Wilh. Wilhelmsen Holding ASA

Enable. Enhance. Simplify.
Annual report
2024

3 	
Key figures
4 	
Wilhelmsen in brief
5 	
Group CEO’s statement
Business and performance *
8 	
Main development and strategic direction
10 	
Financial results
12 	
Maritime Services 
12	
New Energy 
13 	
Strategic Holdings and Investments 
14 	
Risk review 
14 	
Corporate governance  
15 	
Allocation of profit, dividend and share buybacks 
15 	
Outlook
Sustainability statement *
17 	
General information
36 	
Environmental information
59 	
Social information
76 	
Governance information
81 	
Signatures board of directors and group CEO
Account and notes – group
82 	
Wilh. Wilhelmsen Holding ASA group
83 	
Income statement
83 	
Comprehensive income
84 	
Balance sheet
85 	
Cash flow statement
86 	
Equity
87 	
General accounting principle
88 	
Notes
Account and notes – parent company
132 	 Wilh. Wilhelmsen Holding ASA parent company
133 	 Income statement
133 	 Comprehensive income  
134	
Balance sheet
135 	 Cash flow statement
136 	 Equity
137	
Notes
154	
Auditor’s report for financial statement
159	
Auditor’s report for sustainability statement
165	
Responsibility statement
Corporate governance report
Group structure
172 	 Wilh. Wilhelmsen Holding group main structure
173	
Strategic Holdings and Investments segment
174	
Maritime Services segment
183	
New Energy segment
Appendices
188 	 Appendix 1
	
Statement on equality and anti-discrimination in compliance with the 	
	
	
Norwegian Equality and Anti-discrimination Act
190	
Appendix 2
	
Account of due diligence in accordance with the Norwegian Transparency Act
Content
* The Business and performance chapter and the Sustainability statement jointly cover the Board of directors’ report.
Content    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
2

Key figures
– consolidated accounts
2024 
2023 
2022 
2021 
2020 
INCOME STATEMENT
Total income
USD mill
 1 138 
 1 029 
 958 
 874 
 812 
Operating profit before amortisation and impairment (EBITDA)
USD mill
 159 
 147 
 153 
 141 
 138 
Operating profit
USD mill
 85 
 88 
 83 
 73 
 60 
Profit before tax
USD mill
 538 
 515 
 440 
 66 
 205 
Net profit
USD mill
 518 
 487 
 427 
 53 
 178 
Net profit after non-controlling interests (NCI)
USD mill
 498 
 466 
 400 
 72 
 117 
BALANCE SHEET
Non current assets *
USD mill
 2 994 
 2 924 
 2 735 
 2 702 
 2 736 
Current assets
USD mill
 764 
 811 
 730 
 746 
 751 
Equity *
USD mill
 2 695 
 2 488 
 2 192 
 2 230 
 2 265 
Interest-bearing debt
USD mill
 434 
 608 
 654 
 642 
 657 
Total assets *
USD mill
 3 758 
 3 735 
 3 465 
 3 448 
 3 488 
KEY FINANCIAL FIGURES
Cash flow from operation (1)
USD mill
 96 
 194 
 64 
 122 
 194 
Liquid funds at 31 December (2)
USD mill
 276 
 349 
 267 
 366 
 393 
Liquidy ratio (3)
 1.2 
 1.3 
 1.1 
 0.9 
 1.3 
Equity ratio * (4)
%
72%
67%
63%
65%
65%
YIELD
Return on equity (5)
%
20%
21%
20%
4%
6%
KEY FIGURES PER SHARE
Earnings per share (6)
USD
 11.47 
 10.52 
 8.98 
 1.63 
 2.63 
Operating profit before amortisation and impairment (EBITDA) per share (7)
USD
 3.65 
 3.33 
 3.42 
 3.16 
 3.10 
Average number of shares outstanding
Thousand
 43 429 
 44 283 
 44 580 
 44 580 
 44 580 
Dividend per share paid during the year
NOK
 18.00 
 10.00 
 7.00 
 8.00 
 2.00 
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. The comparative figures for 2023 and 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, 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
Net profit (USD mill)
Net profit after NCI (USD mill)
Operating profit (USD mill)
Total income (USD mill)
  2024      
  2023      
  2022      
  2021      
  2020
1 138
85
518
498
1 029
88
487
466
958
83
427
400
874
73
53
72
812
60
178
117
Key figures    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Wilhelmsen in brief
– the Wilhelmsen vision is to shape the maritime industry
Founded in Norway in 1861, Wilhelmsen is a comprehensive global maritime group. Committed to shaping the maritime industry, through our market-leading products, 
services, and support, the group also seeks to develop new opportunities in renewables, zero-emission shipping, and marine digitalisation. Wilhelmsen takes 
innovation, sustainability, and unparalleled customer experiences one step further.
Maritime Services
New Energy
Strategic Holdings and Investments
The ambition is to be the leading provider of products 
and services for the global merchant fleet – driving 
sustainable transformation of the industry.
The ambition is to build and drive industrial positions 
within the maritime energy value chain and  
the energy transition.
The ambition is to achieve capital growth through 
the group’s global footprint, legacy holdings  
and leading industrial partnerships.
Share of total income: Year 2024
Share of total income: Year 2024
Share of total income: Year 2024
Share of net profit: Year 2024
Share of net profit: Year 2024
Share of net profit: Year 2024
Share of total assets: As per 31.12.2024
Share of total assets: As per 31.12.2024
Share of total assets: As per 31.12.2024
•	 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 99.4%)
•	 Edda Wind ASA (owned 31.0%)
•	 Reach Subsea ASA (owned 18.4%)
•	 RaaLabs (owned 75.1%)
•	 Massterly (owned 50%)
•	 Wilh. Wilhelmsen Holding ASA (parent company) 
•	 Wallenius Wilhelmsen ASA (owned 37.9%)
•	 Treasure ASA (owned 84.2%)
     – Hyundai Glovis (owned 11.0% by Treasure ASA)
•	 WilNor Governmental Services
•	 Wilservice
•	 Financial investments
73%
92%
59%
27%
20%
25%
4%
5%
1%
Pie charts: Share of total income, share of net profit after non-controlling interests, and share of total assets may not equal 100% due to group eliminations.
Tables: Direct or indirect ownership in brackets when not fully owned.
Strategic sustainability topics
Strategic topics
Strategic ambition
Climate change and decarbonisation
Support the maritime industry’s decarbonisation and energy infrastructure transformation.
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    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Resilience in a 
changing world
In 2024, the maritime industry continued to navigate volatility, geopolitical 
tensions, and the increasing impact of global environmental challenges. 
Free trade, a cornerstone of global economic stability, came under increasing 
pressure, while supply chains were repeatedly tested by disruptions and 
uncertainty. The ability of our industry to adapt was put to the test yet again – and 
in doing so, we reaffirmed the critical role the maritime industry plays, transporting 
up to 90% of all goods for the global community at large. For Wilhelmsen, with 
over 160 years of history, our strength lies in navigating challenges, whether trade 
barriers or conflict zones, ensuring global trade moves forward.
Steering firm
Despite a backdrop of challenges and volatility, 2024 turned 
out to be a year of steady performance for Wilhelmsen, 
with growth and innovation across our main activities, all 
while reinforcing our position in the industry. As before, our 
relentless commitment to our values and long-term value 
creation has held through. During 2024, Maritime Services 
made acquisitions expanding their fleet under management, 
increased their customer base within on-demand digital 
manufacturing using 3D technology, as well as launching a 
digital marketplace for trading compliance balances of FuelEU 
surplus, to mention but a few. Our New Energy segment saw 
continuous high activity at their offshore supply bases, while 
also increasing their ownership stake within service vessels 
for offshore wind parks. Among our strategic investments, 
Wallenius Wilhelmsen stood out with their best year to date. 
All of this demonstrates the strength of our diversified 
portfolio. Our achievements for 2024 reflect the value of our 
long-term vision, reinforced by the collective efforts of our 
employees, customers, and partners from which I am truly 
grateful. We remain committed to steering firmly into the 
future, continuously building for future success.
Environment, innovation, and joining forces to amplify impact
The maritime industry must accelerate its energy transition, 
and we are committed to our ambitions, targets and staying 
at the forefront. Our track record shows that all actions 
matter – whether large-scale initiatives or incremental 
improvements. Since our base year 2022, we have reduced 
greenhouse gas scope 1 and 2 market-based emissions by 
25%, driven by operational optimisation and the purchase or 
self-generation of electricity from renewable sources. For the 
first time, Wilhelmsen is also reporting under the substantial 
CSRD framework. Though a highly complex and demanding 
requirement, it is a step towards sustainability transparency, 
which we hope will contribute to create value over time.
Beyond optimising our own operations, we continue to 
drive the broader decarbonisation efforts through numerous 
projects. From the development of unmanned supply vessels to 
scalable emission reduction strategies, we are working closely 
with industry peers to pioneer new solutions. Our commitment 
extends to our supply chain, where 100% of new suppliers are 
screened against strict ESG criteria, ensuring we can work with 
the right partners that also achieve results in the right way, 
embedding sustainability throughout our operations.
It is our responsibility to push forward, not only in our own 
operations but by joining forces with partners and other 
industry players to amplify our impact.
Group CEO’s statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Opportunities ahead and staying diligent
Having been in this industry for as long as we have, we remain 
highly aware that some of today’s favourable conditions will 
not last indefinitely. While our industry continues to show 
remarkable resilience and adaptability, we must remain focused 
and diligent in our investments, only through disciplined 
decision-making can we ensure long-term stability and growth.
As I write this at the outset of 2025, we are witnessing some 
of the most significant geopolitical fluctuations and tensions 
in recent history. One can only hope that today’s challenges 
are merely a step on the path toward a future of peace and 
stability, with greater prosperity and free trade.
Whatever the future holds, we remain committed to ensuring 
that the Wilhelmsen group is uniquely positioned for the 
times ahead. Our diversified portfolio, strategic investments, 
and global reach provide a solid foundation to navigate 
uncertainty. Our ability to navigate complexity while seizing 
opportunities remains our defining strength, ensuring we 
continue as a driving force in shaping the maritime industry.
Thomas Wilhelmsen
Group CEO
Group CEO’s statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Business and 
performance
8 	
Main development and strategic direction
10 	
Financial results
12 	
Maritime Services 
12	
New Energy 
13 	
Strategic Holdings and Investments 
14 	
Risk review 
14 	
Corporate governance  
15 	
Allocation of profit, dividend and share buybacks 
15 	
Outlook
Our business and performance   │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Business and 
performance
Wilh. Wilhelmsen Holding ASA
Highlights for 2024 
•	 Delivered 18% total shareholder return.
•	 Increased total income and EBITDA.
•	 All time high net profit in Wallenius Wilhelmsen ASA.
•	 Expanded Ship Management through new acquisition.
•	 Increased shareholding in Edda Wind ASA and 
	 Treasure ASA.
Main development and strategic direction
The Wilh. Wilhelmsen Holding group (Wilhelmsen or group) is 
an industrial holding company within the maritime industry. 
The group’s activities are carried out through fully and partly 
owned entities, most of which are among the market leaders 
within their segments. Wilhelmsen’s ambition is to develop 
companies within maritime services, shipping, logistics, and 
related infrastructure through active ownership. We also seek 
to develop new opportunities in renewables, zero-emission 
shipping, and marine digitalisation.
The Wilhelmsen vision is to shape the maritime industry. In 
2024, Wilhelmsen expanded the Ship Management network 
through completion of the acquisition of Zeaborn Ship 
Management. Wilhelmsen Port Services also launched a port 
cost financing model, pioneering improved financial practices 
in the maritime industry. In addition, Wilhelmsen continued to 
deliver solid return to its shareholders through a 9% increase in 
net profit and an 18% total shareholder return for the year.
Geopolitical tension and ongoing wars and conflicts continued 
throughout 2024, while the previous high inflation and interest 
rates started to come down. The security situation in the 
Red Sea had a direct impact on the maritime industry, and 
trade tension escalated towards the end of the year. In this 
business environment, the Wilhelmsen operating companies 
continued 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
• 	Strategic Holdings and Investments
In 2024, 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 
2024, Wilhelmsen and MPC Capital completed the Zeaborn 
acquisition, resulting in a significant increase in Wilhelmsen 
crewing activities and number of ships managed by the group. 
Combined with organic growth, this contributed to an increase 
in the Maritime Services’ total income for the year.
New Energy leverages Wilhelmsen’s existing infrastructure 
and expertise to build and drive industrial positions within the 
maritime energy value chain and the energy transition. In 2024, 
Wilhelmsen increased the shareholding in Edda Wind ASA to 
31% and was instrumental in the success of the Ventyr alliance 
securing the first large Norwegian offshore wind tender. Total 
income and EBITDA for New Energy were up for the year.
The two main assets of the Strategic Holdings and Investments 
segment are the shareholding in Wallenius Wilhelmsen ASA 
and the shareholding in Hyundai Glovis, the latter owned 
through Treasure ASA. Wallenius Wilhelmsen ASA continued 
the positive development reaching an all-time high net profit. 
Wallenius Wilhelmsen ASA also increased its order book to 14 
vessels and improved its long-term contract coverage. In 2024, 
Wilhelmsen indirectly increased the investment in Hyundai 
Glovis by increasing the shareholding in Treasure ASA to 84.2%.
The Wilhelmsen equity base remains strong. In 2024, total 
equity was up with 8%, to USD 2.7 billion, and the equity ratio 
based on book values increased to 72% by year end.
The group had cash and cash equivalents of USD 155 million 
by year end, with an additional USD 207 million in current 
financial assets and financial assets to fair value. The main loan 
facilities in Maritime Services and New Energy were 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 
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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 internal value index. To further 
strengthen the alignment with shareholders, senior executives 
and board members are encouraged and partly required to use 
part of their remuneration to buy shares in Wilhelmsen.
The Wilhelmsen share price had a strong development in 
2024, outperforming the general equity market and marking 
six consecutive years with positive shareholder return. In 
2024, total weighted return in NOK including share price 
development and paid dividend reinvested at spot price was 
17.8%, based on a total return of 17.6% for the WWI share and a 
total return of 18.6% for the WWIB share.
Wilhelmsen has an objective of consistent yearly dividend paid 
twice annually, targeting an annual dividend yield of 3 – 5% 
over time. In 2024, a first dividend of NOK 10.00 per share 
was paid in May, and a second dividend of NOK 8.00 per share 
was paid in November. For 2025, the board is proposing a first 
dividend of NOK 12.00 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. In 2024, Wilhelmsen bought 1,315,000 own shares 
representing 2.95% of all shares outstanding. 12,433 own shares 
were sold as part of the annual employee share program.
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 2024, ESG regulations, greenhouse gas 
emissions, human rights, ethics and anti-corruption, health 
and safety, equality, diversity and inclusion, supply chain 
management, cybersecurity, decarbonisation and growth in 
new arenas received particular attention.
In 2025, 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.
Carl E. Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
The board of Wilh. Wilhelmsen Holding ASA
Ulrika Laurin
Thomas F. Borgen
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Financial results
Group income statement
USD million
2024
2023
Total income
of which operating revenue
of which other income
1,138
1,136
2
1,029
1,027
1
EBITDA
Operating profit/EBIT
159
85
147
88
Share of profit from JVs and associates
472
431
Financial items
of which change in fair value financial assets
of which other financial income/(expenses)
(19)
27
(46)
(4)
11
(15)
Profit before tax/EBT
Tax income/(expense)
538
(20)
515
(27)
Profit for the period
Profit to equity holders of the company
518
498
487
466
EPS (USD)
11.47
10.52
Other comprehensive income
Total comprehensive income
Total comp. inc. equity holders of the company
(213)
305
300
(11)
476
457
Total income for Wilhelmsen was USD 1,138 million in 2024, up 
11% from 2023. Income was up for both Maritime Services and 
New Energy.
EBITDA came in at USD 159 million for the year, up 8%. EBITDA 
was up for both Maritime Services and New Energy.
EBIT was down for the year mainly due to USD 11 million in 
total impairment losses in Maritime Services.
Share of profit from joint ventures and associates was USD 472 
million for the year, up 10% from USD 431 million one year 
earlier. The improvement was mainly due to an increase in net 
profit in Wallenius Wilhelmsen ASA.
The change in fair value financial assets was positive with USD 
27 million, up from USD 11 million in 2023. Other financials 
were a net expense of USD 46 million, including USD 28 million 
in mainly unrealised currency losses.
Tax was an expense of USD 20 million, mainly related to 
Maritime Services.
Net profit to equity holders of the company was USD 498 
million in 2024, equal to USD 11.47 earnings per share (EPS). 
This was up from USD 466 million in 2023.
Other comprehensive income was negative with USD 213 
million, mainly from currency translation differences related 
to non-USD entities. Total comprehensive income to equity 
holders of the company was USD 300 million for the year.
Group balance sheet
Total  assets and equity (USD million)
2024
2023
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
923
745
2,206
(116)
933
852
1,975
(25)
Total assets
3,758
3,735
Shareholders’ equity
Total equity
2,580
2,695
2,332
2,488
Equity ratio
72%
67%
Total assets were USD 3,758 million by the end of 2024, up 
1% for the year. Total equity increased with 8% to USD 2,695 
million, lifting the equity ratio to 72%.
Investments in associates and shareholders’ equity have been 
restated from 31 December 2022 due to a change in the 
accounting treatment of Wallenius Wilhelmsen ASA related to 
its EUKOR put and call option. The impact on Wilhelmsen’s 
consolidated balance sheet as of 31 December 2023 is a decrease 
in investments in joint ventures and associates and in total 
equity of USD 370 million.
Group cash flow, liquidity, and debt
Cash flow (USD million)
2024
2023
Cash and cash equivalents 1.1
224
163
From operative activities
of which Maritime Services
of which New Energy
other operating activities
96
46
85
(34)
194
105
55
34
From investing activities
of which dividend from JVs and associates
other investing activities
217
311
(94)
63
170
(107)
From financing activities
of which dividend and buybacks parent
of which net debt repayment (excluding leasing)
other financing activities
(382)
(121)
(165)
(96)
(196)
(52)
(72)
(71)
Net cash flow
(69)
61
Cash and cash equivalents 31.12
155
224
The group had cash and cash equivalents of USD 155 million by 
the end 2024, down from USD 224 million by the end of 2023.
Cash flow from operating activities was USD 96 million in 2024. 
This is down from USD 194 million in 2023 due to lower cash flow 
from Marime Services and other operating activites, partly offset 
by higher cash flow from operating activities in New Energy.
Cash flow from investing activities was USD 217 million, 
lifted by USD 311 million in dividend from joint ventures and 
associates. Investments in fixed assets were USD 40 million 
while investments in subsidiaries, joint ventures and associates 
totalled USD 55 million in 2024.
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cash flow from financing activities was negative with USD 382 
million in 2024. This included USD 121 million in dividend and 
share buyback in the parent company and USD 165 million in 
net debt repayment.
Liquid assets (USD million)
2024
2023
Cash and cash equivalents
of which Maritime Services
of which New Energy
of which Strategic Holdings and Investments
Current financial investments
Financial assets to fair value
of which New Energy
of which Strategic Holdings and Investments
155
115
(48)
88
121
86
0
86
224
144
21
59
124
87
5
82
Total
362
435
By the end of 2024, the group had liquid financial assets of 
USD 362 million. In addition to cash and cash equivalents, 
this included current financial investments and non-current 
financial assets reported as financial assets to fair value.
The parent company carries out active financial asset 
management of part of the group’s liquidity. The current 
financial investment portfolio includes listed equities and 
investment grade bonds. The value of the portfolio amounted 
to USD 121 million at the end of 2024.
The group’s investments classified as financial assets to fair 
value had a combined value of USD 86 million by the end of the 
year. The largest investment was the 1.4% shareholding in Qube 
Holdings Limited, valued at USD 61 million.
Interest bearing debt (including lease liabilities) 
(USD million)
2024
2023
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
207
307
35
(115)
213
377
33
(15)
Total
434
608
The 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. The group also provides inter-company funding 
mainly on a short-term basis to reduce net financial expenses.  
By the end of 2024, the group’s total interest-bearing debt 
including lease liabilities was USD 434 million. This was a 
reduction from USD 608 million by the end of 2023.
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.
Maritime Services
This includes Ships Service, Port Services, Ship Management, 
and other business units and activities reported under the 
Maritime Services segment.
Maritime Services (USD million)
2024
2023
Total income
of which Ships Service
of which Port Service
of which Ship Management
other/eliminations
831
508
162
147
14
732
467
153
87
26
EBITDA
EBITDA margin (%)
109
13%
105
14%
Operating profit/EBIT
EBIT margin (%)
70
8%
77
11%
Share of profit from associates
Financial items
Tax income/(expense)
3
(37)
(12)
7
(19)
(20)
Profit/(loss)
Profit margin (%)
23
3%
45
6%
Non controlling interests
Profit/(loss) to equity holders of the company
1
22
2
42
Total income for Maritime Services was USD 831 million in 2024, 
up 13% from 2023. Income was up for all main business units.
EBITDA for the year was USD 109 million, up 3 % from the 
previous year. The increase reflected higher total income, 
partly offset by higher employee expenses and lower gross 
margin on acquisition revenue which is partly accounted for on 
a gross basis. The Maritime Services’ EBITDA margin was 13% 
in 2024, down from 14%.
EBIT was down 10% following a USD 7 million impairment 
of goodwill and a USD 4 million impairment loss related to 
discontinuation of brand name.
Share of profit from associates was USD 3 million, down from 
USD 7 million.
Financial items for Maritime Services amounted to an expense 
of USD 37 million, including a USD 20 million unrealised loss 
on currency hedges.
Tax was an expense of USD 12 million.
Profit to equity holders of the company was USD 22 million in 
2024, down from USD 42 million the previous year.
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Maritime Services
•	 Wilhelmsen Maritime Services AS
•	 Wilhelmsen Ships Service
•	 Wilhelmsen Port Services
•	 Wilhelmsen Ship Management
•	 Wilhelmsen Chemicals
•	 Wilhelmsen Insurance Services
•	 Global Business Services
Ships Service
Wilhelmsen Ships Service offers a portfolio of maritime solutions 
to the merchant fleet.
Total income from Ships Service was USD 508 million in 
2024, up 9% from the previous year. Income was lifted by a 
combination of price increases and higher volumes. Income 
was up for most product categories including refrigerants, 
chemicals, and ropes.
Port Services
Wilhelmsen Port Services provides full agency, husbandry, and 
protective agency services to the merchant fleet.
Total income from Port Services was 162 million in 2024, up 
6%. The increase was supported by higher number of vessel 
appointments and husbandry volumes. Suez transit activities 
were at a low level during most of the year.
Ship Management
Wilhelmsen Ship Management provides full technical 
management, crewing, and related services for all major vessel 
types.
Total income for Ship Management was USD 147 million in 
2024, up 70% from 2023. Income was lifted by USD 54 million 
in new revenue from the Zeaborn acquisition. Excluding the 
Zeaborn acquisition, income was up 8%.
On 31 March, Wilhelmsen and MPC Capital completed 
the acquisition of Zeaborn Ship Management. Technical 
management is arranged through the established Wilhelmsen 
Ahrenkiel joint ventures, while crew management is handled 
by Wilhelmsen. Income from the Zeaborn crewing activities is 
partly accounted for on a gross basis, lifting the reported total 
income for Ship Management.
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.
Total income was up for Global Business Services and 
Wilhelmsen Insurance Services but down for Wilhelmsen 
Chemicals. 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
01.01-
31.12.24
01.01-
31.12.23
Total income
of which NorSea (Energy Infrastructure)
of which other activities/eliminations
303
300
2
291
283
7
EBITDA
EBITDA margin (%)
59
19%
51
17%
Operating profit/EBIT
EBIT margin (%)
28
9%
23
8%
Share of profit/(loss) from associates
of which NorSea (Energy Infrastructure)
of which other activities/eliminations
Financial items
Tax income/(expense)
7
7
(0)
(6)
(2)
10
6
5
(18)
(2)
Profit/(loss)
Profit margin (%)
26
9%
12
4%
Non controlling interests
Profit/(loss) to equity holders of the company
1
26
1
12
Total income for New Energy was USD 303 million in 2024, up 
4%. The increase was due to higher income in NorSea.
EBITDA came in at USD 59 million, up 17%. EBITDA was lifted 
by a combination of higher income and improved operating 
margin in NorSea.
Share of profit from associates was USD 7 million, down from 
USD 10 million.
Financial items were an expense of USD 6 million, including a 
net gain of USD 17 million from change in fair value financial 
assets offset by total interest expenses of USD 20 million. Tax 
was an expense of USD 2 million.
Profit to equity holders of the company was USD 26 million in 
2024, up from USD 12 million the previous year.
New Energy
•	 Wilhelmsen New Energy AS
•	 NorSea Group (99.4%)
•	 Edda Wind ASA (31.0%)
•	 Reach Subsea ASA (18.4%)
•	 RaaLabs (75.1%)
•	 Massterly (50%)
NorSea Group AS
NorSea provides supply bases and integrated logistics solutions 
to the offshore industry. Wilhelmsen owns 99.4% of NorSea.
Total income for NorSea was USD 300 million in 2024, up 
6% from 2023. Income was lifted by increased logistics and 
property activities at Norwegian offshore bases. Income for the 
year also included a USD 2 million one-off income related to 
the success of Ventyr in the SNII offshore wind tender.
Share of profit from joint ventures and associates in NorSea was 
USD 7 million in 2024.
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Edda Wind ASA
Edda Wind ASA provides services to the global offshore wind 
industry and is listed on Oslo Børs. Wilhelmsen owns 31.0% of the 
company, which is reported as associate in Wilhelmsen’s accounts.
Share of profit from Edda Wind ASA was included with a loss of 
USD 2 million in 2024, compared with a USD 1 million gain in 2023.
In April, Wilhelmsen announced agreement to acquire 6,340,000 
shares in Edda Wind ASA for a total consideration of USD 14 
million. In June, Wilhelmsen bought a further 5,273,400 shares 
as part of a private placement. Following completion of the two 
transactions, Wilhelmsen owns 31.0% of Edda Wind ASA.
The book value of the 31.0% shareholding in Edda Wind ASA 
was USD 106 million at the end of year, up from USD 84 million 
one year earlier.
Other business units and activities 
This includes Reach Subsea ASA (owned 18.4%), Raa Labs AS 
(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 2 million 
in 2024, down from USD 7 million. The reduction was due to 
NorSea Wind, which ceased operation during the first half of 2023.
Share of profit from other activities was included with USD 2 
million for the year, down from USD 4 million.
In December, Wilhelmsen exercised parts of its warrants in 
Reach Subsea ASA, with all new shares acquired then sold 
in the market. Due to the new shares issued, the Wilhelmsen 
shareholding in Reach ASA was reduced from 19.2% to 
18.4%. The book value of Wilhelmsen’s 18.4% shareholding in 
Reach Subsea ASA was USD 23 million at the end of the year. 
Wilhelmsen has warrants to subscribe for additional shares 
in Reach Subsea ASA in accordance with a three-year warrant 
issued in the first quarter of 2022. The fair market value of the 
warrant was reported as other current assets at year end.
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.
Strategic Holdings and Investments (USD million)
2024
2023
Total income
of which operating revenue
of which other gain/(loss)
16
16
0
15
16
(0)
EBITDA
Operating profit/EBIT
(8)
(13)
(7)
(12)
Share of profit/(loss) from associates
of which Wallenius Wilhelmsen ASA
of which Hyundai Glovis
other/eliminations
462
372
90
0
414
324
89
0
Change in fair value financial assets
Other financial income/(expenses)
of which investment management
of which financial income from group companies
other financial income/(expenses)
10
26
10
17
(2)
7
64
15
41
7
Tax income/(expense)
(8)
(5)
Profit for the period
478
468
Non controlling interests
Profit to equity holders of the company
18
460
18
449
Total income for the Strategic Holdings and Investments 
segment was USD 16 million in 2024, while EBITDA came in at 
a loss of USD 8 million. Both total income and EBITDA were in 
line with the previous year.
Share of profit from associates was USD 462 million, up 12%. 
The increase was mainly due to higher profit in Wallenius 
Wilhelmsen ASA.
Change in fair value financial assets was a gain of USD 10 
million, while other financial items were a net income of USD 
26 million. This included USD 17 million in financial income 
from group companies which is eliminated in the group results.
Tax was an expense of USD 8 million.
Profit to equity holders of the company was USD 460 million 
for the year, compared with a profit of USD 449 million in 2023.
Strategic Holdings and Investments
• Wilh. Wilhelmsen Holding ASA (parent company)	
• Wallenius Wilhelmsen ASA (37.9%)
•	 Treasure ASA (84.2%)
	 –   Hyundai Glovis (owned 11.0% by Treasure ASA)
•	 WilNor Governmental Services
•	 Wilservice
•	 Financial investments
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 5,308 
million in 2024, an increase of 3%. Revenue was up for all of 
shipping services, logistics services and governmental services. 
EBITDA ended at USD 1,869 million, up 3%.
Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA 
was USD 372 million in 2024, up from USD 324 million in 2023.
The book value of the 37.9% shareholding in Wallenius 
Wilhelmsen ASA was USD 1,077 million at the end of 2024. This 
is up from USD 967 million one year earlier. The book value 
at the end of 2023 has been restated due to a change in the 
accounting treatment of Wallenius Wilhelmsen ASA related to 
its EUKOR put and call option.
The Wallenius Wilhelmsen ASA share price measured in NOK 
was up 5.1% in 2024, closing at NOK 95.50. As of 31 December 
2024, the market value of Wilhelmsen’s investment was USD 
1,319 million.
In 2024, Wallenius Wilhelmsen ASA paid total dividend of 
USD 1.75 per share. Total cash proceeds to Wilhelmsen were 
USD 280 million.
Treasure ASA 
Treasure ASA holds a 11.0% ownership interest in Hyundai 
Glovis Co., Ltd. (Hyundai Glovis) and is listed on Oslo Børs. 
Wilhelmsen owns 84.2% of Treasure ASA. Hyundai Glovis is 
reported as an associate in Wilhelmsen’s accounts.
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Share of profit from Hyundai Glovis was included with USD 90 
million in 2024, up from USD 89 million in 2023.
The book value of the 11.0% shareholding in Hyundai Glovis 
was USD 672 million at the end of the year.
In June, Hyundai Glovis announced the issue of one bonus 
share for each share held. Consequently, the number of 
shares held by Treasure ASA in Hyundai Glovis doubled from 
4,125,000 shares to 8,250,000 shares.
In October, Wilhelmsen increased the shareholding in Treasure 
ASA from 78.7% to 84.2% for a total consideration of USD 30 
million.
The Treasure ASA share price measured in NOK was up 32.7% 
for the year, closing at NOK 28.00. As of 31 December 2024, the 
market value of Wilhelmsen’s shareholding in Treasure ASA 
was USD 397 million.
In 2024, Treasure ASA paid total dividend of NOK 1.00 per 
share. Total cash proceeds to Wilhelmsen were USD 15 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.
Net income from investment management was USD 10 million 
in 2024. The value of the current financial investment portfolio 
held by the holding company was USD 121 million by the end 
of the year, down from USD 124 million one year earlier. The 
portfolio primarily included listed equities and investment-
grade bonds.
Change in fair value of non-current financial assets was a gain 
of USD 10 million in 2024. The value of the assets was USD 86 
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 61 million.
Other business units and activities 
This includes WilNor Governmental Services, Wilservice, 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.
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, risk related to geopolitical 
issues has increased while risk related to dividend capacity, 
external financing and energy transition have been reduced.
The group’s exposure to, and mitigation of, certain financial 
risk is further described in note 18 to the 2024 group accounts. 
Group risk matrix
Risk type
Entity
Risk
Mitigation action
Macro
All
Geopolitical issues
Balanced and liquid portfolio.
Macro
All
Global economic outlook
Balanced and liquid portfolio.
Financial
Parent
Dividend capacity
Conservative risk, cash flow focus, and parent net debt free.
Financial
Parent
External financing
Conservative risk, balanced portfolio, alternative funding sources.
Governance
Group
Cyber security
Strong governance system and mandatory cyber security training.
Governance
Group
Energy transition
Pro‐active approach to new regulation. Investments, innovations and business development.
Governance
Group
Competence and culture
Be an attractive employer and invest in competence and skills.
Corporate governance
Wilhelmsen is a public limited liability company organised 
under Norwegian law and with a governance structure based on 
Norwegian corporate law and other regulatory requirements. 
Wilhelmsen’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 Corporate governance report is
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
14
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included as a separate section in the 2024 Annual report. The 
Corporate governance report includes an overview of directors 
and officers liability insurance. It is the board’s view that 
Wilhelmsen 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 30 
April 2025.
Allocation of profit, dividend, and share buybacks
The board’s proposal for allocation of the net profit for the year 
2024 is as follows:
Parent company accounts
(NOK thousand)
Profit for the year
3,344,036
To equity
Proposed dividend
Interim dividend paid
2,490,613
514,694
338,730
Total allocations
3,344,036
The board is proposing a NOK 12.00 dividend per share payable 
during the second quarter of 2025, representing a total payment 
of NOK 515 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 2025, but no longer than until 30 June 2025. The 
board will propose a renewed authority to acquire shares in the 
company at the 2025 Annual General Meeting. The company 
presently owns 2,299,873 own shares split on 1,393,606 class 
A shares and 906,367 class B shares.
Outlook
Group business drivers and strategic focus
Wilhelmsen is an industrial holding company within the 
maritime industry. The group’s activities are carried out 
through fully and partly owned entities, most of which are 
among the market leaders within their segments.
Wilhelmsen’s vision is “shaping the maritime industry”.
The group’s strategic direction remains firm:
•	 Wilhelmsen will continue to create value through leveraging  
	 its strong positions in the maritime industry to seek growth.
•	 The group’s focus is on maritime services, shipping, 	
	
	 infrastructure, logistics and sustainable products and 	
	
	 solutions.
•	 Wilhelmsen will create profitable and sustainable operations 	
	 through active ownership and strong governance.
•	 The group will leverage its 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 has in 2024 been supported 
by a positive global shipping market, with income also lifted 
by bolt-on acquisitions and inflationary impact. Entering into 
2025, the shipping market remains predominantly positive, but 
risk from an unpredictable geopolitical situation has increased.
Looking further ahead, Wilhelmsen believes 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, the group is in a good position to service this 
market.
Outlook for New Energy
The New Energy segment focuses on building and driving 
industrial positions within the maritime energy value 
chain and the energy transition. With segment companies 
representing energy infrastructure, offshore wind, and 
technology and decarbonisation, Wilhelmsen is driving value-
creation by bringing together their unique competencies.
Supply constraints and geopolitical risk continue to impact 
the European energy market. This supports a continued high 
activity level in 2025 at the offshore fields serviced by NorSea 
and other Wilhelmsen operations.
A focus on climate measures will support, inter alia, a gradual 
shift from offshore oil and gas to renewable energy, and 
decarbonisation 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 the shareholdings in these 
companies, the group 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 the strategic 
holdings. While vessel supply is expected to grow, a solid 
contract base will support strong earnings also in 2025.
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 geopolitical 
tension and an uncertain global trade environment, the group 
retains its capacity to support and grow the portfolio, and to 
deliver consistent yearly dividends.
Business and performance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
15
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Sustainability
statement
17 	
General information 
	
