Management Review
Highlights Q2 2024 ............................................................... 03
Summary financial information
................................................. 04
Review Q2 2024
.................................................................. 05
Financial guidance and targets
.................................................. 06
Market environment
.............................................................. 07
Segments
.......................................................................... 08
– Ocean
.......................................................................... 08
– Logistics & Services
........................................................... 10
– Terminals
...................................................................... 11
Review H1 2024
.................................................................. 13
Financials
Condensed income statement ................................................... 14
Condensed statement of comprehensive income
............................. 14
Condensed balance sheet at 30 June
........................................... 15
Condensed cash flow statement
................................................ 16
Condensed statement of changes in equity
.................................... 17
Notes
............................................................................... 18
Management’s statement
........................................................ 22
Quarterly summary
............................................................... 23
Definition of terms
................................................................ 24
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 Q2 2024 Interim
Report will be held on 7 August 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 Q2 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
31 October 2024
Interim Report Q3 2024
Produced in Denmark
2
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 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 Q2 USD million
Revenue EBITDA EBIT CAPEX
2024 2023 2024 2023 2024 2023 2024 2023
Ocean 8,370 8,703 1,407 2,259 470 1,205 578 314
Logistics & Services 3,632 3,386 348 311 126 115 159 223
Terminals 1,089 950 408 331 353 269 135 97
Unallocated activities, eliminations, etc. -320 -51 -19 4 14 18 32 104
A.P. Moller - Maersk consolidated 12,771 12,988 2,144 2,905 963 1,607 904 738
A.P. Moller - Maersk increased momentum in Q2 2024 on the back of strong market demand with increased
volumes, higher rates and continued cost control.
Profitability in Ocean picked up compared to Q1 2024 due to higher freight rates caused by the continued Red Sea/Gulf of Aden situation,
the robust container market demand and some port congestions in Asia and Middle East. Logistics & Services progressed with revenue
growth gaining momentum, increased volumes across all product families and cost control, with the EBIT margin recovering to 3.5%, back
on track towards the 6% target. Terminals showed continued high performance with strong volume growth in North America and tight
cost control leading to one of the highest EBITDA levels ever.
As communicated on 1 August 2024, due to the continued supply chain disruptions caused by the Red Sea/Gulf of Aden situation and
the robust container market demand triggering an increased container volume growth outlook to 4-6% (previously towards the upper end
of 2.5-4.5%), the guidance for 2024 is revised upwards to an underlying EBITDA of USD 9.0-11.0bn (previously USD 7.0-9.0bn), an under-
lying EBIT of USD 3.0-5.0bn (previously USD 1.0-3.0bn), a free cash flow of at least USD 2.0bn (previously at least USD 1.0bn) and CAPEX
in 2024-2025 of USD 10.0-11.0bn (previously USD 9.0bn-10.0bn).
Highlights Q2 2024
A.P. Moller - Maersk’s results were positively impacted by increasing volumes across segments and higher revenue per move in Terminals,
offset by year-on-year rate impacts in Ocean and Logistics & Services, resulting in revenue of USD 12.8bn (USD 13.0bn). While EBITDA
of USD 2.1bn (USD 2.9bn) and EBIT of USD 963m (USD 1.6bn) were below the previous year, driven by Ocean, both Logistics & Services
and Terminals showed EBIT improvements. Sequentially, revenue increased by USD 416m compared to Q1 2024, and EBITDA and EBIT
increased by USD 554m and USD 786m, respectively, leading to an EBITDA margin of 16.8% and an EBIT margin of 7.5%.
Ocean results increased sequentially due to strong volume growth of 5.9% and higher rates, primarily in Asia exports, reflecting
the increased supply chain pressure. Compared to the previous year, volumes increased by 6.7%. The re-routing south of Cape
of Good Hope continued to lead to higher bunker consumption and higher operating costs. While lower compared to Q2 2023,
EBIT was significantly better compared to Q1 2024 and Q4 2023 and reached an EBIT margin of 5.6%.
Logistics & Services reported revenue growth both sequentially and year-over-year of 3.7% and 7.3%, respectively, due to increased
volumes across all product families, offsetting continued low rates. EBIT was slightly ahead of Q2 2023 and rebounded from the
low Q1 2024 EBIT, with profitable growth in Lead Logistics, Air and First Mile.
Terminals continues to deliver volume growth, particularly in North America. Revenue per move increased significantly by 6.7%
due to higher tariffs and higher storage, while cost per move increased slightly by 1.1%. The increase in the results from joint
ventures and associated companies also contributed to increased profitability. As such, Terminals reported a strong EBIT with
ROIC (LTM) exceeding 12%.
Free cash flow of USD 397m (USD 1.6bn) declined due to lower cash flow from operating activities compared to Q2 2023 as a result
of lower profit combined with increased working capital driven by the sequential growth.
Management Review I Highlights Q2 2024
3
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Q2 Q2 6M 6M 12M
Income statement 2024 2023 2024 2023 2023
Revenue 12,771 12,988 25,126 27,195 51,065
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,144 2,905 3,734 6,874 9,591
Depreciation, amortisation and impairment losses, net 1,481 1,571 2,999 3,451 6,615
Gain on sale of non-current assets, etc., net 208 163 215 303 523
Share of profit/loss in joint ventures and associated companies 92 110 190 207 435
Profit/loss before financial items (EBIT) 963 1,607 1,140 3,933 3,934
Financial items, net 13 -16 164 174 428
Profit/loss before tax 976 1,591 1,304 4,107 4,362
Tax 143 104 263 297 454
Profit/loss for the period 833 1,487 1,041 3,810 3,908
A.P. Møller - Mærsk A/S’ share 798 1,453 975 3,737 3,822
Underlying profit/loss
1
623 1,346 833 3,907 3,954
Balance sheet
Total assets 80,745 83,500 80,745 83,500 82,100
Total equity 53,126 56,427 53,126 56,427 55,090
Invested capital 49,563 49,343 49,563 49,343 50,430
Net interest-bearing debt -3,563 -7,090 -3,563 -7,090 -4,658
Cash flow statement
Cash flow from operating activities 1,626 2,758 2,721 8,092 9,643
Repayments of lease liabilities 742 822 1,491 1,647 3,226
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 904 738 1,610 1,576 3,646
Cash flow from financing activities -368 -3,334 -1,426 -14,060 -16,805
Free cash flow 397 1,581 246 5,805 3,967
Financial ratios
Revenue growth -1.7% -40.0% -7.6% -33.6% -37.4%
EBITDA margin 16.8% 22.4% 14.9% 25.3% 18.8%
EBIT margin 7.5% 12.4% 4.5% 14.5% 7.7%
Cash conversion 76% 95% 73% 118% 101%
Return on invested capital after tax (ROIC) (last twelve months) 2.0% 34.3% 2.0% 34.3% 7.4%
Equity ratio 65.8% 67.6% 65.8% 67.6% 67.1%
Underlying ROIC
1
(last twelve months) 1.5% 34.1% 1.5% 34.1% 7.5%
Underlying EBITDA
1
2,143 2,916 3,740 6,953 9,771
Underlying EBITDA margin
1
16.8% 22.5% 14.9% 25.6% 19.1%
Underlying EBIT
1
756 1,469 930 4,032 3,962
Underlying EBIT margin
1
5.9% 11.3% 3.7% 14.8% 7.8%
Stock market ratios
Earnings per share, USD 51 85 62 217 227
Diluted earnings per share, USD 51 85 62 216 227
Cash flow from operating activities per share, USD 103 163 172 469 572
Share price (B share), end of period, DKK 12,105 11,975 12,105 11,975 12,140
Share price (B share), end of period, USD 1,736 1,745 1,736 1,745 1,800
Total market capitalisation, end of period, USD 26,992 29,273 26,992 29,273 28,541
1 Definition of terms See p. 24.
Summary financial information
AMOUNTS IN USD MILLION
Management Review I Summary financial information
4
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Profitability increased sequentially due to
strong container demand in a market of supply
chain disruptions, however, decreased compared
to the post pandemic Q2 2023.
