Enable. Enhance. Simplify.
Annual report
2023
PAGE 2
Key figures
– consolidated accounts
INCOME STATEMENT
Total income
Operating profit before amortisation and impairment (EBITDA)
Operating profit
Profit before tax
Net profit
Net profit 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)
2023
2022*
2021
2020
2019
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
USD mill
1 029
147
88
515
487
466
3 294
811
2 857
608
958
153
83
440
427
400
2 981
730
2 438
654
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
USD mill
4 105
3 711
3 448
3 488
3 293
USD mill
USD mill
%
%
194
349
1.3
70%
64
267
1.1
66%
122
366
0.9
65%
194
393
1.3
65%
98
255
1.2
63%
19%
19%
4%
6%
6%
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
USD
USD
Thousand
NOK
10.52
3.33
44 283
10.00
8.98
3.42
1.63
3.16
2.63
3.10
2.46
3.24
44 580
44 580
44 580
45 948
7.00
8.00
2.00
5.00
*The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures for 2022 are restated.
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 (NCI), 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)*
Net profit (USD mill)
Net profit after NCI (USD mill)
9
2
0
1
8
5
9
4
7
8
2
1
8
0
5
8
8
8
3
8
8
7
3
7
0
6
7
8
4
7
2
4
6
6
4
0
0
4
8
7
1
0
3
1
3
5
7
1
1
4
1
1
2
7
2023
2022
2021
2020
2019
KEY FIGURES │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 3
Wilhelmsen in brief
– our vision 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 57 countries, we take innovation, sustainability and unparalleled customer experiences one step further.
Maritime Services
New Energy
Strategic Holdings and Investments
Our ambition is to be the leading provider of products
and services for the global merchant fleet – driving
sustainable transformation of our industry.
Our ambition is to drive energy
infrastructure transformation and
maritime decarbonisation.
Our ambition is to achieve capital growth
through our global footprint, legacy holdings
and leading industrial partnerships.
Share of total income: Year 2023
Share of total income: Year 2023
Share of total income: Year 2023
28%
2%
71%
Share of net profit: Year 2023
Share of net profit: Year 2023
Share of net profit: Year 2023
9%
3%
Share of total assets: As per 31.12.2023
Share of total assets: As per 31.12.2023
Share of total assets: As per 31.12.2023
23%
21%
96%
57%
• Wallenius Wilhelmsen ASA (owned 37.9%)
• Treasure ASA (owned 78.7%)
– Hyundai Glovis (owned 11.0% by Treasure ASA)
• WilNor Governmental Services
• Financial investments
• Holding activities
• Wilhelmsen Maritime Services AS
• Wilhelmsen Ships Service
• Wilhelmsen Port Services
• Wilhelmsen Ship Management
• Wilhelmsen Chemicals
• Wilhelmsen Insurance Services
• Global Business Services
• Wilhelmsen New Energy AS
• NorSea Group (owned 99.0%)
• Edda Wind ASA (owned 25.4%)
• Reach Subsea ASA (owned 19.2%)
• Topeka (owned 100%/50%)
• Massterly (owned 50%)
• RaaLabs (owned 75.1%)
• Nordlys Studio (owned 45%)
• Loke Marine Minerals (owned 15%)
Direct or indirect ownership in brackets when not fully owned.
Our strategic ESG topics
Strategic topics
Strategic ambition
Climate change and decarbonisation
Shape the maritime industry’s transition towards net zero emissions and capitalize on new growth arenas.
Health and safety
Have an engaging and safe workplace with no harm to people.
Equality, diversity and inclusion
Have a culture where each employee is valued for their contribution.
Supply chain management
Work with responsible supply chain partners.
Compliance
Be a responsible, trusted and compliant value chain partner.
KEY FIGURES │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Group CEO’s statement
Accounts and notes – group
Turmoil and strong markets
Page 7
Wilh. Wilhelmsen Holding ASA group
Directors’ report
Income statement
Comprehensive income
Main development and strategic direction
Page 11
Balance sheet
Financial results
Page 13
Cash flow statement
Maritime Services
Page 14
Equity
New Energy
Page 15
General accounting principle
Strategic Holdings and Investments
Page 16
Notes
Risk review
Health, safety and working environment
Page 17
Page 19
Accounts and notes – parent company
Organisation and people development
Page 19
Wilh. Wilhelmsen Holding ASA parent company
Human rights
Environment
Page 20
Income statement
Page 20
Comprehensive income
Corporate governance
Page 21
Balance sheet
Sustainability
Page 21
Cash flow statement
Directors and Officers Liability Insurance
Page 21
Equity
Allocation of profit, dividend and share buy back
Page 22
Notes
Outlook
Page 22
Auditor’s report
PAGE 4
Page 25
Page 25
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 75
Page 75
Page 75
Page 76
Page 77
Page 78
Page 79
Page 96
Responsibility statement
Page 101
Corporate structure
Wilh. Wilhelmsen Holding group main structure
Page 104
Strategic Holdings and Investments segment
Page 105
Maritime Services segment
New Energy segment
Page 106
Page 114
Content
Wilh. Wilhelmsen Holding ASA Annual report 2023Key figures │ CONTENT │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structure Turmoil and strong markets
Page 7
PAGE 5
Group CEO’s
statement
Wilh. Wilhelmsen Holding ASA Annual report 2023Key figures │ Content │ GROUP CEO’S STATEMENT │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structure PAGE 6
Wilhelmsen’s consistent growth and
success demonstrate a commitment to
long-term value creation for the group.
With hard work, agility and strategic
investments resulting in steady growth
and profitability, the group has over time
been able to weather economic and
geo-political turbulence.
Long term
value
creation
Wilh. Wilhelmsen Holding ASA Annual report 2023Key figures │ Content │ GROUP CEO’S STATEMENT │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structure PAGE 7
Turmoil and
strong markets
2023 was yet another year shaped by geopolitical conflicts,
macroeconomic challenges, political instabilities, and the escalating
environmental crisis. Armed conflicts have taken place one after the other,
in new regions across the world, and have had a profound effect on the
maritime industry. Regardless of these challenges, the Wilhelmsen group
continued its journey to shape the maritime industry.
STEADY THROUGH TURMOIL AND RISK
An increase in total shareholder return of 37% was achieved
in 2023. Despite the economic backdrop, it proved to be a
strong year.
The Maritime Services segment delivered an increase across
all main activities driven by volume growth, acquisitions,
and inflationary adjustments. The segment has a workforce
of 5,300 employees, 11,300 seafarers and manages around
450 vessels. Each day in 2023, the segment managed more
than 540 deliveries of marine consumables and facilitated
more than 200 port calls. We will continue to build and
strengthen our global maritime network, as well as our
position as a trusted partner for our customers both at sea
and in port.
We also recorded solid results in the New Energy segment
and expect favourable tailwinds driven by the need for
decarbonisation and energy transition in the years ahead.
Coupled with another strong year for our key strategic
investment in Wallenius Wilhelmsen, 2023 is likely one of the
best years in the history of this group.
Hard work and dedication from all colleagues as well as
the continued support from our customers and financial
stakeholders has contributed to strong results. Thank you!
Our performance is also a testament to the overall structure of
the group and the investments we have made in recent years.
INNOVATION AND TECHNOLOGY
Our ability to innovate, change, and adapt has been instrumental
for the group to surpass 160 years. I am encouraged by our
emerging ventures and startups such as on-demand 3D printing,
autonomous and remote operations, emission management,
and the re-use of vessel materials. These are good examples of
how we deliver on our vision of shaping the maritime industry
with new ideas and solutions for our customers.
The future is teeming with opportunities. Now in 2024,
we launched generative AI to our colleagues worldwide.
At the same time, we must stay vigilant, as supply chains
and infrastructure increasingly have become chosen targets
for both cyber and physical attacks. To harness the exciting
opportunities ahead, it will be key to balance investments
in new opportunities and to safeguard existing operations.
Wilh. Wilhelmsen Holding ASA Annual report 2023Key figures │ Content │ GROUP CEO’S STATEMENT │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structure
PAGE 8
TANGIBLE RESULTS AND PUSHING OUR ESG AGENDA
In 2023, we were particularly happy with the clear results
from our ESG index. The index has 17 ESG related KPIs that
we measure across the group, and this was the first year it was
published externally for everyone to see.
On greenhouse gas emissions, we reduced our scope 1 and 2
emissions by 12% compared to 2022. Furthermore, we sourced 50%
of our electricity consumption during the year from renewable
sources by installing solar panels or through new purchasing
agreements. This required a strong commitment from management
and good execution, all while balancing costs and benefits.
In relation to our people, I am pleased to see good progress
with our gender balance in top management. We achieved 31%
women in top management positions and will continue to work
towards our target of 40% by 2030. A sharp focus on equality,
diversity and inclusion, alongside employee development, has
always been at the core of our culture - giving me confidence in
our future success. I am also pleased to see the continued focus
on health, safety, and wellbeing for our employees and those
working on our behalf.
Entering 2024, the industry is no doubt facing many risks
and uncertainties. At Wilhelmsen we will remain steadfast
in providing the highest quality products and services, new
innovations, clear ESG actions and targets as well as an
attractive workplace. It is our resolve to ensure that Wilhelmsen
leads the way in shaping the maritime industry, embracing
challenges and opportunities alike.
Wilh. Wilhelmsen Holding ASA Annual report 2023Key figures │ Content │ GROUP CEO’S STATEMENT │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structure PAGE 9
Main development and strategic direction
Financial results
Maritime Services
New Energy
Strategic Holdings and Investments
Risk review
Health, safety and working environment
Organisation and people development
Human rights
Environment
Corporate governance
Sustainability
Directors and Officers Liability Insurance
Page 11
Page 13
Page 14
Page 15
Page 16
Page 17
Page 19
Page 19
Page 20
Page 20
Page 21
Page 21
Page 21
Allocation of profit, dividend and share buy back
Page 22
Outlook
Page 22
Directors’
report
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Strategy
PAGE 10
With a commitment to strategic planning
in a constantly cyclical market, Wilhelmsen
can anticipate and adapt to market
changes, and remain competitive through
both challenging and prosperous times.
Wilhelmsen’s vision to shape the maritime
industry, helps drive innovation and deliver
value to customers.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 11
Directors’ report
for 2023
Wilh. Wilhelmsen Holding ASA
Highlights for 2023
• Increased operating income and operating profit.
• Delivered 37% total shareholder return.
• Expanded the Maritime Services network through new
bolt-on acquisition.
• All time high net profit in Wallenius Wilhelmsen ASA.
MAIN DEVELOPMENT AND STRATEGIC DIRECTION
The Wilh. Wilhelmsen Holding group (Wilhelmsen or group) is
a comprehensive global maritime group. 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, and related
infrastructure through active ownership. We also seek to
develop new opportunities in renewables, zero-emission
shipping, and marine digitalization.
Our vision is to shape the maritime industry. In 2023,
Wilhelmsen further expanded the global operation through
bolt-on acquisitions, organic growth, and new innovative
business solutions. Wilhelmsen also delivered solid return to
its shareholders, with an increase in operating result and net
profit, and a 37% total shareholder return for the year.
The main global challenges related to geopolitical tension,
climate change, and high inflation and interest rates, escalated
in 2023. The renewed conflict in the Middle East and the
ongoing Russian war in Ukraine have, in addition to all the
direct human suffering, also a direct impact on the maritime
industry. In this business environment, the Wilhelmsen
operating companies continue to perform and develop, taking
necessary efforts to protect the safety of employees and other
parties. The board would once again like to thank all employees
for their efforts and contributions, ensuring that Wilhelmsen
could continue shaping the maritime industry.
The Wilhelmsen group is organised around three business
segments:
• Maritime Services,
• New Energy, and
• Strategic Holdings and Investments.
In 2023, all three business segments continued their positive
development.
Maritime Services provides essential products and services to
the global merchant fleet, focusing on the three business units
Ships Service, Port Services, and Ship Management. In 2023,
Wilhelmsen further developed its Maritime Services’ offering
and footprint through full integration of previous acquisitions
across all the three business units, and with a new bolt-on
acquisition in Ship Management announced in December.
Together with organic growth, this delivered an increase in
both total income and EBITDA for the year.
New Energy builds on the existing Wilhelmsen infrastructure
and competence serving the offshore and maritime industries
to create an ecosystem supporting energy transition. In 2023,
Wilhelmsen continued to serve the European offshore industry,
using the competence and infrastructure to build a platform
within renewables and future shipping solutions. Total income
and EBITDA for New Energy were stable for the year when
adjusting for non-recurring gains.
The two main assets of the Strategic Holdings and Investments
segment are the shareholding in Wallenius Wilhelmsen ASA
and the shareholding in Hyundai Glovis, owned through
Treasure ASA. Wallenius Wilhelmsen ASA continued the
positive development supported by a strong shipping market,
reaching an all-time high net profit. Hyundai Glovis also
continued to deliver positive results, but with net profit
down for the year. In December, Wilh. Wilhelmsen Holding
ASA and Wallenius Lines AB decided to extend the duration
of the limited shareholders agreement related to Wallenius
Wilhelmsen ASA for three years, until 31 December 2026.
The Wilhelmsen group equity base remains strong. In 2023,
total equity was up with 17%, to USD 2.9 billion, and the equity
ratio based on book values increased to 70% by year end.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 12
Cash and cash equivalents in group companies totalled USD
224 million by the end of the year, The financing structure is
long term and the main loan facilities in Maritime Services
and New Energy were both refinanced in 2022 for a period of
five years.
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. Supporting the
alignment of the senior executives’ and shareholders’ long-
term interests, the main components of the long-term incentive
scheme for senior executives are total shareholder return and
a positive change in an index of underlying asset values. To
further strengthen the alignment with shareholders, senior
executives and board members are encouraged to use part of
their remuneration to buy shares in the company.
The Wilhelmsen share price had a strong development in 2023,
outperforming the general equity market and marking five
consecutive years with positive shareholder return. In 2023,
total weighted return including share price development and
paid dividend was 37.1%, based on a total return of 36.7% for the
WWI share and a total return of 38.5% for the WWIB share.
Wilhelmsen has an objective of consistent yearly dividend
paid twice annually. In connection with release of the full year
results of 2023, the objective was updated to include a target
of an annual dividend yield of 3-5% over time. In 2023, a first
dividend of NOK 6.00 per share was paid in May, and a second
dividend of NOK 4.00 per share was paid in November. For
2024, the board is proposing a first dividend of NOK 10.00
per share payable in the second quarter, and that the Annual
General Meeting authorises the board to distribute additional
dividend of up to NOK 8.00 per share. Wilhelmsen also uses
share buybacks as one of its financial tools, latest in May 2023.
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
and responsible player in the industry and society. In 2023, ESG
regulations, greenhouse gas emissions, human rights, ethics
and anti-corruption, health and safety, equality, diversity and
inclusion, supply chain management, and green growth and
decarbonisation received particular attention.
In 2024, Wilhelmsen will continue to develop the group to the
benefit of customers, shareholders, employees, and the wider
society, building on a more than 160-year history of shaping the
maritime industry.
The board of Wilh. Wilhelmsen Holding ASA
Carl E Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Trond Westlie
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 933
852
2,346
(26)
901
797
2,042
(29)
4,105
3,711
2,702
2,857
2,278
2,438
70%
66%
163
194
105
55
34
63
170
(107)
(196)
(52)
(72)
(71)
231
64
31
44
(11)
6
50
(44)
(138)
(33)
18
(124)
PAGE 13
Total assets and equity
Total assets and equity (USD million)
31.12.2023 31.12.2022
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
FINANCIAL RESULTS
The investment in Hyundai Glovis has been reclassified from fair
value financial asset through income statement to associate and
equity method in financial reporting. The balance per 31.12.2021
and the accounts for 2022 have been restated accordingly.
Income statement
USD million
2023
2022
Total income
of which operating revenue
of which other income
EBITDA
Operating profit/EBIT
1,029
1,027
1
147
88
958
943
15
153
83
Total assets
Shareholders’ equity
Total equity
Equity ratio
Share of profit from JVs and associates
431
397
Financial items
of wich change in fair value financial assets
of wich other financial income/(expenses)
Profit before tax/EBT
Tax income/(expenses)
Profit for the period
Profit to equity holders of the company
(4)
11
(15)
515
(27)
487
466
(40)
(5)
(36)
440
(13)
427
400
EPS (USD)
10.52
8.98
Other comprehensive income
Total comprehensive income
Total comp. income equity holder of the company
(11)
476
457
(88)
339
326
Total assets were USD 4,105 million by the end of 2023, up 11%
for the year. The largest increase was for Strategic Holdings and
Investments. Total equity was up 17% for the year, increasing
the equity ratio to 70%.
Cash flow, liquidity, and debt
Cash flow (USD million)
2023
2022
Cash and cash equivalents 1.1
From operative activities
of wich Maritime Services
of wich New Energy
other operating activities
From investing activities
of wich dividend from JVs and associates
other investing activities
Total income for Wilhelmsen was USD 1,029 million in 2023, up
7% from 2022. Income was up for Maritime Services but down
for New Energy.
From financing activities
of wich dividend and buy back parent
of wich net debt repayment (excluding leasing)
other financing activities
Group EBITDA came in at USD 147 million for the year,
down 3%. EBITDA was up for Maritime Services but down for
New Energy. Adjusting for a 2022 sales gain and a step-up gain
from acquisition of a joint venture, the EBITDA for New Energy
was stable.
Share of profit from joint ventures and associates was USD 431
million for the year, up from USD 397 million one year earlier.
The improvement was due to a further increase in net profit in
Wallenius Wilhelmsen ASA.
The change in fair value financial assets was positive with
USD 11 million, while other financials were a net expense of
USD 15 million. Interest expenses were up for the year, but
this was more than offset by the improved contribution from
investment management.
Tax was included with an expense of USD 27 million, mainly
related to Maritime Services.
Net profit to equity holders of the company was USD 466
million in 2023, up from USD 400 million in 2022.
Net cash flow
61
(68)
Cash and cash equivalents 31.12
224
163
The group had cash and cash equivalents of USD 224 million by
the end 2023, up from USD 163 million by the end of 2022.
Cash flow from operating activities was USD 194 million in
2023. This compares with a net EBITDA and tax expense of USD
120 million.
Cash flow from investing activities was USD 63 million,
lifted by USD 170 million in dividend from joint ventures and
associates. Investments in fixed assets was USD 43 million
while investments in subsidiaries, joint ventures and associates
totalled USD 50 million in 2023.
Cash flow from financing activities was negative with USD 196
million in 2023. This mainly included net repayment of debt,
dividend payments, share buybacks, and normal financial cost.
Other comprehensive income was negative with USD 11 million,
resulting in a total comprehensive income to equity holders of
the company of USD 457 million for the year.
By the end of 2023, the group had liquid financial assets of
USD 435 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.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Liquid assets (USD million)
31.12.2023 31.12.2022
USD million
2023
2022
PAGE 14
732
467
153
87
26
105
14%
77
11%
7
(19)
(20)
45
6%
2
42
628
394
136
68
29
94
15%
57
9%
7
(20)
(16)
28
4%
1
27
Cash and cash equivalents
of wich Maritime Services
of wich New Energy
of wich Strategic Holdings and Investments
Current financial investments
Financial assets to fair value
of wich New Energy
of wich Strategic Holdings and Investments
224
144
21
59
124
87
5
82
163
131
8
24
104
75
4
71
Total income
of which Ships Service
of which Port Service
of which Ship Management
of which other activities/eliminations
EBITDA
EBITDA margin (%)
Total
435
342
Operating profit/EBIT
EBIT margin (%)
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 124 million at the end of 2023.
The group’s investments classified as financial assets to fair
value had a combined value of USD 87 million by the end of the
year. The largest investment was the 1.4% shareholding in Qube
Holdings Limited, valued at USD 55 million.
Interest bearing debt (including lease liabilities)
(USD million)
31.12.2023 31.12.2022
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
Total
213
377
33
(15)
227
374
62
(10)
608
654
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 2023, the group’s total interest-bearing debt including
lease liabilities was USD 608 million. Debt was down for the
year due to reduced drawdown on loan facilities in Maritimes
Services and Strategic Holdings and Investments.
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.
Share of profit/(loss) from JVs and associates
Financial items
Tax income/(expence)
Profit/(loss)
Profit margin (%)
Non controlling interests
Profit/(loss) to equity holders of the company
Share of profit from associates was USD 7 million, in line with
previous year.
Financial items 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 20 million.
Profit to equity holders of the company was USD 42 million in
2023, up from USD 27 million the previous year.
