the determination of cash-generating units of which goodwill is al-
located for impairment testing and in the selection of methodologies and assumptions ap-
plied in impairment tests.
The determination of cash-generating units differs for various business areas.
Ocean operates its fleet of container vessels and hub terminals in an integrated network.
Consequently, the Ocean activities are tested for impairment as a single cash-generating
unit.
Logistics & Services, including first-mile activities, is considered one cash-generating unit.
Management views the Logistics & Services products as an integrated network.
In Terminals, each terminal is considered an individual cash-generating unit for impairment
tests, except when the capacity is managed as a portfolio.
Supply vessels and product tanker vessels with similar functionality and operating envi-
ronment are considered as one cash-generating unit.
Towage & maritime services, Demographic & societal change, Tray, Recycling PET, and
Energy transition (renewable solutions and other solutions) are each considered as one
cash-generating unit.
ACCOUNTING POLICIES
Intangible assets are measured at cost less accumulated amortisation and impairment
losses. Amortisation is calculated on a straight-line basis over the estimated useful lives of
the assets. The fair value of any future contingent payments is included in the cost at ac-
quisition. Subsequent adjustments are recognised in the income statement.
Goodwill, terminal rights and certain brand names have an indefinite useful life while all
other intangible asset classes have definite lives.
For container terminals operated under certain restrictive price and service conditions,
etc., concessional rights to collect usage charges are included under intangible assets. The
cost includes the present value of minimum payments under concession agreements and
the cost of property, plant and equipment constructed on behalf of a grantor of a conces-
sion. The rights are amortised from the commencement of operations over the concession
period. The concession period ranges from 10 to 34 years, with an average of 17 years.
Intangible assets regarding acquired customer relationships, brand names, and technol-
ogy are amortised over a useful life of 10-24 years, up to 20 years, and 5-10 years, respec-
tively. IT software is amortised over a useful life of 3-10 years. Completed development
projects are amortised on a straight-line basis over 3-5 years.
Estimated useful lives and residual values are reassessed on a regular basis.
Impairment losses are recognised when the carrying amount of an asset or a cash-gener-
ating unit exceeds the higher of the estimated value in use and fair value less costs of dis-
posal. Goodwill is attributed to cash-generating units on acquisition and impaired before
other assets.
Intangible assets and property, plant and equipment are tested for impairment, if there is
an indication of impairment. However, annual impairment tests are carried out for goodwill
and other intangible assets with indefinite useful lives as well as intangible assets that are
not yet in use. Impairment losses are included in depreciation, amortisation and impair-
ment losses, net, in the income statement.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
46
Note 3.2: Property, plant and equipment
Amounts in DKKm
Vessels,
aircrafts,
contain-
ers, etc.
Produc-
tion facili-
ties and
equip-
ment, etc.
Construc-
tion work
in pro-
gress and
payment
on
account
Total
Cost
As of 1 January 2024
331,223
69,910
26,555
427,688
Addition
6,634
1,989
25,514
34,137
Acquired in business combinations¹
0
830
65
895
Disposal
- 8,684
- 2,498
- 48
- 11,230
Disposal due to sale of businesses
- 15,008
- 31
- 129
- 15,168
Transfers
15,306
8,333
- 23,639
0
Transfers, intangible assets
0
11
- 14
- 3
Transfers between assets and liabilities
1,057
15
- 1,130
- 58
Transfers, assets held for sale
- 296
- 119
0
- 415
Reclassification from/to right-of-use assets
124
- 221
- 84
- 181
Exchange rate adjustment
17,664
1,254
1,923
20,841
As of 31 December 2024
348,020
79,473
29,013
456,506
Depreciation and impairment losses
As of 1 January 2024
188,959
31,463
3
220,425
Depreciation
16,045
5,105
0
21,150
Impairment losses
197
321
43
561
Reversal of impairment losses
- 3,322
- 39
0
- 3,361
Disposal
- 7,254
- 1,549
- 12
- 8,815
Disposal due to sale of businesses
- 9,885
- 31
0
- 9,916
Transfers
107
- 107
0
0
Transfers between assets and liabilities
- 210
- 10
0
- 220
Transfers, assets held for sale
- 90
- 37
0
- 127
Reclassification from/to right-of-use assets
- 17
- 50
0
- 67
Exchange rate adjustment
10,426
781
1
11,208
As of 31 December 2024
194,956
35,847
35
230,838
Carrying amount:
As of 31 December 2024
153,064
43,626
28,978
225,668
1
Acquired in business combinations, please refer to note 3.8
Amounts in DKKm
Vessels,
aircrafts,
contain-
ers, etc.
Produc-
tion facili-
ties and
equip-
ment, etc.
Construc-
tion work
in pro-
gress and
payment
on
account
Total
Cost
As of 1 January 2023
350,128
64,606
16,578
431,312
Addition
5,212
1,826
20,479
27,517
Acquired in business combinations¹
0
582
3
585
Disposal
- 16,558
- 1,836
- 98
- 18,492
Disposal due to dilution and merger
3,091
6,271
- 9,362
0
Transfers, intangible assets
0
27
- 25
2
Transfers between assets and liabilities
38
106
- 163
- 19
Transfers, assets held for sale
- 332
- 218
- 1
- 551
Reclassification from/to right-of-use assets
241
8
- 21
228
Exchange rate adjustment
- 10,597
- 1,462
- 835
- 12,894
As of 31 December 2023
331,223
69,910
26,555
427,688
Depreciation and impairment losses
As of 1 January 2023
193,975
29,067
36
223,078
Depreciation
15,120
4,589
0
19,709
Impairment losses
44
941
0
985
Reversal of impairment losses
- 148
- 503
0
- 651
Disposal
- 13,780
- 1,777
- 31
- 15,588
Transfers, intangible assets
0
- 7
0
- 7
Transfers between assets and liabilities
0
0
- 1
- 1
Transfers, assets held for sale
- 287
- 100
0
- 387
Reclassification from/to right-of-use assets
62
9
- 2
69
Exchange rate adjustment
- 6,027
- 756
1
- 6,782
As of 31 December 2023
188,959
31,463
3
220,425
Carrying amount:
As of 31 December 2023
142,264
38,447
26,552
207,263
1
Acquired in business combinations, please refer to note 3.8
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
47
Note 3.2: Property, plant and equipment – continued
IMPAIRMENT – KEY ASSUMPTIONS APPLIED
Please refer to note 1.2 and 3.1.
RESULTS OF IMPAIRMENT ASSESSMENTS
Impairment losses recognised are specified as follows:
Cash-generating unit
Amounts in DKKm
Impair-
ment
losses
Reversal
of
impair-
ment
losses
2024
Terminals
290
48
Logistics & Services
62
0
Manufacturing & other
181
3,299
Tanker vessels
0
19
Other
22
7
Total
555
3,373
2023
Ocean
0
101
Terminals
929
503
Logistics & Services
41
0
Tray (food packaging)
15
0
Tanker vessels
0
47
Total
985
651
The recoverable amount of each cash-generating unit is determined based on the higher of its
value in use or fair value less cost of disposal. The estimated value in use is calculated using cer-
tain key assumptions for the expected future cash flows and applied discount factors. Current
market values for vessels, etc., are estimated using acknowledged brokers.
Projected cash flow models are used when fair value is not obtainable or when fair value is
deemed lower than value in use. The cash flow projections are based on financial budgets and
business plans approved by management.
Impairment losses 2024
Impairment losses are mainly related to terminals. Reference is made to note 3.1.
Impairment reversal 2024
Reversal of impairment of vessels is related to sale of businesses.
Impairment losses 2023
Impairment losses are mainly related to terminals. Reference is made to note 3.1.
Impairment reversal 2023
Reversal of impairment of vessels is related to sale of assets.
OPERATING LEASES AS LESSOR
Property, plant and equipment includes assets (mainly vessels) which are leased out as part of
the group’s activities. The amounts below comprise the calculated future minimum lease pay-
ments for the assets and exclude the estimated service elements, which are presented in note
2.1. Jointly the two elements amount to the group’s revenue backlog.
Operating lease receivables
Amounts in DKKm
2024
2023
Within one year
570
770
Between one and five years
769
1,413
After five years
117
156
Total
1,456
2,339
PLEDGES
Property, plant and equipment with a carrying amount of DKK 3.6bn (DKK 10.8bn) has been
pledged as security for loans of DKK 0.9bn (DKK 7.5bn).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
48
Note 3.2: Property, plant and equipment – continued
SIGNIFICANT ACCOUNTING ESTIMATES
Useful lives and residual values
Useful lives are estimated annually based on experience. When an asset’s useful life
changes, management revises the estimates for individual assets or groups of assets with
similar characteristics due to factors such as quality of maintenance and repair, technical
development, or environmental requirements. Management has also considered the im-
pact of decarbonisation and climate-related risks on useful lives of existing assets. Such
risks include new climate-related legislation restricting the use of certain assets, new tech-
nology required by climate-related legislation, and the increase in restoration costs for ter-
minal sites due to new and/or more comprehensive policies.
In addition, the useful lives of container vessels and related assets that operate on bunker
fuel have been considered in conjunction with A.P. Moller - Maersk’s net zero by 2040
target.
Residual values of container vessels are difficult to estimate given their long useful lives,
the uncertainty of future economic conditions, the market for conventional fuel vessels,
and the uncertainty of future steel prices, which are considered the main determinants of
the residual value. Additionally, the acceleration of the development of vessels with a lower
carbon footprint may generate downward pressure on the market for second-hand con-
ventional fuel vessels. Generally, the residual values of vessels are initially estimated at
10% of the purchase price excluding dry-docking costs.
ACCOUNTING POLICIES
Property, plant and equipment are valued at cost less accumulated depreciation and im-
pairment losses. Depreciation is charged to the income statement on a straight-line basis
over the useful lives at an estimated residual value. The useful lives of assets are typically
as follows:
Vessels, etc.
20-25 years
Containers, etc.
15 years
Buildings
10-75 years
Terminal infrastructure
10-30 years or
concession period, if shorter
Warehouses and related infrastructure
5-25 years or lease term, if shorter
Aircrafts and related components
3-30 years
Plant and machinery, cranes, and other terminal equipment
3-25 years
Other operating equipment, fixtures, etc.
3-10 years
Estimated useful lives and residual values are reassessed on a regular basis.
Cost comprises the acquisition price as well as costs directly associated with the asset un-
til such time as the asset is ready for its intended use.
The cost of an asset is divided into separate components, which are depreciated sepa-
rately if the useful lives of the individual components differ. Dry-docking costs are recog-
nised in the carrying amount of the vessels when incurred and depreciated over the period
until the next dry-docking.
The cost of assets constructed by the group includes directly attributable expenses and
indirect costs related to materials, components, and payroll that directly concern the con-
struction of assets. For assets with a long construction period, borrowing costs during the
construction period from specific as well as general borrowings are attributed to the cost
of the asset. In addition, the cost includes the net present value of estimated costs of
removal and restoration.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
49
Note 3.3: Right-of-use assets
Amounts in DKKm
Vessels,
contain-
ers, etc.
Conces-
sion
agree-
ments
Real es-
tate and
other
leases
Total
Right-of-use assets
As of 1 January 2023
44,306
16,798
17,497
78,601
Additions
6,979
476
8,346
15,801
Acquired in business combinations¹
0
0
261
261
Disposal
- 1,097
- 6
- 507
- 1,610
Depreciation
- 17,329
- 1,319
- 4,550
- 23,198
Impairment losses
0
0
- 6
- 6
Transfers
- 11
0
11
0
Transfers to owned assets, etc.
- 172
0
13
- 159
Transfers between assets/liabilities
0
0
- 4
- 4
Transfers, assets held for sale
0
- 1
- 13
- 14
Exchange rate adjustment
- 1,167
- 322
- 398
- 1,887
As of 31 December 2023
31,509
15,626
20,650
67,785
Additions
22,692
3,465
6,789
32,946
Acquired in business combinations¹
0
0
102
102
Disposal
- 1,846
- 4
- 1,034
- 2,884
Depreciation
- 15,951
- 1,402
- 5,004
- 22,357
Reversal of impairment losses
0
0
6
6
Transfers to owned assets, etc.
- 37
0
151
114
Transfers between assets/liabilities
- 65
0
6
- 59
Exchange rate adjustment
2,006
476
475
2,957
As of 31 December 2024
38,308
18,161
22,141
78,610
1
Acquired in business combinations, please refer to note 3.8
As part of the group’s activities, customary leasing agreements are entered into, especially re-
garding the chartering of vessels, leasing of containers and other equipment, and real estate. In
some cases, leasing agreements comprise purchase options exercisable by the group and op-
tions for extending the lease term. The group also enters into concession agreements that pro-
vide the right to use some existing infrastructure or land as required to carry out the terminal
business.
To optimise lease costs during the contract period, the group sometimes provides residual value
guarantees in relation to equipment leases. At the end of 2024, the expected residual values
were reviewed to establish if these reflected the actual residual values achieved on comparable
assets and expectations about future prices. As of 31 December 2024, DKK 2.0bn (DKK 2.3bn) is
expected to be payable and is included in the measurement of lease liabilities.
Leases to which the group is committed, but for which the lease term has not yet commenced,
have an undiscounted value of DKK 67.6bn (DKK 17.9bn). They comprise approx. 87 (43) con-
tracts commencing between 2025 and 2029 (2024 and 2026).
Certain terminal concession agreements contain variable payment terms that are linked to future
performance, i.e. number of containers handled. Such payments are recognised in the income
statement in the period in which the condition that triggers those payments occurs.
Lease liabilities are disclosed in note 4.2, 4.3, 4.4, and 5.2.
