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ANNUAL MAGAZINE ANNUAL the 2016 Financial Highlights,The 2016 Markets and People Møller of A.P ANNUAL MAGAZINE The 2016 financial highlights, markets and people of A.P. Møller - Mærsk A/S CHARTING ANNUAL MAGAZINE ANNUAL A NEW DIRECTION WELCOME TO THE FUTURE IN ALANG, THE WORD A PROJECT’S MAERSK APP STORE IS SPREADING PROGRESS Building a digital platform With help from Maersk’s Moving forward with capable of turning data into onsite team, an Indian a robust North Sea software solutions. shipyard is changing. gas development. Page 16 Page 32 Page 38 2016/2017 SEPERTIN DE PASAMAYO, PERU -11.7258° N, -77.1746° E WELCOME TO THE ANNUAL MAGAZINE 2016/2017 This magazine shows how A.P. Moller - Maersk is charting a new direction. It describes our role in the world and the growing importance of data, technology and innovation in trade, as well as the role of infrastructure in stimulating growth and in serving our customers. It likewise features the skills and hardware necessary to operate in today’s energy markets, the people who make the company tick and the Core Values that underpin the way we do business. The financial pages in the back of the magazine take an in-depth look at our combined 2016 performance – covering the brands in the Transport & Logistics division and the business units in our Energy division. Further financial details are available in the Annual Report 2016, while the Sustainability Report 2016 demonstrates how we create long-term value for society and our business. Both are published simultaneously with the Annual Magazine and can be found online at maersk.com. 1 ANNUAL MAGAZINE 2016/2017 CONTENTS OUR STORIES 1 6 WELCOME TO THE FUTURE MAERSK APP STORE 3 8 A PROJECT’S PROGRESS 3 2 2 0 IN ALANG, THE WORD IS SPREADING A BIG IMPACT FROM THE START 5 8 4 2 OUR PEOPLE THE ENTREPRENEURIAL SPIRIT 2 ANNUAL MAGAZINE 2016/2017 OUR STORIES OUR STRATEGY 2 4 4 - 7 DON’T ROCK THE BOAT Message from the Chairman 4 Message from the Group CEO 6 3 6 OUR BUSINESS THE TAILOR MADE RIGS 8 - 1 5 , 6 0 A.P. Moller - Maersk at a glance 8 Business structure and highlights 10 Stay up to date 60 2 8 OUR PERFORMANCE MODEL BEHAVIOUR 4 6 - 5 7 Five years of performance 46 Transport & Logistics 48 Energy 54 3 OUR STRATEGY ANNUAL MAGAZINE 2016/2017 NEW STRATEGY TO DELIVER GROWTH MESSAGE FROM THE CHAIRMAN Michael Pram Rasmussen s announced in September, we have Unlocking value in With the objective of maximising Welcoming our new leadership taken a clear decision on a new A.P. Moller - Maersk shareholder value, the Energy division will In the last 10 years, A.P. Moller - Maersk A strategy for A.P. Moller - Maersk, Rather than be a diversified conglomerate, manage the oil and oil-related businesses has successfully gone through a period which involves separating our transport we refocus capital and management with an active owner mindset including of operational optimisation. We have built and logistics and our oil and oil-related attention on creating an integrated strategy and capital allocation, structural a lean and transparent conglomerate, businesses into two divisions. Transport & Logistics business where we solutions and M&A, performance expanded our global presence and The world in which A.P. Moller - Maersk have a clear competitive advantage, which management, and organisation and human strengthened our customer focus. operates has undergone fundamental will lead to higher growth and returns. capital development. The transformation of our businesses has changes in recent years. During 2016 we Market trends are changing, providing Our businesses are all well positioned provided us the powerful platform we have have faced historically low freight rates and us with opportunities. Non-traditional in their respective industries, with today, which will ensure our future success. dramatic declines in oil prices, coupled with competitors, disruptive technology, industry-leading operational and financial For this we have to give credit to our changes in energy use, a slowdown in global advanced supply chain solutions, digitisation performance. The strong relative positions previous Executive Board led by Nils S. trade and increased digitisation. and e-commerce have all spurred a need for make our businesses attractive partners, Andersen. Under Nils S. Andersen’s strong Despite investing heavily in our innovative thinking and a new approach. enabling us to develop structural solutions leadership our businesses have become industries, taking out cost and optimising Today’s customers require more from positions of strength. leaders in their fields. My appreciation is our businesses to the point where most advanced supply chain solutions. As an Despite difficult market conditions, also extended to Trond Westlie and Jakob are performing in the top quartile of their integrated Transport & Logistics business there is growth and value creation to be Thomasen who saw this as the right time to industries, we have not been able to grow our we can better meet their needs