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Møller Holding A/S Esplanaden 50 Copenhagen K 25679288 apmoller.com Lars-Erik Brenøe 2023-03-31 611207000000 346934000000 2685000000 1407000000 265551000000 48993000000 496000000 -1366000000 1171000000 216859000000 9806000000 16488000000 210177000000 6369000000 203808000000 121229000000 82579000000 -4349000000 -375000000 42000000 -1148000000 0 101000000 -575000000 170000000 200000000 16975000000 -221000000 -168000000 13938000000 217746000000 130704000000 87042000000 48993000000 -496000000 -14066000000 1720000000 1764000000 6967000000 249113000000 57980000000 157000000 2815000000 -178285000000 74023000000 22660000000 65139000000 11321000000 4140000000 2000000000 29239000000 -81864000000 -11036000000 3584000000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT'S STATEMENT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of A.P. Møller Holding A/S for the financial year 1 January – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the parent company financial statements have been prepared in accordance with the Danish Financial Statements Act. Management review has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position at 31 December 2022 of the group and the parent company and of the results of the group and parent company operations and consolidated cash flows for the financial year 1 January – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, management review includes a true and fair account of the development in the operations and financial circumstances of the group and the parent company, of the results for the year, and of the financial position of the group and the parent company, as well as a description of the most significant risks and elements of uncertainty facing the group and the parent company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2023-03-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR'S REPORT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of A.P. Møller Holding A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OPINION</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements give a true and fair view of the group’s financial position as of 31 December 2022 and of the results of the group’s operations and cash flows for the financial year 1 January to 31 December 2022 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the parent company Financial Statements give a true and fair view of the parent company’s financial position as of 31 December 2022 and of the results of the parent company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of A.P. Møller Holding A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the group and the parent company, as well as statement of comprehensive income and cash flow statement for the group (‘financial statements’).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">BASIS FOR OPINION</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT ON MANAGEMENT REVIEW</td></tr><tr><td colspan="1">Management is responsible for management review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover management review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read management review and, in doing so, consider whether management review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether management review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, management review is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in management review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT'S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of the parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, management is responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">·       Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">·       Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s and the parent company’s internal control.</td></tr><tr><td colspan="1">·       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</td></tr><tr><td colspan="1">·       Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group and the parent company to cease to continue as a going concern.</td></tr><tr><td colspan="1">·       Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">·       Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2023-03-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATUTORY REPORT CF. SECTION 99A OF THE DANISH FINANCIAL STATEMENTS ACT</td></tr><tr><td colspan="1">As an international investment company with a broad range of investment activities, A.P. Moller Holding has a significant influence on society. We acknowledge the responsibilities that this entails and make an effort to ensure that we are recognised as a trustworthy group of companies.</td></tr><tr><td colspan="1">The Board of Directors of each of our portfolio companies, A.P. Moller - Maersk, Unilabs, Danske Bank, Faerch, Noble, Maersk Product Tankers, KK Wind Solutions, Nissens Cooling Solutions, Maersk Tankers, A.P. Moller Capital, Innargi, and ZeroNorth, define their own specific CSR policies and Codes of Conduct. We are represented on each board in companies where we hold a minimum of 50% of the votes, and these representatives ensure that CSR policies, including human rights, climate change, and environmental impact, are enforced. Policies are adapted to meet the circumstances in which each of the affiliates operate.</td></tr><tr><td colspan="1">For A.P. Moller Holding’s statutory statement on CSR in accordance with section 99a of The Danish Financial Statements Act, please refer to: https://apmoller.com/wp-content/uploads/2023/03/APMH-CSR-Report-2022.pdf.