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"s10_notesesefdkgaap__10__22": {
"value": "Basis of preparationThe consolidated financial statements for 2023 for A.P. Moller - Maersk have been prepared on a going con-cern basis and in accordance with IFRS Accounting Stand-ards as adopted by the EU and additional Danish disclo-sure requirements for listed companies. The consolidated financial statements of A.P. Moller - Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__21": {
"value": "Basis of preparationThe consolidated financial statements for 2023 for A.P. Moller - Maersk have been prepared on a going con-cern basis and in accordance with IFRS Accounting Stand-ards as adopted by the EU and additional Danish disclo-sure requirements for listed companies. The consolidated financial statements of A.P. Moller - Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__24": {
"value": "The accounting policies are consistent with those applied in the consolidated financial statements for 2022, except for the changes to accounting standards that were effective from 1 January 2023 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__23": {
"value": "The accounting policies are consistent with those applied in the consolidated financial statements for 2022, except for the changes to accounting standards that were effective from 1 January 2023 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__26": {
"value": "ConsolidationThe consolidated financial statements comprise the parent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the expo-sure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways controlling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which A.P. Moller - Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal entities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which A.P. Moller - Maersk exercises a signif-icant but non-controlling influence are considered associ-ated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the finan-cial statements of the parent company and its subsidiar-ies in accordance with A.P. Moller - Maersk\u2019s accounting policies. Intra-group income and expenses, shareholdings, dividends, intra-group balances and gains on intra-group transactions are eliminated. Unrealised gains on transac-tions with associated companies and joint arrangements are eliminated in proportion to A.P. Moller - Maersk\u2019s owner ship share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries is included as part of A.P. Moller - Maersk\u2019s profit and equity respectively but shown as separate items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__28": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for sub-sidiaries, associates or joint arrangements with func-tional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate dif-ferences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For A.P. Moller - Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__27": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for sub-sidiaries, associates or joint arrangements with func-tional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate dif-ferences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For A.P. Moller - Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__34-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co. Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Caucedo Marine Service S.A. (DR Branch) Dominican Republic 50%Cote D\u2019Ivoire Terminal SA C\u00f4te d\u2019Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%Nakilat Svitzerwijsmuller Company W.L.L. Qatar 30%North Sea Terminal Bremerhaven Gmbh and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Svitzer Caribbean Dominicana, S.A.S Dominican Republic 50%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__33-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__32-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Conakry Terminal S.A. Guinea 25%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co. Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%Tianjin Port Alliance International Container Terminal Co. Ltd. China 20%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__31-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__29-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__39": {
"value": "Equity instruments etc., including shares, bonds and similar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at esti-mated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__41": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment, and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__40": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment, and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__43-1": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.Contract balances 2023 2022Trade receivables from revenue from contracts with customers 4,533 6,508Accrued income \u2013 contract asset 192 263Deferred income \u2013 contract liability 47 45Accrued income included in trade receivables in the balance sheet constitutes contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for the services transferred to date. Any amount previously recognised as accrued income is reclassified to trade receivables at the time the service is completed. Deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.There were no significant changes in accrued income and deferred income during the reporting period.Impairment losses disclosed in note 4.5 relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__42": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__44-1": {
"value": "Note 1.2 Significant accounting estimates and judgementsThe preparation of the consolidated financial statements requires Management to make estimates and judge-ments on an ongoing basis, and to form assumptions that affect the reported amounts. Management forms its estimates and judgements based on historical experience, independent advice, external data points as well as on in-house specialists and other factors believed to be reasonable under the circumstances. In its assumption setting, Management deals with various aspects of uncertainty. One aspect of uncertainty is the assessment of control over investments classified as associates, joint ventures and subsidiaries, where the assessment forms the basis for classification. Another aspect is measurement uncertainty, where Management makes assumptions that derive the value of recognised assets and liabilities. These assumptions concern the timing and amount of future cash flows as well as the risks inherent in these. In certain areas, the outcome of business plans, including ongoing negotiations with external parties to execute those plans or the outcome of negotiations to settle claims that are raised against A.P. Moller - Maersk, is highly uncertain. Therefore, assumptions may change, or the outcome may differ in the coming years, which could require a material upward or downward adjustment to the carrying amounts of assets and liabilities. The areas \u2013 and their related impact \u2013 in which A.P. Moller - Maersk is particularly exposed to material uncertainty over the carrying amounts as at the end of 2023 are included in the individual notes as outlined below:Note Key accounting estimates and judgements Estimate / ImpactJudgementNote 2.2 Vessel sharing agreements (cost-sharing arrangements) estimates EstimateNote 3.1 Cash-generating unit determination JudgementNote 3.1 Impairment testing key assumptions EstimateNote 3.2 Useful life and residual value estimates EstimateNote 3.7 Provisions for legal disputes assumptions EstimateNote 5.1 Recognition and measurement of deferred tax assets and uncertain tax positions EstimateNote 5.5 Operations in countries with limited access to repatriating surplus cash assumptions JudgementLevel of potential impact to the consolidated financial statements:LowMediumHighVessel-sharing agreements (cost-sharing arrangements)Vessel-sharing agreements in shipping require that some vessels are committed towards specific service routes. The committed vessel\u2019s capacity is then shared with one or more container shipping providers in proportion to each party\u2019s contribution to the joint service. In practice, it is not always possible to provide tonnage precisely as agreed in the sharing arrangements, therefore financial settlement often takes place on the basis of relative capacity over/under-utilised on a monthly basis or other mutually agreed cycle. At A.P. Moller - Maersk, these capacity adjustments are settled as close to actual costs incurred as possible based on market rates applicable at that time.Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including intermodal activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Towage & Maritime Services includes towage activi-ties made up of two separate cash-generating units as well as several individual businesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncer-tain, though based on experience and external sources where available. Centralised processes and involvement of corporate functions ensure that indices and data sources are selected consistently while observing differ-ences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is highly sensitive to the terminal growth rate, which is determined based on the future expected economic growth rate, and replace-ment CAPEX during the terminal period, which is deter-mined based on Management\u2019s plans and expectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates have dete-riorated throughout 2023 as a result of the pronounced market normalisation and are expected to face continued pressure for the next 1-2 years. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across A.P. Moller - Maersk, either directly or indirectly. Ocean is directly impacted by the bunker oil price, where the competitive landscape determines the extent to which the development is reflected in the freight rates charged to the customer. Bunker consumption is expected to continue to decline compared to 2023, driven by fleet outsourcing and efficiency improvements. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the air and haulage business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensitive to the development of the global economy. Management considers both the future economic outlook in key regions, namely North America and Europe, as well as expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g., Nigeria and Brazil, are indirectly impacted by the develop-ment in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled in the terminals, but also foreign exchange rates. Continued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing coun-tries could also put pressure on the carrying amounts of individual terminals. The other key sensitivities impacting Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as concession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across A.P. Moller - Maersk in 2024, impacting both the discount rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2023, covering the five-year business plan for 2024-28. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.7% (2.5%) p.a. In the annual impairment test carried out in November 2023, a pre-tax discount rate of 9.8% (9.2%) p.a. was applied. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable. The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impairment test is based on the estimated value in use from the five-year business plan for 2024-28, where the volume and improved margin growth assumptions, which are region-specific, reflect the current expec-tations for the relevant period. The applied terminal growth is 2.7% (2.0%). A discount rate of 9.0% (8.4%) p.a. before tax or 8.8% (8.2%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assumptions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indi-cators exist. Management also tests for impairment of the CGUs to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised. The growth rates assumed reflect current market expectations for the rel-evant period, and the discount rates applied are between 7.4% and 12.1% (7.2% and 13.0%) p.a. after tax. The im-pairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in im-pairment losses of USD 134m across multiple terminals in 2023, of which USD 94m relates to a CGU in the Medi-terranean, caused by lower-than-expected volumes, and is primarily related to equipment. Impairment losses of an immaterial amount across two terminals was recog-nised in 2022 as well as USD 350m on Terminals\u2019 minority stake in Global Ports Investments (GPI), which was sold in 2022. For more information on fair value determination, refer to Note 4.6 Financial instruments by category.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2023 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 3.9bn between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.7% +/- 0.5 ppts USD 2.9bnDiscount rate p.a. before tax as of 31 December 2023 9.2% +/- 0.5 ppts USD 3.4bnUseful life and residual valuesUseful lives are estimated based on experience. When an asset\u2019s useful life changes, Management revises the esti-mates for individual assets or groups of assets with similar characteristics due to factors such as quality of mainte-nance and repair, technical development, or environmen-tal requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Generally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs.Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty.Deferred tax assetsJudgement has been applied with respect to A.P. Moller - Maersk\u2019s ability to utilise deferred tax as-sets. Management considers the likelihood of utilisation based on the latest business plans and the recent finan-cial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 156m (USD 163m). These assets mainly relate to unused tax losses or deductible temporary dif-ferences generated during the construction of terminals, where taxable profits have been generated either in the current period or are expected to be generated within the foreseeable future.Uncertain tax positionsA.P. Moller - Maersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate pro-visions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of A.P. Moller - Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabili-ties are recognised when the aggregated probability of the tax position being upheld is considered less than 50%.Operations in countries with limited access to repatriating surplus cashA.P. Moller - Maersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__46-1": {
"value": "Note 2.1 Segment informationOcean Logistics Terminals Towage & Unallo-Elimina-Consol-& ServicesMaritime cated tionsidated Servicesitemstotal2023External revenue 32,149 14,075 2,859 1,865 117 - 51,065Inter-segment revenue 1,504 -159 985 295 39 -2,664 - Total revenue 33,653 13,916 3,844 2,160 156 -2,664 51,065Profit before depreciation, amortisation and impair-ment losses, etc. (EBITDA) 6,940 1,251 1,278 320 -192 -6 9,591Depreciation and amorti-sation 4,746 817 520 162 10 -17 6,238Profit before financial items (EBIT) 2,227 446 980 457 -187 11 3,934Key metrics:Invested capital 29,851 10,779 7,813 2,037 -12 -38 50,430Gross capital expenditures, excl. acquisitions and divest-ments (CAPEX) 1,987 771 541 318 42 -13 3,646Reference is made to the income statement for a reconciliation from EBIT to profit before tax. The segment assets, segment liabilities and the sum of invested capital per segment can be reconciled to the assets and liabilities as per the balance sheet. Assets Liabilities Invested capital2023Segment invested capital 62,477 11,997 50,480 Unallocated items 1,048 1,060 Eliminations -1,307 -1,269 Consolidated invested capital 62,218 11,788 50,430 Add back:Cash and bank balances 6,701 - Interest-bearing receivables (current and non-current) 13,005 - Equity investments, etc. - - Lease liabilities and borrowings (current and non-current) - 14,814 1Fair value of derivatives - 351Other 176 57 Consolidated balance sheet at 31 December 82,100 27,010 1 Relates to the fair value of derivatives that hedge net interest-bearing debt, including interest rate and cross currency swaps. Ocean Logistics Terminals Towage & Unallo-Elimina-Consol-& ServicesMaritime cated tionsidated Servicesitemstotal2022External revenue 61,497 14,710 3,323 1,894 105 - 81,529Inter-segment revenue 2,802 -287 1,048 399 26 -3,988 -Total revenue 64,299 14,423 4,371 2,293 131 -3,988 81,529Profit before depreciation, amortisation and impair-ment losses, etc. (EBITDA) 33,770 1,378 1,535 369 -207 -32 36,813Depreciation and amorti-sation 4,762 517 515 179 6 -19 5,960Profit before financial items (EBIT) 29,149 814 832 307 -229 -13 30,860Key metrics:Invested capital 32,368 9,858 7,593 2,794 -145 -58 52,410Gross capital expenditures, excl. acquisitions and divest-ments (CAPEX) 2,620 657 516 350 35 -15 4,163Assets Liabilities Invested capital2022Segment invested capital 65,406 12,793 52,613Unallocated items 883 1,028Eliminations -1,408 -1,350Consolidated invested capital 64,881 12,471 52,410Add back:Cash and bank balances 10,057 -Interest-bearing receivables (current and non-current) 17,690 -Equity investments, etc. 942 -Lease liabilities and borrowings (current and non-current) - 15,6431Fair value of derivatives- 520Other 110 14Consolidated balance sheet at 31 December 93,680 28,6481 Relates to the fair value of derivatives that hedge net interest-bearing debt, including interest rate and cross currency swaps. The segment disclosures provided above reflect the information which the Executive Board receives monthly in its capacity as \u2018chief operating decision maker\u2019 as defined in IFRS 8. The allocation of resources and the segment perfor-mance are evaluated based on revenue and profitability measured on earnings before interest and taxes (EBIT).A.P. Moller - Maersk has organised segments in \u2018Ocean\u2019, \u2018Logistics & Services\u2019, \u2018Terminals\u2019 and \u2018Towage & Maritime Services\u2019. The Ocean segment with the activities of Maersk Liner Business includes Maersk Line and Alian\u00e7a and business from the retired brands Sealand \u2013 A Maersk Company and Hamburg S\u00fcd as well as strategic transhipment hubs under the APM Terminals brand. Inland activities related to Maersk Liner Business are included in the Logistics & Services segment. The Logistics & Services segment includes the activities from Managed by Maersk, Fulfilled by Maersk and Transported by Maersk. The Terminals segment includes gateway terminals, involving landside activities such as port activities where the customers are mainly the carriers. The Towage & Maritime Services segment includes towage services under the Svitzer brand, Maersk Container Industry and others.External revenue Non-current assetsGeographical split 2023 2022 2023 2022Denmark 869 1,002 23,592 22,031Australia 1,284 1,984 68 400Brazil 1,431 2,574 207 240China and Hong Kong 2,796 3,564 1,643 5,429Costa Rica 384 429 795 832Germany 1,668 2,607 1,345 618India 1,397 1,827 629 618Mexico 1,364 2,301 613 491Morocco 300 492 1,605 1,439Netherlands 1,603 2,944 1,165 1,219Singapore 992 794 3,853 5,070Spain 1,337 1,981 1,068 1,040UK 1,823 3,247 320 449USA 11,457 19,885 6,210 6,254Other 22,360 35,898 3,740 3,816Total 51,065 81,529 46,853 49,9461 Comprise intangible assets, property, plant and equipment and right-of-use assets, excluding financial non-current assets relating to continuing operations.Geographical informationRevenue on shipping activities is based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. Revenue for leasing out the vessels on time charter agreement, where the Group acts as a lessor, is based on the customer location. For non-current assets (e.g. terminals), which cannot be easily moved, geographical location is where the assets are located. For all other assets, geographical location is based on the legal ownership. These assets consist mainly of vessels and containers registered in China, Denmark, Singapore and the USA. ACCOUNTING POLICIES Segment informationThe allocation of business activities into segments re-flects A.P. Moller - Maersk\u2019s 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 hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesTowage & Towage and related marine activities, Maritime production of reefer containers, Servicesproviding offshore supply service and trading and other businessesOperating segments have not been aggregated.The reportable segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating reve-nue by providing port services only in major transhipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier- Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are included under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to A.P. Moller - Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for A.P. Moller - Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskService the supply chain with Lead Logistics (Supply Chain Management and 4PL), Cold Chain logistics and Custom Services, enabling customers to control or outsource part of or all their supply chain.Fulfilled by MaerskActivities such as Contract Logistics (Warehousing, Distribution and Depot) and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Land-side Transportation (Intermodal and Intercontinental Rail), Value Protect, Air & Less Than Container Load (LCL), Full Container Load (FCL) and Maersk Air Cargo, to facilitate supply chain control across A.P. Moller - Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Towage & Maritime ServicesTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Unallocated items and inter-segment revenueMost Group-related costs in A.P. Moller - Maersk\u2019s corpo-rate functions are not included in the reportable segments. These functions are reported as unallocated items. Reve-nue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.",
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"s10_notesesefdkgaap__10__51-1": {
"value": "Types of revenue 2023 2022Ocean Freight revenue 28,421 56,499Other revenue, including hubs 5,232 7,8001 Logistics & Services Managed by Maersk2,168 2,4911 Fulfilled by Maersk5,452 4,9161 Transported by Maersk6,296 7,016Terminals Terminal services 3,844 4,371Towage & Maritime Services Towage services 839 774Sale of containers and spare parts 496 4992 Offshore supply services111 3902 Other shipping activities263 282Other services 451 348Unallocated activities and eliminations -2,508 -3,857Total revenue 51,065 81,529Of which recognised over time 47,569 78,722Of which recognised at a point in time 6,004 6,6641 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.2023 2022Revenue from contracts with customers 49,997 80,179Revenue from other sourcesVessel-sharing and slot charter income 938 1,229Lease income 16 14Others 114 107Total revenue 51,065 81,529Set out above is the reconciliation of the revenue from contracts with customers to the amounts disclosed as total revenue.Contract balances 2023 2022Trade receivables from revenue from contracts with customers 4,533 6,508Accrued income \u2013 contract asset 192 263Deferred income \u2013 contract liability 47 45Accrued income included in trade receivables in the balance sheet constitutes contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for the services transferred to date. Any amount previously recognised as accrued income is reclassified to trade receivables at the time the service is completed. Deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.There were no significant changes in accrued income and deferred income during the reporting period.Impairment losses disclosed in note 4.5 relate to receivables arising from contracts with customers.Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recognised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__50-1": {
"value": "Types of revenue 2023 2022Ocean Freight revenue 28,421 56,499Other revenue, including hubs 5,232 7,8001 Logistics & Services Managed by Maersk2,168 2,4911 Fulfilled by Maersk5,452 4,9161 Transported by Maersk6,296 7,016Terminals Terminal services 3,844 4,371Towage & Maritime Services Towage services 839 774Sale of containers and spare parts 496 4992 Offshore supply services111 3902 Other shipping activities263 282Other services 451 348Unallocated activities and eliminations -2,508 -3,857Total revenue 51,065 81,529Of which recognised over time 47,569 78,722Of which recognised at a point in time 6,004 6,6641 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.2023 2022Revenue from contracts with customers 49,997 80,179Revenue from other sourcesVessel-sharing and slot charter income 938 1,229Lease income 16 14Others 114 107Total revenue 51,065 81,529Set out above is the reconciliation of the revenue from contracts with customers to the amounts disclosed as total revenue.Contract balances 2023 2022Trade receivables from revenue from contracts with customers 4,533 6,508Accrued income \u2013 contract asset 192 263Deferred income \u2013 contract liability 47 45Accrued income included in trade receivables in the balance sheet constitutes contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for the services transferred to date. Any amount previously recognised as accrued income is reclassified to trade receivables at the time the service is completed. Deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.There were no significant changes in accrued income and deferred income during the reporting period.Impairment losses disclosed in note 4.5 relate to receivables arising from contracts with customers.Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recognised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__49": {