1.1. Basis for preparation and accounting policies
	
1.2. Strategy and business model
	
1.3. Material sustainability matters
	
1.4. Sustainability governance
36	
Environmental information
	
2.1. Climate change
	
2.2. Pollution
	
2.3. Resource use and circular economy
	
2.4. EU Taxonomy disclosure
59	
Social information
	
3.1. Own workforce
	
3.2. Workers in the value chain
76	
Governance information
	
4.1. Business conduct
	
4.2. Cyber security 
81	
Signatures board of directors and group CEO
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
16
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General
information
18	
1.1. Basis for preparation and accounting policies
24	
1.2. Strategy and business model
27	
1.3. Material sustainability matters
31	
1.4. Sustainability governance
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Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
17

1.1 Basis for preparation 
and accounting policies
BP-1 General basis for preparation of the sustainability statement 
Wilhelmsen’s sustainability statement has been prepared 
for the first time in 2024 in accordance with the Corporate 
Sustainability Reporting Directive (CSRD) and the European 
Sustainability Reporting standards (ESRS) pursuant to 
the Accounting Act §§ 2-3 and 2-4. The contents of the 
sustainability statement were subject to an external assurance 
with limited assurance in accordance with ISAE 3000 
(Revised). The Independent Practitioner’s Report on a Limited 
Assurance Engagement can be found on pages 160 to 164.
The sustainability statement was prepared on a consolidated 
basis and covers the same reporting scope as the financial 
statements. Wilhelmsen is preparing consolidated 
sustainability reporting pursuant to Article 48i of Directive 
2013/34/EU. There are no subsidiaries excepted from individual 
or consolidated sustainability reporting pursuant to Articles 
19a(9) or 29a(8) in the Directive 2013/34/EU.
All statements on strategies, policies, actions, metrics, and 
targets refer to the group unless otherwise stated. The report 
covers the group’s entire value chain and, where material, 
provides information on upstream and downstream activities.
Wilhelmsen has not used the option to omit specific 
information corresponding to intellectual property, know-how, 
or the results of innovation. The group is not based in an EU 
member state that allows for the exemption from disclosure of 
impending developments or matters in course of negotiation, 
as provided for in articles 19a(3) and 29a(3) of the Directive 
2013/34/EU.
BP-2 Disclosures in relation to specific circumstances
Time horizons
The group’s definition of short, medium and long-term time 
horizons in this statement aligns with the ESRS standards. Short-
term is the reporting period, medium-term is one to five years, 
and long-term is more than five years. The group’s strategic 
planning process focuses primarily on the medium-term.
Value chain estimation
The sustainability statement includes estimated data for 
greenhouse gas (GHG) emissions in significant scope 3 (E1-
Climate change) categories, where estimates are based on 
supplier data, industry averages, and carbon accounting 
models. Category 1 is estimated using the spend-based method, 
applying relevant global average emissions factors from 
Exiobase 3.9 (2019). Category 11, related to sold refrigerants or 
other gases in returnable cylinders, is estimated by applying 
100% of the total mass of the refrigerant or gas sold, multiplied 
by the relevant Global Warming Potential (GWP, AR4). This 
estimation does not account for leakage, recovery, recycling, or 
reclamation rates. Category 15 is estimated based on publicly 
available reports from listed companies where the group has a 
strategic investment, with previous period data used if verified 
reports are not available for the reporting period.
The estimated value chain data is prepared using operational 
data, supplier information, and industry benchmarks. 
Assumptions and extrapolations are used when primary data 
is unavailable. Data accuracy depends on the quality and 
availability of information. While direct operations have high 
accuracy, upstream and downstream estimations are less 
certain. If verified data is missing, estimates rely on public 
reports or past data. These estimates provide an overview of the 
group’s sustainability performance, which will improve as more 
reliable information becomes available.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
18
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The group aims to improve data accuracy by refining categories 
and emissions factors, investing in data management systems, 
and applying internal controls for consistent reporting. The 
group plans to collaborate more with suppliers for better 
upstream and downstream data collection and stay aligned 
with industry best practices and new sustainability standards. 
Estimation methods will be regularly updated.
Sources of estimation and outcome uncertainty
Data are collected from business units within the group, utilising 
their respective systems, measurements, calculations, and 
information. Estimates may also be made for the reporting of 
selected data points if data is not readily available or as part of the 
methodology of calculating the required data points. Judgements 
may also be used when applying the accounting policies. 
While all efforts are made to control the completeness and 
accuracy of the data included in this statement, the group is 
currently in the preliminary stages of implementing its internal 
control over sustainability reporting (ICSR) policy. As a result, 
there may be uncertainties in the reported information due to 
the extensive scope of the sustainability disclosures and the lack 
of established guidance and practices for certain types of data. 
Accounting policies located in each topic describe the basis for 
calculation of individual metrics including descriptions of the 
most significant estimates and judgements, and information 
on sources of estimation or outcome uncertainty. The estimates 
and judgements will be reviewed periodically based on experience 
and the development of ESRS. 
The key accounting estimation and uncertainties, and potential 
impact to reported data are:
•	 Estimates for decarbonisation levers (E1-4 page 40) - medium 
	 impact
•	 Estimates for scope 2 GHG emissions for offices with less  
	 than 20 employees (E1-6 pages 41 to 43) - low impact
•	 Estimates for scope 3 GHG emissions categories 1, 11 and 15   
	 (E1-6 pages 41 to 43) - medium impact 
•	 Estimates for waste recycled (E5-5 pages 48 to 49) 
	 - medium impact
•	 Estimates for exposure hours used when preparing the  
	 recordable work-related accidents and lost time injury  
	 frequency rate (S1-14 pages 69 to 70) - medium impact
•	 Judgement used when computing pay for remuneration  
	 metrics (S1-16 page 71) - low impact
Changes to the preparation and presentation of the 
sustainability statement
For completeness, the base year for scope 1 and 2 GHG 
emissions has been recalculated to include five additional sites 
and a chartered launch boat, along with historical emissions 
from the 2023 acquisition of Vopak Agencies.  
Incorporation by reference
The following ESRS disclosure requirements and datapoints 
have been incorporated by reference to other sections of this 
annual report as follows:
•	 Market position, strategy, business model, value chain  
	 (ESRS 2 SBM-1 paragraph 38, 40f-g) to Business and  
	 performance section pages 8 to 15.
•	 Sustainability-related performance in incentive schemes  
	 (GOV-3 paragraph 29, ESRS 2 GOV-3-E1 paragraph 13) to the  
	 Remuneration report.
•	 Net revenue (E1-6 paragraph 55) to the Income statement 
	 on page 83.
Use of phase-in provisions in accordance with Appendix C 
of ESRS 1
Wilhelmsen has used the phase-in provisions for the reporting 
year for ESRS 2-SBM-1 paragraph 40b-c, ESRS 2-SBM-3 
paragraph 48e, E1-9, E2-6, E5-6, S1-8, S1-11, S1-12, S1-14, and S1-15.
ESRS 2 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
The group employs a structured approach to determine the 
material information to be reported in relation to material 
impacts, risk and opportunities (IROs). Following the double 
materiality assessment, a materiality of information assessment 
is conducted to determine the relevant disclosure requirements 
and data points to be included in line with ESRS 1, paragraphs 
31 and 33-35. Metrics that are directly connected to the group’s 
strategic objectives and policies addressing the relevant IROs 
are included. The group has identified one entity-specific 
impact related to cyber security and has included metrics based 
on targets that have already been established by the group and 
are included in the group’s internal ESG index.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
19
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Content index of ESRS disclosure requirements
The table below provides a list of material disclosure requirements complied with in preparing the sustainability statement. 
List of material disclosure requirements
Page
ESRS 2 - General Disclosures
BP-1 General basis for preparation of the sustainability statement
18
BP-2 Disclosures in relation to specific circumstances
18 to 19
GOV-1 The role of the administrative, management and supervisory bodies
31 to 32
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
33
GOV-3 Integration of sustainability-related performance in incentive schemes
Remuneration 
report
GOV-4 Statement on due diligence
34 to 35
GOV-5 Risk management and internal controls over sustainability reporting
35
SBM-1 Strategy, business model and value chain
24 to 25
SBM-2 Interests and views of stakeholders
26
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
29 to 30
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities
27 to 28
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
19 to 23
E1 - Climate change
ESRS 2 GOV-3 E1 Integration of sustainability-related performance in incentive schemes
Remuneration 
report
E1-1 Transition plan for climate change mitigation
37
ESRS 2 SBM-3 E1 Material impacts, risks and opportunities and their interaction with strategy and business model
37 to 38
ESRS 2 IRO-1 E1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities
27 to 28
E1-2 Policies related to climate change mitigation and adaptation 
38
E1-3 Actions and resources in relation to climate change policies 
39
E1-4 Targets related to climate change mitigation and adaptation
40
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 
41 to 43
E2 – Pollution
ESRS 2 IRO-1 E2 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities
27 to 28
E2-1 Policies related to pollution
44
E2-2 Actions and resources related to pollution
44
E2-3 Targets related to pollution 
45
E2-5 Substances of concern and substances of very high concern
45
E3 - Water and marine resources
ESRS 2 IRO-1 E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities
27 to 28
E4 - Biodiversity and ecosystems
ESRS 2 IRO-1 E3 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks dependencies and opportunities
27 to 28
E5 - Resource use and circular economy
ESRS 2 IRO-1 E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities
27 to 28
E5-1 Policies related to resource use and circular economy 
46
E5-2 Actions and resources related to resource use and circular economy 
46
E5-3 Targets related to resource use and circular economy 
46
E5-4 Resource inflows 
47
E5-5 Resource outflows 
48
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
20
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Cont. Content index of ESRS disclosure requirements
The table below provides a list of material disclosure requirements complied with in preparing the sustainability statement. 
List of material disclosure requirements
Page
S1 - Own workforce 
ESRS 2 SBM-2 S1 Interests and views of stakeholders
26
ESRS 2 SBM-3 S1 Material impacts, risks and opportunities and their interaction with strategy and business model
60 to 61
S1-1 Policies related to own workforce
61
S1-2 Processes for engaging with own workforce and workers' representatives about impacts
62
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
62 to 63
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own 
workforce, and effectiveness of those actions
63 to 64
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
64 to 65
S1-6 Characteristics of the undertaking’s employees
66
S1-7 Characteristics of non-employees in the undertaking’s own workforce
67
S1-8 Collective bargaining coverage and social dialogue
67
S1-9 Diversity metrics 
68
S1-10 Adequate wages 
68
S1-13 Training and skills development metrics 
69
S1-14 Health and safety metrics 
69 to 70
S1-16 Remuneration metrics (pay gap and total remuneration)
71
S1-17 Incidents, complaints and severe human rights impacts 
71
S2 - Workers in the value chain
ESRS 2 SBM-2 S2 Interests and views of stakeholders
26
ESRS 2 SBM-3 S2 Material impacts, risks and opportunities and their interaction with strategy and business model
72 to 73
S2-1 Policies related to value chain workers 
73
S2-2 Processes for engaging with value chain workers about impacts 
74
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 
74
S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to 
value chain workers, and effectiveness of those actions 
74
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
75
G1 - Business conduct
ESRS 2 GOV-1 G1 The role of the administrative, management and supervisory bodies
31 to 32
ESRS 2 IRO-1 G1 Description of the processes to identify and assess business conduct-related material impacts, risks and opportunities
27 to 28
G1-1 Business conduct policies and corporate culture
77
G1-3 Prevention and detection of corruption and bribery 
78
G1-4 Incidents of corruption or bribery 
78
Entity-specific - Cyber security
ESRS 2 IRO-1 Entity-specific Description of the processes to identify and assess cyber security-related material impacts, risks and opportunities
27 to 28
ESRS 2 MDR-P Entity-specific Policies adopted to manage cyber security
79
ESRS 2 MDR-A Entity-specific Actions and resources in relation to cyber security
79
ESRS 2 MDR-T Entity-specific Targets in relation to cyber security
80
ESRS 2 MDR-M Entity-specific Metrics in relation to cyber security
80
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
21
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Disclosure requirements that derive from other EU legislation
The table below provides an overview of ESRS data points that derive from other EU legislation, and where this information can be found.
Disclosure requirement and related datapoint 
SFDR 
reference 
Pillar 3 
reference 
Benchmark 
Regulation 
reference 
EU Climate 
Law 
reference 
Material 
(Yes/No)
Page
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) 
x
x
Yes
31
ESRS GOV-1 Percentage of board members who are independent paragraph 
21 (e) 
x
Yes
31
ESRS 2 GOV-4 Statement on due diligence paragraph 30 
x
Yes
34 to 35
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities para-
graph 40 (d) i 
x
x
x
No
-
ESRS 2 SBM-1 Involvement in activities related to chemical production 
paragraph 40 (d) ii 
x
x
No 
- 
ESRS 2 SBM-1 Involvement in activities related to controversial weapons 
paragraph 40 (d) iii 
x
x
No
-
ESRS 2 SBM-1 Involvement in activities related to cultivation and production 
of tobacco paragraph 40 (d) iv 
x
No
-
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 
x
No
- 
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks para-
graph 16 (g) 
x
x
No
-
ESRS E1-4 GHG emission reduction targets paragraph 34 
x
x
x
Yes
40 to 43
ESRS E1-5 Energy consumption from fossil sources disaggregated by 
sources (only high climate impact sectors) paragraph 38 
x
No
-
ESRS E1-5 Energy consumption and mix paragraph 37 
x
No
- 
ESRS E1-5 Energy intensity associated with activities in high climate impact 
sectors paragraphs 40 to 43 
x
No
- 
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 
x
x
x
Yes
41 to 43
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 
x
x
x
Yes
42 to 43
ESRS E1-7 GHG removals and carbon credits paragraph 56 
x
No
- 
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical 
risks paragraph 66 
x
No
-
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic phys-
ical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material 
physical risk paragraph 66 (c). 
x
No 
-
ESRS E1-9 Breakdown of the carrying value of its real estate assets by ener-
gy-efficiency classes paragraph 67 (c). 
x
No
-
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportuni-
ties paragraph 69 
x
No 
-
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regula-
tion (European Pollutant Release and Transfer Register) emitted to air, water 
and soil, paragraph 28 
x
No
- 
ESRS E3-1 Water and marine resources paragraph 9 
x
No
- 
ESRS E3-1 Dedicated policy paragraph 13 
x
No
- 
ESRS E3-1 Sustainable oceans and seas paragraph 14 
x
No
- 
ESRS E3-4 Total water recycled and reused paragraph 28 (c) 
x
No
- 
ESRS E3-4 Total water consumption in m^3 per net revenue on own opera-
tions paragraph 29 
x
No
- 
ESRS 2- SBM-3 - E4 paragraph 16 (a) i 
x
No
- 
ESRS 2- SBM-3 - E4 paragraph 16 (b) 
x
No
- 
ESRS 2- SBM-3 - E4 paragraph 16 (c) 
x
No
- 
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) 
x
No
- 
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) 
x
No
- 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
22
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Cont. Disclosure requirements that derive from other EU legislation
The table below provides an overview of ESRS data points that derive from other EU legislation, and where this information can be found.
Disclosure requirement and related datapoint 
SFDR 
reference 
Pillar 3 
reference 
Benchmark 
Regulation 
reference 
EU Climate 
Law 
reference 
Material 
(Yes/No)
Page
ESRS E4-2 Policies to address deforestation paragraph 24 (d) 
x
No
- 
ESRS E5-5 Non-recycled waste paragraph 37 (d) 
x
Yes
48 to 49
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 
x
Yes
48 to 49
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) 
x
Yes
60
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) 
x
Yes
60
ESRS S1-1 Human rights policy commitments paragraph 20 
x
Yes
61
ESRS S1-1 Due diligence policies on issues addressed by the fundamental 
International Labour Organisation Conventions 1 to 8, paragraph 21 
x
Yes
61
ESRS S1-1 processes and measures for preventing trafficking in human 
beings paragraph 22 
x
Yes
61
ESRS S1-1 workplace accident prevention policy or management system 
paragraph 23 
x
Yes
61
ESRS S1-3 grievance /complaints handling mechanisms paragraph 32 (c) 
x
Yes
62 to 63
ESRS S1-14 Number of fatalities and number and rate of work-related acci-
dents paragraph 88 (b) and (c) 
x
x
Yes
69 to 70
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness 
paragraph 88 (e) 
x
Yes
Omitted as 
per phase-in 
provision
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) 
x
x
Yes
71
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) 
x
Yes
71
ESRS S1-17 Incidents of discrimination paragraph 103 (a)
x
Yes
71
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and 
OECD Guidelines paragraph 104 (a) 
x
x
Yes
71
ESRS 2- SBM-3 – S2 Significant risk of child labour or forced labour in the 
value chain paragraph 11 (b) 
x
Yes
72 to 73
ESRS S2-1 Human rights policy commitments paragraph 17 
x
Yes
73
ESRS S2-1 Policies related to value chain workers paragraph 18 
x
Yes
73
ESRS S2-1 Non respect of UNGPs on Business and Human Rights principles 
and OECD guidelines paragraph 19 
x
x
Yes
73
ESRS S2-1 Due diligence policies on issues addressed by the fundamental 
International Labour Organisation Conventions 1 to 8, paragraph 19 
x
Yes
73
ESRS S2-4 Human rights issues and incidents connected to its upstream 
and downstream value chain paragraph 36 
x
Yes
74
ESRS S3-1 Human rights policy commitments paragraph 16 
x
No 
- 
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO 
principles or and OECD guidelines paragraph 17 
x
x
No
-
ESRS S3-4 Human rights issues and incidents paragraph 36 
x
No
-
ESRS S4-1 Policies related to consumers and end-users paragraph 16 
x
No
-
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and 
OECD guidelines paragraph 17 
x
x
No
-
ESRS S4-4 Human rights issues and incidents paragraph 35 
x
No
-
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) 
x
Yes 
77
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) 
x
Yes
77
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws para-
graph 24 (a) 
x
x
Yes
78
ESRS G1-4 Standards of anti-corruption and anti- bribery paragraph 24 (b) 
x
Yes 
78
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
23
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1.2 Strategy and 
business model
SBM-1 Strategy, business model and value chain
The group operates in the maritime and offshore logistics 
sectors, with 5,766 employees and a pool of 12,231 seafarers. 
Employees are based in Europe including the Nordics (55%), 
Asia Pacific (27%), Africa, Middle East, Black Sea region (13%), 
and Americas (5%). 
Wilhelmsen’s business model is centred around providing 
essential products and services to the global maritime industry, 
with a strong focus on innovation and strategic growth. The 
group operates through three main segments: Maritime 
Services, New Energy, and Strategic Holdings and Investments. 
There are no products or services banned in certain markets.
The main activities of the Maritime Services segment are the 
provision of products and services for the global merchant 
fleet. This includes offerings such as marine chemicals, gases, 
ropes, welding, specialty lubricants, cleaning equipment, 
refrigeration equipment, and various maritime solutions. In 
addition, the segment’s business units offer port services such 
as ship agency and husbandry, and ship management including 
technical management and crewing for all major vessel types, 
through a worldwide network in 56 countries. The most 
significant markets and customer groups are vessel or cargo 
owners and operators in the global maritime sector.
The main activities of the New Energy segment are the 
operation of supply bases for the offshore industry, and 
investments in infrastructure, logistics, offshore wind, remote 
solutions, and digital innovation. The main supply base activity 
is in Norway, Denmark and the UK. Other activities include 
offshore wind service and maintenance, subsea projects, real 
estate development, and operation of properties on and off the 
supply bases. The most significant customer groups are energy 
companies and service providers to the offshore energy sector.
The main activities of the Strategic Holdings and Investments 
segment are related to investments. The two main assets of 
the segment are the shareholding in Wallenius Wilhelmsen 
ASA, and the shareholding in Hyundai Glovis, owned through 
Treasure ASA. 
In the group’s upstream value chain, key suppliers and business 
partners provide raw materials, production processes, finished 
products, and logistics via various transportation modes (truck, 
rail, road, sea). The group secures necessary inputs by adhering 
to responsible procurement practices. 
The group recruits and retains employees and seafarers across 
56 countries. A global network of manning offices provides 
a consistent supply of qualified seafarers for the merchant 
fleet. Employee development is supported through on-the-job 
training, maintaining a competent and motivated workforce.
The group’s own operations include blending, manufacturing, 
packaging, warehousing, storage, delivery, maintenance, real 
estate services, base operations, agency, husbandry, protective 
agency services, crewing, and technical management 
of vessels. These activities are carried out globally, with 
operations in countries such as Norway, Malaysia, Denmark, 
Singapore, Netherlands, Poland, the United Arab Emirates, and 
Slovakia.
Downstream activities include the distribution of products, 
last-mile delivery, use of sold products, and management of 
waste generated.
The group’s outputs include a range of products and 
services for the merchant fleet and offshore industry. These 
outputs aim to provide benefits for customers, investors, 
and other stakeholders by maintaining safe and compliant 
operations, enhancing operational efficiency, and managing 
environmental impacts.
Key business actors in Wilhelmsen’s value chain include 
tier 1, 2, and 3 suppliers, business partners, and distribution 
channels. The group maintains relationships with suppliers, 
sub-contractors, agents, and business partners to ensure the 
smooth flow of goods and services throughout the value chain. 
Key customers include vessel or cargo owners and operators in 
the global maritime sector, and energy companies and service 
providers to the offshore energy sector.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
24
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Sustainability-related goals
The group’s sustainability goals stem from its vision to shape 
the maritime industry. These are defined as strategic ambitions 
and targets and apply to the group’s activities, geographies, and 
business relationships. 
The ambitions are included in the group and business unit 
strategies, with relevant metrics and targets monitored in the 
internal ESG index. The results are presented quarterly to 
the Board of Directors (“board”) and included in executive 
remuneration (please refer to the Remuneration report). 
The goals support the focus from customers on sustainability 
practices due to regulatory requirements and corporate 
commitments. 
Health and safety and compliance have been and continue to 
be minimum requirements, whereas supplier management 
is developing further in importance. This is mainly related to 
both due diligence and compliance requirements, in addition 
to data requirements for reporting disclosures. The main 
challenge related to this is the extensive number of suppliers 
in the maritime value  chain, particularly small and medium 
enterprises. Having suppliers agree to the Supplier Code of 
Conduct provides the foundation for cooperation and meeting 
stricter requirements over time. For GHG emissions, the focus 
varies by impact on the customer’s emissions. For example, 
base operations can have a measurable effect for offshore 
energy customers in their scope 1 and scope 3 emissions, whilst 
the use of products sold, or energy efficiency decisions made 
by competent technical managers and crew onboard vessels 
can have a more measurable effect for scope 1 emissions for 
maritime customers. 
Elements of the strategy related to decarbonisation and energy 
infrastructure are further described in the Business and 
performance, section pages 8 to 15. 
Strategic ambition
Strategic targets
2024 Results
Reduce GHG emissions in own operations
42% reduction in scope 1 emissions by 2030 compared to 
base year 2022 
100% electricity consumption from renewable sources by 
2030, with an interim target of 80% by 2025
10% reduction in scope 1 emissions compared to base year
71% electricity consumption from renewable sources
Support the maritime industry's 
decarbonisation and energy infrastructure 
transformation
Investments in new arenas related to decarbonisation and 
energy infrastructure
Continued to pursue projects, partners and investments
Have an engaging and safe workplace 
with no harm to people
Zero work-related fatalities
Lost time injury frequency (LTIF) rate not to exceed 0.40 for 
seafarers and 2.00 for onshore employees
Three work-related fatalities
LTIF 0.34 for seafarers and 1.37 for onshore
Build a culture where each employee is 
valued for their contribution and feels 
motivated and safe to voice their opinion
Employee engagement score greater than 8 (out of 10)
40% gender balance in top 3 management levels and 
internal boards by 2030
8.2  score
34% females in top management
40% females in internal board roles
Have responsible supply chain partners
100% suppliers agreeing to the Supplier Code of Conduct
95% agreeing
Be a responsible, trusted and compliant 
value chain partner
100% employee completion  of Code of Conduct training
100% completion
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
25
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SBM-2 Interests and views of stakeholders
Wilhelmsen engages with stakeholders on matters concerning 
its activities and the broader maritime industry. 
The purpose of this engagement is to understand stakeholder 
expectations and integrate them into the group’s strategy and 
activities. It also allows Wilhelmsen to communicate decisions 
and provide explanations for underlying motives. The interests 
and views of stakeholders are analysed in the group’s annual 
assessments for employee engagement, climate risks and 
opportunities, human rights due diligence, and double 
materiality. The group has considered its impacts on its own 
workforce in its strategy and implemented requirements in its 
Owner’s statement, Code of Conduct and People and workplace 
standard. The group engages directly with its own workforce on 
matters related to these policies and acts on breaches or non-
compliance allegations brought forward. The group has also 
considered its impacts on value chain workers in its strategy 
and implemented a Supplier Code of Conduct. The group 
engages with suppliers and industry associations on these 
matters related to this policy and acts on breaches or non-
compliance allegations brought forward.  
 