Maritime Services
• Wilhelmsen Maritime Services AS
• Wilhelmsen Ships Service
• Wilhelmsen Port Services
• Wilhelmsen Ship Management
• Wilhelmsen Chemicals
• Wilhelmsen Insurance Services
• Global Business Services
MARITIME SERVICES
This includes Ships Service, Port Services, Ship Management,
and other business units and activities reported under the
Maritime Services segment.
Total income for Maritime Services was USD 732 million
in 2023, up 17% from 2022. Income was up for all main
business units.
EBITDA for the year was USD 105 million, up 12 % from the
previous year. The increase was supported by higher income
but held back by the higher cost of goods and increased
personnel expenses. The Maritime Services’ EBITDA margin
was 14% in 2023, down from 15%.
Ships Service
Wilhelmsen Ships Service offers a portfolio of maritime solutions
to the merchant fleet.
Total income from Ships Service was USD 467 million in
2023, up 19% from the previous year. Income was lifted
by a combination of higher volumes, price increases, and
acquisitions. Volume was up for most product categories
despite some fallback at the tail end of the year. The price
increases mainly reflected higher product and freight costs,
which have been gradually passed on to the customer.
Acquisition growth included Stromme, a specialised cargo
hold cleaning company in the marine industry acquired in
September 2022, and Navadan, a tank and cargo hold cleaning
company acquired in January 2023.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 15
Port Services
Wilhelmsen Port Services provides full agency, husbandry, and
protective agency services to the merchant fleet.
Total income for New Energy was USD 291 million in 2023.
This was down 13% from 2022, mainly due to the wind down of
NorSea Wind.
Total income from Port Services was 153 million in 2023, up
13%. The increase was mainly due to the acquisition of Vopak
Agencies, completed in December 2022. Vopak Agencies is a
leading provider of hub services and port agency within the
tanker segments in Europe. A higher number of appointments
(port calls) also had a positive impact. Income per appointment
was down, but with some improvement during the fourth quarter.
EBITDA came in at USD 51 million, down 32%. The 2022
EBITDA was lifted by a combined USD 23 million step-up gain
and sales gain in NorSea. Adjusting for these gains, EBITDA
was in line with the previous year. The EBITDA margin was 17%
for the year.
Share of profit from associates was USD 10 million, up from
USD 8 million.
Ship Management
Wilhelmsen Ship Management provides full technical management,
crewing, and related services for all major vessel types.
Financial items were an expense of USD 18 million, and tax was
an expense of USD 2 million.
Total income for Ship Management was USD 87 million in 2023,
up 26% from 2022. income was lifted by a higher number of
vessels under full technical management and an increase in
crew management.
In December, Wilhelmsen and MPC Capital agreed to acquire
100% of the company Zeaborn Ship Management. Zeaborn
manages a fleet of around 100 vessels. The closing of the
transaction is expected for the first quarter of 2024 and is
subject to approval by the competent antitrust authorities.
Zeaborn will be integrated into the joint technical management
activities of Wilhelmsen and MPC Capital.
Other business units and activities
This includes Wilhelmsen Chemicals, Wilhelmsen Insurance
Services, Global Business Services, and certain other activities
reported under the Maritime Services segment.
Income from other business units and activities (including
eliminations) was USD 26 million in 2023. Income was up
for both Wilhelmsen Chemicals and Wilhelmsen Insurance
Services. Income is partly generated from inter-company
services and product sales to other Maritime Services entities
which is eliminated in the segment accounts.
NEW ENERGY
This includes NorSea, Edda Wind ASA, and other business units
and activities reported under the New Energy segment.
USD million
Total income
of which NorSea (Energy Infrastructure)
of which other activities/eliminations
EBITDA
EBITDA margin (%)
Operating profit/EBIT
EBIT margin (%)
Share of profit from JVs and associates
of which NorSea (Energy Infrastructure)
of which other activities/eliminations
Financial items
Tax income/(expence)
Profit
Profit margin (%)
Non controlling interests
Profit/(loss) to equity holders of the company
2023
2022
291
283
7
51
17%
23
8%
10
5
5
(18)
(2)
12
4%
1
12
333
292
41
75
22%
46
14%
8
7
1
(14)
(2)
38
11%
7
31
Profit to equity holders of the company was USD 12 million for
the year, down from USD 31 million in 2022.
New Energy
• Wilhelmsen New Energy AS
• NorSea Group (owned 99.0%)
• Edda Wind ASA (owned 25.4%)
• Reach Subsea ASA (owned 19.2%)
• Topeka (owned 100%/50%)
• Massterly (owned 50%)
• RaaLabs (owned 75.1%)
• Nordlys Studio (owned 45%)
• Loke Marine Minerals (owned 15%)
NorSea Group AS
NorSea provides supply bases and integrated logistics solutions
to the offshore industry. Wilhelmsen owns 99.0% of NorSea.
Total income for NorSea was USD 283 million in 2023. This
was down 3% from 2022, which included USD 23 million
in step-up gain and sales gain. When adjusting for these
gains, total income was up 5%. Income was lifted by a new
material offshore contract in the Danish sector which became
operational during the third quarter of 2022. Income from
property activities was also up. Income in local currency from
the Norwegian logistics operations was stable, while income
measured in USD was down due to a weaker NOK versus USD.
Share of profit from joint ventures and associates in NorSea was
USD 5 million.
Edda Wind ASA
Edda Wind ASA provides services to the global offshore wind
industry and is listed on Oslo Børs. Wilhelmsen owns 25.4% of
the company, which is reported as associate in Wilhelmsen’s
accounts.
Share of profit from Edda Wind ASA was included with USD 1
million in 2023.
In March, Edda Wind ASA announced contracts for four
commissioning service operation vessels (CSOV) newbuilds
and a private equity placement. Wilhelmsen participated in the
equity placement with NOK 300 million (USD 29 million).
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 The book value of the 25.4% shareholding in Edda Wind ASA
was USD 84 million at the end of year, up from USD 53 million
one year earlier.
Other business units and activities
This includes Reach Subsea ASA (owned 19.2%), Raa Labs AS
(owned 75.1%), Massterly AS (owned 50%), and certain other
activities reported under the New Energy segment.
Total income from other New Energy activities was USD 7
million in 2023, down from USD 41 million. The reduction
was due to NorSea Wind, which lost the tender for renewal of
its main contract at the tail end of 2022. The company ceased
operation during the first half of 2023.
Share of profit from other activities was included with USD 4
million for the year.
PAGE 16
Change in fair value financial assets was a gain of USD 7
million, while other financial items were a net income of USD
64 million. This included USD 41 million in dividend and other
contribution from group companies which is eliminated in the
group results.
Tax was an expense of USD 5 million.
Profit to equity holders of the company was USD 449 million for
the year, compared with a profit of USD 342 million in 2022.
Strategic Holdings and
Investments
In February, Wilhelmsen participated in a private equity
placement in Reach Subsea with USD 2 million. The book value
of Wilhelmsen’s 19.2% shareholding in Reach Subsea ASA was
USD 23 million at the end of the year. Wilhelmsen also has
an option to subscribe for additional shares in Reach Subsea
ASA in accordance with a three-year warrant issued in the first
quarter of 2022.
• Wallenius Wilhelmsen ASA (owned 37.9%)
• Treasure ASA (owned 78.7%)
– Hyundai Glovis (owned 11.0% by Treasure ASA)
• WilNor Governmental Services
• Financial investments
• Holding activities
STRATEGIC HOLDINGS AND INVESTMENTS
This includes the strategic holdings in Wallenius Wilhelmsen
ASA and Treasure ASA, other financial and non-financial
investments, and other business units and activities reported
under the Strategic Holdings and Investments segment.
USD million
Total income
of which operating revenue
of which other gain/(loss)
EBITDA
Operating profit/EBIT
Share of profit from JVs and associates
of which Wallenius Wilhelmsen ASA
of which Hyundai Glovis
of which other/eliminations
Change in fair value financial assets
Other financial income/(expenses)
of which investment management
of which financial income from group companies
of which other financial income/(expence)
Tax income/(expence)
01.01–
31.12.23
01.01–
31.12.22
15
16
(0)
(7)
(12)
414
324
89
0
7
64
15
41
7
(5)
10
17
(7)
(16)
(20)
382
281
102
0
(6)
0
(3)
0
(10)
4
Profit
468
361
Non controlling interests
Profit/(loss) to equity holders of the company
18
449
19
342
Total income for the Strategic Holdings and Investments
segment was USD 15 million in 2023, while EBITDA came in at a
loss of USD 7 million. Adjusting for a 2022 fraud case, both total
income and EBITDA were in line with the previous year.
Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA is a market leader in RoRo shipping
and vehicle logistics and is listed on Oslo Børs. Wilhelmsen
owns 37.9% of the company, which is reported as associate in
Wilhelmsen’s accounts.
Wallenius Wilhelmsen ASA had total revenue of USD 5,149
million in 2023, an increase of 2%. Shipping revenue was down
due to lower fuel surcharges while revenue from logistics and
government services were up. EBITDA ended at USD 1,807
million, up 17%.
Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA
was USD 324 million in 2023, up from USD 281 million in 2022.
The Wallenius Wilhelmsen ASA share price was down 8.3% in
2023, closing at NOK 89.00. As of 31 December 2023, the market
value of Wilhelmsen’s investment was USD 1,402 million, while
the book value of the shareholding was USD 1,337 million.
In 2023, Wallenius Wilhelmsen ASA paid total dividend of
USD 0.85 per share. Total cash proceeds to Wilhelmsen were
USD 136 million.
In December, Wilh. Wilhelmsen Holding ASA and Wallenius
Lines AB decided to extend the duration of the limited
shareholders agreement related to Wallenius Wilhelmsen ASA
for three years, until 31 December 2026. The agreement shall
automatically renew thereafter for successive periods of three
years, unless and until terminated by a party on no less than six
months’ written notice given before the relevant end date.
Treasure ASA
Treasure ASA holds a 11.0% ownership interest in Hyundai
Glovis and is listed on Oslo Børs. Wilhelmsen owns 78.7% of
Treasure ASA.
Share of profit from associates was a gain of USD 414 million,
up 8%, mainly related to the 37.9% ownership in Wallenius
Wilhelmsen ASA and the 11.0% shareholding in Hyundai Glovis.
The investment in Hyundai Glovis has been reclassified from
fair value financial asset through income statement to associate
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 17
and equity method in financial reporting. Further information
is provided in note 21 to the 2023 group accounts.
million at the end of the year. The largest investment was the
25 million shares held in Qube Holdings Limited with a market
value of USD 55 million.
Share of profit from Hyundai Glovis was included with USD 89
million in 2023, down from USD 102 million in 2022.
The book value of the 11.0% shareholding in Hyundai Glovis
was USD 675 million at the end of the year.
In 2023, Treasure ASA continued to buy back and thereafter
liquidate own shares. On 17 February, Treasure ASA announced
buybacks of 517,771 own shares. On 24 May, Treasure ASA
completed the liquidation of 2,594,566 own shares bought
in 2022. Finally, on 6 December Treasure ASA completed
the liquidation of the shares bought in 2023. Through these
transactions, the number of issued shares was reduced from
207,835,000 to 204,722,663.
On 7 June, Wilhelmsen announced a voluntary offer to acquire
all outstanding shares in Treasure ASA that were not already
owned by Wilhelmsen. A total of 1,066,705 shares were acquired.
Following completion of the share transactions, Wilhelmsen
owns 161,066,705 shares, representing 78.7% of the total
registered share capital and voting rights in the Treasure ASA.
The Treasure ASA share price was up 20.2% for the year, closing
at NOK 21.10. As of 31 December 2023, the market value of
Wilhelmsen’s shareholding in Treasure ASA was USD 334 million.
In 2023, Treasure ASA paid total dividend of NOK 1.00 per
share. Total cash proceeds to Wilhelmsen were USD 16 million.
Financial investments
Financial investments include cash and cash equivalents,
current financial investments and other financial assets held by
the parent and fully owned subsidiaries.
Other business units and activities
This includes WilNor Governmental Services (owned 51% directly
and 49% through NorSea), Wilservice AS, holding company
activities, and certain other activities reported under the
Strategic Holdings and Investments segment.
Operating revenue for holding company activities was USD 16
million for the year, in line with the previous year. Except for
WilNor Governmental Services, most income is related to intra
group services.
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.
Net income from investment management was USD 15 million
in 2023. The value of the current financial investment portfolio
held by the parent company was USD 124 million by the end of
the year, up from USD 104 million one year earlier. The portfolio
primarily included listed equities and investment-grade bonds.
Main risks
An overview of main risks and mitigation efforts defined in the
group risk matrix are outlined in the table below. Compared
with the risk picture seen one year ago, geopolitical risk has
increased while financial risk related to the group’s dividend
capacity has been reduced.
Change in fair value of non-current financial assets was a gain
of USD 7 million in 2023. The value of the assets was USD 82
The group’s exposure to, and mitigation of, certain financial
risk is further described in note 18 to the 2023 group accounts.
Group risk matrix
Risk type
Entity
Risk
Mitigation action
Macro
Macro
All
All
Geopolitical issues
Balanced and liquid portfolio.
Global economic outlook
Balanced and liquid portfolio.
Financial
Parent
Dividend capacity
Conservative risk, cash flow focus, and parent net debt free.
Financial
Group
External financing
Conservative risk, balanced portfolio, alternative funding sources.
Governance
Group
Cyber security
Strong security governance system and mandatory cyber security essentials training.
Governance
Group
Energy transition
Pro‐active approach, innovation, and business development.
Governance
Group
Competence and culture
Invest in competence and skills and be an attractive employer.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Products
PAGE 18
Wilhelmsen’s products have been
industry-tested over decades. With
trusted brands in the maritime industry,
and investment in research & development
to meet evolving customer needs, the
innovative product portfolio is known for
consistent and dependable performance.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 19
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 and make information
requests through the human rights email channel.
offices in 57 countries within its controlled structure. The group
employed 11,340 seafarers and 5,316 land-based employees at
the end of 2023.
Equality, diversity and inclusion (EDI)
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.
Exposure hours
In 2023, there were around 46.9 million exposure hours (work
hours) in the group. Vessel based operations accounted for 80% of
total exposure hours and onshore operations accounted for 20%.
Females represent 36% of the land-based work force, 31% of
senior management positions (25% in 2022), and 1.5% of the
seafarer work force. The group’s target is to have at least 40% of
each gender in top three management positions by 2030.
Sickness absence and occupational disease
In 2023, the group’s variety of ongoing initiatives to maintain
employee wellbeing and a healthy and safe work environment
focused on mental health, working conditions, employee
assistance programs, safe social activities, and opportunities
for personal development.
The sickness absence rate was 2.46% for onshore operations
and 0.02% on vessels, in line with the previous year. There were
six onshore occupational disease cases recorded in 2023.
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 2023, several initiatives related to working arrangements,
succession management, recruitment practices, and
unconscious bias training were conducted to progress the
group’s target. Further information related to EDI in Norway
and globally is described in the ESG report available on
wilhelmsen.com.
Turnover
The turnover rate for employees was 13% in 2023, in line with
previous years. The turnover rate varies between entities.
Lost time injuries and total recordable cases
Regrettably, there was one seafarer work-related fatality
during year. An incident occurred during a gangway operation
involving an able-bodied seafarer. Despite the immediate
response and emergency measures taken, the seafarer did
not survive the injuries sustained. The initial actions were to
evaluate the overall usage of personal protective equipment
(PPE) and review actions for more focus of correct usage of
PPE by ship and shore personnel when visiting vessel. An
investigation is ongoing.
The lost-time injury frequency (LTIF) rate for seafarers was
0.35, within the target not to exceed 0.40. The total recordable
case frequency (TRCF) rate was 2.27, within the target not to
exceed 2.80. The targets will remain the same for 2024.
During the year, campaigns for seafarers were focused on loss
prevention and going back to basics in all safety related matters.
Safety KPIs were emphasized, and awareness raised throughout
the year as new vessels entered into management resulting in
new seafarers joining the fleet. ESG focus was also emphasized
with new topics being introduced gradually onboard.
For onshore operations, campaigns focused on safety risks and
mental and physical health and wellness.
The LTIF rate onshore was 0.40 in 2023, within target not to
exceed 0.40. The TRCF rate result of 0.66 was within the target
not to exceed 1.00. The targets will remain the same for 2024.
All reported incidents were investigated to avoid similar
incidents in the future, improve necessary training, and
awareness measures.
ORGANISATION AND PEOPLE DEVELOPMENT
Workforce
The group’s head office is in Norway, and the group has 241
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 are measured through
annual engagement survey and performance appraisals.
In 2023, Wilhelmsen conducted an employee engagement
survey with the results pointing to continued positive
engagement and mental well-being.
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. A 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
A learning organisation with motivated employees contributes
to efficient operations and has a positive impact on the
financial performance.
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
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 problem-solving feedback, coaching (formal and informal) and
networks. Formal classroom courses, e-learning, seminars, and
videos supplement this approach.
Personal development plans for all employees are integrated in
the performance appraisal and review process, and employees
are encouraged to spend a minimum of eight hours of
training per year. In 2023, there was an average of ten hours of
e-learning recorded in the HR information system.
Developing leaders for the future
To meet challenging and changing environments, Wilhelmsen
is dependent on highly capable leaders.
Our leadership development journey consists of annual
learning modules for all leaders (approximately 1 000) in
the group. In 2023, the learning focused on unconscious bias
and inclusion.
Whistle blowing and anti-corruption
In 2023, there were 44 whistles received related to allegations
of fraud/corruption, data protection, health and safety, bullying
and harassment, and human rights related matters.
In 37 of the whistles, the reported issues have been concluded
with appropriate action taken, while seven were pending a
conclusion at year end. There were no confirmed incidents
of corruption (there are three alleged cases pending outcome
of internal investigations), and six confirmed incidents of
discrimination and harassment. 16 of the whistles were
categorised as human rights concerns.
At the end of the year, the possibility of filing whistle reports
in multiple languages through our web-based whistleblowing
system was introduced to comply with new EU whistleblowing
requirements. This is in accordance with best practice and
what other companies with a global footprint have established.
Compliance audits on location were conducted in three of our
major hubs as part of our scheduled ESG audits. In addition,
the follow up of potential irregularities was mainly conducted
through desk top audits and by providing guidance and
instructions to local and regional resources.
In previous years, a limited number of fraud cases have been
detected. As a principle such cases are reported to the police. In
2023 we have not detected any cases that have been reported to
the police.
All group companies are expected to make risk assessments
and initiate mitigating actions where applicable. The board
receives a quarterly update on potential compliance issues and
awareness training and have an annual meeting dedicated to
discussing compliance, regulatory requirements etc.
As part of opening business in new countries and/or investing
in new companies and/or merging or acquiring new businesses,
Wilhelmsen conduct country assessments and integrity due
diligence as part of the assessment. There has in 2023 been an
increase in M&A activities resulting in an extended number of
integrity due diligence assessments being conducted.
To continue competence building with employees, a new Code
of Conduct was rolled out in 2023 and the mandatory business
conduct training completion rate was 97%. The training
addresses anti-corruption, theft and fraud, GDPR and data
protection, competition law, bullying and harassment and
whistleblowing.
PAGE 20
HUMAN RIGHTS
The group is committed to safeguarding human rights
across all businesses, irrespective of the countries in which
they operate. In accordance with the Wilhelmsen governing
elements, all group entities and supply chain partners are
expected to comply with the same standards regarding human
rights. With more than 10,000 value chain partners including
sub agents, sub-contractors, and suppliers in often complex
and extensive supply chains, there is significant work ahead to
ensure our expectations are clear to suppliers.
Our commitment is implemented through our human rights
due diligence process, guided by the United Nations Global
Compact and Guiding Principles on Business and Human
Rights and the OECD Guidelines for Multinational Enterprises.
We assess our actual and potential human rights impacts,
integrate and act upon the findings, monitor progress, track
responses, and communicate how impacts are addressed.
In 2023, a new Wilhelmsen Supplier Code of Conduct (SCoC)
was implemented with new suppliers in defined tiers.
Significant activity was also dedicated to supplier screening,
assessment and audits. Ten human rights due diligence
assessments were conducted, and 69 scenarios were identified
(54 in 2022) to prioritise measures to implement to cease,
prevent or mitigate impacts. 16 whistles related to alleged
human rights allegations were processed during the year.
An account of Wilhelmsen’s human rights due diligence
pursuant to Section 5 of the Norwegian Transparency Act
is disclosed in the group’s ESG report available on
wilhelmsen.com.
