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"value": "Note 1.1 General accounting policiesBasis of preparationThe consolidated financial statements for 2024 for A.P. Moller - Maersk (Maersk) have been prepared on a going concern basis and in accordance with IFRS Account-ing Standards as adopted by the EU and additional Danish disclosure requirements for listed companies. The con-solidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Hold-ing A/S. The accounting policies are consistent with those applied in the consolidated financial statements for 2023, except for the changes to accounting standards that were effective from 1 January 2024 and were endorsed by the EU. The changes have not had a material impact on the financial statements.ESEF/iXBRL reportingA.P. M\u00f8ller - M\u00e6rsk A/S is required to prepare and file the annual report in the European Single Electronic Format (ESEF), and the annual report for 2024 is there-fore prepared in the XHTML format that can be displayed in a standard browser. The primary statements and the notes to the consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foun-dation. Where a financial statement line item or note is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named APMM-2024-12-31-en.zip.Changes to reportable segmentsAs a result of the sale of Maersk Supply Service on 15 May 2023 and the demerger of Svitzer on 26 April 2024, changes to the segment structure were made. Accordingly, 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 Unallocated items with effect from 1 January 2024. Comparison figures for note 2.1 segment information have been restated as if the change had been implemented on 1 January 2023. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesConsolidationThe consolidated financial statements comprise the parent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the ex-posure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways controlling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal en-tities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which Maersk exercises a significant but non-controlling influence are considered associated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the financial statements of the parent company and its subsidiaries in accordance with Maersk\u2019s accounting policies. Intra- group income and expenses, shareholdings, dividends, intra- group balances and gains on intra-group transactions are eliminated. Unrealised gains on transactions with asso-ciated companies and joint arrangements are eliminated in proportion to Maersk\u2019s ownership share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries are included as part of Maersk\u2019s profit and equity, respectively, but shown as separate items. Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsidiaries, associates or joint arrangements with functional curren-cies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other compre-hensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depre-ciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless cir-cumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses. Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal. Statement of comprehensive incomeOther comprehensive income consists of gains and losses not recognised in the income statement, including ex-change rate adjustments arising from the translation from functional currency to presentation currency, fair value adjustments of other equity investments (at FVOCI), cash flow hedges, forward points and currency basis spread as well as actuarial gains/losses on defined benefit plans, etc. Maersk\u2019s share of other comprehensive income in associ-ated companies and joint ventures is also included. On disposal or discontinuation of an entity, Maersk\u2019s share of the accumulated exchange rate adjustments relating to the relevant entity with a functional currency other than USD, is reclassified to the income statement. Accumulated value adjustments of equity instruments classified as equity instruments at fair value through other comprehensive income will remain in equity upon disposal. Other comprehensive income includes current and de-ferred income tax to the extent that the items recognised in other comprehensive income are taxable or deductible.Balance sheetInvestments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable. Equity instruments, etc., including shares, bonds and similar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at estimated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement. Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in pro-gress includes direct and indirect production costs. Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables. Climate-related risksWhen preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which Maersk has assessed climate-related risks at the end of 2024 are included in the individual notes including note 2.2 \u2013 operating costs, note 3.1 intangible assets and note 3.2 \u2013 property, plant and equipment.New financial reporting requirementsMaersk has adopted the amendments to IAS 1: Classifica-tion of liabilities as current or non-current and non-cur-rent liabilities with covenants for the first time in the current year. The amendments did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. Maersk has not yet adopted the following new or amended accounting standards and requirements that have not yet become effective.\u2022 Amendments to IAS 21 Lack of Exchangeability\u2022 IFRS 18 Presentation and Disclosures in Financial Statements\u2022 IFRS 19 Subsidiaries without Public Accountability: DisclosuresAmendments to IAS 21 are effective from 1 January 2025 and are endorsed by the EU. IFRS 19 is effective from 1 January 2027, but there is some uncertainty as to its EU endorsement date. Changes from IAS 21 and IFRS 19 are not expected to have any significant impact on recogni-tion and measurement. IFRS 18 is also effective from 1 January 2027 and is expected to be endorsed by the EU. IFRS 18 replaces IAS 1 and introduces new requirements for presentation within the income statement, including specified totals and sub-totals. Furthermore, classification of all income and ex-penses within the income statement into one of five cat-egories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new, is also required. Maersk is currently working to identify all impacts the amendments will have on the primary finan-cial statements and notes to the financial statements.Restatement to 2023 balance sheet figuresIn 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities. Accordingly, Trade receivables and Deferred income have been grossed up. Notes impacted include note 2.1 (contract assets and contract liabilities), note 4.5 (receivables not due), note 4.6 (trade receivables) and note 5.5 (other working capital movements). The impact on the balance sheet is as follows:2023Published in Restated in 20232024AssetsTrade receivables 4,881 5,359Receivables, etc. 20,873 21,351 Total current assets 31,022 31,500 Total assets 82,100 82,578 Equity and liabilitiesDeferred income 90 568 Other current liabilities 9,296 9,774 Total current liabilities 12,391 12,869 Total liabilities 27,010 27,488 Total equity and liabilities 82,100 82,578Segment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesOperating segments have not been aggregated. The report-able segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating revenue by providing port services only in major tran-shipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier-Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are in-cluded under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskIncludes Lead Logistics, Project Logistics, Cold Chain Logistics and Custom Services, enabling customers to control or outsource part or all of their supply chain.Fulfilled by MaerskActivities such as Warehousing (consolidated, deconsoli-dation and fulfilment), Cold Storage, Ground Freight, De-pot operations and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Landside Transportation, Cargo Risk Management products, Air, Less than Container Load (LCL) and Full Container Load (FCL), to facilitate supply chain control across Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Unallocated items and inter-segment revenueTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services. The company was demerged in April 2024.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Maersk\u2019s corporate functionsConsists of group-related costs in Maersk.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Revenue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recog-nised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statementProperty, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease contracts for vessels and containers are typically made for fixed pe-riods of about five years but may have extension options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consid-eration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non- current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of con-tingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provi-sions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company. Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed pay-ments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is re-viewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease li-ability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.Pension obligations are the net liabilities of defined bene-fit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected fu-ture payments to be made in respect of services pro vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other compre-hensive income. Pension plans where Maersk, as part of collective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, in-cluding tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of Maersk as part of Maersk\u2019s long-term incentive programme are recognised as re-muneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of Maersk\u2019s cash management.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"s9__8__25": {
"value": "Basis of preparationThe consolidated financial statements for 2024 for A.P. Moller - Maersk (Maersk) have been prepared on a going concern basis and in accordance with IFRS Account-ing Standards as adopted by the EU and additional Danish disclosure requirements for listed companies. The con-solidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Hold-ing A/S.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"s9__8__24": {
"value": "Basis of preparationThe consolidated financial statements for 2024 for A.P. Moller - Maersk (Maersk) have been prepared on a going concern basis and in accordance with IFRS Account-ing Standards as adopted by the EU and additional Danish disclosure requirements for listed companies. The con-solidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Hold-ing A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__27": {
"value": "The accounting policies are consistent with those applied in the consolidated financial statements for 2023, except for the changes to accounting standards that were effective from 1 January 2024 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__26": {
"value": "The accounting policies are consistent with those applied in the consolidated financial statements for 2023, except for the changes to accounting standards that were effective from 1 January 2024 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__31-1": {
"value": "Changes to reportable segmentsAs a result of the sale of Maersk Supply Service on 15 May 2023 and the demerger of Svitzer on 26 April 2024, changes to the segment structure were made. Accordingly, 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 Unallocated items with effect from 1 January 2024. Comparison figures for note 2.1 segment information have been restated as if the change had been implemented on 1 January 2023. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesSegment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesOperating segments have not been aggregated. The report-able segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating revenue by providing port services only in major tran-shipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier-Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are in-cluded under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskIncludes Lead Logistics, Project Logistics, Cold Chain Logistics and Custom Services, enabling customers to control or outsource part or all of their supply chain.Fulfilled by MaerskActivities such as Warehousing (consolidated, deconsoli-dation and fulfilment), Cold Storage, Ground Freight, De-pot operations and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Landside Transportation, Cargo Risk Management products, Air, Less than Container Load (LCL) and Full Container Load (FCL), to facilitate supply chain control across Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Unallocated items and inter-segment revenueTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services. The company was demerged in April 2024.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Maersk\u2019s corporate functionsConsists of group-related costs in Maersk.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Revenue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__30-1": {
"value": "Changes to reportable segmentsAs a result of the sale of Maersk Supply Service on 15 May 2023 and the demerger of Svitzer on 26 April 2024, changes to the segment structure were made. Accordingly, 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 Unallocated items with effect from 1 January 2024. Comparison figures for note 2.1 segment information have been restated as if the change had been implemented on 1 January 2023. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesNote 2.1 Segment informationOcean Logistics Terminals Unallocated Eliminations Consoli-1& Servicesitemsdated total2024External revenue 35,263 15,544 3,441 1,234 - 55,482Inter-segment revenue 2,125 -624 1,024 307 -2,832 - Total revenue 37,388 14,920 4,465 1,541 -2,832 55,482Operating costs 28,202 13,473 2,869 1,665 -2,834 43,375Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 9,186 1,447 1,601 -112 6 12,128Depreciation and amortisation 4,677 921 564 24 -8 6,178Share of profit/loss in joint ventures and associated companies 26 17 327 -1 - 369Profit before financial items (EBIT) 4,743 538 1,329 -124 13 6,499Key metrics:Invested capital 30,864 11,631 7,930 145 -6 50,564CAPEX 2,708 803 580 109 1 4,2011 Following the demerger of Svitzer 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 items.Refer to the income statement for a reconciliation from EBIT to profit before tax. The segment assets, segment liabilities and the sum of invested capital per segment can be reconciled to the assets and liabilities as per the balance sheet.Assets Liabilities Invested capital2024Segment invested capital 63,196 12,771 50,425Unallocated items 1,789 1,644 Eliminations -1,584 -1,578 Consolidated invested capital 63,401 12,837 50,564 Add back:Cash and bank balances 6,575 - Interest-bearing receivables (current and non-current) 16,029 - Equity investments, etc. 1,580 - Lease liabilities and borrowings (current and non-current) - 16,477 1Fair value of derivatives - 435Other 112 1 Consolidated balance sheet at 31 December 87,697 29,750 1 Relates to the fair value of derivatives that hedge net interest-bearing debt, including interest rate and cross currency swaps.Ocean Logistics Terminals Unallocated Eliminations Consoli-1& Servicesitemsdated total2023External revenue 32,149 14,075 2,859 1,982 - 51,065Inter-segment revenue 1,504 -159 985 316 -2,646 - Total revenue 33,653 13,916 3,844 2,298 -2,646 51,065Operating costs 26,781 12,665 2,566 2,194 -2,632 41,574Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,940 1,251 1,278 128 -6 9,591Depreciation and amortisation 4,746 817 520 172 -17 6,238Share of profit/loss in joint ventures and associated companies 24 14 282 115 - 435Profit before financial items (EBIT) 2,227 446 980 270 11 3,934Key metrics:Invested capital 29,851 10,779 7,813 2,025 -38 50,430CAPEX 1,987 771 541 360 -13 3,6461 Following the demerger of Svitzer in Q2 2024, 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 its divestment/demerger are reported under Unallocated items.Assets Liabilities Invested capital2023Segment invested capital 60,410 11,967 48,443 Unallocated items 3,578 1,553 Eliminations -1,292 -1,254 Consolidated invested capital 62,696 12,266 50,430 Add back:Cash and bank balances 6,701 -Interest-bearing receivables (current and non-current) 13,005 -Lease liabilities and borrowings (current and non-current) - 14,8141Fair value of derivatives- 351Other 176 57Consolidated balance sheet at 31 December 82,578 27,488 1 Relates to the fair value of derivatives that hedge net interest-bearing debt, including interest rate and cross currency swaps.The segment disclosures provided above reflect the information which the Executive Board receives monthly in its capacity as \u2018chief operating decision maker\u2019 as defined in IFRS 8. The allocation of resources and the segment performance are evaluated based on revenue and profitability measured on earnings before interest and taxes (EBIT).A.P. Moller - Maersk (Maersk) has organised segments in \u2018Ocean\u2019, \u2018Logistics & Services\u2019 and \u2018Terminals\u2019. The Ocean segment with the activities of Maersk Liner Business includes Maersk Line, Alian\u00e7a and business from the retired brands Sealand \u2013 A Maersk company and Hamburg S\u00fcd as well as strategic transhipment hubs under the APM Terminals brand. Inland activities related to Maersk Liner Business are included in the Logistics & Services segment. The Logistics & Services segment includes the activities from Managed by Maersk, Fulfilled by Maersk and Transported by Maersk. The Terminals segment includes gateway terminals, involving landside activities such as port activities where the customers are mainly the carriers.External revenue Non-current assetsGeographical split 2024 2023 2024 2023Denmark 630 869 25,776 23,592Australia 1,019 1,284 91 68Brazil 1,684 1,431 315 207China and Hong Kong 2,745 2,796 1,466 1,643Costa Rica 398 384 761 795Germany 1,711 1,668 609 1,345India 1,316 1,397 605 629Mexico 1,541 1,364 608 613Morocco 350 300 1,616 1,605Netherlands 2,229 1,603 1,510 1,165Singapore 1,016 992 3,461 3,853Spain 1,514 1,337 1,016 1,068UK 2,208 1,823 336 320USA 12,173 11,457 6,371 6,210Other 24,948 22,360 4,133 3,740Total 55,482 51,065 48,674 46,8531 Comprise intangible assets, property, plant and equipment and right-of-use assets, excluding financial non-current assets relating to continuing operations.Geographical informationRevenue on shipping activities is based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. Revenue for leasing out the vessels on time charter agreement, where the Group acts as a lessor, is based on the customer location. For non-current assets (e.g. terminals), which cannot be easily moved, geo-graphical location is where the assets are located. For all other assets, geographical location is based on the legal owner-ship. These assets consist mainly of vessels and containers registered in China, Denmark, Singapore and the USA. ACCOUNTING POLICIES Segment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesOperating segments have not been aggregated. The report-able segments comprise:OceanOcean activities Activities under Maersk Line and Alian\u00e7a and the retired brands Hamburg S\u00fcd and Sealand \u2013 A Maersk company, with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation ser-vices, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating revenue by providing port services only in major tran-shipment ports such as Maasvlakte-II, Algeciras, Tangier, Tangier-Med II, Port Said, and joint ventures in Salalah and Tanjung Pelepas. The respective terminals are in-cluded under the Ocean segment, as the primary purpose of those ports is to provide transhipment services to Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary.Maersk Energy MarketsSourcing marine fuels for Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & ServicesManaged by MaerskIncludes Lead Logistics, Project Logistics, Cold Chain Logistics and Custom Services, enabling customers to control or outsource part or all of their supply chain.Fulfilled by MaerskActivities such as Warehousing (consolidated, deconsoli-dation and fulfilment), Cold Storage, Ground Freight, De-pot operations and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation. Transported by MaerskIntegrated transportation solutions supported by Landside Transportation, Cargo Risk Management products, Air, Less than Container Load (LCL) and Full Container Load (FCL), to facilitate supply chain control across Maersk.TerminalsTerminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described above.Unallocated items and inter-segment revenueTowage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services. The company was demerged in April 2024.Maersk Container IndustryManufacturer that produces reefer containers.Maersk Supply ServiceProvides marine services and integrated solutions to the energy sector worldwide with a large fleet of anchor handling tug supply vessels and subsea support vessels. The company was divested in May 2023.Maersk\u2019s corporate functionsConsists of group-related costs in Maersk.Other businessesConsists of Maersk Growth, Maersk Training and other services to the maritime industry.Revenue between segments is limited, except for the Terminals segment, where a large part of the services is delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.",
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"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__28-1": {
"value": "Changes to reportable segmentsAs a result of the sale of Maersk Supply Service on 15 May 2023 and the demerger of Svitzer on 26 April 2024, changes to the segment structure were made. Accordingly, 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 Unallocated items with effect from 1 January 2024. Comparison figures for note 2.1 segment information have been restated as if the change had been implemented on 1 January 2023. The reportable segments are as follows:Ocean Global container shipping activities, including strategic transhipment hubsLogistics Integrated transportation, fulfilment & Servicesand management solutions, including landside and air transportation as well as warehousing and supply chain management offeringsTerminals Gateway terminal activitiesRestatement to 2023 balance sheet figuresIn 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities. Accordingly, Trade receivables and Deferred income have been grossed up. Notes impacted include note 2.1 (contract assets and contract liabilities), note 4.5 (receivables not due), note 4.6 (trade receivables) and note 5.5 (other working capital movements). The impact on the balance sheet is as follows:2023Published in Restated in 20232024AssetsTrade receivables 4,881 5,359Receivables, etc. 20,873 21,351 Total current assets 31,022 31,500 Total assets 82,100 82,578 Equity and liabilitiesDeferred income 90 568 Other current liabilities 9,296 9,774 Total current liabilities 12,391 12,869 Total liabilities 27,010 27,488 Total equity and liabilities 82,100 82,578",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__32": {
"value": "ConsolidationThe consolidated financial statements comprise the parent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the ex-posure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways controlling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal en-tities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which Maersk exercises a significant but non-controlling influence are considered associated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the financial statements of the parent company and its subsidiaries in accordance with Maersk\u2019s accounting policies. Intra- group income and expenses, shareholdings, dividends, intra- group balances and gains on intra-group transactions are eliminated. Unrealised gains on transactions with asso-ciated companies and joint arrangements are eliminated in proportion to Maersk\u2019s ownership share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries are included as part of Maersk\u2019s profit and equity, respectively, but shown as separate items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__34": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsidiaries, associates or joint arrangements with functional curren-cies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other compre-hensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depre-ciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless cir-cumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__33": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsidiaries, associates or joint arrangements with functional curren-cies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other compre-hensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of property, plant and equipment and intangible assets and, hence, depre-ciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless cir-cumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__40-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co. Ltd. China 50% Brasil Terminal Portuario S.A. Brazil 50% Cai Mep International Terminal Co. Ltd. Vietnam 49% Cote D\u2019Ivoire Terminal SA C\u00f4te d\u2019Ivoire 49% LCB Container Terminal 1 Ltd. Thailand 35% LCMT Company Ltd. Thailand 32% North Sea Terminal Bremerhaven Gmbh and Co KG Germany 50% Qingdao New Qianwan Container Terminal Co. Ltd. China 19% Qingdao Qianwan Container Terminal Co. Ltd. China 20% Shanghai East Container Terminal Co. Ltd. China 49% Smart International Logistics Company Ltd. China 49% South Florida Container Terminal LLC United States 49% Xiamen Songyu Container Terminal Co. Ltd. China 25%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__39-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__38-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49% Brigantine Services Ltd. Hong Kong 30% Congo Terminal SA Congo 15% Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20% Itapoa Terminais Portuarios S.A. Brazil 30% Kanoo Terminal Services Ltd. Saudi Arabia 50% Meridian Port Services Ltd Ghana 35% Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30% Qingdao Qianwan United Container Terminal Co. Ltd. China 10% Salalah Port Services Company SAOG Oman 30% South Asia Gateway Terminals Pvt Ltd Sri Lanka 33% Tianjin Port Alliance International Container Terminal Co. Ltd. China 20%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__37-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__35-1": {
