A.P. Moller – Maersk, primarily driven by Maersk Line has reported a profit of USD 356 million, compared to a loss of USD 496 million in 2016. “The past year was unusual for A.P. Moller – Maersk, characterized by a cyber-attack and operational challenges in a few hubs. We succeeded in growing the revenue by 13%, improving cash flow and increasing underlying profits from a low 2016 base. However, the financial result shows that significant improvements are still needed. On the other hand, when we look at the strategic business transformation, progress throughout the year has indeed been satisfactory. We have taken the first steps towards the integration of our container shipping, ports and logistics businesses and our digital transformation is taking shape. At the same time, we have found new owners for part of the energy-related business units,“says Søren Skou, CEO of A.P. Moller – Maersk.
Highlights from 2017 include USD 14 billion worth of M&A transactions, including welcoming Hamburg Süd to the A.P. Moller – Maersk family, agreement to sell Maersk Oil, sale of Maersk Tankers and Mercosul—the Brazilian container line—as well as the sale of the remaining 19% stake in Dansk Supermarked Group. Additionally, structural solutions for Maersk Drilling and Maersk Supply Service are expected before the end of 2018.
Maersk Line and Damco were severely impacted by a cyber-attack in Q3. Maersk Line recovered quickly with strong volume growth and near all-time low unit costs toward the end of the year. Stronger cooperation between Maersk Line and APM Terminals generated the first integration synergies of around USD 0.1bn despite negative impact from the cyber-attack and operational challenges in key hubs.