ENVIRONMENT
The group’s ambition is to shape the maritime industry’s
transition towards net zero emissions and capitalise on new
growth arenas. In practise, Wilhelmsen focuses on climate
change and decarbonisation, biodiversity and ecosystems,
and circular economy.
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 optimise vessel and
voyage operations, collaboration on the decarbonisation of
shipping, and the development and transition to alternative
fuels including hydrogen, ammonia, and methanol.
Operational sites and bases set environmental targets and
improvement projects based on their individual site risk
assessments. The operations of our consolidated companies
are certified according to the ISO 14001 standard. Focus areas
include energy and emissions, material inputs, water use, waste
and recycling, oil separators and tanks and chemical handling.
Activities to reduce environmental impact include the
installation of solar panels, gradual electrification of
machinery, finetuning / replacement of heating and lighting,
reuse of packaging and pallets, appropriate waste segregation,
new product offerings, and supporting infrastructure
development to contribute to the renewable energy and carbon
capture value chains.
In 2023, the group’s New Energy segment invested USD 150
million in entities related to both renewable and energy
transition segments through own ventures, and together
with partners.
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Climate risk and opportunities
Wilhelmsen is exposed to physical and transition climate
risks on a general basis and related to specific group
companies. 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
renewable energy value chains, digital services, and carbon
capture and storage.
To progress the group’s ambition for net zero emissions in
own operations by 2030, the group established 2022 as a base
year and set minimum targets for consolidated companies
Scope 1 and 2 emissions based on guidance from the Science
based targets initiative (SBTi). In 2023, the group achieved a
total 12.32% reduction for Scope 1 and Scope 2 (market based)
emissions compared to the 2022 base year. An initial screening
of Scope 3 emissions was also completed in 2023, and a base
year and targets for these emissions will be set in 2024.
CORPORATE GOVERNANCE
Wilhelmsen is a public limited liability company organized
under Norwegian law and with a governance structure based on
Norwegian corporate law and other regulatory requirements.
The company’s corporate governance model is designed to
ensure a healthy company culture, manage risk, and create
long-term value for shareholders and other stakeholders.
Wilhelmsen observes the Norwegian Code of Practice for
corporate governance. The board’s Corporate governance
report for 2023 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 2 May 2024.
SUSTAINABILITY
The group includes environmental, social, and governance
(ESG) issues in its investment analysis, business decisions,
ownership practises, and financial reporting. The group has
detailed ownership requirements to clarify its expectations
towards companies where it has a significant shareholding.
The group has also established an internal ESG index of 17 KPIs
with consolidated companies to assess progress in strategic
ESG focus areas. The results are reported on a quarterly basis
to the board of directors and the market, and used as input to
executive remuneration.
The group actively contributed to collective action on
decarbonisation of shipping; climate action; human rights;
crew welfare; equality, diversity, and inclusion; anti-corruption;
and marine pollution. We will continue to actively engage with
stakeholders directly and through our membership platforms
including Green Shipping Program Norway, UN Global
Compact, Maritime Anti-corruption Network (MACN), and
Sustainable Shipping Initiative (SSI) amongst others.
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 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 value creation.
PAGE 21
From 2023, Wilhelmsen’s EU Taxonomy report is also included
in the ESG report. The 2023 ESG report is available on
wilhelmsen.com.
In 2023, the following areas received particular attention:
• Double Materiality Assessment,
• Greenhouse gas emissions (GHG),
• Green growth and decarbonisation,
• EU Taxonomy,
• Health, safety and wellness,
• Equality, diversity and inclusion,
• Human Rights,
• Supply chain management,
• Business conduct, ethics and anti-corruption,
• Information and Cyber security, and
• Corporate Sustainability Reporting directive (CSRD).
The company’s achievements included:
• GHG emissions reductions and maturing reporting,
• Initial screening of scope 3 emissions,
• Increased gender diversity in top three management,
• Health and safety metrics within targets,
• Positive and consistent employee engagement,
• Rollout of Supplier Code of Conduct,
• Increased supplier screenings, assessments and audits,
• Mandatory participation in Code of Conduct and cyber
security training, and
• Several key investments and ongoing projects contributing to
the decarbonisation of shipping and growth in new areas.
Double materiality assessment
In 2023, the group conducted a double materiality assessment
based on requirements contained in the Corporate
Sustainability Reporting Directive (CSRD). Ten topics are
considered material for Wilhelmsen and are grouped into five
strategic areas for activities and reporting:
• Climate change and decarbonisation,
• Health and safety,
• Equality and diversity,
• Supply chain management, and
• Compliance.
These topics are integrated in the group’s strategy and
disclosed in the ESG report.
Stakeholder engagement
Wilhelmsen is regularly in dialogue with key stakeholders
who engage in issues relating to the maritime industry and
the activities of the group. The dialogue contributes to
understanding the expectations of the community and
transferring them to the group. It also enables the group to
communicate decisions to stakeholders and provide them with
explanations for our underlying motives.
In 2023, Wilhelmsen engaged in dialogues with investors,
governments, non-governmental organisations and other
stakeholders discussing topics related to the group or industry
at large. Topics covered included capital allocation, dividend
and share buybacks, financial performance, management
incentive schemes, governance, compliance, innovation,
human rights, decarbonisation of shipping, renewable energy
and ESG in general.
DIRECTORS AND OFFICERS LIABILITY INSURANCE
Directors and Officers Liability Insurance (D&O) is for the
2023 accounting year placed with reputable insurers with
appropriate ratings. The Insured names Wilh. Wilhelmsen
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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.
At the same time, inflation and new system costs are putting
pressure on operating margins. We expect these factors to
remain in 2024.
Looking further ahead, we believe that the Maritime Services
market will continue to grow, supported by a growing world
economy. With global networks, strong brands built over many
years, and a long history of innovation and market adaptation,
Wilhelmsen is in a good position to service this market.
PAGE 22
ALLOCATION OF PROFIT, DIVIDEND, AND SHARE BUYBACKS
The board’s proposal for allocation of the net profit for the year
is as follows:
Parent company accounts
(NOK thousand)
Profit for the year
To equity
Proposed dividend
Interim dividend paid
Total allocations
2,283,539
1,664,828
441,937
176,775
2,283,539
The board is proposing a NOK 10.00 dividend per share
payable during the second quarter of 2024, representing a total
payment of NOK 442 million. The board also proposes that
the Annual General Meeting authorises the board to distribute
additional dividend of up to NOK 8.00 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 2024, but no longer than until 30 June 2024. The
company presently owns 386,300 own shares split on 286,300
A-shares and 100,000 B-shares.
OUTLOOK
Group business drivers and strategic focus
Wilhelmsen is a comprehensive global maritime group. The
group’s activities are carried out through fully and partly owned
entities, most of which are among the market leaders within
their segments.
Our vision is “shaping the maritime industry”.
The group’s strategic direction remains firm.
• Wilhelmsen will continue to create value through leveraging
our strong positions in the maritime industry to seek growth.
• Our focus is on maritime services, shipping, infrastructure,
logistics and sustainable products and solutions.
• We will create profitable and sustainable operations through
active ownership and strong governance.
• We will leverage our customer relationships, people and
expertise, and the world’s largest maritime network.
Outlook for Maritime Services
Maritime Services delivers value creating solutions to the global
merchant fleet, focusing on Ships Service, Port Services, and
Ship Management.
The Maritime Services operation is presently supported by a
predominantly positive global shipping market, with income
also lifted by bolt-on acquisitions and inflationary impact.
Outlook for New Energy
The New Energy segment focuses on building an ecosystem
supporting energy transition. With segment companies
representing energy infrastructure, offshore wind, and
technology & decarbonisation, Wilhelmsen is driving value-
creation by bringing together their unique competencies.
Supply risk following the Russian invasion of Ukraine
continues to put focus on securing Europe’s need for energy.
This supports a continued high activity level at the offshore
fields supported by NorSea and other Wilhelmsen operations.
We believe this situation to remain in the short term.
A strong focus on climate measures in Europe and globally
will support, inter alia, a gradual shift from offshore oil and
gas to offshore wind, and decarbonization of the global fleet.
With a broad range of operations, infrastructure, and new
initiatives across offshore and other maritime activities,
Wilhelmsen is well positioned to participate in these energy
and technology shifts.
Outlook for Strategic Holdings and Investments
Wilhelmsen holds large strategic shareholdings in Wallenius
Wilhelmsen ASA and, through its shareholding in Treasure
ASA, in Hyundai Glovis. Through our shareholdings in these
companies, we will continue to provide and develop world
leading logistics services to the global automotive and ro-ro
industries.
A favourable supply-demand balance in global ro-ro shipping
has lifted the earnings and dividend capacity of our strategic
holdings. We expect this situation to remain in 2024.
Long term, Wallenius Wilhelmsen ASA and Hyundai Glovis
have the size, global reach, human and physical assets, and
customer base to succeed in a continuously changing world.
Outlook for the Wilhelmsen group
Wilhelmsen retains a strong balance sheet and a balanced
portfolio of leading maritime operations and investments.
While uncertainty persists, specifically regarding inflationary
pressure and geopolitical tension, the group retains its capacity
to support and grow the portfolio, and to deliver consistent
yearly dividends.
Lysaker, 20 March 2024
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)
Key figures │ Content │ Group CEO’s statement │ DIRECTORS’ REPORT │ Accounts and notes – group │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 23
Wilh. Wilhelmsen Holding ASA group
Income statement
Comprehensive income
Balance sheet
Cash flow statement
Equity
General accounting principle
Notes
Page 25
Page 25
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Accounts
and notes
– Group
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 24
Investments Securing a natural fit in relevant value
chains remains the key priority for
the Wilhelmsen group. That means
sticking to ocean and maritime-
related investments, where the group
can have the most impact through
leveraging our experience and skills.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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 from joint ventures and associates
Change in fair value financial assets
Other financial income
Other financial expenses
Profit before tax
Tax income/(expense)
Profit for the year
Of which:
Profit attributable to the equity holders of the company
Profit attributable to non-controlling interests
PAGE 25
Note
2023
2022*
1/3/19
1 027
1
15
6
1/19
7/8
4
14
1
1
9
943
15
958
(313)
(341)
(151)
(69)
(875)
1
1 029
(340)
(387)
(153)
(59)
(940)
88
83
431
397
11
39
(54)
515
(27)
487
466
21
(5)
19
(55)
440
(13)
427
400
27
Basic / diluted earnings per share (USD)
10
10.52
8.98
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
2023
2022*
487
427
18
11
5
(15)
(1)
(11)
476
457
19
476
4
6
(99)
1
(88)
339
326
13
339
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Balance sheet Wilh.Wilhelmsen Holding group
USD mill
ASSETS
Non current assets
Deferred tax assets
Goodwill and other intangible assets
Properties and other tangible 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
PAGE 26
Note
31.12.2023
31.12.2022*
9
7
7
8
4
14/18
12
15
16/18
12/18
17
11
9
17/18
8/17
9
17/18
8/17
12
51
132
623
112
61
129
623
102
2 247
1 962
87
42
75
28
3 294
2 981
121
124
342
224
811
114
104
349
163
730
4 105
3 711
118
2 585
2 702
155
2 857
23
12
456
101
11
603
10
18
27
24
567
645
4 105
118
2 160
2 278
160
2 438
21
17
473
93
11
615
10
13
65
23
547
658
3 711
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
Lysaker, 20 March 2024
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed:
Carl E Steen
Trond Westlie
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas Wilhelmsen (group CEO)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cash flow statement Wilh.Wilhelmsen Holding group
USD mill
Note
2023
2022*
PAGE 27
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 subsidiaries, joint ventures and associates
Loans granted to joint ventures and associates
Dividend received from and proceeds from sale of financial investments
Purchase of current financial investments
Interest received
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
Cash from/(to) financial derivatives
Purchase of non-controlling interests
(Investment)/disposal own shares
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
4
14
1
7/8
1
4
7
4/5
1
8
1/8
515
(431)
(11)
15
59
(1)
1
(7)
75
(21)
194
170
2
(43)
(50)
(11)
41
(53)
8
63
84
(157)
(28)
(33)
(4)
(2)
(11)
(46)
440
(397)
5
36
69
(15)
(2)
(21)
(32)
(17)
64
50
27
(49)
(55)
(1)
53
(22)
4
6
310
(292)
(28)
(27)
(3)
(53)
(4)
(42)
(196)
(138)
61
163
224
(68)
231
163
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.
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 28
Equity Wilh.Wilhelmsen Holding group
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
USD mill
Share capital
Own shares
Retained
earnings
Total
Non-controlling
interests
Total equity
Balance at 31.12.2022
118
2 160
2 278
160
2 438
Comprehensive income for the period:
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners:
Change in non-controlling interests
Net purchase of own shares*
Paid dividend to shareholders
Balance at 31.12.2023
466
(9)
457
19
(10)
(41)
466
(9)
457
19
(10)
(41)
2 585
2 702
21
(2)
19
(19)
(5)
155
487
(11)
476
(11)
(46)
2 857
(1)
(1)
118
* Wilh. Wilhelmsen Holding ASA held 386 300 own shares 31 December 2023.
USD mill
Share capital
Own shares
Retained
earnings
Total
Non-controlling
interests
Total equity
Balance at 31.12.2021 as reported
Effect of restatement, see note 21
Balance 01.01.2022 restated
Comprehensive income for the period:
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners:
Change in non-controlling interests
Purchase of own shares Treasure ASA*
Paid dividend to shareholders
Balance at 31.12.2022
118
118
118
* Treasure ASA held 2 594 566 own shares 31 December 2022.
1 891
(20)
1 871
400
(74)
326
(4)
(33)
2 160
2 009
(20)
1 989
400
(74)
326
(4)
(33)
2 278
221
(7)
214
27
(14)
13
(57)
(9)
160
2 230
(27)
2 203
427
(88)
339
(57)
(4)
(42)
2 438
Dividend for fiscal year 2022 was NOK 10.00 per share and was paid in May 2023
(NOK 6.00 per share) and in November 2023 (NOK 4.00 per share).
general meeting on 2 May 2024. The proposed dividend is not accrued in the year-
end balance sheet.
Dividend for fiscal year 2021 was NOK 7.00 per share and was paid in May 2022
(NOK 4.00 per share) and in November 2022 (NOK 3.00 per share).
The dividend will have effect on retained earnings in second quarter of 2024.
The proposed dividend for fiscal year 2023 is NOK 10.00 per share payable in the
second quarter of 2024. A decision on the proposal will be taken by the annual
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 29
General accounting policies Wilh. Wilhelmsen Holding group
GENERAL INFORMATION
Wilh. Wilhelmsen Holding ASA (referred to as the parent company) is domiciled in
Norway. The consolidated accounts for fiscal year 2023 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 20 March 2024.
BASIS OF PREPARATION
Compliance with IFRS
The consolidated accounts have been prepared in accordance with the International
Financial Reporting Standards (IFRS®) accounting standards, as adopted 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 7 February 2022. 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 the Oslo Stock Exchange.
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.
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.
The group does face risk as a result of climate change, and climate-related factors
may impact estimates and assumptions going forward. Uncertainties and risks relate
to both transition risk (market-related, technological, and changes in regulatory
requirements), and in physical risk that may affect the group’s assets is an integral
part of management’s estimates and judgements across the group.
The group has, where assessed relevant, included climate related considerations
when assessing critical accounting estimates and assumptions. The following items
are assessed to be most affected by climate related considerations:
• Tangible assets and Goodwill (Note 7)
• Right-of-use assets and lease liabilities (Note 8)
• Contingencies (Note 22)
• Financial risk (interest bearing debt, note 18)
For consolidated accounts for fiscal year 2023, climate related considerations did
not materially affect the group’s estimates and assumptions.
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Note 1 Combined items, income statement
USD mill
OPERATING REVENUE
Ships Service
Port Services
Ship Management
New Energy
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 income
Investment management
Interest income
Dividend from financial assets
Gain on sale of financial investments
Other financial items
Net financial income
Financial expenses
Investment management
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)
PAGE 30
Note
2023
2022
2/3
2/3
2/3
2/3
2/3
19
8
19
8
477
155
87
290
19
1 027
1
1
(14)
(36)
(31)
(12)
(3)
(12)
(46)
394
136
68
333
12
943
15
15
(14)
(36)
(28)
(8)
(3)
(14)
(48)
(153)
(151)
15
8
3
1
2
29
(33)
(5)
(4)
(43)
(2)
(6)
(3)
10
(1)
4
5
9
(4)
(22)
(6)
(4)
(35)
10
(8)
(3)
(9)
(9)
Financial income/(expenses)
(15)
(36)
Spesification of financial income and expenses
Net financial income
Net currency - income
Net currency derivatives - income
Financial income
Net financial expenses
Net currency - expenses
Net currency derivatives - expenses
Financial expenses
See note 18 on financial risk and the section of the accounting policies concerning financial derivatives.
29
10
39
(43)
(8)
(3)
(54)
9
10
19
(35)
(8)
(11)
(55)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 31
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 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 241 offices in 57 countries.
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 include technical management and crew management for the
offshore wind market and digital solutions to the shipping industry.
The Strategic Holdings and Investments segment includes the parent company, Wilh.
Wilhelmsen Holding ASA, Treasure ASA group, Wilh. Wilhelmsen Holding 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 group’s investments in Wallenius Wilhelmsen ASA (WAWI) and Hyundai Glovis
Co., Ltd. are presented as part of Strategic Holdings and Investments as investments
in associates.
Eliminations are between the group’s three segments mentioned above.
The segment income statements 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 2023 is as follows:
Maritime Services
New Energy
Strategic Holdings
and Investments
Eliminations
Total
2023
2022
2023
2022
2023
2022*
2023
2022
2023
2022*
USD mill
INCOME STATEMENT
Operating revenue
Other gain/(loss)
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
732
1
732
(266)
(259)
(102)
105
(28)
77
628
628
(225)
(215)
(93)
94
(37)
57
Share of profit from associates
7
7
Changes in fair value financial assets
Net financial income/(expenses)
Profit before tax
Tax income/(expense)
Profit for the period
Non-controlling interests
Profit to the equity holders of the company
(19)
65
(20)
45
(2)
42
(20)
44
(16)
28
(1)
27
290
1
291
(73)
(117)
(51)
51
(28)
23
10
4
(22)
14
(2)
12
(1)
12
310
23
333
(87)
(111)
(60)
75
(28)
46
8
2
(16)
40
(2)
38
(7)
31
16
15
(1)
(12)
(9)
(7)
(4)
(12)
414
7
64
473
(5)
468
(18)
449
17
(7)
10
(1)
(15)
(9)
(16)
(4)
(20)
382
(6)
356
4
361
(19)
342
(11)
(12)
1 027
1
(10)
(12)
1 029
12
(340)
(387)
(153)
147
(59)
88
431
11
(15)
515
(27)
487
(21)
466
8
(1)
1
(0)
(37)
(37)
(37)
(37)
943
15
958
(313)
(341)
(151)
153
(69)
83
397
(5)
(36)
440
(13)
427
(27)
400
New Energy; one customer represents about 20% of the total revenue.
