Svitzer Group A/S
Sundkrogsgade 17, 2100 Copenhagen Ø, Denmark
Company registration number: 44 79 14 47
Annual Report
1 January to 31 December 2024
Management Report
3 Management Review
4 Introduction
14 Towage and marine services
24 Performance
34 Governance
46 Sustainability Statement
47 General
63 Environment
80 Social
99 Governance
103 ESRS Disclosure requirements
and incorporation by reference
Contents
Our Annual Report contains two main sections,
the Management Report and the Financial
Statements. Visually distinct, but formally
part of the Management Report, the report
contains a detailed Sustainability Statement
focusing on Svitzer’s sustainability initiatives and
results, in compliance with EU’s new Corporate
Sustainability Reporting Directive (CSRD) and
the underlying European Sustainability Reporting
Standards (ESRS).
In addition to the Annual Report, Svitzer has released the
following 2024 publications: Remuneration Report and
Corporate Governance Statement.
Financial Statements
114 Consolidated Financial Statements
167 Parent Financial Statements
172 Company Overview
173 Management’s Statement
174 Independent Auditor’s Reports
178 Independent auditor’s limited assurance
report on Sustainability Statement
181 Definition of Terms
Svitzer Annual Report 2024
2
Financial StatementsSustainability StatementManagement Review
Management
Review
4 Introduction
5 Letter from Chair and CEO
8 Svitzer at a glance
9 Financial and sustainability highlights 2024
10 5-year summary
11 Financial outlook 2025
12 Case story: Sohar Port
14 Towage and marine services
15 Our business
18 Our market
20 Our strategy
22 Case story: Battery-methanol tug
24 Performance
25 Financial performance 2024
30 Financial performance Q4 2024
32 Case story: Port of Santos
34 Governance
35 Corporate governance
36 Governance structure
39 Risk management
42 Shareholder information
44 Board of Directors
45 Executive Leadership
Svitzer Annual Report 2024
3
Financial StatementsSustainability StatementManagement Review
A year of solid performance and
strategic progress
2024 was a historic year for Svitzer as it
marked the end of a 45-year era under
A.P. Møller - Mærsk A/S ownership. During
this period, we expanded throughout the
globe and established ourselves as a global
leader in towage and marine services.
Thanks to the tireless efforts of Svitzer
Letter from the
Chair and the CEO
colleagues globally, our demerger from
A.P. Møller - Mærsk A/S and subsequent
listing on Nasdaq Copenhagen was
completed successfully in April. Becoming
an independent company has provided us
with a solid platform to continue executing on
our strategy while listening and responding
to the needs of customers, investors, and
other stakeholders.
This, our first year as a listed company, became another year of strong
financial performance and strategic progress. Building on investments in
commercial contracts in 2022, 2023 and 2024, the timely implementation
of tariff increases to offset inflation, and some larger special jobs, we
delivered financial results above our initial expectations for the year with
revenue growth of 9% in constant exchange rates, an adjusted EBITDA
growth of 11%, and an improvement of our underlying ROIC of 0.8%-points.
Introduction
Svitzer Annual Report 2024
5
Financial StatementsSustainability StatementManagement Review
Noteworthy contract wins secured
Despite seeing a slight slowdown in the
number of new contracts awarded in the
market, we have managed to secure several
commercial contract wins in 2024. This
includes a five-year contract, awarded by the
Panama Canal Authority, commencing in
2025. This is a historic contract with Svitzer
being the first-ever third-party operator
to be awarded a long-term chartering
agreement with the Panama Canal Authority,
representing one of the world’s most
important waterways. In Brazil, we were
awarded our first terminal towage contract
and started operations accordingly, while also
entering our ninth port, Sao Luis Port (Itaqui).
Furthermore, a number of existing contracts
came up for renewal during the year, all of
which were extended for another period.
These successful wins are all important for
our continued growth.
Continued strategy implementation:
people and customer focus
Following the launch of our strategy
and vision in 2023, we continued the
implementation of several strategic initiatives
this year. Creating and cultivating a trusting
work environment where our people can
perform, thrive, and grow is fundamental,
both in its own right as well as to deliver on
the expectations of customers. To ensure
we continue advancing on our strategic
differentiator of ‘Thriving People’, we invested
in the development and global launch of a
new leadership development programme
that sets a global standard for people-
focused leadership across Svitzer. More
than 90 percent of all leaders joined the
programme in 2024.
The safety of our people remains a top
priority. In 2024, we recorded another year
of satisfactory safety performance based on
ongoing measurement of leading indicators
such as safety visits and the application of
learning teams whenever high-potential safety
incidents are identified. In regard to employee
satisfaction, we are pleased to see that the
results of our employee engagement survey
have remained in the top quartile in 2024.
Building on the ‘Passion for Customers’
differentiator in our strategy, we continued
the implementation of several commercial
initiatives with the aim to continuously
deepen our understanding of customer
needs and strengthen the value proposition
to our customers. As we continue these
efforts, we are pleased to see that our
customers’ satisfaction and loyalty, based on
the globally recognised NPS (Net Promoter
Score) standard, saw very positive progress
with a 2024 NPS of 46, a notable increase
of 7 points compared to last year.
Also key to customer satisfaction and
commercial growth, is innovation.
In September, our very first TRAnsverse tug,
the Svitzer Taurus, successfully entered into
operations in the Port of Amsterdam, the
Netherlands. As a next generation multi-
purpose tugboat, the TRAnsverse tug offers
highly improved manoeuvrability and escort
capabilities, reduced carbon emissions
and a higher level of safety than other tug
designs. We currently have a total of seven
TRAnsverse tugs on order for fleet renewal
– with the option of using some of these for
growth projects if needed.
Progress amidst volatility:
decarbonisation efforts stay on course
In 2024, we continued our efforts to minimise
the environmental impact of our operations.
This included the conversion of another
11 tugboats in the Port of Amsterdam
from marine gas oil to low-carbon biofuels
expected to be completed in the first quarter
of 2025. The same applies for another
three tugboats providing towage services
in the Port of Sohar, Oman. At the same
time, we continuously adjust the number of
tugs operating on hydrotreated vegetable
oil (HVO) in the UK to match the need
for carbon credits and ensure financially
sound operations as biofuel prices fluctuate.
Towards the end of the year, the majority of
the UK fleet operated on HVO.
While we continue to work towards our 2030
target of reducing the CO
2
intensity of our
global fleet by 50%, currently at 17%, the
combination of continuously volatile biofuel
pricing, pressing geopolitical agendas, such
as the conflicts in Ukraine and the Middle
East, and continued inflation, has reduced our
customers’ demand for decarbonised marine
Becoming an independent company has provided
us with a solid platform to continue executing on our
strategy while listening and responding to the needs
of customers, investors, and other stakeholders.
Kasper Friis Nilaus
Chief Executive Officer
Introduction
Svitzer Annual Report 2024
6
Financial StatementsSustainability StatementManagement Review
Kasper Friis Nilaus
Chief Executive Officer
Morten H. Engelstoft
Chair of the Board of Directors
services this year. This underlines the need for
us to continuously pursue a diversified mix of
avenues for reaching our targets. One such
avenue is the use of battery-powered vessels,
with the world’s first battery-methanol
tugboat now ordered and set to be deployed
in the Port of Gothenburg, Sweden.
Continued focus on growth
Building on what has been delivered in 2024,
we believe 2025 will be another exciting
year for Svitzer. We remain dedicated to
growing our business by pursuing organic
and inorganic growth opportunities in the
market, while continuously optimising our
capital spending, looking for ways to harvest
efficiencies and maintaining a competitive
cost structure. A strong global market
position, close customer relations and an
organisation of skilled and passionate people
provide a strong platform for continuing to
execute on our strategy and create value for
customers, ports and our shareholders.
Thank you!
Looking back on 2024, it is first and
foremost all our colleagues across Svitzer
who should be credited for the year’s solid
results, delivered in parallel with a demanding
process to become a stand-alone, listed
company. We would like to extend a profound
thank you to all of them for their hard work
and dedicated service.
More than 100,000 A.P. Møller - Mærsk A/S
shareholders became Svitzer shareholders
when our Company was listed. We thank our
shareholders for the interest in our company,
strategy and perspectives. Last but not least,
we would like to thank all our more than
2,000 customers, who place their confidence
in us when in need of safe, reliable towage and
marine services. We will continue to do our
utmost to live up to your trust.
Introduction
Svitzer Annual Report 2024
7
Financial StatementsSustainability StatementManagement Review
Svitzer at a glance
Every 3-4 minutes, somewhere in the
world, a ship relies on Svitzer for safe and
sustainable towage in or out of a bustling
port. Cargo and container ships, tankers, and
car carriers etc. depend on our expertise to
manoeuvre them safely through the critical
first and last mile of their journeys.
446
Vessels
16
Average fleet age (years)
All data based on end of 2024. Countries, vessels, and
fleet age include Svitzer Group and all joint ventures and
associated companies. Employees and Terminal Towage
(TT) contract backlog include Svitzer and subsidiaries.
~2,000
Customers
1833
Foundation year
37
Countries
13.0
TT contract backlog (DKKbn)
Employees
4,099
Onshore
832
Seafarers
3,267
85
Nationalities
Introduction
Svitzer Annual Report 2024
8
Financial StatementsSustainability StatementManagement Review
Financial and sustainability
highlights 2024
6.3bn 1.9bn
29.9% 981m
2024
981
1,465
1,153
2023
DKK, Revenue 2024 DKK, Adj. EBITDA 2024
Adj. EBITDA margin 2024 DKK, CAPEX 2024
20222024
6,320
5,786
5,476
20232022
2024
1,887
1,694
1,623
20232022
Revenue
The positive revenue performance in 2024 was mainly driven by a combination
of tariff increases, commencement of new operations, and special jobs.
DKKm
Environment
Svitzer’s progress towards achieving our decarbonisation
targets (with baseline in 2020).
Adjusted EBITDA
The increase was driven by the positive revenue development. The reported
EBITDA – including separation and listing costs – was DKK 1,757m in 2024.
DKKm
Social
Svitzer progressed positive towards our gender diversity
targets across our leadership.
CAPEX
The CAPEX level in 2024 was below the previous years
as investments in growth projects were lower.
DKKm
Governance
Completion rate of Code of Conduct training.
Underrepresented gender
Number of individuals
Executive
Leadership
Team (ELT)
Senior
Leadership
(SL)
Total
(ELT)(SL)
11 53 64
5 15 20
92%
8.9%
Growth in constant exchange rates 2024
2020 20302024 2040
50%
Carbon Intensity
Reduction
17%
Carbon Intensity
Reduction
100%
Carbon Neutral
Neutral
Introduction
Svitzer Annual Report 2024
9
Financial StatementsSustainability StatementManagement Review
5-year summary
Financial statements (DKKm) 2024 2023
2
2022 2021 2020
1
Income statement
Revenue 6,320 5,786 5,476 4,653 4,453
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 1,757 1,694 1,623 1,383 1,412
Depreciation, amortisation and impairment losses,
net -934 -831 -957 -774 -763
Profit/loss before financial items (EBIT) 925 996 820 762 922
Financial items, net -297 39 -21 -72 -157
Profit/loss before tax 628 1,035 799 690 765
Tax -191 -286 -149 -118 -96
Profit/loss for the year 437 749 649 573 670
Profit/loss for the year – Svitzer’s share 377 694 598 537 644
Balance sheet
Total assets 12,501 14,363 14,442 13,615 12,119
of which tangible assets 8,994 8,782 8,069 7,746 7,285
Equity 7,016 6,368 12,324 11,627 10,930
Liabilities 5,485 7,995 2,118 1,988 1,189
Invested capital 10,310 9,778 9,750 9,290 9,016
Net interest-bearing debt 3,438 3,908 -2,576 -2,325 -1,914
Cash flow statement
Change in net working capital -6 -117 -205 -77 138
Cash flow from operating activities 1,474 1,416 1,291 1,252 1,449
Cash flow from investing activities -795 -1,223 -910 -703 -934
Capital lease instalments – repayments of lease
liabilities -105 -100 -98 -96 -98
Gross capital expenditure, excl. acquisitions and
divestments (CAPEX) -981 -1,465 -1,153 -944 -854
Cash flow from financing activities -304 -289 -402 -561 -534
Free Cash Flow 584 61 232 391 566
Financial statements (DKKm) 2024 2023
2
2022 2021 2020
1
Key financial figures
Revenue growth 9.2% 5.7% 17.7% 4.5% -3.9%
Revenue growth in constant exchange rates 8.9% 9.5% 11.9% 3.5% -2.0%
Adjusted EBITDA 1,887 1,694 1,623 1,383 1,412
Adjusted EBITDA margin 29.9% 29.3% 29.6% 29.7% 31.7%
Return on equity after tax 6.5% 8.1% 5.4% 5.1% 8.7%
Return on invested capital (LTM) 7.1% 7.6% 6.7% 7.0% 9.0%
Adjusted return on invested capital (LTM) 8.4% 7.6% 6.7% 7.0% 9.0%
Revenue from Harbour Towage (HT) activities 4,299 3,993 3,731 3,124 3,001
EBITDA from HT acitivties 1,148 1,038 955 833 784
Number of tug jobs in HT 151,391 151,018 146,115 137,738 137,764
Revenue from Terminal Towage (TT) activities 2,027 1,787 1,764 1,548 1,508
EBITDA from TT activities 770 700 679 597 640
Stock market ratios
3
Earnings per share, DKK 11.96 - - - -
Diluted earnings per share, DKK 11.94 - - - -
Cash flow from operating activities per share, DKK 46.73 - - - -
Share price, end of period DKK 224.2 - - - -
Environmental and social data
CO
2
intensity reduction 17% 24% 13% 4% -
Average number of employees 3,528 3,397 3,285 3,127 3,099
1
The numbers for the year 2020 are unaudited and before Svitzer Group applied IFRS accounting standards.
2
Refer to page 123 for basis of preparation of the comparative periods
3
Svitzer was listed on the stock market in 2024, as a result no stock market ratios are provided for prior years.