"value": "Contract balances 2023 2022Trade receivables from revenue from contracts with customers 4,533 6,508Accrued income \u2013 contract asset 192 263Deferred income \u2013 contract liability 47 45Accrued income included in trade receivables in the balance sheet constitutes contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for the services transferred to date. Any amount previously recognised as accrued income is reclassified to trade receivables at the time the service is completed. Deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.There were no significant changes in accrued income and deferred income during the reporting period.Impairment losses disclosed in note 4.5 relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__47": {
"value": "Segment informationThe allocation of business activities into segments re-flects A.P. Moller - Maersk\u2019s 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 hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesTowage & Towage and related marine activities, Maritime production of reefer containers, Servicesproviding offshore supply service and trading and other businessesOperating segments have not been aggregated.The reportable segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating reve-nue by providing port services only in major transhipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier- Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are included under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to A.P. Moller - Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for A.P. Moller - Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskService the supply chain with Lead Logistics (Supply Chain Management and 4PL), Cold Chain logistics and Custom Services, enabling customers to control or outsource part of or all their supply chain.Fulfilled by MaerskActivities such as Contract Logistics (Warehousing, Distribution and Depot) and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Land-side Transportation (Intermodal and Intercontinental Rail), Value Protect, Air & Less Than Container Load (LCL), Full Container Load (FCL) and Maersk Air Cargo, to facilitate supply chain control across A.P. Moller - Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Towage & Maritime ServicesTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Unallocated items and inter-segment revenueMost Group-related costs in A.P. Moller - Maersk\u2019s corpo-rate functions are not included in the reportable segments. These functions are reported as unallocated items. Reve-nue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__19-1": {
"value": "Segment informationThe allocation of business activities into segments re-flects A.P. Moller - Maersk\u2019s 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 hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesTowage & Towage and related marine activities, Maritime production of reefer containers, Servicesproviding offshore supply service and trading and other businessesOperating segments have not been aggregated.The reportable segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating reve-nue by providing port services only in major transhipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier- Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are included under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to A.P. Moller - Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for A.P. Moller - Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskService the supply chain with Lead Logistics (Supply Chain Management and 4PL), Cold Chain logistics and Custom Services, enabling customers to control or outsource part of or all their supply chain.Fulfilled by MaerskActivities such as Contract Logistics (Warehousing, Distribution and Depot) and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Land-side Transportation (Intermodal and Intercontinental Rail), Value Protect, Air & Less Than Container Load (LCL), Full Container Load (FCL) and Maersk Air Cargo, to facilitate supply chain control across A.P. Moller - Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Towage & Maritime ServicesTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Unallocated items and inter-segment revenueMost Group-related costs in A.P. Moller - Maersk\u2019s corpo-rate functions are not included in the reportable segments. These functions are reported as unallocated items. Reve-nue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment. Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recognised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate property. Lease contracts for vessels and containers are typically made for fixed periods of about five years, but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are rec-ognised if they arise from a contractual right or can oth-erwise be separately identified. The difference between the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement. If contingent consideration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is sub-sequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When A.P. Moller - Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carry-ing amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is unchanged. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classi-fication as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.Provisions are recognised when A.P. Moller - Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provisions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), ex-cluding A.P. Moller - Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, perfor-mance shares and share options outstanding as issued by the parent company. Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treasury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of A.P. Moller - Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective inter-est method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged inter-est component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at A.P. Moller - Maersk\u2019s incremen-tal borrowing rate (IBR). A.P. Moller - Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, A.P. Moller - Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, A.P. Moller - Maersk uses a build-up ap-proach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that A.P. Moller - Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Man-agement considers all facts and circumstances that cre-ate an economic incentive to exercise an extension option or to not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended or not terminate. Most of the exten-sion and termination options held are exercisable only by A.P. Moller - Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where A.P. Moller - Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected future payments to be made in respect of services pro-vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of cor-poration tax, withholding tax of dividends, etc. In addition, tax comprises tonnage tax. Tonnage tax is classified as tax when creditable in, or paid in lieu of, income tax. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor taxable profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is rec-ognised for undistributed earnings in subsidiaries, when A.P. Moller - Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future.Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of A.P. Moller - Maersk as part of A.P. Moller - Maersk\u2019s long-term incentive programme are recognised as remuneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, A.P. Moller - Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of A.P. Moller - Maersk\u2019s cash management.Note 1.1 General accounting policiesBasis of preparationThe consolidated financial statements for 2023 for A.P. Moller - Maersk have been prepared on a going con-cern basis and in accordance with IFRS Accounting Stand-ards as adopted by the EU and additional Danish disclo-sure requirements for listed companies. The consolidated financial statements of A.P. Moller - Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S. The accounting policies are consistent with those applied in the consolidated financial statements for 2022, except for the changes to accounting standards that were effective from 1 January 2023 and were endorsed by the EU. The changes have not had a material impact on the financial statements. ESEF/iXBRL reportingA.P. M\u00f8ller - M\u00e6rsk A/S is required to prepare and file the annual report in the European Single Electronic Format (ESEF), and the annual report for 2023 is therefore prepared in the XHTML format that can be displayed in a standard browser. The primary statements and the notes to the consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item or note is not de-fined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all in-cluded in a file named APMM-2023-12-31-en.zip.ConsolidationThe consolidated financial statements comprise the parent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the expo-sure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways controlling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which A.P. Moller - Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal entities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which A.P. Moller - Maersk exercises a signif-icant but non-controlling influence are considered associ-ated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the finan-cial statements of the parent company and its subsidiar-ies in accordance with A.P. Moller - Maersk\u2019s accounting policies. Intra-group income and expenses, shareholdings, dividends, intra-group balances and gains on intra-group transactions are eliminated. Unrealised gains on transac-tions with associated companies and joint arrangements are eliminated in proportion to A.P. Moller - Maersk\u2019s owner ship share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries is included as part of A.P. Moller - Maersk\u2019s profit and equity respectively but shown as separate items. Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for sub-sidiaries, associates or joint arrangements with func-tional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate dif-ferences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For A.P. Moller - Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses. Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal. Statement of comprehensive incomeOther comprehensive income consists of gains and losses not recognised in the income statement, including exchange rate adjustments arising from the translation from functional currency to presentation currency, fair value adjustments of other equity investments (at FVOCI), cash flow hedges, forward points and currency basis spread as well as actuarial gains/losses on defined benefit plans, etc. A.P. Moller - Maersk\u2019s share of other comprehensive income in associated companies and joint ventures is also included. On disposal or discontinuation of an entity, A.P. Moller - Maersk\u2019s share of the accumulated exchange rate adjustments relating to the relevant entity with a functional currency other than USD, is reclassified to the income statement. Accumulated value adjustments of equity instruments classified as equity instruments at fair value through other comprehensive income will remain in equity upon disposal. Other comprehensive income includes current and deferred income tax to the extent that the items rec-ognised in other comprehensive income are taxable or deductible.Balance sheetInvestments in associated companies and joint ventures are recognised as A.P. Moller - Maersk\u2019s share of the equity value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associ-ated companies and joint ventures and is therefore sub-ject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable. Equity instruments etc., including shares, bonds and similar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at esti-mated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement. Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment, and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs. Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables. Climate-related risksWhen preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which A.P. Moller - Maersk has assessed climate- related risks at the end of 2023 are included in the indi-vidual notes outlined below:Note 3.2 \u2013 Property, plant and equipmentNew financial reporting requirementsA.P. Moller - Maersk has not yet adopted new or amended accounting standards and requirements that have not yet become effective. The changes to IFRS Accounting Standards are not expected to have any significant impact on recognition and measurement.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 minimum top-up taxes. The amendments have been adopted by the EU and the company has applied this relief. Deferred tax related to assets and liabilities arising from a single transaction: 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 deduct-ible temporary differences such as leases and decom-missioning liabilities. The amendments have no material impact on the Group\u2019s consolidated financial statements.Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2014 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) andLevel 3 \u2014 Inputs for the asset or liability that are not based on observable market data.Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costFair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value.Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the remaining borrowing items is within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__52": {
"value": "Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recognised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__59-1": {
"value": "Note 2.2 Operating costs2023 2022Costs of goods sold 1,999 1,849Bunker costs 6,037 8,041Terminal costs 6,381 6,958Intermodal costs 4,094 4,532Port costs 2,261 2,188Rent and lease costs 1,380 1,539Staff costs 7,361 7,087Other 12,061 12,688Total operating costs 41,574 44,882Vessel-sharing agreements (cost-sharing arrangements)Vessel-sharing agreements in shipping require that some vessels are committed towards specific service routes. The committed vessel\u2019s capacity is then shared with one or more container shipping providers in proportion to each party\u2019s contribution to the joint service. In practice, it is not always possible to provide tonnage precisely as agreed in the sharing arrangements, therefore financial settlement often takes place on the basis of relative capacity over/under-utilised on a monthly basis or other mutually agreed cycle. At A.P. Moller - Maersk, these capacity adjustments are settled as close to actual costs incurred as possible based on market rates applicable at that time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__58": {
"value": "Note 2.2 Operating costs2023 2022Costs of goods sold 1,999 1,849Bunker costs 6,037 8,041Terminal costs 6,381 6,958Intermodal costs 4,094 4,532Port costs 2,261 2,188Rent and lease costs 1,380 1,539Staff costs 7,361 7,087Other 12,061 12,688Total operating costs 41,574 44,882",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__57": {
"value": "Note 2.2 Operating costs2023 2022Costs of goods sold 1,999 1,849Bunker costs 6,037 8,041Terminal costs 6,381 6,958Intermodal costs 4,094 4,532Port costs 2,261 2,188Rent and lease costs 1,380 1,539Staff costs 7,361 7,087Other 12,061 12,688Total operating costs 41,574 44,882",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__56-1": {
"value": "Note 2.2 Operating costs2023 2022Costs of goods sold 1,999 1,849Bunker costs 6,037 8,041Terminal costs 6,381 6,958Intermodal costs 4,094 4,532Port costs 2,261 2,188Rent and lease costs 1,380 1,539Staff costs 7,361 7,087Other 12,061 12,688Total operating costs 41,574 44,882Note 2.3 Depreciation, amortisation and impairment losses, net2023 2022Total depreciation 5,856 5,595Total amortisation 382 365Total impairment, net 377 226Depreciation, amortisation and impairment losses, net 6,615 6,186Depreciation is related to property, plant and equipment of USD 2.6bn (USD 2.5bn) and to right-of-use assets of USD 3.3bn (USD 3.1bn). Total net impairments are primarily due to property, plant and equipment of USD 55m (USD 139m) and intangible assets of USD 322m (USD 68m), of which USD 299m is from the impairment of brands. Refer to note 3.1 Intangible assets and note 3.2 Property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__61": {
"value": "Remuneration of employeesWages and salaries 6,370 6,237Severance payments 206 97Pension costs, defined benefit plans 63 35Pension costs, defined contribution plans 290 256Other social security costs 587 513Total remuneration 7,516 7,138Of which:Recognised in the cost of assets 7 8Included in restructuring costs 148 43Expensed as staff costs 7,361 7,087Average number of employees 105,909 104,260Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements.For information about share-based payments, reference is made to note 5.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__60-1": {
"value": "Remuneration of employeesWages and salaries 6,370 6,237Severance payments 206 97Pension costs, defined benefit plans 63 35Pension costs, defined contribution plans 290 256Other social security costs 587 513Total remuneration 7,516 7,138Of which:Recognised in the cost of assets 7 8Included in restructuring costs 148 43Expensed as staff costs 7,361 7,087Average number of employees 105,909 104,260Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements.For information about share-based payments, reference is made to note 5.2.Note 4.3 Pensions and similar obligationsUK Other Total UK Other Total2023 2023 2023 2022 2022 2022Specification of net liabilityPresent value of funded plans 1,539 170 1,709 1,396 374 1,770Fair value of plan assets -1,652 -108 -1,760 -1,583 -301 -1,884Net liability of funded plans -113 62 -51 -187 73 -114Present value of unfunded plans - 102 102 - 105 105Impact of minimum funding requirement/asset ceiling 20 - 20 66 - 66Net liability 31 December -93 164 71 -121 178 57Of which:Pensions, net assets 120 134Pensions and similar obligations 191 191UK Total UK TotalSignificant financial assumptions 2023 2023 2022 2022Discount rate 4.5% 4.5% 4.8% 4.7%Inflation rate 3.3% 3.3% 3.5% 3.3%As employer, the Group participates in pension plans according to normal practice in the countries in which the Group operates. Generally, the pension plans within the Group are defined contribution plans, where contributions are recog-nised in the income statement on an accrual basis. A number of entities have defined benefit plans, in which retirement benefits are based on length of service and salary level. To a limited extent, these defined benefit plans also include payment of medical expenses, etc.In 2024, the Group expects to pay contributions totalling USD 17m (USD 25m) to funded defined benefit plans.85% of the Group\u2019s defined benefit liabilities are in the UK. All of the plans in the UK are funded. Although all of the UK plans are now closed to new entrants, active members in the two largest plans continue to accrue new benefits. The smaller UK plans are all closed to new accruals, although a salary link remains in some of the plans.Overall, the plans have an average duration of 11 years, and approximately 60% of the obligation is related to pensioner members.As well as being subject to the risks of falling interest rates, which would increase the obligation, poor asset returns and pensioners living longer than anticipated, the Group is also subject to the risk of higher-than- expected inflation. This is because many pension benefits, particularly in the UK plans, increase in line with inflation although some minimum and maximum limits apply.31 DecemberLife expectancy 2023 2043 2022 204265-year-old male in the UK 21.7 23.3 22.0 23.565-year-old female in the UK 24.1 25.8 24.3 25.8The sensitivity of the liabilities and pension costs to the key assumptions are as follows:Increase DecreaseSensitivities for key assumptions in the UKFactors \u2018Change in liability\u2019 2023 2023Discount rate Increase/(decrease) by 25 basis points -42 44Inflation rate Increase/(decrease) by 25 basis points 19 -24Life expectancy Increase/(decrease) by one year 62 -61UK Other Total UK Other TotalSpecification of plan assets 2023 2023 2023 2022 2022 2022Insurance contracts 1,255 54 1,309 1,172 54 1,226 Shares 21 14 35 52 15 67 Government bonds 225 10 235 130 37 167 Corporate bonds 68 7 75 53 176 229 Real estate 10 5 15 8 6 14 Other assets 73 18 91 168 13 181 Fair value 31 December 1,652 108 1,760 1,583 301 1,884 Rates of life expectancy reflect the most recent mortality investigations, and in line with market practice an allowance is made for future improvements in life expectancy. The Group assumes that future improvements will be in line with the latest projections of 1.25% for all UK plans. The liabilities are calculated using assumptions that are the Group\u2019s best estimate of future experience bearing in mind the requirements of IAS 19. The Group\u2019s plans are funded in accordance with applicable local legislation. In the UK, each plan has a Trustee Board that is required to act in the best interests of plan members. Every three years, a formal valuation of the plan\u2019s liabilities is carried out using a prudent basis, and if the plan is in deficit, the Trustees agree with the Group or the sponsoring employer on a plan for recovering that deficit. Around 80% of the UK liabilities are now covered by insurance policies. Therefore, movement in the liabilities due to change in assumptions would equally impact the assets value related to the buy-in policies, resulting in a reduced movement in the overall balance sheet position.The expected contribution to the UK plans for 2024 are USD 12m (USD 0m in 2023). In most of the UK plans, any surplus remaining after the last member dies may be returned to the Group. However, the Merchant Navy Ratings Pension Fund (MNRPF), and the Merchant Navy Officers Pension Fund (MNOPF) contributions paid by the Group are not refundable in any circumstance and the balance sheet liability reflects an adjustment for any agreed deficit recovery contributions in excess of deficit determined using the Group\u2019s assumptions. In 2023, an adjustment of USD 11m (USD 3m) was applied in this respect. Other than the insurance contracts and a small proportion of other holdings, the plan assets held by the Group are quoted investments.Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2023 1,875 1,884 66 57 -121Current service costs, administration costs, etc. 57 -6 - 63 41Calculated interest expense/income 83 86 3 - -5Recognised in the income statement in 2023 140 80 3 63 36Return on plan assets, excluding amounts included in interest - -6 - 6 3Actuarial gains/losses from changes in demographic assumptions -18 - - -18 -19Actuarial gains/losses from changes in financial assumptions4 - - 4 13Experience adjustments 51 - - 51 53Adjustments for unrecognised assets due to asset ceiling - - -52 -52 -52Recognised in other comprehensive income in 2023 37 -6 -52 -9 -2Contributions from the Group and employees 1 23 - -22 -Benefit payments -146 -140 - -6 -Settlements1-186 -181 - -5 -Transfers, assets held for sale -3 - - -3 -Exchange rate adjustments 93 100 3 -4 -631 December 2023 1,811 1,760 20 71 -931 Relates to the termination and settlement via insurance of the US Maersk Pension Plan.Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2022 2,843 2,858 82 67 -138Current service costs, administration costs, etc. 23 -11 - 34 8Calculated interest expense/income 53 53 1 1 -2Recognised in the income statement in 2022 76 42 1 35 6Return on plan assets, excluding amounts included in interest - -638 - 638 562Actuarial gains/losses from changes in demographic financial assumptions6 --6 7Actuarial gains/losses from changes in financial assumptions-776 - - -776 -672Experience adjustments 104 - - 104 107Adjustments for unrecognised assets due to asset ceiling - - -8 -8 -8Recognised in other comprehensive income in 2022 -666 -638 -8 -36 -4Contributions from the Group and employees - 3 - -3 - Benefit payments -132 -119 - -13 - Effect of business combinations and disposals 3 - - 3 - Exchange rate adjustments -249 -262 -9 4 1531 December 2022 1,875 1,884 66 57 -121Multi-employer plansUnder collective agreements, certain entities in the Group participate together with other employers in defined benefit pension plans as well as welfare/medical plans (multi-employer plans). In general, the contributions to the schemes are based on man hours worked or cargo tonnage handled, or a combination of these. For the defined benefit pension plans, the Group has joint and several liabilities to fund total obligations. While the welfare/medical plans are by nature contribution plans funded on a pay-as-you-go basis. The Group\u2019s contributions to the pension and welfare/medical plans in 2023 are estimated at USD 86m (USD 124m) and USD 259m (USD 371m), respectively. The contributions to be paid in 2024 are estimated at USD 82m (USD 125m) for the pension plans and USD 249m (USD 374m) for the welfare/medical plans. No reliable basis exists for allocation of the schemes\u2019 obligations and plan assets to individual employer participants. For the pension plans where the Group has an interest and there is a deficit, the net obligations for all employers amount to USD 216m (USD 19m). This net obligation is based on the most recent available financial data from the plan\u2019s trustees, calculated in accordance with the rules for such actuarial calculation in US GAAP. The deficit in some of the schemes may necessitate increased contributions in the future. Welfare/medical plans are pay-as-you-go and form a part of the Group\u2019s US collective bargaining agreements. They cover a limited part of employees\u2019 medical costs as occurred. ACCOUNTING POLICY Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected future payments to be made in respect of services pro-vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Note 5.2 Share-based paymentsMembers of Employees Total Total fair 1,2the Executive value1BoardOutstanding performance shares No. No. No. USD million1 January 2023 - - - Granted 2,028 4,040 6,068 9Outstanding 31 December 2023 2,028 4,040 6,0681 The fair value per performance share is equal to the volume weighted average share price on the date of grant i.e., 1 April 2023, adjusted for expected dividends during the vesting period. The fair value per performance share in 2023 is DKK 10,299 for members of the Executive Board and employees.2 Total fair value is at the time of grant.Performance shares planFrom 2023, performance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, relative share performance, revenue growth and ESG elements. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of granting.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan.The recognised remuneration expense related to the performance shares plan is USD 2m (USD 0m). The average remaining contractual life of the performance shares as per 31 December 2023 is 2.3 years (N/A in 2022).Members of Other key Total Total fair 1,2the Executive management value1Boardpersonnel and 4employeesOutstanding restricted shares No. No. No. USD million1 January 2023 6,557 17,253 23,810Granted - 14,600 14,600 233Exercised and vested941 6,146 7,087Forfeited - 1,183 1,183Cancelled - 12 12Outstanding 31 December 2023 5,616 24,512 30,1281 January 2022 5,268 16,618 21,886Granted 1,289 5,431 6,720 173Exercised and vested - 4,458 4,458Forfeited - 338 338Outstanding 31 December 2022 6,557 17,253 23,8101 The fair value per RSU is equal to the volume weighted average share price on the date of grant i.e., 1 April 2023 (1 April 2022), adjusted for expected dividends during the vesting period. The fair value per RSU is DKK 10,299 (DKK 17,466) for employees and DKK 9,295 (DKK 15,763) for members of the Executive Board and other key management personnel.2 Total fair value is at the time of grant.3 The weighted average share price at the settlement date was DKK 12,732 (DKK 20,372).4 Restricted shares granted to other key management personnel in 2022 was 115 and outstanding shares at year-end 2022 was 403. There were no key management personnel in 2023.Restricted shares planRestricted shares are granted to members of the Executive Board and certain key employees. Each restricted share granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of granting. For members of the Executive Board the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted shares plan.The recognised remuneration expense related to the restricted shares plan is USD 16m (USD 15m). The average remaining contractual life of the restricted shares as per 31 December 2023 is 1.6 years (1.6 years).Members of Other key Total Average Total fair the Executive management exercise valueBoardpersonnel and price 2employeesOutstanding share options No. No. No. DKK USD million1 January 2023 19,600 73,436 93,036 13,452Granted - 23,323 23,323 13,257 101Exercised 4,439 14,697 19,136 8,633Forfeited - 3,436 3,436 15,327Outstanding 31 December 2023 15,161 78,626 93,787 14,318Exercisable 31 December 2023 4,302 22,882 27,184 8,3091 January 2022 24,930 77,831 102,761 9,873Granted 4,677 15,481 20,158 25,096 91Exercised 8,866 18,486 27,352 7,998Forfeited 1,141 1,390 2,531 19,818Outstanding 31 December 2022 19,600 73,436 93,036 13,452Exercisable 31 December 2022 - 7,071 7,071 8,6371 The weighted average share price at the dates of exercise of share options exercised in 2023 was DKK 12,674 (DKK 19,833). 2 Share options granted to other key management personnel during 2022 was 570 and shares outstanding at year-end 2022 was 2,243. There were no key management personnel in 2023.Share options planA.P. Moller - Maersk also has a share option plan granted to members of the Executive Board and other key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc.The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan.The recognised remuneration expense related to the share option plan is USD 10m (USD 11m). The average remaining contractual life of the outstanding share options as per 31 December 2023 is 4.4 years (4.6 years) and the range of exercise prices for the outstanding share options as per 31 December 2023 is DKK 7,605 to DKK 25,096 (DKK 7,605 to DKK 25,096).The following principal assumptions are used in the 2023 granted share options valuation:Share options grantedShare options granted to to members of the employees Executive Board and other key management personnel2023 2022 2023 2022Share price, volume weighted average at the date of grant, 1 April, DKK 20,372 12,732 20,372Share price, five days volume weighted average 1after publication of Annual Report, DKK22,814 11,992 22,814Exercise price, DKK 25,096 13,191 25,096Expected volatility (based on historic volatility) 33% 35% 33%Expected term (years) 5 5.75 5.75Expected dividend per share, DKK 5.0% 5.0% 5.0%Risk-free interest rate 0.31% 2.65% 0.35%Fair value per option at grant date, DKK N/A 2,859 3,067 3,082 1 In 2023, the exercise price was determined based on the five-day volume-weighted average share price after the Annual General Meeting.The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. ACCOUNTING POLICY Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of A.P. Moller - Maersk as part of A.P. Moller - Maersk\u2019s long-term incentive programme are recognised as remuneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, A.P. Moller - Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
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"s10_notesesefdkgaap__10__63": {
"value": "Fees and remuneration to Executive Board and other key management personnel 2023 2022Fixed pay 3 8Short-term cash incentive 2 61Long-term share-based incentives2 8Remuneration in connection with redundancy, resignation and release from duty to work -1 82Total remuneration to Executive Board and other key management personnel 6301 During 2022, it was announced that Morten Engelstoft would leave A.P. Moller - Maersk effective end June 2022 and S\u00f8ren Skou effective end December 2022. In accordance with the terms and conditions of the restricted share plan and the stock option plan, any remaining expenses related to previous years\u2019 plans were accelerated and recognised in 2022 for plans that were kept, and previously recognised expenses were reversed for cancelled plans. This resulted in an increase in long-term share-based incentives remuneration in 2022.2 In 2023, the Executive Board and other key management personnel was reduced from six to two members.The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises of the Executive Board, Board of Directors, and other key management personnel.Total fees paid to other key management personnel in 2022 was USD 1.9m, comprising short-term employee bene-fits of USD 1.8m and long-term share-based incentives of USD 0.1. There were no key management personnel in 2023. The Board of Directors has received fees of USD 2m (USD 2m).For disclosure of remuneration to the Executive Board of the parent company, refer to note 2.2 of the parent company financial statements.",
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"s10_notesesefdkgaap__10__64-1": {
"value": "Fees and remuneration to Executive Board and other key management personnel 2023 2022Fixed pay 3 8Short-term cash incentive 2 61Long-term share-based incentives2 8Remuneration in connection with redundancy, resignation and release from duty to work -1 82Total remuneration to Executive Board and other key management personnel 6301 During 2022, it was announced that Morten Engelstoft would leave A.P. Moller - Maersk effective end June 2022 and S\u00f8ren Skou effective end December 2022. In accordance with the terms and conditions of the restricted share plan and the stock option plan, any remaining expenses related to previous years\u2019 plans were accelerated and recognised in 2022 for plans that were kept, and previously recognised expenses were reversed for cancelled plans. This resulted in an increase in long-term share-based incentives remuneration in 2022.2 In 2023, the Executive Board and other key management personnel was reduced from six to two members.The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises of the Executive Board, Board of Directors, and other key management personnel.Total fees paid to other key management personnel in 2022 was USD 1.9m, comprising short-term employee bene-fits of USD 1.8m and long-term share-based incentives of USD 0.1. There were no key management personnel in 2023. The Board of Directors has received fees of USD 2m (USD 2m).For disclosure of remuneration to the Executive Board of the parent company, refer to note 2.2 of the parent company financial statements.Note 5.6 Related parties1 Controlling Associated Joint ventures partiescompanies2023 2022 2023 2022 2023 2022 2023 2022Income statementRevenue 3 4 65 52 69 186 - - 214Operating costs 47 38 570 550 566 593 13Remuneration to Management - - - - - - 10 34Financial income 95 45 - - - - - - 3Other 15 - - - 2 2 - - AssetsOther receivables, non-current 6 - - - 30 27 - - Trade receivables 3 1 6 35 10 11 - - Other receivables, current 681 380 8 9 9 16 - - Cash and bank balances 277 730 - - - - - - LiabilitiesBank and other credit institutions, etc., current - - - - 67 44 - - Trade payables - - 79 62 89 82 1 2Other 45 1 - - 3 - - 41,332Shares bought back 1,569- - - - - - Capital increase - - - 31 17 1 - - Dividends earned - - 219 191 95 137 - - 53,613Dividends distributed 5,974- - - - - - 1 The Board of Directors and the Executive Board of A.P. M\u00f8ller - M\u00e6rsk A/S, A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal and their close relatives (including undertakings under their control). Trade receivables and payables include customary business-related accounts regarding shipping activities. 2 Includes commission and commercial receivables to Maersk Broker K/S from chartering as well as the purchase and sale of vessels.3 Includes the gain on sale of Maersk Supply Service to A.P. M\u00f8ller Holding A/S.4 Includes shares bought back from A.P. M\u00f8ller Holding A/S and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie fond (the Foundation).5 Includes dividends paid to A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation) and Den A.P. M\u00f8llerske St\u00f8ttefond.Joint usage agreement with A.P. M\u00f8ller Holding A/SWith the objective of further strengthening the value of the brands, A.P. M\u00f8ller - M\u00e6rsk A/S in 2018 entered into a joint usage agreement with A.P. M\u00f8ller Holding A/S regarding the use of commonly used trademarks which historically have benefited both A.P. M\u00f8ller - M\u00e6rsk A/S and A.P. M\u00f8ller Holding A/S. A.P. M\u00f8ller Holding A/S is the controlling shareholder of A.P. M\u00f8ller - M\u00e6rsk A/S and is wholly owned by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal. The joint usage agreement establishes a framework and a branding strategy for the commonly used trade-marks and a joint brand board, where the parties can cooperate regarding the use of these trademarks. A.P. M\u00f8ller Holding A/S, Copenhagen, Denmark has control over the company and prepares consolidated financial statements. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal is the ultimate owner.Share buy-back programmeAccording to a separate agreement, A.P. M\u00f8ller Holding A/S and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation) participated on a pro rata basis to the shares purchased in the company\u2019s share buy-back programme. A.P. M\u00f8ller Holding A/S participated in selling A and B shares and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation) participated in selling B shares.",
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"s10_notesesefdkgaap__10__65": {
"value": "Fees to the statutory auditors 2023 2022Statutory audit 16 15Other assurance services 2 -Tax, VAT and advisory services 1 1Other services 1 3Total fees 20 19Fees for other services other than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab to A.P. Moller - Maersk mainly consist of transaction advice, accounting and tax-related services.",
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"s10_notesesefdkgaap__10__69-1": {
"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2023 2022Total depreciation 5,856 5,595Total amortisation 382 365Total impairment, net 377 226Depreciation, amortisation and impairment losses, net 6,615 6,186Depreciation is related to property, plant and equipment of USD 2.6bn (USD 2.5bn) and to right-of-use assets of USD 3.3bn (USD 3.1bn). Total net impairments are primarily due to property, plant and equipment of USD 55m (USD 139m) and intangible assets of USD 322m (USD 68m), of which USD 299m is from the impairment of brands. Refer to note 3.1 Intangible assets and note 3.2 Property, plant and equipment.Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 162m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2022 1,928 3,132 1,579 1,205 7,844Additions - 25 - 324 3491Additions from acquired companies3,667 - 1,474 213 5,354Disposals - - - 352 352Transfers - -4 - 4 - Transfers, assets held for sale - -104 - 1 -103Exchange rate adjustments -41 -64 -10 -24 -13931 December 2022 5,554 2,985 3,043 1,371 12,953Amortisation and impairment losses1 January 2022 367 794 324 590 2,075Amortisation - 110 147 108 365Impairment losses - 15 21 32 68Disposals - - - 221 221Transfers - -3 - 3 - Transfers, assets held for sale - -79 - 1 -78Exchange rate adjustments -18 -13 -1 -9 -4131 December 2022 349 824 491 504 2,168Carrying amount:22,552 86731 December 2022 5,205 2,16110,7851 Acquisition of LF Logistics, Pilot, Senator International and ResQ.2 Of which USD 38m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 141m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2023 2022Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,599 4,582 Terminals Multiple terminals 241 248 Towage & Maritime Services Towage \u2013 Port Towage Amsterdam and Others 5 58 Other - 1 Total 5,161 5,205 Impairment lossesOperating segment Cash-generating unit 2023 20221Ocean Ocean 319 28 1Logistics & Services Logistics & Services 2 21 Terminals Various terminals - 17 Towage & Maritime Services Maersk Container Industry 1 2 Total 322 68 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the A.P. Moller - Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including intermodal activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Towage & Maritime Services includes towage activi-ties made up of two separate cash-generating units as well as several individual businesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncer-tain, though based on experience and external sources where available. Centralised processes and involvement of corporate functions ensure that indices and data sources are selected consistently while observing differ-ences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is highly sensitive to the terminal growth rate, which is determined based on the future expected economic growth rate, and replace-ment CAPEX during the terminal period, which is deter-mined based on Management\u2019s plans and expectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates have dete-riorated throughout 2023 as a result of the pronounced market normalisation and are expected to face continued pressure for the next 1-2 years. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across A.P. Moller - Maersk, either directly or indirectly. Ocean is directly impacted by the bunker oil price, where the competitive landscape determines the extent to which the development is reflected in the freight rates charged to the customer. Bunker consumption is expected to continue to decline compared to 2023, driven by fleet outsourcing and efficiency improvements. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the air and haulage business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensitive to the development of the global economy. Management considers both the future economic outlook in key regions, namely North America and Europe, as well as expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g., Nigeria and Brazil, are indirectly impacted by the develop-ment in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled in the terminals, but also foreign exchange rates. Continued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing coun-tries could also put pressure on the carrying amounts of individual terminals. The other key sensitivities impacting Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as concession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across A.P. Moller - Maersk in 2024, impacting both the discount rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2023, covering the five-year business plan for 2024-28. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.7% (2.5%) p.a. In the annual impairment test carried out in November 2023, a pre-tax discount rate of 9.8% (9.2%) p.a. was applied. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable. The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impairment test is based on the estimated value in use from the five-year business plan for 2024-28, where the volume and improved margin growth assumptions, which are region-specific, reflect the current expec-tations for the relevant period. The applied terminal growth is 2.7% (2.0%). A discount rate of 9.0% (8.4%) p.a. before tax or 8.8% (8.2%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assumptions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indi-cators exist. Management also tests for impairment of the CGUs to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised. The growth rates assumed reflect current market expectations for the rel-evant period, and the discount rates applied are between 7.4% and 12.1% (7.2% and 13.0%) p.a. after tax. The im-pairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in im-pairment losses of USD 134m across multiple terminals in 2023, of which USD 94m relates to a CGU in the Medi-terranean, caused by lower-than-expected volumes, and is primarily related to equipment. Impairment losses of an immaterial amount across two terminals was recog-nised in 2022 as well as USD 350m on Terminals\u2019 minority stake in Global Ports Investments (GPI), which was sold in 2022. For more information on fair value determination, refer to Note 4.6 Financial instruments by category.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2023 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 3.9bn between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.7% +/- 0.5 ppts USD 2.9bnDiscount rate p.a. before tax as of 31 December 2023 9.2% +/- 0.5 ppts USD 3.4bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.Note 3.2 Property, plant and equipmentVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2023 48,699 8,209 2,296 59,204Additions 698 124 2,834 3,656Additions from acquired companies - 15 - 15Disposals 1,785 162 6 1,953Disposals from companies sold 3,197 62 164 3,423Transfers 401 855 -1,256 -Transfers, assets held for sale -1,939 -67 -83 -2,089Reclassification from/to right-of-use assets 35 4 -3 36Exchange rate adjustments 49 32 13 9431 December 2023 42,961 8,948 3,631 55,540Depreciation and impairment losses1 January 2023 26,966 4,039 5 31,010Depreciation 2,100 506 - 2,606Impairment losses 6 134 - 140Reversal of impairment losses 12 73 - 85Disposals 1,542 163 4 1,709Disposals from companies sold 2,650 62 1 2,713Transfers, assets held for sale -781 -37 - -818Reclassification from/to right-of-use assets 9 2 - 11Exchange rate adjustments 21 18 - 3931 December 2023 24,117 4,364 - 28,481Carrying amount:31 December 2023 18,844 4,584 3,631 27,059Vessels, buildings etc. with a carrying amount of USD 0.8bn (USD 0.8bn) have been pledged as security for loans of USD 0.4bn (USD 0.5bn).Vessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2022 47,804 7,946 1,177 56,927Additions 1,507 169 1,965 3,641Additions from acquired companies 1 200 9 210Disposals 1,075 124 - 1,199Transfers 531 322 -853 - Transfers, assets held for sale -51 -54 16 -89Reclassification from/to right-of-use assets 84 -8 -3 73Exchange rate adjustments -102 -242 -15 -35931 December 2022 48,699 8,209 2,296 59,204Depreciation and impairment losses1 January 2022 25,890 3,734 - 29,624Depreciation 2,064 453 - 2,517Impairment losses 17 112 10 139Disposals 950 102 1 1,053Transfers, assets held for sale -33 -63 -1 -97Reclassification from/to right-of-use assets 35 -7 - 28Exchange rate adjustments -57 -88 -3 -14831 December 2022 26,966 4,039 5 31,010Carrying amount:31 December 2022 21,733 4,170 2,291 28,194Net impairment losses recognised on property, plant and equipment are specified as follows:Impairment losses Reversal of impairment lossesOperating segment Cash-generating unit 2023 2022 2023 2022Ocean Ocean - 14 12 - Logistics & Services Logistics & Services 6 46 - - Terminals Various terminals 134 58 73 - Towage & Maritime Services Towage - 1 - - Maersk Container - 17 - - IndustryOthers - 3 - - Total 140 139 85 - Impairment analysisFor more information on impairment tests, reference is made to note 3.1 Intangible assets. SIGNIFICANT ACCOUNTING ESTIMATES Useful life and residual valuesUseful lives are estimated based on experience. When an asset\u2019s useful life changes, Management revises the esti-mates for individual assets or groups of assets with similar characteristics due to factors such as quality of mainte-nance and repair, technical development, or environmen-tal requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Generally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. ACCOUNTING POLICY Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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"s10_notesesefdkgaap__10__68": {
"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2023 2022Total depreciation 5,856 5,595Total amortisation 382 365Total impairment, net 377 226Depreciation, amortisation and impairment losses, net 6,615 6,186Depreciation is related to property, plant and equipment of USD 2.6bn (USD 2.5bn) and to right-of-use assets of USD 3.3bn (USD 3.1bn). Total net impairments are primarily due to property, plant and equipment of USD 55m (USD 139m) and intangible assets of USD 322m (USD 68m), of which USD 299m is from the impairment of brands. Refer to note 3.1 Intangible assets and note 3.2 Property, plant and equipment.",
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"s10_notesesefdkgaap__10__70-1": {