In Ocean, EBIT returned to positive territory to USD 470m, increas-
ing by USD 631m from Q1 2024 as the results were impacted by
the supply chain disruptions due to the continuation of the Red
Sea/Gulf of Aden situation. However, EBIT was significantly lower
than in Q2 2023, mainly due to lower revenue and higher costs.
In both Logistics & Services and Terminals, revenue and EBIT
increased year-over-year and sequentially on the back of higher
volumes and cost control. In Terminals, revenue also increased
due to higher revenue per move.
Revenue decreased by USD 217m to USD 12.8bn (USD 13.0bn),
stemming from a decrease in Ocean of USD 333m and by USD
129m as a result of the Svitzer demerger, while revenue in
Logistics & Services and Terminals increased by USD 246m and
USD 139m, respectively.
EBITDA decreased to USD 2.1bn (USD 2.9bn), mainly related to a
decrease in Ocean of USD 852m driven by a negative timing effect
from rates and higher costs, partly offset by higher volumes.
In Logistics & Services, EBITDA increased due to higher volumes
and Terminals increased by 23% due to higher volumes and reve-
nue per move.
Ocean
(2023: 2.3bn)
Logistics & Services
(2023: 311m)
Terminals
(2023: 331m)
1.4bn 348m 408m
EBIT decreased to USD 963m (USD 1.6bn), with an EBIT margin
of 7.5% (12.4%). In Ocean, EBIT returned to positive territory
and while lower than in Q2 2023, increased by USD 631m from
Q1, primarily as an outcome the Red Sea/Gulf of Aden situation.
In Logistics & Services, EBIT followed the increased EBITDA, and
the EBIT margin was 3.5% (3.4%). In Terminals, EBIT increased by
31% or USD 84m, mainly due to the higher EBITDA.
Ocean
(2023: 1.2bn)
Logistics & Services
(2023: 115m)
Terminals
(2023: 269m)
470m 126m 353m
Financial items, net, amounted to an income of USD 13m (loss of
USD 16m), driven by positive foreign exchange rate impacts on
working capital, partly offset by lower interest income and higher
interest expenses.
Tax increased to USD 143m (USD 104m), primarily due to increased
taxable income.
Review Q2 2024
The underlying profit was USD 623m (USD 1.3bn), reflecting the
lower EBIT, and was adjusted for net gains of USD 208m, driven
primarily by vessel and container sales in Ocean.
Cash flow from operating activities of USD 1.6bn (USD 2.8bn)
was driven by lower profits and an increase in net working capital
of USD 260m, mainly due to a decrease in payables, translating
into a cash conversion of 76% (95%).
Gross capital expenditure (CAPEX) of USD 904m (USD 738m)
was driven by higher investments in Ocean.
Free cash flow of USD 397m (USD 1.6bn) was impacted by the
decreased cash flow from operating activities and higher capital
expenditures, slightly off set by lower capital lease payments.
Share buy-back
As previously communicated, the Board of Directors decided
to suspend the share buy-back programme in February 2024,
therefore no shares were bought back during Q2 2024. At 30 June
2024, A.P. Moller - Maersk owns a total of 53,111 B shares as
treasury shares, corresponding to 0.34% of the share capital.
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 treasury
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
was completed during Q2 2024.
ESG update
A.P. Moller - Maersk continues to deliver progress on its climate
roadmap with the arrival of the third of A.P. Moller - Maersk’s 18
large dual-fuel vessels that are to be delivered between 2024
and 2025. By end of Q2, the company had three large dual-fuel
vessels in operation.
In June, A.P. Moller - Maersk opened its first low greenhouse gas
emission warehouse in Denmark, located in Taulov Dry Port in
Fredericia. This facility is A.P. Moller - Maersk’s first low- emission
warehouse and sets new international standards for the develop-
ment of low-emission warehouses and logistics facilities, in line
with the company’s ambition to achieve net zero GHG emissions
by 2040. It will also play a key role in A.P. Moller - Maersk’s logis-
tics footprint in the Nordics, sig nificantly improving the handling
of cargoes that arrive to the region by road, sea and air.
For more information about A.P. Moller - Maersk’s validated
climate targets, please see www.maersk.com/sustainability
Management Review I Review Q2 2024
5
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Financial guidance for 2024
As announced on 1 August 2024, due to the continued supply
chain disruptions caused by the ongoing situation in the Red
Sea/Gulf of Aden and robust container market demand,
A.P. Moller - Maersk raises its financial guidance as seen in the
table below. A.P. Moller - Maersk now expects global container
market growth to be between 4-6% and to grow in line with
the market compared to the previous expectation of towards
the upper end of 2.5-4.5%.
In addition, A.P. Moller - Maersk now expects CAPEX to be
between USD 10.0-11.0bn for 2024-2025 (previously USD 9.0-
10.0bn) due to continuous fleet renewal.
CAPEX (Unchanged) CAPEX (Previously 9.0-10.0)
2023-2024
8.0-9.0
2024-2025
10.0-11.0
USDbn
EBITDA Underlying
(Previously: 7.0-9.0)
EBIT Underlying
(Previously: 1.0-3.0)
Free cash flow Or higher
(Previously 1.0 or higher)
9.0-11.0 3.0-5.0 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 0.6bn
Container freight volume +/- 100,000 FFE +/- USD 0.1bn
Bunker price
(net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.2bn
Foreign exchange rate
(net of hedges) +/- 10% change in USD +/- USD 0.1bn
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
2.0%, below the target of above 7.5% every year under normal-
ised conditions, due to the declining profits in the latter half of
2023. Lower profitability has continued into H1 2024. The aver-
age return on invested capital from the start of 2021 to Q2 2024
was 32.8%, above the 12% target for the period 2021-2025.
ROIC (LTM)
Target:
>7.5%
2.0%
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
dividends 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 Q2, with a re-initia-
tion to be reviewed once market conditions in Ocean are settled.
Ocean
Ocean delivered an EBIT margin of negative 2.0% over the last
twelve months, below the target of 6% under normalised condi-
tions, 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%
-2.0%
Target:
4.1-4.3 TEUm
4.2 TEUm
Logistics & Services
The organic growth of Logistics & Services was negative 7% 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%
-7%
Target:
>6%
2.6%
Terminals
The return on invested capital (ROIC) (LTM) was 12.2% for
Terminals, exceeding the expectation of above 9% towards 2025.
ROIC
Target:
>9%
12.2%
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
6
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
The global economy maintained solid growth momentum in Q2,
with mild recoveries in Western Europe and emerging markets,
and strong growth in the US. Oxford Economics expects global
GDP growth of 2.6% in 2024, slightly up from their late Q1 esti-
mate. The Global Manufacturing Purchasing Managers Index
(PMI) moved further into expansion territory (above the 50
threshold) through Q2. On average, the manufacturing export
orders PMI rose, although the trajectory through the quarter
was less encouraging than expected, due to weak activity in
Europe. The orders-to- inventories PMI ratio held steady on
average from Q1 to Q2.
US goods demand grew 2% y/y in Q2, an acceleration from Q1.
A healthy, albeit cooling labour market, and wage gains are
expected to continue to support US consumers. Declining
consumer confidence and savings, however, are clouds at the
horizon. The US inventory-to-sales ratio remained around
2019- levels, unchanged from the Q1 average. In contrast, euro
area consumption continues to grow at a slower pace than the
US, despite robust labour markets and wage gains. Euro Area
retail sales (excluding food and fuel) strengthened in April and
May and were up 0.9% y/y on average after being flat y/y in Q1.
