Management Review
Highlights Q1 2024 ............................................................... 03
Summary financial information
................................................. 04
Review Q1 2024
.................................................................. 05
Financial guidance and targets
.................................................. 07
Market environment
.............................................................. 08
Segments
.......................................................................... 09
– Ocean
.......................................................................... 09
– Logistics & Services
........................................................... 10
– Terminals
...................................................................... 12
Financials
Condensed income statement ................................................... 14
Condensed statement of comprehensive income
............................. 14
Condensed balance sheet at 31March
......................................... 15
Condensed cash flow statement
................................................ 16
Condensed statement of changes in equity
.................................... 17
Notes
............................................................................... 18
Management’s statement
........................................................ 21
Quarterly summary
............................................................... 22
Definition of terms
................................................................ 23
Improving life for all by integrating the world
At A.P. Moller - Maersk, we aspire to provide truly integrated logistics. Across oceans, ports, on land
and in the air, we are combining our supply chain infrastructure with the power of our people and
technology to drive end-to-end innovation that accelerates our customers’ success.
With a dedicated team of around 100,000 employees, operating in more than 130 countries, we
explore new frontiers and embrace new technologies because we see change as an opportunity.
No matter the challenge, we stay confident and resilient because our values are constant. By living
our values, we inspire trust in our efforts to integrate the world and improve life for all.
Contents
Contacts for further information
Vincent Clerc
CEO
Patrick Jany
CFO
Investors
Stefan Gruber
Head of Investor Relations
Tel. +45 3363 3106
Media
Jesper Lov
Head of Media Relations
Tel. +45 3363 1901
Webcast and dial-in information
A webcast relating to the Q1 2024 Interim
Report will be held on 2 May 2024
at 11.00 (CET). Dial-in infor mation on
investor.maersk.com.
Presentation material for the webcast will
be available on the same page.
The Interim Report for Q1 2024 of
A.P. Møller - Mærsk A/S (further referred to
as A.P. Moller - Maersk as the consolidated
group of companies) has been prepared in
accordance with IAS 34 Interim Financial
Reporting as issued by the International
Accounting Standards Board (IASB) and
adopted by the EU and additional Danish
disclosure requirements for interim finan-
cial reporting of listed companies.
The interim consolidated financial state-
ments have not been subject to audit or
review.
Comparative figures
Unless otherwise stated, all figures in
parentheses refer to the corresponding
figures for the same period prior year.
Financial calendar
07 August 2024
Interim Report Q2 2024
31 October 2024
Interim Report Q3 2024
Produced in Denmark
2
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
ESEF data
Domicile of entity
Description of nature of entity’s
operations and principal activities
Country of incorporation
Principal place of business
Legal form of entity
Name of reporting entity or other
means of identification
Address of entity’s registered office
Management Review
Highlights Q1 USD million
Revenue EBITDA EBIT CAPEX
2024 2023 2024 2023 2024 2023 2024 2023
Ocean 8,009 9,873 956 3,352 -161 1,969 325 538
Logistics & Services 3,504 3,471 266 316 54 135 201 128
Terminals 999 876 348 291 300 207 127 111
Towage & Maritime Services 484 602 80 83 48 85 31 64
Unallocated activities, eliminations, etc. -641 -615 -60 -73 -64 -70 22 -3
A.P. Moller - Maersk consolidated 12,355 14,207 1,590 3,969 177 2,326 706 838
A.P. Moller - Maersk delivered results in line with expectations for Q1 2024, with a strong recovery in earnings
since Q4 2023. These results were supported by a strong performance in Terminals, which continued a positive
development both in volumes and profitability, but also mainly reflect the ongoing situation in the Red Sea/Gulf
of Aden, which caused significant disruption during the quarter and implied increased rates and costs in Ocean.
Logistics & Services returned to growth year-over-year with profitability still challenged in specific areas.
With the Red Sea crisis still ongoing, plans are made for the current rerouting south of the Cape of Good Hope to be extended poten-
tially for the remainder of the year, while A.P. Moller - Maersk still expects overcapacity to prevail which implies lower rates during the
second half.
As a result of the strong container market and the Red Sea/Gulf of Aden disruption likely to remain into the second half of the year,
A.P. Moller - Maersk raises the lower end of its financial guidance with an underlying EBITDA in the range of USD 4.0-6.0bn (previously
USD 1.0-6.0bn) and an underlying EBIT in the range of negative USD 2.0-0.0bn (previously negative USD 5.0-0.0bn).
Highlights Q1 2024
A.P. Moller - Maersk’s results for Q1 were marked by increasing volumes while rates continued to be under pressure versus previous year,
resulting in revenue for Q1 of USD 12.4bn (USD 14.2bn), a decrease of USD 1.9bn mainly from Ocean, however with an increase of USD 33m
and USD 123m in Logistics & Services and Terminals, respectively. EBITDA decreased by USD 2.4bn to USD 1.6bn (USD 4.0bn), driven by Ocean.
EBIT decreased by USD 2.1bn to USD 177m (USD 2.3bn) stemming from Ocean but with a significant increase of USD 93m in Terminals.
Ocean results increased sequentially given the strong volumes and tightened rates impacted by the Red Sea/Gulf of Aden situation
but were significantly down from the previous year. The average loaded freight rate increased compared to Q4 2023 but decreased
compared to Q1 2023. The rerouting south of Cape of Good Hope led to higher bunker consumption and higher operating costs.
EBIT remained negative and significantly lower than in Q1 2023 but improved compared to Q4 2023.
Logistics & Services experienced growth in volumes across all product families. While Transported by Maersk and Managed by
Maersk achieved good results in a strongly competitive environment, Fulfilled by Maersk was weak with lower capacity utilisation
in Contract Logistics and contract implementation challenges in Ground Freight in North America weighing on margins.
Terminals delivered solid volume growth (like-for-like) across all regions, particularly in North America with a significant increase
in US West Coast volumes.
Free cash flow of negative USD 151m (positive USD 4.2bn) declined due to decreased cash flow from operating activities, slightly offset
by lower capital lease payments and capital expenditures.
Subsequent to Q1 2024, the Svitzer (towage) activities were separated through a demerger and the shares in the newly formed Svitzer
Group were distributed to A.P. Moller - Maersk’s shareholders and traded on Nasdaq Copenhagen as of 30 April 2024. Going forward,
Maersk Container Industry and other businesses under Towage & Maritime Services will be included under Unallocated.
Management Review I Highlights Q1 2024
3
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Q1 Q1 12M
Income statement 2024 2023 2023
Revenue 12,355 14,207 51,065
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,590 3,969 9,591
Depreciation, amortisation and impairment losses, net 1,518 1,880 6,615
Gain on sale of non-current assets, etc., net 7 140 523
Share of profit/loss in joint ventures and associated companies 98 97 435
Profit/loss before financial items (EBIT) 177 2,326 3,934
Financial items, net 151 190 428
Profit/loss before tax 328 2,516 4,362
Tax 120 193 454
Profit/loss for the period 208 2,323 3,908
A.P. Møller - Mærsk A/S’ share 177 2,284 3,822
Underlying profit/loss
1
210 2,561 3,954
Balance sheet
Total assets 81,598 85,490 82,100
Total equity 53,373 55,833 55,090
Invested capital 50,430 50,322 50,430
Net interest-bearing debt -3,092 -7,002 -4,658
Cash flow statement
Cash flow from operating activities 1,095 5,334 9,643
Repayments of lease liabilities 749 825 3,226
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 706 838 3,646
Cash flow from financing activities -1,058 -10,726 -16,805
Free cash flow -151 4,224 3,967
Financial ratios
Revenue growth -13.0% -26.4% -37.4%
EBITDA margin 12.9% 27.9% 18.8%
EBIT margin 1.4% 16.4% 7.7%
Cash conversion 69% 134% 101%
Return on invested capital after tax (ROIC) (last twelve months) 3.2% 49.1% 7.4%
Equity ratio 65.4% 65.3% 67.1%
Underlying ROIC
1
(last twelve months) 2.8% 49.0% 7.5%
Underlying EBITDA
1
1,597 4,037 9,771
Underlying EBITDA margin
1
12.9% 28.4% 19.1%
Underlying EBIT
1
174 2,563 3,962
Underlying EBIT margin
1
1.4% 18.0% 7.8%
Stock market ratios
Earnings per share, USD 11 131 227
Diluted earnings per share, USD 11 131 227
Cash flow from operating activities per share, USD 69 306 572
Share price (B share), end of period, DKK 8,994 12,445 12,140
Share price (B share), end of period, USD 1,305 1,816 1,800
Total market capitalisation, end of period, USD 20,349 30,957 28,541
1 Definition of terms See p. 23.
Summary financial information
AMOUNTS IN USD MILLION
Management Review I Summary financial information
4
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Financials reflect the Red Sea/Gulf of Aden
impact in Ocean with strong Terminals
offsetting weakness in Logistics & Services
The situation in the Red Sea/Gulf of Aden had a significant impact
on the Ocean business with the implementation of a new net-
work, which caused market rates and costs to increase, due to
the supply chain disruptions.
