Enable. Enhance. Simplify.
Annual report
2021
Group — Key figures
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 4
Key figures – consolidated
accounts
INCOME STATEMENT
Total income
Operating profit before amortisation and impairment (EBITDA)
Operating profit
Profit/(loss) before tax
Net profit/(loss)
Net profit/(loss) after non-controlling interests
BALANCE SHEET
Non current assets
Current assets
Equity
Interest-bearing debt
Total assets
KEY FINANCIAL FIGURES
Cash flow from operation (1)
Liquid funds at 31 December (2)
Liquidy ratio (3)
Equity ratio (4)
YIELD
Return on equity (5)
KEY FIGURES PER SHARE
Earnings per share (6)
Operating profit before amortisation and impairment (EBITDA) per share (7)
Average number of shares outstanding
Dividend per share paid during the year
2021
2020
2019
2018
2017
874
141
73
66
53
72
2 702
746
2 230
642
812
138
60
205
178
117
2 736
751
2 265
657
850
149
78
144
130
114
2 638
655
2 082
675
871
78
36
(86)
(75)
(69)
2 467
612
2 017
533
793
198
176
253
(2)
(64)
2 637
636
2 188
601
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
3 448
3 488
3 293
3 079
3 273
USD mill
USD mill
%
%
122
366
0.9
65%
194
393
1.3
65%
98
255
1.2
63%
62
227
1.1
66%
70
268
1.4
67%
4%
6%
6%
(4%)
(3%)
USD
USD
1.63
3.16
2.63
3.10
2.46
3.24
(1.48)
1.68
(1.38)
4.26
Thousand
44 580
44 580
45 948
46 404
46 404
NOK
8.00
2.00
5.00
5.50
5.00
Definition
(1) Net cash flow from operating activities
(2) Cash, bank deposits and current financial investments
(3) Current assets divided by current liabilities
(4) Equity in percent of total assets
(5) Profit after tax divided by average equity
(6) Profit for the period after non-controlling interests, divided by average number of shares
Earnings per share taking into consideration the number of shares reduced for own shares
(7) Operating profit for the period adjusted for depreciation and impairments of assets, divided by average number of shares outstanding
Total income
(USD mill)*
Operating profit
(USD mill)*
4
7
8
2
1
8
0
5
8
1
7
8
3
9
7
3
7
0
6
8
7
6
3
6
7
1
3
5
Net profit
(USD mill)
8
7
1
0
3
1
Net profit after
non-controlling interest
(USD mill)
7
1
1
4
1
1
2
7
2
-
5
7
-
9
6
-
4
6
-
2021
2020
2019
2018
2017
Group — Key figures
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 5
Wilhelmsen in brief
Our ambition is to shape the maritime industry.
Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group
providing essential products and services to the merchant fleet, along with supplying crew
and technical management to the largest and most complex vessels ever to sail. Committed to
shaping the maritime industry, we also seek to develop new opportunities and collaborations
in renewables, zero-emission shipping, and marine digitalisation. Supporting a diverse and
inclusive workplace, with thousands of colleagues across more than 60 countries, we take
innovation, sustainability and unparalleled customer experiences one step further.
MARITIME SERVICES
Our ambition is to be the leading provider
of products and services for the global
merchant fleet – driving sustainable
transformation of our industry.
NEW ENERGY
Our ambition is to drive energy
infrastructure transformation and
maritime decarbonisation.
STRATEGIC HOLDINGS
AND INVESTMENTS
Our ambition is to achieve capital growth
through our global footprint, legacy holdings
and leading industrial partnerships.
Share of total income
Year 2021
Share of total income
Year 2021
Share of total income
Year 2021
2%
64%
35%
Share of total assets
As per 31.12.2021
Share of total assets
As per 31.12.2021
Share of total assets
As per 31.12.2021
25%
22%
53%
• Wallenius Wilhelmsen ASA (37.8%)
• Treasure ASA (74.8%)
– Hyundai Glovis (11%)
• WilNor Governmental Services (87.8%)
• Financial investments
• Holding activities
• Wilhelmsen Ships Service
– Marine Products
– Ships Agency
– Chemicals
– Global Business Services
• Wilhelmsen Ship Management
• Wilhelmsen Insurance Services
• NorSea Group (75.2%)
• NorSea Wind (87.6%)
• Edda Wind ASA (25.7%)
• Topeka
• Massterly (50%)
• Raa Labs
• Dolittle (46%)
• Ivaldi (10%)
• Loke Marine Minerals (18%)
Direct or indirect ownership in brackets when not fully owned.
OUR STRATEGIC ESG TOPICS
Strategic topics
Strategic ambition
Decarbonisation and green growth
Shape the maritime industry’s transition towards net zero emissions and capitalize on green growth.
Health and safety
Equality and diversity
Have an engaging and safe workplace with no harm to people.
Have a culture where each employee is valued for their contribution.
Compliance and value chain management
Be a responsible, trusted and compliant value chain partner.
Content
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 6
Content
1 – Group CEO’s statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Anniversary and crossroads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
008
010
2 – Directors’ report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Main development and strategic direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maritime Services
New Energy
Strategic Holdings and Investments
Risk review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Health, safety and working environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Organisation and people development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Directors and Officers Liability Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocation of profit, dividend and share buy back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 – Accounts and notes – group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wilh. Wilhelmsen Holding ASA group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General accounting principle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 – Accounts and notes – parent company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wilh. Wilhelmsen Holding ASA parent company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Responsibility statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 – Corporate structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wilh. Wilhelmsen Holding group main structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Strategic Holdings and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maritime Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
New Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
012
014
015
017
019
020
020
021
022
022
022
023
023
024
026
026
026
027
028
029
030
031
072
074
074
074
075
076
077
078
092
097
098
100
100
101
105
Content
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 7
Group — Group CEO’s statement
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 8
1
Group CEO’s
statement
Group — Group CEO’s statement
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 9
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 10
Anniversary and
crossroads
2021 saw many highlights for the group. The year further
positioned Wilhelmsen well for the future and a world that is
increasingly demanding clean energy and sustainable maritime
solutions. As you will read later, we can’t do it alone.
OUR EMPLOYEES MAKE THE DIFFERENCE
While we celebrated 160 years in business, the Wilhelmsen
group had yet another calendar year full of events. COVID-19
continued to be a major influence in 2021, but there were
also inflationary concerns, supply chain issues and ongoing
geopolitical tensions. The fight for talent and pressure on wages
were additional challenges we continue to face.
Despite the many challenges, we also saw a solid uptick in
global shipping activities leading to an 8% income increase for
the group. This is thanks to several thousand dedicated people
in the Wilhelmsen group working across the largest maritime
network in the world including some 10 000 seafarers. Our
strong results can be dedicated to our hard working and
resilient employees, and to our loyal customers. Thank you!
THE GREEN CHALLENGE
In addition to solid financial results, we continued to build for
the future. Our internal company structure was redesigned,
most notably with the establishment of our New Energy
segment and the USD 500 million investment ambition within
renewable energy and decarbonisation. We have also decided
to have a net zero carbon footprint from our own operations
before 2030.
Our extensive maritime offshore experience and
infrastructure, combined with our ambitions and ability to
facilitate innovative partnerships, is our recipe for exploring
opportunities related to the green shift.
While we see great business potential related to green
opportunities, we stand at a crossroads. Customers want to
explore new energy solutions, but struggle to make the big step,
as there are still too many uncertainties related to both the
availability and price of renewable energy. Wilhelmsen would
like to explore new technological solutions but are challenged
with a slow-moving or complete lack of regulatory environment.
Who should make the first move? With the “code red for
humanity” report from the Intergovernmental Panel on Climate
Change, we all know that we need to step up to significantly
reduce greenhouse gas emissions that are threatening our
common future. We are ready to make the necessary steps,
but are dependent on banks supporting us, customers willing
to take the risk, authorities paving the way for new energy
solutions and a safe environment for businesses taking action.
IF I WERE 25 YEARS OLD
If I was fresh out of university now, I would consider my career
path carefully, and my values would play an important factor
in my plans. Attracting not only newly educated talent, but
seasoned professionals will demand a sound and transparent
company profile. People want to work for companies that make
a difference, that dare to challenge and prove that things can
always get better. Although I am biased, I think Wilhelmsen is
such a place, and we are demonstrating it by how we act. In this
report and our ESG report especially, you can read about the big
and small efforts we are making to decarbonise the maritime
industry through zero emission vessels to 3D printed spare
parts produced locally on demand, just to name two examples.
You will also read about how we spend time and resources in
ensuring our employees continue to build their competencies
and experience.
I am immensely proud of our company, and our people who
kept everything running regardless of the obvious challenges.
2022 and onwards will be interesting and exciting. I am curious
to know how fast we can make the necessary steps towards
a greener future and ensure long term profitability for our
shareholders. I am confident we will keep making sustainable
choices and continue to be driven forward by our people
and culture.
*Writing my CEO letter at the beginning of February 2022, as
we prepare for the launch of this report in March, the world is
very different and much darker place. The awful situation in
Ukraine is producing unwanted and unforeseen humanitarian,
geopolitical and economic issues. We are all affected. For the
group, our practical support for our Ukrainian colleagues at sea
and onshore is unwavering, and I speak on behalf of everyone
at Wilhelmsen in sending our sympathies to everyone impacted
by the conflict in the region.
Group — Group CEO’s statement Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 11
Thomas Wilhelmsen,
group CEO
Group — Group CEO’s statement Group — Director’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 12
2
Director’s
report
Group — Director’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 13
Gender diversity
Currently females represent 36% of our land-based work force and 22%
of senior management positions. The Wilhelmsen group’s target is to have
at least 40% of each gender in senior management positions by 2030.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 14
Directors’ report
for 2021
Wilh. Wilhelmsen Holding ASA
Highlights for 2021
• New group structure focusing on Maritime Services, New Energy, and
Strategic Holdings and Investments.
• Enabling safe and consistent operations during an ongoing pandemic.
• Public listing of Edda Wind ASA.
• Increased operating income and profit.
• Increased net profit from joint ventures and associates.
• Paid dividend of NOK 8.00 per share.
• 26% shareholder return.
MAIN DEVELOPMENT AND STRATEGIC DIRECTION
The Wilh. Wilhelmsen Holding group (Wilhelmsen or group)
is an industrial holding company within the maritime industry.
The group’s activities are carried out through fully and partly
owned entities, most of which are among the market leaders
within their segments. Wilhelmsen’s ambition is to develop
companies within maritime services, shipping, logistics,
renewables, and related infrastructure through active ownership.
Guided by its vision of shaping the maritime industry,
Wilhelmsen has in 2021 continued the work to support
transition to a more sustainable future. This includes projects
and new investments within energy transition and the
decarbonisation of shipping.
Wilhelmsen also continued to deliver return to its shareholders,
with an increase in operating result, net profit, share price, and
dividend payment for the year.
In 2021, the global economy rebounded while large parts of the
world were still in partial lockdown due to the pandemic. This
created a strain on global supply chains as well as inflationary
pressure. The Wilhelmsen operating companies benefitted from
the increase in economic activities, but the ongoing pandemic
also continued to affect the group’s operation. Most office staff
were required to work from home during large parts of the year,
and the situation related to crew changes remained challenging.
The board would once again like to thank all crew and onshore
employees for their extraordinary efforts during the pandemic.
In 2021, Wilhelmsen re-designed the portfolio to intensify the
growth of maritime service and increase the focus on renewable
energy and decarbonisation. In addition to accelerating the
transition of existing businesses, Wilhelmsen decided to invest
in new businesses related to the renewable sector. A new
business segment named New Energy was established, including
among others, the ongoing transformation of NorSea Group,
offshore wind activities, and activities within autonomous
shipping and decarbonisation solutions.
Wilhelmsen is now organised around three distinct
business segments:
• Maritime Services.
• New Energy.
• Strategic Holdings and Investments.
Maritime Services deliver value creating solutions to the global
merchant fleet, focusing on Marine Products, Ships Agency, and
Ship Management. In 2021, Wilhelmsen further expanded its
range of products and services, including specialist lubrications
and segment specific vessel management. Supporting the
shipping industry during the pandemic continued as a focus
area, including crew changes. Total income for Maritime
Services was up for the year, while EBITDA was stable.
The formation of the New Energy segment brings together
several Wilhelmsen companies, joint ventures, and partner-
ships with unique competencies which complement each
other. Focus is on creating new opportunities and partnerships
in renewables, zero-emission shipping, and marine
digitalisation. In 2021, the group made further initiatives
related to offshore wind licensing, marine minerals, and
hydrogen vessels. Following further investment in Edda Wind
ASA, the company completed a public listing in December.
Total income and EBITDA for New Energy were
up for the year.
The two main assets of the Strategic Holdings and Investments
segment are the shareholdings in Wallenius Wilhelmsen
ASA, and the shareholding in Hyundai Glovis which is owned
through Treasure ASA. Wallenius Wilhelmsen ASA had a
positive development during the year, with a strong increase in
both net profit and market value. For Hyundai Glovis, the share
price and market value was down for the year.
The Wilhelmsen group maintained a strong equity base
throughout 2021. By the end of the year, the equity ratio based
on book values was 65% and equity attributable to equity
holders of the company exceeded USD 2 billion.
Liquidity also remained strong. Cash and cash equivalents
totalled USD 231 million by end of the year, with total liquidity
increasing to USD 1 054 million if including all financial assets.
The main loan facility in Maritime Service is maturing in 2022
Group — Director’s report The board of Wilh. Wilhelmsen Holding ASA
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 15
From top left:
Carl E Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Trond Westlie
and the main loan facility in New Energy matures in 2023.
A refinancing process has been initiated for both.
Wilhelmsen’s goal is to provide shareholders with a high
return over time through a combination of rising value for the
company’s shares and payment of dividend. To strengthen the
alignment of the senior executives’ and shareholders’ long-term
interests, the long-term incentive scheme for senior executives
is based on an increase in value adjusted equity above certain
thresholds and other long term strategic targets.
and responsible player in the industry and society. In 2021,
ethics and anti-corruption, health, safety and wellness,
cyber security, business offering and model innovation,
decarbonisation of shipping and maritime services, renewable
energy transition, and reducing marine litter and pollution
received particular attention.
In 2022, Wilhelmsen will continue to develop the group to the
benefit of customers, shareholders, and the wider society, building
on a more than 160-year history of shaping the maritime industry.
The Wilhelmsen share price reflected a general positive market
sentiment, ending the year with a strong gain. In 2021, total
weighted return including share price development and paid
dividend was 26.4%, based on a total return of 27.2% for the
WWI share and a total return of 23.8% for the WWIB share.
FINANCIAL RESULTS
Income statement
Wilhelmsen group
(USD mill)
Wilhelmsen has an objective of consistent yearly dividend paid
twice annually. A first dividend of NOK 5.00 per share was paid in
May, and a second dividend of NOK 3.00 per share was paid in
December. The first dividend included NOK 2.00 in extraordinary
dividend to compensate for the reduced dividend payout in 2020.
Total income
of which operating revenue
of which gain on sale of assets
EBITDA
Operating profit/EBIT
In September, Wilhelmsen reduced the share capital through
cancellation of 537 092 own Class A shares and 1 286 732 own
Class B shares. After the capital reduction, the company has
44 580 000 shares divided into 34 000 000 Class A shares and
10 580 000 Class B shares.
The board believes sound corporate governance is the
foundation for profitable growth and a healthy company
culture. Good governance contributes to reduced risk
and creates value over time for shareholders and other
stakeholders. The board is committed to a sustainable strategy
which is a vital prerequisite for Wilhelmsen to be a profitable
Share of profit/(loss) from associates
Change in fair value financial assets
Other financial income/(expenses)
Profit before tax/EBT
Tax income/(expenses)
Profit for the period
Profit to equity holders of the company
EPS (USD)
Other comprehensive income
Total comprehensive income
Total comprehensive income equity holders of the company
Equity ratio
2021
2020
874
873
2
141
73
101
(107)
(1)
66
(13)
53
72
812
807
5
138
60
(50)
192
2
205
(27)
178
117
1.63
2.63
(35)
17
41
23
200
141
65% 65%
Group — Director’s report Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 16
Total income for Wilhelmsen was USD 874 million in 2021, up
8% from 2020. Income was up for both Maritime Services and
New Energy.
Cash flow from operating activities was USD 122 million in 2021.
This compares with a net EBITDA and tax expense of USD
128 million.
Group EBITDA came in at USD 141 million for the year, up 2%.
Maritime Services EBITDA was USD 89 million in 2021,
unchanged from 2020. A general increase in most shipping
activities had a positive impact on both Marine Products and
Ships Agency, while contribution from Ship Management and
non-marine products were down.
Cash flow from investing activities was negative with USD 53
million, mainly related to the New Energy segment including
the increased shareholding in Edda Wind ASA.
Cash flow from financing activities was negative with USD
106 million in 2021. This included an increase in dividend
payments, partly compensating for a low payout in 2020.
New Energy EBITDA was USD 60 million for the year, up 10%.
The increase followed improved contribution from both NorSea
Group and NorSea Wind.
Liquid assets
(USD mill)
The Strategic Holdings and Investments segment had a
negative EBITDA of USD 8 million.
Share of profit from associates was USD 101 million for the
year, compared with a loss of USD 50 million one year earlier.
The improvement was due to a strong recovery in the financial
performance of Wallenius Wilhelmsen ASA.
Cash and cash equivalents
of which Maritime Services
of which New Energy
of which Strategic Holdings and Investments
Current financial investments
Financial assets to fair value
of which Hyundai Glovis
of which other financial assets
Total
2021
2020
231
174
7
50
135
688
583
105
269
174
12
82
124
801
699
103
1 054 1 194
Change in fair value financial assets was negative with USD
107 million for the year. This followed lower value of the
investment in Hyundai Glovis.
Other financials were a net expense of USD 1 million in 2021,
with gain on current financial investments and dividend
income offsetting interest expenses.
Tax was included with an expense of USD 13 million, mainly
related to Maritime Services.
By the end of 2021, the group had liquid financial assets of
USD 1 054 million. In addition to cash and cash equivalents,
this included current financial investments and non-current
financial assets reported as financial assets to fair value.
The parent company carries out active financial asset
management of part of the group’s liquidity. The current
financial investment portfolio includes listed equities and
investment grade bonds. The value of the portfolio amounted
to USD 135 million at the end of 2021.
Net profit to equity holders of the company was USD 72 million
in 2021, down from USD 117 million in 2020.
Other comprehensive income was negative with USD 35
million, resulting in a total comprehensive income to equity
holders of the company of USD 41 million for the year.
The group’s investments classified as financial assets to fair
value had a combined value of USD 688 million by the end
of the year. The largest investment was the 11% shareholding
in Hyundai Glovis held by Treasure ASA, valued at USD
583 million.
Cash flow, liquidity, and debt
Cash flow
(USD mill)
Cash and cash equivalents at 01.01
From operating activities
of which Maritime Services
of which New Energy
other operating
From investing activities
From financing activities
of which dividend and buy back parent
of which net debt repayment (including leasing)
other financing
Net cash flow
Cash and cash equivalents at 31.12
Interest-bearing debt (including leasing)
(USD mill)
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
Total
2021
2020
232
349
62
0
245
395
20
(2)
642
657
The main group companies fund their investments and
operations on a standalone basis, with no recourse to the parent
company. The primary funding source is the commercial bank
loan market.
By end of 2021, the group’s total interest-bearing debt including
leasing debt was USD 642 million. Debt was down in New
Energy partly due to FX effect from converting NOK debt into
USD, while debt was up in Strategic Holdings and Investment
partly due to a new lease arrangement for the corporate
head office.
2021
2020
269
153
122
77
63
(18)
194
128
70
(5)
(53)
41
(106)
(42)
(31)
(33)
(119)
(9)
(59)
(51)
(37)
115
231
269
The group had cash and cash equivalents of USD 231 million
by the end 2021, down from USD 269 million by the end of
2020. Cash flow from operating activities was down from
a strong 2020, while investments and dividend payments
were up.
Going concern assumption
Pursuant to section 3-3a and section 4-5 of the Norwegian
Accounting Act, it is confirmed that the annual accounts have
been prepared under the assumption that the enterprise is a
going concern and that the conditions are present.
Group — Director’s report MARITIME SERVICES
This includes Ships Service, Ship Management, and other
activities reported under the Maritime Services segment.
Maritime Services
(USD mill)
Total income
of which Ships Service
of which Ship Management
other/eliminations
EBITDA
EBITDA margin
Operating profit/EBIT
EBIT margin
Share of profit from associates
Other financial income/(expenses)
Tax income/(expense)
Profit
Profit margin
Non controlling interest
Profit to equity holders of the company
2021 2020*
557
502
55
0
533
484
48
1
89
16%
89
17%
62
11%
52
10%
5
(19)
(10)
38
7%
0
38
2
(14)
(19)
20
4%
0
19
* Restated figures for 2020 due to new segment reporting
Total income for Maritime Services was USD 557 million in
2021, up 5% from 2020. Income was up for both Ships Service
and Ship Management.
EBITDA for the year was USD 89 million, the same as the
previous year. The Maritime Services EBITDA margin was 16%
in 2021, down from 17%.
Share of profit from associates was USD 5 million, up from USD
2 million. Share of profit from associates increased in both
Ships Service and Ship Management.
Other financial income/(expenses) for Maritime Services
amounted to an expense of USD 19 million, including a USD 12
million loss on currency and financial instruments.
Tax was an expense of USD 10 million.
Profit to equity holders of the company was USD 38 million in
2021, up from USD 19 million the previous year.
Maritime Services
• Wilhelmsen Ships Service
– Marine Products
– Ships Agency
– Chemicals
– Global Business Services
• Wilhelmsen Ship Management
• Wilhelmsen Insurance Services
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 17
Total income from Ships Service was USD 502 million in 2021,
up 4% from the previous year. A general increase in most
shipping activities lifted total income for both Marine Products
and Ships Agency. Cruise activities also improved but remained
below pre-pandemic levels. Sale of non-marine products was
down from a strong 2020.
EBITDA was also up for the year, supported by the increase in
total income.
Ship Management
Wilhelmsen Ship Management provides full technical
management, crewing and related services for all major
vessel types. Wilhelmsen Ship Management is fully owned
by Wilhelmsen.
Total income for Ship Management was USD 55 million in
2021. This was up 15% from 2020 when compared with the
restated income reflecting the new segment reporting.
The increase in income followed further growth in
vessels on technical management, including one reported
on a gross revenue basis, while income from layup
management was down.
EBITDA was down for the year, but this was more than
compensated for through an increase in share of profit from
associates.
Other activities
This includes Wilhelmsen Insurance Services ( fully owned by
Wilhelmsen) and certain other activities reported under the
Maritime Services segment.
Total income for Insurance Services was USD 3 million for the
year, up 7%, while EBITDA was stable.
NEW ENERGY
This includes NorSea Group, Edda Wind ASA, and other
activities reported under the New Energy segment.
New Energy
(USD mill)
Total income
of which NorSea Group
other/eliminations
EBITDA
EBITDA margin
Operating profit/EBIT
EBIT margin
Share of profit from associates
Other financial income/(expenses)
Tax income/(expense)
Profit
Profit margin
Non controlling interest
Profit to equity holders of the company
2021 2020*
310
270
40
277
248
29
60
19%
55
20%
24
8%
10
(18)
(3)
14
5%
7
8
20
7%
12
(17)
(3)
10
4%
3
7
Ships Service
Wilhelmsen Ships Service is a global provider of standardised
product brands and service solutions to the maritime industry,
focusing on Marine Products and Ships Agency. Wilhelmsen
Ships Service is fully owned by Wilhelmsen.
* Restated figures for 2020 due to new segment reporting
Total income for New Energy was USD 310 million in 2021, up
12% from 2020. Income was up for most activities.
EBITDA came in at USD 60 million, up 10%. The EBITDA
margin was 19%, a small reduction from the previous year.
Group — Director’s report
Share of profit from associates was USD 10 million, down from
last year which was lifted by a sales gain.
Dolittle AS (owned 46%) and certain other activities reported
under the New Energy segment.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 18
Net financial items were an expense of USD 18 million, and tax
was an expense of USD 3 million.
Profit to equity holders of the company was USD 8 million for
the year, up from USD 7 million in 2020.
New Energy
• NorSea Group (owned 75.2%)
• NorSea Wind (87.6%)
• Edda Wind ASA (owned 25.7%)
• Topeka
• Massterly (owned 50%)
• Raa Labs
• Dolittle (owned 46%)
• Ivaldi (owned 10%)
• Loke Marine Minerals (owned 18%)
NorSea Group AS
NorSea Group provides supply bases and integrated logistics
solutions to the offshore industry. Wilhelmsen owns 75.2% of
NorSea Group.
Total income for NorSea Group was USD 270 million in 2021, up
9% from 2020. The increase followed a general higher activity
level in most operations, including related
to offshore wind.
EBITDA was also up for the year, but less than income due to a
combination of restructuring cost related to a business unit and
ramp up cost related to new business development.
Share of profit from joint ventures and associates in NorSea
Group was USD 11 million.
Edda Wind ASA
Edda Wind ASA provides service to the global offshore
wind industry and is listed on Oslo Børs. Wilhelmsen owns
25.7% of the company, which is reported as associate in
Wilhelmsen’s accounts.
In 2020, Wilhelmsen acquired 25% of Østensjø Group’s offshore
wind company, Edda Wind, with option to buy another 25%.
The option was exercised in the first quarter of 2021, increasing
the Wilhelmsen ownership to 50%.
In the fourth quarter, Edda Wind ASA launched an initial
public offering (IPO). Following completion of the IPO,
Wilhelmsen owned 16.5 million shares in Edda Wind ASA,
representing 25.7% of total shares.
The book value of the 25.7% shareholding in Edda Wind ASA
was USD 57 million at the end of the year.
Other activities
This includes NorSea Wind (owned 50% by NorSea Group and
50% by Wilhelmsen Ship Management), Topeka ( fully owned),
Massterly AS (owned 50%), Raa Labs AS ( fully owned),
2021 was marked by increased operating activity and a
wide range of new and ongoing projects across most entities
reported as part of other New Energy actives. This included
services to the offshore wind industry, projects related to
zero emission and autonomous vessel operation, and
digital services.
Total income from other New Energy activities were USD 40
million in 2021, up 36% from 2020. Both EBITDA and share of
profit from associates and joint ventures came in at a loss.
STRATEGIC HOLDINGS AND INVESTMENTS
This includes the strategic holdings in Wallenius Wilhelmsen
ASA and Treasure ASA, other financial and non-financial invest-
ments, and other activities reported under the Strategic Holdings
and Investments segment.
Strategic Holdings and investments
(USD mill)
Total income
of which operating revenue
of which gain on sale of assets
EBITDA
Operating profit/EBIT
Share of profit/(loss) from associates
of which Wallenius Wilhelmsen ASA
other/eliminations
Change in fair value financial assets
of which Hyundai Glovis
other financial assets
Other financial income/(expenses)
of which investment management in parent
of which dividend income Hyundai Glovis
other financial income/(expenses)
Tax income/(expense)
Profit for the period
Non controlling interest
Profit to equity holders of the company
2021 2020*
17
17
0
13
13
0
(8)
(13)
(6)
(11)
85
85
(0)
(63)
(63)
1
(107)
(115)
8
194
202
(9)
35
21
13
1
33
13
13
6
(1)
(5)
(0)
148
(27)
27
57
91
* Restated figures for 2020 due to new segment reporting
Total income for the Strategic Holdings and Investments
segment was USD 17 million in 2021, while EBITDA came in at
a loss of USD 8 million.
Share of profit from associates was a gain of USD 85
million, mainly related to the 37.8% ownership in Wallenius
Wilhelmsen ASA.
Change in fair value financial assets was a loss of USD
107 million. This followed a reduction in the value of
the investment in Hyundai Glovis, while value of other
investments was up.
Other financials were an income of USD 35 million, including
dividend income and investment gains.
Group — Director’s report Tax was an expense of USD 1 million.
Profit to equity holders of the company was USD 27 million for
the year, compared with a profit of USD 91 million in 2020.
Strategic Holdings
and Investments
• Wallenius Wilhelmsen ASA (owned 37.8%)
• Treasure ASA (owned 74.8%)
– Hyundai Glovis (owned 11% by Treasure ASA)
• WilNor Governmental Services (87.8%)
• Financial investments
• Holding activities
Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA is a market leader in RoRo shipping
and vehicle logistics and is listed on Oslo Børs. Wilhelmsen
owns 37.8% of the company, which is reported as associate in
Wilhelmsen’s accounts.
Wallenius Wilhelmsen ASA had total revenue of USD
3 884 million in 2021, an increase of 31%. This was driven
by strong growth in shipping volumes, a solid increase in
net rates, and fuel surcharges. EBITDA ended at USD 830
million, up 23%.
Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA
was USD 85 million in 2021, compared with a loss of USD 63
million in 2020.
The Wallenius Wilhelmsen ASA share price was up 118.1%
in 2021, closing at NOK 50.60. As of 31 December 2021, the
market value of Wilhelmsen’s investment was USD 918
million, while the book value of the shareholding was USD
885 million.
Treasure ASA
Treasure ASA holds a 11.0% ownership interest in Hyundai
Glovis and is listed on Oslo Børs. Wilhelmsen owns 74.8% of
Treasure ASA.
Treasure ASA’s main source of income is the dividend received
from Hyundai Glovis. This is reported as financial income in
Wilhelmsen’s accounts. Dividend received in 2021 was USD
13 million.
Change in fair value of the shareholding in Hyundai Glovis
was a loss of USD 115 million for the year. The value of the
investment in Hyundai Glovis was USD 583 million at the
end of 2021.
The Treasure ASA share price was down 3.2% for the year,
closing at NOK 17.30. As of 31 December 2021, the market
value of Wilhelmsen’s shareholding in Treasure ASA was USD
325 million.
In 2021, Treasure ASA paid total dividend of NOK 1.50
per share. Total cash proceeds to Wilhelmsen were USD
28 million.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 19
In the third quarter, Treasure ASA completed liquidation
of 3 965 000 own shares, reducing outstanding shares to
213 835 000. In the fourth quarter, Treasure ASA bought
6 000 000 own shares. Wilhelmsen did not participate
in the buy back, maintaining its holding of 160 000 000
shares in Treasure ASA.
Financial investments
Financial investments include cash and cash equivalents,
current financial investments and other financial assets held
by the parent and fully owned subsidiaries.
Net income from investment management was a gain of
USD 21 million in 2021. The value of the current financial
investment portfolio held by the holding company was USD
135 million by the end of the year, up from USD 124 million
one year earlier. The portfolio primarily included listed
equities and investment-grade bonds.
Change in fair value of non-current financial assets
(excluding shareholding in Hyundai Glovis) was a gain of
USD 8 million in 2021. The value of the assets was USD 105
million at the end of 2021.
Other activities
This includes WilNor Governmental Services (owned 51%
directly and 49% through NorSea Group), holding company
activities, and certain other activities reported under the
Strategic Holdings and Investments segment.
Total income for WilNor Governmental Services was USD
6 million in 2021. This was up from 2020 mainly due to the
acquisition of Olavsvern Group AS, completed during the
first quarter of the year.
Total income for holding company activities was USD 11
million for the year, an increase from the previous year.
The income is mainly income from group companies
related to intra-group services.
EBITDA was down for the year, mainly due to an increase
in net holding company cost.
RISK REVIEW
The Wilhelmsen group consists of a diversified
portfolio of operating companies, and strategic holdings
and investments. Most activities are within or related
to the maritime industry, where Wilhelmsen has
extensive competence and a long experience in
managing risks.
Risk management
The group is committed to managing risks in a sound
manner related to its businesses and operations. To
accomplish this, the governing concept of conscious strategy
and controllable procedures for risk mitigation ultimately
provides a positive impact on profitability. Governing
boards, management, and employees will monitor
the environment in which the companies operate, and
implement measures to mitigate risks, prepare to act upon
unusual observations, threats or incidents, and respond
to risks to mitigate consequences. The group has put in
place a risk monitoring process based on identification of
risks for each business unit, and with a group risk matrix
presented to the board on a quarterly basis for review and
necessary actions.
Group — Director’s report Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 20
Group risk matrix
Risk type
Entity
Risk
Mitigation action
Macro
Macro
Financial
Financial
Financial
Governance
ESG
ESG
Governance
Governance
All
All
Parent
Parent
Parent
Group
Group
Group
Group
Group
Geopolitical issues
Adequate equity and liquidity.
Global financial outlook
Balanced portfolio of well managed businesses.
Financial performance
Active management and ownership.
Dividend capacity
External financing
Cash flow focus in portfolio and liquidity reserve in parent.
Conservative risk profile and broad range of funding alternatives.
Competence and culture
Invest in competence and skills and be an attractive employer.
Brand equity
Compliance
Cyber security
Energy transition
Strong corporate governance systems and high business standards.
Strong compliance culture and compliance management system.
Strong cyber security governance system and mandatory cyber security essentials training.
Pro‐active approach including continued innovation and business development.
Main risks
An overview of main risks and mitigation actions defined in the
group risk matrix are outlined in the table above.
In addition, the group’s exposure to, and mitigation of, certain
financial risk is further described in note 19 to the 2021 group
accounts.
HEALTH, SAFETY AND WORKING ENVIRONMENT
Working environment and occupational health
The company conducts its business with respect for human
rights and labour standards, including conventions and
guidelines related to the prevention of child or forced labour,
minimum wage and salary, working conditions and freedom
of association. Employees and external stakeholders are
encouraged to report on non-compliant behaviour through the
group’s global whistleblowing system.
Exposure hours
In 2021, there were around 42.8 million exposure hours (work
hours) in the group. Vessel based operations accounted for 79% of
total exposure hours and onshore operations accounted for 21%.
Sickness absence and occupational disease
The group’s variety of ongoing initiatives to maintain a healthy
work environment continued to be important in the second year
of the pandemic. The focus was on physical and mental health,
working conditions including working from home, employee
assistance program, safe social activities, employee engagement
surveys and opportunities for personal development.
The sickness absence rate was 2.05% for onshore operations
and 0.02% on vessels, in line with previous year. There were two
onshore occupational disease cases recorded in 2021 resulting
from work-related stress.
Turnover
The turnover rate for employees was 12.74% in 2021, in
line with previous years. The turnover rate varies between
business units.
During the year, safety campaigns focused on COVID-19 measures
and mental health and wellness. Crew changes were conducted
where possible, when risk mitigation conditions were met, and
according to international and local guidelines. Management
continued to be active in measures to enable the safe and
unhindered movement of seafarers to and from their workplace.
For onshore operations, campaigns focused on safety risks,
COVID-19 measures, and mental and physical health and
wellness including the working from home situation.
The LTIF rate onshore was 0.36 in 2021, within target not to
exceed 0.40. The TRCF rate result of 0.52 was within target not
to exceed 1.00. The targets will remain the same for 2022.
All reported incidents were investigated to avoid similar
incidents in the future, improve necessary training, and
awareness measures.
Working committee and executive committee
The management cooperates closely with employees through
several bodies, including the joint working committee and
the executive committee for industrial democracy in foreign
trade shipping. This cooperation gives valuable input to solve
company related issues in a constructive way. In 2021, both
committees held official meetings according to plan.
The joint working committee discusses issues related to health,
work environment and safety.
The executive committee for industrial democracy in foreign
trade shipping considers general business, financial and
governance issues of importance to the company and the
workforce.
ORGANISATION AND PEOPLE DEVELOPMENT
Workforce
The group’s head office is in Norway, and the group has
239 offices in 60 countries within its controlled structure.
The group employed 10 988 seafarers and 4 476 land-based
employees at the end of 2021.
Lost time injuries and total recordable cases
Regrettably, there was one work related fatality of a seafarer in
2021, re-enforcing the need to continuously apply and improve
measures that secure a safe work environment and a robust
safety culture for all employees.
The lost-time injury frequency (LTIF) rate for sailing
personnel was 0.35, within the target not to exceed 0.40. The
total recordable case frequency (TRCF) rate was 1.26, within
the target not to exceed 2.80. The targets will remain the
same for 2022.
Equality and diversity
Wilhelmsen has a clear policy stating that employees have the
right to equal opportunities. Harassment and discrimination
based on race, gender or similar grounds, or other behaviour that
may be perceived as threatening or degrading, is not acceptable.
Females represent 36% of the land-based work force, 22% of
senior management positions, and 1% of the seafarer work
force. The group’s target is to have at least 40% of each gender
in senior management positions by 2030.
Group — Director’s report One of the five members of the company’s group management
is female and two of the five directors on the board of directors
of Wilhelmsen are female.
In 2021, a gender pay gap analysis was conducted for employees
in Norway, pointing to some need for improvements including
finetuning of job profiles. The analysis is included in the
group’s ESG report, available on wilhelmsen.com.
Driving performance
Wilhelmsen strives to maintain a performance culture where
engaged employees deliver the right results the right way and
are rewarded accordingly.
Employee performance and engagement is measured through
annual surveys and performance appraisals.
In 2021, Wilhelmsen conducted an employee engagement
survey including specific questions related to the working from
home situation in response to the pandemic.
The results point to continued positive engagement and mental
well-being, and employees have been able to carry out their
work equally well from home as in the workplace.
There is always room for improvement. Senior
management and individual managers in all locations were
required to conduct follow up discussions with their teams.
Where results were less than the expected benchmark,
managers were required to implement specific actions to
improve results.
Compensation and benefits
The purpose of Wilhelmsen’s compensation and benefit
framework is to drive performance and to attract and retain
employees with the right experience and knowledge deemed
necessary to achieve the company’s business objectives and
strategic ambitions. The framework takes local regulations
and competition into account, as well as the responsibility and
complexity of the position.
The bonus schemes are one of several instruments to drive
performance. Bonus is paid if set bonus targets are reached.
Compensation to executives is described in the Remuneration
report available on Wilhelmsen.com.
Investing in competence
Learning and innovation is one of the group’s core values,
and Wilhelmsen places particular emphasis on continuous
learning through its learn-share-apply method. The main
learning method is through on-the-job experiences, tasks and
problem-solving feedback, coaching (formal and informal) and
networks. Formal classroom courses, e-learning, seminars, and
videos supplement this approach.
A learning organisation with motivated employees
contributes to efficient operations and has a positive impact
on the financial performance.
Personal development plans for all employees are integrated
in the performance appraisal and review process. In 2021, the
average hours of formal training recorded per employee was
eight hours, consistent with previous years.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 21
In 2021, approximately 1000 leaders completed two modules
of the group’s continuous leadership development journey.
The modules were 8-12 weeks in duration and focused on the
group’s leadership expectations and leading in challenging
times. Additional modules will be undertaken in 2022.
Whistle blowing and anti-corruption
In 2021, there were 28 whistles received related to allegations
of fraud/corruption, data protection, health and safety, and HR
related matters.
In 26 of the whistles, the reported issues have been concluded
with appropriate action taken, while two were pending a
conclusion at year end.
The COVID-19 situation has continued to be a challenge during
2021 for compliance activities that require travel and physical
presence at our locations, such as investigations and audits.
Scheduled internal business standards audits were postponed
due to the situation, and follow up of potential irregularities
were conducted by providing guidance and instructions to local
and regional resources. Some internal fraud cases have been
detected, with three cases being reported to the police.
To continue competence building with employees, the new
business standards program was rolled out in 2021 with a
100% participation rate. The program includes the areas of
anticorruption, theft and fraud, whistleblowing, competition
law and, personal data protection. A refresher version of this
program will be rolled out in 2022.
ENVIRONMENT
Wilhelmsen works to manage environmental risks and reduce
the environmental impact of our own and our customers’
operations. Significant aspects include greenhouse gas
emissions; pollution to air, land and water, and biodiversity.
When delivering full technical management, crewing and
related services for all major vessel types, Wilhelmsen is in
a good position to influence compliant, sensible, safe and
environmentally sound operations for vessel owners. The
ongoing goal is to work with customers to optimize vessel
and voyage operations, collaboration on the decarbonisation
of shipping, and development of alternative fuels
including hydrogen.
Operational sites and bases set environmental targets and
improvement projects based on their individual site risk
assessments. The operations for Wilhelmsen Chemicals
and NorSea Group are certified according to the ISO 14001
standard. Focus areas include energy and emissions, material
inputs, water use, waste and recycling, oil separators, tanks
and chemical and handling. Activities related to energy
transition and emissions reductions in NorSea Group include
the installation of shore power, gradual electrification of the
machine park, and supporting infrastructure development to
contribute to the hydrogen and carbon capture value chains.
Wilhelmsen promotes responsible consumption and recycling
programs onboard and onshore and is proactive in reducing
plastics in vessel operations by introducing requirements
towards suppliers and facilitating industry initiatives to reduce
single use plastics in the maritime industry.
Developing leaders for the future
To meet challenging and changing environments, Wilhelmsen
is dependent on highly capable leaders.
Climate risk and opportunities
Wilhelmsen is exposed to physical and transition climate risks
on a general basis and related to specific group companies.
Group — Director’s report Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 22
The energy transition and the decarbonisation of shipping
are the backdrop for the transition risks for the group,
but also present significant opportunities. Wilhelmsen
continues to work with partners to drive energy infrastructure
transformation and maritime decarbonisation. This includes
services to the offshore wind industry, projects related to zero
emission and autonomous vessel operation, enabling the
hydrogen value chain, and digital services.
In 2021, Wilhelmsen established its greenhouse gas emissions
inventory for scope 1 and 2 emissions in consolidated
companies. Several data collection and reporting improvement
actions have been identified to continue to build a robust
reporting framework over time. The group established long
term ambitions towards net zero emissions, and science-based
targets for consolidated companies will be developed in 2022.
CORPORATE GOVERNANCE
The board believes sound corporate governance is a foundation
for profitable growth and that it provides a healthy company
culture. A good governance contributes to reducing risk and
creating long-term value for shareholders and other
stakeholders.
Wilhelmsen observes the Norwegian Code of Practice for
corporate governance, in addition to requirements specified
in the Norwegian Public Companies Act and the Norwegian
Accounting Act. The board’s corporate governance report for
2021 can be found on wilhelmsen.com. It is the board’s view
that the company has an appropriate governance structure
and that it is managed in a satisfactory way. The corporate
governance report is to be considered by the annual general
meeting on 27 April 2022.
SUSTAINABILITY
Wilhelmsen assesses environmental, social and governance
(ESG) issues in its investment analysis, business decisions,
ownership practices and financial reporting. The company has
a sustainability policy that addresses human rights, working
standards and environmental responsibility.
UN Global Compact (UNGC) engagement
Wilhelmsen subscribes to the ten principles of the UNGC and
works actively to partner with other serious actors to contribute to
the achievement of the Sustainable Development Goals. During
2021, the group contributed to task forces related to ocean
health, climate, crew change challenges, and marine pollution.
Sustainability governance
The board is committed to a sustainable strategy and
acknowledges that it is a vital prerequisite for Wilhelmsen to be
a profitable and responsible player in the industry and society
at large. Wilhelmsen issues an environmental, social and
governance (ESG) report following the guidelines set forward
in the Global Reporting Initiative’s sustainability reporting
standards. The report describes how Wilhelmsen integrates
ESG factors with long-term profitability.
The ESG report is available on wilhelmsen.com.
In 2021, the following areas received particular attention:
• Ethics and anti-corruption.
• Health, safety and wellness.
• Cyber security.
• Business offering and model innovation.
• Decarbonisation of shipping and maritime services.
• Renewable energy transition.
• Reducing marine litter and pollution.
The company’s achievements included:
• Positive and consistent employee engagement, wellbeing and
working environment results.
• 100% employee completion of business standards program.
• Strengthened cyber security maturity.
• Several key investments and ongoing projects contributing to
the decarbonisation of shipping and green growth.
Materiality assessment
The company conducts materiality assessments to ensure
attention is focused on material aspects of the group’s business.
In 2021, Wilhelmsen conducted a materiality assessment
where 14 material topics were identified. The group
determined four strategic topics of focus for activities and
reporting.
• Decarbonisation and green growth.
• Health and safety.
• Equality and diversity.
• Compliance and value chain management.
These topics will be integrated in the group’s strategy and
reported in the ESG report.
Stakeholder engagement
The company is regularly in dialogue with key stakeholders
who engage in issues relating to the maritime industry
and the activities of the Wilhelmsen group. The dialogue
contributes to understanding the expectations of the
community and transferring them to the group. It also
enables the company to communicate decisions to
stakeholders and provide them with explanations for our
underlying motives.
In 2021, Wilhelmsen engaged in dialogues with governments,
investors, non-governmental organisations and other
stakeholders discussing topics related to the group or industry
at large. Topics covered included financial issues, compliance,
innovation, decarbonisation of shipping, renewable energy
and ESG in general.
The work of the nomination committee follows the guidelines
approved by the annual general meeting on 30 April 2019.
In line with the guidelines and the procedures described on
wilhelmsen.com, shareholders and other interested parties
have been invited to put forward candidates for the board
and the nomination committee. The committee has also been
in contact with shareholders, the board, and the company’s
executive personnel as part of its work on proposing
candidates for election.
DIRECTORS AND OFFICERS LIABILITY INSURANCE
Directors and Officers Liability Insurance (D&O) is for the
2021 accounting year placed with AIG, AXA XL and Risk
Point. The Insured names Wilh. Wilhelmsen Holding ASA
and includes any subsidiaries world-wide not excluded in
the policy. The D&O insurance provides financial protection
for the directors and officers of a company in the event that
they are being sued in conjunction with the performance
of their duties as they relate to the company. The insurance
comprises the directors’ and officers’ personal legal
liabilities, including defence- and legal costs. The cover also
includes employees in managerial positions or employees
who become named in a claim or investigation, or is named
co-defendant.
Group — Director’s report Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 23
ALLOCATION OF PROFIT, DIVIDEND, AND SHARE BUY BACK
The board’s proposal for allocation of the net profit for the year
is as follows:
expansion into the container and tanker segments and offshore
wind, mainly through joint ventures, will create a platform for
further growth.
Parent company accounts
(NOK thousand)
Profit for the year
To equity
Proposed dividend
Interim dividend paid
Total allocations
694 030
381 970
178 320
133 740
694 030
The board is proposing a NOK 4.00 dividend per share payable
during the second quarter of 2022, representing a total payment
of NOK 178 million. The board also proposes that the annual
general meeting authorises the board to declare a second
dividend of up to NOK 3.00 per share.
The board is granted an authorisation to, on behalf of the
company, acquire up to 10% of the company’s own issued
shares. The authorisation is valid until the annual general
meeting in 2022, but no longer than to 30 June 2022. In 2021,
Wilhelmsen cancelled 537 092 own Class A shares and 1 286 732
own Class B shares acquired in 2019. The company presently do
not own any own shares.
Outlook for New Energy
The formation of the New Energy segment in 2021 brough
together a number of Wilhelmsen companies, joint ventures
and partnerships with unique competencies which
complement each other. Focus will be on creating new
opportunities and collaborations in renewables, zero-emission
shipping, and marine digitalisation. At the start of 2022, the two
largest operations are in NorSea Group and Edda Wind ASA.
NorSea Group, where Wilhelmsen has a 75.2% shareholding,
provides supply bases and integrated logistics solution to the
offshore industry The present offshore activity level is expected
to remain in the medium term, including seasonal variations.
Edda Wind ASA, where Wilhelmsen has a 25.7% shareholding,
provides service to the global offshore wind industry. Early
2022, Edda Wind ordered three new vessels, increasing its
future fleet capacity from eight to 11 vessels. Edda Wind expects
that having a number of vessels under construction with
attractive delivery dates and firm cost places the company in a
favorable position.
In February, Wilhelmsen agreed to acquire a 21% stake in
Reach Subsea ASA. Reach Subsea operates remotely-operated
underwater vehicles, and is listed on Oslo Børs.
OUTLOOK
Group business drivers and strategic focus
Wilhelmsen’s ambition is to develop successful businesses
within maritime services, shipping, logistics, renewables, and
related infrastructure through active ownership.
Outlook for Strategic Holdings and Investments
This includes the strategic holdings in Wallenius Wilhelmsen
ASA and Treasure ASA, other financial and non-financial
investments, and other activities reported under the Strategic
Holdings and Investments segment.
Since last year’s strategic review, “facts on the ground” have
changed, warranting a greater macroeconomic focus. The board
and management have in its latest strategic review decided to
focus on inflation and its potential implications for the group,
in addition to broader macroeconomic developments, the
energy transition, and technological developments.
The impact on Wilhelmsen from the invasion of Ukraine is
uncertain. The group has limited direct operations in Ukraine
and Russia.
Outlook for Maritime Services
Maritime Services deliver value creating solutions to the global
merchant fleet, and with Ships Service and Ship Management
as the two main operating entities. In 2022, Ships Services will
be re-organized and Ships Agency activities separated into a
new entity named Port Services.
Ships Service, after separating out Ships Agency and certain
other activities, deliver a wide range of products to the merchant
fleet globally. The present high activity level within most shipping
segments has a positive impact on operating income, and with
an upside potential related to activity level within cruise.
Wallenius Wilhelmsen ASA, where Wilhelmsen has a 37.8%
shareholding, is a market leader in shipping and logistics
services to the global automotive, rolling equipment, and
breakbulk industries. Wallenius Wilhelmsen expects the
supply-demand balance in its shipping activities to remain
favorable over the mid-term, and for logistics volumes to
benefit from improved automotive semiconductor chip supply.
Treasure ASA, where Wilhelmsen has a 74.8% shareholding, is
an investment company with an 11% shareholding in Hyundai
Glovis as the main asset. Treasure ASA expects the value of its
main asset to fluctuate in line with the general equity indexes
of the Korean Stock Exchange.
Outlook for the Wilhelmsen group
Wilhelmsen holds leading positions in several maritime
industry segments. The combined forces of extensive business
knowledge, global network, innovative organisation, and strong
solidity will continue to support the development of the group.
Lysaker, 23 March 2022
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Port Services (previously Ships Agency) deliver husbandry
and agency services in 2 000 ports globally. The safe handling
of services during a pandemic will continue to impact the
operation in 2022.
Ship Management provides full technical management,
crewing and related services for all major vessel types. Recent
Carl E Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Trond Westlie
Thomas Wilhelmsen (group CEO)
Group — Director’s report Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 24
3
Accounts and
notes – group
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 25
Environmentally focused
Wilhelmsen works to manage environmental risks and reduce the
environmental impact of our own and our customers’ operations. Our net
zero ambitions for 2030 and beyond show our practical commitment to this.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 26
Income statement Wilh.Wilhelmsen Holding Group
USD mill
Operating revenue
Other income
Total income
Operating expenses
Cost of goods and change in inventory
Employee benefits
Other expenses
Depreciation, amortisation and impairment
Total operating expenses
Operating profit
Share of profit/(loss) from joint ventures and associates
Change in fair value financial assets
Financial income
Financial expenses
Profit before tax
Tax income/(expense)
Profit for the period
Of which:
Profit attributable to the equity holders of the company
Profit/(loss) attributable to non-controlling interests
Note
1/3/20
1
15
6
1/20
7/8
4
14
1
1
9
2021
2020
873
2
874
(277)
(321)
(136)
(68)
(801)
73
101
(107)
42
(43)
66
(13)
53
72
(20)
807
5
812
(243)
(299)
(131)
(78)
(751)
60
(50)
192
46
(44)
205
(27)
178
117
61
Basic / diluted earnings per share (USD)
10
1.63
2.63
Comprehensive income Wilh.Wilhelmsen Holding Group
USD mill
Profit for the year
Items that may be reclassified to the income statement
Cash flow hedges (net after tax)
Comprehensive income from associates
Currency translation differences
Items that will not be reclassified to the income statement
Remeasurement postemployment benefits, net of tax
Other comprehensive income, net of tax
Total comprehensive income for the year
Total comprehensive income attributable to:
Equity holders of the company
Non-controlling interests
Total comprehensive income for the year
Note
2021
2020
53
178
19
11
4
4
(44)
1
(35)
17
41
(23)
17
(3)
(4)
33
(3)
23
200
141
59
200
Notes 1 to 25 on the next pages are an integral part of these consolidated financial statements.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 27
Balance sheet Wilh.Wilhelmsen Holding Group
USD mill
ASSETS
Non current assets
Deferred tax assets
Properties and other tangible assets
Goodwill and other intangible assets
Right-of-use assets
Investments in joint ventures and associates
Financial assets to fair value
Other non current assets
Total non current assets
Current assets
Inventories
Current financial investments
Other current assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Paid-in capital
Retained earnings and other reserves
Shareholders' equity
Non-controlling interests
Total equity
Non current liabilities
Pension liabilities
Deferred tax liabilities
Non current interest-bearing debt
Non current lease liabilities
Other non current liabilities
Total non current liabilities
Current liabilities
Current income tax
Public duties payable
Current interest-bearing debt
Current lease liabilities
Other current liabilities
Total current liabilities
Total equity and liabilities
Note
31/12/2021
31/12/2020
9
7
7
8
4
14/19
12
15
16/19
12/17
17
11
9
18/19
8/18
9
18/19
8/18
12
64
542
135
155
1 093
688
25
2 702
93
135
287
231
746
55
560
141
177
973
801
28
2 736
84
124
274
269
751
3 448
3 488
118
1 891
2 009
221
2 230
26
11
203
139
17
396
13
13
270
30
495
821
3 448
122
1 886
2 008
257
2 265
25
12
426
161
23
647
14
14
38
31
478
576
3 488
Lysaker, 23 March 2022
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair) Morten Borge Rebekka Glasser Herlofsen
Ulrika Laurin Trond Westlie Thomas Wilhelmsen (group CEO)
Notes 1 to 25 on the next pages are an integral part of these consolidated financial statements.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 28
Cash flow statement Wilh.Wilhelmsen Holding Group
USD mill
Note
2021
2020
Cash flow from operating activities
Profit before tax
Share of (profit)/loss from joint ventures and associates
Changes in fair value financial assets
Financial (income)/expenses
Depreciation, amortisation and impairment
Other (gain)/loss
Change in net pension asset/liability
Change in inventories
Change in working capital
Tax paid (company income tax, withholding tax)
Net cash provided by operating activities
Cash flow from investing activities
Dividend received from joint ventures and associates
Proceeds from sale of fixed assets
Investments in tangible and intangible assets
Investments in subsidaries, joint ventures and associates
Loans granted to joint ventures and associates
Loan repayments received from sale of subsidiaries
Proceeds from dividend and sale of financial investments
Purchase of current financial investments
Interest received
Changes in other investments
Net cash flow from investing activities
Cash flow from financing activities
Net proceeds from issue of debt after debt expenses
Repayment of debt
Repayment of lease liabilities
Interest paid including interest derivatives
Interest paid lease liabilities
Cash from/(to) financial derivatives
Dividend to shareholders/purchase of own shares
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at 31.12
4
14
1
7/8
1
4
7
1
18
18
8
1
1/8
66
(101)
107
1
68
(2)
1
(13)
8
(14)
122
13
26
(45)
(36)
(16)
2
62
(54)
1
(6)
(53)
70
(71)
(30)
(15)
(9)
7
(58)
(106)
(37)
269
231
205
50
(192)
(2)
78
(5)
1
70
(9)
194
21
7
(37)
(34)
146
(62)
1
41
19
(60)
(18)
(18)
(10)
(14)
(18)
(119)
115
153
269
The group is located and operating world wide and every entity has several bank accounts in different currencies. The cash flow effect from revaluation of cash and cash equivalents is
included in net cash flow provided by operating activities.
Notes 1 to 25 on the next pages are an integral part of these consolidated financial statements.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 29
Equity Wilh.Wilhelmsen Holding Group
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
USD mill
Balance at 31.12.2020
Comprehensive income for the period:
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners:
Liquidation of own shares
Change in non-controlling interests
Purchase of own shares Treasure ASA *
Paid dividend to shareholders
Balance at 31.12.2021
* Treasure ASA holds 6 000 000 shares 31 December 2021.
USD mill
Balance at 31.12.2019
Comprehensive income for the period:
Profit for the period
Other comprehensive income
Share capital
Own shares
Retained
earnings
Total
Non-
controlling
interests
Total equity
122
(4)
1 890
2 008
257
2 265
0
(4)
0
4
72
(32)
41
10
(8)
(42)
72
(32)
41
0
10
(8)
(42)
118
0
1 891
2 009
(20)
(3)
(23)
(4)
(8)
221
53
(35)
17
0
6
(8)
(50)
2 230
Share capital
Own
shares
Retained
earnings
Total
Non-
controlling
interests
Total equity
122
(4)
1 761
1 880
202
2 082
Total comprehensive income for the period
0
0
117
24
141
117
24
141
Transactions with owners:
Change in non-controlling interests
Purchase of own shares Treasure ASA *
Dividends
Balance at 31.12.2020
* Treasure ASA acquired 3 965 000 shares during 2020.
122
(4)
1 890
2 008
(3)
(9)
(3)
(9)
61
(1)
59
(1)
(3)
257
178
23
200
(1)
(3)
(13)
2 265
Dividend for fiscal year 2020 was NOK 8.00 per share and was paid in April 2021
(NOK 5.00 per share) and in December 2021 (NOK 3.00 per share).
Dividend for fiscal year 2019 was NOK 2.00 per share and was paid in May 2020.
The proposed dividend for fiscal year 2021 is NOK 4.00 per share, payable in the
second quarter 2022. A decision on the proposal will be taken by the annual general
meeting on 27 April 2022. The proposed dividend is not accrued in the year-end balance
sheet. The dividend will have effect on retained earnings in second quarter 2022.
Notes 1 to 25 on the next pages are an integral part of these consolidated financial statements.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 30
General accounting principle Wilh. Wilhelmsen Holding group
Most statements of financial position items will be affected by uncertainty related to
estimates and assumption to a certain degree. The items most affected, and where
estimates and assumptions are assessed to have the greatest significance include:
• Deferred tax asset (Note 9)
• Goodwill (Note 7)
• Right-of-use-assets and lease liabilities (Note 8)
• Loss allowance on accounts receivable (Note 13)
• Provisions and other non-current liabilities (Note 12)
Accounting principles applied, estimates and assumptions used by management are
presented in the respective notes.
Financial reporting principles
The financial reporting principles are described in the relevant notes in the
consolidated financial statements and in the notes in the financial statements of the
parent company.
The financial reporting principles described in the consolidated financial statements
also apply to the financial statements of the parent company, unless otherwise
stated.
GENERAL INFORMATION
Wilh. Wilhelmsen Holding ASA (referred to as the parent company) is domiciled in
Norway. The consolidated accounts for fiscal year 2021 include the parent company
and its subsidiaries (referred to collectively as the group) and the group’s share of
joint ventures and associated companies.
The annual accounts for the group and the parent company were issued by the board
of directors on 23 March 2022.
BASIS OF PREPARATION
Compliance with IFRS
The consolidated accounts have been prepared in accordance with the International
Financial Reporting Standards (IFRS), as endorsed by the European Union. The
separate financial statements for the parent company have been prepared and
presented in accordance with simplified IFRS as approved by Ministry of Finance 10
December 2019. In the separate statements the exception from IFRS for recognition
of dividends and group contributions is applied. Otherwise, the explanations of the
accounting policy for the group also apply to the separate statements, and the notes
to the consolidated financial statements will to a large degree also cover the separate
statements.
Wilhelmsen also provides additional disclosures in accordance with requirements in
the Norwegian Accounting Act related to remuneration to the board and the senior
management.
The company is a public limited liability company, listed on Oslo Børs.
Critical accounting estimates and assumptions
When preparing the financial statements, the group and the parent company
must make assumptions and estimates. These estimates are based on the actual
underlying business, its present and forecast profitability over time, and expectations
about external factors such as interest rates, foreign exchange rates and oil prices
which are outside the group’s and parent company’s control. This presents a
substantial risk that actual conditions will vary from the estimates.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 31
Note 1 Combined items, income statement
USD mill
OPERATING REVENUE
Ships Service
New Energy
Ship Management and Crewing
Other services
Total operating revenue
OTHER INCOME
Other gain/(loss)
Total other income
OTHER EXPENSES
Office expenses
Communication and IT expenses
External services
Travel and meeting expenses
Marketing expenses
Lease expenses
Other operating expenses
Total other expenses
Financial items
Investment management
Interest income
Dividend from financial assets
Other financial items
Net financial items
Financial expenses
Interest expenses
Interest expenses lease liabilities
Other financial expenses
Net financial expenses
Financial - currency gain/(loss)
Operating currency - net
Financial currency - net
Derivatives for hedging of cash flow risk - realised
Derivatives for hedging of cash flow risk - unrealised
Net financial - currency gain/(loss)
Financial income/(expenses)
Spesification of financial income and expenses
Net financial items
Net financial currency
Net currency derivatives
Financial income
Net financial - interest expenses
Net financial currency
Net currency derivatives
Financial expenses
See note 19 on financial risk and the section of the accounting policies concerning financial derivatives.
Note
2021
2020
2/3
2/3
2/3
2/3
20
8
20
8
497
310
55
11
873
2
2
(14)
(33)
(24)
(4)
(2)
(16)
(43)
480
260
47
19
807
5
5
(11)
(31)
(22)
(4)
(2)
(12)
(49)
(136)
(131)
21
1
16
4
42
(15)
(9)
(6)
(30)
13
(12)
7
(21)
(13)
(1)
42
1
42
(30)
(14)
(43)
13
1
16
1
31
(18)
(10)
(8)
(36)
(4)
(3)
(14)
29
7
2
31
15
46
(36)
(7)
(44)
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 32
Note 2 Segment reporting
FINANCIAL REPORTING PRINCIPLES
The operating segments are reported in a manner consistent with the internal
financial reporting provided to the chief operating decision-makers.
The chief operating decision-makers, who are responsible for allocating resources
and assessing performance of the operating segments, have been identified as
the board and group management team, consisting of the group chief executive
officer (group CEO) and four executive managers.
SEGMENTS
The chief operating decision-makers monitor the business by combining entities
with similar operational characteristics such as product, services, market and
underlying asset base, into operating segments.
The Strategic Holdings and Investments segment includes the parent company, Wilh.
Wilhelmsen Holding ASA, Treasure ASA group, Wilh Wilhelmsen Invest Malta and
other corporate group activities like operational management, legal, finance, portfolio
management, communication and human relations) which fail to meet the definition
for other core activities.
The Maritime Services segment offers marine products, ship agency services and
logistics to the merchant fleet and ship management including manning for all major
vessel types, through a worldwide network of 239 offices in 60 countries.
The group’s investments in Wallenius Wilhelmsen ASA (WAWI) is presented as part of
Strategic Holdings and Investments as investments in associates.
The New Energy segment includes the NorSea Group and other New Energy
activities. The activity is mainly related to the operation of supply bases for the
offshore industry in Norway, as well as real estate development and operation of
properties both on and off the supply bases. In addition to the activity in Norway, the
segment offers its services in both Denmark and in the UK. The international activity
consists of both operation of supply bases, maintenance of rigs and handling of
logistics related to international pipeline projects and windmill parks. Other activities
within the segment includes technical management and crew management for the
offshore wind market and digital solution to the shipping industry.
Eliminations are between the group’s three segments mentioned above.
The segment income statement are measured in the same way as in the financial
statements.
The segment information provided to the chief operating decision-makers for the
reportable segments for the year ended 31 December 2021 is as follows:
USD mill
Maritime Services
New Energy
Strategic Holdings
and Investments
Eliminations
Total
2021
2020*
2021
2020*
2021
2020*
2021
2020*
2021
2020*
INCOME STATEMENT
Operating revenue
Gain on disposals of assets
Total income
Cost of goods and change in inventory
Employee benefits
Other expenses
Operating profit/(loss) before depreciation,
amortisation and impairment
Depreciation and impairment
Operating profit
555
2
557
(185)
(200)
(83)
89
(27)
62
531
2
533
(160)
(194)
(89)
89
(38)
52
310
310
(91)
(106)
(53)
60
(36)
24
Share of profit/(loss) from associates
5
2
10
Changes in fair value financial assets
Net financial income/(expenses)
Profit before tax
Tax income/(expense)
Profit for the period
Non-controlling interests
(19)
48
(10)
38
(14)
39
(19)
20
Profit to the equity holders of the company
38
19
* Restated figures due to new segment reporting.
New Energy; one customer represents about 20% of the total revenue.
(18)
17
(3)
14
7
8
274
3
277
(83)
(93)
(46)
55
(35)
20
12
(2)
(17)
13
(3)
10
3
7
17
13
17
13
(9)
(9)
(11)
(11)
(1)
(15)
(9)
(8)
(5)
(13)
85
(107)
35
0
(1)
(0)
(27)
27
(1)
(12)
(6)
(6)
(5)
(11)
(63)
194
33
153
(5)
148
57
91
9
11
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
873
2
874
(277)
(321)
(136)
141
(68)
73
101
(107)
(1)
66
(13)
53
(20)
72
807
5
812
(243)
(299)
(131)
138
(78)
60
(50)
192
2
205
(27)
178
61
117
2021
Total income USD mill
2021
Profit before tax USD mill
2020
Total income USD mill
2020
Profit before tax USD mill
17
310
557
48
17
0
13
277
153
533
39
13
Maritime Services
New Energy
Strategic Holdings and Investments
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 33
Cont. note 2 Segment reporting
The amounts provided to the chief operating decision-makers with respect to total assets, liabilities and equity are measured in the same way as in the financial statements.
USD mill
Maritime Services
New Energy
Strategic Holdings
and Investments
Eliminations
Total
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
BALANCE SHEET
Assets
Deferred tax asset
Intangible assets
Tangible assets
Right of use assets
Investments in joint ventures and associates
Financial assets to fair value
Other non current assets
Current financial investments
Other current assets
Cash and cash equivalents
Total assets
Equity and liabilities
Shareholders' equity
Equity non-controlling interests
Deferred tax
Interest-bearing debt
Leasing debt
Other non current liabilities
Other current liabilities
Total equity and liabilities
48
129
158
29
24
9
307
174
878
185
(1)
11
200
31
25
426
878
40
134
177
42
22
10
5
282
174
887
208
(2)
12
199
45
24
400
887
7
6
367
92
183
23
80
7
7
7
381
118
153
10
72
12
9
17
34
886
688
2
135
7
50
8
1
2
18
798
801
8
119
14
82
(2)
(9)
(14)
(10)
64
135
542
155
1 093
688
25
135
380
231
55
141
560
177
973
801
28
124
359
269
765
760
1 828
1 853
(23)
(12)
3 448
3 488
254
64
246
103
10
89
204
56
265
130
16
89
1 570
1 596
158
203
27
35
17
21
20
8
27
765
760
1 828
1 853
2 009
2 008
221
11
473
169
43
522
257
12
464
192
48
506
3 448
3 488
(9)
(14)
(23)
(2)
(10)
(12)
Investments in tangible assets
11
15
11
21
27
1
49
37
31.12.21
Shareholders’ equity
31.12.20
Shareholders’ equity
9%
13%
10%
8%
Maritime Services
New Energy
Strategic Holdings and Investments
78%
81%
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 34
Cont. note 2 Segment reporting
The amounts provided to the chief operating decision-makers with respect to cash flows are measured in a manner consistent with that of the balance sheet.
USD mill
CASH FLOW
Profit before tax
Changes in fair value financial assets
Share of (profit)/loss from joint ventures and associates
Net financial (income)/expenses
Depreciation, amortisation and impairment
Change in working capital
Other (gain)/loss
Net cash provided by operating activities
Dividend received from joint ventures and associates
Net sale/(investments) in fixed assets
Net sale/(investment) and repayment/(granted loan) to entities
Net investments in financial investments
Net changes in other investments
Net cash flow from investing activities
Net change of debt
Net change in other financial items
Net dividend from other segments/ to shareholders
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of period
GEOGRAPHICAL AREAS
Total Income
Area income is based on the geographical
location of the company and include gains
from sale of assets.
Total assets
Area assets are based on the geographical
location of the assets. The group’s
investment in Hyundai Glovis is classified in
the geographical segment Asia & Africa.
Investments in tangible assets
Area capital expenditure is based on the
geographical location of the assets.
Europe
Oceania
Asia & Africa
America
Maritime Services
New Energy
Strategic Holdings
and Investments
2021
2020
2021
2020
2021
2020
17
(10)
18
36
2
63
9
(19)
(35)
1
1
(43)
(7)
(15)
(2)
(24)
(5)
12
7
48
(5)
19
27
(10)
(2)
77
3
(2)
4
(6)
(1)
(10)
(6)
(61)
(77)
(1)
174
174
39
(2)
14
38
31
8
128
4
(10)
(5)
1
(10)
(13)
(20)
(24)
(56)
62
113
174
2021
Total income
3%
30%
8%
2021
Total assets
1%
17%
1%
59%
81%
(1)
107
(84)
(35)
5
(13)
(21)
(1)
(1)
18
(1)
15
17
4
(47)
(26)
(32)
82
50
153
(194)
63
(33)
5
(19)
(25)
98
97
(25)
(6)
9
(22)
51
31
82
2020
Total income
3%
2020
Total assets
1%
58%
71%
13
2
(12)
19
35
17
(3)
70
17
(17)
(26)
1
(25)
(25)
(16)
(3)
(45)
1
11
12
31%
7%
28%
1%
2021
Investment in tangible assets
2020
Investment in tangible assets
14%
1%
85%
2%
26%
2%
71%
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 35
Note 3 Revenue from contracts with customers
FINANCIAL REPORTING PRINCIPLES
Revenue derived from customer contracts in scope of IFRS 15 Revenue from
contracts with customers are assessed using the five-step model, where
only customer contracts with a firm commitment is used as basis for revenue
recognition. Revenue from contracts with customers is recognised upon
satisfaction of the performance obligation for the transfer of goods and services in
each such contract. The revenue amount recognised is equal to the consideration
the group expects to be entitled in exchange for the goods and services.
OPERATING REVENUE
USD mill
Revenue segments
Maritime Services
New Energy
Marine
Products
Ships
Agency
Technical/
crewing
manage-
ment
Other
Infra-
structure
Shipping/
technology
Revenue from external customers
Total
Timing of revenue recognition
At a point in time
Over time
Total
Revenue from external customers
Total
Timing of revenue recognition
At a point in time
Over time
Total
348
348
348
348
321
321
321
321
126
126
126
126
117
117
117
117
54
54
54
54
59
59
59
59
26
26
23
3
26
45
45
42
3
45
271
271
271
271
248
248
248
248
2
2
2
2
0
0
Wind
37
37
37
37
12
12
12
12
Strategic
Holdings and
Investments
Elimination
Total
Other
17
17
17
17
14
14
(9)
(9)
(9)
(9)
(10)
(10)
14
(10)
14
(10)
2021
873
873
379
493
873
2020
807
807
367
439
807
MARITIME SERVICES
Marine Products - Sale of goods
The group offers a wide range of products to the maritime industry. The products
are delivered to the customer at vessel or warehouse, which is also the point in
time where control transfers to the customer and revenue is recognised net of any
discounts. Some customers are entitled to retrospective volume discounts based
on aggregate sales over a defined period. Revenue from these sales is recognised
based on the price specified in the contract, net of the estimated volume discounts.
Accumulated experience is used to estimate and provide for the discounts, using the
expected value method, and revenue is only reconised to the extent that it is highly
probable that a significant reversal will not occur. A refund liability (included in other
current liabilities) is recongised for expected volume discounts payable to custom-
ers in relations to sales made until the end of the reporting period. The contracts
typically has payment terms of 30 days after delivery, and no significant financing
component is identified.
Ships Agency - Sale of services
The group offers ships agency services coverering 2 200 port locations world wide.
The agents facilitates efficent port calls for vessels, by procuring goods and services
on behalf of the customers and to assist with required permits and custom decla-
ration assocuated with the port call. Prior to the port call, the customer is required
to make available funds for the expected disbursements (pre funding). Following the
completion of the services the group prepare a final disbursement account to the
customer documenting all disbusement for the port call. The group is only acting
as an agent, and control of goods and services transfers directly from the relevant
suppliers to the customer. The group does not have inventory risk or the discretion
on establishing prices. For the services rendered, the group is entitled to a fee that
consist of a payment based on services delivered to customer.
Technical / crewing management
Wilhelmsen Ship Management (WSM) offers technical management and crew
management for all vessel segments. The contract durations follow industry
standards, and will usually include an annual compensation payable in monthly
arreas, in addition the ship owner is charged a monthly fee per crew onboard
the vessel. The ship owner simultaniously receives and consumes the benefits
provided by the entity, and hence revenenue is recognised over time. Since WSM
has the right to invoice the services delivered at the end of each month, this is
also the basis for revenue recognition. The invoices are payable 30 days after the
end of each month.
NEW ENERGY
Infrastructure
The New Energy segment, including the NorSea Group operates supply bases and
provide integrated logistics solution to the offshore industry. Revenues from external
customers come from sale of services to the offshore industry (Operations), from the
rental of properties (Property) and from the sale of services to other industries
(Other). The duration of the operations contracts varies from 3 to 10 years. The
pricing of the contracts are mainly based on delivered quantity via supply bases.
The group is a lessor for parts of the properties located on or near the bases. This
is typically warehouses and some office facilities. This is ordinary operational lease
contracts with a typical duration of 2 to 7 years. For contracts with a duration of more
than one year the rent is adjusted annually based on commonly used indexes. Lease
revenue is usually recognised on a straight line basis over the lease term.
Shipping/technology
The group provides a range of technology and digital solutions to the shipping industry.
Revenue is recognised net of any discounts at delivery. Revenue is recognised based on
time and place of delivery, and transfer of control, or services rendered, and depend on
agreed delivery terms but usually when the customer receives the goods and services.
Wind
The group provides technical management and crew management for the offshore wind
market. The contracts have a typical duration of five years. The custmers simultaniously
receives and consumes the benefits provided by the group, and hence revenenue is
recognised over time. The invoices are payable 30 days after the end of each month.
STRATEGIC HOLDINGS AND INVESTMENTS
The operation revenue is related to inhouse services to external customers as office
rent and canteen services.
INFORMATION ABOUT TRANSACTION PRICE ALLOCATED TO UNSATISFIED
PERFORMANCE OBLIGATIONS
In general the contracts with customers are of a short term nature, except for
the framework agreements described under New Energy Infrastructure and Ship
Management. For infrastructure the framework agreements can be for a period
of up to 10 years, but do not define any minimum volume. For Ship Management
contracts the customer can terminate the contract without cause on a 3 months
basis. Because of this there is no significant unsatisfied performance obligations as
of year end.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 36
Note 4
Investments in joint ventures and associates
FINANCIAL REPORTING PRINCIPLES
Associates
Associates are all entities over which the group has significant influence but not
control or control jointly. This is generally the case where the group holds between
20% and 50% of the voting rights. Investments in associates are accounted for
using the equity method of accounting after initially being recognised at cost in the
consolidated balance sheet.
Joint arrangement
Under IFRS 11 Joint Arrangements investments in joint arrangements are
classified as either joint operations or joint ventures. The classification depends
on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. The group has assessed the nature of its joint
arrangements and determined them to be joint ventures.
Interests in joint ventures are accounted for using the equity method after initially
being recognised at cost in the consolidated balance sheet.
Equity method
Under the equity method of accounting, the investments are initially recognised
at cost and adjusted subsequently to recognise the group’s share of the post-
acquisition profits after tax of the investee in income statement, and the group’s
share of movements in other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
Sale and dilution of the share of associate companies is recognised in the income
statement when the transactions occur for the group.
Where the group’s share of losses in an equity-accounted investment equals
or exceeds its interest in the entity, including any other unsecured long-term
receivables, the group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group’s interest in these entities.
Unrealised losses are also eliminated unless the transaction provides evidence of
an impairment of the asset transferred. Accounting policies of equity-accounted
investees have been changed where necessary to ensure consistency with the
policies adopted by the group.
The carrying amount of equity-accounted investments is tested for impairment
when impairment indicators are present.
When the group ceases to consolidate or equity account for an investment
because of a loss of control, joint control or significant influence, any retained
interest in the entity is remeasured to its fair value, with the change in carrying
amount recognised in profit or loss. This fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as
an associate, joint venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that entity are accounted
for as if the group had directly disposed of the related assets or liabilities. This may
mean that amounts previously recognised in other comprehensive income are
reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but significant
influence is retained, only a proportionate share of the amounts previously
recognised in other comprehensive income are reclassified to profit or loss where
appropriate.
INVESTMENTS IN ASSOCIATED COMPANIES
Strategic Holdings and Investments
Wallenius Wilhelmsen ASA (WAWI)
Maritime Services - companies with significant shares of profits
Almoayed Wilhelmsen Ltd
Wilhelmsen Huayang Ships Services (Shanghai) Co Ltd
Wilhelmsen Huayang Ships Services (Beijing) Co Ltd
Diana Wilhelmsen Management Limited
Barwil Arabia Shipping Agencies SAE
Wilhelmsen Ships Service Georgia Ltd
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG
Verwaltung Wilhelmsen Ahrenkiel GmbH
Wilhelmsen Ahrenkiel Ship Management B.V
Barklav (Hong Kong) Ltd
BWW LPG Limited
Alghanim Barwil Shipping Co-Kutayba Yusuf Ahmed & Partner WLL
Wilhelmsen Ships Service Lebanon S.A.L.
BWW LPG Sdn. Bhd.
Wilhelmsen Ships Service (Private) Limited
Wilhelmsen-Smith Bell Shipping Inc
Wilhelmsen-Smith Bell (Subic) Inc.
Wilhelmsen-Smith Bell Manning, Inc.
Perez Torres - Portugal Lda
Wilhelmsen Hyopwoon Ships Services Ltd
Barklav S.R.L.
Binzagr Barwil Maritime Transport Co Ltd
Krew-Barwil (Pty) Ltd
Wilhelmsen Ships Service LLC
Barwil Abu Dhabi Ruwais LLC
Barwil Dubai LLC
Denholm Port Services Limited
Wilhelmsen Sunnytrans Co Ltd
Country
Norway
Bahrain
China
China
Cyprus
Egypt
Georgia
Germany
Germany
Netherlands
Hong Kong
Hong Kong
Kuwait
Lebanon
Malayisia
Pakistan
Philippines
Philippines
Philippines
Portugal
Republic of Korea
Romania
Saudi Arabia
South Africa
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Kingdom
Vietnam
2021
2020
Voting share/ownership
37.8%
37.8%
50.0%
49.0%
50.0%
50.0%
35.0%
50.0%
50.0%
50.0%
50.0%
50.0%
49.0%
49.0%
49.0%
49.0%
50.0%
25.0%
25.0%
25.0%
50.0%
50.0%
50.0%
50.0%
49.0%
43.0%
50.0%
50.0%
40.0%
49.0%
50.0%
50.0%
50.0%
50.0%
35.0%
50.0%
50.0%
50.0%
50.0%
50.0%
49.0%
49.0%
49.0%
49.0%
50.0%
25.0%
25.0%
25.0%
50.0%
50.0%
50.0%
50.0%
49.0%
43.0%
50.0%
50.0%
40.0%
50.0%
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 37
Cont. note 4
Investments in joint ventures and associates
New Energy - companies with significant shares of profits
Dolittle AS
Massterly AS
Edda Wind ASA
Risavika Eiendom AS
Hammerfest Næringsinvest AS
Strandparken Holding AS
Eldøyane Næringspark AS
Risavika Havnering 14 AS
Country
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
An overview of actual equity holdings can be found in the presentation of company structure on page 100.
USD mill
Share of profit/(loss) from associates
WAWI group
Associates Maritime Services
Associates New Energy
Share of profit/(loss) from associates
Book value of material associates
WAWI group
Specification of share of equity and profit/loss:
Share of equity at 01.01
Share of profit for the year
Acquisition of associates in New Energy
Dividend
Disposals associates
Financial derivatives in associates
Other comprehensive income
Share of equity at 31.12
2021
2020
Voting share/ownership
45.9%
50.0%
25.7%
42.0%
32.3%
33.1%
37.9%
0.0%
45.9%
50.0%
25.0%
42.0%
32.3%
33.1%
37.9%
33.3%
2021
2020
85
5
90
(63)
1
2
(60)
886
798
842
90
36
(4)
5
(5)
964
883
(60)
25
(5)
(1)
(4)
4
842
There are no contingent liabilities relating to the group’s interest in the associates.
The group acquired 25% of Østensjø Group’s offshore wind company Edda Wind in
2020 and additional 25% in 2021. Edda Wind ASA was listed on Oslo Børs on the
26th of November 2021 and the group was diluted to an ownership share of 25.66%.
Edda Wind owns and operates service vessels supporting the maintenance work
conducted during the commissioning and operation of offshore wind parks.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 38
Cont. note 4 Investments in joint ventures and associates
Set out below are the summarised financial information for, on a 100% basis, for WAWI group, which, in the opinion of the directors, is the material associates to the group.
Associates not considered to be material is defined under “other” (on a 100% basis).
USD mill
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Total income
Operating expenses
Net operating profit
Finance income & expenses
Profit before tax
Tax income/(expense)
Profit/(loss) after non-controlling interests
Other comprehensive income
Total comprehensive income (shareholder's equity)
The group’s share of dividend from associates
USD mill
SUMMARISED BALANCE SHEET
Non current assets
Other current assets
Cash and cash equivalents
Total assets
Non current financial liabilities
Other non current liabilities
Current financial liabilities
Other current liabilities
Non-controlling interest
Total liabilities
Net assets
WAWI group
Other
2021
2020
2021
2020
3 884
(3 578)
306
(108)
198
(23)
133
16
149
2 958
(3 041)
(84)
(222)
(306)
4
(286)
(1)
(287)
104
(82)
23
(1)
22
(1)
21
(2)
18
4
65
(55)
10
(1)
9
(1)
8
(3)
5
5
WAWI group
Other
31.12.2021
31.12.2020
31.12.2021
31.12.2020
6 315
769
710
7 794
2 158
1 437
515
880
266
6 391
582
655
7 628
1 924
1 995
282
812
224
5 256
5 238
2 539
2 391
251
70
148
470
125
8
93
4
231
239
155
47
94
296
101
14
67
5
188
108
The information above reflects the 100% amount presented in the financial statements of the associates, adjusted for differences in accounting policies between the group
and the associates.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 39
Cont. note 4 Investments in joint ventures and associates
USD mill
RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION
Net asset at 01.01
Profit for the period
Net assets of acquired associates
Proceed from IPO
Other comprehensive income
Disposal
Transaction with non controlling interests
Dividend
Net assets at 31.12
The group’s share
Currency
Fair value adjustment vessel and goodwill *
Carrying value at 31.12
WAWI group
Other
31.12.2021
31.12.2020
31.12.2021
31.12.2020
2 391
133
16
(1)
2 682
(286)
(1)
(4)
2 539
2 391
960
(2)
(72)
886
904
2
(108)
798
108
19
52
77
(2)
(15)
239
72
7
79
34
8
80
(3)
(10)
108
38
6
44
* The share price of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than booked equity in WAWI.
The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2021 was USD 918 million (2020: USD 435 million).
WAWI is a separately listed company on Oslo Børs. The market capitalisation of its shares at year end is 4% higher (2020: 45% lower) than the carrying amount of the invest-
ment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.
Reconciliation of the group’s income statement and balance sheet
USD mill
Share of profit from joint ventures
Share of profit/(loss) from associates
Share of profit/(loss) from joint ventures and associates
Share of equity from joint ventures
Share of equity from associates
Share of equity from joint ventures and associates
2021
2020
11
90
101
129
964
1 093
11
(60)
(50)
131
842
973
The group’s share of profit, after tax from joint ventures and associates is recognised in the income statement as financial income. All joint ventures and associates are equity
consolidated.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 40
Cont. note 4 Investments in joint ventures and associates
INVESTMENTS IN JOINT VENTURES
New Energy
Coast Center Base AS (CCB)
KS Coast Center Base (CCB)
CCB Energy Holding AS
Vikan Næringspark AS
Maritime Services
Wilhelmsen Ahrenkiel group
Country
Norway
Norway
Norway
Norway
Germany
2021
2020
Voting share/ownership
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen
Holding AS and was established in 1998. It delivers services related to logistics, quay,
project and maintenance to the offshore industry in addition to maritime industry.
The group acquired 50% stake in Ahrenkiel Steamship in 2020, within the container
segment in particular, ship management. Ahrenkiel Steamship is the technical
container ship manager within the MPC Capital Group.
KS Coast Center Base AS is a joint venture between NorSea Group and Bernh.
Larsen Holding AS and was established in 1973. It is mainly a property company
owning infrastructure rented out to Coast Center Base AS.
CCB Energy Holding AS is a joint venture between NorSea Group and Bernh. Larsen
Holding AS and was established in 2020. It owns shares in companies involved in
production of hydrogen and climate netural solutions.
Vikan Næringspark AS is a joint venture between NorSea Group and Kristiansund
Baseselskap AS. It owns property that is rented out to Vestbase AS, a subsidiary of
NorSea Group, in Kristiansund.
All companies are private companies and there are no quoted market price available
for the shares.
There are no material contingent liabilities relating to the group’s interest in the joint
ventures.
USD mill
Summarised financial information - according to the group's ownership
2021
2020
Share of total income
Share of operating expenses
Share of depreciation
Share of net financial items
Share of tax expense
Share of profit for the year
Share of equity (equity method)
Book value
Excess value (goodwill)
Investments in Joint Ventures
USD mill
Joint ventures' assets, equity and liabilities (group's share of investments)
Share of non current assets
Share of cash and cash equivalents
Share of current assets
Total share of assets
Share of equity
Share of profit for the period
Dividend received/repayments of share capital
Currency translation differences
Share of equity at 31.12
Share of non current financial liabilities
Share of other non current liabilities
Share of current financial liabilities
Share of other current liabilities
Total share of liabilities
Total share of equity and liabilities
83
(60)
(7)
(3)
(2)
11
68
61
129
76
(54)
(7)
(3)
(2)
11
67
64
131
2021
2020
152
7
25
184
67
10
(8)
(1)
68
83
2
1
29
116
184
187
32
5
224
76
11
(21)
1
67
100
7
14
36
158
224
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 41
Cont. note 4 Investments in joint ventures and associates
Set out below are the summarised financial information, on a 100% basis, for Coast Center Base (CCB), which, in the opinion of the directors, is a material joint venture to the group.
Joint venture not considered to be material, is defined under ”other” (on a 100% basis).
USD mill
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Total income
Operating expenses
Net operating profit
Financial income/(expenses)
Profit before tax
Tax income/(expense)
Profit after non-controlling interests
Other comprehensive income
Total comprehensive income
The group’s share of dividend from joint ventures
USD mill
SUMMARISED BALANCE SHEET
Non current assets
Other current assets
Cash and cash equivalents
Total assets
Non current financial liabilities
Other non current liabilities
Current financial liabilities
Other current liabilities
Total liabilities
Net assets
CCB
Other
2021
2020
2021
2020
156
143
11
10
(132)
(119)
24
(5)
19
(2)
17
17
7
23
(5)
18
(2)
16
16
15
(2)
8
(2)
7
(1)
5
5
1
(2)
8
(2)
6
(1)
5
5
2
CCB
Other
31.12.2021
31.12.2020
31.12.2021
31.12.2020
192
51
12
254
96
2
65
163
91
256
61
8
325
124
12
27
67
230
95
122
20
3
145
73
2
2
4
81
63
130
10
3
143
75
2
2
5
85
59
The information above reflects 100% of the amounts presented in the financial statements of the joint ventures, adjusted for any differences in accounting policies between
the group and the joint ventures.
USD mill
RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION
Opening net asset at 31.12
Acquisition of net assets
Profit for the period
Other comprehensive income
Currency translation differences
Dividend to shareholder
Closing net assets at 31.12
The group’s share
Goodwill / excess value
Carrying value at 31.12
CCB
Other
2021
2020
2021
2020
95
17
(3)
(17)
91
45
56
109
10
16
5
(45)
95
42
61
101
103
59
10
(1)
(5)
63
22
6
28
43
10
5
2
(1)
59
24
4
28
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 42
Note 5 Principal subsidiaries
FINANCIAL REPORTING PRINCIPLES
The consolidated financial statements consists of all entities controlled by Wilh.
Wilhelmsen Holding ASA as at 31 December 2021.
Control is achieved when the group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Subsidiaries are fully consolidated from the
date on which control is transferred to the group. They are deconsolidated from
the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the transferred
asset. Accounting policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the group.
Non-controlling interests in the profit/loss and equity of subsidiaries are shown
separately in the consolidated statement of income statement, statement of
comprehensive income, statement of changes in equity and balance sheet
respectively.
Business office/country
Nature of business
Proportion of ordinary
shares directly held by
parent (%)
Proportion of ordinary
shares held by the
group (%)
Maritime Services
Wilhelmsen Maritime Services AS
Wilhelmsen Ships Service AS
Wilhelmsen Ship Management Holding AS
New Energy
Wilhelmsen New Energy AS
NorSea Group AS
Strategic Holdings and Investments
Treasure ASA *
Wilh. Wilhelmsen Holding Invest Malta Ltd
Norway
Norway
Norway
Norway
Norway
Norway
Malta
Maritime products and services
Maritime products and services
Ship management
Investment
Infrastructure and supply services
Investment
Investment
100%
100%
74.82%
100%
100%
100%
100%
75.15%
74.82%
100%
The group’s principal subsidiaries at 31 December 2021 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held
directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal
place of headquarter of subgroups.
* At 31.12.2021 Treasure ASA had 6 000 000 own shares (2020: 3 965 000).
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 43
Note 6
Employee benefits
FINANCIAL REPORTING PRINCIPLES
Employee benefits include wages, salaries, social security contributions, sick
leave, parental leave and other employee benefits. The benefits are recognised in
the period in which the associated services are rendered by the employees.
For cash–settled payments/bonus plans and other cash-settled payments,
a liability equal to the portion of services received is recognised at fair value
determined at each balance sheet date.
USD mill
Payroll
Payroll tax
Pension cost
Other remuneration
Total employee benefits
Number of employees:
Group companies in Norway
Group companies abroad
Seagoing personnel Ship Management
Total employees
Average number of employees
EXPENSED AUDIT FEE
USD mill
Statutory audit
Other assurance services
Tax advisory fee
Other assistance
Total expensed audit fee
The fees above cover the group expenses to all external auditors and tax advisors.
Note
2021
2020
11
239
30
18
34
321
224
29
16
30
299
2021
2020
1 024
3 452
10 988
15 464
1 003
3 471
10 639
15 113
15 289
15 098
Note
2021
2020
2.4
0.4
1.7
0.1
4.5
1.6
0.2
1.9
0.1
3.9
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 44
Note 7
Properties, vessels and other tangible assets
FINANCIAL REPORTING PRINCIPLES
Properties, vessels and other tangible assets acquired by group companies are
stated at historical cost. Depreciation is calculated on a straight-line basis. The
carrying value of tangible assets equals the historical cost less accumulated
depreciation and any impairment charges. The group’s aquisition costs are
recognised in the income statement when they arise. Aquisition costs are
capitalised to the extent that they are directly related to the acquisition of the
asset. Land is not depreciated. Other tangible assets are depreciated over the
following expected useful lives:
Properties:
Vessels:
Other tangible assets:
10-50 years
25 years
3-10 years
Each component of a tangible asset which is significant for the total cost of the
item will be depreciated separately. Components with similar useful lives will be
included in a single component.
The estimated residual value and expected useful life of long-lived assets are
reviewed at each balance sheet date, and where they differ significantly from
previous estimates, depreciation charges will be changed accordingly going
forward.
Impairment
The group applies IAS 36 Impairment of Assets to determine whether property,
vessels and other tangible assets is impaired and to account for any impairment
loss identified.
At each reporting date the accounts are assessed whether there is an indication
that an asset may be impaired. Assets that are subject to amortisation or
depreciation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. If any
such indication exists, or when annual impairment testing for an asset is required,
estimates of the asset’s recoverable amount are done. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash-generating units – “CGU”). The recoverable
amount is the highest of the fair market value of the asset, less cost to sell, and the
net present value (”NPV”) of future estimated cash flow from the employment of
the asset (“value in use”).
The NPV is based on a discount rate according to a weighted average cost of capital
(“WACC”) reflecting the company’s required rate of return. The WACC is calculated
based on the company’s long-term borrowing rate and a risk-free rate plus a risk
premium for the equity. If the recoverable amount is lower than the book value,
impairment has occurred, and the asset shall be revalued. Impairment losses are
recognised in profit or loss. Non-financial assets other than goodwill that suffered
impairment are reviewed for possible reversal of the impairment at each reporting
date.
The group has financial models which calculate and determine the value in use
through a combination of actual and expected cash flow generation discounted to
present value. The expected future cash flow generation and models are based on
assumptions and estimates.
USD mill
TANGIBLE ASSETS
2021
Cost at 01.01
Acquisition
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated depreciation and impairment losses at 01.01
Depreciation/amortisation
Reclass/disposal
Currency translation differences
Accumulated depreciation and impairment losses at 31.12
Carrying amounts at 31.12
2020
Cost at 01.01
Acquisition
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated depreciation and impairment losses at 01.01
Depreciation/amortisation
Reclass/disposal
Impairment
Currency translation differences
Accumulated depreciation and impairment losses at 31.12
Carrying amounts at 31.12
Economic lifetime
Depreciation schedule
Properties
Vessels
Other
tangible assets
Total
tangible assets
596
33
(4)
(24)
601
(198)
(18)
9
(207)
394
560
19
(4)
22
596
(175)
(16)
3
(1)
(9)
(198)
398
36
1
(1)
35
(23)
(1)
1
(23)
12
35
1
36
(19)
(1)
(2)
(1)
(23)
13
241
15
(19)
(8)
229
(92)
(11)
6
4
(93)
136
244
11
(21)
6
241
(90)
(11)
12
(3)
(92)
149
873
49
(23)
(34)
866
(313)
(30)
6
14
(323)
542
839
31
(25)
29
873
(284)
(28)
15
(3)
(13)
(313)
560
10-50 years
Straight-line
25 years
3-10 years
Straight-line
Straight-line
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 45
Cont. note 7 Goodwill and other intangible assets
FINANCIAL REPORTING PRINCIPLES
Goodwill
Goodwill represents the excess of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the acquisition date fair value of
any previous equity interests in the acquiree over the fair value of the identifiable
net assets of the acquired subsidiary, joint venture or associate. Goodwill arising
from the acquisition of subsidiaries is classified as an intangible asset. Goodwill
acquired through business combinations are allocated to the relevant cash-
generating unit (“CGU”).
Other intangible assets
Costs associated with maintaining computer software programmes are recognised
as an expense as incurred. Development costs that are directly attributable to the
design and testing of identifiable and unique software products controlled by the
group are recognised as intangible assets when the following criteria are met:
• it is technically feasible to complete the software product so that it will be
available for use;
• management intends to complete the software product and use or sell it;
• it can be demonstrated how the software product will generate probable future
economic benefits;
• adequate technical, financial and other resources to complete the development
and to use or sell the software product are available;
• and the expenditure attributable to the software product during its development
can be reliably measured.
Trademark, technology/licenses and customer relationship have a finite life and
are recognised at historical cost less accumulated amortisation. Amortisation is
calculated using the straight-line method to allocate the cost of trademarks and
licenses over their estimated useful life. Capitalised expenses related to other
intangible assets are amortised over the expected useful lives in accordance with
the straight-line method.
Amortisation of intangible fixed assets is based on the following expected useful lives:
Goodwill:
Software and licenses:
Other intangible assets:
Indefinite life
3-5 years
5-10 years
Impairment
The group applies IAS 36 Impairment of Assets to determine whether goodwill
or other intangible asset is impaired and to account for any impairment loss
identified.
Goodwill arising from the acquisition of an interest in an associated company is
included under investment in associated companies and tested for impairment
as part of the carried amount of the investment when impairment indicators is
present. Goodwill have an indefinite useful life not subject to amortisation and is
tested annually for impairment and carried at cost less impairment losses. Gain or
loss on the sale of a business includes the carried amount of goodwill related to
the sold business.
For impairment testing goodwill is allocated to relevant CGU. The allocation is
made to those CGU or groups of CGU which are expected to benefit from the
acquisition. An assessment is made as to whether the carrying amount of the
goodwill can be justified by future earnings from the CGU to which the goodwill
relates. If the recoverable amount of the CGU is less than the carrying amount
of the CGU, including goodwill, goodwill will be written down first. Thereafter the
carrying amount of the CGU will be written down. Impairment losses related to
goodwill cannot be reversed.
Impairment of other intangible assets follow the same principles as impairment
for other non-financial assets, refer to financial reporting principles for property,
vessels, and other tangible assets above.
USD mill
INTANGIBLE ASSETS
2021
Cost at 31.12
Acquisition
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated amortisation and impairment losses at 01.01
Amortisation/impairment
Currency translation differences
Accumulated amortisation and impairment losses at 31.12
Carrying amounts at 31.12
2020
Cost at 01.01
Acquisition
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated amortisation and impairment losses at 01.01
Amortisation/impairment
Reclass/disposal
Currency translation differences
Accumulated amortisation and impairment losses at 31.12
Carrying amounts at 31.12
Goodwill
Software
and licences
Other
intangible assets
Total
intangible assets
126
2
(5)
123
(13)
(13)
110
121
1
4
126
(2)
(11)
(13)
112
35
2
(1)
36
(22)
(5)
1
(26)
10
35
1
(2)
1
35
(19)
(3)
1
(1)
(22)
14
33
1
2
(1)
34
(18)
(3)
1
(19)
15
71
6
(43)
(2)
33
(56)
(4)
40
2
(18)
15
194
3
3
(7)
193
(52)
(7)
2
(57)
135
227
7
(44)
3
194
(77)
(18)
41
1
(52)
141
The group conducted no material acquisition resulting in recognition of goodwill in 2021 or 2020.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 46
Cont. note 7 Goodwill and other intangible assets
Impairment testing of goodwill
In the Maritime Services segment, USD 110 million relate to business area Ships
Service (all activities in the Maritime Services segment except for technical /crewing
management) mainly to the acquisition of Unitor ASA and Kemetyl. The goodwill
figures are originally calculated in NOK and USD (2020: NOK and USD). Goodwill is
tested for impairment annually.
For the purpose of impairment testing, goodwill is allocated to the respective cash
generating units within the Ships Service business area.
As of December 31 2021 management have performed impairment testing for the
group’s recognised goodwill. Based on the tests performed, no impairment was
recognised in 2021 (2020: USD 11 million).
When performing the goodwill impairment test, recoverable amount is calculated
using estimated fair value less cost of disposal. In calculating the fair value less cost of
disposal, the group considers relevant information generated by market transactions
involving similar group of assets, including qualitative and quantitative information.
Fair value less cost of disposal has been estimated by using an Enterprise value/
EBITDA multiple (see note 23 for definition of the terms). The forecasted EBITDA
is based on historical levels for EBITDA in each CGU. The multiples are estimated
to be in the range of 6 - 9, which management believes is a fair estimate of market
multiples for the relevant CGU’s.
Cash flows were projected based on actual operating results and next year’s
forecast. Cash flows is based on a 5-year strategy plan period with terminal value
(terminal growth rate 1%) were extrapolated using the following key assumptions:
USD/NOK
Multiple
Growth rate
Increase in material cost
Increase in pay and other remuneration
Increase in other expenses
2021
2020
8.83
7.5
1-4%
4-7%
2-4%
2-4%
8.53
6.5
1-5%
1-5%
1-3%
2-4%
The values assigned to the key assumptions represent management’s assessment
of future trends in the maritime industry and are based on both external sources and
internal sources.
No reasonably possible change in any of the key assumptions on which management
has based its determination of the recoverable amount would cause the carrying
amount to exceed its recoverable amount as of December 31 2021.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 47
Note 8
Right-of-use-assets and lease liabilities
FINANCIAL REPORTING PRINCIPLES
Identifying a lease
At the inception of a contract, the group assesses whether the contract is, or
contains a lease. A contract is, or contains a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. To determine whether a contract conveys the right to control the use
of an identified asset, the group assesses whether:
The group do not include variable lease payments in the lease liability arising
from contracted index regulations subject to future events. The lease liability is
subsequently measured by increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to reflect the lease payments
made and remeasuring the carrying amount to reflect any reassessment or lease
modifications, or to reflect adjustments in lease payments due to an adjustment in
an index or rate.
• The agreement creates enforceable rights of payment and obligations
• The identified asset is physically distinct
• It has the right to obtain substantially all of the economic benefits from use of
the asset
• It has the right to direct the use of the asset
• The supplier does not have a substantive right to substitute the asset throughout
the period of use
Sensitivity of the lease liability
If the group cannot determine the interest rate implicit in the lease, it uses its
incremental borrowing rate to measure lease liabilities. The incremental borrowing
rate requires estimation when no observable rates are available. In determining the
lease term, management considers all facts and circumstances. The assessment
is reviewed if a significant event or a significant change in circumstances occurs
which affects this assessment and that is within the control of the lessee.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost. The cost of the right-of-use
asset comprise:
• The amount of the initial measurement of the lease liability
• Any lease payments made at or before the commencement date, less any lease
incentives received and incurred costs
• An estimate of costs to be incurred by the group in dismantling and removing
the underlying asset, restoring the site on which it is located or restoring the
underlying asset to the condition required by the terms and conditions of the
lease, unless those costs are incurred to produce inventories.
Subsequent measurement of right-of-use assets follow the same principles as
for other non-financial assets, refer to financial reporting principles for property,
vessel and tangible assets note 7, except that the right-of-use asset is depreciated
from the commencement date to the earlier of the lease term and the remaining
useful life.
Impairment
Impairment of right-of-use assets follow the same principles as impairment for
other non-financial assets, refer to financial reporting principles for properties,
vessels, and other tangible assets note 7.
For contracts that constitutes, or contains a lease, the group separates lease
components if it benefits from the use of each underlying asset either on its own or
together with other resources readily available, and the underlying asset is neither
highly dependent on, nor highly interrelated with, the other underlying assets in the
contract. The group then accounts for each lease component as a lease separately
from non-lease components within the contract. The group allocates the
consideration in the contract to each lease component on the basis of the relative
stand-alone price of the lease component and the aggregate stand-alone price
of the non-lease components. If an observable stand-alone price is not readily
available, the group estimates this price by the use of observable information.
Recognition of leases and exemptions
At the lease commencement date, the group recognizes a lease liability and
corresponding right-of-use asset for all lease agreements in which it is the lessee,
except for the following exemptions applied:
• Short-term leases (defined as 12 months or less)
• Low value assets
For these leases, the group recognizes the lease payments as other operating
expenses in the statement of profit or loss when they incur.
Measuring the lease liability
The lease liability is initially measured at the present value of the lease payments
for the right to use the underlying asset during the lease term not paid at the
commencement date. The lease term represents the noncancellable period of the
lease, plus any period covered by an extension option period if the group expect tp
exercise this option. The lease payments included in the measurement comprise of:
• Fixed lease payments (including in-substance fixed payments), less any lease
incentives receivable
• Variable lease payments that depend on an index or a rate, initially measured
using the index or rate as at the commencement date
• Amount expected to be payable by the group under residual value guarantees
• The exercise price of a purchase option, if the group is reasonably certain to
exercise that option
• Payments of penalties for terminating the lease, if the lease term reflects the
group exercising an option to terminate the lease.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 48
Cont. note 8 Right-of-use-assets and lease liabilities
RIGHT-OF-USE-ASSETS
The group leases several assets such as buildings, machinery, equipment and vehicles. The group’s right-of-use assets are categorised and presented in the table below:
USD mill
2021
Cost at 01.01
Addition of right-of-use assets
Reclass/disposal
Currency exchange differences
Cost at 31.12
Accumulated depreciation and impairment at 01.01
Depreciation
Reclass/disposal
Currency exchange differences
Accumulated depreciation and impairment at 31.12
Carrying amount of right-of-use assets at 31.12
USD mill
2020
Cost at 01.01
Addition of right-of-use assets
Disposals
Currency exchange differences
Cost at 31.12
Accumulated depreciation and impairment at 01.01
Depreciation
Reclass/disposal
Currency exchange differences
Accumulated depreciation and impairment at 31.12
Carrying amount of right-of-use assets at 31.12
Lower of remaining lease term or economic life
Depreciation method
Properties and land
Machinery,
equipment and
vehicles
201
35
(30)
(8)
199
(34)
(28)
5
2
(55)
145
13
5
(3)
(1)
15
(3)
(3)
2
(4)
10
Properties and land
Machinery,
equipment and
vehicles
192
16
(12)
6
202
(28)
(26)
21
(2)
(35)
168
12
5
(5)
13
(4)
(3)
4
(4)
9
5-12 years
Linear
3-8 years
Linear
Total
214
41
(33)
(8)
214
(31)
(30)
6
2
(59)
155
Total
204
21
(16)
6
215
(31)
(29)
24
(2)
(38)
177
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 49
Cont. note 8 Right-of-use-assets and lease liabilities
Lease liabilities
USD mill
Undiscounted lease liabilities and maturity of cash outflows
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
More than 5 years
2021
2020
(35)
(33)
(30)
(25)
(22)
(49)
(35)
(34)
(33)
(33)
(18)
(65)
Total undiscounted lease liabilities at 31.12
(195)
(218)
USD mill
Summary of the lease liabilities in the financial statements
Total lease liability at 01.01
Net lease liabilities recognised in the year
Cash payments for the principal portion of the lease liability
Change of estimates
Currency exchange differences
Total lease liabilities at 31.12
Current lease liabilities
Non-current lease liabilities
2021
2020
192
15
(30)
(12)
4
169
30
139
181
8
(18)
10
12
192
31
161
The leases do not contain any restrictions on the group’s dividend policy or financing. The group does not have significant residual value guarantees related to its
leases to disclose.
Summary of other lease expenses recognised in income statement
2021
2020
Variable lease payments expensed in the period
Operating expenses related to short-term leases (including short-term low value assets)
Operating expenses related to low value assets (excluding short-term leases included above)
Total lease expenses included in other operating expenses
7
6
3
16
1
9
2
12
Practical expedients applied
The group leases personal computers, IT equipment and machinery with contract
terms of 1 to 3 years. The group has elected to apply the practical expedient of
low value assets and does not recognise lease liabilities or right-of-use assets.
The leases are instead expensed when they incur. The group has also applied the
practical expedient to not recognise lease liabilities and right-of-use assets for short-
term leases, presented in the table above.
The group does not have material lease commitments, not yet commenced and
therefore not included in the lease liabilities as of 31 December 2021 (2020:
USD 3 million)
Extension options
The group’s lease of buildings have lease terms that varies from 5 years to 25 years,
and several agreements involve a right of renewal which may be exercised during the
last period of the lease terms. The group assesses at the commencement whether it
is reasonably certain to exercise the renewal right.
Purchase options
The group leases machinery, equipment and vehicles with lease terms of 3 to 5 years.
Some of these contracts includes a right to purchase the assets at the end of the
contract term. The group assesses at the commencement whether it is reasonably
certain to exercise the purchase right. All the options are based on market value.
Subleases
The group has subleased an immaterial part of its redundant office buildings,
classified as an operating lease.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 50
Note 9 Tax
FINANCIAL REPORTING PRINCPLES
Income tax in the income statement consists of current tax, effect of changes
in deferred tax/deferred tax assets, and withholding tax incurred in the period.
Income tax is recognised in the income statement unless it relates to items
recognised directly in equity or other comprehensive income.
arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements. Deferred income tax is determined using
tax rates and laws which have been enacted by the balance sheet date and are
expected to apply when the related deferred income tax asset is realised, or the
deferred income tax liability settled.
Current tax
Current tax is the expected tax payable or receivable on the taxable income or loss
for the period, using tax rates enacted or substantially enacted at the reporting
date that will be paid during the next 12 months. Current tax also includes any
adjustment of taxes from previous years and taxes on dividends recognised in the
period.
Deferred income tax assets are recognised to the extent that it is probable that
future taxable profit will be available, and that the temporary differences can
be deducted from this profit. Deferred income tax is calculated on temporary
differences arising on investments in subsidiaries and associates, except where
the timing of the reversal of the temporary difference is controlled by the group.
Deferred tax / deferred tax asset
Deferred tax is calculated using the liability method on all temporary differences
Withholding tax
Withholding tax and any related tax credits are generally recognised in the period
they are incurred.
Ordinary taxation
The ordinary rate of corporation tax in Norway is 22% of net profit for 2021 (2020:
22%). Norwegian limited liability companies are encompassed by the participation
exemption method for share income. Thus, share dividends and gains are tax free
for the receiving company. Corresponding losses on shares are not deductible.
The participation exemption method does not apply to share income from
companies domiciled in what is considered low tax countries and that are located
outside the European Economic Area (EEA), and on share income from companies
rdomiciledoutside the EEA in which the company owns less than 10% of the shares.
For group companies located in the same country and within the same tax regime,
taxable profits in one company can be offset against tax losses and tax loss carry
forwards in other group companies. Deferred tax/deferred tax asset has been
calculated on temporary differences to the extent that it is likely that these can be
utilised in each country and for Norwegian entities the group has applied a rate of
22% (2020: 22%).
The effective tax rate for the group will, from period to period, change dependent on
the group gains and losses from investments inside the exemption method.
Foreign taxes
Companies domiciled outside Norway will be subject to local taxation, either on
ordinary terms or under special tonnage tax rules. When dividends are paid, local
withholding taxes may be applicable. This generally applies to dividends paid by
companies domiciled outside the EEA.
USD mill
Allocation of tax expense for the year
Payable tax in Norway
Payable tax foreign
Change in deferred tax
Total tax income/(expense)
Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%
Profit before tax
22% tax
Tax effect from:
Permanent differences
Non-taxable income/ change in market value
Share of (profit)/loss from joint ventures and associates
Impairment deferred tax asset
Withholding tax and payable tax previous year
Calculated tax expense for the group
2021
2020
(8)
(16)
10
(13)
66
14
3
13
(22)
6
13
(14)
(12)
(1)
(27)
205
45
4
(48)
11
8
8
27
Effective tax rate for the group
20.5%
13.4%
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 51
Cont. note 9 Tax
USD mill
Net deferred tax assets
Net deferred tax assets at 01.01
Currency translation differences
Tax charged to equity
Income statement charge
Net deferred tax assets at 31.12
Deferred tax assets in balance sheet
Deferred tax liabilities in balance sheet
Net deferred tax assets at 31.12
2021
2020
44
(1)
10
53
64
(11)
53
46
(2)
1
(1)
44
55
(12)
44
USD mill
Fixed assets
Other
Total
At 01.01.2021
Through income statement
Currency translations
Deferred tax liabilities at 31.12.2021
At 01.01.2020
Through income statement
Currency translations
Deferred tax liabilities at 31.12.2020
USD mill
Deferred tax assets
At 01.01.2021
Through income statement
Charged directly to equity
Currency translations
Deferred tax assets at 31.12.2021
At 01.01.2020
Through income statement
Charged directly to equity
Currency translations
Deferred tax assets at 31.12.2020
(5)
1
(4)
(11)
7
(1)
(5)
(2)
3
(1)
0
(1)
(1)
(2)
(7)
3
(1)
(4)
(12)
7
(1)
(7)
Non current
assets and
liabilities
Current assets
and liabilities
Tax losses
carried forward
Other
Total
0
1
3
4
6
(6)
1
0
7
(4)
4
11
(4)
7
43
2
45
42
2
(1)
43
0
6
(2)
4
0
51
7
1
(1)
57
59
(8)
1
(1)
51
The majority of tax loss carry forward is related to entities in Norway and the United
States, without expiration of the tax loss carry forward.
Temporary differences related to joint ventures and associates are USD nil for
the group, since all the units are regarded as located within the area in which the
exemption method applies, and there are currently no plans to dispose of any of
these companies.
The Maritime Services segment will have shares in subsidiaries not subject to the
exemption method which could give rise to a tax charge in the event of a sale, where
no provision has been made for deferred tax associated with a possible sale or
dividend. There are currently no plans to dispose of such companies.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 52
Note 10 Earnings per shares
FINANCIAL REPORTING PRINCPLES
Basic/diluted earnings per share is calculated by dividing profit for the period after
non-controlling interests, by the average number of total outstanding shares.
The calculation of basic and diluted earnings per share is based on the income
attributable to ordinary shareholders and a weighted average number of
ordinary shares outstanding. Treasury shares are not included in the weighted
average number of ordinary shares. Weighted average number of diluted and
ordinary shares is the same, as the company currently does not have any dilutive
instruments.
Earnings per share
Earnings per share taking into consideration the number of outstanding shares in the
period. At 31 December 2021 the company owns no own shares. At 31 December
2020 the company own total of 1 823 824 own shares, split on 537 092 A-shares
and 1 286 732 B-shares. The shares were cancelled through a capital reduction in
September 2021.
Total outstanding ordinary shares as of 31 December 2021 are 34 000 000 A-shares
and 10 580 000 B-shares.
Earnings per share is calculated based on an average of 44 580 000 shares for 2021
and 44 580 000 shares for 2020.
See note 10 in the parent accounts for an overview of the largest shareholders at 31
December 2021.
Note 11
Pension
FINANCIAL REPORTING PRINCPLES
Defined contribution plan
A defined contribution plan is one under which the group and the parent company
pay fixed contributions to a separate legal entity. The group and the parent
company have no legal or constructive obligations to pay further contributions if
the fund does not hold sufficient assets to pay all employees the benefits relating
to employee service in the current and prior periods.
is calculated annually by independent actuaries using the projected unit credit
method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will
be paid, and that have terms to maturity approximating to the terms of the related
pension obligation. In a few countries without deep markets in such bonds, the
market rates on government bonds are used.
Defined benefit plan
A defined benefit plan is one which is not a defined contribution plan. This type
of plan typically defines an amount of pension benefit an employee will receive
on retirement, normally dependent on one or more factors such as age, years of
service and pay.
The pension obligation is calculated annually by independent actuaries using a
straight-line earnings method. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to
equity in other comprehensive income in the period in which they arise. Past-
service costs are recognised immediately in the income statement.
The liability recognised in the balance sheet in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the
reporting period less the fair value of plan assets. The defined benefit obligation
Description of the pension scheme
The group’s defined contribution pension schemes for Norwegian employees are
with financial institutions providing solutions based on investment funds.
The group has obligation towards one employee in the group’s senior executive
management. The obligation is mainly covered through group annuity policies in
Storebrand.
Subsidiaries outside Norway have separate schemes for their employees in
accordance with local rules, and the pension schemes are for the material part
defined contribution plans.
The group has “Ekstrapensjon”, a contribution plan for all Norwegian employees
with salaries exceeding 12 times the Norwegian National Insurance base amount
(G). However, the group still has obligations for some employees related to salaries
exceeding 12G mainly financed from operations.
In addition, the group has agreements on early retirement. These obligations are
mainly financed from operations.
Pension costs and obligations include payroll taxes. No provision has been made for
payroll tax in pension plans where the plan assets exceed the plan obligations.
Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in other comprehensive
income in the period in which they arise.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 53
Cont. note 11 Pension
USD mill
Number of people covered by pension schemes at 31.12
In employment
On retirement (inclusive disability pensions)
Total number of people covered by pension schemes
Financial assumptions for the pension calculations:
Discount rate
Anticipated pay regulation
Anticipated increase in National Insurance base amount (G)
Anticipated regulation of pensions
USD mill
Pension expenses
Service cost/ net interest cost
Cost of contribution plan
Pension expenses
Total remeasurements included in OCI
USD mill
Pension obligations
Defined benefit obligation at end of prior year
Effect of changes in foreign exchange rates
Service cost
Interest expense
Benefit payments from plan
Benefit payments from employer
Remeasurements - change in assumptions
Pension obligations at 31.12
Fair value of plan assets
Fair value of plan assets at end of prior year
Effect of changes in foreign exchange rates
Employer contributions
Benefit payments from plan
Gross pension assets at 31.12
USD mill
Defined benefit obligation
Fair value of plan assets
Net liability
Funded
Unfunded
2021
2020
2021
2020
9
141
150
13
141
154
3
25
28
5
26
31
Expenses
Commitments
2021
2020
31.12.2021
31.12.2020
1.60%
1.75%
1.75%
0.10%
2.30%
2.00%
2.00%
0.10%
1.80%
2.25%
2.25%
0.10%
1.60%
1.75%
1.75%
0.10%
2021
2020
1
17
18
1
1
15
16
(3)
31.12.2021
31.12.2020
42
(1)
1
1
(1)
2
43
17
(1)
(1)
17
36
(1)
1
1
(1)
1
4
42
16
1
(1)
17
31.12.2021
31.12.2020
43
17
26
42
17
25
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 54
Note 12 Combined items, balance sheet
FINANCIAL REPORTING PRINCPLES
Loans and receivables at amortised cost
Loans and receivables are non-derivative financial assets with fixed or
determinable payments, which are not traded in an active market. They are
included in current assets, except for maturities greater than 12 months after
the balance sheet date. These are classified as non-current assets. Loans and
receivable are classified as other current assets or other non-current assets in the
balance sheet.
Loans and receivables are recognised initially at their fair value plus transaction
costs. Financial assets are derecognised when the contractual rights to the
cash flows from the financial assets expire or are transferred, and the group has
transferred by and large all risk and return from the financial asset. Realised gains
and losses are recognised in the income statement in the period they arise.
Accounts payable and other payables
Accounts payable and other payables are recognised at the original invoiced
amount, where the invoiced amount is considered to be approximately equal to the
vale derived if the amortised cost method would have been applied.
USD mill
OTHER NON CURRENT ASSETS
Non current share investments
Other non current assets
Total other non current assets
OTHER CURRENT ASSETS
Account receivables
Financial derivatives in Maritime Services and New Energy
Restricted cash
Other current assets
Total other current assets
OTHER CURRENT LIABILITIES
Account payables
Financial derivatives in Maritime Services and New Energy
Other current liabilities
Cylinder deposit *
Total other current liabilities
Note
2021
2020
19
19
19
17
17/19
19
7
9
15
25
190
1
95
287
241
6
152
96
495
2
26
28
178
15
1
82
274
208
9
164
96
478
* Maritime Services has 622 821 (2020: 615 965) cylinders booked as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 99 million (2020:
USD 109 million). These cylinders are partly in the group’s own possession and partly on board customers vessels. Most customers have paid a deposit for the cylinders they
have onboard their vessels.
Provisions in other current liabilities, including cylinder deposit liability, does include
some degree of uncertainty due to the nature of the provisions. Provisions are
calculated and recognised based on available information and assumptions at the
time when the provision is made, and will be updated if needed when new information
becomes available.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 55
Note 13 Receivables
FINANCIAL REPORTING PRINCIPLES
Account receivables and other receivables that have fixed or determinable
payments that are not quoted in an active market are classified as receivables.
Account receivables and other receivables are recognised at the original invoiced
amount, where the invoiced amount is considered to be approximately equal to the
value derived if the amortised cost method would have been applied.
The group applies the IFRS 9 simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade receivables and
contract assets, including receivables from lease contracts.
To measure the expected credit losses, trade receivables and contract assets have
been grouped based on shared credit risk charateristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period
of 36 month before the reporting period and the corresponding historical credit
losses experienced within this period. The historical loss rates are adjusted
to reflect current and forward looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The group has
identified the GDP and the unemployment rate of the countries in which it sells its
goods and services to be the most relevant factors, and accordingly adjusts the
historical loss rates based on expected changes in these factors.
USD mill
31 December 2021
Expected loss rate
Gross carrying amount - trade receivables
Loss allowance *
31 December 2020
Expected loss rate
Gross carrying amount - trade receivables
Loss allowance *
Current
Less than 90
days past due
Between 90 and 180
days past due
More than 180
days past due
0%
181
(0)
0%
166
0
3%
6
(0)
1%
5
(0)
23%
4
(1)
3%
5
(0)
70%
2
(2)
68%
7
(5)
* Loss allowance is rounded to nil for trade receivables less than 90/180 days overdue.
ACCOUNT RECEIVABLES
At 31 December 2021, USD 10 million (2020: USD 11 million) in account receivables
had fallen due but not been subject to impairment. These receivables are related to a
number of separate customers. Historically, the percentage of bad debts has been low
and the group expects the customers to settle outstanding receivables. Receivables
fallen due but not subject to impairment have the following age composition:
USD mill
2021
2020
Aging of account receivables past due but not impaired
Up to 90 days
90-180 days
Over 180 days
Movements in group provision for impairment of account receivables are as follows
6
3
1
5
(2)
3
136
54
190
5
4
2
4
1
5
125
52
1
178
2021
Account receivables
1%
2020
Account receivables
1%
28%
29%
71%
70%
Balance at 01.01
Net provision for receivables impairment
Balance at 31.12
Account receivables per segment
Maritime Services
New Energy
Strategic Holdings and Investments
Total account receivables
See note 19 on credit risk.
Maritime Services
New Energy
Strategic Holdings and Investments
Cont. note 13 Receivables
ACCOUNT PAYABLES
USD mill
Account payables per segment
Maritime Services
New Energy
Strategic Holdings and Investments
Total account payables
See note 19 on credit risk.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 56
2021
2020
215
24
1
241
181
25
1
208
2021
Account payables
10%
1%
2020
Account payables
12%
1%
89%
87%
Maritime Services
New Energy
Strategic Holdings and Investments
Note 14 Financial assets to fair value
FINANCIAL REPORTING PRINCIPLES
Management determines the classification of financial assets at their initial
recognition, with financial assets held for trading carried at fair value. Financial
assets measured at fair value are initially measured at cost less transaction costs
expensed in the income statement, and subsequently measured at fair value with
changes in fair value recognised in the income statement.
USD mill
Financial assets to fair value
At 1 January
Acquisition
Sale during the year
Currency translation adjustment through other comprehensive income
Change in fair value through income statement
Total financial assets to fair value
Financial assets to fair value
Hyundai Glovis
Qube Holdings Limited
Australian PE funds
Other
Total financial assets to fair value
2021
2020
801
2
(2)
(6)
(107)
688
583
81
19
5
688
675
9
(86)
11
192
801
699
80
18
5
801
Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments.
Hyundai Glovis Co. Ltd., is a global Korean based general logistics and distribution
company, providing business service such as logistics, marine transportation, KD,
used cars and trading. Glovis is listed on the Korean Stock Exchange. As per 31
December 2021, Treasure ASA group held 4.1 million shares in Glovis (11% of total)
(2020: 11%). Treasure ASA is listed on Oslo Børs.
Qube Holdings Limited is Australia’s largest integrated provider of import and export
logistics services, and listed on the Australian Securities Exchange (ASX). As per
31 December 2021 the group held 35 million shares, 1.8% of total (2020: 35 million
shares, 1.8% of total). The shares in Qube serve as collateral for a credit facility.
See note 18.
Group — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 57
Note 15 Inventories
FINANCIAL REPORTING PRINCIPLES
Inventories of purchased goods and work in progress are valued at cost in
accordance with the weighted average cost method. Impairment losses are
recognised if the net realisable value is lower than the cost price. Sales costs
include all remaining sales, administrative and storage costs.
USD mill
Inventories
Raw materials
Goods/projects in process
Finished goods/products for onward sale
Total inventories
Obsolescence allowance, deducted above
2021
2020
5
3
85
93
2
8
2
74
84
4
Note 16 Current financial investments
FINANCIAL REPORTING PRINCIPLES
Current financial investments consists of financial assets held for trading. A
financial asset is classified in this category if acquired principally for the purpose
of profit from short term gains in market value. Current financial investments
are measured at fair value. Financial assets measured at fair value are initially
measured at cost less transaction costs expensed in the income statement, and
subsequently measured at fair value with changes in fair value recognised in the
income statement. Derivatives are also placed in this category unless designated
as hedges. Assets in this category are classified as current.
USD mill
Market value current financial investments
Equities
Bonds
Financial derivatives Strategic Holdings and Investments
Total current financial investments
2021
2020
77
58
135
72
48
5
124
The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.
The net unrealised gain at 31.12
14
14
The parent company’s portfolio of equities and bonds of USD 135 million is held as
collateral within a securities’ finance facility. See note 18. The portfolio’s strategy
and mandate is set by the parent company’s Board of Directors and consists of a
benchmark of 50%/50% share of investment grade bonds and Nordic equities, with
a trading mandate within certain set limits with regards to equity/bond allocation,
portfolio weight, and currency exposure. Reporting is provided monthly to group
CEO/CFO and quarterly to parent company’s Board of Directors.
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 58
Note 17 Cash, restricted bank deposits and undrawn credit facilities
FINANCIAL REPORTING PRINCIPLES
Cash and cash equivalents include cash in hand, deposits held at call with banks
and other liquid investments with maturities of three months or less. Bank
overdrafts are presented under borrowings in current liabilities on the balance
sheet. Cash and cash equivalent are initially recognised at fair value of the
proceeds, and subsequently measured at amortised cost.
USD mill
Payroll tax withholding account
2021
2020
1
1
Companies that do not have payroll tax withholding account use bank guarantees. As per 31.12.2021 total guarantees amounted to USD 6.5 million (2020: USD 6.7 million).
Committed undrawn credit facilities
195
263
Committed undrawn credit facilities are key part of the liquidity reserve.
Cash and cash equivalents
Banks
Total cash and cash equivalents
231
231
269
269
The group has cash pool arrangements within each segments and this is presented
as cash and cash equivalents. WWH ASA (Strategic Holdings and Investments
segment) owns and operates a multicurrency cash pool with a header-account in
NOK, comprising of subsidiaries registered in Norway. WMS AS (Maritime Services
segment) owns and operates a multicurrency cash pool with a header-account in
USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea
Group AS (part of the New Energy segment) owns and operates a multicurrency cash
pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark,
Germany and the United Kingdom.
Group — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 59
Note 18 Interest-bearing debt
FINANCIAL REPORTING PRINCIPLES
Loans are recognised at fair value when the proceeds are received, net of
transaction costs. In subsequent periods, loans are stated at amortised cost using
the effective yield method. Any difference between proceeds (net of transaction
costs) and the redemption value is recognised in the income statement over the
term of the loan. Loans are classified as current liabilities unless the group or the
parent company has an unconditional right to defer settlement of the liability for at
least 12 months after the balance sheet date.
USD mill
Interest-bearing debt
Bank and mortgages loan
Lease liabilities
Total interest-bearing debt
Book value of collateral, mortgaged and leased assets:
Financial assets to fair value, current financial investments
Assets in the New Energy segment
Total book value of collateral, mortgaged and leased assets
The parent company’s portfolio of financial investments is held as collateral within a securities’ finance facility.
USD mill
Repayment schedule for interest-bearing debt
Due in year 1
Due in year 2
Due in year 3
Due in year 4
Due in year 5 and later
Total interest-bearing debt
Note
2021
2020
19
14/16
473
169
642
214
807
1 021
464
192
657
199
853
1 052
Note
2021
2020
300
204
22
26
90
642
70
233
32
30
291
657
19
The overview above shows the actual maturity structure, with the amount due in year
one as the first year’s instalment classified under other current liabilities. The group
will refinance its current interest-bearing debt during 2022.
Loan agreements entered into by the group contain financial covenants relating to
liquidity, leverage and value-adjusted equity. The group was in compliance with all
covenants at 31 December 2021.
USD mill
The group net interest-bearing debt
Non current interest-bearing debt
Non current lease liabilities
Current interest-bearing debt
Current lease liabilities
Total interest-bearing debt
Cash and cash equivalents
Current financial investments
Net interest-bearing debt
Net interest-bearing debt in joint ventures
Non current interest-bearing debt
Total interest-bearing debt in joint ventures
Cash and cash equivalents
Net interest-bearing debt in joint ventures
2021
2020
203
139
270
30
642
231
135
276
85
85
7
77
426
161
38
31
657
269
124
264
114
114
32
82
16
4
4
Group — Accounts and notes Cont. note 18 Interest-bearing debt
USD mill
Guarantee commitments
Guarantees for group companies
Total
The carrying amounts of the group’s bank loans are denominated in the following currencies
USD
NOK
DKK
Total
See otherwise note 19 for information on financial derivatives (currency hedges) relating to interest-bearing debt.
USD mill
Net debt
Cash and cash equivalents
Liquid investments *
Borrowings - repayable within one year
Borrowings - repayable after one year
Net debt
Cash and cash equivalents and liquid investments
Gross debt - variable interest rates **
Net debt
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 60
2021
2020
47
47
200
256
16
473
71
71
199
252
13
464
Note
2021
2020
231
135
(300)
(342)
(276)
366
(642)
(276)
269
124
(70)
(587)
(264)
393
(657)
(264)
* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement.
** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged
within the New Energy segment.
USD mill
Total interest-bearing debt at 01.01.2021
Reclass
Cash flows
Foreign exchange adjustments
Other non-cash movements
Total interest-bearing debt at 31.12.2021
Total interest-bearing debt at 01.01.2020
Reclass
Cash flows
Foreign exchange adjustments
Other non-cash movements
Total interest-bearing debt at 31.12.2020
Liabilites from financing activities
Finance leases
due within 1 year
Finance leases
due after 1 year
Borrow. due
within 1 year
Borrow. due
after 1 year
Total financing
activities
31
17
(16)
(1)
(1)
30
27
(1)
2
3
31
161
(17)
(14)
(5)
15
139
154
1
(18)
3
21
161
38
203
23
(2)
7
270
65
11
(27)
(11)
38
426
(203)
(24)
(8)
12
203
429
(1)
(9)
6
2
426
657
(31)
(17)
33
642
675
10
(54)
12
15
657
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 61
Note 19 Financial risk
FINANCIAL REPORTING PRINCIPLES
The group uses derivatives to address financial risk. Derivatives are included in
current assets or current liabilities, except for maturities greater than 12 months
after the balance sheet date. These are classified as non-current assets or other
non-current liabilities as they form part of the group’s long-term economic hedging
strategy and are not classified as held for trading.
The fair value of financial derivatives traded in active markets is based on quoted
market prices at the balance sheet date. The fair value of financial derivatives not
traded in an active market is determined using valuation methodology, such as
the discounted value of future cash flows. Independent experts verify the value
determination for instruments which are considered material.
Derivatives are recognised at fair value on the date a derivative contract is entered
into and are revalued on a continuous basis at their fair value.
Derivatives which do not qualify for hedge accounting
Most derivative instruments do not qualify for hedge accounting. Changes in the
fair value of any derivative instruments which do not qualify for hedge accounting
are presented in the income statement as financial income/expense.
Derivatives which do qualify for hedge accounting
The group designates certain derivatives as hedges of highly probable forecast
transactions (cash flow hedges).
At the date of the hedging transaction, the group documents the relationship
between hedging instruments and hedged items, as well as the objective of its
risk management and the strategy underlying the various hedge transactions. The
group also documents the extent to which the applied derivatives are effective in
offsetting changes in fair value or cash flow associated with the hedge items. Such
assessments are documented both initially and on an ongoing basis.
The fair value of derivatives used for hedging is shown in note 16 to the group
accounts. Changes in the valuation of qualified hedges are recognised directly in
other comprehensive income until the hedged transactions are realised.
Cash flow hedge
The effective portion of changes in the fair value of derivatives designated as
cash flow hedges are recognised in other comprehensive income together with
the deferred tax effect. Gain and loss on the ineffective portion is recognised in
the income statement. Amounts recognised in other comprehensive income are
recognised as income or expense in the income statement in the period when the
hedged liability or planned transaction will affect the income statement.
Net investment hedge
Gain and losses arising from the hedging instruments relating to the effective
portions of the net investment hedges are recognised in other comprehensive
income. These translation reserves are reclassified to the income statement upon
loss of control of the hedged net investments, offsetting the translation differences
from these net investments. Any ineffective portion is recognised immediately in
the income statement as financial income/(expenses).
The group has exposure to the following financial risks from its operations:
• Market risk
– Foreign exchange rate risk
– Interest rate risk
– Equity market risk
• Credit risk
• Liquidity risk
MARKET RISK
The group has established hedging strategies to mitigate risks on material exposures
originating from movements in currencies and interest rates. This is compliant with
the financial strategy approved by the board of directors.
Changes in the market value of financial derivatives are recognised through the
income statement except for the New Energy segment, where derivatives are
recognised in Other Comprehensive Income.
Associates hedge their own exposures. The group records the effects of realised
and unrealised changes in financial derivatives held in these entities in accordance
with the equity method under “share of profit from joint ventures and associates”. The
material associates are Wallenius Wilhelmsen ASA group in Strategic Holdings and
Investment segment and Coast Center Base group in New Energy segment.
The group’s largest foreign exchange exposures are NOK, EUR, SGD, AUD and KRW -
all against USD.
TRANSACTION RISK HEDGING (CASH FLOW)
The group’s operating segments are responsible for hedging their own material
transaction risk. Within Maritime Services, USD/NOK, EUR/USD and USD/SGD
exposures are subject to a systematic 3-year rolling hedge program, utilizing a
portfolio of currency options and currency forwards. USD/MYR is hedged using
currency forwards with maturities up to 12 months. Remaining exposures are
non-material and not hedged.
TRANSLATION RISK HEDGING (BALANCE SHEET)
The group’s policy for mitigating translation risk is to match the denomination
currency of assets and liabilities to as large extent as possible.
Foreign exchange rate risk
The group is exposed to currency risk on revenues and costs in non-functional
currencies (transaction risk), and balance sheet items denominated in currencies
other than non-functional currencies (translation risk).
FX SENSITIVITES (TRANSLATION RISK)
The group monitors the net exposure and calculates sensitivities on a regular
basis, based on average market volatility per currency cross. Sensitivities showing
a potential accounting effect below USD 5 million on group level are considered
non-material.
USD mill
Note
2021
2020
Currency through Income Statement
Including in other financial income/(expenses)
Operating currency, net
Financial currency, net
Currency derivatives, realised
Currency derivatives, unrealised
Net currency items in other financial income/(expenses)
1
Through other comprehensive income
Currency translation differences through OCI
Total net currency effects
13
(12)
7
(21)
(13)
(44)
(57)
(4)
(3)
(14)
29
7
33
40
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 62
Cont. note 19 Financial risk
For Maritime Services, New Energy and Strategic Holdings and Investments, material
translation risks are booked to other comprehensive income due to the functional
currency for most of the entities being different from the reporting currency USD.
The group’s segments perform sensitivity analyses on the unhedged part of the
transaction risk on a regular basis.
The portfolio of derivatives used to hedge the group’s transaction risk (described
above), exhibit the following income statement sensitivity:
USD mill
Sensitivity
Income statement sensitivities of economic hedge program
Transaction risk
USD/NOK spot rate
Income statement effect (post tax)
EUR/USD spot rate
Income statement effect (post tax)
USD/SGD spot rate
Income statement effect (post tax)
(Tax rate used is 22% that equals the Norwegian tax rate)
(10%)
(5%)
0%
5%
10%
7.95
7
1.02
(5)
1.21
(0)
8.39
3
1.08
(3)
1.28
(0)
8.83
0
1.13
0
1.35
0
9.27
(3)
1.19
3
1.42
0
9.71
(7)
1.25
5
1.48
0
Interest rate risk
The group’s strategy is to hedge material parts of the interest-bearing debt against rising
interest rates. As the capital intensity varies across the group’s business segments,
which have their own policies on hedging of interest rate risk, hedge ratios vary.
The Group has financial liabilities that are exposed to IBOR reference rates. The Group
has current interest-bearing liabilities of USD 200 million that have a LIBOR reference
rate. These interest-bearing liabilities will be refinanced during 2022.
Within Strategic Holdings and Investments and Maritime Services respectively, no inte-
rest rate hedging is implemented due to low net interest-bearing debt (NIBD), whereas
New Energy have hedged about 50% of its NIBD as of 31 December 2021.
Other current interest-bearing debt is primarily linked to NIBOR. For interest bearing debt
maturing after twelve months NIBOR is the primary reference rate. No date has been set
for the transition of NIBOR, however the Group is attentive to the development of the
IBOR reform.
The risk exposure related to financial instruments as a consequence of the transition is
considered to be low. The IBOR reform will not change the risk management strategy.
USD mill
Maturity schedule interest rate hedges (nominal amounts)
Due in year 1
Due in year 2
Due in year 3
Due in year 4
Due in year 5 and later
Total interest rate hedges
2021
2020
11
45
32
36
125
12
47
33
38
129
The New Energy segment has entered swaption contracts with a notional value of
about USD 16 million, with expiry date in 2022. Depending on interest rate levels
on the expiry date, exercising the swaptions by the counterparties will extend the
maturity of expiring swaps until 2032.
The average remaining term of the existing total debt portfolio is approximately 3
years. The hedges have an average remaining term of approximately 4 years.
Interest rate sensitivity
The group’s interest rate risk originates from differences in duration between assets
and liabilities. On the asset side, bank deposits and investments in interest-bearing
instruments are subject to risk from changes in the general level of interest rates,
primarily in USD.
The group uses the weighted average duration of interest-bearing liabilities, and
financial interest rate derivatives to compute the group’s sensitivity towards changes
in interest rates.
Sensitivities resulting in a potential accounting effect below USD 5 million on group
level are considered non-material. On 31 December 2021, the group has no material
exposure subject to interest rate risk.
Group — Accounts and notes
Cont. note 19 Financial risk
USD mill
Interest rate derivatives
Maritime Services
New Energy
Strategic Holdings and Investments
Total interest rate derivatives
Currency derivatives
Maritime Services
New Energy
Strategic Holdings and Investments
Total currency derivatives
Total market value of financial derivatives
Book value equals market value
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 63
2021
2020
Assets
Liabilities
Assets
Liabilities
4
4
2
1
2
7
0
15
4
20
20
0
1
1
2
2
9
9
0
9
EQUITY MARKET RISK
The group holds several assets listed on equity markets as well as a defined portfolio
of financial assets for a proportion of the group’s short-term liquidity. Below table
summarizes the equity market sensitivity towards the market value of all listed
equities held, including the groups share in Hyundai Glovis:
Income statement sensitivities of equity market risk
USD mill
Change in equity prices
Change in market value
Income statement effect
(Tax rate used is 22% that equals the Norwegian tax rate)
(20%)
(150)
(10%)
(75)
0%
0
10%
75
20%
150
CREDIT RISK
Credit risk is the risk of financial loss to the group if a customer or counterparty to
a financial derivative fails to meet its contractual obligations. The group’s credit risk
originates primarily from the account receivables, financial derivatives used to hedge
interest rate risk or foreign exchange risk, as well as investments, including bank
deposits.
Loans and receivables
TRADE RECEIVABLES
The group’s exposure to credit risk on its receivables varies across segments and
subsidiaries.
BANK DEPOSITS AND FINANCIAL DERIVATIVES
The group maintains cash management operations and trades financial derivatives
with a selection of financially solid banks (as determined by their official credit
ratings), limiting the corresponding credit risk.
OTHER CREDIT EXPOSURES
No material loans or receivables were past due or impaired at 31 December 2021
(analogous for 2020).
Guarantees
The group’s policy is that no financial guarantees are provided by the parent
company. However, financial guarantees are provided within Maritime Services and
New Energy. See note 18 for further details.
Within the Maritime Services and New Energy, the global customer base provides
diversification with respect to credit risk on receivables. The segments monitor and
manage their respective credit risk on a regular basis. Reference is made to note 13.
Credit risk exposure
The carrying amount of financial assets represents the maximum credit exposure.
The maximum exposure to credit risk at the reporting date was as per below table:
USD mill
Exposure to credit risk
Financial derivatives (liability)
Account receivables
Financial investments
Other non current assets
Other current assets
Cash and bank deposits
Total exposure to credit risk
Note
2021
2020
12
12
16
12
12
17
(6)
190
58
25
95
231
593
15
178
48
28
82
269
618
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 64
Cont. note 19 Financial risk
LIQUIDITY RISK
The group’s approach to managing liquidity is to ensure that the group meets its
liabilities, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the group’s reputation.
At 31 December 2021, the group had in excess of USD 435 million (2020: USD
473 million) in cash, investment grade bonds and listed equities (cash and cash
equivalents, current financial investments and investment in Qube Holdings Limited),
in addition to USD 195 million (2020: USD 263 million) in committed undrawn credit
facilities.
The group’s liquidity risk is low in that it holds significant liquid assets in addition to
credit facilities with the banks.
USD mill
Undiscounted cash flows financial liabilities 2021
Mortgages
Finance lease liabilities
Bank loan
Financial derivatives
Interest due
Total undiscounted cash flow financial liabilities
Current liabilities (excluding next year's instalment on interest-bearing debt)
Total gross undiscounted cash flows financial liabilities 31.12.2021
Undiscounted cash flows financial liabilities 2020
Mortgages
Finance lease liabilities
Bank loan
Financial derivatives
Interest due
Total undiscounted cash flow financial liabilities
Current liabilities (excluding next year's instalment on interest-bearing debt)
Total gross undiscounted cash flows financial liabilities 31.12.2020
Less than
1 year
Between 1
and 2 years
Between 2
and 5 years
Later than
5 years
47
30
227
7
23
333
489
822
38
31
9
23
102
468
570
19
13
21
53
53
19
15
199
20
254
254
32
39
20
91
91
11
51
50
112
112
147
87
19
254
254
196
95
291
291
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 65
Cont. note 19 Financial risk
COVENANTS
The group’s bank and lease financing are subject to financial or non-financial
covenant clauses related to one or several of the following:
• Limitation on the ability to pledge assets
• Change of control
• Minimum liquidity
• NIBD / EBITDA or equivalent Debt-Service Coverage-Ratios
• Loan-to-Value
As of the balance date, the group is not in breach of any financial or non-financial
covenants.
CAPITAL RISK MANAGEMENT
The group’s overall policy is to maintain a strong capital base to maintain investor,
creditor and market confidence and to sustain future business development. The
board of directors monitors various return metrics, where Return on Equity and
dividend levels are predominant.
The group seeks to maintain a balance between the potential higher returns
stemming from higher levels of financial gearing and the advantages of a strong
balance sheet. The financial strategy and setting of thresholds for capital structure,
return requirements and risk are revised by the board of directors.
FAIR VALUE ESTIMATION
The fair value of financial instruments traded in an active market is based on quoted
market prices at the balance sheet date. The fair value of financial instruments not
traded in an active market (over-the-counter contracts) is based on third party
quotes. These quotes use observable market rates for price discovery. Specific
valuation techniques used by financial counterparties (banks) to value financial
derivatives include:
• The fair value of forward foreign exchange contracts is determined using forward
exchange rates at the balance sheet date, with the resulting value discounted back
to net present value.
• The fair value of foreign exchange option contracts is determined using observable
forward exchange rates, volatility, yield curves and time-to-maturity parameters at
the balance sheet date, resulting in an option premium. Options are typically valued
by applying the Black-Scholes model.
• Quoted market prices or dealer quotes for similar derivatives.
• The fair value of interest rate swaps is calculated as the net present value of the
estimated future cash flows based on observable yield curves.
• The fair value of interest rate swap option (swaption) contracts is determined using
observable volatility, yield curve and time-to-maturity parameters at the balance
sheet date, resulting in a swaption premium. Options are typically valued by
applying the Black-Scholes model.
The carrying value less impairment provision of receivables and payables are
assumed to approximate their fair values. The group estimates the fair value of
financial liabilities for disclosure purposes by discounting the future contractual
cash flows at current market interest rates available to the group for similar financial
derivatives.
USD mill
Interest-bearing debt
Mortgages
Lease liabilities
Bank loan
Total interest-bearing debt at 31.12.2021
Mortgages
Lease liabilities
Bank loan
Total interest-bearing debt at 31.12.2020
Note
Fair value
Book value
246
169
229
644
265
192
201
658
246
169
227
642
265
192
199
657
18
18
The fair values are based on cash flows discounted using a rate based on market rates including margins and are within level 2 of the fair value hierarchy.
Group — Accounts and notes
Cont. note 19 Financial risk
USD mill
Financial assets at fair value
Equities
Bonds
Financial assets to fair value
Total financial assets at 31.12.2021
Financial liabilities at fair value
Financial derivatives
Total financial liabilities at 31.12.2021
Financial assets at fair value
Equities
Bonds
Financial derivatives
Financial assets to fair value
Total financial assets at 31.12.2020
Financial liabilities at fair value
Financial derivatives
Total financial liabilities at 31.12.2020
USD mill
Changes in level 3 instruments
Opening balance at 01.01
Gains and losses recognised through income statement
Closing balance at 31.12
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 66
Level 1
Level 2
Level 3
Total
77
58
664
798
0
72
48
778
898
0
0
(6)
(6)
20
5
25
(9)
(9)
24
24
0
18
18
0
77
58
688
823
(6)
(6)
72
48
20
801
940
(9)
(9)
2021
2020
18
6
24
20
(2)
18
The fair value of financial instruments traded in active markets is based on quoted
market prices at the balance sheet date. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry
group, pricing service, or regulatory agency, and those prices represent actual and
regularly occurring market transactions on an arm’s length basis. The quoted market
price used for financial assets held by the group is the current close price. These
instruments are included in level 1. Instruments included in level 1 at the end of 2021
are liquid investment grade bonds and listed equities (analogous for 2020).
The fair value of financial instruments not traded in an active market (over-the-
counter contracts) are based on third party quotes (Mark-to-Market). These quotes
use observable market rates for price discovery. The different techniques typically
applied by financial counterparties (banks) were described above. These instruments
- FX and IR derivatives - are included in level 2.
If one or more of the significant inputs is not based on observable market data, the
derivatives is in level 3.
Group — Accounts and notes
Cont. note 19 Financial risk
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 67
Financial instruments by category
USD mill
Assets
Other non current assets
Financial asset to fair value
Current financial investments
Current financial derivatives
Other current assets
Cash and cash equivalent
Assets at 31.12.2021
Liabilities
Non current interest-bearing debt
Current interest bearing liabilities
Current financial derivatives
Other non current liabilities
Other current liabilities
Liabilities at 31.12.2021
Assets
Other non current assets
Financial asset to fair value
Current financial investments
Other current assets
Cash and cash equivalent
Assets at 31.12.2020
Liabilities
Non current interest-bearing debt
Current interest bearing liabilities
Current financial derivatives
Other non current liabilities
Other current liabilities
Liabilities at 31.12.2020
834
1 366
Total
25
688
135
2
286
231
Total
342
300
7
17
489
1 153
Total
28
801
124
260
269
Note
Financial assets
at amortised cost
Fair value
through the
income statement
9
688
135
2
2
801
124
Liabilities at fair
value throug the
income statement
Other financial
liabilities at
amortised cost
342
300
489
1 130
7
17
23
Financial assets
at amortised cost
Fair value
through the
income statement
15
286
231
532
26
260
269
528
12
14
16
12
12
17
Note
18
18
12
12
12
Note
12
14
16
12
17
Note
18
18
12
12
12
942
1 496
Liabilities at fair
value throug the
income statement
Other financial
liabilities at
amortised cost
587
70
468
1 125
9
23
32
Total
587
70
9
23
468
1 158
Group — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 68
Note 20 Related party transaction
FINANCIAL REPORTING PRINCIPLES
Related parties are defined as entities outside of the group that are under control
directly or indirectly, joint control or significant influence by the owners of Wilh.
Wilhelmsen Holding ASA. All transactions with related parties are entered into on
marked terms based on arm’s length principles. Transactions with related parties
include shared services and other services provided by the group. Shared Services
are priced in accordance with the principles set out in the OECD Transfer Pricing
Guidelines and are delivered according to agreements that are renewed annually.
The services are:
• Ship management including crewing, technical and management service
• Agency services
• Freight and liner services
• Marine products
• Shared services
The ultimate owner of the group is Tallyman AS, which controls about 60% of voting shares of the group. Tallyman AS is controlled by Thomas Wilhelmsen.
Detailed remuneration discloures are provided in the remunertaion report.
Material related parties in the group are:
Business office, country
Ownership
Wallenius Wilhelmsen ASA
Coast Center Base AS/ KS
Lysaker, Norway
Fjell, Norway
37.82%
50.00%
Wallenius Wilhelmsen ASA, through its operating companies, is the market leader in
the finished vechicle logistics segment, offering ocean transportation and landbased
vechicle logistics solutions.
Coast Center Base AS and Coast Center Base KS in the New Energy segment
delivers IT project, administration and handling services and the transactions are
based on market terms.
USD thousand
KEY MANAGEMENT PERSONNEL COMPENSATION
Base salary
Bonus
Pension
Other benefits
Total
Detailed remuneration discloures are provided in the remunertation report.
2021
2020
2 185
810
485
354
3 834
1 884
545
367
263
3 060
USD mill
2021
2020
OPERATING REVENUE FROM RELATED PARTY
Sale of goods and services to joint ventures and associates:
WAWI group
Maritime Services
New Energy
Operating revenue from related party
OPERATING EXPENSES FROM RELATED PARTY
Purchase of goods and services from joint ventures and associates:
New Energy
Operating expenses to related party
ACCOUNT RECEIVABLES FROM RELATED PARTY
Maritime Services
Account receivables from related party
ACCOUNT PAYABLES TO RELATED PARTY
Maritime Services
Account payables to related party
NON CURRENT ASSETS TO RELATED PARTY
Maritime Services
Strategic Holdings and Investments
Non current assets to related party
20
2
2
24
5
5
3
3
1
1
4
1
5
20
3
2
25
9
9
4
4
4
4
10
1
11
Group — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 69
Note 21 Subsidiaries with material non-controlling interests
FINANCIAL REPORTING PRINCIPLES
Non-controlling interest:
The group treats transactions with non-controlling interests as transactions with
equity owners of the group.
For purchases from non-controlling interests, the difference between any
consideration paid and relevant share acquired of the carrying value of net assets
of the subsidiary is recorded as an equity transaction.
Gains or losses on disposals to non-controlling interests are also recorded as an
equity transaction.
NorSea Group AS
Treasure ASA *
Business office/country
Voting/control share
2021
Tananger, Norway
Lysaker, Norway
75.15%
74.82%
Set out below is the summarised financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are 100% and
before inter-company eliminations.
* At 31 December 2021 Treasure ASA had 6 000 000 own shares (31 December 2020 had 3 965 000 own shares).
USD mill
Summarised balance sheet
Non current assets
Current assets
Total assets
Non current liabilities
Current liabilities
Total liabilities
Net assets
Summarised income statement/OCI
Total income
Profit for the year
Other comprehensive income
Total comprehensive income
Profit allocated to NCIs
Dividends paid to NCIs
Summarised cash flows
Net cash flow provided by/(used in) operating activities
Net cash flow provided by/(used in) investing activities
Net cash flow provided by/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents
USD mill
Total allocation to NCIs
Profit/(loss) for the period to material NCIs
Profit/(loss) for the period to other immaterial NCIs
Profit for the period to NCIs
NorSea Group AS
Treasure ASA
2021
2020
2021
2020
526
73
599
210
141
350
249
278
22
5
27
5
1
27
(16)
(15)
(4)
657
380
1 037
370
448
818
220
263
13
(3)
10
4
1
32
(22)
(3)
8
583
27
610
0
610
14
(104)
(105)
(26)
10
11
(49)
(38)
699
64
763
0
763
14
214
213
57
2
75
(1)
(13)
61
2021
2020
(21)
1
(21)
61
61
Group — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 70
Note 22 Contingencies
FINANCIAL REPORTING PRINCIPLES
The group and the parent company make provisions for legal claims when a legal
or constructive obligation exists as a result of past events, it is more likely than
not that an outflow of resources will be required to settle the obligation, and the
amount can be estimated with a sufficient degree of reliability. Provisions are not
made for future operating losses.
Coast Center Base AS (CCB), 50% owned by NorSea Group, lost a floating dock
26 November 2018. The dock is considered lost and the fair value was nil by 31
December 2021. CCB had previously recognised an accrual to cover costs related to
a salvage operation. Local authorities have issued their conclusion after final appeal,
concluding that the dock can remain in its current position. As such, the previously
recognised accrual have been reversed in 2021.
The size and global activities of the group dictate that companies in the group will be
involved from time to time in disputes and legal actions.
The group is not aware of any financial risk associated with disputes and legal actions
which are not largely covered through insurance arrangements. Nevertheless,
any such disputes/actions which might exist are of such a nature that they will not
significantly affect the group’s financial position.
Note 23 Alternative performance measures
Alternative performance measures
This section describes non-GAAP financial alternative performance measures (APM)
that may be used in the quarterly and annual reports and related presentations.
The following measures are not defined nor specified in the applicable financial
reporting framework of IFRS. They may be considered as non-GAAP financial
measures that may include or exclude amounts that are calculated and presented
according to the IFRS. These APMs are intended to enhance comparability of the
results, balance sheet and cash flows from period to period and it is the Company’s
experience that these are frequently used by investors, analysts and other parties.
Internally, these APMs are used by the management to measure performance on a
regular basis. The APMs should not be considered as a substitute for measures of
performance in accordance with IFRS.
EBITDA margin is defined as EBITDA as a per cent of of Total income.
EBITDA margin adjusted is defined as EBITDA adjusted as a per cent of Total
income, with Total income also adjusted for the same income elements as those
which have been adjusted for in EBITDA adjusted.
EBIT is defined as Total income (Operating revenue and gain/(loss) on sale of assets)
less Operating expenses, Other gain/loss and depreciation and amortization. EBIT
is used as a measure of operational profitability excluding the effects of how the
operations were financed, taxed and excluding foreign exchange gains & losses.
EBIT adjusted, EBIT margin and EBIT margin adjusted will, if used, be prepared in
the same manner as described under EBITDA.
EBITDA is defined as Total income (Operating revenue and gain/(loss) on sale of
assets) adjusted for Operating expenses. EBITDA is used as an additional measure of
operational profitability, excluding the impact from financial items, taxes, depreciation
and amortization.
Net interest-bearing debt (NIBD) is defined as total interest bearing debt (Non-
current interest-bearing debt and Current interest-bearing debt) less Cash and cash
equivalenets and Current financial investments.
Equity ratio is defined as Total equity as a percent of Total assets.
EBITDA adjusted is defined as EBITDA excluding certain income and/or cost items
which are not regarded as part of the underlying operational performance for the
period. The Company do not report EBITDA adjusted on a regular basis, but may use
it on a case by case basis to better explain operational performance.
Note 24 General accounting principles
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the
preparation of theses consolidated financial statements to the extent they are not
disclosed separately in the other notes in the consolidated financial statements or
in the notes of the financial statements of the parent company. Accounting policies
have been consistently applied to all the years presented, unless otherwise stated.
Historical cost convention
The financial statements have been prepared on a historical cost basis, except for
the following:
• certain financial assets and liabilities (including derivative instruments),
• defined benefit pension plans – plan assets measured at fair value.
in the effective interest. Gains or losses arising due to the modification are thus not
recognised. See note 19.
The amendments listed above did not have any impacts on the amounts recognised
in prior periods and are not expected to significantly affect the current or future
periods.
New standards and interpretations not yet adopted
Amendment to IAS 1 Classification of Liabilities as Current or Non-current applicable
for annual periods beginning on or after 1 January 2022. The amendment changes
the guidance for the classification of liabilities as current or non-current depending
on the rights that exist at the end of the reporting period.
New and amended standards adopted by the group
The following are new or amended to standards and interpretations have been issued
and become effective during the current period:
Certain new accounting standards and interpretations have been published that are
not mandatory for 31 December 2021 reporting periods and have not been early
adopted by the group. These standards are not expected to have a material impact
on the entity in the current or future reporting periods.
Amendments to IFRS 9 Financial Instruments, IFRS 7 Financial Instruments:
Disclosures and IFRS 16 Leases – Interest Rate Benchmark Reform Phase 2:
Disclosures and IFRS 16 Leases, relating to the Interest Rate Benchmark Reform
Phase 2, entered into force on 1 January 2021. The amendments to IFRS 9 entail
that modifications of financial assets and financial liabilities, implemented as a direct
consequence of the Interest Rate Benchmark Reform, are recognised as a change
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are
measured using the currency of the primary economic environment in which the
entity operates (‘the functional currency’). The exceptions are investments activity
in Malta, where Australian dollar (AUD) is the functional currency and the parent
Group — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 71
Cont. note 24 General accounting principles
company Wilhelmsen Maritime Services (WMS AS) has US dollar (USD). The
consolidated financial statements are presented in USD, rounded off to the nearest
whole million.
The presentation currency of the separate statements of the parent is NOK which
is also its functional currency. The accounts are rounded off to the nearest whole
thousand.
The income statements and balance sheets for group companies with a functional
currency which differs from the presentation currency (USD) are translated as follows:
• the balance sheet is translated at the closing exchange rate on the balance sheet date
• income and expense items are translated at a rate that is representative as
an average exchange rate for the period, unless the exchange rates fluctuate
significantly for that period, in which case the exchange rates at the dates of the
transactions are used
• the translation difference is recognised in other comprehensive income and split
between controlling and non-controlling interests
Goodwill and fair value adjustments of assets and liabilities related to acquisition
of entities which have a functional currency other than USD are attributed to the
acquired entity’s functional currency and translated at the exchange rate prevailing
on the balance sheet date.
Translations and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions, and from the translation
of monetary assets and liabilities denominated in foreign currencies at year end
exchange rates, are generally recognised in income statement. They are deferred
in equity if they relate to qualifying cash flow hedges and qualifying net investment
hedges or are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses are presented on a net basis in the income
statement, within finance costs.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was determined.
Translation differences on assets and liabilities carried at fair value are reported as
part of the fair value gain or loss.
For example, translation differences on non-monetary assets and liabilities such
as equities held at fair value through income statement are recognised in income
statement as part of the fair value gain or loss, and translation differences on
non-monetary assets such as equities classified as at fair value through other
comprehensive income are recognised in other comprehensive income.
a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the dates
of the transactions), and
• all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities, and of borrowings and other financial instruments
designated as hedges of such investments, are recognised in other comprehensive
income. When a foreign operation is sold or any borrowings forming part of the net
investment are repaid, the associated exchange differences are reclassified to profit
or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation
are treated as assets and liabilities of the foreign operation and translated at the
closing rate.
BUSINESS COMBINATION
The acquisition method of accounting is used to account for all business
combinations, regardless of whether equity instruments or other assets are acquired.
The consideration transferred for the acquisition comprises the:
• fair value of the asset transferred
• liabilities incurred to the former owners of the acquired business
• equity interests issued by the group
• fair value of any assets or liability resulting from a contingent consideration
arrangement, and
• fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are, with limited exceptions, measured initially at their fair
values at the acquisition date. The group recognises any non-controlling interest
in the acquired entity on an acquisition-by-acquisition basis either at fair value or
at non-controlling interest’s proportionate share of the acquired entity’s net
identifiable assets.
Acquisition-related costs are expensed as incurred.
Goodwill is recognised as the excess of the;
• consideration transferred,
• amount of any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interests in the acquired entity
over the fair value of the net identifiable assets acquired.
If those amounts are less than the fair value of the net identifiable assets of the
business acquired, the difference is recognised directly in profit or loss as a bargain
purchase.
Group companies
The results and financial position of foreign operations (none of which has the
currency of a hyperinflationary economy) that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
Contingent consideration is classified either as equity or a financial liability. Amounts
classified as a financial liability are subsequently remeasured to fair value with
changes in fair value recognised in the income statement.
• assets and liabilities for each balance sheet presented are translated at the closing
rate at the date of that balance sheet
• income and expenses for each statement of profit or loss and statement of
comprehensive income are translated at average exchange rates (unless this is not
If the business combination is achieved in stages, the acquisition date carrying value
of the acquirer’s previously held equity interest in the acquire is remeasured to fair
value at the acquisition date. Any gain or losses arising from such remeasurement are
recognised in income statement.
Note 25 Events after the balance sheet date
In January 2022, Wilhelmsen Ship Management, part of the Maritime Services
segment, signed an agreement to acquire 80% of the shares in Ahrenkiel Tankers
(to be renamed Barber Ship Management).
relevant sanctions implemented in relation to the situation in Ukraine. As a result of
the nature and scope of the group’s business in the two countries, the situation will
have limited direct impact of group performance.
In February, Wilhelmsen New Energy acquired 21% stake in Reach Subsea ASA. The
investment will be a part of New Energy segment.
No other material events occurred between the balance sheet date and the date
when the accounts were presented which provide new information about conditions
prevailing on the balance sheet date.
The group has 25 full-time employees in Ukraine and 31 full-time employees in
Russia. Wilhelmsen is in line with other international companies complying with
Group — Accounts and notes Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 72
4
Accounts
and notes
– parent
company
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 73
Looking out for each other
Taking extra care to look out for our employees, both at sea or onshore, during the ongoing
pandemic has been essential. Whether through site risk assessments, safety, mental
health and wellness campaigns, employee engagement surveys, and crew vaccinations.
Income statement Wilh. Wilhelmsen Holding ASA
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 74
NOK thousand
Operating income
Operating expenses
Employee benefits
Operating expenses
Depreciation
Total operating expenses
Operating loss
Financial income/(expenses)
Net financial income
Net financial expenses
Financial income/(expenses)
Profit before tax
Tax income/(expense)
Profit for the year
Transfers and allocations
To/(from) equity
Proposed dividend
Interim dividend paid
Total transfers and allocations
Note
2021
2020
1
2
1
3
1
1
5
24 062
27 581
(89 686)
(42 818)
(4 700)
(75 425)
(44 528)
(6 376)
(137 204)
(126 329)
(113 142)
(98 748)
838 403
(42 972)
795 431
323 778
(13 661)
310 118
682 289
211 369
11 741
694 030
(23 212)
188 157
381 970
178 320
133 740
694 030
(34 743)
222 900
188 157
Comprehensive income Wilh. Wilhelmsen Holding ASA
NOK thousand
Profit for the year
Items that will not be reclassified to the income statement
Remeasurement postemployment benefits, net of tax
Total comprehensive income
Note
2021
2020
694 030
188 157
11
(3 000)
691 030
(14 336)
173 821
Notes 1 to 15 on the next pages are an integral part of these financial statements.
Parent — Accounts and notes
Balance sheet Wilh. Wilhelmsen Holding ASA
NOK thousand
ASSETS
Non current assets
Deferred tax asset
Intangible assets
Tangible assets
Right-of-use-assets
Investments in subsidiaries and associates
Sub lease receivable
Other non current assets
Total non current assets
Current assets
Current financial investments
Trade and other receivables
Sub lease receivable
Other current assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Paid-in capital
Own shares
Retained earnings
Total equity
Non current liabilities
Pension liabilities
Lease liabilities
Other non current liabilities
Total non current liabilities
Current liabilities
Public duties payable
Trade and other payables
Current portion of property lease liabilities
Other current liabilities
Total current liabilities
Total equity and liabilities
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 75
Note
31.12.2021
31.12.2020
5
3
3
4
6
4/14
14
8/9
14
4/14
7/9/14
9
11
4
7
14
4
7/12/14
61 830
59
8 927
34 140
49 643
1 354
9 702
16 802
5 182 787
4 859 064
244 704
34 259
114 031
5 566 707
5 050 596
1 189 234
1 055 001
18 399
28 881
61 475
158 012
1 456 001
7 022 708
4 689
35 037
59 152
108 481
1 262 359
6 312 955
891 600
5 234 221
6 125 821
928 076
(36 476)
4 855 251
5 746 851
70 221
278 275
66 413
128 216
890
348 496
195 519
4 687
4 117
31 221
508 366
548 391
4 829
5 267
39 033
321 455
370 584
7 022 708
6 312 955
Lysaker, 23 March 2022
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair) Morten Borge Rebekka Glasser Herlofsen
Ulrika Laurin Trond Westlie Thomas Wilhelmsen (group CEO)
Notes 1 to 15 on the next pages are an integral part of these financial statements.
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 76
Cash flow statement Wilh. Wilhelmsen Holding ASA
NOK thousand
Note
2021
2020
Cash flow from operating activities
Profit before tax
Financial (income)/expenses
Depreciation
Gain on sale of fixed asset
Change in net pension liability
Change in working capital
Net cash provided by operating activities
Cash flow from investing activities
Proceeds from sale of fixed assets
Investments in fixed assets
Investments in subsidaries
Repayment of financial sub lease
Loans (to)/from subsidiaries, cash pool
Proceeds from sale of financial investments
Purchase of current financial investments
Dividend/ group contribution from group companies
Dividend and other financial income received from financial assets
Paid witholding tax dividend portfolio management
Interest received included interests of sublease receivable
Changes in other investments
Net cash flow from investing activities
Cash flow from financing activities
Repayment of debt
Proceeds from issue of debt
Repayment of financial lease debt
Interest paid included interest of financial lease debt
Dividend to shareholders
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, at the beginning of the period
Cash and cash equivalents at 31.12
3/4
3
3
3
6
4
9
1
4
682 289
(795 431)
4 700
(38)
23 437
(85 043)
611
(323 723)
33 860
(30 815)
334 720
(411 213)
622 534
93 701
14 608
5 302
211 369
(310 118)
6 376
(789)
(2 005)
(12 737)
(107 904)
(204)
33 649
(71 765)
480 751
(475 665)
364 178
11 121
(614)
7 525
339 585
348 977
200 000
(36 711)
(11 660)
(356 640)
(205 011)
49 531
108 481
158 012
(200 000)
(37 314)
(11 855)
(89 160)
(338 330)
(97 256)
205 737
108 481
The company has several bank accounts in different currencies. Unrealised currency effects are included in net cash provided by operating activities.
Notes 1 to 15 on the next pages are an integral part of these financial statements.
Parent — Accounts and notes
Equity Wilh. Wilhelmsen Holding ASA
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 77
STATEMENT OF CHANGES IN EQUITY
NOK thousand
Current year's change in equity
Equity at 31.12.2020
Proposed dividend
Interim dividend paid
Liquidation of own shares
Profit for the year
Comprehensive income for the year
Equity at 31.12.2021
NOK thousand
2020 change in equity
Equity at 31.12.2019
Proposed dividend
Profit for the year
Comprehensive income for the year
Equity at 31.12.2020
Note
Share capital
Own shares
Retained earnings
Total
928 076
(36 476)
(36 476)
36 476
891 600
0
4 855 251
(178 320)
(133 740)
694 030
(3 000)
5 234 221
5 746 851
(178 320)
(133 740)
0
694 030
(3 000)
6 125 821
Share capital
Own shares
Retained earnings
Total
928 076
(36 476)
4 904 330
5 795 930
928 076
(36 476)
4 855 251
5 746 851
(222 900)
188 158
(14 336)
(222 900)
188 158
(14 336)
At 31 December 2021 the company’s share capital comprises 34 000 000 Class A
shares and 10 580 000 Class B shares, totalling 44 580 000 shares with a nominal
value of NOK 20 each. Class B shares do not carry a vote at the general meeting.
Otherwise, each share confers the same rights in the company.
Dividend
The proposed dividend for fiscal year 2021 is NOK 4.00 per share, payable in the
second quarter 2022. A decision on the proposal will be taken by the annual general
meeting on 27 April 2022.
1 823 824 own shares were cancelled during 2021, resulting in nil shares at 31
December 2021.
Dividend for fiscal year 2020 was NOK 8.00 per share and was paid in April 2021
(NOK 5.00 per share) and in December 2021 (NOK 3.00 per share).
Dividend for fiscal year 2019 was NOK 2.00 per share and was paid in May 2020.
Parent — Accounts and notes
Note 1 Combined items, income statement
NOK thousand
OPERATING INCOME
Other income
Income from group companies
Total operating income
OTHER OPERATING EXPENSES
Expenses to group companies
Communication and IT expenses
External services
Travel and meeting expenses
Marketing expenses
Other administration expenses
Total other operating expenses
FINANCIAL INCOME/(EXPENSES)
Financial income
Investment management
Interest income
Interest income financial sublease
Dividend/group contribution from associates and subsidiaries
Other financial income
Net currency gain
Net financial income
Financial expenses
Interest expenses
Interest expenses financial lease
Other financial items
Net currency loss
Net financial expenses
Net financial income
Note 2 Employee benefits
NOK thousand
Pay
Payroll tax
Pension cost
Other remuneration
Total employee benefits
Average number of employees
Detailed remuneration disclosures are provided in the remuneration report.
EXPENSED AUDIT FEE (excluding VAT)
NOK thousand
Statutory audit
Other service fees
Total expensed audit fee
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 78
Note
2021
2020
14
14
2
8
14
14
182
23 880
24 062
244
26 548
27 581
(12 804)
(5 622)
(10 348)
(446)
(1 444)
(12 155)
(42 818)
(13 648)
(6 157)
(11 266)
(1 006)
(1 763)
(10 689)
(44 528)
194 196
107 886
6 283
8 154
622 135
7 636
520
7 200
164 178
1 046
42 948
838 403
323 778
(3 507)
(8 154)
(1 879)
(29 433)
(42 972)
(3 784)
(8 071)
(1 805)
(13 661)
795 431
310 118
2021
2020
65 872
9 464
9 111
5 240
89 686
52 668
9 033
7 632
6 091
75 425
30
31
2021
2020
651
263
914
535
307
842
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 79
Note 3 Intangible and tangible assets
NOK thousand
2021
Cost at 01.01
Disposals
Cost at 31.12
Accumulated depreciation at 01.01
Depreciation/amortisation
Disposals
Accumulated depreciation at 31.12
Intangible assets
Properties
Other tangible
assets
Total
7 277
(894)
6 383
(5 923)
(684)
283
(6 324)
10 582
10 582
(3 867)
(423)
9 084
9 084
(6 097)
(351)
(4 290)
(6 448)
26 943
(894)
26 050
(15 888)
(1 458)
283
(17 063)
Carrying amounts at 31.12
59
6 292
2 636
8 987
Depreciation/amortisation intangible and tangible assets
Depreciation of right-of-use assets
Total depreciation 2021
2020
Cost at 01.01
Additions
Disposals
Cost at 31.12
Accumulated depreciation at 01.01
Depreciation/amortisation
Disposals
Accumulated depreciation at 31.12
8 601
204
(1 528)
7 277
(4 717)
(1 329)
123
(5 923)
10 582
9 084
10 582
9 084
(3 444)
(423)
(5 674)
(423)
(3 867)
(6 097)
(1 458)
(3 241)
(4 700)
28 267
204
(1 528)
26 943
(13 835)
(2 176)
123
(15 888)
Carrying amounts at 31.12
1 354
6 715
2 987
11 056
Depreciation/amortisation intangible and tangible assets
Depreciation of right-of-use assets
Total depreciation 2020
(2 176)
(4 200)
(6 376)
Useful life
Amortisation/depreciation schedule
Up to 3 years
Up to 25 years
3-10 years
Straight-line
Straight-line
Straight-line
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 80
Note 4 Right-of-use assets and lease liabilities
THE LEASE CONTRACTS
The company has leases related to property and land. The main part of the leasing
liability refer to headquarter and parkingplaces. The external lease of headquarter is
subleased to group company. The right-of-use assets related to internal lease of the
company’s location in Strandveien 20.
Summary of the lease liabilities in the financial statements
NOK thousand
2021
Lease liability at 1 January 2021
Cash payments for the principal portion of the lease liability
Cash payments for the interest portion of the lease liability
Interest expense on lease liabilities
Additions and remeasurements
Lease liability at 31 December 2021
2020
Lease liability at 1 January 2020
Cash payments for the principal portion of the lease liability
Cash payments for the interest portion of the lease liability
Interest expense on lease liabilities
Additions and remeasurements
Lease liability at 31 December 2020
All financial lease is leased from external party.
Summary of sublease receivable
NOK thousand
2021
Sub lease receivable at 01.01
New sublease agreements/change of estimates
Repayment of sub lease receivable
Sub lease receivable at 31.12
Non current sub lease receivable
Current sub lease receivable
Total financial sub lease receivable at 31.12
2020
Sub lease receivable at 01.01
New sublease agreements/change of estimates
Repayment of sub lease receivable
Sub lease receivable at 31.12
Non current sub lease receivable
Current sub lease receivable
Total financial sub lease receivable at 31.12
Property including parking places are sub leased to the subsidiary WilService in 2021 and 2020.
167 249
(36 711)
(8 154)
8 154
178 957
309 495
222 193
(37 314)
(8 071)
8 071
(17 629)
167 249
149 068
158 377
(33 860)
273 585
244 704
28 881
273 585
200 482
(17 765)
(33 649)
149 068
114 031
35 037
149 068
Parent — Accounts and notes Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 81
Cont. note 4 Right-of-use assets and lease liabilities
Summary of right-of-use assets not subleased to subsidiary
NOK thousand
2021
Right-of-use assets at 01.01
Additions and remeasurements
Right-of-use assets cost at 31.12
Accumulated depreciation at 01.01
Depreciation
Accumulated depreciation at 31.12
Carrying amounts at 31.12
2020
Right-of-use assets at 01.01
Additions and remeasurements
Right-of-use assets cost at 31.12
Accumulated depreciation at 01.01
Depreciation
Additions/change of estimates
Accumulated depreciation at 31.12
Carrying amounts at 31.12
Note
Property
25 196
20 580
45 776
(8 395)
(3 241)
(11 636)
34 140
25 045
151
25 196
(4 174)
(4 200)
(20)
(8 395)
16 802
3
3
During 2021 the lease agreement for the company and the group’s headquarter at Strandveien 20 was extended until the end of 2031.
The company has no other lease contracts.
Parent — Accounts and notes Note 5 Tax
NOK thousand
Allocation of tax income
Payable tax/withholding tax
Change in deferred tax
Total tax income/(expenses)
Basis for tax computation
Profit before tax
22% tax
Tax effect from
Net permanent differences
Withholding tax
Impairment of deferred tax asset
Current year calculated tax
Effective tax rate
Deferred tax asset
Tax effect of temporary differences
Fixtures
Current assets and liabilities
Non current liabilities and provisions for liabilities
Tax losses carried forward
Deferred tax asset
Deferred tax asset at 01.01
Tax effect of group contribution
Charge to equity (tax of OCI)
Change of deferred tax through income statement
Deferred tax asset at 31.12
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 82
2021
2020
11 741
11 741
(614)
(22 599)
(23 212)
682 289
150 104
211 369
46 501
(161 845)
(11 429)
(63 903)
614
40 000
23 212
neg.
11%
1 458
2 023
15 449
42 901
61 830
1 248
(10 641)
13 521
45 514
49 643
49 643
68 198
(399)
846
11 741
61 830
4 044
(22 599)
49 643
Note 6 Investments in subsidiaries and associates
FINANCIAL REPORTING PRINCIPLES
Shares in subsidiaries, joint ventures and associated companies are presented
according to the cost method in the parent company. Group contribution received
is included in dividends from subsidiaries. Group contributions and dividends from
subsidiaries are recognised in the parent company the year for which they are
proposed by the subsidiary to the extent the parent company can control the
decision of the subsidiary through its shareholdings on the balance sheet date.
Shares in subsidiaries, joint ventures and associates are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount
may exceed the recoverable amount of the investment. An impairment loss is
reversed if the impairment situation is deemed to no longer exist.
NOK thousand
Business office country
Voting share/
ownership share
2021
Book value
2020
Book value
Associate
Wallenius Wilhelmsen ASA
Subsidiaries
Treasure ASA *
Wilhelmsen New Energy AS
Wilhelmsen Maritime Services AS
WilNor Governmental Services AS
Wilhelmsen Accounting Services AS
WilService AS
Wilh. Wilhelmsen Invest AS
Wilhelmsen GRC Sdn Bhd
Lysaker, Norway
37.8%
1 130 964
1 130 964
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Kuala Lumpur, Malaysia
74.8%
100%
100%
51%
100%
100%
100%
100%
1 043 967
1 728 714
1 264 440
1 043 967
1 405 014
1 264 440
9 499
3 622
1 550
23
8
9 499
3 622
1 550
8
5 182 787
4 859 064
Total investments in subsidiaries and associates
* At 31.12.2021 Treasure ASA had 6 000 000 own shares (31.12.2020: 3 965 000 own shares).
Parent — Accounts and notes
Note 7 Combined items, balance sheet
NOK thousand
OTHER CURRENT ASSETS
Cash pool intercompany receivables
Other current assets
Restricted bank deposits
Total other current assets
OTHER NON CURRENT LIABILITIES
Allocation of commitment
Total other non current liabilities
OTHER CURRENT LIABILITIES
Next year's instalment on interest-bearing debt
Proposed dividend
Cash pool intercompany payables
Other current liabilities
Total other current liabilities
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 83
Note
2021
2020
9/14
9
12/13
9/14
39 298
9 163
13 013
61 475
30 944
9 893
18 315
59 152
0
890
890
200 000
178 320
54 616
75 431
508 366
222 900
28 274
70 282
321 455
The fair value of current receivables and payables is virtually the same as the carried amount, since the effect of discounting is insignificant.
Lending is at floating rates of interest. Fair value is virtually identical with the carried amount. See note 13.
Note 8 Current financial investments
NOK thousand
Market value asset management portfolio
Equities
Bonds
Other financial derivatives
Total current financial investments
2021
2020
678 799
509 680
755
613 060
406 196
35 744
1 189 234
1 055 001
The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.
The net unrealised gain at 31.12
118 052
119 044
The portfolio of financial investments is held as collateral within a securities’ finance facility. See note 12.
Parent — Accounts and notes
Note 9 Restricted bank deposits and undrawn committed drawing rights
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 84
NOK thousand
Undrawn committed drawing rights
Undrawn committed drawing rights for 31 December
Cash and cash equivalents
Banks
Total Cash and cash equivalents
Restricted bank deposits
Banks
Total restricted bank deposits
2021
2020
1 039 424
1 156 906
2021
2020
158 012
158 012
108 481
108 481
2021
2020
13 013
13 013
18 315
18 315
WWH ASA is the owner of the cash pool with the Norweigian subsidiaries as
participants. Bank balances in subsidiaries are presented as intercompany
receivables/payables in the parent financial statements. The cash pool covers
following currencies; NOK, USD, EUR, SEK, GBP, JPY, AUD and DKK. There are no
credit line related to the cash pool.
The parent company has a bank guarantee for the payroll tax. Per 31 December 2021
the guarantee amounted to NOK 7 million (31 December 2020 NOK 7 million).
Note 10 Equity
FINANCIAL REPORTING PRINCIPLES
Share capital and own shares
When the parent company purchases its own shares (treasury shares), the
consideration paid, including any attributable transaction costs net of income tax,
is deducted from the equity attributable to the parent company’s shareholders
until the shares are liquidated or sold. Should such shares subsequently be sold or
reissued, any consideration received is included in share capital.
Dividend and group contribution in the parent accounts
Proposed dividend for the parent company’s shareholders is shown in the parent
company account as a liability at 31 December current year. Group contribution to
the parent company is recognised as a financial income and current asset in the
financial statement at 31 December current year.
The largest shareholders at 31 December 2021
Shareholders
Tallyman AS
Pareto Aksje Norge Verdipapirfond
Verdipapirfondet Nordea Norge Verdi
Citibank Europe plc
Citibank Europe plc
J.P. Morgan Bank Luxembourg S.A.
The Bank of New York Mellon
VJ Invest AS
Stiftelsen Tom Wilhelmsen
Skagen Vekst Verdipapirfond
Forsvarets Personellservice
Folketrygdfondet
Nominee
Nominee
Nominee
Nominee
J.P. Morgan Bank Luxembourg S.A.
Nominee
Varner Equities AS
MP Pensjon PK
Holmen Spesialfond
Clearstream Banking S.A.
RBC Investor Services Bank S.A.
Intertrade Shipping AS
Salt Value AS
Other
Total number of shares
Nominee
Nominee
A shares
B shares
Total number of
shares
% of
total shares
% of
voting stock
20 784 730
2 281 044
23 065 774
51.74%
61.13%
1 126 710
649 794
343 545
886 979
690 162
314 898
390 520
106 029
370 400
600 000
586 000
345 191
126 875
69 169
74 965
339 543
326 175
319 329
10 000
186 532
1 193 601
487 517
377 666
622 873
385 227
505 932
236 000
201 552
415 630
300 247
276 636
3 622
305 000
123 673
1 776 504
1 537 146
1 374 496
1 067 828
937 771
775 747
611 961
606 400
600 000
586 000
546 743
542 505
369 416
351 601
339 543
329 797
319 329
315 000
310 205
3.98%
3.45%
3.08%
2.40%
2.10%
1.74%
1.37%
1.36%
1.35%
1.31%
1.23%
1.22%
0.83%
0.79%
0.76%
0.74%
0.72%
0.71%
0.70%
3.31%
1.01%
2.61%
2.03%
0.93%
1.15%
0.31%
1.09%
1.76%
1.72%
1.02%
0.37%
0.20%
0.22%
1.00%
0.96%
0.94%
0.03%
0.55%
6 002 248
2 213 986
8 216 234
34 000 000
10 580 000
44 580 000
18.43%
100%
17.65%
100%
Shares on foreigners hands
At 31 December 2021, 4 907 784 (14.43%) A shares and 3 109 739 (29.39%) B shares was held by foreign shareholders.
Corresponding figures at 31 December 2020 were 4 336 816 (12.56%) A shares and 2 736 738 (23.29%) B shares.
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 85
Cont. note 10 Equity
SHARES OWNED OR CONTROLLED BY REPRESENTATIVES OF WILH. WILHELMSEN HOLDING ASA AT 31 DECEMBER 2021
Name
A shares
B shares
Total
Part of total shares
Part of voting stock
Board of directors
Carl E. Steen (chair)
Trond Ø. Westlie
Rebekka Glasser Herlofsen
Karin Ulrika Laurin
Morten Borge
Senior executives
8 000
8 000
Thomas Wilhelmsen - group CEO
20 834 524
2 288 210
23 122 734
Christian Berg - group CFO
516
516
Nomination committee
Gunnar Fredrik Selvaag
Jan Gunnar Hartvig
Silvija Seres
Note 11 Pension
0.02%
0.00%
0.00%
0.00%
51.87%
0.00%
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.00%
61.28%
0.00%
0.00%
0.00%
0.00%
Description of the pension scheme
The company’s defined contribution pension schemes for Norwegian employees are
with financial institute, similar solutions with different investment funds.
The company has “Ekstrapensjon”, a contribution plan for all Norwegian employees
with salaries exceeding 12 times the Norwegian National Insurance base amount
(G). The contribution plan replaced the company obligations mainly financed from
operation. In addition the company has agreements on early retirement. This
obligations are mainly financed from operations. The company has obligation towards
one employee in the company’s senior executive management. The obligation is
mainly covered via group annuity policies in Storebrand.
Pension costs and obligations includes payroll taxes. No provision has been made for
payroll tax in pension plans where the plan assets exceed the plan obligations.
The liability recognised in the balance sheet in respect of the remaining defined
benefit pension plans is the present value of the defined benefit obligation at the
end of the reporting period less the fair value of plan assets. The defined benefit
obligations are calculated annually by independent actuaries using the projected unit
credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will
be paid, and that have terms to maturity approximating to the terms of the related
pension obligation.
Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in other comprehensive
income in the period in which they arise.
Number of people covered by pension schemes at 31.12
In employment
On retirement (inclusive disability pensions)
Total number of people covered by pension schemes
Financial assumptions for the pension calculations:
Discount rate
Anticipated pay regulation
Anticipated increase in National Insurance base amount (G)
Anticipated regulation of pensions
Funded
Unfunded
2021
2020
2021
2020
1
1
1
1
1
5
6
1
5
6
Expenses
Commitments
2021
2020
31.12.2021
31.12.2020
1.60%
1.75%
1.75%
0.10%
2.30%
2.00%
2.00%
0.10%
1.80%
2.25%
2.25%
0.10%
1.60%
1.75%
1.75%
0.10%
Anticipated pay regulation are business sector specific, influenced by composition
of employees under the plans. Anticipated increase in G is tied up to the anticipated
pay regulations. Anticipated regulation of pensions is determined by the difference
between return on assets and the hurdle rate.
Actuarial assumptions: all calculations are calculated on the basis of the K2013
mortality tariff. The disability tariff is based on the KU table.
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 86
Cont. note 11 Pension
NOK thousand
Pension expenses
Service cost
Net interest cost
Cost of defined contribution plan
Net pension expenses
2021
2020
Funded
Unfunded
Total
Funded
Unfunded
Total
2 276
205
5 800
8 281
59
771
830
2 335
976
5 800
9 111
1 897
203
4 691
6 791
57
784
841
1 954
987
4 691
7 632
NOK thousand
2021
2020
Remeasurements - Other comprehensive income
Effect of changes in financial assumptions
Effect of experience adjustments
(Return) on plan assets (excluding interest income)
Gross remeasurement (gain) loss included in OCI
Tax effect
Remeasurement (gain) loss recognised in OCI - net of tax
Pension obligations
Defined benefit obligation at end of prior year
Service cost
Interest expense
Benefit payments from plan
Effect of changes in financial assumptions
Effect of experience adjustments
Pension obligations at 31.12
Fair value of plan assets
Fair value of plan assets at end of prior year
Interest income
Employer contributions
Administrative expenses paid from plan assets
Return on plan assets (excluding interest income)
Gross pension assets at 31.12
Other comprehensive income
Gross pension other comprehensive income
Tax effect
Net equity effect
Specification of funded and unfunded obligation
Defined benefit obligation funded
Defined benefit obligation unfunded
Fair value of plan assets
Net liability
(809)
4 725
(70)
3 846
846
3 000
82 613
2 105
1 250
(1 463)
(809)
4 725
88 421
8 378
10 278
(276)
18 380
4 044
14 336
63 960
1 804
1 328
(3 135)
8 378
10 278
82 613
16 200
13 922
274
1 886
(282)
122
422
1 811
(231)
276
18 200
16 200
3 794
(835)
2 959
18 380
(4 044)
14 336
32 669
55 752
18 200
70 221
29 927
52 686
16 200
66 413
Premium payments in 2022 are expected to be NOK 8.5 million (2021: NOK 8.9 million). Payments from operations are estimated at NOK 1.7 million (2021: NOK 2.3 million).
Parent — Accounts and notes Note 12 Interest-bearing debt
NOK thousand
Interest-bearing debt
Bank loan
Total interest-bearing debt
Repayment schedule for interest-bearing debt
Due in year 1
Total interest-bearing debt
Held as collateral within a securities’ finance facility
The portfolio of financial investments
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 87
2021
2020
200 000
200 000
200 000
200 000
0
0
1 188 479
1 019 256
The parent company had in addition undrawn revolving facilities at 31 December
2021. The parent company’s financing arrangement provides for customary financial
covenants related to minimum liquidity, and minimum value adjusted equity ratio. The
company was in compliance with these covenants at 31 December 2021 (analougue
for 31 December 2020).
FINANCIAL RISK
See note 13 to the parent accounts and note 19 to the group accounts for further
information on financial risk, and note 18 to the group accounts concerning the fair
value of interest-bearing debt.
Note 13 Financial risk
CREDIT RISK
Guarantees
The group’s policy is that the parent company will not provide any financial
guarantees.
Cash and bank deposits
The parent’s exposure to credit risk on cash and bank deposits is considered to be
very limited as the parent maintain banking relationships with a selection of banks
with strong credit ratings.
LIQUIDITY RISK
The parent’s approach to managing liquidity is to ensure sufficient liquidity to meet its
liabilities, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the parent and group’s reputation.
The parent’s liquidity risk is considered to be low in the sense that it holds significant
liquid assets in addition to undrawn credit facilities.
FAIR VALUE ESTIMATION
The fair value of financial instruments traded in an active market is based on
quoted market prices on the balance sheet date. The fair value of financial
instruments not traded in an active market (over-the-counter contracts) are based
on third party quotes. Specific valuation techniques used to value financial
instruments include:
Quoted market prices or dealer quotes for similar instruments.
The fair value of interest rate swaps is calculated as the present value of the
estimated future cash flows based on observable yield curves.
The fair value of interest rate swap option (swaption) contracts is determined using
observable yield curve, volatility and time-to-maturity parameters at the balance
sheet date, resulting in a swaption premium. The fair value of forward foreign
exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value.
The fair value of foreign exchange option contracts is determined using observable
forward exchange rates, volatility, yield curves and time-to-maturity parameters at
the balance sheet date, resulting in an option premium.
The carrying value less impairment provision of receivables and payables are
assumed to approximate their fair values. The fair value of financial liabilities for
disclosure purposes is estimated by discounting the future contractual cash flows
at the current market interest rate that is available to the company for similar
financial instruments.
Parent — Accounts and notes
Cont. note 13 Financial risk
NOK thousand
2021
Interest-bearing debt
Bank loan
Total interest-bearing debt at 31.12
2020
Interest-bearing debt
Bank loan
Total interest-bearing debt at 31.12
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 88
Fair value
Carrying amount
200 000
200 000
200 000
200 000
0
0
The fair value of financial instruments traded in active markets is based on closing
prices at the balance sheet date. A market is regarded as active if quoted prices
are readily and regularly available from an exchange, dealer, broker, industry group,
pricing service, or regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arm’s length basis.
by using valuation techniques. These valuation techniques use observable market
data where available and rely as little as possible on entity specific estimates. These
instruments are included in level 2. Instruments included in level 2 are FX and IR
derivatives.
The fair value of financial instruments not traded in an active market is determined
If one or more of significant valuation inputs is not based on observable market data,
the instruments are included in level 3.
Total financial instruments and short term financial investments
NOK thousand
2021
Financial assets to fair value through income statement
– Bonds
– Equities
– Financial derivatives
Total assets at 31.12
2020
Financial assets at fair value through income statement
– Bonds
– Equities
– Financial derivatives
Total assets at 31.12
Level 1
Level 2
Level 3
Total balance
509 680
678 799
1 188 479
406 196
613 060
1 019 256
755
755
35 744
35 744
509 680
678 799
755
0
1 189 234
406 196
613 060
35 744
0
1 055 001
Parent — Accounts and notes
Cont. note 13 Financial risk
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 89
Financial instruments by category
NOK thousand
2021
Assets
Sub lease receivable non current
Other non current assets
Current financial investments
Financial derivatives
Sub lease receivable
Other current assets
Cash and cash equivalent
Assets at 31.12.2021
Liabilities
Property lease liabilities non current
Current interest-bearing debt
Current portion of property lease liabilities
Other current liabilities
Liabilities at 31.12.2021
2020
Assets
Sub lease receivable non current
Current financial investments
Financial derivatives
Sub lease receivable
Other current assets
Cash and cash equivalent
Assets at 31.12.2020
Liabilities
Property lease liabilities non current
Current portion of property lease liabilities
Other current liabilities
Liabilities at 31.12.2020
Note
4
14
8
8
4
7
Note
4
7
4
7
Note
4
8
8
4
7
Note
4
4
7
Financial assets at
amortised cost
Fair value through
income statement
244 704
34 259
28 881
79 874
158 012
545 730
1 188 479
755
1 189 234
Other financial
liabilities at
amortised cost
Fair value through
income statement
278 275
200 000
31 221
263 786
773 281
0
Other financial
liabilities at
amortised cost
Fair value through
income statement
114 031
35 037
63 840
108 481
321 390
1 019 256
35 744
1 055 001
Other financial
liabilities at
amortised cost
Fair value through
income statement
128 216
39 033
321 455
488 705
0
Total
244 704
34 259
1 188 479
755
28 881
79 874
158 012
1 734 964
Total
278 275
200 000
31 221
263 786
773 281
Total
114 031
1 019 256
35 744
35 037
63 840
108 481
1 376 390
Total
128 216
39 033
321 455
488 705
See note 19 to the group financial statement for further information about the group risk factors.
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 90
Note 14 Related party transaction
The ultimate owner of the group Wilh.Wilhelmsen Holding ASA is Tallyman AS, which holds about 61% of voting shares of the company.
Tallyman AS is controlled by Thomas Wilhelmsen.
Shares owned or controlled by related party of Wilh. Wilhelmsen Holding ASA at 31 December 2021
Name
A shares
B shares
Total
Part of
total shares
Part of
voting stock
Family Thomas Wilhelmsen
20 834 524
2 288 210
23 122 734
51.87%
61.28%
WWH ASA delivers services to other group companies, primarily human resources,
communication and treasury (“Shared Services”).
In accordance with service level agreements, WilService AS delivers in-house
services such as canteen, post, switchboard and rent of office facilities, Wilhelmsen
Global Business Services delivers accounting services and IT to WWH. Generally,
Shared Services are priced using a cost plus 5% margin calculation, in accordance
with the principles set out in the OECD Transfer Pricing Guidelines and are delivered
according to agreements that are renewed annually.
NOK thousand
KEY MANAGEMENT PERSONNEL
Short-term employee benefits
Key management personnel compensation
Detailed remuneration disclosures are provided in the remuneration report.
2021
2020
26 429
26 429
23 644
23 644
NOK thousand
Note
2021
2020
OPERATING REVENUE FROM GROUP COMPANIES
WAWI group
Maritime Services
Other Strategic Holdings and Investments
New Energy
Operating revenue from group companies
OPERATING EXPENSES TO GROUP COMPANIES
Maritime Services
Strategic Holdings and Investments
Operating expenses to group companies
FINANCIAL INCOME FROM GROUP COMPANIES
Maritime Services
Strategic Holdings and Investments
Financial income from group companies
FINANCIAL EXPENSES TO GROUP COMPANIES
Maritime Services
Strategic Holdings and Investments
Financial expenses to group companies
ACCOUNT RECEIVABLES AND ACCOUNT PAYABLES WITH GROUP COMPANIES
Account receivables
Maritime Services
Strategic Holdings and Investments
Account receivables from group companies
Account payables
Maritime Services
Strategic Holdings and Investments
Account payables to group companies
4 443
14 336
4 467
635
23 880
4 426
16 105
5 866
150
26 548
(5 910)
(6 894)
(12 804)
(1 803)
(11 845)
(13 648)
380 722
255 995
636 717
16
180 424
180 439
(2 471)
(2 471)
5 155
1 385
6 540
(1 396)
(80)
(1 476)
(1)
(3 014)
(3 016)
2 033
2
2 036
(204)
(171)
(375)
1
1
1
1
7
7
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 91
Cont. note 14 Related party transaction
NOK thousand
Note
2021
2020
Cash pool receivables
Strategic Holdings and Investments
Cash pool receivables from group company
Cash pool payables
Maritime Services
Strategic Holdings and Investments
Cash pool payables to group company
NON CURRENT LOAN TO GROUP COMPANIES
Strategic Holdings and Investments
Non current loan to group companies
NON CURRENT SUBLEASE TO GROUP COMPANIES
Strategic Holdings and Investments - Wilservice AS
Non current sublease to group companies
CURRENT SUBLEASE TO GROUP COMPANIES
Strategic Holdings and Investments - Wilservice AS
Current sublease to group companies
9
9
7
4
4
39 298
39 298
30 944
30 944
(11 276)
(43 340)
(54 616)
(15 407)
(12 867)
(28 274)
34 259
34 259
0
244 704
244 704
114 031
114 031
28 881
28 881
35 037
35 037
Note 15 Events after the balance sheet date
No material events occurred between the balance sheet date and the date when the accounts were presented which provide new information about conditions prevailing
on the balance sheet date.
Parent — Accounts and notes
Auditor’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 92
To the General Meeting of Wilh. Wilhelmsen Holding ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Wilh. Wilhelmsen Holding ASA, which comprise:
• The financial statements of the parent company Wilh. Wilhelmsen Holding ASA (the
Company), which comprise the balance sheet as at 31 December 2021, the income statement,
comprehensive income and cash flow statement for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and
• The consolidated financial statements of Wilh. Wilhelmsen Holding ASA and its subsidiaries
(the Group), which comprise the balance sheet as at 31 December 2021, the income statement,
comprehensive income, consolidated statement of changes in equity and cash flow statement
for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion:
•
•
•
the financial statements comply with applicable statutory requirements,
the financial statements give a true and fair view of the financial position of the Company as at
31 December 2021, and its financial performance and its cash flows for the year then ended in
accordance with simplified application of international accounting standards according to
section 3-9 of the Norwegian Accounting Act, and
the financial statements give a true and fair view of the financial position of the Group as at 31
December 2021, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards 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 and the
Group as required by laws and regulations and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Parent — Accounts and notes
Auditor’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 93
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 12 years from the election by the general meeting of the
shareholders on 25 February 2010 for the accounting year 2010.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. The Groups business operations, who continue to
evolve due to ongoing improvement projects, are largely the same as last year. We have not identified
regulatory changes, transactions or other events that qualified as new Key Audit Matters for this year’s
audit.
Key Audit Matter
How our audit addressed the Key Audit Matter
Revenue from contracts with customers
This has been an area of focus for the
audit due to the amounts involved.
Revenue from contracts with customers
in the Maritime Services and New Energy
segments was USD 555 million and USD
310 million respectively for the year
ended December 31, 2021.
Further, there is an inherent risk of errors
when a business handles multiple
revenue streams, where each of them
consists of large numbers of transactions
that adds up to material amounts. The
inherent risk of errors increases from the
complexity that sometimes accompany
the requirements for management to use
judgement, particularly to determine the
transaction price and to decide when
performance obligations are satisfied.
We refer to note 3 Revenue, where
management explain the various revenue
streams and how they are accounted for
under IFRS 15 - Revenue from contracts
with customers and IFRS 16 - Leases.
Here, management also explains the
different performance obligations,
measurement of the transaction price and
We obtained and studied managements’ accounting
policy to assess it against relevant IFRSs. We discussed
with management how the specific requirements of the
standards, in particular IFRS 15 – Revenue from
contracts with customers, were met. We found that we
were able to agree with management about their
accounting policies and that their assessments were
reasonable.
To assess the accuracy of their practices, we tested, on a
sample basis, each revenue stream towards information
such as contract terms, invoices and bank payments.
We found that the revenue was recorded accurate and
in accordance with the underlying documentation.
Further, to assess the determined transaction prices,
we obtained an understanding of the price for services
and products, including discounts and customer bonus
through interviews with management, walkthroughs
and review of process descriptions. In addition, we
obtained and read a selection of customer contracts to
understand whether the determined prices were in
accordance with the contract terms. We found no
significant deviations in management's assessments.
Through interviews with management and review of a
selection of sales documentation such as customer
contracts and invoices, we obtained an understanding
(2)
Parent — Accounts and notes
Auditor’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 94
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
whether income should be recognized net
or gross.
of the assumptions management assessed to decide on
when the performance obligations were satisfied. We
concluded that management’s assumptions were
reasonable.
We compared the related disclosures in note 3 to the
financial statements for the Group to the requirements
of the applicable financial reporting framework, IFRS.
We found that the disclosure appropriately explained
the revenue from contracts with customers and lease
revenue.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report and the other information accompanying the financial statements.
The other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
•
•
is consistent with the financial statements and
contains the information required by applicable legal requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with simplified application of international accounting standards according to the
Norwegian Accounting Act section 3-9, and for the preparation and true and fair view of the
consolidated financial statements of the Group in accordance with International Financial Reporting
Standards as adopted by the EU, 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 and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
(3)
Parent — Accounts and notes
Auditor’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 95
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
concern and using the going concern basis of accounting unless management either intends to
liquidate the Group 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 will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
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 in accordance with ISAs, 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. We 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 or the Group'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, 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 and the
Group'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 and the Group to cease to
continue as a going concern.
•
evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
(4)
Parent — Accounts and notes
Auditor’s report
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 96
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format
(ESEF)
Opinion
We have performed an assurance engagement to obtain reasonable assurance that the financial
statements with file name Wilhelmsen Holding-2021-12-31-en.zip have been prepared in accordance
with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the
accompanying Regulation on European Single Electronic Format (ESEF).
In our opinion, the financial statements have been prepared, in all material respects, in accordance
with the requirements of ESEF.
Management’s Responsibilities
Management is responsible for preparing, tagging and publishing the financial statements in the single
electronic reporting format required in ESEF. This responsibility comprises an adequate process and
the internal control procedures which management determines is necessary for the preparation,
tagging and publication of the financial statements.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the
ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger
Oslo, 23 March 2022
PricewaterhouseCoopers AS
Thomas Fraurud
State Authorised Public Accountant
(5)
Parent — Accounts and notes
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 97
Responsibility statement
We confirm, to the best of our knowledge, that the condensed set of financial
statements for the period 1 January to 31 December 2021 have been prepared in
accordance with current applicable accounting standards and give a true and fair
view of the group assets, liabilities, financial position and profit for the entity and the
group taken as a whole.
We also confirm, that the Board of Directors’ Report includes a true and fair review of
the development and performance of the business and the position of the entity and
the group, together with a description of the principal risks and uncertainties facing
the entity and the group.
Lysaker, 23 March 2022
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair) Morten Borge Rebekka Glasser Herlofsen
Ulrika Laurin Trond Westlie Thomas Wilhelmsen (group CEO)
Parent — Accounts and notes Group — Corporate structure
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 98
5
Corporate
structure
Group — Corporate structure
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 99
Safe and secure operations
Despite the challenges posed by the ongoing pandemic, we have consistently
provided safe and secure operations. This is testament to the 15000+ Wilhelmsen
employees onshore and at sea who will always be our most valuable asset.
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 100
Corporate structure
At 31 December 2021
WWH group
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius Wilhelmsen ASA,
Norway 37.82%
Treasure ASA, Norway
74.82%
Wilhelmsen Maritime Services AS,
Norway
Wilhelmsen New Energy AS,
Norway
Maritime Services Segment
New Energy Segment
Unless otherwise stated, the company is wholly-owned.
For group company list sorted by business area see below list.
Strategic Holdings and Investments
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius
Wilhelmsen ASA
37.82%
Treasure ASA
74.82%
WilNor Governmental
Services AS
100% **
Wilhelmsen
GRC Sdn.Bhd.
WilService AS,
Norway
Wilhelmsen Accounting
Services AS,
Norway
Den Norske
Amerikalinje AS
WGS Properties AS
Wilh. Wilhelmsen
Invest AS
Hyundai Glovis Ltd
11.00%
Olavsvern Group AS
66%
WGS Solution AS
Wilh. Wilhelmsen Holding Invest Malta Ltd *
Unless otherwise stated, the company is wholly-owned.
* Wilh. Wilhelmsen Holding Invest Malta Ltd is owned by Wilhelmsen New Energy AS
** 51% owned by Wilh Wilhelmsen Holding ASA and 49% of the shares are owned by NorSea Group
Group — Corporate structure Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 101
Group management team.
Thomas Wilhelmsen (group CEO), Benedicte Teigen Gude (Executive vice president HR, culture, and communication) and Christian Berg (group CFO).
From left: Bjørge Grimholt (Executive vice president Maritime Services), Jan Eyvin Wang (Executive vice president New Energy),
Maritime services
Wilhelmsen Maritime Services AS, Norway
Wilhelmsen Ship Management
Wilhelmsen Ships Service
Wilhelmsen Insurance Services AS
Denholm Port Services Ltd
40%
Wilhelmsen Ship Management
Holding AS Norway
Wilhelmsen Ships Service AS,
Norway
For group company list sorted by business area see below list.
Unless otherwise stated, the company is wholly-owned.
Business area
Legal entity
Group — Corporate structure
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 102
Maritime services
Company name
Wilhelmsen Maritime Services
Wilhelmsen Insurance Services AS
Wilhelmsen Ship Management
Wilhelmsen Ship Management Serviços Marítimos do Brasil Ltda
Wilhelmsen Marine Personnel d.o.o.
Diana Wilhelmsen Management Limited
Wilhelmsen Ahrenkiel GmbH
Verwaltung Wilhelmsen Ahrenkiel GmbH
BWW LPG Limited
Barklav (Hong Kong) Limited
Wilhelmsen Marine Personnel (Hong Kong) Ltd
Wilhelmsen Ship Management Limited
WSM Global Services Limited
Wilhelmsen Ship Management (India) Private Limited
BWW LPG Sdn Bhd (in liquidation)
Wilhelmsen Ship Management Sdn Bhd
Wilhelmsen Ship Management Services Sdn Bhd (in liquidation)
Wilhelmsen Ahrenkiel Netherland
Wilhelmsen Marine Personnel (Norway) AS
Wilhelmsen Ship Management (Norway) AS
OOPS (Panama) SA
Wilhelmsen-Smith Bell Manning Inc
Wilhelmsen Marine Personnel Sp z.o.o.
Wilhelmsen Ship Management Korea Ltd
Barklav SRL
Wilhelmsen Marine Personnel Novorossiysk Ltd
Wilhelmsen Ship Management Singapore Pte Ltd
Wilhelmsen Ship Management Denizcilik Ve Ticaret Anonim Sirketi
Wilhelmsen Marine Personnel (Ukraine) Ltd
Wilhelmsen Ship Management (USA) Inc
Wilhelmsen Ship Management UK Limited
Wilhelmsen Marine Personnel (Ukraine) Ltd
Wilhelmsen Ship Management (USA) Inc
Wilhelmsen Ships Service
Wilhelmsen Ships Service Algeria SPA
Wilhelmsen Ships Service Argentina SA
Hunter Marine Holdings Pty Ltd
Cargomax Pty Ltd
Hunter Marine Surveyors Pty Ltd
Wilhelmsen Ships Service Pty Limited
Wilhelmsen Marine Products Pty Ltd
WLB Shipping Pty Ltd
WWHI Property Australia Pty Ltd
Almoayed Wilhelmsen Ltd
Wilhelmsen Ships Service NV
Wilhelmsen Ships Service do Brasil Ltda
Wilhelmsen Port Services Brasil Ltda
Wilhelmsen Ships Service Ltd
Wilhelmsen Ships Service Inc
Wilhelmsen Ships Service Agencia Maritima SA
Wilhelmsen Ships Service (Chile) S.A.
Wilhelmsen Huayang Ships Service (Beijing) Co Ltd
Wilhelmsen Huayang Ships Service (Shanghai) Co Ltd
Wilhelmsen Ships Service Co Ltd
Wilhelmsen Ships Service Colombia SAS
Wilhelmsen Ships Service Cote d'Ivoire SARL
Wilhelmsen Ships Service Cyprus Ltd
Wilhelmsen Ships Service A/S
Wilhelmsen Ships Service Ecuador SA
Barwil Arabia Shipping Agencies SAE
Barwil Egytrans Shipping Agencies SAE
Country
Norway
Brazil
Croatia
Cyprus
Germany
Germany
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
India
Malaysia
Malaysia
Malaysia
Netherland
Norway
Norway
Panama
Philippines
Poland
Republic of Korea
Romania
Russia
Singapore
Turkey
Ukraine
United States
United Kingdom
Ukraine
United States
Algeria
Argentina
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Bahrain
Belgium
Brazil
Brazil
Bulgaria
Canada
Chile
Chile
China
China
China
Colombia
Cote d'Ivoire
Cyprus
Denmark
Ecuador
Egypt
Egypt
Ownership %
100.00%
100.00%
100.00%
50.00%
50.00%
50.00%
49.00%
50.00%
100.00%
100.00%
100.00%
100.00%
49.00%
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
25.00% *
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
49.00% *
100.00%
60.00%
60.00%
60.00%
100.00%
100.00%
100.00%
100.00%
40.00% *
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
49.00% *
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
35.00%
49.00% *
Group — Corporate structure Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 103
cont. Maritime services
Company name
Wilhelmsen Ships Service
Scan Arabia Shipping Agencies SAE
Wilhelmsen Ships Service LLC (Egypt)
Wilhelmsen Ships Service Oy Ab
Auxiliaire Maritime SAS
Wilhelmsen Ships Service France SAS
Wilhelmsen Marine Products France SAS
Wilhelmsen Ships Service Georgia Ltd
Barwil Agencies GmbH
Wilhelmsen Ships Service GmbH
Wilhelmsen Ships Service (Gibraltar) Limited
Wiltrans (Gilbraltar) Limited
Wilhelmsen Ships Service Hellas SA
Wilhelmsen Ships Agency Hellas SM S.A
Wilhelmsen Ships Service Limited
Wilhelmsen Maritime Services Private Limited
Barwil For Maritime Services Co Ltd
Iraqi-Norwegian Company For Marine Navigation and Maritime Services Ltd
Wilhelmsen Ships Service SpA
Wilhelmsen Ships Service (Japan) Pte Ltd - Legal Branch
Wilhelmsen Ships Service Co Ltd
Wilhelmsen Ships Service Ltd
Alghanim Barwil Shipping Co-Kutayba Yusuf Ahmed & Partners WLL
Wilhelmsen Ships Service Lebanon SAL
Wilhelmsen Freight & Logistics Sdn Bhd
Wilhelmsen IT Services Sdn Bhd
Wilhelmsen Ships Service Holdings Sdn Bhd
Wilhelmsen Ships Service Malaysia Sdn Bhd
Wilhelmsen Ships Service Trading Sdn Bhd
WSS Global Business Services Sdn Bhd
Wilhelmsen Ships Service Malta Limited
Unitor de Mexico, SA de CV
Wilhelmsen Ships Service (Mozambique), Limitada
Wilhelmsen Ships Service (Myanmar) Limited
Wilhelmsen Ships Service BV
Wilhelmsen Port Services B.V.
Unitor Ships Service NV Netherland Anthilles
Wilhelmsen Ships Service Limited
Wilhelmsen Port Services Limited
Barwil Agencies AS
Wilhelmsen Chemicals AS
Wilhelmsen Global Business Services AS
Wilhelmsen Ships Service AS
Wilhelmsen Towell Co LLC
Wilhelmsen Ships Service (Private) Limited
Barwil Agencies SA
Intertransport Air Logistics SA
Lowill SA
Scan Cargo Services SA
Transcanal Agency SA
Wilhelmsen Ships Service SA
Wilhelmsen-Smith Bell (Subic) Inc
Wilhelmsen-Smith Bell Shipping Inc
Wilhelmsen Ships Service Philippines Inc
Wilhelmsen Ships Service Polska Sp z.o.o.
Wilhelmsen Business Services Center Sp.z.o.o.
Argomar-Navegcao e Transportes SA
Wilhelmsen Ships Service Portugal, S.A
Perez Torres Portugal Lda
Wilhelmsen Ship Services Qatar Ltd
Wilhelmsen Hyopwoon Ships Service Ltd
Wilhelmsen Ship Services Co Ltd
Barwil Star Agencies SRL
Country
Egypt
Egypt
Finland
France
France
France
Georgia
Germany
Germany
Gibraltar
Gibraltar
Greece
Greece
Hong Kong
India
Iraq
Iraq
Italy
Japan
Japan
Kenya
Kuwait
Lebanon
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malta
Mexico
Mozambique
Myanmar
Netherlands
Netherlands
Netherlands Antilles
New Zealand
New Zealand
Norway
Norway
Norway
Norway
Oman
Pakistan
Panama
Panama
Panama
Panama
Panama
Panama
Philippines
Philippines
Philippines
Poland
Poland
Portugal
Portugal
Portugal
Qatar
Republic of Korea
Republic of Korea
Romania
Ownership %
49.00% *
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
49.00%
49.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
60.00%
49.00% *
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
25.00%
25.00% *
25.00%
100.00%
100.00%
100.00%
100.00%
50.00%
0.00% *
50.00%
100.00%
100.00%
Group — Corporate structure cont. Maritime services
Company name
Wilhelmsen Ships Service
Wilhelmsen Ships Service OOO
Limited Liability Company " Wilhelmsen Marine Products"
Barwil Agencies Ltd For Shipping
Binzagr Barwil Maritime Transport Co Ltd
Wilhelmsen Ships Service Senegal SUARL
Unitor Cylinder Pte Ltd
Wilhelmsen Ships Service (Japan) Pte Ltd
Wilhelmsen Ships Service (S) Pte Ltd
Wilhelmsen Global Husbandry Services Pte Ltd
Havtec Pte Ltd
Wilhelmsen Port Services (S) Pte. Ltd.
Timm Slovakia s.r.o
Barwil (South Africa) Pty Ltd
Krew-Barwil (Pty) Ltd
Wilhelmsen Ships Services (Pty) Ltd
Wilhelmsen Ships Services South Africa (Pty) Ltd
Wilhelmsen Ships Service Canarias SA
Wilhelmsen Ships Service Spain SAU
Wilhelmsen Port Services Spain S.L
Baasher Barwil Agencies Ltd.
Wilhelmsen Ships Service AB
Wilhelmsen Ships Service Inc
Wilhelmsen Ship Services Ltd
Wilhelmsen Ships Service (Thailand) Ltd
Wilhelmsen Denizcilik Hizmetleri Ltd Sirketi
Wilhelmsen Lojistick Hizmetleri Ltd Sirketi
Wilhelmsen Ships Service Ukraine Ltd
Barwil Dubai LLC
Wilhelmsen Ship Services LLC
Triangle Shipping Agencies LLC
Wilhelmsen Ships Service AS (Dubai Branch)
Wilhelmsen Maritime Services JAFZA
Wilhelmsen Ships Service LLC - Fujairah
Wilhelmsen Port Services L.L.C
Denholm Wilhelmsen Ltd
Wilhelmsen Ships Service Limited
Wilhelmsen Ships Service Inc
Unitor Holding Inc
Wilhelmsen Port Services, Inc
International Shipping Co Ltd
Wilhelmsen Sunnytrans Co Ltd
* Additional profit share agreement
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 104
Country
Russia
Russia
Saudi Arabia
Saudi Arabia
Senegal
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Slovakia
South Africa
South Africa
South Africa
South Africa
Spain
Spain
Spain
Sudan
Sweden
Taiwan
Tanzania
Thailand
Turkey
Turkey
Ukraine
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Kingdom
United Kingdom
United States
United States
United States
Vietnam
Vietnam
Ownership %
100.00%
100.00%
70.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
49.00%
100.00%
70.00%
100.00%
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
49.00% *
100.00%
100.00%
100.00%
49.00% *
42.50%
49.00% *
100.00%
100.00%
49.00% *
100.00%
40.00%
100.00%
100.00%
100.00%
100.00%
0.00% *
49.00% *
Group — Corporate structure Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 105
New Energy
Wilh. Wilhelmsen Holding ASA, Norway
Wilhelmsen New Energy AS
NorSea Wind Holding AS *
Edda Wind ASA
25.66%
NorSea Group AS
75.15%
Topeka Holding AS
RaaLabs AS
Massterly AS
50%
Dolittle AS
45.97%
Loke Marine Minerals AS
18%
Ivaldi Group Inc
10%
New Energy
Company name
NorSea Group Australia PTY Ltd
NorSea Denmark A/S
NorSea Denmark Property A/S
NorSea Wind A/S
NSG Wind A/S
NorSea Wind GmbH
Raa Labs AS
Dolittle AS
Massterly AS
Loke Marine Minerals AS
NorSea Property AS
NorSea Impact AS
NorSea Industrial Holding AS
NorSea Wind Holding AS
CCB Energy Holding AS
Vestbase Eiendom AS
Averøy Eiendom AS
Orvikan Eiendom AS
NorSea Fighter AS
NorSea Eiendom Dusavik AS
NorSea Eiendom Tananger AS
NorSea Tananger 107 AS
Tananger Eiendom AS
Konciv AS (tidl NSG Digital AS)
Topeka Nattruten AS
For group company list sorted by business area see below list.
* NorSea Wind Holding AS is owned 50% by Wilhelmsen Ship Management Holding AS and NorSea Group
Country
Australia
Denmark
Denmark
Denmark
Denmark
Germany
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Ownership %
100.00%
100.00%
100.00%
100.00% *
100.00% *
100.00% *
100.00% **
45.97% **
50.00% **
18.00% ***
100.00%
100.00%
100.00%
100.00% *
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
49.91%
Group — Corporate structure cont. New Energy
Company name
Maritime Waste Management AS
NorSea Norbase AS
OS Expressene AS
NSG Maritime AS
Westport AS
Elevon AS
CCB Holding AS
Vikan Næringspark Invest AS
Dusavik Utvikling AS
SørSea AS
Polarlift AS
Polar Algae AS
KS Coast Center Base
Risavika Eiendom AS
Eldøyane Næringspark AS
LoVe Miljøbase AS
Risavika Havnering 14 AS
Strandparken Holding AS
Logiteam AS
CCB Subsea AS
Hammerfest Næringsinvest AS
Windworks Jelsa AS
Narvikeiendommen AS
Norsea 123 Ltd.
NorSea UK Ltd
Evelon AB
NorSea Wind Ltd
* Own 50% by Wilhelmsen Ship Management Holding AS and 50% by NorSea group
** Own by Wilhelmsen New Energy AS
*** Own 9% by Wilhelmsen New Enery AS and 9% by NorSea group
Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 106
Country
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Scotland
Scotland
Sweden
Ownership %
75.00%
78.95%
100.00%
78.00%
66.66%
50.00%
50.00%
50.00%
43.60%
50.00%
50.00%
40.00%
49.75%
42.00%
37.97%
33.33%
100.00%
33.07%
17.00%
17.00%
32.26%
33.33%
49.00%
100.00%
100.00%
50.00%
United Kingdom
100.00% *
Group — Corporate structure Wilh. Wilhelmsen Holding ASA Annual Report 2021 — Page 107
Group — Corporate structure wilhelmsen.com
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Wilh. Wilhelmsen Holding ASA
Phone: (+47) 67 58 40 00
Postal address:
PO Box 33, NO-1324
Lysaker, Norway
Visiting address:
Strandveien 20, NO-1366
Lysaker, Norway
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