#1MAERSK MAERSK FROG DRY Date: 20 February 2020 Conference Call: 11:00 CET Webcast: investor.maersk.com NDAI MAERSK 110 tradh ERSK PROSS MAER A.P. Møller-Mærsk A/S FY 2019 investor and analyst presentation HAVSEC MAERSK MAERS HYUNDAI HAMBERGS MAE MAE MAERSK MAERSK MAERSK MAERSK 33W ASS APM TERMINALS 147 APM TERMINALS LAERSK ALAND MAERSK Reserver MAERSK MAERSK 147 33W Idha MADRIK 34W APM TERMINALS 34W MAERSK Ass#2Forward-looking statements 2 Annual Report 2019 This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of A.P. Møller-Mærsk A/S (APMM), may cause actual developments and results to differ materially from the expectations contained in this presentation. Comparative figures Unless otherwise stated, all comparisons refer to y/y changes. 2018 numbers have been restated for Maersk Supply Service and IFRS 16 effects to ensure comparability to 2019 numbers. MAERSK#3Annual Report 2019 and Q4 2019 Key statements 3 Annual Report 2019 MAERSK#4Key statements Financial highlights for Q4 Continuous improvement in profitability and strong free cash flow 4 Revenue declined 5.5% to USD 9.7bn, mainly due to front-loading to the US in Q4 2018 ahead of anticipated tariffs. Profitability improved with EBITDA of USD 1.5bn and an EBITDA margin increase of 0.9%-point to 15.1%. EBITDA margin of 15.5% in Ocean was stable due to continuing focus on capacity management and lower fuel cost. Logistics & Services delivered 14% increase in gross profit to USD 310m and EBITDA margin increased to 2.3%. Gateway terminals' EBITDA margin increased 7%-points to 31.9%. Strong cash generation with operating cash flow of USD 1.5bn, despite negative effects from build-up of fuel inventories and free cash flow of USD 0.7bn after capitalized lease payments. Return on invested capital improved slightly to 1.7% from 1.4%, including restructuring cost of USD 75m. Full-year guidance for 2020 of EBITDA around USD 5.5bn with a high cash conversion and reiterates disciplined capex guidance for 2020-21. Annual Report 2019 Revenue (USD) 9.7bn (5.5% decline) CFFO* (USD) 1.5bn (cash conversion 105%) Return on invested capital 1.7% (1.4%) *Before capitalised lease payments EBITDA (USD) 1.5bn (1.0% increase) Free cash flow* (USD) 1.1bn (USD 0.7bn after capitalised lease payments) NIBD (USD) 11.7bn (USD 12.1bn end of Q3 2019) MAERSK#5Key statements Financial highlights for 2019 Improved earnings and profitability across all segments and with a strong free cash flow Revenue decreased slightly to USD 38.9bn. EBITDA increased 14% to USD 5.7bn and margin improved 2%-points to 14.7%, driven by higher margins in all segments. ● ● ● ● ● ● Ocean EBITDA improved by 15% with margin improved 2%-points to 15.3%, supported by capacity management and lower fuel cost. 5 Logistics & Services grew gross profit by 8.7% to USD 1.2bn and EBITDA margin by 0.9%-points to 4.0%. Gateway terminals improved EBITDA by 17% and margins by 3.2%- points to 28%. Strong operating cash flow of USD 5.9bn with a cash conversion ratio of 104% and free cash flow was USD 2.4bn after capitalised lease payments and excluding sale of shares in Total S.A. Proposing a dividend of DKK 150 per share for 2019, of which DKK 75 is related to the proceeds from the sale of shares in Total S.A. • After completing the current share buy-back programme the Board of Directors will evaluate the capital structure and outlook with the intention to distribute additional cash to shareholders. Annual Report 2019 Revenue (USD) 38.9bn (0.9% decline) CFFO* (USD) 5.9bn (cash conversion 104%) Return on invested capital 3.1% (FY 2018: 0.2%) *Before capitalised lease payments EBITDA (USD) 5.7bn (14% increase) Free cash flow* (USD) 6.8bn (USD 5.0bn after capitalised lease payments) NIBD (USD) 11.7bn (NIBD USD 14.9bn end of 2018) MAERSK#6Key statements Strategic Transformation update Progressing on the strategic transformation, CROIC improved significantly ● ● ● ● 6 New organisational structure to support and accelerate the strategy execution. Acquisition of Performance Team will expand the logistic service offering in the US within warehousing & distribution and SCM. Non-Ocean revenue increased 0.1% as the strong growth in gateway terminals was offset by decline in freight forwarding in Logistics & Services due to front-loading of volumes in Q4 2018. Gross profit for Logistics & Services grew by 8.7%, positively impacted by growth in intermodal, warehousing & distribution and the acquisition of Vandegrift. Hamburg Süd and Transport & Logistics contributing with accumulated synergies of USD 1.2bn by end 2019 outperforming the target by USD 0.2bn. Significant improvement in the cash return on invested capital from 2.8% in 2018 to 9.3% in 2019 (10.4% in Q4 2019). Annual Report 2019 Non-Ocean revenue growth Logistics & Services, gross profit growth Annual synergies by end of 2019 of USD 1.0bn Cash return on invested capital (CROIC) Long-term metric Return on invested capital after tax (ROIC) Q4 2019 -7.7% 14.0% USD 0.1bn 10.4% 1.7% Q4 2018 14.9% 4.1% USD 0.2bn 9.7% 1.4% FY 2019 0.1% 8.7% USD 1.2bn 9.3% 3.1% FY 2018 6.3% ¹ Non-Ocean is defined as Logistics & Services, Terminal & Towage and Manufacturing & Others, but excludes Maersk Oil Trading and tramp activities. Note: the growth is adjusted for the closure of the two factories in Maersk Container Industry (MCI). 