Activity indicators for Q2 do not suggest a significant lift in
growth in China. Exports remain a major contributor, counter-
balanced by low consumer demand and a weak housing market.
Global container demand is estimated to have grown between
5-7% y/y in Q2, with all import regions contributing posi tively
except for Africa. Import growth in Q2 was strongest in Latin
America, North America and Far East Asia. The top three fastest
growing verticals in Q2 are Chemicals, Retail and Tech. On the
export side, Chinese exports stood out once more with y/y
growth close to 10% in Q2. Global container demand growth is
expected to remain positive in coming quarters, but likely at a
slower pace. Given that it has exceeded expectations in the
first half of the year, the estimated range for demand growth
for 2024 is moved upward, between 4-6%. Substantial risks
persist despite the upward revision.
On the supply side, similar to Q1, growth remained significant in
Q2, driven by a large influx of deliveries. At the end of the quar-
ter, the nominal fleet was 10.4% larger than at the same time in
2023, while inactive capacity remained low in a historical context.
Despite the influx of newbuild capacity, supply chains entered
a new phase of stress in reaction to geopolitical tensions, that
resulted in an unexpected increase in spot rates in Q2, up 163%
y/y. The Shanghai Container Freight Index (SCFI) stood at 3,714
in the last week of June, the highest value since 5 August 2022.
Port congestions surfaced again locally, especially in Far East
Asia and in the Middle East. On a global level however, waiting
time averaged 8.4 hours in Q2 2024, up from 7.5 hours in Q2
2023, but remained far from pandemic peaks.
Market environment
Global air freight forwarding demand grew by 3.0% y/y in Q1 and
is estimated to have increased by 6-7% y/y in Q2. A modal shift
from container shipping supported air freight demand growth,
in reaction to low Ocean schedule reliability. Growth is well spread
across regions and types of goods. Chinese exports, which have
grown by 11% year to date, primarily driven by e-commerce, are
a major contributor to demand growth in air freight forwarding.
Supply continued to increase in Q2, up by 8% y/y, primarily due
to a positive inflow of belly capacity in Asia Pacific. Despite the
increase in capacity, rates, measured by the TAC index, remained
stable throughout the quarter and only contracted 2% y/y.
The North American road freight market has experienced declin-
ing volumes in H1. However, there are signs that the market may
have bottomed out, such that demand growth was positive in
Q2 compared to Q1. Despite this, supply-side challenges persist,
with a high number of carriers still active in the market. The dis-
parity between Full Truckload (FTL) and Less Than Truckload (LTL)
rates continues, as weak demand and loose supply pressures FTL
rates, while a better supply-demand balance supports LTL rates.
The situation in Europe remains challenging, where weak activity
in the manufacturing sector is suppressing demand for road
freight. However, tightness in available capacity has contributed
to an increase in rates. According to Transporeon, spot rates in
Europe have increased by 10% y/y in Q2, while contract prices
have risen by 3% y/y.
According to Cushman and Wakefield, vacancy rates for US ware-
housing have in creased to 6.1% in Q2 2024, compared to 4.0% for
the same period in 2023. Demand growth remains positive. How-
ever, the supply pipeline is limited as construction starts are cur-
tailed by high interest rates. With new supply slowing, rents are
likely to be supported from this point forward. In the euro area,
vacancy rates are also expected to rise, but as in the US, a slow-
down in new supply will help limit further increases in vacancies.
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 Q4 Q1Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023 2024
125
100
75
Management Review I Market environment
7
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Ocean
The profitability in Q2 was significantly impacted by the con-
tinuing Red Sea/Gulf of Aden situation, which led to continued
network re-routing south of Cape of Good Hope as well as
increased freight rates, mainly in Asia exports. EBIT returned
to positive territory at USD 470m, but was significantly lower
compared to Q2 2023, primarily due to lower freight revenue
and higher costs.
Loaded volumes increased by 6.7% compared to Q2 2023, driven
by Asia exports. The average loaded freight rate increased by
2.3% compared to Q2 2023 and increased by 5.5% compared
to Q1 2024, reflecting the increased pressure in supply chains,
including congestions in key Asian and Middle Eastern ports.
The re-routing south of Cape of Good Hope led to an increase in
bunker consumption of 18% and higher operating costs by 7.8%
compared to Q2 2023. Unit cost at fixed bunker decreased by
0.9% following the volume growth.
Segments
Ocean highlights USD million
Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Freight revenue 7,279 7,414 13,994 15,845 28,421
Other revenue, including hubs 1,091 1,289 2,385 2,731 5,232
Revenue 8,370 8,703 16,379 18,576 33,653
Container handling costs 2,423 2,258 4,810 4,520 9,233
Bunker costs 1,848 1,440 3,639 2,947 6,064
Network costs, excluding bunker costs 1,622 1,692 3,325 3,381 6,917
Selling, General & Administration (SG&A) costs 657 711 1,260 1,481 2,921
Cost of goods sold and other operational costs 414 358 956 695 1,646
Total operating costs 6,964 6,459 13,990 13,024 26,781
Other income/costs, net 1 15 -26 59 68
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,407 2,259 2,363 5,611 6,940
EBITDA margin 16.8% 26.0% 14.4% 30.2% 20.6%
Profit before financial items (EBIT) 470 1,205 309 3,174 2,227
EBIT margin 5.6% 13.8% 1.9% 17.1% 6.6%
Invested capital 29,930 29,064 29,930 29,064 29,851
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 578 314 903 852 1,987
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,101 2,906 6,029 5,630 11,904
Loaded freight rate (USD per FFE) 2,499 2,444 2,435 2,651 2,313
Unit cost, fixed bunker (USD per FFE incl. VSA income) 2,367 2,389 2,421 2,470 2,371
Bunker price, average (USD per tonne) 636 592 630 608 616
Bunker consumption (tonne in ’000) 2,862 2,432 5,658 4,844 9,838
Average operated fleet capacity (TEU in ’000) 4,282 4,136 4,235 4,176 4,162
Fleet owned (end of period) 304 310 304 310 310
Fleet chartered (end of period) 403 369 403 369 362
Ocean continued its efforts of optimising the network and
achieved a utilisation of 97% (91%), 6 percentage points higher
than in Q2 2023. Reliability was impacted by the network dis-
ruptions, and while it was lower than in Q2 2023, improved
compared to Q1 2024 as the result of targeted efforts.
Financial and operational performance
Revenue decreased by USD 333m to USD 8.4bn (USD 8.7bn)
despite the increased volumes by 6.7% and increased loaded
freight rates by 2.3%, driven by the timing effects of rates.
EBITDA decreased by USD 852m to USD 1.4bn (USD 2.3bn) due
to lower revenue and higher costs. The EBITDA margin decreased
by 9.2 percentage points to 16.8% (26.0%). EBIT decreased by
USD 735m to USD 470m (USD 1.2bn).
Management Review I Segments I Ocean
8
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Loaded volumes increased by 6.7% to 3,101k FFE (2,906k FFE)
due to stronger demand for Asia-Europe, Intra-Asia, Intra- Europe
and North America trades. The contract share increased slightly
from Q1 2024.
The average loaded freight rate increased by 2.3% to 2,499
USD/FFE (2,444 USD/FFE), driven by an increase in Asia-Europe
and India Middle East, offset by a decrease in Intra-Americas,
Intra-Europe and Oceania trades. The average loaded freight
rate increased towards the latter of the quarter, growing by
5.5% compared to Q1 2024 of 2,368 USD/FFE.
Total operating costs were 7.8% higher at USD 7.0bn (USD
6.5bn), driven by higher bunker costs and container handling
costs, which increased by 28% and 7.3%, respectively, due to
the Red Sea/Gulf of Aden situation. This was partially offset by
lower port and canal costs by 32% linked to fewer Suez Canal
crossings, as well as lower SG&A costs by 7.6%, reflecting the
continued focus on a more streamlined organisation.