Amount recognised in the income statement
Amounts in DKKm
2024
2023
Depreciation cost and impairment losses on right-of-use assets
22,351
23,204
Interest expenses (included in financial expenses)
4,360
3,986
Expenses relating to service elements of leases
6,516
5,993
Expenses relating to short-term leases
2,667
1,946
Expenses relating to variable lease payments
212
192
Expenses relating to lease of low-value assets
2,551
2,058
Total recognised in operating costs
11,946
10,189
Income from sublease of right-of-use assets
- 44
- 52
Total recognised in the income statement
11,902
10,137
Total cash outflow for leases
Amounts in DKKm
2024
2023
Other lease expenses
11,551
9,405
Interest expenses
4,360
3,986
Repayment of leases
22,329
23,213
Total cash outflow for leases
38,240
36,604
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
50
Note 3.3: Right-of-use assets - continued
ACCOUNTING POLICIES
Right-of-use assets are mainly leased vessels, containers, concession agreements, and
real estate property. Lease contracts for vessels and containers are typically made for
fixed periods of about five years but may have extension options as described together
with lease liabilities. Concession agreements and real estate contracts are negotiated on
an individual basis and contain a wide range of terms and conditions.
Leases are recognised as a right-of-use asset with a corresponding liability at the date at
which the leased asset is available for use by the group. The right-of-use asset is depreci-
ated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
The interest element of lease payments related to leases capitalised under IFRS 16 is
recognised in the income statement under financial expenses.
Payments associated with short-term leases and leases of low-value assets are recognised
on a straight-line basis as an expense in the income statement under operating costs.
Note 3.4: Investments in joint ventures and associates
Summarised financial information for associates that are material for the group as of 31 Decem-
ber 2024 are presented below.
DANSKE BANK A/S, ASSOCIATED COMPANY
Since 1928, A.P. Moller Group has been a shareholder in Danske Bank - a Nordic universal bank
offering a diversified platform across the Nordic markets.
Amounts in DKKm
2024
2023
Total income
56,405
52,422
Operating expenses, depreciations, impairments, etc.
- 25,736
- 25,478
Loan impairment charges
543
- 262
Result before tax
31,212
26,682
Tax
- 7,583
- 5,420
Result for the year
23,629
21,262
Comprehensive income
- 273
- 14
Comprehensive income, total
23,356
21,248
Non-current assets
2,368,344
2,501,529
Current assets
1,347,697
1,269,452
Non-current liabilities
- 2,600,776
- 2,670,726
Current liabilities
- 939,578
- 924,516
Total assets, net
175,687
175,739
Cash in hand and demand deposits with central banks
107,498
259,156
With effect from 1 January 2024, Danske Bank has changed the presentation in the income
statement in relation to income and expenses. Accordingly, the presentation of the comparative
information for 2023 has been changed.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
51
Note 3.4: Investments in joint ventures and associates – continued
Reconciliation of the group’s share of carrying amount in Danske Bank A/S:
Amounts in DKKm
2024
2023
Net assets 1 January
175,739
160,318
Result for the year
23,629
21,262
Other comprehensive income
- 273
- 14
Dividends paid
- 18,207
- 6,011
Other equity transactions
- 5,201
184
Net assets 31 December
175,687
175,739
A.P. Møller Holding A/S' ownership
21.3%
21.3%
A.P. Møller Holding A/S' share of:
Result for the year
5,024
4,520
Comprehensive income
- 58
- 3
Dividends received during the year
3,883
1,283
Ownership interest
37,355
37,356
Goodwill
957
957
Carrying amount
38,312
38,313
JOINT VENTURES AND OTHER ASSOCIATED COMPANIES
In addition to the interests in material associated companies disclosed above, the group also
has interests in a number of individually immaterial joint ventures and associates.
Investments in joint ventures
Amounts in DKKm
2024
2023
A.P. Moller Holding group’s share of:
Result for the year
1,119
1,022
Comprehensive income
- 24
0
Carrying amount
6,507
5,649
Investments in other associated companies
Amounts in DKKm
2024
2023
A.P. Moller Holding group’s share of:
Result for the year
1,716
2,599
Comprehensive income
0
0
Carrying amount
18,490
12,653
SIGNIFICANT ACCOUNTING ESTIMATES
Investments in associated companies
As of 31 December 2024, the carrying amount of the shares in Danske Bank amounted to
DKK 38.3bn (DKK 38.3bn), including group goodwill of DKK 1.0bn, and the market value
amounted to DKK 36.2bn (DKK 33.1bn).
ACCOUNTING POLICIES
Share of result in associated companies and joint ventures is recognised net of tax and
corrected for the share of unrealised intra-group gains and losses. The item also com-
prises any impairment losses for such investments and their reversal.
Investments in associated companies and joint ventures are recognised at the group’s
share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an
integral part of the value of associated companies and joint ventures and is therefore sub-
ject to an impairment test together with the investment as a whole. Impairment losses are
reversed to the extent the original value is considered recoverable.
Note 3.5: Loans receivable
Loans receivable amount to DKK 113.7bn (DKK 86.8bn) and consist primarily of term deposits
with a maturity of more than three months, amounting to DKK 113.7bn (DKK 86.3bn). For
details on the assessment of the expected losses on term deposits, please refer to note 4.3.
Other receivables primarily consist of prepayments made for operational activities that will be
utilised after twelve months amounting to DKK 13.6bn (DKK 8.8bn), and EUAs amounting to
DKK 1.2bn (DKK 0bn). For details on the significant accounting judgments regarding EUAs, re-
fer to note 2.2.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
52
Note: 3.5: Loans receivable - continued
ACCOUNTING POLICIES
Loans receivable are initially recognised at fair value, plus any direct transaction costs and
subsequently measured at amortised cost using the effective interest method. For loans
and other receivables, write-downs are made for expected losses based on specific indi-
vidual or group assessments.
Note 3.6: Inventories
Amounts in DKKm
2024
2023
Raw materials and consumables
2,072
2,035
Work in progress
592
468
Finished goods and goods for resale
1,037
927
Bunker oil, etc.
9,777
9,908
Other consumables
1,440
1,270
Total
14,918
14,608
ACCOUNTING POLICIES
Inventories mainly consist of bunker, spare parts not qualifying as property, plant and
equipment, and raw materials and consumables. Inventories are measured at the lower of
cost including delivery costs and indirect production costs and net realisable value, pri-
marily according to the FIFO method. The cost of finished goods and work in progress in-
cludes direct and indirect production costs.
Note 3.7: Provisions
Amounts in DKKm
Restruc-
turing
Legal dis-
putes, etc.
Other
Total
As of 1 January 2024
960
8,322
3,199
12,481
Provision made
439
2,920
1,871
5,230
Amount used
- 674
- 1,748
- 819
- 3,241
Amount reversed
- 212
- 1,353
- 431
- 1,996
Addition from business combinations
0
0
70
70
Disposal, loss of control
- 22
- 2
- 94
- 118
Transfers between assets/liabilities
- 1
2
12
13
Exchange rate adjustment
16
339
121
476
As of 31 December 2024
506
8,480
3,929
12,915
Of which:
Classified as non-current
84
4,945
2,176
7,205
Classified as current
422
3,535
1,753
5,710
Non-current provisions
expected to be realised after more than five years
0
219
333
552
Restructuring includes provisions for decided and publicly announced restructurings and in-
cludes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect
tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts.
Reversals of provisions primarily relate to legal disputes and contractual disagreements, which
are recognised in the income statement under operating costs and tax.
SIGNIFICANT ACCOUNTING ESTIMATES
Provisions for legal disputes, etc.
Management’s estimate of the provisions for legal disputes, including disputes on taxes
and duties, is based on the knowledge available on the substance of the cases and a legal
assessment of these. The resolution of legal disputes, through either negotiations or liti-
gation, can take several years to be reached and the outcomes are subject to considerable
uncertainty.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
53
Note 3.7: Provision - continued
ACCOUNTING POLICIES
Provisions are recognised when the group has a present legal or constructive obligation
from past events. The item includes, among others, legal disputes, provisions for onerous
contracts, and unfavourable contracts acquired as part of a business combination. Provi-
sions are recognised based on best estimates and are discounted where the time element
is significant and where the time of settlement is reasonably determinable.
Reversals of provisions primarily relate to the settlement of contractual disagreements,
which are recognised in the income statement under operating costs and tax.
Note 3.8: Acquisition/sale of subsidiaries and activities
ACQUISITIONS DURING 2024
Cash flow used for acquisitions in 2024
Amounts in DKKm
Concen-
tric
Other
Total
Fair value at time of acquisition
Intangible assets
2,259
305
2,564
Property, plant and equipment
875
20
895
Right-of-use assets
50
52
102
Financial assets
4
1,305
1,309
Deferred tax assets
12
0
12
Current assets
1,347
1,042
2,389
Provisions
- 70
0
- 70
Deferred tax liability
- 658
- 66
- 724
Other liabilities
- 1,288
- 886
- 2,174
Net assets acquired
2,531
1,772
4,303
Non-controlling interests
- 99
- 2
- 101
A.P. Møller Holding A/S' share
2,432
1,770
4,202
Goodwill
3,127
653
3,780
Gain on business combinations
0
- 491
- 491
Purchase price
5,559
1,932
7,491
Change in payable purchase price, etc.
0
59
59
Cash and bank balances assumed
- 304
- 547
- 851
Cash flow used for acquisition of subsidiaries and activities
5,255
1,444
6,699
Transaction related costs recognised in the income statement amounted to DKK 104m.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
54
Note 3.8: Acquisition/sale of subsidiaries and activities - continued
Concentric (Energy transition)
On 29 August 2024, the group announced a public cash offer to the shareholders of Concentric
AB. At the end of the acceptance period on 16 October 2024, the offer had been accepted by
95.4% of the shareholders. On 7 November 2024, the company was delisted and traded on
Nasdaq Stockholm for the last time. The group has initiated a compulsory buy-out of the out-
standing shares that will be completed in 2025.
Concentric is one of the world’s leading players in flow control and fluid power technology for
the commercial vehicle market, providing customers with advanced technology pumps, thermal
management, and hydraulic systems. With its products, Concentric aims to improve customer
efficiency through better fuel economy, reducing emissions, and improving engine control
through technical solutions and precision engineering.
The purchase price allocation resulted in goodwill of DKK 3.1bn. Acquired goodwill is not allowa-
ble for tax purposes.
The acquisition contributed revenue of DKK 0.3bn and an insignificant net profit. Had the acqui-
sition occurred on 1 January 2024, the impact on the group’s revenue would have been DKK
2.4bn and net profit of DKK 0.1bn, including amortisation of intangibles recognised in the acqui-
sition.
The accounting for the business combination is considered provisional as of 31 December 2024,
as valuation of intangible assets is not yet finalised.
Other
During 2024, a number of other acquisitions have been completed. The acquisitions are smaller
add-ons in current portfolio companies and businesses.
ACQUISITIONS DURING 2023
Cash flow used for acquisitions in 2023
Amounts in DKKm
Total¹
Fair value at time of acquisition
Intangible assets
1,039
Property, plant and equipment
585
Right-of-use assets
261
Financial assets
3
Current assets
1,382
Provisions
- 49
Liabilities
- 307
Net assets acquired
2,914
Non-controlling interests
- 138
A.P. Møller Holding A/S' share
2,776
Goodwill
401
Purchase price
3,177
Change in payable purchase price, etc.
131
Contingent consideration assumed
- 52
Contingent consideration paid
493
Cash and bank balances assumed
- 238
Cash flow used for acquisition of subsidiaries and activities
3,511
1
Total includes minor changes in the provisional amounts of 2022 business combinations
Transaction related costs recognised in the income statement amounted to DKK 43m.
KK Wind Solutions (Energy transition)
The group has acquired an add-on to its converter & controls business. The acquisition makes
KK Wind Solutions the world’s leading converter manufacturer to the wind industry. The transac-
tion brings numerous benefits to the customers as the group gains additional momentum in ma-
turing the industry’s supply chain and leveraging economies of scale across the group’s opera-
tions to achieve greater efficiencies. By expanding the manufacturing footprint to China, the
group can better serve our customers globally. As part of the transaction, KK Wind Solutions
gains exclusivity in supplying converters and controls to Vestas and will further advance the
partnership by co-developing all future Vestas converters.
The purchase price allocation resulted in goodwill of DKK 304m. Acquired goodwill is not allowa-
ble for tax purposes.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
55
Note 3.8: Acquisition/sale of subsidiaries and activities - continued
The acquisition contributed revenue of DKK 2.3bn and net profit of DKK 0.1bn. Had the acquisi-
tion occurred on 1 January 2023, the impact on the group’s revenue would have been DKK 2.8bn
and net profit of DKK 0.1bn, including amortisation of intangibles recognised in the acquisition.
Martin Bencher Group (Logistics & Services)
On 2 January 2023, the group acquired 100% of the shares in Martin Bencher Group, a Den-
mark-based project logistics company for the purchase price of DKK 365m, which resulted in
goodwill of DKK 76m. Martin Bencher Group complemented the existing A.P. Moller - Maersk
project logistics services, with a specialised service offering the combination of solution design,
special cargo transportation, and project management services.
Acquired goodwill is not allowable for tax purposes.
Martin Bencher Group contributed revenue of DKK 1.1bn and an insignificant net profit to the
group equivalent to its entire revenue and net profit in 2023.
Grindrod Intermodal Group (Logistics & Services)
On 2 January 2023, the group completed the acquisition of Grindrod Logistics with a controlling
interest of 51% for a purchase price of DKK 303m, which resulted in goodwill of DKK 103m. The
group partnered with Grindrod Intermodal Group to merge the logistics activities of Grindrod
Intermodal business and the ocean activities of the Ocean Africa Container Lines (OACL) with
the existing A.P. Moller - Maersk Logistics & Services products in South Africa.