"value": "Share of profit/loss in associated companies and joint ven-tures is recognised net of tax and corrected for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such investments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impairment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__45": {
"value": "Equity instruments, etc., including shares, bonds and similar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at estimated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__47": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in pro-gress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__46": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in pro-gress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__51": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "APM:DisclosureOfLoansAndReceivables",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__50": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__49-1": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.Contract balances 2024 2023Trade receivables 5,497 5,183Contract asset 352 176Contract liability 748 568Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to cus-tomers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.In 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities.Impairment losses disclosed in note 4.5 financial instruments and risks relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__48": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allow-ance is measured by the simplified approach according to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__52-1": {
"value": "Note 1.2 Significant accounting estimates and judgementsThe preparation of the consolidated financial statements requires Management to make estimates and judgements on an ongoing basis, and to form assumptions that affect the reported amounts. Management forms its es-timates and judgements based on historical experience, independent advice, external data points as well as on in-house specialists and other factors believed to be reasonable under the circumstances. In its assumption setting, Management deals with various aspects of uncertainty. One aspect of uncertainty is the assessment of control over investments classified as associates, joint ventures and subsidiaries, where the assessment forms the basis for classification. Another aspect is measurement uncertainty, where Management makes assumptions that derive the value of recognised assets and liabilities. These assumptions concern the timing and amount of future cash flows as well as the risks inherent in these. In certain areas, the outcome of business plans, including ongoing negotiations with external parties to execute those plans or the outcome of negotiations to settle claims that are raised against Maersk, is highly uncertain. Therefore, assumptions may change, or the outcome may differ in the coming years, which could require a material upward or downward adjustment to the carrying amounts of assets and liabilities. The areas and their related impact in which Maersk is particularly exposed to material uncertainty over the carrying amounts as at the end of 2024 are included in the individual notes as outlined below:Note Key accounting estimates and judgements Estimate / ImpactJudgementNote 2.2 Vessel sharing agreements (cost-sharing arrangements) estimates EstimateNote 2.2 EU Emissions Trading System (ETS) classification determination JudgementNote 3.1 Cash-generating unit determination JudgementNote 3.1 Impairment testing key assumptions EstimateNote 3.2 Useful life and residual value estimates EstimateNote 3.7 Provisions for legal disputes assumptions EstimateNote 5.1 Recognition and measurement of deferred tax assets and uncertain tax positions EstimateNote 5.5 Operations in countries with limited access to repatriating surplus cash assumptions JudgementLevel of potential impact on the consolidated financial statements:LowMediumHighVessel-sharing agreements (cost-sharing arrangements)Vessel-sharing agreements in shipping require that some vessels are committed towards specific service routes. The committed vessel\u2019s capacity is then shared with one or more container shipping providers in proportion to each party\u2019s contribution to the joint service. In practice, it is not always possible to provide tonnage precisely as agreed in the sharing arrangements, therefore financial settlement often takes place on the basis of relative capacity over/under-utilised on a monthly basis or other mutually agreed cycle. At Maersk, these capacity adjust-ments are settled as close to actual costs incurred as possible based on market rates applicable at that time. SIGNIFICANT ACCOUNTING JUDGEMENTS EU Emissions Trading System (ETS) classification determinationFrom 1 January 2024 onwards, Maersk is subject to the new EU ETS, a cap-and-trade system to reduce emissions via a carbon market. Implementation of EU ETS requires Maersk to purchase EU allowances (EUAs) representing the right to emit a specific amount of greenhouse gases (GHG). Maersk has purchased EUAs either as spot or future contracts. EUA futures are financial instruments with delivery in December of the same year, and they satisfy the conditions for the \u2018own use\u2019 exemption and are off- balance sheet items. EUA spot contracts are classified as other current assets upon delivery of certificates. They are measured at cost of settlement and are not subject to remeasurement until surrender. The cost includes all costs of purchase, costs of conversion and other directly attributable costs such as transaction costs. For more information on the EUAs recognised refer to note 3.5 Term deposits and other receivables. The accrual is recognised as fuel is burnt in Maersk\u2019s applicable shipping activities, measured at expected cost for the required EUAs, based on actual emissions and the price of the EUAs, which is calculated as a weighted average price of EUA spots and futures. The corresponding cost is presented as bunker cost.Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net-work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for im-pairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncertain, though based on experience and external sources where available. Centralised processes and involvement of corporate func-tions ensure that indices and data sources are selected consistently while observing differences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e. project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is sensitive to the discount rate and the terminal growth rate. Value in use is determined based on the expected future economic growth rate and replacement CAPEX during the terminal period, which is based on Management\u2019s plans and ex-pectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates continued to increase throughout the first half of 2024 as a result of the Red Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply catching up. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across Maersk, either directly on the bunker oil price, green fuel and its availability, or indirectly through its impact on market freight rates charged to customers. Bunker con sumption increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation in the Red Sea/Gulf of Aden. However, consumption is expected to decline in 2025, driven by fleet outsourcing, efficiency improvements and the commencement of Gemini Coop-eration from February 2025. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the Air and Warehousing business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensi-tive to the development of the global economy. Manage-ment considers the future economic outlook and expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by the development in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled at the terminals, but also foreign exchange rates. Continued eco-nomic deterioration and a lack of cash repatriation opportu-nities in certain oil-producing countries could also put pres-sure on the carrying amounts of individual terminals. The repercussions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may impact port rates in a few strategic regions. The other key sensitivities impact-ing Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as con-cession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across Maersk in 2025, impacting both the dis-count rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2024, covering the five-year business plan for 2025-29. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.1% (2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering Management\u2019s planned fleet renewal programme running until 2030. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impair-ment test is based on the estimated value in use from the five-year business plan for 2025-29, where the vol-ume and improved margin growth assumptions, which are region- specific, reflect the current expectations for the relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a. before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assump-tions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the cash-generating units (CGUs) to which goodwill or indef-inite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have positive impact on replacement volumes. The growth rates reflect current market expectations for the relevant period, and the discount rates applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in impairment losses on assets of an immaterial amount across two terminals amounting to USD 42m in 2024 (impairment losses of USD 134m across multiple terminals in 2023, of which USD 94m related to a CGU in the Mediterranean), refer to note 3.2 property, plant and equipment. The fair values of indi-vidual terminals are measured at fair value less cost of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value level 3) are prepared by discounting expected cash inflows and outflows for the period until concession end. This includes expected concession extensions, and costs and benefits related to restructuring and improvement projects that a potential buyer can be assumed to undertake in order to extract the best value from the terminal. Individual country-specific discount rates are applied.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2024 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 4.1bn (USD 3.9bn) between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.1% +/- 0.5 ppts Approx. USD 2.0bnDiscount rate p.a. before tax as of 31 December 2024 9.9% +/- 0.5 ppts Approx. USD 2.7bnUseful life and residual valuesUseful lives are estimated annually based on experience. When an asset\u2019s useful life changes, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environ-mental requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate- related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net-zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Gener-ally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs.Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty.Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 181m (USD 156m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable profits have been generated either in the current period or are ex-pected to be generated within the foreseeable future.Uncertain tax positionsMaersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate provisions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabilities are recognised when the aggregated probability of the tax position being upheld is considered less than 50%.Operations in countries with limited access to repatriating surplus cashMaersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__59-1": {
"value": "SBM-1 \u00a740bTypes of revenue 2024 2023Ocean Freight revenue 32,684 28,4211Other revenue, including hubs4,704 5,2322Logistics & Services Managed by Maersk2,167 2,1822Fulfilled by Maersk5,735 5,2382Transported by Maersk7,018 6,496Terminals Terminal services 4,465 3,8443Unallocated activities and eliminations Towage services304 839Sale of containers and spare parts 490 4963Offshore supply services - 1113Other shipping activities113 263Other services 537 451Unallocated activities and eliminations -2,735 -2,508Total revenue 55,482 51,065Hereof recognised over time 52,308 47,569Hereof recognised at a point in time 5,909 6,004Unallocated activities and eliminations -2,735 -2,5081 Of which USD 1.5bn (USD 1.5bn) relates to Maersk Energy Markets revenue from third-party customers. SBM-1 \u00a740d-i2 The 2023 \u2018by Maersk\u2019 revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.3 Revenue from Svitzer, US Marine Management and Maersk Supply Service is included in Towage, Other shipping activities and Offshore supply services, respectively, until divestment/demerger.2024 2023Revenue from contracts with customers 54,562 49,997Revenue from other sources Vessel-sharing and slot charter income 797 938Lease income 16 16Others 107 114Total revenue 55,482 51,065Set out above is the reconciliation of the revenue from contracts with customers to the amounts disclosed as total revenue.Contract balances 2024 2023Trade receivables 5,497 5,183Contract asset 352 176Contract liability 748 568Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to cus-tomers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.In 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities.Impairment losses disclosed in note 4.5 financial instruments and risks relate to receivables arising from contracts with customers.Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recog-nised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__58-1": {
"value": "SBM-1 \u00a740bTypes of revenue 2024 2023Ocean Freight revenue 32,684 28,4211Other revenue, including hubs4,704 5,2322Logistics & Services Managed by Maersk2,167 2,1822Fulfilled by Maersk5,735 5,2382Transported by Maersk7,018 6,496Terminals Terminal services 4,465 3,8443Unallocated activities and eliminations Towage services304 839Sale of containers and spare parts 490 4963Offshore supply services - 1113Other shipping activities113 263Other services 537 451Unallocated activities and eliminations -2,735 -2,508Total revenue 55,482 51,065Hereof recognised over time 52,308 47,569Hereof recognised at a point in time 5,909 6,004Unallocated activities and eliminations -2,735 -2,5081 Of which USD 1.5bn (USD 1.5bn) relates to Maersk Energy Markets revenue from third-party customers. SBM-1 \u00a740d-i2 The 2023 \u2018by Maersk\u2019 revenue figures have been restated in order to reflect changes within the Logistics & Services model definition.3 Revenue from Svitzer, US Marine Management and Maersk Supply Service is included in Towage, Other shipping activities and Offshore supply services, respectively, until divestment/demerger.2024 2023Revenue from contracts with customers 54,562 49,997Revenue from other sources Vessel-sharing and slot charter income 797 938Lease income 16 16Others 107 114Total revenue 55,482 51,065Set out above is the reconciliation of the revenue from contracts with customers to the amounts disclosed as total revenue.Contract balances 2024 2023Trade receivables 5,497 5,183Contract asset 352 176Contract liability 748 568Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to cus-tomers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.In 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities.Impairment losses disclosed in note 4.5 financial instruments and risks relate to receivables arising from contracts with customers.Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recog-nised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__57": {
"value": "Contract balances 2024 2023Trade receivables 5,497 5,183Contract asset 352 176Contract liability 748 568Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to cus-tomers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months.Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services.Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised.In 2024, the 2023 contract liabilities previously offset against trade receivables were restated and presented separately as liabilities.Impairment losses disclosed in note 4.5 financial instruments and risks relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__60": {
"value": "Income statementRevenue for all businesses is recognised when the perfor-mance obligation has been satisfied, which happens upon transfer of control to the customer at an amount that re-flects the consideration to which the Group expects to be entitled in exchange for the goods and services. Revenue from shipping activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the bal-ance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a per-centage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers. Revenue from terminal operations and towing activi-ties is recognised upon completion of the service. In con-tainer terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recog-nised as revenue during the construction. Revenue from most freight forwarding activities is recog-nised over time. Revenue from the sale of goods is recognised upon the transfer of control to the buyer. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the dis-counts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__67-1": {
"value": "Note 2.2 Operating costs2024 2023Costs of goods sold 2,016 1,999Bunker costs 7,076 6,037Terminal costs 6,999 6,381Intermodal costs 4,108 4,094Port costs 1,528 2,261Rent and lease costs 1,676 1,380Staff costs 7,535 7,361Other 12,437 12,061Total operating costs 43,375 41,574Vessel-sharing agreements (cost-sharing arrangements)Vessel-sharing agreements in shipping require that some vessels are committed towards specific service routes. The committed vessel\u2019s capacity is then shared with one or more container shipping providers in proportion to each party\u2019s contribution to the joint service. In practice, it is not always possible to provide tonnage precisely as agreed in the sharing arrangements, therefore financial settlement often takes place on the basis of relative capacity over/under-utilised on a monthly basis or other mutually agreed cycle. At Maersk, these capacity adjust-ments are settled as close to actual costs incurred as possible based on market rates applicable at that time. SIGNIFICANT ACCOUNTING JUDGEMENTS EU Emissions Trading System (ETS) classification determinationFrom 1 January 2024 onwards, Maersk is subject to the new EU ETS, a cap-and-trade system to reduce emissions via a carbon market. Implementation of EU ETS requires Maersk to purchase EU allowances (EUAs) representing the right to emit a specific amount of greenhouse gases (GHG). Maersk has purchased EUAs either as spot or future contracts. EUA futures are financial instruments with delivery in December of the same year, and they satisfy the conditions for the \u2018own use\u2019 exemption and are off- balance sheet items. EUA spot contracts are classified as other current assets upon delivery of certificates. They are measured at cost of settlement and are not subject to remeasurement until surrender. The cost includes all costs of purchase, costs of conversion and other directly attributable costs such as transaction costs. For more information on the EUAs recognised refer to note 3.5 Term deposits and other receivables. The accrual is recognised as fuel is burnt in Maersk\u2019s applicable shipping activities, measured at expected cost for the required EUAs, based on actual emissions and the price of the EUAs, which is calculated as a weighted average price of EUA spots and futures. The corresponding cost is presented as bunker cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__66": {
"value": "Note 2.2 Operating costs2024 2023Costs of goods sold 2,016 1,999Bunker costs 7,076 6,037Terminal costs 6,999 6,381Intermodal costs 4,108 4,094Port costs 1,528 2,261Rent and lease costs 1,676 1,380Staff costs 7,535 7,361Other 12,437 12,061Total operating costs 43,375 41,574",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__65": {
"value": "Note 2.2 Operating costs2024 2023Costs of goods sold 2,016 1,999Bunker costs 7,076 6,037Terminal costs 6,999 6,381Intermodal costs 4,108 4,094Port costs 1,528 2,261Rent and lease costs 1,676 1,380Staff costs 7,535 7,361Other 12,437 12,061Total operating costs 43,375 41,574",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__64-1": {
"value": "Note 2.2 Operating costs2024 2023Costs of goods sold 2,016 1,999Bunker costs 7,076 6,037Terminal costs 6,999 6,381Intermodal costs 4,108 4,094Port costs 1,528 2,261Rent and lease costs 1,676 1,380Staff costs 7,535 7,361Other 12,437 12,061Total operating costs 43,375 41,574Note 2.3 Depreciation, amortisation and impairment losses, net2024 2023Total depreciation 5,783 5,856Total amortisation 395 382Total impairment, net 42 377Depreciation, amortisation and impairment losses, net 6,220 6,615Depreciation is related to property, plant and equipment of USD 2.7bn (USD 2.6bn) and to right-of-use assets of USD 3.1bn (USD 3.3bn). Total net impairments are primarily related to property, plant and equipment of USD 44m (USD 55m) and intangible assets of USD 1m (USD 322m). Refer to note 3.1 intangible assets and note 3.2 property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__69": {
"value": "Remuneration of employeesWages and salaries 6,513 6,370Severance payments 128 206Pension costs, defined benefit plans 32 63Pension costs, defined contribution plans 315 290Other social security costs 630 587Total remuneration 7,618 7,516Of which:Recognised in the cost of assets 10 7Included in restructuring costs 73 148Expensed as staff costs 7,535 7,361Average number of employees 104,890 105,909Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements.For information about share-based payments, refer to note 5.2 share-based payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__68-1": {