Revenue increased slightly in Logistics & Services, primarily driven
by heightened volumes across all products. In Terminals, revenue
increased, driven by significantly higher volumes at improved
tariffs, offset by decrease in storage revenue. The situation in
the Red Sea/Gulf of Aden did not materially affect the overall
volumes in Terminals in Q1.
The proposed demerger and spin-off of Svitzer’s towage activities
was approved at an Extraordinary General Meeting in April 2024
and was listed on Nasdaq Copenhagen on 30 April 2024.
Revenue decreased by USD 1.9bn to USD 12.4bn (USD 14.2bn),
stemming from Ocean, with an increase in Logistics & Services
and in Terminals of USD 33m and USD 123m, respectively.
EBITDA decreased to USD 1.6bn (USD 4.0bn), mainly related
to Ocean due to lower revenue and higher costs, a decrease
in Logistics & Services by USD 50m due to lower rates, while
EBITDA increased in Terminals by 20%.
Ocean
(2023: 3.4bn)
Logistics & Services
(2023: 316m)
Terminals
(2023: 291m)
956m 266m 348m
EBIT decreased to USD 177m (USD 2.3bn), with an EBIT margin of
1.4% (16.4%). In Ocean, EBIT remained negative and significantly
lower than in Q1 2023 but improved by USD 759m compared
to Q4 2023, primarily as an outcome of the situation in the Red
Sea/Gulf of Aden. In Logistics & Services, EBIT was affected by
the lower EBITDA and higher depreciation with an EBIT margin
of 1.5% (3.9%). EBIT increased in Terminals by 45% due to the
higher EBITDA and strong results from joint ventures and asso-
ciated companies.
Ocean
(2023: 2.0bn)
Logistics & Services
(2023: 135m)
Terminals
(2023: 207)
-161m 54m 300m
Financial items, net, amounted to an income of USD 151m
(USD 190m), impacted by lower interest income and higher
interest expenses, partly offset by the positive foreign
exchange rate impact on working capital.
Review Q1 2024
Tax decreased to USD 120m (USD 193m), primarily due to
decreased taxable income.
The underlying profit was USD 210m (USD 2.6bn).
Cash flow from operating activities of USD 1.1bn (USD 5.3bn) was
driven by lower profits and an increase in net working capital of
USD 474m mainly due to an increase in trade receivables, trans-
lating into a cash conversion of 69% (134%).
Gross capital expenditure (CAPEX) of USD 706m (USD 838m)
was primarily driven by lower investments in Ocean.
Free cash flow of negative USD 151m (positive USD 4.2bn) was
primarily impacted by the decreased cash flow from operating
activities, slightly offset by lower capital lease payments and
capital expenditures.
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of
USD 3.1bn (a net cash position of USD 4.7bn at year-end 2023),
negatively impacted by free cash flow of negative USD 151m,
share buy-backs of USD 443m, dividends of USD 1.0bn and
CAPEX of USD 706m, partly offset by the sale of joint ventures
and associated companies of USD 51m. Further, net new lease
liabilities was USD 646m in Q1. Excluding lease liabilities, the
Group had a net cash position of USD 13.4bn (USD 15.1bn at
year-end 2023).
A.P. Moller - Maersk remains investment grade-rated and holds
a Baa1 (stable, upgraded from positive outlook) from Moody’s
and a BBB+ (stable) rating from Standard & Poor’s.
The liquidity reserve decreased to USD 24.0bn (USD 24.4bn at
year-end 2023) and was composed of cash and bank balances
(excluding restricted cash), term deposits and securities of USD
17.9bn (USD 18.4bn at year-end 2023) and undrawn revolving
credit facilities of USD 6.1bn (USD 6.0bn at year-end 2023).
The dividend of DKK 515 per A.P. Møller - Mærsk A/S share of
nominally DKK 1,000, a total of USD 1.2bn, declared at the Annual
General Meeting on 14 March 2024, was paid on 19 March 2024.
Withholding tax of approx. USD 159m will be paid in Q2 2024.
Share buy-back
During Q1, A.P. Moller - Maersk bought back 43,919 A shares and
174,723 B shares, worth DKK 2.8bn (approximately USD 416m),
and no shares were bought for the long-term incentive pro-
gramme. At 31 March 2024, A.P. Moller - Maersk owns a total
of 350,555 A shares and 1,451,082 B shares as treasury shares,
corresponding to 10.25% of the share capital. As previously
mentioned, the Board of Directors decided to suspend the
share buy-back programme in February 2024.
Management Review I Review Q1 2024
5
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
The Annual General Meeting has authorised the Board of
Directors to allow the company to acquire own shares to the
extent that the nominal value of the company’s total holding
of own shares at no time exceeds 15% of the company’s share
capital.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on
14 March 2024, the shareholders decided on the cancellation of
treasury shares whereby the share capital would be decreased
by nominally DKK 1,740,773,000 in total divided into 350,555
A shares and 1,390,218 B shares of DKK 1,000. The cancellation
is expected to be completed during Q2 2024.
ESG update
A.P. Moller - Maersk announced its updated climate targets,
which have been validated by the Science Based Targets initiative
(SBTi), in February. This makes A.P. Moller - Maersk the first in the
shipping industry to have climate targets validated by SBTi under
the new Maritime Guidance in line with the 1.5-degree pathway
from the Paris Agreement. A.P. Moller - Maersk continues to aim
for net zero greenhouse gas (GHG) emissions for the entire busi-
ness in 2040 with significant milestones for 2030, and the vali-
dated targets include new specific and absolute targets to reduce
emissions from A.P. Moller - Maersk’s own operations and across
its supply chains (covering all scope 1, 2 and 3 emissions).
For more information about A.P. Moller - Maersk’s validated
climate targets, please see
www.maersk.com/sustainability
A.P. Moller - Maersk continues to deliver concrete progress on
its climate roadmap, with the most notable milestone during Q1
being the arrival of Ane Mærsk, the first of A.P. Moller - Maersk’s
18 large methanol-enabled vessels that will be delivered between
2024 and 2025. Since February, it operates on the AE7 string
connecting Asia and Europe, marking a significant step in the
company’s commitment to pioneering low-emissions shipping
solutions.
To support further uptake of low-emissions shipping, it is critical
to ensure regulatory support to level the playing field between
black and green fuels. At the IMO MEPC81 meeting in March,
A.P. Moller - Maersk was pleased to see progress on the develop-
ment of measures to reduce GHG emissions from shipping. The
World Shipping Council’s proposal to introduce a Green Balance
Mechanism (GBM) that will incentivise the use of green fuels,
which A.P. Moller - Maersk supports, remains on the table for
further debate in the upcoming MEPC82 in September.
Management Review I Review Q1 2024
6
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Financial guidance for 2024
The lower end of the original financial guidance is raised based on
a strong market demand with container volume growth towards
the upper end of the 2.5-4.5% range and A.P. Moller - Maersk
growing in line with the market. Further, the ongoing Red Sea/
Gulf of Aden situation is expected to continue into the second
half of the year. Over-supply remains a challenge and will
eventually prevail, but the impact is delayed.
