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1、ALL THE WAYAnnual Report 2022A.P.Mller-Mrsk A/S Esplanaden 50,DK-1263 Copenhagen K Registration no.22756214Improving life for all by integrating the worldOur PurposeAt A.P.Moller-Maersk,we strive to go all the way,every day,to deliver a more connected,flexible and sustainable future for global logis

2、tics.We aspire to provide truly integrated logistics.Across oceans,ports,on land and in the air,we are combining our supply chain infrastructure with the power of our people and technology to drive end-to-end innovation that accelerates our customers success.A more integrated world improves quality

3、of life and prosperity on all levels.It is our responsibility to ensure a more sustainable tomorrow for coming generations.We believe in an integrated world.One planet.Connected all the way.By integrating,we improve the flow of food,goods and also data that sustain people,businesses and economies th

4、e world over.Enabling an exchange of values,culture and ideas.Improving life for all is also about ensuring a sustainable future for our planet.Global trade is a major contributor to the climate crisis,and this is the decade of action.We strive to lead the decarbon-isation of end-to-end supply chain

5、s and to make a meaningful environmental impact in this decade.With a dedicated team of 110,000+employees,operating in more than 130 countries,we explore new frontiers and embrace new technologies because we see change as an opportunity.No matter the challenge,we stay confident and resilient because

6、 our values are constant.By living our values,we inspire trust in our efforts to integrate the world and improve life for all.Thats what gets us up in the morning.Watch hereGovernanceManagement review06 Letter from the Chair and the CEO08 Financials and ESG at a glance10 Performance snapshots11 Five

7、-year summary065 Shareholder information068 Corporate governance073 Remuneration074 Board of Directors076 Executive Leadership Team13 Integrating the world14 Changing with world trade,building on our heritage 16 Business model17 Strategy21 Sustainability highlights26 Market insights30 Navigating ris

8、ks36 Hidden heroes making a differenceFinancials079 Consolidated financial statements123 Parent company financial statements137 Managements statement138 Independent Auditors Reports 141 Definition of terms38 Financial review40 Financial guidance and ESG targets42 Committing to a green future 43 Segm

9、ent overview44 Ocean50 Logistics&Services55 Connecting Asia and the world56 Terminals 62 Towage&Maritime Services63 Quarterly summaryReporting universe To provide a comprehensive and transparent information to all stakeholders,A.P.Moller-Maersk publishes a suite of additional reports and supplementa

10、ry information.See page 142ContentsExecutive summaryThe global integratorFinancialsPerformanceA.P.Mller-Mrsk A/S Esplanaden 50,DK-1098 Copenhagen K Registration no.22756214Remuneration Policy 202315 March 20232022 Sustainability Report ALL THE WAY Read more Read more Read more Read more Read moreTha

11、ts what gets us up in the morningThree deep dives into what we mean,when we say,we are making a difference every day.Hong Kong,Asia Connecting Asia and the worldAt the end of August 2022,A.P.Moller-Maersk completed the acquisition of LF Logistics,the Groups most consequential acquisition to date.Nor

12、th Carolina,USAHidden heroes making a differenceOur time on this planet provides many opportunities to positively impact our surroundings and in Charlotte,North Carolina,Zeba Boughner and several colleagues have found ways to make a difference.Copenhagen,DenmarkCommitting to a green futureThis is th

13、e decade of action if we are to succeed in ensuring a green future for our planet.2022 was another year of floods and fires and stark warnings from experts that more action is needed.Read more Read more Read moreExecutive summaryContents Letter from the Chair and the CEO Financials and ESG at a glan

14、ce Performance snapshots Five-year summary Copenhagen,Denmark5A.P.MOLLER-MAERSK ANNUAL REPORT 2022Like the years preceding it,2022 was a year of extraordinary eventsThe lingering pandemic,the war in Ukraine,the energy crisis in Europe and the ensuing economic downturn have impacted our way of life,f

15、inancial markets and global supply chains.These challenges,and those of the last several years,have underscored the fact that A.P.Moller-Maersk fulfils a deep purpose in the world for society,our customers and our employees.To embed this societal contract in the heart of our business,we articulated

16、and introduced a company purpose in 2022 to inspire and unify our global team.6A.P.MOLLER-MAERSK ANNUAL REPORT 2022Letter from the Chair and the CEOExecutive summary I The global integrator I Performance I Governance I FinancialsRobert Mrsk UgglaChair of A.P.Mller-Mrsk A/SVincent ClercCEO of A.P.Mll

17、er-Mrsk A/SOur Purpose,improving life for all by integrating the world,is the reason we strive to deliver a more connected,agile and sustainable future for global logistics.Its what gets our more than 110,000 colleagues up every morning.Underlying our Purpose are our long-held values,and while our v

18、alues remain constant,we refreshed and revitalised them in 2022 to ensure their continued relevance in the context of a changing world.One of the clearest examples of our values in action was in our response to the tragic war in Ukraine.Values in action:Our response to the war in UkraineKeeping our

19、colleagues safe has been our first priority in the conflict.We managed to evacuate all colleagues and their families who wanted to leave conflict zones in Ukraine 148 people in total.After deciding to leave the Russian market and divesting our operations and assets,we also did our upmost to take car

20、e of our Russian colleagues.Finally,we have worked closely with UN partners and global humanitarian organisa-tions to provide extensive aid and relief to millions of displaced people in Ukraine through our logistics bases in Poland and Romania.Our humanitarian efforts are evolving as the conflict co

21、ntinues.Strong results and stronger customer partnershipsOur record 2022 results across ocean,logistics and terminals have been accentuated by extraordinary market conditions,supply chain disruptions and congestion.These multi-faceted challenges have led many of our customers to rethink and redesign

22、 their supply chains some for the first time in years.Our transformation efforts to become the integrator of global logistics positioned us well to support our customers through these periods of volatility.As supply chain manage-ment moves up our customers strategic agenda,A.P.Moller-Maersk has earn

23、ed a seat at the table for more long-term planning focused on connected end-to-end solutions.Our commitment to our customers has led to record-high NPS results in 2022,which is part of an ongoing story of continuous improvement since the start of the pandemic in Q1 2020.We have also seen a 21%organi

24、c revenue growth in logistics and customers who are affirming our strategy by growing their ocean business with us.As we enter 2023,we are strongly positioned to solve our customers current supply chain needs,as well as their future needs for even more resilient,transparent and climate-neutral suppl

25、y chains.Leading the digital transformationExtensive parts of the logistics industry have fallen behind the technology revolution of the last decade.Our aim is to contribute with technology solutions that allow us to digitise,integrate and decarbonise global supply chains.To achieve that,we are conn

26、ecting physical assets with the digital world,leveraging the power of digital platforms,IoT and data.Our vision is to use this rich data set to provide end-to-end visibility across global supply chains that allow our customers to make the best possible decisions for their businesses.Specifically,we

27、are striving to not only provide insights into our customers supply chains,but also offer recommendations and actions for how supply chains can and should be optimised in the future.However,to truly reshape our industry,we will need continued collaboration and standardisation across all parties invo

28、lved throughout supply chains.Making this the decade of climate actionIn 2022,we accelerated the net zero emission targets to 2040 from 2050.We have also set ambitious targets for 2030 and have implemented decarbonisation plans for all our products.This decade must be the decade of action if we are

29、to avoid a climate catastrophe.The main challenge in decarbonising global shipping remains the availability of green energy and fuels in sufficient quantities at competitive prices.To address that,A.P.Moller-Maersk ordered a new series of container ships with engines that will be powered by green me

30、thanol fuel.We also entered into strategic partner-ships with nine companies in 2022 with the intent of sourcing at least 750,000 tonnes of green fuel per year by the end of 2025.We have also engaged in dialogues to explore opportunities for large-scale green fuel production in Spain and Egypt.Thank

31、 you for the continued supportWe are honoured to work alongside all our colleagues around the world.Their truly remark-able efforts have kept trade moving sustainably under very challenging conditions.We would also like to thank the Board of Directors and the executive leadership team for the suppor

32、t and many contributions throughout the year.In particular,we express our gratitude to Sren Skou,who retired as CEO of A.P.Moller-Maersk in December 2022.During his tenure as CEO,Sren was instrumental in redefining A.P.Moller-Maersk as a customer-centric end-to-end logistics provider and a leader in

33、 sustainable transportation solutions.A thorough succession planning process ensured that the CEO role was transi-tioned successfully to Vincent Clerc by January 2023.As we enter the new year,with a challenging macro outlook,we remain highly devoted to finding solutions for our customers.With increa

34、singly complex and fragmented global supply chains,we continue to do our upmost to serve their needs.And we thank them for their trust in our services.7A.P.MOLLER-MAERSK ANNUAL REPORT 2022Letter from the Chair and the CEOExecutive summary I The global integrator I Performance I Governance I Financia

35、lsFINANCIALS AT A GLANCE Delivering value for our stakeholdersStrong financial results even compared to 2021,that was also a year of records,with revenue up 32%,EBIT increased by 57%,and free cash flow increased by 64%.The exceptional market situation continued during the first part of the year;howe

36、ver,freight rates peaked as congestions eased and consumer demand declined.While the slow-down of the global economy will lead to a softer market in Ocean,A.P.Moller-Maersk will continue to pursue the growth opportunities within the Logistics business and in Terminals.Revenue USD millionRevenue incr

37、eased by USD 19.7bn,mainly driven by higher freight rates in Ocean,volume increases and acqui sitions in Logistics&Services and increased storage income in Terminals.81,52930,86027,10761,78719,67416,5374,1864,64839,740 32%64%57%in 2022 Increased by 32%2022 2021 2020 Free cash flow USD millionFree ca

38、sh flow increased by USD 10.6bn,positively impacted by the increase in cash flow from operating activities of USD 12.5bn,partly offset by the increase in gross CAPEX of USD 1.2bn and lease payments of USD 801m.For specifics on the financial performance See page 37Guidance for 2023 with the roadmap t

39、o 2025 and the ESG targets all the way to 2040 See pages 40-41EBIT USD millionEBIT increased by USD 11.2bn,positively impacted by the increase in EBITDA of USD 12.8bn.In Ocean,EBIT increased by USD 11.2bn and in Logistics&Services by USD 191m,but decreased in Terminals by USD 341m due to the divestm

40、ent of GPI in Russia.Expanding logisticsExpanding A.P.Moller-Maersks global footprint within the logistics space in especially North America and Asia with the integration of Pilot and adding 198 warehouses from the acquisition of LF Logistics and 45 new warehouses out of organic growth,in total 452

41、sites.243 warehouses60.4%ROIC(LTM)Driven by the increase in profit 8A.P.MOLLER-MAERSK ANNUAL REPORT 20222022 at a glanceExecutive summary I The global integrator I Performance I Governance I FinancialsESG AT A GLANCE Making progress on ambitious sustainability targetsIn 2022,A.P.Moller-Maersk define

