Denmark's AP Moller Holding is facing up to big valuation losses this year due to the coronavirus, after a strong 2019.
The investment company controls boxship giant AP Moller-Maersk, product carrier player Maersk Tankers and Maersk Drilling. It also owns 20% of Danske Bank, among other investments.
Chief executive Robert Maersk Uggla described last year as "relatively rosy", but said the outlook is dimming.
He wrote in the company accounts: "While general financial figures and developments year-on-year paint a relatively rosy picture, and while we recognise the many positive steps taken over the past year to strengthen our portfolio companies' market position and group balance, we are aware of the recent very negative developments and the dark clouds on the horizon as a result of the Covid-19 pandemic."
AP Moller Holding logged revenue of DKK 274bn ($399m) in 2019, with net profit reaching DKK 6.6bn.
The company, owned by the AP Moller Foundation, saw the worth of its assets grow by DKK 18.5bn to DKK 117bn.
A large part of this was down to its 41.5% stake in AP Moller-Maersk, which contributed DKK 9bn from share price growth.
The holding company controls 50.1% of its votes.
The Covid-19 pandemic is making 2020 a very different story, however.
Danish financial daily Finans calculates that its investment values have dropped nearly DKK 35bn so far this year, mainly relating to the boxship owner, Maersk Drilling and Danske Bank.
The company also bought 100% of KK Group last year. Its main activities are carried out through KK Wind Solutions, a global supplier of electronics power solutions to the wind turbine industry.
AP Moller acquired Maersk Tankers in cooperation with Mitsui & Co in a 2017 deal worth $1.2bn.