Bunker costs increased by 28% to USD 1.8bn (USD 1.4bn).
Excluding the EU Emissions Trading System (ETS) effect of USD
28m, bunker costs increased by 26% contributed by increased
consumption by 18% due to vessel re-routings via Cape of Good
Hope, and the higher average bunker price by 7.4% to 636 USD/
tonne (592 USD/tonne). Bunker efficiency improved by 5.7% to
38.4 g/TEU*NM (40.7 g/TEU*NM).
Unit cost at fixed bunker decreased by 0.9% to 2,367 USD/FFE
(2,389 USD/FFE), driven by the solid volume delivery, partially
offset by the higher operating costs due to the Red Sea/Gulf of
Aden situation.
The average operated capacity of 4,282k TEU (4,136k TEU)
increased by 3.5%. The current order book for dual-fuel vessels
totalled 21 at the end of Q2 2024. The fleet consisted of 304
owned and 403 chartered vessels, of which 135k TEU or 3.1% of
the fleet were idle (21 vessels).
Key initiatives in Q2
Ocean remains focused on the ambition to deliver a best-in-
class network with industry-leading reliability, protected from
disruptions. A key component to this ambition is the ‘Gemini
Cooperation’ between A.P. Moller - Maersk and Hapag-Lloyd AG
announced in Q1 2024, starting in February 2025.
Since the announcement, Ocean has accelerated its efforts of
testing and fine tuning the network of the future. A key develop-
ment is the strategic selection of key port terminals to serve as
hubs connecting the network’s 58 services and more than 6,000
port-to-port combinations.
Ocean is continuously renewing its fleet with the ambition of
signing newbuilding orders and time-charter contracts for a
total dual-fuel capacity of 800k TEU, with delivery expected
from 2026 to 2030.
Alongside network improvements, Ocean maintains its efforts
to reduce costs. Several cost containment initiatives have been
implemented across the organisation, whilst preserving the
focus on customer outcomes and reducing emissions.
Financial review H1 2024
Revenue decreased by 12% to USD 16.4bn (USD 18.6bn), driven
by a decrease in freight revenue due to lower rates by 8.1%,
partially offset by higher loaded volumes by 7.1%. The EBITDA
margin decreased by 15.8 percentage points to 14.4% at USD
2.4bn (USD 5.6bn) and the EBIT margin decreased by 15.2 per-
centage points to 1.9% at USD 309m (USD 3.2bn).
Total operating costs increased by 7.4% to USD 14.0bn (USD
13.0bn), driven by an increase in bunker costs of 23%, mainly
due to higher consumption linked to vessels re-routing south
of Cape of Good Hope, as well as higher container handling
costs by 6.4%. The increase was partly offset by lower SG&A
costs by 15% and lower network costs, excluding bunker by 1.7%,
attributable to lower port and canal costs linked to fewer
Suez Canal crossings.
Loaded volumes FFE (’000)
Q2 2024 Q2 2023 Change Change %
East-West 1,417 1,298 119 9.2%
North-South 999 979 20 2.0%
Intra-regional 685 629 56 8.9%
Total 3,101 2,906 195 6.7%
Average freight rates USD/FFE
Q2 2024 Q2 2023 Change Change %
East-West 2,669 2,382 287 12.0%
North-South 3,105 3,207 -102 -3.2%
Intra-regional 1,435 1,673 -238 -14.2%
Total 2,499 2,444 55 2.3 %
Fleet overview, end Q2 2024
Q2 2024 Q4 2023
TEU
Own container vessels 2,363 2,363
Chartered container vessels 1,944 1,754
Total fleet 4,307 4,117
Number of vessels
Own container vessels 304 310
Chartered container vessels 403 362
Total fleet 707 672
Management Review I Segments I Ocean
9
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Logistics & Services highlights USD million
Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Revenue 3,632 3,386 7,136 6,857 13,916
Direct costs (third-party costs) 2,543 2,341 5,040 4,770 9,694
Gross profit 1,089 1,045 2,096 2,087 4,222
Direct Operating Expenses
1
557 508 1,092 1,033 2,064
Selling, General & Administration (SG&A)
1
184 226 390 427 907
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 348 311 614 627 1,251
EBITDA margin 9.6% 9.2% 8.6% 9.1% 9.0%
Profit after depreciation and impairment losses, before amortisations (EBITA) 169 158 266 336 619
EBITA margin 4.7% 4.7% 3.7% 4.9% 4.4%
Profit before financial items (EBIT) 126 115 180 250 446
EBIT margin 3.5% 3.4% 2.5% 3.6% 3.2%
Invested capital 11,534 10,508 11,534 10,508 10,779
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 159 223 360 351 771
Operational and financial metrics
EBIT conversion (EBIT/gross profit - %) 11.6% 11.0% 8.6% 12.0% 10.6%
Managed by Maersk revenue
2
491 537 959 1,108 2,182
Fulfilled by Maersk revenue
2
1,409 1,251 2,832 2,566 5,238
Transported by Maersk revenue
2
1,732 1,598 3,345 3,183 6,496
Supply chain management volumes (cbm in ’000) 28,582 25,654 55,419 47,393 102,252
First Mile volumes (FFE in ’000)
3
1,672 1,432 3,323 2,838 6,092
Air freight volumes (tonne in ’000) 84 72 169 128 295
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.
Logistics & Services
Logistics & Services delivered revenue growth of 7.3% year-
over-year due to increased volumes across all product families,
more than offsetting continued low rates.
In Fulfilled by Maersk, a positive impact was seen from initiatives
to address new customer implementation challenges in Ground
Freight in North America. Measures are in place for continued
improvement in operational efficiency in Ground Freight and
utilisation improvements in Warehousing as well as sustaining
the momentum in Air, with the overall goal of continuing an EBIT
margin recovery towards 6%.
Financial and operational performance
Revenue increased by USD 246m or 7.3% to USD 3.6bn (USD
3.4bn), primarily driven by heightened volumes across all
products.
Gross profit increased by USD 44m to USD 1.1bn (USD 1.0bn),
driven by increased volumes compensating for lower rates
across most products, resulting in a profit margin of 30% (31%).
Revenue increased by 3.7% and gross profit by 8.1% compared
to Q1 2024.
EBITDA increased by USD 37m to USD 348m (USD 311m), with
an EBITDA margin of 9.6% (9.2%). Compared to Q1 2024, EBITDA
increased by USD 82m.
EBIT increased to USD 126m (USD 115m) with an EBIT margin of
3.5% (3.4%). The EBIT margin increased by 2.0 percentage points
compared to Q1 2024.
Managed by Maersk revenue decreased by USD 46m to USD
491m (USD 537m), driven by rate pressures and mix improve-
ments. Revenue increased by USD 23m compared to Q1 2024,
primarily due to growth in Project Logistics. Supply Chain Manage-
ment volumes increased by 11% to 28,582k cbm (25,654k cbm).
Customs volumes increased by 24% to 1,694k declarations
(1,365k declarations), primarily due to new customer wins.
Fulfilled by Maersk revenue increased by USD 158m to USD
1.4bn (USD 1.3bn), driven by growth across all products, with
Ground Freight and Last Mile accounting for the majority of the
increase. Revenue decreased by USD 14m compared to Q1 2024,
mainly driven by the decline in Last Mile.
Management Review I Segments I Logistics & Services
10
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Transported by Maersk revenue increased by USD 134m to
USD 1.7bn (USD 1.6bn) and by USD 119m from Q1 2024. The
increase from Q2 2023 was due to higher volumes in Air, Less
than Container Load (LCL) and First Mile. The LCL value propo-
sition continues to be strengthened and more than 50 new
lanes were added in Q2 2024, building a total LCL network
of over 680 own direct consolidation lanes versus 500 in Q2
2023. Air freight volumes increased by 17% from Q2 2023 and
was 1.1% lower compared to Q1 2024 at 84k tonnes. First Mile
volumes increased by 17% to 1,672k FFE (1,432k FFE) due to
higher Ocean volume.
