The Maersk Group Annual Magazine
All shareholders received a copy of the new Group Annual Magazine at the Annual General Meeting. As a supplement to the Annual Report, the comprehensive accounting of the company’s financials that is required by law, the Group Annual Magazine includes journalistic stories from across the Group’s businesses and key financial figures. It is published in Danish and English and distributed globally.
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“Although 2015 started well, it ended badly,” said the Chairman of the Board of Directors, Michael Pram Rasmussen, summing up a volatile year at today’s Annual General Meeting in Copenhagen.
Maersk Line and Maersk Drilling delivered best ever underlying results in Q1. The Group posted a result of roughly USD 2.6 billion after the first half year. Then, drops in the oil price and freight rates saw Maersk Line and Maersk Oil in the red in Q4. Consequently, the Group’s result for the full year landed at USD 925 million.
”And let me be clear, a return on our invested capital of 2.9% in 2015 is not financially satisfactory,” the Chairman said, before focusing on positive developments within the Group.
Maersk Line’s successful implementation of 2M, Maersk Drilling’s operational and commercial uptime and Maersk Oil’s operational improvements specifically in the UK part of the North Sea were highlighted.
“Our global organisation, across the business units, has implemented adjustments in response to the deteriorating market conditions, savings have been made, and our operational performance has been robust.”