Contacts for further information
Søren Skou,
CEO
Tel. +45 3363 1901
Patrick Jany,
CFO
Tel. +45 3363 3106
Investors
Sarah Spray,
Head of Investor Relations
Tel. +45 3363 3106
Media
Signe Wagner,
Head of External Relations
Tel. +45 3363 1901
Webcast and dial-in information
A webcast relating to the Q1 2022
Interim Report will be held on
4 May 2022 at 11.00 (CET). Dial-in
information on investor.maersk.com.
Presentation material for the web-
cast will be available on the same
page.
The Interim Report for Q1 2022 of
A.P. Møller - Mærsk A/S (further
referred to as A.P. Moller - Maersk
as the consolidated group of com-
panies) has been prepared in accord-
ance with IAS 34 ‘Interim Financial
Reporting’ as issued by the Interna-
tional Accounting Standards Board
(IASB) and adopted by the EU and
additional Danish disclosure require-
ments for interim financial reporting
of listed companies.
The interim consolidated financial
statements have not been subject
to audit or review.
Comparative figures
Unless otherwise stated, all figures
in parentheses refer to the corre-
sponding figures for the same period
prior year.
Forward-looking statements
The interim report contains
forward- looking statements. Such
statements are subject to risks and
uncertainties as numerous factors,
many of which are beyond the control
of A.P. Moller - Maersk, may cause
the actual development and results
to differ materially from expectations
contained in the interim report.
Financial calendar
3 August 2022
Interim Report Q2 2022
2 November 2022
Interim Report Q3 2022
8 February 2023
Annual Report 2022
Management review
Highlights Q .........................................................................................................................
Summary financial information .................................................................................................
Review Q ................................................................................................................................
– Continued strong financial results while supporting customers .........................
– Invasion of Ukraine .....................................................................................................................
– Acquisitions in Q ..........................................................................................................
– ESG update .....................................................................................................................................
– Change in management ...........................................................................................................
– Delivering on the roadmap to ..................................................................................
Financial review ..................................................................................................................................
Guidance for ...........................................................................................................................
Market insights ...................................................................................................................................
Segments ..............................................................................................................................................
– Ocean ................................................................................................................................................
– Logistics & Services ....................................................................................................................
– Terminals .........................................................................................................................................
– Towage & Maritime Services..................................................................................................
Statement of the Board of Directors and the Executive Board ...................................
Financials
Condensed income statement ....................................................................................................
Condensed statement of comprehensive income .............................................................
Condensed balance sheet at March ..................................................................................
Condensed cash flow statement ...............................................................................................
Condensed statement of changes in equity .........................................................................
Notes .......................................................................................................................................................
Additional information
Quarterly summary ..........................................................................................................................
Definition of terms ...........................................................................................................................
Connecting the world’s supply chains – all the way
A.P. Moller - Maersk is connecting and simplifying the world’s supply chains, and we aspire to provide truly
integrated logistics. Across oceans, ports, on land and in the air, we are combining our supply chain infra-
structure with the power of our people and technology to drive end-to-end innovation that accelerates
our customers’ success. By delivering innovative logistics solutions we believe we can give the companies
we serve a significant edge and help them realise their full potential. With a dedicated team of 95,000 tal-
ents, operating in more than 130 countries, we are going all the way to digitise, democratise and decarbonise
the world’s supply chains and in doing so reinvent the logistics industry and improve life for all.
Contents
2
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Management review
A.P. Moller - Maersk continued to deliver remarkable results in Q1 2022 where revenue increased
by 55% and both EBITDA and EBIT more than doubled compared to Q1 2021.
Focus remains on assisting the company’s customers who are facing exceptional conditions with
persisting bottle necks. In addition, due to the Russian invasion of Ukraine, A.P. Moller - Maersk has
decided to withdraw from doing business in Russia and consequently has recognised the corre-
sponding value adjustment in Q1.
Highlights Q1 2022
Revenue for Q1 increased by USD 6.9bn to USD 19.3bn (USD 12.4bn), mainly due to an increase in Ocean of USD 6.1bn, while
revenue increased in Logistics & Services by 41% and by 24% in Terminals. EBITDA increased by USD 5.1bn to USD 9.1bn (USD
4.0bn) including an impact from the Russia/Ukraine situation of USD 91m. EBIT increased by USD 4.2bn to USD 7.3bn (USD 3.1bn)
including an impact from the Russia/Ukraine situation of USD 718m.
EBIT in Ocean increased by USD 4.4bn to USD 7.1bn (USD 2.7bn), mainly driven by increased freight rates, partially offset by
higher costs related to bunker, handling and network. The impact from the Russia/Ukraine situation amounted to USD 162m.
In Logistics & Services, EBIT increased to USD 183m (USD 139m), or USD 236m without the impact of USD 53m from the
Russia/Ukraine situation.
In Terminals, EBIT adjusted for the Russia/Ukraine impact reached record levels with earnings of USD 412m. Reported
EBIT was negative USD 73m (positive USD 239m), due to an impairment of USD 485m related to the holding in Global
Ports Investments, which is a result of the withdrawal of business in Russia.
Free cash flow increased to USD 6.0bn (USD 2.4bn), due to strong cash flow from operating activities of USD 8.2bn (USD 3.4bn),
partly offset by CAPEX of USD 1.4bn (USD 329m) and higher capitalised lease instalments of USD 646m (USD 629m), mainly
related to vessels.
A total distribution of cash to shareholders of USD 6.5m took place during Q1 2022 through dividends of USD 6.0m combined
with share buy-backs of USD 478m excluding shares bought for the long-term incentive programme.
In February, the intended acquisition of Pilot Freight Services, a leading US-based first, middle and last mile as well as border
crossing solutions provider, specialising in the big and bulky freight segment in North America for B2C and B2B distribution
models, was announced. The acquisition was completed in early May.
A.P. Moller - Maersk has set a new ambitious decarbonisation target for the entire business to achieve net zero greenhouse gas
emissions in 2040 – a decade ahead of its initial 2050 ambition. As an important step in the green fuel transition, strategic
partnerships have been announced with the intent to source and establish large-scale green fuel production. A large investment
in 410 electric trucks in North America is a significant step in building the end-to-end, landside decarbonisation.
As communicated on 26 April, guidance for 2022 has been revised upwards to an underlying EBITDA of around USD 30bn,
an underlying EBIT of around USD 24bn and a free cash flow above USD 19bn.
Highlights Q1 USD million
Revenue EBITDA EBIT CAPEX
Ocean
Logistics & Services
Terminals -
Towage & Maritime Services
Unallocated activities eliminations etc - - - - -
AP Moller - Maersk consolidated
3
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Management review I Highlights Q1 2022
Q Q M
Income statement
Revenue
Profit before depreciation amortisation and impairment losses etc (EBITDA)
Depreciation amortisation and impairment losses net
Gain on sale of non-current assets etc net
Share of profit/loss in joint ventures and associated companies -
Profit before financial items (EBIT)
Financial items net - - -
Profit before tax
Tax
Profit for the period
AP Møller - Mærsk A/S’ share
Underlying profit
Balance sheet
Total assets
Total equity
Invested capital
Net interest-bearing debt - -
Cash flow statement
Cash flow from operating activities
Capital lease instalments – repayments of lease liabilities
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Cash flow from financing activities - - -
Free cash flow
Financial ratios
Revenue growth % % %
EBITDA margin % % %
EBIT margin % % %
Cash conversion % % %
Return on invested capital after tax (ROIC) (last twelve months) % % %
Equity ratio % % %
Underlying ROIC (last twelve months) % % %
Underlying EBITDA
Underlying EBITDA margin % % %
Underlying EBIT
Underlying EBIT margin % % %
Stock market ratios
Earnings per share USD
Diluted earnings per share USD
Cash flow from operating activities per share USD
Share price (B share) end of period DKK
Share price (B share) end of period USD
Total market capitalisation end of period USD
1 The figure stated for the period covers underlying profit and underlying financial ratios, adjusted for the net gains/losses from the sale of
non-current assets etc. and net impairment losses as well as transaction, restructuring and integration costs related to major transactions.
The adjustments are net of tax and include A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies.
Summary financial information
4
AMOUNTS IN USD MILLION
Management review I Summary financial information
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Review Q1 2022
Continued strong financial results
while supporting customers
A.P. Moller - Maersk’s strong financial results continued in
Q1 2022, with higher profits compared to Q1 2021 and record
operational results in all segments, Ocean, Logistics & Ser-
vices and Terminals.
The profit was driven by increases across all segments and
in particular in Ocean through higher freight rates driven by
strong contract rates. Record profitability in Logistics &
Services came primarily from significant volume growth, but
also margin improvements, enabled both through acquisi-
tions as well as increased volume share of existing custom-
ers, new customer wins, and customer synergies between
Logistics & Services and Ocean. The increase in Terminals
was mainly driven by continued higher volume and storage
income in North America.
A.P. Moller - Maersk continued to focus on supporting cus-
tomers’ supply chains by alleviating the persisting bottle-
necks, through investing in additional equipment and
increasing the capacity allocated to contracted volumes.