Acquired goodwill is not allowable for tax purposes.
Grindrod contributed revenue of DKK 0.3bn and an insignificant net profit to the group equiva-
lent to its entire revenue and net profit in 2023.
DIVESTMENTS DURING 2024
The group completed the transaction to combine Maersk Supply Service and DOF. With the
completion of the agreement, our group holds 25% of the share capital in the combined com-
pany.
Furthermore, the merger of ZeroNorth and Alpha Ori Technologies was completed during 2024
leading to A.P. Moller Holding group no longer having control of the business.
No other material sales were undertaken during 2024.
DIVESTMENTS DURING 2023
An agreement was reached to divest U.S. Marine Management LLC and resulted in a net gain of
DKK 0.6bn and DKK 0.5bn after tax. The net gain before tax is classified as gain on sale of non-
current assets in the income statement.
The group completed the sale of the 26.4% shareholding in Höegh Autoliners. The net transac-
tion price amounted to DKK 2.5bn and resulted in a gain of DKK 0.4bn.
SIGNIFICANT ACCOUNTING JUDGMENTS
Business combinations
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities
are measured at fair value. In fair value assessments, significant judgments have been
made and estimates have been applied using various valuation techniques.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
56
Note 3.8: Acquisition/sale of subsidiaries and activities - continued
ACCOUNTING POLICIES
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities
are measured at fair value at the date when control was achieved using the acquisition
method. Identifiable intangible assets are recognised if they arise from a contractual right
or can otherwise be separately identified. The difference between the fair value of the ac-
quisition cost and the fair value of the acquired identifiable net assets is recognised as
goodwill. Contingent consideration is measured at fair value and any subsequent changes
to contingent consideration are recognised as financial income or financial expense in the
income statement. If contingent consideration is settled by issuing a predetermined num-
ber of shares, the contingent consideration is classified as equity and is subsequently not
remeasured at fair value. Transaction costs are recognised as operating costs as they are
incurred.
When the group ceases to have control of a subsidiary, the value of any retained invest-
ment is remeasured at fair value, and the value adjustment is recognised in the income
statement as gain (or loss) on the sale of non-current assets. The difference between sales
proceeds and the carrying amount of the subsidiary is recognised in the income state-
ment, including fair value of the contingent consideration at the time of sale. Contingent
consideration is remeasured at fair value with changes recognised in the income state-
ment.
The effect of the purchase and sale of non-controlling interests without changes in control
is included directly in equity.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
57
CAPITAL AND FINANCING
Note 4.1: Financial income and expenses ................................................................................................... 57
Note 4.2: Borrowings and lease liabilities reconciliation ......................................................................... 58
Note 4.3: Financial instruments and risks ................................................................................................... 60
Note 4.4: Financial instruments by category .............................................................................................. 67
Note 4.5: Pensions and similar obligations ................................................................................................ 70
Note 4.6: Non-controlling interests .............................................................................................................. 73
Note 4.7: Share capital .................................................................................................................................... 73
Note 4.1: Financial income and expenses
Amounts in DKKm
2024
2023
Interest expenses on liabilities¹
- 5,005
- 4,587
Of which borrowing costs capitalised on assets²
787
950
Interest expenses on lease liabilities
- 4,360
- 3,986
Interest income on loans and receivables
8,127
8,624
Fair value adjustment transferred from equity hedge reserve (gain)
15
37
Fair value adjustment transferred from equity hedge reserve (loss)
- 223
- 142
Net interest expenses/income
- 659
896
Exchange rate gains on bank balances, borrowings, and working capital
4,409
3,880
Exchange rate losses on bank balances, borrowings, and working capital
- 2,779
- 4,372
Net foreign exchange gains/losses
1,630
- 492
Fair value gains from derivatives
1,291
1,430
Fair value losses from derivatives
- 2,118
- 404
Fair value gains from securities
8,715
4,429
Fair value losses from securities
- 2,841
- 899
Net fair value gains
5,047
4,556
Dividends received from securities
689
288
Impairment losses on financial non-current receivables
0
- 42
Reversal of impairment losses on non-current receivables
104
0
Write-downs of loans and other non-current receivables
- 225
- 141
Financial income, net
6,586
5,065
Of which:
Financial income
23,350
18,689
Financial expenses
- 16,764
- 13,624
1
Of which DKK 0m (DKK 69m) relates to expenses on the prepayment of issued bonds
2
Various capitalisation rates between 6.2% - 7.4% (7.2% - 7.4%) have been used to determine the amount of
borrowing costs eligible for capitalisation
Please refer to note 4.3 for an analysis of gains and losses from derivatives.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
58
Note 4.2: Borrowings and lease liabilities reconciliation
Non-cash changes
Net debt
as of 31
December
Cash
flows
Additions,
net
Disposals
Foreign
exchange
move-
ments
Other¹
Net debt
as of 31
December
Amounts in DKKm
2023
2024
Borrowings:
Bank and other
credit institutions
40,514
- 83
811
- 42
404
- 103
41,501
Issued bonds²
22,884
6,034
0
0
463
164
29,545
Total borrowings
63,398
5,951
811
- 42
867
61
71,046
Classified as non-
current
60,010
62,704
Classified as current
3,388
8,342
Leases:
Lease liabilities
73,309
- 22,329
33,495
- 2,850
2,912
54
84,591
Total leases
73,309
- 22,329
33,495
- 2,850
2,912
54
84,591
Classified as non-
current
54,616
64,554
Classified as current
18,693
20,037
Total borrowings
and leases
136,707
- 16,378
34,306
- 2,892
3,779
115
155,637
Derivatives hedge
of borrowings, net
2,360
- 31
6
0
1,220
- 459
3,096
1
Other includes fair value changes and amortisation of fees
2
Of total issued bonds as of 31 December 2024, DKK 17.1bn are green bonds primarily used to finance invest-
ments in dual-fuel vessels, electrified material handling equipment, and construction of low-emission build-
ings
Non-cash changes
Net debt
as of 31
December
Cash
flows¹
Additions,
net²
Disposals
Foreign
exchange
move-
ments
Other³
Net debt
as of 31
December
Amounts in DKKm
2022
2023
Borrowings:
Bank and other
credit institutions
38,206
2,595
260
- 277
- 267
- 3
40,514
Issued bonds⁴
20,735
2,123
0
0
- 360
386
22,884
Total borrowings
58,941
4,718
260
- 277
- 627
383
63,398
Classified as non-
current
54,062
60,010
Classified as current
4,879
3,388
Leases:
Lease liabilities
83,377
- 23,213
17,286
- 1,722
- 1,796
- 623
73,309
Total leases
83,377
- 23,213
17,286
- 1,722
- 1,796
- 623
73,309
Classified as non-
current
61,485
54,616
Classified as current
21,892
18,693
Total borrowings
and leases
142,318
- 18,495
17,546
- 1,999
- 2,423
- 240
136,707
Derivatives hedge
of borrowings, net
3,708
- 313
0
- 28
- 457
- 550
2,360
1
Total cash outflow from borrowings of DKK 2.6bn is decreased by cash flow from hedges of DKK 241m
2
Including business combinations
3
Other includes fair value changes and amortisation of fees
4
Of total issued bonds as of 31 December 2023, DKK 8.8bn are green bonds primarily used to finance the con-
struction of green methanol vessels
The maturity analysis of lease liabilities is disclosed in note 4.3.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
59
Note 4.2: Borrowings and net debt reconciliation - continued
ACCOUNTING POLICIES
Financial liabilities
Financial liabilities are initially recognised at fair value less transaction costs. Subse-
quently, the financial liabilities are measured at amortised cost using the effective interest
method, whereby transaction costs and any premium or discount, are recognised as finan-
cial expenses, over the term of the liabilities. Fixed interest loans, subject to fair value
hedge accounting, are measured at amortised cost, with an adjustment for the fair value of
the hedged interest component.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments over the lease
term, at the interest rate implicit in the lease, or at the group’s incremental borrowing rate
(IBR). The applied IBR reflects the group’s credit risk, leased amount, and contract dura-
tion, as well as the nature and quality of the asset’s security and economic environment in
which the leased assets operate. To determine the IBR, where possible, A.P. Moller Hold-
ing uses recent third-party financing received by the individual lessee as a starting point,
with adjustments to reflect changes in financing conditions since that financing was re-
ceived. Where such financing is not available, A.P. Moller Holding uses a build-up ap-
proach that starts with a risk-free interest rate adjusted by credit risk and specific risks
faced by the lessee such as asset type, geographical risks, etc.
Subsequently, the lease liability is measured at amortised cost with each lease payment
allocated between the repayment of the liability and financing cost. The financing cost is
charged to the income statement over the lease period using the IBR that was used to dis-
count the lease payments.
The following lease payments are included in the net present value:
• Fixed payments (including in-substance fixed payments), less any lease incentives
receivable
• Variable lease payments which are based on an index or a rate
• Amounts expected to be payable by the lessee under residual value guarantees
• The exercise price of a purchase option if the lessee is reasonably certain to exercise
that option, and payments of penalties for terminating the lease if the lease term re-
flects the lessee exercising that option
Extension and termination options in lease contracts are included in contracts where it is
reasonable that the group will exercise those options. These terms are used to maximise
operational flexibility in terms of managing contracts. In determining the lease term, man-
agement considers all facts and circumstances that create an economic incentive to exer-
cise an extension option, or not exercise a termination option. Extension options (or peri-
ods after termination options) are only included in the lease term if the lease is reasonably
certain to be extended or not terminated. Most of the extension and termination options
held are exercisable only by the group and not by the respective lessor.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs, which affects this assessment, and is within the control of the lessee. Where the
group will probably exercise specific purchase options, those options are included in the
measurement of the lease liability with the corresponding right-of-use asset depreciated
over the asset’s useful life rather than lease term.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
60
Note 4.3: Financial instruments and risks
Hedges comprise primarily currency and interest rate derivatives as well as oil price hedges,
which are further described in the following sections.
The gains/losses of the derivatives are recognised as follows:
Amounts in DKKm
2024
2023
Hedging foreign exchange risk on revenue
- 40
- 58
Hedging foreign exchange risk on operating costs
- 340
258
Hedging interest rate risk
- 208
- 105
Hedging foreign exchange risk on the cost of non-current assets
0
28
Total effective hedging
- 588
123
Ineffectiveness recognised in financial expenses
2
11
Total reclassified from equity reserve for hedges
- 586
134
Derivatives accounted for as held for trading
Currency derivatives recognised directly in financial income/expenses
- 891
1,059
Interest rate derivatives recognised directly in financial income/expenses
161
301
Oil prices and freight rate derivatives recognised directly in other income/costs
- 190
- 129
Net gains/losses recognised directly in the income statement
- 920
1,231
Total
- 1,506
1,365
The group’s activities expose it to a variety of financial risks:
• Market risk
• Credit risk
• Liquidity risk
The group’s risk management programmes focus on the unpredictability of financial markets
and seek to minimise the potential adverse effects on the group’s financial performance. The
group uses derivative financial instruments to hedge certain risk exposures.
Risk management is most effectively managed by each portfolio company. Consequently, the
management of risks related to our portfolio companies is anchored with the Board of Directors
in each of our portfolio companies. A.P. Moller Holding monitors business performance in the
portfolio companies closely as part of our ownership aspiration.
MARKET RISK
Market risk covers changes in market prices, such as foreign exchange rates, interest rates, and
share prices, that will affect the group’s profit or the value of its holdings of financial instru-
ments. The sensitivity analyses in the currency risk and interest rate risk sections below relate to
the position of financial instruments as of 31 December 2024.
The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis
that the amount of net debt, the ratio of fixed to floating interest rates of the debt, and the pro-
portion of financial instruments in foreign currencies remain unchanged from hedge designa-
tions in place at 31 December 2024. Furthermore, it is assumed that the exchange rate and inter-
est rate sensitivities have a symmetrical impact, i.e. an increase in rates results in the same
absolute movement as a decrease in rates.
The sensitivity analyses show the effect on profit and equity of a reasonable possible change in
exchange rates and interest rates.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
61
Note 4.3: Financial instruments and risks – continued
CURRENCY RISK
The group’s currency risk relates mainly to the fact that while income from global trade is de-
nominated mainly in USD, the related expenses are incurred in both USD and a wide range of
other currencies such as CNY, DKK, and EUR. Income and expenses from the group’s other ac-
tivities are primarily denominated in local currencies, thus reducing the group’s exposure to
these currencies. As the net income is primarily in DKK, EUR, GBP, and USD, these are also the
primary financing currencies.
The main purpose of hedging the currency risk in each portfolio company is to hedge the DKK,
EUR, or USD value of the portfolio company’s net cash flow and reduce fluctuations in the net
profit of the portfolio company. The group uses various financial derivatives, including forwards,
option contracts, and cross-currency swaps, to hedge these risks. The key aspects of the cur-
rency hedging policy are:
• Net cash flows in significant currencies other than DKK, EUR, and USD are generally hedged
using a layered model with a 12-month horizon
• Significant capital commitments or divestments in currencies other than DKK, EUR, and USD
are hedged
• Majority of debt in currencies other than DKK, EUR, and USD is hedged depending on the
asset-liability match and the currency of the generated cash flow
Currency derivatives hedge future revenue, operating costs, and investments/divestments, and
are recognised on an ongoing basis in the income statement and the cost of property, plant and
equipment, respectively. There is not any proxy hedging for the currency risk hedging, and
therefore the economic relationship between the hedged exposure and the hedge is high. Effec-
tiveness is assessed using the critical terms match approach according to IFRS 9.