42、d the roadmaps and processes needed to fully integrate the ESG strategy into the business.This included substantial investments in the green transition,in people and in the partnerships and innovation that enable meaningful progress.Carbon intensity negatively impactedDespite a reduction in fuel con

43、sumption,emissions intensity in Ocean(EEOI)continues to be negatively impacted,with a 7%increase since 2020 due to continued global supply chain disruptions,port congestions and capacity constraints.Strategic green fuel partnershipsNine strategic green fuel partnerships were confirmed in 2022,contri

44、buting to the planned portfolio of around 5 million tonnes of bio and e-methanol by 2030.Such part-nerships are critical to scaling up new fuel production capacity as well as technology and business model innovation.Engagement improved Substantial 8 percentile point improvement year-on-year in emplo

45、yee engagement scores (from 59th to 67th percentile).+9 7%400+electric trucks on orderThe trucks,which will be the largest heavy-duty electric truck deployment to date,will be delivered between 2023-2025 for use by A.P.Moller-Maersks North American warehousing,distribution and transpor tation busine

46、ss.Code of ConductThe A.P.Moller-Maersk Code of Conduct was updated to align with the ESG strategy.The Code of Conduct is the core governance document guiding employees on how to make decisions in line with the companys purpose,values and commitments to international standards.Progress on gender div

47、ersity in leadershipSince 2020,the share of women in leadership(Job Level 6+),which includes leaders,senior leaders and executives,has increased from 21%to 26%by 2022.26%Women in leadership54th59th67thpercentile20202022202119 green methanol vessels on orderIn 2022,A.P.Moller-Maersk ordered six large

48、 ocean-going vessels that can sail on green methanol,in addition to the thirteen vessels ordered the previous year.A.P.Moller-Maersk was the first shipowner to order green methanol-enabled vessels,sending a powerful signal to the industry that demand is there for green marine fuels and incentivising

49、 the scale-up of production capacity.+69A.P.MOLLER-MAERSK ANNUAL REPORT 20222022 at a glanceExecutive summary I The global integrator I Performance I Governance I Financials20212022Performance snapshotsRecord results in TerminalsREVENUE:USD 4.4bn 9%TERMINALS PORTFOLIO:Streamlined with USD 516m of in

50、vestments to modernise and expand following the divestment of nine terminals(see map)EBIT adjusted for the Russia exit reaching a record of USD 1.2bn,supported by the continued volume growth and higher storage revenue.Based on a combination of tariff increases and efficiencies,the impact of high glo

51、bal inflation has been mitigated.Read moreContinued momentum in Logistics&Services growthREVENUE:USD 14.4bn 47%EBIT:USD 814m 31%M&A:Announced Pilot Freight Services,USA,and Martin Bencher,Denmark(see map)Revenue increased by 47%,with an organic contribution of 21%,where 77%of the organic revenue gro

52、wth came from top 200 customers,underlining the integrator strategy.The acquisition of LF Logistics closed in 2022 and further increased the warehousing footprint by adding 198 warehouses or 3.1m sqm.Further,Maersk Air Cargo was launched as the combina-tion of the existing in-house operator,Star Air

53、,and a controlled capacity of eight aircraft that will be progressively deployed and operated from H2 2022 and onwards up to 2024.Read moreHistorically high profitability in Ocean as market began to normaliseREVENUE:USD 64.3bn 33%EBIT:USD 29.1bn 62%While staying focused on finding solutions for Ocea

54、n customers,Ocean delivered the strongest result on record due to the high freight rates and strong demand,particularly in the first half of the year.Throughout 2022,Ocean continued to deliver on the strategic transformation,maintaining a stable level of long-term contracts.Ocean continued to improv

55、e on delivery performance over the year as congestion eased and strong contractual customer relationship was supportive of margins.Shipments ContractsVolume split on long-haul tradesAverage contract rate for 2022 was approx.1,700 USD/FFE higher than in 2021.Read moreThe exceptional market situation

56、generated record resultsMARKET SITUATION:Consumer demand normalised over the course of the year,leading to inventory corrections and lower shipped volumes and freight rates but continued growth opportunities in Logistics&Services and Terminals See page 26DECADE OF CLIMATE ACTION:Net zero emission ta

57、rgets accelerated to 2040 from 2050 for the entire A.P.Moller-Maersk business and ambitious targets set for 2030 See page 21In a continued exceptional market,the high demand eventually started to normalise and freight rates peaked in Q3,which was the 16th quarter in a row with year-on-year earnings

58、growth.The momentum,in bringing integrated logistics solutions by cross-selling Logistics products to existing Ocean customers,remained very strong.See page 37 Acquisitions,Logistics&Services Investments,Terminals Divestments,TerminalsA.P.Moller-Maersk is committed to its integrator,growth and decar

59、bonisation strategy.29%30%71%70%10A.P.MOLLER-MAERSK ANNUAL REPORT 2022Performance snapshotsExecutive summary I The global integrator I Performance I Governance I FinancialsFive-year summaryIncome statement2022202181Revenue81,52961,78739,74038,89039,257Profit before depreciation,amortisati

60、on and impairment losses,etc.(EBITDA)36,81324,0368,2265,7124,998Depreciation,amortisation and impairment losses,net6,1864,9444,5414,2874,756Gain on sale of non-current assets,etc.,net66Share of profit/loss in joint ventures and associated companies91Profit before financial item

61、s(EBIT)30,86019,6744,1861,725409Financial items,net-629-944-879-758-766Profit/loss before tax30,23118,7303,307967-357Tax9398Profit/loss for the year continuing operations29,32118,0332,900509-755Profit/loss for the year discontinued operations1-5533,787Profit/loss for the year29,32118,0332

62、,900-443,032A.P.Mller-Mrsk A/S share29,19817,9422,850-842,985Underlying profit/loss continuing operations29,70318,1702,960546-61Balance sheetTotal assets93,68072,27156,11755,39962,690Total equity65,03245,58830,85428,83733,205Invested capital52,41044,04340,12140,55549,255Net interest-bearing debt-12,

63、632-1,5309,23211,66214,953Cash flow statementCash flow from operating activities34,47622,0227,8285,9194,442Capital lease instalments repayments of lease liabilities3,0802,2791,7101,2911,484Gross capital expenditure,excl.acquisitions and divestments(CAPEX)4,1632,9761,3222,0353,219Cash flow from finan

64、cing activities14,1357,9005,6184,8008,080Free cash flow27,10716,5374,6482,340-295Financial ratios22022202181Revenue growth32.0%55.5%2.2%-0.9%25.9%EBITDA margin45.2%38.9%20.7%14.7%12.7%EBIT margin37.9%31.8%10.5%4.4%1.0%Cash conversion94%92%95%104%89%Return on invested capital after tax con

65、tinuing operations(ROIC)60.4%45.3%9.4%3.1%0.2%Equity ratio69.4%63.1%55.0%52.1%53.0%Underlying ROIC 61.2%45.7%9.6%3.2%1.8%Underlying EBITDA36,84324,0368,3245,7905,076Underlying EBITDA margin45.2%38.9%20.9%14.9%12.9%Underlying EBIT31,24419,8084,2311,7611,078Underlying EBIT margin38.3%32.1%10.6%4.5%2.7

66、%Stock market ratiosEarnings per share continuing operations,USD1,60094114523-37Diluted earnings per share continuing operations,USD1,59593814523-37Cash flow,operating activities per share,USD1,8891,4Dividend per share,DKK4,3002,500330150150Dividend per share,USD623381552223Share price(B

67、share),end of year,DKK15,62023,45013,5959,6088,184Share price(B share),end of year,USD2,2423,5762,2461,4391,255Total market capitalisation,end of year,USDm39,13564,25941,95728,00025,256Environmental and social dataOcean:Reduction in carbon intensity(EEOI)by 2030(2020 baseline)2-7%-6%0%-Fatalities941

68、57Lost-time injury frequency(LTIf)0.900.931.221.161.29Women in leadership(%based on headcount)26%22%21%20%19%Definition of terms.See page 141.1 The Maersk Oil transaction was closed in March 2018,and Maersk Drilling was demerged in April 2019.Following the classification of these businesses as disco

69、ntinued operations,they were presented separately on an aggregated level in the income statement,balance sheet and cash flow statement.2 When launching the ESG strategy in 2022,a new and more ambitious target for Reduction in carbon intensity(Ocean)by 2030(2020 baseline)was set.This KPI replaces the

70、 Relative CO2 reduction(percentage vs.2008 baseline),which is a similar metric with a different baseline that the company has previously reported on.See the 2022 Sustainability Report.11A.P.MOLLER-MAERSK ANNUAL REPORT 2022Five-year summaryAmounts in USD millionExecutive summary I The global integrat

71、or I Performance I Governance I FinancialsThe global integratorContents Integrating the world Changing with world trade,building on our heritage Business model Strategy Sustainability highlights Market insights Navigating risks Hidden heroes making a difference Utah,USA12A.P.MOLLER-MAERSK ANNUAL REP

72、ORT 2022Integrating the worldAs an integrated container logistics company,A.P.Moller-Maersk is working to connect and simplify our customers supply chains.Every day,we facilitate and impact global trade by offering end-to-end logistics solutions across oceans,ports,air and on land.Our global network

73、 enables people in every corner of the world to trade with anyone,anywhere ultimately creating opportunities for people and communities to thrive,and for businesses to grow.Maersk Air Cargo with own controlled capacity and a global network of scheduled flights7,104k sqm warehousing capacity worldwid

74、e in 452 sites 700+container vessels deployed,12m FFE transported59 terminals across 31 countries4.5m FFE intermodal volumes handledA team of 110,000+employees,operating in more than 130 countriesFacilitate and impactCustomers worldwide,large and small100,000+Containers moved in the world by the Oce

75、an fleet16%Countries on all continentswhere we call on 500+ports130+Net zero GHG emissions across our business2040Green methanol-enabled vessels on order1913A.P.MOLLER-MAERSK ANNUAL REPORT 2022Integrating the worldExecutive summary I The global integrator I Performance I Governance I Financials1975T

76、he containerisation of Maersk Line began with the USA-Asia service on 5 September 1975.Ten years later,all conventional lines had been containerised.The first international shipment of a standard container,from the USA to Europe.Customers increasingly adapted to containers,replacing break-bulk and p

77、alletised cargoes.Peter Mrsk Mller Based on more than 20 years of experience as a captain on sailing ships,Peter Mrsk Mller acquired a small steam ship in 1886,setting the direction for future generations of the family.Mrsk Mc-Kinney Mller Inspired by his fathers leadership,Mrsk Mc-Kinney Mller secu

78、red continued growth by focusing on vertical expansion within container shipping,energy production and transport of oil and gas.6First seaborne container transport.The first sailings in Maersk Line,trading between the USA,Japan and the Philippines.Arnold Peter Mller Strongly supported by

