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2018 Annual Report A.P. Møller - Mærsk A/S Esplanaden 50, DK-1098 Copenhagen K / Registration no. 22756214 Contents Directors’ report Governance Contents Pages 3-66 Corporate governance 54 Board of Directors 58 Executive Board 61 Overview End: Deliver the goods Start: Meet the customer Remuneration 62 Historic transformation of A.P. Moller - Maersk 4 Shareholder information 65 Maersk at a glance 5 Connecting and Message from the Chairman 6 Financials simplifying Message from the CEO 8 Pages 67-145 Financial review 2018 10 Guidance for 2019 14 Consolidated financial statements 2018 68 Implementing IFRS 16 15 Parent company financial statements 2018 117 Five-year summary 17 Statement of the Board of Directors Market update 18 and the Executive Board 141 Independent Auditor’s Report 142 The A.P. Moller - Maersk business Global supply chains, page 23 Business model 23 Strategy 24 Risk management 27 Revenue The Annual Report for 2018 of A.P. Møller - Mærsk A/S (here- Performance 2018 inafter referred to as A.P. Moller - Maersk or Maersk as the Segment review 30 consolidated group of companies and A.P. Møller - Mærsk A/S as the parent company) has been pre pared in accordance Sustainability 51 with the International Financial Reporting Standards (IFRS) 26% as adopted by the EU and further requirements in the Danish Up by USD 8.1bn Financial Statements Act. Changes in presentation Additional information As of 2018, Maersk changed the reportable segments and Pages 146-157 presentation of financial items in the cash flow statement. In accordance with IFRS, comparative figures have been restated. “In 2018, we accelerated our trans­ Highlights Q4 2018 147 formation and improved earnings Quarterly summary 150 Forward-looking statements despite lower than expected Company overview 1 152 The Annual Report contains forward-looking statements. Stock exchange announcements 155 Such statements are subject to risks and uncertainties as container volume growth and an Definition of terms 156 various factors, many of which are beyond Maersk’s con- trol, may cause the actual development and results to differ External financial reporting increase in bunker fuel prices.” materially from expectations contained in the Annual Report. for A.P. Moller - Maersk2 157 Søren Skou, CEO Comparative figures 1 Part of Financials Unless otherwise stated, all figures in parenthesis refer to 2 Part of Directors’ report the corresponding figures for the previous year. 2 A.P. Moller - Maersk | Annual Report 2018 Directors’ report Directors’ Historic transformation report of A.P. Moller - Maersk Maersk at a glance Message from the Chairman Message from the CEO Financial review 2018 Guidance for 2019 Implementing IFRS 16 Five-year summary Market update 3 A.P. Moller - Maersk | Annual Report 2018 Directors’ report Overview Historic transformation of A.P. Moller - Maersk Maersk at a glance Message from the Chairman Message from the CEO Financial review 2018 Guidance for 2019 Implementing IFRS 16 Five-year summary Market update 27% 22% Intra America Asia-Europe Historic transformation 29% of A.P. Moller ­ Maersk Africa Considerable progress on the historic transformation of A.P. Moller - Maersk 27% towards the vision of becoming the global integrator of container logistics. Latin America 21% Oceania The objective of finding structural solutions for the oil and oil-related businesses, ultimately leading to a separation from A.P. Moller - Maersk, is progressing successfully. Revenue increase Maersk Tankers was acquired by A.P. Møller Holding A/S in 2017. 26% Volume growth in Ocean For Maersk Oil, the agreement with Total S.A. closed on 8 March 2018 with an # 1 accounting gain of USD 2.6bn. 22% Ocean capacity Net interest-bearing debt (NIBD) For Maersk Drilling, it was decided to pursue a separate listing on Nasdaq market share Copenhagen in 2019. 41% MAERSK LINE MAERSK LINE The search for a long-term solution for Successful integration of Hamburg Süd with synergies of USD 420m in 2018 Maersk Supply Service continues. Hamburg Süd and Maersk Line joined forces on 1 December 2017 and have successfully managed to form one team, amongst others, sharing best practices, resources and strengths. 