Hedges of future revenue and operating costs mature within a year (mature within a year). There
are no hedges of investments at the end of 2024 (mature within a year).
For hedges related to operating cash flows and investments, a loss of DKK 875m in 2024 (loss of
DKK 51m) is recognised in other comprehensive income, and the cash flow hedge reserve
amounts to a loss of DKK 579m as of 31 December 2024 (gain of DKK 296m). For hedges where
the cost of hedging is applied, the forward points are recognised in other comprehensive income
and transferred with the effective hedge when the hedged transaction occurs. The cost of hedg-
ing reserve amounts to DKK 0m (DKK 0m). There was no ineffectiveness in 2024 (no ineffective-
ness).
Derivatives recognised at fair value in the balance sheet:
Amounts in DKKm
2024
2023
Non-current receivables
55
102
Current receivables
414
990
Non-current liabilities
- 2,575
- 2,433
Current liabilities
- 1,783
- 513
Liabilities, net
- 3,889
- 1,854
Hedge of operating cash flow and investment in foreign currencies:
Amounts in DKKm
Fair value,
asset
Fair value,
liability
Nominal
amount of
derivative
Average
hedge rate
Main currencies hedged
2024
CNY
17
21
1,830
USD/CNY 7.12
DKK
7
84
1,924
USD/DKK 6.84
EUR
51
260
7,271
EUR/USD 1.08
Other currencies
133
420
13,103
N/A
Total
208
785
2023
CNY
34
7
1,679
USD/CNY 7.04
DKK
24
7
2,074
USD/DKK 6.76
EUR
95
13
6,906
EUR/USD 1.10
Other currencies
235
59
9,483
N/A
Total
388
86
Besides the designated cash flow hedges in the table above, the group uses derivatives to
hedge currency exposures that do not qualify for hedge accounting. These derivatives are classi-
fied as fair value through profit or loss. The average FX hedge rates for swaps in cash flow
hedges were EUR/USD 1.13 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for
swaps in combined fair value hedges were EUR/USD 1.18 (1.24), GBP/USD 1.52 (1.52),
USD/NOK 8.25 (8.25), and USD/JPY 119.39 (119.39).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
62
Note 4.3: Financial instruments and risks – continued
Amounts in DKKm
2024
2023
Currency derivatives
113
290
Price hedge derivatives
- 10
0
Total
103
290
The group’s sensitivity within global trade activities to an increase in the USD exchange rate of
10% against all other significant currencies to which the activities are exposed is estimated to
have the following symmetrical impact:
Currency sensitivity for financial instruments
Profit before tax
Equity before tax
Amounts in DKKm
2024
2023
2024
2023
CNY
167
217
16
55
DKK
433
62
256
- 132
EUR
882
417
296
- 215
SEK
91
75
460
75
USD
54
18
93
26
Other currencies
- 112
- 479
- 903
- 1,182
Total
1,515
310
218
- 1,373
The sensitivities are based only on the impact of financial instruments that are outstanding at the
balance sheet date and are thus not an expression of the group’s total currency risk.
OIL PRICE RISK
The majority of the group’s trading of commodity products is related to inventory stocks of
crude oil and bunker oil, as the products are bought in large quantities and stored for processing
and resale. The oil price risk arising from the oil price exposures is mitigated by entering into
commodity derivative agreements. The overall exposure limit is set in the risk policy, defining a
maximum net open position. On 31 December 2024, the group has entered into oil derivative po-
sitions shown in the next table.
The group’s sensitivity to an increase in the oil price of 5% is estimated to have a symmetrical
negative impact with immaterial difference on profit and equity before tax of approx. DKK 221m
(DKK 162m) with an increase and decrease leading to a positive impact of the same magnitude.
The sensitivities are based on the impact of financial instruments that are outstanding at the bal-
ance sheet date.
Commodity hedges
Maturity
Amounts in DKKm
Fair value
0-1 year
1-5 years
5 years
2024
Commodity swaps
7
7
0
0
Commodity futures
- 36
- 36
0
0
Total
- 29
- 29
0
0
2023
Commodity swaps
67
67
0
0
Commodity futures
54
54
0
0
Total
121
121
0
0
INTEREST RATE RISK
The group has most of its debt denominated in DKK, EUR, and USD, but part of the debt (e.g.
issued bonds) is in other currencies such as GBP, JPY, and NOK. The group strives to maintain a
combination of fixed and floating interest rates on its net debt, reflecting expectations and risks.
Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed
interest, net of hedging. The level as of 31 December 2024 is 53% (41%) excluding IFRS 16
leases.
A general increase in interest rates by one percentage point is estimated, all other things being
equal, to affect profit before tax and equity, excluding tax effect, positively by approx. DKK 1.0bn
(approx. DKK 1.0bn) and positively by approx. DKK 0.6bn (approx. DKK 0.8bn), respectively.
This analysis assumes that all other variables, in particular foreign currency rates, remain con-
stant.
The hedging of interest rate risks is done by cross-currency swaps and interest rate swaps. The
hedging is a mix of fair value hedging, combined fair value hedging, and cash flow hedging.
Combined fair value hedging is applied when cross-currency swaps are entered into to hedge
the risk of debt denominated in currencies other than DKK, EUR, and USD. Each hedge relation-
ship is split into a fair value hedge (fixed to floating interest rate swap), where value changes
from the exchange rate exposure of the credit margin are recognised in other comprehensive in-
come.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
63
Note 4.3: Financial instruments and risks – continued
Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the in-
come statement with a cost of DKK 0m (cost of DKK 7m).
The hedges are expected to be highly effective due to the nature of the economic relationship
between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedg-
ing instruments. For hedges where the cost of hedging is applied, the change in basis spread is
recognised in other comprehensive income and is a time effect during the lifetime of the swap
and at maturity, amounting to 0. If the hedged transaction is prepaid, the change in basis spread
will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to a
gain of DKK 17m (gain of DKK 47m).
Borrowings by interest rate levels inclusive of
interest rate swaps
Next interest rate fixing
Amounts in DKKm
Carrying
amount
0-1 year
1-5 years
5- years
2024
0-3%
11,071
4,412
2,629
4,030
3-6%
96,839
21,209
41,263
34,367
6%-
47,727
22,528
16,816
8,383
Total
155,637
48,149
60,708
46,780
Of which:
Fixed interest rate
115,851
Floating interest rate
39,786
2023
0-3%
8,101
2,537
1,325
4,239
3-6%
78,234
19,739
32,744
25,751
6%-
50,372
24,093
22,401
3,878
Total
136,707
46,369
56,470
33,868
Of which:
Fixed interest rate
91,312
Floating interest rate
45,395
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
64
Note 4.3: Financial instruments and risks – continued
Interest rate hedging of borrowings
Maturity
Amounts in DKKm
Fair value,
asset
Fair value,
liability
Nominal
amount of
derivative
0-1 year
1-5 years
5- years
Gain/loss
on
hedged
items
Gain/loss
on hedg-
ing instru-
ment
Average
hedge
rate
2024
Combined fair value hedge, hedge of borrowings
EUR
0
800
5,261
0
2,798
2,463
- 41
- 97
6.2%
GBP
0
150
628
628
0
0
7
- 21
6.9%
JPY
0
186
564
564
0
0
0
- 7
6.2%
NOK
0
607
1,385
0
1,385
0
55
- 83
6.9%
Fair value hedge, hedge of borrowings
USD
0
278
4,640
0
2,855
1,785
269
- 269
6.8%
Cash flow hedge, hedge of borrowings
DKK
2
8
3,000
0
3,000
0
- 6
- 6
3.3%
EUR
0
1,125
27,712
2,713
6,694
18,305
- 13
- 265
2.2%
GBP
0
236
1,142
1,142
0
0
0
7
4.6%
USD
22
20
614
428
186
0
- 116
14
3.0%
Total
24
3,410
44,946
5,475
16,918
22,553
155
- 727
2023
Combined fair value hedge, hedge of borrowings
EUR
0
607
3,392
0
2,799
593
103
- 221
7.3%
GBP
0
162
600
0
600
0
14
- 41
7.9%
JPY
0
115
593
0
593
0
0
- 14
7.9%
NOK
0
456
1,457
0
1,457
0
83
- 124
7.2%
Fair value hedge, hedge of borrowings
USD
74
297
5,732
0
1,349
4,383
221
- 227
7.7%
Cash flow hedge, hedge of borrowings
EUR
58
833
6,590
36
2,824
3,730
- 203
- 524
3.2%
GBP
0
223
1,092
0
1,092
0
0
- 7
4.6%
USD
17
23
432
0
202
230
- 171
52
2.6%
Total
149
2,716
19,888
36
10,916
8,936
47
- 1,106
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
65
Note 4.3: Financial instruments and risks – continued
CREDIT RISK
Trade receivables
The group has exposure to financial and commercial counterparties, but has no particular con-
centration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken
for all major customers and financial institutions, adequate security is required for commercial
counterparties, and credit limits are set for financial institutions and key commercial counterpar-
ties.
The group applies the simplified approach to providing the expected credit losses prescribed by
IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To
measure the expected credit losses, trade receivables have been grouped based on shared
credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade re-
ceivables have also been considered for impairment.
Approx. 57% (57%) of the provision for bad debt is related to trade receivables overdue by
more than one year.
Maturity analysis of trade receivables
Amounts in DKKm
2024
2023
Receivables not due
35,469
28,880
Less than 90 days overdue
10,426
8,758
91-365 days overdue
2,367
1,962
More than 1 year overdue
1,438
1,227
Receivables, gross
49,700
40,827
Provision for bad debt
- 2,264
- 1,957
Carrying amount as of 31 December
47,436
38,870
The loss allowance provision for trade receivables reconciles to the opening loss allowance as
follows:
Change in provision for bad debt
Amounts in DKKm
2024
2023
Provision as of 1 January
1,957
2,251
Provision made
2,605
1,927
Amount used
- 851
- 654
Amount reversed
- 1,511
- 1,543
Acquired in business combinations
8
30
Disposal on sale of businesses
- 6
0
Transfers, assets held for sale
0
- 1
Exchange rate adjustment
62
- 53
Provision as of 31 December
2,264
1,957
Other financial assets at amortised cost
Other financial assets at amortised cost comprise loans receivable, finance lease receivables,
and other receivables. These financial assets are considered to have a low credit risk, and thus,
the impairment provision calculated based on 12 months’ expected losses is considered imma-
terial. The financial assets are considered to be low risk when they have a low risk of default, and
the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.
LIQUIDITY RISK
The capital allocation in A.P. Moller Holding is an annual process and approved by the Board of
Directors. The objective of the process is to assess the overall investment capacity and invest-
ment pipeline, as well as key risks over the coming period. In addition, the liquidity profile and
capital structure are managed by each portfolio company in accordance with financial policies
approved by the Board of Directors in each entity. Capital is managed to meet the objective of a
solid capital structure over the business cycle and to maintain an appropriate liquidity profile.
The equity share of total equity and liabilities was 67.6% as of 31 December 2024 (68.1%).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
66
Note 4.3: Financial instruments and risks – continued
Amounts in DKKm
2024
2023
Borrowings and lease liabilities
155,637
136,707
Net interest-bearing debt (net cash position)
- 25,876
- 4,474
Cash and bank balances
58,121
55,048
Restricted cash
- 6,982
- 7,020
Cash management overdraft
- 339
- 268
Term deposits not included in cash and bank balances
112,297
85,599
Securities
55,791
41,691
Undrawn revolving credit facilities > 12 months
50,452
47,018
Liquidity reserve¹
269,340
222,068
1
Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, secu-
rities, term deposits, listed securities, and cash and bank balances, excluding balances in countries with ex-
change control or other restrictions
Deposits and bank balances are primarily held in relationship banks with a credit rating of at
least A-. No individual counterparty exposure is above 10%. Some group entities have ISDA
agreements for trading of derivatives, under which the group entities have a right to a net settle-
ment in the event of certain credit events. This results in the credit risk being limited to the net
position per counterparty.
For information about cash and bank balances in countries with exchange control or other re-
strictions, see text to the consolidated cash flow statement.
Based on the liquidity reserve, loans for the financing of specific assets, the maturity of out-
standing loans, revenue back-log, and the current investment profile, the group’s financial re-
sources are deemed satisfactory.
The average term to maturity of loan facilities in the group is around four years (around four
years).
Maturities of liabilities and
commitments
Cash flows including interest
Amounts in DKKm
Carrying
amount
0-1 year
1-5 years
5- years
Total
2024
Bank and other credit institutions
41,501
12,815
40,301
3,117
56,233
Lease liabilities
84,591
24,128
48,163
37,702
109,993
Issued bonds
29,545
3,376
13,510
19,941
36,827
Trade payables
53,813
53,813
0
0
53,813
Other payables
17,923
16,737
928
71
17,736
Non-derivative financial liabilities
227,373
110,869
102,902
60,831
274,602
Derivatives
4,358
1,759
2,029
535
4,323
Total recognised in balance sheet
231,731
112,628
104,931
61,366
278,925
Operating lease commitments
2,600
20
1
2,621
Capital commitments
25,968
46,814
6,524
79,306
Total
141,196
151,765
67,891
360,852
2023
Bank and other credit institutions
40,514
11,418
38,303
3,328
53,049
Lease liabilities
73,309
22,024
41,002
29,371
92,397
Issued bonds
22,884
774
12,863
14,194
27,831
Trade payables
48,840
48,840
0
0
48,840
Other payables
16,177
14,074
1,608
103
15,785
Non-derivative financial liabilities
201,724
97,130
93,776
46,996
237,902
Derivatives
2,946
492
1,899
555
2,946
Total recognised in balance sheet
204,670
97,622
95,675
47,551
240,848
Operating lease commitments
1,179
13
10
1,202
Capital commitments
17,118
25,461
4,609
47,188
Total
115,919
121,149
52,170
289,238
It is of great importance for the group to maintain a financial reserve to cover the group’s obliga-
tions and investment opportunities and to provide the capital necessary to offset changes in the
group’s liquidity due to changes in the cash flow from operating activities.