For the full-year 2024, A.P. Moller - Maersk raises its financial
guidance as seen in the table below.
CAPEX guidance, unchanged CAPEX guidance, unchanged
2023-2024
8.0-9.0
2024-2025
9.0-10.0
USDbn
EBITDA Underlying
(Previously: 1.0-6.0)
EBIT Underlying
(Previously: -5.0-0.0)
Free cash flow
(Previously -5.0 or higher)
4.0-6.0 -2.0-0.0
(FCF) or higher
-2.0
Sensitivity guidance
Financial performance for A.P. Moller - Maersk for 2024 depends on
several factors subject to uncertainties related to the given uncertain
macro economic conditions, bunker fuel prices and freight rates.
All else being equal, the sensitivities for 2024 for four key assumptions
are listed below:
Factors Change Effect on EBIT
(Rest of 2024)
Container freight rate +/- 100 USD/FFE +/- USD 1.0bn
Container freight volume +/- 100,000 FFE +/- USD 0.1bn
Bunker price
(net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.3bn
Foreign exchange rate
(net of hedges) +/- 10% change in USD +/- USD 0.2bn
Roadmap towards 2025
The mid-term financial targets introduced at the Capital Markets
Day in May 2021 relate to the transformation towards becoming
the integrator of container logistics.
Financial guidance and targets
Consolidated
The return on invested capital (ROIC) (last twelve months) was
3.2%, below the target of above 7.5% every year under normal-
ised conditions due to the declining profits in the latter half of
2023, which have continued into Q1 2024. The average return on
invested capital for Q1 2021 - Q1 2024 was 34.8%, above the 12%
target for the period 2021-2025.
ROIC (LTM)
Target:
>7.5%
3.2%
A.P. Moller - Maersk will prioritise the capital allocation to
investments in the business, including acquisitions in Logistics
& Services, repaying debt, paying dividends based on a pay-out
ratio of 30-50% of underlying net profit and distributing excess
cash to shareholders through share buy-backs and special divi-
dends in that order.
The dividend payment for 2023 of DKK 515 per share represented
a dividend yield of 4.2% and 30% of the net under lying profit. Of
the share buy-back programme of USD 12.0bn over 2022-2025,
A.P. Moller - Maersk bought back a total of USD 6.7bn. The share
buy-back programme was suspended during Q1, with a re-initia-
tion to be reviewed once market conditions in Ocean are settled.
Ocean
Ocean delivered an EBIT margin of 0.3% over the last twelve
months, below the target of 6% under normalised conditions
due to continued pressure on rates. Total average operated
fleet capacity is within the range of 4.1-4.3m TEU.
EBIT margin Execute with the existing fleet size
Target:
>6%
0.3%
Target:
4.1-4.3 TEUm
4.2 TEUm
Logistics & Services
The organic growth of Logistics & Services was negative 13% over
the last twelve months, below the target of positive 10%. The EBIT
margin for the last twelve months was 2.6% versus the target of
above 6% due to a combination of lower rates and higher costs.
Organic growth EBIT margin
Target:
>10%
-13%
Target:
>6%
2.6%
Terminals
The return on invested capital (ROIC) (LTM) was 11.3% for Terminals,
exceeding the expectation of above 9% towards 2025.
ROIC
Target:
>9%
11.3%
Forward-looking statements
The Interim Report contains forward-looking statements. Such state-
ments are subject to risks and uncertainties as several factors, many of
which are beyond A.P. Moller - Maersk’s control, may cause the actual
development and results to differ materially from expectations con-
tained in the Interim Report.
Management Review I Financial guidance and targets
7
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
The global economy continues to demonstrate a certain strength
amid increasingly confrontational geopolitics and high interest
rates. Economic growth is expected to be around 2.5% in 2024,
according to Oxford Economics, an upward revision from their
forecasts at the beginning of the year. Growth is becoming
increasingly balanced as activity improves in manu facturing.
The Global Manufacturing Purchasing Managers Index (PMI)
moved into expansionary territory (above the 50 threshold)
in Q1. Moreover, manufacturing export orders and orders-to-
inventories ratios have continued to rise at the start of 2024,
providing near-term support for logistics demand.
The US consumer remains the bright spot in the global economy.
Robust labour market conditions and real wage gains have con-
tributed to a 2% increase in US goods consumption in Q1 y/y.
In contrast, the European economy faced stagnation in Q1.
Despite a strong labour market and wages growing above
inflation, European consumers remain more cautious. Retail
sales (excluding food and fuel) in the Euro Area were down
0.6% over the year in January-February, in line with downbeat
sentiment. The growth outlook in China has slightly improved,
driven by stronger-than-expected industrial production and
exports, the latter supported by improved cost competitive-
ness. However, consumer demand remains subdued as house-
holds face the property market deleveraging.
Despite abundant risks to supply chains, demand for container
trade increased in Q1 2024. Global container demand is esti-
mated to have grown between 7-9% y/y, with all import regions
contributing positively. The figure surprised on the upside.
Import growth was strongest in North America, Latin America
and Oceania. The top-3 fastest growing verticals in Q1 are retail,
tech and lifestyle. Global container demand growth is expected
to remain positive in coming quarters, but likely at a slower pace.
On the export side, Chinese exports stand out with y/y growth
around 16%. On the supply side, growth remained sustained in
Q1 2024, driven by significant deliveries. At the end of the quar-
ter the nominal fleet was 9.6% larger than at the same time in
2023, while inactive capacity dropped to levels not seen since
the first half of 2022. The influx of newbuild capacity and the
decline in the inactive fleet helped carriers tackle the pressure
from the Red Sea/Gulf of Aden situation. As a result, spot rates,
measured by the Shanghai Container Freight Index (SCFI),
declined gradually after peaking in mid-January. The SCFI stood
at USD 1,731 in the last week of March.
Global air freight forwarding demand growth turned positive in
Q1, estimated between 4-5% y/y, after seven quarters of con-
traction. Improvements in demand resulted from a modal shift
from container trade in reaction to the Red Sea/Gulf of Aden
situation, a surge in e-commerce and favourable base effects.
Trade in Far East Asia has driven growth, particularly Chinese
exports, which grew 17% y/y in the first two months of 2024.
Lifestyle and retail have rebounded in recent months, growing
double- digits y/y. Global supply increased 11.5% y/y in Q1, driven
by a strong inflow of belly capacity, but it did not curtail rates.
Market environment
Global rates, measured by the TAC index, declined 25% y/y in Q1,
but followed an upward trajectory during the quarter and
exceeded 2 USD/kg by the end of March.
North America road freight volumes declined in Q1, however
demand appears to have bottomed out. The supply side of North
America road freight, however, is more challenged with carrier
numbers still elevated compared to pre-pandemic trends. Excess
supply in the trucking market has kept downwards pressure on
Full Truckload (FTL) rates, although better supply/demand bal-
ance has held Less Than Truckload (LTL) rates up. Demand for
road freight services in Europe has been similarly weak, weighed
down by a manufacturing industry that is lagging behind the
global recovery. Rate development has been stronger as costs
rise, with spot rates up 7% across the region and contract prices
gaining 1% y/y, according to Transporeon.
Warehouses vacancy rates have risen to 5.8% in the US (Cushman
and Wakefield), up from 3.6% in Q1 2023. While demand growth
remained positive in Q1, it has slowed after two years of rapid
expansion. New construction starts fell 50% y/y according to
the same source, and a thinning pipeline is likely to keep a higher
floor under rents. In Europe, warehousing vacancy rates have
likely risen, although a slowdown in new supply over the coming
quarters means further rises in vacancies will be contained.
The global economy remained resilient in Q1 to the shock from
the Red Sea/Gulf of Aden situation, and so did the logistics
industry. Demand for container trade is still expected to grow
between 2.5-4.5% in 2024, however, the strong start to the
year places expectations closer to the upper side of the range.
With no end in sight to existing conflicts, looming trade tensions,
uncertainty on the economy and threats from climate events,
risks are skewed to the downside.
