Management Review
Highlights Q4 2023 ............................................................... 03
Summary financial information
................................................. 04
Review Q4 2023
.................................................................. 05
– Financials reflect significantly lower freight rates
......................... 05
Guidance for 2024
................................................................ 07
Segments
.......................................................................... 08
– Ocean
.......................................................................... 08
– Logistics & Services
........................................................... 09
– Terminals
...................................................................... 10
– Towage & Maritime Services
................................................. 12
Financials
Condensed income statement ................................................... 13
Condensed statement of comprehensive income
............................. 13
Condensed balance sheet at 31December
.................................... 14
Condensed cash flow statement
................................................ 15
Condensed statement of changes in equity
.................................... 16
Notes
............................................................................... 17
Management’s statement
........................................................ 21
Quarterly summary
............................................................... 22
Definition of terms
................................................................ 23
Improving life for all by integrating the world
At A.P. Moller - Maersk, we aspire to provide truly integrated logistics. Across oceans, ports, on land
and in the air, we are combining our supply chain infrastructure with the power of our people and
technology to drive end-to-end innovation that accelerates our customers’ success.
With a dedicated team of around 100,000 employees, operating in more than 130 countries, we
explore new frontiers and embrace new technologies because we see change as an opportunity.
No matter the challenge, we stay confident and resilient because our values are constant. By living
our values, we inspire trust in our efforts to integrate the world and improve life for all.
Contents
Contacts for further information
Vincent Clerc
CEO
Patrick Jany
CFO
Investors
Stefan Gruber
Head of Investor Relations
Tel. +45 3363 3106
Media
Jesper Lov
Head of Media Relations
Tel. +45 3363 1901
Webcast and dial-in information
A webcast relating to the Q4 2023 Interim
Report will be held on 8 February 2024
at 11.00 (CET). Dial-in infor mation on
investor.maersk.com.
Presentation material for the webcast will
be available on the same page.
The Interim Report for Q4 2023 of
A.P. Møller - Mærsk A/S (further referred to
as A.P. Moller - Maersk as the consolidated
group of companies) has been prepared in
accordance with IAS 34 Interim Financial
Reporting as issued by the International
Accounting Standards Board (IASB) and
adopted by the EU and additional Danish
disclosure requirements for interim finan-
cial reporting of listed companies.
The interim consolidated financial state-
ments have not been subject to audit or
review.
Comparative figures
Unless otherwise stated, all figures in
parentheses refer to the corresponding
figures for the same period prior year.
Financial calendar
14 March 2024
Annual General Meeting
02 May 2024
Interim Report Q1 2024
07 August 2024
Interim Report Q2 2024
31 October 2024
Interim Report Q3 2024
ESEF data
Domicile of entity
Description of nature of entity’s
operations and principal activities
Country of incorporation
Principal place of business
Legal form of entity
Name of reporting entity or other
means of identification
Address of entity’s registered office
Produced in Denmark
2
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Management Review
Highlights Q4 USD million
Revenue EBITDA EBIT CAPEX
2023 2022 2023 2022 2023 2022 2023 2022
Ocean 7,180 13,299 196 6,034 -920 4,817 692 427
Logistics & Services 3,542 3,860 285 328 60 139 224 174
Terminals 1,019 999 303 288 234 232 220 132
Towage & Maritime Services 571 568 88 82 107 122 95 118
Unallocated activities, eliminations, etc. -571 -906 -33 -192 -18 -188 20 44
A.P. Moller - Maersk consolidated 11,741 17,820 839 6,540 -537 5,122 1,251 895
The financial results for Q4 2023 were in line with A.P. Moller - Maersk’s revised outlook and continued to show the transi-
tion of the business from the peak levels of the COVID-19 years to an environment marked by the increasing overcapacity
in the shipping segment, which the Red Sea situation in the last weeks of December did not alter. While a rather stable
macro economic environment ensured a volume increase in most businesses compared to the low previous year, prices in
Ocean continued to be under pressure given the new additions combined with subdued idling and ship recycling activities.
Faced with this environment and in line with previously announced measures, A.P. Moller - Maersk continued to focus on cash preser-
vation measures and reduced its operating costs position with significant improvements in Ocean, Logistics & Services and more
generally in SG&A.
Given the uncertainties ahead and in line with the implementation of its Integrator strategy, A.P. Moller – Maersk will exercise a
prudent capital allocation. As a consequence, the Board of Directors proposes a dividend of DKK 515 per share, equivalent to a payout
of approx. USD 1.2bn and has decided to demerge and spinoff the Svitzer towage activities, which will be subject to approval at an
Extraordinary General Meeting in April 2024. As indicated in November 2023, the Board of Directors has decided to immediately
suspend the share buy-back programme, with a re-initiation to be reviewed once market conditions in Ocean have settled.
Considering the significant oversupply challenges and high uncertainty about the duration and degree of the Red Sea disruption,
A.P. Moller - Maersk expects an underlying EBITDA of USD 1.0bn to 6.0bn, an underlying EBIT of USD -5.0bn to 0.0bn and a free cash
flow (FCF) of USD -5.0bn or higher for the full-year 2024, with front-loading towards the start of the year.
Highlights Q4 2023
A.P. Moller - Maersk's results for Q4 were marked by increasing volumes while rates continued to experience downward pressure,
resulting in revenue for Q4 of USD 11.7bn (USD 12.1bn in Q3), a decrease of USD 6.1bn from Q4 2022 led by USD 6.1bn lower revenue in
Ocean and lower revenue of USD 318 in Logistics & Services with revenue on par in Terminals. EBITDA decreased by USD 5.7bn to USD
839m (USD 1.9bn in Q3), driven by a USD 5.8bn lower contribution from Ocean. EBIT decreased by USD 5.7bn to negative USD 537m
(USD 538m in Q3) stemming from Ocean.
Ocean results turned negative in Q4, in line with expectations following the challenging market development. Volumes increased
but from a low base in Q4 2022, due to improved global consumer demand, among other things following the normalisation of the
inventory levels in North America. However, the increase in offered capacity in the market continues to put pressure on the rates
which developed negatively across geographies with significant decreases as well as compared to Q4 2022, though less dramati-
cally compared to Q3 2023. Cost containment remains a key focus while ensuring quality and reliability of the Ocean products.
Logistics & Services business performance continues to be impacted by lower rates, particularly in the air and haulage business,
however, with increasing volumes across the business except for warehousing and distribution. Profitability decreased versus
previous year and sequentially with a continued emphasis on improving utilisation of assets to protect margins in a lower-rate
environment. Profitability was also negatively impacted by restructuring costs.
Terminals saw strong volume with like-for-like growth across all regions leading to a higher total revenue despite a normalisation
in congestion-related storage. At the same time, total cost remains flat leading to an increase in earnings.
Free cash flow of negative USD 1.7bn (positive USD 6.5bn) declined due to decreased cash flow from operating activities and higher
capital expenditures, slightly offset by higher financial income together with sale proceeds and dividends received.
