31476658 2024-01-01 2024-12-31 31476658 2024-12-31 31476658 2024-01-01 2024-12-31 1 31476658 2024-01-01 2024-12-31 2 31476658 2024-01-01 2024-12-31 1 31476658 2024-01-01 2024-12-31 2 31476658 2024-01-01 2024-12-31 3 31476658 2024-01-01 2024-12-31 4 31476658 2024-01-01 2024-12-31 101 31476658 2023-01-01 2023-12-31 31476658 2023-01-01 2023-12-31 1 31476658 2023-01-01 2023-12-31 2 31476658 2023-01-01 2023-12-31 3 31476658 2023-01-01 2023-12-31 4 31476658 2023-12-31 31476658 2023-01-01 2023-12-31 101 31476658 2022-01-01 2022-12-31 31476658 2022-01-01 2022-12-31 1 31476658 2022-01-01 2022-12-31 2 31476658 2022-01-01 2022-12-31 3 31476658 2022-01-01 2022-12-31 4 31476658 2022-12-31 31476658 2022-01-01 2022-12-31 101 31476658 2021-01-01 2021-12-31 31476658 2021-01-01 2021-12-31 1 31476658 2021-01-01 2021-12-31 2 31476658 2021-01-01 2021-12-31 3 31476658 2021-01-01 2021-12-31 4 31476658 2021-12-31 31476658 2021-01-01 2021-12-31 101 31476658 2020-01-01 2020-12-31 31476658 2020-01-01 2020-12-31 1 31476658 2020-01-01 2020-12-31 2 31476658 2020-01-01 2020-12-31 3 31476658 2020-01-01 2020-12-31 4 31476658 2020-12-31 31476658 2020-01-01 2020-12-31 101 31476658 2023-12-31 fsa:ContributedCapitalMember 31476658 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 31476658 2024-12-31 fsa:ContributedCapitalMember 31476658 2023-12-31 fsa:ReserveForCurrentValueOfHedgingMember 31476658 2024-01-01 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 31476658 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 31476658 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 31476658 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 31476658 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 31476658 2023-12-31 fsa:RetainedEarningsMember 31476658 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 31476658 2024-12-31 fsa:RetainedEarningsMember 31476658 2024-01-01 2024-12-31 1 31476658 2024-01-01 2024-12-31 1 31476658 2024-01-01 2024-12-31 2 31476658 2024-01-01 2024-12-31 3 31476658 2024-01-01 2024-12-31 4 31476658 2024-01-01 2024-12-31 5 iso4217:USD xbrli:pure Jacob Ramsgaard Nielsen Statement by the Board of Directors and the Executive Board Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Maersk Logistics & Services International A/S for the financial year 1 January - 31 December 2024 The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Company’s operations and financial matters and the results of the Company's operations and financial position. We recommend that the annual report be approved at the annual general meeting. Copenhagen Caroline Pontoppidan Vincent Clerc Chairman Jacob Ramsgaard Nielsen Caroline Pontoppidan Anne Pindborg Casper Munch Independent Auditor's Report To the Shareholder of Maersk Logistics & Services International A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and the results of the Company’s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Maersk Logistics & Services International A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for Opinion 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 Company 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. Statement on the Management’s review Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the 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’s Review. Management's responsibilities for the Financial Statements Management is responsible for the preparation of 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. In preparing the financial statements, Management is responsible for assessing the 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 Company or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the audit of the Financial Statements 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. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ● 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. ● 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 Company's internal Control. ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ● 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 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 Company to cease to continue as a going concern. ● 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 true and fair view. We communicate with those charged with governance regarding, among other matters, the planned stage and timing of the audit and significant audit findings, including any significant deficiencies in internal control we identify during our audit. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Søren Ørjan Jensen Jasmin Serrano State Authorised Public Accountant State Authorised Public Accountant mne33226 mne47222 Maersk Logistics & Services International A/S Esplanaden 50 1263 Copenhagen K Copenhagen PricewaterhouseCoopers StatsautoriseretRevisionspartnerselskab Strandvejen 44 2900 Hellerup 584671000 462815000 618052000 486374000 54048000 Gross margin Gross margin Gross margin Gross margin Gross margin -818128000 -536813000 60363000 83989000 10102000 Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -873831000 -574927000 26088000 69793000 9833000 -224141000 -266821000 15783000 -695103000 13612000 -1097972000 -841748000 41871000 -625310000 23445000 -938642000 -752920000 22477000 -664376000 27733000 Fixed assets Fixed assets Fixed assets Fixed assets Fixed assets 8044087000 7567537000 7075430000 1357928000 1246026000 Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets 1019153000 1043335000 1195716000 950332000 209020000 9063240000 8610872000 8271146000 2308260000 1455046000 19444000 19444000 19444000 19444000 19444000 6105472000 6200521000 6568408000 1005691000 976883000 10059000 6811000 1000000 0 81000 330000 2947379000 2403540000 0 1701738000 0 1302569000 0 478082000 -1.495 -1.242 0.042 0.143 0.182 Current ratio Current ratio Current ratio Current ratio Current ratio 0.346 0.434 0.703 0.7300 0.437 0.674 0.7200 0.794 0.436 0.671 -0.153 -0.118 0.006 -0.6700 0.032 0 0 0 0 2 Management's review Financial review In 2024, the Company's revenue amounted to USD 584,671 thousand against USD 462,815 thousand last year due to increase in Network income as a result of L&S performance. The income statement for 2024 shows a loss of USD 938,642 thousand against loss of USD 752,920 thousand last year, the major reason for current year loss is increase in external expenses which is majorly related to Network fee and impairment of subsidiaries. The balance sheet at 31 December 2024 shows equity of USD 6,105,473 thousand. The management considers the Company’s financial performance in the year satisfactory though not fully meeting the expectation due to decreasing volumes and rates for the L&S business. The Company in its capacity of Head Quarters, acts as the principal and is the entrepreneur of the global network, which conducts the logistics business on the international as well as the national market. The Company has entered Network Fee Agreements with each of the foreign companies that are part of the L&S Global Network. The ultimate entrepreneurial risk of the Global Network lies with the principal. For the year 2024, Impairment in MLSI A/S is USD 276,788 thousand and impairment reversal is USD (155,497) thousand, resulting in net impairment of USD 121,291 thousand. Dividends received from subsidiaries was USD 15,577 thousand and hence the net loss from investment from Group enterprises in profit & loss account is USD 105,714 thousand. Impairment for the year 2024 USD 276,788 thousand majorly coming from Maersk Contract Logistics Holdings (Bermuda) Limited for USD 155,415 thousand and Maersk LNS South Africa for USD 60,450 thousand and remaining USD 61 thousand from Other L&S entities. Impairment reversal for the year 2024 is USD (155,497) thousand which is majorly relates to Maersk LnS USA USD 118,259 thousand & Martin Bencher Scandinavia USD 23,412 thousand respectively. Foreign exchange risks The company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the company’s financial performance. The company uses derivative financial instruments to hedge certain risk exposures. Outlook By expanding in capacity and capabilities while becoming more digitalised, Logistics & Services continues to improve its end-to-end logistics solutions providing greater flexibility for the customers at every stage of their supply chain. Logistics & Services is a core growth element of A.P. Moller - Maersk’s integrator strategy. Logistics & Services seeks to fulfil more of the customers’ needs at every step of their supply chain through the integrated logistics offerings enabled by digital platforms. Managed by Maersk offers customs brokerage services, supply chain management and 4PL services, cold chain logistics and Maersk Project Logistics. Fulfilled by Maersk offers consolidation, deconsolidation and fulfilment warehousing, cold storage as well as distribution services, inland transportation, depot operations and e-commerce logistics. Transported by Maersk offers landside transportation, air freight, less than container loads and cargo risk management products. As per APMM Annual report, Differentiated growth will be achieved by focusing on markets where Maersk has an existing right to win, restoring margins through execution of turnaround plans and accelerating operational excellence through process standardisation and platform modernisation. The focus is also on optimal asset deployment, driving