Reference is made to page 181 for definition of terms.
Introduction
Svitzer Annual Report 2024
10
Financial StatementsSustainability StatementManagement Review
Financial outlook 2025
Revenue is expected to grow by around
1-5% compared to 2024 measured in
constant exchange rates.
The main positive contribution to revenue
growth is expected to be tariff increases
and contractual day rate escalations to cater
for local market dynamics and to counter
inflationary pressure.
The volume development measured as
number of tug jobs in Harbour Towage
is expected to be around the same level
as in 2024. This is due to the market and
competitive dynamics in the regions that
Svitzer is operating in.
Compared to 2024, revenue contribution
from initiation of new contracts is expected
to be moderate. The current main operation
to start in 2025 is a five-year contract for
two newbuild tugs with the Panama Canal
Authority.
EBITDA is expected to grow by around
0-7% compared to adjusted EBITDA in 2024
measured in constant exchange rates.
The revenue growth is expected to drive an
improvement in EBITDA including a slight
relative increase in higher margin Terminal
Towage operations. In addition, a focused
effort on cost management is targeted to
relatively improve the cost level compared
to 2024.
CAPEX is expected to be around
DKK 1.1-1.3bn.
The CAPEX level is expected to increase
compared to 2024, driven by a higher level of
fleet renewal and number of dockings as well
as higher growth CAPEX among others due
to the terminal towage contract award with
Oman LNG.
It is assumed that Svitzer continues to invest
in commercial and technology upgrades of its
fleet and operations and that the fleet does
not experience abnormal levels of equipment
breakdowns.
Overall assumptions and sensitivities
The financial outlook assumes no significant
changes to the business conditions for
Svitzer. This includes changes in the
competitive landscape that could impact
Revenue
~1-5% growth in constant
exchange rates
EBITDA
~0-7% growth in constant
exchange rates
CAPEX
DKK ~1.1-1.3bn
industry profitability. The geopolitical
situation is assumed relatively stable without
events leading to significant changes in trade
patterns or inflation.
Svitzer also expects to maintain its high
renewal rate on terminal towage contracts
that are expiring.
Given the multi-local nature of Svitzer’s
business, the consolidated financial results
are impacted by the development in the
underlying currencies of the business.
Svizer’s main foreign currencies are Australian
Dollar, US Dollar, Euro, and British Pound.
Sensitivity analysis on foreign
currencies (EBITDA)
Average 2024 exchange rates
towards DKK
+/-5% exchange rate change impact
on 2025 EBITDA outlook
AUD 4.55 +/- DKK 37m
USD 6.89 +/- DKK 31m
EUR 7.46 +/- DKK 18m
GBP 8.81 +/- DKK 12m
Introduction
Svitzer Annual Report 2024
11
Financial StatementsSustainability StatementManagement Review
Case story
Driving
decarbonisation
at Sohar Port
Since its establishment in 2002, Sohar Port
has trusted Svitzer as its strategic partner in
providing reliable marine services to ensure
operational efficiency. With an unwavering
focus on sustainability and alignment with
Oman’s national environmental goals,
Sohar and Svitzer have jointly committed
to reducing emissions from port operations,
specifically in the marine sector.
Sohar is a deep-sea port with numerous
berths, terminals, and a wide range of
commodities. It hosts steel, petrochemical,
and plastics manufacturing facilities. A major
industrial hub, it handles over a million tonnes
of sea cargo each week, demanding a high
volume of tug jobs. Svitzer’s terminal towage
setup supports the port’s efficiency and
operational excellence.
Strategically located in the Sultanate
of Oman, Sohar Port and Freezone
stands as one of the world’s fastest-
growing deep-water ports, attracting
over USD30bn billion in multinational
investments. As a key trade hub, it
connects Asia to Europe and plays a
critical role in facilitating the growth
of the Gulf’s dynamic economies.
Introduction
Svitzer Annual Report 2024
12
Financial StatementsSustainability StatementManagement Review
Recognising the significant emissions
associated with tugboat fuel consumption,
Sohar Port identified this as a critical area for
environmental improvement. In response,
the port selected Svitzer to lead the region’s
first biofuel bunkering initiative. In 2023, they
both launched a pilot project utilising B20
biofuel (80% diesel, 20% biofuel), starting
with one of the five tugboats that Svitzer
operates. Already throughout 2024, CO
2
emissions were reduced by 10.9%, setting
the stage for expanding biofuel usage across
Sohar Port’s fleet. Svitzer plans to operate all
five tugboats on B20 biofuel in 2025 making
furter meaningful strides in SOHAR Port’s
decarbonisation strategy.
Pioneering biofuel bunkering in
the Gulf region
Svitzer’s expertise in biofuels and sustainable
marine solutions was pivotal in designing
and implementing this project. By adapting
our global experience to Sohar Port’s specific
needs, we helped the port transition smoothly
from fossil fuels to biofuels without ever
compromising performance or safety.
Transitioning into cleaner fuel required an
integrated, customer-centric approach.
Svitzer secured OEM approvals for the
proposed fuel, mapped biofuel availability
in Oman, and reviewed product quality,
price, and production to meet operational
needs. Svitzer ensured the fuel complied
with sustainability requirements, analysed
fuel samples, identified potential risks and
implemented mitigation measures. Svitzer
also developed a 40-step transition plan
involving all relevant stakeholders. In just six
months, it delivered the successful use of
biofuel in SOHAR.
This biofuel initiative is a key element
of Sohar Port’s broader commitment to
transitioning to a circular economy and
supports the country’s Vision 2040’s
sustainability goals. The project sets a
new benchmark for sustainable maritime
operations in the region, demonstrating
how this partnership can drive long-term
environmental and economic success.
Marine operations are the main contributor to
our greenhouse gas emissions. By implementing
biofuel in our marine operations, we are significantly
reducing emissions and contributing to Oman’s wider
environmental vision. We were able to make excellent
use of Svitzer’s learnings from operations around the
world to turn this project into a reality, thereby setting
a new environmental standard for the region.
Emile Hoogsteden
CEO of SOHAR Port and Freezone
Key Data: Sohar Port
>3,000
vessel calls
5
tugs
2
pilots
>10,500
tug jobs
69
employees (86% Omani)
Introduction
Svitzer Annual Report 2024
13
Financial StatementsSustainability StatementManagement Review
Our business
We also offer vessels, ports, and terminals a
range of related marine services. This includes
line handling, firefighting, emergency response
and, where relevant, maintenance services
and operation of smaller service boats in
certain locations.
Our services play a crucial role as part of
critical port and terminal infrastructure.
Reliable and safe towage services are
Svitzer’s business is centered
around the use of tugboats to
assist large seaborne vessels in
maneouvring in and out of ports
and terminals to berth and unberth.
Assist in manoeuvring to an assigned berth Unberthing of shipWaiting for clearance at sea Offload and onload of ship Assist in manoeuvring out of the port or the terminal
essential to a safe and efficient berthing of
vessels in ports and terminals, and delays
in towage services may trigger costly
delays for the vessels entering or leaving
ports or terminals. While towage services
are business-critical to port and terminal
operations, they represent an estimated less
than 10% of total port costs and less than 1%
of total voyage costs for medium- to large-
sized container vessels.
Towage is a mission-critical port
infrastructure service enabling efficient
and safe marine traffic.
Reducing risk in navigation through ports
Enhancing operations and driving efficiency
in port calls
Limiting delays triggering delays for
following vessels
Towage and marine services
Svitzer Annual Report 2024
15
Financial StatementsSustainability StatementManagement Review
Main business areas
Our towage service business can be divided into two business areas;
Harbour Towage and Terminal Towage.
Harbour Towage
In Harbour Towage, we enter into agreements
with vessel owners or operators to provide
towage services for their vessels in specific
ports. In addition to agreements with vessel
owners or operators, we may also enter into
a license agreement with the port authority
granting the right to operate in that port.
The contract period with the vessel owners
or operators is usually between one and three
years. Licenses issued by the port can be of
a longer duration, usually between five and
ten years.
The fee structure for customers in the Harbour
Towage segment is usually based on a per-
tug-job basis which means that we are paid
a certain fee per tug required for a given
towage service. Each port has a public tariff
– generally defined by the towage operator –
for towage jobs and other related services.
The fee is either determined based on the
public tariff or a negotiated discount to the
public tariff.
In some instances, typically for certain
licensed ports, the fee or any increase in fees
is agreed with or set by the port authority
as part of the tender for the license. These
fees are then typically adjusted or reviewed
every year, reflecting consumer price index
developments or other cost parametres,
and may also incorporate more frequent
adjustments related to changes to fuel price.
Harbour Towage Terminal Towage
Two business areas with overlapping and differentiated dynamics.
Towage and marine services
Svitzer Annual Report 2024
16
Financial StatementsSustainability StatementManagement Review
We operate in 143 ports and 40 terminals
across 37 countries
Terminal Towage
32%
DKK 2,027m
Terminal Towage
40%
DKK 770m
Harbour Towage
68%
DKK 4,299m
Harbour Towage
60%
DKK 1,148m
Revenue 2024* Adjusted EBITDA 2024*
Terminal Towage
In Terminal Towage, we enter into agreements
with on- and off-shore terminal operators or
other customers for the delivery of towage
services by making a pre-determined number
of tugboats, and sometimes other vessels,
available to service all vessels that enter or
leave the specific terminal.
The fee structure for these contracts is
generally a fixed day rate paid by terminal
operators regardless of towage volumes.
Adjustments of fees are relative to each
contract but are often tied to changes of the
consumer price index, pre-determined annual
rate increases, or increases in certain costs
e.g., crew.
Terminal Towage contract periods differ
but can be up to 30 years, with an average
contract length of more than 10 years.
* Revenue and adjusted EBITDA are excluding unallocated items and eliminations
Towage and marine services
Svitzer Annual Report 2024
17
Financial StatementsSustainability StatementManagement Review
Our market
Market development in 2024
The global towage market developed
positively in 2024, which was also translated
into solid revenue performance for Svitzer.
The high inflationary pressure seen in 2022
and 2023 continued to impact costs and
investments in the industry, which explains
that tariff increases were above historical
levels. In addition, the crisis in the Red Sea
area shifted global trade flows that have led
to higher volumes in some regions and lower
volumes in other regions around the world.
For the longer-term prospects, new liquefied
natural gas (LNG) infrastructure projects are
developing globally, leading to an attractive
project pipeline. This covers both export and
import facilities. Across the towage industry,
we saw previous years’ market consolidation
continue in 2024, with several acquisitions
being made.
* The addressable market is defined as the markets/ports
Svitzer considers to be addressable, equivalent to a total
market value of USD 6.7bn in 2022 of which USD 2.7bn
is currently addressed and USD 4.0bn is currently not
addressed. Thereby, the addressable market is excluding
markets considered structurally unavailable due to
restrictions on foreign companies, inability to compete,
geopolitics, risk appetite and customer types.
The global towage market is inherently resilient and stable
and has shown consistent long-term growth, reflecting a
continuous increase in the number of port calls.
In the long term, the expected market growth
will be driven by three main growth drivers:
Increase in global
trade volumes
Growth in global trade volumes
promotes more seaborne cargo
and results in more cargo vessels
being put into operation, which
in turn increases the demand for
towage services. Consequently,
the cargo volume growth per
commodity is the main underlying
driver of growth in port calls. The
global fleet size and trade flows
are the two main parameters
driving the total volume of port
calls and determine the location
of the port calls.
Shift towards
larger vessels
As a result of increasing global
trade volumes, seaborne cargo
vessels are becoming increasingly
larger, enabling them to transport
more cargo per voyage. The
number of tugboats required
per port call typically depends
on the type and the size of the
vessel entering the port. With
larger vessels expected to claim
a larger share of the market,
more tugboats will be required to
safely manoeuvre these vessels.
The increase in the average size
of cargo vessels has resulted in
the number of tug jobs growing
faster than port calls, which is also
expected towards 2028.
Increase in average
towage service tariffs
Average tariffs per tug job in
the global towage market have
increased and are expected to
continue to increase. Tariffs are
usually calculated based on a
number of factors. This includes
the gross tonnage and size of the
vessel to be towed, the number
of tugboats required, the duration
of the tug job, and global price
inflation. The main driver for the
general year-on-year increase
in towage service tariffs is the
increase in costs as a result of
price inflation, which results in
higher operating costs for towage
operators.
Expected market growth
The estimated value of the global towage
market in 2022 was approximately
USD 11.6bn (of which Svitzer considers its
addressable market to be approximately
USD 6.7bn). While market growth will vary
from year to year, Svitzer’s addressable
market is expected to grow on average at a
CAGR of 4.4% between 2022 and 2028 *.
Towage and marine services
Svitzer Annual Report 2024
18
Financial StatementsSustainability StatementManagement Review
Decarbonisation
Decarbonisation is gradually
becoming more important among
customers and other stakeholders
in the maritime industry as they
increase focus on their Scope 3
emissions. In addition, some ports
start driving the implementation of
green towage even if it comes with
additional costs. This increased
focus from these stakeholders is
driven by their own targets, as well
as transparency regulations, such
as the European Union’s Corporate
Social Responsibility Directive
(CSRD), which will gradually
require companies to report on
their CO
2
footprint.
Market Trends
In addition to the long-term growth drivers, three key
trends are shaping the global towage industry and
increasing its complexity, benefiting key players with
the capabilities to meet the market demands.
Digitalisation
Digital tools and use of operational
data are increasingly driving
operational optimisations to
reduce the idle time and fuel
consumption of tugboats, while
also optimising maintenance of
vessels. The development within
artificial intelligence will potentially
accelerate this trend even further.
Market consolidation
The towage market is experiencing
ongoing consolidation, driven both
by expected scale advantages,
increased quality demands, and
the need for expanded geographic
coverage of the services provided.
Further consolidation is expected to
also be driven by the need to invest
in decarbonisation and optimisation
of operations. This will increase
complexity and costs of operations,
making it more difficult for smaller
towage operators to compete.