"value": "Remuneration of employeesWages and salaries 6,513 6,370Severance payments 128 206Pension costs, defined benefit plans 32 63Pension costs, defined contribution plans 315 290Other social security costs 630 587Total remuneration 7,618 7,516Of which:Recognised in the cost of assets 10 7Included in restructuring costs 73 148Expensed as staff costs 7,535 7,361Average number of employees 104,890 105,909Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements.For information about share-based payments, refer to note 5.2 share-based payments.Note 4.3 Pensions and similar obligationsUK Other Total UK Other Total2024 2024 2024 2023 2023 2023Specification of net liabilityPresent value of funded plans 1,151 155 1,306 1,315 152 1,467Fair value of plan assets -1,269 -88 -1,357 -1,428 -84 -1,512Net liability of funded plans -118 67 -51 -113 68 -45Present value of unfunded plans - 98 98 - 97 97Impact of minimum funding requirement/asset ceiling 7 - 7 19 - 19Net liability 31 December -111 165 54 -94 165 71Of which:Pensions, net assets 125 120Pensions and similar obligations 179 191UK Total UK TotalSignificant financial assumptions 2024 2024 2023 2023Discount rate 5.5% 5.3% 4.5% 4.5%Inflation rate 3.3% 3.2% 3.3% 3.3%As employer, the Group participates in pension plans according to normal practice in the countries in which the Group operates. Generally, the pension plans within the Group are defined contribution plans, where contributions are recog-nised in the income statement on an accrual basis. A number of entities have defined benefit plans, in which retirement benefits are based on length of service and salary level. To a limited extent, these defined benefit plans also include payment of medical expenses, etc.In 2025, the Group expects to pay contributions totalling USD 7m (USD 17m) to funded defined benefit plans.82% of the Group\u2019s defined benefit liabilities are in the UK. All of the plans in the UK are funded. Although all of the UK plans are now closed to new entrants, active members in the two largest plans continue to accrue new benefits. The smaller UK plans are all closed to new accruals, although a salary link remains in some of the plans.Overall, the plans have an average duration of 11 years, and approximately 60% of the obligation is related to pensioner members.As well as being subject to the risks of falling interest rates, which would increase the obligation, poor asset returns and pensioners living longer than anticipated, the Group is also subject to the risk of higher-than-expected inflation. This is because many pension benefits, particularly in the UK plans, increase in line with inflation although some minimum and maximum limits apply.31 DecemberLife expectancy 2024 2044 2023 204365-year-old male in the UK 21.8 23.5 21.7 23.365-year-old female in the UK 24.2 25.9 24.1 25.8The sensitivity of the liabilities and pension costs to the key assumptions are as follows:Increase DecreaseSensitivities for key assumptions in the UKFactors \u2018Change in liability\u2019 2024 2024Discount rate Increase/(decrease) by 25 basis points -31 32Inflation rate Increase/(decrease) by 25 basis points 15 -17Life expectancy Increase/(decrease) by one year 44 -43UK Other Total UK Other TotalSpecification of plan assets 2024 2024 2024 2023 2023 2023Insurance contracts 935 56 991 1,036 54 1,090 Shares 35 7 42 20 6 26 Government bonds 201 4 205 224 4 228 Corporate bonds 60 4 64 66 4 70 Real estate 6 2 8 10 1 11 Other assets 32 15 47 72 15 87 Fair value 31 December 1,269 88 1,357 1,428 84 1,512 Rates of life expectancy reflect the most recent mortality investigations, and in line with market practice an allowance is made for future improvements in life expectancy. The Group assumes that future improvements will be in line with the latest projections of 1.25% for all UK plans. The liabilities are calculated using assumptions that are the Group\u2019s best estimate of future experience bearing in mind the requirements of IAS 19. The Group\u2019s plans are funded in accordance with applicable local legislation. In the UK, each plan has a Trustee Board that is required to act in the best interests of plan members. Every three years, a formal valuation of the plan\u2019s liabilities is carried out using a prudent basis, and if the plan is in deficit, the Trustees agree with the Group or the sponsoring employer on a plan for recovering that deficit. Around 80% of the UK liabilities are now covered by insurance policies. Therefore, movement in the liabilities due to change in assumptions would equally impact the assets value related to the buy-in policies, resulting in a reduced move-ment in the overall balance sheet position.No contributions to the UK plans are expected for 2025. The contributions to the UK plans for 2024 were expected to be USD 12m which were all in respect of deficit recovery contributions, though only USD 4m was actually paid. In most of the UK plans, any surplus remaining after the last member dies may be returned to the Group. However, the Merchant Navy Ratings Pension Fund (MNRPF), and the Merchant Navy Officers Pension Fund (MNOPF) contributions paid by the Group are not refundable in any circumstance and the balance sheet liability reflects an adjustment for any agreed deficit recovery contributions in excess of deficit determined using the Group\u2019s assumptions. In 2024, an adjustment of USD 3m (USD 11m) was applied in this respect. Other than the insurance contracts and a small proportion of other holdings, the plan assets held by the Group are quoted investments.Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2024 1,564 1,512 19 71 -94Current service costs, administration costs, etc. 25 -6 - 31 14Calculated interest expense/income 68 67 - 1 -4Recognised in the income statement in 2024 93 61 - 32 10Return on plan assets, excluding amounts included in interest - -118 - 118 124Actuarial gains/losses from changes in demographic assumptions -4 - - -4 -5Actuarial gains/losses from changes in financial assumptions-129 - - -129 -135Experience adjustments 10 - - 10 4Adjustments for unrecognised assets due to asset ceiling - - -14 -14 -13Recognised in other comprehensive income in 2024 -123 -118 -14 -19 -25Contributions from the Group and employees - 23 - -23 -5Benefit payments -103 -100 - -3 - Settlements -2 -2 - - - Exchange rate adjustments -25 -19 2 -4 331 December 2024 1,404 1,357 7 54 -111Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2023 1,875 1,884 66 57 -121Current service costs, administration costs, etc. 57 -6 - 63 41Calculated interest expense/income 83 86 3 - -5Recognised in the income statement in 2023 140 80 3 63 36Return on plan assets, excluding amounts included in interest - -6 - 6 3Actuarial gains/losses from changes in demographic assumptions -18 - - -18 -19Actuarial gains/losses from changes in financial assumptions4 - - 4 13Experience adjustments 51 - - 51 53Adjustments for unrecognised assets due to asset ceiling - - -52 -52 -52Recognised in other comprehensive income in 2023 37 -6 -52 -9 -2Contributions from the Group and employees 1 23 - -22 -Benefit payments -146 -140 - -6 -Settlements1-186 -181 - -5 -2Transfers, assets held for sale-250 -248 -1 -3 -1Exchange rate adjustments 93 100 3 -4 -631 December 2023 1,564 1,512 19 71 -941 Relates to the termination and settlement via insurance of the US Maersk Pension Plan. 2 In 2023, the net pension liability of Svitzer Group classified as held for sale was presented as a single amount under present value of obligations. In 2024, this presentation was revised to properly reflect the reduction separately in the present value of obligations, fair value of plan assets and adjustments.Multi-employer plansUnder collective agreements, certain entities in the Group participate together with other employers in defined benefit pension plans as well as welfare/medical plans (multi-employer plans). In general, the contributions to the schemes are based on man hours worked or cargo tonnage handled, or a combination of these. For the defined benefit pension plans, the Group has joint and several liabilities to fund total obligations. While the welfare/medical plans are by nature contribution plans funded on a pay-as-you-go basis. The Group\u2019s contributions to the pension and welfare/medical plans in 2024 are estimated at USD 66m (USD 86m) and USD 259m (USD 259m), respectively. The contributions to be paid in 2025 are estimated at USD 72m (USD 82m) for the pension plans and USD 284m (USD 249m) for the welfare/medical plans. No reliable basis exists for allocation of the schemes\u2019 obligations and plan assets to individual employer participants. For the pension plans where the Group has an interest and there is a deficit, the net obligations for all employers amount to USD 182m (USD 216m). This net obligation is based on the most recent available financial data from the plan\u2019s trustees, calculated in accordance with the rules for such actuarial calculation in US GAAP. The deficit in some of the schemes may necessitate increased contributions in the future. Welfare/medical plans are pay-as-you-go and form a part of the Group\u2019s US collective bargaining agreements. They cover a limited part of employees\u2019 medical costs as occurred. ACCOUNTING POLICY Pension obligations are the net liabilities of defined bene-fit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected fu-ture payments to be made in respect of services pro vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other compre-hensive income. Pension plans where Maersk, as part of collective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Note 5.2 Share-based paymentsMembers of Employees Total Total fair 1,2the Executive value1BoardOutstanding performance shares No. No. No. USD million1 January 2024 2,028 4,040 6,068Granted2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,4531 January 2023 - - - Granted 2,028 4,040 6,068 9Outstanding 31 December 2023 2,028 4,040 6,0681 The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024, adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 9,045 (10,299) for members of the Executive Board and employees.2 Total fair value is at the time of grant.Performance shares planFrom 2023, performance shares are granted to members of the Executive Board and certain key employees. Each perfor-mance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, relative share performance, revenue growth and ESG elements. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan.The recognised remuneration expense related to the performance shares plan is USD 6m (USD 2m). The average remaining contractual life of the performance shares as per 31 December 2024 is 1.8 years (2.3 years).Members of Employees Total Total fair 1,2the Executive valueBoardOutstanding restricted shares No. No. No. USD million1 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 23Exercised and vested926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,9221 January 2023 6,557 17,253 23,810Granted - 14,600 14,600 233Exercised and vested941 6,146 7,087Forfeited - 1,183 1,183Cancelled - 12 12Outstanding 31 December 2023 5,616 24,512 30,1281 The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024 (1 April 2023), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 8,255 (DKK 10,299) for employees. No restricted share units were granted to members of the Executive Board in 2024 or 2023.2 Total fair value is at the time of grant.3 The weighted average share price at the settlement date was DKK 9,045 (DKK 12,732).Restricted shares planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted shares plan.The recognised remuneration expense related to the restricted shares plan is USD 18m (USD 16m). The average remaining contractual life of the restricted shares as per 31 December 2024 is 1.5 years (1.6 years).Members of Employees Total Average Total fair the Executive exercise value2BoardpriceOutstanding share options No. No. No. DKK USD million1 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 January 2023 19,600 73,436 93,036 13,452Granted - 23,323 23,323 13,257 101Exercised4,439 14,697 19,136 8,633Forfeited - 3,436 3,436 15,327Outstanding 31 December 2023 15,161 78,626 93,787 14,318Exercisable 31 December 2023 4,302 22,882 27,184 8,3091 The weighted average share price at the dates of exercise of share options exercised was DKK 12,606 (DKK 12,674). 2 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the Svitzer modification. The opening balance 1 January 2024 and the 2023 comparative disclosures have not been restated and are based on exercise prices before the Svitzer modification.Share options planMaersk also has a share option plan granted to members of the Executive Board and other key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc.The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan.The recognised remuneration expense related to the share option plan is USD 12m (USD 10m). The average remaining contractual life of the outstanding share options as per 31 December 2024 is 4.1 years (4.4 years), and the range of exercise prices for the outstanding share options as per 31 December 2024 is DKK 7,271 to DKK 23,994 (DKK 7,605 to DKK 25,096).The following principal assumptions are used in the 2024 granted share options valuation:Share options granted to 2employees2024 2023Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022 12,7321Share price, five days volume-weighted average after publication of Annual Report, DKK9,026 11,992Exercise price, DKK 9,929 13,191Expected volatility (based on historic volatility) 37% 35%Expected term (years) 5.75 5.75Expected dividend per share, DKK 2.6% 5.0%Risk-free interest rate 2.41% 2.65%Fair value per option at grant date, DKK 2,540 3,067 1 The exercise price was determined based on the five-day volume-weighted average share price after the Annual General Meetings in 2024 and 2023.2 No share options were granted to members of the Executive Board in 2024 and 2023.The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above.Modification in 2024In May 2024, as a result of the demerger of Svitzer in April 2024, Maersk reduced the exercise price of the outstanding stock options and increased the number of stock options, restricted share units and performance shares outstanding in order to preserve the value of the outstanding awards. The total incremental fair value of the options, restricted share units and performance shares as a result of the modification is USD 7.5m. For awards that are fully vested, the incremental fair value was recognised immediately and for awards not yet vested, the incremental fair value is recognised over the period from the modification date to the vesting date. The expense for the original awards will continue to be recognised as if the terms had not been modified. The fair value of the modified awards was determined using the same models and principles as described above, with the following differences in inputs for stock options: Share price, volume-weighted average at the date of modification, 15 May 2024, DKK 11,335Exercise price, DKK Original exercise price x adjustment factorExpected volatility (based on historic volatility) 37%Expected term (years) 80% of time remaining until option vestingExpected dividend per share, DKK 2.1%Risk free interest rate Based on time remaining until expiry ACCOUNTING POLICY Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of Maersk as part of Maersk\u2019s long-term incentive programme are recognised as re-muneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
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"s9__8__71-1": {
"value": "Fees and remuneration to the Executive Board 2024 2023Fixed pay 3 3Short-term cash incentive 4 21Long-term share-based incentives 32Remuneration in connection with redundancy, resignation and release from duty to work - -1Total remuneration to the Executive Board 10 61 In 2024, following the demerger of Svitzer, the outstanding stock options, restricted share units and performance shares were modified, resulting in immediate recognition of a beneficial modification expense for the already vested grants in 2024. The beneficial modifications to unvested programmes will be recognised over the remaining vesting period.The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises the Executive Board and the Board of Directors. The Board of Directors has received fees of USD 2m (USD 2m).For disclosure of remuneration to the Executive Board of the parent company, refer to note 2.1 operating costs of the parent company financial statements.Note 5.2 Share-based paymentsMembers of Employees Total Total fair 1,2the Executive value1BoardOutstanding performance shares No. No. No. USD million1 January 2024 2,028 4,040 6,068Granted2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,4531 January 2023 - - - Granted 2,028 4,040 6,068 9Outstanding 31 December 2023 2,028 4,040 6,0681 The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024, adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 9,045 (10,299) for members of the Executive Board and employees.2 Total fair value is at the time of grant.Performance shares planFrom 2023, performance shares are granted to members of the Executive Board and certain key employees. Each perfor-mance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, relative share performance, revenue growth and ESG elements. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan.The recognised remuneration expense related to the performance shares plan is USD 6m (USD 2m). The average remaining contractual life of the performance shares as per 31 December 2024 is 1.8 years (2.3 years).Members of Employees Total Total fair 1,2the Executive valueBoardOutstanding restricted shares No. No. No. USD million1 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 23Exercised and vested926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,9221 January 2023 6,557 17,253 23,810Granted - 14,600 14,600 233Exercised and vested941 6,146 7,087Forfeited - 1,183 1,183Cancelled - 12 12Outstanding 31 December 2023 5,616 24,512 30,1281 The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024 (1 April 2023), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 8,255 (DKK 10,299) for employees. No restricted share units were granted to members of the Executive Board in 2024 or 2023.2 Total fair value is at the time of grant.3 The weighted average share price at the settlement date was DKK 9,045 (DKK 12,732).Restricted shares planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted shares plan.The recognised remuneration expense related to the restricted shares plan is USD 18m (USD 16m). The average remaining contractual life of the restricted shares as per 31 December 2024 is 1.5 years (1.6 years).Members of Employees Total Average Total fair the Executive exercise value2BoardpriceOutstanding share options No. No. No. DKK USD million1 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 January 2023 19,600 73,436 93,036 13,452Granted - 23,323 23,323 13,257 101Exercised4,439 14,697 19,136 8,633Forfeited - 3,436 3,436 15,327Outstanding 31 December 2023 15,161 78,626 93,787 14,318Exercisable 31 December 2023 4,302 22,882 27,184 8,3091 The weighted average share price at the dates of exercise of share options exercised was DKK 12,606 (DKK 12,674). 2 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the Svitzer modification. The opening balance 1 January 2024 and the 2023 comparative disclosures have not been restated and are based on exercise prices before the Svitzer modification.Share options planMaersk also has a share option plan granted to members of the Executive Board and other key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc.The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan.The recognised remuneration expense related to the share option plan is USD 12m (USD 10m). The average remaining contractual life of the outstanding share options as per 31 December 2024 is 4.1 years (4.4 years), and the range of exercise prices for the outstanding share options as per 31 December 2024 is DKK 7,271 to DKK 23,994 (DKK 7,605 to DKK 25,096).The following principal assumptions are used in the 2024 granted share options valuation:Share options granted to 2employees2024 2023Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022 12,7321Share price, five days volume-weighted average after publication of Annual Report, DKK9,026 11,992Exercise price, DKK 9,929 13,191Expected volatility (based on historic volatility) 37% 35%Expected term (years) 5.75 5.75Expected dividend per share, DKK 2.6% 5.0%Risk-free interest rate 2.41% 2.65%Fair value per option at grant date, DKK 2,540 3,067 1 The exercise price was determined based on the five-day volume-weighted average share price after the Annual General Meetings in 2024 and 2023.2 No share options were granted to members of the Executive Board in 2024 and 2023.The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above.Modification in 2024In May 2024, as a result of the demerger of Svitzer in April 2024, Maersk reduced the exercise price of the outstanding stock options and increased the number of stock options, restricted share units and performance shares outstanding in order to preserve the value of the outstanding awards. The total incremental fair value of the options, restricted share units and performance shares as a result of the modification is USD 7.5m. For awards that are fully vested, the incremental fair value was recognised immediately and for awards not yet vested, the incremental fair value is recognised over the period from the modification date to the vesting date. The expense for the original awards will continue to be recognised as if the terms had not been modified. The fair value of the modified awards was determined using the same models and principles as described above, with the following differences in inputs for stock options: Share price, volume-weighted average at the date of modification, 15 May 2024, DKK 11,335Exercise price, DKK Original exercise price x adjustment factorExpected volatility (based on historic volatility) 37%Expected term (years) 80% of time remaining until option vestingExpected dividend per share, DKK 2.1%Risk free interest rate Based on time remaining until expiry ACCOUNTING POLICY Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of Maersk as part of Maersk\u2019s long-term incentive programme are recognised as re-muneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
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"s9__8__72-1": {
"value": "Fees and remuneration to the Executive Board 2024 2023Fixed pay 3 3Short-term cash incentive 4 21Long-term share-based incentives 32Remuneration in connection with redundancy, resignation and release from duty to work - -1Total remuneration to the Executive Board 10 61 In 2024, following the demerger of Svitzer, the outstanding stock options, restricted share units and performance shares were modified, resulting in immediate recognition of a beneficial modification expense for the already vested grants in 2024. The beneficial modifications to unvested programmes will be recognised over the remaining vesting period.The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises the Executive Board and the Board of Directors. The Board of Directors has received fees of USD 2m (USD 2m).For disclosure of remuneration to the Executive Board of the parent company, refer to note 2.1 operating costs of the parent company financial statements.Note 5.6 Related parties1Controlling Associated Joint ventures Managementpartiescompanies2024 2023 2024 2023 2024 2023 2024 2023Income statementRevenue 16 3 8 65 122 69 - -2Operating costs 103 47 697 570 615 566 - 13Remuneration to Management - - - - - - 12 10Financial income 7 95 - - - - - -3Other - 15 - - - 2 - -AssetsOther receivables, non-current - 6 - - 37 30 - -Trade receivables 3 3 12 6 10 10 - -Other receivables, current 627 681 9 8 7 9 - -Cash and bank balances 271 277 - - - - - -LiabilitiesBank and other credit institutions, etc., current 19 - - - 27 67 - -Trade payables 4 - 102 79 76 89 - 1Other - - - 1 7 - - -41,569Shares bought back 213 - - - - - -Capital increase - - 20 - 1 17 - -Dividends earned - - 199 219 151 95 - -55,974Dividends distributed 655 - - - - - -1 The Board of Directors and the Executive Board of A.P. M\u00f8ller - M\u00e6rsk A/S, A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal and their close relatives (including undertakings under their control). Trade receivables and payables include customary business-related accounts regarding shipping activities. 2 Includes commission and commercial receivables to Maersk Broker K/S from chartering as well as the purchase and sale of vessels.3 Includes the gain on sale of Maersk Supply Service to A.P. M\u00f8ller Holding A/S.4 Includes shares bought back from A.P. M\u00f8ller Holding A/S and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation).5 Includes dividends paid to A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation) and Den A.P. M\u00f8llerske St\u00f8ttefond.Joint usage agreement with A.P. M\u00f8ller Holding A/SWith the objective of further strengthening the value of the brands, A.P. M\u00f8ller - M\u00e6rsk A/S in 2018 entered into a joint usage agreement with A.P. M\u00f8ller Holding A/S regarding the use of commonly used trademarks which historically have benefited both A.P. M\u00f8ller - M\u00e6rsk A/S and A.P. M\u00f8ller Holding A/S. A.P. M\u00f8ller Holding A/S is the controlling shareholder of A.P. M\u00f8ller - M\u00e6rsk A/S and is wholly owned by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal. The joint usage agreement establishes a framework and a branding strategy for the commonly used trademarks and a joint brand board, where the parties can cooperate regarding the use of these trademarks. A.P. M\u00f8ller Holding A/S, Copenhagen, Denmark has control over the company and prepares consolidated financial state-ments. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal is the ultimate owner.Share buy-back programmeAccording to a separate agreement, A.P. M\u00f8ller Holding A/S and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie-fond (the Foundation) participated on a pro rata basis to the shares purchased in the company\u2019s share buy-back programme. A.P. M\u00f8ller Holding A/S participated in selling A and B shares and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie-fond (the Foundation) participated in selling B shares.",
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"value": "Fees to the statutory auditors 2024 2023Statutory audit 16 16Other assurance services 2 2Tax, VAT and advisory services 1 1Other services 1 1Total fees 20 20Fees for other services other than statutory audit of the financial statements provided by PricewaterhouseCoopers Stats-autoriseret Revisionspartnerselskab to Maersk mainly consist of transaction advice, accounting and tax-related services.",
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"s9__8__77-1": {
