Financial Highlights

          2017     2018
Income statement Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3
Revenue 7 101 7 690 7 980 8 174 30 945 9 253 9 507 10 077
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 638 1 073 977 844 3 532 669 883 1 138
Depreciation, amortisation and impairment losses, net 635 889 782 709 3 015 768 903 781
Gain on sale of non-current assets, etc., net 15 54 8 77 154 33 10 45
Share of profit/loss in joint ventures 30 14 -202 27 -131 37 39 41
Share of profit/loss in associated companies 22 25 20 34 101 26 17 -78
Profit/loss before financial items (EBIT) 70 277 21 273 641 -3 46 365
Financial items, net -133 -234 -112 -137 -616 -120 -71 -71
Profit/loss before tax -63 43 -91 136 25 -123 -25 294
Tax 61 33 21 104 219 97 60 103
Profit/loss for the period - continuing operations -124 10 -112 32 -194 -220 -85 191
Profit/loss for the period - discontinued operations 1 377 -274 -1 427 354 -970 2 982 111 169
Profit/loss for the period 253 -264 -1 539 386 -1 164 2 762 26 360
A.P. Møller - Mærsk A/S' share 245 -269 -1 555 374 -1 205 2 745 18 347
                 
Underlying profit/loss 2 -139 205 254 36 356 -239 88 251
                 
Cash flow statement                
Cash flow from operating activities 3 445 941 744 983 3 113 433 353 1 085
Gross capital expenditure, excl. acquisitions and divestments (capex)3 -677 -892 -1 092 -938 -3 599 -1 180 -708 -401
Net cash flow from discontinued operations -183 203 149 1 082 1 251 2 308 -119 32
                 
Balance sheet highlights                
Total assets 60 428 61 310 60 260 63 227 63 227 61 639 61 200 61 787
Total equity 32 316 32 349 30 954 31 425 31 425 34 313 33 588 34 116
Net interest-bearing debt5 12 212 11 852 12 475 14 799 14 799 13 395 14 290 12 416
                 
Financial ratios                
Revenue growth 9% 15% 14% 16% 13% 30% 24% 31%
Revenue growth excl. Hamburg Süd 9% 15% 14% 9% 12% 10% 6% 12%
EBITDA margin 9% 14% 12% 10% 11% 7% 9% 11%
Cash conversion 70% 88% 76% 116% 88% 65% 40% 95%
Return on invested capital after tax - continuing operations (ROIC)4 0,2% 3,1% 0,0% 2,9% 1,6% -0,6% -0,1% 3,2%
                 
OCEAN FINANCIAL HIGHLIGHTS                
          2017   2018 2018
USD million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3
                 
Revenue 4 950 5 541 5 543 5 989 22 023 6 810 6 952 7 321
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 484 876 800 617 2 777 481 674 925
EBITDA margin (%) 9,8% 15,8% 14,4% 10,3% 12,6% 7,1% 9,7% 12,6%
                 
Gross capital expenditure, excl. acquisitions and divestments (capex)3 -468 -752 -919 -692 -2 831 -1 074 -549 -324
                 
Business drivers and other data                
Other revenue, including hubs (USD m) 556 614 643 734 2 547 830 783 890
Loaded volumes (FFE in '000) 2 601 2 700 2 631 3 007 10 939 3 220 3 399 3 334
Loaded freight rate (USD per FFE) 1 713 1 863 1 829 1 750 1 788 1 832 1 840 1 929
Unit cost, fixed bunker (USD per FFE incl. VSA income) 1 745 1 732 1 788 1 744 1 752 1 895 1 783 1 809
Hub productivity (PMPH) 73 72 73 75 73 75 79 83
Bunker price, average (USD per tonne) 320 313 307 343 321 382 401 452
Bunker cost (USD m) 782 780 809 970 3 341 1 194 1 205 1 318
Bunker consumption (tonnes in '000) 2 444 2 490 2 636 2 825 10 395 3 129 3 002 2 915
Average nominal fleet capacity (TEU in '000) 3 224 3 311 3 523 3 761 3 456 4 231 4 154 4 042
Fleet, owned (EOP) 284 282 285 339 339 346 346 353
Fleet, chartered (EOP) 355 364 383 442 442 430 396 370
                 
LOGISTICS & SERVICES                
          2017   2018 2018
USD million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3
                 