"value": "Note 2.4 Gains on sale of non-current assets, etc., net2023 2022Gains 565 204Losses 42 103Gains on sale of non-current assets, etc., net 523 101Gains in 2023 are primarily related to the sale of US Marine Management Inc. of USD 92m, the sale of shares in H\u00f6egh Autoliners AS of USD 57m, the sale of Maersk Supply Service of USD 15m, the sale of containers of USD 127m (USD 127m) and the sale of vessels of USD 181m (USD 56m). Losses in 2023 are primarily related to the sale of containers of USD 22m (USD 25m). In 2022, losses also consisted of the wind-down of operations in Russia of USD 53m.Note 3.2 Property, plant and equipmentVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2023 48,699 8,209 2,296 59,204Additions 698 124 2,834 3,656Additions from acquired companies - 15 - 15Disposals 1,785 162 6 1,953Disposals from companies sold 3,197 62 164 3,423Transfers 401 855 -1,256 -Transfers, assets held for sale -1,939 -67 -83 -2,089Reclassification from/to right-of-use assets 35 4 -3 36Exchange rate adjustments 49 32 13 9431 December 2023 42,961 8,948 3,631 55,540Depreciation and impairment losses1 January 2023 26,966 4,039 5 31,010Depreciation 2,100 506 - 2,606Impairment losses 6 134 - 140Reversal of impairment losses 12 73 - 85Disposals 1,542 163 4 1,709Disposals from companies sold 2,650 62 1 2,713Transfers, assets held for sale -781 -37 - -818Reclassification from/to right-of-use assets 9 2 - 11Exchange rate adjustments 21 18 - 3931 December 2023 24,117 4,364 - 28,481Carrying amount:31 December 2023 18,844 4,584 3,631 27,059Vessels, buildings etc. with a carrying amount of USD 0.8bn (USD 0.8bn) have been pledged as security for loans of USD 0.4bn (USD 0.5bn).Vessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2022 47,804 7,946 1,177 56,927Additions 1,507 169 1,965 3,641Additions from acquired companies 1 200 9 210Disposals 1,075 124 - 1,199Transfers 531 322 -853 - Transfers, assets held for sale -51 -54 16 -89Reclassification from/to right-of-use assets 84 -8 -3 73Exchange rate adjustments -102 -242 -15 -35931 December 2022 48,699 8,209 2,296 59,204Depreciation and impairment losses1 January 2022 25,890 3,734 - 29,624Depreciation 2,064 453 - 2,517Impairment losses 17 112 10 139Disposals 950 102 1 1,053Transfers, assets held for sale -33 -63 -1 -97Reclassification from/to right-of-use assets 35 -7 - 28Exchange rate adjustments -57 -88 -3 -14831 December 2022 26,966 4,039 5 31,010Carrying amount:31 December 2022 21,733 4,170 2,291 28,194Net impairment losses recognised on property, plant and equipment are specified as follows:Impairment losses Reversal of impairment lossesOperating segment Cash-generating unit 2023 2022 2023 2022Ocean Ocean - 14 12 - Logistics & Services Logistics & Services 6 46 - - Terminals Various terminals 134 58 73 - Towage & Maritime Services Towage - 1 - - Maersk Container - 17 - - IndustryOthers - 3 - - Total 140 139 85 - Impairment analysisFor more information on impairment tests, reference is made to note 3.1 Intangible assets. SIGNIFICANT ACCOUNTING ESTIMATES Useful life and residual valuesUseful lives are estimated based on experience. When an asset\u2019s useful life changes, Management revises the esti-mates for individual assets or groups of assets with similar characteristics due to factors such as quality of mainte-nance and repair, technical development, or environmen-tal requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Generally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. ACCOUNTING POLICY Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__79": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 162m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2022 1,928 3,132 1,579 1,205 7,844Additions - 25 - 324 3491Additions from acquired companies3,667 - 1,474 213 5,354Disposals - - - 352 352Transfers - -4 - 4 - Transfers, assets held for sale - -104 - 1 -103Exchange rate adjustments -41 -64 -10 -24 -13931 December 2022 5,554 2,985 3,043 1,371 12,953Amortisation and impairment losses1 January 2022 367 794 324 590 2,075Amortisation - 110 147 108 365Impairment losses - 15 21 32 68Disposals - - - 221 221Transfers - -3 - 3 - Transfers, assets held for sale - -79 - 1 -78Exchange rate adjustments -18 -13 -1 -9 -4131 December 2022 349 824 491 504 2,168Carrying amount:22,552 86731 December 2022 5,205 2,16110,7851 Acquisition of LF Logistics, Pilot, Senator International and ResQ.2 Of which USD 38m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 141m is related to ongoing development of software.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__73": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 162m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2022 1,928 3,132 1,579 1,205 7,844Additions - 25 - 324 3491Additions from acquired companies3,667 - 1,474 213 5,354Disposals - - - 352 352Transfers - -4 - 4 - Transfers, assets held for sale - -104 - 1 -103Exchange rate adjustments -41 -64 -10 -24 -13931 December 2022 5,554 2,985 3,043 1,371 12,953Amortisation and impairment losses1 January 2022 367 794 324 590 2,075Amortisation - 110 147 108 365Impairment losses - 15 21 32 68Disposals - - - 221 221Transfers - -3 - 3 - Transfers, assets held for sale - -79 - 1 -78Exchange rate adjustments -18 -13 -1 -9 -4131 December 2022 349 824 491 504 2,168Carrying amount:22,552 86731 December 2022 5,205 2,16110,7851 Acquisition of LF Logistics, Pilot, Senator International and ResQ.2 Of which USD 38m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 141m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2023 2022Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,599 4,582 Terminals Multiple terminals 241 248 Towage & Maritime Services Towage \u2013 Port Towage Amsterdam and Others 5 58 Other - 1 Total 5,161 5,205 Impairment lossesOperating segment Cash-generating unit 2023 20221Ocean Ocean 319 28 1Logistics & Services Logistics & Services 2 21 Terminals Various terminals - 17 Towage & Maritime Services Maersk Container Industry 1 2 Total 322 68 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the A.P. Moller - Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including intermodal activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Towage & Maritime Services includes towage activi-ties made up of two separate cash-generating units as well as several individual businesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncer-tain, though based on experience and external sources where available. Centralised processes and involvement of corporate functions ensure that indices and data sources are selected consistently while observing differ-ences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is highly sensitive to the terminal growth rate, which is determined based on the future expected economic growth rate, and replace-ment CAPEX during the terminal period, which is deter-mined based on Management\u2019s plans and expectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates have dete-riorated throughout 2023 as a result of the pronounced market normalisation and are expected to face continued pressure for the next 1-2 years. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across A.P. Moller - Maersk, either directly or indirectly. Ocean is directly impacted by the bunker oil price, where the competitive landscape determines the extent to which the development is reflected in the freight rates charged to the customer. Bunker consumption is expected to continue to decline compared to 2023, driven by fleet outsourcing and efficiency improvements. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the air and haulage business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensitive to the development of the global economy. Management considers both the future economic outlook in key regions, namely North America and Europe, as well as expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g., Nigeria and Brazil, are indirectly impacted by the develop-ment in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled in the terminals, but also foreign exchange rates. Continued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing coun-tries could also put pressure on the carrying amounts of individual terminals. The other key sensitivities impacting Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as concession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across A.P. Moller - Maersk in 2024, impacting both the discount rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2023, covering the five-year business plan for 2024-28. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.7% (2.5%) p.a. In the annual impairment test carried out in November 2023, a pre-tax discount rate of 9.8% (9.2%) p.a. was applied. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable. The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impairment test is based on the estimated value in use from the five-year business plan for 2024-28, where the volume and improved margin growth assumptions, which are region-specific, reflect the current expec-tations for the relevant period. The applied terminal growth is 2.7% (2.0%). A discount rate of 9.0% (8.4%) p.a. before tax or 8.8% (8.2%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assumptions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indi-cators exist. Management also tests for impairment of the CGUs to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised. The growth rates assumed reflect current market expectations for the rel-evant period, and the discount rates applied are between 7.4% and 12.1% (7.2% and 13.0%) p.a. after tax. The im-pairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in im-pairment losses of USD 134m across multiple terminals in 2023, of which USD 94m relates to a CGU in the Medi-terranean, caused by lower-than-expected volumes, and is primarily related to equipment. Impairment losses of an immaterial amount across two terminals was recog-nised in 2022 as well as USD 350m on Terminals\u2019 minority stake in Global Ports Investments (GPI), which was sold in 2022. For more information on fair value determination, refer to Note 4.6 Financial instruments by category.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2023 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 3.9bn between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.7% +/- 0.5 ppts USD 2.9bnDiscount rate p.a. before tax as of 31 December 2023 9.2% +/- 0.5 ppts USD 3.4bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
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},
"s10_notesesefdkgaap__10__72": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 162m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2022 1,928 3,132 1,579 1,205 7,844Additions - 25 - 324 3491Additions from acquired companies3,667 - 1,474 213 5,354Disposals - - - 352 352Transfers - -4 - 4 - Transfers, assets held for sale - -104 - 1 -103Exchange rate adjustments -41 -64 -10 -24 -13931 December 2022 5,554 2,985 3,043 1,371 12,953Amortisation and impairment losses1 January 2022 367 794 324 590 2,075Amortisation - 110 147 108 365Impairment losses - 15 21 32 68Disposals - - - 221 221Transfers - -3 - 3 - Transfers, assets held for sale - -79 - 1 -78Exchange rate adjustments -18 -13 -1 -9 -4131 December 2022 349 824 491 504 2,168Carrying amount:22,552 86731 December 2022 5,205 2,16110,7851 Acquisition of LF Logistics, Pilot, Senator International and ResQ.2 Of which USD 38m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 141m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2023 2022Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,599 4,582 Terminals Multiple terminals 241 248 Towage & Maritime Services Towage \u2013 Port Towage Amsterdam and Others 5 58 Other - 1 Total 5,161 5,205 Impairment lossesOperating segment Cash-generating unit 2023 20221Ocean Ocean 319 28 1Logistics & Services Logistics & Services 2 21 Terminals Various terminals - 17 Towage & Maritime Services Maersk Container Industry 1 2 Total 322 68 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the A.P. Moller - Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including intermodal activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Towage & Maritime Services includes towage activi-ties made up of two separate cash-generating units as well as several individual businesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncer-tain, though based on experience and external sources where available. Centralised processes and involvement of corporate functions ensure that indices and data sources are selected consistently while observing differ-ences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is highly sensitive to the terminal growth rate, which is determined based on the future expected economic growth rate, and replace-ment CAPEX during the terminal period, which is deter-mined based on Management\u2019s plans and expectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates have dete-riorated throughout 2023 as a result of the pronounced market normalisation and are expected to face continued pressure for the next 1-2 years. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across A.P. Moller - Maersk, either directly or indirectly. Ocean is directly impacted by the bunker oil price, where the competitive landscape determines the extent to which the development is reflected in the freight rates charged to the customer. Bunker consumption is expected to continue to decline compared to 2023, driven by fleet outsourcing and efficiency improvements. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the air and haulage business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensitive to the development of the global economy. Management considers both the future economic outlook in key regions, namely North America and Europe, as well as expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g., Nigeria and Brazil, are indirectly impacted by the develop-ment in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled in the terminals, but also foreign exchange rates. Continued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing coun-tries could also put pressure on the carrying amounts of individual terminals. The other key sensitivities impacting Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as concession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across A.P. Moller - Maersk in 2024, impacting both the discount rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2023, covering the five-year business plan for 2024-28. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.7% (2.5%) p.a. In the annual impairment test carried out in November 2023, a pre-tax discount rate of 9.8% (9.2%) p.a. was applied. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable. The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impairment test is based on the estimated value in use from the five-year business plan for 2024-28, where the volume and improved margin growth assumptions, which are region-specific, reflect the current expec-tations for the relevant period. The applied terminal growth is 2.7% (2.0%). A discount rate of 9.0% (8.4%) p.a. before tax or 8.8% (8.2%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assumptions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indi-cators exist. Management also tests for impairment of the CGUs to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised. The growth rates assumed reflect current market expectations for the rel-evant period, and the discount rates applied are between 7.4% and 12.1% (7.2% and 13.0%) p.a. after tax. The im-pairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in im-pairment losses of USD 134m across multiple terminals in 2023, of which USD 94m relates to a CGU in the Medi-terranean, caused by lower-than-expected volumes, and is primarily related to equipment. Impairment losses of an immaterial amount across two terminals was recog-nised in 2022 as well as USD 350m on Terminals\u2019 minority stake in Global Ports Investments (GPI), which was sold in 2022. For more information on fair value determination, refer to Note 4.6 Financial instruments by category.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2023 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 3.9bn between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.7% +/- 0.5 ppts USD 2.9bnDiscount rate p.a. before tax as of 31 December 2023 9.2% +/- 0.5 ppts USD 3.4bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__71": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 162m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession and brandsrightsCost1 January 2022 1,928 3,132 1,579 1,205 7,844Additions - 25 - 324 3491Additions from acquired companies3,667 - 1,474 213 5,354Disposals - - - 352 352Transfers - -4 - 4 - Transfers, assets held for sale - -104 - 1 -103Exchange rate adjustments -41 -64 -10 -24 -13931 December 2022 5,554 2,985 3,043 1,371 12,953Amortisation and impairment losses1 January 2022 367 794 324 590 2,075Amortisation - 110 147 108 365Impairment losses - 15 21 32 68Disposals - - - 221 221Transfers - -3 - 3 - Transfers, assets held for sale - -79 - 1 -78Exchange rate adjustments -18 -13 -1 -9 -4131 December 2022 349 824 491 504 2,168Carrying amount:22,552 86731 December 2022 5,205 2,16110,7851 Acquisition of LF Logistics, Pilot, Senator International and ResQ.2 Of which USD 38m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title.3 Of which USD 141m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2023 2022Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,599 4,582 Terminals Multiple terminals 241 248 Towage & Maritime Services Towage \u2013 Port Towage Amsterdam and Others 5 58 Other - 1 Total 5,161 5,205 Impairment lossesOperating segment Cash-generating unit 2023 20221Ocean Ocean 319 28 1Logistics & Services Logistics & Services 2 21 Terminals Various terminals - 17 Towage & Maritime Services Maersk Container Industry 1 2 Total 322 68 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the A.P. Moller - Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including intermodal activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Towage & Maritime Services includes towage activi-ties made up of two separate cash-generating units as well as several individual businesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncer-tain, though based on experience and external sources where available. Centralised processes and involvement of corporate functions ensure that indices and data sources are selected consistently while observing differ-ences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is highly sensitive to the terminal growth rate, which is determined based on the future expected economic growth rate, and replace-ment CAPEX during the terminal period, which is deter-mined based on Management\u2019s plans and expectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates have dete-riorated throughout 2023 as a result of the pronounced market normalisation and are expected to face continued pressure for the next 1-2 years. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across A.P. Moller - Maersk, either directly or indirectly. Ocean is directly impacted by the bunker oil price, where the competitive landscape determines the extent to which the development is reflected in the freight rates charged to the customer. Bunker consumption is expected to continue to decline compared to 2023, driven by fleet outsourcing and efficiency improvements. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the air and haulage business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensitive to the development of the global economy. Management considers both the future economic outlook in key regions, namely North America and Europe, as well as expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g., Nigeria and Brazil, are indirectly impacted by the develop-ment in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled in the terminals, but also foreign exchange rates. Continued economic deterioration and a lack of cash repatriation opportunities in certain oil-producing coun-tries could also put pressure on the carrying amounts of individual terminals. The other key sensitivities impacting Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as concession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across A.P. Moller - Maersk in 2024, impacting both the discount rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2023, covering the five-year business plan for 2024-28. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.7% (2.5%) p.a. In the annual impairment test carried out in November 2023, a pre-tax discount rate of 9.8% (9.2%) p.a. was applied. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable. The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impairment test is based on the estimated value in use from the five-year business plan for 2024-28, where the volume and improved margin growth assumptions, which are region-specific, reflect the current expec-tations for the relevant period. The applied terminal growth is 2.7% (2.0%). A discount rate of 9.0% (8.4%) p.a. before tax or 8.8% (8.2%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assumptions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indi-cators exist. Management also tests for impairment of the CGUs to which goodwill or indefinite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised. The growth rates assumed reflect current market expectations for the rel-evant period, and the discount rates applied are between 7.4% and 12.1% (7.2% and 13.0%) p.a. after tax. The im-pairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in im-pairment losses of USD 134m across multiple terminals in 2023, of which USD 94m relates to a CGU in the Medi-terranean, caused by lower-than-expected volumes, and is primarily related to equipment. Impairment losses of an immaterial amount across two terminals was recog-nised in 2022 as well as USD 350m on Terminals\u2019 minority stake in Global Ports Investments (GPI), which was sold in 2022. For more information on fair value determination, refer to Note 4.6 Financial instruments by category.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2023 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 3.9bn between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.7% +/- 0.5 ppts USD 2.9bnDiscount rate p.a. before tax as of 31 December 2023 9.2% +/- 0.5 ppts USD 3.4bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__77": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__76": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__74": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__75": {
"value": "Goodwill and terminal rights have indefinite useful lives while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT software is amortised over a useful life of 5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__81": {
"value": "Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__80": {
"value": "Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impair-ment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__84": {
"value": "Vessels, buildings etc. with a carrying amount of USD 0.8bn (USD 0.8bn) have been pledged as security for loans of USD 0.4bn (USD 0.5bn).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__89-1": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__88": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__87": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__86": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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"s10_notesesefdkgaap__10__85": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by A.P. Moller - Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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},
"s10_notesesefdkgaap__10__90-1": {
"value": "Note 3.3 Right-of-use assetsVessels, Concession Real estate Totalcontainers, agreementsand other etc.leasesRight-of-use assets1 January 2023 6,344 2,411 2,212 10,967Additions 1,007 69 1,088 2,164Additions from acquired companies - - 29 29Disposals 154 1 57 212Depreciation 2,504 191 555 3,250Transfers, assets held for sale -17 - -36 -53Transfers, owned assets, etc. -25 - - -25Exchange rate adjustments 1 29 20 5031 December 2023 4,652 2.317 2,701 9,6701 January 2022 6,136 2,550 1,220 9,906Additions 3,093 157 960 4,210Additions from acquired companies - - 570 570Disposals 307 - 129 436Depreciation 2,532 184 362 3,078Transfers, owned assets, etc. -45 - - -45Exchange rate adjustments -1 -112 -47 -16031 December 2022 6,344 2,411 2,212 10,967 Amounts recognised in profit and loss 2023 2022Depreciation on right-of-use assets 3,250 3,078Interest expenses (included in finance costs) 563 518Expenses relating to service elements of leases 868 976Expenses relating to short-term leases 189 248Expenses relating to variable lease payments 297 292Expenses relating to leases of low-value assets 26 23Total recognised in operating costs 1,380 1,539As part of the Group\u2019s activities, customary leasing agreements are entered, especially regarding the chartering of vessels and leasing of containers and other equipment. In some cases, the leasing agreements comprise purchase options exer-cisable by the Group and options for extending the lease term. The Group also enters into concession agreements that provide the right-to-use some existing infrastructure or land as required to carry out the terminal business. To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. At the end of 2023, the expected residual values were reviewed if these reflect the actual residual values achieved on comparable assets and expectations about future prices. At 31 December 2023, USD 226m (USD 226m) is expected to be payable and is included in the measurement of the lease liabilities. Leases to which A.P. Moller - Maersk is committed, but for which the lease term has not yet commenced, have an undiscounted value of USD 2.6bn (USD 1.6bn). They comprise approx. 35 contracts commencing in 2024-2026. Certain terminal concession agreements contain variable payment terms that are linked to future performance, i.e., number of containers handled. Such payments are recognised in the income statement in the period in which the condi-tion that triggers those payments occurs. Total cash outflow from leases was USD 5.2bn (USD 5.1bn), of which USD 3.2bn (USD 3.1) relates to repayment of lease liabilities, USD 1.4bn (USD 1.5bn) to other lease expenses and USD 563m (USD 518m) to interest expenses. Lease liabilities are disclosed in notes 4.2 and 4.5. ACCOUNTING POLICY Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate property. Lease contracts for vessels and containers are typically made for fixed periods of about five years, but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non-current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non-current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of green methanol vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12021 FromOther Addi- Dis posals Transfers, Foreign Other2022financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,443 -717 -282 612 - -13 10 - 1,0532Issued bonds3,341 - - - - - -177 -188 2,9763-282Total borrowings 4,784 -717612 - -13 -167 -188 4,029Classified as non-current 4,315 3,774Classified as current 436 255Leases:5Lease liabilities 10,551 -3,080 -10 4,776-433 -13 -173 -4 11,614Classified as non-current 8,153 8,582Classified as current 2,398 3,032Total borrowings and leases 15,335 -3,797 -292 5,388 -433 -26 -340 -192 15,643Derivatives hedge of borrowings, net 194 14 - - - - 188 136 5321 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2022, USD 552m are green bonds used to finance acquisitions of green methanol vessels. 3 Cash flows from financing activities of negative USD 717m are made up of repayments of borrowings of negative USD 800m, and proceeds from borrowings of USD 83m.4 Cash flows from other include a decrease in cash overdrafts of USD 282m. 5 Additions include USD 571m of lease liabilities from businesses acquired during 2022.The maturity analysis of lease liabilities is disclosed in note 4.5. ACCOUNTING POLICY Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective inter-est method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged inter-est component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at A.P. Moller - Maersk\u2019s incremen-tal borrowing rate (IBR). A.P. Moller - Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, A.P. Moller - Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, A.P. Moller - Maersk uses a build-up ap-proach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that A.P. Moller - Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Man-agement considers all facts and circumstances that cre-ate an economic incentive to exercise an extension option or to not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended or not terminate. Most of the exten-sion and termination options held are exercisable only by A.P. Moller - Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where A.P. Moller - Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