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
2023: Total income USD mill
2023: Profit before tax USD mill
2022: Total income USD mill
2022: Profit before tax USD mill
15
291
473
10
333
356
732
65
14
628
44
40
Maritime Services
Maritime Services
New Energy
New Energy
Strategic Holdings and Investments
Strategic Holdings and Investments
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
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
31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022* 31.12.2023 31.12.2022 31.12.2023 31.12.2022*
PAGE 32
BALANCE SHEET
ASSETS
Non current assets
Deferred tax assets
Goodwill and other intangible assets
Properties and other tangible 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
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
40
125
168
36
30
8
408
45
122
155
36
26
8
392
121
114
261
144
526
933
177
2
179
15
11
174
28
6
233
8
10
12
492
522
933
264
131
509
901
158
(2)
156
14
14
188
28
5
249
8
7
11
470
496
901
1
6
439
61
204
5
38
754
6
452
49
171
4
27
10
1
16
24
16
1
16
27
2 012
1 766
82
71
3
708
2 146
1 899
(10)
(9)
(5)
(14)
(9)
(19)
76
21
98
80
8
88
124
17
59
200
104
14
24
143
852
797
2 346
2 042
(11)
(10)
(11)
(26)
(10)
(29)
382
5
388
1
279
61
5
346
7
27
9
73
117
852
337
3
340
2 142
1 783
148
160
2 291
1 942
7
8
22
37
1
1
4
13
18
7
4
25
9
45
1
30
3
21
55
2 346
2 042
281
48
9
339
1
5
35
10
67
117
797
(5)
(9)
(14)
(1)
(11)
(12)
(26)
2
(9)
(12)
(18)
(1)
(10)
(11)
(29)
51
132
623
112
61
129
623
102
2 247
1 962
87
42
75
28
3 294
2 981
121
124
342
224
811
114
104
349
163
730
4 105
3 711
2 702
2 278
155
160
2 857
2 438
23
12
456
101
11
603
10
18
27
24
567
645
21
17
473
93
11
615
10
13
65
23
547
658
4 105
3 711
Investments in tangible assets
20
17
18
160
1
1
40
178
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
Maritime Services
New Energy
Strategic Holdings and Investments
31.12.2023: Equity controlling interest
31.12.2022: Equity controlling interest
7%
14%
7%
15%
79%
78%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 33
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/(investments) in entities and segments
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
Maritime Services
New Energy
Strategic Holdings
and Investments
2023
2022
2023
2022
2023
2022*
65
(7)
19
28
1
(1)
105
7
(20)
(10)
2
(21)
(29)
(15)
(27)
(70)
13
131
144
44
(7)
20
37
(63)
31
5
(10)
(4)
2
(7)
(22)
(12)
(33)
(67)
(43)
174
130
14
(4)
(10)
22
28
5
(1)
55
11
(19)
2
3
(3)
(20)
(19)
(39)
12
9
21
39
(8)
16
28
(7)
(23)
45
8
(2)
(50)
(5)
(48)
13
(15)
7
5
1
7
8
473
(7)
(414)
(64)
4
(13)
(21)
169
(2)
(5)
162
(34)
(5)
(67)
(107)
34
25
59
356
5
(382)
1
4
(8)
7
(16)
37
(1)
(1)
25
59
6
(3)
(73)
(69)
(26)
50
24
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
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.
Total income and total assets attributed to Norway as the group
companies’ country of domicile
2023 Total income
2022 Total income
3%
4%
32%
55%
30%
57%
10%
10%
2023 Total assets
2022Total assets
2%
26%
1%
1%
24%
1%
71%
74%
USD mill
2023
2022
2023 Investment in tangible assets
2022 Investment in tangible assets
Total income attributed to Norway
Total assets attributed to Norway
313
2 544
344
3 031
30%
1%
33%
2%
2%
2%
67%
63%
Europe
Americas
Asia & Africa
Oceania
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 34
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.
USD mill
Maritime Services
New Energy
Strategic
Holdings
and Invest-
ments
Group
elimination
Total
Revenue Segments
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
Ships
Service
Port
Services
Ship
Manage-
ment
Other/
elimination
Infra-
structure
Technology
& Decarbon-
isation
Other/
elimination
477
477
477
477
394
394
394
394
155
155
155
155
136
136
136
136
87
87
87
87
68
68
68
68
14
14
10
4
14
29
29
26
3
29
283
283
283
283
270
270
270
270
2
2
2
2
3
3
3
3
5
5
5
5
37
37
37
37
16
16
16
16
17
17
17
17
2023
1 027
1 027
494
533
(11)
(11)
(11)
(11)
1 027
2022
943
943
428
516
943
(12)
(12)
(12)
(12)
MARITIME SERVICES
Ships service - 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 customers 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.
Port services - Sale of services
The group offers ships agency and port 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 declaration 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.
Other revenue in the Maritime services segment
These revenues mainly consist of sale of ropes to non-maritime customers and
chemicals for the consumer markets. Most of the sales are to wholesale customers.
Revenue is recognised net of any discounts at delivery. Time and place of delivery,
and transfer of control, depend on agreed delivery terms but usually when the
customer receives the goods.
The group also has an insurance agency business where the group is acting as
an agent, and is entitled to a defined commission of the insurance premium. The
comission is per year and recognised on a straight line basis thorugh the year.
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.
Technology & decarbonisation
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.
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 35
Note 4 Investments in joint ventures and associates
FINANCIAL REPORTING PRINCIPLES
Interests in joint ventures and associates are accounted for using the equity method
after initially being recognised at cost in the consolidated balance sheet.
The carrying amount of equity-accounted investments is tested for impairment
when impairment indicators are present.
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.
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.
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.
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 JOINT VENTURES
New Energy
Coast Center Base AS
KS Coast Center Base
CCB Energy Holding AS
Elevon AS
SørSea AS
Polar Lift AS
Massterly AS
Topeka MPC Maritime AS
Maritime Services
Wilhelmsen Ahrenkiel group
Business office country
2023
2022
Voting share/ownership
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Germany
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
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.
Wilhelmsen Ahrenkiel group is a technical container ship management within MPC
Capital Group.
All companies are private companies and there are no quoted market price available
for the shares.
KS Coast Center Base 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.
There are no other contingent liabilities relating to the group’s interest in the joint
ventures.
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 neutral solutions.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 4 Investments in joint ventures and associates
USD mill
2023
2022
Summarised financial information - according to the group's ownership
PAGE 36
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
Book value
Excess value (goodwill)
Investments in joint ventures
80
(65)
(5)
(1)
(1)
7
41
59
100
111
(93)
(6)
(2)
(2)
8
43
60
104
USD mill
2023
2022
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 01.01
Share of profit for the period
Dividend
Acquisitions
Disposals
Other comprehensive income
Share of equity at 31.12
Share of non current liabilities
Share of current liabilities
Total share of liabilities
85
37
4
126
43
7
(10)
1
(1)
41
53
33
85
87
33
6
126
68
8
(5)
(21)
(7)
43
46
37
83
Total share of equity and liabilities
126
126
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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 ventures not considered to be material, are defined under “other” (on a 100% basis).
PAGE 37
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
Cash and cash equivalents
Other current assets
Total assets
Non current liabilities
Current liabilities
Total liabilities
Net assets
CCB
Other
2023
2022
2023
2022
140
(123)
16
(3)
13
(2)
11
11
9
194
(175)
20
(3)
16
(3)
14
14
4
23
(23)
4
3
3
(2)
1
1
27
(22)
5
5
(1)
5
5
1
CCB
Other
31.12.2023
31.12.2022
31.12.2023
31.12.2022
159
72
231
102
61
163
165
4
58
227
88
62
150
68
77
10
(13)
6
3
(13)
3
(10)
13
7
6
5
17
3
5
8
9
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 01.01
Acquisition net assets
Disposals of joint ventures*
Profit for the period
Other comprehensive income
Dividend to shareholders
Closing net assets 31.12
The group's share
Goodwill / excess value
Carrying value 31.12
CCB
Other
2023
2022
2023
2022
77
81
11
(2)
(19)
68
34
51
85
14
(9)
(8)
77
39
53
91
9
3
3
1
(2)
13
6
8
14
63
1
(42)
5
(12)
(6)
9
5
8
13
* Vikan Næringspark Invest AS was in the beginning of 2022 a joint venture between NorSea Group and Kristiansund Baseselskap AS. NorSea Group acquired the remaining
shares in the company in March 2022 and it is now a 100% owned subsidiary.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 4 Investments in joint ventures and associates
INVESTMENTS IN ASSOCIATED COMPANIES
Strategic Holdings and Investments
Wallenius Wilhelmsen ASA (WAWI)
Hyundai Glovis Co., Ltd. (Hyundai Glovis) *
Maritime Services
Diana Wilhelmsen Management Limited
Barklav (Hong Kong) Limited
BWW LPG Limited
Wilhelmsen-Smith Bell Manning, Inc
Denholm Port Services Limited
Triangle Shipping Agencies LLC
Barwil Abu Dhabi Ruweis LLC
Wilhelmsen WPS Dubai Port Services LLC
Wilhelmsen Port Services LLC - Fujairah
Almoayed Wilhelmsen (Ltd) W.L.L
Wilhelmsen Huayang Port Services (Shanghai) Co. Ltd.
Wilhelmsen Huayang Ships Service (Beijing) Co., Ltd.
Barwil Arabia Shipping Agencies SAE
Wilhelmsen Port Service Georgia LLC
Wilhelmsen Hyopwoon Port Services Ltd
Alghanim Wilhelmsen Shipping Co.W.L.L
Diize B.V.
Wilhelmsen-Smith Bell Shipping, Inc.
Wilhelmsen-Smith Bell (Subic), Inc.
Perez Torres Portugal Lda
Pelagus 3D Pte Ltd
Wilhelmsen Sunnytrans Co., Ltd
New Energy
Eldøyane Holding AS / Eldøyane Næringspark AS
Konciv AS
Hammerfest Næringsinvest AS
Strandparken Holding AS
Dusavik Utvikling AS
Risavika Eiendom AS
Love Miljøbase AS
CCB Subsea AS
Polar Algae AS
WindWorks Jelsa AS
Energy Innovation Holding AS
AM North AS
RTN AS
Nordlys.Studio AS
Topeka Hagland Greenbulk AS
Reach Subsea ASA
Edda Wind ASA
Country
Norway
Republic of Korea
Cyprus
Hong Kong
Hong Kong
Philippines
United Kingdom
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Bahrain
China
China
Egypt
Georgia
Republic of Korea
Kuwait
Netherlands
Philippines
Philippines
Portugal
Singapore
Vietnam
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
PAGE 38
2023
2022
Voting share/ownership
37.9%
11.0%
50.0%
50.0%
49.0%
50.0%
40.0%
50.0%
50.0%
50.0%
42.5%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
49.0%
50.0%
49.0%
50.0%
50.0%
50.0%
50.0%
50.0%
43.1%
32.2%
33.1%
33.5%
42.0%
33.3%
42.5%
52.0%
38.5%
50.0%
33.3%
50.0%
46.0%
50.0%
19.2%
25.4%
37.9%
11.0%
50.0%
50.0%
49.0%
50.0%
40.0%
50.0%
50.0%
50.0%
42.5%
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
49.0%
50.0%
49.0%
50.0%
50.0%
50.0%
50.0%
38.0%
47.5%
32.2%
33.1%
33.5%
42.0%
33.3%
42.5%
46.8%
33.3%
50.0%
33.3%
50.0%
46.0%
50.0%
20.5%
25.7%
* The group has changed the classification to consider the investment in Hyundai Glovis Co., Ltd as an associated company, see note 21.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 4 Investments in joint ventures and associates
USD mill
Share of profit/(loss) from associates
WAWI
Hyundai Glovis
Associates Maritime Services
Reach Subsea
Edda Wind
Other associates New Energy
Share of profit from associates
Book value of material associates
WAWI
Hyundai Glovis
Reach Subsea
Edda Wind
Specification of share of equity and profit/loss:
Share of equity 01.01
Share of profit for the year
Capital increase in / acquisition of associates in Maritime Services
Capital increase in / acquisition of associates in New Energy
Dividend
Other comprehensive income
Share of equity 31.12
PAGE 39
2023
2022
324
89
5
5
1
(1)
281
102
6
2
(1)
424
390
1 337
675
23
84
1 858
424
4
35
(160)
(14)
2 147
1 146
620
17
52
1 519
389
18
(41)
(25)
1 858
There are no contingent liabilities relating to the group’s interest in the associates.
The group holds a 37.9% share in listed company Wallenius Wilhelmsen (WAWI),
headquartered at Lysaker, Norway. WAWI is a market leader in RoRo shipping and
vechile logistics, managing the distrubution of cars, trucks, rolling equipment and
breakbulk to customers all over the world. WAWI controls more than 125 vessels and
servicing 15 trade routes to six continents, together with a global inland distribution
network, more than 120 in-land processing centres, and 9 marine terminals.
The group holds a 11.0% share in Hyundai Glovis, a logistics company headquartered
in Seoul, Republic of Korea, listed on the Korean Stock Exchange. Hyundai Glovis’
principal activity is logistics and distribution services. The company provides
overseas logistics services, including vehicle export logistics, air freight forwarding,
ocean freight forwarding and international express service. Hyundai Glovis also has a
growing shipping segment with its own fleet of car carriers and bulk carriers.
The group holds a 19.2 % ownership in the listed company Reach Subsea ASA.
During the year the group did a capital increase of USD 8 mill. Reach Subsea group
offer subsea services as subcontractor and/or directly to end clients. The core business
of the group is based on modern, high spec Work ROVs operated by highly qualified
offshore personnel, and supported by our competent onshore engineering resources.
The group holds a 25.4 % ownership in the listed comapny Edda Wind ASA. During
the year the group did a capital increasse of USD 28 mill. Edda Wind owns and
operates service vessels supporting the maintenance work conducted during the
commissioning and operation of offshore wind parks.
Set out below are the summarised financial information for, on a 100% basis, for
WAWI and Hyundai Glovis, which, in the opinion of the directors, are the material
associates to the group.
Associates not considered to be material are 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 for the period
Non-controlling interests
Profit after non-controlling interests
Other comprehensive income
Total comprehensive income (shareholder's equity)
WWH share of dividend from associates
WAWI
Hyundai Glovis
Other
2023
2022
2023
2022
2023
2022
5 149
(3 924)
1 225
(189)
1 035
(68)
967
(121)
846
(1)
845
136
5 045
(4 114)
931
(102)
829
(35)
794
(116)
678
(1)
678
19 634
(18 364)
1 270
(166)
1 104
(293)
811
(2)
809
11
820
20 894
(19 501)
1 393
(156)
1 237
(313)
924
(2)
921
13
934
24
19
13
302
(252)
50
(3)
47
(8)
39
39
39
5
207
(174)
33
34
(5)
29
29
(4)
25
5
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 4 Investments in joint ventures and associates
PAGE 40
USD mill
SUMMARISED BALANCE SHEET
Non current assets
Other current assets
Cash and cash equivalents
Total assets
Non current liabilities
Current liabilities
Non-controlling interests
Total liabilities
WAWI
Hyundai Glovis
Other
31.12.2023
31.12.2022
31.12.2023
31.12.2022
31.12.2023
31.12.2022
5 951
985
1 705
8 642
3 163
1 423
413
4 998
6 242
936
1 216
8 394
3 659
1 226
355
5 241
4 596
4 806
1 966
4 540
4 879
1 642
743
123
136
11 368
11 061
1 003
1 909
3 460
11
5 381
2 116
3 462
11
5 588
423
199
623
380
351
107
133
591
154
147
301
290
Net assets
3 644
3 153
5 987
5 472
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.
USD mill
RECONCILIATION OF SUMMARISED
FINANCIAL INFORMATION
Net asset at 01.01
Profit for the period
Net assets of acquired associates/capital increase
Convertion KRW to USD and EUR to USD
Other comprehensive income
Transactions with non controlling interests
Dividend
Net assets at 31.12
WWH share
Goodwill and other intangible assets
Currency
Fair value adjustment vessels and goodwill *
Carrying value at 31.12
WAWI
Hyundai Glovis
Other
2023
2022
2023
2022
2023
2022
3 153
846
(1)
5
(359)
3 644
2 539
679
(2)
(63)
3 153
1 380
1 194
(1)
(43)
1 337
(1)
(48)
1 146
5 472
809
(143)
11
2
(164)
5 987
659
17
4 882
924
(236)
13
(110)
5 472
602
18
675
620
290
39
132
(59)
(4)
(18)
380
135
8
(9)
135
239
7
57
(4)
(4)
(5)
290
91
7
(6)
93
* The share price and market value of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than book value of equity in WAWI..
The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2023 was USD 1 408 million (2022: USD 1 575 million).
WAWI is a separately listed company on Oslo Børs. The market capitalisation of its shares at year end is 5% higher (2022: 38% higher) than the carrying amount of the
investment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.
The group market value of the investment in Hyundai Glovis at 31 December 2023 was USD 610 million (2022: USD 538 million). The shares have historically traded at or below
a market capitalization to book value of equity ratio of 1 without this indicating a significant decline of the asset’s value. Value in use calculations prepared by management of
Hyundai Glovis indicate that the recoverable amount is higher than the Hyundai Glovis’ carrying amount for key assets. The higher underlying value of the share is supported by
external market analysts. Based on this, the recoverable amount attributable to the shares in Hyundai Glovis is assessed to be higher than the group’s carrying amount.
USD mill
RECONCILIATION OF THE GROUP’S INCOME STATEMENT AND BALANCE SHEET
Share of profit from joint ventures
Share of profit from associates
Share of profit from joint ventures and associates
Share of equity from joint ventures including net excess value
Share of equity from associates including net excess value
Share of equity from joint ventures and associates including net excess value
2023
2022
7
424
431
100
2 147
2 247
8
390
397
104
1 859
1 962
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 41
Note 5 Principal subsidiaries
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 Port Services AS
Wilhelmsen Ship Management Holding AS
Wilhelmsen Chemicals AS
New Energy
Norway
Norway
Norway
Norway
Norway
Maritime services
100.00%
Maritime products and services
Port services
Ship management
Manufactoring
Wilhelmsen New Energy AS
Norway
New energy investments
100.00%
NorSea Group AS
Norway
Infrastructure and supply services
Strategic Holdings and Investments
Treasure ASA
Wilh. Wilhelmsen Holding Invest Malta Ltd
Norway
Malta
Investment
Investment
78.68%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
98.96%
78.68%
100.00%
The group’s principal subsidiaries at 31 December 2023 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.
During 2023 the group acquired the subsidiary Navadan A/S through business combination, reported under the Maritime Services segment. The investment cost, net after cash
in new subsidaries was USD 11 million.
During 2022 the group acquired the subsidiaries Strømme AS and Vopak Agencies B.V through business combinations, both reported under the Maritime Services segment. The
group increased it’s ownership in Vikan Næringspark AS from 50% to 100%, reclassifying the company from joint venture to subsidiary, reported under the New Energy segment.
None of the new subsidiaries are considered to be a principal subsidiary. The investment cost, net after cash in new subsidiaries was USD 37 million.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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.
PAGE 42
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
Tax advisory fee
Other assurance services
Total expensed audit fee
The fees above cover the group expenses to all external auditors and tax advisors.
Note
2023
2022
11
(278)
(36)
(23)
(50)
(387)
(247)
(30)
(18)
(47)
(341)
2023
2022
1 217
4 099
11 340
16 656
1 121
3 910
10 868
15 899
16 278
15 682
2023
2022
(2)
(1)
(3)
(3)
(1)
(4)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 7 Tangible and intangible assets
FINANCIAL REPORTING PRINCIPLES
The group uses the cost method for property, plant and equipment. Tangible assets are depreciated over the following expected useful lives:
PAGE 43
10-50 years
25 years
3-10 years
Properties:
Vessels:
Other tangible assets:
TANGIBLE ASSETS
USD mill
2023
Cost at 01.01
Acquisition
Business combinations
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated depreciation and impairment at 01.01
Depreciation/amortisation
Reclass/disposal
Impairment
Currency translation differences
Accumulated depreciation and impairment at 31.12
Carrying amounts at 31.12
2022
Cost at 01.01
Acquisition
Business combinations
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated depreciation and impairment at 01.01
Depreciation/amortisation
Reclass/disposal
Currency translation differences
Accumulated depreciation and impairment at 31.12
Carrying amounts at 31.12
Economic lifetime
Depreciation schedule
Properties
Vessels
Other tangible assets
Total tangible assets
692
16
3
33
(14)
730
(206)
(18)
(36)
(1)
3
(258)
472
601
23
140
(73)
692
(207)
(19)
(1)
22
(206)
486
226
23
(7)
1
243
(89)
(11)
7
1
(92)
151
229
23
(16)
(10)
226
(93)
(9)
5
8
(89)
137
918
40
3
26
(13)
973
(295)
(29)
(29)
(1)
4
(350)
623
866
46
140
(49)
(86)
918
(323)
(29)
26
32
(295)
623
35
(33)
(3)
(23)
(1)
22
2
10-50 years
Linear
25 years
Linear
3-10 years
Linear
Climate related considerations
Physical climate risk such as changes to weather patterns and severity of rain,
flooding, wind and other climate related events are taken into consideration when
assessing the useful life of assets.
The group has not identified material assets to have significantly shorter life due to
climate related risks.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 7 Tangible and intangible assets
FINANCIAL REPORTING PRINCIPLES
The group uses the cost method for intangible assets. 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
PAGE 44
INTANGIBLE ASSETS
USD mill
2023
Cost 01.01
Acquisition
Business combinations
Reclass/disposal
Currency translation differences
Cost at 31.12
Accumulated amortisation and impairment 01.01
Amortisation/impairment
Reclass/disposal
Currency translation differences
Accumulated amortisation and impairment 31.12
Carrying amounts 31.12
Goodwill
Software and licences Other intangible assets
Total intangible assets
112
17
(1)
(2)
126
(24)
3
(22)
104
37
3
(4)
(1)
35
(29)
(4)
5
(28)
7
52
(8)
2
46
(19)
(3)
(4)
(26)
20
The group recognised goodwill of USD 17 million in 2023. USD 9 million was recognised from the acquisition of Navadan and USD 8 million was reclassified from other
intangible asset to goodwill related to the acquisition of Vopak in December 2022.