The turmoil and uncertainty caused by the Russian invasion
of Ukraine further added to the bottle necks.
The financial impact of the Russia/Ukraine situation on EBIT
is USD 718m for Q1 2022.
Russia/Ukraine impact USD million
EBIT
reported
Russia/
Ukraine
impact
EBIT
adjusted
Ocean
Logistics & Services
Terminals -
Towage & Maritime Services
Other
Total
Other adjustments -
Underlying EBIT
Invasion of Ukraine
On 24 February, Russia launched its invasion of Ukraine which
has been met with sanctions from governments around the
world. Because of the invasion, A.P. Moller - Maersk decided
to withdraw completely from doing business in Russia. This
includes services in and out of Russia as well as having
assets in the country, which implies significant value adjust-
ments and provisions in most segments as disclosed in the
table above.
In Ocean, A.P. Moller - Maersk has since the invasion exe-
cuted bookings already accepted, while A.P. Moller - Maersk
has stopped all new bookings to and from Russia and Belarus.
On 2 May, A.P. Moller - Maersk completed its last cargo
operation in a Russian port.
In Terminals, A.P. Moller - Maersk owns a minority stake of
30.75% of Global Ports Investments (GPI) which operates six
terminals in Russia and two in Finland. A.P. Moller - Maersk
informed its joint venture partners and GPI on 11 March, that
A.P. Moller - Maersk wishes to divest its shares and has initi-
ated this process.
In Logistics & Services, A.P. Moller - Maersk will exit its two
warehouses in Russia, a cold storage facility in St. Petersburg
and an inland terminal in Novorossiysk. Operations in those
warehouses continue until a solution is found. Additionally,
all services to and from Russia and Belarus have been sus-
pended.
Svitzer has a single operation in Russia providing towage
services in Sakhalin. Svitzer has taken steps to divest its
operations including four tugs. Once the divestment is
completed, Svitzer will exit the operation in Sakhalin.
These steps ultimately result in a complete exit from Russia.
As a part of the exit process, A.P. Moller - Maersk is work-
ing hard to ensure the withdrawal of business activities is
done responsibly, including limiting the period of uncer-
tainty among the employees in Russia and finding solutions
together with each individual.
Humanitarian crisis in Europe
The invasion of Ukraine has caused a major humanitarian
crisis in Europe, with over 12 million people in need of
humanitarian assistance according to the United Nations
Office for the Coordination of Humanitarian Affairs (OCHA).
As a member of the UN-led Logistics Emergency Team
(LET), A.P. Moller - Maersk is working with and through UN
partners and other global humanitarian organisations
to establish a stable flow of relief supplies into Ukraine,
with a team of 40 specialists devoted to the relief logis-
tics efforts.
Among the impacted Ukrainians are close to 600 employ-
ees at A.P. Moller - Maersk, most of them seafarers.
A.P. Moller - Maersk offers on-ground support to the
Ukrainian based employees and their families who have
asked for the company’s assistance, including those
who wish to be relocated. As a part of this operation,
A.P. Moller - Maersk has also set up aid hubs outside Ukraine
to ease the relocation under these difficult circumstances.
5
Management review I Review Q1 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Acquisitions in Q1 2022
In February, A.P. Moller - Maersk announced the intended
acquisition of Pilot Freight Services (Pilot), a leading U.S.-
based first, middle and last mile as well as border crossing
solutions provider, specialising in the big and bulky freight
segment in North America for B2C and B2B distribution
models. The acquisition was completed in early May. Pilot
will be rebranded to Pilot – A Maersk Company.
Pilot will extend A.P. Moller - Maersk’s integrated
logistics offering deeper into customers’ supply
chains. This complements earlier acquisitions to
provide integrated logistics solutions in North America,
especially with Performance Team (B2B warehousing and
distribution) and Visible SCM (e-commerce warehousing
and parcel distribution). Pilot will be adding even more
expertise and supply chain capacity to customers facing
capacity constraints and multiple handoffs with providers
in the B2C and B2B space, and build a stronger, more inte-
grated supply chain with better visibility and better out-
comes for consumers.
Pilot was established in 1970 and is headquartered in Glen
Mills, Pennsylvania USA, with 87 locations in North America,
and offices in Spain and the Netherlands with more than
2,600 full-time employees and a flexible pool of employees
to support seasonal volume increases.
Status on other announced intended
acquisitions and partnerships
For LF Logistics, the intended acquisition was announced
in December 2021 and is expected to close in Q3 2022. For
Grindrod Intermodal Group, a proposed joint venture was
announced in November 2021 and is expected to close in
Q3 2022. Senator International was announced in November
2021 and is expected to close in Q2 2022. The acquisitions
and partnerships are all subject to regulatory approvals.
ESG update
Acting on the roadmap to net zero in 2040
To accelerate the transition to climate-neutral shipping,
A.P. Moller - Maersk has set a new ambitious target for the
entire business to achieve net zero greenhouse gas emis-
sions in 2040 – a decade ahead of its initial 2050 ambition.
The new targets are expected to align the company with
the net zero criteria of the Science Based Targets initiative
(SBTi) pathway to limit global warming to 1.5°C. The targets
go beyond previous efforts to reduce emissions related to
Ocean fleet as they cover all direct and indirect emissions
across the entire A.P. Moller - Maersk business.
Building strategic partnerships in Ocean to
provide green solutions for customers
As an important step in the transition towards decar-
bonisation, A.P. Moller - Maersk has announced strategic
partnerships with six leading companies across the globe
with the intent to source at least 730,000 tonnes/year of
green methanol by 2025. Further, A.P. Moller - Maersk have
signed a partnership agreement with the Egyptian author-
ities to explore the establishment of large-scale green
fuel production in Egypt to further accelerate the supply
of green fuels and the global transformation to net-zero
shipping. Meanwhile, growth in volumes on the low-carbon
shipping product Maersk ECO Delivery has continued in Q1
because of strong customer demand.
Expanding A.P. Moller - Maersk’s decarbonisation
ambition to cover all services across transport modes
A.P. Moller - Maersk has placed orders to add 410 electric
trucks to support the North American short-haul warehous-
ing, distribution, and transportation business. These orders
are an important step in building the end-to-end, landside
decarbonisation while also addressing customers’ inland
transportation pain points.
Change in management
On 4 April 2022, it was announced, that Morten Engelstoft,
current APM Terminals Chief Executive Officer, has decided
to retire and leave the company at the end of June 2022.
Morten Engelstoft will be succeeded in the CEO role by cur-
rent COO Keith Svendsen, with Henriette Hallberg Thygesen
appointed as the company’s new Chairperson. The change in
leadership will take effect from 1 July 2022.
The Executive Leadership Team of A.P. Moller - Maersk will
hereafter consist of: Søren Skou, CEO / Patrick Jany, CFO /
Vincent Clerc, CEO of Ocean & Logistics / Henriette Hallberg
Thygesen, CEO of Fleet & Strategic Brands / Navneet Kapoor,
CTIO / Caroline Pontoppidan, General Counsel & Head of
Corporate Affairs and Susana Elvira, Chief People Officer.
6
Management review I Review Q1 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Delivering on the roadmap to 2025
The roadmap to 2025 initiated in 2021 is providing specific targets for the transformation towards becoming the
integrator of container logistics.
The return on invested capital (ROIC) (LTM) was 53.6%, well above the target of above 7.5% every year, and above
12% for the period 2021-2025, driven by the increase in profit.
A.P. Moller - Maersk will prioritise the capital allocation to investments in the business, including acquisitions in
Logistics & Services, repaying debt, paying ordinary dividends based on a pay-out ratio of 30-50% of underlying net
profit and distributing excess cash to shareholders through share buy-backs and special dividends in that order.
The dividend payment for 2021 represents an ordinary dividend yield of 10.7% and 40% of the net underlying profit.
A.P. Moller - Maersk has a total commitment of USD 10bn (around DKK 64bn) in two share buy-back programmes of
each USD 5bn (around DKK 32bn) with the first initiated in November 2021.
Ocean delivered an EBIT margin of 41.1% over the last twelve months, well above the target of 6%
under normalised conditions. Total fleet capacity is within the range of 4.1-4.3m TEU.
For Logistics & Services, organic growth of 35% over the last twelve months was above the target of
10%, and 58% of the organic growth related to top 200 customers was also above the target of 50%.
Finally, the EBIT margin of 6.3% was above the target of above 6%, making Logistics & Services the
strategic growth driver for the company. In addition to rapid organic growth, the expectation is to con-
tinue to make acquisitions, mainly of new capabilities and growth platforms, to expand the logistics
business.
Finally, due to the impact from Russia, the return on invested capital (ROIC) (LTM) of 7.1% for gateway
terminals in Q1 was lower than the expectation of above 9% towards 2025. Excluding the impact from
Russia, ROIC (LTM) was 12.5%.