79、his father,A.P.Mller established todays A.P.Moller-Maersk in 1904.Leading the company until 1965,A.P.Mller took the initiative to enter liner shipping in 1928.Changing with world trade,building on our heritageTodays trade is global.Our customers have their headquarters in one part of the world,they

80、source their products in another,and they sell their brands in all markets.Even when A.P.Moller-Maersk was established nearly 120 years ago,shipping was a facilitator for international trade.We have changed with the world during those many years,adapting not only to customer requests,but also to the

81、 changes in technology.The container was a low-tech innovation in the 1950s,as was the barcode in the 1970s.And electronic data processing evolved into high-tech information technology,becoming as important for world trade as the ships,the container cranes,the trucks and the warehouses.Revolutions i

82、n shipping are rare,and they take a long time.On our journey,we have moved from steam to diesel,and now we are exploring new fuels to make our customers supply chains more sustainable.The entrepreneurship of the early years is still part of us,and indeed,it is essential to adapt to the changes in gl

83、obal trade.1985 First dedicated Maersk rail service,linking Tacoma and Chicago in the USA.Logistics became part of the Maersk offerings with Mercantile,a cargo consolidation service established in Taiwan,Singapore and Hong Kong.1982MCS(Maersk Communication Service),an internal email system,connected

84、 the Maersk Line offices around the world via our own MaerskNet.1977 Read more14A.P.MOLLER-MAERSK ANNUAL REPORT 2022Changing with world trade,building on our heritageExecutive summary I The global integrator I Performance I Governance I FinancialsAne Mrsk Mc-Kinney Uggla Having been a member of the

85、boards of directors in both the owning Foundations and in A.P.Moller-Maersk since 1986,Ane Uggla succeeded her father as the Chair of the A.P.Moller Foundation in 2012.Robert Mrsk Uggla CEO of A.P.Moller Holding and Chair of the Board of Directors in A.P.Moller-Maersk.Robert Mrsk Uggla joined the Gr

86、oup in 2004 and assumed the CEO post in A.P.Moller Holding in September 2016 and was elected Chair of A.P.Mller-Mrsk A/S in March 2022.1987Todays Maersk Air Cargo made first flight as Star Air.1990Globalisation of trade increased dramatically follow-ing the fall of the Berlin Wall in 1989.Our custom

87、ers became global,and so did we expanding our reach from 40 countries in 1990 to more than 100 countries just ten years later.1993Maersk introduced its first customer-facing IT application for supply chain management.20012006EMMA MRSK joined the Maersk Line fleet.At the time,the capacity of 15,500 T

88、EU made it the largest container vessel in the world.2013Efficiency of Scale+Energy Efficiency+Environmentally improved=Triple E.A new world record with a capacity of more than 18,000 TEU,the MRSK MC-KINNEY MLLER was the first of 20 new container vessels to the Maersk Line fleet.2016A.P.Moller-Maers

89、k was restructured to focus on its trans-port and logistics activities,which included a further trans-formation into a technology-driven business with a digital approach to shipping.Building on our industry legacy,we continue to build expertise within logistics and service,ocean shipping and termina

90、l operations.APM Terminals was established with terminal activities from Maersks portfolio dating back to 1984 as well as terminals acquired with Sea-Land in 1999.15A.P.MOLLER-MAERSK ANNUAL REPORT 2022Changing with world trade,building on our heritageExecutive summary I The global integrator I Perfo

91、rmance I Governance I FinancialsCustomersynergiesFinancial&operational synergiesESGTechnologyPeopleThrough the enablers of Technology,People and ESG,customer and operational and financial synergies are unleashed from the integrated businesses of Ocean,Logistics&Services and Terminals.See pages 19-20

92、Our business and how we create valueA.P.Moller-Maersk is a purpose-driven company and always has been.Increasing complexity in global supply chains drives the need for integrated logistics.We aim to fulfil that need by sustainably and responsibly delivering better,simpler and more reliable outcomes

93、for our customers improving life for all by integrating the world.What we depend onValue created forLogistics&ServicesOceanTerminalsRelationshipsPurposeful people and our cultureOur talented,diverse team of 110,000+employees.Our brandFor over a century,we have built partnerships with customers,enabl

94、ing them to prosper by facilitating global trade.Stakeholder relationships and partnershipsWe rely on constructive relationships with customers,suppliers,peers and authorities to conduct our business and maintain supportive framework conditions.ResourcesNatural resourcesOur business relies on natura

95、l resources such as steel for vessels and oil for fuel.Assets and end-to-end delivery networkOur assets,supplier relationships and logistics expertise ensure resilient supply chains.Financial capitalWe have a strong balance sheet and are committed to remaining investment grade-rated.Technology and d

96、ataTechnology and data are key to connecting and simplifying supply chains.Our customersWe aspire to provide truly integrated logistics for 100,000+customers supply chains.Our peopleWe keep our people safe and engaged while offering interesting career paths.SocietyWe are going all the way in digitis

97、ing,democratising and decarbonising the worlds supply chains to enable sustainable trade.PlanetOur industry is a significant contributor to global greenhouse gas emissions,and we are committed to realising net zero supply chains by 2040.Our shareholdersIn our transformation to become the global inte

98、grator of container logistics,we continue to innovate and grow shareholder value.16A.P.MOLLER-MAERSK ANNUAL REPORT 2022Business modelExecutive summary I The global integrator I Performance I Governance I FinancialsStrategy2022 marked the fifth year of A.P.Moller-Maersks transformation from a diversi

99、fied conglomerate to be the global integrator of container logistics,connecting and simplifying customers supply chains.Despite the highly dynamic market situation,progress throughout 2022 continued to be strong,with customers rewarding A.P.Moller-Maersk an increasing share of their logistics busine

100、ss.The strength of A.P.Moller-Maersks strategy has carried the Group through two years of significant supply chain disruptions and positioned A.P.Moller-Maersk well to tackle the further challenges its customers and the industry will face in light of the shifting economic outlook.Since the transform

101、ation was initiated in 2016,A.P.Moller-Maersks strategy has been to offer integrated solutions for smooth and optimised cargo flows that can span across all steps of the supply chain and to create value for customers in the form of better supply chain outcomes,increased transparency and control as w

102、ell as higher efficiencies.The value proposition of integrated logistics,available from a single trusted logistics part-ner,addresses an underserved need with tangible value for customers.The vision includes the combination of a broad product and service offering of Logistics&Services with a highly

103、reliable and more differentiated Ocean transportation offering.Significant financial and operational synergies are realised between Terminals and Ocean,including leveraging the companys own Ocean volumes to optimise and de-risk terminal operations.This strategy is underpinned by cutting edge technol

104、ogy,the Groups industry leading commitment to ESG,not least the Groups commitment to reach net zero carbon emissions by 2040 across A.P.Moller-Maersks businesses,and the Groups highly capable people.The customer-centric mindset,a core element of the Groups strategy,has been substanti-ated by a stron

105、g double-digit percentage growth in cross-brand Net Promoter Score(NPS)at the end of 2022.Both the integrator vision and the value proposition have been validated by the substantial business growth experienced with customers,and the strategys resilience has been proven through disruptions such as CO

106、VID-19 and changes in the operating environment.The ability to put the customer first,help them navigate disruptions,and absorb the inherent complex-ity of global logistics is a true differentiator.Just as A.P.Moller-Maersks pivotal decision to embrace the container business in the 1970s unlocked de

107、cades of growth and made the company a leader in container logistics,A.P.Moller-Maersks strategy to become a global integrator will open a new chapter in the history of A.P.Moller-Maersk and bring the Group to new horizons.The ability to put the customer first,help them navigate disruptions and abso

108、rb the inherent complexity of global logistics is a true differentiator.Strategy17A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I Governance I Financials TechnologyToday,the technology landscape in the industry is characterised by a high degree of fragme

109、ntation and lack of standards and data compatibility.This drives cost,opera-tional friction,poor reliability,and limited visibility and control for customers.As part of A.P.Moller-Maersks strategy,the company is building a world-class technology organ-isation,modernising and standardising its techno

110、logy platforms,digitising assets and democratising data in an effort to make technology a distinctive and differentiating capability as well as to create customer value.Considerable progress has been made over the past year,including:Modernisation of legacy applications and building of new technolog

111、y platforms,leading to significant improvements in metrics such as critical incidents,system availability and instant booking Process standardisation and product modularisation,leading to improved reliability in delivering on customer needs and achieving higher agility and efficiency Picking up pace

112、 in industrial automation and asset digitisation,with improvements in idle time,breakdown time,and labour productivity,as well as better planning and ability to respond to exceptions.As part of a continued learning journey of staying focused on creating value for A.P.Moller-Maersks customers,the com

113、pany took the decision in 2022 to discontinue TradeLens,the open and neutral supply chain visibility and collaboration platform created as a joint venture between A.P.Moller-Maersk and IBM in 2018.While TradeLens was unable to secure the necessary traction,A.P.Moller-Maersk continues to be dedicated

114、 to a global supply chain digitalisation and collaboration agenda and will leverage the work done as a steppingstone to further push the agenda via different avenues.With most of the foundational work that has characterised these first years of the transformation journey rapidly completing,the compa

115、ny is shifting more weight on efforts to build infrastructure and proprietary technology that will create direct value for customers.This includes providing to customers comprehensive visibility of their supply chain along with greater control.Data and AI-optimised solutions are key to this next pha

116、se of the transformation journey.PeopleThe people working at A.P.Moller-Maersk are essential to its transformation into the global integrator of container logistics.Delivering on the strategy requires building and rebalancing of skills and capabilities across the organisation especially within logis

117、tics and technology and of the companys DNA,while embedding a culture of customer centricity among thousands of colleagues,current and new.In 2022,A.P.Moller-Maersk added more than 7,000 new colleagues,the majority into Technology and Logistics&Services teams.Another 14,300 colleagues joined as part

118、 of acquisitions,further adding to A.P.Moller-Maersks capabilities through their successful integration into the Groups fold.In order to secure and retain the needed talent,A.P.Moller-Maersk strives to become an employer of choice,offering employees exciting development opportunities and a com-pany

119、environment that values diversity of thought.The company has been building strate-gic capability academies on Technology and Integrated Supply Chains and has established a Senior Leader Welcome Program to accelerate the onboarding of new leaders and thus the integration of cultures and capabilities,

120、to name a few examples of recent initiatives.A.P.Moller-Maersks strong commitment to create an engaging environment for all colleagues remains and steady progress can be seen in the employee engagement survey,with a score in the 67th percentile,up from 59th at the end of 2021.Diversity,equity and in

121、clusion(DE&I)is a key priority for A.P.Moller-Maersk and core to the Groups People Strategy.Relevant and efficient policies have been established and designed for front-line and office-based colleagues to ensure the highest DE&I standards.They are embed-ded across the company and empower leaders wit