7.9% USD 0.7bn 2.8% 0.2% MAERSK#7Strategy update Integrated container logistic provider, with end-to-end services 7 MAERSK Annual Report 2019 MAERSK MARK START Meet the customer Booking Set for reliable and cost efficient shipping to the final destination. MAERSK MAERSK MAERS Collect the goods Production: Picked up at the customers' facilities at any place in the world. MARK Store the goods Warehouse: Goods are stored or managed throughout the supply chain, based on customers' needs. Transport the goods Transportation: Moved by the world's most sustainable fleet through Maersk's global transport network. MAERSK 00 00 Clear the goods at arrival Import terminal: Taken through customs promptly and efficiently. Clear the goods for departure Export terminal: Taken through customs promptly and efficiently. ALL THE WAY Connecting and simplifying our customers' supply chains 00 MAERSK Store the goods Warehouse: Stored and managed for optimisation of stock, costs and inventory days. END Deliver the goods Customer warehouse or shop Seamlessly delivered at the destination of the customers' preference. MAERSK#8Strategic update Acquisition of Performance Team The acquisition of Performance Team is a strategic component towards becoming the global integrator ● ● ● 8 Premium player within warehousing & distribution in the US with 24 warehousing sites and 800,000 square meters. Offering end-to-end supply chain solutions within warehousing fulfilment services, omni-channel and e-commerce, inland transportation and distribution services. The acquisition will create a strong operational and commercial platform to profitably grow our current warehousing & distribution activities. Performance Team has a track-record of profitable growth of 17% (CAGR) for the last four years revenue for 2019 of USD 525m e EBITDA of USD 90m (including IFRS 16 effects) Enterprise value of USD 545m including IFRS 16 lease liabilities of around USD 225m. Annual Report 2019 *Pre IFRS 16 D Adding to the portfolio of end-to-end services HAR OO MAERSK OO MARK 00 00 ALL THE WAY Connecting and simplifying our customers' supply chains MAERSK 00 1 PT 11 MAERSK#9Annual Report 2019 Financial highlights 9 Annual Report 2019 MAERSK#10Financial highlights Q4 2019 Improving operating margins USDm 10,000 9,000 10 8,000 1,400 900 400 -100 9,668 10,235 Revenue Annual Report 2019 1,463 1,449 EBITDA 342 EBIT 277 -61 -72 Reported profit/loss ■2019 Q4 29 Financial highlights ■2018 Q4 65 Underlying profit/loss *Underlying profit/loss is the profit/loss for the period adjusted for net gains/losses from sale of non-current assets, etc. and net impairments losses as well as transaction, restructuring and integration costs. Continuous focus on improving profitability led to an improvement in EBITDA margin of around 1%-point to 15.1%, despite negatively impacted by restructuring cost of USD 75m. EBIT and reported profit/loss for Q4 2019 was negatively impacted by impairments and write- downs of USD 79m related to Logistics & Services (Q4 2018 USD 191m). MAERSK#11Financial highlights Q4 2019 Continuous low organic CAPEX in the coming years Capex excluding acquisitions and divestments, USDbn 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 11 2.1 2016 4.0 2017 Annual Report 2019 3.2 2018 2.0 2019 USD 3.0-4.0bn in total 1 2021 2020 guidance guidance 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 0.7 Q4 2018 0.8 Q1 2019 0.4 0.3 Q2 2019 Q3 2019 0.5 Q4 2019 CAPEX for 2019 was in the low end of the guidance or around USD 2.2bn, at USD 2.0bn. For 2020 and 2021 the accumulated CAPEX guidance remains at USD 3.0-4.0bn. Total contractual capex commitments of USD 1.7bn end 2019, down from USD 2.4bn end 2018, of which USD 0.6bn is timed for 2020. MAERSK#12Financial highlights Q4 2019 High cash conversion in Q4 2019 Development in cash flow, USDm 12 2,000 1,500 1,000 500 0 1,535 1,697 Operating cash flow (before financial items and capitalised lease payments) Annual Report 2019 469 Gross capital expenditures, (excl. M&A) 669 668 Q4 2019 638 Free cash flow (after capitalised lease payments, before financial items and excluding sale of Total S.A. shares) Q4 2018 CFFO of USD 1.5bn reflecting a cash conversion of 105% was negatively impacted by the build-up of inventories of USD 300m ahead of IMO 2020. Free cash flow was USD 668m, after capitalised lease payments of USD 432m (USD 312m). MAERSK#13Financial highlights FY 2019 High cash conversion in FY 2019 Development in cash flow, USDm 13 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 5,919 4,442 Operating cash flow (before financial items and capitalised lease payments) Annual Report 2019 2,035 3,219 Gross capital expenditures, (excl. M&A) 2,410 2019 102 Free cash flow (after capitalised lease payments, before financial items and excluding sale of Total S.A. shares) 2018 CFFO of USD 5.9bn reflecting a cash conversion of 104% for the full year, positively impacted by earnings and net working capital. Free cash flow of USD 2.4bn after capitalised lease payments of USD 1.8bn (USD 1.6bn), compares to USD 102m in 2018. MAERSK#14Financial highlights Q4 2019 Net interest bearing debt decreased further Development in net interest-bearing debt USDbn 13 12 11 10 9 14 8 12.1 NIBD Q3 2019 -1.5 Annual Report 2019 EBITDA -0.1 A working capital +0.2 Taxes and financial items +0.4 1) Defined as cash and securities and undrawn committed facilities longer than 12 months less restricted cash and securities. Net investments +0.3 Share buyback +0.2 Net new lease liabilities 11.7 NIBD Q4 2019 Net-interest bearing debt of USD 11.7bn includes lease liabilities of USD 8.6bn. Liquidity reserve¹ of USD 10.5bn by end Q4 2019. Investment grade credit