Investor Presentaiton

38 A.P. Moller-Maersk Annual Report 2020 Directors' Report Performance 2020 Ocean 2020 2019 Revenue USD 29,175m USD 28,782m EBITDA Ocean =1 Financial and operational performance Revenue was USD 29.2bn (USD 28.8bn), with a decrease in volumes to 12,634k FFE (13,296k FFE) as a result of COVID-19, more than offset by improved freight rates, which increased to 2,000 USD/FFE (1,853 USD/FFE). Despite restructuring cost from strategic changes announced in Q3, EBITDA increased by 48% to USD 6.5bn (USD 4.4bn), driven by higher revenue and a lower cost base mainly due to agile capacity deploy- ment combined with a lower bunker price and con- sumption. As a result of this, the EBITDA margin increased by 7.0 percentage points to 22.4%. Ocean highlights USD million Freight revenue Other revenue, including hubs Revenue 2020 2019 24,920 24,466 4,255 4,316 29,175 28,782 USD 6,545m USD 4,436m Container handling costs Bunker costs Network costs, excluding bunker costs 8,474 8,988 3,835 4,566 6,625 7,025 Selling, General & Administration (SG&A) 2,698 2,786 Cost of goods sold and other operational costs 1,252 919 Total operating costs 22,884 24,284 Other income/costs, net 254 -62 CAPEX Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) EBITDA margin 6,545 4,436 22.4% 15.4% USD 653m USD 1,172m Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 653 1,172 Operational and financial metrics Loaded volumes (FFE in '000) Loaded freight rate (USD per FFE) Unit cost, fixed bunker (USD per FFE incl. VSA income) At the heart of the integrator strategy, Ocean enables trade through strategic brands and digital channels providing customers the flex- ibility and stability needed to manage and simplify end-to-end sup- ply chains. Operating the largest container ship fleet in the world, Ocean carries more than 12 million forty-foot-equivalent units per annum, split approximately 45/55 between long-term and short- term contracts calling over 300 ports around the world. Bunker price, average (USD per tonne) Bunker consumption (tonne in '000) Average nominal fleet capacity (TEU in '000) Fleet owned (end of year) Fleet chartered (end of year) 12,634 13,296 2,000 1,853 1,973 1,954 372 412 10,322 11,092 4,081 4,132 301 307 405 401

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