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ALL THE WAY 2019 Annual Report A.P. Møller - Mærsk A/S Esplanaden 50, DK-1098 Copenhagen K / Registration no. 22756214 2 A.P. Moller - Maersk Annual Report 2019 Contents 3832 Performance Table of 39 Ocean 43 Logistics & Services 46 Terminals & Towage contents 51 Manufacturing & Others 53 Governance 3 Directors’ report 54 Corporate governance 59 Board of Directors 4 Highlights 61 Executive Board 5 Maersk at a glance 62 Remuneration 6 Message from the Chairman and the CEO 63 Shareholder information 10 Financial review 13 Guidance for 2020 14 Five-year summary 66 Financials 16 Market update 67 Consolidated financial statements 2019 115 Parent company financial statements 2019 Keeping cool in a hot market, page 30 20 Our business 139 Statement of the Board of Directors and the Executive Board 21 Business model The Annual Report for 2019 of A.P. Møller - Mærsk A/S therefore been restated in the Directors’ Report 140 Independent Auditor’s Report (here inafter referred to as A.P. Moller - Maersk or and internal reporting to retrospectively reflect 22 Strategy Maersk as the consolidated group of companies and the effect of IFRS 16. 25 Reliability on the spot A.P. Møller - Mærsk A/S as the parent company) has been pre pared in accordance with the International Maersk Supply Service has been reclassified as con- 27 Sustainability Financial Reporting Standards (IFRS) as adopted tinuing operations, following the Board of Directors’ by the EU and further requirements in the Danish decision to no longer pursue a separation solution. 30 Keeping cool in a hot market 143 Additional information Financial Statements Act. Comparison figures for the income statement, 33 Risk management 144 Quarterly summary balance sheet and cash flow statement have been Changes in presentation and comparative figures restated as if Maersk Supply Service had always 145 Company overview 1 The IFRS 16 leases accounting standard entails les- been part of continuing operations. 148 Stock exchange announcements sees to recognise leases in the balance sheet as a right-of-use (ROU) asset and a related lease liability. Unless otherwise stated, all figures in parenthesis 149 Definition of terms In the income statement, the lease cost is replaced refer to the corresponding figures for the same by depreciation of the leased asset and an interest period prior year. 150 External financial reporting for Cover photo expense for the financial liability. A.P. Moller - Maersk2 Global trade on the move at the fully Forward-looking statements automated APM Terminals’ Maasvlakte The standard was implemented on 1 January 2019 The Annual Report contains forward-looking state- using the modified retrospective approach, and ments. Such statements are subject to risks and II container terminal in Rotterdam, comparative figures have not been restated uncertainties as various factors, many of which the Netherlands. in the consolidated financial statements. are beyond Maersk’s control, may cause the actual 1 Part of Financials A.P. Moller - Maersk uses EBITDA as the key operat- development and results to differ materially from 2 Part of Directors’ report ing performance indicator, and 2018 figures have expectations contained in the Annual Report. 3 A.P. Moller - Maersk Annual Report 2019 Directors’ report Directors’ Highlights report Maersk at a glance Message from the Chairman and the CEO Financial review Guidance for 2020 Five-year summary Market update Our business Performance Governance 4 A.P. Moller - Maersk Annual Report 2019 Directors’ report Highlights EBIT improved from USD 409m to USD 1.7bn, trading day increased by 3.3%, equal to USD Highlights reflecting an improvement in margin to 4.4% 0.9bn in added value. (1.0%), leading to a higher return on invested capital of 3.1% (0.2%), while underlying profit Net interest-bearing debt decreased to was USD 546m (loss of USD 61m). USD 11.7bn (USD 15.0bn) due to strong cash Strong improvement in earnings and free cash flow from flow generation and proceeds from the improved operational performance and cost measures. sale of Total S.A. shares. Maersk remains Free cash flow improved due to investment grade-rated with a stable out- improved earnings and reduced CAPEX look from Moody’s and Standard & Poor’s. Following the strong earnings development and lower net working capital, the cash con- The Board of Directors proposes an ordinary version ratio increased to 104% (89%), and dividend to the shareholders of DKK 150 per cash flow from operating activities was USD share (DKK 150 per share), based on the 5.9bn (USD 4.4bn). CAPEX was USD 2.0bn improved underlying profit, the proceeds (USD 3.2m) and free cash flow was USD 6.8bn from Total