Roadmap to 2025
Targets LTM
Consolidated
Return on invested capital (ROIC)
Every year > %
Average - > % %
– CAPEX and leases at depreciation level
– Stable invested capital over the period
Dividend policy of underlying net profit -%
Share buy-back over - USDm (of which completed)
Share buy-back over - USDm -
Ocean
EBIT margin – under normalised conditions > % %
Execute with the existing fleet size TEUm -
Logistics & Services
Organic revenue growth per year >% %
Of which from top customers % %
EBIT margin > % %
Terminals
Return on invested capital (ROIC) > % %
7
Management review I Review Q1 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Financial review
Revenue increased by USD 6.9bn to USD 19.3bn (USD
12.4bn), with increases in Ocean by USD 6.1bn, in Logistics
& Services by USD 834m, and in Terminals by USD 216m.
EBITDA increased to USD 9.1bn (USD 4.0bn), primarily
coming from Ocean with an EBITDA of USD 8.2bn (USD
3.4bn), driven by an increase in revenue due to higher
freight rates, partly offset by higher costs related to bun-
ker, handling and network. In Logistics & Services, EBITDA
increased by USD 114m to USD 319m (USD 205m) due to
the higher revenue, and in gateway terminals, EBITDA
increased by USD 133m to USD 456m (USD 323m) because
of the increase in volume, higher storage income and
increasing tariffs. The impact from the Russia/Ukraine
situation is negative USD 91m.
EBIT increased to USD 7.3bn (USD 3.1bn) with a further
negative impact from the Russia/Ukraine situation of
USD 627m. The total impact from Russia/Ukraine was
therefore USD 718m.
Financial items, net, amounted to USD 294m (USD 230m),
as decreased interest on debt was more than offset by higher
interest on leases, foreign exchange rate adjustments and
derivative losses on hedging of dividends.
Tax increased to USD 171m (USD 150m), primarily due to
the improved financial performance.
The underlying profit was USD 7.5bn (USD 2.7bn).
Cash flow from operating activities was USD 8.2bn (USD
3.4bn), driven by EBITDA of USD 9.1bn, partly offset by an
increase in net working capital of USD 610m, mainly driven
by higher receivables due to higher revenue, translating
into a cash conversion of 90% (85%).
Gross capital expenditure (CAPEX) of USD 1.4bn (USD
329m), was driven by higher investments across all seg-
ments, but mainly Ocean.
Free cash flow of USD 6.0bn (USD 2.4bn) was positively
impacted by higher cash flow from operating activities,
slightly offset by increased lease and financial payments,
and higher capital expenditures.
Contractual capital commitments totalled USD 3.7bn
(USD 3.3bn at year-end 2021), of which USD 1.1bn is related
to commitments towards terminal concession grantors
and USD 2.1bn are for green methanol-enabled vessels
in Ocean.
Capital structure and credit rating
Net interest-bearing debt decreased to a net cash position
of USD 689m (a net cash position of USD 1.5bn at year-end
2021), as free cash flow of USD 6.0bn was used for share
buy-backs of USD 631m, dividends of USD 6.0bn and a net
increase in lease liabilities of USD 325m. Excluding lease
liabilities, the Group had a net cash position of USD 11.6bn
(USD 12.1bn at year-end 2021).
A.P. Moller - Maersk remains investment grade-rated and
holds a Baa2 (stable outlook) rating from Moody’s and
a BBB+ (stable) rating from Standard & Poor’s.
Total equity decreased to USD 44.9bn (USD 45.6bn on
31 December 2021) due to declared dividend payments
of USD 6.9bn and share repurchase of USD 631m offset
by a net profit of USD 6.8bn, resulting in an equity ratio of
61.5% (63.1% at year-end 2021).
The liquidity reserve decreased to USD 20.5bn (USD 21.5bn
at year-end 2021) and was composed of liquid funds and
term deposits of USD 14.5bn excluding restricted cash
(USD 15.5bn at year-end 2020), and undrawn revolving
credit facilities of USD 6.0bn (USD 6.0bn at year-end 2021).
The ordinary dividend of DKK 2,500 per
A.P. Møller - Mærsk A/S share of nominally DKK 1,000 (USD
6.9bn) declared at the Annual General Meeting on 15 March
2022, was paid on 18 March 2022.
Share buy-back
In addition to the share buy-back programme of USD 5bn
(around DKK 32bn) that was initiated in November 2021, an
additional share buy-back programme of USD 5bn (around
DKK 32bn), resulting in a total commitment of USD 10bn
(around DKK 64bn), was approved at the Annual General
Meeting in March 2022.
During Q1, A.P. Moller - Maersk bought back 28,325 A shares
and 114,288 B shares, worth DKK 3.2bn (around USD 478m)
excluding shares bought for the long-term incentive pro-
gramme. On 31 March 2022, A.P. Moller - Maersk owns a total
of 148,819 A shares and 707,233 B shares as treasury shares,
corresponding to 4.42% of the share capital.
At the Annual General Meeting 15 March 2022, the Board of
Directors decided to cancel the outstanding treasury shares
at 4 February 2022 of 133,779 A shares and 535,076 B shares,
pending approval from the Danish business authority,
expected in Q2 2022.
The Board of Directors can decide to acquire own shares up
to a maximum of 15% of the share capital.
8
Management review I Financial review
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Guidance for 2022
Given the strong results in Q1 2022, and with the expecta-
tion of a continuation of the exceptional market situation
in Q2, combined with higher rates, the full-year guidance
has been revised to an underlying EBITDA of around USD
30bn (previously around USD 24bn), an underlying EBIT of
around USD 24bn (previously around USD 19bn) and a free
cash flow (FCF) above USD 19bn (previously above USD
15bn). Guidance is still based on an assumption of normali-
sation in Ocean taking place early in H2 2022.
Based on volume developments in Q1, A.P. Moller - Maersk
has revised downwards the outlook for the growth of global
container demand to between -1% and +1% (previously
2-4%) in 2022, however still subject to high uncertainties
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2022 depends on several factors and is subject to uncertainties related to the
situation in Russia and Ukraine, COVID-19, bunker fuel prices and freight rates, given the uncertain macroeconomic conditions.
All else being equal, the sensitivities for 2022 for four key assumptions are listed in the table below:
Factors Change Effect on EBIT
(midpoint of guidance)
Rest of year
Container freight rate +/- USD/FFE +/- USD bn
Container freight volume +/- FFE +/- USD bn
Bunker price (net of expected BAF coverage) +/- USD/tonne +/- USD bn
Foreign exchange rate (net of hedges) +/- % change in USD +/- USD bn
related to the current congestion, network disruptions and
demand patterns.
CAPEX guidance for 2022-2023 remains unchanged at
USD 9.0-10.0bn, driven by intensified growth in Logistics &
Services and ESG investments. Further, CAPEX guidance for
2021-2022 of around USD 7.0bn is maintained.
Underlying EBITDA is earnings before interest, taxes, depreciation
and amortisation adjusted for restructuring and integration costs.
Underlying EBIT is operating profit before interest and taxes
adjusted for restructuring and integration costs, net gains/losses
from sale of non-current – assets and net impairment losses.
9
Management review I Guidance for 2022
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Market insights
Logistics services demand moderated across global sup-
ply chains in Q1 2022. The Russian invasion of Ukraine
came at a time, where most economic data suggested
that the global economy was set to accelerate on the
back of a rebound in service sector activity as the Omi-
cron wave of COVID-19 faded in large parts of the World
(China a notable exception).
The invasion and the ensuing sanctions on Russia are
clearly having a very significant negative impact on
Ukraine and Russia. The invasion has also added to infla-
tionary pressures elsewhere via higher energy and com-
modity prices. At this stage, not much data is available for
the post-invasion period. Survey data suggests that out-
side Russia, Ukraine, and China activity held up reasonably
well in March, but at the same time forward-looking com-
ponents suggest that the shock will feed through to activ-
ity in the coming months. Europe as well as many emerg-
ing and developing economies are at this stage among the
most exposed to the fallout from the invasion. Key to the
outlook for trade is how consumers and businesses react to
the elevated uncertainty, higher prices, and tighter finan-
cial conditions, and in the case of China to the fall out of
zero-COVID-19 policy.
Global container demand declined by 1.2% in Q1, down
from 7.7% growth in 2021, while global port throughput
increased by 3.1% (Drewry) and global air cargo volumes
(CTK) rose by 2.9%. Trade flow levels flattened at high
levels in the USA, where consumption of technology and
retail goods had been supported during the COVID-19
pandemic. North American container imports from the
Far East rose only 0.5% in Q1. European consumer con-
fidence remained high in the beginning of 2022 (before
dropping sharply in March following the Russian invasion
of Ukraine) and unmet demand from capacity shortages
in 2021 further supported import volumes. Consequently,
European container imports from the Far East increased
by 1.4% in Q1.
The supply-side of the logistics industry continued to be
disrupted by the COVID-19 pandemic and capacity short-
ages. Container availability and air capacity remained tight,
while wait times for vessels outside of ports remained
lengthy given the bottle necks in landside transportation
and warehousing. According to Clarkson’s, port conges-
tions eased slightly from their peaks in the USA in Q1, while
they increased further in Europe and China. This continued
to result in shortages and challenged supply chain man-
agement services and kept rates elevated. The invasion
of Ukraine likely added further to strains in supply chain
networks.
The air freight industry remained capacity constrained dur-
ing Q1, although capacity in the commercial air industry was
8.9% higher than a year earlier (February 2022 vs February
2021), it was still 5.6% below the February 2019 level. At
the end of Q1, the nominal global container fleet stood at
25.2m TEU, an increase of 4.2% compared to Q1 2021. The
idle fleet remained low in Q1 2022 (0.8% at the end of the
quarter) as the industry battled landside disruptions and
bottle necks in ports. Nevertheless, lost sailings and ves-
sel delays led by the congestions and an ongoing compo-
sitional shift in deployment from shorter intra-regional
trades to longer East-West trades continued to weigh on
effective supply growth in Q1 2022. In sum, effective supply
fell in Q1 compared to Q4 2021, but as headhaul demand
declined even more, the demand-supply balance deterio-
rated relative to Q4 2021. However, compared to Q1 2021 the
demand-supply balance was still tighter.
Freight and charter rates remained elevated in the container
industry, reflecting congestions, although a gradual decline
was recorded for spot/short-term contracts during Q1 relative
to Q4 2021, in line with the deterioration of supply- demand.
The order book reached 26% of the global fleet in Q1, com-
pared to 23% of the fleet at the end of Q4 2021 on back of
continued high activity in new ordering. Freight rates out of
China, as measured by the China Composite Freight Index
(CCFI), increased by 78% in Q1 compared to the Q1 2021.
The continued congestions and dislocation of supply and
demand fundamentals in the logistics industries increases
the uncertainty surrounding the rates outlook. On the
demand side, a reduced impact from the COVID-19 pandemic
should support the Global economy, but the composition of
spending is likely to rebalance towards services, and sharply
rising prices for some goods may lead consumers to adjust
their spending plans. The Russian invasion of Ukraine has
weakened the global demand outlook and significantly
added to uncertainty. Global container demand is projected
to stay flat at -1% to +1% in 2022, while air and land side
logistics demand is expected to remain more robust through
2022. On the supply side, supplier delivery times remain
lengthy, and there is little visibility into when capacity con-
straints (including landside bottle necks in trucking and
warehousing), which have been the key driver of the increase
in short-term freight rates, will abate. Moreover, the Russian
invasion of Ukraine also adds to supply uncertainty due to
sanctions and supplier network restrictions.
10
Management review I Market insights
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Segments
Ocean
Profitability for Q1 increased substantially compared
to same quarter last year, driven by increase in revenue
through higher freight rates. Ocean continues to assist
its contracting customers in facing exceptional conditions
with persisting bottlenecks, which was further deterio-
rated by the turmoil and uncertainty caused by the Russian
invasion of Ukraine. As a result, loaded volumes decreased
by 6.7%, primarily driven by lower back-haul volumes in
Europe and in North America.
The average loaded freight rates increased by 71%, driven
by both contracts and shipment rates on routes from Asia
to Europe and to North America. Unit cost at fixed bun-
ker increased by 23%, driven by higher network and con-
tainer handling costs as well as lower volumes. Utilisation
on offered capacity remained strong at 92.1% and while
schedule reliability in Q1 was best in industry, challenges
remain due to ongoing congestions in the United States
Ocean highlights USD million
Q
Q
M
Freight revenue
Other revenue including hubs
Revenue
Container handling costs
Bunker costs
Network costs excluding bunker costs
Selling General & Administration (SG&A)
Cost of goods sold and other operational costs
Total operating costs
Other income/costs net - - -
Profit before depreciation amortisation and impairment losses etc (EBITDA)
EBITDA margin % % %
Profit before financial items (EBIT)
EBIT margin % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
Loaded volumes (FFE in ’)
Loaded freight rate (USD per FFE)
Unit cost fixed bunker (USD per FFE incl VSA income)
Bunker price average (USD per tonne)
Bunker consumption (tonne in ’)
Average fleet capacity (TEU in ’)
Fleet owned (end of period)
Fleet chartered (end of period)
on both the West- and East Coast, while congestions in
Europe eased during the quarter. Further challenges arise
from the ongoing COVID-19 lockdowns in China, and while
the impact in Q1 is limited, it may worsen the congestion
environment in coming quarters as the situation develops.
A.P. Moller - Maersk continued to focus on
supporting customers’ supply chains by alleviat -
ing bottlenecks through investing in additional
equipment and increasing the capacity allocated to con-
tracted volumes.
Digitalisation of the product offering continues
with increased traction for Maersk Spot and
Maersk Twill. Maersk Spot has reached a 63%
(36%) conversion across all brands, and Maersk Twill has
delivered over 82k FFE (48k FFE) in Q1.
11
Management review I Segments I Ocean
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Ocean reporting changes
The Ocean segment has changed classification of volumes
from long-term (shipment validity above 91 days) and short-
term (shipment validity up to 91 days) to contracts and ship-
ments. The change in reporting aligns with Ocean perfor-
mance management.
Shipment products have terms and conditions agreed with
the customers for each transaction at the time of booking,
mainly through the digital platforms of Spot and Twill.
Contract products have terms and conditions that extend
across multiple shipments and time periods, reflecting con-
tractual agreements reached with the customers at the
time of negotiation.
Split by product definition (new)
Long hauls e
Contracts % %
Shipments % %
Split by contract validity (old)
Long hauls e
Long-term % %
Short-term % %
Financial and operational performance
Revenue increased to USD 15.6bn (USD 9.5bn), driven by an
increase in freight revenue of 65% with loaded freight rates
up by 71%, partly offset by a decrease in volumes of 6.7%.
EBIT increased by USD 4.4bn to USD 7.1bn (USD 2.7bn)
because of this higher revenue, partly offset by higher
bunker cost from increased bunker prices, higher container
handling costs from ongoing congestions and higher net-
work costs, mainly due to time charter equivalent costs.
The EBIT margin increased by 16.9 percentage points to
45.4% (28.5%).
Loaded volumes decreased by 6.7% to 3,006k FFE (3,222k
FFE) due to operational bottlenecks. Volumes mainly driven
by lower backhaul volumes on East-West from Europe and
North America exports. North-South decreased on both
headhaul and backhaul volumes. Intra volumes decreased
on Intra Americas and Intra Europe, partly offset by higher
headhaul volumes on Intra Asia.
The average loaded freight rate increased by 71% to 4,553
USD/FFE (2,662 USD/FFE) driven by significant increase
on both contracts and shipment rates, with the sharpest
increase on Transpacific trades.
Total operating costs were 21% higher at USD 7.3bn
(USD 6.0bn), mainly driven by higher bunker cost with
Loaded volumes FFE (’)
Q Q Change Change %
East-West - -
North-South - -
Intra-regional - -
Total - -
Average freight rates USD/FFE
Q Q Change Change %
East-West
North-South
Intra-regional
Total
an increase of 54% on bunker prices, slightly offset by
lower consumption. Network cost excluding bunker cost
increased by 19%, mainly due to higher slot charter cost,
partly offset by higher VSA income as well as inflationary
pressure on time charter equivalent cost and higher capacity.
Container handling costs increased by 7.7% due to higher
transportation cost of empty containers. Adjusting for the
positive impact of foreign exchange rates, operating cost
increased by 22%.
Bunker costs increased by 51% to USD 1.7bn (USD 1.1bn), with
an increase in average bunker prices of 54% to 611 USD/
tonne (398 USD/tonne), partially offset by a 1.6% decrease
in bunker consumption. Bunker efficiency improved by 2.6%
to 40.68 g/TEU*NM (41.81 g/TEU*NM).
Unit cost at fixed bunker increased by 23% to 2,438 USD/FFE
(1,988 USD/FFE). Unit cost in Q1 is inflated by impairment
of containers and bad debt related to the Russian inva-
sion of Ukraine. Adjusting for this, unit cost at fixed bunker
increased by 20% to 2,393 USD/FFE, driven by inflationary
pressure on time charter equivalent cost, higher container
handling costs and foreign feeders.
Fleet overview, end Q1 2022
Q Q
TEU
Own container vessels
Chartered container vessels
Total fleet
Number of vessels
Own container vessels
Chartered container vessels
Total fleet
12
Management review I Segments I Ocean
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
The average capacity of 4,290k TEU increased by 4.5%.
Four carbon-neutral vessels were added to the order-
book for a total of 13 carbon-neutral vessels in the new-
building programme at the end of Q1. The fleet consisted
of 318 owned and 423 chartered vessels, of which 104k
TEU or 2.4% of the fleet were idle (23 vessels), mainly due
to repairs.
Key initiatives in Q1
The focus in Q1 continued to be to support customers
and to offer contract customers additional flexibility
and space to assist with volatility in their supply chains.
Contracted volumes remained flat compared to Q1 2021
due to congestions on backhaul volumes. More than
1.6m FFE are currently signed on multi-year deals.
A.P. Moller - Maersk continues to expand on digital
engagement models like Maersk Spot to serve the short-
term customers. Maersk Spot increased the share of
short-term volumes on the Spot product to 63% (36%).
Twill, the end-to-end digital product designed for small
customers without in-house logistic capabilities, deliv-
ered more than 82k FFE (48k FFE) in Q1.
Logistics & Services
Logistics & Services continues to show positive revenue and
margin progression year on year as demand for integrated
solutions continues to grow as the result of increased and
improved logistics offerings that meet customers’ needs
throughout the entire supply chain.
The progression in revenue is both organic, through volume
growth with existing customers, new customer wins and cus-
tomer synergies between Logistics & Services and Ocean, and
inorganic, through acquisitions that aim to close portfolio
gaps. In Q1, 60% of the organic revenue growth was driven by
top 200 customers. This customer-focused proposition is key
to the growth of Logistics & Services and continues to drive
operational excellence, lifting operational efficiencies and
providing a resilient and integrated supply chain.
Insurance Services offerings enhanced by the
launch of Container Protect, a better solution for
customers to handle repair and cleaning costs
settle ment at destination.
The intended acquisition of Pilot Freight Services
will add further capabilities to the existing port-
folio of end-to-end solutions.
Logistics & Services highlights USD million
Q
Q
M
Revenue
Direct costs (third party cost)
Gross profit
Direct Operating Expenses
Selling General & Administration (SG&A)
Profit before depreciation amortisation and impairment losses etc (EBITDA)
EBITDA margin % % %
Earnings before interest taxes and amortisation (EBITA)
EBITA margin % % %
Profit before financial items (EBIT)
EBIT margin % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
EBIT conversion (EBIT/gross profit - %) % % %
Managed by Maersk revenue
Fulfilled by Maersk revenue
Transported by Maersk revenue
Supply chain management volumes (kcbm)
Intermodal volumes (kFFE)
Air freight volumes (tonne)
1 2021 Air freight volumes have been restated to exclude pure terminal handling.
13
Management review I Segments I Ocean I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Organic/inorganic
Q-A Organic Inorganic Q-A
Revenue
% %
EBITA -
Merger & Acquisitions
The Merger & Acquisition roadmap for Logistics
& Services focuses on facilitator type of acquisi-
tions to expand capabilities. Logistics & Services
acquired and announced some needed capabil-
ities through a number of acquisitions in 2021
and latest Pilot in Q1 2022.
Pilot will complement earlier acquisitions to
provide integrated logistics solutions in North
America, especially with Performance Team (B2B
warehousing and distribution from 2020) and
Visible SCM (e-commerce warehousing and parcel
distribution from 2021).
The acquisitions of Visible Supply Chain Manage-
ment, B2C Europe and HUUB provide end-to-end
e-commerce capabilities that will strengthen the
logistics offering within Fulfilled by Maersk. The
intended acquisitions of Senator International and
LF Logistics bring capabilities, reach and platform
within Transported by and Fulfilled by Maersk,
respectively, while the Grindrod Intermodal Group
will complement both offerings.
Senator International
Grindrod
Visible SCM
B2C
Europe
Huub
Pilot
LF Logistics
Fulfilled
by Maersk
Managed
by Maersk
Transported
by Maersk
Financial and operational performance
Logistics & Services continues to show positive performance
and reported a revenue growth of 41% to USD 2.9bn (USD
2.0bn), driven primarily by higher volumes, especially within
Managed by and Fulfilled by Maersk.
Organic revenue contributed with 34 percentage points of
the 41% increase in revenue to USD 2.9bn (USD 2.0bn), and
60% of the organic revenue growth came from top 200 cus-
tomers underlining the integrator strategy. The increase in
organic EBITA was USD 54m. Inorganically, B2C Europe and
Visible Supply Chain Management contributed with a reve-
nue of USD 142m and an EBITA of USD nil.
For the Managed by Maersk services, revenue increased
by 48% to USD 514m (USD 348m), driven by a 28% increase
in volumes in lead logistics to 26,490 kcbm (20,684 kcbm).
The increase in volume is both a result of strong organic
growth from retail and lifestyle customers as well as the
effect of new business won. Further, customs services
volumes were up by 259k declarations to 1,354k declara-
tions (1,095k declarations).
For the Fulfilled by Maersk services, revenue was up by 74%
to USD 797m (USD 457m), primarily driven by contract logis-
tics with additional volume generated from 12 newly opened
warehouses in Q1 2022, equal to more than 120k sqm. Rev-
enue from Fulfilled by Maersk was also positively impacted
by e-commerce, driven by the acquisition of Visible Supply
Chain Management and B2C Europe in H2 2021.
For the Transported by Maersk services, revenue was up
by 26% to USD 1.6bn (USD 1.2bn), driven by an increase in
intermodal volumes within landside transportation of 11%
to 1,156k FFE (1,037k FFE) as the result of a higher penetra-
tion ratio. Revenue also increased driven by higher rates in
air and despite an 8% decrease in volumes to 31.2k tonne
(33.9k tonne), excluding ground handling, driven by capacity
constraints in the market.
Gross profit increased by USD 254m to USD 765m (USD 511m),
driven by an increase in volumes in lead logistics and in the
number of declarations handled in customs services under
Managed by Maersk, volume growth in contract logistics under
Fulfilled by Maersk, as well as increased volumes in inter-
modal and higher rates in air under Transported by Maersk.
EBITDA increased by USD 114m to USD 319m (USD 205m)
due to the higher revenue and the focus on operational
excellence with an EBITDA margin of 11.1% (10.0%).
Adjusted for the impact of winding down operations and
divesting all assets in Russia of USD 53m, EBIT amounts to
USD 236m (USD 139m).
Key initiatives in Q1
In Q1, Logistics & Services continued to focus on developing
truly integrated logistics offerings to customers, offering
more control, setting up capacity and building the founda-
tion to landside decarbonisation.
In Fulfilled by Maersk, the global warehousing footprint
increased by 12 newly opened warehouses in Q1 2022 equal
to more than 120k sqm, adding to a total active capacity
14
Management review I Segments I Logistics & Services
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
of 221 warehouses and 3,218m sqm, more than 840k sqm
higher than in Q1 2021. Similarly, TradeLens continues to
expand its network and now consists of more than 380
network members under Managed by Maersk.
In Transported by Maersk, the Less than Container Load (LCL)
value proposition continues to be strengthened and more
than 55 new lanes were added in Q1 2022 building a total LCL
network of over 280 own direct consolidation lanes versus
less than 80 in Q1 2021. In addition, insurance services have
completed the rollout of container protect to 12 countries
in Q1 2022, including India, Thailand and Poland. This product
is aimed to save time and cost to customers in the process of
repair and cleaning costs settlement at destination.
On 2 May, A.P. Moller - Maersk announced the completion of
the acquisition of Pilot Freight Services. A.P. Moller - Maersk
has also announced an important next step towards land-
side decarbonisation, with the deployment of 410 electric
trucks. These trucks will support Maersk’s North American
warehousing, distribution and transportation business,
Performance Team.
Terminals
Profitability improved significantly compared to Q1 2021
driven by tariff increases and continuously increasing con-
gestion related storage. Volume growth slowed to 1.4%
(like-for-like 1.7%) in an overall contracting market, increas-
ing terminal utilisation further. Revenue per move increased
by 21% due to higher tariffs and high congestion-related
storage, while cost per move increased by 10% (like-for-like
8%) driven by higher congestion related cost, higher infla-
tion, and higher concession fees. As a result, the EBITDA
margin improved by 5 percentage points to 40%.
With A.P. Moller - Maersk’s decision to withdraw completely
from doing business in Russia the process was initiated to
divest all assets in Russia, and an impairment of USD 485m
was made to the holding in Global Ports Investments (GPI),
which operates six terminals in Russia, reducing EBIT to a
negative USD 73m (positive USD 239m).
As global supply chain congestion continues, the
focus continues to be making the gate transaction
as fast, efficient and convenient as possible. Truck
turn time in Los Angeles, USA, has been reduced from the
peak of 99 minutes in November 2021 to 86 minutes in
March 2022.
The drive to optimise the portfolio continues with
the sale of a terminal in Colombia and the upgrade
of a terminal in India.
Financial and operational performance
Revenue increased to USD 1.1bn (USD 915m), driven by higher
storage income in North America and increasing tariffs.
Terminals highlights USD million
Q
Q
M
Revenue
Concession fees (excl capitalised lease expenses)
Labour cost (blue collar)
Other operational cost
Selling General & Administration (SG&A) and other costs etc
Total operating costs
Profit before depreciation amortisation and impairment losses etc (EBITDA)
EBITDA margin % % %
Profit/loss before financial items (EBIT) -
EBIT margin -% % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
Volumes – financially consolidated (moves m)
Ocean segment
External customers
Revenue per move – financially consolidated (USD)
Cost per move – financially consolidated (USD)
Result from joint ventures and associated companies (USDm) -
15
Management review I Segments I Logistics & Services I Terminals
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Regional volume Million moves
Q Q Growth (%)
North America
Latin America -
Europe Russia and the Baltics -
Asia
Africa and Middle East -
Total
1 Financially consolidated.
The countermeasures to ease congestion are still active
giving customers more flexibility to pick up containers at
their convenience.