2022
Cost 01.01
Acquisition
Business combinations
Currency translation differences
Cost at 31.12
Accumulated amortisation and impairment 01.01
Business combinations
Amortisation/impairment
Currency translation differences
Accumulated amortisation and impairment 31.12
Carrying amounts 31.12
123
1
(11)
112
(13)
(13)
1
(24)
88
36
3
2
(3)
37
(26)
(2)
(4)
2
(29)
8
34
1
21
(4)
52
(19)
(2)
2
(19)
33
201
3
10
(3)
(3)
207
(73)
(8)
4
1
(75)
132
193
3
23
(18)
201
(57)
(2)
(19)
5
(73)
129
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 45
Cont. note 7 Tangible and intangible assets
Impairment testing of goodwill
Goodwill is mainly related to the Maritime Services segment (USD 102 million). The
goodwill figures are originally calculated in NOK and USD (2022: 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 various business areas.
As of 31 December 2023 management has performed impairment testing for the
group’s recognised goodwill. Based on the tests performed, no impairment was
recognised in 2023 (2022: USD 13 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.
Risks factors related to climate and environmental changes as well as regulatory
changes responding to such changes are included in the assessment of the
recoverable amount. Such factors are assessed in the same way as other uncertain
input factors, impacting cash flow estimates used for the tests.
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 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
2023
2022
10.13
7.5
1-4%
4-7%
3-5%
3-5%
9.84
7.5
1-4%
4-7%
3-5%
3-5%
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 reasonable 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 31 December 2023.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 46
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.
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 expects to
exercise this option.
For lease contracts containing a non-lease component, the non-lease component is
separated and expensed in the income statement based on the relative stand-alone
price. 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.
The group does 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.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost.
Subsequent measurements of right-of-use assets follow the same principles as for
other non-financial assets, 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 8 Right-of-use assets and lease liabilities
RIGHT-OF-USE ASSETS
The group leases several assets such as buildings, land, machinery, equipment and vehicles. The group’s right-of-use assets are categorised and presented in the table below:
PAGE 47
USD mill
2023
Cost at 01.01
Additions including remeasurements
Reclass/disposal
Change of estimates
Cost at 31.12
Accumulated depreciation and impairment at 01.01
Depreciation
Reclass/disposal
Change of estimates
Accumulated depreciation and impairment at 31.12
Carrying amount of right-of-use assets at 31.12
USD mill
2022
Cost at 01.01
Additions including remeasurements
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
Lower of remaining lease term or economic life
Depreciation method
Properties and land
Machinery, equipment
and vehicles
134
28
(7)
5
160
(40)
(18)
3
(5)
(60)
100
15
8
(4)
19
(6)
(3)
3
(7)
12
Properties and land
Machinery, equipment
and vehicles
199
39
(88)
(16)
134
(55)
(17)
27
4
(40)
94
15
3
(1)
(1)
15
(4)
(3)
1
(6)
9
5-12 years
Linear
3-8 years
Linear
Total
149
36
(12)
5
179
(47)
(21)
6
(5)
(66)
112
Total
214
42
(89)
(18)
149
(59)
(20)
28
5
(47)
102
Climate related considerations
Physical climate risk such as changes to weather patterns and severity of rain,
flooding, wind and other climate related events are taken into consideration when
assessing the remaining lease term and termination options related to right-of-use
assets. The group has not identified material right-of-use assets where reduction in
lease term or termination is deemed relevant due to climate related risks.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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
PAGE 48
2023
2022
(30)
(24)
(20)
(13)
(11)
(81)
(25)
(21)
(16)
(12)
(8)
(45)
Total undiscounted lease liabilities at 31.12
(179)
(128)
USD mill
2023
2022
Summary of the lease liabilities in the financial statements
Total lease liabilities 01.01
Lease liabilities recognised in the year
Lease liabilities derecognised in the year
Cash payments for the principal portion of the lease liability
Interest expense on lease liabilities
Change of estimates
Currency exchange differences
Total lease liabilities at 31.12
Current lease liabilities
Non-current lease liabilities
Total lease liabilities at 31.12
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.
116
36
(5)
(28)
5
1
125
24
101
125
169
42
(61)
(28)
6
(16)
4
116
23
93
116
USD mill
2023
2022
Summary of other lease expenses recognised in income statement
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
(8)
(2)
(2)
(12)
(9)
(2)
(2)
(14)
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 2023 (2022: USD 0 million)
99 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 include 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.
Extension options:
The group’s lease of buildings and land have lease terms that varies from 5 years to
Subleases:
The group has subleased an immaterial part of its redundant office buildings,
classified as an operating lease.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 49
Note 9 Tax
FINANCIAL REPORTING PRINCIPLES
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.
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 tax / deferred tax asset:
Deferred tax is calculated using the liability method on all temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in
the consolidated financial statements.
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.
Withholding tax:
Withholding tax and any related tax credits are generally recognised in the period
they are incurred.
OECD Pillar Two model rules
The Pillar two model rules, issued by OECD as part of their BEPS project, come
into effect from 1 January 2024. On 20 December 2023, the Norwegian parliament
approved the legislation, defining the framework for Norwegian ultimate parent
entities.
The group has assessed the implications of the new legislation, with the resulting
estimated financial impact on the group’s income tax being immaterial.
Effective from 23 May 2023, the International Accounting Standard Board (the
IASB) issued an amendment to IAS 12, with the amendment including a mandatory
temporary exemption to the accounting for deferred tax arising from the jurisdictional
implementation of the Pillar Two model rules. The group has implemented the
mandatory temporary exemption, effective from 1 January 2023.
Ordinary taxation
The ordinary rate of corporation tax in Norway is 22% of net profit for 2023 (2022:
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 domiciled
outside 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% (2022: 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. When
dividends are paid, local withholding taxes may be applicable. This generally applies
to dividends paid by companies domiciled outside the EEA.
USD mill
2023
2022
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 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 from joint ventures and associates
Reversal impairment deferred tax asset
Withholding tax and payable tax previous year
Calculated tax income/(expense) for the group
(5)
(17)
(4)
(27)
515
(113)
(11)
7
95
(5)
(27)
(10)
(16)
12
(13)
440
(97)
(4)
87
7
(7)
(13)
Effective tax rate for the group
5.3%
3.0%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 9 Tax
USD mill
2023
2022
PAGE 50
Net deferred tax assets
Net deferred tax assets at 01.01
Charged through income statement
Charged directly to equity
Currency translation differences
Acquistion / disposal
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
44
(4)
(1)
(2)
2
40
51
(12)
40
53
12
(1)
(7)
(14)
44
61
(17)
44
USD mill
Other
Fixed assets
Total
Deferred tax liabilities
At 01.01.2023
Charged through income statement
Currency translation differences
Acquistion / disposal
Deferred tax liabilities at 31.12.2023
At 01.01.2022
Charged through income statement
Charged directly to equity
Currency translations
Acquistion / disposal
Deferred tax liabilities at 31.12.2022
(7)
(4)
(11)
(7)
(8)
2
2
(11)
(4)
5
3
(11)
(7)
(7)
(15)
(2)
2
(22)
(4)
5
3
(11)
(7)
USD mill
Non current assets
and liabilities
Current assets
and liabilities
Tax losses
carried forward
Current assets
and liabilities
Tax losses
carried forward
Deferred tax assets
At 01.01.2023
Charged through income statement
Charged directly to equity
Currency translations
Deferred tax assets at 31.12.2023
Deferred tax assets
At 01.01.2022
Charged through income statement
Charged directly to equity
Currency translations
Acquistion / disposal
Deferred tax assets at 31.12.2022
3
4
4
2
(1)
(2)
3
(4)
15
(1)
1
11
4
(5)
(3)
(4)
56
(5)
(1)
51
45
13
(3)
56
(4)
(4)
4
(3)
(2)
(3)
(4)
51
10
(1)
1
62
57
8
(1)
(10)
(3)
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. Through the acquisition of the
external shares in Norsea group, the group reversed the impairment of deferred tax
assets in 2022.
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 51
Note 10 Earnings per share
FINANCIAL REPORTING PRINCIPLES
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. Own shares 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 2023 the company owns 386 300 own shares (nil for 31
December 2022).
Earnings per share is calculated based on an average of 44 283 425 shares for 2023
and 44 580 000 shares for 2022.
See note 11 in the parent accounts for an overview of the largest shareholders at 31
December 2023.
Total outstanding ordinary shares as of 31 December 2023 are
33 713 700 A-shares and 10 480 000 B-shares.
Note 11 Pension
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 a supplementary pension plan, 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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
USD mill
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
PAGE 52
Funded
Unfunded
2023
2022
2023
2022
4
138
142
8
139
147
5
23
28
5
24
29
Expenses
Commitments
2023
2022
31.12.2023
31.12.2022
3.60%
3.50%
3.50%
1.70%
1.80%
2.25%
2.25%
0.10%
3.70%
3.50%
3.50%
2.40%
3.60%
3.50%
3.50%
1.70%
2023
2022
(22)
(23)
(1)
(1)
(17)
(18)
1
USD mill
31.12.2023
31.12.2022
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
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
Benefit payments from plan
Return on plan assets (excluding interest income)
Gross pension assets at 31.12
Defined benefit obligation
Fair value of plan assets
Net liability
37
(2)
1
1
37
15
(1)
(1)
14
37
14
23
43
(4)
1
1
(2)
(1)
37
17
(2)
(1)
15
37
15
21
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 12 Combined items, balance sheet
FINANCIAL REPORTING PRINCIPLES
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.
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.
Loans and receivables are recognised initially at their fair value plus transaction costs.
PAGE 53
USD mill
Note
2023
2022
OTHER NON CURRENT ASSETS
Non current equity investments
Non current loans to associates and joint ventures
Non current loans to others
Non current financial derivatives
Other non current assets
Total other non current assets
OTHER CURRENT ASSETS
Account receivables
Prepaid expenses
Accrued revenue
Other current assets
Total other current assets
OTHER CURRENT LIABILITIES
Account payables
Accrued employee benefits
Other accrued expenses
Financial derivatives
Other current liabilities
Cylinder deposit *
Total other current liabilities
18
18
18
18
18
17/18
18
7
12
20
3
2
5
42
240
52
13
36
342
303
35
55
59
115
567
14
5
3
6
28
241
56
9
42
349
277
31
56
9
74
101
547
* Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 111 million (2022: USD
102 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 54
Note 13 Receivables
FINANCIAL REPORTING PRINCIPLES
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 measure expected credit losses at 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 2023
Expected loss rate
Gross carrying amount - trade receivables
Loss allowance *
31 December 2022
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%
222
0%
227
6%
8
(1)
16%
6
(1)
13%
11
(1)
13%
8
(1)
49%
3
(1)
44%
4
(2)
* Loss allowance is rounded to nil for trade receivables less than 90 days overdue.
ACCOUNT RECEIVABLES
At 31 December 2023, USD 18 million (2022: USD 14 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
2023
2022
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
7
10
1
4
3
177
63
240
5
7
2
3
1
4
183
55
4
241
Balance at 01.01
Net provision for receivables impairment
Balance 31.12
Account receivables per segment
Maritime Services
New Energy
Strategic Holdings and Investments
Total account receivables
See note 18 on credit risk.
Maritime Services
New Energy
Strategic Holdings and Investments
2023 Account receivables
2022 Account receivables
0%
26%
1%
23%
74%
76%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 14 Non-current 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.
PAGE 55
USD mill
2023
2022*
Financial assets to fair value
At 01.01
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 at 31.12
Financial assets to fair value
Qube Holdings Limited
Australian PE funds
Other
Total financial assets to fair value at 31.12
75
1
11
87
55
19
12
87
105
2
(22)
(5)
(5)
75
45
21
8
75
Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments.
* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.
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 2023 the group held 25 million shares, 1.4% of total (2022: 25 million
shares, 1.4% of total). The shares in Qube Holdings Limited serve as collateral for a
credit facility. See note 17.
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.
USD mill
Inventories
Raw materials
Goods/projects in process
Finished goods/products for onward sale
Total inventories at 31.12
Obsolescence allowance, deducted above
2023
2022
9
2
110
121
3
7
3
104
114
3
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 16 Current financial investments
FINANCIAL REPORTING PRINCIPLES
Current financial investments consists of financial assets held for trading. Derivatives are also placed in this category unless designated as hedges.
PAGE 56
USD mill
2023
2022
Market value current financial investments
Equities
Bonds
Total current financial investments at 31.12
The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.
USD mill
The net unrealised gain at 31.12
88
36
124
71
33
104
2023
2022
13
6
The parent company’s portfolio of equities and bonds of USD 124 million is held as
collateral within a securities’ finance facility. See note 17. 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 17 Interest-bearing debt and undrawn credit facilities
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
interest method.
PAGE 57
USD mill
Note
2023
2022
Interest-bearing debt
Bank and mortgages loan
Lease liabilities
Total interest-bearing debt
483
125
608
538
116
654
18
The groups bank and mortages loan facilities are held in the Maritime Services
segment and the New Energy segment, amounting to USD 175 million and USD 308
million per 31 December 2023. The loan facilitiy in the Maritime Services segment
matures in 2027. The New Energy debt comprise two loan facilities, where the primiary
facility, amounting to USD 294 million per 31 December 2023, matures in 2027.
The group refinanced 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 2023.
USD mill
Note
2023
2022
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
1
211
834
1 045
150
849
999
The parent company’s portfolio of financial investments is held as collateral within a securities’ finance facility.
USD mill
Note
2023
2022
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
51
19
28
435
76
608
88
17
22
24
503
654
18
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 17 Interest-bearing debt and undrawn credit facilities
USD mill
Note
2023
2022
PAGE 58
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
USD mill
Guarantee commitments
Guarantees for group companies
Bank guarantees
Payroll tax guarantees
Total
The carrying amounts of the group’s bank loans are denominated in the following currencies
USD
NOK
DKK
Total
See otherwise note 18 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
16
456
101
27
24
608
224
124
260
473
93
65
23
654
163
104
386
2023
2022
15
20
5
40
175
294
14
483
18
4
22
188
336
15
538
2023
2022
224
124
(51)
(557)
(260)
349
(608)
(260)
163
104
(88)
(566)
(386)
267
(654)
(386)
* 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 59
Cont. note 17 Interest-bearing debt and undrawn credit facilities
USD mill
Total interest-bearing debt at 31.12.2022
Reclass
Cash flows
Business combinations
Foreign exchange adjustments
Other non-cash movements
Total interest-bearing debt at 31.12.2023
Total interest-bearing debt at 01.01.2022
Reclass
Cash flows
Business combinations
Foreign exchange adjustments
Other non-cash movements
Total interest-bearing debt at 31.12.2022
Liabilities 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
23
19
(27)
10
24
30
(2)
(5)
(2)
1
23
93
(19)
1
26
101
139
2
(23)
1
(12)
(14)
93
65
(2)
(41)
(2)
7
27
270
8
(200)
(5)
(5)
(3)
65
473
2
(31)
2
(8)
19
456
203
(8)
218
72
(28)
16
473
654
(99)
2
(10)
62
608
642
(10)
68
(47)
654
Cash and cash equivalents, undrawn credit facilities
The group has cash pool arrangements within each segment. Each cash pool
arrangement is considered as one financial instrument and the net balance against
the bank is presented as cash and cash equivalents. Wilh. Wilhelmsen Holding 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.
Wilhelmsen Maritime Services 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.
USD mill
Committed undrawn credit facilities
Committed undrawn credit facilities are key part of the liquidity reserve.
USD mill
Cash and cash equivalents
Banks
2023
2022
321
172
2023
2022
224
163
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 60
Note 18 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.
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 below. Changes in the
valuation of qualified hedges are recognised directly in other comprehensive income
until the hedged transactions are realised.
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.
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.
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 non-functional
currencies (translation risk).
To mitigate risk, the group holds financial instruments for the following purposes:
• Financing: to raise finance for the group’s operations or, in the case of short-term
deposits, to invest surplus funds. The types of instruments used include bank
debt, cash and short-term deposits.
• Operational: the group’s activities generate financial instruments, including cash,
trade receivables, trade payables and finance advances.
• Risk management: to reduce risks arising from the financial instruments described
above, including foreign exchange contracts, interest rate swaps and cross-
currency interest rate swaps.
Changes in the market value of foreign exchange financial derivatives are recognised
through the income statement. New Energy segment apply hedge accounting for
interest rate hedges 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 and Hyundai Glovis group in
Strategic Holdings and Investments segment and the joint venture investment Coast
Center Base group in New Energy segment.
The group’s largest foreign exchange exposures are NOK, EUR and SGD - 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. The group target current hedge
ratio to be within the interval of 30-70% of future opex. 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.
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.
The sensitivity analysis below shows the impact that a reasonably possible change
in foreign exchange rates over a financial year would have on profit after tax and
equity, based solely on the group’s foreign exchange risk exposures existing at the
balance sheet date. The group has used the observed range of actual historical rates
for the preceding one-year period, in determining reasonably possible exchange
movements to be used for the current year’s sensitivity analysis.
USD mill
Note
2023
2022
Currency through Income Statement
Included in other financial income/(expenses)
Operating 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
(2)
(3)
10
(1)
(15)
(16)
10
(3)
(9)
(9)
(99)
(108)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 18 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 on
the previous page), exhibit the following income statement sensitivity:
PAGE 61
USD mill
Sensitivity
Income statement sensitivities of economic hedge program
Transaction risk
USD/NOK spot rate
Income statement effect
Equity effect
EUR/USD spot rate
Income statement effect
Equity effect
USD/SGD spot rate
Income statement effect
Equity effect
(Tax rate used is 22% that equals the Norwegian tax rate).
(10%)
(5%)
0%
5%
10%
9.12
14
14
1.00
(10)
(10)
1.19
6
6
9.62
10.13
10.64
11.14
7
7
1.05
(5)
(5)
1.25
3
3
1.11
1.32
(7)
(7)
1.16
5
5
1.39
(3)
(3)
(14)
(14)
1.22
10
10
1.45
(6)
(6)
INTEREST RATE RISK
Interest rate risk is identified as the effect on the Group’s future cash flows or fair
value of financial instruments when interest rates change. Changes in interest rates
expose the Group to changes in the fair value of borrowings subject to fixed interest
rates (fair value risk), and changes in future interest payments on borrowings subject
to floating interest rates (cash flow 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 main source of exposure to interest rate risk arises from the risk
associated with fair value interest rates.
Within Strategic Holdings and Investments and Maritime Services respectively, no
interest rate hedging is implemented due to low net interest-bearing debt (NIBD),
whereas New Energy have hedged about 40% of its interest-bearing debt (Interest
bearing debt of USD 308 million, with hedged amout totalling USD 120 million) as of
31 December 2023.
The Group has financial liabilities that are exposed to NIBOR and USD Term SOFR
reference rates. The Group has interest-bearing liabilities of USD 175 million that
have a USD Term SOFR reference rate. Other interest-bearing debt is primarily linked
to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the
Group is monitoring 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.
Sustainability-linked loans
During the year, the group amended the loan agreements in the Maritime Services
and New Energy segment, including sustainability-linked KPIs in the agreements.
Based on the annual fulfilment of the KPI targets, the interest rate on the loans
may be adjusted up to maximum of +/- 5 basis points. The first measurement
period in both agreements is the fiscal year of 2023, with the resulting interest rate
adjustment, based on fulfillment of targets, to be conducted in 2024.
USD mill
2023
2022
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
23
39
58
120
41
28
100
169
The average remaining term of the existing total debt portfolio is later than 5 years.
The hedges have an average remaining term of later than 5 years.
instruments are subject to risk from changes in the general level of interest rates,
primarily in USD and NOK.
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
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 18 Financial risk
USD mill
Interest rate derivatives
New Energy
Total interest rate derivatives
Currency derivatives
Maritime Services
Total currency derivatives
Total market value of financial derivatives
Book value equals market value
PAGE 62
2023
2022
Assets
Liabilities
Assets
Liabilities
2
2
2
1
1
2
10
10
10
The following sensitivity analysis shows the impact that a reasonably possible
change in interest rates over a financial year would have on profit after tax and equity.