North America
Latin America
Far East Asia
Europe
Global Index
(FY2019=100)
Source: Maersk Strategic Insights
Container trade volumes, by import region
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023
125
100
75
Management Review I Market environment
8
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Ocean
The start of 2024 has been significantly impacted by the
ongoing situation in the Red Sea/Gulf of Aden with the
implementation of a new network as crew safety and cargo
protection were prioritised. The situation caused market
rates and costs to increase, due to the supply chain disrup-
tions. Irrespectively, EBIT remained in negative territory and
significantly lower than in Q1 2023.
Loaded volumes increased by 7.5% compared to Q1 2023, led
by an increase in contracts primarily in Asia-Europe, America
and intra-Asia trades, reflecting the higher market demand.
The average loaded freight rate decreased by 18% compared to
Q1 2023 and increased by 23% compared to Q4 2023, impacted
by the Red Sea/Gulf of Aden situation. The rerouting south of
Cape of Good Hope led to a higher bunker consumption by 16%
and higher operating costs by 7.0% compared to Q1 2023. Unit
cost at fixed bunker decreased by 2.9% compared to Q1 2023,
primarily due to higher volumes.
Segments
Ocean highlights USD million
Q1
2024
Q1
2023
12M
2023
Freight revenue 6,715 8,431 28,421
Other revenue, including hubs 1,294 1,442 5,232
Revenue 8,009 9,873 33,653
Container handling costs 2,387 2,262 9,233
Bunker costs 1,791 1,507 6,064
Network costs, excluding bunker costs 1,703 1,689 6,917
Selling, General & Administration (SG&A) costs 603 770 2,921
Cost of goods sold and other operational costs 542 337 1,646
Total operating costs 7,026 6,565 26,781
Other income/costs, net -27 44 68
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 956 3,352 6,940
EBITDA margin 11.9% 34.0% 20.6%
Profit before financial items (EBIT) -161 1,969 2,227
EBIT margin -2.0% 19.9% 6.6%
Invested capital 29,455 29,812 29,851
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 325 538 1,987
Operational and financial metrics
Loaded volumes (FFE in ’000) 2,928 2,724 11,904
Loaded freight rate (USD per FFE) 2,368 2,871 2,313
Unit cost, fixed bunker (USD per FFE incl. VSA income) 2,478 2,552 2,371
Bunker price, average (USD per tonne) 625 625 616
Bunker consumption (tonne in ’000) 2,796 2,412 9,838
Average operated fleet capacity (TEU in ’000) 4,187 4,217 4,162
Fleet owned (end of period) 312 318 310
Fleet chartered (end of period) 367 373 362
Efforts to reconfigure the network allowed Ocean to tackle the
Red Sea/Gulf of Aden situation and improve utilisation to 95%
while reliability suffered.
Financial and operational performance
Revenue decreased by USD 1.9bn to USD 8.0bn (USD 9.9bn),
driven by a decrease in freight revenue of 20%, with loaded
freight rates down by 18%, partly offset by 7.5% higher volumes.
Revenue increased by 12% compared to Q4 2023.
EBITDA decreased by USD 2.4bn to USD 956m (USD 3.4bn) due
to lower revenue. The EBITDA margin decreased by 22 percent-
age points to 11.9% (34.0%). Similarly, EBIT decreased by USD
2.1bn to negative USD 161m (positive USD 2.0bn).
Loaded volumes increased by 7.5% to 2,928k FFE (2,724k FFE)
due to stronger demand for Asia-Europe, North and Latin
America, and Africa as well as intra-regional trades. Loaded
volumes decreased by 5.8% compared to Q4 2023 in line with
normal seasonality.
Management Review I Segments I Ocean
9
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
The average loaded freight rate decreased by 18% to 2,368
USD/FFE (2,871 USD/FFE) across most trades and increased by
23% compared to Q4 2023 (1,925 USD/FFE), driven by Asia to
Europe as well as India Middle East and North America trades.
Total operating costs were 7.0% higher at USD 7.0bn (USD 6.6bn),
driven by higher bunker costs and container handling costs, which
increased by 19% and 5.5%, respectively, due to the Red Sea/Gulf
of Aden situation, and were partially offset by the lower port and
canal costs associated with the decrease of Suez Canal crossings,
as well as lower SG&A costs due to the restructuring related to
rebranding in Q1 2023. The net impact of foreign exchange rates
was negligible.
Bunker costs increased by 19% to USD 1.8bn (USD 1.5bn).
In January 2024, the EU Emissions Trading System (ETS) was
implemented, resulting in an additional cost of USD 44m.
Excluding the ETS effect, bunker costs increased by 16% due to
higher consumption by 16% linked to the vessel re-routing via
Cape of Good Hope. Average bunker price remained stable at
625 USD/tonne (625 USD/tonne). Bunker efficiency improved
by 12% to 38.4 g/TEU*NM (43.5 g/TEU*NM).
Unit cost at fixed bunker decreased by 2.9% to 2,478 USD/FFE
(2,552 USD/FFE), driven by higher volumes, partially offset by
the increase in operating costs deriving from the Red Sea/Gulf
of Aden situation. The net impact of foreign exchange rates was
negligible.
The average operated capacity of 4,187k TEU (4,217k TEU)
decreased slightly by 0.7%. The current order book for carbon-
neutral vessels totals 22 at the end of Q1 2024, in addition to
the two vessels (Ane Mærsk and Astrid Mærsk) delivered in Q1.
The fleet consisted of 312 owned and 367 chartered vessels,
of which 111k TEU or 2.7% of the fleet were idle (18 vessels).
Key initiatives in Q1
Keeping efficiency and customer satisfaction a key priority,
A.P. Moller - Maersk has on 17 January announced a new, long-
term, operational collaboration with Hapag-Lloyd AG, called
’Gemini Cooperation’, starting in February 2025. With focus on
East-West trades, the new collaboration will comprise a fleet pool
of around 290 vessels with a combined capacity of 3.4 million
containers (TEU), having as strategic priority to deliver a flexible
and interconnected ocean network with industry-leading relia-
bility. The agreement is subject to regulatory approvals.
Parallel to advancing the new network, Ocean maintains its
efforts in bringing down costs. Several cost reduction initiatives
have been implemented across the organisation while preserving
the focus on customer outcome.
Ocean continues to explore ways of further network optimi-
sation with the objective of reducing emissions and improving
reliability across all impacted services from the Red Sea/Gulf of
Aden situation.
Logistics & Services
Logistics & Services revenue stabilised sequentially with a return
to year-over-year growth.
New business has been gained, and combined with a focus on
productivity and resolution of the specific operational issues, it is
expected that profitability will improve in the coming quarters.
Results were at a good level in Transported by Maersk and
Managed by Maersk while Fulfilled by Maersk was challenged
by underutilisation in Warehousing and difficulties in customer
implementation in Ground Freight.
Financial and operational performance
Revenue increased by USD 33m or 1.0% to USD 3.5bn (USD 3.5bn),
primarily driven by heightened volumes across all products.
Gross profit decreased by USD 35m to 1.0bn (USD 1.0bn) despite
higher revenue, primarily due to lower rates across most prod-
ucts, resulting in a gross profit margin of 28.7%, (30.0%).
Revenue decreased by 1.1% and gross profit by 4.1% compared
to Q4 2023.
Loaded volumes FFE (’000)
Q1 2024 Q1 2023 Change Change %
East-West 1,327 1,254 73 5.8%
North-South 956 881 75 8.5%
Intra-regional 645 589 56 9.5%
Total 2,928 2,724 204 7.5%
Average freight rates USD/FFE
Q1 2024 Q1 2023 Change Change %
East-West 2,706 2,825 -119 -4.2%
North-South 2,758 3,624 -866 -23.9%
Intra-regional 1,397 2,019 -622 -30.8%
Total 2,368 2,871 -503 -17.5%
Fleet overview, end Q1 2024
Q1 2024 Q4 2023
TEU
Own container vessels 2,396 2,363
Chartered container vessels 1,789 1,754
Total fleet 4,185 4,117
Number of vessels
Own container vessels 312 310
Chartered container vessels 367 362
Total fleet 679 672
Management Review I Segments I Ocean I Logistics & Services
10
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
As a result of lower gross profit, EBITDA was down USD 50m at
USD 266m (USD 316m), with an EBITDA margin of 7.6% (9.1%).