Senior executives and the board are informed of stakeholder 
views and interests through quarterly reporting and annual 
assessments.
Stakeholders
Type of engagement
Purpose
Outcome
Topics addressed
Employees
Directly with management through 
individual interactions or group forums, town 
halls, working environment committees, 
Works councils, or union representatives.
To understand employee 
expectations and integrate 
them into the group's 
strategy and activities.
Improved employee 
engagement and alignment 
with the group's strategic 
goals.
Working conditions, career 
development, health and 
safety, well-being, equality 
diversity and inclusion.
Seafarers
Individual interactions with crewing office, 
engagement through pre-joining briefings, 
vessel visits, vessel inspections, internal 
and external audits, safety campaigns, and 
officer and cadet conferences.
To ensure seafarers' 
well-being, safety, and 
performance.
Enhanced safety awareness, 
improved working conditions, 
and support for seafarers' 
needs.
Health and safety, working 
conditions, career 
development, mental health 
support, discrimination, 
harassment, and bullying.
Customers 
in the maritime and 
energy sectors
Direct interaction and participation in 
multi-stakeholder meetings and industry 
associations.
To gather customer feedback 
and ensure customer needs 
are met.
Enhanced customer 
satisfaction and engagement.
Product quality, service 
delivery, customer support, 
sustainability practices, and 
product features.
Suppliers of 
products and 
services globally
Engagement through direct interaction 
including business reviews and audits, and 
industry associations.
To ensure the group’s 
expectations and 
requirements are clear and 
address supplier concerns.
Strengthened supplier 
relationships and sustainable 
supply chain practices.
Supplier Code of Conduct, 
supply chain transparency, 
and environmental impact.
Authorities (local, 
regional and global) 
Participation in national and international 
multi-stakeholder meetings.
To comply with regulations 
and collaborate on industry 
standards.
Compliance with regulatory 
requirements and 
contribution to industry 
standards.
Regulatory compliance, 
industry standards, and 
environmental regulations.
Financial institutions
including investors 
and banking sector
Engagement through direct interaction 
such as investor meetings, reports, and 
investor relations
To communicate financial 
performance and 
sustainability initiatives.
Increased investor 
confidence and support.
Financial performance, 
ESG criteria, remuneration, 
risk management, and 
governance.
Local community
individuals and 
groups
Participation in multi-stakeholder meetings 
and direct interaction.
To address community 
concerns and contribute to 
local development.
Positive community relations 
and support for local 
initiatives.
Community development, 
environmental impact, and 
social responsibility.
Non-governmental 
organisations (local, 
regional, global)
Engagement through industry associations 
and multi-stakeholder meetings.
To collaborate on 
sustainability initiatives and 
address societal issues.
Effective partnerships and 
progress on sustainability 
goals.
Human rights, environmental 
protection, and business 
conduct.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
26
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1.3 Material sustainability 
matters
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities
The group conducted a double materiality assessment in the 
second half of 2024.
The double materiality assessment is a structured process 
to identify, assess, and prioritise material IROs. The process 
involves internal expertise, external research, and stakeholder 
consultation to get a comprehensive understanding of IROs. 
The process is documented in the group’s ESG reporting system.
Senior executives, the board, and the board audit committee 
(“audit committee”) oversee the process. The findings from 
the assessment inform group-level decision-making and 
operational adjustments. Strategic objectives are defined in 
the group’s strategy and Owner’s statement, and business 
units develop targeted action plans to address material IROs, 
supported by tools and frameworks provided by the group. 
Regular reviews are used for alignment with strategic priorities 
and progress is tracked through key performance indicators 
(KPIs) in the group’s internal ESG index.
Senior executives, the board, and the audit committee 
oversee compliance with sustainability-related legal and 
other requirements through periodic risk assessments and 
reporting improvements. Monitoring and review of IROs will 
be conducted at least annually to address emerging risks 
and adaptation of risk management strategies. Results from 
internal reviews and controls are used to refine this process.
Double materiality assessment bottom-up approach
The double materiality assessment is conducted using a 
bottom-up approach. This enables the group to pinpoint 
specific business units or strategic investments where IROs 
occur and evaluate those for group-level materiality.
Business units analyse IROs within the sub-topics outlined in 
ESRS 1 General Requirements, Appendix A, and use the ESRS 
time horizons to determine when the IROs are likely to occur. 
The assessment considers affected stakeholders, including 
customers, the natural environment, employees, workers 
in the value chain, and local communities. Business units 
evaluate their value chains to identify the direction (upstream, 
own operations, or downstream) and specific positions 
where IROs arise. Emphasis is placed on activities, business 
relationships, and geographies with heightened risks, such as 
emissions or resource-intensive operations, supply chains with 
potential human rights concerns, and regions vulnerable to 
environmental degradation or social challenges.
After business units have completed their assessment, the 
results are consolidated and an evaluation is made of IROs that 
are material for the group. 
Stakeholder and community consultation
The assessment incorporates input primarily from internal 
sources with deep knowledge of operations, geographies, 
stakeholder views, and impacts, supplemented by desktop 
research, including internal assessments and reports, industry 
reports, findings from non-governmental organisations 
(NGOs), and other external resources. 
The group does not directly consult affected communities 
during the double materiality assessment screening process. 
The group uses available feedback from local stakeholders, 
authorities and bodies, to align with community expectations 
and regulatory requirements. 
Impact assessment and prioritisation
In the assessment, impacts are classified as actual or 
potential, positive or negative, and direct or indirect. Negative 
impacts are scored on a five-point scale, considering severity 
(combining scale, scope, and remediability) and likelihood, 
with severity prioritised, particularly for human rights-
related impacts. Positive impacts, such as decarbonisation 
opportunities or working conditions improvements, are 
assessed based on scale, scope, and likelihood.
All impacts are plotted on a 5x5 grid of severity vs. likelihood. 
The threshold for impacts is set as a sloping line, dependent on 
the combination of severity and likelihood. A threshold line is 
established which gives precedence to severity over likelihood 
i.e. all impacts with severity scores > 4 are considered material 
irrespective of likelihood, while also taking into account less 
severe impacts that are more likely.
If an impact exceeds this threshold, the associated 
sustainability matter is deemed material.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
27
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Risk and opportunity assessment and prioritisation
In the assessment, specific risks and opportunities are identified 
and analysed, determining direct or indirect ownership and 
whether the financial effects are negative or positive. Using a 
five-point scale, risks and opportunities are scored based on the 
likelihood and magnitude of financial effects.
Likelihood is assessed based on the probability that the event 
will occur, ranging from 1-Very unlikely to 5-Virtually certain. 
Probability reflects the possibility of the event occurring, 
unadjusted for any future initiative that the group can take to 
reduce the risk of occurrence. Financial effects are assessed 
based on expected impact on revenues or total assets, or 
EBITDA for business units and an assessment of impairment 
indicators for investments in associates and joint ventures, 
ranging from 1-Low to 5-Major. 
All risks and opportunities are plotted on a 5x5 size of financial 
effect vs. likelihood grid, with a materiality threshold applied 
to prioritise high-severity financial effects, regardless of 
likelihood, and less severe but highly probable risks and 
opportunities. The threshold is set as a sloping line, dependent 
on the combination of size of financial effect and likelihood. If 
any risks or opportunities exceed this threshold, the associated 
sustainability matter is deemed material. 
Input parameters, methodologies, and assumptions
Input parameters 
The scope of operations covered includes direct operations 
such as production, warehousing, base operations, and 
maritime services, as well as value chain activities covering 
supply chains, partnerships, third-party suppliers, and 
investments. The geographic scope includes all countries 
where the group operates. 
Annual assessments are used as input to address several key 
areas: compliance, climate, human rights, cyber security, 
environmental aspects and impacts, and ESG governance. 
These assessments evaluate legal requirements, alignment 
with governance and sustainability policies, physical and 
transition risks and opportunities related to climate, risks 
associated with labour practices and standards across the 
value chain, data protection, privacy, preparedness against 
cyber threats, and the effectiveness of governance structures 
in managing ESG issues.
Ongoing metrics, incident reports, audits, and reviews from 
business unit management systems, as well as supplier, customer 
and investor related interactions are also used as input.
Stakeholder views are sourced through desktop reviews, 
interviews, surveys, insights from industry and NGO research 
on sustainability trends, and data from local, national, and 
international regulatory frameworks.
Methodologies applied
Impact materiality is applied to identify sustainability matters 
that significantly impact people or the environment, regardless 
of their financial implications for the group. Financial 
materiality is applied to determine sustainability matters that 
could present risks or opportunities for the group’s financial 
performance, position, or value creation, including effects on 
cash flows, access to finance, or cost of capital.
The value chain perspective is applied to identify IROs from 
upstream and downstream business relationships. Reporting 
boundaries, including operational control, are defined to reflect 
the group’s influence and dependencies within its value chain.
Material IROs are identified based on thresholds defined by 
the group.
For climate-related IROs, the Network for Greening 
the Financial System (NGFS) Current Policies scenario, 
characterised by high physical risk, and the NGFS Net Zero 
scenario, characterised by high transition risks, are used to 
supplement the assessment. For other environmental matters, 
dependencies are also screened in addition to locations, 
operations, products, and the supply chain. The potential for 
incidents of non-compliance with environmental regulations 
that could result in IROs is also considered in the assessment.
The Key Biodiversity Areas (KBAs) map was used to screen 
whether the group has sites located in or near biodiversity-
sensitive areas.  The initial findings indicate that there are 
sites in the group near potential biodiversity-sensitive areas. 
The group will undertake further analysis over the next three 
years to confirm whether these sites negatively impact such 
areas and if it is necessary to implement biodiversity 
mitigation measures.
The assessment results are validated with key internal 
stakeholders that have knowledge of the topics. 
The methodologies, assumptions, and data sources are 
documented in the ESG reporting system and in shared folders.
Assumptions applied
The ESRS time horizons are used, short term (reporting period), 
medium term (one to five years), and long-term (more than 
five years). The medium term aligns with the group’s strategic 
planning period. 
The best available data, industry benchmarks, and methodologies 
at the time are used, which may change over time.
Desktop reviews are used to capture the views of relevant 
stakeholders, which can result in certain perspectives being 
more accessible than others. 
Scenario analysis from NGFS is used to explore a range of 
plausible future outcomes, with an understanding of the 
inherent uncertainties in predicting long-term sustainability 
impacts.
Changes to the process and future revision dates
The double materiality assessment will be reviewed annually 
to remain relevant and up to date based on feedback from 
stakeholders, performance data, and insights from audits and 
other internal reviews. Changes may occur over time based on 
the group’s business context or improvements in methodology. 
The group plans to refine its approach for screening non-
climate related environmental matters within three years 
applying the Taskforce for Nature-related Financial Disclosures 
recommendations and guidance.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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SBM-3 Material impacts, risks and opportunities and their interaction with strategy 
and business model
Based on the double materiality assessment, Wilhelmsen is 
involved with material impacts and risks both through its own 
activities and its business relationships in the value chain. 
The group’s operations directly contribute to material impacts 
such as GHG emissions, health and safety, equal treatment 
and opportunities for all, business conduct and cyber security. 
Whereas, for pollution, resource use and waste, the impacts 
mainly derive from two business units that sell marine products.
One potential financial risk was identified related to fraud, 
where despite preventative measures being in place, a severe 
fraud case could have a significant financial effect. Although 
the group assessed the risk of a successful fraud attempt as low, 
this was identified as the only material risk in the assessment.  
Wilhelmsen’s business relationships with suppliers, customers, 
and partners also contribute to material impacts on workers 
in the value chain. Wilhelmsen works to ensure that suppliers 
adhere to ethical standards and practices, such as fair labour 
conditions, environmental management, and respect for human 
rights. This is achieved through Supplier Code of Conduct, 
audits, partnerships, and human rights due diligence processes. 
Additionally, the group’s investments in shipping companies in 
the maritime sector also contribute to material impacts, such as 
climate change, necessitating oversight and clear expectations, 
including those contained in the group’s Owner’s statement. 
Current financial effects of the group’s material sustainability 
matters and the group’s response
The group has assessed the material risk related to incidents 
of fraud to its financial reporting, with no current material  
effects being identified on either financial position, financial 
performance, or cash flow. 
Resilience of the undertaking’s strategy and business model 
The group assesses material impacts and risks annually as 
part of its strategy review process, evaluating the resilience of 
its strategy and business model over a medium-term horizon. 
Additionally, a dedicated climate risk resilience assessment 
was conducted in 2024 (please refer to ESRS 2 SBM-3 E1 pages 
37 to 38). 
Overall, the group’s strategy and diversified portfolio 
demonstrate resilience against material impacts and risks in 
the medium term, with sufficient countermeasures in place. 
The group will monitor and follow up as needed.
Changes to material IROs compared to the previous 
reporting period
As this is the first year Wilhelmsen is reporting under the 
ESRS framework, several changes in material IROs have 
been identified compared to the previous reporting period. 
Climate risks and opportunities have not been assessed as 
material based on a thorough and strict financial materiality 
assessment, including an assessment of impairment indicators 
for investments in associates and joint ventures in the 
Strategic Holdings and Investments segment. Biodiversity 
and ecosystems were also not assessed as material. The use of 
substances of concern or very high concern as well as the use 
of materials and waste handling were assessed as new material 
topics, mainly related to products sold by business units in the 
group. These changes reflect continuous improvement of the 
group’s approach to the double materiality assessment process 
and alignment with the requirements contained in the ESRS.
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Material sustainability matters
ESRS 
Topic
Sustainability 
matter
Material IROs
Own operations 
or value chain
Positive or 
negative
Actual or 
potential
Time 
horizon
Interaction with business 
model and strategy
Pages
E1 – 
Climate 
change
Climate change 
mitigation
Impacts on climate 
change caused by 
burning of fossil fuels.
Both
Negative 
impact
Actual
Short, 
medium, 
and long 
term
Wilhelmsen is actively working to 
mitigate climate change through 
energy efficiency, electrification, 
renewable energy use, and 
strategic investments, with 
plans to adopt a formal climate 
transition plan within the next 
three years to achieve long-term 
reductions across the value chain 
and enable avoided emissions 
for customers.
37 
to 
43
E2 – 
Pollution
Substances of 
concern or very 
high concern
Impacts on people or 
the environment from 
the use or misuse of 
substances of concern 
or very high concern. 
Both
Negative 
impact
Potential
Short, 
and 
medium 
term 
Wilhelmsen Chemicals actively 
pursues the substitution and 
safe handling and disposal of 
chemical products.
44 
to 
45
E5 – 
Resource 
use and 
circular 
economy
Resource 
inflows, 
outflows, 
and waste
Impacts on people or 
the environment from 
the use of materials 
in products sold and 
waste handling with 
limited possibilities for 
circularity.
Both
Negative 
impact
Actual
Short, 
and 
medium 
term
Wilhelmsen aims for responsible 
material procurement, waste 
minimisation, and is in the 
early stage of adopting circular 
economy principles to mitigate 
these environmental impacts.
46 
to 
49
S1 –
Own
workforce
Equal 
treatment and 
opportunities 
for all
Impacts on 
people related to 
discrimination, 
harassment, or 
bullying in own 
operations. 
Own operations
Negative 
impact
Potential
Short, 
and 
medium
Wilhelmsen promotes a diverse 
and inclusive workplace, with 
policies and training to prevent 
discrimination and support 
affected employees. 
60 
to 
71
Health and 
safety 
Impacts on people 
related to health and 
safety incidents in own 
operations.
Own operations
Negative 
impact
Actual
Short and 
medium 
term
Wilhelmsen prioritises health and 
safety through comprehensive 
management systems, training, 
risk assessments, and safety 
protocols to protect its workforce.
S2 – 
Value 
chain 
workers
Equal 
treatment and 
opportunities 
for all
Impacts on 
people related to 
discrimination, 
harassment, or bullying 
in the value chain. 
Value chain
Negative 
impact
Potential 
Short, 
and 
medium 
term 
Wilhelmsen requires suppliers to 
ensure fair treatment of workers 
and adherence to human rights 
standards. The group sets 
requirements for suppliers to 
improve working conditions and 
ensure fair wages and safety 
standards and prevent forced 
labour or child labour. The group 
enforces its Supplier Code 
of Conduct through regular 
screening, assessment, and 
audits. 
72 
to 
75
Forced labour 
or child labour in 
the value chain
Impacts on people 
related to forced 
labour or child labour 
in the value chain.
Value chain
Negative 
impact
Potential
Short, 
and 
medium 
term
Working 
conditions 
and health and 
safety
Impacts on people 
related to working 
conditions and health 
and safety incidents in 
the value chain.
Value chain
Negative 
impact
Potential
Short, 
and 
medium 
term
G1 – 
Business 
conduct
Compliant and 
ethical business 
conduct
Impacts on people 
subject to corruption 
and bribery demands 
from undesirable 
actors and risks from 
incidents of fraud, 
corruption or bribery in 
own operations and in 
the value chain.
Both
Both 
negative 
and positive 
impact. 
Risk.
Potential
Short, 
medium, 
and long 
term
Wilhelmsen is committed to 
ethical operations and eliminating 
corruption in the value chain. The 
group enforces clear policies, 
supports management, maintains 
a whistleblowing channel, and 
conducts training and reporting. 
Anti-corruption measures 
include regular audits, employee 
training, and support for affected 
employees. The strategy also 
involves strict anti-bribery 
measures and collaboration with 
industry bodies.
77 
to 
78
Entity-
specific 
- Cyber 
security
Cyber security 
and personal 
data protection
Impacts on people 
from cyber security 
and personal data 
breaches.
Own operations
Negative 
impact
Potential
Short, 
and 
medium 
term
Wilhelmsen invests in robust 
cyber security measures and data 
protection protocols including 
employee training to safeguard 
personal information and ensure 
the integrity of its systems.
79 
to 
80
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1.4 Sustainability 
governance
GOV-1 The role of the administrative, management and supervisory bodies
Responsibility for sustainability is anchored with the group’s  
board, which consists of five non-executive members and no 
employee representatives. All 100% of the board members are 
independent. The percentage of female board members is 40%, 
and the gender diversity ratio is 66.67%.  
The board heads the strategic planning and makes decisions 
that form the basis for the administration’s execution of 
the agreed strategy. The board endorses the Owner’s statement 
that sets expectations and requirements for the group in the 
areas of strategy, financial targets, risk, ESG (environmental, 
social, governance), and reporting. 
The CEO and the group management team, hereafter referred 
to as senior executives, secure its implementation within the 
group. Further information about the roles of senior executives 
is available in the Remuneration report. The percentage of 
females in the senior executive team is 20%. 
The board oversees the group’s strategic planning and decision-
making processes, ensuring sustainability is integrated into 
the business strategy and ethical standards are maintained. 
The board is responsible for oversight of sustainability IROs, 
whilst the audit committee is responsible for the oversight of 
sustainability reporting and internal control. 
The audit committee reviews compliance activities on a 
quarterly basis, including whistleblowing reports and audit 
outcomes. The audit committee’s oversight includes evaluating 
the effectiveness of compliance programs, monitoring 
adherence to ethical standards, and ensuring that appropriate 
actions are taken in response to whistleblowing incidents and 
audit findings.
The board has relevant experience in the sectors, products, and 
geographic locations where the group operates. Board members 
have held senior executive positions in maritime, offshore 
energy, and finance sectors, with a solid understanding of the 
challenges and opportunities in these areas. The board also 
has knowledge of key geographic regions where the group is 
active, which is used to inform decision-making and alignment 
of the group’s strategy with both local and global contexts. 
Additionally, the board includes individuals with extensive 
governance experience, having served in various boards with 
oversight responsibilities.
Sustainability governance
Shareholders
General meeting
Board of directors
Audit committee
Advisory and 
supervision level
Strategic level
Remuneration and people committee
Nomination committee
CEO and group management team
Group function support and expertise
Business units
Operational level
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Reflection of responsibilities for IROs in the group’s terms of 
reference, board mandates, and other related policies
The group’s board instruction, anchored in legal requirements, 
establishes the board’s authority and ensures compliance 
with regulatory mandates, alignment with stakeholder 
expectations, and the pursuit of long-term objectives. Board 
mandates, as outlined in the board instruction, assign specific 
responsibilities to the audit committee to assist the board 
in exercising its oversight responsibility with respect to the 
integrity of sustainability reporting including risk management 
and internal control. The group’s governing elements, 
including the Owner’s statement and supporting standards, 
further define expectations and requirements for all business 
units and non-controlled investments.
Management’s role in the governance processes, controls, and 
procedures used to monitor, manage, and oversee IROs
The primary role of the senior executives is to develop 
and align the group’s strategy, culture, and competence. 
Expectations and requirements are established in the Owner’s 
statement. ESG performance is reviewed quarterly through 
business unit boards, and targets defined in the group’s ESG 
index. The group’s ESG governance and management system is 
reviewed annually. Management roles or committees oversee 
IROs in business unit operations, and relevant procedures are 
implemented to manage material IROs through established 
business unit management systems. These systems are 
overseen by the senior management teams of each business 
unit, with further oversight provided by the respective business 
unit boards.
Oversight of the setting of targets related to material IROs, 
and monitoring progress towards them 
The board and senior executives set targets for material IROs. 
Strategic objectives and targets are established during the 
long-term strategy process and included in the group’s Owner’s 
statement. Performance is tracked quarterly through the 
internal ESG index, with results integrated into the short-term 
incentive scheme for senior executives and business units. 
Senior executives ensure sustainability targets align with the 
business strategy and regulatory requirements. 
Wilhelmsen considers stakeholder views, including employees 
and investors, in the target-setting process. The board reviews 
and approves targets to ensure they are realistic and aligned 
with the group’s objectives. Progress is monitored and reported 
regularly. Senior executives conduct performance reviews to 
assess progress, identify deviations, and implement corrective 
actions. 
Wilhelmsen maintains transparency by publicly disclosing 
progress in sustainability reports, ensuring accountability to 
stakeholders. Wilhelmsen continuously improves sustainability 
practices based on stakeholder input and best practices, 
and adjusts targets and strategies in response to new risks, 
opportunities, and regulatory changes. 
Appropriate skills and expertise available in the governing 
body to oversee sustainability matters
The board, collectively, has developed expertise in 
sustainability, particularly within the maritime and offshore 
industries. This expertise includes:
•	 Economic viability: evaluating the economic viability of  
	 sustainability initiatives.
•	 Risk management: managing risks associated with long-term  
	 investments.
•	 ESG alignment: aligning capital allocation with ESG priorities.
•	 Maritime and offshore industries: understanding shipping  
	 operations, global logistics, port infrastructure, and offshore  
	 energy operations.
•	 Climate change and resource management: mitigating  
	 climate change and managing resources efficiently.
•	 Decarbonisation strategies: overseeing decarbonisation  
	 strategies and ensuring compliance with environmental  
	 regulations.
•	 Human rights: addressing human rights issues and  
	 upholding ethical labour standards throughout the value chain.
•	 Workforce health and safety: prioritising workforce health,  
	 safety, and well-being.
•	 Diversity and inclusion: promoting diversity and inclusion  
	 within the organisation.
•	 Business conduct and governance: adhering to responsible  
	 business practices and robust governance.
The board actively seeks additional expertise to address new 
and evolving sustainability challenges and opportunities. This 
includes leveraging both internal and external sustainability 
experts to stay informed on emerging regulations and matters. 
Board members also undertake individual development.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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GOV-2 Information provided to and sustainability matters addressed by the undertaking’s 
administrative, management, and supervisory bodies
Senior executives, the board, and audit committee are 
informed about sustainability-related topics through a 
structured process. The process addresses material IROs, the 
implementation of due diligence, and the effectiveness of 
sustainability policies, actions, metrics, and targets.
Material IROs
The audit committee, tasked with oversight of sustainability 
reporting matters, receives quarterly reports from management 
and an annual review of the identification, assessment, and 
prioritisation of material sustainability-related IROs. The 
board is updated annually on high-level insights and strategic 
implications derived from these assessments to align sustainability 
considerations with the group’s overarching strategy.
Implementation of due diligence
Management provides detailed updates to the audit committee 
on the implementation of due diligence processes, including 
adherence to regulatory requirements and international 
frameworks. These updates are presented quarterly and 
include the status of risk assessments, stakeholder engagement 
outcomes, and measures taken to address identified risks, 
particularly in human rights, environmental compliance, and 
responsible supply chain practices.
Results and effectiveness of policies, actions, metrics, 
and targets
The board and audit committee receive quarterly updates from 
senior executives and specialist functions, including ESG and 
compliance, on the results and effectiveness of sustainability 
policies and initiatives, including progress against ESG 
targets and metrics in the group’s internal ESG index. Detailed 
performance reviews are conducted annually, highlighting 
areas for improvement and strategic adjustments. 
Performance monitoring mechanism
Senior executives monitor sustainability targets and key 
performance indicators (KPIs) through the group’s internal 
ESG index, which is reviewed by the audit committee on a 
quarterly basis.
Consideration of IROs in strategy, major transactions, and risk 
management
Senior executives integrate the assessment of IROs into the 
group’s strategy, decision-making on major transactions, 
and risk management processes, with the board providing 
oversight. This structure embeds sustainability considerations 
into all levels of decision-making.
Senior executives ensure sustainability-related IROs are central 
to strategic planning. This includes aligning ESG factors 
with the group’s strategic objectives, market positioning, 
and stakeholder expectations. During strategic reviews, they 
evaluate trade-offs between sustainability goals and financial 
outcomes, such as investing in low-carbon technologies versus 
achieving long-term operational efficiency and regulatory 
compliance. The board provides oversight to ensure these 
processes align with the group’s strategic priorities and long-
term value creation.
The group’s Owner’s statement serves as the foundation for 
overseeing major transactions, including mergers, acquisitions, 
and capital investments. Senior executives evaluate ESG 
impacts and opportunities through due diligence. This 
includes assessing environmental liabilities, human rights 
considerations, and value-creation potential through 
innovation. Trade-offs, such as short-term costs versus long-
term reputational or regulatory benefits, are analysed. The 
board reviews material decisions to ensure they are balanced 
and responsible.
Senior executives integrate sustainability-related risks into 
the group’s risk management framework. Regular reviews of 
potentially material risks, such as compliance, climate change, 
supply chain vulnerabilities, and reputational impacts, are 
conducted to identify mitigation measures. The board provides 
oversight of this process to ensure that risk assessments 
consider trade-offs and effectively balance immediate costs 
with long-term resilience. 
This includes weighing costs against benefits in resilience, 
regulatory alignment, and stakeholder trust. Through its 
oversight role, the board ensures these considerations support 
the group’s sustainability objectives and long-term value 
creation.
During the reporting period, senior executives and the board, 
addressed the following material IROs:
•	 GHG emissions and decarbonisation.
•	 Health and safety incidents affecting own workforce. 
•	 Equality, diversity, and inclusion. 
•	 Supply chain management 
•	 Business conduct and ethics.
•	 Cyber security and personal data protection.
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GOV-4 Statement on due diligence
Wilhelmsen’s management approach to material sustainability 
topics, including due diligence, is based on the UN Guiding 
Principles on Business and Human Rights, OECD Guidelines for 
Multinational Enterprises, and aligned with the UN Universal 
Declaration of Human Rights and the ILO Declaration on 
Fundamental Principles and Rights at Work conventions. 
Wilhelmsen human rights due diligence approach
1. 	Human rights commitment and governance structure
	
• Board and senior executives commit to human rights due diligence and transparency.
	
• Board and senior executives set requirements in Owner’s statement.
	
• Business units establish policy and practices relevant to their operations and ensure employees are aware and comply.
2. 	Human rights impact and risk assessments
	
• Periodically assess the risk of adverse impacts on human rights in operations, supply chains, and business relationships.
3. 	Measures
	
• Implement measures to cease, prevent, or mitigate adverse impacts.
4. 	Result monitoring
	
• Periodically monitor implementation and results of mitigation measures and any grievance handling.
	
• Report to senior executives and board.
5. 	Stakeholder engagement and disclosure
	
• Disclose group activities and how impacts are addressed at least annually.
	
• Respond to requests for information from stakeholders in compliance with Norwegian Transparency Act regulation.
6.	Grievance handling and remediation
	