S.A. shares and the strong cash (USD 5.1bn), positively impacted by the sale flow generation in 2019. of Total S.A. shares of USD 2.6bn (USD 3.0bn). Adjusted for capitalised lease payments and Progressing on the transformation The growth was mainly driven by strong the sale of Total S.A. shares, free cash flow Guidance for 2020 As part of the strategic plan to become the growth in gateway terminals, only partly off- was USD 2.4bn (USD 0.1bn). A.P. Moller - Maersk expects earnings before global integrator of container logistics, we set by lower revenue in freight forwarding in interest, tax, depreciation and amortisa- are tracking key metrics on a quarterly basis. Logistics & Services due to front loading of CAPEX discipline remains a key focus area tion (EBITDA) of around USD 5.5bn, before The metrics are related to creating synergies volumes in 2018 in anticipation of tariffs. reflected in the accumulated CAPEX guid- restructuring and integration costs and with across our businesses as one company and ance for 2020-2021 of USD 3.0-4.0bn. a high cash conversion. generating free cash flow on the back of improved earnings to ensure a strong balance Strong improvement The outlook for 2020 is impacted by the cur- sheet and create value for our shareholders. in profitability continued Cash distributions to shareholders of rent outbreak of the Coronavirus (COVID-19) With revenue on par at USD 38.9bn (USD USD 1.3bn in China, which has significantly lowered vis- We significantly improved the free cash flow 39.3bn), the continued focus on improving A.P. Møller - Mærsk A/S distributed USD 1.3bn ibility on what to expect in 2020. As facto- generation with a cash return on invested profitability across the businesses resulted in in cash to shareholders through an ordinary ries in China are closed for longer than usual capital of 9.3% (2.8%) based on improved a 14% increase in EBITDA to USD 5.7bn (USD dividend of USD 469m in April and USD 791m in connection with the Chinese New Year and earnings, higher cash conversion and capi- 5.0bn) and a margin of 14.7% (12.7%). This was related to the share buy-back programme as a result of the COVID-19 we expect a weak tal discipline. Contributing to the earnings mainly driven by strong operational perfor- announced in May 2019 of DKK 10bn (around start to the year. improvements, accumulated synergies of USD mance in Ocean focusing on cargo selection, USD 1.5bn) over a period of up to 15 months. 1.2bn was realised by the end of 2019 hereby capacity management, reliability and bun- exceeding our synergy target of USD 1.0bn. ker efficiency resulting in a decrease in total Maersk Drilling was demerged via a listing on costs. Gateway terminals reported a 3.9% the Danish Stock Exchange in April, and the The non-Ocean revenue increased by 0.1% volume growth, and with improved revenue shares were distributed to existing share- (6.3%) when adjusted for the closure of pro- per move and stable costs, the EBITDA margin holders of A.P. Møller - Mærsk A/S. The com- duction facilities in Maersk Container Industry. improved by 3.2 percentage points to 28%. bined value of both companies on the first 5 A.P. Moller - Maersk Annual Report 2019 Directors’ report Maersk at a glance Maersk at a glance Maersk comprises four business segments with the consolidated key results for the continuing operations presented below. Revenue (USD million) EBITDA (USD million) Relative CO₂ reduction¹ (percentage) 38,890 5,712 41.8 39,257 31,189 4,998 4,633 27,646 30,769 38.6 35.9 36.2 36.7 3,546 2,579 2019 2018 2017 2016 2015 2019 2018 2017 2016 2015 2019 2018 2017 2016 2015 Revenue was on par with 2018. The increase of 0.2% in Ocean was due to EBITDA increased by USD 714m, driven by increases in all segments. Ocean Operational energy efficiency has shown significant improvements in the last 0.2% higher average freight rates and higher other revenue but with a de- increased by USD 574m, driven by a lower cost base given a lower bunker price two years. The 2019 progress shows an additional 3.2% improvement towards crease in volumes. The increase in Terminals & Towage of 3.2% was due to and improved bunker consumption. Terminals & Towage increased EBITDA by the 2008 baseline and represents a 5.2% improvement relative to the 2018 higher volumes in Terminals, while revenue declined by 1.9% in Logistics & USD 109m or 11%, driven by increased volumes, where Logistics & Services level. Maersk is well on track for the 60% reduction target in 2030 and has the Services because of the very high volume in Q4 2018. The decrease of 22% increased by USD 47m and Manufacturing & Others by USD 42m. ambitious target of becoming net carbon neutral by 2050.
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