Management Review I Highlights Q4 2023
3
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Q4 Q4 12M 12M
Income statement 2023 2022 2023 2022
Revenue 11,741 17,820 51,065 81,529
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 839 6,540 9,591 36,813
Depreciation, amortisation and impairment losses, net 1,580 1,612 6,615 6,186
Gain on sale of non-current assets, etc., net 84 33 523 101
Share of profit/loss in joint ventures and associated companies 120 161 435 132
Profit/loss before financial items (EBIT) -537 5,122 3,934 30,860
Financial items, net 101 171 428 -629
Profit/loss before tax -436 5,293 4,362 30,231
Tax 20 312 454 910
Profit/loss for the period -456 4,981 3,908 29,321
A.P. Møller - Mærsk A/S’ share -436 4,950 3,822 29,198
Underlying profit/loss
1
-442 4,863 3,954 29,703
Balance sheet
Total assets 82,100 93,680 82,100 93,680
Total equity 55,090 65,032 55,090 65,032
Invested capital 50,430 52,410 50,430 52,410
Net interest-bearing debt -4,658 -12,632 -4,658 -12,632
Cash flow statement
Cash flow from operating activities 166 8,200 9,643 34,476
Repayments of lease liabilities 763 861 3,226 3,080
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 1,251 895 3,646 4,163
Cash flow from financing activities -1,545 -1,601 -16,805 -14,135
Free cash flow -1,714 6,462 3,967 27,107
Financial ratios
Revenue growth -34.1% -3.7% -37.4% 32.0%
EBITDA margin 7.1% 36.7% 18.8% 45.2%
EBIT margin -4.6% 28.7% 7.7% 37.9%
Cash conversion 20% 125% 101% 94%
Return on invested capital after tax (ROIC) (last twelve months) 7.4% 60.4% 7.4% 60.4%
Equity ratio 67.1% 69.4% 67.1% 69.4%
Underlying ROIC
1
(last twelve months) 7.5% 61.2% 7.5% 61.2%
Underlying EBITDA
1
911 6,517 9,771 36,843
Underlying EBITDA margin
1
7.8% 36.6% 19.1% 45.2%
Underlying EBIT
1
-520 5,002 3,962 31,244
Underlying EBIT margin
1
-4.4% 28.1% 7.8% 38.3%
Stock market ratios
Earnings per share, USD -27 278 227 1,600
Diluted earnings per share, USD -27 277 227 1,595
Cash flow from operating activities per share, USD 16 461 572 1,889
Share price (B share), end of period, DKK 12,140 15,620 12,140 15,620
Share price (B share), end of period, USD 1,800 2,242 1,800 2,242
Total market capitalisation, end of period, USD 28,541 39,135 28,541 39,135
1 Definition of terms See page 23.
Summary financial information
AMOUNTS IN USD MILLION
Management Review I Summary financial information
4
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Financials reflect significantly lower freight rates
Revenue decreased by USD 6.1bn to USD 11.7bn (USD 17.8bn) in
Q4 2023, with a decrease of USD 6.1bn and USD 318m in Ocean
and Logistics & Services, respectively, and with an increase of
USD 20m in Terminals.
With inventory levels starting to normalise, in particular in North
America, volumes improved across the board compared to Q4
2022. However, the downward pressure on rates was significant
compared to Q4 2022 and further compared to Q3 2023 and was
also negatively impacted by the oversupply in Ocean.
EBITDA decreased to USD 839m (USD 6.5bn) due to lower reve-
nue, with a decrease in Ocean of USD 5.8bn because of signifi-
cantly lower freight rates partly offset by lower operating costs, in
Logistics & Services by USD 43m due to lower rates and utilisation
of certain assets with an increase in Terminals by USD 15m.
Ocean
(Q4 2022: 6.0bn)
Logistics & Services
(Q4 2022: 328m)
Terminals
(Q4 2022: 288m)
196m 285m 303m
Review Q4 2023
EBIT decreased to a negative USD 537m (positive USD 5.1bn), with
a negative EBIT margin of 4.6% (positive 28.7%), impacted by the
decreased EBITDA, specifically in Ocean. In Logistics & Services,
the EBIT margin of 1.7% (3.6%), was negatively impacted by con-
tract logistics, air and restructuring costs. In Terminals, EBIT
was on par.
Ocean
(Q4 2022: 4.8bn)
Logistics & Services
(Q4 2022: 139m)
Terminals
(Q4 2022: 232m)
-920m 60m 234m
Financial items, net, was a gain of USD 101m (gain of USD 171m),
positively impacted by increased interest income and capitalised
interest, slightly offset by higher interest expense and foreign
exchange rate impact.
Tax decreased to USD 20m (USD 312m), primarily due to lower
profit before tax and utilisation of tax losses carried forward
within the joint taxation group.
The underlying profit/loss of USD 442m (USD 4.9bn) was
adjusted for net gains of USD 83m primarily from the net gain
Multi-year comparison of financials
From 2020 to 2022, the supply side of the logistics industry was
disrupted by COVID-19, which accelerated already existing issues in
the global supply chains with a significant impact on world trade.
The demand for logistics services significantly increased, and, in turn,
freight rates saw all-time highs due to capacity shortages, where
container availability and air capacity remained tight, and wait times
for vessels outside of ports remained lengthy given the bottlenecks
in landside transportation and warehousing.
As a result of this exceptional market, freight rates peaked in Q3
2022, which was the 16th quarter in a row with year-on-year earn-
ings growth for A.P. Moller - Maersk. After that, the high demand
eventually started to normalise as congestions eased, and consumer
demand declined leading to an inventory overhang, the correction
of which resulted in rapid and steep declines in shipped volumes
and rates starting in late Q3 2022.
In Q4 2023, the deterioration of rates continued with the increased
supply in Ocean.
Selected financials for Q4 2019-2023 USD million
Q4 Q4 Q4 Q4 Q4
Income statement 2023 2022 2021 2020 2019
Revenue 11,741 17,820 18,506 11,255 9,668
Ocean 7,180 13,299 14,589 8,257 7,148
Logistics & Services 3,542 3,860 3,016 2,061 1,529
Terminals 1,019 999 1,089 872 802
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 839 6,540 7,990 2,711 1,463
Profit/loss before financial items (EBIT) -537 5,122 6,634 1,594 342
Profit/loss for the period -456 4,981 6,109 1,301 -61
Cash flow statement
Cash flow from operating activities 166 8,200 7,880 2,569 1,535
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 1,251 895 1,585 370 469
Free cash flow -1,714 6,462 5,637 1,666 800
Financial ratios
Revenue growth -34.1% -3.7% 64.4% 16.4% -5.5%
EBITDA margin 7.1% 36.7% 43.2% 24.1% 15.1%
EBIT margin -4.6% 28.7% 35.8% 14.2% 3.5%
Management Review I Review Q4 2023
5
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
on sale of shares in Höegh Autoliners of USD 39m and the
sale of vessels and containers in Ocean of USD 28m, offset by
restructuring charges of USD 78m.
Cash flow from operating activities of USD 166m (USD 8.2bn)
was driven by EBITDA of USD 839m, partly offset by negative
change in net working capital of USD 513m, translating into
a cash conversion of 20% (125%).
Gross capital expenditure (CAPEX) of USD 1.3bn (USD 895m)
was primarily driven by higher investments in Ocean from the
Equinox-class vessel payment and ongoing modernisation in
Terminals.