• Address grievances and provide for or cooperate in securing remediation when appropriate.
Human rights 
commitment and
governance 
structure
Human rights impact 
and risk assessments
Grievance handling 
and remediation
Stakeholder engagement 
and disclosure
Result monitoring
Measures
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The table cross references the core elements of due diligence for impacts on people and the environment to the relevant disclosures in the sustainability statement. 
Core elements of due diligence
Paragraphs in the Sustainability statement
Page
a) Embedding due diligence in governance, 
strategy, and business model
Strategy and business model
24 to 26
Material sustainability matters
27 to 30
Sustainability governance
31 to 33
b) Engaging with affected stakeholders in 
all key steps of the due diligence
SBM-2 Interests and views of stakeholders
26
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts
62
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
62
S1-4 Processes for engaging with value chain workers about impacts
74
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns
74
G1 Business conduct
78
c) Identifying and assessing adverse impacts
Material sustainability matters
27 to 30
d) Taking actions to address those 
adverse impacts
E1 Climate change
37 to 43
E2 Pollution
44 to 45
E5 Resource use and circular economy
46 to 49
S1 Own workforce
60 to 71
S2 Value chain workers 
72 to 75
G1 Business conduct
77 to 78
e) Tracking effectiveness of these efforts 
and communicating
E1 Climate change
37 to 43
E2 Pollution
44 to 45
E5 Resource use and circular economy
46 to 49
S1 Own workforce
60 to 71
S2 Value chain workers
72 to 75
G1 Business conduct
77 to 78
GOV-5 Risk management and internal control over sustainability reporting
During the reporting period, Wilhelmsen adopted an Internal 
Control over Sustainability Reporting (ICSR) policy based 
on the COSO Internal Control over Sustainability Reporting 
framework. The group is in the early stages of maturity 
and plans to fully implement its ICSR policy in all business 
units across relevant functions over the next three years, to 
continuously improve its processes to identify and manage 
risks related to sustainability disclosures. Governance oversight 
is provided by the audit committee on a quarterly basis from 
2025, with annual updates to the board on the effectiveness of 
controls and emerging risks.
The first risk assessment according to this policy was 
conducted in the reporting period, where risks of material 
misstatements were identified related to specific datapoints 
and functions based on consequence and probability. 
The group is exposed to risks associated with incomplete, 
inaccurate or inconsistent reporting on sustainability topics, 
including risks associated with greenwashing. There are also 
risks related to the accuracy of data inputs and manual errors 
in the reporting process particularly in dynamic or continuous 
data such as that from human resources systems, and periodic 
data such as GHG emissions data where local allocations and 
estimations are made. In addition, the aggregation of data 
from multiple business unit systems and processes into the 
group’s centralised ESG reporting system poses a risk of 
calculation errors. 
The key actions in 2025 to operationalise the ICSR policy across 
the group are: 
•	 Conduct key controls for the 2025 ESG index reporting with  
	 deviations to be followed up, explained, and documented. 
•	 Conduct ICSR training for relevant functions.
•	 Implement additional application controls in the ESG  
	 reporting system. 
•	 Standardise reporting processes and implementing  
	 centralised tools. 
•	 Implement an annual wheel for internal control monitoring  
	 and oversight by the business unit boards. 
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Environmental
information
37	
2.1. Climate change
44	
2.2. Pollution
46	
2.3. Resource use and circular economy
50	
2.4. EU Taxonomy disclosure
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2.1 E1 Climate change
The group’s strategic ambition within climate change is to 
support the maritime industry’s decarbonisation and energy 
infrastructure transformation. GHG emissions from energy and 
material use in own operations and value chain contribute to 
climate change, impacting the natural environment and 
communities dependent on these ecosystems. The primary 
sources of these emissions are the use of sold products, 
specifically refrigerants, in the downstream value chain, and 
strategic investments in shipping companies. Purchased goods 
and services in the upstream value chain is another significant 
contributor. Within the group’s own operations, the activities 
at bases, warehouses, and larger office locations are the main 
sources of emissions.
Wilhelmsen is actively working to mitigate climate change 
through energy efficiency, electrification, renewable 
energy use, and strategic investments. The group is building a 
comprehensive GHG emissions inventory and improving data 
collection methods to achieve long-term reductions across the 
value chain and enable avoided emissions for customers.
E1-1 Transition plan for climate change mitigation 
Wilhelmsen plans to adopt a transition plan for climate change 
mitigation within the next three years. Key considerations in 
the transition plan development will be the group’s low 
emissions in its own operations relative to its scope 3 emissions, 
with 99% of total emissions attributed to value chain emissions 
including investments. Furthermore, the group’s ability to 
contribute to avoided emissions for customers will be 
evaluated. Wilhelmsen plans to engage with internal and 
external stakeholders, including industry experts, to develop 
a formal transition plan aligned with the European Financial 
Reporting Advisory Group (EFRAG) implementation guidance 
when available. 
ESRS 2 SBM-3 E1 Material impacts, risks and opportunities and their 
interaction with strategy and business model
Wilhelmsen conducts annual climate risk assessments to 
understand and raise awareness of the potential consequences 
of climate-related physical and transition risks (see below table). 
These assessments are integrated into operational plans of 
business units to monitor and mitigate potential exposure with 
countermeasures, and are presented to the relevant business 
unit boards for oversight.
Climate risk assessment
Risk type
Risk category
Risk description
Exposure
Mitigation measures
Physical 
risks
Acute
Temperature increases: heatwaves can affect 
worker health and safety.
Heat stress, reduced productivity, and 
increased cooling costs.
Employee health and safety training 
and efficient cooling measures.
Extreme weather events: storms, cyclones, 
and hurricanes can damage assets and 
disrupt operations.
Safety of personnel, and damage to site 
infrastructure, port facilities, and delays 
impacting customer operations.
Business Continuity Plans (BCPs) 
and regular office inspections for 
emergency preparedness. Supplier 
sourcing, managed stock levels, 
and freight flexibility. Property and 
infrastructure management.
Flooding: increased precipitation can disrupt 
operations and damage infrastructure.
Operational delays, damage to warehouses, and 
increased maintenance costs.
Chronic
Rising sea levels: potential flooding and 
infrastructure damage at base or port facilities.
Need for infrastructure upgrades and relocation 
of vulnerable facilities.
Transition 
risks
Policy and 
legal
Regulatory changes: new regulations on GHG 
emissions can increase compliance costs.
Investment in low- and no-emissions 
technologies and reporting systems.
New competencies, adequate 
compliance systems, and new 
service offerings.
Enhanced emissions-reporting obligations: 
increased reporting requirements can lead to 
higher compliance costs.
Additional administrative burden and 
potential penalties for non-compliance.
Technology
Technology shifts: adoption of low-carbon 
technologies requires investment.
Upgrading machinery, vehicles, energy 
systems, and IT systems.
Managed machinery and vehicle 
renewals, and investments in 
renewable energy where incentives 
are available. 
Market
Market shifts: demand for sustainable 
products can impact revenue streams.
Shifts in consumer preferences require changes 
in product offerings and marketing strategies.
Supplier sourcing, adaptable 
product mix, and service offerings 
for customers. 
Increased cost of raw materials: sustainable 
sourcing from certified suppliers can drive 
up costs.
Increase procurement costs and affect 
profit margins.
Reputation
Reputational impact: failure to meet sustainability 
expectations can damage reputation.
Negative publicity and loss of stakeholder trust. 
Code of Conduct, transparent 
disclosures, and internal controls.
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Resilience of the strategy and business model to climate-
related risks 
In 2024, the group evaluated the resilience of its strategy and 
business model to climate-related risks through workshops 
with the senior executives and discussions with the board. 
The scope of the assessment covered own operations and value 
chain related to the group’s three segments, Maritime Services, 
New Energy, and Strategic Holdings and Investments. The 
assessment evaluated the resilience of the group’s strategy 
which has a five-year time horizon (medium-term as per ESRS 
definition). The group’s GHG emissions targets for 2030 were 
included in the scope of the assessment.
The assessment considered climate scenarios provided by the 
Network for Greening the Financial System (NGFS) phase V 
(Nov 2024) which provides a range of plausible future outcomes 
towards 2030 and 2050. In particular, the Current Policies 
(high-emission pathway) and Net Zero (1.5°C-aligned) scenarios 
were used: 
•	 Current Policies scenario assumes that only currently  
	 implemented policies are preserved, leading to high 
	 physical risks.
•	 Net Zero 2050 scenario limits global warming to 1.5 °C  
	 through stringent climate policies and innovation, reaching  
	 global net zero CO2 emissions around 2050.
When evaluating the potential effects of the transition to a 
lower-carbon and resilient economy, the group has founded its 
assessment on the following assumptions:
•	 Demand for products and services, with lower emission  
	 footprint, will continue to develop, with suppliers needing  
	 to adapt. Disruption may lead to existing products  
	 becoming irrelevant, while new opportunities may arise in  
	 the marketplace.
•	 Increase in demand for energy and renewable energy  
	 production, with market participants seeking to reduce both  
	 own and supply chain emissions.
•	 Increase in demand for both low emission products and  
	 services will further incentivise investments in low emission  
	 enabling technology.
•	 Companies where the group has strategic investments  
	 have strategies to transition to a lower-carbon economy,  
	 with development in technology and low emission fuel being  
	 important factors in the transition.
When conducting the resilience analysis of the strategy, the 
group takes into account the inherent uncertainties in predicting 
long-term sustainability impacts, geopolitical influences, and 
making assumptions about activity beyond the group’s strategy 
period (five years). Other areas of uncertainty are primarily 
related to the development of new products and services with 
lower emission footprint in business activities, in addition to 
energy supply, technology development, and disruption. 
In the medium-term, the group’s product and services portfolio 
is considered well-positioned in relation to transition, with the 
group monitoring developments and having the ability to adapt 
and invest where assessed to be needed. 
From a technology development and disruption standpoint, 
the medium-term risk is assessed to be limited, with the group 
being well-positioned with regards to both the portfolio of 
products and services, and strategic investments, having the 
opportunity to adapt and invest where assessed to be needed.
Overall, the group’s strategy and diversified portfolio are 
resilient to climate-related physical risks in the medium-term 
with sufficient countermeasures in place, including business 
continuity plans. The group will monitor and follow up as 
needed regarding chronic risks over the longer-term and assess 
climate-related risks as an integral part of the investment process. 
The group’s strategy and diversified portfolio are also resilient 
to climate-related transition risks in the medium-term, with 
sufficient strategies in place. This was based on applying the 
same criteria as for the double materiality assessment, where no 
material effect was identified related to the group’s anticipated 
financial position, financial performance, and cash flow.
E1-2 Policies related to climate change mitigation 
Wilhelmsen has established policies to manage its material 
impacts related to climate change caused by burning of 
fossil fuels. The group’s Owner’s statement and Environment 
standard has requirements for business units, within their 
scope of operations including  value chain, to set science-
based targets with corresponding GHG emissions reduction 
programs, implement environmental management systems 
which address climate mitigation impacts, proactively manage 
climate risks and opportunities, and report on progress to 
their respective boards. Furthermore, business units are to 
have environmental-related opportunities and growth, which 
may be climate-related, as a specific goal in their strategy. 
For investments, Wilhelmsen monitors and engages in policy 
discussions with relevant companies about their emission 
reduction targets, climate risks, and opportunities.
As these policies derive from the requirements contained in the 
group’s Owner’s statement, the CEO is the most senior level in 
the organisation accountable for their implementation. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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E1-3 Actions and resources in relation to climate change policies 
GHG emissions reduction activities in own operations
The group’s main GHG emissions reduction actions are to procure 
renewable electricity, install renewable energy systems where 
viable, switch to low or no emissions machinery and vehicles 
when viable, switch to alternative fuels, and improve energy 
efficiency. These actions are based on the decarbonisation levers 
for targeted scope 1 and 2 emissions reductions by 2030.
In 2024, business units made new green power agreements 
including energy attribute certificates (EACs) in Australia, 
India, Netherlands, Poland, and Singapore, and purchased 
unbundled EACs in Malaysia and Norway. Several other 
sites started the assessment for purchasing electricity from 
renewable sources and will be completed in 2025.
Biofuel tanks were installed at two sites replacing diesel for 
use in site machinery, and a few diesel passenger vehicles 
were replaced with electric. Energy efficiency improvements 
included reduced energy consumption from heating, mainly 
due to weather conditions, and optimised travel distances for 
site machinery and vehicles. Continuous focus on efficient 
driving at key sites was maintained. Business units will continue 
to implement actions relevant for their operations in 2025.
In 2024, the targets were achieved as planned. Scope 1 
emissions were reduced by 10% compared to the 2022 base 
year. Electricity from renewable sources accounted for 71% 
of the total electricity consumption in the group, and the 
related reduction in scope 2 market-based emissions was 50% 
compared to the base year. Combined, the group’s scope 1 and 2 
emissions were reduced by 25% compared to 2022, mainly due 
to the increased amount of electricity from renewable sources.
In 2024, the group established the main reporting procedures 
for scope 3 emissions and began reporting in its ESG reporting 
system. In 2025, the group will improve data accuracy by 
refining categories and emissions factors, investing in data 
management systems, and applying internal controls for 
consistent reporting. The main actions related to scope 
3 emissions over the next three years will concentrate on 
reporting and analysis to be incorporated into the group’s 
transition plan development. 
These activities progress the group towards its near term 
2030 reduction targets. Based on an assessment of financial 
materiality, the group’s ability to implement these actions is 
within the operational discretion of the business units.
Growth in new arenas
In 2024, the group continued to pursue investments and 
new business models related to decarbonisation and energy 
infrastructure. The group’s New Energy segment invested in 
companies related to both renewable and energy transition 
segments through its own ventures, and together with partners. 
For example, NorSea participated as a strategic service partner 
to Ventyr, a consortium that won the auction for the Sørlige 
Nordsjø II offshore wind project on the Norwegian continental 
shelf. NorSea subsidiary Polar Algae operationalised a new 
dryer facility in Hammerfest, Norway, commenced harvesting 
activities, delivered the new electric-propulsion support vessel 
MS Finnøy, and partnered with Spanish investor DAYMSA. 
Massterly completed its remote operation centre in Horten, 
Norway, and prepared for the Reach Remote newbuilding 
vessels, a remote-controlled subsea project together with Reach 
Subsea. Reach Subsea expanded to Australia and secured a 
multi-year geophysical monitoring contract. Raa Labs scaled its 
vessel data service offering. Edda Wind took delivery of three 
new vessels, bringing its fleet of vessels providing safe access 
for personnel to wind farms and the turbines to eight.
Maritime Services launched and grew several initiatives and 
companies in the reporting period. For example, Pelagus 3D, 
a joint venture with thyssenkrupp, expanded its customer 
base and manufacturing footprint globally. Hecla Emissions 
Management, a joint venture with Affinity Shipping, assists 
clients through the EU Emissions Trading System process 
and in 2024 launched the selling and buying of compliance 
balances surplus on its FuelEU Maritime marketplace. The 
Wilhelmsen Venture programme continued to identify and 
support potential business ideas from employees. C-Loop, 
established through the Venture programme, repurposed 150 
tonnes of retired mooring ropes to create additional values 
from the materials. Maritime Services invested in Motion 
Ventures’ second fund and made further investments in FrontM 
and Tunable. Wilhelmsen Ships Service and Yinson GreenTech 
signed an agreement to build a charging infrastructure for 
Singapore’s first fully electric cargo vessel. Ship Management 
acquired Zeaborn, gaining ownership of Bestship, an 
optimisation and performance management consultancy, and 
established it as a joint venture with MPC Capital. 
In 2025, the group plans to continue to progress investments, 
projects, and other innovations in line with the group strategy.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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E1-4 Targets related to climate change mitigation 
Wilhelmsen has set targets to address impacts related to direct 
GHG emissions. Employees are not directly engaged in setting 
these targets however, they have access to information tracking 
the group’s performance and improvements, through the 
group’s intranet and communication events.
The group has set near-term absolute GHG emission reduction 
targets for direct scope 1 and 2 market-based emissions 
following the guidance provided by the Science Based Targets 
Initiative (SBTi), using the absolute contraction approach. This 
method aligns emissions reduction targets with the global, 
annual reduction rate required to meet 1.5˚C or well below 2˚C, 
ensuring they are science-based and in line with the Paris 
agreement. Whilst the group does not currently plan to adopt the 
SBTi validation process, it continues to monitor developments 
and align its targets with the initiative’s principles.
The targets are monitored in business units on an operational 
basis, and progress is reported on a quarterly basis in the 
group’s ESG index.
The targets are to reduce scope 1 emissions by 42% by 2030 
compared to base year 2022, and for scope 2 market-based 
emissions, procure 80% renewable electricity by 2025 and 100% 
by 2030. These targets are directly related to climate change 
mitigation actions. Procurement includes the installation of 
renewable electricity at sites, green power agreements with 
bundled energy attribute certificates (EACs), and purchasing of 
unbundled EACs. The group plans to adopt Scope 3 emission 
targets as part of its climate transition plan development within 
the next three years.  
Decarbonisation levers 
For completeness of this disclosure requirement, the group 
has made an estimate of the quantitative contributions of 
decarbonisation levers related to its near term targets. These 
levers and their contribution will be assessed and validated 
during the group’s climate transition plan development within 
the next three years. 
Decarbonisation levers and estimated contributions 
to near-term targets
Estimated contribution (%)
Base year 2022 (tonne CO2e)
Target 2030 (tonne CO2e)
Scope 1 emissions
9 807
5 688
Electric or low- to no-emissions machines and vehicles
50 to 70
2 471
Fuel switching (e.g. to biofuels)
10 to 30
824
Energy efficiency improvements
10 to 30
824
Scope 2 market-based emissions
5 988
0
Electricity from renewable sources
100
(5 988)
Note: A mid-range estimate is used for the contribution of each scope 1 emissions lever to the 2030 target. 
The potential challenges considered over the medium-term 
using NGFS Net Zero and Current policies scenarios, include 
slow technological progress such as the availability and utility 
of electric heavy forklifts, charging or energy infrastructure for 
alternative fuel vehicles, fixed contracts, prohibitive costs or 
weak incentives, and regulations. Based on the group’s wide 
geographic scope across 56 countries and local office leasing 
arrangements, the procurement potential for further electricity 
from renewable sources will be impacted by lease agreements, 
local energy infrastructure, regulation, and incentive 
programmes. In geographic locations where the marketplace 
for EACs is not yet mature, Wilhelmsen relies on contracts 
with electricity suppliers to secure renewable electricity where 
feasible. In addition, the group seeks to implement solar panel 
installations and other renewable energy projects in areas 
where feasible.
Base year
The selection of the base year 2022 is due to several factors 
including the year representing ypical operational conditions, 
with no observable anomalies affecting operations, where 
complete and accurate data is available, and which is the 
earliest relevant point in time for scope 1 and 2 emissions 
reporting. A base year recalculation is applied when there is 
an effect of more than five percent to account for significant 
changes such as structural changes, changes in methodology or 
discovery of significant errors.
The base year 2022 emissions have been recalculated in the 
reporting period due to reporting changes that resulted in 
a combined effect of over five percent. Five additional sites 
and one chartered launch boat were identified during a 
completeness assessment in the reporting period, in addition 
to historical emissions from an acquisition in 2023. These 
have now been included in the base year in addition to minor 
corrections made to previously reported data. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Environmental data 
E1-6 Gross Scope 1, 2, 3 and Total GHG Emissions
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
GHG emissions included in the inventory: Wilhelmsen’s GHG 
inventory includes CO2 (Carbon dioxide), CH4 (Methane), 
N2O (Nitrous oxide), HFCs (Hydrofluorocarbons), PFCs 
(Perfluorocarbons), SF6 (Sulphur hexafluoride), and NF3 
(Nitrogen trifluoride) emissions. CO2e (Carbon dioxide 
equivalent) emissions factors are used to provide a consistent 
GHG inventory report, derived from reputable sources.
Collection and consolidation of activity data: Wilhelmsen 
employs the centralised data gathering approach where 
business units and sites report activity data which is then 
calculated through the group’s ESG reporting system. Sites 
have access to this data, enabling positive awareness of impact 
and opportunity for response.
Data is collected from several sources to determine absolute 
emissions figures. Primary data is collected where possible, 
such as electricity consumption from vendor invoices 
or meters. Secondary data is used when primary data is 
unavailable or insufficient, particularly for Scope 3 Category 1: 
Purchased goods and services where the spend based method 
is applied. Consolidated data from all business units provides 
the basis for the group’s absolute CO2e emissions.
Estimating data: For completeness, where data is not available, 
estimates are made using judgment and best available 
benchmarks or comparable data/sites.
In the absence of complete data, estimates are allowed using 
available partial data, considering seasonal variations. This is 
for example when electricity or fuel invoices are not received 
in the respective reporting period. Comments describing the 
estimation method and calculations are reported in the group’s 
ESG reporting system. Actual data, when available, replaces 
estimates with appropriate comments. The group aims to 
improve its internal control over reporting of energy sources 
and consumption.
An estimation is made for the group’s scope 2 emissions for 
smaller sites with less than 20 people that do not report in 
the group’s ESG reporting system. The estimate is based on 
the total scope 2 emissions of all reporting sites in the same 
segment, divided by total number of employees at those sites. 
The outcome is multiplied by the number of employees at 
non-reporting sites to arrive at the estimate. The group does 
not have plans to include the smaller offices in activity-based 
reporting until digital solutions are available to automate 
these activities. 
Emission factors and calculations: The group’s ESG reporting 
system provided by Position Green (positiongreen.com), 
stores the emissions factors and calculations related to CO2e 
emissions. The factors are derived from reputable emissions 
factor libraries including IEA, DEFRA, EPA, AIB, Exiobase, and 
NTM. Both location-based and market-based factors are used 
for scope 2 emissions. CO2e emissions factors and calculations 
are valid for the reporting year. Factors are reviewed annually 
to ensure accuracy and consistency. Material changes to CO2e 
emissions factors are applied to previous year data, including 
base year data, to incorporate the change.
Inclusions, exclusions, and significant changes: None of the 
group’s scope 1 data is regulated under emissions trading 
schemes. GHG emissions related to the acquisition of Zeaborn 
in 2024 are not included in the reporting year and will be 
reported in 2025. 
Gross scope 1 GHG emissions (tonnes CO2e): The reporting 
of direct scope 1 CO2e emissions is based on the Greenhouse 
Gas Protocol and covers all direct emissions from owned or 
controlled sources, which are the natural gas, oil, diesel for 
stationary sources, consumed in buildings owned, leased or 
rented, and owned or leased company cars. 
Emissions from company cars are calculated using the 
distance-based method by multiplying the distanced travelled 
by the emissions factors from DEFRA (2023) for each vehicle 
type. Fuel consumed from owned and leased forklifts, cranes, 
trucks, and vans used for cargo transportation, are multiplied 
by emission factors from DEFRA (2023) applicable for each fuel 
type. Direct emissions from buildings are based on reported 
consumptions of gas, oil and diesel, etc., multiplied by emission 
factors from DEFRA (2023) applicable for each fuel type.
Gross scope 2 location-based and market-based GHG 
emissions (tonnes CO2e): The reporting of scope 2 GHG 
emissions is based on the Greenhouse Gas Protocol and are 
calculated and disclosed using both the location-based and 
market-based methods. GHG emissions in scope 2 arise from 
purchased electricity, district heating, and district cooling 
in buildings owned or leased by the group. Location-based 
and market-based emissions are calculated using energy 
consumption at business unit locations and emission factors 
from IEA (2023) and AIB (2022). Market-based emissions 
include Energy Attribute Certificates (EACs) where applicable.
Wilhelmsen purchases electricity either bundled with 
renewable Energy Attribute Certificates (EACs) or unbundled. 
These certificates verify that the portion of electricity 
consumed is from renewable sources. Unbundled renewable 
energy attributes account for 30% of total electricity from 
renewable energy sources, while purchased electricity bundled 
with energy attributes accounts for 70%.
Gross scope 3 GHG emissions (tonnes CO2e): The reporting 
of indirect scope 3 emissions is based on the Greenhouse Gas 
Protocol, which divides the scope 3 inventory into 15 categories. 
Based on the group’s materiality assessment and scope 3 
screening, there are three significant categories which account 
for 99% of the group’s scope 3 emissions: Category 1 (purchased 
goods and services), Category 11 (use of sold products), and 
Category 15 (investments). 91% of the scope 3 emissions are 
calculated using primary data that is available from suppliers 
and companies where the group has strategic investments. 
Primary data not available for category 1 emissions.
Category 1 emissions are estimated using the spend-based 
method by multiplying the total spend in the reporting period 
with relevant global calculated average emissions factors from 
Exiobase 3.9 (2019) for each purchased good or service category.
Category 11 emissions are estimated for sold refrigerants or 
other gases in returnable cylinders. The estimation applies 
100% of the total mass of the refrigerant or other gas sold that 
is contained in the cylinders. The mass is multiplied by the 
relevant Global Warming Potential (GWP) values from
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
41
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the IPCCs fourth assessment report (AR4). This method 
does not apply any factors for leakage, recovery, recycling, 
or reclamation rates. There are no other material products 
included in this category.
Category 15 emissions are estimated based on the scope 1, 2 
and 3 emissions of companies where the group has a strategic 
investment. The most significant investments are Wallenius 
Wilhelmsen ASA and Treasure ASA (with shares in Hyundai 
Glovis based in Korea). Where verified emissions reports are 
not available from these companies at the time of reporting 
due to various reporting timeframes in different countries, the 
emissions from the previously reported period are used as an 
estimate.
All other scope 3 categories (2,3,4,5,6,7,8,9,10,12,13 and 14) are 
excluded as they do not significantly contribute to emissions or 
risk exposure. The mentioned categories are on an aggregated 
level estimated to account for less than 1% of the total scope 3 
emissions. 
Scope 3 GHG emissions will be updated annually in each 
significant category based on current activity data or estimates.
Annual % target /base year: the percent average annual emission 
reduction per year required to meet the group’s 2030 target.
GHG revenue intensity (tonnes CO2e / USD million): total GHG 
emissions (scope 1, 2 and 3), both market-based and location-
based, divided by total net revenue. Total net revenue is 
reconciled to the income statement on page 83. Please refer 
to the group’s consolidated financial statements, where the 
operating revenue is presented as a line item in the income 
statement, while the breakdown on the group’s segments may 
be found in note 3 – Revenue from contracts with customers.
Biogenic emissions (tonnes CO2e): The reporting of biogenic 
emissions is based on the Greenhouse Gas Protocol and covers 
emissions originating from renewable fuels from scope 1 using 
emissions factors for biofuels from DEFRA (2023) including 
N2O and CH4 emissions.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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GHG emissions metrics
Retrospective
Milestones and target years
Base year 
(2022)
Com-
parative 
(2023) 1.
2024
% 2024 / 
2023 1.
% 2024 / 
2022 
2025
2030
2040
Annual % 
target / 
Base year
Gross scope 1, 2 and significant scope 3 categories
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 
(tonnes CO2e)
9 807
n/a
    8 833
n/a
(10%)
n/a 
5 688
n/a
(5.25%)
Percentage of Scope 1 GHG 
emissions from regulated 
emission trading schemes (%)
n/a
n/a
0%
n/a
n/a
n/a
n/a
n/a
n/a
Scope 2 GHG emissions
Gross location-based Scope 2 
GHG emissions (tonnes CO2e)
3 088
n/a
2 862
n/a
(7%)
n/a
n/a
n/a
n/a
Gross market-based Scope 2 
GHG emissions (tonnes CO2e)
5 988
n/a
    3 013
n/a
(50%)
n/a
0
n/a
(12.5%)
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) 
GHG emissions (tonnes CO2e)
n/a
n/a
5 805 702
n/a
n/a
n/a
n/a
n/a
n/a
Category 1 Purchased goods and 
services (tonnes CO2e)
n/a
n/a
160 540
n/a
n/a
n/a
n/a
n/a
n/a
Category 11 Use of sold products 
(tonnes CO2e)
n/a
n/a
3 300 021
n/a
n/a
n/a
n/a
n/a
n/a
Category 15 Investments 
(tonnes CO2e)
n/a
n/a
2 345 141
n/a
n/a
n/a
n/a
n/a
n/a
Total GHG emissions
Total GHG emissions 
(location-based) (tonnes CO2e)
n/a
n/a
5 817 397
n/a
n/a
n/a
n/a
n/a
n/a
Total GHG emissions 
(market-based) (tonnes CO2e)
n/a
n/a
5 817 548
n/a
n/a
n/a
n/a
n/a
n/a
GHG intensity per net revenue
Total GHG emissions (location-based) per net revenue 
(tonnes CO2e / USDm)
5 112
Total GHG emissions (market-based) per net revenue 
(tonnes CO2e / USDm)
5 112
Biogenic emissions
Biogenic Scope 1 emissions (tonnes CO2e)
24
Biogenic Scope 2 (location-based) emissions (tonnes CO2e)
0
Biogenic Scope 2 (market-based) emissions (tonnes CO2e)
0
Biogenic Scope 3 emissions (tonnes CO2e)
0
1. Comparative (2023) omitted due to first year of reporting according to ESRS.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
43
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2.2 E2 Pollution
Wilhelmsen prioritises pollution prevention and minimising 
environmental and health impacts. The group actively works 
to prevent accidents and environmental harm by integrating 
pollution prevention into its activities. This approach includes 
regular environmental impact assessments, employee training, 
and investment in technologies. Adherence to ISO 14001 
environmental management system standards and compliance 
with regulations ensure systematic resource management and 
alignment with national and international requirements.
Wilhelmsen Chemicals, a key business unit within the group, 
produces leading marine and consumer chemical products. 
The use or misuse of substances of concern or very high 
concern (see hazard classification in the accounting policies) 
in these products can potentially impact the health and safety 
of its workforce and workers in the value chain. Additionally, 
accidental spills or leakages of these substances could result in 
environmental impacts if not managed correctly, potentially 
affecting local communities and ecosystems. To mitigate these 
potential impacts, the business unit is actively pursuing the 
substitution of hazardous substances with alternatives and 
ensuring the safe handling and disposal of chemical products.
E2-1 Policies related to pollution
Wilhelmsen’s Environment standard has policies on impacts 
related to pollution. The standard requires that all business 
units act responsibly to minimise environmental impacts 
in their operations and value chain. It requires compliance 
with health, safety, and environmental regulations, regular 
assessment and review of environmental impacts and risks, 
and the implementation of an environmental management 
system, such as ISO 14001, with periodic audits.
Wilhelmsen Chemicals has specific policies in place to address 
substances of concern and very high concern, to minimise 
health and environmental risks associated with the use of 
hazardous chemicals in its own operations and by value chain 
workers in the product use phase. This is achieved by replacing 
harmful substances with less dangerous alternatives whenever 
possible. The policies are sent to relevant employees, and the 
employee confirms by a signature in the system that they have 
read it. Wilhelmsen Chemicals performs an annual review, 
including the risk assessment of chemicals, and defines action 
plans for chemicals. The substances and products on the 
internal substitution list include, in addition to the Candidate 
List, Annex XIV and XVII, substances and chemicals that the 
business unit wishes to phase out.
The primary goal of the Wilhelmsen Chemicals policy is to 
reduce the risk of health and environmental damage from the 
use of hazardous chemicals by substituting harmful substances 
with less hazardous alternatives whenever possible. The policy 
includes the assessment of chemicals to identify those that may 
pose a hazard and the selection of less hazardous alternatives 
if it does not result in unreasonable costs or disadvantages. 
There is a requirement for documentation of all assessments 
and decisions related to substitution, with special attention to 
substances on the environmental authorities’ list of priority 
pollutants and the EU candidate list. The phasing out of 
substances of very high concern is included in Wilhelmsen 
Chemical’s  risk assessments and action plan for chemicals. 
Wilhelmsen Chemicals have emergency response plans in place 
in the event of an incident occurring onsite to limit impacts 
on people and the environment. Wilhelmsen Chemicals’ CEO 
is accountable for the implementation of the policy which is 
integrated in the scope of the business unit’s ISO 9001 and ISO 
14001 certification.
E2-2 Actions and resources related to pollution
Wilhelmsen Chemicals has adopted an action plan organised 
in multi-year projects to address risks from substances of 
concern and very high concern. Wilhelmsen Chemicals reviews 
this plan annually, aiming to replace, substitute, or phase out 
substances of concern and very high concern, and reduce 
manual handling. Resources are allocated to research and 
development for safer products. Expected outcomes include 
the substitution of harmful substances with less hazardous 
alternatives and ensuring safe handling. In accordance with 
the action plan, the substance hydrazine was phased out in 
2024, eliminating a hazardous chemical from the company’s 
operations and the downstream value chain. Additionally, 
the company transitioned to a lower concentration of C12-C16 
alkylbenzyldimethylammonium chloride in relevant products, 
providing environmental benefits and reducing risk of health 
hazard in own operations and in the downstream value chain 
by lowering the substance’s concentration.
For 2025, Wilhelmsen Chemicals has identified key focus 
areas from the action plan, with a continued emphasis on 
improving both its own operations and the downstream value 
chain. The company will explore opportunities to reduce the 
use of aromatic solvents and assess potential alternatives for 
substances containing formaldehyde. The implementation 
of the action plan does not require significant operational 
expenditures (OpEx) or capital expenditures (CapEx). There 
have been no incidents requiring actions to remedy in the 
reporting period.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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E2-3 Targets related to pollution
Wilhelmsen Chemicals has not set measurable targets related to 
substances of concern or very high concern. The primary reason 
is that the substitution strategy is embedded within a continuous, 
project-based action plan. Wilhelmsen Chemicals plan to review 
and adopt more specific metrics and targets in 2025, once the 
impact of the current strategy and progress has been evaluated. 
Wilhelmsen Chemicals tracks the effectiveness of its policies 
and actions in relation to pollution-related IROs. This tracking is 
done through annual assessments and action plan reviews. The 
policies are included in the scope of management system audits 
and reviews based on ISO 9001 and ISO 14001 standards.
E2-5 Substances of concern and very high concern
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Hazard classification and reporting of substances and very 
high concern: Substances are grouped by hazard classification 
according to Part 3 of Annex VI to Regulation (EC) No 1272/2008. 
Substances of very high concern are those that meet the 
criteria laid down in Article 57 of Regulation (EC) No 1907/2006 
(REACH). When a substance falls under multiple hazard 
classes, its full amount is reported in each relevant class. To 
avoid double counting, 
the total amount of all substances of concern is adjusted to 
reflect only the actual amount of each substance. 
Amount generated / used during production or procured (kg): 
total amount of substances of concern and very high concern 
procured in the period. 
Amount that left the company’s facilities as emissions, 
products, or part of products / services (kg): total amount 
of substances of concern and very high concern that left in 
products in the period. 
Substances of concern and very high concern metrics
Amount generated / used during 
production or procured [kg]
Amount that left the company’s facilities as emissions, 
products, or part of products / services [kg]
Substances of concern
Carcinogenicity categories 1 and 2
319 803
326 342
Chronic hazard to the aquatic environment categories 1 to 4
2 841 716
2 965 689
Germ cell mutagenicity categories 1 and 2
113 000
126 620
Reproductive toxicity categories 1 and 2
387 498
357 445
Skin sensitisation category 1
280 779
291 622
Specific target organ toxicity, repeated exposure categories 1 and 2
1 603 380
 1 704 129
Specific target organ toxicity, single exposure categories 1 and 2
50
92
Total
3 749 751 
3 823 567
Substances of very high concern
Carcinogenicity categories 1 and 2
250
263
Reproductive toxicity categories 1 and 2
160 500
149 420
Total 
160 750
149 683
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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2.3 E5 Resource use 
and circular economy
The use of raw and other materials, such as water, wood, 
industrial chemicals, and plastic, in product manufacturing 
and packaging, impacts natural resources and the 
environment. Inefficient waste management practices can 
contribute to environmental degradation, affecting local 
communities and ecosystems, as waste from products and 
packaging often ends up in landfills, limiting reuse or recycling 
opportunities. In the maritime sector, where Wilhelmsen has 
strategic investments, environmental impacts arise from vessel 
construction and recycling processes. Full asset and product 
lifecycle accountability and growing regulatory requirements 
necessitate new offerings for the maritime industry. The group 
aims to minimise resource use and environmental impact by 
conducting regular assessments, training employees, managing 
waste efficiently, and adopting circular economy principles. 
Compliance with regulations and management systems 
based on ISO 14001 standards are in place. Ships Service and 
Wilhelmsen Chemicals are key business units within the group, 
significantly contributing to the group’s operations and the 
overall sustainability performance in this matter.
E5-1 Policies related to resource use and circular economy
Wilhelmsen’s Environment standard has policies on 
resource use, waste, and the circular economy. The standard 
requires that all business units act responsibly to minimise 
environmental impacts in their own operations and value 
chain. It requires compliance with health, safety, and 
environmental regulations, regular assessment and review of 
environmental impacts and risks, and the implementation of 
an environmental management system, such as ISO 14001, 
with periodic audits.
The standard emphasises minimising resource use, waste, and 
the impact of activities on air, soil, and water. Business units are 
to consider circular economy aspects in their environmental 
planning and strategy, and are encouraged to invest in new 
business models that reduce environmental impact. The 
transition away from using virgin resources, along with 
sustainable sourcing and the use of renewable resources, is 
not currently addressed and will be included in the next policy 
review in 2025.
Business unit policies on resource use and circular economy-
related matters include waste management and hierarchy. 
Whilst the group strives to adhere to the waste hierarchy by 
prioritising the avoidance and minimisation of waste, the 
primary focus remains on waste treatment methods such as 
recycling. The group aims to minimise both the resources used 
in products and own operations, and the waste produced in its 
operations. When handling waste, the goal is to reuse or recycle 
it where possible to reduce the amount of waste deposited 
as landfill. Several business units are in the early stages of 
using recycled materials for primary packaging and transport 
packaging. 
As these policies derive from the requirements contained in the 
group’s Owner’s statement, the CEO is the most senior level in 
the organisation accountable for their implementation.
E5-2 Actions and resources related to resource use and circular economy
The main action each year is for business units to maintain 
and continuously improve their environmental management 
system relevant for their operations, including resource use 
and waste. The main outcomes are compliance with relevant 
regulations and the systematic management of resource use 
and waste in the business units’ own operations and value 
chain. In 2024, Ship Management, Ships Service, Wilhelmsen 
Chemicals, Port Services, and NorSea Group’s operating 
companies, maintained certification according to the 
ISO14001 standard. In addition, two sites within Ships Service, 
engaged in the design and manufacturing of ropes, achieved 
ISO14001 certification for the first time. In 2025, the group will 
implement standardised reporting for resource use and waste 
handling to identify further areas for action.
E5-3 Targets related to resource use and circular economy
The group has not yet adopted quantitative targets related to 
resource use and circular economy due to the absence of high-
quality value-chain and life-cycle assessment data. Wilhelmsen 
plans to adopt a strategic objective and establish targets within 
the next three years, once there is an improved understanding 
of these factors. The group has integrated standard metrics 
related to the waste hierarchy into its internal ESG index for 
2025 which is applicable for all business units, to establish 
systematic data collection processes and internal controls. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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E5-4 Resource inflows
Wilhelmsen’s material resource inflows in the group include 
energy, raw materials, finished products as well as machinery, 
equipment and fittings at bases, warehouses and offices. The 
most material resource inflows are related to raw materials 
used in the processes for chemical products, mooring ropes, 
and rental cylinders. Ships Service and Wilhelmsen Chemicals 
are key business units within the group, significantly 
contributing to the group’s operations and the overall 
sustainability performance in this matter. 
Wilhelmsen Chemicals sources a range of chemical raw 
materials to support its production processes, alongside certain 
finished goods purchased directly from suppliers for resale. 
These materials are carefully selected based on their functional 
properties, availability, and compliance with regulatory 
requirements. 
Ships Service primarily engages in the trade of fully 
manufactured products. Additionally, Ships Service owns a 
ropes production facility in Trenčín, Slovakia, and operates a 
global cylinder exchange programme. This programme involves 
a portfolio of reusable steel gas cylinders leased to customers, 
which are collected, refurbished, and re-leased after use.
The material resource inflows for Ships Service are the raw 
materials for ropes production and the steel cylinders in the 
global cylinder exchange programme. 
Chemicals
Wilhelmsen Chemicals has assessed its use of raw materials 
and trading products. These goods have been categorised to 
determine which contain biological material, based on internal 
expertise regarding raw materials and information provided by 
suppliers.
At present, none of the biological material in Wilhelmsen 
Chemicals’ products is classified as sustainably sourced, due to 
a lack of sufficient documentation. 
Regarding the cascading principle, its application is limited, 
as the products are chemicals that are consumed during 
use and do not allow for reuse or recycling. Unlike solid 
biological materials (e.g. wood or biomass), which can be 
repurposed multiple times before disposal, chemical products 
follow a linear use pathway—once applied, they undergo 
transformation or degradation, making recovery infeasible.
Efficient resource utilisation and minimising environmental 
impact continue to be key areas of focus.
Ropes production
Ships Service produces two main types of ropes: conventional 
mooring ropes and high-modulus polyethylene (HMPE) ropes. 
Conventional mooring ropes are made of polymer, while 
HMPE ropes are made of an extra strong polyethylene material. 
The rope fibres are coated with a polymer to extend product 
lifespan. All main raw materials in rope production are plastic, 
derived from petroleum. Currently, Ships Service does not 
produce ropes from recycled or biological materials.
Cylinders
Ships Service manages a large portfolio of rental cylinders, 
facilitating nearly 750,000 cylinder deliveries and returns 
annually. On average, 25,000 new steel cylinders are purchased 
each year to replace those that are scrapped or otherwise 
removed from the portfolio. These cylinders are sourced from 
manufacturers in China and Italy, with no additional processing 
by Ships Service. In 2024, 27,000 new cylinders were purchased.
Resource inflows metrics
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Total weight of products and materials (tonnes): 
For chemicals, the material resource inflows relate to raw 
materials and trading products used in production. The data 
for purchased raw materials, finished goods and water has 
been extracted from the business unit’s ERP system M3, and 
aggregated to calculate the total weight in tons. The calculation 
is subject to certain limitations, as a standard density of 1 has 
been applied to all materials due to the difficulty of extracting 
precise density data directly from M3. This assumption 
simplifies the process but may affect the accuracy of the total 
weight calculations. 
For ropes, the types and weights of raw materials used in ropes 
manufacturing at the ropes factory, TIMM in Slovakia, have 
been obtained from procurement records for the reporting 
period. Reporting includes input materials for ropes production 
only, excluding other materials such as labels. A significant 
assumption is that data is accurate in the procurement system.
For cylinders, the total weight of the cylinders has been 
calculated by multiplying the producer-specified weights of 
a given cylinder with the number of cylinders of that type. 
The number of steel cylinders purchased in the reporting 
period was extracted from procurement records. A significant 
assumption is that data is accurate in the procurement system.
Resource inflows metrics
2024
Total weight of products and materials (tonnes)
65 577
Biological materials (and biofuels) sustainably sourced (%)
0
Secondary reused or recycled components (tonnes)
0
Secondary reused or recycled components (%)
0
Secondary intermediary products (tonnes)
0
Secondary intermediary products (%)
0
Secondary materials (tonnes)
0
Secondary materials (%)
0
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E5-5 Resource outflows
Wilhelmsen’s resource outflows encompass various products 
and materials resulting from the group’s processes for chemical 
products, mooring ropes, and rental cylinders. Ships Service 
and Wilhelmsen Chemicals are key business units within the 
group, significantly contributing to the group’s operations and 
the overall sustainability performance in this matter. 
Chemicals
Chemical products typically undergo a single-use process, 
such as a chemical reaction or application, after which they 
are transformed or expended. As such, the chemical products 
are fully consumed during their intended use and cannot be 
reused, repaired, or recycled. Consequently, these products 
do not align with circular economy principles due to their 
consumable nature and there is no established rating system 
for product reparability. Research is being conducted for 
the use of recyclable materials in product packaging where 
possible. Compliance with local regulations is relied upon to 
ensure proper waste processing.  
Ropes
Regarding mooring ropes, the durability varies significantly 
depending on several factors, making an industry average 
lifespan irrelevant for rope circularity. Abrasion is a common 
damage mechanism that shortens the lifespan of ropes. Since 
snapping mooring ropes pose significant health and safety 
risks for seafarers, maintaining rope integrity is critical. 
Repairability depends on the type and location of the damage. 
For repairable damages, it is possible to cut out the damaged 
section and resplice an eye on the rope. Ships Service supports 
repairability whenever safe and possible by providing splicing 
instructions and a splicing kit. There is no established rating 
system for repairability of mooring ropes. Whilst ropes are 
not specifically designed for recycling or reuse, they can be 
repurposed. This is not in practice during the reporting period. 
A Wilhelmsen early-stage venture called C-Loop is working to 
develop the business model to recycle and reuse ropes. 
Cylinders
For cylinders, the Ships Service Global cylinder exchange 
program is based on a circular business model. Cylinders are 
returned after use for refurbishment and refilling, and at the 
end of their life, they are often sold to be melted and remade 
into new steel products. Pre-consumer waste from operations is 
managed according to regulatory requirements, ensuring safe 
disposal or recycling when feasible. 
In ideal conditions, a steel cylinder may last indefinitely. 
However, wear and tear from being onboard ocean-faring 
vessels limits this potential lifespan. Upon a cylinder’s safe 
return from a vessel, it is sent to a Ships Service gas filling 
partner for inspection, repair, and repainting as needed. 
Cylinders are made of steel and often exposed to moisture, 
leading to rust formation. Rust is removed through shot 
blasting before repainting to extend the cylinder’s lifespan. 
Ships Service’s cylinders have an average lifespan of 14.6 years 
(see accounting policy below), slightly below the industry 
average of 16-years. Factors such as scrapping, loss, or other 
exits from the portfolio contribute to the lower-than-expected 
lifespan.
Resource outflows metrics
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Product durability (%): For cylinders, the average lifespan is 
calculated using cylinders that have existed for eight or more 
years, as they are rarely scrapped before this period. 
The lifespan is determined by finding the number of years 
between the production date and the scrapping event date, 
with a year defined as a complete year. The expected durability 
rate of cylinders compared to the industry average is calculated 
as the average lifespan of cylinders divided by the industry 
average lifespan. 
Rate of recyclable content (%): Recycled packaging for 
Chemicals is reported as zero as the group cannot control waste 
management or recycling by end-users. Consumer packaging 
is labelled with disposal instructions per local regulations, but 
this does not guarantee recycling outcomes. Chemical products 
are consumed during use and cannot be reused or recycled. 
For cylinders, when they reach their scrap date, a contractor 
is engaged to manage the end-of-life process, with no waste 
treatment records reported. It is estimated that 80% of the 
cylinders, based on the high recyclability of materials like 
stainless steel and aluminium, are recycled and 20% are 
landfilled, however, this cannot be verified due to lack of records.
Resource outflows metrics
Chemicals
Ropes
Cylinders
Expected durability of the product 
placed on the market by the company, 
in relation to the industry average (%)
0
0
91.25
Rate of recyclable content in the 
given product (%) 
0
0
0
Rate of recyclable content in the given 
product's packaging (%)
0
0
0
Waste streams
Within the group’s own operations, significant waste streams 
arise from production processes and product and transport 
packaging. In the downstream value chain, waste primarily 
involves transport packaging, and the end-of-life treatment of 
products sold. Ships Service and Wilhelmsen Chemicals are 
key business units within the group, significantly contributing 
to the group’s operations and the overall sustainability 
performance in this matter. 
For chemicals, wastewater from cleaning processes that 
contains residual chemicals is generated in the production 
processes. This wastewater is classified as hazardous waste 
and is sent to a waste treatment facility equipped to neutralise 
and purify chemical contaminants. Wastewater that cannot 
be neutralised or purified is sent for incineration. General 
industrial waste from production includes pallets, plastic 
wrapping, and containers used for raw materials and finished 
products. These materials are sorted and recycled according to 
their type, such as plastic, wood, cardboard, and metal.
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Additionally, used oils, lubricants, and filters from machinery 
maintenance are treated as hazardous waste and sent for 
appropriate recovery or disposal. 
For ropes, waste includes non-hazardous waste such as general 
or residual waste, plastics in the form of fibres, and packaging 
materials like paper and cardboard. Hazardous waste 
comprises residual coatings and chemicals, as well as machine 
cleaning waste. 
Additionally, cylinders contribute to non-hazardous waste, 
with metals such as steel. 
Wilhelmsen Chemicals actively engages in product end-of-
life waste management through participation in extended 
producer responsibility schemes in Norway. Wilhelmsen 
Chemicals is registered with Grønt Punkt Norge for packaging 
waste. This involvement ensures compliance with Norwegian 
environmental regulations and supports the circular economy 
by facilitating recycling and safe disposal of materials. 
Additionally, Wilhelmsen Chemicals has a reuse and 
reconditioning agreement with Mauser-Noreko for the reuse 
and reconditioning of intermediate bulk containers (IBCs).
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Waste generated in the company’s own operations (tonnes): 
Total amount of hazardous and non-hazardous waste generated 
by operations directed to disposal or diverted from disposal 
during the reporting period. Waste diverted from disposal is 
defined as waste that is prepared for re-use, or recycled, or 
recovered with any other processes. Waste directed to disposal 
is defined as waste that has been sent for incineration, or to 
landfill or to other disposal operations. Waste is considered 
hazardous if it displays one or more of the hazardous properties 
listed in Annex III of Directive 2008/98/EC.
Non-hazardous waste data is based on waste records maintained 
at the production facilities. Specifically for cylinders, when 
they reach their scrap date, a contractor is engaged to manage 
the end-of-life process, with no waste treatment records 
reported. It is estimated that 80% of the cylinders, based on 
the high recyclability of materials like stainless steel and 
aluminium, are recycled and 20% are sent to landfill. The 
recovery rate of packaging waste in Europe in 2022 has been 
used as the basis for this estimation. 
Hazardous waste data is based on records maintained at the 
production facilities, which are legally required to report 
hazardous waste to authorities. Receipts are kept for verification.
Actual data has been utilised for waste generated from 
chemicals and ropes production sites, and an estimation has 
been made for cylinder recycling and disposal. For other sites 
within the group, where specific waste information is available in 
the ESG reporting system, this data is included. An estimation 
is not made for other sites in the group due lack of transparency 
to local contracts and conditions, resulting in incomplete data. 
The group plans to enhance data collection and coordination to 
achieve more complete data in future reports.
A significant assumption is that reports from the third-party 
supplier handling the waste may contain minor discrepancies 
due to variations in measurement techniques, waste handling 
practices, or reporting intervals.
Non-recycled waste generated from own operations (tonnes, %): 
total amount of waste generated minus the total amount 
recycled expressed both as weight in tonnes and as percentage 
of the total amount of waste generated. 
Waste metrics
2024
Waste generated in the company’s own operations
Total amount of waste generated (tonnes)
2 259
Total amount of waste diverted from disposal (tonnes)
1 580
- Preparation for reuse (tonnes)
85
- Recycling (tonnes)
903
- Other recovery (tonnes)
592
Hazardous waste diverted from disposal (tonnes)
598
Non-hazardous waste diverted from disposal (tonnes)
982
Total amount of waste directed to disposal (tonnes)
678
- Incineration (tonnes)
498
- Landfill (tonnes)
180
- Other disposal (tonnes)
0
Hazardous waste directed to disposal (tonnes)
29
Non-hazardous waste directed to disposal (tonnes)
649
Total amount of Non-recycled waste (tonnes)
1 355
Total amount of Non-recycled waste (%)
66
Hazardous and radioactive waste 
Total amount of hazardous waste (tonnes)
627
Total amount of radioactive waste (tonnes)
0
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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2.4 EU Taxonomy
Basis of preparation
Wilhelmsen reports on revenue (turnover), capital expenditure, 
and operating expenses associated with taxonomy-eligible 
and taxonomy-aligned economic activities, in accordance with 
regulation EU (2020/852) and its delegated acts.
The economic activities of business units consolidated in the 
group’s financial accounts are included in this assessment 
as per the Disclosure Delegated Act. Investments in equity 
accounted in joint ventures (pursuant to IFRS 11 or IAS 28) are 
not included, as these are voluntary disclosures. Economic 
activities are considered regardless of their geographical 
location, whether inside or outside the European Union.
Reporting principles 
The financial data in this report is based on International 
Financial Reporting Standards (IFRS®) and refers to 
Wilhelmsen’s 2024 consolidated financial statements. The 
information is prepared on a group consolidated level and 
presented in US dollars (USD), as in the consolidated financial 
statements. All values are rounded to the nearest USD million. 
Wilhelmsen follows the development of the EU Taxonomy 
Regulation closely. Accordingly, any further changes or 
clarification to the regulation with a material impact on current 
disclosures will be adopted and transparently explained in 
future reporting.
Policy on taxonomy eligible economic activities
The regulation does not differentiate between core and non-
core economic or business activities. Therefore, Wilhelmsen 
has evaluated economic activities as eligible if the consolidated 
business units either generate turnover, or invest in capital 
expenditure (CapEx), or have operating expenditure (OpEx) 
corresponding to an economic activity and can be assessed 
against the technical screening criteria set out in the Climate 
or Environmental Delegated Acts. 
The evaluation of eligible economic activities has been 
performed by the consolidated companies with the support of 
group functions to ensure consistent reporting and to perform 
consolidation for Wilhelmsen.
Taxonomy eligible economic activities and relevant companies
Based on the group’s evaluation of taxonomy economic 
activities, Ships Service, Ship Management, NorSea Group, and 
Raa Labs have some economic activities that are considered 
eligible under the EU Taxonomy. All other activities within 
these units, and the activities of all other consolidated business 
units are considered non-eligible.
Table: Taxonomy eligibility assessment
Activity reference
Activity
Eligibility assessment
CCM 6.16
Infrastructure enabling low carbon water transport
NorSea Group provides shore-side electrical power for supply and support vessels 
at its bases in Norway.
CCA 7.1
Construction of new buildings
NorSea Group develops non-residential buildings. 
CCM 7.6
Installation, maintenance, and repair of renewable 
energy technologies 
NorSea Group installs and operates solar panels on owned buildings at owned or 
leased sites.
CCM 7.7
Acquisition and ownership of buildings
Ships Service and NorSea Group acquire real estate and exercise ownership of 
those properties.
CCM 8.2
Data-driven solutions for GHG emissions reductions
Raa Labs and Ship Management develop data-driven solutions that can be used to 
optimise operations, increase efficiency, reduce energy consumption, and reduce 
respective GHG emissions.
CCA 8.2
Computer programming, consultancy and related activities
Ships Service develops and provides software for maritime customers, including 
applications that assist with onboard infrastructure maintenance and upkeep.
CCA 9.1
Engineering activities and related technical consultancy 
dedicated to adaptation to climate change
NorSea Group provides technical consultancy to offshore wind projects.
PPC 2.1
Collection and transport of hazardous waste
NorSea Group provides hazardous waste collection and transport services.
CE 5.2
Sale of spare parts
Ships Service offers spare parts for specific hand tools and equipment, helping to 
extend their lifespan.
CE 5.5
Product-as-a-service and other circular use and 
result-oriented service models
Ships Service's cylinder exchange programme minimises single-use packaging 
waste by leasing cylinders to customers while retaining ownership and managing 
the exchange process.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Policy on accounting and KPIs
The evaluation of eligible economic activities has been 
performed by the consolidated business units with the support 
of group functions to ensure consistent reporting and to 
perform consolidation for Wilhelmsen. Economic activities 
have only been evaluated against the most relevant activity, 
which eliminates the chance for double counting.
To comply with the KPI reporting requirements contained 
in the Disclosure Delegated Act, Wilhelmsen has further 
described eligible turnover, CapEx and OpEx as follows.
 