for captured. Global energy demand is expected follow a new path. Kim Fejfer has also left revenue over the last 10 years. comprehensive, end-to-end services. We can to grow 1-2% per year for the next three the company to take up a new role related to These challenges demand that we increase our use of data and expand and decades. Our businesses are all performing A.P. Møller Holding A/S. We thank them all for renew our business and find new sources strengthen our digital platforms. strongly within their industries, and our their hard work and commitment. of revenue growth, otherwise we will be Our leading global position and network people, assets and unique capabilities Our new Group CEO Søren Skou is the forever destined to rely on cost-cutting within container transport, port operations, position us well to compete in the future right person to take the company forward. and efficiency gains. supply chain management and freight energy space. Not least in the North Sea – He knows the transport and logistics Our new strategy will answer to those forwarding provides us with an unparalleled an area that provides Maersk Oil with growth industries inside out and has implemented challenges. A.P. Moller - Maersk has advantage in this industry. Our offering opportunities that are low-capex in nature, major improvements in Maersk Line. We have consistently evolved over the last 100 years, across the value chain and the potential to also allowing Maersk Oil to leverage its skills assembled a strong Management Board, and it is our ambition that we grow and thrive capitalise on synergies in these businesses around operating mature assets. also including Claus V. Hemmingsen as Group over the next 100 years. The new strategy will is unique. Vice CEO, responsible for the Energy division, ensure longevity and growth and maximise Creating shareholder value and Jakob Stausholm as Group CFO and shareholder value in the long-term. New solutions for oil businesses We are committed to retaining our Chief Finance, Strategy and Transformation Our oil and oil-related businesses are investment grade rating which we will ensure Officer in the Transport & Logistics division. operating in volatile business environments by reducing capital expenditures and through I would like to welcome the new team. I have with risk of structural declines post-2020. actively managing our portfolio of assets. every confidence that they are the most The Board of Directors expects that these This year we have announced a dividend qualified people to shape the future of businesses will require different solutions per share of DKK 150. Our dividend policy the business. for future development including separation remains unchanged and our objective I would like to also take this opportunity of entities individually or in combination is to increase the nominal dividend per to thank all our employees for their from A.P. Moller - Maersk in the form share over time, supported by underlying extraordinary dedication and loyalty earnings growth. of joint-ventures, mergers or listings. throughout this period of change. We look Financial reporting for the new structure The objective is to find sustainable structural forward to an exciting and prosperous future. will be effectuated from the financial solutions before the end of 2018. year 2017, meaning that the first financial reporting based on the new structure is Q1 2017. 5 OUR STRATEGY ANNUAL MAGAZINE 2016/2017 NEW STRATEGY TO DELIVER GROWTH MESSAGE FROM THE CHAIRMAN Michael Pram Rasmussen s announced in September, we have Unlocking value in With the objective of maximising Welcoming our new leadership taken a clear decision on a new A.P. Moller - Maersk shareholder value, the Energy division will In the last 10 years, A.P. Moller - Maersk A strategy for A.P. Moller - Maersk, Rather than be a diversified conglomerate, manage the oil and oil-related businesses has successfully gone through a period which involves separating our transport we refocus capital and management with an active owner mindset including of operational optimisation. We have built and logistics and our oil and oil-related attention on creating an integrated strategy and capital allocation, structural a lean and transparent conglomerate, businesses into two divisions. Transport & Logistics business where we solutions and M&A, performance expanded our global presence and The world in which A.P. Moller - Maersk have a clear competitive advantage, which management, and organisation and human strengthened our customer focus. operates has undergone fundamental will lead to higher growth and returns. capital development. The transformation of our businesses has changes in recent years. During 2016 we Market trends are changing, providing Our businesses are all well positioned provided us the powerful platform we have have faced historically low freight rates and us with opportunities. Non-traditional in their respective industries, with today, which will ensure our future success.
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