Annual results 2024 · Summary
Highlights 2024
The A.P. Moller Group ended 2024 with an EBITDA of DKK 91bn (USD 13bn), a net result of DKK 49bn (USD 7bn) and consolidated assets of DKK 831bn (USD 116bn). The Group’s parent company A.P. Moller Holding increased its net asset value of DKK 230bn (USD 32bn).
A.P. Moller - Maersk delivered its third best result ever significantly above initial expectations, positively impacted by higher demand and increased freight rates.
A.P. Moller Holding’s Principal Holdings concluded the acquisition of Concentric and delisted the company from the Swedish stock exchange.
Danske Bank delivered its best result ever and reported a net profit of DKK 24bn (USD 3bn).
A.P. Moller Holding’s Public Markets portfolio, valued at DKK 44bn (USD6bn), delivered a return of 16% in 2024.
The demerger and separate listing of Svitzer from A.P. Moller - Maersk was completed in April 2024.
A.P. Moller Holding’s Growth Equity team pursued several investments now comprising 9 investments.
The merger of Maersk Supply Service and DOF was successfully completed in Q4, leading to A.P. Moller Holding taking a significant holding in the combined company.
FINANCIAL
Five-year summary
Financial highlights
• A.P. Moller Holding delivered a consolidated revenue of DKK 425bn and a net result of DKK 49bn, ending the year with a total equity of DKK 562bn. Operating profit and earnings increased compared to 2023, reflecting underlying constructive conditions for our shipping activities and related services. Our industrial businesses continued to experience organic growth and have successfully integrated companies acquired in 2023.
• Result for the year increased from DKK 35bn in 2023 to DKK 49bn, mainly reflecting solid business considerations across the shipping and offshore businesses and a record high result in Danske Bank.
• A.P. Moller Holding’s share of the result was DKK 22bn compared to DKK 19bn in 2023. The share of result was positively impacted by the group’s share of the result in associated companies, mainly Danske Bank.
CONSOLIDATED REVENUE
A.P. MØLLER HOLDING A/S’
Financial highlights
• The total capital inflow from dividends, share buy-back programmes, and our financial portfolio was DKK 17bn (DKK 43bn in 2023), positively impacted by dividends from Danske Bank and dividends and share buy-back programmes from A.P. Moller - Maersk.
• At the end of 2024, the net asset value increased to DKK 230bn, up 7% from the end of 2023. The main contributor of the value appreciation is Danske Bank with a 13% increase in share price and total shareholder return of 25%, driven by the solid financial performance.
• A.P. Møller Holding A/S will pay a dividend of DKK 1.0bn to A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (A.P. Moller Founda-tion). In 2024, a dividend of DKK 1.0bn was paid.
The investment strategy of A.P. Moller Holding
Area of potential interest
LONG-TERM MEGA TRENDS
OUR VALUE ADD
‘NYTTIG VIRKSOMHED’
Our investment strategy is to build scalable platforms in areas where we can leverage momentum to drive long-term value and impact.
We focus on long-term mega trends, and, as owners, we utilise and leverage the strengths and capabilities accumulated across our Group throughout more than 120 years.
Above all, we strive to fulfil our Group’s long-standing purpose of ‘nyttig virksomhed’ – having a positive impact on society.
Our investment themes
Our investment activities focus on four themes with long-term secular growth and positive impact:
GLOBAL TRADE
Global trade is key to prosperity as it enables income and growth for people and societies.
Our businesses enable global trade in different ways, for example by facilitating more efficient logistics across the globe and by building critical infrastructure.
THE ENERGY TRANSITION
Our societies depend on a steady and reliable supply of energy. At the same time, we need to migrate from the fossil sources that propelled the industrial revolution and drove wealth creation and consumption and move towards energy generation from non-fossil and renewable sources.
Our focus is on this transition which will not happen overnight and maintaining access to energy is a necessity for our societies.
CIRCULARITY, WATER & WASTE RECOVERY
Global consumption of resources and products is not in balance with our planet‘s ability to regenerate nor to absorb the substantial generation of waste.
We are committed to the development of circular rather than linear production and consumption models.
DEMOGRAPHICS & SOCIETAL CHANGES
Across both mature and emerging economies, population demographics continue to change, creating challenging conditions for societal welfare. Left unchecked, welfare imbalance risk creating unsustainable levels of inequality.
We invest in digital and automated ways of working to address the welfare challenges arising from demographic change.
Our Group
An integrated transport and logistics company working to connect and simplify its customers’ supply chains. The company is a global leader in shipping activities.
A leading supplier of circular packaging solutions to the global food industry, serving leading food manufacturers and retailers around the world.
Denmark’s largest bank. Its core business includes private, business, institutional customer segments, and other financial services to the Nordic markets.
A leading offshore drilling company for the oil and gas industry. The company owns and operates one of the youngest and most advanced fleets in the offshore drilling industry.
A leading diagnostics services provider in Europe, focusing on laboratory testing, pathology, and radiology. The company services both public and private healthcare providers.
A global leader in sustainable marine services, providing critical towage infrastructure and maritime solutions across Europe, AMEA, Australia, and the Americas.
A.P. Moller - Maersk Unilabs Danske Bank
Faerch
Noble
Svitzer
Our Group
A leading provider of global offshore marine services for the energy sector, including oil and gas companies, offshore renewable companies and subsea contractors. DOF
USD 1.4bn 5,440
A leading global supplier of power electronic system solutions for the wind turbine industry, offering a wide range of products and services to wind turbines and parks.
DKK 7.7bn 3,746
Product Tankers
An asset company, owning tankers transporting energy products worldwide for large energy companies and trading houses.
USD 0.6bn 15
Tankers
A service company providing commercial management solutions for shipowners in the tanker industry. The company operates one of the largest tanker fleets in the world.
USD 0.4bn 238
A global leader in pump, fan, and thermal management solutions for the commercial vehicle market, helping customers increase fuel efficiency, reduce emissions, and improve engine control.
USD 0.3bn 1,224
A.P. Moller Capital
An infrastructure fund manager focusing on high growth markets, combining attractive risk adjusted return with a positive societal impact.
KK Wind Solutions
Maersk
Maersk
Concentric
Our Group
A geothermal heating company aiming to heat millions of urban homes while leaving zero impact on our planet.
A green methanol production company. Methanol is a fundamental building block in many everyday products including plastics, glues, textiles, and other applications.
A technology company providing a range of software solutions that enable the shipping industry to reduce its impact on the climate while maintaining commercial performance.
A provider of installation services to the offshore wind market accelerating the rollout of offshore wind farms.
A water management company owning and operating water, wastewater, reuse plants, concessions, and related water utility businesses.
A company aiming to be the world’s first large-scale producer of fossil-free plastics based on green methanol.
Iv3 Aqua
ZeroNorth
C2X
Innargi
Maersk Offshore Wind
Vioneo