"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2024 2023Total depreciation 5,783 5,856Total amortisation 395 382Total impairment, net 42 377Depreciation, amortisation and impairment losses, net 6,220 6,615Depreciation is related to property, plant and equipment of USD 2.7bn (USD 2.6bn) and to right-of-use assets of USD 3.1bn (USD 3.3bn). Total net impairments are primarily related to property, plant and equipment of USD 44m (USD 55m) and intangible assets of USD 1m (USD 322m). Refer to note 3.1 intangible assets and note 3.2 property, plant and equipment.Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:11,944 72031 December 2024 5,130 2,0309,8241 Of which USD 76m is under development. USD 32m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 71m have restricted title. 2 Of which USD 185m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title. 3 Of which USD 162m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2024 2023Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,568 4,599 Terminals Multiple terminals 241 241Unallocated items Others 5 5Total 5,130 5,161Impairment lossesOperating segment Cash-generating unit 2024 20231Ocean Ocean - 319 1Logistics & Services Logistics & Services - 2 Terminals Various terminals 1 - Unallocated items Maersk Container Industry - 1 Total 1 322 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net-work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for im-pairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncertain, though based on experience and external sources where available. Centralised processes and involvement of corporate func-tions ensure that indices and data sources are selected consistently while observing differences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e. project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is sensitive to the discount rate and the terminal growth rate. Value in use is determined based on the expected future economic growth rate and replacement CAPEX during the terminal period, which is based on Management\u2019s plans and ex-pectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates continued to increase throughout the first half of 2024 as a result of the Red Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply catching up. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across Maersk, either directly on the bunker oil price, green fuel and its availability, or indirectly through its impact on market freight rates charged to customers. Bunker con sumption increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation in the Red Sea/Gulf of Aden. However, consumption is expected to decline in 2025, driven by fleet outsourcing, efficiency improvements and the commencement of Gemini Coop-eration from February 2025. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the Air and Warehousing business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensi-tive to the development of the global economy. Manage-ment considers the future economic outlook and expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by the development in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled at the terminals, but also foreign exchange rates. Continued eco-nomic deterioration and a lack of cash repatriation opportu-nities in certain oil-producing countries could also put pres-sure on the carrying amounts of individual terminals. The repercussions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may impact port rates in a few strategic regions. The other key sensitivities impact-ing Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as con-cession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across Maersk in 2025, impacting both the dis-count rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2024, covering the five-year business plan for 2025-29. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.1% (2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering Management\u2019s planned fleet renewal programme running until 2030. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impair-ment test is based on the estimated value in use from the five-year business plan for 2025-29, where the vol-ume and improved margin growth assumptions, which are region- specific, reflect the current expectations for the relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a. before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assump-tions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the cash-generating units (CGUs) to which goodwill or indef-inite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have positive impact on replacement volumes. The growth rates reflect current market expectations for the relevant period, and the discount rates applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in impairment losses on assets of an immaterial amount across two terminals amounting to USD 42m in 2024 (impairment losses of USD 134m across multiple terminals in 2023, of which USD 94m related to a CGU in the Mediterranean), refer to note 3.2 property, plant and equipment. The fair values of indi-vidual terminals are measured at fair value less cost of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value level 3) are prepared by discounting expected cash inflows and outflows for the period until concession end. This includes expected concession extensions, and costs and benefits related to restructuring and improvement projects that a potential buyer can be assumed to undertake in order to extract the best value from the terminal. Individual country-specific discount rates are applied.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2024 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 4.1bn (USD 3.9bn) between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.1% +/- 0.5 ppts Approx. USD 2.0bnDiscount rate p.a. before tax as of 31 December 2024 9.9% +/- 0.5 ppts Approx. USD 2.7bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statementNote 3.2 Property, plant and equipmentVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2024 42,961 8,948 3,631 55,5401Additions 936 237 3,278 4,451Disposals 1,106 242 5 1,353Transfers 2,124 1,106 -3,230 - Reclassification from/to right-of-use assets 18 -4 -4 10Exchange rate adjustments -43 -324 -58 -42531 December 2024 44,890 9,721 3,612 58,223Depreciation and impairment losses1 January 2024 24,117 4,364 - 28,481Depreciation 2,104 575 - 2,679Impairment losses 1 44 6 51Reversal of impairment losses 1 6 - 7Disposals 924 130 2 1,056Reclassification from/to right-of-use assets 3 -8 - -5Exchange rate adjustments -17 -149 1 -16531 December 2024 25,283 4,690 5 29,978Carrying amount:31 December 2024 19,607 5,031 3,607 28,2451 Of which USD 1.2bn related to EU taxonomy-aligned vessels, including milestone payments for the ordered dual-fuel vessels, and USD 533m related to solar panels, charging stations and electrified equipment additions. Vessels and buildings etc. with a carrying amount of USD 140m (USD 784m) have been pledged as security for loans of USD 84m (USD 443m).Vessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2023 48,699 8,209 2,296 59,2041Additions 698 124 2,834 3,656Additions from acquired companies - 15 - 15Disposals 1,785 162 6 1,953Disposals from companies sold 3,197 62 164 3,423Transfers 401 855 -1,256 -Transfers, assets held for sale -1,939 -67 -83 -2,089Reclassification from/to right-of-use assets 35 4 -3 36Exchange rate adjustments 49 32 13 9431 December 2023 42,961 8,948 3,631 55,540Depreciation and impairment losses1 January 2023 26,966 4,039 5 31,010Depreciation 2,100 506 - 2,606Impairment losses 6 134 - 140Reversal of impairment losses 12 73 - 85Disposals 1,542 163 4 1,709Disposals from companies sold 2,650 62 1 2,713Transfers, assets held for sale -781 -37 - -818Reclassification from/to right-of-use assets 9 2 - 11Exchange rate adjustments 21 18 - 3931 December 2023 24,117 4,364 - 28,481Carrying amount:31 December 2023 18,844 4,584 3,631 27,0591 Of which USD 638m is related to EU taxonomy-aligned vessels, including milestone payments for the ordered dual-fuel vessels, and USD 386m related to solar panels, charging stations and electrified equipment additions.Net impairment losses recognised on property, plant and equipment are specified as follows:Impairment losses Reversal of impairment lossesOperating segment Cash-generating unit 2024 2023 2024 2023Ocean Ocean - - - 12 Logistics & Services Logistics & Services 9 6 - - Terminals Various terminals 42 134 7 73 Total 51 140 7 85 Impairment analysisFor more information on impairment tests, including sensitivities for the Ocean CGU, refer to note 3.1 intangible assets. SIGNIFICANT ACCOUNTING ESTIMATES Useful life and residual valuesUseful lives are estimated annually based on experience. When an asset\u2019s useful life changes, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environ-mental requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate- related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net-zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Gener-ally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. ACCOUNTING POLICY Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2024 2023Total depreciation 5,783 5,856Total amortisation 395 382Total impairment, net 42 377Depreciation, amortisation and impairment losses, net 6,220 6,615Depreciation is related to property, plant and equipment of USD 2.7bn (USD 2.6bn) and to right-of-use assets of USD 3.1bn (USD 3.3bn). Total net impairments are primarily related to property, plant and equipment of USD 44m (USD 55m) and intangible assets of USD 1m (USD 322m). Refer to note 3.1 intangible assets and note 3.2 property, plant and equipment.",
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"s9__8__78-1": {
"value": "Note 2.4 Gains on sale of non-current assets, etc., net2024 2023Gains 305 565Losses 83 42Gains on sale of non-current assets, etc., net 222 523Gains in 2024 are primarily related to the sale of containers of USD 77m (USD 127m), the sale of vessels of USD 192m (USD 181m) and gains on termination of leases of USD 10m (USD 29m). In 2023, the gains included the sale of US Marine Management Inc. of USD 92m, the sale of shares in H\u00f6egh Autoliners A/S of USD 57m and the sale of Maersk Supply Service of USD 15m.Losses in 2024 are primarily related to the sale of containers USD 23m (USD 22m) and a change in the provision for indemnities related to sale of assets in previous years of USD 26m.Note 3.2 Property, plant and equipmentVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2024 42,961 8,948 3,631 55,5401Additions 936 237 3,278 4,451Disposals 1,106 242 5 1,353Transfers 2,124 1,106 -3,230 - Reclassification from/to right-of-use assets 18 -4 -4 10Exchange rate adjustments -43 -324 -58 -42531 December 2024 44,890 9,721 3,612 58,223Depreciation and impairment losses1 January 2024 24,117 4,364 - 28,481Depreciation 2,104 575 - 2,679Impairment losses 1 44 6 51Reversal of impairment losses 1 6 - 7Disposals 924 130 2 1,056Reclassification from/to right-of-use assets 3 -8 - -5Exchange rate adjustments -17 -149 1 -16531 December 2024 25,283 4,690 5 29,978Carrying amount:31 December 2024 19,607 5,031 3,607 28,2451 Of which USD 1.2bn related to EU taxonomy-aligned vessels, including milestone payments for the ordered dual-fuel vessels, and USD 533m related to solar panels, charging stations and electrified equipment additions. Vessels and buildings etc. with a carrying amount of USD 140m (USD 784m) have been pledged as security for loans of USD 84m (USD 443m).Vessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2023 48,699 8,209 2,296 59,2041Additions 698 124 2,834 3,656Additions from acquired companies - 15 - 15Disposals 1,785 162 6 1,953Disposals from companies sold 3,197 62 164 3,423Transfers 401 855 -1,256 -Transfers, assets held for sale -1,939 -67 -83 -2,089Reclassification from/to right-of-use assets 35 4 -3 36Exchange rate adjustments 49 32 13 9431 December 2023 42,961 8,948 3,631 55,540Depreciation and impairment losses1 January 2023 26,966 4,039 5 31,010Depreciation 2,100 506 - 2,606Impairment losses 6 134 - 140Reversal of impairment losses 12 73 - 85Disposals 1,542 163 4 1,709Disposals from companies sold 2,650 62 1 2,713Transfers, assets held for sale -781 -37 - -818Reclassification from/to right-of-use assets 9 2 - 11Exchange rate adjustments 21 18 - 3931 December 2023 24,117 4,364 - 28,481Carrying amount:31 December 2023 18,844 4,584 3,631 27,0591 Of which USD 638m is related to EU taxonomy-aligned vessels, including milestone payments for the ordered dual-fuel vessels, and USD 386m related to solar panels, charging stations and electrified equipment additions.Net impairment losses recognised on property, plant and equipment are specified as follows:Impairment losses Reversal of impairment lossesOperating segment Cash-generating unit 2024 2023 2024 2023Ocean Ocean - - - 12 Logistics & Services Logistics & Services 9 6 - - Terminals Various terminals 42 134 7 73 Total 51 140 7 85 Impairment analysisFor more information on impairment tests, including sensitivities for the Ocean CGU, refer to note 3.1 intangible assets. SIGNIFICANT ACCOUNTING ESTIMATES Useful life and residual valuesUseful lives are estimated annually based on experience. When an asset\u2019s useful life changes, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environ-mental requirements. Management has also considered the impact of decarbonisation and climate- related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate- related leg-islation and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net-zero by 2040 target. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Gener-ally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. ACCOUNTING POLICY Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
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"s9__8__87": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:11,944 72031 December 2024 5,130 2,0309,8241 Of which USD 76m is under development. USD 32m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 71m have restricted title. 2 Of which USD 185m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title. 3 Of which USD 162m is related to ongoing development of software.",
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"s9__8__81": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:11,944 72031 December 2024 5,130 2,0309,8241 Of which USD 76m is under development. USD 32m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 71m have restricted title. 2 Of which USD 185m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title. 3 Of which USD 162m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2024 2023Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,568 4,599 Terminals Multiple terminals 241 241Unallocated items Others 5 5Total 5,130 5,161Impairment lossesOperating segment Cash-generating unit 2024 20231Ocean Ocean - 319 1Logistics & Services Logistics & Services - 2 Terminals Various terminals 1 - Unallocated items Maersk Container Industry - 1 Total 1 322 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net-work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for im-pairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncertain, though based on experience and external sources where available. Centralised processes and involvement of corporate func-tions ensure that indices and data sources are selected consistently while observing differences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e. project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is sensitive to the discount rate and the terminal growth rate. Value in use is determined based on the expected future economic growth rate and replacement CAPEX during the terminal period, which is based on Management\u2019s plans and ex-pectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates continued to increase throughout the first half of 2024 as a result of the Red Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply catching up. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across Maersk, either directly on the bunker oil price, green fuel and its availability, or indirectly through its impact on market freight rates charged to customers. Bunker con sumption increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation in the Red Sea/Gulf of Aden. However, consumption is expected to decline in 2025, driven by fleet outsourcing, efficiency improvements and the commencement of Gemini Coop-eration from February 2025. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the Air and Warehousing business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensi-tive to the development of the global economy. Manage-ment considers the future economic outlook and expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by the development in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled at the terminals, but also foreign exchange rates. Continued eco-nomic deterioration and a lack of cash repatriation opportu-nities in certain oil-producing countries could also put pres-sure on the carrying amounts of individual terminals. The repercussions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may impact port rates in a few strategic regions. The other key sensitivities impact-ing Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as con-cession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across Maersk in 2025, impacting both the dis-count rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2024, covering the five-year business plan for 2025-29. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.1% (2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering Management\u2019s planned fleet renewal programme running until 2030. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impair-ment test is based on the estimated value in use from the five-year business plan for 2025-29, where the vol-ume and improved margin growth assumptions, which are region- specific, reflect the current expectations for the relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a. before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assump-tions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the cash-generating units (CGUs) to which goodwill or indef-inite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have positive impact on replacement volumes. The growth rates reflect current market expectations for the relevant period, and the discount rates applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in impairment losses on assets of an immaterial amount across two terminals amounting to USD 42m in 2024 (impairment losses of USD 134m across multiple terminals in 2023, of which USD 94m related to a CGU in the Mediterranean), refer to note 3.2 property, plant and equipment. The fair values of indi-vidual terminals are measured at fair value less cost of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value level 3) are prepared by discounting expected cash inflows and outflows for the period until concession end. This includes expected concession extensions, and costs and benefits related to restructuring and improvement projects that a potential buyer can be assumed to undertake in order to extract the best value from the terminal. Individual country-specific discount rates are applied.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2024 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 4.1bn (USD 3.9bn) between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.1% +/- 0.5 ppts Approx. USD 2.0bnDiscount rate p.a. before tax as of 31 December 2024 9.9% +/- 0.5 ppts Approx. USD 2.7bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
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"s9__8__80": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:11,944 72031 December 2024 5,130 2,0309,8241 Of which USD 76m is under development. USD 32m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 71m have restricted title. 2 Of which USD 185m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title. 3 Of which USD 162m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2024 2023Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,568 4,599 Terminals Multiple terminals 241 241Unallocated items Others 5 5Total 5,130 5,161Impairment lossesOperating segment Cash-generating unit 2024 20231Ocean Ocean - 319 1Logistics & Services Logistics & Services - 2 Terminals Various terminals 1 - Unallocated items Maersk Container Industry - 1 Total 1 322 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net-work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for im-pairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncertain, though based on experience and external sources where available. Centralised processes and involvement of corporate func-tions ensure that indices and data sources are selected consistently while observing differences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e. project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is sensitive to the discount rate and the terminal growth rate. Value in use is determined based on the expected future economic growth rate and replacement CAPEX during the terminal period, which is based on Management\u2019s plans and ex-pectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates continued to increase throughout the first half of 2024 as a result of the Red Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply catching up. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across Maersk, either directly on the bunker oil price, green fuel and its availability, or indirectly through its impact on market freight rates charged to customers. Bunker con sumption increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation in the Red Sea/Gulf of Aden. However, consumption is expected to decline in 2025, driven by fleet outsourcing, efficiency improvements and the commencement of Gemini Coop-eration from February 2025. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the Air and Warehousing business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensi-tive to the development of the global economy. Manage-ment considers the future economic outlook and expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by the development in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled at the terminals, but also foreign exchange rates. Continued eco-nomic deterioration and a lack of cash repatriation opportu-nities in certain oil-producing countries could also put pres-sure on the carrying amounts of individual terminals. The repercussions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may impact port rates in a few strategic regions. The other key sensitivities impact-ing Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as con-cession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across Maersk in 2025, impacting both the dis-count rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2024, covering the five-year business plan for 2025-29. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.1% (2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering Management\u2019s planned fleet renewal programme running until 2030. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impair-ment test is based on the estimated value in use from the five-year business plan for 2025-29, where the vol-ume and improved margin growth assumptions, which are region- specific, reflect the current expectations for the relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a. before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assump-tions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the cash-generating units (CGUs) to which goodwill or indef-inite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have positive impact on replacement volumes. The growth rates reflect current market expectations for the relevant period, and the discount rates applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in impairment losses on assets of an immaterial amount across two terminals amounting to USD 42m in 2024 (impairment losses of USD 134m across multiple terminals in 2023, of which USD 94m related to a CGU in the Mediterranean), refer to note 3.2 property, plant and equipment. The fair values of indi-vidual terminals are measured at fair value less cost of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value level 3) are prepared by discounting expected cash inflows and outflows for the period until concession end. This includes expected concession extensions, and costs and benefits related to restructuring and improvement projects that a potential buyer can be assumed to undertake in order to extract the best value from the terminal. Individual country-specific discount rates are applied.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2024 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 4.1bn (USD 3.9bn) between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.1% +/- 0.5 ppts Approx. USD 2.0bnDiscount rate p.a. before tax as of 31 December 2024 9.9% +/- 0.5 ppts Approx. USD 2.7bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