rating of BBB (stable) from S&P and Baa3 (stable) from Moody's. MAERSK#15Financial highlights Consolidated financial information Income statement (USDm) Revenue EBITDA EBITDA margin Depreciation, impairments etc. Gain on sale of non-current assets, etc., net Share of profit in joint ventures Share of profit in associated companies EBIT EBIT margin 15 Financial costs, net Profit/loss before tax Tax Profit/loss - continuing operations Profit/loss - discontinued operations Profit/loss for the period Annual Report 2019 Q4 2019 9,668 1,463 15.1% 1,160 1 34 342 3.5% -212 130 191 -61 -61 Q4 2018 FY 2019 76 10,235 38,890 39,257 1,449 5,712 4,998 14.7% 12.7% 4,756 14.2% 1,168 4,287 71 FY 2018 0 93 -80 136 277 1,725 2.7% 4.4% -222 -758 55 967 127 458 -72 509 116 -553 44 -44 166 116 -115 409 1.0% -766 -357 398 -755 3,787 3,032 Key figures and financials (USDm) Profit/loss continuing operations Gain/loss on sale of non-current assets etc., net Impairment losses, net. Transaction and integration cost Tax on adjustments Underlying profit/loss - continuing operations Cash flow from operating activities Gross capital expenditures Net interest-bearing debt Invested capital Total Equity (APMM total) Earnings per share (USD) Q4 2019 Q4 2018 FY 2019 -61 -1 79 13 -1 29 -72 -4 -76 191 22 65 509 -2 -71 29 78 1 1,535 1,697 469 669 2,035 11,662 14,953 11,662 40,535 49,255 40,535 28,837 33,205 28,837 546 5,919 22 FY 2018 -755 -166 757 78 25 -61 4,442 3,219 14,953 49,255 33,205 -37 MAERSK#16Highlights Q4 2019 Ocean ● 16 Lower volumes due to weaker markets and initiatives taken to protect profitability, led to a 3.4% revenue decline. EBITDA declined 4.8% compared to an extraordinary strong Q4 2018. Margin of 15.5% held up well due to strong focus on capacity management and lower fuel cost. Total operating costs decreased by 4.1% compared to Q4 2018, but declining volumes led to increased unit cost. On a full year basis, EBITDA improved 15% to an EBITDA margin of 15.3%. Maersk Spot, introduced in Q2 2019, saw further adaption in the market, and at the end of Q4 Maersk Spot accounted for 24% of spot-volumes. Annual Report 2019 Development in EBITDA and EBITDA margin (%) 1,400 1,200 1,000 800 600 400 200 0 Revenue 9.6% Q1 18 EBITDA EBITDA margin Gross capital expenditures 12.3% Q2 18 Q3 18 Q4 18 15.4% 15.8% Q4 2019 (USDm) 7,034 1,093 15.5% 180 EBITDA Q4 2018 (USDm) 7,283 1,148 15.8% 332 13.4% 14.9% Q1 19 Q2 19 Q3 19 EBITDA margin FY 2019 (USDm) 28,418 4,356 15.3% 17.4% 1,172 15.5% Q4 19 FY 2018 (USDm) 28,366 3,782 13.3% 2,279 20% 15% 10% 5% 0% MAERSK#17Ocean highlights Q4 2019 Strong focus on margins led to stable freight rates ● ● ● 17 Average freight rates decreased by 0.4% (adjusted for FX the average freight rates increased by 0.1%), driven by lower freight rates in intra-regional trades, partly offset by higher contract rates on Asia- Europe. Adjusted for bunker price the average freight rates increased 3.3%. Total volumes decreased by 1.8%, where headhaul volumes decreased 1.9% and backhaul volumes declined 1.5%. The East-West volume decrease was led by North America trades due to high comparable in Q4 2018 related to the frontloading, while Europe was led by general lower demand. The North-South volume decrease was driven by weakness on all trades, except Africa, with the weak Latin American demand continuing into Q4. Intra-regional volume growth was led by intra-Asia growth of 15%. Annual Report 2019 Average loaded freight rates (USD/FFE) East-West North-South Intra-regional Total Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Q4 2019 1,969 1,469 2,180 2,096 1,905 Q4 2019 984 1,575 Q4 2018 735 1,937 1,512 1,913 Q4 2018 1,044 1,616 693 Change 32 84 -43 -8 Change -60 -41 42 3,294 3,353 -59 Change % 1.7 4.0 -2.8 Change % -2.5 FY 2019 -0.4 1,883 6.1 1,885 -1.8 2,117 1,462 -5.7 4,100 FY 2019 6,362 2,834 13,296 FY 2018 1,860 2,078 1,478 1,879 FY 2018 4,186 6,450 2,670 13,306 MAERSK#18Ocean highlights Q4 2019 Total operating cost decreased 4.1% ● ● 18 Total operating costs decreased 4.1% to USD 5.9bn (USD 6.2bn), adjusted for FX total cost decreased by 3.4%. Total cost was positively impacted by lower network costs and lower bunker cost, including continued improvements in the bunker efficiency, partly offset by higher container related costs. Total bunker cost decreased 17% as the average bunker price declined 15% and the bunker consumption declined 2.6% due to efficiency initiatives, focus on capacity management and higher reliability. The unit cost at fixed bunker increased slightly by 0.4% due to declining volumes. Adjusting for FX unit cost increased by 1.1%. For FY 2019 unit cost at fixed bunker decreased by 1.7%, at the high end of our of target to reduce unit cost by 1-2% per year. Annual Report 2019 Unit cost at fixed bunker increased by 0.4% to 1,774 USD/FFE (1,767 USD/FFE) Bunker efficiency improved by 3.0% Bunker cost decreased by 17% to USD 1.1bn (USD 1.3bn) Total unit cost was 1,938 USD/FFE (1,992 USD/FFE) Utilisation worsened compared to Q4 2018 SG&A and other operational costs decreased by 0.8% MAERSK#19Ocean highlights Q4 2019 Status on IMO 2020 19 Maersk positioning • We fully support and comply with the regulations and the operational switch to low sulphur fuel in December was successful. Our fleet fully complies with the sulphur cap, with the vast majority of vessels using low sulphur fuels. Scrubber technology is one element of our sulphur cap strategy and the number of vessels with scrubbers installed is currently limited. ● Efforts