Free cash flow was negative USD 1.7bn (positive USD 6.5bn) due
to decreased cash flow from operating activities and higher
capital expenditures, slightly offset by higher financial income
together with sale proceeds and dividends received.
Share buy-back
During Q4, A.P. Moller - Maersk bought back 93,698 A shares
and 382,813 B shares, worth DKK 5.3bn (approximately USD
768m), which includes shares bought for the long-term incen-
tive programme.
Capital structure, credit rating, dividend
and share buy-back
Reference is made to page 33 in the A.P. Moller - Maersk’s
Annual Report 2023.
See the 2023 Annual Report
ESG update
For a full overview of A.P. Moller - Maersk’s ESG strategy
and roadmap,
see www.maersk.com/sustainability
For a summary ESG update for 2023, refer ence is made to
page 20 in the A.P. Moller - Maersk’s Annual Report 2023.
See the 2023 Annual Report
Market insights
Reference is made to page 14 in the A.P. Moller - Maersk’s
Annual Report 2023.
See the 2023 Annual Report
Management Review I Review Q4 2023
6
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Guidance for 2024
Guidance is based on the expectation that global container
volume growth in 2024 will be in the range of 2.5% to 4.5%
and that A.P. Moller - Maersk will grow in line with the
market. It is further expected that the significant oversupply
challenges in the Ocean industry will materialise fully over
the course of 2024. High uncertainty remains around
the duration and degree of the Red Sea disruption with the
duration from one quarter to full year reflected in the
guidance range. Front-loading is expected towards the start
of 2024.
USDbn
EBITDA
Underlying
1.0-6.0
EBIT
Underlying
-5.0-0.0
Free cash flow
(FCF) or higher
-5.0
CAPEX guidance, maintained
2023-2024
8.0-9.0
CAPEX guidance
2024-2025
9.0-10.0
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2024 depends on several factors subject to uncertainties related to the given uncertain macro economic
conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2024 for four key assumptions are listed below:
Factors Change Effect on EBIT (Full year 2024)
Container freight rate +/- 100 USD/FFE +/- USD 1.2bn
Container freight volume +/- 100,000 FFE +/- USD 0.1bn
Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.3bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.3bn
For an update on the financial guidance and the roadmap
towards 2025 with specific targets for the transformation towards
becoming the integrator of container logistics, as well as the ESG
commitments for present, medium and long-term reference is made
to page 34-35 in the A.P. Moller - Maersk’s Annual Report 2023.
See the 2023 Annual Report
Forward-looking statements
The Interim Report contains forward-looking statements. Such
statements are subject to risks and uncertainties as several factors,
many of which are beyond A.P. Moller - Maersk’s control, may cause
the actual development and results to differ materially from expec-
tations contained in the Interim Report.
Management Review I Guidance for 2024
7
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Ocean
Ocean reported a significant increase in loaded volumes of 11%,
approaching historical levels after proceeding a low base in Q4
2022. In line with expectations, following the challenging market
development, Ocean reported an EBITDA of USD 196m (USD 6.0bn)
and an EBIT of negative USD 920m (positive USD 4.8bn). The vol-
ume increase was due to improved global consumer demand,
among other things following the normalisation of the inventory
levels in North America. However, the increase in offered capacity
in the market has put pressure on the rates which developed neg-
atively across geographies with a decrease compared to Q4 2022
and Q3 2023 of 50% and 8.1%, respectively. Total operating costs
decreased by 3.2% compared to Q4 2022. Given the continuous
challenging market, cost containment remains a key focus while
ensuring quality and reliability of the Ocean products.
Financial and operational performance
Revenue decreased due to a decline in freight revenue of 49%
with loaded freight rates down by 50%, partly offset by 11% higher
loaded volumes. Revenue decreased by USD 717m or 9.1% com-
pared to Q3 2023 mainly due to lower rates.
Ocean highlights
Q4 Q4 12M 12M
2023 2022 2023 2022
Freight revenue 5,889 11,581 28,421 56,499
Other revenue, including hubs 1,291 1,718 5,232 7,800
Revenue 7,180 13,299 33,653 64,299
Container handling costs 2,353 2,477 9,233 10,214
Bunker costs 1,647 1,834 6,064 8,077
Network costs, excluding bunker costs 1,737 1,771 6,917 7,516
Selling, General & Administration (SG&A) costs 686 778 2,921 2,947
Cost of goods sold and other operational costs 633 433 1,646 1,835
Total operating costs 7,056 7,293 26,781 30,589
Other income/costs, net 72 28 68 60
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 196 6,034 6,940 33,770
EBITDA margin 2.7% 45.4% 20.6% 52.5%
Profit before financial items (EBIT) -920 4,817 2,227 29,149
EBIT margin -12.8% 36.2% 6.6% 45.3%
Invested capital 29,851 32,368 29,851 32,368
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 692 427 1,987 2,620
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,108 2,807 11,904 11,924
Loaded freight rate (USD per FFE) 1,925 3,869 2,313 4,628
Unit cost, fixed bunker (USD per FFE incl. VSA income)
1
2,280 2,638 2,371 2,533
Bunker price, average (USD per tonne) 655 720 616 763
Bunker consumption (tonne in ’000) 2,513 2,547 9,838 10,579
Average operated fleet capacity (TEU in ’000) 4,131 4,270 4,162 4,285
Fleet owned (end of period) 310 318 310 318
Fleet chartered (end of period) 362 389 362 389
1 Unit cost, fixed bunker figures have been restated as a result of the fixed bunker price being changed to 550 USD/tonne from 450 USD/tonne.
Segments
Ocean performance Q4 2019-2023 USD million
Q4 Q4 Q4 Q4 Q4
2023 2022 2021 2020 2019
Revenue 7,180 13,299 14,589 8,257 7,148
Total operating
costs 7,056 7,293 7,319 6,044 5,971
EBIT -920 4,817 6,346 1,327 259
EBIT margin -12.8% 36.2% 43.5% 16.1% 3.6%
Operational and
financial metrics
Loaded volumes 3,108 2,807 3,263 3,400 3,294
Loaded freight rate 1,925 3,869 4,009 2,192 1,862
Unit cost, fixed
bunker 2,280 2,638 2,327 2,070 2,030
Management Review I Segments I Ocean
8
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Loaded volumes FFE (’000)
Q4 2023 Q4 2022 Change Change %
East-West 1,462 1,247 215 17.2
North-South 1,001 919 82 8.9
Intra-regional 645 641 4 0.6
Total 3,108 2,807 301 10.7
Average freight rates USD/FFE
Q4 2023 Q4 2022 Change Change %
East-West 1,818 4,066 -2,248 -55.3
North-South 2,702 4,705 -2,003 -42.6
Intra-regional 1,405 2,353 -948 -40.3
Total 1,925 3,869 -1,944 -50.2
Fleet overview, end Q4 2023
Q4 2023 Q4 2022
’000 TEU
Own container vessels 2,363 2,393
Chartered container vessels 1,754 1,828
Total fleet capacity 4,117 4,221
Number of vessels
Own container vessels 310 318
Chartered container vessels 362 389
Total fleet 672 707
EBITDA decreased by USD 5.8bn to USD 196m (USD 6.0bn), due
to lower revenue, partly offset by lower costs, and the EBITDA
margin decreased by 43 percentage points to 2.7% (45.4%).