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"s9__8__79": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:11,944 72031 December 2024 5,130 2,0309,8241 Of which USD 76m is under development. USD 32m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 71m have restricted title. 2 Of which USD 185m is related to ongoing development of software. Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2023 5,554 2,985 3,043 1,371 12,953Additions - 21 - 183 2041Additions from acquired companies- - 14 - 14Disposals 6 - 402 234 642Transfers, assets held for sale -332 - -11 -13 -356Exchange rate adjustments 14 25 15 16 7031 December 2023 5,230 3,031 2,659 1,323 12,243Amortisation and impairment losses1 January 2023 349 824 491 504 2,168Amortisation - 103 158 121 382Impairment losses - - 299 23 322Disposals - - 402 79 481Transfers, assets held for sale -279 - -9 -9 -297Exchange rate adjustments -1 10 5 11 2531 December 2023 69 937 542 571 2,119Carrying amount:22,117 75231 December 2023 5,161 2,09410,1241 Acquisition of Martin Bencher and Grindrod.2 Of which USD 49m is under development. USD 34m is related to terminal rights with indefinite useful lives in Poti Sea Port Corp. Service concession rights with a carrying amount of USD 70m have restricted title. 3 Of which USD 162m is related to ongoing development of software. Goodwill carrying amountOperating segment Cash-generating unit 2024 2023Ocean Ocean 316 316 Logistics & Services Logistics & Services 4,568 4,599 Terminals Multiple terminals 241 241Unallocated items Others 5 5Total 5,130 5,161Impairment lossesOperating segment Cash-generating unit 2024 20231Ocean Ocean - 319 1Logistics & Services Logistics & Services - 2 Terminals Various terminals 1 - Unallocated items Maersk Container Industry - 1 Total 1 322 1 On 27 January 2023, it was announced that the Group would move towards a singular and unified brand by integrating the Maersk brands. Existing brands were retired during Q1 2023, resulting in the recognition of impairment losses of the full carrying amount of each respective retired brand on the balance sheet. Total impairment losses related to the retirement of brands in 2023 recognised in the income statement is USD 299m, of which USD 297m is within Ocean and USD 2m is within Logistics & Services. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsJudgement is applied in the determination of cash- generating units to which goodwill is allocated for impair-ment testing and in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated net-work. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for im-pairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the ex-pected future cash flows and applied discount factor. Current market values for vessels, etc., are estimated using acknowledged brokers. The cash flow projections are based on financial budgets and business plans. In nature, these projections are subject to judgement and estimates that are uncertain, though based on experience and external sources where available. Centralised processes and involvement of corporate func-tions ensure that indices and data sources are selected consistently while observing differences in risks and other circumstances. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e. project and/or country-specific risk premium. Further, any uncertainties reflecting past per-formance and possible variations in the amount or timing of the projected cash flows are generally reflected in the discount rates.Impairment \u2013 key assumptions applied The outcome of impairment tests is subject to estimates of the future development of freight rates and volumes, oil prices and the discount rates applied. Management determines these key assumptions by considering past experience as well as market analysis and future expec-tations based on supply and demand trends. Further, the value in use calculation is sensitive to the discount rate and the terminal growth rate. Value in use is determined based on the expected future economic growth rate and replacement CAPEX during the terminal period, which is based on Management\u2019s plans and ex-pectations for the future. The future development in freight rates is a significant factor impacting the Ocean segment in particular and is influenced by regional and global economic environments, trade patterns, and by industry-specific trends in respect of capacity supply and demand. Freight rates continued to increase throughout the first half of 2024 as a result of the Red Sea situation. The rates peaked in Q3 2024, then partially normalised and stabilised with supply catching up. The future development of oil prices is also uncertain and is a significant factor impacting accounting estimates across Maersk, either directly on the bunker oil price, green fuel and its availability, or indirectly through its impact on market freight rates charged to customers. Bunker con sumption increased throughout 2024 with re-routing south of Cape of Good Hope caused by the situation in the Red Sea/Gulf of Aden. However, consumption is expected to decline in 2025, driven by fleet outsourcing, efficiency improvements and the commencement of Gemini Coop-eration from February 2025. Logistics & Services is impacted by rates and volumes across the Logistics & Services product lines, particularly in the Air and Warehousing business. The future growth and productivity of the Fulfilled by Maersk product range is also considered a key assumption as volumes are sensi-tive to the development of the global economy. Manage-ment considers the future economic outlook and expected synergies from completed acquisitions when determining the growth and productivity of Fulfilled by Maersk. Terminals located in oil-producing countries, e.g. Nigeria and Brazil, are indirectly impacted by the development in oil prices and the consequences for the respective countries\u2019 economies, which not only affects volumes handled at the terminals, but also foreign exchange rates. Continued eco-nomic deterioration and a lack of cash repatriation opportu-nities in certain oil-producing countries could also put pres-sure on the carrying amounts of individual terminals. The repercussions of uncertainty in trade policies and tariffs, stemming from geopolitical tensions, may impact port rates in a few strategic regions. The other key sensitivities impact-ing Terminals include container moves, revenue and cost per move, and local port rates, all of which are impacted by the local economic outlook and competition, as well as con-cession right extensions and the discount rate applied. Inflation is also expected to continue to have a high impact across Maersk in 2025, impacting both the dis-count rate and terminal growth rates.Impairment \u2013 results of impairment assessmentsThe Ocean cash flow projection is based on the forecast as per Q3 2024, covering the five-year business plan for 2025-29. Management applied an assumption of growth in volumes based on a calculated terminal value with growth equal to 2.1% (2.7%) p.a. In the annual impairment test carried out in November 2024, a pre-tax discount rate of 9.3% (9.8%) p.a. was applied. The impairment test was carried out considering Management\u2019s planned fleet renewal programme running until 2030. The impairment test showed headroom between the value in use and the carrying amount. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.The Group\u2019s most significant goodwill component relates to the Logistics & Services segment. The annual impair-ment test is based on the estimated value in use from the five-year business plan for 2025-29, where the vol-ume and improved margin growth assumptions, which are region- specific, reflect the current expectations for the relevant period. The applied terminal growth is 2.1% (2.7%). A discount rate of 8.9% (9.0%) p.a. before tax or 8.7% (8.8%) p.a. after tax was applied. The impairment test showed headroom from the value in use to the carrying amount. Management is of the opinion that the assump-tions applied are sustainable. In Terminals, Management assesses indicators of impairment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the cash-generating units (CGUs) to which goodwill or indef-inite life intangible assets are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have positive impact on replacement volumes. The growth rates reflect current market expectations for the relevant period, and the discount rates applied are between 7.2% and 12.0% (7.4% and 12.1%) p.a. after tax. The impairment tests considered fair value less cost of disposal compared to the carrying amount and resulted in impairment losses on assets of an immaterial amount across two terminals amounting to USD 42m in 2024 (impairment losses of USD 134m across multiple terminals in 2023, of which USD 94m related to a CGU in the Mediterranean), refer to note 3.2 property, plant and equipment. The fair values of indi-vidual terminals are measured at fair value less cost of disposal, where the perspective of a potential buyer is assumed. The valuations (fair value level 3) are prepared by discounting expected cash inflows and outflows for the period until concession end. This includes expected concession extensions, and costs and benefits related to restructuring and improvement projects that a potential buyer can be assumed to undertake in order to extract the best value from the terminal. Individual country-specific discount rates are applied.Impairment \u2013 key assumptions sensitivityUsing the discount rate as of 31 December 2024 and keeping all other assumptions constant, the Ocean CGU showed headroom of USD 4.1bn (USD 3.9bn) between the value in use and the carrying amount. The following changes in assumptions reflect the related impact on the value in use and thus the headroom for the Ocean CGU. The sensitivities are prepared with all other assumptions kept constant.Key Ocean CGU assumption Assumption Change Effect on value in useGrowth in terminal period 2.1% +/- 0.5 ppts Approx. USD 2.0bnDiscount rate p.a. before tax as of 31 December 2024 9.9% +/- 0.5 ppts Approx. USD 2.7bn ACCOUNTING POLICY Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
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"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
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"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
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},
"s9__8__82": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are amortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years. Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__83": {
"value": "Goodwill and terminal rights have indefinite useful lives, while all other classes have definite lives. Intangible assets regarding acquired customer relationships and technology are amortised over a useful life of 10-24 years and 5-10 years, respectively. Internally developed IT soft-ware is amortised over a useful life of 3-5 years.Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__89": {
"value": "Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__88": {
"value": "Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash- generating units on acquisition and impaired before other assets. Intangible assets and property, plant and equipment are tested for impairment if there is an indication of impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Impairment losses are included in depreciation, amortisation and impairment, net, in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__92": {
"value": "Vessels and buildings etc. with a carrying amount of USD 140m (USD 784m) have been pledged as security for loans of USD 84m (USD 443m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__97-1": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__96": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__95": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__94": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__93": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as follows:Vessels, etc. 20-25 yearsContainers, etc. 15 yearsBuildings 10-50 yearsTerminal infrastructure 10-30 years or concession period, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterAircraft and related 3-30 yearscomponents Plant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Estimated useful lives and residual values are reassessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long construction period, borrowing costs during the con-struction period from specific as well as general borrow-ings are attributed to cost. In addition, the cost includes the net present value of estimated costs of removal and restoration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__98-1": {
"value": "Note 3.3 Right-of-use assetsVessels, Concession Real estate Totalcontainers, agreementsand other etc.leasesRight-of-use assets1 January 2024 4,652 2,317 2,701 9,670 Additions 3,265 502 834 4,601 Disposals 261 1 123 385 Depreciation 2,301 203 610 3,114 Transfers, owned assets, etc. -15 - - -15Exchange rate adjustments 1 -72 -81 -15231 December 2024 5,341 2,543 2,721 10,605 1 January 2023 6,344 2,411 2,212 10,967Additions 1,007 69 1,088 2,164Additions from acquired companies - - 29 29Disposals 154 1 57 212Depreciation 2,504 191 555 3,250Transfers, assets held for sale -17 - -36 -53Transfers, owned assets, etc. -25 - - -25Exchange rate adjustments 1 29 20 5031 December 2023 4,652 2,317 2,701 9,670Amounts recognised in profit and loss 2024 2023Depreciation on right-of-use assets 3,114 3,250Interest expenses (included in finance costs) 611 563 Expenses relating to service elements of leases 938 868Expenses relating to short-term leases 343 189Expenses relating to variable lease payments 368 297Expenses relating to leases of low-value assets 27 26Total recognised in operating costs 1,676 1,380 As part of the Group\u2019s activities, customary leasing agreements are entered, especially regarding the chartering of vessels and leasing of containers and other equipment. In some cases, the leasing agreements comprise purchase options exercisable by the Group and options for extending the lease term. The Group also enters into concession agreements that provide the right to use some existing infrastructure or land as required to carry out the terminal business. To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. At the end of 2024, the expected residual values were reviewed if these reflect the actual residual values achieved on comparable assets and expectations about future prices. At 31 December 2024, USD 226m (USD 226m) is expected to be payable and is included in the measurement of the lease liabilities. Leases to which Maersk is committed, but for which the lease term has not yet commenced, have an undiscounted value of USD 9.8bn (USD 2.6bn). They comprise approx. 78 contracts commencing in 2025-2029. Certain terminal concession agreements contain variable payment terms that are linked to future performance, i.e., number of containers handled. Such payments are recognised in the income statement in the period in which the condition that triggers those payments occurs. Total cash outflow from leases was USD 5.3bn (USD 5.2bn), of which USD 3.1bn (USD 3.2bn) relates to repayment of lease liabilities, USD 1.7bn (USD 1.4bn) to other lease expenses and USD 611m (USD 563m) to interest expenses. Lease liabilities are disclosed in notes 4.2 borrowings and lease liability reconciliation and 4.5 financial instruments and risks. ACCOUNTING POLICY Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease contracts for vessels and containers are typically made for fixed pe-riods of about five years but may have extension options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12023 FromOther Addi- Dis posals Foreign Other2024financingtionsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 9262Issued bonds3,393 875 - - - -153 24 4,1393Total borrowings 4,366 84715 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 4351 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2024, USD 2.4bn are green bonds primarily used to finance investments in dual-fuel vessels, electrified material handling equipment and construction of low-emission buildings.3 Cash flows from financing activities of USD 847m are made up of repayments of borrowings of negative USD 705m and proceeds from borrowings of USD 1.6bn, adjusted for borrowings associated with assets held for sale of USD 615m.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non- current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non- current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of dual-fuel vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5 Financial instruments and risks. ACCOUNTING POLICY Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed pay-ments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is re-viewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease li-ability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__99-1": {
"value": "Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease contracts for vessels and containers are typically made for fixed pe-riods of about five years but may have extension options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed pay-ments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is re-viewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease li-ability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__103": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consid-eration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non- current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of con-tingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__102": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consid-eration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non- current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of con-tingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__101": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consid-eration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non- current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of con-tingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__100": {
"value": "Note 3.4 Acquisition/sale of subsidiaries and activitiesAcquisitions during 2024No material acquisitions took place during 2024.Acquisitions during 2023 Martin Bencher Group (Logistics & Services) On 2 January 2023, the Group acquired 100% of the shares in Martin Bencher Group, a Denmark-based project logistics company for the purchase price of USD 53m and resulted in goodwill of USD 11m. Martin Bencher Group complemented the existing Maersk project logistics services, with specialised services offering the combination of solution design, special cargo transportation and project management services.Grindrod Intermodal Group (Logistics & Services)On 2 January 2023, the Group completed the acquisition of Grindrod Logistics with a controlling interest of 51% for a purchase price of USD 44m, which resulted in goodwill of USD 15m. The Group partnered with Grindrod Intermodal Group to merge the logistics activities of Grindrod Intermodal business and the ocean activities of the Ocean Africa Container Lines (OACL) with the existing Maersk Logistics & Services products in South Africa.Acquired goodwill from the above acquisitions were not allowable for tax purposes. For further details, see the 2023 Annual Report.Sales during 2024With the demerger of Svitzer and the distribution of the shares of Svitzer Group A/S to the Group\u2019s shareholders, the Group lost control over Svitzer A/S and its subsidiaries. Consequently, the Group derecognised the assets and liabilities of Svitzer Group in the consolidated financial statements. This is further disclosed in note 3.6 Assets held for sale or distribution. No other material external sales were undertaken during 2024.Sales during 2023US Marine Management On 20 September 2023, the sale of US Marine Management LLC was completed and resulted in a net gain of USD 92m or USD 74m after tax. Maersk Supply Service On 15 May 2023, the sale of Maersk Supply Service to A.P. M\u00f8ller Holding A/S was completed and resulted in a net gain of USD 15m.H\u00f6egh Autoliners The Group completed the sale of the 26.4% shareholding in H\u00f6egh Autoliners during 2023 and resulted in a gain of USD 57m. The net gain from the above sales is included in the unallocated items as per note 2.1 segment information. For further details, see the 2023 Annual Report. ACCOUNTING POLICY Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can otherwise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent consid-eration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the income statement as a gain/loss on the sale of non- current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of con-tingent consideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__104-1": {
"value": "Note 3.5 Term deposits and other receivablesLoan receivables, current, amount to USD 15.9bn (USD 12.8bn) and consist primarily of term deposits with a maturity of more than three months amounting to USD 15.9bn (USD 12.8bn). For details on the assessment of the loss allowance on term deposits, refer to note 4.5 financial instruments and risks.Liquidity riskNet interest-bearing debt and liquidity reserve 2024 2023Borrowings 16,477 14,814Net interest-bearing debt -7,373 -4,658Cash and bank balances 6,575 6,701Restricted cash -928 -1,024Cash management overdrafts -32 -18Term deposits not included in cash and bank balances 15,731 12,693Securities 1,580 -Undrawn revolving credit facilities > 12 months 6,050 6,050128,976 24,402Liquidity reserve1 Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, net of cash management overdraft, excluding securities, overdrafts and balances in countries with exchange control or other restrictions.2 The 2023 liquidity reserve was restated from to include the cash management overdrafts of USD 18m.For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory.The average term to maturity of loan facilities in the Group was about 5 years (about 5 years) at 31 December 2024.Carrying Cash flows including interestMaturities of liabilities amountand commitments0-1 year 1-5 years 5- years Total2024Bank and other credit institutions 926 235 658 222 1,115Lease liabilities 11,412 3,244 6,475 5,189 14,908 \u2013 of which interest 560 1,327 1,609 3,496Issued bonds 4,139 473 1,893 2,793 5,159Trade payables 6,698 6,698 - - 6,698Other payables 1,687 1,665 12 10 1,687Non-derivative financial liabilities 24,862 12,315 9,038 8,214 29,567Derivatives 558 225 258 75 558Total recognised in balance sheet 25,420 12,540 9,296 8,289 30,125Capital commitments 2,994 4,507 914 8,415Total 15,534 13,803 9,203 38,5402023Bank and other credit institutions 973 259 676 273 1,208Lease liabilities 10,448 3,120 5,811 4,292 13,223 \u2013 of which interest 458 1,078 1,239 2,775Issued bonds 3,393 115 1,907 2,105 4,127Trade payables 6,401 6,401 - - 6,401Other payables 1,516 1,479 24 13 1,516Non-derivative financial liabilities 22,731 11,374 8,418 6,683 26,475Derivatives 395 72 241 82 395Total recognised in balance sheet 23,126 11,446 8,659 6,765 26,870Capital commitments 1,955 2,228 683 4,866Total 13,401 10,887 7,448 31,736It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities.The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital.",
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"s9__8__105": {
"value": "Other receivables primarily consist of prepayments made for operational activities that will be utilised after twelve months amounting to USD 1.9bn (USD 1.3bn) and EUAs amounting to USD 163m (USD 0m). For details on the significant accounting judgements regarding EUAs, refer to note 2.2 operating costs.",
"dimensions": {
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"language": "en",
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"s9__8__107": {
"value": "Note 3.6 Assets held for sale or distribution2024 2023Balance sheet items comprise:Intangible assets - 59Property, plant and equipment and right-of-use assets 3 1,303Deferred tax assets - 52Other assets - 167Non-current assets 3 1,581Current assets 209Assets held for sale or distribution 3 1,790Provisions - 12Deferred tax liabilities - 27Other liabilities - 209Liabilities associated with assets held for sale or distribution - 248In 2023, Svitzer and one terminal were classified as held for sale. The divestment of the terminal was discontinued follow-ing the withdrawal of the buyer.SvitzerAt the Extraordinary General Meeting held on 26 April 2024, the demerger and separate listing of Svitzer was completed and approved by the Board of Directors. A.P. M\u00f8ller - M\u00e6rsk A/S injected 100% of the shares in Svitzer A/S, including the company\u2019s subsidiaries as well as certain other assets and liabilities related to Maersk\u2019s towage activities, into 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.IFRIC 17 requires recognition of non-cash distributions to shareholders at the fair value of assets distributed. However, it also provides an exception for a distribution of a non-cash asset that is ultimately controlled by the same party or parties before and after the distribution. Due to Svitzer being ultimately controlled by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal before and after the demerger, this demerger is excluded from the scope of IFRIC 17. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal, through A.P. M\u00f8ller Holding A/S, effectively exercises de facto control over Svitzer as it holds significantly more voting rights than any other shareholders, and other shareholdings are widely dispersed. Therefore, the distribution is measured using the carrying value of Svitzer\u2019s net assets as of the demerger date amounting to USD 1.0bn. Consequently, no gain or loss on disposal was recognised. As the demerger did not result in any gain or loss on disposal, Management has selected the accounting policy of transferring the cumulative translation reserve within equity. The cumulative translation reserve of USD 224m related to Svitzer as of the demerger date was reclassified within equity to retained earnings. ACCOUNTING POLICY Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__106": {
"value": "Note 3.6 Assets held for sale or distribution2024 2023Balance sheet items comprise:Intangible assets - 59Property, plant and equipment and right-of-use assets 3 1,303Deferred tax assets - 52Other assets - 167Non-current assets 3 1,581Current assets 209Assets held for sale or distribution 3 1,790Provisions - 12Deferred tax liabilities - 27Other liabilities - 209Liabilities associated with assets held for sale or distribution - 248In 2023, Svitzer and one terminal were classified as held for sale. The divestment of the terminal was discontinued follow-ing the withdrawal of the buyer.SvitzerAt the Extraordinary General Meeting held on 26 April 2024, the demerger and separate listing of Svitzer was completed and approved by the Board of Directors. A.P. M\u00f8ller - M\u00e6rsk A/S injected 100% of the shares in Svitzer A/S, including the company\u2019s subsidiaries as well as certain other assets and liabilities related to Maersk\u2019s towage activities, into 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.IFRIC 17 requires recognition of non-cash distributions to shareholders at the fair value of assets distributed. However, it also provides an exception for a distribution of a non-cash asset that is ultimately controlled by the same party or parties before and after the distribution. Due to Svitzer being ultimately controlled by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal before and after the demerger, this demerger is excluded from the scope of IFRIC 17. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal, through A.P. M\u00f8ller Holding A/S, effectively exercises de facto control over Svitzer as it holds significantly more voting rights than any other shareholders, and other shareholdings are widely dispersed. Therefore, the distribution is measured using the carrying value of Svitzer\u2019s net assets as of the demerger date amounting to USD 1.0bn. Consequently, no gain or loss on disposal was recognised. As the demerger did not result in any gain or loss on disposal, Management has selected the accounting policy of transferring the cumulative translation reserve within equity. The cumulative translation reserve of USD 224m related to Svitzer as of the demerger date was reclassified within equity to retained earnings. ACCOUNTING POLICY Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__109": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__8__108": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities ceases to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