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"s10_notesesefdkgaap__10__91-1": {
"value": "Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate property. Lease contracts for vessels and containers are typically made for fixed periods of about five years, but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at A.P. Moller - Maersk\u2019s incremen-tal borrowing rate (IBR). A.P. Moller - Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, A.P. Moller - Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, A.P. Moller - Maersk uses a build-up ap-proach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that A.P. Moller - Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Man-agement considers all facts and circumstances that cre-ate an economic incentive to exercise an extension option or to not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended or not terminate. Most of the exten-sion and termination options held are exercisable only by A.P. Moller - Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where A.P. Moller - Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
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"s10_notesesefdkgaap__10__92": {
"value": "Note 3.4 Acquisition/sale of subsidiaries and activitiesAcquisitions during 20231Martin Grindrod OtherTotal Bencher2023Fair value at time of acquisitionIntangible assets 21 5 -12 14Property, plant and equipment 1 43 - 44Current assets 54 15 -10 59Provisions 1 - 1 2Liabilities 33 34 -50 17Net assets acquired 42 29 27 98Non-controlling interests - -20 - -20A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share 42 9 27 78Goodwill 11 15 -26 -Purchase price 53 24 1 78Change in payables on purchase price, etc. - - 28 28Contingent consideration assumed - - -7 -7Contingent consideration paid - - 67 67Cash and bank balances assumed -15 - -2 -17Non-cash consideration - -9 - -9Cash flow used for acquisition of subsidiaries and activities 38 15 87 1401 Relate to changes in the provisional amounts of 2022 business combinations taken up as 2023 adjustments. Martin Bencher Group (Logistics & Services) On 2 January 2023, the Group acquired 100% of the shares in Martin Bencher Group, a Denmark-based project logistics company with premium competencies within non-containerised project logistics. The acquisition of Martin Bencher Group will complement the existing project logistics services already available at A.P. Moller - Maersk, with a specialised service offering the combination of solution design, special cargo transportation and project management services. It will build on existing infrastructures and know-how across the existing Project Logistics vertical in Sales & Marketing, Ocean and Logistics & Services Special Project Logistics (SPL). The purchase price is USD 53m and resulted in goodwill of USD 11m. Acquired goodwill is not allowable for tax purposes. Martin Bencher contributed revenue of USD 160m and an insignificant net profit to the Group equivalent to its entire revenue and net profit in 2023. Grindrod Intermodal Group (Logistics & Services)On 2 January 2023, the Group completed the acquisition of Grindrod Logistics. The Group partnered with Grindrod Inter modal Group to merge the logistics activities of Grindrod Intermodal business and the ocean activities of the Ocean Africa Container Lines (OACL) with the current A.P. Moller - Maersk Logistics & Services products in South Africa. The Grindrod Intermodal Group is a well-known and trusted partner in South Africa with a range of logistics and services offerings. The Group has a controlling interest of 51%. The purchase price and non-controlling interest amounted to USD 44m and resulted in goodwill of USD 15m. Acquired goodwill is not allowable for tax purposes. The non-controlling interest in Grindrod is measured at the non-controlling interest\u2019s proportionate share of the acquired net identifiable assets. Grindrod contributed revenue of USD 42m and an insignificant net profit to the Group equivalent to its entire revenue and net profit in 2023. In Q4 2023, the purchase price allocations for the 2023 business combinations were finalised.Acquisitions during 2022LF Logistics Pilot Senator Other Total 2022Fair value at time of acquisitionIntangible assets 807 650 223 7 1,687 Property, plant and equipment 533 185 48 14 780 Financial assets 110 4 6 - 120 Deferred tax assets 5 - - - 5 Current assets 436 271 398 6 1,111 Provisions 18 4 - - 22 Liabilities 793 1,207 316 24 2,340 Net assets acquired 1,080 -101 359 3 1,341 A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share 1,080 -101 359 3 1,341Goodwill 2,291 1,145 225 6 3,667 Purchase price 3,371 1,044 584 9 5,008Change in payables on purchase price, etc. -24 8 - - -16Contingent consideration assumed -60 - - - -60Contingent consideration paid - 19 - - 19Cash and bank balances assumed -126 -9 -40 -2 -177Cash flow used for acquisition of subsidiaries and activities 3,161 1,062 544 7 4,774 LF Logistics Holdings Limited (Logistics & Services) On 31 August 2022, the Group signed an agreement to acquire 100% of the shares in LF Logistics Holdings Limited, a leading omnichannel fulfilment contract logistics company in Asia Pacific. The acquisition further strengthens A.P. Moller - Maersk\u2019s capabilities as an integrated container logistics company, offering global end-to-end supply chain solutions to its customers. The total purchase price was USD 3.3bn, which included the fair value of contingent consid-eration of USD 60m, contingent upon LF Logistics\u2019 future financial performance, and has a maximum payment value of USD 160m. As of 31 December 2023, the fair value of contingent consideration was USD 10m. Of the consideration paid, USD 2.3bn was related to goodwill, while USD 806m was related to intangible assets, mainly customer relationships. USD 177m was related to trade receivables, and USD 362m was related to RoU assets. Liabilities were mainly related to trade payables and lease liabilities. Goodwill was mainly attributable to commercial and operational future expected synergies, driven by cross-selling and improved productivity. Acquired goodwill is not allowable for tax purposes. From the acquisition date to 31 December 2022, LF Logistics contributed revenue of USD 360m and an insignificant net profit. Had the acquisition occurred on 1 January 2022, the impact on the Group\u2019s revenue would have been USD 1,013m. The net profit impact to the Group would have been USD 42m, including amortisation of intangible assets recognised in the acquisition. Acquisition-related costs of USD 12m were recognised as operating costs in the income statement of the Logistics & Services segment in 2021, and in operating cash flow in the cash flow statement in 2022. Pilot Freight Services (Logistics & Services) On 2 May 2022, the Group acquired 100% of the shares in Pilot Freight Services, a US-based first, middle and last mile cross-border solutions provider. Pilot has 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 to the Group, thus increasing cross-selling opportunities. The total purchase price was USD 1.6bn, of which USD 597m was related to the set-tlement of debt. In Q2 2023, the provisional purchase price allocation was finalised, resulting in a reduction of goodwill of USD 30m, primarily related to the valuation of customer relationships and deferred tax liabilities. Of the consideration paid, USD 1.1bn was related to goodwill, while USD 640m was related to intangible assets, mainly customer relationships. USD 226m was related to trade receivables, and USD 174m was related to RoU assets. Liabilities were mainly related to trade payables, lease liabilities and debt settled as part of the transaction. Goodwill was mainly attributable to commer-cial and operational future expected synergies, driven by cross-selling, network optimisations and improved productivity. Goodwill of USD 96m related to the acquisition is expected to be deductible for tax purposes. From the acquisition date to 31 December 2022, Pilot Freight Services contributed revenue of USD 987m and an insig-nificant net profit. Had the acquisition occurred on 1 January 2022, the impact on the Group\u2019s revenue would have been USD 1.5bn. The net profit impact to the Group would have been insignificant. Acquisition-related costs of USD 15m were recognised as operating costs in the income statement of the Logistics & Services segment in 2021 and 2022, and in operating cash flow in the cash flow statement in 2022. Senator International (Logistics & Services) On 2 June 2022, the Group acquired 100% of the shares in Senator International, a well-renowned German air-based freight carrier company. Senator International contributes with offerings within air freight out of Europe into the USA and Asia, and thereby adds strong capabilities and geographical reach to the integrator vision. The total purchase price was USD 584m. In Q2 2023, the provisional purchase price allocation was finalised, resulting in an increase in goodwill of USD 5m primarily related to the valuation of tax payables. Of the consideration paid, USD 230m was related to goodwill, while USD 223m was related to intangible assets, mainly customer relationships. USD 220m was related to trade re-ceivables, and the rest is mainly related to other receivables. Liabilities were mainly related to accrued expenses and deferred tax. Goodwill was mainly attributable to commercial and operational future expected synergies, driven by cross-selling, network optimisations and improved productivity. Acquired goodwill is not deductible for tax purposes. From the acquisition date to 31 December 2022, Senator International contributed revenue of USD 787m and a net profit of USD 40m. Had the acquisition occurred on 1 January 2022, the impact on the Group\u2019s revenue would have been USD 1.6bn and a net profit of USD 105m, including amortisation of intangibles assets recognised in the acquisition. Acquisition-related costs of USD 9m were recognised as operating costs in the income statement of the Logistics & Services segment in 2021, and in operating cash flow in the cash flow statement in 2022. Sales in 2023US Marine Management An agreement was reached to divest U.S. Marine Management LLC in Q3 2023. On 20 September 2023, the sale of US Marine Management LLC was completed and resulted in a net gain of USD 92m or USD 74m after tax. The net gain before tax is classified as the gain on sale of non-current assets in the income statement. Maersk Supply Service On 15 May 2023, the sale of Maersk Supply Service to A.P. M\u00f8ller Holding was completed for cash proceeds net of cash sold of USD 685m and resulted in a net gain of USD 15m, which includes the reclassification of the translation reserve loss of USD 40m from equity to the income statement. The gain is classified as the gain on sale of non-current assets in the income statement. The net profit for US Marine Management and Maersk Supply Service until divestment is included in the Towage & Maritime Services segment as per Note 2.1 Segment information.H\u00f6egh Autoliners The Group completed the sale of the 26.4% shareholding in H\u00f6egh Autoliners in three tranches during 2023. The transactions aggregated to a net price of USD 362m and a gain of USD 57m included in Towage & Maritime Services segment.Sales during the year 2022In 2022, Terminals completed the sale of the 30.75% minority stake in Global Ports Investments in Russia for USD 135m. The transaction included an option for Terminals to re-enter the partnership in the future. ACCOUNTING POLICY Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are rec-ognised if they arise from a contractual right or can oth-erwise be separately identified. The difference between the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement. If contingent consideration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is sub-sequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When A.P. Moller - Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__95": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are rec-ognised if they arise from a contractual right or can oth-erwise be separately identified. The difference between the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement. If contingent consideration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is sub-sequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When A.P. Moller - Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__94": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are rec-ognised if they arise from a contractual right or can oth-erwise be separately identified. The difference between the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement. If contingent consideration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is sub-sequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When A.P. Moller - Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
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"language": "en",
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"s10_notesesefdkgaap__10__93": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are rec-ognised if they arise from a contractual right or can oth-erwise be separately identified. The difference between the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement. If contingent consideration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is sub-sequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When A.P. Moller - Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__96-1": {
"value": "Note 3.5 Term deposits and Other receivables, non-currentLoan receivables, current, amount to USD 12.8bn (USD 17.7bn) and consist primarily of term deposits with a maturity of more than three months amounting to USD 12.8bn (USD 17.6bn). For details on the assessment of the loss allowance on term deposits, reference is made to note 4.5 Financial instruments and risks.Liquidity riskNet interest-bearing debt and liquidity reserve 2023 2022Borrowings 14,814 15,643Net interest-bearing debt -4,658 -12,632Cash and bank balances 6,701 10,057Restricted cash -1,024 -1,358Term deposits not included in cash and bank balances 12,693 17,615 Securities - 942Undrawn revolving credit facilities > 12 months 6,050 6,0001Liquidity reserve24,420 33,2561 Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, excluding securities and balances in countries with exchange control or other restrictions.For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory.The average term to maturity of loan facilities in the Group was about five years (about five years) at 31 December 2023.Carrying Cash flows including interestMaturities of liabilities amountand commitments0-1 year 1-5 years 5- years Total2023Bank and other credit institutions 973 259 676 273 1,208Lease liabilities 10,448 3,120 5,811 4,292 13,223 \u2013 of which interest 458 1,078 1,239 2,775Issued bonds 3,393 115 1,907 2,105 4,127Trade payables 6,401 6,401 - - 6,401Other payables 1,516 1,479 24 13 1,516Non-derivative financial liabilities 22,731 11,374 8,418 6,683 26,475Derivatives 395 72 241 82 395Total recognised in balance sheet 23,126 11,446 8,659 6,765 26,870Capital commitments 1,955 2,228 683 4,866Total 13,401 10,887 7,448 31,7362022Bank and other credit institutions 1,053 293 493 550 1,336Lease liabilities 11,614 3,479 6,467 4,239 14,185 \u2013 of which interest 448 1,010 1,113 2,571Issued bonds 2,976 113 2,141 1,130 3,384Trade payables 6,804 6,804 - - 6,804Other payables 1,846 1,696 129 21 1,846Non-derivative financial liabilities 24,293 12,385 9,230 5,940 27,555Derivatives 572 77 356 139 572Total recognised in balance sheet 24,865 12,462 9,586 6,079 28,127Capital commitments 1,313 3,007 705 5,025Total 13,775 12,593 6,784 33,152It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities.The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__97": {
"value": "Other receivables, non-current, primarily consist of prepayments made for operational activities that will be utilised after twelve months amounting to USD 1.3bn (USD 0.5bn).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__99": {
"value": "Note 3.6 Assets held for sale or distribution2023 2022Balance sheet items comprise:Intangible assets 59 - Property, plant and equipment and right-of-use assets 1,303 13Deferred tax assets 52 1Other assets 167 51Non-current assets 1,581 65Current assets 209 4Assets held for sale or distribution 1,790 69Provisions 12 1Deferred tax liabilities 27 - Other liabilities 209 8Liabilities associated with assets held for sale or distribution 248 9Assets held for sale in 2023 relate to one terminal within Terminals (2022: two terminals) and Svitzer (towage) within Towage & Maritime Services due to Management\u2019s commitment to its sale or distribution as of the balance sheet date.Svitzer is classified as held for sale or distribution and presented separately in the balance sheet. Comparative figures have not been restated. No gains or losses resulting from the fair value measurement of Svitzer have been recognised. Svitzer\u2019s results continue to be included in the Towage & Maritime Services segment and are included in note 2.1 Segment information as such. ACCOUNTING POLICY Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carry-ing amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is unchanged. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classi-fication as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__98": {
"value": "Note 3.6 Assets held for sale or distribution2023 2022Balance sheet items comprise:Intangible assets 59 - Property, plant and equipment and right-of-use assets 1,303 13Deferred tax assets 52 1Other assets 167 51Non-current assets 1,581 65Current assets 209 4Assets held for sale or distribution 1,790 69Provisions 12 1Deferred tax liabilities 27 - Other liabilities 209 8Liabilities associated with assets held for sale or distribution 248 9Assets held for sale in 2023 relate to one terminal within Terminals (2022: two terminals) and Svitzer (towage) within Towage & Maritime Services due to Management\u2019s commitment to its sale or distribution as of the balance sheet date.Svitzer is classified as held for sale or distribution and presented separately in the balance sheet. Comparative figures have not been restated. No gains or losses resulting from the fair value measurement of Svitzer have been recognised. Svitzer\u2019s results continue to be included in the Towage & Maritime Services segment and are included in note 2.1 Segment information as such. ACCOUNTING POLICY Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carry-ing amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is unchanged. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classi-fication as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__101": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carry-ing amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is unchanged. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classi-fication as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__100": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carry-ing amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is unchanged. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classi-fication as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__103-1": {
"value": "Note 3.7 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2023 68 1,182 369 1,619Provision made 151 488 283 922Amount used 61 239 144 444Amount reversed 34 238 57 328Additions from acquired companies - - 2 2Disposals from companies sold - 1 28 29Transfers, assets held for sale - -12 - -12Exchange rate adjustments 2 -4 -18 -2031 December 2023 126 1,176 407 1,709Of which:Classified as non-current 11 691 195 897Classified as current 115 485 212 812Non-current provisions expected to be realised after more than five years 1 36 27 64Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties, and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagreements, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty. ACCOUNTING POLICY Provisions are recognised when A.P. Moller - Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provisions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of A.P. Moller - Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 830m (USD 472m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities etc., comprising volume commitments including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__102": {
"value": "Note 3.7 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2023 68 1,182 369 1,619Provision made 151 488 283 922Amount used 61 239 144 444Amount reversed 34 238 57 328Additions from acquired companies - - 2 2Disposals from companies sold - 1 28 29Transfers, assets held for sale - -12 - -12Exchange rate adjustments 2 -4 -18 -2031 December 2023 126 1,176 407 1,709Of which:Classified as non-current 11 691 195 897Classified as current 115 485 212 812Non-current provisions expected to be realised after more than five years 1 36 27 64Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties, and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagreements, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty. ACCOUNTING POLICY Provisions are recognised when A.P. Moller - Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provisions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__104": {
"value": "Provisions are recognised when A.P. Moller - Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provisions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__106-1": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A shares of B shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2022 10,468,107 216 8,907,718 166 19,376 3,513Conversions 1 -2 3 -6 - - Cancellations 133,779 - 535,076 - 669 12131 December 2022 10,334,329 214 8,372,645 160 18,707 3,3921 January 2023 10,334,329 214 8,372,645 160 18,707 3,392Conversions 1 -2 1 -2 - -Cancellations 227,390 - 910,056 - 1,137 20631 December 2023 10,106,940 212 7,462,590 158 17,570 3,186All 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. M\u00f8ller - M\u00e6rsk A/S on 28 March 2023, the shareholders decided on the cancellation of treasury shares, whereby the share capital would be decreased. On 7 June 2023, the company\u2019s share capital was decreased from nominally DKK 18,707,161,000 to nominally DKK 17,569,715,000.The reduction in the share capital has been recorded by applying the historical rate of exchange of USD/DKK 5.5153.Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2023 2022 2023 2022 2023 2022A shares1 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 shares1 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%Disposals of treasury shares are related to the share option plan and the restricted shares plan. From 1 January 2023 to 31 December 2023, A.P. Moller - Maersk 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 A.P. M\u00f8ller Holding A/S and 162,005 B shares, with a nominal value of DKK 162m, from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie-fond, which are considered related parties. The share buy-back was carried out with the purpose to adjust the capital structure of the company. Cancellation of shares which are not used for hedging purposes for the long-term incentive programmes will be proposed at the Annual General Meeting.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treasury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of A.P. Moller - Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__105": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A shares of B shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2022 10,468,107 216 8,907,718 166 19,376 3,513Conversions 1 -2 3 -6 - - Cancellations 133,779 - 535,076 - 669 12131 December 2022 10,334,329 214 8,372,645 160 18,707 3,3921 January 2023 10,334,329 214 8,372,645 160 18,707 3,392Conversions 1 -2 1 -2 - -Cancellations 227,390 - 910,056 - 1,137 20631 December 2023 10,106,940 212 7,462,590 158 17,570 3,186All 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. M\u00f8ller - M\u00e6rsk A/S on 28 March 2023, the shareholders decided on the cancellation of treasury shares, whereby the share capital would be decreased. On 7 June 2023, the company\u2019s share capital was decreased from nominally DKK 18,707,161,000 to nominally DKK 17,569,715,000.The reduction in the share capital has been recorded by applying the historical rate of exchange of USD/DKK 5.5153.Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2023 2022 2023 2022 2023 2022A shares1 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 shares1 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%Disposals of treasury shares are related to the share option plan and the restricted shares plan. From 1 January 2023 to 31 December 2023, A.P. Moller - Maersk 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 A.P. M\u00f8ller Holding A/S and 162,005 B shares, with a nominal value of DKK 162m, from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie-fond, which are considered related parties. The share buy-back was carried out with the purpose to adjust the capital structure of the company. Cancellation of shares which are not used for hedging purposes for the long-term incentive programmes will be proposed at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__108-1": {
