- 2020 has been another year of solid progress for A.P. Moller – Maersk, both in terms of financial performance and in transforming the company.
- Despite low volumes during most of 2020, profitability grew throughout the first nine months and ended the year with record Q4 results in Logistics and Terminals.
- While Ocean delivered an exceptional quarter driven by the increased volumes and current, temporary supply chain disruptions.
A recent news article published in the Maersk reveals that A.P. Moller – Maersk delivers strong transformation progress and results in 2020.
Key highlights
The company grew underlying earnings before interest, tax, depreciation and amortisation (EBITDA) 44 pct. to USD 8.2bn and revenue grew to USD 39.7bn in 2020 compared to USD 38.9bn last year.
Logistics & Services grew to USD 7bn, compared to USD 6.3bn last year, and EBITDA improved 110 pct. to USD 454m.
Gateway terminals saw a decrease in revenue of 3.9 pct. to USD 3.2bn in 2020 because of lower volumes due to impact from the pandemic.
EBITDA increased by 8.3 pct. to USD 989m, reflecting an improved EBITDA margin to 31 pct. driven by higher revenue per move and cost reductions in several terminals.
In 2020, free cash flow improved to USD 4.6bn from USD 2.3bn leading to a USD 2.5bn reduction of net debt and USD 1.3bn returns to shareholders.
Net result amounted to USD 2.9bn and the Board of Directors will recommend a dividend of DKK 330/share, up from DKK 150/share to the AGM on 23 March 2021.
A note from Soren Skou, CEO
Søren Skou concludes: “Financially, we left 2020 with a very strong balance sheet and little debt, which will allow us to continue to invest in our transformation and grow profitably. We are well equipped to deal with the ongoing market volatility and also to benefit from a world that hopefully starts to re-open.”
Revenue
| USD million | 2020 | 2019 |
|---|---|---|
Terminals & Towage | 3,807 | 3,948 |
Unallocated activities, eliminations, etc. | -1,459 | -1,547 |
Manufacturing & Others | 1,254 | 1,376 |
Ocean | 29, 175 | 28,782 |
A.P. Moller – Maersk consolidated – continuing operations | 39,740 | 38,890 |
Logistics & Services | 6,963 | 6,331 |
EBITDA
| USD million | 2020 | 2019 |
|---|---|---|
A.P. Moller – Maersk consolidated – continuing operations | 8,226 | 5,172 |
Logistics & Services | 454 | 216 |
Unallocated activities, eliminations, etc. | -143 | -194 |
Terminals & Towage | 1,205 | 1,118 |
Manufacturing & Others | 165 | 136 |
Ocean | 6,545 | 4,436 |
CAPEX
| USD million | 2020 | 2019 |
|---|---|---|
Manufacturing & Others | 33 | 204 |
Unallocated activities, eliminations, etc. | 70 | 1 |
Terminals & Towage | 457 | 532 |
A.P. Moller – Maersk consolidated – continuing operations | 1,322 | 2,035 |
Logistics & Services | 109 | 126 |
Ocean | 653 | 1,172 |
About A.P. Moller – Maersk
A.P. Moller – Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains.
As the global leader in shipping services, the company operates in 130 countries and employs roughly 80,000 people.
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Source: Maersk