to ensure availability and quality of the low sulphur fuels has paid off as we have not had any quality or availability issues. However, we have witnessed fuel prices strengthening well beyond the movements seen in the underlying crude price. Monthly review on BAF's and EFF's has led to announced tariff increases of 50-200 USD per FFE effective 1 March due to the increased fuel costs. Continued strong focus on fuel efficiency to reduce consumption and the environmental impact. Annual Report 2019 USD/Tonne 800 700 600 500 400 300 200 100 0 jul-19 Development in bunker fuel prices SIN VLSFO aug-19 SIN IF0380 sep-19 Source: Bloomberg & Ship and Bunker okt-19 ROT VLSFO nov-19 dec-19 ROT IF0380 jan-20 feb-20 MAERSK#20Ⓡ ● Highlights Q4 2019 Logistics & Services Revenue declined 9.4%, impacted by extraordinary volumes in Q4 2018 due to front-loadings ahead of expected tariffs between China and US in most products. Gross profit increased by 14% and with a positive trend in margin throughout the year, positively impacted by intermodal, warehousing & distribution and acquisition of Vandegrift. EBITDA of USD 32m increased by 33% and margin improved slightly to 2.3% (1.5%). Baseline for 2018 was negatively affected by high maintenance cost in Star Air. Announcement of the acquisition of Performance Team. 20 Annual Report 2019 Development in gross profit and gross profit margin (%) 6 400 350 300 250 200 150 100 50 0 18.4% Q1 18 Revenue Gross profit EBITDA EBITDA margin Gross capital expenditures 19.1% 18.7% Q2 18 Q4 2019 (USDm) 1,411 310 32 2.3% 66 17.5% Q3 18 Q4 18 Gross profit 18.9% 16 Q4 2018 (USDM) 1,557 272 24 1.5% 20.1% Q1 19 Q2 19 Gross profit margin FY 2019 (USDm) 5,965 1,218 238 4.0% 128 20.7% TI 22.0% 25% Q3 19 Q4 19 FY 2018 (USDM) 6,082 1,121 191 3.1% 47 20% 15% 10% 5% 0% MAERSK#21Logistics & Services - highlights Q4 2019 Improved gross profit, EBIT conversion impacted by one-offs • The gross profit margin improved by 4.5%-points to 22.0%, mainly due to improved margins in intermodal, given the conscious decision to reduce presence in less profitable regions, and improvements in warehousing & distribution and custom house brokerage. 21 The improvement in gross profit was offset by negative one-offs related to restructuring costs and impairments. Volumes and gross profit in SCM declined slightly, mainly due to frontloading in Q4 2018. Damco Freight Forwarding realised lower volumes within air and sea freight forwarding impacted by general weaker demand compared to the strong quarterly development last year. Annual Report 2019 Gross profit improved by 14% to USD 310m (USD 272m) Volumes in SCM decreased by 1.3% SG&A and other cost increased to USD 278m (USD 248m) EBIT conversion ratio = EBIT / Gross profit EBIT conversion ratio was negative 22% (-5.1%) Air and sea freight forwarding volumes declined 12% and 18%, respectively Direct cost declined to USD 1,101m (USD 1,285m) MAERSK#22Highlights Q4 2019 Terminals & Towage ● ● ● ● 22 Revenue declined by 11%, while EBITDA increased by 9.9% with a margin of 31.4%. Gateway terminals reported revenue of USD 787m (USD 921m), while towage reported revenue of USD 178m (USD 166m). EBITDA in gateway terminals increased 11% to USD 251m and the EBITDA-margin increased by 7.3%-points to 31.9%. Lower construction revenue (IFRIC12) of USD 99m compared to Q4 2018 contributed to higher margins. EBITDA in towage increased 8.5% to USD 51m, mainly due to higher activity. Vado, Italy opened in December 2019, with Abidjan, Ivory Coast being the only remaining green field terminal under construction. Annual Report 2019 Development in EBITDA and EBITDA margin (%) 350 300 250 200 150 100 50 0 26.8% In Q2 18 Q1 18 Revenue 26.7% 27.3% 25.3% 26.9% EBITDA EBITDA margin Gross capital expenditures Q4 2019 (USDm) 960 301 Q3 18 31.4% 219 Q4 18 EBITDA Q4 2018 (USDM) 1,082 274 25.3% 242 23.6% वि Q1 19 Q2 19 Q3 19 EBITDA margin 31.7% 530 FY 2019 (USDm) 3,894 1,107 28.4% 31.4% Q4 19 FY 2018 (USDm) 3,772 998 26.5% 556 35% 30% 25% 20% 15% 10% 5% 0% MAERSK#23Terminals & Towage - highlights Q4 2019 Margin improvements at lower volumes ● ● ● ● ● 23 Gateway terminals volumes declined 4.7% (declined 1.7% like- for-like), mainly due to extraordinary high volumes in Q4 2018 related to frontloading of transpacific volumes prior to tariffs being imposed. Volumes from external customers grew by 1.1% (2.3% like-for- like), while volumes from Ocean decreased 14% (declined 8.8% like-for-like) due to general lower volumes in the North American terminals and divestment of Izmir and Kobe. Utilisation decreased 2%-points due to lower volumes. Revenue per move was mainly driven by exit from Izmir. Cost per move was driven by lower concession costs in Los Angeles and the additional cost in Q4 2018 due to congestion. In Towage the Harbour towage activities driven by increased activity in the Americas and the Asia, Middle East & Africa region. Annual Report 2019 Like-for-like throughput declined 1.7% (+2.3% from external customers and -8.8% from Ocean) Revenue per move increased by 0.7% to USD 265 (USD 263), adj. for FX it increased by 0.8% Harbour towage activities grew by 2.9% Utilisation declined by 2.0%-points 78% (80%) Cost per move decreased by 5.4% USD 207 (USD 219), adj. for FX it decreased by 3.7% Terminal towage annualised EBITDA per tug increased 15% MAERSK#24Terminals & Towage - highlights Q4 2019 Strong earnings and cash contribution from JV's and Associates. ● ● 24 The equity weighted EBITDA, which is APM Terminal's equity weighted