Compared to Q4 2023, EBITDA decreased by 6.7%.
EBIT decreased to USD 54m (USD 135m) with an EBIT margin of
1.5% (3.9%). Compared to Q4 2023, EBIT decreased by 10%.
Changes to the service ‘by Maersk’ models
As the Integrator strategy continues to progress, product offer-
ings are refined to align with customer demand. This has led to
product reclassifications within the ‘by Maersk’ product families
as per footnote 2 to the Logistics & Services highlights table.
Managed by Maersk revenue decreased by USD 103m to USD
468m (USD 571m) and by USD 17m from Q4 2023, driven by
some rate pressure and lower mix. Higher productivity ensured
a profitability increase.
Supply Chain Management volumes increased by 23% to 26,837k
cbm. Customs volumes increased by 20% to 1,586k declarations
(1,323k declarations), primarily due to new customer wins.
Fulfilled by Maersk revenue increased by USD 108m to USD
1.4bn (USD 1.3bn) or by USD 36m from Q4 2023, primarily driven
by higher volumes in Maersk Ground Freight and Last Mile while
Warehousing was challenged, particularly in North America due
to a challenging market resulting in lower utilisation.
On the cost side, this implied a significant increase in costs related
to the implementation of new contracts while warehousing also
suffered from excess capacity. Both items are being addressed
in coming quarters.
Transported by Maersk revenue increased by USD 28m to USD
1.6bn (USD 1.6bn) and decreased by USD 57m from Q4 2023. The
increase from Q1 2023 is due to higher volumes in Air, LCL and
First Mile.
Air freight volumes increased by 52% from Q1 2023 and was on
par with Q4 2023 at 85k tonnes. First Mile volumes (previously
Intermodal) increased by 17% to 1,651k FFE (1,406k FFE) due to
higher Ocean volume.
Logistics & Services highlights USD million
Q1
2024
Q1
2023
12M
2023
Revenue 3,504 3,471 13,916
Direct costs (third-party costs) 2,497 2,429 9,694
Gross profit 1,007 1,042 4,222
Direct Operating Expenses
1
535 525 2,064
Selling, General & Administration (SG&A)
1
206 201 907
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 266 316 1,251
EBITDA margin 7.6% 9.1% 9.0%
Profit after depreciation and impairment losses, before amortisations (EBITA) 97 178 619
EBITA margin 2.8% 5.1% 4.4%
Profit before financial items (EBIT) 54 135 446
EBIT margin 1.5% 3.9% 3.2%
Invested capital 11,378 10,182 10,779
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 201 128 771
Operational and financial metrics
EBIT conversion (EBIT/gross profit - %) 5.4% 13.0% 10.6%
Managed by Maersk revenue
2
468 571 2,182
Fulfilled by Maersk revenue
2
1,423 1,315 5,238
Transported by Maersk revenue
2
1,613 1,585 6,496
Supply chain management volumes (cbm in ’000) 26,837 21,739 102,252
First Mile volumes (FFE in ’000)
3
1,651 1,406 6,092
Air freight volumes (tonne in ’000) 85 56 295
1 The 2023 Direct operating expenses and Selling, General & Administration (SG&A) have been restated due to the reclassification of
Direct IT costs into Direct operating expenses from SG&A.
2 The 2023 ‘by Maersk’ revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.
3 The 2023 First Mile volumes (previously called Intermodal volumes) have been restated to include volumes from newly integrated businesses.
Management Review I Segments I Logistics & Services
11
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
In Transported by Maersk, the Less than Container Load (LCL)
value proposition continues to be strengthened and more than
30 new lanes were added in Q1 2024 building a total LCL net-
work of over 630 own direct consolidation lanes versus 450
in Q1 2023.
Key initiatives in Q1
Focus is on restoring profitable growth by continued growth
and increasing asset utilisation in contract utilisation and over-
coming the implementation issues in Ground Freight in North
America.
Terminals
Terminals’ volume grew significantly during Q1 with a 10% like-
for-like increase, recovering from a weak Q1 2023. North America
was the primary driver growing 29%, due to a significant recovery
in US West Coast volume. The Red Sea/Gulf of Aden situation had
a limited impact on revenue with the terminal in Aqaba, Jordan,
being the only one significantly affected.
Utilisation increased by 4 percentage points to 70% with the
significant increase in volumes partly offset by capacity increases
from ongoing terminal modernisation programmes in North
America and Europe. Revenue per move (like-for-like) increased
by 4.7% driven by tariffs increases and positive customer mix,
which offset a further decrease in storage revenue.
Cost per move (like-for-like) increased marginally by 0.5% as
inflationary pressure was countered by the impact of higher
volume and inflation offsetting cost initiatives. As a result,
the EBITDA margin improved by 1.6 percentage points.
Financial and operational performance
Revenue increased by 14% to USD 999m (USD 876m), driven by
higher volumes and improved tariffs, more than offsetting a
continued decrease in storage revenue. Volume grew by 9.0%
(10% like-for-like excluding exits) driven by strong growth of
29% in North America, due to a significant increase in West
Coast volume, and a 6.7% increase in volume in Latin America.
Volume from Ocean remained at par (1.6% increase like-for-
like) and volume from external customers increased by 14%
(14% like-for-like). Utilisation increased to 70% (66%) with
the increase in volume being partially offset by an increase
in capacity.
Revenue per move increased by 4.5% to USD 322 (USD 309)
driven by tariff increases more than offsetting the continued
drop in congestion-related storage. Cost per move increased by
1.1% to USD 254 (USD 251) due to unfavourable terminal mix,
while like-for-like cost per move remained almost at par with
the impact of higher volume offsetting the impact of higher
concession fees and higher investment- driven depreciation.
At fixed foreign exchange rates, volume mix and portfolio
mix, revenue per move improved by 4.7% and cost per move
increased marginally by 0.5%.
Terminals highlights USD million
Q1
2024
Q1
2023
12M
2023
Revenue 999 876 3,844
Concession fees (excl. capitalised lease expenses) 83 65 308
Labour costs (blue collar) 294 247 1,121
Other operational costs 145 147 618
Selling, General & Administration (SG&A) and other costs, etc. 129 126 519
Total operating costs 651 585 2,566
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 348 291 1,278
EBITDA margin 34.8% 33.2% 33.2%
Profit/loss before financial items (EBIT) 300 207 980
EBIT margin 30.0% 23.6% 25.5%
Invested capital 7,799 7,676 7,813
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 127 111 541
Operational and financial metrics
Volumes – financially consolidated (moves in ’000) 3,068 2,816 12,204
Ocean segment 985 984 4,245
External customers 2,083 1,832 7,959
Revenue per move – financially consolidated (USD) 322 309 313
Cost per move – financially consolidated (USD) 254 251 252
Result from joint ventures and associated companies (USDm) 88 50 282
Management Review I Segments I Logistics & Services I Terminals
12
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
EBITDA increased by 20% to USD 348m (USD 291m), due to
the significant volume growth and higher tariffs, leading to an
improved EBITDA margin of 34.8% (33.2%).
EBIT increased by 45% to USD 300m (USD 207) due to the higher
EBITDA and strong results from joint ventures and associated
companies.
ROIC (LTM average) decreased marginally to 11.3% (11.9%) due to
the normalisation of storage revenue observed throughout 2023.
CAPEX increased to USD 127m (USD 111m), driven by the ongoing
terminal modernisation programme in Los Angeles, USA.
In North America, volume increased by 29%, primarily driven by
significant growth on the US West Coast, with growth across all
terminals. Utilisation increased by 4.0 percentage points despite
a significant capacity increase from the ongoing terminal
modernisation programme.
In Latin America, volume increased by 6.7%, driven by strong
fruit exports from Moin, Costa Rica, and Pecem, Brazil, partly
offset by weaker volume in Buenos Aires, Argentina. Utilisation
increased by 13 percentage points to 78% (65%).