cost effectiveness and productivity and gain competitive advantage. Maersk targets large and profitability volume growth across its Warehousing, Landside, e-commerce and Air products through organic growth and opportunistic acquisitions, cost reductions and increased productivity, driven by automation through platform roll-outs. From the annual report 2024, it is evident that the revenue of L&S segment has improved from $14 Bn to $15 Bn compared to 2023. Similarly, EBIT has increased from $446 m to $538 m. However, MLSI A/S has reported higher losses in 2024 than 2023. The same business trend is expected to continue for the year 2025. EBIT Margin in LnS Business Plan is expected to grow to 6.1% in the year 2025. The EBIT margin in Logistics & Services improved compared to the first quarter of last year and reached 4.1% driven by multiple products and the continued focus on costs and productivity. Revenue from freight management services grew 18% compared to the same quarter last year driven by Project Logistics. Ongoing operational improvements in fulfilment services also contributed significantly. Although these initiatives will bring positive impact to the L&S PnL, due to continued volatile market condition, it is expected that MLSI AS continues to report negative results, in line with the loss of the Year 2024* *Such outlook is subject to risks and uncertainties as several factors, many of which are beyondMLSI AS control, may cause the actual development and results to differ materially fromexpectations contained in the Financial Statements.Tax Free Contribution In 2024, the company received a tax-free contribution of USD 887,000 thousand in kind from its parent company A.P. Møller - Mærsk A/S. Business review The Company serves as the parent legal entity of the global logistics activities. Statutory CSR report An independently assured Sustainability Report for 2024 is published which provides detailed information on the A.P. Moller – Maersk Group’s sustainability performance and sustainability strategy. The report serves as the Group’s Communication on Progress as required by the UN Global Compact and ensures compliance with the requirements of Section 99a of the Danish Financial Statements Act (Årsregnskabsloven) on corporate social responsibility. Please refer to Sustainability report of A.P. Møller - Mærsk A/S registered with CVR 22756214 here: Link to Refer Annual report 2024:- 31bf05a1-6f0c-4fbd-a3c7-3f58e044f668 Data Ethics The responsible use of data is a critical enabler for the group business model. In line with regulatory requirements of Section 99d of the Danish Financial Statements Act (Årsregnskabsloven), A.P. Moller - Maersk A/S established a Data Ethics policy in 2021, with accompanying governance measures. Please refer to Annual report of A.P. Møller - Mærsk A/S registered with CVR 22756214 for statement of data ethics: Link to Refer Annual report 2024:- 31bf05a1-6f0c-4fbd-a3c7-3f58e044f668 1402799000 999627000 -818128000 -536812000 55703000 38115000 -873831000 -574927000 -105714000 -233827000 31443000 47223000 149870000 80217000 -159330000 -88828000 199026000 92132000 12825000 20925000 37342000 40591000 249193000 153648000 7784508000 7413631000 258000 258000 10128000 0 7794894000 7413889000 8044087000 7567537000 800193000 929501000 525000 64000 214794000 112005000 3641000 1765000 1019153000 1043335000 1019153000 1043335000 0 0 37342000 40591000 6048686000 6140486000 330000 0 0 731000 2931510000 15138000 0 2388151000 15389000 2957768000 2410351000 9063240000 8610872000 19444000 0 40591000 6140486000 0 0 0 887000000 887000000 0 0 0 0 0 0 0 0 -43407000 -43407000 0 0 -3249000 3249000 0 0 0 0 -938642000 19444000 0 37342000 6048686000 1. Accounting policies The annual report of Maersk Logistics & Services International A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting Class C entities. Reporting currency The income and costs of the Company and its subsidiaries are mainly in USD and based on this Management concludes that USD is the Company’s presentation currency. The annual report is presented in USD in accordance with section 16(2) of the Danish Financial Statements Act. At 31 December 2024, the exchange rate was 713.86 DKK/USD (2023: 674.38 DKK/USD). The average rate in 2024 was 689.36 DKK/USD (2023: 689.22 DKK/USD). Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Income statement Revenue Revenue is recognised to the extent that the economic benefits will flow to the Company and the revenue can be reliably measured regardless of whether payment is received. Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Income comprises of Network Transportation Income as Maersk Logistics & Services International A/S became the network header for the L&S (Logistics & Services) segment in 2021. Income also comprises of the management fees income charged to Inland Services entities as Maersk Logistics & Services International A/S became the Headquarters of Inland Services in 2020. Other external expenses Expenses are costs that arise in the course of ordinary activities of business as well as losses. When expenditure produces no future economic benefit, it should be recognised immediately as an expense in the income statement. Other external expenses comprise of Network Transportation Charges as Maersk Logistics & Services became the network header of L&S entities in 2021. It also includes Operational accruals, Insurances, IT and other allocated costs in Maersk Logistics & Services International A/S as part of HQ operations. Income from investments in subsidiaries The item includes dividend received from subsidiaries in so far as the dividend does not exceed the accumulated earnings in the subsidiary in the period of ownership. Financial income and expenses Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme and FX gains/losses. Tax Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity is jointly taxed with other Danish group entities. The total Danish income tax charge is allocated between profit/loss making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowance and jointly taxed entities which have paid too little tax and surcharge according to the rates applicable to interest surcharges to the management company. Balance sheet Intangible Assets Cost directly attributable to development of software are considered for capitalisation, except general and administration cost. Intangible assets are capitalised once it is ready for use and amortised over the useful life of the asset. The entity considers economic life of the IT software as its useful life for amortisation. Intangible assets are carried at cost less accumulated amortisation and impairment losses. Amortization is provided on intangible assets to write off the cost, less any estimated residual value, over their expected useful economic life. The amortization expenses on intangible assets is recognised in the statement of profit or loss in the expense category consistent with the nature of the intangible asset. As per APMM accounting policy, the amortization period for Intangible assets is 5-10 years. Intangible assets regarding Software is amortized over a period of 5-10 years and Acquired trademarks are amortized over a period of 5 years. Investments in subsidiaries Investments in subsidiaries and other investments are measured at cost or lower recoverable value (the higher of the estimated value in use and fair value less cost of disposal). Internal acquisitions of subsidiaries are recognized based on the booked value of the acquired company's net assets at the date of acquisition. Any difference between the acquisition price and the booked value is not recognized as goodwill or gain/loss on acquisition, but is instead recorded directly in equity under "Other equity movements." Lease accounting Lease assets Lease assets are ‘right-of-use assets’ from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognised. Lease assets are initially measured at the present value of future lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable lease payments depending on an index or a rate and the exercise price of purchase options that are reasonably certain to be exercised. The lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. The lease assets are tested for impairment whenever there is an indication that the assets may be impaired. Lease liabilities Lease liabilities are initially recognised at the present value of future lease payments including payments from extension or purchase options that are considered reasonably certain to be exercised. The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal borrowing rate in Denmark. Maersk Logsitics & Services International applies a single discount rate to portfolios of leases for Denmark based on contract currency and loan periods. If a lease contract is modified, the lease liability is remeasured. For leases with extension options, lease terms are estimated taking the strategic importance into consideration. The estimated lease term is reassessed at each reporting date. Impairment of fixed assets The carrying amount of investments in subsidiaries is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairments are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Receivables Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables (Continued) Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company’s risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash Cash comprise cash and short-term securities which are readily convertible into cash and subject only to minor risks of changes in value. Equity Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under “Equity". Provisions Provisions comprise anticipated expenses relating to onerous contracts, restructurings, etc. Provisions recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Income taxes Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deterred tax is measured based on Management's intended use of the asset or settlement of the liability respectively. Deferred tax is measured according to the rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets recognised at the expected value of their utilisation; either as a set-off against tax on future income or as set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Liabilities Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Segment information The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The consolidated financial statement is reflected for the higher-ranking parent company A.P. Møller - Mærsk A/S, CVR-No. 22 75 62 14 Copenhagen. true Omission of cash flow statement With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company’s cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent company A.P. Møller - Mærsk A/S, CVR-No. 22 75 62 14, Copenhagen. Financial ratios The financial ratios stated under “Financial highlights” have been calculated as follows: Operating profit (EBIT) *100 Operating margin Revenue Current Assets *100 Current Ratio Current liabilities Equity Year-end *100 Equity Ratio Total equity and liabilities, year-end Profit/Loss for the year after tax*100 Return on Equity Average equity 2. Events after the Balance Sheet date No events after Balance Sheet date. 3. Segment Information No difference in segment as all revenues are generated through Transfer Pricing agreements. Types of Revenue (USD '000) 2024 2023 551,453 Network Transportation Income 386,766 4,690 Management Fees 4,405 15,912 Salaries I/C Recharges 13,880 0 Agency Rebates 64 12,616 Other Income 57,700 584,671 462,815 Geographical Split 2024 Regions (USD '000) 2023 53,875 IMEA (AFR & WCA) 66,063 361,938 Asia Pacific 278,046 103,030 Europe 86,592 25,161 Latin America 23,119 40,667 North America 8,995 584,671 462,815 13. Derivative Financial Instruments Derivative financial instruments contracts in the form of forward exchange contracts. At the Balance Sheet date, the fair value of the derivative financial instrument amount to: USD'000 2024 2023 Other receivables 0 0 The hedging relates to the funding for the acquisition of Martin Bencher in 2022. 18 Letter of Support The Company has received a commitment of financial support from the parent company A.P. Møller - Mærsk A/S 4. Financial income (USD '000) Interest receivable, group entities 31,362 39,343 Exchange gain 0 7,792 Other financial income 81 89 31,443 47,224 5. Financial expenses (USD '000) Interest expenses, group entities 130,709 80.048 Other interest expenses 0 81 Other financial expenses 123 88 Exchange loss 19,038 0 149,870 80,217 6. Tax for the year (USD '000) Current tax charge for the year -200,994 -94,240 Tax adjustments, prior years 42,125 6,412 Deferred Tax for the year -461 0 -159,330 -88,828 7. Intangible Assets Development Acquired Group (USD '000) Software Projects in Total trademarks Progress Cost at 1 January 2024 158,509 48,010 40,591 247,110 Net Effect from Mergers & Acquisition 0 0 0 0 Additions for the year 151,039 0 0 151,039 Disposals for the year 0 0 -3,249 -3,249 Cost at 31 December 2024 309,548 48,010 37,342 394,900 Impairment Losses and Amortization at 1 -66,377 -27,085 0 -93,462 January 2024 Impairment losses for the year 0 0 0 0 Amortization for the year -44,145 -8,100 0 -52,245 Impairment Losses and Amortization at 31 December -110,522 -35,185 0 -145,707 Carrying Amount at 31 December 199,026 12,825 37,342 249,193 2024 Development Projects in Progress majorly relate to The New Supply Chain Platform program that will drive and embed the strategic improvement of Maersk’s capabilities for Supply Chain Management (SCM). Additions include LF IP Transfer and NSCP additions Project etc. The expected Project go-live date for Development projects happened will happen in next future which cost will be capitalized and moved from Development Projects in Progress to Software. 