Financial Highlights

          2018   2019
Income statement Q11 Q21 Q31 Q41 Full Year Q1 Q2
Revenue 9 305 9 568 10 149 10 235 39 257 9 540 9 627
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 931 1 162 1 456 1 449 4 998 1 236 1 357
Depreciation, amortisation and impairment losses, net 1 020 1 166 1 402 1 168 4 756 1 082 1 024
Gain on sale of non-current assets, etc., net 33 13 44 76 166 18 16
Share of profit/loss in joint ventures 37 39 40 0 116 24 34
Share of profit/loss in associated companies 26 17 -78 -80 -115 34 33
Profit/loss before financial items (EBIT) 7 65 60 277 409 230 416
Financial items, net -220 -154 -170 -222 -766 -228 -170
Profit/loss before tax -213 -89 -110 55 -357 2 246
Tax 98 64 109 127 398 106 92
Profit/loss for the period - continuing operations -311 -153 -219 -72 -755 -104 154
Profit/loss for the period - discontinued operations 2 2 981 121 569 116 3 787 -552 -1
Profit/loss for the period 2 670 -32 350 44 3 032 -656 153
A.P. Møller - Mærsk A/S' share 2 656 -41 338 32 2 985 -659 141
               
Underlying profit/loss - continuing operations 3 -329 15 188 65 -61 -69 134
               
Cash flow statement              
Cash flow from operating activities  728 630 1 387 1 697 4 442 1 482 1 170
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 1 359 782 409 669 3 219 778 445
Net cash flow from discontinued operations 2 293 175 98 1 402 3 968 47 -419
               
Financial ratios              
Revenue growth 30.2% 23.3% 27.9% 25.9% 25.9% 2.5% 0.6%
Revenue growth excl. Hamburg Süd (2018) 8.8% 4.1% 10.9% 9.1% 8.2%    
EBITDA margin 10.0% 12.1% 14.3% 14.2% 12.7% 13.0% 14.1%
Cash conversion 78% 54% 95% 117% 89% 120% 86%
Return on invested capital after tax - continuing operations (ROIC) -0.5% 0.1% -0.2% 1.2% 0.2% 1.3% 3.1%
               
OCEAN FINANCIAL HIGHLIGHTS              
          2018   2019
USD million Q11 Q21 Q31 Q41 Full year Q1 Q2
               
Freight revenue 5 980 6 168 6 431 6 346 24 925 6 015 6 336
Other revenue, including hubs 830 784 890 937 3 441 914 814
Revenue 6 810 6 952 7 321 7 283 28 366 6 929 7 150
Container handling costs 2 415 2 440 2 347 2 279 9 481 2 312 2 408
Bunker costs 1 194 1 205 1 318 1 325 5 042 1 142 1 210
Network costs, excluding bunker costs 1 836 1 729 1 767 1 721 7 053 1 786 1 753
Selling, General & Administrative (SG&A) and other costs, etc. 702 713 766 857 3 038 733 730
Total operating costs 6 147 6 087 6 198 6 182 24 614 5 973 6 101
Other income/costs, net -11 -9 3 47 30 -29 19
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 652 856 1 126 1 148 3 782 927 1 068
EBITDA margin (%) 9.6% 12.3% 15.4% 15.8% 13.3% 13.4% 14.9%
               
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 1 074 549 324 332 2 279 469 314
               
Operational and financial metrics              
Loaded volumes (FFE in ’000) 3 220 3 399 3 334 3 353 13 306 3 150 3 447
Loaded freight rate (USD per FFE) 1 832 1 840 1 929 1 913 1 879 1 903 1 868
Unit cost, fixed bunker (USD per FFE incl. VSA income) 1 889 1 776 1 801 1 767 1 808 1 882 1 713
Hub productivity (PMPH) 75 79 83 84 81 88 91
Bunker price, average (USD per tonne) 382 401 452 465 424 417 436
Bunker consumption (tonne in ’000) 3 129 3 002 2 915 2 848 11 894 2 739 2 777
Average nominal fleet capacity (TEU in '000) 4 231 4 154 4 042 4 038 4 115 4 048 4 110
Fleet, owned (end of period) 298 298 298 303 303 305 307
Fleet, chartered (end of period) 478 444 425 407 407 408 409
               
LOGISTICS & SERVICES              
          2018   2019
USD million Q11 Q21 Q31 Q41 Full year Q1 Q2
               