The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation,
among other things, by focusing on the release of capital and following up on the development
in working capital, revenue back-log, and capital commitments.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
67
Note 4.3: Financial instruments and risks – continued
ACCOUNTING POLICIES
Derivative financial instruments are recognised on the trading date and measured at fair
value using generally acknowledged valuation techniques based on relevant observable
swap curves and exchange rates.
The effective portion of changes in the value of derivative financial instruments designated
to hedge highly probable future transactions is recognised in other comprehensive income
until the hedged transactions are realised. At that time, the accumulated gains/losses are
transferred to the items under which the hedged transactions are recognised.
The effective portion of changes in the value of derivative financial instruments used to
hedge the value of recognised financial assets and liabilities is recognised in the income
statement, together with changes in the fair value of the hedged assets or liabilities that
can be attributed to the hedging relationship. Currency basis spreads and forward points
are considered a cost of hedge and recognised in other comprehensive income and de-
ferred in equity until realisation.
The ineffective portion of hedge transactions and changes in the fair value of derivative fi-
nancial instruments, which do not qualify for hedge accounting, are recognised in the in-
come statement as financial income or expenses for interest and currency-based instru-
ments, and as other income/costs for oil price hedges and forward freight agreements.
For trade receivables, the loss allowance is measured by the simplified approach accord-
ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The
provision matrix includes impairment for non-due receivables.
Note 4.4: Financial instruments by category
Financial assets
Carrying
amount
Fair
value¹
Carrying
amount
Fair
value¹
Amounts in DKKm
2024
2024
2023
2023
Carried at amortised cost
Loans receivable
114,587
114,735
87,750
87,487
Lease receivables
350
349
392
331
Other interest-bearing receivables and deposits
750
795
Trade receivables
47,436
38,870
Other receivables (non-interest-bearing)
28,732
19,636
Cash and bank balances
58,121
55,048
Financial assets at amortised cost
249,976
202,491
Derivatives
469
1,092
Carried at fair value through profit/loss
Securities
59,150
43,972
Financial assets at fair value through profit/loss
59,150
43,972
Carried at fair value through other
comprehensive income
Other equity investments (FVOCI)²
2,560
2,682
Financial assets at fair value through OCI
2,560
2,682
Total financial assets
312,155
250,237
¹ Where no fair value is stated, the amount equals carrying amount
2
Designated at initial recognition in accordance with IFRS 9
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
68
Note 4.4: Financial instruments by category – continued
Financial liabilities
Carrying
amount
Fair
value¹
Carrying
amount
Fair
value¹
Amounts in DKKm
2024
2024
2023
2023
Carried at amortised cost
Bank and other credit institutions
41,501
41,577
40,514
40,692
Lease liabilities
84,591
73,309
Issued bonds
29,545
29,889
22,884
22,521
Trade payables
53,813
48,840
Other payables
16,542
14,153
Financial liabilities at amortised cost
225,992
199,700
Derivatives
4,358
2,946
Carried at fair value
Other payables
1,381
2,024
Financial liabilities at fair value
1,381
2,024
Total financial liabilities
231,731
204,670
1
Where no fair value is stated, the amount equals carrying amount
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
Financial instruments measured at fair value can be divided into three levels:
• Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 — Inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
• Level 3 — Inputs for the asset or liability that are not based on observable market data
Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and
other securities are within level 3 of the fair value hierarchy.
Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based
on observable market data as of the end of the reporting period. A minor amount of crude oil
price derivatives is within level 1 of the fair value hierarchy.
Fair value of level 3 assets and liabilities is primarily based on the present value of expected fu-
ture cash flows, including estimates received from private equity fund managers. A reasonable
possible change in the discount rate is not estimated to affect the group’s profit or equity signifi-
cantly. For non-listed shares, the price of recent investments into the company is applied as the
investments are mainly made in early-stage companies, unless there has been a later fundraising
round.
Financial assets and liabilities measured at fair value 2024
Amounts in DKKm
Level 1
Level 2
Level 3
Financial assets
Derivatives
0
469
0
Securities
55,954
66
5,690
Financial assets at fair value as of 31 December 2024
55,954
535
5,690
Financial liabilities
Derivatives
11
4,347
0
Other payables
0
0
1,381
Financial liabilities at fair value as of 31 December 2024
11
4,347
1,381
Financial assets and liabilities measured at fair value 2023
Amounts in DKKm
Level 1
Level 2
Level 3
Financial assets
Derivatives
133
959
0
Securities
41,831
64
4,759
Financial assets at fair value as of 31 December 2023
41,964
1,023
4,759
Financial liabilities
Derivatives
11
2,935
0
Other payables
0
0
2,024
Financial liabilities at fair value as of 31 December 2023
11
2,935
2,024
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
69
Note 4.4: Financial instruments by category – continued
Movement during the year in level 3
Amounts in DKKm
Other
equity
invest-
ments
(FVOCI)
Other
equity
invest-
ments
(FVPL)
Other re-
ceivables
Total
financial
assets
Carrying amount as of 1 January 2023
2,384
1,665
51
4,100
Addition
172
1,463
0
1,635
Disposal
- 34
- 921
- 50
- 1,005
Gains/losses recognised in the income statement
0
46
0
46
Gains/losses recognised in other comprehensive income
103
0
0
103
Exchange rate adjustment, etc.
- 82
- 37
- 1
- 120
Carrying amount as of 31 December 2023
2,543
2,216
0
4,759
Addition
159
955
0
1,114
Disposal
- 7
- 150
0
- 157
Gains/losses recognised in the income statement
0
156
0
156
Gains/losses recognised in other comprehensive income
- 436
0
0
- 436
Exchange rate adjustment, etc.
141
113
0
254
Carrying amount as of 31 December 2024
2,400
3,290
0
5,690
Movement during the year in level 3
Amounts in DKKm
Other
payables
Total
financial
liabilities
Carrying amount as of 1 January 2023
2,629
2,629
Addition
716
716
Disposal
- 631
- 631
Gains/losses recognised in the income statement
- 455
- 455
Fair value adjustments recognised directly on equity
- 225
- 225
Exchange rate adjustment, etc.
- 10
- 10
Carrying amount as of 31 December 2023
2,024
2,024
Addition
40
40
Disposal
- 346
- 346
Gains/losses recognised in the income statement
- 38
- 38
Fair value adjustments recognised directly on equity
- 306
- 306
Exchange rate adjustment, etc.
7
7
Carrying amount as of 31 December 2024
1,381
1,381
FINANCIAL INSTRUMENTS CARRIED AT AMORTISED COST
The fair value of short-term financial assets and other financial liabilities carried at amortised
cost is not materially different from the carrying amount. In general, fair value is determined pri-
marily based on the present value of expected future cash flows. However, where a market price
was available, this was deemed to be the fair value.
Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the re-
maining borrowing items is within level 2 of the fair value hierarchy, and is calculated based on
discounted future cash flows.
OTHER EQUITY INVESTMENTS (FVOCI)
The group has investments in equity shares in both listed and non-listed companies. The group
holds non-controlling interests (between 0.1% and 15%) in these companies. These investments
were irrevocably designated at fair value through OCI as the group considers these investments
to be strategic in nature.
ACCOUNTING POLICIES
Other financial investments
Equity instruments, etc., including shares, bonds, and similar securities, are recognised on
the trading date at fair value, and subsequently measured at the quoted market price for
listed securities and at estimated fair value for non-listed securities. Fair value adjustments
from equity investments are classified in the following measurement categories:
• Through other comprehensive income, or
• Through the income statement
Fair value adjustments from equity investments at fair value through other comprehensive
income (FVOCI) remain in equity upon disposal.
Dividends are recognised in the income statement.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
70
Note 4.5: Pensions and similar obligations
As an employer, the group participates in pension plans according to normal practice in the
countries in which we operate. Generally, the pension plans within the group are defined contri-
bution plans, where contributions are recognised in the income statement on an accrual basis. A
number of entities have defined benefit plans, in which retirement benefits are based on length
of service and salary level. To a limited extent, these defined benefit plans also include payments
of medical expenses, etc.
In 2025, the group expects to pay contributions totalling DKK 168m (DKK 178m) to funded de-
fined benefit plans.
UK
Other
Total
UK
Other
Total
Amounts in DKKm
2024
2024
2024
2023
2023
2023
Specification of
net liability
Present value of funded plans
10,403
3,554
13,957
10,379
3,185
13,564
Fair value of plan assets
- 11,189
- 2,828
- 14,017
- 11,141
- 2,494
- 13,635
Net liability of funded plans
- 786
726
- 60
- 762
691
- 71
Present value of unfunded plans
0
757
757
0
687
687
Impact of minimum
funding requirement/
asset ceiling
53
16
69
135
0
135
Net liability as of 31 December
- 733
1,499
766
- 627
1,378
751
Of which:
Pensions, net assets
907
817
Pensions and similar obligations
- 1,673
- 1,568
The majority of the group’s defined benefit liabilities are in Switzerland 13% (13%) and the UK
71% (73%). All of the plans in Switzerland and the UK are funded. Although all of the UK plans
are now closed to new entrants, active members in the two largest plans continue to accrue new
benefits. The smaller UK plans are all closed to new accruals, although a salary link remains in
some of the plans.
Overall, the plans have an average duration of approx. 11 years (11 years), and approx. 54%
(53%) of the obligation is in respect of pensioner members.
As well as being subject to the risks of falling interest rates, which would increase the obligation,
poor asset returns, and pensioners living longer than anticipated, the group is also subject to
the risk of higher-than-expected inflation. This is because many pension benefits, particularly in
the UK plans, increase in line with inflation although some minimum and maximum limits apply.
UK
Total
UK
Total
Significant financial assumptions
2024
2024
2023
2023
Discount rate
5.5%
4.6%
4.5%
4.1%
Inflation rate
3.3%
2.9%
3.3%
3.1%
The rates of life expectancy reflect the most recent mortality investigations, and in line with mar-
ket practice, an allowance is made for future improvements in life expectancy. The group as-
sumes that future improvements will be in line with the latest projections of 1.25% for all UK
plans.
As of 31 December
Life expectancy
2024
2044
2023
2043
65 year old male in the UK
21.8
23.5
21.7
23.3
65 year old female in the UK
24.2
25.9
24.1
25.8
The sensitivity of the liabilities and pension cost to the key assumptions are as follows:
UK factors
Increase
Decrease
Amounts in DKK
Change in liability
2024
2024
Discount rate
Increase/decrease by 25 basis points
- 221
228
Inflation rate
Increase/decrease by 25 basis points
107
- 121
Life expectancy
Increase/decrease by one year
314
- 307
The liabilities are calculated using assumptions that are the group’s best estimate of future ex-
pectations bearing in mind the requirements of IAS 19.
The group’s plans are funded in accordance with applicable local legislation. In the UK, each plan
has a trustee board that is required to act in the best interest of plan members. Every three
years, a formal valuation of the plan’s liabilities is carried out using a prudent basis, and if the
plan is in deficit, the trustees agree with the group or the sponsoring employer on a plan for re-
covering that deficit.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
71
Note 4.5: Pensions and similar obligations – continued
Around 80% of the UK liabilities are now covered by insurance policies. Therefore, movements in
the liabilities due to changes in assumptions would equally impact the assets’ value related to
the buy-in policies, resulting in a reduced movement in the overall balance sheet position.
No contributions to the UK plans are expected for 2025. The contributions to the UK plans for
2024 were expected to be DKK 81m which were all in respect of deficit recovery contributions,
though only DKK 28m were actually paid. In most of the UK plans, any surplus remaining after
the last member dies may be returned to the group. However, the Merchant Navy Ratings Pen-
sion Fund (MNRPF) and the Merchant Navy Officers Pension Fund (MNOPF) contributions paid
by the group are not refundable under any circumstance and the balance sheet liability reflects
an adjustment for any agreed deficit recovery contributions in excess of the deficit determined
using the group’s assumptions. In 2024, an adjustment of DKK 21m (DKK 74m) was applied in
this respect.
Other than the insurance contracts and a small proportion of other holdings, the plan assets
held by the group are quoted investments.
Specification of plan assets 2024
Amounts in DKKm
UK
Other
Total
Shares
411
692
1,103
Government bonds
1,446
441
1,887
Corporate bonds
865
468
1,333
Real estate
43
414
457
Other assets
8,424
813
9,237
Fair value as of 31 December 2024
11,189
2,828
14,017
Specification of plan assets 2023
Amounts in DKKm
UK
Other
Total
Shares
142
684
826
Government bonds
1,517
429
1,946
Corporate bonds
459
247
706
Real estate
67
405
472
Other assets
8,956
729
9,685
Fair value as of 31 December 2023
11,141
2,494
13,635
Change in net liability
Amounts in DKKm
Present
value
of obliga-
tions
Fair value
of plan
assets
Adjust-
ments
Net
liability
Of which:
UK
Net liability as of 1 January 2024
14,245
13,636
142
751
- 627
Current service cost, administration
cost, etc.
254
- 45
0
299
103
Calculated interest expense/income
581
571
0
9
- 27
Recognised in the income statement in 2024
835
526
0
308
76
Actuarial gains/losses from changes in
financial and demographic assumptions, etc.