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"s9__8__111-1": {
"value": "Note 3.7 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2024 126 1,176 407 1,709Provision made 57 422 256 735Amount used 86 251 105 442Amount reversed 27 181 60 268Exchange rate adjustments -4 -18 -10 -3231 December 2024 66 1,148 488 1,702Of which:Classified as non-current 11 658 277 946Classified as current 55 490 211 756Non-current provisions expected to be realised after more than five years - 30 41 71Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagree-ments, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty. ACCOUNTING POLICY Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provi-sions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST regis-trations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 857m (USD 830m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__110": {
"value": "Note 3.7 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2024 126 1,176 407 1,709Provision made 57 422 256 735Amount used 86 251 105 442Amount reversed 27 181 60 268Exchange rate adjustments -4 -18 -10 -3231 December 2024 66 1,148 488 1,702Of which:Classified as non-current 11 658 277 946Classified as current 55 490 211 756Non-current provisions expected to be realised after more than five years - 30 41 71Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagree-ments, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Provisions for legal disputesManagement\u2019s estimate of the provisions for legal dis-putes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached and the outcomes are subject to considerable uncertainty. ACCOUNTING POLICY Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provi-sions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
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"s9__8__112": {
"value": "Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and provi-sions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__114-1": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A shares of B shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2023 10,334,329 214 8,372,645 160 18,707 3,392Conversions 1 -2 1 -2 - -Cancellations 227,390 - 910,056 - 1,137 20631 December 2023 10,106,940 212 7,462,590 158 17,570 3,1861 January 2024 10,106,940 212 7,462,590 158 17,570 3,186Conversions 3 -6 18 -36 - -Cancellations 350,555 - 1,390,218 - 1,741 31631 December 2024 9,756,388 206 6,072,390 122 15,829 2,870All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights.At the Annual General Meeting of A.P. M\u00f8ller - M\u00e6rsk A/S on 14 March 2024, the shareholders decided on the cancel-lation 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. The reduction in the share capital has been recorded by applying the historical rate of exchange of USD/DKK 5.5153.Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2024 2023 2024 2023 2024 2023A shares1 January 306,636 201,717 307 202 1.75% 1.08%Additions 43,919 332,309 44 332 0.25% 1.89%Cancellations 350,555 227,390 351 227 2.00% 1.22%31 December - 306,636 - 307 - 1.75%B shares1 January 1,279,120 887,557 1,279 888 7.28% 4.74%Additions 244,723 1,327,842 245 1,328 1.47% 7.54%Cancellations 1,390,218 910,056 1,390 910 7.91% 4.86%Disposals 13,318 26,223 14 27 0.08% 0.14%31 December 120,307 1,279,120 120 1,279 0.76% 7.28%The disposal of treasury shares is related to the share option plan and the restricted shares plan.From 1 January 2024 to 7 February 2024, A.P. M\u00f8ller - M\u00e6rsk A/S bought back 22,599 A shares with a nominal value of DKK 23m and 68,181 B shares with a nominal value of DKK 68m from A.P. M\u00f8ller Holding A/S as well as 21,481 B shares with a nominal value of DKK 21m from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond, which are considered related parties. The share buy-back programme is carried out with the purpose to adjust the capital structure of the com-pany. Cancellation of shares which are not used for hedging purposes for the long-term incentive programme is proposed at the Annual General Meeting.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
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"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__113": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A shares of B shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2023 10,334,329 214 8,372,645 160 18,707 3,392Conversions 1 -2 1 -2 - -Cancellations 227,390 - 910,056 - 1,137 20631 December 2023 10,106,940 212 7,462,590 158 17,570 3,1861 January 2024 10,106,940 212 7,462,590 158 17,570 3,186Conversions 3 -6 18 -36 - -Cancellations 350,555 - 1,390,218 - 1,741 31631 December 2024 9,756,388 206 6,072,390 122 15,829 2,870All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights.At the Annual General Meeting of A.P. M\u00f8ller - M\u00e6rsk A/S on 14 March 2024, the shareholders decided on the cancel-lation 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. The reduction in the share capital has been recorded by applying the historical rate of exchange of USD/DKK 5.5153.Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2024 2023 2024 2023 2024 2023A shares1 January 306,636 201,717 307 202 1.75% 1.08%Additions 43,919 332,309 44 332 0.25% 1.89%Cancellations 350,555 227,390 351 227 2.00% 1.22%31 December - 306,636 - 307 - 1.75%B shares1 January 1,279,120 887,557 1,279 888 7.28% 4.74%Additions 244,723 1,327,842 245 1,328 1.47% 7.54%Cancellations 1,390,218 910,056 1,390 910 7.91% 4.86%Disposals 13,318 26,223 14 27 0.08% 0.14%31 December 120,307 1,279,120 120 1,279 0.76% 7.28%The disposal of treasury shares is related to the share option plan and the restricted shares plan.From 1 January 2024 to 7 February 2024, A.P. M\u00f8ller - M\u00e6rsk A/S bought back 22,599 A shares with a nominal value of DKK 23m and 68,181 B shares with a nominal value of DKK 68m from A.P. M\u00f8ller Holding A/S as well as 21,481 B shares with a nominal value of DKK 21m from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond, which are considered related parties. The share buy-back programme is carried out with the purpose to adjust the capital structure of the com-pany. Cancellation of shares which are not used for hedging purposes for the long-term incentive programme is proposed at the Annual General Meeting.",
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"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors.Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. Maersk remains investment grade-rated and holds a Baa1 (stable) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 66.1% (67.1%) at the end of 2024. Share buy-backs of maximum 15% of the share capital can be decided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2024 2023Hedging foreign exchange risk on revenue -4 -8Hedging foreign exchange risk on operating costs -50 41Hedging interest rate risk -32 -21Hedging foreign exchange risk on the cost of non-current assets - 4Total effective hedging -86 16Ineffectiveness recognised in financial expenses 1 -1Total reclassified from equity reserve for hedges -85 15Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses -129 154Interest rate derivatives recognised directly in financial income/expenses 23 44Oil prices and freight rate derivatives recognised directly in other income/costs -32 -23Net gains/losses recognised directly in the income statement -138 175Total -223 190The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instru-ments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors. The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2024. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2024. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating and investment cash flows, a loss of USD 127m in 2024 (loss of USD 8m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a loss of USD 84m at 31 December (gain of USD 43m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive in-come and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2024 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.13 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2024 2023Non-current receivables 2 11Current receivables 47 137Non-current liabilities 333 323Current liabilities 225 72Liabilities, net 509 247Hedge of operating and investment cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY2 3 239 USD/CNY 7.121BRL- 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 1072023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.041BRL4 2 77 USD/BRL 5.072Other currencies29 6 1,235 N/ATotal 55 121 HKD is replaced by BRL as one of the main currencies in 2024.2 2023 figures are restated to reflect replacement of HKD by BRL.Fair valueOther hedges recognised at fair value through profit and loss 2024 2023Currency derivatives 14 43Total 14 43The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2024 2023 2024 2023DKK 63 9 41 -17EUR 50 41 -40 -50CNY 23 31 1 8Other -7 -45 -138 -145Total 129 36 -136 -204Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -932023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -119The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2024 is 51% (41%), excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 161m (positively by USD 134m) and positively by approx. USD 121m (positively by USD 113m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denomi-nated in currencies other than USD. Each hedge relationship is split into a fair value hedge (fixed to floating interest rate swap), where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 0m (USD 1m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 0m (gain of USD 7m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,35720230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,437Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per duration1metric tonnesmetric tonne2024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 12023Oil swaps -1,121 0-1 year 10 2 8Buy 12,365 480 -231 -204 -27Sell -13,486 519 241 206 35Oil futures -177 0-1 year 8 7 1Buy 380 633 -1 -1 -Sell -557 639 9 8 1Total -1,298 18 9 91 In 2024, the quantity presentation was changed from million metric tonnes to thousand metric tonnes.The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2024, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a 5% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 31m (USD 24m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Credit riskMaturity analysis of trade receivables 2024 2023Receivables not due 4,331 4,065Less than 90 days overdue 1,330 1,14091 \u2013 365 days overdue 292 253More than 1 year overdue 161 127Receivables, gross 6,114 5,585Provision for bad debt 265 226Carrying amount 5,849 5,359The loss allowance provision for trade receivables as at 31 December 2024 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2024 20231 January 226 265Provision made 363 258Amount used 114 88Amount reversed 205 210Acquired in business combinations - 4Disposal on the sale of businesses - 1Transfers, assets held for sale - -2Exchange rate adjustments and others-5 -31 December 265 226Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 55% (50%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.Liquidity riskNet interest-bearing debt and liquidity reserve 2024 2023Borrowings 16,477 14,814Net interest-bearing debt -7,373 -4,658Cash and bank balances 6,575 6,701Restricted cash -928 -1,024Cash management overdrafts -32 -18Term deposits not included in cash and bank balances 15,731 12,693Securities 1,580 -Undrawn revolving credit facilities > 12 months 6,050 6,050128,976 24,402Liquidity reserve1 Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, net of cash management overdraft, excluding securities, overdrafts and balances in countries with exchange control or other restrictions.2 The 2023 liquidity reserve was restated from to include the cash management overdrafts of USD 18m.For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory.The average term to maturity of loan facilities in the Group was about 5 years (about 5 years) at 31 December 2024.Carrying Cash flows including interestMaturities of liabilities amountand commitments0-1 year 1-5 years 5- years Total2024Bank and other credit institutions 926 235 658 222 1,115Lease liabilities 11,412 3,244 6,475 5,189 14,908 \u2013 of which interest 560 1,327 1,609 3,496Issued bonds 4,139 473 1,893 2,793 5,159Trade payables 6,698 6,698 - - 6,698Other payables 1,687 1,665 12 10 1,687Non-derivative financial liabilities 24,862 12,315 9,038 8,214 29,567Derivatives 558 225 258 75 558Total recognised in balance sheet 25,420 12,540 9,296 8,289 30,125Capital commitments 2,994 4,507 914 8,415Total 15,534 13,803 9,203 38,5402023Bank and other credit institutions 973 259 676 273 1,208Lease liabilities 10,448 3,120 5,811 4,292 13,223 \u2013 of which interest 458 1,078 1,239 2,775Issued bonds 3,393 115 1,907 2,105 4,127Trade payables 6,401 6,401 - - 6,401Other payables 1,516 1,479 24 13 1,516Non-derivative financial liabilities 22,731 11,374 8,418 6,683 26,475Derivatives 395 72 241 82 395Total recognised in balance sheet 23,126 11,446 8,659 6,765 26,870Capital commitments 1,955 2,228 683 4,866Total 13,401 10,887 7,448 31,736It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities.The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital. ACCOUNTING POLICY Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
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"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors.Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. Maersk remains investment grade-rated and holds a Baa1 (stable) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 66.1% (67.1%) at the end of 2024. Share buy-backs of maximum 15% of the share capital can be decided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.",
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"value": "The basis for calculating earnings per share is the following:A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of: 2024 2023Profit for the period 6,109 3,8222024 2023Issued shares 1 January 17,569,715 18,707,161Average number of treasury shares 743,998 1,213,793Average number of cancelled shares 1,055,879 648,188Average number of shares (basic) 15,769,838 16,845,180Dilutive effect of outstanding restricted and performance shares and share options 27,234 28,862Average number of shares (diluted) 15,797,072 16,874,042Basic earnings per share (USD) 387 227Diluted earnings per share (USD) 387 227Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company.",
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"value": "DividendsThe dividend of DKK 515 per share of DKK 1,000 was paid on 19 March 2024 \u2013 a total of DKK 8.1bn, equivalent to USD 1.2bn, excluding treasury shares (dividend of DKK 4,300 per share of DKK 1,000 paid on 31 March 2023 \u2013 a total of DKK 74.4bn, equivalent to USD 10.9bn, excluding treasury shares). The Board of Directors proposes a dividend to the shareholders of DKK 1,120 per share of DKK 1,000 \u2013 a total of DKK 17.6bn, equivalent to USD 2.4bn. Payment of dividends is expected to take place on 21 March 2025. Payment of dividends to shareholders does not trigger taxes for Maersk.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
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"period": "2025-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s9__8__129": {
"value": "17600000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9__8__130": {
"value": "2400000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s9__8__135": {
"value": "Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__139": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__137": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__142": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12023 FromOther Addi- Dis posals Foreign Other2024financingtionsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 9262Issued bonds3,393 875 - - - -153 24 4,1393Total borrowings 4,366 84715 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 4351 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2024, USD 2.4bn are green bonds primarily used to finance investments in dual-fuel vessels, electrified material handling equipment and construction of low-emission buildings.3 Cash flows from financing activities of USD 847m are made up of repayments of borrowings of negative USD 705m and proceeds from borrowings of USD 1.6bn, adjusted for borrowings associated with assets held for sale of USD 615m.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non- current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non- current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of dual-fuel vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5 Financial instruments and risks. ACCOUNTING POLICY Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk- free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments. The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed pay-ments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is re-viewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease li-ability with corresponding right-of-use asset depreciated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__141-1": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December12023 FromOther Addi- Dis posals Foreign Other2024financingtionsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 9262Issued bonds3,393 875 - - - -153 24 4,1393Total borrowings 4,366 84715 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 4351 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2024, USD 2.4bn are green bonds primarily used to finance investments in dual-fuel vessels, electrified material handling equipment and construction of low-emission buildings.3 Cash flows from financing activities of USD 847m are made up of repayments of borrowings of negative USD 705m and proceeds from borrowings of USD 1.6bn, adjusted for borrowings associated with assets held for sale of USD 615m.The maturity analysis of lease liabilities is disclosed in note 4.5.Net debt Cash flows Non-cash changes Net debt 31 December31 December12022 FromOther Addi- Dis posals Transfers, Foreign Other2023financingtionsassets exchange activitiesheld for move- salementsBorrowings:Bank and other credit institutions 1,053 -88 -3 3 - - 8 - 9732Issued bonds2,976 308 - - - - 53 56 3,3933Total borrowings 4,029 220-3 3 - - 61 56 4,366Classified as non- current 3,774 4,169Classified as current 255 197Leases:4Lease liabilities 11,614 -3,226 3 2,268-241 -56 84 2 10,448Classified as non- current 8,582 7,798Classified as current 3,032 2,650Total borrowings and leases 15,643 -3,006 - 2,271 -241 -56 145 58 14,814Derivatives hedge of borrowings, net 532 -46 - - - - -53 -81 3521 Other includes fair value changes and amortisation of fees.2 Of the total issued bonds at 31 December 2023, USD 1.3bn are green bonds primarily used to finance the construction of dual-fuel vessels.3 Cash flows from financing activities of USD 220m are made up of repayments of borrowings of negative USD 660m, adjusted for cash flows from hedges of USD 35m and proceeds from borrowings of USD 845m.4 Additions include USD 29m of lease liabilities from businesses acquired during 2023.The maturity analysis of lease liabilities is disclosed in note 4.5 Financial instruments and risks.Note 5.5 Cash flow specifications2024 2023Change in working capitalTrade receivables -754 1,392Other working capital movements 322 -963Exchange rate adjustment of working capital 121 -12Total -311 417Purchase of intangible assets and property, plant and equipment1Additions-9,356 -6,024Of which is right-of-use assets, etc. 4,601 2,164Of which is borrowing costs capitalised on assets 105 133Adjustments of additions for cash flow presentation 122 63Change in payables to suppliers regarding purchase of assets, etc. 327 18Total -4,201 -3,6461 Additions to intangible assets of USD 260m (USD 204m), property, plant and equipment of USD 4.4bn (USD 3.7bn), right-of-use assets of USD 4.6bn (USD 2.2bn) and assets held for sale of USD 44m (USD 0m). SIGNIFICANT ACCOUNTING JUDGEMENTS Operations in countries with limited access to repatriating surplus cashMaersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents. ACCOUNTING POLICY Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of Maersk\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__146": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__144": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__154": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__153": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__152": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__151": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__150": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__149": {
"value": "Note 4.4 Financial income and expenses2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,3761 Of which USD 611m (USD 563m) relates to interest expenses on lease liabilities and USD 340m (USD 280m) to borrowings.2 The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.2% (7.2%). 3 Of which USD 1m (USD 1m) pertains to shares held at the end of the year. 4 Of which USD 0m (USD 10m) relates to expenses from prepayment of issued bonds.Refer to note 4.5 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__156-1": {
"value": "2024 20231,4Interest expenses on liabilities1,002 9042Borrowing costs capitalised on assets105 133Interest income on loans and receivables 1,110 1,202Fair value adjustment transferred from equity hedge reserve (loss) 32 21Net interest expenses -181 -410Exchange rate gains on bank balances, borrowings and working capital 580 335Exchange rate losses on bank balances, borrowings and working capital 327 522Net foreign exchange gains/losses 253 -187Fair value gains from derivatives 179 200Fair value losses from derivatives 303 56Net fair value gains/losses -124 1443Dividends received from securities1 1Gains on payable contingent consideration - 66Loss on payable contingent consideration 2 -Impairment losses on financial assets 7 6Reversal of impairment losses on financial assets 15 -Financial expenses, net -317 -428Of which:Financial income 1,885 1,804Financial expenses 1,568 1,376Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies.The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2024 2023 2024 2023DKK 63 9 41 -17EUR 50 41 -40 -50CNY 23 31 1 8Other -7 -45 -138 -145Total 129 36 -136 -204",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__148": {
"value": "Pension obligations are the net liabilities of defined bene-fit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling require-ments. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obliga-tions are measured at the present value of expected fu-ture payments to be made in respect of services pro vided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obliga tions. Actuarial gains/losses are recognised in other compre-hensive income. Pension plans where Maersk, as part of collective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__167-1": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2024 2023Hedging foreign exchange risk on revenue -4 -8Hedging foreign exchange risk on operating costs -50 41Hedging interest rate risk -32 -21Hedging foreign exchange risk on the cost of non-current assets - 4Total effective hedging -86 16Ineffectiveness recognised in financial expenses 1 -1Total reclassified from equity reserve for hedges -85 15Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses -129 154Interest rate derivatives recognised directly in financial income/expenses 23 44Oil prices and freight rate derivatives recognised directly in other income/costs -32 -23Net gains/losses recognised directly in the income statement -138 175Total -223 190The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instru-ments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors. The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2024. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2024. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating and investment cash flows, a loss of USD 127m in 2024 (loss of USD 8m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a loss of USD 84m at 31 December (gain of USD 43m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive in-come and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2024 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.13 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2024 2023Non-current receivables 2 11Current receivables 47 137Non-current liabilities 333 323Current liabilities 225 72Liabilities, net 509 247Hedge of operating and investment cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY2 3 239 USD/CNY 7.121BRL- 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 1072023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.041BRL4 2 77 USD/BRL 5.072Other currencies29 6 1,235 N/ATotal 55 121 HKD is replaced by BRL as one of the main currencies in 2024.2 2023 figures are restated to reflect replacement of HKD by BRL.Fair valueOther hedges recognised at fair value through profit and loss 2024 2023Currency derivatives 14 43Total 14 43The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2024 2023 2024 2023DKK 63 9 41 -17EUR 50 41 -40 -50CNY 23 31 1 8Other -7 -45 -138 -145Total 129 36 -136 -204Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -932023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -119The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2024 is 51% (41%), excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 161m (positively by USD 134m) and positively by approx. USD 121m (positively by USD 113m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denomi-nated in currencies other than USD. Each hedge relationship is split into a fair value hedge (fixed to floating interest rate swap), where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 0m (USD 1m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 0m (gain of USD 7m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,35720230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,437Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per duration1metric tonnesmetric tonne2024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 12023Oil swaps -1,121 0-1 year 10 2 8Buy 12,365 480 -231 -204 -27Sell -13,486 519 241 206 35Oil futures -177 0-1 year 8 7 1Buy 380 633 -1 -1 -Sell -557 639 9 8 1Total -1,298 18 9 91 In 2024, the quantity presentation was changed from million metric tonnes to thousand metric tonnes.The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2024, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a 5% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 31m (USD 24m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