share of EBITDA on terminal ownership percentages of all entities, (subsidiaries/consolidated, JV's and Associates, excl. Hubs), increased 14% to USD 355 in Q4 2019. In the last twelve months the JV's and Associates have generated USD 552m to the Equity weigted EBITDA of USD 1,327m. The cash contribution through dividends from JV's and Associates in the last twelve monts has been USD 187m, or 34% of the EBITDA with a pay-out ratio of 99% of the net result. Annual Report 2019 USDm 400 350 300 250 200 150 100 50 120 139 88 166 171 94 92 121 106 Equity weighted EBITDA for APM Terminals 131 91 109 115 162 128 153 135 EBITDA equity weighted (Consolidated terminals excl. minority shares) EBITDA equity weighted (LTM total) 126 67 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 2017 2017 2017 2018 136 166 130 1158 196 116 183 150 126 142 Note: 2016-2017 IFRS16 adjustment is a high level estimate for comparability use only. The estimate does not take into account differences in internal discount rate nor remaining length of concessions, but simply extrapolates numbers back from 2018. The 2016-2017 adjustment is not audited and no full restatement of figures to adjust for IFRS16 has been conducted prior to 2018. 228 143 1327 214 141 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2019 2019 2019 2019 EBITDA equity weighted (Share in JV's & Associates) 1200 1000 800 600 400 200 0 USDm LTM MAERSK#25Highlights Q4 2019 Manufacturing & Others ● ● ● 25 Revenue in Maersk Container Industry decreased to USD 164m (USD 215m), impacted by lower revenue in the reefer business and closure of factories. EBITDA in Maersk Container Industry of USD 15m (USD 9m) reflects the margins of the continuing reefer business and SG&A savings. Maersk Supply Service improved EBITDA to USD 14m, due to higher rates and better utilisation, and achieved a revenue backlog that was 6.5% higher than in 2018. Annual Report 2019 Development in EBITDA and EBITDA margin (%) 100 80 60 40 20 0 7.1% Q1 18 Revenue EBITDA EBITDA margin Gross capital expenditures 4.7% 4.8% Q2 18 Q4 2019 (USDm) 602 84 Q3 18 Q4 18 EBITDA 14.0% 10 6.8% 6.8% 3.8% Q4 2018 (USDM) 703 48 85 Q2 19 Q1 19 -EBITDA margin BE 9.4% III 11.6% 7.8% 11 Q3 19 204 III FY 2019 (USDm) 2,172 205 14.0% Q4 19 FY 2018 (USDM) 2,787 163 5.8% 358 16% 14% 12% 10% 8% 6% 4% 2% 0% MAERSK#262020 26 Full-year guidance Annual Report 2019 MAERSK#27Guidance Guidance for 2020 A.P. Moller-Maersk expects earnings before interest, tax, depreciation and amortisation (EBITDA) of around USD 5.5bn, before restructuring and integration costs. The organic volume growth in Ocean is expected to be in line with or slightly lower than the average estimated market growth of 1-3% for 2020. The accumulated guidance on gross capital expenditures excl. acquisitions (CAPEX) for 2020-2021 is still expected to be USD 3.0-4.0bn. A high cash conversion (cash flow from operations compared to EBITDA) is expected for both years. The outlook and guidance for 2020 is subject to significant uncertainties and impacted by the current outbreak of the Coronavirus in China, which has significantly lowered visibility on what to expect in 2020. As factories in China are closed for longer than usual in connection with the Chinese New Year and as a result of the Coronavirus, we expect a weak start to the year. The guidance for 2020 is also subject to uncertainties related to the implementation of IMO 2020 and the impact on bunker fuel prices and freight rates combined with the weaker macroeconomic conditions and other external factors. 27 Annual Report 2019 Sensitivity guidance A.P. Moller - Maersk's guidance for 2020 depends on several factors. Based on the expected earnings level and all else being equal, the sensitivities for 2020 for four key assumptions are listed in the table below: Factors Container freight rate Container freight volume Bunker price (net of expected BAF coverage) Rate of exchange (net of hedges) Change +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBITDA (Rest of year) +/- USD 1.3bn +/- USD 0.1bn -/+ USD 0.4bn +/- USD 0.2bn MAERSK#28Appendix MAERSK MAERSK MMAU 108 9379 45R1 MAERSK MAERSK#29Financial highlights Q4 2019 USD million Ocean Logistics & Services Terminals & Towage Manufacturing & Others Unallocated activities and eliminations, etc. A. P. Moller-Maersk Consolidated - continuing operations 29 Appendix FY 2019 Revenue Q4 2019 7,034 1,411 960 602 -339 9,668 Q4 2018 7,283 1,557 1,082 703 -390 10,235 EBITDA Q4 2019 1,093 32 301 84 -47 1,463 Q4 2018 1,148 24 274 48 -45 1,449 CAPEX Q4 2019 180 66 219 10 -6 469 Q4 2018 332 16 242 85 -6 669 MAERSK#30Smooth repayment profile with liquidity reserve of USD 10.5bn Debt maturity profile at the end of Q4 2019 USDbn 8 7 6 5 4 3 2 1 30 1.4 0.3 0.3 1.4 2020 Leases 5.4 Appendix FY 2019 0.5 0.3 1.1 1.1 0.7 0.3 0.9 2021 2023 Bank and other Corporate bonds and PPs 0.1 0.5 0.8 2022 0.2 0.5 0.7 0.7 2024 1.0 0.5 0.5 1.7 2025 Undrawn Revolving facilities 0.9 3.1 >2026 Funding • BBB/Baa3 credit ratings from S&P and Moody's respectively Liquidity reserve of USD 10.5bn as of end Q4 2019¹ Average debt maturity about five years² Corporate bond programme 29% of our gross debt (USD 4.8bn) Amortisation of debt in coming 5 years is on average USD 1.8bn per year (incl. leases) ● ● 1) Defined as cash and securities and undrawn committed facilities longer than 12 months less restricted cash and securities. 2) Excluding the impact of leases MAERSK#31Earnings distribution to shareholders DKK bn 40 10 5 31 0 1.4 2010 4.4 Appendix FY 2019 2011 4.4 2012 ■ 5.3 2013 3.9 6.2 2014 36.7 5.2 6.6 2015 3.2 6.5 2016 3.1 2017 Note: Dividend and share buy back in the paid year. In the announced first phase of a share buy-back program running from 4 June 2019 up to 1 November 2019, the Company will buy-back A and B shares for an amount of up to DKK 3.3bn Ordinary dividend Executed share buy back Extraordinary dividend (Danske Bank) 3.1 2018 5.3 3.1 2019 MAERSK#32Ocean Ocean activities are managed under the brands Maersk, Safmarine, Sealand - A Maersk Company together with Hamburg Süd brands (Hamburg Süd and Aliança) as well as strategic transhipment hubs under the APM Terminals brand. 32 Pacific 11% Appendix FY 2019 No. 4 No. 1 No. 1 Latin America 26% Source: Alphaliner (Dec-end 2019) and Maersk. Note: Adjusted for actual capacity share from Vessel Sharing Agreements on the East-West trades. Atlantic 15% Intra America 28% No. 2 No. 3 No. 1 Africa 29% Intra Europe 16% East-West No. 2 North-South Asia-Europe 21% Intra Asia 8% West central Asia 14% Intra Regional Capacity market share by trade No. 1 No. 2 No. 2 Oceania 21% MAERSK#33Global container trade saw zero growth in Q4 2019 Inbound 33 Outbound North America -7 Appendix FY 2019 Latin America Q4 2019 y/y market growth by trade (%) -2 -2 Intra America Very strong3 Global 4 -3 Africa Strong3 Intra Europe Neutral³ 3 0 West-Central Asia Weak3 Europe 1 5 Intra Asia Very weak3 Oceania Source: Internal market volume estimations as of January 2019. Note: 1. Actuals available until November 2019; 2. Figures reported refer to the last available 3-month moving average of market growth; 3. Colours embed information on the current dynamics relative to the 2012-17 average; 4. West-Central Asia is defined as import and export to and from Middle East and India. 2 MAERSK#34The industry is moving towards more consolidation Capacity market share In % Maersk 34 MSC COSCO CMA CGM Hapag-Lloyd ONE Evergreen YTC PIL Hyundai Zim Wan Hai 0.0% Note: As at end-December 2019. Source: Alphaliner. Appendix FY 2019 1.7% 1.6% 1.2% 1.2% 2.7% 5.0% 5.4% 7.3% 6.7% 10.0% 12.4% 11.4% 15.0% 15.9% 17.8% 20.0% 2M Ocean Alliance The Alliance MAERSK OOCL ERGRE CMA CGM EVERGREEN m SC Hapag-Lloyd M YANG MING Coco ONE OCEAN NETWORK EXPRESS MAERSK#35The liner industry is consolidating and top 5 share is growing Consolidation wave is rolling again - 8 top 20 players disappeared in the last 4 years 96 CMA 35 CGM P&O Nedlloyd Wave 1 NOL APL 27% 98 CMA CGM ANL MAERSK Safmarine MAERSK SeaLand 31% Note: Long haul trades defined as non-intra-regional trades. Source: Alphaliner. Appendix FY 2019 00 02 04 06 Hapag-Lloyd cpships CMA CGM Wave 2 DELMAS MAERSK P&O Nedlloyd 36% Top-5 market share CMA CGM USE CMA CGM کوماناف COMANAV 43% 08 10 Top-5 market share long-haul trade 12 14 HANJIN Hapag-Lloyd CSAV HAMBURG SUD ccni CMA CGM OPDR 16 Wave 3 CMA CGM APL 45% 53% OOCL 어 CDica A P Coaco 18 45X4 Hapag-Lloyd UASC MAERSK HAMBURG SÜD ONE OCEAN NETWORK EXPRESS 67% 72% MAERSK#36Industry nominal supply growth stable in Q4 2019 Global effective supply and demand growth² Growth y/y, (%) 10% 8% 6% 4% 2% 0% -2% 5.4% 5.5% Nominal capacity³ growth (%) 36 Q1 2014 T Q2 2014 5.0% Q3 2014 8.4% 8.3% Q4 2014 Q1 2015 6.1% Q2 2015 5.5 5.2 5.4 6.4 7.3 7.9 Appendix FY 2019 4.5% Q3 2015 0.2% Q4 2015 1.4% 3.3% Q1 2016 Q2 2016 4.6% Q3 2016 Global effective capacity 6.2% 7.0% 6.2% Q4 2016 4102 TO 8.7 8.7 7.4 5.6 3.3 1.5 0.8 Q2 2017 7.7% Q3 2017 9.2% 9.1% Q4 2017 Q1 2018 6.8% Q2 2018 Global container demand 4.6% Q3 2018 3.9% 4.6% 1.1% Q4 2018 Q1 2019 Q2 2019 0.5% Q3 2019 T -0.4% 1.4 2.9 4.1 5.9 6.6 6.0 5.8 4.6 3.7 3.9 Q4 2019 4.1 Industry capacity (TEU) DOO East-West North-South Note: 1. Effective capacity incorporates changes to idling, vessel speed, average length of trade and container network; 2. Q4 2019 is Maersk internal estimates where actual data is not available yet; 3. Global nominal capacity is deliveries minus scrapping's; Source: Alphaliner, Maersk. Intra 43% Capacity (TEU) 35% Capacity (TEU) 22% Capacity (TEU) MAERSK#37Low net delivery along with stable idling balanced effective capacity in Q4 2019 Net deliveries TEU '000 600 500 400 352 300 200 100 0 -100 -200 -300 475 37 368 -127137 383 182 -95-102 421 Note: As at Dec-end 2019. Source: Alphaliner. -181 367 -128 Appendix FY 2019 -44-40 296 440 465 501 -27-28 -57 319 273281 -91 195186 -138154159 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2013 2013 2014 2014 2015 2015 2016 2016 Deliveries ///////Scrapping 217 332 -86 -214209 414 429 229 -69-63 412 276 Net deliveries -22 -9 -17 184 245260 -63 364 -93 -44-52 190 -19 Q1 Q3 Q1 Q3 Q1 Q3 2017 2017 2018 2018 2019 2019 Idling Idle TEU as % of cellular fleet 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2010 2011 ли 2012 2013 2014 2015 MM 2016 2017 2018 2019 MAERSK#38External factors continue to be volatile... SCFI and CCFI index Index 1,000 900 800 700 600 75 38 50 Time charter rates¹ Index 100 25 Jan 0 Feb Mar Jan Apr SCFI 2019 Feb Mar Apr May Jun Appendix FY 2019 CCFI 2019 May Jun Note: 1. Containership Time charter Rate Index, 1993 = 100. Source: Clarkson Research, Shanghai Shipping Exchange 2018 Jul Aug SCFI 2018 Jul Aug 2019 Sep Oct Nov CCFI 2018 Sep Oct Nov Dec Dec Bunker price USD/mt 500 450 400 350 300 250 200 150 1.28 USD-EUR exchange rates EUR/USD 1.21 1.14 1.07 T Jan Feb Mar 1.00 Jan Apr May Jun Rotterdam 2019 Feb Mar Apr May Jun 2019 Jul Aug Jul Aug -2018 Sep Oct Nov Rotterdam 2018 Sep Oct Nov Dec Dec MAERSK#39however the volatility is lowered through