EBITDA decreased by USD 937m compared to Q3 2023. Corre-
spondingly, EBIT decreased by USD 5.7bn to negative USD 920m
(positive USD 4.8bn) and decreased by USD 893m compared to
Q3 2023.
Loaded volumes increased significantly by 11% due to higher
demand for Asia to Europe, North and Latin America as well as
Africa trades. Loaded volumes were largely on a par with Q3
2023, with a decrease of 58k FFE or 1.8%.
The average loaded freight rate decreased by 50% driven by
a rate decline in most trades. The average loaded freight rate
decreased by 170 USD/FFE or 8.1% compared to Q3 2023 (2,095
USD/FFE).
Total operating costs were 3.2% lower despite an increase in
volumes driven by lower bunker costs, lower container handling
costs and lower slot charter costs, which decreased by 10%, 5.0%
and 29%, respectively, compared to Q4 2022. The net impact
of foreign exchange rates was negligible. Total operating costs
increased slightly compared to Q3 2023 due to marginally
higher network costs driven by bunker costs.
Bunker costs decreased by 10% driven by a decrease in bunker
price of 9.0% to 655 USD/tonne (720 USD/tonne) and a 1.3%
decrease in bunker consumption. Bunker efficiency improved
by 8.1% to 39.1 g/TEU*NM (42.5 g/TEU*NM). Bunker costs were
12% higher compared to Q3 2023 due to an increase in the
bunker price.
The unit cost at fixed bunker decreased by 14% to 2,280 USD/
FFE (2,638 USD/FFE), driven by a lower Time Charter Equiva-
lent, terminal costs, bunker consumption and higher volumes.
The net impact of foreign exchange rates was negligible. The
unit cost at fixed bunker decreased by 7 USD/FFE or 0.3% com-
pared to Q3 2023.
The average operated capacity decreased by 3.3% compared
to Q4 2022. The current order book for carbon-neutral vessels
able to operate on green fuel totals 24 at the end of Q4 2023.
The fleet consisted of 310 owned and 362 chartered vessels,
of which 149k TEU or 3.6% (20 vessels) of the fleet were idle,
including due to dry docking and repairs.
Logistics & Services
For Logistics & Services, the progression in volume growth
year-over-year was driven by all products, except Warehouse
and Distribution. Despite increasing volumes, revenue perfor-
mance was negatively impacted by continuing low rates across
all products compared to Q4 2022. Logistics & Services con-
tinues to focus on cost management to readjust its cost base
through operational efficiencies and an increase in asset
utilisation with the impact expected to materialise progres-
sively in 2024.
Financial and operational performance
Revenue decreased by 8.2% to USD 3.5bn (USD 3.9bn) driven by
all three ‘by Maersk’ service models. Organic revenue growth was
negative 10%, affected by lower rates across all products. Organic
decline was primarily from retail, lifestyle, auto motive and tech-
nology verticals. The 2023 acquisitions of the Martin Bencher
Group and Grindrod Logistics contributed revenue growth of
USD 59m in Q4 2023. In Q4 2023, more than 70% of the decline
in organic revenue was driven by the top 200 customers.
Organic/inorganic USD million
2022 Organic Inorganic 2023
Revenue 3,860 -377 59 3,542
Growth -10% 2%
EBITA 183 -86 7 104
Managed by Maersk’s revenue decreased by USD 130m to USD
479m (USD 609m), affected by lower rates in Lead Logistics
and Customs, partly offset by higher volumes from both Supply
Chain Management and Customs, with declarations at 1,474k in
Q4 2023 (1,342k in Q4 2022).
Management Review I Segments I Ocean I Logistics & Services
9
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Logistics & Services highlights
Q4 Q4 12M 12M
2023 2022 2023 2022
Revenue 3,542 3,860 13,916 14,423
Direct costs (third-party costs) 2,492 2,831 9,694 10,717
Gross profit 1,050 1,029 4,222 3,706
Direct operating expenses 488 435 1,895 1,482
Selling, General & Administration (SG&A) 277 266 1,076 846
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 285 328 1,251 1,378
EBITDA margin 8.0% 8.5% 9.0% 9.6%
Profit after depreciation and impairment losses, before amortisations (EBITA) 104 183 619 944
EBITA margin 2.9% 4.7% 4.4% 6.5%
Profit before financial items (EBIT) 60 139 446 814
EBIT margin 1.7% 3.6% 3.2% 5.6%
Invested capital 10,779 9,858 10,779 9,858
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 224 174 771 657
Operational and financial metrics
EBIT conversion (EBIT/gross profit - %) 5.7% 13.5% 10.6% 22.0%
Managed by Maersk revenue
1
479 609 2,168 2,491
Fulfilled by Maersk revenue
1
1,450 1,569 5,452 4,916
Transported by Maersk revenue
1
1,613 1,682 6,296 7,016
Supply chain management volumes (cbm in ’000) 26,114 24,568 102,252 110,264
Intermodal volumes (FFE in ’000) 1,017 969 4,031 4,526
Air freight volumes (tonne in ’000) 85 54 295 211
1 The 2022 by Maersk revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.
Fulfilled by Maersk’s revenue decreased by USD 119m to USD
1.5bn (USD 1.6bn), driven by lower volumes from Warehousing
and Distribution, mainly in North America.
Transported by Maersk’s revenue decreased by USD 69m
to USD 1.6bn (USD 1.7bn), due to lower rates in Air, LCL and
Inland. This was partly offset by higher volumes and inorganic
revenue growth.
EBITDA decreased by USD 43m due to lower rates, and the
EBITDA margin decreased to 8.0% (8.5%).
The EBIT margin of 1.7% (3.6%), was affected by lower freight
rates, along with a higher cost base due to restructuring
charges of USD 33m.
Terminals
Terminals’ volume grew significantly during Q4 2023 with an
6.8% like-for-like (LFL) increase adjusted for exits, bouncing
back from a very weak Q4 2022. Particularly the Americas
and Africa recovered well with 10-12% (LFL) growth, while the
remaining regions grew 2-4% (LFL). Compared to Q3 2023,
volumes were flat. Utilisation only increased by 3 percentage
points to 77% as the ongoing terminal modernisation pro-
gramme increased capacity in North America and Europe. The
EBITDA margin remains strong and improved by 0.9 percentage
points to 29.7% as Terminals managed to implement effective
cost- saving measures despite inflationary pressure, ensuring
that cost per move (LFL) remained at par. CAPEX increased to
USD 220m (USD 132m) driven by modernisation programmes
in North America and in Spain.
Financial and operational performance
Revenue increased by 2.0% to USD 1.0bn (USD 999m) due to an
increase in volume, partly offset by a normalisation of storage
revenue. Volumes increased by 3.2% (increase of 6.8% like-for-
like excluding exits), driven by strong market recovery in the
Americas with higher volumes across most terminals. Utilisation
increased to 77% (74%) as the increase in volumes was partly
offset by increasing capacity in North America and Europe.
Revenue per move decreased by 1.8% to USD 321 (USD 327),
due to lower congestion related storage revenue and exits,
while underlying tariffs increased in line with local inflation.