122、h tools to drive and champion the DE&I agenda.Multiple supporting initiatives across the entire business have been launched.For further details,see the 2022 Sustainability Report.ESGAs a global leader in transport and logistics,A.P.Moller-Maersk takes the responsibility to customers,society and the

123、environment very seriously.ESG is core to the purpose of the Group,an integral part of its business strategy,and a prerequisite for success as the Global Integrator.To demonstrate leadership,A.P.Moller-Maersk has committed to ambi-tious targets across the dimensions of environment,social and governa

124、nce,including A.P.Moller-Maersks industry-leading commitment to net zero carbon emissions across the business by 2040.There has been solid progress on the decarbonisation journey to date,including:Strategy18A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I

125、 Governance I FinancialsWe take leadership in the decarbonisation of logisticsWe ensure that our people thrive at workWe operate based on responsible business practices A roadmap to the 2030 targets for decarbonisation established,including the technical pathway,required CAPEX and impact on OPEX,and

126、 commercial strategy for all products Rapidly growing demand for ECO Delivery,a low-carbon Ocean product for which customers pay a green premium,with volumes above 240,000 FFE,close to four times higher in 2022 than in the previous year;green product offerings will be developed across all transport

127、modes in the coming years Memorandums of Understandings signed with nine fuel producers globally,laying the groundwork to secure 5 million tonnes of bio and e-methanol by 2030 Order for another six green methanol-powered container ships,bringing the total number of dual-fuel vessels on order to 19.T

128、he progress on the broader ESG agenda and decarbonisation in particular meant that in 2022,A.P.Moller-Maersk was awarded an A-rating(leadership band)from CDP,and a Gold rating from EcoVadis.This rating is reserved for top 2%of companies within the industry based on their ESG score and is a testament

129、 to the Groups dedication to ESG.Further details on the A.P.Moller-Maersk ESG agenda and progress can be found in the Sustainability highlights See page 21.Performing while transformingWith ever stronger enablers above,the key business segments in A.P.Moller-Maersk are more empowered than ever to pe

130、rform while transforming through foreseeable and unforeseeable circumstances.2022 was another year during which A.P.Moller-Maersk demonstrated such agility,solidifying its playbook for conducting business as the definition of normalcy evolves more rapidly and unexpectedly as ever.As much as A.P.Moll

131、er-Maersk continues to optimise for each business segments operational and financial performance,it is also increasingly basing business decisions on the customer value a full A.P.Moller-Maersk network with its unmatched scale,connectivity and accessibility can bring.OceanBuilding and strengthening

132、strategic partnerships with customers is core to A.P.Moller-Maersks strategy,and the Ocean business has consequently been rebalanced towards long-term contracts,stabilising at 70%of volumes for the year.Following years of congestions,reliability is improving again,and A.P.Moller-Maersk has delivered

133、 con-siderable progress in 2022,leading the industry in terms of schedule reliability.Reliability,visibility and resilience are critical requirements customers have for their supply chains in the face of economic headwinds,geopolitical instability,and acceler-ating paradigm shifts in the logistics i

134、ndustry,these requirements will become ever more important,and A.P.Moller-Maersk is continuing its focus on providing better solutions to meet those needs.As the Ocean market enters a new chapter characterised by a deteriorating supply-demand balance,managing operations is also a sharp focus for the

135、 business.This will require frequent and active adjustment of deployed capacity,while ensuring adequate and flexible access for customers to high-quality and reliable Ocean products.At the same time,A.P.Moller-Maersk will continue a disciplined approach to CAPEX,focusing on grow-ing through efficien

136、cy and on replacement rather than growing capacity,keeping the fleet at around 4.1-4.3 million TEU.A.P.Moller-Maersk continues to transform its offering in Ocean in order to provide its customers with differentiated,reliable and high-quality products and services based on individual needs.Doing this

137、 will enable customers to better navigate through the upcoming periods of shifting economic conditions and disruptions,while making the Ocean segment a more profitable and resilient business for A.P.Moller-Maersk.Strategy19A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator

138、 I Performance I Governance I Financials Logistics&ServicesWhat A.P.Moller-Maersks integrator strategy means for the companys customers is best described through the by Maersk service model value propositions:While A.P.Moller-Maersk is still on a journey to build and strengthen these value prop-osit

139、ions,the Group has already experienced significant business growth with revenue in Transported By Maersk up by 38%,Fulfilled By Maersk up by 68%,Managed By Maersk up by 48%vs.2021,demonstrating their increasing relevance to customers.Further more,77%of Logistics&Services organic revenue growth is co

140、ming from top 200 customers,demonstrating the strong synergies between Ocean and Logistics&Services.Acquisitions have been critical to fill gaps in A.P.Moller-Maersks ability to provide end-to-end offerings,securing critical know-how,assets and geographic coverage.In 2022,two new acquisitions were a

141、nnounced Martin Bencher,a Danish-based project logistics business with premium capabilities in designing end-to-end project solutions,and ResQ,a Norwegian supplier of services and expertise in safety training and emergency prepared-ness while several acquisitions closed,including Pilot,Senator and L

142、F Logistics.Grindrod Intermodal Group,a proposed joint venture announced in November 2021,and Martin Bencher both closed in January 2023.The integration of LF Logistics the largest acquisition within logistics is on-track and has started delivering on financial and oper-ational synergies.A.P.Moller-

143、Maersk expects to continue making acquisitions in order to secure needed capabilities primarily within logistics.TerminalsTerminals are an important part of the end-to-end container shipping supply chain and remain critical for the A.P.Moller-Maersk integrator strategy,enabling network stability whi

144、le lowering cost to serve its customers.The Terminals segment continues to focus on delivering stable and attractive returns via the Safer,Better,Bigger strategy,while also enabling high-quality Ocean products.Progress on the strategy has been strong,with Terminals delivering a record-high EBIT resu

145、lt.Adjusted for the divestment of Global Ports Investments in Russia,the 2022 EBIT was USD 1.2 billion,and ROIC was 12.3%.Terminals continues to see evidence that the Safer,Better,Bigger strategy has further potential to improve underlying performance,while positioning the company to better navigate

146、 in an increasingly volatile environment.Despite headwinds,the terminal industry is forecasted to remain attractive and resilient returns are expected to continue.Momentum and resonance with the Integrator strategyA.P.Moller-Maersk has accelerated its progress on the transformation journey,with stro

147、ng momentum on building capabilities.The resonance with customers of the integra-tor strategy and its high-quality integrated supply chain offerings has been very strong,proven by customers rewarding the company with an increasing share of their logistics business and the experienced growth.A.P.Moll

148、er-Maersks strategic positioning and expanding end-to-end value propositions are creating distinct offerings to meet customer needs as they redefine their supply chain for a less stable and more unpredictable world.The resonance with customers of the integrator strategy and its high-quality integrat

149、ed supply chain offerings has been very strong,proven by customers rewarding the company with an increasing share of their logistics business.Transported by MaerskFulfilled by MaerskManaged by MaerskTransported by Maersk offers integrated transportation solutions to facilitate supply chain control a

150、cross trans -portation steps.The solutions are modular,providing customers end-to-end services with higher reliability,speed and accountability.With Managed by Maersk,integrated management solutions enable customers to control or outsource part or all their supply chain.Combining transport and fulfi

151、lment solutions with digital platforms,this service model gives end-to-end visibility,actionability and control.Fulfilled by Maersk offer integrated fulfilment solutions to improve customer consolidation and storage down to order level.Whether e-commerce or cold storage,the solutions connect seamles

152、sly to A.P.Moller-Maersks transportation network,optimising inventory flow and precision to deliver individual orders precisely and on time.Strategy20A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I Governance I FinancialsSustainability highlights2022 was

153、 a year of ongoing disruption to the worlds supply chains,with unprecedented shocks from increasingly frequent and severe climate-related weather events and geopolitical tensions most notably Russias invasion of the Ukraine.A global shift from commitment to action on decarbonisation is underway,as c

154、onsensus is growing that the global community is in an urgent climate crisis that demands an equally urgent response.At this critical but fragile inflection point,A.P.Moller-Maersk continued to make progress on its ambitious sustainability agenda.In 2022,A.P.Moller-Maersk defined the roadmaps to dri

155、ve meaningful progress on the ESG commitments announced in February,with the aim of fully integrating those activi-ties across businesses and into decision making.The companys ESG strategy is an integral part of,and prerequisite for,the success of A.P.Moller-Maersks Global Integrator strategy.Aggres

156、sive decarbonisation targets have been set for 2030 to ensure this critical decade is one of action.A.P.Moller-Maersks ESG aspirations are closely linked to the companys Purpose and Core Values,and collaboration with customers,partners and stakeholders at every level aspires to deliver more responsi

157、ble and more sustainable supply chains,so that global trade makes a positive contribution to the environment and society.A.P.Moller-Maersk ESG strategy Environment Social GovernanceCommitmentsWe will take leadership in the decarbonisation of logisticsWe will ensure that our people thrive at work by

158、providing a safe and inspiring workplaceWe operate based on responsible business practicesWe will deliver on our customer commitment to decarbonise their supply chains in time and our societal commitment to act and have impact in this decadeWe create an engaging environment for all colleaguesWe faci

159、litate diversity of thoughtWe ensure everyone gets home safe by preventing fatal and life-altering incidentsWe live our Code of ConductWe procure sustainablyWe protect and treat data with respectStrategic targetsall targets are for end of year2040:Net zero across the business 100%green solutions to

160、customers2030:Aligned with the Science Based Targets initiative 1.5C pathway Industry-leading green customer offerings across the supply chain2025:Employee Engage-ment Survey score in the top quartile of global norm2025:40%women in management and leadership 30%diverse nationality(non-OECD)of executi

161、ves2023:100%Learning Teams completed following High Potential incidents Global Leadership(Top 1,200)upskilled in Maersk safety and security principles2023:100%of employees(in scope)trained in Maersk Code of Conduct2024:100%of suppliers(in scope)commit-ted to the Supplier Code of Conduct2023:100%of e

162、mployees(in scope)trained on data ethics2022 performance highlights Share of ocean freight transported with green fuels:2%Carbon intensity(Ocean)increased by 7%compared to 2020 baseline Reduction of emissions(scope 1 and 2)in Terminals 5.4%since 2021 67th percentile 33%women in management and leader

163、ship 16%diverse nationality (non-OECD)of executives 83%Learning Teams completed following High Potential Incidents Training in Maersk safety and security principles developed for roll-out in 202383%96%67%Overview of all ESG categoriesClimate change Environment and ecosystems(incl.ship recycling)Empl

164、oyee relations and labour rights-Safety&security-Human capital Sustainable and inclusive trade-Diversity,equity and inclusion-Human rightsBusiness ethics-Governance-Responsible taxSustainable procurement-Data ethics-Citizenship21A.P.MOLLER-MAERSK ANNUAL REPORT 2022Sustainability highlightsExecutive