"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors.Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. A.P. Moller - Maersk remains investment grade-rated and holds a Baa2 (positive outlook) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 67% (69%) at the end of 2023. Share buy-backs of maximum 15% of the share capital can be de-cided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2023 2022Hedging foreign exchange risk on revenue -8 -7Hedging foreign exchange risk on operating costs 41 -127Hedging interest rate risk -21 -33Hedging foreign exchange risk on the cost of non-current assets 4 -30Total effective hedging 16 -197Ineffectiveness recognised in financial expenses -1 16Total reclassified from equity reserve for hedges 15 -181Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 154 -276Interest rate derivatives recognised directly in financial income/expenses 44 -196Oil prices and freight rate derivatives recognised directly in other income/costs -23 -150Net gains/losses recognised directly in the income statement 175 -622Total 190 -803The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors. The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2023. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2023. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same ab-solute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY, HKD and SGD. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon\u2022 Significant capital commitments or divestments in currencies other than USD are hedged\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). There are no hedges of investments at the end of 2023 (matures within one year). For hedges related to operating and investment cash flows, a loss of USD 8m in 2023 (gain of USD 94m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a gain of USD 43m at 31 December (gain of USD 51m). For hedges where the cost of hedging is applied, the forward points are recognised in other com-prehensive income and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2023 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.18 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.24 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2023 2022Non-current receivables 11 10Current receivables 137 198Non-current liabilities 323 495Current liabilities 72 77Liabilities, net 247 364Hedge of operating and investment cash Fair value, Fair value, Nominal Average flows in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.04HKD - - 193 USD/HKD 7.78Other currencies 33 8 1,119 N/ATotal 55 122022EUR 24 5 749 EUR/USD 1.05DKK 14 3 312 USD/DKK 7.08CNY 3 1 82 USD/CNY 7.01HKD 1 - 210 USD/HKD 7.81Other currencies 32 14 974 N/ATotal 74 23Fair valueOther hedges recognised at fair value through profit and loss 2023 2022Currency derivatives 43 86Total 43 86The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2023 2022 2023 20221 EUR41 167 -50 99CNY 31 34 8 27DKK 9 -221 -17 -249Other -45 -133 -145 -224Total 36 -153 -204 -3471 EUR sensitivity has been restated for 2022 from USD 30m/USD -38m to USD 167m/USD 99m for profit before tax and equity before tax, respectively.Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge Interest rate assetliabilityof hedged hedging ratehedging of derivativeiteminstru-borrowingsment2023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -1192022Combined fair value hedge, hedge of borrowingsEUR - 127 486 - 401 85 35 -54 6.2%GBP - 29 84 - 84 - 4 -7 6.8%JPY - 12 95 - 95 - - -3 6.1%NOK - 64 223 - 223 - 17 -22 6.8%Fair value hedge, hedge of borrowingsUSD - 73 900 - 500 400 75 -73 6.7%Cash flow hedge, hedge of borrowingsEUR - 145 934 - 400 534 - -56 3.2%GBP - 77 277 - 277 - - -5 4.6%NOK - 5 26 26 - - - - 3.3%SEK - 11 61 - 61 - - - 1.7%USD 11 - 391 150 200 41 - 12 2.7%Total 11 543 3,477 176 2,241 1,060 131 -208The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December is 41% (43%) excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 134m (positively by USD 215m) and positively by approx. USD 113m (positively by USD 199m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denom-inated in currencies other than USD. Each hedge relationship is split into a fair value hedge, where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 1m (USD 0m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to a gain of USD 7m (gain of USD 15m).Carrying Next interest rate fixingamountBorrowings and lease liabilities by interest rate levels inclusive of interest rate swaps 0-1 year 1-5 years 5- years20230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,43720220-3% 1,095 202 120 7733-6% 12,117 3,607 5,214 3,2966%- 2,431 1,918 231 282Total 15,643 5,727 5,565 4,351Of which:Bearing fixed interest 13,400Bearing floating interest 2,243Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsmillion price per durationmetric tonnesmetric tonne2023Oil swaps -1 0-1 year 10 2 8Buy 12 480 -231 -204 -27Sell -13 519 241 206 35Oil futures -1 0-1 year 8 7 1Buy - 633 -1 -1 -Sell -1 639 9 8 1Total -2 18 9 92022Oil swaps -1 0-1 year 25 20 5Buy 10 517 -132 -135 3Sell -11 512 157 155 2Oil futures - 0-1 year 5 5 -Buy 1 739 -2 -3 1Sell -1 749 7 8 -1Total -1 30 25 5The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2023, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to an increase in the oil price of 5% is estimated, all else being equal, to affect profit and equity before tax negatively by approx. USD 24m (negatively by USD 21m), and negatively by USD 24m (negatively USD 21m), respectively. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Credit riskMaturity analysis of trade receivables 2023 2022Receivables not due 3,587 5,220Less than 90 days overdue 1,140 1,66091 \u2013 365 days overdue 253 264More than 1 year overdue 127 92Receivables, gross 5,107 7,236Provision for bad debt 226 265Carrying amount 4,881 6,971The loss allowance provision for trade receivables as at 31 December 2023 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2023 20221 January 265 205Provision made 258 331Amount used 88 105Amount reversed 210 165Acquired in business combinations 4 13Disposal on the sale of businesses 1 -Transfers, assets held for sale -2 -13Exchange rate adjustments and others - -131 December 226 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 50% (31%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual exposure is above 10%. A.P. Moller - Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settlement in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.Liquidity riskNet interest-bearing debt and liquidity reserve 2023 2022Borrowings 14,814 15,643Net interest-bearing debt -4,658 -12,632Cash and bank balances 6,701 10,057Restricted cash -1,024 -1,358Term deposits not included in cash and bank balances 12,693 17,615 Securities - 942Undrawn revolving credit facilities > 12 months 6,050 6,0001Liquidity reserve24,420 33,2561 Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, excluding securities and balances in countries with exchange control or other restrictions.For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory.The average term to maturity of loan facilities in the Group was about five years (about five years) at 31 December 2023.Carrying Cash flows including interestMaturities of liabilities amountand commitments0-1 year 1-5 years 5- years Total2023Bank and other credit institutions 973 259 676 273 1,208Lease liabilities 10,448 3,120 5,811 4,292 13,223 \u2013 of which interest 458 1,078 1,239 2,775Issued bonds 3,393 115 1,907 2,105 4,127Trade payables 6,401 6,401 - - 6,401Other payables 1,516 1,479 24 13 1,516Non-derivative financial liabilities 22,731 11,374 8,418 6,683 26,475Derivatives 395 72 241 82 395Total recognised in balance sheet 23,126 11,446 8,659 6,765 26,870Capital commitments 1,955 2,228 683 4,866Total 13,401 10,887 7,448 31,7362022Bank and other credit institutions 1,053 293 493 550 1,336Lease liabilities 11,614 3,479 6,467 4,239 14,185 \u2013 of which interest 448 1,010 1,113 2,571Issued bonds 2,976 113 2,141 1,130 3,384Trade payables 6,804 6,804 - - 6,804Other payables 1,846 1,696 129 21 1,846Non-derivative financial liabilities 24,293 12,385 9,230 5,940 27,555Derivatives 572 77 356 139 572Total recognised in balance sheet 24,865 12,462 9,586 6,079 28,127Capital commitments 1,313 3,007 705 5,025Total 13,775 12,593 6,784 33,152It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities.The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital. ACCOUNTING POLICY Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__107": {
"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors.Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. A.P. Moller - Maersk remains investment grade-rated and holds a Baa2 (positive outlook) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 67% (69%) at the end of 2023. Share buy-backs of maximum 15% of the share capital can be de-cided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__109-1": {
"value": "The basis for calculating earnings per share is the following:A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of: 2023 2022Profit for the period 3,822 29,198 2023 2022Issued shares 1 January 18,707,161 19,376,016Average number of treasury shares 1,213,793 720,802Average number of cancelled shares 648,188 404,978Average number of shares (basic) 16,845,180 18,250,236Dilutive effect of outstanding restricted and performance shares and share options 28,862 57,522Average number of shares (diluted) 16,874,042 18,307,758Basic earnings per share (USD) 227 1,600Diluted earnings per share (USD) 227 1,595Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), ex-cluding A.P. Moller - Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, perfor-mance shares and share options outstanding as issued by the parent company.",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__110-1": {
"value": "DividendsThe dividend of DKK 4,300 per share of DKK 1,000 was paid on 31 March 2023 \u2013 a total of DKK 74.4bn equivalent to USD 10.9bn, excluding treasury shares (dividend of DKK 2,500 per share of DKK 1,000 paid \u2013 total of DKK 46.8bn, equivalent to USD 6.9bn). The Board of Directors proposes a dividend to the shareholders of DKK 515 per share of DKK 1,000 \u2013 a total of DKK 8.1bn, equivalent to USD 1.2bn (DKK 4,300 per share of DKK 1,000 \u2013 a total of DKK 74.4bn equivalent to USD 10.9bn). Payment of dividends is expected to take place on 19 March 2024. Payment of dividends to shareholders does not trigger taxes to A.P. Moller - Maersk.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treasury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of A.P. Moller - Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
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"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__111": {
"value": "4300",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
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},
"s10_notesesefdkgaap__10__112": {
"value": "1000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__10__113": {
"value": "74400000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK"
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},
"s10_notesesefdkgaap__10__114": {
"value": "10900000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s10_notesesefdkgaap__11__115": {
"value": "2500",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__11__116": {
"value": "1000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__11__117": {
"value": "46800000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s10_notesesefdkgaap__11__118": {
"value": "6900000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s10_notesesefdkgaap__10__119": {
"value": "515",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__10__120": {
"value": "1000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__10__121": {
"value": "8100000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s10_notesesefdkgaap__10__122": {
"value": "1200000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s10_notesesefdkgaap__11__123": {
"value": "4300",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__11__124": {
"value": "1000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__11__125": {
"value": "74400000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s10_notesesefdkgaap__11__126": {
"value": "10900000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s10_notesesefdkgaap__10__127": {
"value": "Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), ex-cluding A.P. Moller - Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, perfor-mance shares and share options outstanding as issued by the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__131": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treasury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of A.P. Moller - Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__129": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treasury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of A.P. Moller - Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__134": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non-current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non-current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of green methanol vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12021 FromOther Addi- Dis posals Transfers, Foreign Other2022financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,443 -717 -282 612 - -13 10 - 1,0532Issued bonds3,341 - - - - - -177 -188 2,9763-282Total borrowings 4,784 -717612 - -13 -167 -188 4,029Classified as non-current 4,315 3,774Classified as current 436 255Leases:5Lease liabilities 10,551 -3,080 -10 4,776-433 -13 -173 -4 11,614Classified as non-current 8,153 8,582Classified as current 2,398 3,032Total borrowings and leases 15,335 -3,797 -292 5,388 -433 -26 -340 -192 15,643Derivatives hedge of borrowings, net 194 14 - - - - 188 136 5321 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2022, USD 552m are green bonds used to finance acquisitions of green methanol vessels. 3 Cash flows from financing activities of negative USD 717m are made up of repayments of borrowings of negative USD 800m, and proceeds from borrowings of USD 83m.4 Cash flows from other include a decrease in cash overdrafts of USD 282m. 5 Additions include USD 571m of lease liabilities from businesses acquired during 2022.The maturity analysis of lease liabilities is disclosed in note 4.5. ACCOUNTING POLICY Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective inter-est method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged inter-est component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at A.P. Moller - Maersk\u2019s incremen-tal borrowing rate (IBR). A.P. Moller - Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, A.P. Moller - Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, A.P. Moller - Maersk uses a build-up ap-proach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that A.P. Moller - Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Man-agement considers all facts and circumstances that cre-ate an economic incentive to exercise an extension option or to not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended or not terminate. Most of the exten-sion and termination options held are exercisable only by A.P. Moller - Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where A.P. Moller - Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__133-1": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non-current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non-current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of green methanol vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12021 FromOther Addi- Dis posals Transfers, Foreign Other2022financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,443 -717 -282 612 - -13 10 - 1,0532Issued bonds3,341 - - - - - -177 -188 2,9763-282Total borrowings 4,784 -717612 - -13 -167 -188 4,029Classified as non-current 4,315 3,774Classified as current 436 255Leases:5Lease liabilities 10,551 -3,080 -10 4,776-433 -13 -173 -4 11,614Classified as non-current 8,153 8,582Classified as current 2,398 3,032Total borrowings and leases 15,335 -3,797 -292 5,388 -433 -26 -340 -192 15,643Derivatives hedge of borrowings, net 194 14 - - - - 188 136 5321 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2022, USD 552m are green bonds used to finance acquisitions of green methanol vessels. 3 Cash flows from financing activities of negative USD 717m are made up of repayments of borrowings of negative USD 800m, and proceeds from borrowings of USD 83m.4 Cash flows from other include a decrease in cash overdrafts of USD 282m. 5 Additions include USD 571m of lease liabilities from businesses acquired during 2022.The maturity analysis of lease liabilities is disclosed in note 4.5.Note 5.5 Cash flow specifications2023 2022Change in working capitalTrade receivables 1,870 -1,018Other working capital movements -1,441 -731Exchange rate adjustment of working capital -12 -59Total 417 -1,808Purchase of intangible assets and property, plant and equipment1Additions-6,024 -8,205Of which is right-of-use assets, etc. 2,164 4,210Of which is borrowing costs capitalised on assets 133 49Adjustments of additions for cash flow presentation 63 194Change in payables to suppliers regarding purchase of assets 18 -411Total -3,646 -4,1631 Additions to intangible assets of USD 204m (USD 349m), property, plant and equipment of USD 3.7bn (USD 3.6bn), right-of-use assets of USD 2.2bn (USD 4.2bn) and assets held for sale of USD 0m (USD 5m). SIGNIFICANT ACCOUNTING JUDGEMENTS Operations in countries with limited access to repatriating surplus cashA.P. Moller - Maersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents. ACCOUNTING POLICY Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of A.P. Moller - Maersk\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__138": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective inter-est method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged inter-est component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__136": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective inter-est method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged inter-est component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__146": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__145": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__144": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__143": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__142": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__141": {
"value": "Note 4.4 Financial income and expenses2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,7171 Of which USD 563m (USD 518m) relates to interest expenses on lease liabilities.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 7.2% (4.6%). 3 Of which USD 1m (USD 0m) pertains to shares held at the end of the year and USD 0m (USD 0m) pertains to shares sold during the year.4 Of which USD 10m (USD 0m) relates to expenses from prepayment of issued bonds.For an analysis of gains and losses from derivatives, reference is made to note 4.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__148-1": {
"value": "2023 20221,4Interest expenses on liabilities904 8152Borrowing costs capitalised on assets133 49Interest income on loans and receivables 1,202 436Fair value adjustment transferred from equity hedge reserve (loss) 21 33Net interest expenses -410 363Exchange rate gains on bank balances, borrowings and working capital 335 596Exchange rate losses on bank balances, borrowings and working capital 522 586Net foreign exchange gains/losses -187 10Fair value gains from derivatives 200 54Fair value losses from derivatives 56 319Net fair value gains/losses 144 -2653Dividends received from securities1 - Gains on payable contingent consideration 66 - Impairment losses on financial assets 6 13Reversal of impairment losses on financial assets - 2Financial expenses, net -428 629Of which:Financial income 1,804 1,088Financial expenses 1,376 1,717Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY, HKD and SGD. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies.The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2023 2022 2023 20221 EUR41 167 -50 99CNY 31 34 8 27DKK 9 -221 -17 -249Other -45 -133 -145 -224Total 36 -153 -204 -3471 EUR sensitivity has been restated for 2022 from USD 30m/USD -38m to USD 167m/USD 99m for profit before tax and equity before tax, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__140": {
"value": "Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected future payments to be made in respect of services pro-vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__159-1": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2023 2022Hedging foreign exchange risk on revenue -8 -7Hedging foreign exchange risk on operating costs 41 -127Hedging interest rate risk -21 -33Hedging foreign exchange risk on the cost of non-current assets 4 -30Total effective hedging 16 -197Ineffectiveness recognised in financial expenses -1 16Total reclassified from equity reserve for hedges 15 -181Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 154 -276Interest rate derivatives recognised directly in financial income/expenses 44 -196Oil prices and freight rate derivatives recognised directly in other income/costs -23 -150Net gains/losses recognised directly in the income statement 175 -622Total 190 -803The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors. The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2023. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2023. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same ab-solute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY, HKD and SGD. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon\u2022 Significant capital commitments or divestments in currencies other than USD are hedged\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). There are no hedges of investments at the end of 2023 (matures within one year). For hedges related to operating and investment cash flows, a loss of USD 8m in 2023 (gain of USD 94m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a gain of USD 43m at 31 December (gain of USD 51m). For hedges where the cost of hedging is applied, the forward points are recognised in other com-prehensive income and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2023 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.18 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.24 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2023 2022Non-current receivables 11 10Current receivables 137 198Non-current liabilities 323 495Current liabilities 72 77Liabilities, net 247 364Hedge of operating and investment cash Fair value, Fair value, Nominal Average flows in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.04HKD - - 193 USD/HKD 7.78Other currencies 33 8 1,119 N/ATotal 55 122022EUR 24 5 749 EUR/USD 1.05DKK 14 3 312 USD/DKK 7.08CNY 3 1 82 USD/CNY 7.01HKD 1 - 210 USD/HKD 7.81Other currencies 32 14 974 N/ATotal 74 23Fair valueOther hedges recognised at fair value through profit and loss 2023 2022Currency derivatives 43 86Total 43 86The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2023 2022 2023 20221 EUR41 167 -50 99CNY 31 34 8 27DKK 9 -221 -17 -249Other -45 -133 -145 -224Total 36 -153 -204 -3471 EUR sensitivity has been restated for 2022 from USD 30m/USD -38m to USD 167m/USD 99m for profit before tax and equity before tax, respectively.Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge Interest rate assetliabilityof hedged hedging ratehedging of derivativeiteminstru-borrowingsment2023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -1192022Combined fair value hedge, hedge of borrowingsEUR - 127 486 - 401 85 35 -54 6.2%GBP - 29 84 - 84 - 4 -7 6.8%JPY - 12 95 - 95 - - -3 6.1%NOK - 64 223 - 223 - 17 -22 6.8%Fair value hedge, hedge of borrowingsUSD - 73 900 - 500 400 75 -73 6.7%Cash flow hedge, hedge of borrowingsEUR - 145 934 - 400 534 - -56 3.2%GBP - 77 277 - 277 - - -5 4.6%NOK - 5 26 26 - - - - 3.3%SEK - 11 61 - 61 - - - 1.7%USD 11 - 391 150 200 41 - 12 2.7%Total 11 543 3,477 176 2,241 1,060 131 -208The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December is 41% (43%) excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 134m (positively by USD 215m) and positively by approx. USD 113m (positively by USD 199m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denom-inated in currencies other than USD. Each hedge relationship is split into a fair value hedge, where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 1m (USD 0m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to a gain of USD 7m (gain of USD 15m).Carrying Next interest rate fixingamountBorrowings and lease liabilities by interest rate levels inclusive of interest rate swaps 0-1 year 1-5 years 5- years20230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,43720220-3% 1,095 202 120 7733-6% 12,117 3,607 5,214 3,2966%- 2,431 1,918 231 282Total 15,643 5,727 5,565 4,351Of which:Bearing fixed interest 13,400Bearing floating interest 2,243Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsmillion price per durationmetric tonnesmetric tonne2023Oil swaps -1 0-1 year 10 2 8Buy 12 480 -231 -204 -27Sell -13 519 241 206 35Oil futures -1 0-1 year 8 7 1Buy - 633 -1 -1 -Sell -1 639 9 8 1Total -2 18 9 92022Oil swaps -1 0-1 year 25 20 5Buy 10 517 -132 -135 3Sell -11 512 157 155 2Oil futures - 0-1 year 5 5 -Buy 1 739 -2 -3 1Sell -1 749 7 8 -1Total -1 30 25 5The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2023, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to an increase in the oil price of 5% is estimated, all else being equal, to affect profit and equity before tax negatively by approx. USD 24m (negatively by USD 21m), and negatively by USD 24m (negatively USD 21m), respectively. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__151": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2023 2022Hedging foreign exchange risk on revenue -8 -7Hedging foreign exchange risk on operating costs 41 -127Hedging interest rate risk -21 -33Hedging foreign exchange risk on the cost of non-current assets 4 -30Total effective hedging 16 -197Ineffectiveness recognised in financial expenses -1 16Total reclassified from equity reserve for hedges 15 -181Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 154 -276Interest rate derivatives recognised directly in financial income/expenses 44 -196Oil prices and freight rate derivatives recognised directly in other income/costs -23 -150Net gains/losses recognised directly in the income statement 175 -622Total 190 -803",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__150": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2023 2022Hedging foreign exchange risk on revenue -8 -7Hedging foreign exchange risk on operating costs 41 -127Hedging interest rate risk -21 -33Hedging foreign exchange risk on the cost of non-current assets 4 -30Total effective hedging 16 -197Ineffectiveness recognised in financial expenses -1 16Total reclassified from equity reserve for hedges 15 -181Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 154 -276Interest rate derivatives recognised directly in financial income/expenses 44 -196Oil prices and freight rate derivatives recognised directly in other income/costs -23 -150Net gains/losses recognised directly in the income statement 175 -622Total 190 -803",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__154": {