contract coverage including bunker adjustment factors Volume split, 2019 By contract type III ● O Note: 1. Oct 2009 = 1000 for SCFI, January 1998 = 1000 for CCFI. Source: Maersk, Shanghai Shipping Exchange 35-40% Spot (<1 month) By trade 21% Intra regional 39 48% North-South ~20% Short term (1-3 months) Appendix FY 2019 45% Long term (>3 months) 31% East-West Average freight rate USD/FFE 3,200 2,800 2,400 2,000 1,600 1,200 800 400 Q1-14 Q2-14 Q3-14 Q4-15 Q1-15 Q2-15 Q3-15 Q3-16 Ocean Freight Rate (USD/FFE) Q4-16 SCFI (Index) Q4-17 Q1-18 1 1 Q2-18 Q3-18 CCFI (Index) Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Index ¹ 1,600 1,400 1,200 1,000 800 600 400 200 MAERSK#40Freight rates decreased by 0.4% with volumes down by 1.8% ● 40 ● ● Total volumes decreased by 1.8% driven by East-West and North-South trades impacted by a high baseline in 2018 in US from front loadings and lower demand across Europe and most North- South trades Total backhaul volumes decreased by 1.5%, while headhaul decreased by 1.9%. The average freight rate decreased by 0.4% or 8 USD/FFE, which was impacted negatively by the developments in foreign exchange rates. Adjusted for this, the average rate increased 0.1%. Appendix FY 2019 Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Average freight rates (USD/FFE) East-West North-South Intra-regional Total Q4 2019 984 1,575 735 3,294 Q4 2019 1,969 2,180 1,469 1,905 Q4 2018 1,044 1,616 693 3,353 Q4 2018 1,937 2,096 1,512 1,913 Change -60 -41 42 -59 Change 32 84 -43 -8 Change % -5.7% -2.5% 6.1% -1.8% Change % 1.7% 4.0% -2.8% -0.4% FY 2019 4,100 6,362 2,834 13,296 FY 2019 1,885 2,117 1,462 1,883 MAERSK#41Ocean average freight rate down 0.4% compared to Q4 2018 Freight rates USD/FFE 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 41 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 East-West Appendix FY 2019 North-South Intra-regional Average freight rate Freight rates Q1 2017 100 140 130 120 110 100 90 80 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 East-West North-South Intra-regional Average freight rate MAERSK#42Q4 2019 vessel utilisation decreased slightly compared to Q4 2018 and Q3 2019 with stable container turn Vessel utilisation In % 100% 90% 80% 70% 60% 50% 88% 42 --- 66% Q1-15 Q2-15 93% 70% Headhaul bottleneck Appendix FY 2019 91% 68% Q3-17 Roundtrip 93% 71% Q1-19 Yearly averages Q2-19 93% 73% Note: Container turn is average number of times a container is shipped full per year (quarterly data annualised). 61-20 Q4-19 Container turn Ratio 5.2 4.8 4.4 4.0 3.6 3.2 4.6 3.9 4.5 3.8 4.8 Dry 4.1 4.6 Reefer 4.1 4.6 Yearly averages 4.2 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 4.6 4.2 MAERSK#43Container handling and network costs represent the majority of our unit cost base Unit cost base, 2019 1,953 USD/FFE 2019 unit base 43 Unit cost base, 2019 2 Note: Unit cost base: EBIT costs including VSA income, Hub income and income related to vessel relets. Adjusted for restructuring costs, result from associated companies and gains/losses. Container handling costs: Includes costs related to terminal operation (excluding hubs and transhipment); empty costs; container leasing, deprecation of owned and capitalised leased containers, and repair costs; Hamburg Süd Inland and feedering. Network costs excluding bunker: Includes hub cost, transhipment costs and hub depreciation incl. depreciations for capitalised leases; vessel costs related to port and canal fees (Suez and Panama), running costs and crewing of owned vessels, depreciation of owned vessels, depreciation of capitalised leased vessels, time charter of operating leased vessels, cost of slot (capacity) purchases and vessel sharing agreements (VSA) with partners. Bunker costs: Includes costs related to fuel consumption and fuel prices. SG&A and Other costs: Includes costs related to own and third party agents in countries, liner operation centres, vessel owning companies, onshore crew and ship management, service centres and headquarters; administration cost types such as staff, office, travel, training, consultancy, IT, legal and audit, depreciations for other capitalised leases (e.g. leased offices) etc.; Other costs covering bad debt, cargo claims, currency cash flow hedge, indirect tax, non-operational provisions and amortization of intangible assets. Appendix FY 2019 29% Network costs excluding bunker 13% 39% Container handling costs SG&A and other costs 19% Bunker costs MAERSK#44We continue to strengthen the capacity management Development in average nominal capacity and number of vessels TEU '000 5,000 4,500 4,000 44 3,500 3,000 2,500 2,000 # of vessels, end of period # of owned vessels # of chartered vessels 3,224 Q1 2017 639 284 355 Appendix FY 2019 3,311 646 Q2 2017 Q3 2017 Q4 2017 282 3,523 364 668 285 3,761 383 781 339 442 4,231 Q1 2018 776 298 478 4,154 Q2 2018 742 298 444 4,042 Q3 2018 723 298 425 4,038 Q4 2018 710 303 407 4,048 Q1 2019 713 305 408 4,110 Q2 2019 716 307 409 4,186 Q3 2019 703 307 396 4,181 Q4 2019 708 307 401 Ocean average nominal vessel capacity Ocean segment aims to continuously adjust capacity to match demand and optimise utilisation ● Average nominal vessel capacity in Q4 2019 increased by 3.5% y/y and decreased by 0.1% q/q to 4,181k TEU Prior to the implementation of IFRS 16, only operating leased vessels were included in the chartered container vessel section while finance leased vessels were presented together with owned to match the classification on the balance sheet. With IFRS 16, all leased vessels are generally recognised as a right-of-use asset on the balance sheet. All leased vessels are included in the table within the chartered container vessel section from Q1 2018 onwards. MAERSK#45Industry average vessel size Average vessel size TEU '000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 7,184 45 Note: As Dec-end 2019 Source: Alphaliner Hapag-Lloyd H 7,156 Appendix FY 2019 ONE 6,676 MSC 6,466 6,383 Yang Ming Evergreen 6,167 HMM 6,108 COSCO Group 5,930 Maersk Line 5,317 CMA CGM 4,851 Zim 3,279 PIL 2,825 Wan Hai MAERSK#46Industry orderbook at a low level, including the new orders in Q4 2019 Industry orderbook Orderbook as % of current fleet 35% 30% 25% 20% 15% 10% 5% 46 0% 31.9% 29.0% Note: As at Dec-end 2019. Source: Alphaliner. 