In Europe, volume increased by 4.3% due to strong volume
in Valencia and Barcelona, Spain, offset by the impact of the
divestment of Castellón, Spain. Adjusted for the exit, volume
increased by 6.2% and utilisation increased by 1.7 percentage
points to 71% (70%).
In Africa, volume decreased by 7.4% due to the divestment of
two terminals in Mauritania and lower volume in Onne, Nigeria.
Adjusted for the exit, volume increased by 0.6%, mainly driven
by strong volume in Apapa, Nigeria, while utilisation increased
by 5.2 percentage points to 59% (54%).
In Asia and Middle East, volume increased by 2.8%, driven by
Mumbai, India, which was affected by construction in 2023 and
Yokohama, Japan, partly offsetting the impact of Red Sea/Gulf
of Aden situation in Aqaba, Jordan. Utilisation increased by
1 percentage point to 78% (77%).
Results from joint ventures and associated companies
The share of profits in joint ventures and associated companies
increased by 76% to USD 88m (USD 50m), primarily driven by
strong volume in Brazil and West Africa.
Key initiatives in Q1
Terminals completed the acquisition of a facility in Suape,
Brazil, where a fully electrified terminal will be constructed,
boosting trade, employment, and development in Brazil’s
northeast region.
The portfolio has been further streamlined as Terminals
increased its stake in APM Terminals Monrovia, Liberia, to 100%
through a share swap, divesting its stake in the terminal in
Conakry, Guinea.
Regional volume
1
Moves (’000)
Q1 2024 Q1 2023 Growth %
North America 792 613 29.2
Latin America 583 546 6.7
Europe, Russia and the Baltics 667 640 4.3
Africa 173 187 -7.4
Asia and Middle East 853 830 2.8
Total 3,068 2,816 9.0
1 Financially consolidated.
Management Review I Segments I Terminals
13
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Financials
Condensed income statement
Note Q1 Q1 12M
2024 2023 2023
1 Revenue 12,355 14,207 51,065
1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,590 3,969 9,591
Depreciation, amortisation and impairment losses, net 1,518 1,880 6,615
Gain on sale of non-current assets, etc., net 7 140 523
Share of profit/loss in joint ventures and associated companies 98 97 435
1 Profit/loss before financial items (EBIT) 177 2,326 3,934
Financial items, net 151 190 428
Profit/loss before tax 328 2,516 4,362
Tax 120 193 454
Profit/loss for the period 208 2,323 3,908
Of which:
Non-controlling interests 31 39 86
A.P. Møller - MærskA/S’ share 177 2,284 3,822
Earnings per share, USD 11 131 227
Diluted earnings per share, USD 11 131 227
Condensed statement of comprehensive income
Q1
2024
Q1
2023
12M
2023
Profit/loss for the period 208 2,323 3,908
Translation from functional currency to presentation currency -246 56 -16
Reclassified to income statement, gain on sale of non-current assets, etc., net 5 - 44
Cash flow hedges -41 -2 16
Tax on other comprehensive income -4 4 -6
Share of other comprehensive income of joint ventures and associated companies, net of tax 2 -1 -1
Total items that have been ormay be reclassified subsequently to the income statement -284 57 37
Other equity investments -1 3 17
Actuarial gains/losses on defined benefit plans, etc. 8 - 9
Tax on other comprehensive income - - 3
Total items that will not be reclassified to the income statement 7 3 29
Other comprehensive income, net of tax -277 60 66
Total comprehensive income for the period -69 2,383 3,974
Of which:
Non-controlling interests 7 41 71
A.P. Møller - MærskA/S’ share -76 2,342 3,903
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
14
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Condensed balance sheet at 31 March
Note 31 March
2024
31 March
2023
31 December
2023
Intangible assets 9,972 10,319 10,124
Property, plant and equipment 27,037 27,838 27,059
Right-of-use assets 9,567 10,523 9,670
Financial non-current assets, etc. 3,999 3,186 3,882
Deferred tax 355 400 343
Total non-current assets 50,930 52,266 51,078
Inventories 1,644 1,481 1,658
2 Receivables, etc. 19,894 19,011 20,873
Securities - 245 -
Cash and bank balances 7,365 11,652 6,701
4 Assets held for sale or distribution 1,765 835 1,790
Total current assets 30,668 33,224 31,022
Total assets 81,598 85,490 82,100
Note 31 March
2024
31 March
2023
31 December
2023
3 Equity attributable to A.P. Møller - MærskA/S 52,328 54,752 54,030
Non-controlling interests 1,045 1,081 1,060
Total equity 53,373 55,833 55,090
Lease liabilities, non-current 7,816 8,221 7,798
Borrowings, non-current 5,196 3,674 4,169
Other non-current liabilities 2,604 2,819 2,652
Total non-current liabilities 15,616 14,714 14,619
Lease liabilities, current 2,529 2,916 2,650
Borrowings, current 222 321 197
Other current liabilities 9,635 11,543 9,296
4 Liabilities associated with assets held for sale or distribution 223 163 248
Total current liabilities 12,609 14,943 12,391
Total liabilities 28,225 29,657 27,010
Total equity and liabilities 81,598 85,490 82,100
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
15
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Condensed cash flow statement
Q1
2024
Q1
2023
12M
2023
Profit/loss before financial items 177 2,326 3,934
Non-cash items, etc. 1,506 1,926 5,973
Change in working capital -474 1,220 417
Cash flow from operating activities before tax 1,209 5,472 10,324
Taxes paid -114 -138 -681
Cash flow from operating activities 1,095 5,334 9,643
Purchase of intangible assets and property, plant and equipment (CAPEX) -706 -838 -3,646
Sale of intangible assets and property, plant and equipment 44 209 601
Acquisition of subsidiaries and activities -7 -126 -140
Sale of subsidiaries and activities 14 23 953
Acquisition of joint ventures and associated companies -1 -1 -18
Sale of joint ventures and associated companies 51 -2 356
Dividends received 55 32 305
Sale of other equity investments - 10 22
Financial investments, etc., net 1,231 7,774 5,644
Cash flow from investing activities 681 7,081 4,077
Repayments of/proceeds from borrowings, net 1,093 -100 185
Repayments of lease liabilities -749 -825 -3,226
Financial payments, net 249 451 853
Financial expenses paid on lease liabilities -139 -139 -563
Purchase of treasury shares -443 -718 -3,120
Dividends distributed -1,023 -9,373 -10,876
Dividends distributed to non-controlling interests -25 -24 -92
Other equity transactions -21 2 34
Cash flow from financing activities -1,058 -10,726 -16,805
Net cash flow for the period 718 1,689 -3,085
Cash and cash equivalents, beginning of period 6,730 10,038 10,038
Currency translation effect on cash and bank balances -67 -84 -223
Cash and cash equivalents, end of period 7,381 11,643 6,730
Of which classified as assets held for sale -63 -15 -47
Cash and cash equivalents, end of period 7,318 11,628 6,683
Cash and cash equivalents
Cash and bank balances 7,365 11,652 6,701
Overdrafts 47 24 18
Cash and cash equivalents, end of period 7,318 11,628 6,683
Cash and bank balances include USD 943 m (USD 1.0 bn at 31 December 2023) relating to cash and bank balances in countries with exchange control
or other restrictions. These funds are not readily available for general use by the parent company or other subsidiaries.