</td></tr></table> https://apmoller.com/wp-content/uploads/2023/03/APMH-CSR-Report-2022.pdf <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATUTORY REPORT CF. SECTION 99B OF THE DANISH FINANCIAL STATEMENTS ACT</td></tr><tr><td colspan="1">The Board of Directors counts two women and three men. This constitutes gender balance in accordance with the guidelines issued by The Danish Business Authority.</td></tr><tr><td colspan="1">A.P. Moller Holding has not set a consolidated target for the underrepresented gender across its portfolio companies, but has ensured that all subsidiaries which fall under the requirements as reporting class large C or D have set targets for their supreme management body individually. Furthermore, our subsidiaries report on their individual targets in their annual reports, as well as for their individual policies concerning gender balance at other management levels, if applicable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATUTORY REPORT CF. SECTION 99D OF THE DANISH FINANCIAL STATEMENTS ACT</td></tr><tr><td colspan="1">In line with our core values, responsible use of information and data is part of our overall aim to adhere to high ethical standards. Pursuant to the requirements and with our daily operations and activities as a starting point, A.P. Moller Holding has developed a policy on data ethics based on five principles reflecting how we use and process both personal and non-personal data as well as general data and information. The policy addresses our aim for being transparent as appropriate and acting responsibly with respect and dignity both towards our employees and when working with third parties. The policy complements our policies and procedures on handling of personal data, IT-security, etc.</td></tr></table> 125399 Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1179.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 408025000000 253947000000 1330000000 1142000000 154266000000 33879000000 2442000000 1023000000 4695000000 128547000000 6132000000 10792000000 123887000000 4912000000 118975000000 67448000000 51527000000 -2265000000 -145000000 -510000000 0 -13000000 49000000 -31000000 899000000 -144000000 20577000000 -44000000 69000000 18748000000 137723000000 78586000000 59137000000 33879000000 -2442000000 -10063000000 403000000 457000000 3813000000 141824000000 14315000000 51000000 2226000000 -60807000000 32566000000 14737000000 18979000000 7181000000 2843000000 600000000 4788000000 -46288000000 34729000000 4424000000 133580000000 208234000000 78601000000 5379000000 49618000000 4412000000 216000000 933000000 461000000 5017000000 3066000000 489517000000 14107000000 53212000000 1426000000 1451000000 124219000000 9597000000 9266000000 12458000000 74581000000 481000000 300798000000 790315000000 2000000000 -3993000000 271160000000 2500000000 271667000000 269727000000 541394000000 54062000000 61485000000 1446000000 6047000000 3470000000 10958000000 2857000000 1898000000 26676000000 142223000000 4879000000 21892000000 6335000000 51544000000 3506000000 573000000 16987000000 919000000 79864000000 63000000 106698000000 248921000000 790315000000 74167000000 53823000000 206269000000 65679000000 8533000000 44675000000 2661000000 216000000 970000000 79000000 1442000000 2215000000 386562000000 11124000000 38841000000 1469000000 282000000 34043000000 6292000000 4130000000 9958000000 83692000000 2656000000 192487000000 579049000000 2000000000 -2585000000 186005000000 2000000000 187420000000 187370000000 374790000000 45981000000 54029000000 1410000000 4626000000 1577000000 4968000000 2125000000 1559000000 16265000000 116275000000 4648000000 16337000000 5204000000 44235000000 3600000000 722000000 10506000000 1132000000 65399000000 1600000000 87984000000 204259000000 579049000000 81626000000 Profit before financial items 216859000000 Profit before financial items 128547000000 Share of profit in joint ventures 1366000000 Share of profit in joint ventures -1023000000 Share of profit in associated companies -1171000000 Share of profit in associated companies -4695000000 Change in provisions and pension obligations, etc. 1111000000 Change in provisions and pension obligations, etc. 574000000 Cash flow from operating activities before tax 256080000000 Cash flow from operating activities before tax 145637000000 Purchase of intangible assets and property, plant and equipment -31962000000 Purchase of intangible assets and property, plant and equipment -21190000000 Sale of intangible assets and property, plant and equipment 3864000000 Sale of intangible assets and property, plant and equipment 6891000000 Disposal, merger, etc. -1848000000 Disposal, merger, etc. 0 Other financial investments -88788000000 Other financial investments -32108000000 Purchase/sale of securities, trading portfolio -4543000000 Purchase/sale of securities, trading portfolio -2362000000 Financial expenses paid on lease liabilities -3772000000 Financial expenses paid on lease liabilities -2897000000 Sale of treasury shares 221000000 Sale of treasury shares 141000000 Capital increases made by non-controlling interests 684000000 Capital increases made by non-controlling interests 41000000 Acquisition of non-controlling interests 0 Acquisition of non-controlling interests -19000000 Sale of non-controlling interests 10000000 Sale of non-controlling interests 6000000 Other equity transactions -763000000 Other equity transactions 176000000 81626000000 42649000000 Robert Maersk Uggla CEO Jan Thorsgaard Nielsen CIO Martin Nørkjær Larsen CFO Ane Mærsk Mc-Kinney Uggla Chair Claus V. Hemmingsen Diane B. Greene Jan Leschly Lars-Erik Brenøe 93076 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Mogens Nørgaard Mogensen State Authorised Public Accountant mne21404 Thomas Wraae Holm State Authorised Public Accountant mne30141 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab