Definition of terms

Gross profit Terminals & Towage, annualised EBITDA per tug Definition of terms The sum of revenue less variable costs and loss on debtors. (terminal towage) (USD in ‘000) Annualised EBITDA per tug equivalent (pilot boats and Headhaul others count for 0.5). The direction of the trade route that has the highest Technical terms, abbreviations and definitions of key figures and financial ratios. volume, whereas the return direction is referred to as Terminals & Towage, number of operational tug backhaul. jobs (harbour towage) (‘000) Tug jobs on which Svitzer performs the physical job, IMO 2020 which include jobs where Svitzer has the commercial The International Maritime Organization’s (IMO) 0.5% contract with the customer as well as jobs which Svitzer

global cap on sulphur dioxide (SOx) content in fuels for receives from the competitor through over-flow or shipping will enter into force on 1 January 2020. other agreements. Alphaliner Demurrage and detention Alphaliner is a worldwide provider of container shipping Compensation payable when a customer holds Maersk's Jack-up rig Terminals & Towage, terminal volumes data and analysis. containers beyond the agreed amount of free time, A drilling rig resting on legs that can operate in waters – equity-weighted (moves in m) including any storage costs that Maersk may have in- of 25-150 metres. Terminal volumes in moves weighted on terminal Backhaul curred in connection therewith as well as compensation owner­ship percentages include all entities (subsidiaries The direction of the trade route that has the lowest by way of liquidated damages for not having the con- Loaded volumes and joint ventures and associates). volumes, whereas the opposite direction is referred to tainers available for circulation. Loaded volumes refer to the number of FFEs loaded as headhaul. on a shipment which are loaded on first load at vessel TEU Discontinued operations departure time excluding displaced FFEs. Twenty-foot container Equivalent Unit. Backlog Discontinued operations are a major line of business The value of future contract coverage (revenue backlog). (disposal group) that is either held for sale or has been Net interest-bearing debt (NIBD) Time charter sold in previous periods. The disposal group is reported Equals interest-bearing debt, including fair value of Hire of a vessel for a specified period. Bunker Adjustment Factor (BAF) separately in a single line in the income statement and derivatives hedging the underlying debt, less cash and A surcharge applied to freight rates to compensate cash flow statement. Comparison figures are restated. bank balances as well as other interest-bearing assets. Total market capitalisation unexpected fuel oil price variations as an element in In the balance sheet assets and liabilities are classified Total number of shares – excluding the contracts with the customers. and disclosed separately on an aggregate level as assets NOPAT A.P. Møller - Mærsk A/S´ holding of own shares – multi­ held for sale and liabilities associated with assets held Net Operating Profit or loss After Tax. plied by the end-of-year price quoted by Nasdaq CAPEX for sale. In the balance sheet comparison figures are not Copenhagen. Cash payments for intangible assets and property, restated. Discontinued operations include Maersk Oil up Ocean, hub productivity (PMPH) plant and equipment, excluding acquisitions and to closing in March 2018, Maersk Tankers up to closing Productivity is calculated as the average of the gross Total shareholder return divestments. in October 2017 as well as Maersk Drilling and Maersk moves per hour for each call. Gross moves per hour for Equal to the price appreciation rate (price variance from Supply Service. a single vessel call is defined as the total container the beginning to the end of the year) and the dividend Cash conversion moves (on load, off load and repositioning) divided by yield. Cash flow from operations to EBITDA ratio. Dividend yield the number of hours for which the vessel is at berth. Equal to the proposed dividend for the year divided by Underlying profit/loss Cash flow from operating activities per share the share price. Ocean, loaded freight rate (USD per FFE) Underlying profit/loss is profit/loss for the year from A.P. Moller - Maersk’s operating cash flow from con­ Average freight rate per FFE for all the Maersk containers continuing operations adjusted for net gains/losses from tinuing operations divided by the number of shares EBIT conversion ratio loaded in the period in either Maersk Line or Hamburg sale of non-current assets, etc. and net impairment losses (of DKK 1,000 each), excluding A.P. Moller - Maersk’s Calculated as EBIT divided by the gross profit. Süd vessels or third parties (excluding intermodal). as well as transaction, restructuring and integration costs holding of own shares. Hamburg Süd is not excluding intermodal. related to major transactions. The adjustments are net EBITDA of tax and include A.P. Moller - Maersk’s share of men- Contract coverage Earnings Before Interest, Taxes, Depreciation and Ocean, unit cost, fixed bunker tioned items in associates and joint ventures. Percentage indicating the part of vessel/rig days that Amortisation. (USD per FFE incl. VSA income) are contracted for a specific period. Cost per FFE assuming a bunker price at USD 200/tonne Uptime Equity ratio excluding intermodal but including hubs and time charter A period when a unit is functioning and available for use. Cost base Calculated as equity divided by total assets. income. Hamburg Süd is not excluding intermodal. EBIT costs including VSA income and hub income and VSA adjustments for restructuring costs, the result from FFE Return on equity Vessel Sharing Agreement is usually reached between associated companies and gains/losses. Forty Foot container Equivalent unit. Calculated as the profit/loss for the year divided by the various partners within a shipping consortium who average equity. agree to operate a liner service along a specified route CROIC GDP multiplier using a specified number of vessels. Cash return on invested capital based on free cash flow The relationship between GDP growth and trade Return on invested capital after tax (ROIC) excluding acquisitions/divestments divided by average growth, calculated as global container volume growth Profit/loss before financial items for the year (EBIT) less invested capital for continuing operations. divided by global real GDP growth, at market prices. tax on EBIT divided by the average invested capital.

1 A.P. Moller - Maersk | Annual Report 2018