Key initiatives in Q2
New customer contracts were won, and new products were
launched during the quarter, such as the end-to-end B2C cross-
border e-commerce product from China to the United States.
Additionally, efforts were concentrated on helping customers
navigate supply chain disruptions. In terms of profitability, tan-
gible progress was made in restoring margins in Ground Freight
in North America and in increasing asset utilisation in Air.
Financial review H1 2024
Revenue of USD 7.1bn (USD 6.9bn) was driven by Fulfilled by
Maersk and Transported by Maersk, growing USD 266m and USD
162m, respectively. Managed by Maersk revenue decreased
by 13% to USD 1.0bn (USD 1.1bn), driven by product mix and price
pressure. EBITDA decreased by 2.1% to USD 614m (USD 627m)
and EBIT decreased by 28% to USD 180m (USD 250m).
Terminals
Terminals’ volume continued to grow significantly in Q2 with
a 7.8% like-for-like increase, mainly driven by North America.
Volumes were particularly strong on the US East Coast with 30%
growth, in part due to volumes being redirected from external
facilities in Baltimore to Terminal’s facilities in Port Elizabeth,
USA. Utilisation increased by 3.5 percentage points to 76% with
the increase in volumes being partly offset by a 3.7% like-for-
like capacity increase, primarily in North America. Revenue per
move (like-for-like) increased by 11% driven by tariff increases
and an increase in storage revenue due to localised congestion.
Cost per move (like-for-like) remained at par, mainly driven
by scale efficiencies from the higher volume. The combination
of solid revenue growth and effective cost management helped
improve the EBITDA margin by 2.7 percentage points.
Financial and operational performance
Revenue increased by 15% to USD 1.1bn (USD 950m), driven by
higher volumes, improved tariffs and higher storage revenue
from localised congestion. Storage per move was at par with
the average of the last six quarters, but compared favourably
with a weak Q2 2023. Volume increased by 6.8% (7.8% like-for-
like excluding exits), driven by strong growth in North America
particularly US East Coast due to the Baltimore incident and
in Asia, due to the Mumbai, India terminal which became fully
operational again after construction closures in 2023.
Terminals highlights USD million
Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Revenue 1,089 950 2,088 1,826 3,844
Concession fees (excl. capitalised lease expenses) 87 78 170 143 308
Labour costs (blue collar) 315 284 609 531 1,121
Other operational costs 143 127 288 274 618
Selling, General & Administration (SG&A) and other costs, etc. 136 130 265 256 519
Total operating costs 681 619 1,332 1,204 2,566
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 408 331 756 622 1,278
EBITDA margin 37.5% 34.8% 36.2% 34.1% 33.2%
Profit/loss before financial items (EBIT) 353 269 653 476 980
EBIT margin 32.4% 28.3% 31.3% 26.1% 25.5%
Invested capital 7,887 7,803 7,887 7,803 7,813
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 135 97 262 208 541
Operational and financial metrics
Volumes – financially consolidated (moves in ’000) 3,260 3,052 6,328 5,868 12,204
Ocean segment 1,043 1,046 2,028 2,030 4,245
External customers 2,217 2,006 4,300 3,838 7,959
Revenue per move – financially consolidated (USD) 330 310 327 309 313
Cost per move – financially consolidated (USD) 247 245 250 248 252
Result from joint ventures and associated companies (USDm) 82 74 170 124 282
Management Review I Segments I Logistics & Services I Terminals
11
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Regional volume
1
Moves (’000)
Q2 2024 Q2 2023 Growth %
North America 918 783 17.3
Latin America 580 598 -3.0
Europe, Russia and the Baltics 717 696 3.1
Africa 169 194 -12.7
Asia and Middle East 875 781 11.8
Total 3,260 3,052 6.8
1 Financially consolidated.
Volume from Ocean remained at par (increase of 1.4% like-for-
like) and volume from external customers increased by 10%
(11% like-for-like). Utilisation increased to 76% (72%) with the
increase in volume being partly offset by a 3.7% like-for-like
increase in capacity, mainly in North America.
Revenue per move increased by 6.7% to USD 330 (USD 310),
driven by tariff increases and higher storage revenue, partially
offset by unfavourable foreign exchange rate impacts and termi-
nal mix. Cost per move increased by 1.1% to USD 247 (USD 245),
driven by investment related depreciation and unfavourable
terminal mix, partially offset by higher volumes and positive
foreign exchange rate impacts.
At fixed foreign exchange rates, volume mix and portfolio mix,
revenue per move increased by 11% and cost per move remained
at par.
EBITDA improved by 23% to USD 408m (USD 331m), driven by
the higher volume and improved revenue per move, resulting
in a significantly improved EBITDA margin of 37.5% (34.8%).
EBIT increased by 31% to USD 353m (USD 269m) due to the higher
EBITDA and higher results from joint ventures and associated
companies.
ROIC (LTM average) increased to 12.2% (11.4%).
CAPEX increased to USD 135m (USD 97m), driven by the moderni-
sation of two terminals in Spain and the expansion of the termi-
nal in Lazaro Cardenas, Mexico. The modernisation programme
of the terminals in the USA also continued.
In North America, volume increased by 17%, primarily driven by
significant growth in Port Elizabeth, USA, partly due to volumes
being redirected from Baltimore. Utilisation increased by 2.9
percentage points to 76% (73%) as the increase in volume was
offset by an increase in capacity.
In Asia, volume increased by 12%, driven by Mumbai, India,
where one berth was closed in 2023 due to construction, partly
offsetting the negative volume impact of the Red Sea/Gulf
of Aden situation in the terminal in Aqaba, Jordan. Utilisation
increased by 7.1 percentage point to 80% (73%).
In Europe, volume increased by 3.1% due to the strong Red Sea-
related demand for transhipments in Valencia and Barcelona,
Spain, offset by the impact of the divestment of Castellón, Spain.
Adjusted for the exit, volume increased by 5.2% and capacity
increased by 6.0%. Utilisation remained at par 76% (76%) as the
increase in volume was offset by an increase in capacity.
In Latin America, volume decreased by 3.0%, driven by weaker
imports into Buenos Aires, Argentina, partly offset by higher
volume in Pecem, Brazil. Utilisation increased by 3.9 percent-
age points to 77% (73%), driven by the closure of the terminal
in Itajai, Brazil.
In Africa, volume decreased by 13% due to the divestment of
two terminals in Mauritania and lower volume in Onne, Nigeria.
Adjusted for the exit, volume decreased by 4.9%. Utilisation
increased by 2.2 percentage points to 58% (56%) as the reduced
capacity from exits more than offset the decrease in volume.
Results from joint ventures and associated companies
The share of profits in joint ventures and associated companies
increased by 11% to USD 82m (USD 74m), primarily driven by
strong transhipment volume in West Africa.
Key initiatives in Q2
The first pieces of electrical terminal equipment are being
shipped to Rijeka, Croatia, where the terminal is scheduled to go
live in 2024. In Suape, Brazil, purchase agreements have been
signed for fully electric and remote-controlled Ship-to-Shore
and rubber tyre gantry cranes, with the terminal scheduled to
go live in 2026.
Financial review H1 2024
Revenue increased by 14% to USD 2.1bn (USD 1.8bn), driven by
a 7.8% increase in volume (8.9% like-for-like), higher tariffs
and higher storage revenue. Capacity utilisation increased to
73% (69%).
Revenue per move increased by 5.6% to USD 327 (USD 309),
mainly driven by higher tariffs and storage revenue, partially
offset by unfavourable foreign exchange rate impacts and ter-
minal mix. Cost per move was on par with H1 2023 at USD 250
(USD 248).
