Acquisitions during the first nine months 2021
Visible Supply Chain Management, North America
On 2 August 2021, the Group acquired 100% of
the shares in Visible Supply Chain Management,
an e-commerce logistics provider based in North
America focusing on e-fulfilment, parcel delivery
services and freight management. Visible Supply
Chain Management will contribute with strong
e-commerce capabilities and further strengthen
the business-to-consumer part of the business.
The total purchase price is USD 803m, including a
contingent consideration valued at USD 63m. Of the
provisional purchase price allocation approximately
USD 550m is related to goodwill and approximately
USD 190m to intangible assets, including software
and technology.
Goodwill is mainly attributable to expected future
synergies from leveraging the acquired technology
software, network optimisations and improved pro-
ductivity.
From the acquisition date to 30 September 2021,
Visible Supply Chain Management contributed with
a revenue of USD 76m and an insignificant net profit.
Had the acquisition occurred on 1 January 2021, the
impact on the Group’s revenue would have been
USD 376m. The net profit impact to the Group would
have been insignificant.
Acquisition-related costs of USD 10m are recognised
as operating costs in the income statement and in
operating cash flow in the statement of cash flow.
The accounting for the business combination is con-
sidered provisional at 30 September 2021.
HUUB, Portugal
On 1 September 2021, the Group acquired 100% of
the shares in HUUB, a Portuguese cloud-based logis-
tics start-up specialised in technology solutions for
B2C warehousing for the fashion industry. HUUB will
contribute to strengthening Maersk’s technology
capabilities, bringing the best attributes of a modern
entrepreneurial agile workplace. The acquisition is
accounted for as an asset deal.
The total acquisition price is USD 9m, and is subject
to adjustment based on future performance.
Acquisitions after 30 September 2021
B2C Europe, Europe
On 1 October 2021, the Group acquired 100% of the
shares in B2C Europe, an e-commerce logistics provider
based in Europe, specialising in cross-border parcel
delivery services. B2C Europe will contribute with
strong e-commerce capabilities and further strengthen
the business-to-consumer part of our business.
The total acquisitions price is USD 86m.
Senator International, Germany
After the balance sheet date, the Group acquired
100% of the shares in Senator International, a
well-renowned German air-based freight carrier
company. Senator International will contribute with
offerings within air freight out of Europe into the
USA and Asia, and thereby add strong capabilities
and geographical reach to our integrator vision.
The acquisition is expected to be finalised during
Q1 2022.
Note 3 Acquisition of subsidiaries
The interim consolidated financial statements have
been prepared in accordance with IAS 34 Interim
Financial Reporting as issued by the International
Accounting Standards Board (IASB) and adopted by
the EU and additional Danish disclosure requirements
for interim financial reporting of listed companies.
The accounting policies, judgements and significant
estimates are consistent with those applied in the
Annual Report 2020, notes 23 and 24, to which refer-
ence is made, apart from the changes described below:
Change to product groups in reportable segment
As part of the refinement of the segment structure
of A.P. Moller - Maersk, the product groups of the
Logistics & Services segment have been updated.
See table below for the product specifications.
Change in segment measure of profit or loss
The segment measure of profit has been changed
from EBITDA to EBIT, as EBIT is regularly reviewed
by management when making decisions about re-
source allocations.
Change to accounting estimates
The estimated useful life and residual values of
containers have been revised. The net effect of the
changes was an increase in EBIT of USD 108m in
Q3 2021. The effect for 9M was USD 320m.
The useful life of new containers is typically esti-
mated to 15 years. The residual values are initially
estimated between 10% and 30%, depending on
the container type.
Note 4 Accounting policies, judgements and significant estimates
Logistics & Services product specifications
The product families and the strategic rationale behind the changes made to the categories as of 2021 are described below.
Product families Details Strategic rationale
Managed by Maersk • Lead Logistics (Supply Chain Management and 4PL)
• Cold Chain logistics
• Custom Services
• TradeLens
Integrated management solutions enable customers to control
or outsource part or all their supply chain. Combining transport
and fulfilment solutions with digital platforms, give end to end
visibility, action ability and control.
Fulfilled by Maersk • Contract logistics (Warehousing & Distribution and Depot)
• e-commerce
Integrated fulfilment solutions improve customer consolidation
and storage down to order level. Whether e-commerce or cold
storage, Logistics & Services solutions connect seamlessly to its
transportation network, optimising inventory flow and precision
to deliver individual orders precisely and on time.
Transported by Maersk • Landside Transportation (Intermodal and Intercontinental Rail)
• Insurance
• Air & Less Than Container Load (LCL)
• Star Air
• Full Container Load (FCL)
• Sea Freight Forwarding Others
Integrated transportation solutions facilitate supply chain
control across A.P. Moller - Maersk’s assets. The solutions are
modular, providing customers end-to-end services with higher
reliability, speed and accountability.
30
Amounts in USD million
Interim consolidated financial statements Q3 2021 Financials
A.P. Moller - Maersk Interim Report Q3 | 2 November 2021