Maersk Investor Presentation Deck
Terminals & Towage - highlights Q4 2019
Strong earnings and cash contribution from JV's and Associates.
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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
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