EBITDA increased to USD 756m (USD 622m), driven by the higher
volume and improved tariffs. EBIT increased at an even higher
rate to USD 653m (USD 476m) due to significantly higher volume-
driven results from joint ventures and associated companies.
Management Review I Segments I Terminals
12
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Financial results reflect strong container demand
in a market of supply chain disruptions.
Revenue decreased by USD 2.1bn to USD 25.1bn (USD 27.2bn) in
H1 2024, with a decrease of USD 2.2bn in Ocean, while Logistics
& Services and Terminals reported an increase of USD 279m and
USD 262m, respectively.
Revenue in Ocean reflects a decrease in loaded freight rates
of 8.1%, partly offset by an increase in loaded volumes of 7.1%.
Revenue was further negatively impacted by the timing effect
of rates.
Revenue increased in Logistics & Services driven by Fulfilled by
Maersk and Transported by Maersk, whereas revenue in Man-
aged by Maersk decreased due to lower rates in Lead logistics
and Customs services.
The increased revenue in Terminals was driven by higher volumes,
tariffs and storage revenue.
EBITDA came in at USD 3.7bn (USD 6.9bn), with a decrease in
Ocean of USD 3.2bn, driven by lower revenue combined with
higher costs, and a marginal decrease in Logistics & Services of
USD 13m, partly offset by an increase in Terminals of USD 134m.
EBIT decreased by USD 2.8bn to USD 1.1bn (USD 3.9bn), im-
pacted by the declining EBITDA. The EBIT margin decreased to
4.5% (14.5%).
Financial items, net, was USD 164m (USD 174m), as lower interest
income and higher interest expenses were only partly offset by
a positive foreign exchange rate impact on working capital.
Tax decreased to USD 263m (USD 297m), primarily due to lower
profit before tax.
The underlying profit of USD 833m (USD 3.9bn) was adjusted
for net gains of USD 215m, driven by vessel and container sales
in Ocean.
Review H1 2024
Cash flow from operating activities of USD 2.7bn (USD 8.1bn)
was driven by EBITDA of USD 3.7bn and a negative change in
net working capital of USD 734m, mainly due to higher trade
receivables, translating into a cash conversion of 73% (118%).
Gross capital expenditure (CAPEX) was USD 1.6bn (USD 1.6bn).
Free cash flow decreased to USD 246m (USD 5.8bn), negatively
impacted by the lower cash flow from operating activities and
lower financial income received, partly offset by lower lease
payments.
Equity decreased to USD 53.1bn (USD 55.1bn on 31 December
2023) due to dividend payments, share buy-backs and the dis-
tribution of shares in Svitzer, partly offset by a net profit of
USD 1.0bn, resulting in an equity ratio of 65.8% (67.1% at year-
end 2023).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of
USD 3.6bn (a net cash position of USD 4.7bn at year-end 2023),
with free cash flow for the first six months of USD 246m, off-
set by share buy-backs of USD 443m and dividends of USD 1.4bn
and positively impacted by USD 614m from proceeds related to
Svitzer’s bank loans obtained as part of the demerger. Further,
net new lease liabilities increased by USD 1.6bn. Excluding lease
liabilities, the Group had a net cash position of USD 14.2bn
(USD 15.1bn at year-end 2023).
A.P. Moller - Maersk remains investment grade-rated and holds
a Baa1 (stable) from Moody’s and a BBB+ (stable) rating from
Standard & Poor’s.
The liquidity reserve increased to USD 24.7bn (USD 24.4bn at
year-end 2023) and was composed of cash and bank balances
(excluding restricted cash), term deposits and securities of USD
18.6bn (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 USD 157m was paid in Q2 2024.
Highlights H1 USD million
Revenue EBITDA EBIT CAPEX
2024 2023 2024 2023 2024 2023 2024 2023
Ocean 16,379 18,576 2,363 5,611 309 3,174 903 852
Logistics & Services 7,136 6,857 614 627 180 250 360 351
Terminals 2,088 1,826 756 622 653 476 262 208
Unallocated activities, eliminations, etc. -477 -64 1 14 -2 33 85 165
A.P. Moller - Maersk consolidated 25,126 27,195 3,734 6,874 1,140 3,933 1,610 1,576
Management Review I Review H1 2024
13
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Financials
Condensed income statement
Note Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
1 Revenue 12,771 12,988 25,126 27,195 51,065
1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,144 2,905 3,734 6,874 9,591
Depreciation, amortisation and impairment losses, net 1,481 1,571 2,999 3,451 6,615
Gain on sale of non-current assets, etc., net 208 163 215 303 523
Share of profit/loss in joint ventures and associated companies 92 110 190 207 435
1 Profit/loss before financial items (EBIT) 963 1,607 1,140 3,933 3,934
Financial items, net 13 -16 164 174 428
Profit/loss before tax 976 1,591 1,304 4,107 4,362
Tax 143 104 263 297 454
Profit/loss for the period 833 1,487 1,041 3,810 3,908
Of which:
Non-controlling interests 35 34 66 73 86
A.P. Møller - MærskA/S’ share 798 1,453 975 3,737 3,822
Earnings per share, USD 51 85 62 217 227
Diluted earnings per share, USD 51 85 62 216 227
Condensed statement of comprehensive income
Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Profit/loss for the period 833 1,487 1,041 3,810 3,908
Translation from functional currency to presentation currency -39 -115 -285 -59 -16
Reclassified to income statement, gain on sale of non-current assets, etc., net 1 40 6 40 44
Cash flow hedges -19 -20 -60 -22 16
Tax on other comprehensive income 1 -5 -3 -1 -6
Share of other comprehensive income of joint ventures and associated
companies, net of tax - 3 2 2 -1
Total items that have been ormay be reclassified subsequently to the
income statement -56 -97 -340 -40 37
Other equity investments 4 -1 3 2 17
Actuarial gains/losses on defined benefit plans, etc. - 1 8 1 9
Tax on other comprehensive income - - - - 3
Total items that will not be reclassified to the income statement 4 - 11 3 29
Other comprehensive income, net of tax -52 -97 -329 -37 66
Total comprehensive income for the period 781 1,390 712 3,773 3,974
Of which:
Non-controlling interests 55 30 62 71 71
A.P. Møller - MærskA/S’ share 726 1,360 650 3,702 3,903
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
14
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Condensed balance sheet at 30 June
Note 30 June
2024
30 June
2023
31 December
2023
Intangible assets 9,916 10,268 10,124
Property, plant and equipment 27,130 27,729 27,059
Right-of-use assets 9,839 10,258 9,670
2 Financial non-current assets, etc. 4,264 3,038 3,882
Deferred tax 348 410 343
Total non-current assets 51,497 51,703 51,078
Inventories 1,640 1,483 1,658
2 Receivables, etc. 19,553 19,577 20,873
Securities - 248 -
Cash and bank balances 8,055 10,423 6,701
4 Assets held for sale or distribution - 66 1,790
Total current assets 29,248 31,797 31,022
Total assets 80,745 83,500 82,100
Note 30 June
2024
30 June
2023
31 December
2023
3 Equity attributable to A.P. Møller - MærskA/S 52,079 55,332 54,030
Non-controlling interests 1,047 1,095 1,060
Total equity 53,126 56,427 55,090
Lease liabilities, non-current 8,035 8,103 7,798
Borrowings, non-current 4,889 3,681 4,169
Other non-current liabilities 2,561 2,838 2,652
Total non-current liabilities 15,485 14,622 14,619
Lease liabilities, current 2,564 2,865 2,650
Borrowings, current 511 166 197
Other current liabilities 9,059 9,412 9,296
4 Liabilities associated with assets held for sale or distribution - 8 248
Total current liabilities 12,134 12,451 12,391
Total liabilities 27,619 27,073 27,010
Total equity and liabilities 80,745 83,500 82,100
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
15
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Condensed cash flow statement
Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Profit/loss before financial items 963 1,607 1,140 3,933 3,934