"value": "Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2023. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2023. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same ab-solute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY, HKD and SGD. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon\u2022 Significant capital commitments or divestments in currencies other than USD are hedged\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). There are no hedges of investments at the end of 2023 (matures within one year). For hedges related to operating and investment cash flows, a loss of USD 8m in 2023 (gain of USD 94m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a gain of USD 43m at 31 December (gain of USD 51m). For hedges where the cost of hedging is applied, the forward points are recognised in other com-prehensive income and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2023 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.18 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.24 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2023 2022Non-current receivables 11 10Current receivables 137 198Non-current liabilities 323 495Current liabilities 72 77Liabilities, net 247 364Hedge of operating and investment cash Fair value, Fair value, Nominal Average flows in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.04HKD - - 193 USD/HKD 7.78Other currencies 33 8 1,119 N/ATotal 55 122022EUR 24 5 749 EUR/USD 1.05DKK 14 3 312 USD/DKK 7.08CNY 3 1 82 USD/CNY 7.01HKD 1 - 210 USD/HKD 7.81Other currencies 32 14 974 N/ATotal 74 23Fair valueOther hedges recognised at fair value through profit and loss 2023 2022Currency derivatives 43 86Total 43 86The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2023 2022 2023 20221 EUR41 167 -50 99CNY 31 34 8 27DKK 9 -221 -17 -249Other -45 -133 -145 -224Total 36 -153 -204 -3471 EUR sensitivity has been restated for 2022 from USD 30m/USD -38m to USD 167m/USD 99m for profit before tax and equity before tax, respectively.Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge Interest rate assetliabilityof hedged hedging ratehedging of derivativeiteminstru-borrowingsment2023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -1192022Combined fair value hedge, hedge of borrowingsEUR - 127 486 - 401 85 35 -54 6.2%GBP - 29 84 - 84 - 4 -7 6.8%JPY - 12 95 - 95 - - -3 6.1%NOK - 64 223 - 223 - 17 -22 6.8%Fair value hedge, hedge of borrowingsUSD - 73 900 - 500 400 75 -73 6.7%Cash flow hedge, hedge of borrowingsEUR - 145 934 - 400 534 - -56 3.2%GBP - 77 277 - 277 - - -5 4.6%NOK - 5 26 26 - - - - 3.3%SEK - 11 61 - 61 - - - 1.7%USD 11 - 391 150 200 41 - 12 2.7%Total 11 543 3,477 176 2,241 1,060 131 -208The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December is 41% (43%) excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 134m (positively by USD 215m) and positively by approx. USD 113m (positively by USD 199m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denom-inated in currencies other than USD. Each hedge relationship is split into a fair value hedge, where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 1m (USD 0m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to a gain of USD 7m (gain of USD 15m).Carrying Next interest rate fixingamountBorrowings and lease liabilities by interest rate levels inclusive of interest rate swaps 0-1 year 1-5 years 5- years20230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,43720220-3% 1,095 202 120 7733-6% 12,117 3,607 5,214 3,2966%- 2,431 1,918 231 282Total 15,643 5,727 5,565 4,351Of which:Bearing fixed interest 13,400Bearing floating interest 2,243Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsmillion price per durationmetric tonnesmetric tonne2023Oil swaps -1 0-1 year 10 2 8Buy 12 480 -231 -204 -27Sell -13 519 241 206 35Oil futures -1 0-1 year 8 7 1Buy - 633 -1 -1 -Sell -1 639 9 8 1Total -2 18 9 92022Oil swaps -1 0-1 year 25 20 5Buy 10 517 -132 -135 3Sell -11 512 157 155 2Oil futures - 0-1 year 5 5 -Buy 1 739 -2 -3 1Sell -1 749 7 8 -1Total -1 30 25 5The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2023, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to an increase in the oil price of 5% is estimated, all else being equal, to affect profit and equity before tax negatively by approx. USD 24m (negatively by USD 21m), and negatively by USD 24m (negatively USD 21m), respectively. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__155": {
"value": "Credit riskMaturity analysis of trade receivables 2023 2022Receivables not due 3,587 5,220Less than 90 days overdue 1,140 1,66091 \u2013 365 days overdue 253 264More than 1 year overdue 127 92Receivables, gross 5,107 7,236Provision for bad debt 226 265Carrying amount 4,881 6,971The loss allowance provision for trade receivables as at 31 December 2023 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2023 20221 January 265 205Provision made 258 331Amount used 88 105Amount reversed 210 165Acquired in business combinations 4 13Disposal on the sale of businesses 1 -Transfers, assets held for sale -2 -13Exchange rate adjustments and others - -131 December 226 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 50% (31%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual exposure is above 10%. A.P. Moller - Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settlement in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__156": {
"value": "The loss allowance provision for trade receivables as at 31 December 2023 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2023 20221 January 265 205Provision made 258 331Amount used 88 105Amount reversed 210 165Acquired in business combinations 4 13Disposal on the sale of businesses 1 -Transfers, assets held for sale -2 -13Exchange rate adjustments and others - -131 December 226 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 50% (31%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual exposure is above 10%. A.P. Moller - Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settlement in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__157": {
"value": "Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 50% (31%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual exposure is above 10%. A.P. Moller - Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settlement in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__165": {
"value": "For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__164": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__163": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__162": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__160": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of deriv-ative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and forward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__171": {
"value": "Note 4.6 Financial instruments by category3 Carrying amount 2023 2022 2023 2022Carried at amortised costLoan receivables 12,956 17,677 12,973 17,618Lease receivables 49 13Other interest-bearing receivables and deposits 117 106Trade receivables 4,881 6,971Other receivables (non-interest-bearing) 2,712 1,680Securities - 942Cash and bank balances 6,701 10,057Financial assets at amortised cost 27,416 37,446Derivatives 148 208Carried at fair value through profit/loss1Other receivables (non-interest-bearing) - 3Securities - - Financial assets at fair value through profit or loss - 3Carried at fair value through other comprehensive income2Equity investments (FVOCI)398 377Financial assets at fair value through OCI 398 377Total financial assets 27,962 38,034Carried at amortised costBank and other credit institutions 973 1,053 1,000 1,054Lease liabilities 10,448 11,614Issued bonds 3,393 2,976 3,339 2,855Trade payables 6,401 6,804Other payables 1,500 1,716Financial liabilities at amortised cost 22,715 24,163Derivatives 395 572Carried at fair valueOther payables 16 130Financial liabilities at fair value 16 130Total financial liabilities 23,126 24,8651 Relates to contingent considerations receivable.2 Designated at initial recognition in accordance with IFRS 9.3 Where no fair value is stated, the amount equals carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__170": {
"value": "Note 4.6 Financial instruments by category3 Carrying amount 2023 2022 2023 2022Carried at amortised costLoan receivables 12,956 17,677 12,973 17,618Lease receivables 49 13Other interest-bearing receivables and deposits 117 106Trade receivables 4,881 6,971Other receivables (non-interest-bearing) 2,712 1,680Securities - 942Cash and bank balances 6,701 10,057Financial assets at amortised cost 27,416 37,446Derivatives 148 208Carried at fair value through profit/loss1Other receivables (non-interest-bearing) - 3Securities - - Financial assets at fair value through profit or loss - 3Carried at fair value through other comprehensive income2Equity investments (FVOCI)398 377Financial assets at fair value through OCI 398 377Total financial assets 27,962 38,034Carried at amortised costBank and other credit institutions 973 1,053 1,000 1,054Lease liabilities 10,448 11,614Issued bonds 3,393 2,976 3,339 2,855Trade payables 6,401 6,804Other payables 1,500 1,716Financial liabilities at amortised cost 22,715 24,163Derivatives 395 572Carried at fair valueOther payables 16 130Financial liabilities at fair value 16 130Total financial liabilities 23,126 24,8651 Relates to contingent considerations receivable.2 Designated at initial recognition in accordance with IFRS 9.3 Where no fair value is stated, the amount equals carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__169": {
"value": "Note 4.6 Financial instruments by category3 Carrying amount 2023 2022 2023 2022Carried at amortised costLoan receivables 12,956 17,677 12,973 17,618Lease receivables 49 13Other interest-bearing receivables and deposits 117 106Trade receivables 4,881 6,971Other receivables (non-interest-bearing) 2,712 1,680Securities - 942Cash and bank balances 6,701 10,057Financial assets at amortised cost 27,416 37,446Derivatives 148 208Carried at fair value through profit/loss1Other receivables (non-interest-bearing) - 3Securities - - Financial assets at fair value through profit or loss - 3Carried at fair value through other comprehensive income2Equity investments (FVOCI)398 377Financial assets at fair value through OCI 398 377Total financial assets 27,962 38,034Carried at amortised costBank and other credit institutions 973 1,053 1,000 1,054Lease liabilities 10,448 11,614Issued bonds 3,393 2,976 3,339 2,855Trade payables 6,401 6,804Other payables 1,500 1,716Financial liabilities at amortised cost 22,715 24,163Derivatives 395 572Carried at fair valueOther payables 16 130Financial liabilities at fair value 16 130Total financial liabilities 23,126 24,8651 Relates to contingent considerations receivable.2 Designated at initial recognition in accordance with IFRS 9.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Carrying amount 1 January 2022 263 3 266 110 110Additions 36 - 36 84 84Disposals 28 - 28 63 63Gains/losses recognised in the income statement - - - -2 -2Gains/losses recognised in other comprehensive income 71 - 71 - - Exchange rate adjustments, etc. - 1 1Carrying amount 31 December 2022 342 3 345 130 130Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2014 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) andLevel 3 \u2014 Inputs for the asset or liability that are not based on observable market data.Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costFair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value.Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the remaining borrowing items is within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__168": {
"value": "Note 4.6 Financial instruments by category3 Carrying amount 2023 2022 2023 2022Carried at amortised costLoan receivables 12,956 17,677 12,973 17,618Lease receivables 49 13Other interest-bearing receivables and deposits 117 106Trade receivables 4,881 6,971Other receivables (non-interest-bearing) 2,712 1,680Securities - 942Cash and bank balances 6,701 10,057Financial assets at amortised cost 27,416 37,446Derivatives 148 208Carried at fair value through profit/loss1Other receivables (non-interest-bearing) - 3Securities - - Financial assets at fair value through profit or loss - 3Carried at fair value through other comprehensive income2Equity investments (FVOCI)398 377Financial assets at fair value through OCI 398 377Total financial assets 27,962 38,034Carried at amortised costBank and other credit institutions 973 1,053 1,000 1,054Lease liabilities 10,448 11,614Issued bonds 3,393 2,976 3,339 2,855Trade payables 6,401 6,804Other payables 1,500 1,716Financial liabilities at amortised cost 22,715 24,163Derivatives 395 572Carried at fair valueOther payables 16 130Financial liabilities at fair value 16 130Total financial liabilities 23,126 24,8651 Relates to contingent considerations receivable.2 Designated at initial recognition in accordance with IFRS 9.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Carrying amount 1 January 2022 263 3 266 110 110Additions 36 - 36 84 84Disposals 28 - 28 63 63Gains/losses recognised in the income statement - - - -2 -2Gains/losses recognised in other comprehensive income 71 - 71 - - Exchange rate adjustments, etc. - 1 1Carrying amount 31 December 2022 342 3 345 130 130Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2014 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) andLevel 3 \u2014 Inputs for the asset or liability that are not based on observable market data.Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costFair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value.Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the remaining borrowing items is within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__167": {
"value": "Note 4.6 Financial instruments by category3 Carrying amount 2023 2022 2023 2022Carried at amortised costLoan receivables 12,956 17,677 12,973 17,618Lease receivables 49 13Other interest-bearing receivables and deposits 117 106Trade receivables 4,881 6,971Other receivables (non-interest-bearing) 2,712 1,680Securities - 942Cash and bank balances 6,701 10,057Financial assets at amortised cost 27,416 37,446Derivatives 148 208Carried at fair value through profit/loss1Other receivables (non-interest-bearing) - 3Securities - - Financial assets at fair value through profit or loss - 3Carried at fair value through other comprehensive income2Equity investments (FVOCI)398 377Financial assets at fair value through OCI 398 377Total financial assets 27,962 38,034Carried at amortised costBank and other credit institutions 973 1,053 1,000 1,054Lease liabilities 10,448 11,614Issued bonds 3,393 2,976 3,339 2,855Trade payables 6,401 6,804Other payables 1,500 1,716Financial liabilities at amortised cost 22,715 24,163Derivatives 395 572Carried at fair valueOther payables 16 130Financial liabilities at fair value 16 130Total financial liabilities 23,126 24,8651 Relates to contingent considerations receivable.2 Designated at initial recognition in accordance with IFRS 9.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Carrying amount 1 January 2022 263 3 266 110 110Additions 36 - 36 84 84Disposals 28 - 28 63 63Gains/losses recognised in the income statement - - - -2 -2Gains/losses recognised in other comprehensive income 71 - 71 - - Exchange rate adjustments, etc. - 1 1Carrying amount 31 December 2022 342 3 345 130 130Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2014 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) andLevel 3 \u2014 Inputs for the asset or liability that are not based on observable market data.Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costFair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value.Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the remaining borrowing items is within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__172": {
"value": "Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2014 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) andLevel 3 \u2014 Inputs for the asset or liability that are not based on observable market data.Fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costFair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value.Fair value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the remaining borrowing items is within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__178-1": {
"value": "Note 5.1 Tax and deferred tax2023 2022Tax recognised in the income statementCurrent tax on profits for the year 595 782Adjustment for current tax of prior periods -65 44Utilisation of previously unrecognised deferred tax assets -169 -23Total current tax 361 803Origination and reversal of temporary differences -43 -143Adjustment for deferred tax of prior periods -38 49Recognition of previously unrecognised deferred tax assets 22 - Reassessment of recoverability of deferred tax assets, net 17 1Total deferred tax -42 -93Total income tax 319 710Tonnage and freight tax 135 200Total tax expense 454 910Tax reconciliationProfit/loss before tax 4,362 30,231Profit/loss subject to Danish and foreign tonnage taxation, etc. -2,526 -28,999Share of profit/loss in joint ventures -148 192Share of profit/loss in associated companies -287 -324Profit/loss before tax, adjusted 1,401 1,100Tax using the Danish corporation tax rate (22%) 309 242Tax rate deviations in foreign jurisdictions 66 31Non-taxable income -23 -21Non-deductible expenses 65 171Adjustment to previous years\u2019 taxes -103 94Change in recoverability of deferred tax assets -130 -22Deferred tax asset not recognised 19 29Withholding taxes 107 157Other differences, net 9 29Total income tax 319 710Effective tax rate 10.4% 3.0%Tax recognised in other comprehensive income and equity 3 -20Of which:Current tax 7 -26Deferred tax -4 6Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2023 2022 2023 2022 2023 2022Intangible assets 40 44 561 453 521 409Property, plant and equipment 40 51 278 314 238 263Provisions, etc. 255 248 48 173 -207 -75Tax loss carry- forwards 75 103 - - -75 -103Other 150 119 96 106 -54 -13Total 560 565 983 1,046 423 481Offsets -217 -166 -217 -163 - 3Total 343 399 766 883 423 484Change in deferred tax, net, during the year 2023 20221 January 484 164Intangible assets -11 39Property, plant and equipment -10 21Provisions, etc. 21 -146Tax loss carry-forwards -5 27Other -37 -34Recognised in the income statement -42 -93Transfer to held for sale 25 -14Other including business combinations -44 42731 December 423 484Unrecognised deferred tax assets 2023 2022Deductible temporary differences 103 125Tax loss carry-forwards 780 782Unused tax credits 12 11Total 895 918The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Deferred tax assetsJudgement has been applied with respect to A.P. Moller - Maersk\u2019s ability to utilise deferred tax as-sets. Management considers the likelihood of utilisation based on the latest business plans and the recent finan-cial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 156m (USD 163m). These assets mainly relate to unused tax losses or deductible temporary dif-ferences generated during the construction of terminals, where taxable profits have been generated either in the current period or are expected to be generated within the foreseeable future.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor taxable profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is rec-ognised for undistributed earnings in subsidiaries, when A.P. Moller - Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__174": {