Turnover definition for taxonomy KPIs
Turnover refers to external revenue from contracts with 
customers included in the operating revenue line item in 
the consolidated income statement and presented in note 3 
Revenue from contracts with customers in the consolidated 
financial statements for 2024. 
CapEx definition for taxonomy KPIs
CapEx refers to additions to capitalised property, plant and 
equipment, intangible assets, and right-of-use assets, including 
additions through business combinations. The additions are 
specified in note 7 Properties, vessels and other tangible assets 
/ Goodwill and other intangible assets and in note 8 Right-of-
use assets and lease liabilities in the consolidated financial 
statements for 2024. 
CapEx is reported net of government grants received related 
to the applicable assets, however information relating to 
significant government grants included within the financial 
KPIs is highlighted in the footnotes provided.
OpEx definition for taxonomy KPIs
OpEx refers to direct non-capitalised costs recorded in the 
consolidated income statement related to research and 
development (R&D), building renovation measures, short-
term leases, maintenance and repair, and any other direct 
expenditures relating to the day-to-day servicing of assets 
of PP&E. Raw materials and other cost of inventory, selling 
and general administration expenses as well as depreciation, 
amortisation and impairment are excluded. Employee benefits 
comprising salaries, and other compensation are included 
in OpEx when such expenses have been assessed to fulfil the 
taxonomy definition of OpEx. For Wilhelmsen, such employee 
benefits are primarily related to R&D activity. 
Policy on taxonomy aligned economic activities 
Wilhelmsen has assessed alignment in accordance with the 
technical screening criteria (TSC) outlined in the Climate 
and Environment Delegated Acts. The TSC consist of the 
Substantial Contribution (SC), Do No Significant Harm (DNSH), 
and Minimum Safeguards (MS) criteria. SC and DNSH are 
economic activity-specific criteria, whereas MS refers to group-
level policy requirements, ensuring alignment with minimum 
safeguards based on international standards such as the OECD 
Guidelines for Multinational Enterprises and the UN Guiding 
Principles on Business and Human Rights.
KPI reporting for alignment follows the same definitions as per 
the group’s policy on accounting and KPIs.
The alignment assessment was performed on Wilhelmsen’s 
taxonomy-eligible economic activities. Based on the 
assessment, Wilhelmsen does not report any taxonomy-aligned 
turnover, CapEx and OpEx for any eligible activities. This is 
based on not meeting the respective Substantial Contribution 
and/or Do No Significant Harm criteria. 
Table: Taxonomy alignment assessment 
Activity 
Activity
Alignment assessment
Aligned
CCM 6.16
Infrastructure enabling low carbon 
water transport
SC criteria is met as the infrastructure is dedicated to the provision of shore-side electrical power 
to vessels at berth and is not dedicated to the transport or storage of fossil fuels. However, the risk / 
impact assessment / documentation requirements in the DNSH criteria are not met. 
No
CCA 7.1
Construction of new buildings
SC criteria is not met related to energy performance requirements.
No
CCM 7.6
Installation, maintenance, and repair 
of renewable energy technologies 
SC criteria is met based on the installation, maintenance and repair of solar photovoltaic systems and the 
ancillary technical equipment. However, the climate risk and vulnerability assessment requirements in the 
DNSH criteria are not met.
No
CCM 7.7
Acquisition and ownership of buildings
SC criteria is not met related to energy performance requirements. Due to the material numbers of 
buildings in the group, the plan for CapEx to become taxonomy-aligned within ten years is not yet in place.
No
CCM 8.2
Data-driven solutions for GHG 
emissions reductions
SC criteria is not met as significant lifecycle GHG emissions savings cannot be demonstrated.
No
CCA 8.2
Computer programming, consultancy, 
and related activities
SC criteria is not met as an activity-specific climate risk assessment, and has not been conducted, 
and substantial physical climate risk reductions cannot be demonstrated.
No
CCA 9.1
Engineering activities and related 
technical consultancy dedicated to 
adaptation to climate change
SC criteria not met as unable to confirm all criteria related to the project involvement.
No
PPC 2.1
Collection and transport of non-haz-
ardous waste and hazardous waste
SC criteria is not met as an activity-specific climate risk assessment has not been conducted.
No
CE 5.2
Sale of spare parts
SC criteria is not met as there is no centralised move towards 65% recycled transport packaging for 
the spare parts or reuse system for the packaging of spare parts.
No
CE 5.5
Product-as-a-service and other 
circular use and result-oriented 
service models
SC criteria is not met as the recycled material used in the cylinders are likely below 65 % 
(no dedicated effort to ensure recycled steel at this stage), and some requirements of the 
EU Packaging and Packaging Waste Directive are not fulfilled.
No
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Alignment assessment with minimum safeguards criteria
Wilhelmsen’s activities are carried out in compliance with 
the minimum safeguards. Wilhelmsen has implemented 
due diligence processes based on the OECD Guidelines and 
addresses human rights and labour rights for own workers 
and workers in the value chain. Due diligence processes 
related to bribery, taxation, and fair competition are integrated 
in the compliance system and the group’s Code of Conduct 
applicable to all employees. In 2024, there were no signs of 
non-compliance with minimum safeguards, lack of response 
or collaboration with a National Contact Point, or liability 
of Wilhelmsen in respect for breaches of any these topics. 
Further details related to minimum safeguards are available 
in S1 Own workforce (pages 60 to 71), S2 Workers in the value 
chain (pages 72 to 75), and G1 Business conduct (pages 77 to 78).
Taxonomy non-eligible nuclear and fossil gas related activities 
Wilhelmsen does not carry out, fund, or have exposures to nuclear and fossil gas activities and therefore does not report on any 
KPIs related to these activities. 
Template 1 Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation 
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process 
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best 
available technologies.
No
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including 
for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Row
Fossil gas related activities
4.
The undertaking carries out, funds, or has exposures to construction or operation of electricity generation facilities that produce electricity using 
fossil gaseous fuels.
No
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation 
facilities using fossil gaseous fuels.
No
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce 
heat/cool using fossil gaseous fuels.
No
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Proportion of turnover from products or services associated with taxonomy-aligned economic activities 
KPI table: Turnover
Financial year 2024
Year
Substantial contribution criteria
DNSH (Does Not Significantly 
Harm) (h)
Economic activities (1)
Code (a) (2)
 Turnover (3)
Proportion of Turnover year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate Change Mitigation  (11)
Climate Change Adaptation (12)
Water  (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1) or eligible (A.2.)
 turnover, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
USD 
million
%
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally 
sustainable activities 
(Taxonomy-aligned) (A.1)
0
0.0%
%
of which Enabling
0
0.0%
%
E
of which Transitional
0
0.0%
%
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
Collection and transport of 
non-hazardous waste in 
source segregated fractions
CCM 
5.5
0
0.0%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.2%
Infrastructure enabling low 
carbon water transport
CCM 
6.16
3
0.2%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.3%
Acquisition and ownership 
of buildings
CCM 
7.7
43
3.8%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
4.1%
Data-driven solutions for 
GHG emissions reductions
CCM 
8.2
3
0.2%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.2%
Engineering activities and 
related technical consultancy 
dedicated to adaptation to 
climate change
CCA 
9.1
1
0.1%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.2%
Collection and transport of 
non-hazardous waste and 
hazardous waste
PPC 2.1 
CE 2.3
2
0.2%
N/EL
N/EL
N/EL
EL
EL
N/EL
0.0%
Sale of spare parts
CE 5.2
4
0.3%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.0%
Product-as-a-service and 
other circular use- and result- 
oriented service models
CE 
5.5
11
1.0%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.0%
Turnover of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2)
66
5.8%
4.2%
0.1%
0.2% 1.3%
4.9%
A. Turnover of Taxonomy eligible 
activities (A.1 + A.2)
66
5.8%
4.2%
0.1%
0.2% 1.3%
4.9%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible 
activites (B)
1 070
94.2%
Total (A+B)
1 136
100%
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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KPI table: Proportion of turnover / Total turnover
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
0%
4.2%
CCA
0%
0.1%
WTR
0%
0%
CE
0%
1.4%
PPC
0%
0.2%
BIO
0%
0%
Contextual information about taxonomy non-eligible 
and non-aligned turnover  
As most of the consolidated business units’ core business 
activities (generating revenues) are not yet defined in the 
scope of the EU Taxonomy, only some of the activity related 
to property, and logistics and supply services are reported as 
eligible in the turnover KPI, in addition to a minor activity 
related to digital solutions. There are no aligned economic 
activities. 
Overall, the total turnover from eligible activities represents 
a limited share of the group’s total reported revenue in the 
consolidated financial statements for 2024.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Proportion of CapEx from products or services associated with taxonomy-aligned economic activities 
KPI table: CapEx
Financial year 2024
Year
Substantial contribution criteria
DNSH (Does Not Significantly 
Harm) (h)
Economic activities (1)
Code (a) (2)
 CapEx (3)
Proportion of CapEx year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate Change Mitigation  (11)
Climate Change Adaptation (12)
Water  (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1) or eligible (A.2.) CapEx, 
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
USD 
million
%
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1)
0
0.0%
%
of which Enabling
0
0.0%
%
E
of which Transitional
0
0.0%
%
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
Installation, maintenance and 
repair of renewable energy 
technologies
CCM 
7.6
1
0.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.6%
Acquisition and ownership 
of buildings
CCM 
7.7
3
3.6%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
8.1%
Product-as-a-service and 
other circular use- and result- 
oriented service models
CE 
5.5
3
3.3%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.0%
Data-driven solutions for 
GHG emissions reductions
CCM 
8.2
1
1.5%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.1%
Construction of new 
buildings
CCA 
7.1* 
CE 3.1
10
13.1%
N/EL
EL
N/EL
N/EL
EL
N/EL
4.0%
CapEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2)
17
22.4%
6.0%
13.1%
3.3%
16.8%
A. CapEx of Taxonomy eligible 
activities (A.1 + A.2)
17
22.4%
6.0%
13.1%
3.3%
16.8%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible 
activites (B)
60
77.6%
Total (A+B)
78
100%
*A share of the activities reported in 2023 has been reasessed and restated to CCA 7.1 from CCM 7.1. The restated percentage for 2023 amounted to 4.0% of the 
total 16.8% reported as eligible for 2023. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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KPI Table: Proportion of CapEx / Total CapEx KPI
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
0%
6.0%
CCA
0%
13.1%
WTR
0%
0%
CE
0%
16.4%
PPC
0%
0%
BIO
0%
0%
Contextual Information about CapEx KPI 
The figures in the CapEx KPI include additions to property, 
plant and equipment, intangible assets, right-of-use assets, as 
well as assets acquired through business combination. As most 
of the consolidated business units’ core business activities 
(generating revenues) are not yet defined in the scope of the 
EU Taxonomy, only some of the activity related to property 
and digital solutions are reported as eligible in the CapEx KPI. 
There are no aligned economic activities. 
CapEx plan
As Wilhelmsen does not have material eligible activities based 
on the current taxonomy, there is no CapEx plan related 
to alignment. Wilhelmsen plans to continue to monitor 
developments and the extension of the EU Taxonomy.  
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Proportion of OpEx from products or services associated with taxonomy-aligned economic activities  
KPI table: OpEx
Financial year 2024
Year
Substantial contribution criteria
DNSH (Does Not Significantly 
Harm) (h)
Economic activities (1)
Code (a) (2)
 OpEx (3)
Proportion of OpEx year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate Change Mitigation  (11)
Climate Change Adaptation (12)
Water  (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1) or eligible (A.2.)
 OpEx, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
USD 
million
%
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y; N; 
N/EL 
(b) (c)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1)
0
0.0%
%
of which Enabling
0
0.0%
%
E
of which Transitional
0
0.0%
%
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
EL; 
N/EL 
(f)
Acquisition and ownership 
of buildings
CCM 
7.7
4
18.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
24.3%
Data-driven solutions for 
GHG emissions reductions
CCM 
8.2*
2
7.7%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
7.8%
Computer programming, 
consultancy and related 
activities
CCA 
8.2*
2
10.4%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
5.1%
OpEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2)
8
36.5% 26.1% 10.4%
37.2%
A. OpEx of Taxonomy eligible 
activities (A.1 + A.2)
8
36.5% 26.1% 10.4%
37.2%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible 
activites (B)
14
63.5%
Total (A+B)
22
100%
In 2024, the activity CCM 9.1 reported in 2023 has been reasessed with the conclusion that the underlying activity did not meet the eligibility criteria. The 2023 comparable 
percentage  have hence been seet to zero in the 2024 report (3.2% prior to restatement), with the CCM 9.1 activity not being included in the OpEx table for 2024.
*A share of the activities reported in 2023 has been reassessed and restated to CCA 8.2 from CCM 8.2. The restated percentage for 2023 amounted to 5.1% of the total 37.2% 
reported as eligible for 2023.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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KPI table: Proportion of OpEx / Total OpEx KPI
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
0%
26.1%
CCA
0%
10.4%
WTR
0%
0%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
Contextual information about the OpEx KPI
The OpEx figures reported have been further disaggregated 
into relevant categories. This disaggregation of OpEx may 
include estimations or prorations performed by reporting units 
and may not be consistent. However, the below is considered to 
be a reasonable reflection of the economic activity composition 
of OpEx across its reported economic activities.
KPI table: OpEx disaggregated into relevant categories
A.2. Taxonomy-eligible, but not environmentally sustainable activities (not Taxonomy-aligned activities)
USD millions
CCM 7.7 Acquisition and 
ownership of buildings
CCM 8.2 Data-driven solutions 
for GHG emissions reductions
CCA 8.2 Computer programming, 
consultancy and related activities
Total
Research and development (R&D) 
2
2 
4
Building and renovation measures
Short-term leases
Maintenance and repair
4
4
Total 
4
2
2 
8
Research and development (R&D) primarily consists of 
employee benefits related to resources conducting R&D activities.
 