Towage and marine services
Svitzer Annual Report 2024
19
Financial StatementsSustainability StatementManagement Review
D
a
t
a
&
D
i
g
i
t
a
l
S
o
l
u
t
i
o
n
s
Leading sustainable marine services,
innovating with and for people,
customers and communities
Our vision
S
u
s
t
a
i
n
a
b
l
e
M
a
r
i
n
e
S
e
r
v
i
c
e
s
P
a
r
t
n
e
r
i
n
g
f
o
r
G
r
e
e
n
P
o
r
t
s
P
e
o
p
l
e
T
h
r
i
v
i
n
g
I
n
n
o
v
a
t
o
r
P
r
a
g
m
a
t
i
c
f
o
r
C
u
s
t
o
m
e
r
s
P
a
s
s
i
o
n
Our Focus Areas
Our Differentiators
Towage and marine services
Svitzer Annual Report 2024
20
Financial StatementsSustainability StatementManagement Review
Towage and marine services
Svitzer Annual Report 2024
21
Financial StatementsSustainability StatementManagement Review
Case story
Pioneering green
towage with the
world’s first battery-
methanol tug
As a world leader in sustainable port
operations, Gothenburg’s commitment to
reducing emissions made it the perfect place
to deploy our latest innovation: the world’s first
battery-methanol hybrid tug. Together with
the Port of Gothenburg, Svitzer is setting a
new standard for decarbonising towage and
paving the way for a greener maritime industry.
Mathias Jonasson, Svitzer’s Managing
Director for Scandinavia and Germany,
explains: “Deploying this first-of-its-kind
tug at the Port of Gothenburg underscores
our commitment to innovative, green fuel
solutions and reflects the synergy between
the sustainability goals of Svitzer and the
port. With its ambitious emission targets and
advanced green infrastructure, the Port of
Gothenburg is the ideal partner to set new
standards for low-emission towage and a
more sustainable maritime industry.”
At Svitzer, we recognise that
addressing emissions in towage is a
collaborative effort. The critical role
that ports and other stakeholders
play in facilitating green transitions is
perfectly illustrated by Scandinavia’s
largest port in Gothenburg, Sweden.
Towage and marine services
Svitzer Annual Report 2024
22
Financial StatementsSustainability StatementManagement Review
Innovation that delivers impact
The battery-methanol hybrid tug is a major
leap forward. Equipped with a 6MWh
battery system and methanol-fuelled
engines for backup, the tug can operate
on battery power alone for over 90% of its
daily jobs. That translates to a reduction
of approximately 1,300 tonnes of CO
2
annually compared to conventional tugs –
an important new step towards our goal of
becoming fully carbon neutral by 2040.
Built on Svitzer’s advanced TRAnsverse
platform, the new tug is designed for
efficiency and performance. Once it enters
service in early 2026, it will handle up to
25% of Svitzer’s towage jobs at the Port
of Gothenburg, further lowering emissions
across operations.
Leading the way together
Partnerships like this one with the Port of
Gothenburg show what is possible when
ports and operators work toward a shared
goal. By leveraging each other’s strengths
– from innovative vessels to green port
infrastructure – we can accelerate progress
toward decarbonisation, in alignment with
Svitzer’s strategic focus on partnering for
greener ports.
“At Svitzer we pride ourselves of siding with
our customers so they can meet their own
sustainability ambitions . By combining local
collaboration with global innovation, we are
delivering towage solutions that not only
meet today’s needs but also build a better
future for maritime operations worldwide”,
says Kasper Karlsen, Svitzer’s Chief
Operating Officer.
A Shared Commitment to Sustainability
Svitzer’s decarbonisation strategy focuses on three key areas: Behaviour,
Equipment, and Fuel. Of these, fuel has the most immediate potential to
drive real change. But the shift to alternative fuels depends heavily on local
infrastructure, including access to methanol bunkering and shore power.
The Port of Gothenburg’s forward-thinking approach and existing green
infrastructure made them an ideal partner.
Towage and marine services
Svitzer Annual Report 2024
23
Financial StatementsSustainability StatementManagement Review
Financial performance
2024
Svitzer Group delivered an adjusted EBITDA of DKK 1,887m
(DKK 1,694m), resulting from higher revenue and positive margin
development across the Group.
Svitzer continued to grow driven by full year
impact from new contracts that commenced
in 2023 in UK and Greece in Europe. Further,
Australia saw full year impact from the new
contract in Dampier that commenced in
2023 and having four vessels in service for
the contract in Port Hedland in 2024, while
Americas entered a new contract and into a
new port in Brazil during the year.
Revenue increased by DKK 534m to
DKK 6,320m (DKK 5,786m) and adjusted for
foreign exchange impact, the increase was
8.9% or DKK 514m compared to 2023. The
revenue growth adjusted for foreign exchange
impact was above the initial financial outlook
provided in the beginning of 2024, when
growth was expected to range between 3.5-
5%. The better-than-expected performance
was primarily driven by tariff increases to
counter inflation and earlier than anticipated
commencement of a Terminal Towage
contract.
Revenue for Harbour Towage increased by
DKK 306m. The increase was largely driven
by tariff increases across all regions, special
operation jobs, commencement of a new
contract in Brazil while volumes across the
Group remained on par as prior year.
Terminal Towage revenue increased
by DKK 240m primarily impacted by
commencement of new contracts in
Australia and Europe during 2024 and
2023 respectively and increase in day rate
escalations across the Group.
EBITDA increased to DKK 1,757m
(DKK 1,694m) and adjusted EBITDA
increased to DKK 1,887m (DKK 1,694m).
The increase in revenue was partly offset
by higher operating costs of DKK 481m, of
which DKK 130m relates to the separation
and listing costs related to the demerger
from A.P. Møller - Mærsk A/S.
Variable costs increased due to activity
increases in AMEA, Europe and Australia.
Vessel costs increased from higher insurance
premiums and higher maintenance and
repair costs primarily in Europe and Australia
related to unforeseen repairs.
Region (DKKm)
Revenue EBITDA CAPEX
2024 2023 % 2024 2023 % 2024 2023 %
Svitzer Australia 2,204 2,004 200 10% 692 637 55 9% -365 -648 283 -44%
Svitzer Europe 2,213 1,994 219 11% 565 493 72 15% -284 -505 221 -44%
Svitzer Americas 987 907 80 9% 321 298 23 8% -249 -192 -57 29%
Svitzer AMEA 923 888 35 4% 331 311 20 6% -60 -120 60 -50%
Unallocated/eliminations -7 -7 - - -152 -45 -107 238% -23 - -23 -
Svitzer Group 6,320 5,786 534 9% 1,757 1,694 63 4% -981 -1,465 484 -33%
Performance
Svitzer Annual Report 2024
25
Financial StatementsSustainability StatementManagement Review
Overhead costs were higher primarily related
to higher legal, consultancy and IT costs
related to the separation and listing costs.
Staff costs increased globally primarily
affected by inflationary increases, increased
FTEs and higher crew costs.
The Group offset the financial impact of
inflationary cost increases with timely
adjustments on tariffs, day rate escalations
and higher margins from special jobs.
This resulted in EBITDA margin of 27.8%
(29.3%), and excluding the separation and
listing costs, the adjusted EBITDA margin
was 29.9% (29.3%). The adjusted EBITDA
was higher than the initial financial outlook
provided in the beginning of 2024, when the
level was expected to be DKK 1,700-1,800m.
The positive development was mainly driven
by the higher-than-anticipated revenue.
In addition, the foreign exchange rates, mainly
USD also developed more positively than
initially assumed.
EBIT decreased to DKK 925m (DKK 996m)
and excluding the separation and listing costs,
the EBIT was DKK 1,055m. The increase was
as a result of the increased EBITDA partly
offset by higher depreciation for vessels,
drydock assets and leased assets, lower
results from joint ventures and associated
companies.
Financial items net was a net expense
of DKK 297m (net income of DKK 39m)
impacted by the higher interest expenses
related to the external debt drawn down
during 2024, higher net foreign exchange
losses and lower interest income.
Tax expense decreased to DKK 191m
(DKK 286m), impacted by a decrease in profit
before tax and decreased tax exposures for
ongoing tax matters in comparison with prior
year. This is partly offset by an increase in tax
expense accrued for Pillar II tax legislation.
Net profit decreased to DKK 437m
(DKK 749m) primarily driven by lower EBIT,
higher financial expenses, partly offset by
lower tax expense.
ROIC decreased to 7.1% (7.6%) impacted
by increased net operating profit after tax
(NOPAT) and by increased investments
in the fleet, drydocking and assets under
construction and net movements related
to tax exposures for ongoing tax matters in
multiple jurisdictions. The adjusted ROIC
excluding separation and listing costs for
2024 was 8.4%.
Cash flow from operating activities was
DKK 1,474m (DKK 1,416m). The increase was
impacted by improved EBITDA and a positive
change in net working capital in comparison
to prior year. The change in working capital
was primarily driven by increased fuel
Performance
Svitzer Annual Report 2024
26
Financial StatementsSustainability StatementManagement Review
inventory due to timing of fuel stock on vessels,
an increase in trade receivables from higher
revenue, partly offset by increased trade and
other payables resulting from higher costs and
higher taxes paid.
Cash conversion for the year remained on
par with prior year at 84%.
Gross capital expenditure (CAPEX)
for the year decreased to DKK 981m
(DKK 1,465m) mainly driven by lower
spend on growth projects of DKK 408m
(DKK 678m) as 2023 was impacted by capex
for vessels entering new contracts in Australia,
Greece and Brazil. Capex for fleet renewals
decreased to DKK 109m (DKK 286m),
drydocking and other capex decreased to
DKK 464m (DKK 501m). CAPEX was in line
with the initial financial outlook provided in
the beginning of 2024, when the level was
expected to be around DKK 900 - 1,100m.
Free cash flow increased to DKK 584m
(DKK 61m) primarily driven by decreased
CAPEX by DKK 484m, increased proceeds
from sale of vessels of DKK 26m and
marginally higher cash flow from operating
activities, partly offset by lower dividends
received from joint ventures and associated
companies of DKK 140m (DKK 177m).
Total assets for the year amounted to
DKK 12,501m (DKK 14,363m). The decrease
was primarily driven by the settlement
of outstanding receivables from
A.P. Møller - Mærsk A/S in connection
with the demerger and a negative foreign
exchange rate impact of DKK 251m offset
by an increase in cash and bank balances,
non-current assets related to assets under
construction, deliveries of new vessels and
dry dockings undertaken.
Invested capital increased to DKK 10,310m
(DKK 9,778m). Vessels, drydocking assets
and assets under construction had a marginal
increase relative to the total invested capital
at 81% (80%) or DKK 8,311m (DKK 7,829m).
Land, buildings, intangible assets, and other
leased assets increased to 8% (7%) or DKK
836m (DKK 729m) of the invested capital.
Other assets and liabilities decreased slightly
to DKK 1,163m (DKK 1,222m) or 11% (12%),
of which the net working capital increased to
DKK 496m (DKK 449m) primarily driven by an
increase in trade receivables resulting from the
increased revenue, and increased trade and
other payables resulting from timing of costs.
Total equity at 31 December 2024 amounted
to DKK 7,016m including non-controlling
interests of DKK 173m. This was an increase
of 10% compared to 31 December 2023.
Other comprehensive income for the year was
DKK 258m (DKK -210m). The return on equity
after tax decreased to 6.5% (8.1%), primarily
impacted by a decrease in net profit. The
return on equity after tax excluding separation
and listing costs increased to 8.5%.
Capital structure at 31 December 2024
consisted of two five year term loans of
EUR 320m and AUD 200m and a five-
year revolving credit facility of EUR 185m
established in connection with the demerger.
Svitzer’s leverage ratio was 1.86x based on
adjusted EBITDA, in line with the target of a
leverage of ~2x of adjusted EBITDA.
Net interest-bearing debt at 31 December
2024 was DKK 3,438m, DKK 470m
lower than net interest-bearing debt at
31 December 2023 of DKK 3,908m, primarily
driven by the repayment of borrowings with
A.P. Møller - Mærsk A/S in connection with
the demerger and an increase in cash and
bank balances to DKK 712m (DKK 318m) as a
result of an increase in net cash flow generated
in the year. Partly offset with the drawdown of
the new term loans and revolving credit facility.
Liquidity reserve decreased to DKK 1,303m
(DKK 2,582m) primarily impacted by the
settlement of the outstanding cash pool
receivables from 2023 of DKK 2,461m from
A. P. Møller - Mærsk A/S as part of the
demerger. The liquidity reserve as at end of
2024 composed of cash and bank balances
(excluding funds not readily available to
the Group) of DKK 445m (DKK 120m)
and undrawn revolving credit facilities of
DKK 858m.
Performance
Svitzer Annual Report 2024
27
Financial StatementsSustainability StatementManagement Review
Svitzer Australia comprises the operating
segment of Svitzer’s business on the
Australian continent and Papua New Guinea.
The Harbour Towage operations are provided
across Australia, while the Terminal Towage
services are mainly in the Northern and
Western parts of the country. In addition,
Svitzer Australia has joint ventures and
associated companies across the continent.
AUSTRALIA — Financial Figures (DKKm)
2024 2023
%
Revenue 2,204 2,004 200 10%
EBITDA 692 637 55 9%
CAPEX -365 -648 283 -44%
2024 performance
Revenue increased by 10% in 2024, driven
by tariff increases in Harbour Towage to
counter inflationary pressure, execution of
special jobs, and positive impact from the
contracts with Woodside Energy and BHP
that commenced in Q4 2023 and Q2 2024,
respectively. This was partly offset by lower
Harbour Towage volumes.
The positive development in revenue led
to an increase in EBITDA of 9% compared
to 2023. EBITDA margin was 0.4%-points
lower due to the increased cost pressure.
CAPEX spend during 2024 was primarily
driven by growth CAPEX related to the BHP
contract, fleet renewal for two vessels and
dry-docking CAPEX.
Highlights for 2024
• Four of the five newbuild vessels were
delivered and entered service for the
BHP contract in Port Hedland, Western
Australia, to service the five-year contract
signed in 2023.