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
16
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Condensed statement of changes in equity
A.P. Møller - Mærsk A/S
Note Share
capital
Trans-
lation
reserve
Reserve
for other
equity
invest-
ments
Reserve
for
hedges
Retained
earnings
Total Non-
controlling
interests
Total
equity
Equity 1 January 2024 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090
Other comprehensive income,
net of tax - -154 -1 -45 -53 -253 -24 -277
Profit for the period - - - - 177 177 31 208
Total comprehensive income
for the period - -154 -1 -45 124 -76 7 -69
Dividends to shareholders - - - - -1,190 -1,190 -32 -1,222
Value of share-based payment - - - - 9 9 - 9
Acquisition of non-controlling
interests - - -
3 Purchase of treasury shares - - - - -416 -416 - -416
3 Sale of treasury shares - - - - 4 4 - 4
Capital increases and decreases
Total transactions with
shareholders - - - - -1,626 -1,626 -22 -1,648
Equity 31 March 2024 3,186 -1,302 188 -64 50,320 52,328 1,045 53,373
Equity 1 January 2023 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Other comprehensive income,
net of tax - 118 3 1 -64 58 2 60
Profit for the period - - - - 2,284 2,284 39 2,323
Total comprehensive income
for the period - 118 3 1 2,220 2,342 41 2,383
Dividends to shareholders - - - - -10,824 -10,824 -32 -10,856
Value of share-based payment - - - - 6 6 - 6
Acquisition of non-controlling
interests - - -
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -745 -745 - -745
3 Sale of treasury shares - - - - 2 2 - 2
Capital increases and decreases
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - 1 - -1 - - -
Transfer of cash flow hedge reserve
to non-current assets - - - -4 - -4 - -4
Total transactions with
shareholders - - 1 -4 -11,578 -11,581 -1 -11,582
Equity 31 March 2023 3,392 -1,114 216 -30 52,288 54,752 1,081 55,833
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
17
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Note 1 Segment information
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q1 2024
External revenue 7,583 3,570 756 421 25 - 12,355
Inter-segment revenue 426 -66 243 63 -1 -665 -
Total revenue 8,009 3,504 999 484 24 -665 12,355
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 956 266 348 80 -61 1 1,590
Profit/loss before financial items (EBIT) -161 54 300 48 -64 - 177
Key metrics
Invested capital 29,455 11,378 7,799 1,991 -153 -40 50,430
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 325 201 127 31 11 11 706
Ocean Logistics
& Services
Terminals Towage &
Maritime
Services
Unallo-
cated
items
Elimi-
nations
Consoli-
dated
total
Q1 2023
External revenue 9,441 3,539 653 543 31 - 14,207
Inter-segment revenue 432 -68 223 59 13 -659 -
Total revenue 9,873 3,471 876 602 44 -659 14,207
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 3,352 316 291 83 -73 - 3,969
Profit/loss before financial items (EBIT) 1,969 135 207 85 -74 4 2,326
Key metrics
Invested capital 29,812 10,182 7,676 2,807 -101 -54 50,322
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 538 128 111 64 5 -8 838
Segment Types of revenue Q1
2024
Q1
2023
12M
2023
Ocean Freight revenue 6,715 8,431 28,421
Other revenue, including hubs 1,294 1,442 5,232
Logistics & Services Managed by Maersk
1
468 571 2,182
Fulfilled by Maersk
1
1,423 1,315 5,238
Transported by Maersk
1
1,613 1,585 6,496
Terminals Terminal services 999 876 3,844
Towage & Maritime Services Towage services 227 205 839
Sale of containers and spare parts 86 109 496
Offshore supply services
2
- 95 111
Other shipping activities
2
27 73 263
Other services 144 120 451
Unallocated activities and eliminations -641 -615 -2,508
Total revenue 12,355 14,207 51,065
1 The 2023 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 is included in Other shipping activities and Offshore supply services, respectively,
for the period 1 January 2023 until divestment.
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Receivables, etc. amount to USD 19.9bn (USD 21.0bn at
31 December 2023) and consist primarily of term deposits
with a maturity of more than three months amounting to
USD 11.6bn (USD 12.8bn at 31 December 2023).
Note 2 Term deposits
Note 3 Share capital
Development in the number of shares:
A shares of B shares of Nominal value
DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million
1 January 2023 10,334,329 214 8,372,645 160 18,707 3,392
31 March 2023 10,334,329 214 8,372,645 160 18,707 3,392
1 January 2024 10,106,940 212 7,462,590 158 17,570 3,186
31 March 2024 10,106,940 212 7,462,590 158 17,570 3,186
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no voting rights.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on 14 March 2024,
the shareholders decided on the cancellation of treasury shares whereby
the share capital would be decreased from nominally DKK 17,569,715,000
to nominally DKK 15,828,942,000. The cancellation is expected to be
completed during Q2 2024.
Development in the holding of treasury shares:
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2024 2023 2024 2023 2024 2023
A shares
1 January 306,636 201,717 307 202 1.75% 1.08%
Additions 43,919 72,068 44 72 0.25% 0.38%
31 March 350,555 273,785 351 274 2.00% 1.46%
B shares
1 January 1,279,120 887,557 1,279 888 7.28% 4.74%
Additions 174,723 268,698 175 269 1.00% 1.44%
Disposals 2,761 1,874 3 2 0.02% 0.01%
31 March 1,451,082 1,154,381 1,451 1,155 8.26% 6.17%
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
From 1 January 2024 to 7 February 2024, A.P. Møller - Mærsk A/S
bought back as treasury shares 22,599 A shares with a nominal value
of DKK 23m and 68,181 B shares with a nominal value of DKK 68m from
DKK 21m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familie-
fond, which are considered related parties.
The dividend of DKK 515 per share of DKK 1,000 – a total of DKK 8.1bn
is equivalent to USD 1.2bn, excluding treasury shares. Of this, USD 1.0bn
was paid to shareholders on 19 March 2024 and the withholding tax of
USD 0.2bn is payable during Q2 2024. Payment of dividends to share-
holders does not trigger taxes for A.P. Moller - Maersk.
The share buy-back programme 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 was approved at the Annual General Meeting.
Disposals of treasury shares are related to the share option plan and
the restricted share unit plan.
31 March
2024
31 December
2023
Intangible assets 58 59
Property, plant and equipment 1,267 1,303
Deferred tax assets 49 52
Other assets 167 167
Non-current assets 1,541 1,581
Current assets 224 209
Assets held for sale or distribution 1,765 1,790
Provisions 12 12
Deferred tax liabilities 26 27
Other liabilities 185 209
Liabilities associated with assets held for sale or distribution 223 248
The total commitment across segments of USD 5.3bn (USD 4.9bn
at 31 December 2023) is related to investments in new methanol
container vessels, tugs and aircraft as well as commitments towards
terminal concession grantors.
Note 5 Commitments
The interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as issued by the
International Accounting Standards Board (IASB) and adopted by the
EU and additional Danish disclosure requirements for interim financial
reporting of listed companies. The accounting policies, judgements and
significant estimates are consistent with those applied in the Annual
Report 2023.
Note 6 Accounting policies, judgements and significant estimates
At the Extraordinary General Meeting on 26 April 2024, the shareholders
of A.P. Moller - Maersk approved the Board of Directors proposal to
complete the demerger of A.P. Møller - Mærsk A/S as described in the
demerger plan of 22 March 2024.
A.P. Møller - Mærsk A/S injected 100% of the shares in Svitzer A/S,
including this company’s subsidiaries as well as certain other assets
and liabilities related to A.P. Møller - Maersk’s towage activities to
the new company, Svitzer Group A/S.
The shares of Svitzer Group A/S have been admitted to trading and
are officially listed on Nasdaq Copenhagen A/S, with the first trading
day being 30 April 2024.
Note 7 Subsequent events
Svitzer (towage) within Towage & Maritime Services and one terminal
within Terminals remain to be classified as held for sale or distribution
due to management’s commitment to the sale or distribution as of the
balance sheet date. They are therefore presented separately in the
condensed balance sheet. Svitzer’s results continue to be included in the
Towage & Maritime Services segment and are included in Note 1 Segment
information as such. The cumulative translation reserve as presented in
the condensed statement of changes in equity of USD 233m (USD 217m
as of 31 December 2023) relates to Svitzer (towage) activities which are
classified as assets held for distribution.