The impact is determined by assessing the effect of a reasonably possible change
in interest rates would have had on interest income and expense and the impact on
financial instrument fair values existing at the balance sheet date. The analysis is
performed assuming a parallel shift in the relevant interest rate curves of 1%- and
2 %-points.
USD mill
Fair value sensitivities of interest rate risk
Change in interest rates' level
Income statement effect
Equity effect
(2%)
(4)
(4)
(1%)
(2)
(2)
0%
1%
2
2
2%
4
4
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. The investment
portfolio is divided between stocks and bonds, holding positions in various sectors.
All investments are concentrated within the Nordic countries and are diversified
across more than 30 different companies. The bond positions exclusively fall within
the Investment Grade space.
Below table summarizes the equity market sensitivity towards the market value of all
listed equities held as current financial investments, see note 16.
USD mill
Change in equity prices
Change in market value
Income statement effect
Equity effect
(Tax rate used is 22% that equals the Norwegian tax rate)
(20%)
(24)
(24)
(10%)
(12)
(12)
0%
10%
12
12
20%
24
24
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 63
Cont. note 18 Financial risk
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.
TRADE RECEIVABLES
The group’s exposure to credit risk on its receivables varies across segments and
subsidiaries.
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.
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 2023
(analogous for 2022).
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 17 for further details.
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
Note
2023
2022
Exposure to credit risk
Financial derivatives (liability)
Account receivables
Bonds
Cash and bank deposits
Total exposure to credit risk
12
12
16
17
240
36
224
501
(9)
241
33
163
429
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.
The group’s liquidity risk is low in that it holds significant liquid assets in addition to
credit facilities with the banks.
At 31 December 2023, the group had in excess of USD 404 million (2022: USD
313 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 321 million (2022: USD 172 million) in committed
undrawn credit facilities.
USD mill
Less than
1 year
Between
1 and 2 years
Between
2 and 5 years
Later than
5 years
Undiscounted cash flows financial liabilities 2023
Mortgages
Finance lease liabilities
Bank loan
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 31.12.2023
Undiscounted cash flows financial liabilities 2022
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 31.12.2022
14
24
36
73
477
550
35
23
30
10
33
132
547
679
13
18
35
67
67
12
4
33
50
50
265
24
174
67
529
529
25
20
2
33
79
79
14
59
3
33
109
109
244
69
189
32
535
535
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 18 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. Covenants are related to the consolidated accounts of Wilhelmsen
Maritime Services AS and NorSea Group AS.
PAGE 64
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
Finance lease liabilities
Bank loan
Total interest-bearing debt 31.12.2023
Mortgages
Finance lease liabilities
Bank loan
Total interest-bearing debt 31.12.2022
Note
Fair value
Book value
306
125
178
610
317
116
224
657
306
125
177
608
316
116
222
654
17
17
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 18 Financial risk
USD mill
Level 1
Level 2
Level 3
Total
PAGE 65
Financial assets to fair value
Equities
Bonds
Financial derivatives
Financial assets to fair value
Total financial assets 31.12.2023
Financial liabilities to fair value
Financial derivatives
Total financial liabilities 31.12.2023
Financial assets to fair value
Equities
Bonds
Financial derivatives
Financial assets to fair value
Total financial assets 31.12.2022
Financial liabilities to fair value
Financial derivatives
Total financial liabilities 31.12.2022
88
36
55
179
71
33
45
150
24
24
22
22
2
8
10
1
7
8
(10)
(10)
88
36
2
87
214
71
33
1
75
180
(10)
(10)
USD mill
2023
2022
Changes in level 3 instruments
Opening balance 01.01
Gain/(loss) recognised through income statement
Closing balance 31.12
22
2
24
24
(2)
22
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 2023 are liquid investment grade bonds and listed equities (analogous for 2022).
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 18 Financial risk
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 31.12.2023
Liabilities
Non current interest-bearing debt
Current interest bearing liabilities
Other non current liabilities
Other current liabilities
Liabilities at 31.12.2023
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 31.12.2022
Liabilities
Non current interest-bearing debt
Current interest bearing liabilities
Current financial derivatives
Other non current liabilities
Other current liabilities
Liabilities at 31.12.2022
Note
Financial assets at
amortised cost
Fair value through the
income statement
12
14
16
12
12
17
17
12
12
30
276
224
531
12
87
124
2
225
Liabilities at fair value through
the income statement
Other financial liabilities
at amortised cost
11
11
557
51
477
1 085
Note
Financial assets at
amortised cost
Fair value through the
income statement
12
14
16
12
12
17
17
12
12
12
6
284
163
453
14
75
104
2
195
Liabilities at fair value through
the income statement
Other financial liabilities
at amortised cost
10
11
21
566
88
452
1 106
PAGE 66
Total
42
87
124
2
276
224
756
Total
557
51
11
477
1 096
Total
20
75
104
2
284
163
648
Total
566
88
10
11
452
1 127
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 67
Note 19 Related party transactions
FINANCIAL REPORTING 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 remuneration report.
Material related parties in the group are:
Wallenius Wilhelmsen ASA
Coast Center Base AS / KS
Business office,
country
Ownership
Norway
Norway
37.9%
50.0%
USD thousand
2023
2022
KEY MANAGEMENT PERSONNEL COMPENSATION
Base salary
Bonus
Pension
Other benefits
Total
Detailed remuneration discloures are provided in the remuneration report.
2 086
1 436
513
341
4 376
2 067
3 456
534
383
6 440
USD thousand
2023
2022
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 TO RELATED PARTY
Purchase of goods and services from joint ventures and associates:
Maritime Services
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
New Energy
Account payables to related party
NON CURRENT ASSETS TO RELATED PARTY
Maritime Services
New Energy
Non current assets to related party
22
7
1
31
(1)
(28)
(29)
4
4
4
3
7
1
1
20
4
1
25
(2)
(1)
(3)
12
12
6
6
3
3
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 68
Note 20 Subsidiaries with material non-controlling interests
Treasure ASA *
Norway
78.68%
* At 31 December 2023 Treasure ASA had nil own shares (31 December 2022 had 2 594 566 own shares)
Business office, country
2023
Voting/control share
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. In 2023, the group changed the classification to consider Hyundai Glovis as an associated company and to recognise the investment
according to the equity method. Please refer to note 21 for more information.
USD mill
Summarised balance sheet
Non current assets
Current assets
Total assets
Non current liabilities
Current liabilities
Total liabilities
Net assets
Accumulated non-controlling interests (NCI)
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
Treasure ASA
2023
675
4
680
1
1
679
145
84
(16)
68
15
4
13
(19)
(5)
2022
620
10
630
630
145
100
(26)
73
16
5
10
(27)
(17)
USD mill
2023
2022
Total allocation to NCIs
Profit for the period to material NCIs
Profit for the period to other immaterial NCIs
Profit for the period to NCIs
18
3
21
26
1
27
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 21 Change in classification of asset - restated financial figures
PAGE 69
Change in classification of the group’s investment in Hyundai Glovis Co., Ltd.
As of 31 December 2023 the group holds a 78.68% share in the company Treasure
ASA, who through the fully owned subsidiary Den Norske Amerikalinje AS holds a
11% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic
of Korea, listed on the Korean Stock Exchange.
Hyundai Glovis’ principal activity is logistics and distribution services. The company
provides overseas logistics services, including vehicle export logistics, air freight
forwarding, ocean freight forwarding and international express service. Hyundai
Glovis also has a growing shipping segment with its own fleet of car carriers and
bulk carriers.
Basis for change in accounting method
The group has previously recognised the investment as financial assets to fair value
(”FV”) measurement with changes in FV recognised in profit or loss in accordance
with IFRS 9 - Financial Instruments.
In 2023 the group has changed the classification to consider Hyundai Glovis as
an associated company and to recognise the investment according to the equity
method in accordance with IAS 28 - Investments in Associates and Joint Ventures,
with the group’s share of changes in net assets of Hyundai Glovis reported as share
of profit from associates and dividends from associates. This change comes as a
result from discussions with Financial Supervisory Authority of Norway (the ”NFSA”).
The group received a preliminary notice from the NFSA regarding it’s accounting
treatment of the Hyundai Glovis investment in the group’s consolidated financial
RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022
Income statement and comprehensive income
statements for the period ending 31 December 2021. In the notice, the NFSA has
concluded the group has significant influence over Hyundai Glovis, and is therefore
required to classify the investment as an associated company, and to measure
the investment using the equity method in accordance with IAS 28 Investments in
Associates and Joint Ventures. The change in classification should be corrected
retrospectivly as an error according to IAS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors.
Presentation of restated comparable amounts
Applying IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors,
the group have in this note presented the restated comparable amounts for each
period presented as if the investment in Hyundai Glovis had been recognised in
accordance with the equity method, starting from the reporting period beginning
1 January 2022.
Impact of the change on accounting method on the group’s consolidated
financial statements
The impact on the consolidated balance sheet as of 1 January 2022 is a decrease
in total equity and retained earnings of USD 27 million, with a decrease of USD 20
million attributable to equity holders of the parent and a decrease of USD 7 million
attributable to non-controlling interests.
The group’s restated financial statements for the previous period is presented below.
USD mill
Operating profit
Share of profit from joint ventures and associates
Change in fair value financial assets
Other financial income
Other financial items
Profit before tax
Tax income/(expense)
Profit for the period
Profit attributable to the equity holders of the company
Profit/(loss) attributable to non-controlling interests
Other comprehensive income
Comprehensive income from associates
Currency translation differences
Other items in other comprehensive income
Total comprehensive income
Attributable to the equity holders of the company
Attributable to non-controlling interests
Basic / diluted earnings per share (USD)
2022
2022
2022
as reported
adjustments
restated
83
296
(50)
32
(55)
306
(13)
293
296
(3)
4
(73)
5
229
240
(11)
6.63
102
46
(13)
134
134
105
30
1
(26)
110
86
23
2.35
83
397
(5)
19
(55)
440
(13)
427
400
27
6
(99)
5
339
326
13
8.98
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 21 Change in classification of asset - restated financial figures
RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022
PAGE 70
Balance sheet
USD mill
Assets
Investments in joint ventures and associates
Financial assets to fair value
Other non current assets
Total non current assets
Total current assets
Total assets
Equity and liabilities
Attributable to equity holders of the parent
Non-controlling interests
Total equity
Total liabilities
Total equity and liabilities
Cash flow statement
USD mill
Profit before tax
Share of (profit)/loss from joint ventures and associates
Changes in fair value financial assets
Financial (income)/expenses
Other net cash flow provided by operating activities
Net cash provided by operating activities
Dividend received from joint ventures and associates
Proceeds from dividend and sale of financial investments
Other net cash flow provided by investing activities
Net cash flow from investing activities
31.12.2021
01.01.2022
01.01.2022
31.12.2022
31.12.2022
31.12.2022
as reported
adjustments
restated
as reported
adjustments
restated
1 093
688
921
2 702
746
3 448
2 009
221
2 230
1 218
3 448
556
(583)
(27)
(27)
(20)
(7)
(27)
(27)
1 649
105
921
2 675
746
3 421
1 989
214
2 203
1 218
3 421
1 342
613
943
2 898
730
3 628
2 212
144
2 355
1 273
3 628
620
(538)
83
83
66
17
83
83
1 962
75
943
2 981
730
3 711
2 278
160
2 438
1 273
3 711
2022
2022
2022
as reported
adjustments
restated
134
(102)
(46)
13
13
(13)
306
(296)
50
23
(19)
64
37
66
(97)
6
440
(397)
5
36
(19)
64
50
53
(97)
6
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 22 Contingencies
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.
Risks factors related to climate and environmental changes as well as regulatory
changes responding to such changes are taken into consideration when assessing
the risk of events occurring that could significantly affect the group’s financial
position. The group has not identified any material exposure that could significantly
affect the group’s financial position.
PAGE 71
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 group’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 group does not report EBITDA adjusted on a regular basis, but may use it
on a case by case basis to better explain operational performance.
Enterprise Value (EV) is defined as the market capitalization of a company plus NIBD.
EV/EBITDA is derfined as Enterprise Value (EV) divided by EBITDA.
Note 24 General accounting policies
SUMMARY OF MATERIAL 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.
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:
Amendment to IAS 1 Disclosure of Accounting Policies. The amendment requires an
entity to disclose material accounting policy information. The group has assessed
the new requirements arising from the amendment and conducted an update of
accounting policy information disclosed in the group’s financial statements notes
disclosures.
Amendment to IAS 12 International Tax Reform – Pillar Two Model rules. The
amendment includes a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model
rules. In addition, the amendment introduces disclosure requirements for affected
entities in relation to entities exposure to Pillar Two income taxes arising from that
legislation. Refer to Note 9 - Tax for more information.
Other new or amended standards and interpretations issued during the current period
are not expected to have material impact on the entity in the current or future periods.
New standards and interpretations not yet adopted
Certain new or amended accounting standards and interpretations have been
published that are not mandatory for 31 December 2023 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.
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
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.
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 are presented on a net basis in the income
statement, within finance income/expenses.
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Note 25 Events after the balance sheet date
In January 2024, Wilhelmsen Ship Management, a fully owned subsidiary of Wilh.
Wilhelmsen Holding ASA together with MPC Capital agreed to acquire 100 % of the
company Zeaborn Ship Management. The closing of the transaction is expected for
Q1 2024 and is subject to approval by the competent antitrust authorities.
No other material events occured between the balance sheet date and the date
when the accounts were presented providing new information about the conditions
prevailing on the balance sheet date.
PAGE 72
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ ACCOUNTS AND NOTES – GROUP │ Accounts and notes – parent company │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 73
Wilh. Wilhelmsen Holding ASA parent company
Income statement
Comprehensive income
Balance sheet
Cash flow statement
Equity
Notes
Auditor’s report
Page 75
Page 75
Page 75
Page 76
Page 77
Page 78
Page 79
Page 96
Responsibility statement
Page 101
Accounts
and notes
– Parent
company
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 People
PAGE 74
People have always been key to the
Wilhelmsen group. An experienced and
highly skilled workforce leads to quality,
expertise, and value for customers.
In addition, a sharp focus on equality,
diversity and inclusion and employee
development, has and will continue to be
the Wilhelmsen way of working.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Income statement Wilh.Wilhelmsen Holding ASA
NOK thousand
Operating income
Operating expenses
Employee benefits
Operating expenses
Depreciation, amortisation and impairment
Total operating expenses
Operating profit/(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 equity
Proposed dividend
Interim dividend paid
Total transfers and allocations
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
PAGE 75
Note
2023
2022
1
2
1
3/4
1/4
1/4
34 030
35 343
(94 466)
(59 474)
(7 036)
(106 778)
(53 891)
(4 997)
(160 976)
(165 666)
(126 946)
(130 323)
2 541 250
704 592
(76 676)
(101 875)
2 464 574
602 717
2 337 628
472 394
5
(54 089)
74 552
2 283 539
546 946
1 664 828
441 937
176 775
2 283 539
145 726
267 480
133 740
546 946
2023
2022
2 283 539
546 946
(5 851)
5 789
2 277 689
552 735
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 76
Note
31.12.2023
31.12.2022
5
3
3
4
6
7/14
4/15
15
8/14
15
4/15
10
9
88 778
10 329
13 377
41 689
141 899
6 592
8 344
46 896
6 328 989
5 594 516
76 075
212 185
246 252
41 048
35 912
6 812 469
6 080 411
1 263 938
1 024 970
102 107
34 067
69 180
636 489
3 425
32 708
133 727
118 308
2 105 782
1 313 137
8 918 252
7 393 549
11
891 600
891 600
6 940 774
5 385 736
7 832 374
6 277 336
12
4
15
4/15
10/15
74 417
253 680
328 097
66 900
291 917
358 817
5 278
9 055
38 236
705 212
757 781
4 853
11 079
36 517
704 947
757 396
8 918 252
7 393 549
Balance sheet Wilh.Wilhelmsen Holding ASA
NOK thousand
ASSETS
Non current assets
Deferred tax assets
Intangible assets
Properties and other tangible assets
Right-of-use assets
Investments in subsidiaries and associates
Financial assets to fair value
Sublease receivable
Other non current assets
Total non current assets
Current assets
Current financial investments
Trade and other receivables
Sublease receivable
Other current assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Paid-in capital
Retained earnings and other reserves
Total equity
Non current liabilities
Pension liabilities
Non current lease liabilities
Total non current liabilities
Non current liabilities
Public duties payable
Trade and other payables
Current portion of lease liabilities
Other current liabilities
Total current liabilities
Total equity and liabilities
Lysaker, 20 March 2024
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair)
Trond Westlie
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas Wilhelmsen (group CEO)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cash flow statement Wilh.Wilhelmsen Holding ASA
NOK thousand
Note
2023
2022
PAGE 77
Cash flow from operating activities
Profit before tax
Financial (income)/expenses
Depreciation, amortisation and impairment
Other (gain)/loss
Change in net pension asset/liability
Change in working capital
Withholding tax (paid)/received
Net cash provided by operating activities
Cash flow from investing activities
Dividend/group contribution received from group companies
Investments in tangible and intangible assets
Net proceeds from sale of entity
Investments in subsidiaries, joint ventures and associates
Repayment of financial sublease
Loans (to)/from subsidiaries, cash pool
Proceeds from sale of financial investments
Purchase of current financial investments
Dividend and other financial income received from financial assets
Interest received included interest of sublease receivable
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 included interest of financial lease debt
Cash from/(to) financial derivatives
Net purchase of own shares
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
The company has several bank accounts in different currencies.
Unrealised currency effects are included in net cash provided by operating activities.
1
3/4
5
15
3
6
6
4
1
4
2 337 628
472 394
(2 464 574)
(602 717)
7 036
2 922
16
55 017
682
4 997
4 102
28 224
(7 149)
(61 273)
(100 150)
2 197 628
687 195
(10 598)
(6 592)
700
(656 584)
(411 729)
32 708
40 356
126 603
(101 116)
263 965
(146 482)
(163 942)
36 186
25 054
12 841
15 744
1 605 215
336 722
600 000
755 000
(977 671)
(655 000)
(43 901)
(20 315)
(43 292)
(10 477)
(44 717)
(105 350)
(444 255)
(312 060)
(1 025 761)
(276 276)
518 182
118 308
636 489
(39 704)
158 012
118 308
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 78
Equity Wilh.Wilhelmsen Holding ASA
STATEMENT OF CHANGES IN EQUITY
NOK thousand
Note
Share capital
Own shares
Retained earnings
Total
Current year's change in equity
Equity 31.12.2022
Interim dividend paid
Proposed dividend
Purchase of own shares
Sale of own shares
Repayment of previous years dividend
Profit for the year
Comprehensive income for the year
Equity 31.12.2023
891 600
5 385 736
6 277 336
(8 000)
274
(176 775)
(441 937)
(101 500)
3 880
1 407
(176 775)
(441 937)
(109 500)
4 154
1 407
2 283 539
2 283 539
(5 851)
(5 851)
11
891 600
(7 726)
6 948 500
7 832 374
NOK thousand
Note
Share capital
Own shares
Retained earnings
Total
Current year's change in equity
Equity 31.12.2021
Interim dividend paid
Proposed dividend
Profit for the year
Comprehensive income for the year
Equity 31.12.2022
891 600
5 234 221
6 125 821
(133 740)
(267 480)
546 946
5 789
(133 740)
(267 480)
546 946
5 789
891 600
5 385 736
6 277 336
At 31 December 2023 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.
The proposed dividend for fiscal year 2023 is NOK 10.00 per share. A decision on the
proposal will be taken by the annual general meeting on 2 May 2024.
Dividend for fiscal year 2022 was NOK 10.00 per share, with NOK 6.00 per share paid
in April 2023 and NOK 4.00 per share paid in November 2023.
In May 2023 the company aquired 400 000 own shares (300 000 A - shares and
100 000 B - shares). In November 2023, a total of 13 700 own A- shares were sold
to employees as part of the employee share program. At 31 December 2023 the
company had 386 300 own shares (corresponding figures at 31 December 2022 was
nil own shares).
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 1 Combined items, income statement
NOK thousand
Note
2023
2022
PAGE 79
OPERATING INCOME
Other income
Income from group companies
Other gain/(loss)
Total operating income
OTHER OPERATING EXPENSES
Expenses to group companies
Communication and IT expenses
External services
Travel and meeting expenses
Marketing expenses
Lease expenses
Other 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
Total financial income
Financial expenses
Investment management
Interest expenses
Interest expenses financial lease
Other financial expenses
Total financial expenses
Net financial income
Note 2 Employee benefits
NOK thousand
Payroll
Payroll tax
Pension cost
Other remuneration
Total employee benefits
Average number of employees
Detailed remuneration disclosures are provided in the remuneration report.