- 1,001
- 224
0
- 777
- 957
Return on plan assets, exclusive calculated in-
terest income
0
- 710
0
710
855
Adjustment for unrecognised assets due to
asset ceiling
28
0
- 89
- 61
- 62
Recognised in other comprehensive income
in 2024
- 973
- 934
- 89
- 128
- 164
Contributions from the group and employees
42
291
- 14
- 263
- 49
Benefit payments
- 1,074
- 1,048
0
- 26
- 11
Settlements
- 14
- 14
0
0
0
Effect of business combinations and disposals
1,211
1,089
12
134
60
Exchange rate adjustment
442
471
19
- 10
- 18
Net liability as of 31 December 2024
14,714
14,017
70
766
- 733
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
72
Note 4.5: Pensions and similar obligations – continued
Change in net liability
Amounts in DKKm
Present
value
of obliga-
tions
Fair value
of plan
assets
Adjust-
ments
Net
liability
Of which:
UK
Net liability as of 1 January 2023
14,618
14,565
459
513
- 844
Current service cost, administration
cost, etc.
460
- 41
0
501
283
Calculated interest expense/income
606
625
21
2
- 34
Recognised in the income statement in 2023
1,066
584
21
503
249
Actuarial gains/losses from changes in
financial and demographic assumptions, etc.
407
0
0
407
324
Return on plan assets, exclusive calculated in-
terest income
0
- 9
0
9
21
Adjustment for unrecognised assets due to
asset ceiling
0
0
- 358
- 358
- 358
Recognised in other comprehensive income
in 2023
407
- 9
- 358
58
- 13
Contributions from the group and employees
36
190
0
- 154
0
Benefit payments
- 989
- 948
0
- 42
0
Settlements
- 1,284
- 1,187
0
- 97
0
Effect of business combinations and disposals
67
47
0
20
0
Exchange rate adjustment
324
394
20
- 50
- 19
Net liability as of 31 December 2023
14,245
13,636
142
751
- 627
MULTI-EMPLOYER PLANS
Under collective agreements, certain entities in the group participate together with other em-
ployers in defined benefit pension plans as well as welfare/medical plans (multi-employer
plans). In general, the contributions to the schemes are based on man hours worked or cargo
tonnage handled, or a combination thereof.
For the defined benefit pension plans, the group has joint and several liabilities to fund total ob-
ligations, while the welfare/medical plans are by nature contribution plans funded on a ‘pay-as-
you-go basis’. The group’s contributions to the pension and welfare/medical plans in 2024 are
estimated at DKK 0.5bn (DKK 0.6bn) and DKK 1.8bn (DKK 1.8bn), respectively. The contribu-
tions to be paid in 2025 are estimated at DKK 0.5bn (DKK 0.6bn) for the pension plans and DKK
2.0bn (DKK 1.7bn) for the welfare/medical plans.
No reliable basis exists for allocation of the schemes’ obligations and plan assets to individual
employer participants. For the pension plans where the group has an interest and there is a defi-
cit, the net obligations for all employers amount to DKK 1.3bn (DKK 1.5bn). This net obligation is
based on the most recent available financial data from the plan’s trustees, calculated in accord-
ance with the rules for such actuarial calculations in US GAAP. The deficit in some of the
schemes may necessitate increased contributions in the future. Welfare/medical plans are ‘pay-
as-you-go’ and form a part of the group’s collective bargaining agreements in the US. They
cover a limited part of employees’ medical costs as incurred.
ACCOUNTING POLICIES
Pension obligations are the net liabilities of defined benefit obligations and the dedicated
assets adjusted for the effect of minimum funding and asset ceiling requirements. Plans
with a funding surplus are presented as net assets on the balance sheet. The defined ben-
efit obligations are measured at the present value of expected future payments to be
made, in respect of services provided by employees, up to the balance sheet date. Plan as-
sets are measured at fair value. The pension cost charged to the income statement con-
sists of calculated amounts for vested benefits and interest in addition to settlement gains
or losses, etc. Interest on plan assets is calculated with the same rates as used for dis-
counting the obligations. Actuarial gains/losses are recognised in other comprehensive
income.
Pension plans where the group, as part of collective bargaining agreements, participates
together with other enterprises – so called multi-employer plans – are treated as other
pension plans in the financial statements. Defined benefit multi-employer plans, where
sufficient information to apply defined benefit accounting is not available, are treated as
defined contribution plans.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
73
Note 4.6: Non-controlling interests
The group’s subsidiaries with significant non-controlling interests include:
Amounts in DKKm
Principal place
of business
Non-
control-
ling
interests
Per-
centage
of votes
A.P. Møller - Mærsk A/S
Denmark
58.5
48.5
Svitzer Group A/S¹
Denmark
53.0
53.0
1
Considered to hold a controlling interest
Summarised financial information (before intercompany eliminations):
A.P. Møller - Mærsk
A/S
Svitzer Group
A/S
Amounts in DKKm
2024
2023
2024
2023
Statement of comprehensive income
Revenue
382,474
351,950
6,320
5,786
Result for the year
42,965
26,926
489
760
Total comprehensive income
39,212
27,399
747
550
Result for the year attributable to non-controlling interests
25,348
15,950
288
466
Balance sheet
Non-current assets
382,806
344,467
10,475
10,221
Current assets, including assets classified as held for sale
243,224
209,197
2,025
4,157
Non-current liabilities
112,985
98,598
3,902
1,062
Current liabilities, including liabilities classified as held for
sale
99,388
85,549
1,582
6,937
Equity
413,658
371,518
7,016
6,379
Carrying amount of non-controlling interests of equity
243,714
219,663
3,801
3,786
Cash flow statement
Cash flow from operating activities
86,137
73,941
1,600
1,416
Cash flow from investing activities
- 55,689
28,099
1,840
- 1,061
Cash flow from financing activities
- 30,557
- 123,301
- 3,064
- 452
Net cash flow for the year
- 109
- 21,261
376
- 97
Dividends paid to the non-controlling interests
5,487
44,352
44
30
The demerger of Svitzer Group A/S from A.P. Møller – Mærsk A/S was concluded at the end of
April 2024. Therefore, A.P. Møller – Mærsk A/S’ financial information for 2023 and 2024 up to
the demerger includes the consolidation of Svitzer Group A/S.
Note 4.7: Share capital
The share capital comprises 2,000 shares of DKK 1m. All shares are fully issued and paid up. No
shares hold special rights.
Number of shares and par value
Shares
DKKm
As of 31 December 2023
2,000
2,000
As of 31 December 2024
2,000
2,000
Dividend has been distributed at DKK 0.5m per share in 2024 (DKK 1.25m).
ACCOUNTING POLICIES
Equity includes total comprehensive income for the year comprising the result for the year
and other comprehensive income. Proceeds on the purchase and sale of own shares and
dividends from such shares are recognised in equity.
The translation reserve comprises the group’s share of accumulated exchange rate differ-
ences arising from translation from functional currency into presentation currency. Differ-
ences arising from translation to the presentation currency are recognised in other com-
prehensive income and will not be reclassified to the income statement.
The reserve for other equity investments is comprised of accumulated changes in the fair
value of equity investments (at FVOCI), net of tax.
Reserve for hedges includes the accumulated fair value change of derivatives qualifying
for cash flow hedge accounting, less amounts already reclassified to the income statement
or transferred as basis adjustments, net of tax, as well as forward points and currency ba-
sis spread.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
74
OTHER DISCLOSURES
Note 5.1: Share-based payment ................................................................................................................... 74
Note 5.2: Commitments .................................................................................................................................. 78
Note 5.3: Contingent liabilities ...................................................................................................................... 79
Note 5.4: Cash flow specifications ................................................................................................................ 79
Note 5.5: Related parties ................................................................................................................................ 80
Note 5.6: Events after the balance sheet date ........................................................................................... 81
Note 5.7: Company overview ......................................................................................................................... 82
Note 5.1: Share-based payment
Programmes disclosed below are solely awarded to certain key employees and members of
the Executive Board in portfolio companies. There are no share-based payment programmes in-
troduced for neither key management personnel nor employees in A.P. Møller Holding A/S.
A.P. MØLLER - MÆRSK A/S (A.P. MOLLER - MAERSK)
Performance shares plan
Fair value
per
share¹
Total fair
value²
Outstanding shares
No.
DKK
DKKm
Outstanding as of 1 January 2023
0
Granted
6,068
10,299
62
Outstanding as of 31 December 2023
6,068
Granted
7,750
9,045
69
Granted in connection with the Svitzer demerger
635
10,856
7
Outstanding as of 31 December 2024
14,453
1
The fair value per performance share is equal to the volume weighted average share price on the date of grant,
i.e. 1 April 2024 (1 April 2023), adjusted for expected dividends during the vesting period
2
Total fair value is at the time of grant
From 2023, performance shares are granted to certain key employees and members of the Exec-
utive Board at A.P. Moller - Maersk. Each performance share granted is a right to potentially re-
ceive an existing B share of nominal DKK 1,000 in A.P. Moller - Maersk.
Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met,
which may include but are not limited to return on invested capital, relative share performance,
revenue growth, and ESG elements. Vesting is also contingent upon the employee still being
employed and not under notice of termination when three years have passed from the date of
grant.
Employees are not entitled to any dividends during the vesting period. Special conditions apply
regarding illness, death, and resignation as well as changes in the company’s capital structure,
etc. A part of A.P. Moller - Maersk’s treasury B shares will be used to meet the obligations in
connection with the performance shares plan.
The recognised remuneration expense related to the performance shares plan is DKK 41m (DKK
14m).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
75
Note 5.1: Share-based payment – continued
The average remaining contractual life of the performance shares as per 31 December 2024 was
1.8 years (2.3 years).
Restricted shares plan
Fair value
per
share¹
Total fair
value²
Outstanding restricted shares
No.
DKK
DKKm
Outstanding as of 1 January 2023
23,810
Granted
14,600
10,299
159
Exercised and vested³
- 7,087
Forfeited
- 1,183
Cancelled
- 12
Outstanding as of 31 December 2023
30,128
Granted
14,468
8,255
117
Granted in connection with the Svitzer demerger
1,134
12,346
14
Exercised and vested³
- 6,363
Forfeited
- 1,410
Cancelled
- 35
Outstanding as of 31 December 2024
37,922
1
The fair value per restricted share is equal to the volume weighted average share price on the date of grant,
i.e. 1 April 2024 (1 April 2023), adjusted for expected dividends during the vesting period
2
Total fair value is at the time of grant
3
The weighted average share price at the settlement date was DKK 9,045 (DKK 12,732)
Restricted shares are awarded to certain key employees and members of the Executive Board at
A.P. Moller - Maersk. Each restricted share granted is a right to receive an existing B share of
nominal DKK 1,000 in A.P. Møller - Mærsk A/S.
Transfer of B shares is contingent upon the employee still being employed and not being under
notice of termination, and takes place when three years have passed from the date of grant. For
members of the Executive Board of A.P. Moller - Maersk the vesting period is five years. Partici-
pants are not entitled to any dividends during the vesting period. Special conditions apply re-
garding illness, death, and resignation as well as changes in A.P. Moller - Maersk’s capital struc-
ture, etc. A part of A.P. Moller - Maersk’s treasury B shares will be used to meet the obligations
in connection with the restricted shares plan.
The recognised remuneration expense related to the restricted shares plan was DKK 124m
(DKK 110m).
The average remaining contractual life for the restricted shares as per 31 December 2024 was
1.5 years (1.6 years).
Share options plan
Average
exercise
price²
Total fair
value
Outstanding share options
No.
DKK
DKKm
Outstanding as of 1 January 2023
93,036
13,452
Granted
23,323
13,257
69
Exercised¹
- 19,136
- 8,633
Forfeited
- 3,436
- 15,327
Outstanding as of 31 December 2023
93,787
14,318
Exercisable as of 31 December 2023
27,184
8,309
Granted
22,630
9,566
55
Granted in connection with the Svitzer demerger
5,072
13,003
14
Exercised¹
- 6,955
8,380
Forfeited
- 3,686
14,150
Lapsed
- 655
11,292
Outstanding as of 31 December 2024
110,193
13,148
Exercisable as of 31 December 2024
47,860
10,989
1
The weighted average share price at the dates of exercise of share options exercised in 2024 was DKK 12,606
(DKK 12,674)
2
The weighted average exercise prices for the 2024 share option movements reflect the exercise prices after
the Svitzer modification
A.P. Moller - Maersk also has a share option plan for members of the Executive Board and other
key employees at A.P. Moller - Maersk. Each share option granted is a call option to buy an existing
B share of nominal DKK 1,000 in A.P. Møller - Mærsk A/S.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
76
Note 5.1: Share-based payment – continued
The share options are granted at an exercise price corresponding to 110% of the average market
price on the first five trading days following the release of A.P. Møller - Mærsk A/S’ most recent
Annual Report. Exercise of the share options is contingent upon the option holder still being em-
ployed at the time of vesting, which takes place when three years have passed from the date of
grant. The share options can be exercised when at least three years and no more than six years
(seven years for share options granted to employees who are not members of the Executive Board
at A.P. Moller - Maersk) have passed from the date of grant. Special conditions apply regarding
illness, death, and resignation as well as changes in A.P. Moller - Maersk’s capital structure, etc.
The share options can only be settled in shares. A part of A.P. Moller - Maersk’s holding of
treasury B shares will be used to meet the obligations in respect of the share option plan.
The remuneration expense related to the share option plan was DKK 83m (DKK 69m).
The average remaining contractual life for the outstanding share options as per 31 December
2024 was 4.1 years (4.4 years), and the range of exercise prices for the outstanding share op-
tions as per 31 December 2024 was DKK 7,271 to DKK 23,994 (DKK 7,605 to DKK 25,096).