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"s9__8__159": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2024 2023Hedging foreign exchange risk on revenue -4 -8Hedging foreign exchange risk on operating costs -50 41Hedging interest rate risk -32 -21Hedging foreign exchange risk on the cost of non-current assets - 4Total effective hedging -86 16Ineffectiveness recognised in financial expenses 1 -1Total reclassified from equity reserve for hedges -85 15Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses -129 154Interest rate derivatives recognised directly in financial income/expenses 23 44Oil prices and freight rate derivatives recognised directly in other income/costs -32 -23Net gains/losses recognised directly in the income statement -138 175Total -223 190",
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"s9__8__158": {
"value": "Note 4.5 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2024 2023Hedging foreign exchange risk on revenue -4 -8Hedging foreign exchange risk on operating costs -50 41Hedging interest rate risk -32 -21Hedging foreign exchange risk on the cost of non-current assets - 4Total effective hedging -86 16Ineffectiveness recognised in financial expenses 1 -1Total reclassified from equity reserve for hedges -85 15Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses -129 154Interest rate derivatives recognised directly in financial income/expenses 23 44Oil prices and freight rate derivatives recognised directly in other income/costs -32 -23Net gains/losses recognised directly in the income statement -138 175Total -223 190",
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"s9__8__162": {
"value": "Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2024. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2024. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards, option contracts and cross-currency swaps, to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating and investment cash flows, a loss of USD 127m in 2024 (loss of USD 8m) is recognised in other comprehensive income, and the cash flow hedge reserve amounts to a loss of USD 84m at 31 December (gain of USD 43m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive in-come and transferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness in 2024 (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.13 (1.18) and GBP/USD 1.52 (1.52). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (1.24), GBP/USD 1.52 (1.52), USD/NOK 8.25 (8.25) and USD/JPY 119.39 (119.39).Derivatives recognised at fair value in the balance sheet 2024 2023Non-current receivables 2 11Current receivables 47 137Non-current liabilities 333 323Current liabilities 225 72Liabilities, net 509 247Hedge of operating and investment cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY2 3 239 USD/CNY 7.121BRL- 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 1072023EUR 14 2 1,017 EUR/USD 1.10DKK 3 1 286 USD/DKK 6.76CNY 5 1 249 USD/CNY 7.041BRL4 2 77 USD/BRL 5.072Other currencies29 6 1,235 N/ATotal 55 121 HKD is replaced by BRL as one of the main currencies in 2024.2 2023 figures are restated to reflect replacement of HKD by BRL.Fair valueOther hedges recognised at fair value through profit and loss 2024 2023Currency derivatives 14 43Total 14 43The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact.The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2024 2023 2024 2023DKK 63 9 41 -17EUR 50 41 -40 -50CNY 23 31 1 8Other -7 -45 -138 -145Total 129 36 -136 -204Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -932023Combined fair value hedge, hedge of borrowingsEUR - 90 503 - 415 88 15 -32 7.3%GBP - 24 89 - 89 - 2 -6 7.9%JPY - 17 88 - 88 - - -2 7.2%NOK - 68 216 - 216 - 12 -18 7.9%Fair value hedge, hedge of borrowingsUSD 11 44 850 - 200 650 32 -33 7.7%Cash flow hedge, hedge of borrowingsEUR - 88 967 - 414 553 - -29 3.2%GBP - 33 162 - 162 - - -1 4.6%USD 2 - 64 - 30 34 - 2 2.6%Total 13 364 2,939 - 1,614 1,325 61 -119The Group has most of its debt denominated in USD, but part of the debt (e.g. issued bonds) is in other currencies such as EUR, GBP, NOK and JPY. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2024 is 51% (41%), excluding IFRS 16 Leases. A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 161m (positively by USD 134m) and positively by approx. USD 121m (positively by USD 113m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value hedging is applied when cross-currency swaps are entered into to hedge the risk of debt denomi-nated in currencies other than USD. Each hedge relationship is split into a fair value hedge (fixed to floating interest rate swap), where value changes from market rates are recognised directly in profit or loss, and a cash flow hedge, where the value changes from the exchange rate exposure of the credit margin are recognised in other comprehensive income. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 0m (USD 1m). The hedges are expected to be highly effective due to the nature of the economic relationship between the exposure and the hedge. The source of ineffectiveness is the credit risk of the hedging instruments. For hedges where the cost of hedging is applied, the change in basis spread is recognised in other comprehensive income and is a time effect during the lifetime of the swap and at maturity amounts to 0. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 0m (gain of USD 7m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,35720230-3% 981 252 123 6063-6% 9,952 2,390 3,830 3,7326%- 3,881 2,709 605 567Total 14,814 5,351 4,558 4,905Of which:Bearing fixed interest 12,377Bearing floating interest 2,437Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per duration1metric tonnesmetric tonne2024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 12023Oil swaps -1,121 0-1 year 10 2 8Buy 12,365 480 -231 -204 -27Sell -13,486 519 241 206 35Oil futures -177 0-1 year 8 7 1Buy 380 633 -1 -1 -Sell -557 639 9 8 1Total -1,298 18 9 91 In 2024, the quantity presentation was changed from million metric tonnes to thousand metric tonnes.The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2024, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a 5% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 31m (USD 24m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.",
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"s9__8__163": {
"value": "Credit riskMaturity analysis of trade receivables 2024 2023Receivables not due 4,331 4,065Less than 90 days overdue 1,330 1,14091 \u2013 365 days overdue 292 253More than 1 year overdue 161 127Receivables, gross 6,114 5,585Provision for bad debt 265 226Carrying amount 5,849 5,359The loss allowance provision for trade receivables as at 31 December 2024 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2024 20231 January 226 265Provision made 363 258Amount used 114 88Amount reversed 205 210Acquired in business combinations - 4Disposal on the sale of businesses - 1Transfers, assets held for sale - -2Exchange rate adjustments and others-5 -31 December 265 226Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 55% (50%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
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"value": "The loss allowance provision for trade receivables as at 31 December 2024 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2024 20231 January 226 265Provision made 363 258Amount used 114 88Amount reversed 205 210Acquired in business combinations - 4Disposal on the sale of businesses - 1Transfers, assets held for sale - -2Exchange rate adjustments and others-5 -31 December 265 226Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 55% (50%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
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},
"s9__8__165": {
"value": "Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 55% (50%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low-risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__173": {
"value": "For information about cash and bank balances in countries with exchange control or other restrictions, refer to note 5.5 Cash flow specifications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__172": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__171": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__170": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__168": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of de-rivative financial instruments designated to hedge highly probable future transactions is recognised in other com-prehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged trans actions are recognised. The effective portion of changes in the value of de-rivative financial instruments used to hedge the value of recognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attrib-uted to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and recognised in other comprehensive income and deferred in equity until realisation. The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__179": {
"value": "Note 4.6 Financial instruments by category3Carrying amount Fair value2024 2023 2024 2023Carried at amortised costLoan receivables 15,999 12,956 16,020 12,973Lease receivables 31 49Other interest-bearing receivables and deposits 100 117Trade receivables 5,849 5,359Other receivables (non-interest-bearing) 3,557 2,712Cash and bank balances 6,575 6,701Financial assets at amortised cost 32,111 27,894Derivatives 49 148Carried at fair value through other comprehensive income1Equity investments (FVOCI)359 3982Securities1,580 -Financial assets at fair value through OCI 1,939 398Total financial assets 34,099 28,440Carried at amortised costBank and other credit institutions 926 973 937 1,000Lease liabilities 11,412 10,448Issued bonds 4,139 3,393 4,187 3,339Trade payables 6,698 6,401Other payables 1,676 1,500Financial liabilities at amortised cost 24,851 22,715Derivatives 558 395Carried at fair valueOther payables 11 16Financial liabilities at fair value 11 16Total financial liabilities 25,420 23,1261 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__178": {
"value": "Note 4.6 Financial instruments by category3Carrying amount Fair value2024 2023 2024 2023Carried at amortised costLoan receivables 15,999 12,956 16,020 12,973Lease receivables 31 49Other interest-bearing receivables and deposits 100 117Trade receivables 5,849 5,359Other receivables (non-interest-bearing) 3,557 2,712Cash and bank balances 6,575 6,701Financial assets at amortised cost 32,111 27,894Derivatives 49 148Carried at fair value through other comprehensive income1Equity investments (FVOCI)359 3982Securities1,580 -Financial assets at fair value through OCI 1,939 398Total financial assets 34,099 28,440Carried at amortised costBank and other credit institutions 926 973 937 1,000Lease liabilities 11,412 10,448Issued bonds 4,139 3,393 4,187 3,339Trade payables 6,698 6,401Other payables 1,676 1,500Financial liabilities at amortised cost 24,851 22,715Derivatives 558 395Carried at fair valueOther payables 11 16Financial liabilities at fair value 11 16Total financial liabilities 25,420 23,1261 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__177": {
"value": "Note 4.6 Financial instruments by category3Carrying amount Fair value2024 2023 2024 2023Carried at amortised costLoan receivables 15,999 12,956 16,020 12,973Lease receivables 31 49Other interest-bearing receivables and deposits 100 117Trade receivables 5,849 5,359Other receivables (non-interest-bearing) 3,557 2,712Cash and bank balances 6,575 6,701Financial assets at amortised cost 32,111 27,894Derivatives 49 148Carried at fair value through other comprehensive income1Equity investments (FVOCI)359 3982Securities1,580 -Financial assets at fair value through OCI 1,939 398Total financial assets 34,099 28,440Carried at amortised costBank and other credit institutions 926 973 937 1,000Lease liabilities 11,412 10,448Issued bonds 4,139 3,393 4,187 3,339Trade payables 6,698 6,401Other payables 1,676 1,500Financial liabilities at amortised cost 24,851 22,715Derivatives 558 395Carried at fair valueOther payables 11 16Financial liabilities at fair value 11 16Total financial liabilities 25,420 23,1261 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 335 11 11Carrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__176": {
"value": "Note 4.6 Financial instruments by category3Carrying amount Fair value2024 2023 2024 2023Carried at amortised costLoan receivables 15,999 12,956 16,020 12,973Lease receivables 31 49Other interest-bearing receivables and deposits 100 117Trade receivables 5,849 5,359Other receivables (non-interest-bearing) 3,557 2,712Cash and bank balances 6,575 6,701Financial assets at amortised cost 32,111 27,894Derivatives 49 148Carried at fair value through other comprehensive income1Equity investments (FVOCI)359 3982Securities1,580 -Financial assets at fair value through OCI 1,939 398Total financial assets 34,099 28,440Carried at amortised costBank and other credit institutions 926 973 937 1,000Lease liabilities 11,412 10,448Issued bonds 4,139 3,393 4,187 3,339Trade payables 6,698 6,401Other payables 1,676 1,500Financial liabilities at amortised cost 24,851 22,715Derivatives 558 395Carried at fair valueOther payables 11 16Financial liabilities at fair value 11 16Total financial liabilities 25,420 23,1261 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 335 11 11Carrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__175": {
"value": "Note 4.6 Financial instruments by category3Carrying amount Fair value2024 2023 2024 2023Carried at amortised costLoan receivables 15,999 12,956 16,020 12,973Lease receivables 31 49Other interest-bearing receivables and deposits 100 117Trade receivables 5,849 5,359Other receivables (non-interest-bearing) 3,557 2,712Cash and bank balances 6,575 6,701Financial assets at amortised cost 32,111 27,894Derivatives 49 148Carried at fair value through other comprehensive income1Equity investments (FVOCI)359 3982Securities1,580 -Financial assets at fair value through OCI 1,939 398Total financial assets 34,099 28,440Carried at amortised costBank and other credit institutions 926 973 937 1,000Lease liabilities 11,412 10,448Issued bonds 4,139 3,393 4,187 3,339Trade payables 6,698 6,401Other payables 1,676 1,500Financial liabilities at amortised cost 24,851 22,715Derivatives 558 395Carried at fair valueOther payables 11 16Financial liabilities at fair value 11 16Total financial liabilities 25,420 23,1261 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 335 11 11Carrying amount 1 January 2023 342 3 345 130 130Additions 25 - 25 22 22Disposals 5 3 8 70 70Gains/losses recognised in the income statement - - - -66 -66Gains/losses recognised in other comprehensive income 15 - 15 - - Carrying amount 31 December 2023 377 - 377 16 16Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__180": {
"value": "Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy.The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy.The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__185-1": {
"value": "Note 5.1 Tax and deferred tax2024 2023Tax recognised in the income statementCurrent tax on profits for the year 500 595Adjustment for current tax of prior periods -9 -65Utilisation of previously unrecognised deferred tax assets -90 -169Total current tax 401 361Origination and reversal of temporary differences 85 -43Adjustment for deferred tax of prior periods -70 -38Recognition of previously unrecognised deferred tax assets 22 22Reassessment of recoverability of deferred tax assets, net 12 17Total deferred tax 49 -42Total income tax 450 319Tonnage and freight tax 134 135Total tax expense 584 454Tax reconciliationProfit/loss before tax 6,816 4,362Profit/loss subject to Danish and foreign tonnage taxation, etc. -5,283 -2,526Share of profit/loss in joint ventures -151 -148Share of profit/loss in associated companies -218 -287Profit/loss before tax, adjusted 1,164 1,401Tax using the Danish corporation tax rate (22%) 257 309Tax rate deviations in foreign jurisdictions 103 66Pillar Two tax expenses 18 -Non-taxable income -39 -23Non-deductible expenses 55 65Adjustment to previous years\u2019 taxes -79 -103Change in recoverability of prior years\u2019 deferred tax assets -56 -130New deferred tax asset not recognised 34 19Withholding taxes 156 107Other differences, net 1 9Total income tax 450 319Effective tax rate 8.6% 10.4%Tax recognised in other comprehensive income and equity -25 3Of which:Current tax -24 7Deferred tax -1 -4Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2024 2023 2024 2023 2024 2023Intangible assets 41 40 552 561 511 521Property, plant and equipment 42 40 304 278 262 238Right-of-use assets 111 106 - - -111 -106Provisions, etc. 270 255 90 48 -180 -207Tax loss carry-forwards 103 75 - - -103 -75Other 53 44 143 96 90 52Total 620 560 1,089 983 469 423Offsets -255 -217 -255 -217 - -Total 365 343 834 766 469 423Change in deferred tax, net, during the year 2024 20231 January 423 484Intangible assets -2 -11Property, plant and equipment 26 -10Right-of-use assets -8 -26Provisions, etc. 13 21Tax loss carry-forwards -29 -5Other 49 -11Recognised in the income statement 49 -42Transfer to held for sale - 25Other including business combinations -3 -4431 December 469 423Unrecognised deferred tax assets 2024 2023Deductible temporary differences 103 103Tax loss carry-forwards 599 780Unused tax credits 9 12Total 711 895The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 181m (USD 156m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable profits have been generated either in the current period or are ex-pected to be generated within the foreseeable future.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__8__181": {
"value": "Note 5.1 Tax and deferred tax2024 2023Tax recognised in the income statementCurrent tax on profits for the year 500 595Adjustment for current tax of prior periods -9 -65Utilisation of previously unrecognised deferred tax assets -90 -169Total current tax 401 361Origination and reversal of temporary differences 85 -43Adjustment for deferred tax of prior periods -70 -38Recognition of previously unrecognised deferred tax assets 22 22Reassessment of recoverability of deferred tax assets, net 12 17Total deferred tax 49 -42Total income tax 450 319Tonnage and freight tax 134 135Total tax expense 584 454Tax reconciliationProfit/loss before tax 6,816 4,362Profit/loss subject to Danish and foreign tonnage taxation, etc. -5,283 -2,526Share of profit/loss in joint ventures -151 -148Share of profit/loss in associated companies -218 -287Profit/loss before tax, adjusted 1,164 1,401Tax using the Danish corporation tax rate (22%) 257 309Tax rate deviations in foreign jurisdictions 103 66Pillar Two tax expenses 18 -Non-taxable income -39 -23Non-deductible expenses 55 65Adjustment to previous years\u2019 taxes -79 -103Change in recoverability of prior years\u2019 deferred tax assets -56 -130New deferred tax asset not recognised 34 19Withholding taxes 156 107Other differences, net 1 9Total income tax 450 319Effective tax rate 8.6% 10.4%Tax recognised in other comprehensive income and equity -25 3Of which:Current tax -24 7Deferred tax -1 -4Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2024 2023 2024 2023 2024 2023Intangible assets 41 40 552 561 511 521Property, plant and equipment 42 40 304 278 262 238Right-of-use assets 111 106 - - -111 -106Provisions, etc. 270 255 90 48 -180 -207Tax loss carry-forwards 103 75 - - -103 -75Other 53 44 143 96 90 52Total 620 560 1,089 983 469 423Offsets -255 -217 -255 -217 - -Total 365 343 834 766 469 423Change in deferred tax, net, during the year 2024 20231 January 423 484Intangible assets -2 -11Property, plant and equipment 26 -10Right-of-use assets -8 -26Provisions, etc. 13 21Tax loss carry-forwards -29 -5Other 49 -11Recognised in the income statement 49 -42Transfer to held for sale - 25Other including business combinations -3 -4431 December 469 423Unrecognised deferred tax assets 2024 2023Deductible temporary differences 103 103Tax loss carry-forwards 599 780Unused tax credits 9 12Total 711 895The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Taxation of activitiesAs a global integrator of container logistics, Maersk generates profits from ocean, air and land-based activities. The land-based activities, which are subject to normal corporate income tax, include terminals, logistics, services and shipping agencies through which the Group operate one of the world\u2019s most comprehensive port and integrated logistics service networks. The logistics products include transportation, warehousing and distribution including cold storage, customs services and supply chain management services. This expanding land-based activity has prompted the establish-ment and acquisition of entities in numerous countries. On the ocean, Maersk moves millions of TEUs every year and operates hundreds of vessels delivering cargo to every corner of the globe, including dry cargo commodities, refrigerated cargo and dangerous cargo. This ocean activity, which represents the vast majority of the Group\u2019s current revenues, may be subject to special shipping tax rules, including ton-nage and freight taxes.Global Minimum Taxation (OECD Pillar Two)In an effort to end tax avoidance and to address concerns about the erosion of the global corporate tax base, a global framework for corporate taxation has been formed by the OECD/G20 Inclusive Framework. One of the key elements is to introduce a global minimum tax rate of 15%, based on group accounting income per jurisdiction. The minimum tax rules are designed as a hierarchy of the right to claim income tax. If the income is not subject to a minimum effective tax rate of 15% in the country where it is earned, then the remaining tax payment (top-up tax) can be picked up by another jurisdiction where the Group is active. For the Group, Denmark will add top-up tax if not applied locally as the ultimate parent entity of the Group, A.P. M\u00f8ller Holding A/S, is located in Denmark. The Danish implementation of Council Directive (EU) 2022/2523 of 14 December 2022 is effective from 1 January 2024. This means that Maersk\u2019s income is subject to the minimum tax rules for all jurisdictions via Danish implementation for the financial year 2024 and onwards. Because the Danish implementation covers the Group\u2019s global activities, it is not expected that other national implemen-tations will have a significant additional impact on the global tax payments of the Group. It may, however, have an impact on the location where potential top-up taxes will be paid. Three elements are key to understanding how the rules will impact the Group. First, the Group does not set up artificial structures in low-tax jurisdictions for tax purposes or earn significant profits in such jurisdictions, which means that the Group's business structure itself is not impacted significantly by the rules, but some additional tax may become payable where services are provided in low-tax jurisdictions. Second, tax incentives given to capital projects, such as critical infra-structure, will be considered less effective going forward as it will impact the effective tax rate and thereby the basis for potential top-up tax. Third, although the rules exclude \u2018international shipping income\u2019, the definition is more restrictive than the global definitions usually applied under a tax treaty following the OECD Model Tax Convention or under Danish tonnage tax. Also, inland transportation is not a part of the international shipping income under the global minimum tax rules. This is relevant for the part of the Group's land transport linked directly to ocean transportation which is recognised as ship-ping income for tax treatment in the OECD Model Tax Convention. The Group awaits further guidance on the application of the shipping income provision from the OECD Secretariat. Contrary to the purpose of the rules, top-up tax could be triggered by the shipping classification in years where shipping net income is negative. Due to the design of tonnage tax-ation, the Group\u2019s effective tax rate fluctuates significantly depending on the yearly results. In accordance with the Global Minimum Taxation rules, the effective tax rate is calculated on a consolidated basis also including non-shipping activities in the individual countries. For 2024, the Group top-up tax expense globally amounted to USD 18m, which is in line with the expectations shared last year, and is included in total current tax. SIGNIFICANT ACCOUNTING ESTIMATES Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recognised in entities having recognised an accounting loss in either the current or preceding period amount to USD 181m (USD 156m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable profits have been generated either in the current period or are ex-pected to be generated within the foreseeable future.Uncertain tax positionsMaersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate provisions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabilities are recognised when the aggregated probability of the tax position being upheld is considered less than 50%. ACCOUNTING POLICY Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, in-cluding tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__182": {