Revenue 1 455 1 489 1 581 1 557 6 082 1 448 1 484
Direct cost 1 187 1 204 1 285 1 285 4 961 1 174 1 186
Gross profit 268 285 296 272 1 121 274 298
Selling, General & Administration (SG&A) and other costs, etc. 223 233 226 248 930 223 237
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 45 52 70 24 191 51 61
EBITDA margin (%) 3.1% 3.5% 4.4% 1.5% 3.1% 3.5% 4.1%
               
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 8 12 11 16 47 9 29
               
Operational and financial metrics              
EBIT conversion (EBIT/Gross profit - %) 7.0% 9.4% 15.0% -5.1% 6.8% 6.8% 9.3%
Supply chain management volumes ('000 cbm) 16 975 17 672 22 228 18 434 75 309 17 155 17 723
Supply chain management revenue 206 194 256 211 867 201 210
Intermodal revenue 623 648 653 645 2 569 633 647
Inland services revenue 144 154 147 150 595 143 143
Sea freight volumes (TEU) 145 687 156 388 170 763 166 294 639 132 144 917 146 039
Sea freight revenue 147 148 165 186 646 146 131
Air freight volumes (tonne) 40 159 44 218 46 057 45 068 175 502 32 086 40 136
Air freight revenue 141 147 152 168 608 101 119
Other services revenue (USD m) 194 198 208 197 797 224 234
               
TERMINALS & TOWAGE              
          2018   2019
USD million Q11 Q21 Q31 Q41 Full year Q1 Q2
               
Revenue 911 847 932 1 082 3 772 991 957
Concession fees 60 60 66 76 262 62 70
Labour cost (Blue collar) 277 282 298 365 1 222 333 320
Other operational cost 161 111 160 219 651 182 177
Selling, General & Administration (SG&A) and other costs, etc. 169 168 154 148 639 147 164
Total operating cost 667 621 678 808 2 774 724 731
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 244 226 254 274 998 267 226
EBITDA margin (%) 26.8% 26.7% 27.3% 25.3% 26.5% 26.9% 23.6%
               
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 101 116 97 242 556 121 85
               
Operational and financial metrics              
Terminal volumes – financially consolidated (moves, m) 2.7 2.8 2.8 3.1 11.4 2.8 3.0
  Ocean segment 0.9 1.0 1.0 1.2 4.1 1.0 1.0
  External customers 1.8 1.8 1.8 1.9 7.3 1.8 2.0
Terminal revenue per move – financially consolidated (USD) 252 239 254 263 252 271 257
Terminal cost per move – financially consolidated (USD) 207 203 205 219 211 225 213
Result from joint ventures and associated companies (USD m) 54 51 53 6 164 51 57
Number of operational tug jobs (harbour towage) (’000) 33 32 32 34 131 33 33
Annualised EBITDA per tug (terminal towage) (USD in ’000) 797 986 1 007 685 892 918 952
               
MANUFACTURING & OTHERS              
          2018   2019
USD million Q11 Q21 Q31 Q41 Full year Q1 Q2
               
Revenue 672 697 715 703 2 787 558 459
Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 48 33 34 48 163 21 36
EBITDA margin 7.1% 4.7% 4.8% 6.8% 5.8% 3.8% 7.8%
               
Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 184 78 11 85 358 177 10
               
Operational and financial metrics              
Maersk Container Industry              
   Sales volume (unit) 31 762 27 525 29 597 28 597 117 481 9 906 8 867
   Sales to third party 88 148 174 191 601 95 45
   EBITDA 32 -6 5 9 40 -15 16
               
Maersk Supply Service              
   Gross utilisation 58.9% 57.0% 66% 58.0% 60.% 59% 61%
   Revenue backlog 265 289 262 323 323 302 313
   EBITDA 3 -3 7 -4 3 5 5

1 2018 quarters presented including MSS and as if IFRS 16 had been implemented in 2018, for comparison purposes.

2 Following the classification of Maersk Oil, Maersk Tankers and Maersk Drilling as discontinued operations in 2017, the businesses are presented separately on an aggregated level in the income statement, balance sheet and cash flow statements.

3 Underlying profit/loss is defined 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 and integration costs related to acquisitions. The adjustments are net of tax and include A.P. Moller - Maersk's share of mentioned items in associated companies and joint ventures.