Non-cash items, etc. 1,112 1,240 2,618 3,166 5,973
Change in working capital -260 145 -734 1,365 417
Cash flow from operating activities before tax 1,815 2,992 3,024 8,464 10,324
Taxes paid -189 -234 -303 -372 -681
Cash flow from operating activities 1,626 2,758 2,721 8,092 9,643
Purchase of intangible assets and property, plant and equipment (CAPEX) -904 -738 -1,610 -1,576 -3,646
Sale of intangible assets and property, plant and equipment 280 306 324 515 601
Acquisition of subsidiaries and activities -1 -12 -8 -138 -140
Sale of subsidiaries and activities 8 697 22 720 953
Acquisition of joint ventures and associated companies - - -1 -1 -18
Sale of joint ventures and associated companies - 76 51 74 356
Dividends received 57 41 112 73 305
Sale of other equity investments - 12 - 22 22
Financial investments, etc., net -45 -1,013 1,186 6,761 5,644
Cash flow from investing activities -605 -631 76 6,450 4,077
Repayments of/proceeds from borrowings, net 637 -162 1,730 -262 185
Repayments of lease liabilities -742 -822 -1,491 -1,647 -3,226
Financial payments, net 224 180 473 631 853
Financial expenses paid on lease liabilities -144 -144 -283 -283 -563
Purchase of treasury shares - -868 -443 -1,586 -3,120
Dividends distributed -310 -1,503 -1,333 -10,876 -10,876
Dividends distributed to non-controlling interests -20 -21 -45 -45 -92
Other equity transactions -13 6 -34 8 34
Cash flow from financing activities -368 -3,334 -1,426 -14,060 -16,805
Net cash flow for the period 653 -1,207 1,371 482 -3,085
Cash and cash equivalents, beginning of period 7,381 11,643 6,730 10,038 10,038
Currency translation effect on cash and bank balances -32 -31 -99 -115 -223
Cash and cash equivalents, end of period 8,002 10,405 8,002 10,405 6,730
Of which classified as assets held for sale - - - - -47
Cash and cash equivalents, end of period 8,002 10,405 8,002 10,405 6,683
Cash and cash equivalents
Cash and bank balances 8,055 10,423 8,055 10,423 6,701
Overdrafts 53 18 53 18 18
Cash and cash equivalents, end of period 8,002 10,405 8,002 10,405 6,683
Cash and cash equivalents include USD 923 m (USD 1.0 bn at 31 December 2023) relating to cash and cash equivalents 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 Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 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 - -211 3 -65 -52 -325 -4 -329
Profit for the period - - - - 975 975 66 1,041
Total comprehensive income
for the period - -211 3 -65 923 650 62 712
Dividends to shareholders - - - - -1,191 -1,191 -44 -1,235
Value of share-based payment - - - - 15 15 - 15
Acquisition of non-controlling
interests - - -
3 Purchase of treasury shares - - - - -416 -416 - -416
3 Sale of treasury shares - - - - 5 5 - 5
Capital increases and decreases -316 -
4
Distribution of shares in
Svitzer to shareholders of
A.P. Møller - Mærsk A/S - 224
Other equity movements
- - - - -8 -8 - -8
Total transactions with
shareholders -316 224 - - -2,509 -2,601 -75 -2,676
Equity 30 June 2024 2,870 -1,135 192 -84 50,236 52,079 1,047 53,126
Equity 1 January 2023 3,392 -1,232 212 -27 61,646 63,991 1,041 65,032
Other comprehensive income,
net of tax - 82 -33 -23 -61 -35 -2 -37
Profit for the period - - - - 3,737 3,737 73 3,810
Total comprehensive income
for the period - 82 -33 -23 3,676 3,702 71 3,773
Dividends to shareholders - - - - -10,824 -10,824 -47 -10,871
Value of share-based payment - - - - 10 10 - 10
Acquisition of non-controlling
interests - - -
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -1,538 -1,538 - -1,538
3 Sale of treasury shares - - - - 11 11 - 11
Capital increases and decreases -206 - - - 206 - 15 15
Transfer of gain/loss on disposal
of equity investments to retained
earnings - - 2 - -2 - - -
Transfer of cash flow hedge reserve
to non-current assets - - - -4 - -4 - -4
Total transactions with
shareholders -206 - 2 -4 -12,153 -12,361 -17 -12,378
Equity 30 June 2023 3,186 -1,150 181 -54 53,169 55,332 1,095 56,427
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Note 1 Segment information
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
Q2 2024
External revenue 7,960 3,715 835 261 - 12,771
Inter-segment revenue 410 -83 254 76 -657 -
Total revenue 8,370 3,632 1,089 337 -657 12,771
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,407 348 408 -23 4 2,144
Profit/loss before financial items (EBIT) 470 126 353 8 6 963
Key metrics
Invested capital 29,930 11,534 7,887 226 -14 49,563
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 578 159 135 29 3 904
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
Q2 2023
External revenue 8,396 3,422 710 460 - 12,988
Inter-segment revenue 307 -36 240 73 -584 -
Total revenue 8,703 3,386 950 533 -584 12,988
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 2,259 311 331 4 - 2,905
Profit/loss before financial items (EBIT) 1,205 115 269 13 5 1,607
Key metrics
Invested capital 29,064 10,508 7,803 2,011 -43 49,343
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 314 223 97 103 1 738
1 Following the demerger of Svitzer (towage) in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining businesses in Towage &
Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated from Q2 2024 onwards.
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
6M 2024
External revenue 15,543 7,285 1,591 707 - 25,126
Inter-segment revenue 836 -149 497 133 -1,317 -
Total revenue 16,379 7,136 2,088 840 -1,317 25,126
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 2,363 614 756 -5 6 3,734
Profit/loss before financial items (EBIT) 309 180 653 -8 6 1,140
Key metrics
Invested capital 29,930 11,534 7,887 226 -14 49,563
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 903 360 262 71 14 1,610
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimi-
nations
Consoli-
dated
total
6M 2023
External revenue 17,837 6,961 1,363 1,034 - 27,195
Inter-segment revenue 739 -104 463 139 -1,237 -
Total revenue 18,576 6,857 1,826 1,173 -1,237 27,195
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 5,611 627 622 14 - 6,874
Profit/loss before financial items (EBIT) 3,174 250 476 24 9 3,933
Key metrics
Invested capital 29,064 10,508 7,803 2,011 -43 49,343
Gross capital expenditures, excl.
acquisitions and divestments (CAPEX) 852 351 208 172 -7 1,576
1 Following the demerger of Svitzer (towage) in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining businesses in Towage &
Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated from Q2 2024 onwards.
Segment Types of revenue Q2
2024
Q2
2023
6M
2024
6M
2023
12M
2023
Ocean Freight revenue 7,279 7,414 13,994 15,845 28,421
Other revenue, including hubs 1,091 1,289 2,385 2,731 5,232
Logistics & Services Managed by Maersk
1
491 537 959 1,108 2,182
Fulfilled by Maersk
1
1,409 1,251 2,832 2,566 5,238
Transported by Maersk
1
1,732 1,598 3,345 3,183 6,496
Terminals Terminal services 1,089 950 2,088 1,826 3,844
Unallocated activities and eliminations Towage services
2
77 206 304 411 839
Sale of containers and spare parts 98 115 184 224 496
Offshore supply services
2
- 16 - 111 111
Other shipping activities
2
27 72 54 145 263
Other services 110 95 254 215 451
Unallocated activities and eliminations -632 -555 -1,273 -1,170 -2,508
Total revenue 12,771 12,988 25,126 27,195 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 Svitzer (Towage), US Marine Management and Maersk Supply Service is included in Towage services, Other shipping activities and Offshore supply services,
respectively, for the period 1 January 2023 until divestment/demerger
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Receivables, etc. amount to USD 19.6bn (USD 20.9bn at 31 December 2023)
and consist primarily of term deposits with a maturity of more than three
months, amounting to USD 11.7bn (USD 12.8bn at 31 December 2023).