As most of the consolidated business units’ core business 
activities (generating revenues) are not yet defined in the 
scope of the EU Taxonomy, only some of the activity related 
to property, digital solutions, and research and development, 
are reported as eligible in the OpEx KPI. There are no aligned 
economic activities. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Social
information
60 	
3.1. Own workforce
72 	
3.2. Workers in the value chain
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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3.1 S1 Own workforce
Wilhelmsen’s strategic ambition is to have an engaging and safe 
workplace with no harm to people and a culture where each 
employee is valued for their contribution and feels motivated 
and safe to voice their opinion. The group is committed 
to safeguarding human rights across all its businesses, 
irrespective of the countries in which they operate. The group’s 
corporate values - customer centred, empowerment, learning 
and innovation, stewardship, and teaming and collaboration - 
govern behaviour and are acted upon consistently to deliver the 
right results the right way.
ESRS 2 SBM-3 S1 Material impacts, risks and opportunities and their 
interaction with strategy and business model
Employees and non-employees are considered within the scope 
of material impacts (see table below), and it is understood 
that certain individuals may be at greater risk of harm due to 
their type of work, location, or other characteristics. 
To address this, the group conducts regular due diligence, risk 
assessments, gathers employee feedback, implements training 
and awareness programmes, analyses health and safety data, and 
collaborates with industry experts to identify mitigation actions. 
Specific groups 
Type of involvement
Potential impacts
Employees (permanent, 
temporary, expats, trainees, 
interns, and apprentices)
Directly employed by Wilhelmsen, working in various roles across 
offices, bases, warehouses, and port areas.
Exposure to hazardous conditions (particularly operational workers), 
discrimination, harassment, bullying, corruption and bribery 
demands, labour rights violations, and data privacy breaches.
Non-employees: 
seafarers
Work onboard vessels under a contractual arrangement with 
a ship owner/operator and maintain an ongoing relationship with 
Ship Management. 
When Ship Management holds a technical management contract 
with the ship owner/operator and oversees the vessel’s safety 
management system, the seafarers are considered as non-
employees. On the other hand, if Ship Management has a crew 
management contract with the owner/operator, without technical 
management or control over the vessel’s safety management 
system, the seafarers are considered as value chain workers.
Exposure to hazardous conditions, discrimination, harassment, 
bullying, corruption and bribery demands, labour rights violations, 
and data privacy breaches.
Non-employee: 
self-employed people
Provide services such as professional services, maintenance, and 
technical expertise to Wilhelmsen on a contractual basis but are 
not directly employed by the group.
Inconsistent labour practices and lack of adherence to 
safety standards.
Non-employee: 
people provided by 
third-party agencies
Support Wilhelmsen’s operations in various capacities, such 
as professional services, logistics, maintenance, and other 
essential services.
Inconsistent labour practices and lack of adherence to 
safety standards.
Material impacts related to own workforce
Material impacts on own workforce have been identified 
related to equal treatment and opportunities for all, and health 
and safety. The impacts are mainly related to individual 
incidents involving own workforce on land, whereas they can 
be considered more systemic in the maritime industry related 
to seafarers working on vessels. 
Equal treatment and opportunities for all
The group’s workforce may be exposed to discrimination, 
harassment, or bullying in their interactions with colleagues, 
value chain workers, or business partners. The potential for 
exposure is higher for minorities, such as those based on gender 
or ethnicity, and for certain roles, such as junior positions. 
Factors such as the operational environment, location, and 
size of the operation can also influence the risk. For seafarers, 
impacts include the potential of being deprived of leisure 
time when unable to take shore leave or sign off as scheduled, 
working conditions affecting physical and mental well-being, 
and harassment and discrimination in the workplace. Incidents 
can cause physical and/or emotional trauma for affected 
individuals, loss of earning power, and reduced well-being for 
co-workers, affecting the overall work environment. 
There has been no identified significant risk of incidents of 
forced labour or compulsory labour, or child labour related to 
own workforce. 
Health and safety
Wilhelmsen conducts operations at bases, warehouses, vessels, 
port areas, and offices in 56 countries, with a workforce 
consisting of 96 nationalities. The group’s value proposition, 
which includes providing 24/7 services, can create pressure on 
labour rights within its operations. This is particularly relevant 
when striving to deliver cost-effective and efficient services, 
which may lead to increased workloads and stress among 
employees. Health and safety incidents affecting the group’s 
workforce are a significant risk. Employees and seafarers 
performing activities onboard vessels, in port or base facilities, 
or in warehouses around the world face higher risks of physical 
and psychosocial harm due to operational hazards, exposure to 
weather conditions, or working conditions. These incidents can 
lead to negative outcomes for affected individuals, including 
physical and/or emotional trauma, loss of earning power for 
families, and reduced well-being for co-workers, impacting the 
overall safety culture.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Transition plan
Wilhelmsen has not yet adopted a transition plan for climate 
change mitigation, however, the group recognises the potential 
impacts on its workforce from transition activities.
These transition activities may lead to changes in job roles and 
responsibilities, requiring seafarers and employees to undergo 
reskilling or upskilling. This could include skills related to 
emissions reduction technologies, alternative fuels management, 
environmental compliance, digital technologies, and renewable 
energy integration. Adapting to new technologies and processes 
may result in increased workloads and stress among employees.
Additionally, changes in operational practices may require 
employees to adapt to new workflows and procedures, which 
could impact overall efficiency and productivity. While these 
activities aim to minimise environmental impact, they may 
also present challenges for the workforce in terms of adapting 
to new demands and maintaining performance levels.
Material risks and opportunities related to own workforce
The group has evaluated potential financial risks and 
opportunities arising from impacts and dependencies on its 
own workforce, however, no material risks or opportunities 
were identified.
S1-1 Policies related to own workforce
The group’s policies to manage its material impacts on own 
workforce related to equal opportunities for all and health 
and safety are the Human Rights commitment, People and 
workplace standard, and Code of Conduct (please refer to 
G1 Business conduct page 77). When setting the policies, the 
interests of own workforce are considered based on feedback 
received through engagement surveys, trainings, whistles, 
working environment committees and from human resources 
personnel, to keep the policies relevant and effective. Any 
significant changes made to the policies are documented and 
communicated in the group’s management system. As these 
policies derive from the requirements contained in the group’s 
Owner’s statement, the CEO is the most senior level in the 
organisation accountable for their implementation.
Human rights commitment
Wilhelmsen is committed to respecting human and labour rights 
across all its operations. The group expects all business units and 
supply chain partners to adhere to these standards. The group’s 
policies align with the UN Universal Declaration of Human 
Rights and the ILO Declaration on Fundamental Principles and 
Rights at Work, prohibiting modern slavery, human trafficking, 
forced labour, exploitative practices, slavery, and child labour.
Wilhelmsen follows a human rights due diligence process, 
guided by the UN Guiding Principles on Business and Human 
Rights and OECD Guidelines for Multinational Enterprises 
on Responsible Business Conduct (OECD Guidelines). This 
involves assessing human rights impacts, integrating findings, 
monitoring progress, and communicating responses. 
Salient human rights relevant to Wilhelmsen include providing 
safe, healthy, and decent working conditions free from bullying 
and harassment, ensuring fair treatment without discrimination, 
and supporting employees’ career development. Discrimination 
specifically refers to race, colour, religion, gender, age, 
nationality, sexual orientation, disability, or any status protected 
by law. Compliance with these commitments is required from 
all employees and suppliers, with a preference for third parties 
who share these standards.
The group commits to undertake ongoing due diligence in 
business units to identify and address any actual or potential 
adverse impacts where the group or its suppliers may be involved 
(whether directly or indirectly).  Stakeholders can raise concerns 
via a whistle-blower channel or request information through 
email. The group communicates its commitment on its website 
and reviews it periodically for relevance and improvement. A 
statement of compliance with the Norwegian Transparency Act 
is made each year (please refer to appendix 2 on page 190).
People and workplace standard
The group’s People and workplace standard is the main policy 
for managing material impacts concerning its own workforce. It 
addresses health and safety, and equal treatment and opportunities 
for all, which applies to both employees and non-employees. 
Additionally, it covers related areas such as employment 
conditions and working arrangements, compensation and 
benefits, performance management, competence development, 
and employee engagement, which are applicable to employees.
The policy covers the group’s employees. When setting the 
policy, the interests of employees are considered based on 
feedback received through engagement surveys, working 
environment committees and from human resources personnel, 
to keep the policies relevant and effective. Any significant 
changes made to the policy is documented and communicated 
to employees in the group’s management system. As this 
policy derives from the requirements contained in the group’s 
Owner’s statement, the CEO is the most senior level in the 
organisation accountable for their implementation. 
The group enforces a zero-tolerance policy for bullying, 
harassment, and discrimination on any grounds, ensuring all 
employees have the right to equal treatment and opportunities. 
The policy specifically covers discrimination based on 
racial and ethnic origin, colour, sex, sexual orientation, 
gender identity, disability, age, religion, political opinion, 
national extraction, and social origin. The group’s policy 
commitments related to inclusion and action for people from 
groups at particular risk of vulnerability in its own workforce 
are comprehensive. Responsibility for promoting equal 
treatment and opportunities is assigned to top management. 
This policy is implemented through specific procedures to 
prevent discrimination and act upon once detected, as well 
as to advance equality, diversity and inclusion in general. A 
statement of compliance with the Norwegian Equality and 
Anti-discrimination Act is made each year (please refer to 
appendix 1 on page 188).
Health and safety management systems
Wilhelmsen’s business units have comprehensive health and 
safety management systems in place. NorSea Group’s operating 
companies, Port Services, Ships Service, and Global Business 
Services are certified according to the ISO45001 occupational 
health and safety standard. Wilhelmsen Chemicals is 
preparing their management system for certification in 2025. 
Ship Management have a comprehensive health and safety 
management system and are certified to operate ships as per 
the International Safety Management (ISM) Code. In relation 
to seafarers, Ship Management’s operations comply with the 
Maritime Labour Convention (MLC) requirements. The group’s 
management systems foster a safety culture, emphasising the 
responsibility of every individual to perform work safely and 
securely, with the authority to halt unsafe activities.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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S1-2 Processes for engaging with own workforce and workers’ representatives about impacts
Employee engagement occurs directly between employees 
and management through the line organisation, and between 
workers’ representatives and management where applicable. 
Engagement activities are ongoing, with specific events 
conducted as a part of annual processes. The annual 
performance review between employees and their direct 
managers is used to recognise achievements, discuss 
development areas, and agree on targets for the upcoming 
period. Working environment, values-based behaviour and 
relations with the manager are a part of the discussion. The 
review is documented and followed up mid-year. 
Additionally, an employee engagement survey is conducted at 
least annually to gather feedback on various workplace matters. 
Some business units have implemented higher frequency 
surveys. Based on these surveys, senior management and 
individual managers in all locations hold follow-up discussions 
with their teams to implement relevant actions, ensuring 
employee feedback is addressed and used to improve the 
working environment and people strategies. Senior executives 
and the board are informed of the survey results, incorporating 
employee feedback into decision-making processes. Where 
applicable, Works councils or workers’ representatives meet 
with management to ensure employee concerns are heard and 
addressed.
The function of ensuring engagement with workers and their 
representatives about impacts falls under the operational 
responsibility of the respective business unit president. As 
these processes derive from the requirements contained in the 
group’s Owner’s statement, the CEO is the most senior level in 
the organisation accountable for their implementation. 
For seafarers, Ship Management engages directly with its 
workforce to ensure their well-being. Engagement includes 
pre-joining briefings before boarding vessels. The management 
team, vessel or fleet manager, and internal auditors conduct 
vessel operational excellence visits, vessel inspections, and 
internal audits. External parties, such as external auditors 
and regulatory body inspectors, may also engage directly with 
seafarers, focusing on health, safety, and working conditions 
as per MLC requirements. Vessel manager inspections occur 
twice per year per vessel, while internal and external audits are 
conducted annually, with additional audits as required. Safety 
campaigns are carried out onboard whenever an undesired 
event is reported. Onshore, engagement with seafarers includes 
officer and cadet conferences. Officer conferences were held 
in key locations where seafarers are located, and the first cadet 
conferences were held in 2024 in Manila and Mumbai.
Ship Management has agreements with workers’ 
representatives to ensure the respect of human rights for 
its workforce. All seafarers are covered by either a collective 
bargaining agreement (CBA) or a special agreement approved 
by the International Transport Workers’ Federation (ITF). The 
ITF, along with its country affiliates, represents the interests 
of seafarers, providing the business unit with insights into the 
perspectives of its workforce. 
Ship Management complies with Maritime Labour Convention 
(MLC), including requirements on non-discrimination, and 
runs programmes to increase the number of female seafarers 
in its pool. The business unit has human resource and 
occupational health policies in place, and practices to support 
a culture onboard where seafarers are empowered to monitor 
the workplace and participate in safety efforts. Compliance 
is verified through internal and external audits conducted by 
trained and qualified auditors covering both ship and shore 
processes.
Ship Management assesses the effectiveness of its engagement 
with its workforce by assigning vessel managers and HSEQ 
managers the responsibility of following up with vessels to 
ensure the implementation of preventive actions. This process 
is guided by the experience feedback flowchart, which helps in 
evaluating and improving engagement strategies with workers 
and their representatives regarding impacts.
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
Wilhelmsen has adopted multiple channels for its workforce 
to raise concerns or needs directly with the group, ensuring 
prompt and effective resolution. These channels include 
grievance mechanisms, meetings or forums, and informal 
mechanisms. Regular meetings and forums, such as working 
environment committees or town hall meetings provide a 
structured environment for open communication between 
employees and management. Informal mechanisms allow 
employees to discuss issues with supervisors or human 
resources representatives in settings such as one-on-one 
meetings or casual conversations. The group also uses 
employee feedback mechanisms, such as engagement surveys, 
to gather insights and address workplace concerns. 
The whistle-blowing channel, established by the group, is 
accessible on the group’s intranet and website and is specifically 
designed for receiving and processing grievances or allegations 
related to human rights. It is written in plain English, available 
in multiple languages, guarantees confidentiality, and offers 
appropriate protection for stakeholders. The Code of Conduct 
and whistleblowing channel specifically forbids retaliation 
against whistleblowers. For seafarers, Ship Management 
provides access to qualified health service providers, Mission 
to Seafarers chaplains, and a grievance procedure for seafarers 
during debriefing, further supporting the workforce in raising 
and addressing their concerns. 
The group’s grievance and complaints handling mechanism 
is structured to systematically address whistleblowing cases. 
The group’s compliance officer initially reviews grievances 
or allegations from whistles and assigns a case handler from 
the relevant entity and function. The case handler follows a 
four-step process: confirmation, evaluation, investigation and 
information collection, and conclusion. 
For grievances reported by a seafarer onboard, the Designated 
Person Ashore (DPA) from Ship Management is the initial 
point of contact. The DPA is responsible for receiving and 
working with the technical management centre in resolving 
the seafarer’s grievances. If a seafarer has already signed off a 
vessel, the seafarer can approach the manning centre to report 
grievances. If grievances remain unresolved, Ship Management 
engages in discussions and arbitration. Should the issue persist, 
a complaint can be lodged with the relevant authorities.
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The group addresses material negative impacts on its workforce 
by implementing measures based on annual human rights 
due diligence assessments. These measures include revising 
or creating new policies and conducting audits and campaigns 
to cease, prevent, or mitigate adverse impacts. The results of 
these mitigation activities are reported to senior executives 
and the board at least annually, while grievance handling 
and information requests are reported quarterly. If the group 
directly causes or contributes to harmful human rights 
impacts, it promotes access to or provides fair remediation. In 
the case of remediation, the effectiveness of the remediation 
efforts would be monitored for potential adjustments as 
needed. Regular reviews would be used to ensure that the 
remediation is achieving its intended outcomes and that any 
new issues are promptly addressed.
For seafarers, mental health support is offered through 
guidance in Ship Management’s health and safety management 
system (SMS), health campaigns, and consultations with 
qualified health professionals during officer conferences. 
Contact details for external health experts, such as ISWAN, 
are also provided. Seafarers have free access to health and 
wellness materials and can contact the designated person 
ashore (DPA) or external qualified health service providers 
for consultations or grievances. Seafarers also have access to 
Mission to Seafarers chaplains when possible. Seafarers receive 
information about grievance mechanisms during the pre-
joining briefing, and after signing off, seafarers can also provide 
feedback through the grievance of seafarer procedure during 
debriefing. Additionally, the whistleblowing channel available 
on the group’s website, allows seafarers to raise complaints 
anonymously.
The group ensures the effectiveness of the grievance channels 
through monitoring the type and volume of cases received, 
reports from the human resource function, and results 
from engagement surveys and Code of Conduct training. 
Management reviews the results of these processes to assess 
the understanding, awareness and trust in the grievance 
channels and identify improvement areas.
S1-4 Taking action on material impacts on own workforce, and approaches to managing risks and 
pursuing opportunities related to own workforce, and effectiveness of those actions
Wilhelmsen ensures that its actions do not cause or contribute 
to material negative impacts on its workforce through regular 
monitoring and assessments conducted by specialist functions 
(e.g. human resources, health and safety resources etc.) and 
management to evaluate workplace conditions and mitigate 
potential risks. 
The group dedicates resources to secure compliance with 
regulations and standards, such as ISO 45001 and the ISM 
Code, is maintained to ensure a safe and healthy working 
environment. Business units assign competent resources 
to ensure that the health and safety  management systems 
support a proactive safety culture, emphasising the 
responsibility of every individual to perform work safely 
and securely, with the authority to halt unsafe activities. 
Regular training on health, safety, and responsible practices is 
provided to employees. Internal audits are conducted to ensure 
compliance with safety regulations and identify areas for 
improvement. Management reviews are regularly performed to 
assess the effectiveness of these measures and make necessary 
adjustments. Regular risk assessments, including safety, 
operational, and cyber security risks, are conducted to further 
safeguard the workforce. 
In addition, business units perform human rights due 
diligence assessments at least annually to identify actual and 
potential impacts that require measures to cease, prevent, or 
mitigate negative impacts. This involves rating the severity 
and likelihood of each impact and determining appropriate 
responses based on these ratings. A heat map of the impacts 
highlights the human rights most relevant to own workforce, 
such as providing safe and decent working conditions, ensuring 
fair treatment without discrimination. For seafarers, impacts 
identified include potential of being deprived of leisure when 
unable to take shore leave or sign off as scheduled, working 
conditions affecting physical and mental well-being, and 
harassment and discrimination in the workplace. Additionally, 
Wilhelmsen conducts annual risk assessments at the group 
level, incorporating human rights elements to ensure 
comprehensive evaluation and response to potential impacts. 
This structured approach ensures that the group effectively 
addresses and communicates how it manages human rights 
impacts on its workforce. The findings from the assessment 
and planned actions are presented to the senior executives 
and board. From a positive impact perspective, Wilhelmsen is 
dedicated to creating an engaging and safe work environment 
promoting equal opportunities and offering professional 
management and growth opportunities for employees. The 
company is committed to fostering a culture that enables 
all employees to contribute and create value. It ensures 
professional and consistent management, while providing 
ample opportunities for employees to grow and excel.
Wilhelmsen has not identified any actual material impacts 
requiring remedy in relation to its workforce, and therefore, no 
specific actions have been taken to provide or enable remedy 
for such impacts. 
Health and safety 
In 2024, the group’s business units continued the important 
work of building a safety culture, particularly towards 
employees and seafarers exposed to higher risks related to 
operations at ports, on vessels, and at production, base and 
warehouse sites around the world. The actions included safety 
training, safety shares, site and vessel visits, management 
visits, audits and campaigns. Work related illness metrics were 
established and reported for the first year. Ship Management 
launched WLearn, a training platform for seafarers to develop 
their skills and knowledge, thereby contributing to safer and 
more efficient maritime operations.
The expected outcomes of these ongoing actions are 
heightened awareness of health and safety risks and controls, 
and safe working conditions. Regrettably in the reporting 
period, there was one onshore work-related fatality during an 
employee’s commute home after work, and two work-related 
fatalities among seafarers. One case involved a crew member 
who was trapped under a forklift during cargo operations, and 
the second case involved a crew member who fell from height 
during maintenance work in the engine room. Corrective and 
preventive actions included a safety stand down to pause all 
work in the affected area and reinforce safety awareness, 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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risk assessments specific to the key controls identified, and 
learnings shared through safety briefings, crew conferences 
and during ship visits. These incidents highlight the critical 
need for continuous improvement in safety measures and 
protocols, emphasising the importance of ongoing efforts to 
enhance safety practices which will be the focus in 2025. 
Equal treatment and opportunities for all 
In 2024, the group has enhanced awareness of training, 
development, and career opportunities for employees. 
Wilhelmsen focused on diversity management and unconscious 
bias training for HR, leaders, and employees and implement 
awareness campaigns to improve the understanding of what an 
equal and inclusive workplace and business partner should be 
experienced as. Employees completed an average of 13 training 
hours which was positively above the target of eight hours. The 
annual Code of Conduct training was conducted with 100% 
completion rate globally, and some business units supplemented 
the annual engagement survey with higher frequency surveys 
to better understand employee views. A global project to 
systematically classify jobs was started to provide better insights 
into potential pay disparities. For seafarers, actions included 
signing off as scheduled, with contract extensions made only 
with mutual consent and never beyond the time stipulated 
in the collective bargaining agreement (CBA). Continuous 
improvements are made based on engagement survey results, 
detected incidents, and safety survey results. The expected 
outcomes of these actions are engaged employees and a safe 
workplace where employees can develop and voice their views. 
S1-5 Targets related to managing material negative impacts, advancing positive impacts, 
and managing material risks and opportunities
The group has set targets related to its own workforce. 
Employees are not directly engaged in setting these targets 
however, they have access to information tracking the group’s 
performance and improvements, through the group’s intranet 
and scheduled events.
Competence development – training hours
As an integral part of Wilhelmsen’s values and People 
and workplace standard, the group works consistently to 
stay relevant and ensure employees have the skills and 
competencies necessary to create business value today and in 
the future. A learning organisation with motivated employees 
contributes to the efficiency of operations and has a positive 
effect on culture. All employees have access to training 
opportunities. Personal development plans are integrated 
in performance appraisal and review processes. The group’s 
approach to learning is based on three simple words – learn, 
apply, and share. By learning something new, applying it 
in work, and sharing it with colleagues, there is a better 
learning outcome for employees and more business impact. 
This approach exemplifies Wilhelmsen’s values of learning 
and innovation and teaming and collaboration. The target 
is eight hours of training per employee which is monitored 
and reviewed through regular tracking of internal training 
records. In 2024, the average training hours per employee was 
13 hours, which points to consistent and positive dedication to 
professional development by employees. The target will remain 
the same for 2025.
Employee engagement
The annual employee engagement survey measures the group’s 
ability to provide an engaging and safe work environment. 
This target aligns with the group’s policy objectives of fostering 
a positive workplace culture and ensuring employee well-
being. The survey encompasses various aspects of the work 
environment, including workload, environment, management 
support, strategy, meaningful work, accomplishment, growth, 
and reward. It is conducted among all employees in the 
group’s global operations. The survey utilises a standardised 
questionnaire from Workday Peakon which is based on 
industry best practices for employee engagement. The 
survey is distributed electronically, with responses collected 
anonymously to ensure candid feedback. The participation 
rate in 2024 was 93%, assuming sufficient representation of 
the workforce’s views. The target aligns with national, EU, 
and international policy goals related to workplace safety 
and employee engagement, considering the wider context 
of sustainable development by promoting a healthy and 
supportive work environment. The survey aims to achieve 
improved employee satisfaction and safety, contributing to the 
overall well-being of the workforce. The target is greater than 
8.0 points out of 10, and the result in 2024 of 8.2 points shows a 
consistent and positive high engagement. Senior management 
and individual managers in all locations are required to 
conduct follow-up discussions with their teams. Where results 
are less than the expected benchmark, managers are required 
to implement specific actions to improve results. The target will 
remain the same for 2025.
Gender balance in top management and internal boards
The group has a strategic target in its strategy and Owner’s 
statement to achieve a 40% gender balance in the top three 
management levels and internal boards by 2030, with an 
interim target of 30% by 2025. The top three levels are defined 
as: the group’s CEO at level 0, senior executives at level 1, the 
business unit presidents and other group-level management 
at level 2, and the business units’ management teams at level 
3. Internal boards are those of the group’s business units. The 
methodologies used to define this target included an analysis 
of current gender representation, benchmarking against 
industry standards, and alignment with EU, international, 
and Norwegian policy goals on gender equality. The target 
considers the wider context of sustainable development 
by aiming to improve gender diversity and aligns with the 
United Nations Sustainable Development Goals (UNSDGs). 
The intended outcomes are to access the broadest talent pool 
enabling more diverse competencies and decision-making. 
At the end of the reporting period, females represented 34% 
of top three management positions in the group, and 40% of 
board members in business unit boards, which is on target. 
The interim target of 30% applies for 2025. 
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Health and safety – work-related fatalities
The group aims to have a safe and engaging workplace with zero 
work-related fatalities or other work-related harm to people. This 
metric measures the number of work-related fatalities involving 
onshore employees and seafarers under Ship Management 
technical management contracts. Seafarers under crew 
management contracts are excluded from this target because 
Wilhelmsen does not have control over the safety management 
systems of those vessels. The target is zero fatalities. 
Health and safety – lost time injury frequency (LTIF) rate and 
total recordable case frequency (TRCF) rate
The group aims to have a safe and engaging workplace with 
zero work-related fatalities or other work-related harm to 
people. The lost time injury frequency (LTIF) rate tracks the 
frequency of work-related injuries that result in time away 
from work. The total recordable case frequency (TRCF) rate 
tracks the frequency of work-related injuries, including those 
that may require medical treatment. The group’s TRCF rate 
definition is the same as the ESRS S1-14 Recordable work-
related accidents (rate).
The two metrics serve as a reflection of the overall safety 
culture and incident prevention measures. The targets include 
all measures and practices aimed at preventing work-related 
injuries and fatalities and applies to all onshore employees in 
the group’s global operations and seafarers under technical 
management contracts. Seafarers under crew management 
contracts are excluded from this target because Wilhelmsen 
does not have control over the safety management systems of 
those vessels.
Data is collected from internal incident reports, safety records, 
and exposure hours from human resources systems. 
The target assumes that historical performance data is accurate 
and that benchmarking against comparable results in the 
maritime sector is relevant and reliable. The target aligns 
with national, EU, and international policy goals related to 
workplace health and safety, considering the wider context of 
sustainable development by promoting a safe and healthy work 
environment. It aims to achieve zero work-related fatalities and 
minimise other work-related harm, contributing to the overall 
safety and well-being of the workforce.
The LTIF and TRCF rates are monitored by business units on an 
operational level and presented to senior executives and the board 
on a quarterly basis. This monitoring ensures that incidents 
are promptly addressed and deviations from the target are 
identified. The definitions and methodologies of the LTIF rate 
and TRCF rate are reviewed annually to ensure consistency 
and comparability over time. The target is based on historical 
performance of the group’s business units and is benchmarked 
against comparable results in the maritime sector. 
The LTIF rate was within target for the reporting period, and 
the target will be the same for 2025. The TRCF rate was not 
within target in the reporting period related to seafarers. This 
requires continued attention and actions, including following 
up the results of the safety survey, ongoing campaigns 
and trainings to strengthen safety awareness. This includes 
conducting safety drills, holding safety talks, providing 
training, arranging visits from shore management personnel, 
and running continuous awareness campaigns to ensure 
everyone can apply the safety protocols. At the same time, a 
higher TRCF rate can indicate improved incident reporting, 
ensuring that more incidents are being recorded and addressed, 
which is essential for enhancing overall safety culture and 
safety measures. The target will remain the same for 2025.
Metrics and targets
Objective
Metric
Target 
2024
Performance 
2024
Base year
Baseline
Target 
2025
Enhance employee skills and knowledge through 
continuous learning.
Training hours, average per 
employee (hours)
8 
13
2023
10
8
Improve employee satisfaction and retention 
through engagement initiatives.
Employee engagement score 
(points)
>8 
8.2
2023
8.1
>8
Broaden the talent pool to enhance decision-
making and competencies.
Top management gender 
balance (%)
>30
34
2022
25
>30
Internal boards gender 
balance (%)
>30
40
2022
14
>30
Zero work-related fatalities.
Work-related fatalities (number)
0
3
2022
0
0
Minimise work-related incidents and injuries.
Lost time injury frequency 
rate (rate) – employees
Not exceeding 
2.0
1.37
2022
2.0 
Not exceeding 
2.0
Lost time injury frequency 
rate (rate) – seafarers
Not exceeding 
0.4
0.34
2022
0.25
Not exceeding 
0.4
Total recordable case frequency 
rate (rate) - employees
Not exceeding 
5.0
2.35
2022
0.79
Not exceeding 
5.0
Total recordable case frequency 
rate (rate) - seafarers
Not exceeding 
2.8
3.28
2022
1.86
Not exceeding 
2.8
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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S1-6 Characteristics of the undertaking’s employees
Accounting policies
Headcount is based on the number of employees registered in 
the human resources systems on 31 December 2024. Employees 
include permanent, temporary, expatriates, trainees, interns, 
and apprentices. Permanent employees include permanent 
and expatriate sub-worker types, while temporary employees 
include apprentice, intern, temporary, and trainee sub-worker 
types. A significant assumption is that all data is accurate and 
up to date in the human resources system. Some data may be 
restricted due to legal reasons, and potential discrepancies 
across departments or regions could affect data accuracy. The 
metrics are not validated by an external body other than the 
assurance provider. The headcount can be cross-referenced to 
the group’s annual financial report, page 101, Note 6: Employee 
benefits, Number of employees.
Total employees (headcount): number of employee headcount 
at year-end including permanent, temporary, expatriates, 
trainees, interns, and apprentices.
Employees, by gender (headcount): total number of employee 
headcount split per gender category. Employee’s gender is 
recorded based on employees’ own registration as male, female, 
other or not reported.
Employees, by region and significant countries (headcount): 
total number of employee headcount by type and region and 
the split per major countries (countries exceeding 10% of total 
group headcount).
Employee turnover (number, rate): total number of employees 
leaving the group during the year, and for turnover rate, 
divided by the headcount at the end of the year. 
Employees, by contract type and by gender (headcount): total 
number of employee headcount split per gender and contract type. 
A permanent employee works in a normal long-term job role 
without a predetermined end-date in their contract. A temporary 
employee works in a temporary job role lasting for a defined 
period of time as defined by the end-date in their agreement. The 
group does not currently have non-guaranteed hours employees.
Employee metrics
Number of employees 
(headcount)
Employees, by gender
Male
3 682
Female
2 083
Other
Not reported
1
Total employees
5 766
Employees, by significant countries
Norway
1 405
Malaysia
   600
Other countries
3 761
Employee turnover (number, rate) 
2024
Employees who left the company during the 
reporting period (number)
997
Employee turnover rate (%)
17
Employees, by contract type and by gender (headcount)
Female
Male
Other
Not disclosed
Total
Number of employees 
2 083
3 682
0
1
5 766
Number of permanent employees
1 989
3 454
0
1
5 444
Number of temporary employees 
94
228
0
0
322
Number of non-guaranteed hours employees
0
0
0
0
0
Employees, by region (headcount)
Africa, Middle East 
and Black Sea
Americas
Asia Pacific
Europe including 
Nordics
Total
Number of employees 
733
313
1 576
3 144
5 766
Number of permanent employees
722
310
1 514
2 898
5 444
Number of temporary employees 
11
3
62
246
322
Number of non-guaranteed hours employees
0
0
0
0
0
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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S1-7 Characteristics of non-employees in own workforce
Accounting policies
The most significant non-employees in Wilhelmsen’s 
workforce are seafarers under Ship Management’s technical 
management contracts. These individuals are defined as non-
employees in own workforce because the employment contract 
is signed by Wilhelmsen on behalf of customers who are vessel 
owners. As ship managers, Wilhelmsen exercises employer 
responsibility towards the crew, while the vessel’s owner 
remains the true employer.
A significant assumption is that all data is accurate and up to 
date in Ship Management’s crew management system. The 
metrics are not validated by an external body other than the 
assurance provider. 
Total non-employees (headcount): Number of non-employee 
headcount at year-end. This refers to the number of seafarers 
that are included in the pool for Ship Management at year-
end. The headcount can be cross-referenced to the annual 
financial report, page 101, Note 6: Employee benefits, Seagoing 
personnel Ship Management.
Non-employee metric
2024
Non-employees 
12 231
S1-8 Collective bargaining coverage and social dialogue
Accounting policies
These metrics are related to the impacts on people and potential 
for discrimination in own operations. The metrics are not 
validated by an external body other than the assurance provider. 
Data on collective bargaining and social dialogue is based 
on local HR records, but the records may be incomplete in 
certain countries due to the sensitive nature of information 
about individual employment terms and participation in labour 
unions. An estimated 24% of the group’s employees are covered 
by collective bargaining agreements (CBA). In the European 
Economic Area (EEA), 10 of the 27 countries where Wilhelmsen 
have a presence have employees covered by CBAs. Norway is 
the only country in the EEA with ≥50 employees representing 
≥10% total employees. There is no agreement with employees 
in Norway for representation by a European Works Council 
(EWC), a Societas Europaea (SE) Works Council, or a Societas 
Cooperativa Europaea (SCE) Works Council. Non-EEA countries 
are not reported in the table below as per the ESRS1 appendix C 
phase in provisions.
For employees not covered by a CBA, working conditions and 
terms of employment are determined based on a combination 
of factors, including market conditions based on location, 
similar positions within the business unit, and the employee’s 
skills and experience. An additional factor may be the same 
terms as a CBA. Employees in the same country but in another 
business unit where CBAs do not exist may not have the same 
terms as those who are part of the CBA. 
Employees covered by collective bargaining agreements, by 
region (%): Number of employees in the region covered by a 
collective bargaining agreement divided by the total number of 
employees in the region.
Employees covered by Works Councils, by region (%): Number 
of employees in the region covered by a Work Council divided 
by the total number of employees in the region.
Collective bargaining coverage
Social dialogue
Coverage rate
Employees – EEA (for countries 
with ≥50 employees representing 
≥10% total employees)
Employees – non-EEA (estimate 
for regions with ≥50 employees 
representing ≥10% total employees)
Workplace representation (EEA only) 
(for countries with ≥50 employees 
representing ≥10% total employees)
0-19%
Norway
20-39%
40-59%
Norway
60-79%
80-100%
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S1-9 Diversity metrics
Accounting policies
These metrics are related to the impacts on people and 
potential for discrimination in own operations. An entity-
specific metric is defined for gender distribution in internal 
boards. The metrics are not validated by an external body other 
than the assurance provider. 
Top management gender distribution (headcount, %): gender 
distribution of members of management in the group’s top 
three levels of management, where the group’s CEO is level 0, 
the group’s senior executives are level 1, business unit 
presidents and other group management are level 2, and 
business units’ management are level 3. A significant 
assumption is that all data is accurate and up to date in the 
human resources system. 
Employee age group distribution (headcount, %): total number 
of employees at year-end divided into three age groups: under 
30 years old, between 30 and 50 years old, and over 50 years 
old. A significant assumption is that all data is accurate and up 
to date in the human resources system. 
Entity-specific - Internal board roles gender distribution 
(number, %): number of board roles in consolidated business 
units (“internal boards”), split per gender of board member. 
Individuals can be members of multiple boards. A significant 
assumption is that all board membership data is accurate and 
up to date. 
Entity-specific - Employee engagement score (points): 
aggregated score of survey responses from all employees 
participating in the annual survey, with maximum score of 10 
points. A significant assumption is that all data is accurate and 
up to date in the Workday Peakon system and reflects the views 
of employees.
Diversity metrics
2024
Top management gender distribution
Females (headcount)
23
Males (headcount)
44
Gender not disclosed (headcount)
0
Females (%)
34
Males (%)
66
Gender not disclosed (%)
0
Employee age group distribution
Under 30 years old (headcount)
1097
30-50 years old (headcount)
3265
Over 50 years old (headcount)
1404
Under 30 years old (%)
19
30-50 years old (%)
57
Over 50 years old (%)
24
Entity-specific - internal board roles gender distribution (number, %)
Females (number)
18
Males (number)
27
Gender not disclosed (number)
0
Females (%)
40
Males (%)
60
Gender not disclosed (%)
0
Entity-specific - employee engagement score (points)
8.2
S1-10 Adequate wages
Based on an assessment of all employees and all geographies, 
no wages were identified as below the applicable adequate wage 
benchmark.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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S1-13 Training and skills development metrics
Accounting policies
These metrics are related to the impacts on people and potential 
for discrimination in own operations. Employees have one 
main annual performance review at the beginning of the year 
and an interim review mid-year. In 2024, both performance 
reviews were conducted. The metrics are not validated by an 
external body other than the assurance provider. 
Employee performance review participation, by gender (%): 
number of employees by gender participating in the annual 
performance review divided by the total number of employees. 
As the 2024 annual review process was initiated at the end of the 
fourth quarter in 2023 and completed in the first quarter in 2024, 
the calculation is based on the number of employees, by gender, 
as of 31 December 2023. A significant assumption is that 
the human resources systems used to record performance 
review data are accurate and up to date, and employees have 
completed the event. 
Employee average training hours, by gender (hours): number of 
mandatory and voluntary training hours recorded divided by the 
total number of employees at year end. Training hours is based 
on training registered in core learning systems, and an estimate 
for training not registered in these systems such as on-the-job 
training, local instructor-led courses and operational training. 
The estimate is calculated as the duration of known training 
events multiplied by the number of employees participating. 
A significant assumption is that employees have completed the 
training events, and that core learning systems are accurate 
and up to date. 
Training and skills development metrics 
2024
Employee performance review participation, by gender (%)
Total 
89
Females 
85
Males
91
Gender not disclosed
100
Employee average training hours, by gender (hours)
Females
12
Males
13
Total
13
S1-14 Health and safety metrics
Accounting policies
These metrics are related to the impacts on people and health 
and safety incidents in own operations. The metrics are not 
validated by an external body other than the assurance provider. 
Cases of work-related ill-health and number of days lost to 
injuries, accidents, fatalities, and work-related ill health are not 
reported as per the ESRS1 appendix C phase in provisions.
100% of the group’s own workforce are covered by health and 
safety management systems based on established standards 
such as ISO45001 or ISM Code for seafarers. 
Recordable work-related accidents (number): number of 
accidents occurred while engaged in work-related activities by 
employees and non-employees. This includes accidents 
happening during working hours while performing work-related 
tasks. The total number includes lost time injuries, restricted 
work cases, and medical treatment incidents. A significant 
assumption is that accidents have been dutifully and accurately 
reported in the relevant incident reporting systems. 
Recordable work-related accidents (rate): total number of work-
related accidents reported for the year per million total hours 
worked by employees and non-employees (seafarers). 
For employees, the total hours worked are estimated based on 
normal or standard hours of work in the location. The hours are 
not taking into account entitlements to periods of paid leave of 
absence from work (for example, paid vacations, paid sick leave, 
public holidays). A significant assumption is that data is accurate 
in the human resource system and normal or standard hours are 
applied consistently, and that accidents have been dutifully and 
accurately reported in the relevant incident reporting systems.
For seafarers (non-employees), the total hours worked are 
estimated based on the nature of exposure being 24 hours a 
day seven days a week whilst onboard. The total hours worked 
are calculated based on the weekly reports submitted by each 
vessel. Each vessel will submit its headcount onboard, which 
is multiplied by 24 hours a day by seven days a week. The total 
number of weekly exposure hours are tallied to make up the 
annual exposure hours. Seafarers work on a rotational basis, 
and the figure here refers to the number of seafarers who 
worked onboard vessels under Ship Management’s technical 
management in the reporting period. A significant assumption 
is that data is accurate in the weekly reports and exposure 
hours are applied consistently, and that accidents have been 
dutifully and accurately reported in the relevant incident 
reporting systems.
Fatalities (number): number of work-related fatalities of the 
group’s employees and non-employees (seafarers), and
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fatalities occurring at Wilhelmsen sites and vessels under 
technical management of Ship Management, involving other 
workers who are not part of the group’s own workforce. In the 
reporting period, there were two fatalities among other workers 
in the value chain while managed vessels were alongside in 
port. A significant assumption is that accidents have been 
dutifully and accurately reported in the relevant incident 
reporting systems.
Lost time injury frequency (LTIF) (rate): total number of work-
related lost time injuries reported for the year per million total 
hours worked by employees and non-employees (seafarers). 
Work-related is an occurrence arising out of or in the course of 
work as per the ESRS Annex II definitions. Lost time injuries 
are the sum of the number of work-related fatalities, permanent 
total disability (PTD), permanent partial disability (PPD) and 
number of Lost workday cases (LWC). A LWC is an injury 
which results in an individual being unable to carry out any of 
their duties or to return to work on a scheduled work shift on 
the day following the injury (unless caused by delays in getting 
medical treatment). 
For employees, the total hours worked are estimated based on 
normal or standard hours of work in the location. The hours are 
not taking into account entitlements to periods of paid leave 
of absence from work (for example, paid vacations, paid sick 
leave, public holidays). A significant assumption is that data is 
accurate in the human resource system and normal or standard 
hours are applied consistently, and that accidents have been 
dutifully and accurately reported in the relevant incident 
reporting systems.
For seafarers (non-employees), the total hours worked are 
estimated based on the nature of exposure being 24 hours a 
day seven days a week whilst onboard. The total hours worked 
are calculated based on the weekly reports submitted by each 
vessel. Each vessel will submit its headcount onboard, which 
is multiplied by 24 hours a day by seven days a week. The total 
number of weekly exposure hours are tallied to make up the 
annual exposure hours. Seafarers work on a rotational basis, 
and the figure here refers to the number of seafarers who 
worked onboard vessels under Ship Management’s technical 
management in the reporting period. A significant assumption 
is that data is accurate in the weekly reports and exposure 
hours are applied consistently, and that accidents have been 
dutifully and accurately reported in the relevant incident 
reporting systems.
Health and safety metrics 
2024
Employees in the company’s own workforce
Fatalities as a result of work-related injuries (number)
1
Recordable work-related accidents (number)
23
Recordable work-related accidents (rate)
2.25
Entity-specific - Lost time injury frequency (rate)
1.37
Non-employees in the company’s own workforce
Fatalities as a result of work-related injuries (number)
2
Recordable work-related accidents (number)
133
Recordable work-related accidents (rate)
3.28
Entity-specific - Lost time injury frequency (rate)
0.34
Other workers
Fatalities as a result of work-related injuries (number)
2
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S1-16 Remuneration metrics (pay gap and total remuneration)
Accounting policies
These metrics are related to the impacts on people from 
potential discrimination in own operations. The metrics are 
not validated by an external body other than the assurance 
provider. 
Gender pay gap (%): the difference between the total average 
hourly pay of male and female employees, expressed 
as a percentage of the male average pay. Employees working 
100% full-time equivalent (FTE) as of 1 November 2024, 
the date on which the data was extracted for analysis, are 
included in the metrics. Employees working less than full-
time equivalent (FTE) are excluded to provide a more accurate 
and meaningful analysis of remuneration among the core 
employee population. This is the first year of reporting global 
remuneration metrics across 56 countries based on the data 
available in the group’s human resources systems. As such, a 
significant assumption is that all the data has been gathered 
from the various human resources systems globally and 
processed consistently to arrive at hourly pay per employee, 
which is the basis for the pay gap calculation. Further analysis 
of the data will be undertaken in 2025.
Remuneration ratio (ratio): Ratio between the annualised pay 
and bonus paid out of the highest paid individual and the 
median of all employees, excluding the highest paid individual. 
Employees working 100% full-time equivalent (FTE) as of 1 
November 2024, the date on which the data was extracted for 
analysis, are included in the metrics. Employees working less 
than full-time equivalent (FTE) are excluded to provide a more 
accurate and meaningful analysis of remuneration among the 
core employee population. The salary figures used to calculate 
the total remuneration ratio are not adjusted for purchasing 
power differences between countries. A significant assumption 
is that all the data has been gathered from the various human 
resources systems globally and processed consistently to arrive 
at median pay and bonus for all employees.
Remuneration metrics
2024
Gender pay gap (%)
31
Remuneration ratio (ratio)
16.4
S1-17 Incidents, complaints and severe human rights impacts
Accounting policies
These metrics are related to the impacts on people from potential 
discrimination in own operations. The metrics are not validated 
by an external body other than the assurance provider. 
Incidents of discrimination and harassment (number): total 
number of whistles registered in the group’s whistle-blowing 
system and classified as discrimination related. Whistles 
related to both employees and non-employees (seafarers) are 
included. In 13 of the cases the allegations were confirmed, with 
appropriate mitigating actions taken. The remaining 10 whistles 
were concluded as “dismissed”: allegations not confirmed, not 
possible to follow up due to lack of information, misunderstanding 
between employees, no wrongdoing, or whistle blower not 
wanting the case to be pursued. A significant assumption is 
that the data provided accurately reflects incidents. 
Complaints related to social and human rights incidents filed 
through channels for own workers (number): total number 
of whistles registered in the group’s whistle-blowing system 
regarding social and human rights incidents, excluding those 
related to discrimination and harassment, identified during the 
reporting period. Whistles related to both employees and non-
employees (seafarers) are included. A significant assumption is 
that the data provided accurately reflects complaints made. 
Complaints filed through National Contact Points for OECD 
Responsible Business Conduct (number): total number of 
complaints filed with body during the reporting period. 
A significant assumption is that the data provided accurately 
reflects complaints filed. 
Fines, penalties, and compensation paid resulting from work-
related incidents and complaints (USD million): total amount of 
money spent on fines, penalties and compensation resulting 
from the incidents of discrimination and harassment and other 
social human rights cases, paid during the reporting period. 
Associated legal costs are excluded. A significant assumption 
is that the data provided accurately reflects payments made. 
No monetary amounts are disclosed that require reconciliation 
with the financial statements. 
Severe human rights incidents connected to the company’s 
workforce (number): total number of confirmed work-related 
severe human rights cases identified during the reporting 
period. The scope includes severe human rights violations as 
defined by the UN Guiding principles on Business and Human 
Rights, ILO Declaration of Fundamental Principles and Rights 
at work and/or OECD Guidelines for Multinational Enterprises. 
A significant assumption is that the data provided accurately 
reflects incidents. 
Work-related grievances, incidents and complaints metrics
2024
Incidents of discrimination, including harassment (number)
23
Complaints filed through channels for own workers to raise concerns (including grievance mechanisms) (number)
15
Complaints filed through channels for own workers to raise concerns (including grievance mechanisms) to the National Contact Points for OECD 
Multinational Enterprises (number)
0
Fines, penalties, and compensation for damages as a result of incidents and complaints (USD million)
0
Severe human rights incidents connected to the company’s workforce (number)
0
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3.2 S2 Workers in 
the value chain
Wilhelmsen’s strategic ambition is to work with responsible 
supply chain partners. With operations in 56 countries and 
more than 10,000 suppliers, there is potential for negative 
human rights impacts such as forced labour or child 
labour, unsafe working conditions, inadequate wages, and 
discrimination in the value chain. These risks are higher for 
specific groups in certain locations, industries, job types, and 
among minorities. Each of these issues can lead to physical and 
emotional trauma, loss of earning power, and reduced well-
being for the affected value chain workers.
Wilhelmsen has zero tolerance for all forms of corruption, 
modern slavery, and child labour. The group requires all suppliers 
to commit to responsible business practices, ensuring fair 
treatment of workers and adherence to human rights standards. 
Suppliers must provide safe working conditions, ensure fair 
wages, and maintain safety standards. Wilhelmsen enforces 
these requirements through the Supplier Code of Conduct, 
which is upheld through regular screening, assessments, and 
audits to prevent forced labour or child labour and to address 
issues like discrimination, harassment, and bullying.
ESRS 2 SBM-3 S2 Material impacts, risks and opportunities and their interaction 
with strategy and business model
Value chain workers materially impacted by the group’s operations, products, services, and business relationships 
are included in this disclosure.
Specific groups 
Type of involvement
Potential impacts
Seafarers
Work onboard vessels under a contractual arrangement with a ship owner/operator, and 
maintain an ongoing relationship with Ship Management.
When Ship Management has a crew management contract with the ship owner/operator, 
without technical management or control over the vessel’s safety management system, the 
seafarers are considered as value chain workers.
Exposure to hazardous conditions, 
discrimination, harassment, bullying, 
corruption and bribery demands, 
labour rights violations, and data 
privacy breaches.
On-site workers that are not 
part of the own workforce 
Involved in various on-site activities and subject to the group's safety and labour standards.
Exposure to hazardous conditions 
and potential labour rights violations.
Workers in joint ventures or 
partnership projects
Involved in specific projects or operations where Wilhelmsen has a stake or management role.
Inconsistent labour practices and 
lack of adherence to safety standards.
Subagents
Workers employed by subagents who facilitate various aspects of the value chain.
Unsafe working conditions, long 
working hours, low wages, poor 
working conditions, exposure to 
hazardous conditions.
Upstream value chain workers
Engaged in the extraction, refining, manufacturing, or processing of raw materials and 
production of components
Downstream value chain 
workers
Involved in logistics, local toll blending sites, distribution, and use of sold products.
Particularly vulnerable workers 
including migrant workers, 
women, and young workers
Employed by suppliers in the upstream or downstream value chain.
Child labour, forced labour, 
exploitation, lack of access to 
social protections, discrimination, 
unsafe working conditions.
Material impacts related to value chain workers 
Material potential impacts on workers in the value chain have 
been identified related to equal treatment and opportunities, 
forced or child labour, working conditions, and health and safety.
The group’s strategy to provide cost-effective and timely 
services can pressure labour rights within the value chain, 
potentially leading to cost-cutting measures affecting wages 
and working conditions. Rapid delivery demands can result in 
longer working hours and increased stress, leading to labour 
rights violations. Poor health and safety standards also pose 
significant risks of workplace accidents and injuries. Using 
materials from unknown sources can hide exploitation, unsafe 
conditions, and low wages. Engaging with many suppliers 
without stringent oversight can result in inconsistent labour 
practices and potential human rights abuses. Wilhelmsen uses a 
risk-based approach to conduct screening, oversight, audits, 
and some training of suppliers to ensure compliance with 
labour rights and safety standards. Increasing supply chain 
transparency helps identify and address potential human rights 
abuses and labour violations. The group adopts procurement 
practices that prioritise the welfare of workers and the 
environment, engaging with suppliers who comply with laws, 
uphold ethical practices, and ensure fair wages and safe conditions.
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Wilhelmsen monitors and evaluates the impact of its strategy 
on value chain workers at an operational level, making 
necessary adjustments to mitigate negative impacts.
Operations at significant risk of incidents of child labour, 
forced labour or compulsory labour
Wilhelmsen has identified extraction and processing of raw 
materials, production facilities, and shipyards as operations 
in the value chain at most significant risk of incidents of child 
labour and forced labour. These risks are more prevalent in 
certain regions where enforcement of labour laws is lower and 
there are higher economic disparities. 
Production facilities and maritime service activities at ports 
are identified as operations at significant risk of forced 
or compulsory labour in countries such as China, India, 
Thailand, Turkey, Brazil, and the United Arab Emirates. These 
countries are identified as high-risk due to weaker labour law 
enforcement, higher economic disparities, and the prevalence 
of migrant labour. Suppliers undergo thorough due diligence 
and continuous monitoring to ensure human rights standards 
are met and risks are mitigated.
Wilhelmsen focuses on screening and diligently following up 
on compliance with the Supplier Code of Conduct. Wilhelmsen 
enforces compliance through initial screenings, periodic 
audits, and inspections of suppliers and sub-suppliers. 
Non-compliance results in mandatory corrective actions, and 
failure to comply may lead to termination of business activities 
or civil action.
Shipyard activities, including newbuilding and dry-docking 
services, particularly in China, South Korea, Japan, and 
the Philippines, are at high-risk of forced labour due to 
shipbuilding activities involving complex supply chains and 
subcontracting. Ship Management’s provision of technical 
supervision services aims to support shipowners in mitigating 
these risks by upholding human rights standards. Additionally, 
active ownership and oversight of investment companies’ 
strategies, activities, and policies related to these activities are 
leveraged to contribute to mitigating these risks.
Continuous due diligence and monitoring are essential to 
ensure compliance with human rights standards and mitigate 
risks of child labour, forced labour, or compulsory labour in 
these value chain activities.
Material risks and opportunities related to value chain workers
The group’s approach to supply chain management aims to 
secure compliance with labour rights and safety standards, 
mitigating legal and reputational risks. Regular audits and 
assessments monitor supplier adherence to the Supplier 
Code of Conduct, minimising the risk of violations and 
unsafe conditions. Efforts to foster a supportive and safe 
working environment for value chain workers aims to reduce 
operational disruptions caused by stress, long hours, or 
accidents. Consistent labour practices and preventing human 
rights abuses are key to supply chain stability and reducing 
operational costs. A solid reputation for ethical business 
practices attracts partners who prioritise these values, leading 
to potential business opportunities and partnerships.
Wilhelmsen has assessed the financial risks and opportunities 
arising from impacts and dependencies on value chain 
workers, however, no material risks and opportunities have 
been identified in the assessment. The group continues to 
review and update policies and practices to address emerging 
challenges related to value chain workers.
S2-1 Policies related to value chain workers
The groups policies to manage its material impacts on workers 
in the value chain are the Human rights commitment and 
Supplier Code of Conduct. The group considers the interests of 
key stakeholders in setting its policies by actively participating 
in relevant forums and consultations. The group stays updated 
on industry, regulatory, and other developments to ensure 
that its policies align with the latest standards and stakeholder 
expectations. As these policies derive from the requirements 
contained in the group’s Owner’s statement, the CEO is the 
most senior level in the organisation accountable for their 
implementation. The policies and whistleblowing channel 
are made available for stakeholders on the group’s website. A 
statement of compliance with the Norwegian Transparency Act 
is made each year (please refer to appendix 2 on page 190).
Human rights policy commitment
Wilhelmsen’s Human rights commitment sets expectations for 
safeguarding human rights across the group and in the value chain. 
Suppliers must comply with the Supplier Code of Conduct, and 
Wilhelmsen collaborates with third parties who adhere to these 
standards. The group implements a human rights due diligence 
process to identify and address any actual or potential adverse 
impacts. This is guided by the Guiding Principles on Business 
and Human Rights and the OECD Guidelines for Multinational 
Enterprises and aligned with internationally recognised 
instruments, such as the UN Universal Declaration of Human 
Rights and the International Labour Organisation (ILO) 
Declaration on Fundamental Principles and Rights at Work. 
Contracts for seafarers on crewing-management vessels adhere 
to the Maritime Labour Convention (MLC). The group has not been 
made aware of any cases of non-respect of these international 
guidelines within the value chain in the reporting period.
Value chain workers can raise concerns about human rights 
impacts through a whistleblowing channel. If Wilhelmsen’s 
actions directly cause or contribute to harmful human 
rights impacts, the group promotes access to or provides 
fair remediation. Wilhelmsen is committed to continuously 
improving these processes, acknowledging the need for 
ongoing efforts to refine and enhance its human rights 
practices, especially given the challenges of managing a large 
and geographically diverse supplier base. 
Supplier Code of Conduct
The group’s Supplier Code of Conduct applies to any legal 
entity or person that provides products or services requested 
by Wilhelmsen globally, including provisions for suppliers to 
apply the same principles in their supply chain. Suppliers are 
required to provide a safe and healthy working environment 
for all employees and have policies and practices in place to 
minimise human and labour rights infringements. Suppliers 
shall foster an environment free of any sort of harassment, 
bullying or discrimination. The code prohibits any involvement 
in human trafficking and mandates active measures to prevent 
it. It strictly prohibits the use of forced and child labour, 
ensuring adherence to international labour standards. These 
provisions reflect the group’s commitment to the protection of 
workers’ rights throughout its supply chain.
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S2-2 Processes for engaging with value chain workers about impacts
Wilhelmsen considers the perspectives of value chain workers 
when making decisions or taking actions to manage actual and 
potential impacts related to them. Although the group does not 
systematically engage directly with value chain workers, it gains 
insights into their perspectives, including those of vulnerable 
workers, through publicly available information such as industry 
papers, country and industry risk indicator models, NGO 
briefings, and internal resources like supplier audit reports. 
As Wilhelmsen continues to develop its due diligence activities, 
the goal is to achieve a more comprehensive understanding of 
potentially affected value chain workers. 
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns
Wilhelmsen has adopted channels for value chain workers to 
raise concerns and supports their availability in the workplace 
in the Supplier Code of Conduct. Suppliers shall have in 
place appropriate grievance, disciplinary and termination 
procedures.
A whistleblowing channel is available on the group’s website 
for all internal and external stakeholders including value 
chain workers. All stakeholders can also request information 
via email (humanrights@wilhelmsen.com) on the group’s 
activities and human rights due diligence processes. The group 
does not assess value chain workers’ awareness or trust in the 
whistleblowing channel. 
For seafarers on crew management contracts, a debriefing 
process after sign-off is a channel to address any feedback, 
concerns, or grievances. All advertisements for seafaring 
positions clearly state that they should not pay placement 
fees, and the whistleblowing channel is included in these 
advertisements. Banners at manning offices reinforce this 
message and feedback forms are sent to seafarers’ personal 
emails after sign-off.
Issues raised through the whistleblowing channel are tracked 
and monitored. This channel ensures confidentiality and 
protection for stakeholders. Wilhelmsen has a systematic 
procedure for handling whistleblowing cases, including prompt 
investigations, documentation of findings, and feedback to the 
whistleblower. Reports on investigated cases are submitted to 
senior executives and the board. The Marine human resources 
department and manning agents follow up on issues related to 
seafarers on crewing management contracts.
When Wilhelmsen identifies that it has caused or contributed 
to a material negative impact on value chain workers, it 
promotes access to and provides fair remediation. The group 
conducts periodic reviews to ensure continued relevance and 
improvement in its processes.
S2-4 Taking action on material impacts on value chain workers
Wilhelmsen has adopted actions related to supply chain 
management to mitigate potential negative impacts on workers 
in the value chain. This includes screenings, on-site audits, and 
due diligence checks in customer and supplier relationships.
In addition to findings from supplier or customer due diligence 
screenings or audits, the group identifies necessary actions 
through an annual human rights due diligence process, guided 
by the UN Guiding Principles on Business and Human Rights 
and the OECD Guidelines for Multinational Enterprises. 
This includes assessing impacts, integrating findings, and 
monitoring progress. 
To prevent or mitigate negative impacts, Wilhelmsen 
requires suppliers to comply with its Supplier Code of 
Conduct, conducts supplier screenings and audits, and has 
a whistleblowing channel available for value chain workers 
to report concerns. Specific areas of focus are employment 
conditions, working environment, health and safety standards, 
and particularly for seafarers, the elimination of recruitment 
fees. Additionally, for specific supplier types, business units 
hold awareness and training sessions to ensure supplier 
representatives can meet the established expectations.
In the reporting period, 99% of suppliers in defined tiers (based 
on risk, spend or criticality) were screened with ESG criteria, 
and the Supplier Code of Conduct was accepted by 95% of 
new suppliers in defined tiers or those undergoing contract 
renewal. For current suppliers, business units conduct ongoing 
desktop due diligence to identify and determine suppliers at 
high human rights related risk. In the period, business units 
conducted 742 supplier audits or assessments with ESG criteria. 
Business units have also increased awareness and management 
attention and focus on country risk/outsourcing risks. In 
addition, business units have conducted supplier workshops, 
information sessions, performance assessments, and business 
reviews. Any findings following these assessments are 
addressed to the suppliers with expected corrective actions.
These actions are part of a continuous effort over the short 
and medium term intended to prevent child labour and forced 
labour, improve employment conditions, enhance health and 
safety standards, and eliminate recruitment fees for seafarers. 
No significant financial resources are allocated to action plans, 
as necessary processes and resources are established. No material 
impacts requiring remedy were identified in the reporting period. 
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S2-5 Targets related to managing material negative impacts, advancing positive impacts, 
and managing material risks and opportunities
Wilhelmsen has set metrics and targets related to supply chain 
management to mitigate potential negative impacts on value 
chain workers. The process for setting metrics and targets 
involves using historical organisational data, such as supplier 
assessments, audits, due diligence assessments, and changes 
in the business context. Workers in the value chain are not 
directly engaged in setting these targets and do not have direct 
access to the group’s performance tracking or improvements, 
except through information available on the group’s website. 
Suppliers screened with ESG criteria: as an integral part of 
Wilhelmsen’s Supplier Code of Conduct, the group works to 
ensure potential or new suppliers or those with contract renewal 
meet stringent ESG criteria before engagement. The target is 
100% of suppliers in defined tiers. Targeting defined tiers of 
suppliers allow for a risk-based approach using criteria such as 
spend, criticality, and ESG related risks. In 2024, the result was 
99% which is considered positive engagement with suppliers. 
The target will remain the same for 2025.
Suppliers agreeing to the Supplier Code of Conduct: The 
group works to have suppliers commit to and comply with the 
ESG standards set out in the Supplier Code of Conduct. The 
target is 100% of suppliers in defined tiers agreeing. Targeting 
defined tiers of suppliers allow for a risk-based approach 
based on criteria such as spend, criticality, and ESG related 
risks. Where a supplier has its own Code of Conduct which is 
equivalent to or better than the group’s then an agreement can 
be made on that basis.  In 2024, the result was 95% which is 
considered positive and a provides a foundation to work with 
suppliers to maintain ESG standards. The target will remain the 
same for 2025.
Entity-specific metrics related to workers in the value chain
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Suppliers screened with ESG criteria (%): total number of 
suppliers that are screened with ESG criteria as a percentage 
of suppliers in defined tiers that are potential, new, or have 
contract renewal. Defined tiers are used as a risk-based 
approach to target specific supplier and contract types, for 
example based on spend, criticality, and ESG related risks. 
A significant assumption is that the ESG criteria used in the 
audit or assessment, addresses relevant human rights and 
working conditions impacts related to the supplier, and that 
the records are accurate. 
Suppliers agreeing to the Supplier Code of Conduct (%): total 
number of suppliers that agree to the Supplier Code of Conduct 
as a percentage of suppliers in defined tiers that are new or 
have a contract renewal. Defined tiers are used as a risk-based 
approach to target specific supplier and contract types, for 
example based on spend, criticality, and ESG related risks. 
A significant assumption is that agreements recorded in the 
procurement or supplier due diligence system are accurate. 
Metrics and targets
Objective
Metric
Target 
2024
Performance 
2024
Base year
Baseline
Target 
2025
Ensure new suppliers meet stringent ESG criteria 
before engagement. 
Suppliers screened with ESG 
criteria (%)
100
99 
None
None
100
Have suppliers commit to and comply with 
the ESG standards set out in the Supplier Code 
of Conduct. 
Suppliers agreeing to the 
Supplier Code of Conduct (%)
100
95 
None
None
100
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Governance
information
77 	
4.1. Business conduct
79 	
4.2. Cyber security
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4.1 G1 Business 
conduct
The group’s ambition is to be a responsible, trusted, and 
compliant value chain partner. To ensure sound governance, a 
robust management system is in place. 
In the global maritime industry, there is potential for incidents 
of fraud, corruption, and bribery, such as facilitation payments. 
These incidents can result in financial loss, reputational 
damage, and compliance violations, affecting multiple business 
units in the group. Addressing these risks is essential to maintain 
the group’s integrity and operational stability, protecting 
stakeholders including employees, customers, and investors.
Individuals or groups within Wilhelmsen’s workforce may be 
subject to fraud, corruption and bribery demands, particularly 
those involved in awarding contracts or engaged in ship/shore 
interface operations. Seafarers applying for roles may face 
illegal demands for recruitment fees from undesirable actors. 
Such incidents can lead to physical or emotional trauma, 
financial loss, including indebtedness, loss of reputation, and 
legal consequences, impacting the affected individuals and 
their families. Retaliation against whistleblowers could result 
in negative health, safety, and security impacts.
Wilhelmsen is dedicated to maintaining compliant and 
ethical operations, including the elimination of corruption 
in the value chain. The group has clear policies, provides 
management support, maintains a whistleblowing channel, 
and conducts training regarding ethical conduct. Wilhelmsen 
implements anti-corruption policies, regular audits, employee 
training, and support for affected employees to prevent and 
address corruption and fraud. The group’s strategy includes 
anti-bribery measures and collaboration with industry bodies 
to combat corruption.
G1-1 Business conduct policies and corporate culture
Wilhelmsen’s corporate culture is built on its governing 
elements, which consists of its vision, values, leadership 
expectations, and Code of Conduct.
Code of Conduct
The Code of Conduct is the main policy that outlines the 
business ethics standards for the group, applicable globally to 
its own workforce. It emphasises compliance with laws and 
regulations, fair and ethical competition, and a zero-tolerance 
policy towards corruption, bribery, theft, and fraud. The code 
also highlights the importance of a respectful and safe working 
environment, responsible handling of drugs and alcohol, 
and avoiding conflicts of interest. It requires approval for 
external commercial engagements, promotes environmental 
responsibility, and mandates secure handling of cyber security. 
Additionally, it commits to safeguarding human rights, 
careful handling of confidential information, and encourages 
whistleblowing with guaranteed confidentiality and protection. 
Suppliers are also expected to comply with and promote these 
principles as outlined in the group’s Supplier Code of Conduct 
(please refer to S2 Workers in the value chain policies page 73). 
The CEO and board are accountable for the implementation of 
these policies. The group conducts assessments, surveys, audits, 
and reviews to evaluate adherence to these requirements.
Whistleblower mechanism
Wilhelmsen’s whistleblowing system allows for anonymous 
reporting through a third-party vendor, ensuring the sender’s 
identity remains confidential. The system includes a chat 
function for anonymous communication. The Code of Conduct 
explicitly forbids retaliation against whistleblowers, a policy 
reinforced in all related materials and training. Reports of 
misconduct are identified through the whistleblowing channel, 
alerts, and internal audits. Investigations are conducted by 
compliance, internal audit, and human resources functions.
Business conduct training
All employees undergo mandatory annual training on key 
components of the Code of Conduct, delivered through 
a 45-minute e-learning. The target is a 100% employee 
completion rate.
Anti-corruption and bribery
Wilhelmsen has formalised an investigation procedure in 2024, 
to be implemented in 2025, outlining principles for conducting 
investigations. Functions most at risk of corruption and bribery 
include those interacting with government officials, particularly 
Port Services employees. Business units have policies on anti-
corruption and anti-bribery consistent with the requirements 
in the group’s Owner’s statement and Code of Conduct.
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G1-3 Prevention and detection of corruption and bribery
Wilhelmsen has established comprehensive procedures 
to prevent, detect, and address allegations or incidents of 
corruption and bribery. The group’s zero tolerance stand 
on corruption and bribery is set out in the group’s Owner’s 
statement and Code of Conduct. These documents are available 
to all employees on the group’s intranet site. This policy 
is communicated through the group’s yearly compulsory 
training, which is rolled out to all employees. Additionally, 
communication takes place at the business unit level.
A major tool for preventing, detecting, and investigating 
allegations of breaches is the group’s whistleblowing channel 
and the internal procedures related to whistleblowing. 
Additionally, internal control measures are implemented to 
prevent such incidents.
Any investigations into allegations of corruption and bribery 
are separated from the operational chain of management. 
Any serious allegations and the outcomes of investigations are 
reported by the compliance function to the board.
All board members, management, and employees including 
functions-at-risk are covered by training programmes, with 
100% completion rate for 2024. 
G1-4 Incidents of corruption or bribery
There were no convictions for violation of anti-corruption 
and anti-bribery laws in the reporting period. There were two 
confirmed breaches of the zero-tolerance policy on corruption. 
Both incidents led to the dismissal of employees and additional 
local briefings to reinforce the group’s zero-tolerance stance.
Governance data
Accounting policies
The governance metrics are related to the impacts on people 
subject to corruption and bribery demands and risks from 
incidents of fraud, corruption, or bribery in own operations and 
in the value chain. The metrics are not validated by an external 
body other than the assurance provider. 
Workforce at risk covered by anti-corruption and anti-bribery 
training (%): percentage of workforce at risk of corruption and/
or bribery that is covered by anti-bribery and anti-corruption 
training within the Code of Conduct training. An estimate 
is made for the workforce at risk including employees, non-
employees, and members of management deemed to be at 
risk of corruption due to their job functions, authorisation 
level, tasks and responsibilities. The estimate for the total 
headcount of workforce in functions-at-risk during the reporting 
period is 800. A significant assumption is the definition and 
identification of “functions-at-risk used in the estimate. 
Convictions for violation of anti-corruption and anti-bribery 
laws (number): total number of convictions for breaches of 
anti-corruption and anti-bribery laws, leading to the group or 
a business unit being convicted and sentenced in a national 
court of law for violating such regulations. Conviction cases 
that the group decides to appeal are included in the number 
reported. A significant assumption is that the data provided 
accurately reflects convictions. 
Fines paid for violation of anti-corruption and anti-bribery laws 
(USD million): total amount of cash settlements related to fines 
and penalties associated with violations of anti-corruption 
and anti-bribery laws. A significant assumption is that the data 
provided accurately reflects fines paid for violations. 
Code of Conduct training completion rate (%): the total number 
of employees that have completed the training divided by the 
total number of employees included in the annual campaign 
or the onboarding program for new hires. In 2024, the group 
achieved a 100% completion rate which was pleasing given the 
challenges of ensuring full participation across a diverse and 
global workforce. It underscores the dedication of employees 
to understand and act according to the Code of Conduct. A 
significant assumption is that all data is accurate in the human 
resources system. 
Anti-corruption and anti-bribery metrics
2024
Workforce at risk covered by anti-corruption and anti-bribery 
training (%)
100
Convictions for violation of anti-corruption and anti-bribery 
laws (number)
0
Fines paid for violation of anti-corruption and anti-bribery 
laws (USD million)
0
Code of Conduct training metric
Entity-specific - Code of Conduct training completion rate (%)
100
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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4.2	Entity-specific 
- Cyber security
Wilhelmsen invests in robust cyber security measures and 
data protection protocols to safeguard personal information 
and ensure the integrity of its systems. All business units 
are expected to have a robust cyber security governance 
framework in place, supported by dedicated cyber resources 
and competencies. Wilhelmsen’s workforce may be exposed to 
privacy breaches, unauthorised use of information, or cyber-
attacks from undesirable actors. Personal data privacy breaches 
can lead to unlawful use of data, cyberbullying, exposure to 
harmful content, identity theft, fraud attempts, and ransom 
demands. Incidents can cause emotional trauma, reputational 
damage, legal issues, and financial losses, impacting the 
affected individuals and their families. 
ESRS 2 MDR-P Entity-specific policies related to cyber security
The group adopted its IT and Cyber security standard in 2024 
to define a mandatory minimum set of security requirements, 
establish a security direction and ambition for the group, 
and outline levels of accountability and responsibility for 
cyber security within Wilhelmsen and its business units. The 
standard addresses material impacts related to information 
security, including data breaches, unauthorised access, and 
cyber threats. The process for monitoring includes regular 
assessments, audits, and reviews to ensure compliance and 
effectiveness. As the standard derives from the requirements 
contained in the group’s Owner’s statement, the CEO is the 
most senior level in the organisation accountable for its 
implementation.
The standard applies to all business units and covers all 
business processes, assets, and services across the geographies 
where Wilhelmsen operates. The standard also extends to 
suppliers, who are expected to comply with and promote these 
principles within their own supply chains. The standard aligns 
with internationally recognised standards such as ISO/IEC 
27001, which provides a framework for information security 
management. The group also focus on compliance with EU 
General Data Protection Regulation (GDPR), with relevant 
procedures and practices in place relating to the processing of 
personal data.
Wilhelmsen considers the interests of key stakeholders, 
including employees, suppliers, and business partners. The 
standard ensures that all parties involved are aware of their 
responsibilities and the importance of maintaining cyber 
security standards to protect sensitive information and 
mitigate risks. The standard is available to all employees in the 
group’s management system. Suppliers and business partners 
are informed of the standard through contractual agreements 
and the Supplier Code of Conduct (please refer to S2 Workers 
in the value chain). The standard is also reinforced through 
mandatory cyber security awareness and training programs for 
all employees.
ESRS 2 MDR-A Entity-specific actions and resources related to cyber security
In 2024, the group implemented the IT and Cyber security 
standard and conducted a cyber security governance 
assessment. Additionally, the group completed a targeted uplift 
for the EU directive NIS2 and established a Governance, Risk, 
and Compliance (GRC) platform. A cyber compass programme 
was launched to support 2024 targets, involving gap assessments 
and planning for gap closure in the short to medium-term. 
The group enhanced security awareness through multiple 
phishing campaigns and plans to increase their frequency with 
direct follow-ups. Data protection enquiries from stakeholders 
were addressed with no significant breaches reported. The 
focus in 2025 will be on completing identified gap closures, 
implementing robust cyber risk assessments related to own 
operations and value chain, and continued cyber security 
training and awareness for employees. These actions aim 
to strengthen the group’s overall cyber security and protect 
against potential threats.
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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ESRS 2 MDR-T Entity-specific targets related to cyber security
The group has set targets and metrics related to cyber security 
and the impact of personal data breaches and cyber security 
aligned with the group’s IT and Cyber security standard.
Phishing campaign click rate
Reducing the click-rate in phishing campaigns aligns with the 
group’s policy objectives of enhancing cyber security awareness 
and reducing vulnerability to cyber threats. This target includes 
all employees within the organisation and is defined using 
data from internal phishing campaign records. The intended 
outcomes are to improve employees’ ability to recognise and 
respond to phishing attempts and enhance overall cyber 
security awareness. The click rate was 14% in 2024. Given 
the rapidly evolving nature of phishing attempts, which are 
becoming more sophisticated, the group will use both 2024 and 
2025 to establish a relevant baseline for further target setting. 
Mandatory cyber security training
Achieving a 100% completion rate for mandatory cyber security 
training is aligned with the group’s policy objectives of ensuring 
comprehensive cyber security awareness and compliance 
across all operations. This target includes all employees and 
is defined using data from internal training records. The 
intended outcomes are to enhance cyber security standards 
and compliance within the workforce. The completion rate was 
100% in 2024, and the same target will apply for 2025 given the 
importance of this training.
ESRS 2 MDR-M Entity-specific metrics related to cyber security
Accounting policies
The metrics are not validated by an external body other than 
the assurance provider. 
Phishing campaign click rate (%): average of campaign click rates 
in the reporting period. Campaign click rates are calculated 
as the number of employees clicking on the phishing email 
divided by the total number of employees participating in the 
campaign. A significant assumption is that all data is accurate 
in the phishing reporting system and all campaign results are 
reported for the period. 
Mandatory cyber security training completion rate (%): number 
of employees completing cyber security training divided by 
the total number of employees participating in the campaign. 
A significant assumption is that data is accurate in the human 
resources system and all training is completed. 
Metrics and targets
Objective
Metric
Target 
2024
Performance 
2024
Base year
Baseline
Target 
2025
Reduce exposure to cyber risk 
through employee awareness 
Phishing campaign click rate (%)
Establish 
baseline 
14 
2024 and 2025
None 
Establish 
baseline and 
targets
Mandatory cyber security training 
completion rate (%)
100
100
2023
100
100
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
80
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Lysaker, 19 March 2025
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed:
Carl E. Steen (chair)
Thomas F. Borgen
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas Wilhelmsen (group CEO)
Sustainability statement    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Accounts and notes 
– group
82 	
Wilh. Wilhelmsen Holding ASA group
83 	
Income statement
83 	
Comprehensive income
84 	
Balance sheet
85 	
Cash flow statement
86 	
Equity
87 	
General accounting principle
88 	
Notes
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Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
82