Cost per move decreased by 2.4% to USD 267 (USD 273) due
to a positive volume impact, exits and measures taken to miti-
gate the impact of inflation on the cost base.
At fixed foreign exchange rates and terminal mix, revenue
per move increased by 1.2% while cost per move increased
by 0.6%.
Management Review I Segments I Logistics & Services I Terminals
10
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Terminals highlights
Q4 Q4 12M 12M
2023 2022 2023 2022
Revenue 1,019 999 3,844 4,371
Concession fees (excl. capitalised lease expenses) 77 79 308 362
Labour costs (blue collar) 299 327 1,121 1,270
Other operational costs 213 155 618 638
Selling, General & Administration (SG&A) and other costs, etc. 127 150 519 566
Total operating costs 716 711 2,566 2,836
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 303 288 1,278 1,535
EBITDA margin 29.7% 28.8% 33.2% 35.1%
Profit/loss before financial items (EBIT) 234 232 980 832
EBIT margin 23.0% 23.2% 25.5% 19.0%
Invested capital 7.813 7,593 7,813 7,593
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 220 132 541 516
Operational and financial metrics
Volumes – financially consolidated (moves in ’000) 3,168 3,070 12,204 12,752
Ocean segment 1,090 1,053 4,245 4,558
External customers 2,078 2,017 7,959 8,194
Revenue per move – financially consolidated (USD) 321 327 313 341
Cost per move – financially consolidated (USD) 267 273 252 263
Result from joint ventures and associated companies (USDm) 91 60 282 -46
EBITDA increased by USD 15m to USD 303m (USD 288m), with
the impact of higher volumes being only partly offset by a
reduction in storage revenue. Accordingly, the EBITDA margin
increased to 29.7% (28.8%).
EBIT increased by USD 2m to USD 234m, driven by the higher
volume.
ROIC (LTM) increased to 10.5% (7.6%), driven by the impact of
the GPI divestment in 2022. Adjusted for the GPI divestment,
ROIC decreased by 1.8% from 12.3% in 2022 due to the gradual
normalisation of storage revenue during 2023.
CAPEX increased to USD 220m (USD 132m), driven by the ongo-
ing modernisation of terminals in Los Angeles, USA, Elizabeth,
USA, and Barcelona, Spain, and the completion of construction
work in Mumbai, India.
Terminals performance Q4 2019-2023 USD million
Q4 Q4 Q4 Q4 Q4
2023 2022 2021 2020 2019
Revenue 1,019 999 1,089 872 802
Total operating
costs 716 711 705 555 549
EBIT 234 232 307 174 166
EBITDA margin 29.7% 28.8% 35.3% 36.4% 31.5%
Operational and
financial metrics
ROIC 10.5% 7.6% 10.9% 6.5% 5.8%
Volumes (’000) 3,168 3,070 3,232 3,122 2,978
Revenue per move 321 327 336 279 274
Cost per move 267 273 259 220 230
In North America, volume increased by 12% due to a strong
market recovery. Utilisation only increased by 3 percentage
points to 74% due to increased capacity from ongoing moderni-
sation projects.
In Asia and Middle East, volume increased by 4.3%, driven by
higher volumes from new customers in Yokohama, Japan, partly
offset by lower volume in Mumbai, India, due to construction.
Utilisation increased to 88% (80%).
Regional volume
1
Moves (’000)
Q4 2023 Q4 2022 Growth %
North America 789 706 11.8
Latin America 603 592 1.9
Europe and the Baltics 667 657 1.6
Africa 205 248 -17.3
Asia and Middle East 904 867 4.3
Total 3,168 3,070 3.2
1 Financially consolidated.
Management Review I Segments I Terminals
11
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
In Latin America, volume increased by 1.9%, driven by higher
volume in Pecem, Brazil, and Callao, Peru, partly offset by the
exit from Itajai, Brazil. Adjusted for the exit volume increased
by 9.8% while utilisation increased to 81% (77%).
In Europe, volume increased by 1.6% due to strong demand in
Poti, Georgia, partly offset by a weaker performance in Aarhus,
Denmark. Utilisation decreased to 67% (74%) due to increased
capacity in existing terminals.
In Africa, volume decreased by 18% purely driven by the divest-
ment of Luanda, Angola. Adjusted for the exit, volume increased
by 9.5%, mainly driven by Apapa, Nigeria, while utilisation
increased to 71% (60%).
Results from joint ventures and associated companies
The share of profits in joint ventures and associated companies
increased to USD 91m (USD 60m), driven by higher results in
West Africa.
Towage & Maritime Services
Revenue was USD 571m (USD 568m) with an EBITDA of USD 88m
(USD 82m). EBIT decreased by USD 15m to 107m (USD 122m).
Towage
Financial and operational performance
Revenue in Svitzer increased by USD 26m to USD 222m (USD
196m), and adjusted for foreign exchange rate effects, the
increase was 11% or USD 23m. Harbour Towage revenue
increased by USD 16m driven by activity and tariff increases
across most regions, and new contracts commenced in Europe
and Australia.
EBITDA increased to USD 66m (USD 59m), due to increased
revenue partly offset by increased fuel and other operating
costs. EBIT increased to USD 39m (USD 36m) driven by the
higher EBITDA slightly offset by higher depreciations and
lower gain on sale of assets.
Results from joint ventures and associated companies
The share of profit in joint ventures and associated com-
panies was USD 3m (USD 5m).
Maritime Services
For Maersk Container Industry, revenue increased by USD
77m to USD 158m (USD 81m), driven by higher market demand.
EBITDA was on par at USD 15m (USD 14m) with Q4 2022 posi-
tively impacted by a non-recurring provision. EBIT increased to
USD 11m (USD 7m).
EBIT in Other Maritime Services decreased by USD 20m to USD
57m (USD 77m) as the contribution from Höegh Autoliners AS
decreased by USD 71m due to the divestment of share owner-
ship and was partially offset by a gain on sale of shares of USD
39m as it was fully divested in Q4 2023.
