Q1 2020 AP Moeller - Maersk A/S Earnings Call Transcript
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Good morning, everyone, and thank you for -- all for listening in on our earnings call for the first quarter of 2020.
My name is Søren Skou, and I'm the CEO of A.P. Møller - Mærsk. I'm pleased to be joined today by Patrick Jany, who has joined us as our Group CFO.
Now before I go into the details on Q1, I would like to dive a little bit deeper into our strategic transformation and to review how the numbers have been playing out since we changed our strategy in 2016. At the time, we were challenged by declining revenue, low profitability, low free cash flow and high financial leverage and in a combination with low and volatile oil prices and freight rates and a terminals business that was doing significantly worse than its peers, which all of these factors combined put our company and conglomerate on a high risk. We set out with the aim of putting
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