Income statement Wilh.Wilhelmsen Holding group
USD mill
Note
2024
2023
Operating revenue
1/3/19
 1 136 
 1 027 
Other gain
 2 
 1 
Total income
 1 138 
 1 029 
Operating expenses
Cost of goods and change in inventory
15
 (391)
 (340)
Employee benefits
6
 (423)
 (387)
Other expenses
1/19
 (166)
 (153)
Depreciation, amortisation and impairment
7/8
 (74)
 (59)
Total operating expenses
 (1 053)
 (940)
Operating profit
 85 
 88 
Share of profit from joint ventures and associates
4
 472 
 431 
Change in fair value financial assets 
14
 27 
 11 
Other financial income
1
 25 
 39 
Other financial expenses
1
 (71)
 (54)
Profit before tax
 538 
 515 
Tax income/(expense)
9
 (20)
 (27)
Profit for the year
 518 
 487 
Of which:
Profit attributable to the equity holders of the company 
 498 
 466 
Profit attributable to non-controlling interests
 20 
 21 
Basic / diluted earnings per share (USD)
10
 11.47 
 10.52 
Comprehensive income Wilh.Wilhelmsen Holding group
USD mill
Note
2024
2023
Profit for the year
 518 
 487 
Items that may be reclassified to the income statement
Cash flow hedges (net after tax)
 1 
Comprehensive income from associates
 13 
 5 
Currency translation differences 
18
 (228)
 (15)
Items that will not be reclassified to the income statement
Remeasurement postemployment benefits, net of tax
11
 1 
 (1)
Other comprehensive income, net of tax
 (213)
 (11)
Total comprehensive income for the year
 305 
 476 
Total comprehensive income attributable to:
Equity holders of the company
 300 
 457 
Non-controlling interests
 5 
 19 
Total comprehensive income for the year
 305 
 476 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
83
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Balance sheet Wilh.Wilhelmsen Holding group
USD mill
Note
31.12.2024
31.12.2023*
ASSETS
Non current assets
Deferred tax assets
9
 52 
 51 
Goodwill and other intangible assets
7
 125 
 132 
Properties and other tangible assets
7
 571 
 623 
Right-of-use assets 
8
 121 
 112 
Investments in joint ventures and associates
4
 2 001 
 1 877 
Financial assets to fair value 
14/18
 86 
 87 
Other non current assets
12
 39 
 42 
Total non current assets
 2 994 
 2 924 
Current assets
Inventories
15
 119 
 121 
Current financial investments
16/18
 121 
 124 
Other current assets
12/18
 368 
 342 
Cash and cash equivalents
17
 155 
 224 
Total current assets
 764 
 811 
Total assets
                                              