8. Fixed Asset Investments Investment in Other Investments (USD '000) Total subsidiaries Investments Cost at 1 January 2024 8,587,473 258 8,587,731 Additions 492,167 0 492,167 Disposals - 0 - Cost at 31 December 2024 9,079,640 258 9,079,898 Value adjustments at 1 January 2024 -1,173,842 0 -1,173,842 Impairment -276,788 0 -276,788 Reversal 155,498 0 155,498 Value adjustments at 31 January -1,295,132 0 -1,295,132 2024 Carrying amount at 31 December 7,784,508 258 7,784,766 2024 8. Investments (Continued) Name Equity Profit/Loss Domicile Interest Subsidiaries USD '000 USD '000 Damco Honduras S.A. Honduras 100% -302 -1 Damco Zambia Limited Zambia 99% -301 -14 Damco Ukraine Ltd. Ukraine 100% -181 219 Maersk Logistics and Services, LDA Angola 90% 677 -20 APM Global Logistics Nicaragua, S.A. Nicaragua 99% 175 14 APM Global Logistics Uruguay S.A. Uruguay 100% -3 -0 Damco Romania S.R.L. Romania 100% - 183 Damco Tanzania Limited Tanzania 100% -1,380 - Senator International Argentina SA Argentina 90% -1,556 -59 Maersk Logistics & Services Myanmar Ltd. Myanmar 0% 263 314 Damco Hungary KFT Hungary 100% 10 3 Senator International Peru SAC Peru 100% 1,217 -239 Damco Slovakia, S.R.O. Slovakia 100% 121 -5 Maersk Logistics & Services Colombia Ltda. Colombia 100% 10,405 -1,268 Damco Pakistan (Private) Limited Pakistan 100% -2,813 -2,064 Damco Logistics Services SDN. Bhd. Malaysia 100% 3,843 152 Maersk Logistics & Services Finland Oy Finland 100% 431 27 Maersk Logistics & Services Mali S.A. Mali 10% 176 94 Senator International Logistics do Brazil Ltda. Brazil 100% -68 9 Maersk Logistics & Services Panama, S.A. Panama 100% -1,010 -290 Maersk Logistics & Services Argentina S.A. Argentina 95% - - KGH Customs Services Osterreich GmbH Austria 100% 909 58 Pacific Container Transport S.A. Ecuador 100% 8,263 107 Maersk Logistics & Services Philippines Inc. Philippines 100% -510 -1,393 Maersk Logistics & Services International A/S Jordan 100% 550 4 Jordan Damco Latin America Sem, S.A. Panama 100% 446 -46 Damco Germany GmbH Germany 100% 108,238 -4,696 Damco Switzerland GMBH Switzerland 100% 5,599 4,971 Damco Poland Sp. z o.o. Poland 100% 15,795 -1,095 Maersk Logistics & Services Egypt Ltd. Egypt 99% -711 -1,318 APM Global Logistics Bangladesh Ltd. Bangladesh 95% 6,666 3,125 Maersk Logistics & Services USA Inc. Usa 100% 3,041,024 434 Maersk Contract Logistics Holdings (Bermuda) Bermuda 100% 331,085 -141 Damco Logistics Uganda Ltd. Uganda 100% -1,374 -73 Maersk Lojistik Hizmetleri Anonim Sirketi Turkey 99.99% 558 -501 Damco Taiwan Co., Ltd. Taiwan 100% 5,249 182 P.T. Maersk Warehousing Indonesia Indonesia 99.94% 15,445 -2,092 LF Logistics (India) Private Limited India 90% 5,202 -1,413 8. Investments (Continued) Name Equity Profit/Loss Domicile Interest Subsidiaries USD '000 USD '000 Maersk Logistics and Services FZE UAE 100% 5,944 43 Damco Denmark A/S Denmark 100% 2,956 342 Maersk Logistics & Services Australia Pty Ltd Australia 100% 11,970 407 Maersk Logistics & Services Brasil Ltda. Brazil 100% 14,785 -168 Maersk Logistics and Services Ireland Limited Ireland 100% 18,802 176 Damco Spain, S.L. Spain 100% 14,403 135 KGH Customs Services AS Norway 100% 11,023 784 Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100% 23,640 331 Martin Bencher (Scandinavia) A/S Denmark 100% 1,585 229 Damco China Limited China 100% 127,777 9,440 B2C Europe (Netherlands) B. V Netherlands 100% 77,169 1,411 Maersk Logistics and Services UK Ltd UK 100% 115,365 -956 Maersk Logistics & Services Netherlands B.V Netherlands 100% 183,201 769 Maersk Maroc S.A. Morocco 100% - - Maersk Container Industry San Antonio Chile 100% - - Pilot Air Freight de Mexico Mexico 99% 4,662 111 Maersk Logistics & Services Chile S.p.A. Chile 97% 45,837 -5,962 Damco Logistics Kenya Limited Kenya -% 2,005 22 Maersk Solutions LLC Russia 99% 1,129 -1,402 Damco Transport CO., Ltd. Thailand 100% 747 -41 Maersk Logistics & Services Honduras S.A. Honduras 96% 338 327 Maersk Logistics & Services SI, Storitve, d.o.o. Serbia 100% 585 30 KGH Customs Services Italy S.R.L Italy 100% -32 -121 Maersk Logistics & Services Dominicana Sociedad 100% 146 95 Dominicana Anónima Simplificada Maersk Logistics & Services d.o.o. Beograd Serbia 100% 84 13 Maersk Logistics & Services El Salvador S.A. De 99% 80 16 El Salvador C.V. Maersk Logistics and Services Israel Ltd. Israel 100% 898 -91 Maersk Logistics & Services Guatemala, S. A. Guatemala 99% 45 -43 Maersk Integrated Logistics (FZC) SPC Oman 100% 95 -8 Damco Lanka Pvt. Ltd. Sri Lanka 100% 78 -91 KGH Customs Software A/S Denmark 100% - -79 Maersk Logistics & Services (Mauritius) Ltd Mauritius 100% 1,715 118 Damco Logistics Pvt. Ltd. Sri Lanka 100% 839 -13 Damco Bel Belarus 100% - -287 Maersk Logistics & Services d.o.o. za međunarodno Hungary 100% 782 61 otpremništvo Maersk Logistics & Services Singapore PTE. LTD. Singapore 100% 4,456 549 Maersk Logistics & Services (Thailand) Co. Ltd. Thailand 99% 