The strong volume growth in North America and Asia,
more than offset lower volumes in other regions, leading
to a volume increase of 1.4% and utilisation of 82% (80%).
Volume from the Ocean segment increased by 3.1% and
volume from external customers increased by 0.5%.
Increasing congestion-driven storage revenue in North
America and tariff improvements across all regions resulted
in an increase of 21% in gateway revenue per move to USD
361 (USD 298). Cost per move increased by 10% to USD 260
(USD 236) driven by congestion-related cost, inflation and
higher revenue-driven concession fees.
At fixed foreign exchange rates, volume mix and port folio,
revenue per move increased by 22%, and cost per move
increased by 8.3%.
The significant increase in revenue per move drove up
EBITDA to USD 456m (USD 323m) with an EBITDA margin
of 40.3% (35.3%).
For Terminals’ minority stake of 30.75% in Global Port
Investments PLC, an impairment of USD 485m has been
recognised and the asset moved to held for sale. The result
from joint ventures and associates excluding the impact
from Russia improved to USD 93m (USD 58m).
EBIT decreased to a negative USD 73m (positive USD 239m),
while EBIT adjusted for the impact from Russia improved to
USD 412m.
ROIC (LTM) was 7.1% (7.4%) and 12.5% excluding the impact
from Russia, driven by the significantly better operating per-
formance over the past twelve months.
CAPEX increased to USD 80m (USD 69m), driven by the
investment in terminal equipment in the African and Middle
East region.
In North America, demand continues to be strong with
volume increasing 15% despite labour shortages and high
yard congestion limiting quay productivity. Storage income
from supply chain congestion continues to be high. The
higher revenue was partially offset by the increased varia-
ble cost due to measures taken to ease the congestion.
In Europe, volume dropped by 6.2% driven by Valencia, Spain,
in part because of a temporary decrease in capacity due to
an upgrade to the Terminal Operating system.
In Latin America, volume dropped by 6.2% largely due
to a planned reduction as the concession in Itajai, Brazil, is
expiring by the end of the year and divestment impact of
Cartagena, Colombia. Revenue per move improved due to
higher sale of yard services and more general cargo offset-
ting the volume drop and inflationary cost.
In Asia, volumes grew by 4.9%, mainly driven by additional
volumes in two new berths in Yokohama, Japan.
In Africa and Middle East, volume dropped by 4.6%, mainly
due to lower volumes in Onne, Nigeria. Cost per move
increased due to inflation, higher cost of energy and main-
tenance and repair works.
Results from joint ventures and associated companies
The share of profits in joint ventures and associated compa-
nies decreased to a negative USD 392m (USD 58m), mainly
driven by the impairment of the holding in Global Ports in
Russia, partially offset by higher results from Santos, Brazil.
Profit from joint ventures and associated companies exclud-
ing the impact from Russia improved to USD 93m.
Key initiatives in Q1
The process of optimising the portfolio continued when
the sale of a 51% stake in the Cartagena Container Terminal,
Colombia, was executed in Q1. Further, a USD 115m expan-
sion of Gateway Terminals India (GTI) in Mumbai, India, was
announced, increasing the capacity from 2.0m TEU to 2.2m
TEU enabling Terminals to better serve the growing Indian
demand.
The ongoing expansion project in Onne, Nigeria, is on track
and expected to get completed in 2022 and the construction
of a new terminal in Abidjan, Ivory Coast, is also progressing.
The new greenfield development Rijeka, Croatia, is now pre-
paring for execution phase while the conditions of the con-
cession are being fulfilled.
16
Management review I Segments I Terminals
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Towage & Maritime Services
Revenue was USD 555m (USD 523m) with an EBITDA of
USD 79m (USD 89m). EBIT of USD 69m (USD 41m) improved
by USD 28m which was supported by a reversal of previously
recognised impairment in Höegh Autoliners of USD 48m.
Towage
Financial and operational performance
Revenue increased by USD 11m to USD 192m (USD 181m),
and adjusted for foreign exchange rate development,
the increase was 11% or USD 19m. Revenue was positively
impacted by an increase in harbour towage activities driven
by new port entries in Brazil, increase in weather related
activities in Scandinavia and Continental Europe, ramp-up
of activities in Morocco, and relative increase in Argentina.
Terminal towage revenue increased by USD 9m, adjusted
for foreign exchange rate development, mainly driven by
new time charters and bareboat charters in Angola and
increased volumes in Australia, partly offset by lower reve-
nue in Caribbean due to reduced operations.
EBITDA amounted to USD 59m (USD 57m). EBIT decreased
to USD 16m (USD 34m) due to the withdrawal from oper-
ations in Russia as well as the exit of activities in Bowen,
Australia.
Results from joint ventures and associated companies
The share of profit in joint ventures and associated com-
panies decreased to USD 5m (USD 6m), mainly driven by the
exit of activities in Bowen, Australia.
Key initiatives in Q1
During Q1, Svitzer was awarded a 10-year contract in Australia.
Svitzer also secured a 5-year contract in India and extended
a contract for the Suez Canal in Egypt for two additional
tugs. The EcoTow project is gaining momentum as more
customers are showing interest in the product offering
decarbonised towage.
Maritime Services
Maersk Supply Service reported a 54% increase in revenue
to USD 83m (USD 54m), reflecting increased activity from
improved market conditions as well as an increase in project
revenue. EBITDA improved by USD 5m to a negative USD 4m
(negative USD 9m), mainly driven by increasing utilisation of
the fleet. EBIT improved by USD 11m to a negative USD 8m
(negative USD 19m) due to lower depreciations because of
impairment losses recognised in Q4 2021.
Maersk Supply Service continues to mature its strategy to
expand its solutions business and grow its renewable seg-
ment. Maersk Supply Service has signed a newbuilding con-
tract for a pioneering wind installation vessel, with delivery
expected in 2025, expected to deliver a 30% more efficient
installation compared to using conventional jack-up vessels.
Supporting the newbuild contract, Maersk Supply Service
has been awarded a firm contract for the installation of two
US offshore wind farms.
Towage & Maritime Services highlights USD million
Q
Q
M
Revenue
Profit before depreciation amortisation and impairment losses etc (EBITDA)
EBITDA margin % % %
Profit before financial items (EBIT)
EBIT margin % % %
Invested capital
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Operational and nancial metrics
Number of operational tug jobs (harbour towage) (’)
17
Management review I Segments I Towage & Maritime Services
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Executive Board
Board of Directors
Statement of the Board of Directors
and the Executive Board
18
Management review I Statement of the Board of Directors and the Executive Board
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Financials
Condensed income statement
Note Q
Q
M
Revenue 19,292 12,439 61,787
Profit before depreciation amortisation and impairment losses etc (EBITDA) 9,084 4,039 24,036
Depreciation amortisation and impairment losses net 1,507 1,025 4,944
Gain on sale of non-current assets etc net 27 7 96
Share of profit/loss in joint ventures and associated companies -331 76 486
Profit before financial items (EBIT) 7,273 3,097 19,674
Financial items net -294 -230 -944
Profit before tax 6,979 2,867 18,730
Tax 171 150 697
Profit for the period 6,808 2,717 18,033
Of which:
Non-controlling interests 32 20 91
AP Møller - MærskA/S’ share 6,776 2,697 17,942
Earnings per share USD 364 139 941
Diluted earnings per share USD 363 139 938
Condensed statement of comprehensive income
Q
Q
M
Profit for the period 6,808 2,717 18,033
Translation from functional currency to presentation currency -37 -217 -364
Reclassified to income statement gain on sale of non-current assets etc net - 7 23
Cash flow hedges 53 -61 -109
Tax on other comprehensive income -10 -9 -7
Share of other comprehensive income of joint ventures and associated companies net of tax -1 -8 -5
Total items that have been ormay be reclassified subsequently to the income statement 5 -288 -462
Other equity investments 50 1 143
Actuarial gains/losses on defined benefit plans etc - - -23
Tax on other comprehensive income - - 7
Total items that will not be reclassified to the income statement 50 1 127
Other comprehensive income net of tax 55 -287 -335
Total comprehensive income for the period 6,863 2,430 17,698
Of which:
Non-controlling interests 34 19 87
AP Møller - MærskA/S’ share 6,829 2,411 17,611
Financials I Interim consolidated financial statements Q1 2022
19
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Condensed balance sheet at 31March
March
March
M
Intangible assets 5,676 5,019 5,769
Property plant and equipment 27,588 26,395 27,303
Right-of-use assets 10,177 7,963 9,906
Financial non-current assets etc 2,800 2,995 3,135
Deferred tax 366 256 356
Total non-current assets 46,607 42,628 46,469
Inventories 1,933 1,475 1,457
Receivables etc 12,036 5,996 12,111
Securities 2 1 3
Cash and bank balances 12,107 6,418 11,832
Assets held for sale 346 216 399
Total current assets 26,424 14,106 25,802