Financial non-current assets, etc. primarily consist of prepayments
made for operational activities that will be utilised after twelve months
of USD 1.5bn (USD 1.3bn).
Note 2 Term deposits and Prepayments, non-current
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
Cancellations 227,390 - 910,056 - 1,137 206
30 June 2023 10,106,939 214 7,462,589 160 17,570 3,186
1 January 2024 10,106,940 212 7,462,590 158 17,570 3,186
Conversion 3 -6 18 -36 - -
Cancellations 350,555 - 1,390,218 - 1,741 316
30 June 2024 9,756,388 206 6,072,390 122 15,829 2,870
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 was 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 43,919 157,905 44 158 0.25% 0.89%
Cancellations 350,555 227,390 351 227 2.00% 1.22%
30 June - 132,232 - 133 - 0.75%
B shares
1 January 1,279,120 887,557 1,279 888 7.28% 4.74%
Additions 174,723 623,897 175 624 1.03% 3.54%
Cancellations 1,390,218 910,056 1,390 910 7.91% 4.86%
Disposals 10,514 15,987 11 16 0.06% 0.09%
30 June 53,111 585,411 53 586 0.34% 3.33%
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 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 157m was paid 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.
The total commitment across segments of USD 5.0bn (USD 4.9bn
at 31 December 2023) is related to investments in new methanol
container vessels and aircraft as well as commitments towards
terminal concession grantors.
Note 5 Commitments
30 June
2024
30 June
2023
31 December
2023
Intangible assets - - 59
Property, plant and equipment - 12 1,303
Deferred tax assets - 1 52
Other assets - 50 167
Non-current assets - 63 1,581
Current assets - 3 209
Assets held for sale or distribution - 66 1,790
Provisions - 1 12
Deferred tax liabilities - - 27
Other liabilities - 7 209
Liabilities associated with assets held for sale or distribution - 8 248
At 31 December 2023, Svitzer and one terminal within Terminals were
classified as held for sale or distribution. 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 the company’s subsidiaries, as well as certain other assets
and liabilities related to A.P. Moller - Maersk’s towage activities to
the new company, Svitzer Group A/S.
The shares of Svitzer Group A/S were admitted to trading and were
officially listed on Nasdaq Copenhagen with the first trading day being
30 April 2024.
The demerger was accounted for based on the carrying value of Svitzer’s
net assets as of the demerger date amounting to USD 1.0bn. Consequently,
no gain or loss on disposal was recognised. Management’s selected ac-
counting policy is to transfer the cumulative translation reserve amounts
within equity, therefore the Svitzer cumulative translation reserve of USD
224m, which was presented as translation reserve, was reclassified within
equity to retained earnings upon the demerger in Q2 2024.
Note 4 Assets held for sale or distribution
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.
Change to reportable segments
As a result of the sale of Maersk Supply Service in Q2 2023 and the de-
merger of Svitzer (Towage) in Q2 2024, changes to the segment structure
have been made. The Towage & Maritime Services Segment is no longer
separately reported. The remaining businesses in Towage & Maritime
Services and the contribution from Maersk Supply Service and Svitzer
until their sale and demerger, respectively, are reported under Unallo-
cated from Q2 2024 onwards. Comparison figures for Note 1 Segment
information have been restated as if the change had been implemented
in Q2 2023.
Note 6 Accounting policies, judgements and significant estimates
Financials I Interim consolidated financial statements Q2 2024
AMOUNTS IN USD MILLION
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A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Management’s statement
Management Review I Management’s statement
22
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024
Executive Board
Board of Directors
2024 2023
Income statement Q2 Q1 Q4 Q3 Q2 Q1
Revenue 12,771 12,355 11,741 12,129 12,988 14,207
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,144 1,590 839 1,878 2,905 3,969
Depreciation, amortisation and impairment losses, net 1,481 1,518 1,580 1,584 1,571 1,880
Gain on sale of non-current assets, etc., net 208 7 84 136 163 140
Share of profit/loss in joint ventures and associated companies 92 98 120 108 110 97
Profit/loss before financial items (EBIT) 963 177 -537 538 1,607 2,326
Financial items, net 13 151 101 153 -16 190
Profit before tax 976 328 -436 691 1,591 2,516
Tax 143 120 20 137 104 193
Profit/loss for the period 833 208 -456 554 1,487 2,323
A.P. Møller - Mærsk A/S’ share 798 177 -436 521 1,453 2,284
Underlying profit
1
623 210 -442 489 1,346 2,561
Balance sheet
Total assets 80,745 81,598 82,100 83,459 83,500 85,490
Total equity 53,126 53,373 55,090 55,973 56,427 55,833
Invested capital 49,563 50,430 50,430 49,080 49,343 50,322
Net interest-bearing debt -3,563 -3,092 -4,658 -6,844 -7,090 -7,002
Cash flow statement
Cash flow from operating activities 1,626 1,095 166 1,385 2,758 5,334
Repayments of lease liabilities 742 749 763 816 822 825
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 904 706 1,251 819 738 838
Cash flow from financing activities -368 -1,058 -1,545 -1,200 -3,334 -10,726
Free cash flow 397 -151 -1,714 -124 1,581 4,224
Financial ratios
Revenue growth -1.7% -13.0% -34.1% -46.7% -40.0% -26.4%
EBITDA margin 16.8% 12.9% 7.1% 15.5% 22.4% 27.9%
EBIT margin 7.5% 1.4% -4.6% 4.4% 12.4% 16.4%
Cash conversion 76% 69% 20% 74% 95% 134%
Return on invested capital after tax (ROIC) (last twelve months) 2.0% 3.2% 7.4% 17.7% 34.3% 49.1%
Equity ratio 65.8% 65.4% 67.1% 67.1% 67.6% 65.3%
Underlying ROIC
1
(last twelve months) 1.5% 2.8% 7.5% 17.5% 34.1% 49.0%
Underlying EBITDA
1
2,143 1,597 911 1,907 2,916 4,037
Underlying EBITDA margin
1
16.8% 12.9% 7.8% 15.7% 22.5% 28.4%
Underlying EBIT
1
756 174 -520 450 1,469 2,563
Underlying EBIT margin
1
5.9% 1.4% -4.4% 3.7% 11.3% 18.0%
Stock market ratios
Earnings per share, USD 51 11 -27 31 85 131
Diluted earnings per share, USD 51 11 -27 31 85 131
Cash flow from operating activities per share, USD 103 69 16 87 163 306
Share price (B share), end of period, DKK 12,105 8,994 12,105 12,735 11,975 12,445
Share price (B share), end of period, USD 1,736 1,305 1,800 1,809 1,745 1,816
Total market capitalisation, end of period, USD 26,992 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
23
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 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 consoli dated
group of companies and A.P. Møller - Mærsk A/S
as the parent company.
C
CAPEX
Cash payments for intangible assets and property,
plant and equipment, excluding acquisi tions and
divestments.
Cash conversion
Cash flow from operating activities to EBITDA
ratio.
Cash flow from operating activities per share
A.P. Moller - Maersk’s operating cash flow from con-
tinuing 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, repay-
ments 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.
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.
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 shipment 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, govern-
ment 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 trans-
action, restructuring and integration costs
related to major transactions. The adjustments
are net of tax and include A.P. Moller - Maersk’s
share of mentioned items in joint ventures and
associated companies.
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
24
A.P. MOLLER - MAERSK INTERIM REPORT Q2 | 7 AUGUST 2024