The following principal assumptions are used in the valuation:
Share options
granted to employees
at A.P. Moller -
Maersk
Outstanding share options
2024
2023
Share price, volume weighted average at the date of
grant, 1 April, DKK
9,022
12,732
Share price, five days volume weighted average after
publication of Annual Report, DKK¹
9,026
11,992
Exercise price, DKK
9,929
13,191
Expected volatility (based on historic volatility)
37%
35%
Expected term (years)
5.75
5.75
Expected dividend yield
2.6%
5.0%
Risk-free interest rate
2.41%
2.65%
Fair value per option at grant date, DKK
2,540
3,067
1
The exercise price was determined based on the five-day volume weighted average share price after the An-
nual General Meeting
The fair value of the options granted is based on the Black-Scholes option pricing model using
the assumptions in the table above.
Modification in 2024
In May 2024, as a result of the demerger of Svitzer in April 2024, A.P. Moller - Maersk reduced
the exercise price of outstanding share options and increased the number of share options, re-
stricted share units, and performance shares outstanding, in order to preserve the value of the
outstanding awards. The total incremental fair value of the share options, restricted share units,
and performance shares as a result of the modification is DKK 52m. For awards that were fully
vested, the incremental fair value was recognised immediately and for awards not yet vested, the
incremental fair value is recognised over the period from the modification date to the vesting
date. The expense for the original awards will continue to be recognised as if the terms had not
been modified.
The fair value of the modified awards was determined using the same models and principles as
described above, with the following differences in inputs for share options:
Share price, volume weighted average at the date
of modification, 15 May 2024, DKK
11,335
Exercise price, DKK
Original exercise price x adjustment factors
Expected volatility (based on historic volatility)
37%
Expected term (years)
80% of time remaining until option vesting
Expected dividend per share, DKK
2.1%
Risk-free interest rate
Based on time remaining until expiry
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
77
Note 5.1: Share-based payment – continued
SVITZER GROUP A/S (SVITZER)
Restricted shares plan
Fair value
per
share¹
Total fair
value²
Outstanding shares
No.
DKK
DKKm
Outstanding as of 1 January 2024
0
Granted
60,181
237
14
Outstanding as of 31 December 2024
60,181
1
The fair value per restricted share is equal to the volume weighted average share price on the date of grant,
which is equal to the average closing price of the first 20 trading days on Nasdaq Copenhagen
2
Total fair value is at the time of grant
Restricted shares are awarded to members of the Executive Management and other key
management personnel of Svitzer. Each restricted share granted is a right to receive an existing
share of a nominal value of DKK 10 in Svitzer Group A/S.
Transfer of restricted shares is contingent upon the employee still being employed and not be-
ing under notice of termination and takes place when three years have passed from the date of
grant. During the vesting period, there is no entitlement to any dividends. Special conditions ap-
ply regarding illness, death, and resignation as well as changes in Svitzer’s capital structure, etc.
During 2024, certain key employees and members of the Executive Board at Svitzer were also
awarded exceptional restricted shares to be vested in April 2027. These exceptional shares do
not require continuous employment and the remuneration expense of DKK 5m has been recog-
nised in its entirety in 2024.
The total recognised remuneration expense related to the restricted shares plan is DKK 7m.
The average remaining contractual life for the outstanding restricted shares as per 31 December
2024 is 2.3 years.
OTHER SHARE-BASED PAYMENT PROGRAMMES
The group has introduced a number of cash-settled share-based payment programmes in its
non-listed portfolio companies. The programmes are for key employees as well as members of
the Executive Board and Board of Directors in the respective portfolio companies.
Certain programmes include a co-investment programme, however, due to service conditions,
they are defined as cash-settled share-based payment programmes. The programmes are based
on fair market value. Due to a put option issued for the benefit of the co-investors, the group has
an obligation to buy back the shares. The liability is recognised in the balance sheet.
ACCOUNTING POLICIES
Equity settled performance shares, restricted shares, and share options granted to certain
key employees as part of the group’s long-term incentive programmes are recognised as
remuneration expenses over the vesting period at estimated fair value at the grant date
and result in a corresponding adjustment in equity.
Cash-settled performance awards allocated to employees as part of the group’s long-term
incentive programmes are recognised as staff costs over the vesting period and result in a
corresponding adjustment in other payables.
At the end of each reporting period, the group revises its estimates of the number of
awards that are expected to vest based on the non-market vesting conditions and service
conditions. Any impact of the revision is recognised in the income statement with a corre-
sponding adjustment to equity or other payables.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
78
Note 5.2: Commitments
SHORT-TERM AND LOW-VALUE LEASES
As part of the group’s activities, customary agreements are entered into regarding charter and
operating leases of vessels, containers, and port facilities. Furthermore, the group has entered
into low-value lease agreements for operating leases of property, etc.
The future lease payments for short-term and low-value lease agreements are:
Amounts in DKKm
2024
2023
Within one year
2,600
1,179
Between one and two years
5
7
Between two and three years
5
2
Between three and four years
5
2
Between four and five years
5
2
After five years
1
10
Total
2,621
1,202
CAPITAL COMMITMENTS
The group has the following capital commitments:
Amounts in DKKm
2024
2023
Capital commitments relating to acquisition of non-current assets
73,135
40,089
Commitments towards concession grantors
6,171
7,099
Total capital commitments
79,306
47,188
The increase in capital commitments is primarily related to vessel newbuilding contracts entered
into during 2024. The capital commitments will be financed by cash flow from operating activities
as well as existing and new loan facilities.
Newbuilding programmes as of 31 December 2024
No.
2025
2026
2027
2028
2029
Total
Vessels
20
13
9
12
14
68
Total
20
13
9
12
14
68
Capital commitments to newbuilding programmes as of 31 December 2024
Amounts in DKKm
2025
2026
2027
2028
2029
Total
Vessels
14,120
9,171
6,271
12,926
14,551
57,039
Total
14,120
9,171
6,271
12,926
14,551
57,039
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
79
Note 5.3: Contingent liabilities
CONTINGENT LIABILITIES
Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments, and
other disputes.
Legal
The group is involved in several legal cases and other disputes. Some of these involve significant
amounts and are subject to considerable uncertainty. The group continuously assesses the risks
associated with the cases, investigations, and disputes, and their likely outcome. It is the opinion
of management that, apart from items recognised in the financial statements, the outcome of
these cases, investigations, and disputes are either not probable or cannot be reliably estimated
in terms of amount or timing. The group does not expect these to have a material impact on the
consolidated financial statements.
Tax
The group is subject to a tax audit in Germany concerning allocation of taxation rights to ship-
ping income between Denmark and Germany as well as to a tax investigation in India concerning
a deemed supply of services between Indian Goods and Services Tax (GST) registrations of A.P.
Moller - Maersk in India. The group is also involved in various other tax disputes, including indi-
rect tax disputes, some of which involve significant amounts. The group continuously assesses
the risks associated with tax disputes and their likely outcome and considers the risk related to
these disputes remote, and therefore a material impact on the consolidated financial statements
is not expected.
Other
Custom bonds of DKK 6.1bn (DKK 5.6bn) have been provided to various port authorities in
India.
The group has entered into a number of agreements with terminals and port authorities, etc.
comprising volume commitments, including an extra payment, in case minimum volumes are not
met.
Except for customary agreements within the group’s activities, no material agreements have
been entered into that will take effect, change, or expire upon change of control of the company.
Note 5.4: Cash flow specifications
Amounts in DKKm
2024
2023
Change in working capital
Inventories
625
- 96
Trade receivables
- 4,787
13,077
Other receivables and prepayments
- 1,223
- 6,547
Trade payables and other payables
2,780
- 2,376
Exchange rate adjustment of working capital
770
- 59
Total
- 1,835
3,999
Purchase of intangible assets and property, plant and equipment
Addition¹
- 68,123
- 44,145
Of which right-of-use assets, etc.
32,027
15,207
Of which borrowing costs capitalised on assets
787
950
Addition, assets held for sale
- 303
0
Change in trade payables regarding purchase of assets
2,182
376
Change in abandonment
845
25
Total
- 32,585
- 27,587
Financial investments
Addition, joint ventures
- 9
- 114
Disposal, joint ventures
0
- 4
Addition, associated companies
- 1,664
- 30
Disposal, associated companies
1,464
2,526
Addition, receivables
- 181,136
- 149,465
Payments regarding receivables
160,217
183,121
Addition, other equity investments
- 1,238
- 504
Disposal, other equity investments
18
186
Total
- 22,348
35,716
1
Additions to intangible assets amount to DKK 1.9bn (DKK 1.7bn)
Other non-cash items relate primarily to the adjustment of provisions.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
80
Note 5.4: Cash flow specifications - continued
SIGNIFICANT ACCOUNTING JUDGMENTS
Operations in countries with limited access to repatriating surplus cash
The group operates worldwide and, in this respect, has operations in countries where the
ability to repatriate surplus cash is complicated and time consuming. In these countries,
management makes judgments as to whether these cash positions can be recognised as
cash or cash equivalents.
ACCOUNTING POLICIES
Cash flow from operating activities includes all cash transactions other than cash flows
arising from investing and financing activities such as investments and divestments, re-
ceived dividends, principal payments of loans, instalments on lease liabilities, paid and re-
ceived financial expenses, and equity transactions. Capitalisation of borrowing costs is
considered non-cash items, and the actual payments of these borrowing costs are in-
cluded in cash flow from financing.
Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where
overdraft facilities form an integral part of the group’s cash management.
Note 5.5: Related parties
Associated
companies
Joint ventures
Management¹
Amounts in DKKm
2024
2023
2024
2023
2024
2023
Income statement
Revenue
62
449
841
478
0
0
Operating costs²
4,796
3,930
4,240
3,901
0
88
Remuneration to Executive Board
and Board of Directors
0
0
0
0
104
89
Financial income
608
485
0
0
0
0
Financial expenses
349
359
0
0
0
0
Other income
6
4
0
14
0
0
Assets
Sale of shares to issuing
company³
1,089
0
0
0
0
0
Other receivables, non-current
0
0
264
202
0
0
Other receivables, current
61
51
50
61
0
0
Trade receivables
87
39
71
67
0
0
Cash and bank balances
12,673
12,321
0
0
0
0
Liabilities
Guarantees etc.
891
1,131
0
0
0
0
Issued bank guarantees
581
260
0
0
0
0
Credit institutions including loan
commitments
9,538
7,060
193
452
0
0
Trade payables
729
533
543
600
0
7
Other payables
0
0
50
0
0
0
Equity
Capital increase
144
0
7
117
0
0
Sale to non-controlling interests
0
0
0
0
21
442
Purchase from non-controlling
interests
0
0
0
0
8
2
Dividends
5,304
2,821
1,076
655
0
63
1
The Board of Directors and the Executive Board of A.P. Møller Holding A/S and their close relatives (including
undertakings under their significant influence). Trade payables include customary business-related accounts
regarding shipping activities
2
Operating costs regarding management include commission and commercial receivables to Maersk Broker
K/S from chartering as well as purchase and sale of vessels
3
Including share buyback programmes
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
81
Note 5.5: Related parties - continued
A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Denmark is the
parent company and the ultimate owner.
A.P. Møller Holding A/S’ related parties comprise its owner A.P. Møller og Hustru Chastine Mc-
Kinney Møllers Fond til almene Formaal as well as the Board of Directors and Executive Boards
of A.P. Møller Holding A/S and A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til al-
mene Formaal. Related parties also comprise subsidiaries, associated companies, and joint ven-
tures. All agreements have been negotiated on market-based terms.
Dividends distributed to A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene
Formaal amounted to DKK 1.0bn (DKK 2.5bn).
Note 5.6: Events after the balance sheet date
No events of importance to the Annual Report have occurred during the period from the
balance sheet date until the presentation of the financial statements.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · CONSOLIDATED FINANCIAL STATEMENTS
83
Note 5.7: Company overview – continued
A.P. Moller Holding group comprises more than 1,100 companies, of which the holding entity of
each portfolio company is listed below.
Subsidiary
Country of
incorporation
Ownership share
AIF I Sponsor Invest K/S
Denmark
100.0%
APMH GE P/S¹
Denmark
99.1%
APMH Invest A/S
Denmark
100.0%
APMH Invest IX ApS¹
Denmark
96.7%
- KK Wind Solutions Holding A/S
Denmark
98.4%
APMH Invest X P/S
Denmark
100.0%
APMH Invest XIII ApS¹
Denmark
99.8%
- Faerch Group Holding A/S
Denmark
97.4%
APMH Invest XVI ApS¹
Denmark
99.0%
APMH Invest XVIII ApS
Denmark
100.0%
- Iv3 Aqua Holding A/S
Denmark
99.2%
APMH Invest XXI ApS
Denmark
100.0%
APMH Invest XXII ApS¹
Denmark
99.9%
- Unilabs Group Holding ApS
Denmark
97.3%
APMH Invest XXV ApS
Denmark
100.0%
APMH Invest XXIX ApS
Denmark
100.0%
- C2X Ltd.