Total assets 73,031 56,734 72,271
March
March
M
Equity attributable to AP Møller - MærskA/S 43,867 30,918 44,508
Non-controlling interests 1,073 987 1,080
Total equity 44,940 31,905 45,588
Lease liabilities non-current 8,192 7,039 8,153
Borrowings non-current 4,175 5,092 4,315
Other non-current liabilities 2,149 1,875 2,122
Total non-current liabilities 14,516 14,006 14,590
Lease liabilities current 2,684 1,384 2,398
Borrowings current 199 946 469
Other current liabilities 10,513 8,407 8,982
Liabilities associated with assets held for sale 179 86 244
Total current liabilities 13,575 10,823 12,093
Total liabilities 28,091 24,829 26,683
Total equity and liabilities 73,031 56,734 72,271
Financials I Interim consolidated financial statements Q1 2022
20
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Condensed cash flow statement
Note Q
Q
M
Profit before financial items 7,273 3,097 19,674
Non-cash items etc 2,115 883 4,540
Change in working capital -1,069 -459 -1,610
Cash flow from operating activities before tax 8,319 3,521 22,604
Taxes paid -98 -88 -582
Cash flow from operating activities 8,221 3,433 22,022
Purchase of intangible assets and property plant and equipment (CAPEX) -1,354 -329 -2,976
Sale of intangible assets and property plant and equipment 43 35 205
Sale of other equity investments 20 4 8
Acquisition of subsidiaries and activities -1 - -815
Sale of subsidiaries and activities 17 1 3
Dividends received 20 59 282
Financial investments etc net 1,106 -100 -5,049
Cash flow used for investing activities -149 -330 -8,342
Repayments of/proceeds from borrowings net -16 -483 -1,934
Repayments of lease liabilities -646 -629 -2,279
Financial payments net -152 -83 -258
Financial expenses paid on lease liabilities -118 -114 -459
Purchase of own shares -631 -333 -1,956
Dividends distributed -5,945 -889 -1,017
Dividends distributed to non-controlling interests -3 -12 -91
Other equity transactions -9 9 94
Cash flow from financing activities -7,520 -2,534 -7,900
Net cash flow for the period 552 569 5,780
Cash and cash equivalents beginning of period 11,565 5,864 5,864
Currency translation effect on cash and bank balances -33 -12 -79
Cash and cash equivalents end of period 12,084 6,421 11,565
Of which classified as assets held for sale -6 -20 -28
Cash and cash equivalents end of period 12,078 6,401 11,537
Cash and cash equivalents
Cash and bank balances 12,107 6,418 11,832
Overdrafts 29 17 295
Cash and cash equivalents end of period 12,078 6,401 11,537
Cash and bank balances include USD 1.5 bn (USD 1.0 bn) relating to cash and bank balances in countries with exchange control or other restrictions.
These funds are not readily available for general use by the parent company or other subsidiaries.
Financials I Interim consolidated financial statements Q1 2022
21
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Condensed statement of changes in equity
AP Møller - Mærsk A/S
Note Share
capital
Trans-
lation
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Total Non-
con-
trolling
interests
Total
equity
Equity January 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Other comprehensive income
net of tax - -38 50 42 -1 53 2 55
Profit for the period - - - - 6,776 6,776 32 6,808
Total comprehensive income
for the period - -38 50 42 6,775 6,829 34 6,863
Dividends to shareholders - - - - -6,845 -6,845 -11 -6,856
Value of share-based payment - - - - 5 5 - 5
Sale of non-controlling interests - - - - - - -30 -30
Purchase of own shares - - - - -631 -631 - -631
Sale of own shares - - - - 1 1 - 1
Transfer of gain/loss on disposal
of equity investments to retained
earnings - -14 - 14 - - -
Total transactions with
shareholders - - -14 - -7,456 -7,470 -41 -7,511
Equity March 3,513 -805 171 -118 41,106 43,867 1,073 44,940
Equity January 3,632 -432 -6 -42 26,698 29,850 1,004 30,854
Other comprehensive income
net of tax - -208 2 -70 -10 -286 -1 -287
Profit for the period - - - - 2,697 2,697 20 2,717
Total comprehensive income
for the period - -208 2 -70 2,687 2,411 19 2,430
Dividends to shareholders - - - - -1,017 -1,017 -45 -1,062
Value of share-based payment - - - - 2 2 - 2
Purchase of own shares - - - - -333 -333 - -333
Sale of own shares - - - - 5 5 - 5
Capital increases and decreases - - - - - - 9 9
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -2 - 2 - - -
Total transactions with
shareholders - - -2 - -1,341 -1,343 -36 -1,379
Equity March 3,632 -640 -6 -112 28,044 30,918 987 31,905
Financials I Interim consolidated financial statements Q1 2022
22
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q1 2022
External revenue -
Inter-segment revenue - - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) -
Profit before financial items (EBIT) -
Key metrics
Invested capital - -
Gross capital expenditures excl acquisitions
and divestments (CAPEX) -
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q1 2021
External revenue -
Inter-segment revenue - -
Total revenue -
Profit before depreciation amortisation
and impairment losses etc (EBITDA) - -
Profit before financial items (EBIT) -
Key metrics
Invested capital - -
Gross capital expenditures excl acquisitions
and divestments (CAPEX) -
USD million Types of revenue Q
Q
M
Ocean Freight revenue
Other revenue including hubs
Logistics & Services Managed by Maersk
Fulfilled by Maersk
Transported by Maersk
Terminals Terminal services
Towage & Maritime Services Towage services
Sale of containers and spare parts
Offshore supply services
Other shipping activities
Other services
Unallocated activities and eliminations - - -
Total revenue
Financials I Interim consolidated financial statements Q1 2022
23
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Note 2 Share capital
Development in the number of shares:
A shares of B shares of Nominal value
DKK DKK DKK DKK DKK million USD million
January
March
January
Conversion - - - -
March
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no
voting rights.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on
15 March 2022, the shareholders decided on the cancellation of
treasury shares, whereby the share capital will be decreased from
nominally DKK 19,376,016,000 with nominally DKK 688,855,000
in total, divided into 133,779 A shares and 535,076 B shares of
DKK 1,000 to nominally DKK 18,707,161,000. The cancellation is
expected to be completed during Q2 2022.
Development in the holding of treasury shares
No of shares of DKK Nominal value DKK million % of share capital
Treasury shares
A shares
January % %
Additions % %
March % %
B shares
January % %
Additions % %
Disposals % %
March % %
The share buy-back programme is carried out with the purpose to
adjust the capital structure of the company. Shares which are not
used for hedging purposes for the long-term incentive programmes
will be proposed cancelled at the Annual General Meetings.
Disposals of treasury shares are related to the share option plans
and the restricted shares plan.
From 1 January 2022 to 31 March 2022, A.P. Moller - Maersk has
bought back 14,083 A shares, with a nominal value of DKK 14m, and
42,740 B shares, with a nominal value of DKK 43m, as treasury shares
from A.P. Møller Holding A/S, which is considered a related party.
The dividend of DKK 2,500 per share of DKK 1,000 – a total of
DKK 46.8bn is equivalent to USD 6.9bn excluding treasury shares.
Of this, USD 6.0bn was paid to shareholders on 18 March 2022,
and the withholding tax of USD 900m is payable in Q2 2022.
Payment of dividends to share holders does not trigger taxes for
A.P. Moller - Maersk.
Financials I Interim consolidated financial statements Q1 2022
24
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Acquisitions during Q1 2022
Pilot Freight Services (Logistics & Services)
On 9 February 2022, the Group announced the intention to acquire
100% of the shares in Pilot Freight Services, a US-based first, mid-
dle and last mile cross-border solutions provider. The acquisition
was completed in early May. Pilot have specialised in the big and
bulky freight segment in North America. Pilot Freight Services will
add specific new services within the fast-growing big and bulky
e-commerce segment, thus increasing cross-selling opportunities.
It will also create significant cost synergies by leveraging capabilities
across the different parts of service solutions. The total enterprise
value is USD 1.7bn.
Other
Senator International (Logistics & Services)
On 2 November 2021, it was announced that the Group intends
to acquire 100% of the shares in Senator International, a well-
renowned German air-based freight carrier company. Senator
International will contribute with offerings within air freight out of
Europe into the USA and Asia, and thereby add strong capabilities
and geographical reach to the integrator vision. The estimated
enterprise value is USD 644m. The acquisition is expected to close
during Q2 2022.
Grindrod Intermodal Group (Logistics & Services)
On 15 November 2021, it was announced that the Group will partner
with Grindrod Intermodal Group. The Group will have a controlling
interest of 51%. The Grindrod International Group is a well-known
and trusted partner in South Africa that offers a range of logistics
and services offerings. The estimated enterprise value is USD 13m.
The acquisition is expected to close during Q3 2022.
The total commitment across segments is USD 4bn (USD 2bn),
mainly related to investments for new methanol container vessels,
wind installation vessels, tugs and aircraft.
