Investor Presentaiton
45
A.P. Moller-Maersk Annual Report 2020
Directors' Report Performance 2020 Terminals & Towage
Europe was impacted by a 3.8% reduction followed
by Africa and Middle East with a 2.2% reduction
in volume. In Latin America, volume decreased by
2.1%, while volume in Asia increased by 1.1%.
Volume from the Ocean segment decreased by 1.2%
(decreased by 5.4% like-for-like), and volume from
external customers decreased by 4.9% (decreased
by 7.2% like-for-like). Utilisation decreased to 70%
(80%), as volume decreased by 3.6%, while capac-
ity was higher due to Pipavav consolidation, in Vado
driven by the ramp-up, and in Port Elizabeth, USA,
due to a modernisation project in Q4 2019.
On an equity-weighted basis, volume decreased by
3.2% (decreased by 3.0% like-for-like, adjusted for
Vado and the exit from Douala, Cameroon), and uti-
lisation was 78% (85%).
Revenue per move increased by 1.3% to USD 275
(USD 272), positively impacted by terminal mix, and
supported by higher storage income in Los Angeles,
partially offset by negative rate of exchange impact
in the African and Latin American regions. Adjusted
for foreign exchange rate, volume mix effects,
portfolio changes and one-offs, revenue per move
increased by 2.5%.
Cost per move decreased by 0.3% to USD 232 (USD
233), positively impacted by rate of exchange in the
African and Latin American regions, partially offset
by lower utilisation, terminal mix and higher cost in
Apapa, Nigeria. Adjusted for foreign exchange rates,
volume mix effects and portfolio changes, cost per
move increased by 3.9%.
The EBITDA margin in gateway terminals increased
by 3.5 percentage points to 31.4% (27.8%), as
higher revenue per move and SG&A cost reduc-
tions as well as operational cost reductions
Regional volume, Terminals'
Key initiatives
Million moves
2020
2019 Growth %
North America
2.8
3.0
-8.7
Latin America
2.3
2.4
-2.1
Europe, Russia and the Baltics
2.4
2.5
-3.8
Asia
2.0
2.0
1.1
Africa and Middle East
Total
1.9
2.0
-2.2
11.5
11.9
-3.6
1 Financially consolidated.
宦
Cost split % Terminals
Labour
Concession fee
Service & Administration
Depreciation
Other operational cost
2020
48%
10%
13%
11%
18%
2019
50%
11%
14%
9%
16%
Revenue and cost per move Financially consolidated, Terminals, USD
Revenue ■ Cost
279 266 269 274 267 278 277 279
300
280
260
240
220
200
Note: Revenue per move
includes terminal revenue,
other income, government
grants and excludes IFRIC
12 construction revenue.
Cost per move includes cost
(EBITDA less revenue less
other income), depreciation
and excludes internal man-
agement fees and IFRIC 12
construction cost.
241 242 220 230 233 251 229 220
2019 2019 2019 2019 2020 2020 2020 2020
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020
A new automated gate
infrastructure was launched
in Port Elizabeth, USA, in Q2
New terminal in Vado, Italy,
and Tema, Ghana, ramped up
during 2020
Several cost management
programmes carried out by
the terminals
Terminals signed an agreement with the Yokohama-
Kawasaki International Port Corporation (YKIP) in Q2 for
two additional modern berths, thereby becoming the only
terminal in Japan capable of handling 20,000 TEU vessels.
The berths were handed over to APM Terminals in July,
and operations on the first berth began in July. The second
berth is scheduled in 2021 and by then, the terminal capac-
ity will have increased to 2.4m TEU from previously 1.1m
TEU annually.
The construction of the second container terminal in
Abidjan, Ivory Coast, began following the handover from
the Port Authority in March, and the expected go-live is in
2022. Once construction is completed, the new terminal
will have an annual throughput capacity of 1.2m TEU and
will be capable of handling 14,000 TEU vessels.
APM Terminals Poti, Georgia, and Poti New Terminals
Corporation have signed an agreement for the joint develop-
ment of the dry and bulk cargo facility on the northern side
of Poti Port, where an expansion project is being planned
with construction expected to begin in 2021.
APM Terminals launches a new facility in Kalundborg,
Denmark in 2021.View entire presentation