15
15
2
8
15
15
8
4
15
1 397
35 555
(2 922)
34 030
(14 367)
(6 402)
(22 608)
(2 724)
(3 537)
(6 724)
(3 112)
(59 474)
1 137
34 206
35 343
(11 962)
(7 352)
(14 735)
(4 445)
(2 102)
(2 332)
(10 963)
(53 891)
160 804
8 391
10 583
5 493
11 904
2 243 531
687 195
117 941
2 541 250
704 592
(10 477)
(12 511)
(53 688)
(52 211)
(8 411)
(11 903)
(29 349)
(76 676)
(101 875)
2 464 574
602 717
Note
2023
2022
12
(63 888)
(14 597)
(12 513)
(3 468)
(82 638)
(8 811)
(12 576)
(2 753)
(94 466)
(106 778)
30
35
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 2 Employee benefits
NOK thousand
2023
2022
PAGE 80
EXPENSED AUDIT FEE (EXCLUDING VAT)
Statutory audit
Tax advisory fee
Other assurance services
Total expensed audit fee
Note 3 Intangible and tangible assets
(758)
(2)
(419)
(868)
(29)
(1 179)
(897)
NOK thousand
2023
Cost at 01.01
Additions
Reclass
Cost at 31.12
Accumulated depreciation/amortisation at 01.01
Depreciation/amortisation
Reclass
Accumulated depreciation/amortisation at 31.12
Intangible assets
Properties
Other tangible assets
Total
12 976
5 029
(43)
17 962
(6 384)
(1 292)
43
(7 633)
10 582
5 510
16 092
(4 714)
(535)
(5 248)
9 084
59
(3 386)
5 757
(6 609)
(2)
3 386
(3 224)
32 642
10 598
(3 429)
39 811
(17 706)
(1 828)
3 429
(16 105)
Carrying amounts at 31.12
10 329
10 844
2 533
23 705
Depreciation/amortisation intangible and tangible assets
Depreciation of right-of-use assets
Total depreciation 2023
2022
Cost at 01.01
Additions
Reclass
Cost at 31.12
Accumulated depreciation/amortisation at 01.01
Depreciation/amortisation
Reclass
(1 828)
(5 207)
(7 036)
26 050
6 592
6 383
6 592
10 582
9 084
12 976
10 582
9 084
32 642
(6 324)
(59)
(4 290)
(423)
(6 448)
(160)
(17 063)
(643)
Accumulated depreciation/amortisation at 31.12
(6 384)
(4 714)
(6 609)
(17 706)
Carrying amounts at 31.12
6 592
5 868
2 475
14 936
Depreciation/amortisation intangible and tangible assets
Depreciation of right-of-use assets
Total depreciation 2022
Useful life
Amortisation/depreciation schedule
3-5 years
Linear
Up to 25 years
Linear
3-10 years
Linear
(643)
(4 354)
(4 997)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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 refers to headquarter and parking places. The external lease of headquarter is
subleased to group company. The right-of-use assets relate to internal lease of
the company’s location in Strandveien 20.
PAGE 81
Summary of the lease liabilities in the financial statements
NOK thousand
2023
Lease liability 01.01
Cash payments for the principal portion of the lease liability
Interest expense on lease liabilities
Lease liability 31.12
2022
Lease liability 01.01
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
Change in estimates
Lease liability 31.12
All financial lease is leased from external party
Summary of sublease receivable
NOK thousand
2023
Sublease receivable 01.01
Repayment of sublease receivable
Total financial sublease receivable 31.12
Non current sublease receivable
Current sublease receivable
Total financial sublease receivable 31.12
2022
Sublease receivable 01.01
New sublease agreements/change of estimates
Repayment of sublease receivable
Total financial sublease receivable 31.12
Non current sublease receivable
Current sublease receivable
Total financial sublease receivable 31.12
Property including parking places are subleased to the subsidiary WilService AS in 2023 and 2022.
328 434
(49 028)
12 511
291 917
309 495
(43 281)
(13 646)
13 646
62 099
120
328 434
278 961
(32 708)
246 252
212 185
34 067
246 252
273 585
45 732
(40 356)
278 961
246 252
32 708
278 961
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 4 Right-of-use assets and lease liabilities
Summary of right of use assets not subleased to subsidiary
NOK thousand
2023
Right-of-use assets at 01.01
Right-of-use assets cost at 31.12
Accumulated depreciation at 01.01
Depreciation
Accumulated depreciation at 31.12
Carrying amounts 31.12
2022
Right-of-use assets at 01.01
Additions and remeasurements
Change of estimates
Right-of-use assets cost at 31.12
Accumulated depreciation at 01.01
Depreciation
Change of estimates
Accumulated depreciation at 31.12
Carrying amounts 31.12
PAGE 82
Note
Property
3
3
62 443
62 443
(15 548)
(5 207)
(20 755)
41 689
45 776
16 368
300
62 443
(11 636)
(4 354)
442
(15 548)
46 896
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Note 5 Tax
NOK thousand
Allocation of tax income/(expense) for the year
Payable tax/withholding tax
Change in deferred tax
Total tax income/(expense)
Basis for tax computation
Profit before tax
22% tax
Tax effect from
Net permanent differences
Withholding tax
Reversal impairment deferred tax asset
Current year calculated tax income/(expense)
Effective tax rate
Deferred tax assets
Tax effect of temporary differences
Fixtures
Current assets and liabilities
Non current liabilities and provisions for liabilities
Tax losses carried forward
Deferred tax assets
Deferred tax assets
Deferred tax asset at 01.01
Tax effect of group contribution
Charge to equity (tax of OCI)
Change of deferred tax through income statement
Reversal of impairment of deferred tax asset
Deferred tax assets at 31.12
PAGE 83
2023
2022
682
(54 771)
(54 089)
(7 149)
81 701
74 552
2 337 628
472 394
(514 278)
(103 927)
459 507
138 236
682
(54 089)
243
40 000
74 552
2.3%
neg.
1 248
(814)
37 945
50 400
88 778
141 899
(45 098)
1 650
(9 673)
1 728
1 797
31 903
106 470
141 899
61 830
(909)
(1 633)
42 610
40 000
88 778
141 899
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 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.
PAGE 84
NOK thousand
Business office country
Voting share/
ownership share
2023
Book value
2022
Book value
Associate
Wallenius Wilhelmsen ASA
Lysaker, Norway
37.9%
1 142 694
1 142 694
Subsidiaries
Treasure ASA *
Wilhelmsen New Energy AS
Wilhelmsen Maritime Services AS
WilNor Governmental Services AS **
Wilhelmsen Accounting Services AS ***
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Lysaker, Norway
Wilh. Wilhelmsen Holding Invest Malta Limited ****
Valetta, Malta
WilService AS
Wilh. Wilhelmsen Invest AS
Wilhelmsen GRC Sdn Bhd
Lysaker, Norway
Lysaker, Norway
Kuala Lumpur, Malaysia
78.7%
100.0%
100.0%
51.0%
0.0%
100.0%
100.0%
100.0%
100.0%
1 065 301
2 128 714
1 264 440
10
700 000
1 550
26 273
8
1 043 967
2 128 714
1 264 440
9 499
3 622
1 550
23
8
Total investments in subsidiaries and associates
6 328 989
5 594 516
* At 31.12.2023 Treasure ASA had nil own shares (31.12.2022: 2 594 566 own shares)
**
***
**** Wilh. Wilhelmsen Holding Invest Malta Limited was bought from Wilhelmsen New Energy in 2023
Impairment of investment in WilNor Governmental Services AS with NOK 9.489 in 2023
Wilhelmsen Accounting Services AS was sold to Wilh. Wilhelmsen Invest AS in 2023
Note 7 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.
NOK thousand
2023
2022
Financial assets to fair value
At 1 January
Acquisition
Total financial assets to fair value
Financial assets to fair value
Nordic Corporate Bank ASA
Total financial assets to fair value
76 075
76 075
76 075
76 075
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 85
Note 8 Current financial investments
NOK thousand
2023
2022
Market value asset management portfolio
Equities
Bonds
Financial derivatives
Total current financial investments
891 565
368 937
3 436
701 333
323 647
(11)
1 263 938
1 024 970
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
181 006
60 238
The portfolio of financial investments is held as collateral within a securities’ finance facility. See note 13.
Note 9 Restricted bank deposits and undrawn committed drawing rights
NOK thousand
2023
2022
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
1 191 266
666 128
636 489
636 489
118 308
118 308
17 304
17 304
7 026
7 026
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 2023 the guarantee amounted to
NOK 20 million (31 December 2022 NOK 10 million).
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 10 Current financial investments
NOK thousand
Note
2023
2022
PAGE 86
OTHER CURRENT ASSETS
Cash pool intercompany receivables
Other current assets
Resticted bank deposits
Total other current assets
OTHER CURRENT LIABILITIES
Next year's instalment on interest-bearing debt
Proposed dividend
Cash pool intercompany payables
Other current liabilities
Total other current liabilities
15
9
13
15
40 863
11 014
17 304
69 180
441 937
167 466
95 809
705 212
33 141
93 560
7 026
133 727
300 000
267 480
28 512
108 955
704 947
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 14.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 11 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.
PAGE 87
The largest shareholders at 31 December 2023
Shareholders
Tallyman AS
Pareto Aksje Norge Verdipapirfond
Verdipapirfondet Nordea Norge Verdi
J.P. Morgan SE
Citibank Europe plc
Intertrade Shipping AS
Citibank Europe plc
VJ Invest AS
Stiftelsen Tom Wilhelmsen
The Bank Of New York Mellon
Forsvarets Personellservice
J.P. Morgan SE
Varner Equities AS
Wilh. Wilhelmsen Holding ASA
Salt Value AS
MP Pensjon PK
Clearstream Banking S.A.
UBS Europe SE
Verdipapirfondet Nordea Avkastning
JPMorgan Chase Bank
Other
Total number of shares
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%
1 502 898
725 980
2 228 878
318 268
1 069 361
1 387 629
425 784
460 547
261 000
414 438
171 941
370 400
277 836
562 300
126 875
108 222
286 300
225 462
79 965
333 701
319 329
102 359
248 356
823 624
1 249 408
348 865
527 000
313 946
532 587
236 000
297 674
415 630
323 520
100 000
143 828
276 636
4 345
165 619
809 412
788 000
728 384
704 528
606 400
575 510
562 300
542 505
431 742
386 300
369 290
356 601
338 046
319 329
267 978
248 356
5.00%
3.11%
2.80%
1.82%
1.77%
1.63%
1.58%
1.36%
1.29%
1.26%
1.22%
0.97%
0.87%
0.83%
0.80%
0.76%
0.72%
0.60%
0.56%
4.42%
0.94%
1.25%
1.35%
0.77%
1.22%
0.51%
1.09%
0.82%
1.65%
0.37%
0.32%
0.84%
0.66%
0.24%
0.98%
0.94%
0.30%
0.73%
6 619 289
1 994 341
8 613 630
19.32%
19.47%
34 000 000
10 580 000
44 580 000
100.00%
100.00%
Nominee
Nominee
Nominee
Nominee
Nominee
Nominee
Nominee
Nominee
At 31 December 2023 Wilh. Wilhelmsen Holding ASA had 386 300 own shares (corresponding figure at 31 December 2022 was nil own shares).
Shares on foreigners hands
At 31 December 2023, 4 679 625 (13.76%) A shares and 2 860 813 (27.04%) B shares were held by foreign shareholders.
Corresponding figures at 31 December 2022 were 4 737 284 (17.11%) A shares and 2 891 999 (29.39%) B shares.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
PAGE 88
Note 12 Pension
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. These
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 include 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
2023
2022
2023
2022
1
1
1
1
3
4
7
2
4
6
Expenses
Commitments
2023
2022
31.12.2023
31.12.2022
3.60%
3.50%
6.50%
1.70%
1.80%
3.25%
3.25%
1.50%
3.70%
3.50%
3.50%
2.40%
3.60%
3.25%
3.25%
1.50%
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.
NOK thousand
Pension expenses
Service cost
Net interest cost
Cost of defined contribution plan
Net pension expenses
2023
2022
Funded
Unfunded
Total
Funded
Unfunded
Total
(1 995)
(358)
(7 508)
(9 861)
(825)
(1 827)
(2 820)
(2 185)
(7 508)
(2 652)
(12 513)
(2 391)
(246)
(5 098)
(7 735)
(3 919)
(922)
(6 310)
(1 168)
(5 098)
(4 841)
(12 576)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 12 Pension
NOK thousand
2023
2022
PAGE 89
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 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 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
5 087
1 577
837
7 501
(1 650)
5 851
(4 962)
(2 195)
(297)
(7 454)
1 665
(5 789)
87 100
88 421
2 820
2 971
(1 738)
5 087
1 577
6 030
1 510
(1 704)
(4 962)
(2 195)
97 817
87 100
20 200
18 200
786
3 613
(362)
(837)
342
1 673
(312)
297
23 400
20 200
7 501
(1 650)
5 851
(7 454)
1 640
(5 814)
38 601
59 216
23 400
74 417
31 783
55 317
20 200
66 900
Premium payments in 2024 are expected to be NOK 11 million (2023: NOK 10 million). Payments from operations are estimated at NOK 1.8 million in 2024 (2023: NOK 1.7 million).
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Note 13 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
PAGE 90
2023
2022
300 000
300 000
300 000
300 000
0
0
1 260 502
1 024 980
The parent company had in addition undrawn revolving facilities at 31 December
2023. 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 2023
(analougue for 31 December 2022).
FINANCIAL RISK
See note 14 to the parent accounts and note 18 to the group accounts for further
information on financial risk, and note 17 to the group accounts concerning the fair
value of interest-bearing debt.
Note 14 Financial risk
CREDIT RISK
Guarantees
The group’s policy is that the parent company will not provide any financial
guarantees.
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.
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.
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.
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 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 parent’s liquidity risk is considered to be low in the sense that it holds significant
liquid assets in addition to undrawn credit facilities.
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.
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.
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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. note 14 Financial risk
NOK thousand
2023
Interest-bearing debt
Bank loan
Total interest-bearing debt at 31.12
2022
Interest-bearing debt
Bank loan
Total interest-bearing debt at 31.12
PAGE 91
Fair value
Carrying amount
0
0
300 000
300 000
300 000
300 000
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.
The fair value of financial instruments not traded in an active market is determined
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.
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
Note
Level 1
Level 2
Level 3
Total balance
NOK thousand
2023
Financial assets to fair value through income statement
– Bonds
– Equities
– Financial derivatives
– Financial assets to fair value
Total assets 31.12
2022
368 937
891 565
3 436
7
1 260 502
3 436
76 075
76 075
Financial assets to fair value through income statement
– Bonds
– Equities
– Financial derivatives
Total assets 31.12
323 647
701 333
1 024 980
(11)
(11)
368 937
891 565
3 436
76 075
1 340 014
323 647
701 333
(11)
1 024 970
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 92
Cont. note 14 Financial risk
Financial instruments by category
NOK thousand
2023
Assets
Sublease receivable non current
Other non current assets
Financial assets to fair value
Current financial investments
Financial derivatives
Sublease receivable
Other current assets
Cash and cash equivalent
Assets at 31.12.2023
Note
Financial assets at
amortised cost
Fair value through
income statement
Total
4
7
8
8
4
9
212 185
41 048
34 067
171 287
636 489
1 095 077
76 075
1 260 502
3 436
212 185
41 048
76 075
1 260 502
3 436
34 067
171 287
636 489
1 340 014
2 435 090
Note
Other financial liabilities
at amortised cost
Fair value through
income statement
Liabilities
Property lease liabilities non current
Current portion of property lease liabilities
Other current liabilities
Liabilities 31.12.2023
4
4
10
253 680
38 236
705 212
997 128
NOK thousand
2022
Assets
Sublease receivable non current
Other non current assets
Current financial investments
Financial derivatives
Sublease receivable
Other current assets
Cash and cash equivalent
Assets at 31.12.2022
Note
Financial assets at
amortised cost
Fair value through
income statement
4
8
8
4
9
246 252
35 912
32 708
137 152
118 308
570 332
1 024 980
(11)
1 024 970
1 595 302
Note
Other financial liabilities
at amortised cost
Fair value through
income statement
Total
Liabilities
Property lease liabilities non current
Current interest-bearing debt
Current portion of property lease liabilities
Other current liabilities
Liabilities 31.12.2022
4
13
4
10
291 917
300 000
36 517
404 947
1 033 380
See note 18 to the group financial statement for further information about the group risk factors.
291 917
300 000
36 517
404 947
1 033 380
Total
253 680
38 236
705 212
997 128
Total
246 252
35 912
1 024 980
(11)
32 708
137 152
118 308
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 93
Note 15 Related party transactions
The ultimate owner of Wilh. Wilhelmsen Holding ASA is Tallyman AS, which controls about 60% of voting shares of the group. Tallyman AS is controlled by Thomas Wilhelmsen.
Shares owned or controlled by related party of Wilh. Wilhelmsen Holding ASA at 31 December 2023
Name
A shares
B shares
Total number
of shares
% of total
shares
% of voting
stock
Thomas Wilhelmsen - group CEO
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
2023
2022
KEY MANAGEMENT PERSONNEL
Short-term employee benefits
Key management personnel compensation
Detailed remuneration discloures are provided in the remunertation report.
23 104
23 104
24 086
24 086
NOK thousand
Note
2023
2022
OPERATING REVENUE FROM GROUP COMPANIES
WAWI group
Maritime Services
New Energy
Strategic Holdings and Investments
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
WAWI group
Maritime Services
New Energy
Strategic Holdings and Investments
Financial income from group companies
FINANCIAL EXPENSES TO GROUP COMPANIES
Maritime Services
New Energy
Strategic Holdings and Investments
Financial expenses to group companies
1
1
3 369
10 109
14 189
7 888
35 555
2 815
10 120
2 138
19 133
34 206
(8 456)
(5 911)
(3 178)
(8 784)
(14 367)
(11 962)
1 446 039
267 508
386 099
160 547
2 260 193
(261)
(1 466)
(1 295)
(3 022)
221 364
300 000
7 222
175 401
703 987
(45)
(105)
(5 360)
(5 509)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Cont. note 15 Related party transactions
NOK thousand
Note
2023
2022
ACCOUNT RECEIVABLES AND ACCOUNT PAYABLES WITH RELATED PARTY
PAGE 94
Account receivables
Maritime Services
New Energy
Strategic Holdings and Investments
Account receivables from group companies
Account payables
Maritime Services
Strategic Holdings and Investments
Account payables to group companies
Cash pool receivables
New Energy
Strategic Holdings and Investments
Cash pool receivables from group companies
Cash pool payables
Maritime Services
New Energy
Strategic Holdings and Investments
Cash pool payables to group companies
NON CURRENT LOAN TO GROUP COMPANIES
Strategic Holdings and Investments
Non current loan to group companies
CURRENT LOAN TO GROUP COMPANIES
New Energy
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
1 119
186
1 305
(8)
(111)
(118)
4 189
542
4 731
(642)
(722)
(1 365)
34 033
6 830
48 863
15 884
17 257
33 141
10
(1 020)
(148 478)
(17 969)
(1 572)
(26 579)
(361)
10
(169 466)
(28 512)
41 048
41 048
35 912
35 912
100 996
100 996
26 281
26 281
212 185
212 185
246 252
246 252
34 067
34 067
32 708
32 708
4
4
Note 16 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.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 95
Partnerships Since 1861, Wilhelmsen’s
strong partnerships have been
key to performance, growth,
and new markets. Close and
trusted partners are the reason
Wilhelmsen continues to shape
the maritime industry.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Auditor’s Report
PAGE 96
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 2023, the income statement, comprehensive
income, equity 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 2023, the income statement,
comprehensive income, equity and cash flow statement for the year then ended, and notes to the
financial statements, including material accounting policy information.
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 2023, 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 consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2023, and its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting 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
relevant laws and regulations in Norway 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 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 14 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 Group’s business activities are largely unchanged compared to last year. We have not identified
regulatory changes, transactions or other event that qualified as new Key Audit Matters for our audit of the
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
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Auditor’s Report
PAGE 97
2023 financial statements. Furthermore, Revenue from contracts with customers has the same
characteristics and risks as in the prior year, and therefore continues to be an area of focus this year.