Management Review I Segments I Terminals I Towage & Maritime Services
12
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Financials
Condensed income statement
Note Q4 Q4 12M 12M
2023 2022 2023 2022
1 Revenue 11,741 17,820 51,065 81,529
1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 839 6,540 9,591 36,813
Depreciation, amortisation and impairment losses, net 1,580 1,612 6,615 6,186
4 Gain on sale of non-current assets, etc., net 84 33 523 101
Share of profit/loss in joint ventures and associated companies 120 161 435 132
1 Profit/loss before financial items (EBIT) -537 5,122 3,934 30,860
Financial items, net 101 171 428 -629
Profit/loss before tax -436 5,293 4,362 30,231
Tax 20 312 454 910
Profit/loss for the period -456 4,981 3,908 29,321
Of which:
Non-controlling interests -20 31 86 123
A.P. Møller - MærskA/S’ share -436 4,950 3,822 29,198
Earnings per share, USD -27 278 227 1,600
Diluted earnings per share, USD -27 277 227 1,595
Condensed statement of comprehensive income
Q4
2023
Q4
2022
12M
2023
12M
2022
Profit/loss for the period -456 4,981 3,908 29,321
Translation from functional currency to presentation currency 219 353 -16 -551
Reclassified to income statement, gain on sale of non-current assets, etc., net 2 -9 44 53
Cash flow hedges 93 81 16 115
Tax on other comprehensive income -2 9 -6 -10
Share of other comprehensive income of joint ventures and associated companies, net of tax -3 -2 -1 6
Total items that have been ormay be reclassified subsequently to the income statement 309 432 37 -387
Other equity investments 26 -34 17 54
Actuarial gains/losses on defined benefit plans, etc. 8 36 9 36
Tax on other comprehensive income 3 30 3 30
Total items that will not be reclassified to the income statement 37 32 29 120
Other comprehensive income, net of tax 346 464 66 -267
Total comprehensive income for the period -110 5,445 3,974 29,054
Of which:
Non-controlling interests -25 29 71 92
A.P. Møller - MærskA/S’ share -85 5,416 3,903 28,962
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
13
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Condensed balance sheet at 31 December
2023 2022
Intangible assets 10,124 10,785
Property, plant and equipment 27,059 28,194
Right-of-use assets 9,670 10,967
Financial non-current assets, etc. 3,882 3,272
Deferred tax 343 399
Total non-current assets 51,078 53,617
Inventories 1,658 1,604
2 Receivables, etc. 20,873 27,391
Securities - 942
Cash and bank balances 6,701 10,057
Assets held for sale 1,790 69
Total current assets 31,022 40,063
Total assets 82,100 93,680
2023 2022
3 Equity attributable to A.P. Møller - MærskA/S 54,030 63,991
Non-controlling interests 1,060 1,041
Total equity 55,090 65,032
Lease liabilities, non-current 7,798 8,582
Borrowings, non-current 4,169 3,774
Other non-current liabilities 2,652 2,971
Total non-current liabilities 14,619 15,327
Lease liabilities, current 2,650 3,032
Borrowings, current 197 255
Other current liabilities 9,296 10,025
Liabilities associated with assets held for sale 248 9
Total current liabilities 12,391 13,321
Total liabilities 27,010 28,648
Total equity and liabilities 82,100 93,680
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
14
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Condensed cash flow statement
Note Q4
2023
Q4
2022
12M
2023
12M
2022
Profit/loss before financial items -537 5,122 3,934 30,860
Non-cash items, etc. 1,370 1,643 5,973 6,225
Change in working capital -513 1,678 417 -1,808
Cash flow from operating activities before tax 320 8,443 10,324 35,277
Taxes paid -154 -243 -681 -801
Cash flow from operating activities 166 8,200 9,643 34,476
Purchase of intangible assets and property, plant and equipment (CAPEX) -1,251 -895 -3,646 -4,163
Sale of intangible assets and property, plant and equipment 46 47 601 303
4 Acquisition of subsidiaries and activities -2 -20 -140 -4,774
4 Sale of subsidiaries and activities -7 -19 953 2
Acquisition of joint ventures and associated companies - -46 -18 -46
Sale of joint ventures and associated companies 168 3 356 219
Dividends received 121 83 305 327
Sale of other equity investments - 5 22 31
Financial investments, etc., net 1,461 -3,991 5,644 -13,518
Cash flow from investing activities 536 -4,833 4,077 -21,619
Repayments of/proceeds from borrowings, net 33 35 185 -717
Repayments of lease liabilities -763 -861 -3,226 -3,080
Financial payments, net 108 29 853 -238
Financial expenses paid on lease liabilities -141 -141 -563 -518
Purchase of treasury shares -771 -685 -3,120 -2,738
Dividends distributed - - -10,876 -6,847
Dividends distributed to non-controlling interests -25 -23 -92 -78
Other equity transactions 14 45 34 81
Cash flow from financing activities -1,545 -1,601 -16,805 -14,135
Net cash flow for the period -843 1,766 -3,085 -1,278
Cash and cash equivalents, beginning of period 7,612 8,330 10,038 11,565
Currency translation effect on cash and bank balances -39 -58 -223 -249
Cash and cash equivalents, end of period 6,730 10,038 6,730 10,038
Of which classified as assets held for sale -47 -1 -47 -1
Cash and cash equivalents, end of period 6,683 10,037 6,683 10,037
Cash and cash equivalents
Cash and bank balances 6,701 10,057 6,701 10,057
Overdrafts 18 20 18 20
Cash and cash equivalents, end of period 6,683 10,037 6,683 10,037
Cash and bank balances include USD 1.0 bn (USD 1.4 bn at 31 December 2022) 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 Q4 2023
AMOUNTS IN USD MILLION
15
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Condensed statement of changes in equity
A.P. Møller - Mærsk A/S
Note Share
capital
Trans-
lation
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Total Non-
controlling
interests
Total
equity
Equity 1 January 2023 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Other comprehensive income,
net of tax - 84 -25 12 10 81 -15 66
Profit for the period - - - - 3,822 3,822 86 3,908
Total comprehensive income
for the period - 84 -25 12 3,832 3,903 71 3,974
Dividends to shareholders - - - - -10,824 -10,824 -94 -10,918
Value of share-based payment - - - - 28 28 - 28
Acquisition of non-controlling
interests - - -
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -3,072 -3,072 - -3,072
3 Sale of treasury shares - - - - 24 24 - 24
3 Capital increases and decreases -206
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - 2 - -2 - - -
Transfer of cash flow hedge reserve
to non-current assets - - - -4 - -4 - -4
Total transactions with
shareholders -206 - 2 -4 -13,656 -13,864 -52 -13,916
Equity 31 December 2023 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090
Equity 1 January 2022 3,513 -767 135 -160 41,787 44,508 1,080 45,588
Other comprehensive income,
net of tax - -465 90 103 36 -236 -31 -267
Profit for the period - - - - 29,198 29,198 123 29,321
Total comprehensive income
for the period - -465 90 103 29,234 28,962 92 29,054
Dividends to shareholders - - - - -6,845 -6,845 -80 -6,925
Value of share-based payment - - - - 26 26 - 26
Sale of non-controlling interests - - - - 1 1 -1 -
Sale of subsidiaries - - - - - - -67 -67
3 Purchase of treasury shares - - - - -2,785 -2,785 - -2,785
3 Sale of treasury shares - - - - 31 31 - 31
3 Capital increases and decreases -121 - - - 121 - 17 17
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - -13 - 13 - - -
Transfer of cash flow hedge reserve
to non-current assets - - - 30 - 30 - 30
Other equity movements - - - - 63 63 - 63
Total transactions with
shareholders -121 - -13 30 -9,375 -9,479 -131 -9,610