Note 4 Assets held for sale or distribution
Financials I Interim consolidated financial statements Q1 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Management’s statement
Management Review I Management’s statement
21
A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Executive Board
Board of Directors
2024 2023
Income statement Q1 Q4 Q3 Q2 Q1
Revenue 12,355 11,741 12,129 12,988 14,207
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,590 839 1,878 2,905 3,969
Depreciation, amortisation and impairment losses, net 1,518 1,580 1,584 1,571 1,880
Gain on sale of non-current assets, etc., net 7 84 136 163 140
Share of profit/loss in joint ventures and associated companies 98 120 108 110 97
Profit/loss before financial items (EBIT) 177 -537 538 1,607 2,326
Financial items, net 151 101 153 -16 190
Profit before tax 328 -436 691 1,591 2,516
Tax 120 20 137 104 193
Profit/loss for the period 208 -456 554 1,487 2,323
A.P. Møller - Mærsk A/S’ share 177 -436 521 1,453 2,284
Underlying profit
1
210 -442 489 1,346 2,561
Balance sheet
Total assets 81,598 82,100 83,459 83,500 85,490
Total equity 53,373 55,090 55,973 56,427 55,833
Invested capital 50,430 50,430 49,080 49,343 50,322
Net interest-bearing debt -3,092 -4,658 -6,844 -7,090 -7,002
Cash flow statement
Cash flow from operating activities 1,095 166 1,385 2,758 5,334
Repayments of lease liabilities 749 763 816 822 825
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 706 1,251 819 738 838
Cash flow from financing activities -1,058 -1,545 -1,200 -3,334 -10,726
Free cash flow -151 -1,714 -124 1,581 4,224
Financial ratios
Revenue growth -13.0% -34.1% -46.7% -40.0% -26.4%
EBITDA margin 12.9% 7.1% 15.5% 22.4% 27.9%
EBIT margin 1.4% -4.6% 4.4% 12.4% 16.4%
Cash conversion 69% 20% 74% 95% 134%
Return on invested capital after tax (ROIC) (last twelve months) 3.2% 7.4% 17.7% 34.3% 49.1%
Equity ratio 65.4% 67.1% 67.1% 67.6% 65.3%
Underlying ROIC
1
(last twelve months) 2.8% 7.5% 17.5% 34.1% 49.0%
Underlying EBITDA
1
1,597 911 1,907 2,916 4,037
Underlying EBITDA margin
1
12.9% 7.8% 15.7% 22.5% 28.4%
Underlying EBIT
1
174 -520 450 1,469 2,563
Underlying EBIT margin
1
1.4% -4.4% 3.7% 11.3% 18.0%
Stock market ratios
Earnings per share, USD 11 -27 31 85 131
Diluted earnings per share, USD 11 -27 31 85 131
Cash flow from operating activities per share, USD 69 16 87 163 306
Share price (B share), end of period, DKK 8,994 12,140 12,735 11,975 12,445
Share price (B share), end of period, USD 1,305 1,800 1,809 1,745 1,816
Total market capitalisation, end of period, USD 20,349 28,541 29,490 29,273 30,957
1 Underlying is computed as the relevant performance measure adjusted for the net gains/losses from the sale of non-current assets, etc. and net impairment losses as
well as transaction, restructuring and integration costs related to major transactions. The adjustments include A.P. Moller - Maersk’s share of mentioned items in joint ventures
and associated companies and, when applicable, the adjustments are net of tax.
Quarterly summary
Management Review I Quarterly summary
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
A
A.P. Moller - Maersk
A.P. Moller - Maersk is referred to
as the consolidated group of com-
panies and A.P. Møller - Mærsk A/S
as the parent company.
B
Backhaul
The direction of the trade route
with the lowest volumes, whereas
the opposite direction is referred
to as headhaul.
C
CAPEX
Cash payments for intangible assets
and property, plant and equipment,
excluding acquisi tions and divest-
ments.
Cash conversion
Cash flow from operating activities
to EBITDA ratio.
Cash flow from operating
activities per share
A.P. Moller - Maersk’s operating
cash flow from con tinuing oper-
ations divided by the number
of shares (of DKK 1,000 each),
excluding A.P. Moller - Maersk’s
holding of treasury shares.
E
EBIT
Earnings Before Interest and Taxes.
EBITA
Earnings Before Interest, Tax and
Amortisation.
EBITDA
Earnings Before Interest, Taxes,
Depreciation and Amortisation.
Equity ratio
Calculated as equity divided by
total assets.
F
FFE
Forty Foot container Equivalent
unit.
Free cash flow (FCF)
Comprised of cash flow from
operating activities, purchase/sale
of intangible assets and property,
plant and equipment, dividends
received, repayments of lease
liabilities, financial payments and
financial expenses paid on lease
liabilities.
G
Gross profit
The sum of revenue, less variable
costs and loss on debtors.
H
Headhaul
The direction of the trade route
with the highest volumes, whereas
the return direction is referred to
as backhaul.
I
Invested capital
Segment operating assets less
segment operating liabilities,
including investments and deferred
taxes related to the operation.
L
Logistics & Services, First Mile
volumes (FFE in ’000)
Previously known as intermodal
volumes includes intermodal,
barge, rail and trucking drayage
moves from manufacturing to
port and port to warehouse.
N
Net interest-bearing debt
(NIBD)
Equals interest-bearing debt,
including leasing liabilities, fair
value of deriva tives hedging the
underlying debt, less cash and
bank balances as well as other
interest- bearing assets.
Net zero greenhouse Gas
(GHG)
Defined as, reducing scope 1, 2,
and 3 emissions to zero or to a
residual level that is consistent
with reaching net zero emissions
at the global or sector level in
eligible 1.5°C-aligned pathways
and neutralising any residual
emissions at the net zero target
year and any GHG emissions
released into the atmosphere
thereafter.
Normalisation
The company’s business
returning to a more stable
and expected level of activity
driven by GDP/industry growth
following a period of abnormal
fluctuations and disruptions
during the COVID-19 pandemic.
O
Ocean, average operated fleet
capacity (TEU in ’000)
Average Ocean fleet capacity for
the period excluding idle vessels.
Ocean, loaded freight rate
(USD per FFE)
Average freight rate per FFE for
all the A.P. Moller - Maersk con-
tainers loaded in the period in
either Maersk Line or Hamburg
Süd vessels or third parties
(excluding intermodal). Hamburg
Süd is not excluding intermodal.
Ocean, loaded volumes
(FFE in ’000)
Loaded volumes refer to the
number of FFEs loaded on a ship-
ment which are loaded on first
load at vessel departure time,
excluding displaced FFEs.
Ocean, unit cost, fixed bunker
(USD per FFE incl. VSA income)
Cost per FFE assuming a bunker
price of USD 550/tonne excluding
intermodal but including hubs and
time charter income. Hamburg Süd
is not excluding intermodal.
R
Return on invested capital
after tax (ROIC)
Profit/loss before financial items
for the year (EBIT) less tax on EBIT
divided by the average invested
capital, last twelve months.
T
Terminals, revenue per move
Includes terminal revenue, other
income, government grants and
excludes IFRIC12 construction
revenue.
TEU
Twenty-foot container Equivalent
Unit.
Time charter
Hire of a vessel for a specified period.
Total market capitalisation
Total number of shares – excluding
A.P. Møller - Mærsk A/S’ holding of
treasury shares – multiplied by the
end-of-quarter price quoted by
Nasdaq Copenhagen.
U
Underlying EBITDA
Underlying EBITDA is earnings
before interest, taxes, depreciation
and amortisation adjusted for
restructuring and integration costs.
Underlying EBIT
Underlying EBIT is operating profit
before interest and taxes adjusted
for restructuring and integration
costs, net gains/losses from sale
of non-current – assets and net
impairment losses.
Underlying profit/loss
Underlying profit/loss is profit/
loss for the year from continuing
operations adjusted for net gains/
losses from sale of non-current
assets, etc., and net impairment
losses as well as transaction,
restructuring and integration costs
related to major transactions. The
adjustments are net of tax and
include A.P. Moller - Maersk’s share
of mentioned items in joint ven-
tures and associated companies.
V
VSA
A vessel sharing agreement is
usually reached between various
partners within a shipping con-
sortium who agree to operate
a liner service along a specified
route using a specified number
of vessels.
Management Review I Definition of terms
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A.P. MOLLER - MAERSK INTERIM REPORT Q1 | 2 MAY 2024