165、summary I The global integrator I Performance I Governance I FinancialsThree core ESG commitmentsA.P.Moller-Maersks ESG strategy highlights three core commitments,supported by targets:We will take leadership in the decarbonisation of logistics We will ensure that our people thrive at work by providi

166、ng a safe and inspiring workplace We operate based on responsible business practices.Around these three commitments,A.P.Moller-Maersk has defined 14 ESG categories covering all material impacts and risks.Each category is owned by an executive sponsor and anchored in relevant functions that drive imp

167、lementation and performance.The company reports on the strategy,governance and performance across all the 14 cate-gories in the annual Sustainability Report,supplemented by further details,TCFD and SASB index in an online ESG Factbook at M 2023,ESG will be linked to executive remuneration(see box).E

168、nvironmentClimate change:taking decisive steps towards net zero by 2040In 2022,every region in the world was impacted by powerful warning signs about the dangers of failing to address climate change.This included record heatwaves that made cities uninhabitable and threatened the food supplies of mil

169、lions.It also included violent storms and widespread wildfires,as well as record drought and flooding.A.P.Moller-Maersk is a key player in an industry responsible for 3.5 billion tonnes of annual greenhouse gas emissions.With an obligation to be part of the solution,the company is leading the decarb

170、onisation of logistics with a commitment to support a green and just transition,based on respect for human rights,social dialogue,and stakeholder engagement.In 2022,A.P.Moller-Maersk defined and clarified key milestones in its operations and customer offerings needed by 2030 to keep the journey towa

171、rds this commitment on track.Activities are progressing at full speed but in different phases,as detailed in the sections covering the Ocean,Logistics&Services and Terminals businesses.A critical part of A.P.Moller-Maersks approach to decarbonising supply chains is providing customers with green sol

172、utions to help them reach their own targets.Today 70%of the companys top 200 customers have set ambitious greenhouse gas emission goals,including science-based targets many of which are on aggressive timelines to reach climate neutrality by 2040 or even earlier.2022 also saw promising developments i

173、n industry standards and regulation,which will improve visibility and the industrys ability to gather consistent,granular data to collabo-rate on shared emissions objectives.In December,the long-awaited Science Based Targets initiative(SBTi)guidance for maritime transport was launched.A.P.Moller-Mae

174、rsk has long been committed to seek SBTi verification of targets aligned with a 1.5C pathway and anticipates that this will be accomplished in 2023.Supportive regulatory frameworks are critical to ensuring a level playing field that will help accelerate innovation and investment in the green transit

175、ion.The EU and US governments showed strong climate leadership in 2022 through supporting measures for the EU Fit-for-55 package and the US Inflation Reduction Act to catalyse the green transition.Globally,the IMO finalised the adoption of two short-term emission-reducing measures which will be appl

176、ied from 2023 the Energy Efficiency Existing Ship Index and the Carbon Intensity Indicator the first operational global regulation that will sig-nificantly curb vessel emissions.A.P.Moller-Maersk supports local measures while continuing to advocate for global rules,including setting higher IMO ambit

177、ions for 2030 and 2050,with rigorous implemen-tation.Ensuring that industry decarbonisation efforts include a well-to-wake(life cycle)perspective and look beyond CO2 to all greenhouse gasses is also critical to creating a level playing field.A.P.Moller-Maersk believes a market-based greenhouse gas p

178、rice/carbon tax of at least USD 150/tonne is also required to accelerate the green transition and reward decarbonisation investments.Ensuring a sustainable green transition A.P.Moller-Maersks approach to securing green fuels requires that all possible envi-ronmental and social impacts are fully unde

179、rstood over potential fuels entire life cycles.Net zero greenhouse gas emissions are only achieved when there is no net addition of greenhouse gasses associated with the fuel from raw material to end of life e.g.the complete fuel supply chain is fully decarbonised.Scorecard based on performance in t

180、hree categories with a three-year vesting period Represents 20%of Executive Leadership Team long-term incentive(LTI)compensation Effective from 2023 LTI programmeDecarbonisationDiversitySafety22A.P.MOLLER-MAERSK ANNUAL REPORT 2022Sustainability highlightsExecutive summary I The global integrator I P

181、erformance I Governance I FinancialsTo ensure consistent standards and a systematic approach,A.P.Moller-Maersk assesses the environmental impact of fuels in accordance with the ISO 14040-series standards for life cycle assessment.In addition to climate change,a broad range of environmental indicator

182、s are considered,including biodiversity,ecosystem services,resource and mate-rial depletion,human health and ecotoxicity,and air and water quality.Social aspects are assessed through a just transition lens that considers the impacts on people and commu-nities in new fuel supply chains.Full details o

183、n A.P.Moller-Maersks approach to sustainable fuels and a just transition can be found in the 2022 Sustainability Report.Green solutions for customersTo deliver on the 2030 and 2040 targets set for green offerings to customers,A.P.Moller-Maersk is developing products across its business segments.The

184、first one in the market was Maersk ECO Delivery,an ocean transport customer offering that uses green fuels,instead of conventional fossil fuels.Since its 2019 introduction,demand for ECO Delivery Ocean has grown by more than three times,year-on-year.Of the 200 custom-ers currently using the product,

185、35%are from emerging countries-affirming that decar-bonisation is not only on the agenda of mature,wealthy economies.A.P.Moller-Maersk plans to develop and launch more ECO Delivery products across other business segments to ultimately enable end-to-end green solutions.Visibility of greenhouse gas em

186、issions across supply chains is critical to customers carbon reduction efforts.A.P.Moller-Maersk has launched an Emissions Dashboard help-ing customers to simplify the often-complex challenge of consolidating emissions data across multiple carriers and transport modes.SocialHuman capitalA.P.Moller-M

187、aersks ability to attract,retain and develop talented colleagues at all levels is critical to delivering on the companys Purpose and Global Integrator vision.The People strategy was designed,in alignment with the companys Core Values,to create the right environment to engage and inspire employees to

188、 thrive.During 2022,A.P.Moller-Maersk made significant progress in rolling out initiatives to support the priorities defined in the People Strategy.These included new talent attrac-tion and onboarding programmes,a strong focus on leadership development,and a new talent management approach closely li

189、nked to new career building tools.For 2022,A.P.Moller-Maersks score in the bi-annual Gallup global employee engagement survey one of the most important People KPIs saw an 8-point year-on-year improvement to the 67th percentile,up from 59th at the end of 2021.Safety and securityIn the area of safety

190、and security,A.P.Moller-Maersks commitment is to ensure that everyone gets home safe by preventing fatal and life-altering incidents.In 2022,the company did not live up to that commitment,and with deepest regret,nine people lost their lives while on active duty for A.P.Moller-Maersk.23A.P.MOLLER-MAE

191、RSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I Governance I FinancialsSustainability highlightsThese tragic events,and the increasing safety risk exposure,is connected to the trans-formation of A.P.Moller-Maersk into an integrated logistics operator,as the company en

192、ters more landside business areas and relies on an increasing number of new partners.Four fatalities involved truck drivers one at a terminal and three in warehouses.In Ware-house and Distribution safety and security risk management,particular focus is therefore on separating people from machines in

193、cluding trucks,forklifts and cranes.Six of the nine fatalities involved third parties,which is leading the company to revisit the control of con-tractors who enter facilities.A.P.Moller-Maersks duty of care extends to anyone sup-porting company operations.In 2022,the company further took action to s

194、trengthen risk assessments,confirm that critical safeguards are in place and to accelerate the implementation of a new global HSSE Management Framework that covers Maersks Ocean&Logistics and Terminals busi-nesses.Globally,A.P.Moller-Maersk continues to focus on building capacity to fail safely,with

195、 the aim that if accidents or incidents occur,the safety culture,processes and mitigat-ing actions will prevent them from doing significant harm.This includes targets for two leading indicators,the first around High Potential Incidents as predictors of where there is a heightened risk of fatal or li

196、fe-altering accidents.By the end of 2023,all High Poten-tial Incidents will trigger a frontline Learning Team assessment.The second is that by the end of 2023,Maersks 1,200 top leaders will have gone through Lead with Care,a com-prehensive training programme that forms the core of the companys appro

197、ach to safety and security,where leaders are fully enabled and personally involved in creating safe workplaces.Diversity,Equity&Inclusion(DE&I)DE&I is core to creating the right environment for employees and integral to how A.P.Moller-Maersk attracts,retains and engages its talent.This is especially

198、 critical to the companys growth ambitions today as it competes for talent in a market driven by global socio-economic trends,including the post-pandemic great resignation.The right environment includes psychological safety,and in 2022 the company launched a new,global Anti-Discrimination,Harassment

199、 and Bullying Policy followed by mandatory training to strengthen its commitment to a Zero Tolerance Code of Conduct.Ending harassment at sea is a global,industry-wide issue which requires the support of all stakeholders.A.P.Moller-Maersk is working across the ecosystem with labour unions and mariti

200、me administrations and academies to address this issue and has also instituted a major cultural transformation programme and campaigns to increase openness to harass-ment issues and promote a speak-up culture.Gender diversity is another DE&I priority.In 2022,the company made progress in leader-ship

201、gender diversity by strengthening the pipeline of women leaders and engaging them for development earlier in their careers.A.P.Moller-Maersk has programmes for women at all levels to build leadership skills and around 800 participated in dedicated leader development and networking programmes during

202、2022.The company is also proactively addressing gender diversity attraction challenges in traditionally male-dominated work environments,including building a more gender-balanced workforce at sea,and in land-side growth areas such as warehousing and trucking.Employee reference networks are a key DE&

203、I lever for A.P.Moller-Maersk,and many employees participate in groups such as PrideMaersk and the Maersk Power Womens Network through campaigns around International Womens Day,Summer of Pride,Mental Health Month and International Day of Persons with Disabilities.These networks also create opportuni

204、ties to partner with customers on activities based on shared values,such as the global journey of A.P.Moller-Maersks Pride rainbow containers.Sustainability highlights24A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I Governance I FinancialsEU TaxonomyIn

205、2022,A.P.Moller-Maersk is reporting,for the first time,on the share of its activities that are taxonomy-aligned as well as EU Taxonomy eligi-bility.Aligned activities are the share of Maersks eligible activities that meet both the substantial contribution and do no significant harm criteria outlined

206、 in the EU Taxonomy Regulation-a classification system identifying environmentally sustainable economic activities.The results of the 2022 screening confirm that A.P.Moller-Maersk has significant opportunity to make a substantial contribution towards climate change mitigation,and that it is in its e

207、arly stages of the journey to decarbonise its end-to-end value chain.In 2022,3.4%of revenue,7.1%of CAPEX and 10.1%of OPEX are reported as taxonomy-aligned,and 85.2%of revenue,63.5%of Capex and 100%of Opex are taxonomy-eligible.For complete details,see the A.P.Moller-Maersk 2022 Sustainability Report