Equity 31 December 2022 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
16
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q4 2023
External revenue 6,881 3,555 763 510 32 - 11,741
Inter-segment revenue 299 -13 256 61 10 -613 -
Total revenue 7,180 3,542 1,019 571 42 -613 11,741
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 196 285 303 88 -28 -5 839
Profit/loss before financial items (EBIT) -920 60 234 107 -17 -1 -537
Key metrics
Invested capital 29,851 10,779 7,813 2,037 -12 -38 50,430
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 692 224 220 95 29 -9 1,251
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q4 2022
External revenue 12,628 3,945 736 482 29 - 17,820
Inter-segment revenue 671 -85 263 86 7 -942 -
Total revenue 13,299 3,860 999 568 36 -942 17,820
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,034 328 288 82 -188 -4 6,540
Profit before financial items (EBIT) 4,817 139 232 122 -189 1 5,122
Key metrics
Invested capital 32,368 9,858 7,593 2,794 -145 -58 52,410
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 427 174 132 118 14 30 895
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
17
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
12M 2023
External revenue 32,149 14,075 2,859 1,865 117 - 51,065
Inter-segment revenue 1,504 -159 985 295 39 -2,664 -
Total revenue 33,653 13,916 3,844 2,160 156 -2,664 51,065
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,940 1,251 1,278 320 -192 -6 9,591
Profit before financial items (EBIT) 2,227 446 980 457 -187 11 3,934
Key metrics
Invested capital 29,851 10,779 7,813 2,037 -12 -38 50,430
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 1,987 771 541 318 42 -13 3,646
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
12M 2022
External revenue 61,497 14,710 3,323 1,894 105 - 81,529
Inter-segment revenue 2,802 -287 1,048 399 26 -3,988 -
Total revenue 64,299 14,423 4,371 2,293 131 -3,988 81,529
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 33,770 1,378 1,535 369 -207 -32 36,813
Profit before financial items (EBIT) 29,149 814 832 307 -229 -13 30,860
Key metrics
Invested capital 32,368 9,858 7,593 2,794 -145 -58 52,410
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 2,620 657 516 350 35 -15 4,163
USD million Types of revenue Q4
2023
Q4
2022
12M
2023
12M
2022
Ocean Freight revenue 5,889 11,581 28,421 56,499
Other revenue, including hubs 1,291 1,718 5,232 7,800
Logistics & Services Managed by Maersk
1
479 609 2,168 2,491
Fulfilled by Maersk
1
1,450 1,569 5,452 4,916
Transported by Maersk
1
1,613 1,682 6,296 7,016
Terminals Terminal services 1,019 999 3,844 4,371
Towage & Maritime Services Towage services 222 196 839 774
Sale of containers and spare parts 158 81 496 499
Offshore supply services
2
- 98 111 390
Other shipping activities
2
46 68 263 282
Other services 145 125 451 348
Unallocated activities and eliminations -571 -906 -2,508 -3,857
Total revenue 11,741 17,820 51,065 81,529
1 The 2022 by Maersk revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.
2 Revenue from US Marine Management and Maersk Supply Service are included in Other shipping activities and Offshore supply services,
respectively, for the period 1 January 2023 until divestment.
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
18
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Note 3 Share capital
Development in the number of shares:
A shares of B shares of Nominal value
DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million
1 January 2022 10,468,107 216 8,907,718 166 19,376 3,513
Conversion 1 -2 3 -6 - -
Cancellations 133,779 - 535,076 - 669 121
31 December 2022 10,334,329 214 8,372,645 160 18,707 3,392
1 January 2023 10,334,329 214 8,372,645 160 18,707 3,392
Conversion 1 -2 1 -2 - -
Cancellations 227,390 - 910,056 - 1,137 206
31 December 2023 10,106,940 212 7,462,590 158 17,570 3,186
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 28 March 2023,
the shareholders decided on the cancellation of treasury shares whereby
the share capital would be decreased from nominally DKK 18,707,161,000
to nominally DKK 17,569,715,000. The cancellation was completed during
Q2 2023.
Development in the holding of treasury shares:
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2023 2022 2023 2022 2023 2022
A shares
1 January 201,717 120,494 202 121 1.08% 0.62%
Additions 332,309 215,002 332 215 1.89% 1.15%
Cancellations 227,390 133,779 227 134 1.22% 0.69%
31 December 306,636 201,717 307 202 1.75% 1.08%
B shares
1 January 887,557 549,587 888 550 4.74% 2.84%
Additions 1,327,842 904,856 1,328 905 7.54% 4.83%
Cancellations 910,056 535,076 910 535 4.86% 2.76%
Disposals 26,223 31,810 27 32 0.14% 0.17%
31 December 1,279,120 887,557 1,279 888 7.28% 4.74%
The share buy-back programme was carried out with the purpose to ad-
just the capital structure of the company. Cancellation of shares which
are not used for hedging purposes for the long-term incentive pro-
grammes will be proposed at the Annual General Meeting.
Disposals of treasury shares are related to the share option plan and
the restricted share unit plan.
From 1 January 2023 to 31 December 2023, A.P. Møller - Mærsk A/S
bought back as treasury shares 171,022 A shares with a nominal value of
DKK 171m and 514,238 B shares with a nominal value of DKK 514m from
DKK 162m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familie-
fond, which are considered related parties.
The dividend of DKK 4,300 per share of DKK 1,000 – a total of DKK 74.4bn
is equivalent to USD 10.9bn, excluding treasury shares. Of this, USD 9.4bn
was paid to shareholders on 31 March 2023 and the withholding tax of
USD 1.5bn was paid during Q2 2023. Payment of dividends to share-
holders does not trigger taxes for A.P. Moller - Maersk.
Receivables, etc. amount to USD 21.0bn (USD 27.4bn at 31 December 2022)
and consist primarily of term deposits with a maturity of more than three
months amounting to USD 12.8bn (USD 17.6bn at 31 December 2022).
Note 2 Term deposits
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
19
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
The total commitment across segments of USD 4.9bn (USD 5.0bn
at 31 December 2022) is related to investments in new methanol
container vessels, tugs and aircraft as well as commitments towards
terminal concession grantors.
Note 4 Commitments
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 2022, except for below.
Amendments to IAS 12 Income Taxes
In May 2023, the IASB issued amendments to IAS 12 Income Taxes,
which provides temporary relief from the requirement to recognise
and disclose deferred taxes arising from enacted or substantively
enacted tax law that implements the Pillar Two Model Rules published
by the OECD, including tax law that implements qualified domestic
mini mum top-up taxes. The amendments have been adopted by the
EU, and the company has applied this relief. Taking the transitional Safe
Harbour regulations into consideration, the full effect of Pillar Two has
been assessed, and the analysis shows that no material top-up tax
should apply to the company in 2024.
Deferred tax related to assets and liabilities arising from a single trans-
action: The amendments narrow the scope of the initial recognition
exception so that it no longer applies to transactions that give rise to
equal taxable and deductible temporary differences such as leases and
decommissioning liabilities. The amendments had no material impact
on the Group’s consolidated financial statements.