"value": "Note 5.1 Tax and deferred tax2023 2022Tax recognised in the income statementCurrent tax on profits for the year 595 782Adjustment for current tax of prior periods -65 44Utilisation of previously unrecognised deferred tax assets -169 -23Total current tax 361 803Origination and reversal of temporary differences -43 -143Adjustment for deferred tax of prior periods -38 49Recognition of previously unrecognised deferred tax assets 22 - Reassessment of recoverability of deferred tax assets, net 17 1Total deferred tax -42 -93Total income tax 319 710Tonnage and freight tax 135 200Total tax expense 454 910Tax reconciliationProfit/loss before tax 4,362 30,231Profit/loss subject to Danish and foreign tonnage taxation, etc. -2,526 -28,999Share of profit/loss in joint ventures -148 192Share of profit/loss in associated companies -287 -324Profit/loss before tax, adjusted 1,401 1,100Tax using the Danish corporation tax rate (22%) 309 242Tax rate deviations in foreign jurisdictions 66 31Non-taxable income -23 -21Non-deductible expenses 65 171Adjustment to previous years\u2019 taxes -103 94Change in recoverability of deferred tax assets -130 -22Deferred tax asset not recognised 19 29Withholding taxes 107 157Other differences, net 9 29Total income tax 319 710Effective tax rate 10.4% 3.0%Tax recognised in other comprehensive income and equity 3 -20Of which:Current tax 7 -26Deferred tax -4 6Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2023 2022 2023 2022 2023 2022Intangible assets 40 44 561 453 521 409Property, plant and equipment 40 51 278 314 238 263Provisions, etc. 255 248 48 173 -207 -75Tax loss carry- forwards 75 103 - - -75 -103Other 150 119 96 106 -54 -13Total 560 565 983 1,046 423 481Offsets -217 -166 -217 -163 - 3Total 343 399 766 883 423 484Change in deferred tax, net, during the year 2023 20221 January 484 164Intangible assets -11 39Property, plant and equipment -10 21Provisions, etc. 21 -146Tax loss carry-forwards -5 27Other -37 -34Recognised in the income statement -42 -93Transfer to held for sale 25 -14Other including business combinations -44 42731 December 423 484Unrecognised deferred tax assets 2023 2022Deductible temporary differences 103 125Tax loss carry-forwards 780 782Unused tax credits 12 11Total 895 918The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Taxation of activitiesAs a global integrator of container logistics, A.P. Moller - Maersk generates profits from ocean, air or land-based activities. The land-based activities, which are subject to normal corporate income tax, include terminals, logistics, services and shipping agencies through which the Group operate one of the world\u2019s most comprehensive port and integrated logistics service networks. The logistics products include transportation, warehousing and distribution including cold storage, customs services and supply chain management services. This expanding land-based activity has prompted the estab-lishment and acquisition of entities in numerous countries. On the ocean, A.P. Moller - Maersk moves millions of TEUs every year and operates hundreds of vessels delivering cargo to every corner of the globe, including dry cargo commodities, refrigerated cargo and dangerous cargo. This ocean activity, which represents the vast majority of the Group\u2019s current revenues, may be subject to special shipping tax rules, including tonnage and freight taxes.Global Minimum Taxation (OECD Pillar Two)In an effort to end tax avoidance and to address concerns about the erosion of the global corporate tax base, a global framework for corporate taxation has been formed by the OECD/G20 Inclusive Framework and is supported by over 135 jurisdictions. One of the key elements is to introduce a global minimum tax rate of 15%, based on group accounting income per jurisdiction. The minimum tax rules are designed as a hierarchy of the right to claim income tax. If the income is not subject to a minimum effective tax rate of 15% in the country where it is earned, then the remaining tax payment (top-up tax) can be picked up by another jurisdiction where the Group is active. For the Group, Denmark will add top-up tax if not applied locally as the ultimate parent entity of the Group, A.P. M\u00f8ller Holding A/S, is located in Denmark. The Danish implementation of Council Directive (EU) 2022/2523 of 14 December 2022 is effective from 1 January 2024. This means that A.P. Moller - Maersk\u2019s income is subject to the minimum tax rules for all jurisdictions via Danish implementation for the financial year 2024 and onwards. It is expected that many jurisdictions will implement similar legislation. Because the Danish implementation covers the Group\u2019s global activities, it is not expected that other national imple-mentations will have a significant additional impact to the global tax payments of the Group. It may, however, have an impact on the location where potential top-up taxes will be paid. Three elements are key to understanding how the rules will impact the Group. First, the Group does not set up artificial structures in low-tax jurisdictions for tax purposes or earn significant profits in such jurisdictions, which means that our business structure itself is not impacted significantly by the rules, but some additional tax may become payable where services are provided in low-tax jurisdictions. Second, tax incentives given to capital projects, such as critical infrastructure, will be considered less effective going forward as it will impact the effective tax rate and thereby the basis for potential top-up tax. Third, although the rules exclude \u2018international shipping income\u2019, the definition is more restrictive than the global definitions usually applied under a tax treaty following the OECD Model Tax Convention or under Danish tonnage tax. Also, inland transportation is not a part of the international shipping income under the global minimum tax rules. This is relevant for the part of our land transport linked directly to ocean transportation which is recognised as shipping income for tax treatment in the OECD Model Tax Convention. The Group is awaiting further guidance on the application of the shipping income provision from the OECD Secretariat. Contrary to the purpose of the rules, top-up tax could be triggered by the shipping classification in years where shipping net income is negative. Due to the design of tonnage tax-ation, the Group\u2019s effective tax rate fluctuates significantly depending on the yearly results and will also be calculated on a consolidated basis with other activities in the given country in accordance with the global minimum tax rules. Taking the transitional Safe Harbour regulations into consideration, our analysis shows that no material top-up tax should apply to A.P. Moller - Maersk in 2024. SIGNIFICANT ACCOUNTING ESTIMATES Deferred tax assetsJudgement has been applied with respect to A.P. Moller - Maersk\u2019s ability to utilise deferred tax as-sets. Management considers the likelihood of utilisation based on the latest business plans and the recent finan-cial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 156m (USD 163m). These assets mainly relate to unused tax losses or deductible temporary dif-ferences generated during the construction of terminals, where taxable profits have been generated either in the current period or are expected to be generated within the foreseeable future.Uncertain tax positionsA.P. Moller - Maersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate pro-visions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of A.P. Moller - Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabili-ties are recognised when the aggregated probability of the tax position being upheld is considered less than 50%. ACCOUNTING POLICY Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of cor-poration tax, withholding tax of dividends, etc. In addition, tax comprises tonnage tax. Tonnage tax is classified as tax when creditable in, or paid in lieu of, income tax. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor taxable profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is rec-ognised for undistributed earnings in subsidiaries, when A.P. Moller - Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__175": {
"value": "Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2023 2022 2023 2022 2023 2022Intangible assets 40 44 561 453 521 409Property, plant and equipment 40 51 278 314 238 263Provisions, etc. 255 248 48 173 -207 -75Tax loss carry- forwards 75 103 - - -75 -103Other 150 119 96 106 -54 -13Total 560 565 983 1,046 423 481Offsets -217 -166 -217 -163 - 3Total 343 399 766 883 423 484Change in deferred tax, net, during the year 2023 20221 January 484 164Intangible assets -11 39Property, plant and equipment -10 21Provisions, etc. 21 -146Tax loss carry-forwards -5 27Other -37 -34Recognised in the income statement -42 -93Transfer to held for sale 25 -14Other including business combinations -44 42731 December 423 484Unrecognised deferred tax assets 2023 2022Deductible temporary differences 103 125Tax loss carry-forwards 780 782Unused tax credits 12 11Total 895 918The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__177": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of cor-poration tax, withholding tax of dividends, etc. In addition, tax comprises tonnage tax. Tonnage tax is classified as tax when creditable in, or paid in lieu of, income tax. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__176": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of cor-poration tax, withholding tax of dividends, etc. In addition, tax comprises tonnage tax. Tonnage tax is classified as tax when creditable in, or paid in lieu of, income tax. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor taxable profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is rec-ognised for undistributed earnings in subsidiaries, when A.P. Moller - Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__181": {
"value": "Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor taxable profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is rec-ognised for undistributed earnings in subsidiaries, when A.P. Moller - Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__182": {
"value": "Note 5.2 Share-based paymentsMembers of Employees Total Total fair 1,2the Executive value1BoardOutstanding performance shares No. No. No. USD million1 January 2023 - - - Granted 2,028 4,040 6,068 9Outstanding 31 December 2023 2,028 4,040 6,0681 The fair value per performance share is equal to the volume weighted average share price on the date of grant i.e., 1 April 2023, adjusted for expected dividends during the vesting period. The fair value per performance share in 2023 is DKK 10,299 for members of the Executive Board and employees.2 Total fair value is at the time of grant.Performance shares planFrom 2023, performance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, relative share performance, revenue growth and ESG elements. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of granting.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan.The recognised remuneration expense related to the performance shares plan is USD 2m (USD 0m). The average remaining contractual life of the performance shares as per 31 December 2023 is 2.3 years (N/A in 2022).Members of Other key Total Total fair 1,2the Executive management value1Boardpersonnel and 4employeesOutstanding restricted shares No. No. No. USD million1 January 2023 6,557 17,253 23,810Granted - 14,600 14,600 233Exercised and vested941 6,146 7,087Forfeited - 1,183 1,183Cancelled - 12 12Outstanding 31 December 2023 5,616 24,512 30,1281 January 2022 5,268 16,618 21,886Granted 1,289 5,431 6,720 173Exercised and vested - 4,458 4,458Forfeited - 338 338Outstanding 31 December 2022 6,557 17,253 23,8101 The fair value per RSU is equal to the volume weighted average share price on the date of grant i.e., 1 April 2023 (1 April 2022), adjusted for expected dividends during the vesting period. The fair value per RSU is DKK 10,299 (DKK 17,466) for employees and DKK 9,295 (DKK 15,763) for members of the Executive Board and other key management personnel.2 Total fair value is at the time of grant.3 The weighted average share price at the settlement date was DKK 12,732 (DKK 20,372).4 Restricted shares granted to other key management personnel in 2022 was 115 and outstanding shares at year-end 2022 was 403. There were no key management personnel in 2023.Restricted shares planRestricted shares are granted to members of the Executive Board and certain key employees. Each restricted share granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of granting. For members of the Executive Board the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted shares plan.The recognised remuneration expense related to the restricted shares plan is USD 16m (USD 15m). The average remaining contractual life of the restricted shares as per 31 December 2023 is 1.6 years (1.6 years).Members of Other key Total Average Total fair the Executive management exercise valueBoardpersonnel and price 2employeesOutstanding share options No. No. No. DKK USD million1 January 2023 19,600 73,436 93,036 13,452Granted - 23,323 23,323 13,257 101Exercised 4,439 14,697 19,136 8,633Forfeited - 3,436 3,436 15,327Outstanding 31 December 2023 15,161 78,626 93,787 14,318Exercisable 31 December 2023 4,302 22,882 27,184 8,3091 January 2022 24,930 77,831 102,761 9,873Granted 4,677 15,481 20,158 25,096 91Exercised 8,866 18,486 27,352 7,998Forfeited 1,141 1,390 2,531 19,818Outstanding 31 December 2022 19,600 73,436 93,036 13,452Exercisable 31 December 2022 - 7,071 7,071 8,6371 The weighted average share price at the dates of exercise of share options exercised in 2023 was DKK 12,674 (DKK 19,833). 2 Share options granted to other key management personnel during 2022 was 570 and shares outstanding at year-end 2022 was 2,243. There were no key management personnel in 2023.Share options planA.P. Moller - Maersk also has a share option plan granted to members of the Executive Board and other key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc.The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan.The recognised remuneration expense related to the share option plan is USD 10m (USD 11m). The average remaining contractual life of the outstanding share options as per 31 December 2023 is 4.4 years (4.6 years) and the range of exercise prices for the outstanding share options as per 31 December 2023 is DKK 7,605 to DKK 25,096 (DKK 7,605 to DKK 25,096).The following principal assumptions are used in the 2023 granted share options valuation:Share options grantedShare options granted to to members of the employees Executive Board and other key management personnel2023 2022 2023 2022Share price, volume weighted average at the date of grant, 1 April, DKK 20,372 12,732 20,372Share price, five days volume weighted average 1after publication of Annual Report, DKK22,814 11,992 22,814Exercise price, DKK 25,096 13,191 25,096Expected volatility (based on historic volatility) 33% 35% 33%Expected term (years) 5 5.75 5.75Expected dividend per share, DKK 5.0% 5.0% 5.0%Risk-free interest rate 0.31% 2.65% 0.35%Fair value per option at grant date, DKK N/A 2,859 3,067 3,082 1 In 2023, the exercise price was determined based on the five-day volume-weighted average share price after the Annual General Meeting.The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. ACCOUNTING POLICY Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of A.P. Moller - Maersk as part of A.P. Moller - Maersk\u2019s long-term incentive programme are recognised as remuneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, A.P. Moller - Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__184": {
"value": "Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of A.P. Moller - Maersk as part of A.P. Moller - Maersk\u2019s long-term incentive programme are recognised as remuneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, A.P. Moller - Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__186": {
"value": "Note 5.3 CommitmentsThe future charter and operating lease payments are:Ocean Logistics Terminals Towage Total& Services& Maritime Lease commitmentsServices2023Within one year 129 25 10 - 164Total 129 25 10 - 1642022Within one year 53 41 12 2 108Total 53 41 12 2 108Ocean Logistics Terminals Towage Total& Services& Maritime Capital commitmentsServices2023Capital commitments relating to acquisition of non-current assets 3,302 98 363 50 3,813Commitments towards concession grantors - - 1,053 - 1,053Total capital commitments 3,302 98 1,416 50 4,8662022Capital commitments relating to acquisition of non-current assets 3,036 140 414 505 4,095Commitments towards concession grantors - - 930 - 930Total capital commitments 3,036 140 1,344 505 5,025Short-term and low-value leasesAs part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Capital commitments of USD 4.9bn (USD 5.0bn) relate to investments, mainly within Ocean and Terminals. Commitments related to the newbuilding programme are USD 2.8bn (USD 2.7bn) for container vessels, USD 95m (USD 89m) for aircraft and USD 43m (USD 110m) for tugboats.Newbuilding programme at 31 December 2023, number of assets 2024 2025 2026 2027 TotalContainer vessels 8 16 - - 24Aircraft 2 - - - 2Tugboats and other vessels 10 - - - 10Total 20 16 - - 36Capital commitments relating to the newbuilding programme at 31 December 2023 2024 2025 2026 2027 TotalContainer vessels 960 1,827 - - 2,787Aircraft 95 - - - 95Tugboats and other vessels 43 - - - 43Total 1,098 1,827 - - 2,925",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__185-1": {
"value": "Note 5.3 CommitmentsThe future charter and operating lease payments are:Ocean Logistics Terminals Towage Total& Services& Maritime Lease commitmentsServices2023Within one year 129 25 10 - 164Total 129 25 10 - 1642022Within one year 53 41 12 2 108Total 53 41 12 2 108Ocean Logistics Terminals Towage Total& Services& Maritime Capital commitmentsServices2023Capital commitments relating to acquisition of non-current assets 3,302 98 363 50 3,813Commitments towards concession grantors - - 1,053 - 1,053Total capital commitments 3,302 98 1,416 50 4,8662022Capital commitments relating to acquisition of non-current assets 3,036 140 414 505 4,095Commitments towards concession grantors - - 930 - 930Total capital commitments 3,036 140 1,344 505 5,025Short-term and low-value leasesAs part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Capital commitments of USD 4.9bn (USD 5.0bn) relate to investments, mainly within Ocean and Terminals. Commitments related to the newbuilding programme are USD 2.8bn (USD 2.7bn) for container vessels, USD 95m (USD 89m) for aircraft and USD 43m (USD 110m) for tugboats.Newbuilding programme at 31 December 2023, number of assets 2024 2025 2026 2027 TotalContainer vessels 8 16 - - 24Aircraft 2 - - - 2Tugboats and other vessels 10 - - - 10Total 20 16 - - 36Capital commitments relating to the newbuilding programme at 31 December 2023 2024 2025 2026 2027 TotalContainer vessels 960 1,827 - - 2,787Aircraft 95 - - - 95Tugboats and other vessels 43 - - - 43Total 1,098 1,827 - - 2,925Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of A.P. Moller - Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 830m (USD 472m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities etc., comprising volume commitments including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s10_notesesefdkgaap__10__188": {
"value": "Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of A.P. Moller - Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 830m (USD 472m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities etc., comprising volume commitments including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__10__191": {
"value": "Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__192": {
"value": "Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of A.P. Moller - Maersk\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__246": {
"value": "A.P. M\u00f8ller Holding A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__247": {
"value": "A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__197": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management S.L. Spain 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%1 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.2 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Pacific LLC United States 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%Damco China Ltd. China 100%Damco Denmark A/S Denmark 100%Damco Distribution Canada Inc. Canada 100%Damco Germany GmbH Germany 100%Damco India Pvt. Ltd. India 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Netherlands B.V. Netherlands 100%Damco Poland Sp. z o.o. Poland 100%Damco Spain S.L. Spain 100%Frey P/S Denmark 100%Gateway Terminals India Pvt. Ltd. India 74%Grindrod Logistics (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1 Hamburg S\u00fcd A/S & Co KG Germany 100%2 Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KG Germany 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Limited Hong Kong 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Holdings Limited Bermuda 100%Maersk Contract Logistics Management Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%3 Maersk Deutschland A/S & Co. KG Germany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line Agency Holding A/S Denmark 100%Maersk Line, Limited United States 100%SubsidiariesCompany Country of incorporation Owned share4 Maersk Line Crewing Hamburg ApS & Co KG Germany 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics and Services UK LTD United Kingdom 100%Maersk Logistics Warehousing China Company Ltd. Hong Kong 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%New Times International Transport Service Co. Ltd. China 100%Pilot Air Freight, LLC United States 100%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%5Senator International Spedition GmbH Germany 100%6St. Petri Shipping ApS & Co KG Germany 100%Suez Canal Container Terminal SAE Egypt 55%Svitzer A/S Denmark 100%Svitzer Australia Pty Ltd Australia 100%Svitzer Europe Holding B.V. Netherlands 100%Svitzer Marine Ltd. United Kingdom 100%Terminal 4 S.A. Argentina 100%Visible Supply Chain Management LLC United States 100%4 In accordance with section 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__196": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management S.L. Spain 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%1 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.2 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Pacific LLC United States 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%Damco China Ltd. China 100%Damco Denmark A/S Denmark 100%Damco Distribution Canada Inc. Canada 100%Damco Germany GmbH Germany 100%Damco India Pvt. Ltd. India 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Netherlands B.V. Netherlands 100%Damco Poland Sp. z o.o. Poland 100%Damco Spain S.L. Spain 100%Frey P/S Denmark 100%Gateway Terminals India Pvt. Ltd. India 74%Grindrod Logistics (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1 Hamburg S\u00fcd A/S & Co KG Germany 100%2 Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KG Germany 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Limited Hong Kong 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Holdings Limited Bermuda 100%Maersk Contract Logistics Management Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%3 Maersk Deutschland A/S & Co. KG Germany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line Agency Holding A/S Denmark 100%Maersk Line, Limited United States 100%SubsidiariesCompany Country of incorporation Owned share4 Maersk Line Crewing Hamburg ApS & Co KG Germany 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics and Services UK LTD United Kingdom 100%Maersk Logistics Warehousing China Company Ltd. Hong Kong 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%New Times International Transport Service Co. Ltd. China 100%Pilot Air Freight, LLC United States 100%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%5Senator International Spedition GmbH Germany 100%6St. Petri Shipping ApS & Co KG Germany 100%Suez Canal Container Terminal SAE Egypt 55%Svitzer A/S Denmark 100%Svitzer Australia Pty Ltd Australia 100%Svitzer Europe Holding B.V. Netherlands 100%Svitzer Marine Ltd. United Kingdom 100%Terminal 4 S.A. Argentina 100%Visible Supply Chain Management LLC United States 100%4 In accordance with section 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Conakry Terminal S.A. Guinea 25%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co. Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%Tianjin Port Alliance International Container Terminal Co. Ltd. China 20%Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co. Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Caucedo Marine Service S.A. (DR Branch) Dominican Republic 50%Cote D\u2019Ivoire Terminal SA C\u00f4te d\u2019Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%Nakilat Svitzerwijsmuller Company W.L.L. Qatar 30%North Sea Terminal Bremerhaven Gmbh and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Svitzer Caribbean Dominicana, S.A.S Dominican Republic 50%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
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"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__10__195": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management S.L. Spain 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%1 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.2 In accordance with section 264b HGB (German commercial code), Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Pacific LLC United States 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%Damco China Ltd. China 100%Damco Denmark A/S Denmark 100%Damco Distribution Canada Inc. Canada 100%Damco Germany GmbH Germany 100%Damco India Pvt. Ltd. India 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Netherlands B.V. Netherlands 100%Damco Poland Sp. z o.o. Poland 100%Damco Spain S.L. Spain 100%Frey P/S Denmark 100%Gateway Terminals India Pvt. Ltd. India 74%Grindrod Logistics (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1 Hamburg S\u00fcd A/S & Co KG Germany 100%2 Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KG Germany 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Limited Hong Kong 100%Maersk Contract Logistics Co., Ltd. China 100%Maersk Contract Logistics Holdings Limited Bermuda 100%Maersk Contract Logistics Management Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%3 Maersk Deutschland A/S & Co. KG Germany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line Agency Holding A/S Denmark 100%Maersk Line, Limited United States 100%SubsidiariesCompany Country of incorporation Owned share4 Maersk Line Crewing Hamburg ApS & Co KG Germany 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics and Services UK LTD United Kingdom 100%Maersk Logistics Warehousing China Company Ltd. Hong Kong 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%New Times International Transport Service Co. Ltd. China 100%Pilot Air Freight, LLC United States 100%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%5Senator International Spedition GmbH Germany 100%6St. Petri Shipping ApS & Co KG Germany 100%Suez Canal Container Terminal SAE Egypt 55%Svitzer A/S Denmark 100%Svitzer Australia Pty Ltd Australia 100%Svitzer Europe Holding B.V. Netherlands 100%Svitzer Marine Ltd. United Kingdom 100%Terminal 4 S.A. Argentina 100%Visible Supply Chain Management LLC United States 100%4 In accordance with section 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from pre paring, auditing and disclosing statutory financial statements and a management review.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management review.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Conakry Terminal S.A. Guinea 25%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co. Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%Tianjin Port Alliance International Container Terminal Co. Ltd. China 20%Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co. Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Caucedo Marine Service S.A. (DR Branch) Dominican Republic 50%Cote D\u2019Ivoire Terminal SA C\u00f4te d\u2019Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%Nakilat Svitzerwijsmuller Company W.L.L. Qatar 30%North Sea Terminal Bremerhaven Gmbh and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Svitzer Caribbean Dominicana, S.A.S Dominican Republic 50%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
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"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Shipping company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
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"value": "Denmark",
"dimensions": {
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
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"value": "Global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"value": "A/S (Danish limited liability company)",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "A.P. M\u00f8ller - M\u00e6rsk A/S",
"dimensions": {
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Esplanaden 50, DK-1263 Copenhagen K",
"dimensions": {
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}