LF Logistics Holdings Limited (Logistics & Services)
On 22 December 2021, it was announced that the Group intends to
acquire 100% of the shares in LF Logistics Holdings Limited, a leading
omnichannel fulfilment contract logistics company in Asia Pacific.
The acquisition will further strengthen A.P. Moller - Maersk’s capa-
bilities as an integrated container logistics company, offering global
end-to-end supply chain solutions to its customers.
The estimated enterprise value is USD 3.6bn. In addition to the
enterprise value, an earn-out with a total value of up to USD 160m
related to future financial performance has been agreed as part of
the transaction.
The acquisition is subject to regulatory approvals and the transac-
tion is expected to close during Q3 2022.
Note 3 Acquisitions of subsidiaries
Note 4 Commitments
Financials I Interim consolidated financial statements Q1 2022
25
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Russia/Ukraine impact
Because of the Russian invasion of Ukraine on 24 February 2022,
A.P. Moller - Maersk has decided to withdraw from doing business in
Russia.
As a result, the recoverable amounts of assets in Russia and Ukraine
have been reassessed, impairment losses have been recognised, and
provisions have been made to cover costs relating to the withdrawal
from operations. This has negatively impacted EBIT by USD 718m, of
which USD 627m was impairment losses and USD 91m was operating
costs.
Warehouses in the Logistics & Services segment, the GPI investment
in the Terminals segment, and tugboats in the Towage & Maritime
Services segment have been fully written down.
The impact has been classified as non-cash items in the cash flow
statement.
The details of the income statement impact are as follows:
Operating segment Impacted area Q
Ocean Impairments of containers write-down of receivables provisions
Logistics & Services Impairments of warehouses write-down of receivables provisions
Terminals Impairments of investment in joint venture
Towage & Maritime Services Impairments of tugboats
Total income statement impact
For further information refer to Review Q1 2022 in the Management review.
Note 5 Accounting policies, judgements and significant estimates
The interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as issued by the
International Accounting Standards Board (IASB) and adopted by the
EU and additional Danish disclosure requirements for interim finan-
cial reporting of listed companies.
The accounting policies, judgements and significant estimates are
consistent with those applied in the Annual Report 2021.
Change to reportable segments
As part of the refinement of A.P. Moller - Maersk’s segment struc-
ture, changes to the segment structure have been made. The changes
involve moving the Svitzer activity from Terminals & Towage to Man-
ufacturing & Others. In addition, the Manufacturing & Other segment
has been renamed Towage & Maritime Services, while the Terminals
& Towage segment has been renamed Terminals. Comparison figures
for note 1 have been restated as if the change had been implemented
in 2021. The reportable segments are disclosed below.
The allocation of business activities into segments reflects
A.P. Moller - Maersk’s character as an integrated container logistics
business and is in line with the internal management reporting.
The reportable segments are as follows:
Ocean Global container shipping activities including strategic transhipment hubs and sale of bunker oil
Logistics & Services Freight forwarding supply chain management, inland haulage and other logistics services
Terminals Gateway terminal activities
Towage & Maritime Services Towage and related marine activities, production of reefer containers, providing offshore supply service
and trading and other businesses
Financials I Interim consolidated financial statements Q1 2022
26
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Q Q Q Q Q
Income statement
Revenue
Profit before depreciation amortisation and impairment losses etc (EBITDA)
Depreciation amortisation and impairment losses net
Gain on sale of non-current assets etc net
Share of profit/loss in joint ventures and associated companies -
Profit before financial items (EBIT)
Financial items net - - - - -
Profit before tax
Tax
Profit for the period
AP Møller - Mærsk A/S’ share
Underlying profit
Balance sheet
Total assets
Total equity
Invested capital
Net interest-bearing debt - -
Cash flow statement
Cash flow from operating activities
Capital lease instalments – repayments of lease liabilities
Gross capital expenditure excl acquisitions and divestments (CAPEX)
Cash flow from financing activities - - - - -
Free cash flow
Financial ratios
Revenue growth % % % % %
EBITDA margin % % % % %
EBIT margin % % % % %
Cash conversion % % % % %
Return on invested capital after tax (ROIC) (last twelve months) % % % % %
Equity ratio % % % % %
Underlying ROIC (last twelve months) % % % % %
Underlying EBITDA
Underlying EBITDA margin % % % % %
Underlying EBIT
Underlying EBIT margin % % % % %
Stock market ratios
Earnings per share USD
Diluted earnings per share USD
Cash flow from operating activities per share USD
Share price (B share) end of period DKK
Share price (B share) end of period USD
Total market capitalisation end of period USD
1 The figure stated for the period covers underlying profit and underlying financial ratios, adjusted for the net gains/losses from the sale of
non-current assets etc. and net impairment losses as well as transaction, restructuring and integration costs related to major transactions.
The adjustments are net of tax and include A.P. Moller - Maersk’s share of mentioned items in joint ventures and associated companies.
Additional information
Quarterly summary
Additional information I Quarterly summary
27
AMOUNTS IN USD MILLION A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Backhaul
The direction of the trade route with the
lowest volumes, whereas the opposite
direction is referred to as headhaul.
CAPEX
Cash payments for intangible assets and
property, plant and equipment, excluding
acquisitions and divestments.
Cash conversion
Cash flow from operating activities to
EBITDA ratio.
Cash flow from operating activities
per share
A.P. Moller - Maersk’s operating cash flow
from con tinuing operations divided by the
number of shares (of DKK 1,000 each),
excluding A.P. Moller - Maersk’s holding of
own shares.
Cost per move
Includes cost (EBITDA less revenue less
other income), depreciation and excludes
IFRIC12 construction cost.
EBIT
Earnings Before Interest and Taxes.
EBITA
Earnings Before Interest, Tax and
Amortisation.
EBITDA
Earnings Before Interest, Taxes, Deprecia-
tion and Amortisation.
Equity ratio
Calculated as equity divided by total assets.
FFE
Forty Foot container Equivalent unit.
Free cash flow (FCF)
Comprised of cash flow from operat-
ing activities, purchase/sale of intangible
assets and property, plant and equipment,
dividends received, repayments of lease
liabilities, financial payments and financial
expenses paid on lease liabilities.
Gross profit
The sum of revenue, less variable costs and
loss on debtors.
Headhaul
The direction of the trade route with the
highest volumes, whereas the return direc-
tion is referred to as backhaul.
Invested capital
Segment operating assets less segment
operating liabilities, including investments
and deferred taxes related to the opera-
tion.
kcbm
The freight volume of the shipment for
domestic and international freight. Cubic
metre (CBM) measurement is calculated by
multi plying the width, height and length
together of the shipment.
Loaded volumes
Loaded volumes refer to the number of
FFEs loaded on a shipment which are
loaded on first load at vessel departure
time excluding displaced FFEs.
Net interest-bearing debt (NIBD)
Equals interest-bearing debt, including
leasing liabilities, fair value of deriva tives
hedging the underlying debt, less cash and
bank balances as well as other interest-
bearing assets.
Return on invested capital after tax (ROIC)
Profit/loss before financial items for the
year (EBIT) less tax on EBIT divided by
the average invested capital, last twelve
months.
Revenue per move
Includes terminal revenue, other income,
government grants and excludes IFRIC12
construction revenue.
TEU
Twenty-foot container Equivalent Unit.
Time charter
Hire of a vessel for a specified period.
Total market capitalisation
Total number of shares – excluding
A.P. Møller - Mærsk A/S’ holding of treasury
shares – multiplied by the end-of-quarter
price quoted by Nasdaq Copenhagen.
Underlying
The figure stated for the period covers
underlying profit and underlying financial
ratios, adjusted for the net gains/losses
from the sale of non-current assets etc. and
net impairment losses as well as trans action,
restructuring and integration costs related
to major transactions. The adjustments are
net of tax and include A.P. Moller - Maersk’s
share of mentioned items in joint ventures
and associated companies.
VSA
Vessel Sharing Agreement is usually
reached between various partners within a
shipping consortium who agree to operate
a liner service along a specified route using
a specified number of vessels.
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
Additional information I Definition of terms
28
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022
Editors
Finn Glismand
Henrik Jensen
Sarah Spray
Design and layout
e-Types
Produced in Denmark 2022
Board of Directors
Robert Mærsk Uggla, Chair
Marc Engel, Vice Chair
Bernard L. Bot
Marika Fredriksson
Arne Karlsson
Thomas Lindegaard Madsen
Amparo Moraleda
Julija Voitekute
Executive Board
Søren Skou, Chief Executive Officer (CEO)
Patrick Jany (CFO)
Vincent Clerc
Morten Engelstoft
Navneet Kapoor
Henriette Hallberg Thygesen
Audit Committee
Arne Karlsson, Chair
Bernard L. Bot
Marika Fredriksson
Amparo Moraleda
Remuneration Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Nomination Committee
Robert Mærsk Uggla, Chair
Marc Engel
Transformation & Innovation Committee
Marc Engel, Chair
Amparo Moraleda
Robert Mærsk Uggla
Colophon
Colophon
29
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 4 MAY 2022