208、.GovernanceBusiness ethicsA.P.Moller-Maersks commitment to business ethics is strongly linked to its Purpose and how the company promotes sustainable,responsible trade and a more equal society.In 2022,there were many challenges due to lingering pandemic congestion,large market changes and geopolitic

209、al tensions,all of which increase the risk of corruption.These risks include demands for facilitation payments from port,border and landside authorities and for concession requests while negotiating with government officials.In 2022,A.P.Moller-Maersk made continued progress on its journey towards a

210、best-in-industry compliance programme by 2025,with a focus on enhancing the effec-tiveness of compliance procedures,digitising controls and identifying risks.Annual com-pliance training is an important KPI for business ethics to raise awareness of risk areas and confirm understanding of Business Eth

211、ics Rules,as summarised in the A.P.Moller-Maersk Code of Conduct the go-to reference for employees.In 2022,new trainings were launched based on insights from global and function risk assessments.The Code of Conduct was also relaunched in 2022 with a campaign to support a speak-up culture and encoura

212、ge employees to use the whistleblower system,while reinforcing a zero-tolerance non-retaliation policy.Data ethicsThe rapid digitalisation of global supply chains,increased sharing of customer and partner data and growing scrutiny of corporate misuse or failure to protect data have significantly rai

213、sed the importance of responsible data management.A.P.Moller-Maersks global integrator strategy revolves around the ability to offer customers differentiated value propositions from digitally-enabled products and services.The company is committed to demonstrating leadership in technical innovation a

214、nd to do so with the highest data ethics standards.To avoid abuse and privacy infringement issues,and to safeguard the company from legal,business and reputational risks,it is vital to manage and control the storage and use of customer,partner and employee data ethically and proactively.In 2022,A.P.

215、Moller-Maersk launched a global training programme covering the four principles of its Data Ethics Policy(transparency,respect,security and innovation),and providing guidance on how to identify and mitigate the risk associated with data-driven innovations throughout the data lifecycle.The company is

216、 implementing data manage-ment procedures to ensure that risks from emerging topics such as Artificial Intelligence and Machine Learning are identified and mitigated early in this age of rapid technology change and development.For full reporting on ESG strategy and performance,see the 2022 Sustainab

217、ility Report.Read more2022 Sustainability Report ALL THE WAY25A.P.MOLLER-MAERSK ANNUAL REPORT 2022Executive summary I The global integrator I Performance I Governance I FinancialsSustainability highlightsMarket insightsThe economic outlook shifted during 2022.After a strong start to the year,new sho

218、cks weighed on economic activity and supply chains.High inflation,inventory build and a rebalancing towards spending on services reduced demand for goods bringing global trade back to pre-pandemic levels.Economic activity and global trade slowed in 2022 after a strong rebound from the pan-demic.A se

219、ries of new shocks and market dynamics weighed on trade and supply chains.A large part of Russian and Ukrainian imports and exports were eliminated from the mar-ket;consumers began to normalise their spending on goods and shifted towards services,while inflation and higher interest rates eroded purc

220、hasing power;Chinas property market weakened,and lockdowns continued to impact activity;and inventory correction in Europe and the United States impacted the demand for ocean and airfreight services.Demand for road transportation remained better supported in the USA and Europe,and warehousing utilis

221、ation remained high throughout the year.In 2023,economic and trade growth are expected to be weak.Demand for consumer goods is slowing,and the inventory correction is weighing on the near-term outlook.Geopolitics remain challenging,with some long-standing trade relationships being reconfigured.The r

222、esult is an emerging fundamental reset in which some supply chains are increasingly shaped by political choice.Mid-2022 marked a shift in the macroeconomic environmentGlobal economic activity made a strong recover in 2021(6.0%y-o-y),but slowed to 3%in 2022(Oxford Economics January 2023 estimate),as

223、the rebound from the pandemic faded.Additionally,the war in Ukraine and lockdowns in China created new disruptions and strains during the year.Companies and consumers experienced levels of price infla-tion not seen since the 1970s,with headline consumer price inflation reaching 9%in the USA(June)and

224、 10.6%in the Eurozone(October),and producer price inflation reaching above 40%in Europe.Many central banks increased interest rates to contain price infla-tion and slowing economic activity became evident in the second half of 2022 in most major economies.Central banks in China and Japan were an exc

225、eption,maintaining an accommodative stance to support growth.Solid labour markets and savings accumulated during the pandemic supported over-all consumer demand despite these new headwinds.However,spending on goods began to slow during H2 2022 as the composition of spending shifted toward services,a

226、nd the exceptionally strong demand for goods by consumers in the United States began to fade.Alongside,the inventory correction turned into a headwind in H2 2022.Inventories were run down during 2020-21,supporting trade activity as manufacturers and retailers strug-gled to meet a heavy order flow.Wi

227、th economic activity slowing and supply chain bottle-necks easing during 2022,businesses started to accumulate inventory resulting in a drag on trade activity(Figure 1).Logistics markets began to normaliseDemand for logistics services followed the macroeconomic environment during 2022.Global contain

228、er sea freight volumes declined by 4.3%in 2022,and by the third quarter they were below 2019 Q3 levels.Air cargo volumes(CTK)declined by 7.4%from January to November compared to 2021(Figure 1)and were also below the levels seen over the same period of 2019.According to Drewry,port throughput volumes

229、 declined by 0.5%in 2022,weaker than the 7.1%in 2021.By contrast,vacancy rates for industrial and logistics ware-housing remained low by historical standards(3.3%in the USA).Sources:Maersk Strategic Insights,based on CTS,Piers,Seabury,IHS Markit.Figure 1 Inventories and trade Global container trade(

230、Growth year/year)Global air freight market(Growth year/year)Manufacturing orders-to-inventories(Ratio)Growth year/year%33%Ratio2002020250-5-10-15-201.00.90.80.70.626A.P.MOLLER-MAERSK ANNUAL REPORT 2022Market insightsExecutive summary I The global integrator I Performance I Gove

231、rnance I FinancialsPressure on global supply chains eased during the year resulting in improved reliability for Ocean logistics.The share of the global container fleet absorbed by delays declined from almost 14%in January 2022 to 6.7%in October,according to Sea-Intelligence.Nonetheless,inland logist

232、ics remained challenged in some regions and ports because of several factors:ongoing truck driver and equipment shortages,redirected cargos bound for Russia,low water levels in parts of Europe,high inventory levels clogging-up ports and warehouses,industrial action,flooding in parts of Asia and lock

233、downs in China.Demand developments were not uniform across customer verticals.The main shift occurred in retail and technology products where demand was exceptionally strong dur-ing the pandemic pushing container volumes well above their pre-pandemic trend(Figure 2).During 2022,consumers reduced the

234、ir spending on these products and container volumes began to normalise.By contrast,other verticals such as lifestyle products did not experi-ence the same overconsumption and container volumes progressed in line with the pre-pandemic trend.The automotive sector continued to be impacted by supply cha

235、in problems and a shortage of semiconductors,as well as consumer hesitancy,resulting in container volumes being well below trend.From a sales channel perspective,e-commerce penetra-tion also began to normalise during 2022,underscoring the need for nimble omnichannel logistics solutions.Container vol

236、umes contracted across most ocean routes in 2022 compared to 2021(Figure 3).Volumes into and out of Europe weakened because of the Russian invasion of Ukraine that resulted in a direct loss of trade with Russia and in a deterioration of the European economic environment.Volumes into Far-East Asia de

237、teriorated because of weak domestic demand and COVID-19 policy in China.North America import volumes also declined hand-in-hand with the economic slowdown,shifting consumer demand and the inventory correction.Yet,container volumes remained above 2019 levels in several regions,including Latin America

238、,Oceania,intra-Asia and intra-America.Pricing varied across transport modesThe normalisation of demand was felt most keenly in the ocean freight rate market during H2 2022.The adjustment across other transport modes was more subdued reflecting differing demand and supply dynamics(Figure 4).Spot ocea

239、n freight rates,as measured by the Shanghai Containerized Freight Index(SCFI),were on average 10%lower in 2022 compared to 2021,but still four times higher than 2019.On the supply side of the ocean market,nominal capacity expanded by 4%in 2022 and the supply-demand balance deteriorated during the ye

240、ar.In H1 2022,supply side bottle-necks and the composition of demand led to a growing number of blank sailings and a fleet deployment increasingly skewed towards longer East-West trades relative to shorter intra-regional trades.This kept effective supply growth below head-haul demand growth,supporti

241、ng ocean rates.Combined with weakening demand,the supply-demand balance deteriorated in H2 2022.Looking forward to 2023,global demand for containers is expected to decline.On the supply side of the container market,growth is expected to be significant.According to Alphaliner 362 vessels with a nomin

242、al capacity of 2,482k TEU are scheduled for delivery in 2023.This corresponds to around 10%of the current nominal fleet.Although scrapping and measures taken to comply with incoming regulation from the International Maritime Organization will absorb some of the incoming capacity,the supply-demand ba

243、lance is likely to deteriorate in 2023.Lower demand for air cargo services and a return of capacity to the market reduced the pressure on airfreight rates during 2022.Compared with the first eleven months of 2021,airfreight capacity rose by 3.3%in 2022 as long-haul passenger flights resumed and expa

244、nded carrier freighter fleets came into operation(IATA).Rates remained in transition in H2 2022.As of September 2022,they were 9%below same period 2021,but global average spot rates were 103%higher than in September 2019 according to Xeneta.Continued rate normalisation during 2023 rests on the suppl

245、y of belly capacity coming to the market and the degree of demand normalisation.Source:Maersk Strategic Insights estimates,based on CTS,Piers,Seabury.Automotive Lifestyle Retail Technology Global Figure 2 Container trade volumes,by verticalIndex(2019=100)4QMA200202028027A.P.MOL

246、LER-MAERSK ANNUAL REPORT 2022Market insightsExecutive summary I The global integrator I Performance I Governance I FinancialsIntra-Asia-3.3West Central Asia-3.8Intra Europe-8.4Global-4.3NorthAmerica-4.1Intra America-0.8Far East-5.1Europe-8.8Latin America-2.3Latin America-4.5Africa-2.7Oceania-0.1Ocea

247、nia-1.1West Central Asia1.9Europe-5.6Far East-8.2NorthAmerica-6.3Africa0.7Source:Maersk Strategic Insights,based on CASS Information system,Freightos,SCFI,UpplyFigure 4 Freight rates development in 2022(Index,2021=100)Overland US Freight Container Freight Airfreight European Road Freight2021 2022 Ja

248、n FebMarAprMayJunJulAugSepOctNovDec25456585145125105 Very strong Strong Neutral Weak Very weak Inbound OutboundFigure 3 Container volume growth in 2022(%)Source:Maersk Strategic Insights1 Data displayed on geographical regions exclude intra-regional trade 2 Actuals available until November 2022.3 Fi

