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8 April 2022

Annual Report 2021

In 2021, A.P. Moller Holding accelerated the portfolio renewal

A.P. Møller Holding A/S (A.P. Moller Holding), the parent company of the A.P. Moller Group, experienced significant momentum with its long-term strategy of portfolio renewal in 2021. The acquisitions of Faerch and Nissens Cooling Solutions were completed, an agreement to acquire Unilabs was signed and Innargi was established as a stand-alone company. There have been several add-on acquisitions in the portfolio companies such as A.P. Moller – Maersk signing an agreement to acquire LF Logistics and Senator International, Faerch signing an agreement to acquire Paccor and KK Wind Solutions signing an agreement to acquire PCH Engineering.

The year ended on a historic high note, with revenue of DKK 408bn (USD 65bn), EBITDA of DKK 154bn (USD 25bn), a net result of DKK 119bn (USD 19bn), and consolidated assets of DKK 579bn (USD 88bn). A.P. Moller Holding remains debt free with a full year cash inflow of DKK 8.8bn (USD 1.4bn) and net asset value of DKK 224bn (USD 34bn), representing an increase of 57% in 2021.

“The positive developments of 2021 are overshadowed by recent geopolitical developments. The invasion of Ukraine represents one of the darkest moments in Europe since World War II. Our hearts and minds are with the people of Ukraine, including many friends, colleagues and customers. We are encouraged to see how affiliates contribute in different ways. A.P. Moller – Maersk has set up warehousing operations and supply chains to provide food and medical supplies via the World Food Programme, UNHCR, EU and USAID. Our Foundation has also pledged significant financial support to Red Cross to accelerate relief programmes and help courageous volunteers in Ukraine.”
Robert M. Uggla, CEO at A.P. Moller Holding


  1. A.P. Moller Holding experienced significant momentum with its long-term strategy of portfolio renewal focusing on a few select long-term themes underpinned by our purpose of “nyttig virksomhed”: 1) global trade, 2) the energy transition, 3) circularity, water, and waste recovery and 4) demographic and societal changes.
  2. A.P. Moller – Maersk delivered historically high profitability, positively impacted by the continued global supply chain disruptions. During the year, A.P. Moller – Maersk signed the agreements to acquire several logistics companies supporting the overall transformation.
  3. A.P. Moller Holding completed the acquisition of Faerch and Faerch experienced significant organic growth during the year, though negatively impacted by input price inflation during the year. Faerch signed the agreement to acquire Paccor in January 2022.
  4. A merger between Maersk Drilling and Noble Corporation was announced. With the combined company, a world class offshore drilling contractor for energy companies worldwide is created offering the best opportunity for energy security, long-term growth and shareholder value. The transaction is expected to complete in 2022.
  5. A.P. Moller Holding signed an agreement to acquire Unilabs, a leading pan-European diagnostics services provider focusing on laboratory testing, pathology and radiology. The transaction completed in March 2022.
  6. Maersk Tankers continued to transform its business model to become a focused commercial management platform with more than 220 vessels on the platform.
  7. KK Wind Solutions continued its strong growth and further expanded its product offering by signing the agreement to acquire PCH Engineering.
  8. A.P. Moller Holding completed the acquisition of Nissens Cooling Solutions, a global market leading supplier of customised cooling solutions mainly for the wind industry.
  9. Innargi was established as a stand-alone company with an independent board and has secured a 30-year contract to develop Europe’s largest geothermal plant for the city of Aarhus. Innargi secured 3rd party funding to support the growth.

For further information please contact Mika Bildsøe Lassen, Head of Branding and Corporate Communications, or +45 2055 2655

News from the A.P. Moller Group

A.P. Moller Holding combines Maersk Supply Service with DOF Group and creates Maersk Offshore Wind

A.P. Moller Holding has entered into an agreement to combine its subsidiary Maersk Supply Service A/S with Norwegian DOF Group ASA (DOF Group) to create a leader supporting the offshore oil and gas industry. Maersk Supply Service’s innovative wind offshore installation concept will remain owned by A.P. Moller Holding as an independent offshore maritime company named Maersk Offshore Wind, focusing the growing global offshore wind installation market.

A.P. Moller invests in Tenderd

Tenderd is a global leader in digital transformation for heavy equipment management and operations.

Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, said: “Tenderd is a leader within telematics solutions with a platform that offers real-time visibility and insights for heavy equipment across a range of industries. Their solutions enhance operational efficiencies, improve safety and mitigate carbon emissions. We are excited to be investing in Tenderd and we look forward to contributing to their continued growth.”

Novo Holdings and A.P. Moller Holding back CIRCTEC, a leader in pyrolysis for sustainable end-of-life tyre recycling, in a €150 million financing round

Novo Holdings and A.P. Moller Holding have enabled a €150 million fundraise for CIRCTEC by leading with a €75 million equity investment. Financing includes €22.5 million of grants awarded by the Government of the Netherlands.