Investor Presentaiton
103
A.P. Moller-Maersk Annual Report 2020
Financials
Consolidated financial statements
Notes index
Amounts in USD million
=
Note 20 Cash flow specifications
Table 20.1
Change in working capital
Trade receivables
Other working capital movements
Exchange rate adjustment of working capital
Total
2020
2019
-115
195
-88
291
-36
-10
-239
476
Purchase of intangible assets and property, plant and equipment
Addition
-2,929
-9,757
Of which right-of-use assets, etc.
1,575
7,989
Of which borrowing costs capitalised on assets
7
23
Change in payables to suppliers regarding purchase of assets
Total
25
-1,322
-290
-2,035
Note 21 Acquisition/sale of subsidiaries and activities
Table 21.1
Cash flow from acquisition
Performance Team
KGH
Pipavav
Total 2020
Fair value at time of acquisition
Intangible assets
Property, plant and equipment
Financial assets
Deferred tax assets
Current assets
Provisions
192
161
240
326
9
260
593
595
2
1
48
3
51
3
49
50
120
219
-2
-9.
-3
Liabilities
-345
-155
-125
-14
-625
Net assets acquired
222
60
540
822
Non-controlling interests
-308
-308
A.P. Møller-Mærsk A/S' share
222
60
232
514
Goodwill
95
172
267
Gain on business acquisition
-46
-46
Purchase price
317
232
186
735
Contingent consideration assumed
-10
-44
Derecognition of associate company
-182
Cash and bank balances assumed
2
-16
-92
-54
-182
-106
Cash flow used for acquisition of
subsidiaries and activities
309
172
-88
393
Table 21.1
Acquisitions during the year 2020
Performance Team LLC
On 1 April 2020, the Group acquired 100% of the shares
in Performance Team LLC, a US-based warehousing and
distribution company, to further strengthen its capabili-
ties as an integrated container logistics company, offering
end-to-end supply chain solutions to its customers.
Taking control of Performance Team LLC has positioned
A.P. Moller-Maersk among North America's leading ware-
house and distribution providers with 56 warehouses for
customers and accelerates the company's regional logis-
tics and services model.
The total enterprise value of USD 622m consisted of a
total purchase price of USD 317m on a cash and debt-free
basis and acquired lease liabilities of around USD 305m.
The purchase price mainly relates to fixed assets and
customer list. The lease liabilities have been adjusted in
accordance with IFRS 16 from the last communication.
The goodwill of USD 95m is attributable to workforce and
commercial/operational synergies between Performance
Team and A.P. Moller - Maersk and is deductible for tax
purposes.
From the acquisition date to 31 December 2020, Perfor-
mance Team LLC contributed with a revenue of USD 398m
and a minor contribution to net profit.
If the acquisition had occurred on 1 January 2020, the im-
pact on the Group's revenue would have been USD 512m.
The net profit contributed to the Group would have been
minor.
The accounting for the business combination is consid-
ered provisional at 31 December 2020 due to certain
contingencies, indemnities etc.View entire presentation