4 A.P. Moller - Maersk | Annual Report 2018 Directors’ report Overview Historic transformation of A.P. Moller - Maersk Maersk at a glance Message from the Chairman Message from the CEO Financial review 2018 Guidance for 2019 Implementing IFRS 16 Five-year summary Market update Maersk at a glance For the four business segments implemented in 2018 and representing the continuing operations, the key results are presented below. Cooperation between the segments Revenue (USD million) EBITDA (USD million) Underlying profit/loss (USD million) drives business forward 39,019 3,806 220 2,580 5,284 4,365 1,553 3,532 Ocean activities in the Maersk Liner 30,945 27,266 30,161 34,806 2,475 356 Business and Hamburg Süd -496 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Revenue increased by USD 8.1bn with a 29% increase in Ocean, EBITDA did not grow in line with the increase in revenue of USD The underlying profit for continuing operations after financial mainly due to the inclusion of Hamburg Süd. The other segments 8.1bn. In Ocean, the inclusion of Hamburg Süd positively impacted items and tax was USD 220m (USD 356m), which is in line with reported higher volumes and higher activity with revenue increas- EBITDA, partly offset by a 32% increase in the average bunker price, the latest guidance for 2018 of a positive underlying result. The ing by 8.4% in Terminals & Towage, 5.4% in Logistics & Services not fully recovered in the freight rates, resulting in a modest increase result for the continuing operations was a loss of USD 148m Logistics & Services including and 51% in Manufacturing & Others. of USD 230m. Terminals & Towage reported an EBITDA increase of (loss of USD 194m). supply chain management and USD 139m, while Logistics & Services and Manufacturing & Others reported a decrease of USD 41m and USD 114m, respectively. inland activities Cash flow from operating activities (USD million) Gross capital expenditure, CAPEX (USD million) Net interest-bearing debt (USD million) 3,225 4,914 2,876 8,741 4,267 Terminals & Towage with gateway 3,599 3,507 3,428 3,113 terminals and Svitzer towage services 1,998 14,799 10,737 7,770 7,698 1,264 10,737 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Cash flow from operating activities was USD 3.2bn, equal to a Capital discipline is reflected in gross capital expenditure Net interest-bearing debt decreased by USD 6.1bn. Free cash flow cash conversion of 85% (88%) driven by an increase in EBITDA (CAPEX) of USD 2.9bn, in line with guidance of around USD 3bn, was USD 4.2bn (negative USD 2.8bn), positively impacted by cash Manufacturing & Others including of USD 274m and partly offset by higher tax paid. The abolition mainly relating to vessels ordered in previous years, containers proceeds from the Maersk Oil transaction of USD 2.0bn, the sale of of the export VAT scheme in Denmark had a negative one-off in Ocean, and development projects in Terminals & Towage. Free Total S.A. shares for USD 3.0bn, cash proceeds from the separation Maersk Container Industry and effect of USD 200m. Adjusted for the one-off effect, the cash cash flow during the year (cash flow from operating activities less of Maersk Drilling of USD 1.2bn and positive operating cash flow Maersk Oil Trading conversion would have been above 90%. CAPEX) was positive at USD 349m. during the year, partly offset by CAPEX and payment of dividend. 5 A.P. Moller - Maersk | Annual Report 2018 Directors’ report Overview Historic transformation of A.P. Moller - Maersk Maersk at a glance Message from the Chairman Message from the CEO Financial review 2018 Guidance for 2019 Implementing IFRS 16 Five-year summary Market update Message from the Chairman of the Board of Directors Bringing opportunity and growth to enable them to continue to develop and grow around the world. With superior financial every corner of the world under new ownership structures. uptime compared to peers, reflecting the For A.P. Moller - Maersk, 2018 was a year of company’s focus on consistency, safety and building the foundation for our future business, The sale of Maersk Oil to oil major Total S.A. reliability, Maersk Drilling is positioned as the and we have made significant progress on the was completed in March. The new owner is contractor of choice among E&P operators. transformation of A.P. Moller - Maersk. financially strong and has a long-term interest Maersk Drilling’s management has done a in the industry. Total S.A. has made Denmark a remarkable job in preparing the company The transformation of A.P. Moller – Maersk hub for Total S.A.’s North Sea activities, ensuring to operate as a standalone company and is was initiated in 2016, based on our strategy the best possible foundation for the continued organisationally and financially well-prepared to focus A.P. Moller – Maersk on becoming the development of the people, capabilities and for a listing. global integrator of container transportation assets of Maersk Oil and, not least, the Danish and logistics to enable global trade in an effi- North Sea shelf. Maersk Supply Service progressed on their cient, simple and sustainable way. divestment programme and strategy to diver- In August 2018, we decided to pursue a demerger sify its business into new markets in 2018, and Since the announcement of the new strategy, we of A.P. Moller - Maersk via a separate listing the pursuit of the long-term solution will have worked hard to change the company from of Maersk Drilling on Nasdaq Copenhagen in continue.
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