249、gures reported refer to the last available 3-month moving average of market growth 4 Colours embed information on the current dynamics relative to the 2011-19 average.Demand for logistic services remained strong during the year in the USA as backlogs from the consumption boom were processed.Higher l

250、evels of inventory resulted in increased demand for warehousing and storage space,keeping rates supported.In Europe,road freight rates remained high despite weakening economic activity thanks to a mix of factors such as elevated fuel costs and driver shortages.Yet across all modes,the mix of factors

251、 that drove rates higher during and after the pandemic started to unwind during 2022.A disrupted market landscapeDespite the easing of COVID-related restrictions,the logistics industry and its customers face wide-ranging changes and disruption to the business landscape.Fundamental drivers of the log

252、istics industry are becoming more challenging and the industry itself faces accelerating paradigm shifts driven by supply chain fragmentation,geopolitical instability 28A.P.MOLLER-MAERSK ANNUAL REPORT 2022Market insightsExecutive summary I The global integrator I Performance I Governance I Financial

253、sMULTISOURCINGSTRATEGIC AUTONOMY&TRADE POLICYTRADE GROWTHENERGY PRICESTAIWAN TENSIONSNEARSHORING/FRIENDSHORINGPERSISTENT INFLATIONDECARBONISATIONSUPPLY CHAIN BOTTLENECKS NEW BUSINESS MODELSCONSUMER PREFERENCESCAPACITY SHORTAGES INFRASTRUCTURE GAPSConsumer ConfidenceCOVID-19Slowdown in ChinaWar Escal

254、ationDebt CrisisHigh Interest RatesEconomic Growth Geopolitical Risk Technological Change Climate Change RetailAutomotiveTechAgriculture Chemicals Lifestyleand economic headwinds,straining established sup-ply chains set-ups and logistics solutions(Figure 5).Immediately ahead,global economic growth i

255、s expected to be weak in 2023,around 1.5%,with major economies going into recession.Consumer spending growth will slow further and the overconsumption of goods during the pandemic period risks a sharp cor-rection in demand.Chinas economy is also struggling,adding to the business challenges posed by

256、COVID-19.And many emerging markets are vulnera ble,having entered this environment with high debt levels and key dependencies on energy and food imports.In this uncertain context,the global ocean container market growth is expected to be in the range of-2.5%to+0.5%in 2023.Alongside,market-based trad

257、e policies are being challenged more forcefully than at any time in the past 60 years.Going forward,geopolitical relation-ships are set to remain tense,and some supply chains will be shaped more by political choice than by eco-nomics,and by the increasing impact of climate change.The totality of unc

258、ertainty facing customers supply chains and logistics providers is significant and greater than any single risk factor would indicate by itself.Other fundamental drivers of the logistics land-scape are also changing.Technology is creating new demands and opportunities,channel shifts are accelerating

259、,and the quest for resilience and ESG compliance are becoming paramount.As part of the response,supply chains are starting to be rewired through nearshoring and diversification of sourcing,and customers seek closer collaboration and long-term relationships to reduce undue complexity and shared respo

260、nsibility for operating their supply chains.Source:Maersk Strategic Insights elaboration based on Adam Tooze,Chartbook 130,June 2022Figure 5 Disrupted landscape:A Polycrisis framework(illustrative)Primary drivers that influence the external environment Secondary drivers that influence the external e

261、nvironment Industry and supply-chain specific drivers of change Most impacted verticalsTechnology is creating new demands and opportunitiesImpact of climate change is wide-ranging,from consumer preferences,to energy policy and business outlook Geopolitical relationships are tenseMajor economies are

262、going into recession in 2023 and structural drivers are weak29A.P.MOLLER-MAERSK ANNUAL REPORT 2022Market insightsExecutive summary I The global integrator I Performance I Governance I FinancialsRISK MANAGEMENT Navigating risksRisk management at A.P.Moller-Maersk is focused to support the strategic o

263、bjectives in the medium term and ensure the longevity in the long term.A.P.Moller-Maersks Enterprise Risk Management framework enables a con sistent approach to identification,assessment,mitigation and monitoring of key risks.This allows a holistic and meaningful comparison of the risks faced and pr

264、ovides transparency of how they are managed across the company.In 2022,a third-party maturity assessment of A.P.Moller-Maersks Enterprise Risk Management capabilities was carried out.The assessment concludes that the company has a solid ERM program,which over the past few years has undergone steady

265、and continuous improvement.To further strengthen the capabilities a road map of activities was established for the period 2022-2024 to:1.Enhance the project risk management capabilities2.Establish a risk appetite framework3.Address uneven ERM maturity levels in brands and functions 4.Build system su

266、pport for ERM.Work on the above activities is either ongoing or completed.Identifying A.P.Moller-Maersks risksUsing the enterprise risk management framework,all A.P.Moller-Maersk brands and functions identify risks that could affect their strategy and operations.In parallel,risks to the companys bus

267、iness objectives are identified through interviews with executives.Finally,emerging risks to the companys longer-term value drivers are identified through an externally facilitated workshop with executives.The risks identified are then con-solidated into an enterprise-wide risk landscape and validat

268、ed for relevance and signifi-cance by the Risk&Compliance Committee.After final consolidation,the risk landscape is reviewed by the Executive Leadership Team,who determines the key risks for the company and the emerging risks that warrant detailed analysis to understand their potential impact.These

269、risks are then submitted to the Audit Committee and the Board of Directors.Managing A.P.Moller-Maersks risksEach key risk is assigned an executive owner who is accountable for the management of the risk,including confirmation that adequate controls are in place and that the necessary action plans ar

270、e implemented to bring or keep the key risk within risk appetite.To provide adequate oversight,key risk developments and mitigation progress are monitored and reported on throughout the year based on agreed metrics.Quarterly in-dept reviews of the status of the key risks and their mitigation are con

271、ducted in the management teams and various oversight fora such as the Risk&Compliance Committee.In addition,the Audit Committee conducts deep dive sessions with executive risk owners throughout the year on selected key risks.Figure 1 presents an overview of A.P.Moller-Maersks process and governance

272、structures,including the Risk&Compliance Committee and Audit Committee/Board of Directors.ERM road map 2022-2024Figure 1 Overview of governance structureInternal AuditA.P.Moller-MaerskInternal AuditBoard of Directors/Audit CommitteeProvides oversight over ERM effectivenessRisk and Compliance Committ

273、ee Review key risksReview effectiveness of ERM across A.P.Moller-MaerskERM TeamResponsible for the imple-men tation and maintenance of the ERM frameworkFacilitate identification,assess ment,mitigation,and monitoring of key risksCultivate risk culture and ERM capabilities across A.P.Moller-MaerskEnte

274、rprise Risk OwnersResponsible for the management of risks assigned to themResponsible for developing and implementing action plans to mitigate risksMaersk brands and functions30A.P.MOLLER-MAERSK ANNUAL REPORT 2022Navigating risksExecutive summary I The global integrator I Performance I Governance I

275、FinancialsLowLowHighLowLowRisk severityRisk severityRisk severityRisk severityKey risksStrategicOperationalFinancialComplianceKey risks to the 2023-2027 business planA.P.Moller-Maersk categorises risks into four different areas to provide the appropriate level of governance and oversight to effectiv

276、ely manage these risks.Financial Risks associated with potential financial losses and/or insolvencyCompliance Risks associated with non-compliance with rules and/or policiesLegal and regulatory complianceBeing hit by a large compliance case10 Risk continuing from 2022 New riskOperational Risks assoc

277、iated with business activities and operations,procedures,people and systemsCustomer service levelInability to deliver a superior service level to customers CyberattackExternal or internal attack resulting in service unavailability or data breachRising cost in an inflationary environmentInflationary

278、cost pressure or lack of product standardisation hampering long term profitability and scalability of business.Organisational capabilitiesInability to attract and scale the right workforce matching business demand5763Strategic Risks associated with current and future business plans and strategiesOce

279、an industry collapseFinancial loss from Ocean freight rate collapseGeopolitical tensionEscalation of geopolitical tensions and political uncertainty impacting future supply chain.Process standardisation&technology roadmap Failure or serious delay in the standardisation of E-2-E processes and executi

280、on of technology roadmapDecarbonisationFailure to decarbonise A.P.Moller-Maersks end-to-end supply chain at a speed that meets investor and customer expectations Mergers and acquisitions integration Failure to integrate a major acquisition91045Figure 231A.P.MOLLER-MAERSK ANNUAL REPORT 202

281、2Navigating risksExecutive summary I The global integrator I Performance I Governance I Financials12 NEW RISK34Ocean industry collapseGeopolitical tensionCustomer service levelProcess standardisation&technology roadmapRisk owner.Chief Product Officer,OceanYear-on-year risk movement.IncreasedRisk cat

282、egory.StrategicRisk owner.Chief Corporate Affairs OfficerYear-on-year risk movement.New riskRisk category.StrategicRisk owner.Chief Delivery OfficerYear-on-year risk movement.DecreasedRisk category.OperationalRisk owner.Head of TransformationYear-on-year risk movement.StableRisk category.StrategicWh

283、at is this riskDrop in demand due to the economic downturn and the geopolitical situation at a time where the global fleet capacity increases with planned new-buildings may lead to a rapid collapse in Ocean freight rates.Escalation of geopolitical tension and political uncertainty may have a strong

284、and immediate impact on the future supply chain,through disruptions in supply,demand,and logistics infrastructure,and eventually fragmentation of supply chains.The success of A.P.Moller-Maersks integrator strategy depends on customers trust and confi-dence in A.P.Moller-Maersk to fulfil their end-to

285、-end supply chain needs through superior and consistent service levels.A failure to do so would be a reputation risk and weaken the foundation of A.P.Moller-Maersks integrator strategy.Serious delay or failure to standardise core end-to-end business processes and execute the technology roadmap to ac

286、hieve A.P.Moller-Maersks growth vision as an end-to-end integrator of global logistics.How we manage itA.P.Moller-Maersk has limited levers to impact the overall demand for container shipping and can-not influence the market rates.With the continuing development of differentiated value propositions,

287、agile adaption of network,slow steaming,focus on cost leadership and a long-term contracts portfolio,the company will all else equal continue to reduce the exposure.A.P.Moller-Maersk monitors political developments and events which may impact status quo as well as measures taken by customers which m

288、ay change their supply chain needs.A.P.Moller-Maersk is transforming towards dis-tinct end-to-end delivery promises.The company is improving the business processes and systems to support the delivery promises,with service levels being monitored to mitigate adverse developments.A.P.Moller-Maersk has

289、accelerated process standardisation and technology modernisation.To achieve the right customer and business outcomes,the company monitors progress and ensures adequate process governance and cross-functional collaboration.Target toleranceA.P.Moller-Maersk calculates with normalised freight rates,but

290、 the geopolitical environment and the development in the economic situation in Europe and the USA makes the industry very volatile.A.P.Moller-Maersk aims to have plans available to adjust network and capacity to accommodate potential disruptions and changes in customer needs as well as enhancing sec