Key Audit Matters
How our audit addressed the Key Audit Matter
Revenue from contracts with customers
Revenue from contracts with customers in the
Maritime Services and New Energy segments was
USD 733 million and USD 290 million respectively
for the year ended 31 December 2023.
We have focused on revenue from contracts with
customers because of the significant amounts
involved, and because of the inherent risk of
errors when a business handles multiple revenue
streams that consist of large numbers of
transactions that add up to material amounts.
Further, the inherent risk of errors increases from
the complexity that sometimes accompanies the
required application of management
judgment, particularly in determining the
transaction price and deciding when
performance obligations are satisfied.
We refer to note 3 Revenue from contracts with
customers, where management explains 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 whether income should
be recognized net or gross.
We obtained and studied management’s
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 recorded revenues, 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 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 of assumptions applied by
management in deciding when performance
obligations were satisfied. We found 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.
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Auditor’s Report
PAGE 98
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 statutory 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 of the Company 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 of the consolidated financial statements of
the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU. Management is responsible 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 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
3 / 5
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PAGE 99
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 and 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's 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.
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, actions taken to
eliminate threats or safeguards applied.
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 Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Wilh. Wilhelmsen Holding ASA, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included in
the annual report, with the file name Wilhelmsen Holding-2023-12-31-en, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section
4 / 5
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
Auditor’s Report
PAGE 100
5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the
annual report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
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, 20 March 2024
PricewaterhouseCoopers AS
Thomas Fraurud
State Authorised Public Accountant
(This document is signed electronically)
5 / 5
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023
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 2023 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.
PAGE 101
Lysaker, 20 March 2024
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair)
Trond Westlie
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas Wilhelmsen (group CEO)
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ ACCOUNTS AND NOTES – PARENT COMPANY │ Corporate structureWilh. Wilhelmsen Holding ASA Annual report 2023 Wilh. Wilhelmsen Holding group main structure
Page 104
Strategic Holdings and Investments segment
Page 105
Maritime Services segment
New Energy segment
Page 106
Page 114
PAGE 102
Corporate
structure
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 103
Governance Wilhelmsen has strong corporate
governance practices. The well-
defined governance structure and
clear policies and procedures that
are crafted from long-term strategies,
ensure ethical and transparent
operations, and create a robust
governing structure for long-term
resilience.
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 104
Corporate structure
At 31 December 2023
Group management team
Thomas Wilhelmsen
(group CEO)
Christian Berg
(group CFO)
Benedicte Teigen Gude
(Chief of Staff)
Bjørge Grimholt
(Executive vice president Maritime Services)
Jan Eyvin Wang
(Executive vice president New Energy)
WWH group
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius Wilhelmsen ASA,
Norway 37.87%
Treasure ASA,
Norway 78.68%
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 segment and business area see below list
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 105
Strategic Holdings and Investments segment
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius
Wilhelmsen ASA
37.87%
Treasure ASA
78.68%
WilNor Governmental
Services AS
100% *)
Wilhelmsen
GRC Sdn.Bhd.
Malaysia
WilService AS
Wilhelmsen Invest
Infrastructure AS
Den Norske
Amerikalinje AS
Olavsvern Group AS
66%
Hyundai Glovis Ltd
Republic of Korea
11.00%
Wilh. Wilhelmsen
Invest AS
Wilh. Wilhelmsen
Holding Invest
Malta Ltd
Unless otherwise stated, the company is wholly-owned.
*) 51% owned by Wilh Wilhelmsen Holding ASA and 49% of the shares are owned by NorSea Group
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 106
Maritime Services
Wilhelmsen Maritime Services AS, Norway
Wilhelmsen Ship
Management
Wilhelmsen Ships Service
Wilhelmsen Port Services
Wilhelmsen Global
Business Services
Wilhelmsen
Chemicals AS,
Norway
Wilhelmsen Ship
Management
Holding AS, Norway
Wilhelmsen Ships
Service AS,
Norway
Wilhelmsen Port
Services AS,
Norway
Wilhelmsen Global
Business Services AS,
Norway
Wilhelmsen Insurance
Services AS, Norway
For group company list sorted by segment and business area see below list.
Denholm Port
Services Ltd
40%, UK
Unless otherwise stated, the company is wholly-owned.
Maritime Services
Company name
Country
Ownership %
Wilhelmsen Maritime Services
Wilhelmsen Global Business Services Sdn. Bhd.
Malaysia
Wilhelmsen Insurance Services AS
Wilhelmsen Maritime Services AS
Wilhelmsen Chemicals AS
Wilhelmsen Global Business Services AS
Wilhelmsen Maritime Services Invest AS
C-Loop AS
Consigli Portuali AS
WavesApp AS
Ceataec AS
Marine Supply System AS
Wilhelmsen Business Service Center Sp z o.o.
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Poland
Denholm Port Services Limited
United Kingdom
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
40.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 107
Wilhelmsen Ship Management
Wilhelmsen Ship Management Serviços Marítimos do Brasil Ltda.
Brazil
Wilhelmsen Marine Personnel d.o.o.
Diana Wilhelmsen Management Limited
Barber Ship Management Germany GmbH & Co. KG
Verwaltung Wilhelmsen Ahrenkiel GmbH
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG
Wilhelmsen Marine Personnel Germany GmbH & Co. KG
Croatia
Cyprus
Germany
Germany
Germany
Germany
Wilhelmsen Marine Personnel Germany Verwaltungs GmbH
Germany
Barklav (Hong Kong) Limited
BWW LPG Limited
Wilhelmsen Marine Personnel (Hong Kong) Limited
Wilhelmsen Ship Management Limited
WSM Global Services Limited
Wilhelmsen Marine Personnel D.O.O.
Wilhelmsen Ship Management (India) Private Limited
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hungary
India
Wilhelmsen Ship Management Korea Ltd
Korea, Republic of
Wilhelmsen Ship Management Sdn Bhd
RightProc Sdn. Bhd.
Malaysia
Malaysia
Wilhelmsen Ahrenkiel Ship Management B.V
Netherlands
Wilhelmsen Marine Personnel (Norway) AS
Wilhelmsen Ship Management (Norway) AS
Wilhelmsen Ship Management Holding AS
WSM Invest AS
Hecla Emissions Management AS
Norway
Norway
Norway
Norway
Norway
100%
100%
50%
80%
100%
50%
100%
100%
50%
49%
100%
100%
100%
100%
100%
100%
100%
100%
50%
100%
100%
100%
100%
50%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 108
Wilhelmsen Ship Management
OOPS (Panama) S.A
Wilhelmsen-Smith Bell Manning, Inc
Wilhelmsen Marine Personnel Sp. z o.o.
Barklav S.R.L.
Wilhelmsen Ship Management Singapore Pte Ltd.
RightProc Pte.Ltd
Panama
Philippines
Poland
Romania
Singapore
Singapore
Wilhelmsen Ship Management Denizcilik Ve Ticaret Anonim Sirketi
Turkey
Wilhelmsen Marine Personnel (Ukraine) Ltd
Ukraine
Wilhelmsen Ship Management (USA), Inc.
United States
Wilhelmsen Port Services
Wilhelmsen Ships Service Algeria S.P.A.
Cargomax Pty Ltd
Hunter Marine Holdings Pty Ltd
Hunter Marine Surveyors Pty Ltd
Wilhelmsen Port Services (Australia) Pty Ltd
WLB Shipping Pty. Ltd.
WWHI Property Australia Pty Ltd
Almoayed Wilhelmsen (Ltd) W.L.L
Wilhelmsen Port Services Antwerp N.V.
Wilhelmsen Port Services Belgium N.V
Wilhelmsen Port Services Brasil Ltda
Wilhelmsen Port Services Bulgaria Ltd
Wilhelmsen Huayang Ships Service (Beijing) Co., Ltd.
Wilhelmsen Huayang Ships Service (Shanghai) Co. Ltd.
Algeria
Australia
Australia
Australia
Australia
Australia
Australia
Bahrain
Belgium
Belgium
Brazil
Bulgaria
China
China
100%
25% *
100%
50%
100%
100%
100%
100%
100%
49.00% *
100.00%
80.00%
80.00%
100.00%
100.00%
100.00%
40.00% *
100.00%
100.00%
100.00%
100.00%
50.00%
49.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 109
Wilhelmsen Port Services
Barwil Arabia Shipping Agencies SAE
Barwil Egytrans Shipping Agencies S.A.E.
Scan Arabia Shipping Agencies S.A.E.
Auxiliaire Maritime SAS
Wilhelmsen Marine Products France SAS
Tbilisi Dry Port LLC
Wilhelmsen Ships Service Georgia Ltd
Wilhelmsen Port Services Germany GmbH
Wilhelmsen Port Services Hamburg GmbH
Wilhelmsen Port Service (Gibraltar) Limited
Wiltrans (Gibraltar) Limited
Wilhelmsen Port Service (Gibraltar) Limited
Egypt
Egypt
Egypt
France
France
Georgia
Georgia
Germany
Germany
Gibraltar
Gibraltar
Greece
Wilhelmsen Port Services (Hong Kong) Limited
Hong Kong
Wilhelmsen Port Services India Private Limited
Barwil For Maritime Services Co. Ltd.
Iraqi-Norwegian Co For Marine Navigation & Maritime Services Ltd
Wilhelmsen Port Services Japan Co., Ltd.
Wilhelmsen Port Services (Japan) Pte. Ltd. - Japan Branch
Wilhelmsen Ships Service Ltd. (Kenya)
India
Iraq
Iraq
Japan
Japan
Kenya
Wilhelmsen Hyopwoon Port Services Ltd
Korea, Republic of
Alghanim Wilhelmsen Shipping Co.W.L.L
Wilhelmsen Freight & Logistics Sdn Bhd
Wilhelmsen Port Services Malaysia Sdn Bhd
Wilhelmsen Ships Service Holdings Sdn. Bhd.
Kuwait
Malaysia
Malaysia
Malaysia
50.00% *
49.00% *
49.00%
100.00%
100.00%
55.00%
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%
50.00%
49.00%
100.00%
100.00%
100.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 110
Wilhelmsen Port Services
Wilhelmsen Ships Service Malta Limited
Malta
Wilhelmsen Ships Service (Mozambique), Limitada
Mozambique
Diize B.V.
Wilhelmsen Port Services Holding B.V.
Wilhelmsen Port Services Rotterdam B.V.
Wilhelmsen Port Services Terneuzen B.V.
Wilhelmsen Port Services Amsterdam B.V.
Wilhelmsen Port Services Limited
Wilhelmsen Port Services AS
Wilhelmsen Port Services Norway AS
Wilhelmsen Towell Co. L.L.C.
Wilhelmsen Port Services, S.A.
Intertransport Air Logistics, S.A.
Lowill S.A.
Scan Cargo Services S.A.
Transcanal Agency, S.A.
Wilhelmsen-Smith Bell (Subic), Inc.
Wilhelmsen-Smith Bell Shipping, Inc.
Wilhelmsen Port Services Sp. z o.o.
Argomar - Navegacao e Transportes, S.A.
Perez Torres Portugal Lda
Wilhelmsen Port Services Portugal S.A.
Wilhelmsen Ships Service QFZ LLC
Wilhelmsen Ships Service Qatar Ltd.
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
New Zealand
Norway
Norway
Oman
Panama
Panama
Panama
Panama
Panama
Philippines
Philippines
Poland
Portugal
Portugal
Portugal
Qatar
Qatar
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
60.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
40.00% *
100.00%
100.00%
50.00%
100.00%
100.00%
0.00% *
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 111
Wilhelmsen Port Services
Wilhelmsen Port Services Romania S.R.L.
Romania
Wilhelmsen Ships Service OOO
Russian Federation
Wilhelmsen Port Services (S) Pte. Ltd.
Wilhelmsen Port Services Global Pte. Ltd.
Wilhelmsen Port Services (Japan) Pte. Ltd.
Barwil (South Africa) Pty Ltd
Krew-Barwil (Pty) Ltd.
Wilhelmsen Port Services South Africa (Pty) Ltd
Wilhelmsen Port Services Spain S.L
Wilhelmsen Port Service Canarias SA
Ocean Shipping Co. Ltd
Wilhelmsen Port Services Sweden AB
Singapore
Singapore
Singapore
South Africa
South Africa
South Africa
Spain
Spain
Sudan
Sweden
Wilhelmsen Port Services (Taiwan) Inc.
Taiwan (Province of China)
Wilhelmsen Ships Service Limited [Tanzania]
Tanzania, United Republic of
Wilhelmsen Port Services (Thailand) Ltd.
Wilhelmsen Denizcilik Hizmetleri Ltd. Sti
Wilhelmsen Ships Service Ukraine Ltd.
Thailand
Turkey
Ukraine
Triangle Shipping Agencies LLC
United Arab Emirates
Wilhelmsen Marine Products LLC -Abu Dhabi
United Arab Emirates
Wilhelmsen Port Services LLC
United Arab Emirates
Wilhelmsen Port Services LLC - Fujairah
United Arab Emirates
Wilhelmsen W P S Dubai Port Services LLC
United Arab Emirates
Barwil Abu Dhabi Ruweis L.L.C.
United Arab Emirates
Wilhelmsen Port Services, Inc.
United States
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
49.00%
100.00%
100.00%
100.00%
0.00% *
50.00%
100.00%
49.00% *
49.00% *
100.00%
100.00%
49.00% *
49.00% *
50.00% *
42.50%
49.00% *
0.00% *
100.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 112
Wilhelmsen Port Services
Wilhelmsen Sunnytrans Co., Ltd
International Shipping Co. Ltd.
Wilhelmsen Ships Service
Vietnam
Yemen
Wilhelmsen Ships Service Argentina S.A.
Argentina
Wilhelmsen Port Services Belgium N.V
Wilhelmsen Ships Service do Brasil Ltda.
Wilhelmsen Ships Service Bulgaria Ltd
Wilhelmsen Ships Service Inc. (Canada)
Wilhelmsen Ships Service (Chile) S.p.A.
Wilhelmsen Ships Service Co., Ltd. (China)
Wilhelmsen Ships Service Cyprus Ltd
Wilhelmsen Ships Service A/S
ShipDan ApS
Navadan A/S
Wilhelmsen Ships Service LLC - Free Zone
Wilhelmsen Ships Service Oy Ab
Wilhelmsen Marine Products France SAS
Wilhelmsen Ships Service GmbH
Wilhelmsen Ships Service Hellas S.A.
Wilhelmsen Marine Products India Private Limited
Wilhelmsen Ships Service S.p.A.
Wilhelmsen Ships Service Co. Ltd (Japan)
Belgium
Brazil
Bulgaria
Canada
Chile
China
Cyprus
Denmark
Denmark
Denmark
Egypt
Finland
France
Germany
Greece
India
Italy
Japan
Wilhelmsen Ships Service Co., Ltd (S.Korea)
Korea, Republic of
Wilhelmsen Ships Service Trading Sdn. Bhd.
Malaysia
49.00%
0.00% *
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%
100.00%
100.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. Maritime Services
Company name
Country
Ownership %
PAGE 113
Wilhelmsen Ships Service
Unitor De Mexico, S.A. de C.V.
Wilhelmsen Ships Service B.V.
Wilhelmsen Marine Products Contracting AS
Wilhelmsen Ships Service AS
Wilhelmsen Ships Service, S.A.
Wilhelmsen Ships Service Philippines Inc.
Wilhelmsen Ships Service Polska Sp. z o.o.
Havtec Pte. Ltd.
Unitor Cylinder Pte. Ltd.
Wilhelmsen Ships Service (S) Pte. Ltd.
Timm Slovakia s.r.o
Wilhelmsen Ships Service Spain S.A.
Wilhelmsen Ships Service AB
Wilhelmsen Lojistik Hizmetleri Ticaret Ltd. Sti
Mexico
Netherlands
Norway
Norway
Panama
Philippines
Poland
Singapore
Singapore
Singapore
Slovakia
Spain
Sweden
Turkey
Wilhelmsen Ships Service (L.L.C.)
United Arab Emirates
Wilhelmsen Ships Service AS - Dubai Branch
United Arab Emirates
Wilhelmsen Marine Products LLC – Abu Dhabi
United Arab Emirates
Wilhelmsen Ships Service Limited (UK)
United Kingdom
Unitor Holding Inc.
Wilhelmsen Ships Service Inc. (USA)
United States
United States
* additional profit share agreement
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% *
100.00%
49.00% *
100.00%
100.00%
100.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 PAGE 114
New Energy
Wilh. Wilhelmsen Holding ASA, Norway
Wilhelmsen New Energy AS
NorSea Wind Holding AS*
Edda Wind ASA
25.38%
NorSea Group AS
98.96%
Topeka Holding AS
RaaLabs AS
75.1%
Massterly AS
50%
Nordlys Studio AS
45.98%
Loke Marine Minerals AS
15%
Ivaldi Group Inc
10%
Reach Subsea ASA
19.18%
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
Norsea Wind BV
Energy Innovation Holding AS
Hammerfest Næringsinvest AS
For group company list sorted by segment and business area see below list
Topeka Nattruten AS
Topeka Hagland Greenbulk AS
50%
Topeka MPC Maritime AS
50%
*NorSea Wind Holding AS is owned 50% by Wilhelmsen Ship Management Holding AS and NorSea Group.
Country
Australia
Denmark
Denmark
Denmark
Denmark
Germany
Netherlands
Norway
Norway
Ownership %
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
32.26%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 New Energy
Company name
Maritime Waste Management AS
Orvikan Eiendom AS
Polarbase Eiendom AS
Strandparken Holding AS
Tangen 7 AS
Tangen 7 Eiendom AS
Tangen 7 Invest AS
Elevon AS
KONCIV AS
Norsea Impact AS
Nsg Maritime AS
Ventyr Energy AS
Westport AS
Westport Bergen AS
Windworks Jelsa AS
Norsea Logistics AS
Norsea Norbase AS
Norsea Polarbase AS
OS Expressene AS
Polar Algae AS
Polar Lift AS
Averoy Eiendom AS
Dusavik Utvikling AS
Eldøyane Holding AS
Eldøyane Næringspark AS
PAGE 115
Country
Ownership %
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
100.00%
100.00%
97.97%
50.00%
100.00%
100.00%
100.00%
50.00%
43.10%
100.00%
85.00%
50.00%
66.67%
100.00%
38.52%
100.00%
78.95%
95.14%
100.00%
60.02%
50.00%
100.00%
93.50%
50.00%
50.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. New Energy
Company name
K2 Stavanger AS
Love Miljøbase AS
Norsea Eiendom Dusavik AS
Norsea Eiendom Tananger AS
Norsea Property AS
Norsea Tananger 107 AS
Risavika Eiendom AS
Risavika Havnering 14 AS
RTN AS
Sørsea AS
Tananger Eiendom AS
Vestbase Eiendom AS
Vikan Næringspark Invest AS
CCB Energy Holding AS
CCB Holding AS
CCB Subsea AS
Coast Center Base AS
KS Coast Center Base
Logiteam AS
Norsea Industrial Holdings AS
Narvikeiendommen AS
Nordlys Studio AS
Edda Wind ASA
Massterly AS
Norsea Group AS
PAGE 116
Country
Ownership %
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
13.45%
33.33%
100.00%
100.00%
100.00%
100.00%
42.00%
100.00%
50.00%
50.00%
100.00%
100.00%
100.00%
50.00%
50.00%
68.00%
50.00%
49.75%
68.00%
100.00%
100.00%
45.98%
25.38%
50.00%
98.96%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 Cont. New Energy
Company name
RAA Investment AS
Raa Labs AS
Reach Subsea ASA
Topeka Holding AS
Topeka MPC Maritime AS
Topeka Hagland Greenbulk AS
Topeka Nattruten AS
Wilhelmsen New Energy AS
Norsea Offshore Wind I AS
Norsea Offshore Wind II AS
Norsea Wind Holding AS
AQ-Utvikling AS
Blåse Energy AS
Finnstadjordet 12 AS
Elevon AB
Norsea 123 Limited
Norsea UK Ltd
Norsea Wind Limited
Country
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Norway
Sweden
United Kingdom
United Kingdom
United Kingdom
PAGE 117
Ownership %
69.87%
75.1%
19.18%
100.00%
50.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
Key figures │ Content │ Group CEO’s statement │ Directors’ report │ Accounts and notes – group │ Accounts and notes – parent company │ CORPORATE STRUCTUREWilh. Wilhelmsen Holding ASA Annual report 2023 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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