UK
100.0%
APMH Invest XXX ApS ¹
Denmark
99.8%
- Concentric Group Holding ApS
Denmark
100.0%
APMH Invest XXXV A/S ¹
Denmark
96.2%
- Vioneo Holding AG
Switzerland
100.0%
APMH Invest XXXVII ApS
Denmark
100.0%
A.P. Møller Capital P/S ²
Denmark
49.0%
A.P. Møller Maritime ApS
Denmark
100.0%
- Ammonia Carriers A/S
Denmark
70.0%
- APMH Invest V ApS¹
Denmark
51.3%
- Maersk Offshore Wind A/S
Denmark
100.0%
- Maersk Product Tankers A/S
Denmark
70.0%
- Maersk Supply Service Brazil Holdings A/S
Denmark
100.0%
- Maersk Tankers A/S
Denmark
80.0%
A.P. Møller - Mærsk A/S³
Denmark
41.5%
Svitzer Group A/S⁴
Denmark
47.0%
1
100% of the voting rights
2
68% of the voting rights
3
54.45% of the voting rights
4
Considered to hold a controlling interest
Associate
Country of
incorporation
Ownership share
Danske Bank A/S
Denmark
21.3%
DOF Group ASA
Norway
25.0%
Innargi Holding A/S
Denmark
37.6%
Noble Corporation plc
UK
19.5%
ZeroNorth A/S
Denmark
46.3%
A more comprehensive list of companies is available at
https://apmoller.com/wp-content/uploads/2025/03/APMH-Company-overview-2024.pdf.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
84
2
Parent
company
financial
statements
Income statement ............................................................................................................................................. 85
Balance sheet as of 31 December ................................................................................................................. 86
Statement of changes in equity ..................................................................................................................... 87
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
85
Note
Amounts in DKKm
2024
2023
1
Share of result in subsidiaries
23,362.6
14,921.3
2
Staff costs
- 250.3
- 209.1
Other external expenses
- 68.3
- 60.0
3
Depreciation
- 3.9
- 3.9
Other income
188.0
171.0
Result before financial items
23,228.1
14,819.3
4
Financial income
58.8
13.1
5
Financial expenses
- 0.2
- 0.2
Result before tax
23,286.7
14,832.2
6
Tax on result for the year
34.4
206.0
7
Result for the year
23,321.1
15,038.2
INCOME STATEMENT
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
86
Note
Amounts in DKKm
2024
2023
Non-current assets
3
Property
216.4
220.3
Equipment
7.6
7.6
1
Investments in subsidiaries
300,313.9
271,131.8
Total non-current assets
300,537.9
271,359.7
Current assets
Receivables from affiliates
1.1
0.2
8
Deferred tax
80.9
59.2
Tax receivables
439.3
320.9
Other receivables
4.3
77.3
Total receivables
525.6
457.6
Cash and bank balances
755.7
235.2
Total current assets
1,281.3
692.8
Total assets
301,819.2
272,052.5
Note
Amounts in DKKm
2024
2023
Equity
9
Share capital
2,000.0
2,000.0
Reserve for net revaluation under the equity method
125,974.4
99,074.1
Retained earnings, etc.
172,449.5
169,694.3
Proposed dividend
1,000.0
1,000.0
Total equity
301,423.9
271,768.4
Non-current liabilities
Other payables
190.2
203.6
Total non-current liabilities
190.2
203.6
Current liabilities
Payables to affiliates
1.0
1.9
Trade payables
32.0
19.4
Other payables
172.1
59.2
Total current liabilities
205.1
80.5
Total liabilities
395.3
284.1
Total equity and liabilities
301,819.2
272,052.5
10
Related parties
11
Commitments
12
Contingent liabilities
13
Events after the balance sheet date
14
Accounting policies
BALANCE SHEET AS OF 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
87
Amounts in DKKm
Share
capital
Reserve
for net
revalua-
tion under
the equity
method
Retained
earnings,
etc.
Proposed
dividend
Total
Equity as of 1 January 2023
2,000.0
124,045.3
136,611.0
2,500.0
265,156.3
Dividend paid for the year
0.0
0.0
0.0
- 2,500.0
- 2,500.0
Result for the year
0.0
14,921.3
- 883.1
1,000.0
15,038.2
Dividend from subsidiaries
0.0
- 31,041.3
31,041.3
0.0
0.0
Other adjustments¹
0.0
- 8,851.2
2,925.1
0.0
- 5,926.1
Equity as of 31 December 2023
2,000.0
99,074.1
169,694.3
1,000.0
271,768.4
Dividend paid for the year
0.0
0.0
0.0
- 1,000.0
- 1,000.0
Result for the year
0.0
23,362.6
- 1,041.5
1,000.0
23,321.1
Dividend from subsidiaries
0.0
- 3,383.7
3,383.7
0.0
0.0
Other adjustments¹
0.0
6,921.4
413.0
0.0
7,334.4
Equity as of 31 December 2024
2,000.0
125,974.4
172,449.5
1,000.0
301,423.9
1
Other adjustments primarily comprise exchange rate adjustments and disposals due to share buy-back pro-
grammes in subsidiaries
STATEMENT OF CHANGES IN EQUITY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
88
Notes to
parent
company
financial
statements
Note 1: Investments in subsidiaries ............................................................................................................. 89
Note 2: Staff costs ............................................................................................................................................ 89
Note 3: Property ................................................................................................................................................ 90
Note 4: Financial income ................................................................................................................................. 90
Note 5: Financial expenses ............................................................................................................................. 90
Note 6: Tax on result for the year .................................................................................................................. 90
Note 7: Distribution of result for the year ................................................................................................... 90
Note 8: Deferred tax ......................................................................................................................................... 90
Note 9: Share capital ........................................................................................................................................ 91
Note 10: Related parties ................................................................................................................................. 91
Note 11: Commitments .................................................................................................................................... 91
Note 12: Contingent liabilities ........................................................................................................................ 91
Note 13: Events after the balance sheet date ............................................................................................ 91
Note 14: Accounting policies.......................................................................................................................... 92
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
89
Note 1: Investments in subsidiaries
Amounts in DKKm
2024
2023
Cost as of 1 January
172,057.7
140,746.4
Additions
3,050.0
37,110.0
Disposals¹
- 768.2
- 5,798.7
Cost as of 31 December
174,339.5
172,057.7
Adjustment to carrying amount as of 1 January
99,074.1
124,045.3
Share of result for the year
23,362.6
14,921.3
Dividend
- 3,383.7
- 31,041.3
Disposals¹
- 413.0
- 2,924.1
Other adjustments incl. exchange rate adjustments
7,334.4
- 5,927.1
Adjustment to carrying amount as of 31 December
125,974.4
99,074.1
Carrying amount as of 31 December
300,313.9
271,131.8
1
Disposals include share buy-back programmes in subsidiaries
COMPANY OVERVIEW AS OF 31 DECEMBER 2024
Subsidiary
Country of
incorporation
Owner-
ship
share¹
Voting
share
A.P. Møller - Mærsk A/S
Denmark
41.51%
51.45%
APMH Invest A/S
Denmark
100.00%
100.00%
1
Percentage of total number of issued shares. The ownership share has been adjusted for
A.P. Moller - Maersk’s holding of own shares as of 31 December 2024 due to the share buy-back programme
that terminated on 8 February 2024. Without the adjustment, the ownership share amounts to 41.5%. Cancel-
lation of A.P. Moller - Maersk’s own shares will be completed at a general meeting
Please refer to the company overview for A.P. Moller Holding group of companies as stated in
note 5.7, which is an integrated part of this note.
Note 2: Staff costs
A.P. Moller Holding has a cash-settled incentive plan to members of the Executive Board and
grants have been awarded on a yearly basis. The incentive plan provides an annual bonus and
long-term incentive programmes, which are determined by the development in the value creation
of the underlying investments. The main part of the long-term incentive programmes is capped.
Amounts in DKKm
2024
2023
Wages and salaries
246.0
205.5
Pensions
4.0
3.2
Other social security costs
0.3
0.4
Total
250.3
209.1
Average number of employees
61
55
Executive Board
Fixed base salary
18.3
17.6
Short-term cash incentive
15.2
13.8
Long-term incentive, grant value
9.3
9.1
Remuneration to the Executive Board before fair value adjustments
42.8
40.5
Fair value adjustments of long-term incentive, including previous years' grants
54.1
41.3
Remuneration to the Executive Board, including fair value adjustments
96.9
81.8
Remuneration to the Board of Directors
2.3
2.7
Remuneration to the Board of Directors and Executive Board
99.2
84.5
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
90
Note 3: Property
Amounts in DKKm
2024
2023
Cost as of 1 January
236.5
236.5
Cost as of 31 December
236.5
236.5
Depreciation as of 1 January
- 16.2
- 12.3
Depreciation for the year
- 3.9
- 3.9
Depreciation as of 31 December
- 20.1
- 16.2
Carrying amount as of 31 December
216.4
220.3
Note 4: Financial income
Amounts in DKKm
2024
2023
Interest income
58.6
12.9
Interest income, affiliates
0.1
0.0
Exchange rate gains
0.1
0.2
Total
58.8
13.1
Note 5: Financial expenses
Amounts in DKKm
2024
2023
Interest expenses
0.0
0.1
Exchange rate losses
0.2
0.1
Total
0.2
0.2
Note 6: Tax on result for the year
Amounts in DKKm
2024
2023
Tax on result for the year
10.7
- 196.0
Adjustment of tax concerning previous years
- 23.4
- 5.6
Adjustment of deferred tax
- 20.6
192.9
Adjustment of deferred tax concerning previous years
- 1.1
- 197.3
Total
- 34.4
- 206.0
Note 7: Distribution of result for the year
Amounts in DKKm
2024
2023
Proposed dividend
1,000.0
1,000.0
Reserve for net revaluation under the equity method
23,362.6
14,921.3
Retained earnings
- 1,041.5
- 883.1
Result for the year
23,321.1
15,038.2
Note 8: Deferred tax
Amounts in DKKm
2024
2023
Deferred tax asset as of 1 January
59.2
54.8
Adjustment of deferred tax for the year
20.6
- 192.9
Adjustment of deferred tax concerning previous years
1.1
197.3
Deferred tax asset as of 31 December
80.9
59.2
Deferred tax is calculated based on the difference between the carrying amount and the tax
base of assets and liabilities. Management expects the deferred tax asset to be utilised by the
company itself or by the group of jointly taxed companies within a few years.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
91
Note 9: Share capital
The share capital consists of 2,000 shares with a nominal value of DKK 1m and amounts to DKK
2bn as of 31 December 2024.
Note 10: Related parties
A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (A.P. Moller Foun-
dation) holds 100% of the company’s capital.
Related parties exercising controlling interest in the company:
• A.P. Moller Foundation, Esplanaden 50, Copenhagen, Denmark
The company has not entered into any transactions with related parties that were not on an
arm’s length basis.
Note 11: Commitments
As part of the company’s activities, lease agreements are entered into regarding the lease of of-
fice equipment and cars. The total amount of lease commitments regarding short-term and low-
value asset leases as of 31 December 2024 amounts to DKK 1.3m (DKK 2.3m). During 2024, the
company had lease costs regarding short-term leases and low-value leases amounting to DKK
1.0m (DKK 1.2m).
Note 12: Contingent liabilities
The company is included in national joint taxation with other Danish companies in the A.P.
Moller Holding group. The company is jointly and severally liable for the payment of taxes and
withholding tax.
Note 13: Events after the balance sheet date
No events of importance to the Annual Report have occurred during the period from the
balance sheet date until the presentation of the financial statements.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · PARENT COMPANY FINANCIAL STATEMENTS
92
Note 14: Accounting policies
The financial statements for 2024 for A.P. Møller Holding A/S have been prepared on a going
concern basis and in accordance with the provisions of the Danish Financial Statements Act ap-
plying to large enterprises of reporting class C.
With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement
has been prepared for the company.
With reference to section 96(3) of the Danish Financial Statements Act, the company has not
presented fees to statutory auditors.
Compared to the accounting policies described for A.P. Møller Holding A/S as stated in note 1.1
to the consolidated financial statements, the company’s accounting policies differ mainly in the
following areas:
• Shares in subsidiaries are measured under the equity method. The share of result after tax in
the subsidiaries is recognised as a separate line item in the income statement. Goodwill and
other intangible assets with indefinite useful lives are recognised as part of the investment
and amortised over a maximum of 25 years
• Shares in associates that are retained shareholdings in a former subsidiary, will initially be
recognised with the same carrying amounts as previously, and hence, the carrying amounts
will be presented as transfers
• Dividends from subsidiaries are recognised as a receivable at the time of declaration
• Other equity investments are measured at fair value and the fair value adjustment is recog-
nised through the income statement. Therefore, other equity investments classified at fair
value through other comprehensive income in the consolidated financial statements, are rec-
ognised in the income statement in the financial statements for A.P. Møller Holding A/S
The financial statements have been prepared under the same accounting policies as last year.
The financial statements are presented in DKK million.
INCOME STATEMENT
Share of result in subsidiaries
Share of result in subsidiaries is recognised net of tax and corrected for the share of unrealised
intra-group gains and losses. The line item also includes amortisation and impairment of good-
will recognised as part of the equity investment.
Other external expenses
Other external expenses comprise expenses for administration, office supplies, etc.
Other income
Other income comprises service fees.
BALANCE SHEET
Investments in subsidiaries
Investments in subsidiaries are accounted for under the equity method and the equity method is
used as a consolidation method. The investments are initially recognised at cost and adjusted
thereafter to recognise the company’s share of the post-acquisition profits or losses of the in-
vestee, and the company’s share of movements in equity of the investee. Accounting policies of
equity accounted investees have been changed where necessary to ensure consistency with the
policies adopted by the company. Dividends received are recognised as a reduction in the carry-
ing amount of the investment.
When the company’s share of losses in an equity accounted investment equals or exceeds its
interest in the entity, including any other unsecured long-term receivables, the company does
not recognise further losses, unless it has incurred obligations or made payments on behalf of
the other entity.
Unrealised gains on transactions between the company and its subsidiaries are eliminated in full.
Business combinations under common control are accounted for at carrying values using prede-
cessor accounting, i.e. pooling of interests when the entity acquired has been under control of
another member of the same group company before the acquisition. A difference between the
carrying value and the consideration paid are recognised directly in equity.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · REPORTS
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Executive Board
Board of Directors
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · REPORTS
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2024 · REPORTS
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CVR No 33 77 12 31
Photos
P. 3 Steen Brogaard
Pp. 20-21 Steen Brogaard