Note 5 Accounting policies, judgements and significant estimates
Financials I Interim consolidated financial statements Q4 2023
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Management’s statement
Executive Board
Board of Directors
Management Review I Management’s statement
21
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
2023 2022
Income statement Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 11,741 12,129 12,988 14,207 17,820 22,767 21,650 19,292
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 839 1,878 2,905 3,969 6,540 10,862 10,327 9,084
Depreciation, amortisation and impairment losses, net 1,580 1,584 1,571 1,880 1,612 1,649 1,418 1,507
Gain on sale of non-current assets, etc., net 84 136 163 140 33 4 37 27
Share of profit/loss in joint ventures and associated
companies 120 108 110 97 161 260 42 -331
Profit/loss before financial items (EBIT) -537 538 1,607 2,326 5,122 9,477 8,988 7,273
Financial items, net 101 153 -16 190 171 -303 -203 -294
Profit before tax -436 691 1,591 2,516 5,293 9,174 8,785 6,979
Tax 20 137 104 193 312 263 164 171
Profit/loss for the period -456 554 1,487 2,323 4,981 8,911 8,621 6,808
A.P. Møller - Mærsk A/S’ share -436 521 1,453 2,284 4,950 8,879 8,593 6,776
Underlying profit
1
-442 489 1,346 2,561 4,863 8,818 8,553 7,469
Balance sheet
Total assets 82,100 83,459 83,500 85,490 93,680 89,058 80,426 73,031
Total equity 55,090 55,973 56,427 55,833 65,032 60,231 52,586 44,940
Invested capital 50,430 49,080 49,343 50,322 52,410 53,386 49,195 45,167
Net interest-bearing debt -4,658 -6,844 -7,090 -7,002 -12,632 -6,855 -3,356 -689
Cash flow statement
Cash flow from operating activities 166 1,385 2,758 5,334 8,200 9,444 8,611 8,221
Repayments of lease liabilities 763 816 822 825 861 811 762 646
Gross capital expenditure, excl. acquisitions and
divestments (CAPEX) 1,251 819 738 838 895 906 1,008 1,354
Cash flow from financing activities -1,545 -1,200 -3,334 -10,726 -1,601 -1,968 -3,046 -7,520
Free cash flow -1,714 -124 1,581 4,224 6,462 7,787 6,844 6,014
Financial ratios
Revenue growth -34.1% -46.7% -40.0% -26.4% -3.7% 37.1% 52.1% 55.1%
EBITDA margin 7.1% 15.5% 22.4% 27.9% 36.7% 47.7% 47.7% 47.1%
EBIT margin -4.6% 4.4% 12.4% 16.4% 28.7% 41.6% 41.5% 37.7%
Cash conversion 20% 74% 95% 134% 125% 87% 83% 90%
Return on invested capital after tax (ROIC)
(last twelve months) 7.4% 17.7% 34.3% 49.1% 60.4% 66.6% 62.5% 53.6%
Equity ratio 67.1% 67.1% 67.6% 65.3% 69.4% 67.6% 65.4% 61.5%
Underlying ROIC
1
(last twelve months) 7.5% 17.5% 34.1% 49.0% 61.2% 68.1% 64.2% 55.4%
Underlying EBITDA
1
911 1,907 2,916 4,037 6,517 10,851 10,289 9,186
Underlying EBITDA margin
1
7.8% 15.7% 22.5% 28.4% 36.6% 47.7% 47.5% 47.6%
Underlying EBIT
1
-520 450 1,469 2,563 5,002 9,381 8,924 7,937
Underlying EBIT margin
1
-4.4% 3.7% 11.3% 18.0% 28.1% 41.2% 41.2% 41.1%
Stock market ratios
Earnings per share, USD -27 31 85 131 278 488 466 364
Diluted earnings per share, USD -27 31 85 131 277 487 464 363
Cash flow from operating activities per share, USD 16 87 163 306 461 519 467 442
Share price (B share), end of period, DKK 12,140 12,735 11,975 12,445 15,620 13,865 16,555 20,370
Share price (B share), end of period, USD 1,800 1,809 1,745 1,816 2,242 1,817 2,313 3,040
Total market capitalisation, end of period, USD 28,541 29,490 29,273 30,957 39,135 32,099 42,108 55,662
1 Underlying is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc. and net impairment losses as
well as transaction, restructuring and integration costs related to major transactions. The adjustments include A.P. Moller - Maersk’s share of mentioned items in joint ventures
and associated companies and, when applicable, the adjustments are net of tax.
Quarterly summary
Management Review I Quarterly summary
AMOUNTS IN USD MILLION
22
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
A
A.P. Moller - Maersk
A.P. Moller - Maersk is referred to
as the consolidated group of com-
panies and A.P. Møller - Mærsk A/S
as the parent company.
B
Backhaul
The direction of the trade route
with the lowest volumes, whereas
the opposite direction is referred
to as headhaul.
C
CAPEX
Cash payments for intangible assets
and property, plant and equipment,
excluding acquisi tions and divest-
ments.
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 oper-
ations divided by the number
of shares (of DKK 1,000 each),
excluding A.P. Moller - Maersk’s
holding of treasury shares.
Cost base
EBIT costs including VSA income
and hub income and adjustments
for restructuring costs, the result
from associated companies and
gains/losses.
E
EBIT
Earnings Before Interest and Taxes.
EBITA
Earnings Before Interest, Tax and
Amortisation.
EBITDA
Earnings Before Interest, Taxes,
Depreciation and Amortisation.
Equity ratio
Calculated as equity divided by
total assets.
F
FFE
Forty Foot container Equivalent unit.
Free cash flow (FCF)
Comprised of cash flow from
operating activities, purchase/sale
of intangible assets and property,
plant and equipment, dividends
received, repayments of lease
liabilities, financial payments and
financial expenses paid on lease
liabilities.
G
Gross profit
The sum of revenue, less variable
costs and loss on debtors.
H
Headhaul
The direction of the trade route
with the highest volumes, whereas
the return direction is referred to
as backhaul.
I
Invested capital
Segment operating assets less
segment operating liabilities,
including investments and deferred
taxes related to the operation.
L
Loaded volumes
Loaded volumes refer to the
number of FFEs loaded on a ship-
ment which are loaded on first
load at vessel departure time,
excluding displaced FFEs.
Logistics & Services,
Top 200 organic growth
Logistics & Services’ organic
revenue increase from the top 200
customers excluding freight for-
warders. The top 200 customers
are selected annually based on
volumes.
N
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.
O
Ocean, average operated fleet
capacity (TEU in ’000)
Average Ocean fleet capacity for
the period excluding idle vessels.
Ocean, loaded freight rate
(USD per FFE)
Average freight rate per FFE for
all the A.P. Moller - Maersk con-
tainers loaded in the period in
either Maersk Line or Hamburg
Süd vessels or third parties
(excluding intermodal). Hamburg
Süd is not excluding intermodal.
Ocean, unit cost, fixed bunker
(USD per FFE incl. VSA income)
Cost per FFE assuming a bunker
price at USD 550/tonne excluding
intermodal but including hubs and
time charter income. Hamburg Süd
is not excluding intermodal.
R
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.
T
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.
U
Underlying EBITDA
Underlying EBITDA is earnings
before interest, taxes, depreciation
and amortisation adjusted for
restructuring and integration costs.
Underlying EBIT
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.
Underlying profit/loss
Underlying profit/loss is profit/
loss for the year from continuing
operations adjusted for net gains/
losses from sale of non-current
assets, etc., and net impairment
losses as well as transaction,
restructuring and integration costs
related to major transactions. The
adjustments are net of tax and
include A.P. Moller - Maersk’s share
of mentioned items in joint ven-
tures and associated companies.
Unit cost, fixed bunker
Unit cost, fixed bunker is calculated
using a fixed bunker price of USD
550 USD/tonne for all periods
presented.
V
VSA
A vessel Sharing Agreement is
usually reached between various
partners within a shipping con-
sortium who agree to operate a
liner service along a specified
route using a specified number
of vessels.
Management Review I Definition of terms
23
A.P. MOLLER - MAERSK INTERIM REPORT Q4 | 8 FEBRUARY 2024