22.7% 20.8% Appendix FY 2019 20.1% 20.3% 17.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 12.7% 12.3% 11.7% Q1 2019 10.8% 10.7% 10.4% Q2 Q3 Q4 2019 2019 2019 New orders TEU '000 1,000 800 600 400 200 734 521 228 467 386 296 181 599 156 794 735 181 122 81 26 64 44 16 527 642 270 84 326 268 59 4 373 140 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 MAERSK#47Terminals & Towage Gateway terminals, including landside activities being port activities where the customers are mainly the carriers, and towage services under the Svitzer brand. 47 Appendix Q3 2019 Towage Terminals Portfolio Overview MAERSK#48Diversified gateway terminal portfolio Container throughput by geographical region Equity weighted crane moves, % 32% Americas 15 105 Average remaining concession length in years Years 30 25 20 0 15% Europe, Russia and Baltics 15 48 Total throughput of 4.5m Moves in Q4 2019 25 Appendix Q4 2019 Americas Europe, Russia and Baltics Asia Note: Average concession lengths as of Q4 2019, arithmetic mean. 23 12% Africa & Middle East 15 41% Asia 20 Africa and Middle East Total portfolio Geographical split of terminals Number of terminals 25 15 5 5 16 12% 8% 4% 0% -4% -8% -12% Americas Port Volume growth development In % 57 2014 18 55 I No. of terminals Europe, Russia and Baltics Existing terminals 65 2015 Equity Weighted Note: Like for like volumes exclude divestments and acquisitions. 2016 17 ■New terminal projects 66 Asia Africa and Middle East 65 2017 Equity Weighted Like-for-like 2018 14 65 2019 Global market MAERSK#49Gateway terminals - Project progress Project Abidjan, Ivory Coast Note: TEU and investment numbers are 100% of the projects. 49 Opening 2021 Appendix Q4 2019 Details The new terminal will be our second terminal in Abidjan, Ivory Coast, which is one of the busiest container ports in West Africa New facility will be able to accommodate vessels of up to 14,000 TEU in size Investment USD 0.5bn MAERSK#50Active portfolio management - gateway terminals Acquisitions and secured Projects Cotonou 50 Santos Monrovia Moin Callao Poti 2010 Kaoshiung Dunkirk Oakland Yantian Divestments / stop operation Appendix Q4 2019 2011 Lazaro Cardenas Gothenburg Talin Kotka / Helsinki Vostochny St. Petersburg 2012 Dailan Abidjan Ust Luga St. Petersburg 2 Izmir 2013 Oslo Namibe 2014 Le Havre Virginia Qingdao Vado reefer Cartagena Tema 2015 Charleston Houston Jacksonville Gioia Tauro Quetzal Yucatan Buenaventura Paranagua Valencia Gijon Castellon Barcelona 2016 Grup Marítim TCB Itapoa 2017 Tacoma Zeebrugge Dalian TB - Congo 2018 Paranagua Izmir 2019 Kobe Veos MAERSK#51Focusing on lower cost and higher efficiency Gateway terminal cost per move, Fin.Con ¹ USD/move 280 260 240 220 200 180 51 160 140 r 18Q1 18Q2 18Q3 Appendix Q4 2019 CAGR: 0.1% 18Q4 19Q1 y/y: -5.4% 19Q2 19Q3 19Q4 Gateway terminal cost break down ² Q4 2019 13% Service and admin costs 18% Depreciation 7% Concession fees 1. Gateway terminal Cost per move for all operating terminals on financial consolidated basis; terminals under implementation are excluded. 2. Cost breakdown for all gateway terminals on financial consolidated basis. 11% Variable operational costs O 51% Labour costs MAERSK#52Gateway terminals operating businesses of 31.9% EBITDA margin Q4 2019 Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 52 Consolidated businesses Appendix Q4 2019 2.6 3.0 787 251 31.9 Note: Gateway terminals Implementations include terminals currently under construction (Abidjan (TC2), Ivory Coast) JV & Associates 2.0 I Operating businesses Implementations 4.5 3.0 787 251 31.9 0.0 0.0 0.0 0 ΝΑ Total 4.5 3.0 787 251 31.9 MAERSK#53Consolidated gateway terminals Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) Note: Consolidated businesses includes gateway terminals that are financially consolidated. Gateway terminals - JV and Associates Throughput (Moves m, equity weighted) 53 Appendix Q4 2019 Q4 2019 2.6 3.0 787 251 31.9 Q4 2019 2.0 Q4 2018 2.7 3.1 825 232 28.1 Q4 2018 1.9 Change -5.3% -4.7% -4.6% 8.4% 3.8pp Change 6.4% MAERSK#54Gateway terminals under implementation Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 54 Q4 2019 Appendix Q4 2019 0.0 0.0 0.0 0.0 ΝΑ Q4 2018 0.0 0.0 96¹ -5 Note: Implementations include terminals currently under construction (Abidjan (TC2), Ivory coast). Q4 2018 Implementations include Vado, Italy; Moin, Costa Rica; Abidjan (TC2), Ivory coast. Note 1: USD 86m related to IFRIC 12 construction revenue. -5.3 Change ΝΑ ΝΑ -100% -100% ΝΑ MAERSK#55Thank You Stig Frederiksen Head of Investor Relations [email protected] +45 3363 3106 55 Appendix FY 2019 Maja Schou-Jensen Senior Investor Relations Officer [email protected] +45 3363 3639 Jytte Resom Investor Relations Officer [email protected] +45 3363 3622 MAERSK