3,122 195 Maersk Logistics & Services Peru S.A. Peru 61% 25,090 5,463 8. Investments (Continued) Name Interes Equity Profit/Loss Domicile Subsidiaries t USD '000 USD '000 Senator International Inc. Canada 100% - -4 Damco Sweden AB Sweden 100% 199,917 -1,649 KGH Customs Services Aps Denmark 100% 1,585 229 Maersk Logistics & Services France SAS France 100% 9,014 86 Maersk Logistics & Services Malaysia SDN. BHD Malaysia 100% 3,843 152 Damco A/S Denmark 100% 4,347 37 Maersk Logistics & Services Ecuador Maersk Ecuador 100% 8,263 107 logistics S.A. Maersk Logistics & Services Senegal S.A. Senegal 40% 8,997 -221 Damco Logistics Portugal, Sociedade Unipessoal, Portugal 100% 5,871 -234 Lda. Senator Logistics SA de CV Mexico 100% 5,125 176 Damco Czech Republic, S.R.O. Czech 100% 10,048 426 Blue Dragon Meishan Logistics Co., Ltd China 50% 14,219 1,678 Damco Logistics Mexico S.A. de C.V. Mexico 100% -3,677 -9,698 Damco India Private Limited India 100% - - Senator International Holding LLC USA 45% - - Maersk Logistics & Services Korea Limited Korea 100% 18,141 602 APM Terminals India Private Limited India 100% - - Maersk Logistics & Services International B.V. Netherlands 100% 89,489 4,046 Maersk Logistics & Services New Zealand Limited New Zealand 100% 87,230 1,258 Senator International Spedition GmbH Germany 100% 512,723 3,321 Maersk Logistics and Services South Africa Pty ltd South Africa 100% 87,230 -4,298 Profit/loss for the period and equity are disclosed as per the latest official financial statements in accordance with the requirement in the Danish Financial Statements Act where available and required. For some entities, the numbers are derived from internal reporting. 9. Deferred tax assets USD'000 2024 2023 Deferred tax at 1 January 64 64 Movement during the year 461 0 Deferred tax at 31 December 525 64 Deferred tax relates to : Provisions 525 64 525 64 The company expects to utilize the tax asset with the next tax years. 10. Share Capital DKK'000 2024 2023 Analysis of the Share Capital: 103,000 shares of DKK 1,000 nominal 103,000 103,000 value each 103,000 103,000 The exchange rate was 529.73 DKK/USD 11. Other Provisions USD '000 2024 2023 Opening Balance 1 January 6,811 1,000 Provisions utilized in the year -6,811 -1,000 Provisions added during the year 10,059 6,811 Other Provisions at 31 December 10,059 6,811 12. Contractual obligations and contingencies, etc. Contingent Asset Contingent Asset represents a Tax receivable of USD 963,720 receivable from India related to the Tax Deducted at Source towards Centre Charges paid by Damco India in FY 2011-12, FY 2012-13 & 2022-23. Other contingent liabilities The Company is jointly taxed with all other Danish companies in the A.P. Møller Holding A/S. As a consolidated entity, the Company has unlimited and joint liability together with the other companies under joint taxation for Danish corporation tax and withholding tax on dividends, interest and royalties within the jointly taxed companies. 14. Related Parties Information about consolidated financial statements: Requisitioning of the Parent Company's Parent Domicile consolidated financial statements A.P. Møller Holding A/S Esplanaden 50, 1263 www.maersk.com Copenhagen K A.P. Møller - Mærsk A/S Esplanaden 50, 1263 www.maersk.com Copenhagen K Related Party transactions All transactions with related parties are carried through on normal market terms. Ownership The following shareholders are registered in the Company’s register of shareholders as holding - minimum 5% of the votes or minimum 5% of the share capital. Name Domicile A.P. Møller - Mærsk A/S Esplanaden 50, 1263 Copenhagen K 15. Fee to the auditors appointed by the Company in general meeting Audit fees are not disclosed with reference to section 96(3) of the Danish Financial Statements Act. The fee is specified in the consolidated financial statements A.P. Møller Holding A/S. -938642000 -752920000 17 Remuneration of Board of Directors The Board of Directors and Executive Board members are not remunerated directly for their director roles by the Company as they are internal Maersk employees. However, it is assessed that the director role remuneration for the 5 members (4 - Board of directors and 1 - executive board) in total amounts USD 70k. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-27 Reporting class C, large enterprise 31476658 2008-05-29 +4533476658 www.maersk.com https://investor.maersk.com/static-files/31bf05a1-6f0c-4fbd-a3c7-3f58e044f668 https://investor.maersk.com/static-files/31bf05a1-6f0c-4fbd-a3c7-3f58e044f668 2025-06-27 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-06-27 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 10059000 6811000