• Ongoing contract renewals and extensions
across the region with inclusion of Bunker
adjustment factor to compensate for the
increases in fuel prices.
Svitzer Europe comprises the operating
segment of Svitzer’s business on the
European continent.
The operating segment operates in
11 countries with the largest revenue
contributors being the UK, Denmark,
Sweden, the Netherlands, and Germany.
EUROPE — Financial Figures (DKKm)
2024 2023
%
Revenue 2,213 1,994 219 11%
EBITDA 565 493 72 15%
CAPEX -284 -505 221 -44%
2024 performance
In 2024, Svitzer Europe increased revenue
by 11%, driven by tariff increases to counter
inflationary pressure, higher activity in
Harbour Towage, full-year impact of Terminal
Towage contracts in the UK and Greece
that commenced in 2023, and special jobs.
The growth was achieved despite lower
revenue related to towage of LNG vessels.
The higher revenue drove an increase in
EBITDA of 15%, and the EBITDA margin was
lifted by 1.1%-points compared to 2023.
Svitzer managed to offset the cost pressure
across categories, and the competitive
pressure in the UK, with Svitzer proactively
selling a few older tugs to right-size and
modernise the UK fleet and make it more
efficient to operate going forward.
CAPEX spend during 2024 was mainly for
dry-dockings of vessels as well as growth
CAPEX.
Highlights for 2024
• Svitzer took delivery of its first innovative
TRAnsverse tug. Svitzer Europe will use
it for Harbour Towage operations in the
Netherlands.
• 11 vessels in Port of Amsterdam were
converted to biofuel.
• Svitzer ordered the world’s first battery-
methanol tug to be based on the
TRAnsverse tug design, to be delivered
in 2026.
Svitzer Australia Svitzer Europe
2
countries
11
countries
27
ports
80
ports
112
vessels
145
vessels
6
terminals
6
terminals
Performance
Svitzer Annual Report 2024
28
Financial StatementsSustainability StatementManagement Review
Svitzer Americas comprises the operating
segment of Svitzer’s business in North and
South America.
The main markets in terms of revenue are
Argentina, Bahamas, Brazil, Costa Rica,
Panama, and Peru. Further, Svitzer Americas
has joint ventures and associated companies
in the region.
AMERICAS — Financial Figures (DKKm)
2024 2023
%
Revenue 987 907 80 9%
EBITDA 321 298 23 8%
CAPEX -249 -192 -57 29%
2024 performance
Svitzer Americas increased revenue by 9% in
2024, positively impacted by special jobs and
commencement of the FSRU contracts in
Brazil during the first half of the year. Volumes
were on par with 2023, partly due to Svitzer
deliberately allocating capacity to specific
special jobs.
The increase in revenue was partly offset by
higher operating and staff costs driven by
inflationary pressures, primarily in Argentina,
resulting in an increase in EBITDA of 8%.
The overall development meant that the
EBITDA margin was 0.3%-points lower.
CAPEX spend during 2024 was primarily
driven by growth CAPEX related to
instalments paid for fleet expansion in Brazil,
one new vessel in Canada and regular dry-
docking investments.
Highlights for 2024
• Awarded a five-year contract for two
newbuild vessels for Panama Canal
Authority. The vessels are expected to be
delivered in 2025.
• Two new FSRU contracts commenced in
Brazil, one of which was secured in 2024.
Two newbuild vessels were delivered
during 2024 and to strengthen our
services in Brazil.
• Began operations in the Port of Itaqui,
Brazil, with deployment of two tugs.
Svitzer AMEA comprises the operating
segment of Svitzer’s business within Asia,
the Middle East, and Africa.
The main markets in terms of revenue are
Angola, Bahrain, Egypt, Morocco, Bangladesh,
and Oman. In addition to this, Svitzer AMEA
has joint ventures and associated companies
in the region.
AMEA — Financial Figures (DKKm)
2024 2023
%
Revenue 923 888 35 4%
EBITDA 331 311 20 6%
CAPEX -60 -120 60 50%
2024 performance
The revenue growth of 4% in 2024 was
driven by higher Harbour Towage volumes
and day rate escalations in Terminal Towage.
EBITDA increase was 6%, driven by higher
revenue, equaling a margin increase of
0.8%-points. Growth was partly offset by
higher variable costs associated with the
Harbour Towage volumes and higher vessel
maintenance costs. In addition, Svitzer
exited its operations in Russia in the first part
of 2023.
CAPEX spend during 2024 was for dry-
docking of vessels, and instalments related
to growth CAPEX.
Highlights for 2024
• A newbuild vessel was ordered for the
operations in Morocco to cater for activity
growth.
• Positive results in biofuel trials in Oman
resulted in a collaboration with Sohar Port
using biofuel for vessel operations.
• The Terminal Towage contract in Liberia for
two vessels was extended for a five-year
term to 2029.
Svitzer Americas Svitzer AMEA
12
countries
12
countries
31
ports
5
ports
86
vessels
103
vessels
10
terminals
18
terminals
Performance
Svitzer Annual Report 2024
29
Financial StatementsSustainability StatementManagement Review
8,000
6,000
4,000
2,000
0
32%
31%
30%
29%
28%
3M 6M 9M 12M
Financial
performance
Q4 2024
Svitzer delivered an adjusted EBITDA of
DKK 467m, an increase of 3% compared to
Q4 2023, driven by increased revenue.
Revenue increased by DKK 97m to
DKK 1,637m and adjusted for foreign
exchange impact, the increase was 5% or
DKK 79m compared to Q4 2023. Revenue
for Harbour Towage increased by DKK 47m,
driven by tariff increases globally and higher
tug job activity in Asia, Middle East and Africa
(AMEA). This was partly offset by lower
volumes of 1% across Australia, Europe and
Americas. Revenue for Terminal Towage
increased by DKK 41m, primarily impacted by
commencement of new contracts in Australia
and Europe in Q2 2024 and Q4 2023 and
increases in day rate escalations.
Revenue and adjusted EBITDA margin
Revenue (DKKm):
Adjusted EBITDA margin (%):
2022 2023 2024
2022 2023 2024
Operating and other costs increased by
DKK 88m to DKK 1,169m. Vessel costs
increased impacted by higher insurance
costs offset by lower maintenance, repair
and vessel charter costs in comparison to Q4
2023. Staff costs increased globally affected
by inflationary increases and higher crew
costs for special operation jobs.
EBITDA increased to DKK 464m (DKK 454m
and adjusted EBITDA increased to DKK 467m
(DKK 454m). EBITDA margin was 28.3%
(29.5%). Adjusted EBITDA margin, which
excludes separation and listing costs related to
the demerger from A.P. Møller - Mærsk A/S,
was 28.5%. Separation and listing costs was
DKK 3m for the quarter.
Performance
Svitzer Annual Report 2024
30
Financial StatementsSustainability StatementManagement Review
Key quarterly
highlights
(DKKm)
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Revenue by
operating
segment
Australia 490 499 494 521 545 553 549 557
Europe 506 479 464 545 557 540 525 591
Americas 202 213 239 253 232 267 248 240
AMEA 224 217 218 229 225 226 231 241
Unallocated/
eliminations 2 - - -9 -4 -3 -8 8
Total 1,424 1,408 1,415 1,539 1,555 1,583 1,545 1,637
Revenue by
business area
Harbour Towage 986 974 985 1,048 1,053 1,085 1,065 1,096
Terminal Towage 440 427 426 494 502 504 487 534
Unallocated/
eliminations -2 7 4 -3 - -6 -7 7
Total 1,424 1,408 1,415 1,539 1,555 1,583 1,545 1,637
Adjusted EBITDA
by operating
segment
Australia 161 171 146 160 171 183 179 159
Europe 131 116 109 137 146 120 131 168
Americas 66 70 87 74 85 95 89 52
AMEA 77 84 85 65 85 78 85 83
Unallocated/
eliminations -15 -22 -26 18 -1 6 -32 5
Total 420 419 401 454 486 482 452 467
Adjusted EBITDA
margin 29.5% 29.8% 28.3% 29.5% 31.2% 30.4% 29.2% 28.5%
CAPEX -118 -314 -331 -702 -174 -309 -222 -276
Free cash flow 215 73 -15 -212 203 100 96 185
Number of tug
jobs in HT 37,657 36,827 37,824 38,710 38,109 37,951 37,112 38,219
CAPEX was DKK 276m (DKK 702m) driven
by a decrease in growth CAPEX to DKK 84m
(DKK 336m) as Q4 2023 was higher
impacted by CAPEX for vessels entering new
contracts in Australia, Americas and Europe.
There was also a decrease in dry docking
CAPEX to DKK 153m (DKK 189m) and fleet
renewal CAPEX to DKK 39m (DKK 177m).
Segment performance
Svitzer Australia
The revenue increased by 7% in Q4 2024,
driven by tariff increases in Harbour Towage
to counter inflationary pressure, and positive
impact from the commencement of the
contract with BHP earlier in 2024. EBITDA
was on par with Q4 2023 as the higher
revenue was offset by a temporarily higher
cost level towards the end of the year.
Svitzer Europe
The revenue increased by 8% in Q4 2024,
mainly due to tariff increases and day rate
escalations to counter inflationary pressure.
The revenue increase drove an EBITDA
growth of 23% compared to Q4 2023,
equalling a 3.3%-points margin increase,
which was supported by completion of
some high-margin operations and contracts
in the last part of the year.
Svitzer Americas
The revenue was 5% lower than in Q4 2023.
The comparison quarter was positively
impacted by a special operation in Brazil. The
volumes were down by 2%. Svitzer views this
as a temporary fluctuation in an otherwise
growing region. EBITDA decreased by 30%
in Q4 2024 due to a temporarily higher cost
level towards the end of the year.
Svitzer AMEA
The revenue increased by 6% in Q4 2024,
driven by higher Harbour Towage volumes
and day rate escalations in Terminal Towage.
This was in line with the development
throughout 2024. Driven by the higher
revenue, the EBITDA was up by 28%.
In addition, the earnings level in Q4 2023
was negatively impacted by a temporarily
higher cost level.
Performance
Svitzer Annual Report 2024
31
Financial StatementsSustainability StatementManagement Review
Case story
Partnering for
growth and
safety at Latin
America’s
largest port
Over the years, Svitzer and the Port of Santos have
grown side by side, scaling up their operations to
respond to increasing demand. As trade volumes
continue to soar at this pivotal hub in Latin America,
Svitzer and the Port have continued to consolidate their
partnership to support Brazil’s position as the third-
largest economy in the Americas – and the largest in
the southern hemisphere.
Performance
Svitzer Annual Report 2024
32
Financial StatementsSustainability StatementManagement Review
In recent years, the Port of Santos has
welcomed more and larger vessels, enhancing
its role as a multipurpose hub. Reliable towage
services are essential at this busy port, where
Svitzer has invested significantly since 2018,
for instance adding new Azimuth Stern Drive
(ASD) tugs.
Key to Svitzer’s successful expansion in
Santos is our investment in crews and safety:
with constant training and coaching to
enable the safest possible operation, Svitzer
continues to ensure our staff at all times have
the necessary skills to handle the increasing
complexity from larger vessels and more traffic
moving through the port.
In the words of Edilberto Ferreira Beto
Mendes, Director of Operations at the Port
Authority of Santos, “a fleet of efficient
vessels and highly trained personnel, focused
on reliable services and safety, is of great
importance. By assisting vessels to berth
and unberth swiftly, Svitzer helps reduce
turnaround times, improve cargo throughput,
and enhance the port’s operational efficiency.
Svitzer’s swift assistance in berthing and unberthing
vessels safely reduces turnaround times, boosts cargo
throughput, and enhances operational efficiency.
This is crucial for Santos, where space is limited,
vessel sizes are growing, and new infrastructure like
the gas terminal is driving growth.”
Edilberto Ferreira Beto Mendes
Director of Operations at the Port Authority of Santos
Svitzer in Santos Key Data: Port of Santos
This is especially important for a port like
Santos, where space is limited, vessel sizes
continually increase, and new infrastructure,
such as the gas terminal, is driving further
growth.“
At a time when Santos is receiving BRL 12bn
in public investments, alongside BRL 8bn from
the private sector (equivalent to approximately
USD 3.6bn in total) to expand its capabilities,
Svitzer is also deploying tugboats dedicated
to serving the new LNG terminal, further
supporting ongoing growth in Latin America’s
largest port. This operation constitutes Svitzer’s
first terminal operation in Brazil.
16 km
of mooring quays
100 km
of rail lines
25 km
navigation channel
55 km
of pipelines
45 km
km of public roads
53
terminals
66
berths
4,812
tug jobs in 2024
45
employees
4
tugs
Watch our video about
Svitzer’s work in Santos
Performance
Svitzer Annual Report 2024
33
Financial StatementsSustainability StatementManagement Review
Governance
Svitzer Annual Report 2024
35
Financial StatementsSustainability StatementManagement Review
Governance
Svitzer Annual Report 2024
36
Financial StatementsSustainability StatementManagement Review
Governance
Svitzer Annual Report 2024
37
Financial StatementsSustainability StatementManagement Review
Governance
Svitzer Annual Report 2024
38
Financial StatementsSustainability StatementManagement Review
Risk management
Risk Management contributes to sustainable value creation and is
key to achieving the desired level of resilience to support our strategy
execution, global objectives, and to safeguard our existence.
Enterprise Risk Management
As a global company, we face a wide range
of business risks and uncertainties, both
inherent to the marine services industry we
are a part of and the markets and regions in
which we operate.
The aim of Enterprise Risk Management
(ERM) is to manage these risks, support our
operational and strategic objectives, protect
and create shareholder value, ensure risk
awareness, and enable informed decisions
that strike an appropriate balance between
risk and reward.
Risk Management is an integral part of our
decision-making processes and is supported
by our corporate ERM framework. Our active
risk management approach maintains focus
on the key risks, threats, and opportunities
that may impact our business objectives or
result in adverse consequences.