291、urity measures in areas with a potential security/safety exposure.A.P.Moller-Maersk targets a high reliability,consistent performance of delivery promises to customers,and a high Net Promoter Score from customers.A.P.Moller-Maersk targets operational excellence in addressing customers end-to-end sup

292、ply chain needs,through effective integration of business products,standardised processes and technology platforms.Potential scenarioA severe contraction of Ocean industry due to rapid decrease in demand combined with new capacity causes freight rates to drop below break-even for a longer period.Pot

293、ential wide sanctions inhibiting trade in major markets,and in a worst case,military conflict leading to obstruction of major network routes.Inefficient management of assets/network and bookings leading to rupture of customer promises.Unsuccessful implementation of digitised and standardised supply

294、chain solutions causes loss of digital competitive advantage and customer dis satisfaction.32A.P.MOLLER-MAERSK ANNUAL REPORT 2022Navigating risksExecutive summary I The global integrator I Performance I Governance I Financials56 NEW RISK78CyberattackRising cost in an inflationary environmentOrganisa

295、tional capabilitiesDecarbonisationRisk owner.Chief Technology&Information OfficerYear-on-year risk movement.StableRisk category.OperationalRisk owner.Chief Financial OfficerYear-on-year risk movement.New riskRisk category.OperationalRisk owner.Chief People OfficerYear-on-year risk movement.StableRis

296、k category.OperationalRisk owner.Chief Infrastructure OfficerYear-on-year risk movement.StableRisk category.StrategicWhat is this riskAs A.P.Moller-Maersk becomes increasingly digitalised,more devices and control systems are connected online,resulting in a wider technology surface.This,compounded wi

297、th ever-increasing external threat capabilities,puts more pressure on systems to be cyber threat resilient.A cyberattack could lead to severe operational disruption,data breaches and/or loss of customer trust.Inflationary cost pressure,unexpected costs associated with M&A Integration,or lack of prod

298、uct standardisation,impacts A.P.Moller-Maersks profitability.A.P.Moller-Maersks strategy to become a global integrator of container logistics requires the right capabilities.Inability to attract and retain skilled staff will impact the ambition to deliver a logistics-based,digitally transformed busi

299、ness model to support the integrator strategy.Decarbonisation is a business necessity and a mission-critical factor.It is imperative for A.P.Moller-Maersk to decarbonise its end-to-end supply chain in a credible and transparent way and at a speed that meets customers,investors and societys expectati

300、ons,and at the same time gener-ates business value for A.P.Moller-Maersk and its customers.How we manage itA.P.Moller-Maersk continues to invest in cyber security to enhance its digital resilience,and strengthen its business continuity plans.The com-pany continues to enhance its capabilities to cont

301、rol impact through appropriate preparedness and response procedures.A.P.Moller-Maersk will drive efficiencies and productivity to reduce the cost base in general,mainly in terms of standardising and automating processes and products.Increase in costs due to inflation will to the extent possible be p

302、assed on to customers.A.P.Moller-Maersk has acquired new and diverse capabilities and skillsets,especially for Logistics&Services and technology.The company has revital-ised the Maersk values and continues to build com-petencies through functional and leadership pro-grammes,targeted capability sourc

303、ing matching the business needs,and a strong employee value proposition.A.P.Moller-Maersk has made progress on both the asset,products and supply side.The first methanol-powered vessel will be delivered in 2023,with 18 more vessels on order through 2024 to 2025.The supply of green fuel is ongoing th

304、rough partnerships with green methanol suppliers.ECO delivery products are offered to Ocean customers and will be launched across Logistics during 2023.The company is establishing an emission platform in 2023 to support the ECO prod-ucts,enable emissions target setting and reporting.Target tolerance

305、A.P.Moller-Maersk aims to avoid material cyber-attacks through increased threat intelligence and response capabilities,and builds digital resilience with business segments,third parties and wider supply chains.A.P.Moller-Maersk targets a low negative impact from the inflation in costs through a comb

306、ination of reduction of the cost base and passing on the higher costs to customers.A.P.Moller-Maersk targets to be an employer of choice,able to attract and retain qualified talent and skills that are highly engaged and committed to the companys values,goals and objectives.A.P.Moller-Maersk targets

307、achievement of its value-generating decarbonisation vision by inno-vating supply chain solutions and accelerating its decarbonisation initiatives to drive credibility towards the customers,investors and society.Potential scenarioIncreased direct or indirect attacks on A.P.Moller-Maersks brands,third

308、-party partners or parts of companys network due to digitisation,threat sophistication and/or vulnerabilities from newly acquired environments cause severe business disruption and loss of customer trust.A competitive landscape with drop in rates as a result of price competition does not allow A.P.Mo

309、ller-Maersk to get compensated for the effects of inflation by the customers.A.P.Moller-Maersks strategy execution is hampered by lack of adequate organisational capabilities essential to match business needs and rapid shifts in external business,technology and regulatory environment.Uncertainty aro

310、und the direction of future sustain-able fuel market developments,unavailability of sufficient amounts of green fuel,and customers reluctance to adopt sustainable supply chain solu-tions causes delay in realising A.P.Moller-Maersks decarbonisation vision or failure to generate business value from it

311、.33A.P.MOLLER-MAERSK ANNUAL REPORT 2022Navigating risksExecutive summary I The global integrator I Performance I Governance I Financials910Mergers and acquisitions integrationLegal and regulatory complianceRisk owner.Head of TransformationYear-on-year risk movement.StableRisk category.OperationalRis

312、k owner.Chief Corporate Affairs Officer Year-on-year risk movement.StableRisk category.StrategicWhat is this riskA key driver to Logistics&Services growth is the expansion of product and people capabilities through M&As.Some of the acquisitions might be substantial,and if A.P.Moller-Maersk fails to

313、integrate those,it may derail the execution of the integrator strategy.The legal and regulatory landscape in which A.P.Moller-Maersk operates is complex,and the company could be subject to compliance cases in connection with violations of anti-corruption laws,anti-trust regulations,international san

314、ctions and/or data privacy.How we manage itA.P.Moller-Maersk has a dedicated post-merger integration office equipped with experienced capabilities to assist the business in effectively managing M&A integrations.A comprehensive M&A integration framework has been implemented covering all commercial an

315、d functional aspects.The integration process is strongly linked to a structured M&A target identification,due diligence and synergy identification process.A.P.Moller-Maersk has global and regional subject matter experts in each compliance area and a robust compliance programme designed to fulfil the

316、 global requirements.The company has implemented many initiatives to improve focus and emphasis on compliance training,awareness,processes and controls.Target toleranceA.P.Moller-Maersk aims to have adequate and experienced capabilities and effective processes to warrant that substantial M&As are in

317、tegrated successfully and on time to realise the anticipated benefits as planned.A.P.Moller-Maersk is committed to ensuring compliance with all applicable laws and regulations in all the countries where it operates.Potential scenarioA failure to successfully integrate a major acquisi-tion due to ina

318、dequate integration approach,lack of internal processes or capabilities,or cultural differences cause value destruction in the form of unrealised synergies.A violation of compliance regulation causes severe reputational damage and substantial legal fines,damages and costs.Changes to the key risks Th

319、e Ocean Industry Collapse risk has increased due to the current economic environment,negatively impacted by inflation and high energy prices,leading to decline in trade at a time with newbuildings increasing the supply side.The Customer Service level risk has decreased assisted by the ease in global

320、 supply chain congestion along with progress on the programme to build delivery promises to customers.34A.P.MOLLER-MAERSK ANNUAL REPORT 2022Navigating risksExecutive summary I The global integrator I Performance I Governance I FinancialsTechnologyEconomicsSocial02GeopoliticsYearsFigure 3

321、Emerging risks in focusLooking beyond the planning period A.P.Moller-Maersk looks beyond the business planning horizon and assesses emerging risks in a 5-15 years perspective.This is to spot threats or opportunities to the long-term value drivers in a timely manner.Emerging risks are established bas

322、ed on prevailing mega trends seen through different lenses(Figure 3).In 2021,two risks were selected for focus and further analysis.These risks were the physical impact of climate change and change in trade patterns.The planned analysis has been performed during 2022,and the outcome is described bel

323、ow.1 Climate changeClimate change will increasingly impact global trade.There will be impact on infrastructure and transportation(the operation side)and changes to the patterns of economic activity and trade flow(the demand side).The analysis of the operation side includes assessment of climate scen

324、arios and their impact on the companys operations in relevant locations,i.e.the land-based assets.The risks are assessed for the portfolio of assets and for the individual assets.On average the asset portfolio is predicted to incur 30%higher costs for physical damage and business interruption compar

325、ed to a baseline of 2022.This does not include the potential impact on the network.For individual assets identified to be high-risk assets,the company is conduct-ing on site assessments by risk engineers of vulnerabilities to relevant climate hazards in the short,medium and long term and provide con

326、crete and actionable recommendations.In respect of climate change impact on the future trade flows,the analysis focuses on understanding the demand side,It captures the influence of climate change on where things are made and who buys them.Different climate-economy scenarios have been mod-elled to d

327、etermine how global trade and demand for container transport and logistics could be impacted by both a changing climate,the worlds mitigation responses and the global economys response.The findings are that irrespective of efforts to reduce global emissions,the global economy will be harmed in the m

328、edium or longer term depending on whether the scenario is a coordinated transition or a disorderly approach,and with a high degree of variation between regions.2 Change in trade patternsA.P.Moller-Maersks business model is global and dependent on the global economy and international trade.Consequent

329、ly,fundamental changes in trade patterns could expose the current business model to risk.The company is monitoring trends in the global environ-ment leading to fragmentation in the key supply chains.Three main trends are contributing to such fragmentation,1)The geopolitical competition and supply ch

330、ain disruptions are increasing the interest in re-or near-shoring,2)Rise in protective industrial policy is lead-ing to government intervention in markets to prioritise local and regional production,3)Prioritisation of ESG goals is increasing the regulation,impacting businesses and impact-ing consum

331、er preferences which is expected to lead to avoidance of long-haul transporta-tion and manufacturing closer to market.A study was undertaken to analyse the geopolit-ical risk.Three scenarios were built with a view on the short-term,medium-term and long-term impact on the supply chains and detailed a

332、nalyses were done on verticals(customer product segments)that are globally important to trade and strategically important for A.P.Moller-Maersk.The analysis concluded,that on current policy settings the impact on container trade will be manageable.However,certain tail events will increase risks with

333、in the scenarios exponentially.These tail risks relate to the geopolitical situation as well as climate change.1 Climate change2 Change in trade patterns35A.P.MOLLER-MAERSK ANNUAL REPORT 2022Navigating risksExecutive summary I The global integrator I Performance I Governance I FinancialsHidden heroes making a differenceOur time on this planet provides many opportunities to positively impact our su