Revenue 1 378 1 396 1 471 1 527 5 772 1 455 1 489 1 581
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 32 46 28 33 139 23 28 48
EBITDA margin (%) 2,3% 3,3% 1,9% 2,2% 2,4% 1,6% 1,9% 3,0%
                 
Gross capital expenditure, excl. acquisitions and divestments (capex)3 -8 -11 -10 -25 -54 -8 -12 -11
                 
Business drivers and other data                
Gross profit (USD m) 253 265 259 262 1 039 263 278 290
EBIT conversion (EBIT/Gross profit - %) 13,1% 27,5% 7,9% 9,2% 14,5% 6,4% 8,4% 14,7%
Ocean volumes (TEU) 166 337 167 822 167 467 162 822 664 448 145 687 156 388 170 763
Supply chain management volumes ('000 cbm) 15 983 16 227 20 186 17 178 69 574 16 975 17 672 22 228
Airfreight volumes (tonnes) 45 002 50 138 50 672 60 396 206 208 40 159 44 218 46 057
Ocean revenue (USD m) 166 170 167 163 666 147 148 165
Supply chain management revenue (USD m) 175 170 221 212 778 206 194 256
Airfreight revenue (USD m) 128 151 156 224 659 141 147 152
Inland haulage revenue (USD m) 573 586 615 614 2 388 623 648 653
Inland services revenue (USD m) 166 148 136 139 589 144 154 147
Other services revenue (USD m) 170 171 176 175 692 194 198 208
                 
TERMINALS & TOWAGE                
          2017   2018 2018
USD million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3
                 
Revenue 824 819 890 948 3 481 911 847 932
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 139 149 160 191 639 196 178 191
EBITDA margin (%) 16,9% 18,2% 18,0% 20,1% 18,4% 21,5% 21,0% 20,5%
                 
Gross capital expenditure, excl. acquisitions and divestments (capex)3 -196 -156 -140 -212 -704 -101 -116 -97
                 
Business drivers and other data                
Terminal volumes - EqW (moves in m) 3,7 3,9 4,0 4,0 15,6 4,0 4,2 4,3
Terminal revenue per move - EqW (USD per move) 203 194 204 210 203 209 199 203
Terminal unit cost per move - EqW (USD per move) 164 161 166 169 167 170 166 167
Result from joint ventures and associated companies (USD m) 34 32 -185 41 -78 54 51 53
No. of operational tug jobs ('000 HT) 31 30 31 31 123 33 32 32
Annualised EBITDA per tugE (TT) (USD) 635 1 026 805 729 755 747 956 958
                 
MANUFACTURING & OTHERS                
          2017   2018 2018
USD million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3
                 
Revenue 401 446 382 460 1 689 619 636 642
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 41 37 30 65 173 29 8 0
EBITDA margin (%) 10,2% 8,3% 7,9% 14,1% 10,2% 4,7% 1,3% 0,0%
                 
Gross capital expenditure, excl. acquisitions and divestments (capex)3 -5  - -11 -7 -23 -6 -3 -3
                 
Business drivers and other data                
Maersk Container industry, share of external customers (%) 28% 3,5% 11% 32% 18% 30% 60% 77%

1 Following the classification of Maersk Oil, Maersk Tankers, Maersk Drilling and Maersk Supply Service as discontinued operations in 2017, the businesses are presented separately on an aggregated level in the income statement, balance sheet and cash flow statements. In accordance with IFRS, the income statement and cash flow statement have both been restated in previous periods, while the balance sheet has not been restated in previous periods. The Maersk Tankers transaction was closed 10 October 2017 and the Maersk Oil transaction 8 March 2018.

2 Underlying profit/loss is profit/loss for the period from continuing operations adjusted for net gains/losses from sale of non-current assets, etc. and net impairment losses as well as transaction, restructuring and integration costs related to major transactions. The adjustments are net of tax and include A.P. Moller - Maersk’s share of mentioned items in associates and joint ventures.

3 To better reflect the continuing businesses ability to convert earnings to cash (cash conversion) and prepare for the upcoming implementation of IFRS 16 (leases) in 2019, payments related to financial items have been moved from cash flow from operating activities to cash flow from investing activities (dividends received) and cash flow from financing activities (net financial payments). Comparative figures have been restated.

4 Excluding Hamburg Süd for comparison purposes end of December 2017. Figures stated for 2018 exclude the impact of Total S.A. shares.

5 Compared to prior periods the definition of Net interest-bearing debt has been adjusted to include fair value of the derivatives hedging the underlying debt. Comparison figures have been restated.