Becoming a stand-alone listed company led
to a comprehensive reassessment exercise
during 2024, where risks, their impact
and likelihood, as well as mitigations and
contingency plans, were revisited. This marks
our inaugural year of reporting under the
CSRD requirements and conducting
the Double Materiality Assessment for
sustainability reporting. The assessment was
performed alongside the ERM process to
ensure alignment between assessment and
mitigation for relevant risks. Refer to page 53
for more details on the Double Materiality
Assessment.The changes in our risk profile
for 2024 primarily reflect an update in our risk
assessment methodology and scales, ensuring
alignment with the latest industry standards.
Key risks
Svitzer’s key risks are described on the
following pages, including mitigating actions
taken and planned.
Decarbonisation
Geopolitical
People and culture
Cybersecurity
Safety
Commercial
Regulatory compliance
Impact
Likelihood
Risk Overview
Governance
Svitzer Annual Report 2024
39
Financial StatementsSustainability StatementManagement Review
Decarbonisation Geopolitical environment
and macroeconomy
Commercial
Description
Svitzer has set ambitious long-term targets to achieve
carbon-neutral operations. Some of the technologies
enabling us to realise those targets are new and yet to
be widely adopted. Svitzer faces the risk of, on the one
hand, ensuring that timely investments are made in new
technologies, and on the other hand, that early-adopted
technologies may fail to mature, making it difficult to
realise the projected benefits from these investments.
The shift to a greener economy can also result in changes
in trade flows and vessel volumes at the ports we service.
Description
As a global organisation, Svitzer is affected by increasing
geopolitical tensions as well as actual armed conflicts.
Macroeconomic changes, such as high inflation rates,
volatility in transaction currencies, and higher cost
of capital, may impact our ability to deliver services
cost-efficiently.
Description
Commercially, Svitzer is exposed to risks related to
increased competitive pressure, which is most notable
in relation to competitive entries in our single-operator
ports. We are also exposed to changes in commodity
prices, which could negatively impact growth and
existing business.
Mitigation
• All new market entries are approved by Svitzer’s
Executive Management Team. In addition, the Board
will approve in more material cases.
• Exposure to any particular risk is carefully considered
and mitigated within the wider context of the
individual market, its industry dynamics, and our
customer exposure.
• Foster and develop a proactive mindset to proactively
identify effective responses to emergencies and
disruptions.
• Svitzer operates in countries across continents. This
diversification makes us less exposed to changes in
specific regions or countries.
Mitigation
• To further strengthen customer loyalty, Svitzer
is strongly focused on high service reliability, the
development of deep customer relationships, and
having high contract coverage.
• We purposely diversify our business development
efforts and work proactively, leveraging our strategic
differentiators.
• Operational flexibility through crewing models and
fleet increases the variability of our cost base, while
maximising our differentiators to set us apart from
the competition.
• Pragmatic innovation, decarbonisation and the
use of data is used to create maximum value to
our customers and thereby differentiation from
competition.
Mitigation
• Lowest cost of abatement approach is taken to
balance investment with CO
2
return.
• Decarbonisation projects are supported by business
cases to prioritise projects with an acceptable NPV
(net present value) return.
• New technologies are introduced cautiously,
ensuring that operational redundancy is built in to
offset potential failures.
• A pragmatic innovation approach balances
investments with clear business cases to reduce
the risk of stranded assets.
• Green Ports focus and customer-centric approach
will help identify volume shifts and changes in
customer focus to mitigate volume loss and identify
new opportunities.
Key
risks
Regulatory compliance
Description
Lack of compliance with regulatory laws, standards,
and internal rules regarding anti-corruption, trade
compliance (sanctions and export controls), competition
law, and data privacy.
Not being compliant can lead to various consequences
such as breach of contracts, loss of licenses to operate,
or fines.
Mitigation
• Compliance programme designed to meet global
requirements.
• Ongoing monitoring of vendors and customers.
• Controls, spot checks, and awareness campaigns
to ensure compliance with external laws and
internal rules.
• Onboarding e-learning training for all employees,
and an annual Code of Conduct refresher.
• Targeted training based on detected or anticipated
needs or risks.
• Established processes for whistleblower case
handling, reporting of facilitation payments, and
approval of gifts, donations, and sponsorships.
• During 2024, Svitzer implemented its own
whistleblower solution and a Governance, Risk
and Compliance (GRC) module handling data
privacy processes and data tracking.
Governance
Svitzer Annual Report 2024
40
Financial StatementsSustainability StatementManagement Review
People and culture Cybersecurity
Description
We are dependent on our commercial, technical, and
operational IT infrastructure. A cybersecurity event,
whether caused by malicious activities, unintentional
human error, or system failure, could significantly impact
our operations and our customers’ operations.
Data theft may affect our ability to meet contractual
obligations, impacting our operations and resulting in
a loss of business opportunities, fines from authorities,
and reputational damage.
Description
In a global talent marketplace, Svitzer may be unable
to attract and/or retain the necessary talent for
critical positions where key capabilities are required.
This is particularly relevant for senior or operational
frontline roles.
Additionally, we are seeing that in many areas where
we operate, younger generations are less attracted
to working on vessels, which may lead to a decline in
the size of the candidate pool for vacant positions and
leadership roles on our vessels.
Mitigation
• Continuously work to improve Svitzer’s cybersecurity
posture by taking a structured approach to managing
cyber risks both from an external and internal view
and mitigating the critical risks with concrete actions.
• As the biggest threat vector remains through our
employees, we promote awareness initiatives for all
employees to mitigate this.
Mitigation
We address this risk through our differentiator of
Thriving People. This includes:
• People Pulse engagement survey, that provides
input for engagement dialogues that help us to
maintain an environment to attract and retain people.
• Continued development of performance
management approach that focuses on how our
people perform, grow, and thrive.
• Capability building for continuous professional
growth and development in leadership.
• Increased employer branding and presence in
networks and events to raise awareness and
attraction as an employer.
• Ensuring safety and inclusion is consistent
throughout the people experience, as well as
highlighting our sustainability agenda to foster
purposefulness to attract and retain people.
Key
risks
Safety
Description
The personal safety and security of our employees, and
the operational integrity of both our and our customers’
assets, remain key priorities.
Our global workforce is exposed to various safety risks
in the execution of daily tasks. Individual safety measures
must be tailored to local circumstances, which vary
across different geographies and operational tasks.
Mitigation
• Our primary mitigations for operational risks are
a global Harmonised Management System, Safety
Culture, and Training.
• Svitzer operates its safety management system,
HMS, based on the Offshore Vessel Management
and Self Assessment (OVMSA) guidelines for safe
vessel management.
• Svitzer has developed a robust safety framework,
informed by contemporary industry benchmarks and
evidence.
• Our towage operations require specific skills and
training, to minimise risk of harm to our people. We
ensure our crew have the required certification to
meet local requirements, as well as an onboarding,
training, and familiarisation programme.
Governance
Svitzer Annual Report 2024
41
Financial StatementsSustainability StatementManagement Review
Shareholder
information
In 2024, Svitzer was listed on Nasdaq Copenhagen with
the first trading day on 30 April. Svitzer was successfully
demerged from A.P. Møller - Mærsk A/S that previously
owned 100% of the share capital.
Share capital
Svitzer’s nominal issued share capital is
DKK 315,491,000 divided into shares of
DKK 10 each. This means that the outstanding
number of shares is 31,549,100. There is one
share class, and no shares carry special rights.
The average daily number of traded shares
was 158k in 2024 in the period from the
public listing on 30 April until the end of
the year. The average daily value of the
traded shares was DKK 39m. The shares are
listed on Nasdaq Copenhagen and 53%
of the average daily volumes were traded on
Nasdaq Copenhagen.
Ownership structure
There is no complete record of all
shareholders meaning that the following is
based on available information. At the end of
2024, Svitzer had around 97,000 registered
shareholders. The registered shareholders
held around DKK 308.9m of the nominal
share capital, which equals 98% of the total.
Geographically, 80% of the share capital was
registered in Denmark, 18% was registered
outside of Denmark, while the remaining 2%
was not registered.
Information on the Svitzer share
Listing Nasdaq Copenhagen
Trading symbol SVITZR
ISIN code DK0062616637
Number of shares of DKK 10 each 31,549,110
Market capitalisation (DKK as of end-2024) 7.1bn
Share classes 1
Governance
Svitzer Annual Report 2024
42
Financial StatementsSustainability StatementManagement Review
15 26 1310
310
290
270
250
230
210
190
170
150
Share price development in 2024
(DKK): Svitzer OMXC25
According to the shareholding notifications
received until the end of 2024, the following
shareholders were holding more than 5% of
the share capital or voting rights.
• APMH Invest A/S (Approx. 47.0%)
• A.P. Møller og Hustru Chastine Mc-Kinney
Møllers Familiefond (Approx. 9.9%)
• Morgan Stanley (Approx. 5.0%)
Dividend policy
As part of the listing process, Svitzer presented
its dividend policy with an expectation to pay
out dividends to shareholders of 40-60% of
the annual net profit available for distribution.
In 2024, the net profit available to Svitzer
amounted to DKK 377m (DKK 507m
excluding separation and listing costs).
At the Annual General Meeting to be held
on 10 April 2025 , the Board of Directors will
propose a dividend of DKK 8.00 per share
(total dividend of DKK 252m) . The proposal
corresponds to a payout ratio of 50%
(excluding separation and listing costs) for
the financial year of 2024.
Share price development
On the first trading day on 30 April 2024, the
Svitzer share opened at a price of DKK 200.
Compared with the closing price of DKK 224.2
by the end of 2024, the share price return
was 12%. In the same period, the Danish
OMX C25 index decreased by 7%.
Investor relations policy
A key priority for Svitzer in relation to
investor relations is to ensure a fair and
correct valuation of the company by ongoing
communication with investors, analysts
and other relevant stakeholders. This
includes written announcements as well as
physical and virtual interactions with these
stakeholders. Currently, the Svitzer share is
covered by six equity brokers.
Svitzer’s Communication and Investor
Relations Policy is approved by the Board
of Directors and can be found here:
� Communication and investor
relations policy
Financial calendar 2025
10 April
Annual General Meeting 2025
15 May
Q1 2025 trading statement
26 August
H1 2025 interim report
13 November
Q3 2025 trading statement
Apr Jun Aug Oct Dec
The OMXC25 index has been indexed to Svitzer’s opening price on 30 April 2024.
Governance
Svitzer Annual Report 2024
43
Financial StatementsSustainability StatementManagement Review
Morten H. Engelstoft, Chair
Chair of of the Remuneration Committee.
Member of the Audit and Risk Committee,
and the Nomination Committee
Considered independent
Born: 1967
Nationality: Danish
Year of first appointment: 2024
Expiration of term: 2025
Other management duties, etc.:
• Board position in Through Transport Mutual
Insurance Association Limited (as Chair) and one
of its controlled subsidiaries
• Wärtsilä Corporation
1
(Board member)
Education:
• Executive MBA from International Institute for
Management Development (IMD)
• A.P. Møller’s Shipping Education
Qualifications and competencies:
Experience within the transport, maritime and
logistics sector. Previously served as CEO of APM
Terminals B.V. and Executive Vice President of A.P.
Møller-Mærsk A/S.
1
Listed company
Robert M. Uggla, Vice Chair
Chair of the Nomination Committee.
Member of the Remuneration Committee
CEO of A.P. Møller Holding A/S
Not considered independent
Born: 1978
Nationality: Swedish
Year of first appointment: 2024
Expiration of term: 2025
Other management duties, etc.:
• A.P. Møller - Mærsk A/S
1
(Chair)
• A.P. Møller Capital P/S (Chair)
• Agata ApS (CEO)
• Estemco XII ApS (CEO)
• IMD (Director of the foundation board)
• International Business Leaders’ Advisory Council,
IBLAC (Member)
• Board positions in a number of controlled
subsidiaries of A.P. Møller Holding A/S
Education:
• MSc in Business Administration from Stockholm
School of Economics, including studies at
Università Commerciale Luigi Bocconi
• Executive education at The Wharton School,
Stanford Business School, Harvard Business
School, and IMD
Qualifications and competencies:
Leadership experience within investments,
transportation and infrastructure-related activities.
Christine Brennet (Morris)
Chair of the Audit and Risk Committee
CFO of BT Business (a division of BT Group plc
1
)
Considered independent
Born: 1966
Nationality: Dual Belgian and American citizenship
Year of first appointment: 2024
Expiration of term: 2025
Other management duties, etc.:
• DOF Group ASA
1
(Board member)
Education:
• MBA from Stanford Graduate School of Business
• MSc in Actuarial Sciences from Université
Catholique de Louvain
Qualifications and competencies:
International experience as CFO and broad financial
experience in capital markets, financial and strategic
planning, strategy, risk management, accounting
and financial operations and systems.
Peter Wikström
Member of the Audit and Risk Committee
CFO of APM Terminals B.V.
Not considered independent
Born: 1975
Nationality: Swedish
Year of first appointment: 2024
Expiration of term: 2025
Other management duties, etc.:
• C2X A/S (Board member)
• Maersk Container Industry A/S (Chair)
• Stillstrom A/S (Chair)
• Maersk Training A/S (Chair)
Education:
• MSc in International Business Administration
from the School of Economics and Management
at Lund University
Qualifications and competencies:
Experience from investments in the transport,
maritime and logistics sector and experience from
the finance industry with a focus on corporate
finance and M&A.
Board of Directors
Governance
Svitzer Annual Report 2024
44
Financial StatementsSustainability StatementManagement Review
Kasper Friis Nilaus
Chief Executive Officer since 2020 (joined in 2007)
Born: 1975
Nationality: Danish
Other management duties, etc.:
• Höegh Autoliners ASA (Board member, incl.
member of the Governance and Compensation
Committee)
• Positions in a number of controlled subsidiaries
of Svitzer Group A/S
Education:
• Master of Laws (LL.M.) from University of
Copenhagen
• MBA from Nottingham University Business School
• Executive leadership programmes completed
at IMD Business School, Harvard University, and
Stanford University
Svitzer’s Executive Management is part of the Executive
Leadership Team that includes leaders with long tenures
within the company and in the maritime industry, as well
as leaders with valuable experience from outside the
company, bringing increased diversity of thought, age,
gender, and nationality.
The Executive Leadership Team consists of 11 members
that jointly owns the execution of Svitzer’s strategy and is
composed in a way that provides strong alignment across
Svitzer’s global organisation, as well as clear ownership
and accountability of the company’s strategy.
The Executive Leadership Team
From left to right on the above picture:
Kasper Karlsen, Chief Operating Officer
Mattias Hellström, Chief Commercial Officer
Jacob Ulrik, General Counsel
Deniz Kirdar True, Managing Director AMEA
Kasper Friis Nilaus, Chief Executive Officer
Emilie Margrethe Sybille Bruun, Chief People Officer
Lise Demant, Managing Director, Europe
Pernille Krogh-Meyer, Chief Information Officer
Arjen van Dijk, Managing Director, Americas
Knud Lind Winkler, Chief Financial Officer
Videlina Georgieva, Managing Director, Australia
Knud Lind Winkler
Chief Financial Officer since 2013
Born: 1971
Nationality: Danish
Other management duties, etc.:
• Positions in a number of controlled subsidiaries
of Svitzer Group A/S
Education:
• Master of Science (MSc) in Business
Administration and Auditing from University of
Aarhus, School of Business and Social Sciences
• Bachelor of Science (BSc) in Business
Administration and Computer Science from
University of Aarhus, School of Business and
Social Science
Executive
Leadership
The Executive Management Team is appointed by
the Board of Directors and consists of two members,
the CEO and the CFO.
The Executive Leadership Team covers different
important areas of responsibility.
Governance
Svitzer Annual Report 2024
45
Financial StatementsSustainability StatementManagement Review
Danish Financial Statement Act. The reporting requirements related to diversity
as defined by sections 107d of the Danish Financial Statements Act are fulfilled on
page 86. Further, the reporting requirements related to data ethics as defined by
section 99d of the Danish Financial Statements Act are fulfilled on page 94.The Sustainability Statement is comprised of pages 46 to 113
47 General
48 ESRS 2 Introduction to Sustainability Reporting
49 ESRS 2 ESG Governance
51 ESRS 2 General basis for preparation
53 ESRS 2 Double materiality assessment
a. Introduction
b. Methodology
c. Results
d. Stakeholder engagement
63 Environment
64 EU Taxonomy Reporting
69 ESRS E1 Climate change
75 ESRS E2 Pollution
77 ESRS E3 Resource use and circular economy
80 Social
81 ESRS S1 Own workforce
96 ESRS S2 Workers in the value chain
98 ESRS S4 Consumers and end users
99 Governance
100 ESRS G1 Business conduct
Svitzer Annual Report 2024
46
Financial StatementsSustainability StatementManagement Review
48 ESRS 2 Introduction to Sustainability Reporting
49 ESRS 2 ESG Governance
51 ESRS 2 General basis for preparation
53 ESRS 2 Double materiality assessment
a. Introduction
b. Methodology
c. Results
d. Stakeholder engagement
General
Svitzer Annual Report 2024
47
Sustainability StatementManagement Review Financial Statements
General
Svitzer Annual Report 2024
48
Financial StatementsSustainability StatementManagement Review
Svitzer Group A/S governance structure
Executive Management Team and
Executive Leadership Team
Management Sustainability
Committee
ESG Working Group
General
Svitzer Annual Report 2024
49
Financial StatementsSustainability StatementManagement Review
General
Svitzer Annual Report 2024
50
Financial StatementsSustainability StatementManagement Review
General
Svitzer Annual Report 2024
51
Financial StatementsSustainability StatementManagement Review
General
Svitzer Annual Report 2024
52
Financial StatementsSustainability StatementManagement Review
Outside-in
Inside-out
Svitzer Double
Materiality Assessment
People and
environment
General
Svitzer Annual Report 2024
53
Financial StatementsSustainability StatementManagement Review
Mobilise project team
by creating the ESG
Working Group appointing
members with relevant
sustainability expertise and
representation of specific
stakeholder groups
Project Plan Business Model Outline
Stakeholder Mapping
Document Value Chains Ongoing ESG due diligence process
Double Materiality Process
List of Impacts, Risks
and Opportunities
Double Materiality
Assessment of IROs
CSRD/ESRS Gap Assessment
Map business model,
document value chain(s)
focusing on key activities,
business relationships,
resources, geographies
etc, and mapping our
internal and external
stakeholders based on
value chain mapping
Identification of key
impacts, risks and
opportunities (IROs)
focusing on key aspects
of our business whilst
considering factors that
may give rise to increased
risk (e.g. geographical
location)
Defining materiality
and scoring levels
based on the set
criteria in the ESRS
along with assessment
of materiality for the
identified impacts, risks
and opportunities.
Assess gaps in current
reporting based on material
and entity-specific ESRS
Disclosure Requirements
1. Mobilisation 2.1 Understanding 2.2 Identification 2.3 Assessment 3. ESRS Gap Assessment
General
Svitzer Annual Report 2024
54
Financial StatementsSustainability StatementManagement Review
General
Svitzer Annual Report 2024
55
Financial StatementsSustainability StatementManagement Review
Svitzer’s value chain
and business model
For this Double Materiality Assessment, Svitzer mapped a single value chain that
spans our activities from upstream to downstream operations. This approach
focuses on our key activities – providing towage services – to ensure the analysis
accurately reflects the most relevant aspects of our operations
Crew and service functions
(e.g., Marine Standards,
Finance, People and Culture)
Docking service
(e.g. yards for periodical
maintenance of vessels)
Bunkering and energy supply
(e.g., to vessels and offices)
Transport
of marine fuel
Delivery of newbuild and
relocation between regions
(e.g. vessel transfers or
suppliers of mobilisation crew)
Resource extraction and
refining for marine fuel
(e.g., drilling of crude oil,
storage etc.)
Transport
of materials
Port authorities and owners
(local port authorities or port owners
in charge of regulating safety)
Harbour and Terminal towage
(assisting seaborne vessels in manoeuvring
in and out of ports and terminals)
Harbour and Terminal towage customers
(operators and owners of
seaborne vessels or terminals)
Related marine services
(e.g., line handling, fire fighting and
emergency response)
Manufacturing of vessels
and marine equipment
(e.g. shipyards and original
equipment manufacturers)
Resource extraction and
processing for vessels and
marine equipment
(e.g., mining of iron ores for steel)
End-of-life management
(e.g., sale of assets, scrapping and
waste management
Upstream
Workers in the value chain
Downstream
Consumers and end users
Own operations
Own workforce
General
Svitzer Annual Report 2024
56
Financial StatementsSustainability StatementManagement Review
General
Svitzer Annual Report 2024
57
Financial StatementsSustainability StatementManagement Review
� 2
2
3
4
5
3 4 5
S4
E5
E1
E1
S2
S1
E2
S3
S3
E4
E3
G1
G1
S1
E5
E2
E4
S4
E3
S2
� 2
2
3
4
5
3 4 5
Likelihood
Likelihood
Severity
The matrices present the highest scored IRO for each topical standard.
Magnitude
Not material Not material
Impact Financial
Material Material
General
Svitzer Annual Report 2024
58
Financial StatementsSustainability StatementManagement Review
Workshops
Interviews
Industry /
Peer analyses
General
Svitzer Annual Report 2024
59
Financial StatementsSustainability StatementManagement Review
GSE1
General
Svitzer Annual Report 2024
60
Financial StatementsSustainability StatementManagement Review
GS1E1GSE2
GSE5
General
Svitzer Annual Report 2024
61
Financial StatementsSustainability StatementManagement Review
G1SE1GS2E1
GS4E1
General
Svitzer Annual Report 2024
62
Financial StatementsSustainability StatementManagement Review
64 EU Taxonomy Reporting
69 ESRS E1 Climate change
75 ESRS E2 Pollution
77 ESRS E5 Resource use and circular economy
Our ESRS data reporting is based on the same principle as the financial statements in terms of scope and boundary
setting. Hence, our quantitative data includes consolidated data from Svitzer Group A/S and subsidiaries. Data
is collected per legal entity per activity, and the figures are consolidated line-by-line. This approach includes all
quantitative reporting requirements in ESRS E1 Climate change, E2 Pollution and E5 Resource use and Circular
Economy. ESG data for our joint ventures and associated companies are not reported, unless we have concluded to
have operational control over the individual entity. Further, the phase-in specified in the ESRS 1 has been applied for
Climate change, Pollution and Resource use & Circular Economy. Meaning that policies, actions, engagement and
targets along with metrics may be omitted to various extent dependent on the specific area regardless of having
identified an IRO.
Environment
Sustainability StatementManagement Review
Svitzer Annual Report 2024
63
Financial Statements
Environment
Svitzer Annual Report 2024
64
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
65
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
66
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
67
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
68
Financial StatementsSustainability StatementManagement Review
ESRS E1 – Climate change
Environment
Svitzer Annual Report 2024
69
Financial StatementsSustainability StatementManagement Review
ESRS E1 – Climate change
Environment
Svitzer Annual Report 2024
70
Financial StatementsSustainability StatementManagement Review
2020
30
40
50
60
70
80
90
100
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
The strategy rests on two ambitious targets
Strong progress with a reduction of 17% by 2024
ESRS E1 – Climate change
2020 20302024 2040
50%
Carbon Intensity
Reduction
17%
Carbon Intensity
Reduction
100%
Carbon Neutral
Neutral
GHG targets
Carbon intensity target
kTonne CO
2
e
17%
108.2
18%
24%
97.95
13%
112.27
4%
124.83
0%
129.62 CI (g/CO
2
e/kWh)
2023 (Baseline)
370
165
175
110
8
7
11
199 239 133
425
248
8
Net-zero
Targets
Scope 1 Scope 2 Scope 3 Target Net Emissions (kTonne CO
2
e) Carbon credits
2024 target Linear pathway 2030, CII Target CI actual
CII %
2024 2030 2040
0
400
500
300
200
100
5
Environment
Svitzer Annual Report 2024
71
Financial StatementsSustainability StatementManagement Review
ESRS E1 – Climate change
1
Environment
Svitzer Annual Report 2024
72
Financial StatementsSustainability StatementManagement Review
ESRS E1 – Climate change
Environment
Svitzer Annual Report 2024
73
Financial StatementsSustainability StatementManagement Review
ESRS E1 – Climate change
Environment
Svitzer Annual Report 2024
74
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
75
Financial StatementsSustainability StatementManagement Review
ESRS E2 – Pollution
Environment
Svitzer Annual Report 2024
76
Financial StatementsSustainability StatementManagement Review
Environment
Svitzer Annual Report 2024
77
Financial StatementsSustainability StatementManagement Review
ESRS E5 – Resource use and circular economy
Environment
Svitzer Annual Report 2024
78
Financial StatementsSustainability StatementManagement Review
ESRS E5 – Resource use and circular economy
1
1
Environment
Svitzer Annual Report 2024
79
Financial StatementsSustainability StatementManagement Review
81 ESRS S1 Own workforce
96 ESRS S2 Workers in the value chain
98 ESRS S4 Consumers and end users
Our ESRS data reporting follows the same principles as financial statements regarding scope and boundaries.
Therefore, our quantitative data includes consolidated figures from Svitzer Group A/S, and its controlled subsidiaries.
Data is collected by legal entity per activity, then consolidated line-by-line. This approach covers all quantitative ESRS
S1 reporting requirements for Own Workforce, except for Health & Safety. Health & Safety data includes fatalities
from both Own Workforce and Workers in the Value Chain, ensuring compliance with ESRS standards. However,
for work-related injuries, Svitzer voluntarily reports on joint ventures under Workers in the Value Chain if the workers
are covered by Svitzer’s health and safety management system. Additionally, we have applied the phase-in approach
specified in ESRS 1 for areas such as Characteristics of non-employees, Collective bargaining coverage and social
dialogue, Social protection, Training and skills development, and Health & Safety. This means that policies, actions,
engagement, and targets, along with related metrics, may be partially omitted depending on the specific area, even
if an IRO has been identified.
Social
Sustainability StatementManagement Review
Svitzer Annual Report 2024
80
Financial Statements
Social
Svitzer Annual Report 2024
81
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
82
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
83
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
84
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
1
Social
Svitzer Annual Report 2024
85
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
86
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
87
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
88
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
89
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
1
1
Social
Svitzer Annual Report 2024
90
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
91
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
92
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
93
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
94
Financial StatementsSustainability StatementManagement Review
ESRS S1 – Own Workforce
Social
Svitzer Annual Report 2024
95
Financial StatementsSustainability StatementManagement Review
Social
Svitzer Annual Report 2024
96
Financial StatementsSustainability StatementManagement Review
ESRS S2 – Workers in the value chain
2
Social
Svitzer Annual Report 2024
97
Financial StatementsSustainability StatementManagement Review
Social
Svitzer Annual Report 2024
98
Financial StatementsSustainability StatementManagement Review
100 ESRS G1 Business conduct
Our ESRS data reporting follows the same principles as financial statements regarding scope and boundaries.
Therefore, our quantitative data includes consolidated figures from Svitzer Group A/S and its controlled subsidiaries.
Data is collected by legal entity per activity, the consolidated line-by-line. This approach covers all quantitative
ESRS G1 reporting requirements for Business conduct.
Governance
Sustainability StatementManagement Review
Svitzer Annual Report 2024
99
Financial Statements
Governance
Svitzer Annual Report 2024
100
Financial StatementsSustainability StatementManagement Review
ESRS G1 – Business conduct
Governance
Svitzer Annual Report 2024
101
Financial StatementsSustainability StatementManagement Review
ESRS G1 – Business conduct
Governance
Svitzer Annual Report 2024
102
Financial StatementsSustainability StatementManagement Review
ESRS Disclosure requirements
Svitzer Annual Report 2024
104
Financial StatementsSustainability StatementManagement Review
ESRS Disclosure requirements
Svitzer Annual Report 2024
105
Financial StatementsSustainability StatementManagement Review
ESRS Disclosure requirements
Svitzer Annual Report 2024
106
Financial StatementsSustainability StatementManagement Review
Social standards
ESRS Disclosure requirements
Svitzer Annual Report 2024
107
Financial StatementsSustainability StatementManagement Review
ESRS Disclosure requirements
Svitzer Annual Report 2024
108
Financial StatementsSustainability StatementManagement Review
ESRS data points from other EU legislation
ESRS Disclosure requirements
Svitzer Annual Report 2024
109
Financial StatementsSustainability StatementManagement Review
ESRS data points from other EU legislation
ESRS Disclosure requirements
Svitzer Annual Report 2024
110
Financial StatementsSustainability StatementManagement Review
ESRS data points from other EU legislation
ESRS Disclosure requirements
Svitzer Annual Report 2024
111
Financial StatementsSustainability StatementManagement Review
ESRS data points from other EU legislation
ESRS Disclosure requirements
Svitzer Annual Report 2024
112
Financial StatementsSustainability StatementManagement Review
ESRS data points from other EU legislation
ESRS Disclosure requirements
Svitzer Annual Report 2024
113
Financial StatementsSustainability StatementManagement Review
115 Consolidated income statement
115 Consolidated statement of comprehensive income
116 Consolidated balance sheet
117 Consolidated cash flow statement
118 Consolidated statement of changes in equity
119 Notes
172 Company Overview
173 Management’s Statement
174 Independent Auditor’s Reports
178 Independent auditor’s limited assurance report
on Sustainability Statement
181 Definition of Terms
Consolidated
Financial Statements
Consolidated Financial Statements
Svitzer Annual Report 2024
114
Financial StatementsSustainability StatementManagement Review
Consolidated income statement Consolidated statement of comprehensive income
Note (DKKm) 2024 2023
2.1 Revenue 6,320 5,786
2.2 Operating costs -4,571 -4,091
Other income 27 26
Other costs -19 -27
2.1
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 1,757 1,694
2.3, 3.1, 3.2,
3.3 Depreciation, amortisation and impairment losses, net -934 -831
2.4 Gain on sale of non-current assets, etc., net 4 5
3.6 Share of profit in joint ventures and associated companies 98 128
2.1 Profit/loss before financial items (EBIT) 925 996
4.4 Financial income 190 198
4.4 Financial expenses -487 -159
Profit before tax 628 1,035
5.1 Tax -191 -286
Profit for the period 437 749
Of which:
Non-controlling interests 60 55
Svitzer Group A/S’ share 377 694
Earnings per share, DKK 11.96 22.00
Diluted Earnings per share, DKK 11.94 22.00
Note (DKKm) 2024 2023
Profit for the year 437 749
Translation from functional currency to presentation currency:
Translation impact arising during the year 256 -204
Total items that have been or may be reclassified
subsequently to the income statement 256 -204
4.3 Actuarial gains/losses on defined benefit plans 2 -8
5.1 Tax on other comprehensive income - 2
Total items that will not be reclassified to the income
statement 2 -6
Other comprehensive income, net of tax 258 -210
Total comprehensive income for the year 695 539
Of which:
Non-controlling interests 70 51
Svitzer Group A/S’ share 625 488
Consolidated Financial Statements
Svitzer Annual Report 2024
115
Financial StatementsSustainability StatementManagement Review
Consolidated balance sheet
Note (DKKm)
31 Dec
2024
31 Dec
2023
3.1 Intangible assets 400 399
3.2 Property, plant and equipment 8,599 8,439
3.3 Right-of-use-assets 395 343
3.6 Investments in joint ventures and associated companies 760 772
4.3 Pensions, net assets 14 7
Loans receivable 14 58
Other receivables 15 14
Financial non-current assets, etc. 803 851
5.1 Deferred tax 277 338
Total non-current assets 10,474 10,370
Inventories 81 101
4.5, 2.1 Trade receivables 853 876
Tax receivables 140 61
3.4 Loan receivable 22 2,437
Other receivables 166 157
Prepayments 51 31
Other current assets 1,232 3,562
Cash and bank balances 712 318
Assets held for sale 2 12
Total current assets 2,027 3,993
Total assets 12,501 14,363
Note (DKKm)
31 Dec
2024
31 Dec
2023
4.1 Share capital 315 315
Reserves 6,528 5,897
Equity attributable to Svitzer A/S 6,843 6,212
Non-controlling interests 173 156
Total equity 7,016 6,368
4.2 Lease liabilities, non-current 314 275
4.2 Borrowings, non-current 3,253 487
4.3 Pensions and similar obligations 27 25
3.5 Provisions 80 79
5.1 Deferred tax 214 180
Tax payables 32 16
Other non-current liabilities 353 300
Total non-current liabilities 3,919 1,062
4.2 Lease liabilities, current 104 85
4.2 Borrowings, current 522 5,878
3.5 Provisions 4 4
Trade payables 433 428
Tax payables 130 255
Other payables 353 265
2.1 Deferred income 19 17
Other current liabilities 938 969
Liabilities associated with assets held for sale - 1
Total current liabilities 1,564 6,933
Total liabilities 5,485 7,995
Total equity and liabilities 12,501 14,363
Consolidated Financial Statements
Svitzer Annual Report 2024
116
Financial StatementsSustainability StatementManagement Review
Consolidated cash flow statement
Note (DKKm) 2024 2023
Profit/loss before financial items 925 996
2.3, 3.1, 3.2, 3.3 Depreciation, amortisation and impairment losses, net 934 831
2.4 Gain on sale of non-current assets, etc., net -4 -5
Share of profit/loss in joint ventures and associated companies -98 -128
5.5 Change in working capital -6 -117
Change in provisions and pension obligations, etc. -7 -17
Other non-cash items 2 4
Cash flow from operating activities before tax 1,746 1,564
Taxes paid -272 -148
Cash flow from operating activities 1,474 1,416
5.5 Purchase of intangible assets and property, plant and equipment -981 -1,465
Sale of property, plant and equipment 72 45
Dividends received 140 177
Other financial investments -26 20
Cash flow from investing activities -795 -1,223
4.2 Repayment of external borrowings -58 -21
4.2 Repayment of lease liabilities -105 -100
4.2 Proceeds from external borrowings 4,017 -
4.2 Proceeds from borrowings with related party - 6,200
4.2 Repayment of borrowings to related party -6,299 -635
Change in loans with related party 2,405 706
Financial income received 126 160
Financial expenses paid -345 -80
4.4 Financial expenses paid on lease liabilities -16 -12
Dividends distributed - -6,216
Dividends distributed to non-controlling interests in subsidiaries -44 -30
Acquisition of non-controlling interests - -273
Other equity transactions 15 12
Cash flow from financing activities -304 -289
Net cash flow for the period 375 -95
Note (DKKm) 2024 2023
Net cash flow for the period 375 -95
Cash and cash equivalents 1 January 319 432
Currency translation effect on cash and cash equivalents 18 -16
Cash and cash equivalents 31 December 712 319
Of which classified as assets held for sale - -1
Cash and cash equivalents 31 December 712 318
Cash and bank balances include DKK 268m (DKK 198m) relating to cash and bank balances in
countries with exchange control or other restrictions. These funds are not readily available for general
use by the parent company or other subsidiaries.
Consolidated Financial Statements
Svitzer Annual Report 2024
117
Financial StatementsSustainability StatementManagement Review
Consolidated statement of changes in equity
Note (DKKm)
Share
capital
Translation
reserve
Retained
earnings Total
Non-controlling
interests
Total
equity
Equity 1 January 2023 315 3,836 7,776 11,927 397 12,324
Other comprehensive income, net of tax - -200 -6 -206 -4 -210
Profit for the period - - 694 694 55 749
Total comprehensive income for the period - -200 688 488 51 539
Dividends to shareholders - - -6,200 -6,200 -33 -6,233
Acquisition of non-controlling interests - - - - -273 -273
Capital increases and decreases - - -3 -3 14 11
Total transactions with shareholders - - -6,203 -6,203 -292 -6,495
Equity 31 December 2023 315 3,636 2,261 6,212 156 6,368
2024
Other comprehensive income, net of tax - 246 2 248 10 258
Profit for the period - - 377 377 60 437
Total comprehensive income for the period - 246 379 625 70 695
Dividends to shareholders - - - - -68 -68
5.2 Value of share based payments - - 7 7 - 7
Sale of non-controlling interests - - -2 -2 - -2
Capital increases and decreases - - - - 15 15
Total transactions with shareholders - - 5 5 -53 -47
Equity 31 December 2024 315 3,882 2,645 6,843 173 7,016
Share capital
On 26 April 2024, the Board of Directors of
A.P. Møller - Mærsk A/S and its shareholders
approved the demerger of Svitzer Group.
The first day of trading of Svitzer Group on
Nasdaq Copenhagen was on 30 April 2024.
Svitzer Group A/S’ share capital as at the end
of 31 December 2024 was DKK 315,491,100
divided into 31,549,110 shares with a nominal
value of DKK 10 each. Each Svitzer Group A/S
share with a nominal value of DKK 10 holds
one voting right.
Consolidated Financial Statements
Svitzer Annual Report 2024
118
Financial StatementsSustainability StatementManagement Review
1. Basis of Preparation
1.1 General accounting policies
1.2 Significant accounting estimates and judgements
2. Operating Profit
2.1 Segment information
2.2 Operating costs
2.3 Depreciation, amortisation and impairment losses
2.4 Gain on sale of non-current assets, etc. net
3. Invested Capital
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Right-of-use assets
3.4 Loans receivable
3.5 Provisions
3.6 Investments in associates and joint ventures
4. Capital and Financing
4.1 Earnings per share and capital management
4.2 Borrowings and lease liability reconciliation
4.3 Pension and similar obligations
4.4 Financial income and expenses
4.5 Financial instruments and risks
4.6 Financial instruments by category
5. Other Disclosures
5.1 Tax and deferred tax
5.2 Share based payments
5.3 Commitments
5.4 Contingent liabilities
5.5 Cash flow specifications
5.6 Related parties
5.7 Subsequent events
Notes
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
119
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
121
Financial StatementsSustainability StatementManagement Review
General accounting policies
Note 1.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
122
Financial StatementsSustainability StatementManagement Review
General accounting policies
Note 1.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
123
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
124
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
126
Financial StatementsSustainability StatementManagement Review
Segment information
Note 2.1 — continued
2
2
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
127
Financial StatementsSustainability StatementManagement Review
Note 2.1 — continued
Segment information
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
128
Financial StatementsSustainability StatementManagement Review
1
2
3
4
2
3
4
2
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
129
Financial StatementsSustainability StatementManagement Review
2
2
3
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
130
Financial StatementsSustainability StatementManagement Review
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Right-of-use assets
3.4 Loans receivables
3.5 Provisions
3.6 Investments in associates and joint ventures
3.
Invested Capital
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
131
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
132
Financial StatementsSustainability StatementManagement Review
Intangible assets
Note 3.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
133
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
134
Financial StatementsSustainability StatementManagement Review
Property, plant and equipment
Note 3.2 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
135
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
136
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
137
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
138
Financial StatementsSustainability StatementManagement Review
Investments in associates and joint ventures
Note 3.6 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
139
Financial StatementsSustainability StatementManagement Review
4.1 Earnings per share and capital management
4.2 Borrowings and lease liability reconciliation
4.3 Pension and similar obligations
4.4 Financial income and expenses
4.5 Financial instruments and risks
4.6 Financial instruments by category
4.
Capital and Financing
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
140
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
141
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
142
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
143
Financial StatementsSustainability StatementManagement Review
Pension and similar obligations
Note 4.3 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
144
Financial StatementsSustainability StatementManagement Review
Pension and similar obligations
Note 4.3 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
145
Financial StatementsSustainability StatementManagement Review
Pension and similar obligations
Note 4.3 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
146
Financial StatementsSustainability StatementManagement Review
1
1
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
147
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
148
Financial StatementsSustainability StatementManagement Review
Financial instruments and risks
Note 4.5 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
149
Financial StatementsSustainability StatementManagement Review
Financial instruments and risks
Note 4.5 — continued
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
150
Financial StatementsSustainability StatementManagement Review
Financial instruments and risks
Note 4.5 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
151
Financial StatementsSustainability StatementManagement Review
2
2
3
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
152
Financial StatementsSustainability StatementManagement Review
5.1 Tax and deferred tax
5.2 Share based payments
5.3 Commitments
5.4 Contingent liabilities
5.5 Cash flow specifications
5.6 Related parties
5.7 Subsequent events
5.
Other Disclosures
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
153
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
154
Financial StatementsSustainability StatementManagement Review
Tax and deferred tax
Note 5.1 — continued
1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
155
Financial StatementsSustainability StatementManagement Review
Tax and deferred tax
Note 5.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
156
Financial StatementsSustainability StatementManagement Review
Tax and deferred tax
Note 5.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
157
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
158
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
159
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
160
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
161
Financial StatementsSustainability StatementManagement Review
Consolidated Financial Statements, Notes
Svitzer Annual Report 2024
162
Financial StatementsSustainability StatementManagement Review
Income statement
Note (DKKm) 2024
Revenue 38
Other income -
2 Staff costs -17
Other external expenses -98
Loss before depreciation, amortisation and impairment losses, etc. -77
7 Depreciation, amortisation and impairment losses -9
Loss before financial items -86
4 Financial income 3
4 Financial costs -8
Profit before tax -91
5 Tax -15
6 Profit for the year -106
Appropriation of profit for the year is disclosed in note 6
Parent Company Financial Statements
Svitzer Annual Report 2024
164
Financial StatementsSustainability StatementManagement Review
Balance sheet
Note (DKKm)
31 Dec
2024
Property, plant and equipment
Vessels 155
Vessels under construction 24
7 Total property, plant and equipment 179
Financial non-current assets
Investments in subsidiaries 9,445
8 Total financial non-current assets 9,445
Receivables
Trade receivables 17
Other receivables 19
Tax receivables 1
Total receivables, etc. 37
Total current assets 37
Total assets 9,661
Note (DKKm)
31 Dec
2024
9 Share capital 315
Proposed dividends for the year 252
Retained earnings 8,779
Total equity 9,346
Current liabilities
Payables to subsidiaries 292
Current tax payables joint tax 17
Trade payables 2
Other payables 4
Total current liabilities 315
Total liabilities 315
Total equity and liabilities 9,661
Parent Company Financial Statements
Svitzer Annual Report 2024
165
Financial StatementsSustainability StatementManagement Review
Statement of changes in equity
Note (DKKm)
Share
capital
Proposed
Dividend
Retained
earnings
Total
equity
Equity 1 January 2024 315 - 9,133 9,448
6 Profit/loss for the year - 252 -358 -106
Share based payments - - 7 7
Exchange rate adjustments - - -3 -3
Equity 31 December 2024 315 252 8,779 9,346
The Company’s share capital amounts to DKK 315, 491,100 divided into 31,549,110 shares with a nominal value
of DKK 10 each.