"value": "Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2024 2023 2024 2023 2024 2023Intangible assets 41 40 552 561 511 521Property, plant and equipment 42 40 304 278 262 238Right-of-use assets 111 106 - - -111 -106Provisions, etc. 270 255 90 48 -180 -207Tax loss carry-forwards 103 75 - - -103 -75Other 53 44 143 96 90 52Total 620 560 1,089 983 469 423Offsets -255 -217 -255 -217 - -Total 365 343 834 766 469 423Change in deferred tax, net, during the year 2024 20231 January 423 484Intangible assets -2 -11Property, plant and equipment 26 -10Right-of-use assets -8 -26Provisions, etc. 13 21Tax loss carry-forwards -29 -5Other 49 -11Recognised in the income statement 49 -42Transfer to held for sale - 25Other including business combinations -3 -4431 December 469 423Unrecognised deferred tax assets 2024 2023Deductible temporary differences 103 103Tax loss carry-forwards 599 780Unused tax credits 9 12Total 711 895The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__184": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, in-cluding tax on gains on intra-group transactions that have been eliminated in the consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__183": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, in-cluding tax on gains on intra-group transactions that have been eliminated in the consolidation.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__188": {
"value": "Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__189": {
"value": "Note 5.2 Share-based paymentsMembers of Employees Total Total fair 1,2the Executive value1BoardOutstanding performance shares No. No. No. USD million1 January 2024 2,028 4,040 6,068Granted2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,4531 January 2023 - - - Granted 2,028 4,040 6,068 9Outstanding 31 December 2023 2,028 4,040 6,0681 The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024, adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 9,045 (10,299) for members of the Executive Board and employees.2 Total fair value is at the time of grant.Performance shares planFrom 2023, performance shares are granted to members of the Executive Board and certain key employees. Each perfor-mance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, relative share performance, revenue growth and ESG elements. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan.The recognised remuneration expense related to the performance shares plan is USD 6m (USD 2m). The average remaining contractual life of the performance shares as per 31 December 2024 is 1.8 years (2.3 years).Members of Employees Total Total fair 1,2the Executive valueBoardOutstanding restricted shares No. No. No. USD million1 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 23Exercised and vested926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,9221 January 2023 6,557 17,253 23,810Granted - 14,600 14,600 233Exercised and vested941 6,146 7,087Forfeited - 1,183 1,183Cancelled - 12 12Outstanding 31 December 2023 5,616 24,512 30,1281 The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2024 (1 April 2023), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 8,255 (DKK 10,299) for employees. No restricted share units were granted to members of the Executive Board in 2024 or 2023.2 Total fair value is at the time of grant.3 The weighted average share price at the settlement date was DKK 9,045 (DKK 12,732).Restricted shares planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.Transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted shares plan.The recognised remuneration expense related to the restricted shares plan is USD 18m (USD 16m). The average remaining contractual life of the restricted shares as per 31 December 2024 is 1.5 years (1.6 years).Members of Employees Total Average Total fair the Executive exercise value2BoardpriceOutstanding share options No. No. No. DKK USD million1 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 January 2023 19,600 73,436 93,036 13,452Granted - 23,323 23,323 13,257 101Exercised4,439 14,697 19,136 8,633Forfeited - 3,436 3,436 15,327Outstanding 31 December 2023 15,161 78,626 93,787 14,318Exercisable 31 December 2023 4,302 22,882 27,184 8,3091 The weighted average share price at the dates of exercise of share options exercised was DKK 12,606 (DKK 12,674). 2 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the Svitzer modification. The opening balance 1 January 2024 and the 2023 comparative disclosures have not been restated and are based on exercise prices before the Svitzer modification.Share options planMaersk also has a share option plan granted to members of the Executive Board and other key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc.The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan.The recognised remuneration expense related to the share option plan is USD 12m (USD 10m). The average remaining contractual life of the outstanding share options as per 31 December 2024 is 4.1 years (4.4 years), and the range of exercise prices for the outstanding share options as per 31 December 2024 is DKK 7,271 to DKK 23,994 (DKK 7,605 to DKK 25,096).The following principal assumptions are used in the 2024 granted share options valuation:Share options granted to 2employees2024 2023Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022 12,7321Share price, five days volume-weighted average after publication of Annual Report, DKK9,026 11,992Exercise price, DKK 9,929 13,191Expected volatility (based on historic volatility) 37% 35%Expected term (years) 5.75 5.75Expected dividend per share, DKK 2.6% 5.0%Risk-free interest rate 2.41% 2.65%Fair value per option at grant date, DKK 2,540 3,067 1 The exercise price was determined based on the five-day volume-weighted average share price after the Annual General Meetings in 2024 and 2023.2 No share options were granted to members of the Executive Board in 2024 and 2023.The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above.Modification in 2024In May 2024, as a result of the demerger of Svitzer in April 2024, Maersk reduced the exercise price of the outstanding stock options and increased the number of stock options, restricted share units and performance shares outstanding in order to preserve the value of the outstanding awards. The total incremental fair value of the options, restricted share units and performance shares as a result of the modification is USD 7.5m. For awards that are fully vested, the incremental fair value was recognised immediately and for awards not yet vested, the incremental fair value is recognised over the period from the modification date to the vesting date. The expense for the original awards will continue to be recognised as if the terms had not been modified. The fair value of the modified awards was determined using the same models and principles as described above, with the following differences in inputs for stock options: Share price, volume-weighted average at the date of modification, 15 May 2024, DKK 11,335Exercise price, DKK Original exercise price x adjustment factorExpected volatility (based on historic volatility) 37%Expected term (years) 80% of time remaining until option vestingExpected dividend per share, DKK 2.1%Risk free interest rate Based on time remaining until expiry ACCOUNTING POLICY Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of Maersk as part of Maersk\u2019s long-term incentive programme are recognised as re-muneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__194": {
"value": "Note 5.3 CommitmentsThe future charter and operating lease payments are:Ocean Logistics Terminals Unallocated TotalLease commitments& Servicesitems2024Within one year 317 32 9 - 358Total 317 32 9 - 3582023Within one year 129 25 10 - 164Total 129 25 10 - 164Ocean Logistics Terminals Unallocated TotalCapital commitments& Servicesitems2024Capital commitments relating to acquisition of non-current assets 7,024 - 524 3 7,511Commitments towards concession grantors - - 864 - 864Total capital commitments 7,024 - 1,388 3 8,4152023Capital commitments relating to acquisition of non-current assets 3,302 98 363 50 3,813Commitments towards concession grantors - - 1,053 - 1,053Total capital commitments 3,302 98 1,416 50 4,866Short-term and low-value leasesAs part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Capital commitments of USD 8.6bn (USD 4.9bn) relate to investments, mainly within Ocean and Terminals. It includes USD 80m in respect of EUA futures contracts deliverable in 2025.Commitments related to the newbuilding programme are USD 6.1bn (USD 2.8bn) for container vessels.Newbuilding programme at 31 December 2024, 2028 and number of assets 2025 2026 2027beyond TotalContainer vessels 11 5 1 20 37Total 11 5 1 20 37Capital commitments relating to the newbuilding 2028 and programme at 31 December 2024 2025 2026 2027beyond TotalContainer vessels 1,742 479 303 3,435 5,959Total 1,742 479 303 3,435 5,959",
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"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__193-1": {
"value": "Note 5.3 CommitmentsThe future charter and operating lease payments are:Ocean Logistics Terminals Unallocated TotalLease commitments& Servicesitems2024Within one year 317 32 9 - 358Total 317 32 9 - 3582023Within one year 129 25 10 - 164Total 129 25 10 - 164Ocean Logistics Terminals Unallocated TotalCapital commitments& Servicesitems2024Capital commitments relating to acquisition of non-current assets 7,024 - 524 3 7,511Commitments towards concession grantors - - 864 - 864Total capital commitments 7,024 - 1,388 3 8,4152023Capital commitments relating to acquisition of non-current assets 3,302 98 363 50 3,813Commitments towards concession grantors - - 1,053 - 1,053Total capital commitments 3,302 98 1,416 50 4,866Short-term and low-value leasesAs part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Capital commitments of USD 8.6bn (USD 4.9bn) relate to investments, mainly within Ocean and Terminals. It includes USD 80m in respect of EUA futures contracts deliverable in 2025.Commitments related to the newbuilding programme are USD 6.1bn (USD 2.8bn) for container vessels.Newbuilding programme at 31 December 2024, 2028 and number of assets 2025 2026 2027beyond TotalContainer vessels 11 5 1 20 37Total 11 5 1 20 37Capital commitments relating to the newbuilding 2028 and programme at 31 December 2024 2025 2026 2027beyond TotalContainer vessels 1,742 479 303 3,435 5,959Total 1,742 479 303 3,435 5,959Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST regis-trations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 857m (USD 830m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__192": {
"value": "Equity-settled performance shares, restricted shares and share options granted to members of the Executive Board and to employees of Maersk as part of Maersk\u2019s long-term incentive programme are recognised as re-muneration expenses over the vesting period as per the estimated fair value at the grant date and result in a corresponding adjustment to equity. At the end of each reporting period, Maersk revises its estimated number of awards that are expected to vest based on the non-market vesting conditions and service conditions. Any impact of the revision is recognised in the income statement with a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__196": {
"value": "Note 5.4 Contingent liabilities Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany as well as to a tax investigation in India concerning a deemed supply of services between Indian GST regis-trations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 857m (USD 830m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__8__199": {
"value": "Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered as a non-cash item, and the actual payments of these borrowing costs are included in cash flow from financing.",
"dimensions": {
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"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100% Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100% APM Terminals - Aarhus A/S Denmark 100% APM Terminals Algeciras S.A. Spain 100% APM Terminals Apapa Ltd. Nigeria 94% APM Terminals B.V. Netherlands 100% APM Terminals Bahrain B.S.C. Bahrain 64% APM Terminals Barcelona S.L.U. Spain 100% APM Terminals Callao S.A. Peru 64% APM Terminals China Co. Ltd. Hong Kong 100% APM Terminals Elizabeth, LLC United States 100% APM Terminals Espagna Holding SL Spain 100% APM Terminals Gothenburg AB Sweden 100% APM Terminals India Pvt. Ltd. India 100% APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100% APM Terminals Maasvlakte II B.V. Netherlands 100% APM Terminals Management (Barcelona) S.L. Spain 100% APM Terminals Management B.V. Netherlands 100%1 In accordance with section 264b HGB (German commercial code), HamburgS\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.2 In accordance with section 264b HGB (German commercial code), Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals MedPort Tangier S.A. Morocco 80% APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100% APM Terminals Pacific LLC United States 90% APM Terminals Quetzal S.A. Guatemala 85% APM Terminals Valencia S.A. Spain 75% Aqaba Container Terminal Company Ltd Jordan 50% Damco Germany GmbH Germany 100% Damco Logistics Mexico S.A. de C.V. Mexico 100% Damco Poland Sp. z o.o. Poland 100% Damco Spain S.L. Spain 100% Frey A/S Denmark 100% Gateway Terminals India Pvt. Ltd. India 74% Grindrod Logistics (PTY) LTD. South Africa 51% Gujarat Pipavav Port Ltd. India 44% 1Hamburg S\u00fcd A/S & Co KGGermany 100% 2Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100% LF (Philippines), Inc. Philippines 100% Maersk A/S Denmark 100% Maersk Agency U.S.A. Inc. United States 100% Maersk Air Cargo A/S Denmark 100% Maersk Aviation Holding A/S Denmark 100% Maersk Container Industry A/S Denmark 100% Maersk Container Industry Qingdao Ltd. China 100% Maersk Contract Logistics (China) Co., Ltd. China 100% Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100% Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100% Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100% Maersk Contract Logistics Management (Asia) Limited Hong Kong 100% Maersk Denizcilik A.S. Turkey 100% 3Maersk Deutschland A/S & Co. KGGermany 100% Maersk Eastern Europe ApS Denmark 100% Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100% Maersk Insurance A/S Denmark 100% Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share4Maersk Line Crewing Hamburg ApS & Co KGGermany 100% Maersk Line, Limited United States 100% Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100% Maersk Logistics & Services Australia Pty Ltd Australia 100% Maersk Logistics & Services Brasil Ltda. Brazil 100% Maersk Logistics & Services Canada Inc. Canada 100% Maersk Logistics & Services Chile S.p.A Chile 100% Maersk Logistics & Services China Limited China 100% Maersk Logistics & Services Denmark A/S Denmark 100% Maersk Logistics & Services International A/S Denmark 100% Maersk Logistics & Services Japan K.K. Japan 100% Maersk Logistics & Services Netherlands B.V. Netherlands 100% Maersk Logistics & Services Peru S.A. Peru 100% Maersk Logistics & Services USA Inc United States 100% Maersk Logistics & Services Vietnam Company Limited Vietnam 100% Maersk Logistics & Services UK Ltd. United Kingdom 100% Maersk Oil Trading and Investments A/S Denmark 100% Maersk Oil Trading Inc. United States 100% Maersk Oil Trading Panama S.A. Panama 100% Maersk Oil Trading Singapore Pte. Ltd. Singapore 100% Maersk Oil Trading Spain, S.L Spain 100% Maersk Shipping Hong Kong Ltd. Hong Kong 100% Maersk Warehousing & Distribution Services USA LLC United States 100% New Times International Transport Service Co. Ltd. China 100% Pilot Air Freight, LLC United States 100% Sealand Maersk Asia Pte. Ltd. Singapore 100% Senator International Freight Forwarding LLC Florida United States 100% 5Senator International Spedition GmbHGermany 100% 6St. Petri Shipping ApS & Co KGGermany 100% Suez Canal Container Terminal SAE Egypt 55% Terminal 4 S.A. Argentina 100% Visible Supply Chain Management LLC United States 100% 4 In accordance with section 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from preparing notes to financial statements and a management report in accordance with the German commercial law.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.",
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Netherlands 100%1 In accordance with section 264b HGB (German commercial code), HamburgS\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.2 In accordance with section 264b HGB (German commercial code), Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals MedPort Tangier S.A. Morocco 80% APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100% APM Terminals Pacific LLC United States 90% APM Terminals Quetzal S.A. Guatemala 85% APM Terminals Valencia S.A. Spain 75% Aqaba Container Terminal Company Ltd Jordan 50% Damco Germany GmbH Germany 100% Damco Logistics Mexico S.A. de C.V. Mexico 100% Damco Poland Sp. z o.o. Poland 100% Damco Spain S.L. Spain 100% Frey A/S Denmark 100% Gateway Terminals India Pvt. Ltd. India 74% Grindrod Logistics (PTY) LTD. South Africa 51% Gujarat Pipavav Port Ltd. India 44% 1Hamburg S\u00fcd A/S & Co KGGermany 100% 2Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100% LF (Philippines), Inc. Philippines 100% Maersk A/S Denmark 100% Maersk Agency U.S.A. Inc. United States 100% Maersk Air Cargo A/S Denmark 100% Maersk Aviation Holding A/S Denmark 100% Maersk Container Industry A/S Denmark 100% Maersk Container Industry Qingdao Ltd. China 100% Maersk Contract Logistics (China) Co., Ltd. China 100% Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100% Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100% Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100% Maersk Contract Logistics Management (Asia) Limited Hong Kong 100% Maersk Denizcilik A.S. Turkey 100% 3Maersk Deutschland A/S & Co. KGGermany 100% Maersk Eastern Europe ApS Denmark 100% Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100% Maersk Insurance A/S Denmark 100% Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share4Maersk Line Crewing Hamburg ApS & Co KGGermany 100% Maersk Line, Limited United States 100% Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100% Maersk Logistics & Services Australia Pty Ltd Australia 100% Maersk Logistics & Services Brasil Ltda. Brazil 100% Maersk Logistics & Services Canada Inc. Canada 100% Maersk Logistics & Services Chile S.p.A Chile 100% Maersk Logistics & Services China Limited China 100% Maersk Logistics & Services Denmark A/S Denmark 100% Maersk Logistics & Services International A/S Denmark 100% Maersk Logistics & Services Japan K.K. Japan 100% Maersk Logistics & Services Netherlands B.V. Netherlands 100% Maersk Logistics & Services Peru S.A. Peru 100% Maersk Logistics & Services USA Inc United States 100% Maersk Logistics & Services Vietnam Company Limited Vietnam 100% Maersk Logistics & Services UK Ltd. United Kingdom 100% Maersk Oil Trading and Investments A/S Denmark 100% Maersk Oil Trading Inc. United States 100% Maersk Oil Trading Panama S.A. Panama 100% Maersk Oil Trading Singapore Pte. Ltd. Singapore 100% Maersk Oil Trading Spain, S.L Spain 100% Maersk Shipping Hong Kong Ltd. Hong Kong 100% Maersk Warehousing & Distribution Services USA LLC United States 100% New Times International Transport Service Co. Ltd. China 100% Pilot Air Freight, LLC United States 100% Sealand Maersk Asia Pte. Ltd. Singapore 100% Senator International Freight Forwarding LLC Florida United States 100% 5Senator International Spedition GmbHGermany 100% 6St. Petri Shipping ApS & Co KGGermany 100% Suez Canal Container Terminal SAE Egypt 55% Terminal 4 S.A. Argentina 100% Visible Supply Chain Management LLC United States 100% 4 In accordance with section 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from preparing notes to financial statements and a management report in accordance with the German commercial law.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49% Brigantine Services Ltd. Hong Kong 30% Congo Terminal SA Congo 15% Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20% Itapoa Terminais Portuarios S.A. Brazil 30% Kanoo Terminal Services Ltd. 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China 49% South Florida Container Terminal LLC United States 49% Xiamen Songyu Container Terminal Co. Ltd. China 25%",
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Netherlands 100%1 In accordance with section 264b HGB (German commercial code), HamburgS\u00fcd A/S & Co KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.2 In accordance with section 264b HGB (German commercial code), Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.3 In accordance with section 264b HGB (German commercial code), Maersk Deutschland A/S & Co. KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals MedPort Tangier S.A. Morocco 80% APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100% APM Terminals Pacific LLC United States 90% APM Terminals Quetzal S.A. Guatemala 85% APM Terminals Valencia S.A. Spain 75% Aqaba Container Terminal Company Ltd Jordan 50% Damco Germany GmbH Germany 100% Damco Logistics Mexico S.A. de C.V. Mexico 100% Damco Poland Sp. z o.o. Poland 100% Damco Spain S.L. Spain 100% Frey A/S Denmark 100% Gateway Terminals India Pvt. Ltd. India 74% Grindrod Logistics (PTY) LTD. South Africa 51% Gujarat Pipavav Port Ltd. India 44% 1Hamburg S\u00fcd A/S & Co KGGermany 100% 2Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100% LF (Philippines), Inc. Philippines 100% Maersk A/S Denmark 100% Maersk Agency U.S.A. Inc. United States 100% Maersk Air Cargo A/S Denmark 100% Maersk Aviation Holding A/S Denmark 100% Maersk Container Industry A/S Denmark 100% Maersk Container Industry Qingdao Ltd. China 100% Maersk Contract Logistics (China) Co., Ltd. China 100% Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100% Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100% Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100% Maersk Contract Logistics Management (Asia) Limited Hong Kong 100% Maersk Denizcilik A.S. Turkey 100% 3Maersk Deutschland A/S & Co. KGGermany 100% Maersk Eastern Europe ApS Denmark 100% Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100% Maersk Insurance A/S Denmark 100% Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share4Maersk Line Crewing Hamburg ApS & Co KGGermany 100% Maersk Line, Limited United States 100% Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100% Maersk Logistics & Services Australia Pty Ltd Australia 100% Maersk Logistics & Services Brasil Ltda. Brazil 100% Maersk Logistics & Services Canada Inc. Canada 100% Maersk Logistics & Services Chile S.p.A Chile 100% Maersk Logistics & Services China Limited China 100% Maersk Logistics & Services Denmark A/S Denmark 100% Maersk Logistics & Services International A/S Denmark 100% Maersk Logistics & Services Japan K.K. Japan 100% Maersk Logistics & Services Netherlands B.V. Netherlands 100% Maersk Logistics & Services Peru S.A. Peru 100% Maersk Logistics & Services USA Inc United States 100% Maersk Logistics & Services Vietnam Company Limited Vietnam 100% Maersk Logistics & Services UK Ltd. United Kingdom 100% Maersk Oil Trading and Investments A/S Denmark 100% Maersk Oil Trading Inc. United States 100% Maersk Oil Trading Panama S.A. Panama 100% Maersk Oil Trading Singapore Pte. Ltd. Singapore 100% Maersk Oil Trading Spain, S.L Spain 100% Maersk Shipping Hong Kong Ltd. Hong Kong 100% Maersk Warehousing & Distribution Services USA LLC United States 100% New Times International Transport Service Co. Ltd. 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KG, Hamburg is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.5 In accordance with section 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg is exempt from preparing notes to financial statements and a management report in accordance with the German commercial law.6 In accordance with section 264b HGB (German commercial code), St. Petri Shipping ApS & Co KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with the German commercial law.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d\u2019Ivoire 49% Brigantine Services Ltd. Hong Kong 30% Congo Terminal SA Congo 15% Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20% Itapoa Terminais Portuarios S.A. Brazil 30% Kanoo Terminal Services Ltd. 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China 49% South Florida Container Terminal LLC United States 49% Xiamen Songyu Container Terminal Co. Ltd. China 25%",
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