Parent Company Financial Statements
Svitzer Annual Report 2024
166
Financial StatementsSustainability StatementManagement Review
1 Accounting policies
2 Staff costs
3 Audit fees
4 Financial income and expenses
5 Tax
6 Appropriation of profit/loss
7 Property, plant and equipment
8 Investments in subsidiaries
9 Share capital
10 Commitments and contingent liabilities, etc.
11 Related parties
Parent Company
Notes
Parent Company, Notes
Svitzer Annual Report 2024
167
Financial StatementsSustainability StatementManagement Review
Basis of preparation
The financial statements for Svitzer Group A/S
(‘the Company’) for 2024 have been
prepared in accordance with the Danish
Financial Statements Act for listed
enterprises of reporting class D.
In accordance with section 86, par. 4 of
the Danish Financial Statements Act, the
Parent Company does not prepare a cash
flow statement, as the Company and its
subsidiaries are included in the consolidated
cash flow statements of Svitzer Group.
The company was incorporated on 26 April
2024 in connection with the separation of the
towage and marine services activities from
A.P. Møller - Mærsk A/S via a demerger from
A.P. Møller - Mærsk A/S and separate listing
of the company. A.P. Møller - Mærsk A/S
injected 100% of the shares in Svitzer A/S,
including this company’s subsidiaries, as
well as certain assets and liabilities to the
company. The transaction was financially
effective 1st January 2024 and the Parent
company financials have been prepared
for the full year. Consequently, the Parent
company financial statements do not include
comparitive numbers.
The accounting policies of the Parent
Company are consistent with the accounting
policies of the Group, except for the items
listed. Reference is also made to note 2.1
and note 3.2 of the consolidated financial
statements for accounting policies for
Revenue and Property, plant and equipment.
Investments in subsidiaries
Investments in subsidiaries are measured at
cost or a lower recoverable amount, i.e the
higher amount of value-in-use or fair value
less cost of disposal.
In the event the cost exceeds the recoverable
amount, a write-down is made to this lower
value. Indications of impairment exists when
the cost exceeds the net asset value of the
investment. Recoverable amount used is the
highest value of the expected fair value less
cost of disposal and value-in-use. Value-in-
use is determined as the present value of the
forward looking cash flows in the impairment
test. Impairment and any subsequent reversal
of previous years impairment is recognised in
the income statement as reversal/impairment
of financial assets.
Dividends from subsidiaries are recognised as
income at the time of declaration. On disposal
of such investments, the difference between
net disposal proceeds and their carrying
amounts is included in profit or loss.
Accounting policies
Note 1
Parent Company, Notes
Svitzer Annual Report 2024
168
Financial StatementsSustainability StatementManagement Review
(DKKm) 2024
Intercompany part of financial income 3
Intercompany part of financial expenses -8
Audit fees
Note 3
Reference is made to the note 2.2 of the Consolidated financial statement for the staff costs and
note 5.2 for the share based payments to the Executive Management.
Staff costs
Note 2
(DKKm) 2024
Tax recognised in the income statement -15
Total -15
Of which:
Current tax 1
Pillar II tax -17
Tax adjustment previous years -
Tax
Note 5
Appropriation of Profit/loss
Note 6
(DKKm) 2024
Proposed Dividend 252
Retained earnings -358
Total -106
(DKKm) 2024
Statutory audit 3
Other assurance engagements 2
Other services -
Total fees 5
Other services than statutory audit supplied by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
(PricewaterhouseCoopers Denmark) consisted of assurance services related to the separation and demerger from
A.P. Møller - Mærsk A/S, limited assurance over the sustainability statements and other general accounting and tax advice.
Note 4
Financial income and expenses
Parent Company, Notes
Svitzer Annual Report 2024
169
Financial StatementsSustainability StatementManagement Review
Property, plant and equipment
Note 7
(DKKm) Vessels
Vessels under
construction Total
Cost
1 January 2024
Addition - 24 24
Transfer 166 - 166
Disposal - - -
31 December 2024 166 24 190
Depreciation and impairment losses
1 January 2024
Transfer 2 - 2
Depreciation 9 - 9
Disposal - - -
31 December 2024 11 - 11
Carrying amount:
31 December 2024 155 24 179
Investments in subsidiaries
Note 8
(DKK thousand)
Investment in
subsidiaries Total
Cost
1 January 2024
Transfer 9,445 9,445
Addition - -
Disposal - -
31 December 2024 9,445 9,445
Impairment
1 January 2024 - -
Impairment - -
Reversal of impairment losses - -
31 December 2024 - -
Carrying amount 2024 9,445 9,445
Directly owned subsidiaries
(DKKm)
Country of
incorporation Ownership
Profit/loss
for the period
(2023)
DKKm
Equity
DKKm
SVITZER A/S Denmark 100% 492 5,680
Parent Company, Notes
Svitzer Annual Report 2024
170
Financial StatementsSustainability StatementManagement Review
Share capital
Commitments and contingent liabilities, etc.
Related parties
Note 9
Note 10
Note 11
Shareholders who own more than 5%
pursuant to section 104 in the Danish
Financial Statements Act.
• APMH Invest A/S with approx. 47.0%
• A.P. Møller og Hustru Chastine Mc-Kinney
Møllers Familiefond with apporx. 9.9%
• Morgan Stanley with approx. 5.01%
Svitzer Group A/S is included in the
2024 consolidated financial statements
of A.P. Møller Holding A/S who hold a
controlling interest.
Commitments
The company has commitments amounting
to DKK 227m as at 31 December 2024.
Contingent liabilities
Svitzer Group A/S is jointly taxed with the
Danish companies in the A.P. Møller Holding
A/S. The Danish group companies are jointly
and severally liable for tax on the Group’s
jointly taxed income.
Other financial obligations
Guarantees amount to DKK 0.
A.P. Møller Holding A/S, has the controlling
influence through 47% ownership by
APMH Invest A/S, and all companies in the
A. P. Møller Holding A/S are considered
related parties.
Besides standard remuneration through
Board fees, Svitzer Group A/S has no
further transactions with key management
of A.P. Møller Holding A/S, A.P. Møller og
Hustru Chastine Mc-Kinney Møllers Fond til
almene Fomaal, Copenhagen or companies
under their significant influence.
Parent Company, Notes
Svitzer Annual Report 2024
171
Financial StatementsSustainability StatementManagement Review
* Refers to entities in liquidation
Company Overview
Svitzer Annual Report 2024
172
Financial StatementsSustainability StatementManagement Review
Executive Management
Board of Directors
Management’s Statement
Management’s Statement
Svitzer Annual Report 2024
173
Financial StatementsSustainability StatementManagement Review
Independent Auditor’s Reports
Report on the audit of the
Financial Statements
Independent Auditor’s Reports
Svitzer Annual Report 2024
174
Financial StatementsSustainability StatementManagement Review
Independent Auditor’s Reports
Svitzer Annual Report 2024
175
Financial StatementsSustainability StatementManagement Review
Independent Auditor’s Reports
Svitzer Annual Report 2024
176
Financial StatementsSustainability StatementManagement Review
CVR no 33 77 12 31
Independent Auditor’s Reports
Svitzer Annual Report 2024
177
Financial StatementsSustainability StatementManagement Review
Independent auditor’s limited assurance report on Sustainability Statement
Svitzer Annual Report 2024
178
Financial StatementsSustainability StatementManagement Review
Independent auditor’s limited assurance report on Sustainability Statement
Svitzer Annual Report 2024
179
Financial StatementsSustainability StatementManagement Review
CVR no 33 77 12 31
Independent auditor’s limited assurance report on Sustainability Statement
Svitzer Annual Report 2024
180
Financial StatementsSustainability StatementManagement Review
Technical terms, abbreviations and definitions of key
figures and financial ratios.
A
Adjusted EBITDA: Earnings Before Interest, Taxes,
Depreciation and Amortisation excluding material
nonrecurring income and costs that are not considered
part of regular business operations such as separation
and listing costs related to the demerger from
A.P. Møller - Maersk A/S.
Adjusted EBITDA margin: Adjusted EBITDA divided
by Revenue.
ASD tug: Azimuth Stern Drive tug.
C
CAPEX or Gross CAPEX: CAPEX or Gross capital
expenditure refers to cash payments for intangible
assets and property, plant and equipment, excluding
acquisitions and divestments.
Change in Net Working Capital: The movement
between the opening and closing balances in a period
for inventory, trade receivables, other receivables, trade
payables, other payables and any gains/losses with
respect to working capital adjusted for non-cash and
cash movement within the period.
Constant exchange rates: Exchange rates for the
same
period in the prior year.
CO
2
intensity reduction: The reduction percentage
of carbon intensity (gCO
2
e/kWh) that Svitzer A/S has
realised compared to baseline year 2020 (129.62).
E
EBIT: Earnings Before Interest and Taxes.
EBITDA: Earnings Before Interest, Taxes, Depreciation
and Amortisation.
EBITDA Margin: EBITDA divided by Revenue.
F
FAME: Fatty acid methyl esters. This is a term for biofuel
deriving from renewable sources.
Free cash flow: Cash flow from operating activities,
purchase-sale of intangible assets and property, plant
and equipment, dividends received, repayments of lease
liabilities, financial payments and financial expenses paid
on lease liabilities.
FTE or average number of employees: The number
of all equivalent full time employees (both onshore
and offshore) employed by the Svitzer Group and its
subsidiaries for a relevant financial period.
G
Gross profit: The sum of revenue, less variable costs
and loss on debtors.
Growth CAPEX: CAPEX predominantly related to
growth.
H
Harbour Towage: A towage service by tugboats to
vessel owners or operators at various ports and harbours.
HVO: Hydrotreated vegetable oil.
I
Invested capital: Segment operating assets less
segment operating liabilities, including investments and
deferred taxes related to the operation calculated basis
the trailing twelve months.
L
Leverage ratio: Leverage ratio is calculated as net
interest-bearing debt excluding loans receivables,
deposits and transaction fees on the borrowings divided
by adjusted EBITDA.
LTM: Last 12 months trailing.
N
Net interest-bearing debt: Equals interest-bearing
debt, including lease liabilities less cash and bank
balances as well as other interest bearing assets.
NOPAT: Net operating profit after taxes.
P
Ports: Number of ports, where Svitzer (incl. joint
ventures and associated companies) provide harbour
towage services.
R
Return on equity after tax: Calculated as the profit
for the year divided by the average equity as at end of
current year and prior year.
Return on invested capital after tax (LTM) (ROIC):
Profit before financial items for the year (EBIT) less tax
on EBIT divided by the average invested capital, last
12 months.
Revenue Growth: Increase in revenue over a financial
period.
T
Terminal Towage: A towage service by tugboats
dedicated to a specific terminal.
Terminals: Number of terminals, where Svitzer (incl.
joint ventures and associated companies) provide
terminal towage services.
TT contract backlog: The backlog reflects
commitments – represented by signed towage contracts
– and is calculated by fixed day rate per tugboat
multiplied by number of days remaining under contract,
per year. The contracted day rate excludes future
escalations and renewals and is calculated using end-
2024 exchange rates. Revenue details relates to Svitzer
Group and controlled subsidiaries.
Tug Jobs (Harbour Towage) (‘000): The number of
harbour towage tug jobs performed by the Svitzer Group
in a relevant financial period.
V
Vessels: Svitzer’s (incl. joint ventures and associated
companies) total fleet of vessels covering tugboats, work
boats, and other vessels (such as barges, crew boats and
pontoons).
Definition of terms
Definition of Terms
Svitzer Annual Report 2024
181
Financial StatementsSustainability StatementManagement Review
Forward-looking statements – risks and
uncertainties
This annual report contains forward-looking
statements. Forward-looking statements
are statements that are not historical facts
and that can be identified by words such as
“believe”, “expect”, “anticipate”, “intends”,
“estimate”, “will”, “may”, “continue”, “should”,
and similar expressions. The forward-looking
statements in this annual report are based
upon various assumptions, many of which are
based, in turn, upon further assumptions.
Although Svitzer believes that these
assumptions were reasonable when made,
these assumptions are inherently subject
to significant known and unknown risks,
uncertainties, contingencies and other
important factors which are difficult or
impossible to predict and are beyond its
control. These factors include general
economic and business conditions, changes
in exchange rates, demand for Svitzer’s
services, competitive factors within the global
towage industry, operational issues in one or
more of the company’s markets and regions,
and uncertainties regarding the purchase and
divestment of businesses.
See also the annual report’s Risk
Management section on pages 39-41.
+45 39 19 39 19
CVR number: 44 79 14 4 7
Business established on 3 March 1833 by
Emil Zeuthen Svitzer
Registered in the municipality
of Copenhagen
Designations
Svitzer, the Company,
and Svitzer Group A/S
consolidated with its subsidiaries
and associated companies
are used interchangeably.
Published by Svitzer Group A/S
Design and layout by
e-Types A/S
Consolidated Financial Statements
Svitzer Annual Report 2024
182
Financial StatementsSustainability StatementManagement Review