 3 758 
 3 735 
EQUITY AND LIABILITIES
Equity
Paid-in capital
 118 
 118 
Retained earnings and other reserves
 2 462 
 2 215 
Shareholders' equity 
 2 580 
 2 332 
Non-controlling interests
 115 
 155 
Total equity
 2 695 
 2 488 
Non current liabilities
Pension liabilities
11
 21 
 23 
Deferred tax liabilities
9
 12 
 12 
Non current interest-bearing debt
17/18
 277 
 456 
Non current lease liabilities 
8/17
 108 
 101 
Other non current liabilities
 8 
 11 
Total non current liabilities
 425 
 603 
Current liabilities
Current income tax
9
 12 
 10 
Public duties payable
 17 
 18 
Current interest-bearing debt
17/18
 23 
 27 
Current lease liabilities
8/17
 26 
 24 
Other current liabilities
12
 559 
 567 
Total current liabilities
 637 
 645 
Total equity and liabilities 
 3 758 
 3 735 
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 21 for more details. 
Lysaker, 19 March 2025
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed:
Carl E. Steen (chair)
Thomas F. Borgen
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas Wilhelmsen (group CEO)
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
84
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Cash flow statement Wilh.Wilhelmsen Holding group
USD mill
Note
2024
2023
Cash flow from operating activities
Profit before tax 
 538 
 515 
Share of (profit)/loss from joint ventures and associates
4
 (472)
 (431)
Change in fair value financial assets
14
 (27)
 (11)
Financial (income)/expenses
1
 46 
 15 
Depreciation, amortisation and impairment
7/8
 74 
 59 
Other (gain)/loss
 (2)
 (1)
Change in net pension asset/liability
 1 
 1 
Change in inventories
 (7)
 (7)
Change in other assets and liabilities
 (33)
 75 
Tax paid (company income tax, withholding tax)
 (22)
 (21)
Net cash flow from operating activities
 96 
 194 
 
Cash flow from investing activities
Dividend received from joint ventures and associates
4
 311 
 170 
Proceeds from sale of fixed assets
 1 
 2 
Investments in tangible and intangible assets 
7
 (40)
 (43)
Net proceeds from sale of subsidiaries, joint ventures and associates
 9 
Investments in subsidiaries, joint ventures and associates
4/5
 (55)
 (50)
Loan repayments received from sale of subsidiaries
 7 
Loans granted to joint ventures and associates
 (2)
 (11)
Dividend received / proceeds from sale of financial investments
 21 
 41 
Purchase of current financial investments
 (47)
 (53)
Interest received
1
 9 
 8 
Changes in other investments
 2 
Net cash flow from investing activities
 217 
 63 
 
Cash flow from financing activities
Net proceeds from issue of debt after debt expenses
 81 
 84 
Repayment of debt
 (246)
 (157)
Repayment of lease liabilities 
8
 (33)
 (28)
Interest paid including interest derivatives
1/8
 (29)
 (33)
Cash from/(to) financial derivatives 
 (3)
 (4)
Purchase of non-controlling interests
 (32)
 (2)
(Investment)/disposal own shares
 (47)
 (11)
Dividend to shareholders
 (72)
 (46)
Net cash flow from financing activities
 (382)
 (196)
Net change in cash and cash equivalents
 (69)
 61 
Cash and cash equivalents at the beginning of the period
 224 
 163 
Cash and cash equivalents at 31.12
 155 
 224 
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, current assets and liabilities are included in net cash flow provided by operating activities.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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 31.12.2023
 118 
 (1)
 2 215 
 2 332 
 155 
 2 488 
Comprehensive income for the period:
Profit for the period
 498 
 498 
 20 
 518 
Other comprehensive income
 (198)
 (198)
 (15)
 (213)
Total comprehensive income for the period
 300 
 300 
 5 
 305 
Other equity transaction in associates:
Change in put option in associate
 22 
 22 
 
 22 
Transactions with owners:
Change in non-controlling interests
 40 
 40 
 (41)
0 
Purchase of own shares*
 (2)
 (45)
 (47)
   
 (47)
Paid dividend to shareholders
   
 (68)
 (68)
 (4)
 (72)
Balance at 31.12.2024
 118 
 (3)
 2 465 
 2 580 
 115 
 2 695 
* Wilh. Wilhelmsen Holding ASA held 1 688 812 own shares at 31 December 2024.
USD mill
 Share capital 
 Own shares 
Retained 
earnings
Total
Non-controlling 
interests 
Total equity
Balance at 31.12.2022 as reported
 118 
 2 160 
 2 278 
 160 
 2 438 
Effect of restatement*
 (246)
 (246)
 (246)
Balance at 01.01.2023 restated
 118 
 1 914 
 2 032 
 160 
 2 192 
Comprehensive income for the period:
Profit for the period
 466 
 466 
 21 
 487 
Other comprehensive income
 (9)
 (9)
 (2)
 (11)
Total comprehensive income for the period
 457 
 457 
 19 
 476 
Other equity transaction in associates:
Change in put option in associate
(124)
 (124) 
 
 (124) 
Transactions with owners:
Change in non-controlling interests
 19 
 19 
 (19)
0
Purchase of own shares**
 (1)
 (10)
 (10)
 (11)
Paid dividend to shareholders
  
 (41)
 (41)
 (5)
 (46)
Balance at 31.12.2023
 118 
 (1)
 2 215 
 2 332 
 155 
 2 488 
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 21 for more details.
** Wilh. Wilhelmsen Holding ASA held 386 300 own shares at 31 December 2023.
Dividend for fiscal year 2023 was NOK 18.00 per share and was paid in May 2024 
(NOK 10.00 per share) and in November 2024 (NOK 8.00 per share).
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).
The proposed dividend for fiscal year 2024 is NOK 12.00 per share payable in the 
second quarter of 2025. A decision on the proposal will be taken by the Annual 
General Meeting on 30 April 2025. The proposed dividend is not accrued in the year-
end balance sheet.
The dividend will have effect on retained earnings in second quarter of 2025.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
86
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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 2024 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 19 March 2025.
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 to physical risk that may affect the group’s assets, are integral 
parts 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 2024, 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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 1 Combined items, income statement
USD mill
Note
2024
2023
OPERATING REVENUE
Ships Service 
2/3
 507 
 477 
Port Services
2/3
 160 
 155 
Ship Management
2/3
 149 
 87 
Energy Infrastructure
2/3
 299 
 283 
Other services 
2/3
 22 
 27 
Total operating revenue
19
 1 136 
 1 027 
OPERATING EXPENSES
Office expenses
 (14)
 (14)
Communication and IT expenses
 (41)
 (36)
External services
 (29)
 (31)
Travel and meeting expenses
 (14)
 (12)
Marketing expenses
 (3)
 (3)
Lease expenses
8
 (11)
 (12)
Other operating expenses
 (54)
 (46)
Total operating expenses
19
 (166)
 (153)
Financial income
Investment management
 10 
 15 
Interest income
 9 
 8 
Dividend from financial assets 
 4 
 3 
Gain on sale of financial investments
    
 1 
Other financial items
 1 
 2 
Net financial income
 25 
 29 
Financial expenses
Interest expenses
 (29)
 (33)
Interest expenses lease liabilities 
8
 (7)
 (5)
Other financial expenses 
 (7)
 (4)
Net financial expenses
 (43)
 (43)
Currency gain/(loss)
Operating currency - net 
 15 
 (2)
Financial currency - net 
 (21)
 (6)
Derivatives for hedging of cash flow risk  - realised
 (3)
 (3)
Derivatives for hedging of cash flow risk - unrealised
 (20)
 10 
Net currency gain/(loss)
 (28)
 (1)
Financial income/(expenses)
 (46)
 (15)
Spesification of financial income and expenses
Net financial income
 25 
 29 
Net currency derivatives - income
   
 10 
Financial income
 25 
 39 
Net financial expenses
 (43)
 (43)
Net currency - expenses
 (6)
 (8)
Net currency derivatives - expenses
 (22)
 (3)
Financial expenses
 (71)
 (54)
See note 18 on financial risk and the section of the accounting policies concerning financial derivatives.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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 in 56 countries.
The New Energy segment includes 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 digital solutions to the maritime industry.
The Strategic Holdings and Investments segment includes the parent company, Wilh. 
Wilhelmsen Holding ASA, Treasure ASA group, Wilh Wilhelmsen Invest Malta and 
other corporate group activities like operational management, legal, finance, portfolio 
management, communication and human relations which fail to meet the definition 
for other core activities.
The group’s investments in Wallenius Wilhelmsen ASA (WAWI) is 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 2024 is as follows:
USD mill
Maritime Services
New Energy
Strategic Holdings 
and Investments
Eliminations
Total
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
INCOME STATEMENT
Operating revenue
 830 
 732 
 302 
 290 
 16 
 16 
 (12)
 (11)
 1 136 
 1 027 
Other gain/(loss)
 1 
 1 
 1 
 1 
 2 
 1 
Total income
 831 
 732 
 303 
 291 
 16 
 15 
 (12)
 (10)
 1 138 
 1 029 
Cost of goods and change in inventory
 (319)
 (266)
 (71)
 (73)
 (1)
 (1)
 (391)
 (340)
Employee benefits
 (286)
 (259)
 (124)
 (117)
 (14)
 (12)
 (423)
 (387)
Operating expenses
 (117)
 (102)
 (49)
 (51)
 (9)
 (9)
 10 
 8 
 (166)
 (153)
Operating profit/(loss) before depreciation,
amortisation and impairment
 109 
 105 
 59 
 51 
 (8)
 (7)
 (1)
 (1)
 159 
 147 
Depreciation and impairment
 (39)
 (28)
 (31)
 (28)
 (5)
 (4)
 1 
 1 
 (74)
 (59)
Operating profit
 70 
 77 
 28 
 23 
 (13)
 (12)
 85 
 88 
Share of profit from associates 
 3 
 7 
 7 
 10 
 462 
 414 
 472 
 431 
Change in fair value financial assets
  
 17 
 4 
 10 
 7 
 27 
 11 
Net financial income/(expenses)
 (37)
 (19)
 (24)
 (22)
 26 
 64 
 (12)
 (37)
 (46)
 (15)
Profit before tax
 35 
 65 
 29 
 14 
 486 
 473 
 (12)
 (37)
 538 
 515 
Tax income/(expense)
 (12)
 (20)
 (2)
 (2)
 (8)
 (5)
 3 
   
 (20)
 (27)
Profit for the period
 23 
 45 
 26 
 12 
 478 
 468 
 (10)
 (37)
 518 
 487 
Non-controlling interests
 (1)
 (2)
 (1)
 (1)
 (18)
 (18)
 (20)
 (21)
Profit to the equity holders of the company
 22 
 42 
 26 
 12 
 460 
 449 
 (10)
 (37)
 498 
 466 
New Energy; one customer represents about 20% of the total revenue.
 Maritime Services     
 New Energy     
 Strategic Holdings and Investments
2024: Total income USD mill
2024: Profit before tax USD mill
2023: Total income USD mill
2023: Profit before tax USD mill
16
15
303
291
831
732
486
473
14
65
29
35
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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
31.12.2024
31.12.2023
31.12.2024
31.12.2023
31.12.2024 31.12.2023*
31.12.2024
31.12.2023
31.12.2024 31.12.2023*
BALANCE SHEET
ASSETS
Non current assets
Deferred tax assets
 44 
 40 
 1 
 1 
 7 
 10 
 52 
 51 
Goodwill and other intangible assets
 119 
 125 
 5 
 6 
 1 
 1 
 125 
 132 
Properties and other tangible assets
 161 
 168 
 396 
 439 
 14 
 16 
 571 
 623 
Right-of-use assets 
 36 
 36 
 63 
 61 
 29 
 24 
 (7)
 (10)
 121 
 112 
Investments in joint ventures and associates
 32 
 30 
 221 
 204 
 1 749 
 1 642 
 2 001 
 1 877 
Financial assets to fair value 
 5 
 86 
 82 
 86 
 87 
Other non current assets
 19 
 8 
 22 
 37 
 (2)
 (4)
 39 
 42 
Total non current assets
 410 
 408 
 708 
 754 
 1 886 
 1 776 
 (10)
 (14)
 2 994 
 2 924 
Current assets
Inventories
 119 
 121 
 119 
 121 
Current financial investments
 121 
 124 
 121 
 124 
Other current assets
 278 
 261 
 85 
 76 
 111 
 17 
 (106)
 (11)
 368 
 342 
Cash and cash equivalents
 115 
 144 
 (48)
 21 
 88 
 59 
 155 
 224 
Total current assets
 513 
 526 
 37 
 98 
 320 
 200 
 (106)
 (11)
 764 
 811 
Total assets
 923 
 933 
 745 
 852 
 2 206 
 1 975 
 (116)
 (25)
 3 758 
 3 735 
EQUITY AND LIABILITIES
Equity
Shareholders' equity 
 172 
 177 
 368 
 382 
 2 039 
 1 772 
 2 580 
 2 332 
Non-controlling interests
 2 
 2 
 4 
 6 
 109 
 148 
 115 
 155 
Total equity
 174 
 179 
 373 
 388 
 2 148 
 1 921 
 2 695 
 2 488 
Non current liabilities
Pension liabilities
 14 
 15 
 1 
 1 
 6 
 7 
 21 
 23 
Deferred tax liabilities
 12 
 11 
 12 
 12 
Non current interest-bearing debt
 64 
 174 
 210 
 279 
 5 
 7 
 (2)
 (4)
 277 
 456 
Non current lease liabilities 
 27 
 28 
 61 
 61 
 26 
 22 
 (7)
 (9)
 108 
 101 
Other non current liabilities
 5 
 6 
 3 
 5 
 8 
 11 
Total non current liabilities
 121 
 233 
 276 
 346 
 38 
 37 
 (9)
 (13)
 425 
 603 
Current liabilities
Current income tax
 9 
 8 
 1 
 
 3 
 1 
 12 
 10 
Public duties payable
 9 
 10 
 7 
 7 
 1 
 1 
 17 
 18 
Current interest-bearing debt
 105 
 
 23 
 27 
 (105)
   
 23 
 27 
Current lease liabilities
 11 
 12 
 12 
 9 
 4 
 4 
 (1)
 (1)
 26 
 24 
Other current liabilities
 493 
 492 
 54 
 73 
 13 
 13 
 (1)
 (11)
 559 
 567 
Total current liabilities
 627 
 522 
 97 
 117 
 20 
 18 
 (107)
 (12)
 637 
 645 
Total equity and liabilities 
 923 
 933 
 745 
 852 
2 206
 1 975 
 (116)
 (25)
 3 758 
 3 735 
Investments in tangible assets
 11 
 20 
 23 
 18 
 1 
 1 
 35 
 40 
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 21 for more details. 
31.12.2024: Shareholders’ equity
31.12.2023: Shareholders’ equity
 Maritime Services
 New Energy
 Strategic Holdings and Investments
79%
76%
14%
16%
7%
8%
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
90
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Cont. note 2 Segment reporting
The amounts provided to the chief operating decision-makers with respect to cash flows are measured in the same way as in the financial statements.
USD mill
Maritime Services
New Energy
Strategic Holdings 
and Investments
2024
2023
2024
2023
2024
2023
CASH FLOW
Profit before tax 
 35 
 65 
 29 
 14 
 486 
 473 
Change in fair value financial assets
 (17)
 (4)
 (10)
 (7)
Share of (profit)/loss from joint ventures and associates
 (3)
 (7)
 (7)
 (10)
 (462)
 (414)
Net financial (income)/expenses
 37 
 19 
 24 
 22 
 (26)
 (64)
Depreciation, amortisation and impairment
 39 
 28 
 31 
 28 
 5 
 4 
Change in other assets and liabilities
 (62)
 1 
 26 
 5 
 (5)
 (13)
Other (gain)/loss
 (1)
 (1)
 (1)
 (1)
Net cash flow from operating activities
 46 
 105 
 85 
 55 
 (12)
 (21)
Dividend received from joint ventures and associates
 6 
 7 
 3 
 11 
 305 
 169 
Net sale/(investments) in fixed assets
 (14)
 (20)
 (24)
 (19)
 (1)
 (2)
Net sale/(investments) in entities and segments
 (7)
 (10)
 (35)
 2 
 (30)
Net changes in other investments
 (28)
 2 
 2 
 3 
 
 (5)
Net cash flow from investing activities
 (44)
 (21)
 (53)
 (3)
 274 
 162 
Net change of debt
 (126)
 (29)
 (61)
 (20)
 (5)
 (34)
Net change in other financial items
 (17)
 (15)
 (20)
 (19)
 (1)
 (5)
Dividend to shareholders and loan/dividend between segments
 112 
 (27)
 (20)
 (227)
 (67)
Net cash flow from financing activities
 (31)
 (70)
 (101)
 (39)
 (233)
 (107)
Net change in cash and cash equivalents
 (29)
 13 
 (69)
 12 
 29 
 34 
Cash and cash equivalents at the beginning of the period
 144 
 131 
 21 
 9 
 59 
 25 
Cash and cash equivalents at the end of period
 115 
 144 
 (48)
 21 
 88 
 59 
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
USD mill
2024
2023
Total income attributed to Norway
339
313
Total assets attributed to Norway
2 205
2 544
2024 Total assets
2023 Total assets
2024 Investment in tangible assets
2023 Investment in tangible assets
 Europe     
 Americas    
 Asia & Africa    
 Oceania
2024 Total income
2023 Total income
56%
55%
3%
2%
2%
69%
85%
13%
1%
1%
68%
67%
1%
30%
2%
28%
28%
2%
2%
3%
31%
32%
10%
10%
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
91
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Note 3 Revenue from contracts with customers
FINANCIAL REPORTING PRINCIPLES
Revenue derived from customer contracts 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
Ships 
Service
Port 
Services
Ship
Manage-
ment
Other/
elimination
Infra-
structure
Technology 
 & Decarbon- 
isation
Other/
elimination
2024
Revenue from 
customers
 507 
 160 
 149 
 14 
 299 
 3 
 16 
 (12)
 1 136 
Total
 507 
 160 
 149 
 14 
 299 
 3 
 16 
 (12)
 1 136 
Timing of revenue recognition 
At a point in time
 507 
 10 
 3 
 16 
 (12)
 525 
Over time
 160 
 149 
 4 
 299 
 611 
Total 
 507 
 160 
 149 
 14 
 299 
 3 
 16 
 (12)
 1 136 
2023
Revenue from 
customers
 477 
 155 
 87 
 14 
 283 
 2 
 5 
 16 
 (11)
 1 027 
Total
 477 
 155 
 87 
 14 
 283 
 2 
 5 
 16 
 (11)
 1 027 
Timing of revenue recognition 
At a point in time
 477 
 10 
 2 
 16 
 (11)
 494 
Over time
 155 
 87 
 4 
 283 
 5 
 533 
Total 
 477 
 155 
 87 
 14 
 283 
 2 
 5 
 16 
 (11)
 1 027 
MARITIME SERVICES
Ships service - Sale of goods
Wilhelmsen Ships Service 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 
recognised 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 have payment terms of 30 days after 
delivery, and no significant financing component is identified.
Port services - Sale of services
Wilhelmsen Port Services offers ships agency and port services coverering 
2 200 port locations world wide. The agents facilitate efficent port calls for vessels, 
by procuring goods and services on behalf of the customers and assisting with 
required permits and custom declaration associated with the port call. Prior to 
the port call, the customer is required to make available funds for the expected 
disbursements (prefunding). Following the completion of the services, Wilhelmsen 
Port Services prepares a final disbursement account to the customer documenting 
all disbursement for the port call. Wilhelmsen Port Services is only acting as an agent, 
and control of goods and services transfers directly from the relevant suppliers to the 
customer. Wilhelmsen Port Services does not have inventory risk or the discretion on 
establishing prices. For the services rendered, Wilhelmsen Port Services is entitled to 
a fee that consist of a payment based on services delivered to customer.
Technical / crewing management
Wilhelmsen Ship Management 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 arrears, 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 
revenue is recognised over time. Since Wilhelmsen Ship Management 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. 
Maritime Services also has an insurance agency business where Maritime Services 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 through the year.
NEW ENERGY
Infrastructure
The New Energy segment, including NorSea Group operates supply bases and 
provides 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 three to 
10 years. The pricing of the contracts is mainly based on delivered quantity via 
supply bases. NorSea 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 two to seven 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
New Energy provides a range of technology and digital solutions to the maritime 
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 operating revenue is related to office rent and facility services to external 
customers as well as to other segments.
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 three months basis. 
Because of this there is no significant unsatisfied performance obligations as of 
year end.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
92
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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.
Equity method:
Under the equity method of accounting, the investments are initially recognised 
at cost and adjusted subsequently to recognise the group’s share of the post-
acquisition profits after tax of the investee in income statement, and the group’s 
share of movements in other comprehensive income of the investee in other 
comprehensive income. Dividends received or receivable from associates and joint 
ventures are recognised as a reduction in the carrying amount of the investment. 
Sale and dilution of the share of associate companies is recognised in the income 
statement when the transactions occur for the group.
Where the group’s share of losses in an equity-accounted investment equals 
or exceeds its interest in the entity, including any other unsecured long-term 
receivables, the group does not recognise further losses, unless it has incurred 
obligations or made payments on behalf of the other entity.
The carrying amount of equity-accounted investments is tested for impairment 
when impairment indicators are present.
When the group ceases to consolidate or equity account for an investment because 
of a loss of control, joint control or significant influence, any retained interest 
in the entity is remeasured to its fair value, with the change in carrying amount 
recognised in profit or loss. This fair value becomes the initial carrying amount for 
the purposes of subsequently accounting for the retained interest as an associate, 
joint venture or financial asset. In addition, any amounts previously recognised in 
other comprehensive income in respect of that entity are accounted for as if the 
group had directly disposed of the related assets or liabilities. This may mean that 
amounts previously recognised in other comprehensive income are reclassified to 
profit or loss.
If the ownership interest in a joint venture or an associate is reduced but significant 
influence is retained, only a proportionate share of the amounts previously 
recognised in other comprehensive income are reclassified to profit or loss where 
appropriate.
INVESTMENTS IN JOINT VENTURES
Business office country
2024
2023
Voting share/ownership
New Energy
Coast Center Base AS
Norway
50.0%
50.0%
KS Coast Center Base 
Norway
50.0%
50.0%
CCB Energy Holding AS
Norway
50.0%
50.0%
Elevon AS 
Norway
50.0%
SørSea AS
Norway
50.0%
50.0%
Polar Lift AS
Norway
50.0%
50.0%
Sirevåg Laks AS
Norway
50.0%
Massterly AS
Norway
50.0%
50.0%
Topeka MPC Maritime AS
Norway
50.0%
50.0%
Maritime Services
Wilhelmsen Ahrenkiel group
Germany
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.
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.
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.
Wilhelmsen Ahrenkiel Ship Management group is a ship manager of container 
vessels, tanker, bulk carriers, multi-purpose and heavy-lift vessels. The joint venture 
is owned by MPC Capital AC and Wilhelmsen Ship Management group. 
The group increased the ownership in Elevon AS to 100% in 2024.
All companies are private companies and there are no quoted market price available 
for the shares.
There are no other contingent liabilities relating to the group’s interest in the joint 
ventures.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
93
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Cont. note 4 Investments in joint ventures and associates
USD mill
2024
2023
Summarised financial information - according to the group's ownership
Share of total income
 130 
 80 
Share of operating expenses
 (98)
 (65)
Share of depreciation
 (21)
 (5)
Share of net financial items
 (2)
 (1)
Share of tax expense
 (2)
 (1)
Share of profit from joint ventures
 6 
 7 
Share of equity (equity method)
Book value
 43 
 41 
Excess value (land and goodwill)
 53 
 59 
Investments in joint ventures
 97 
 100 
USD mill
2024
2023
Joint ventures' assets, equity and liabilities (group's share of investments)
Share of non current assets
 77 
 85 
Share of cash and cash equivalents
 29 
 37 
Share of current assets
 8 
 4 
Total share of assets
 114 
 126 
Share of equity at 01.01
 41 
 43 
Share of profit for the period
 5 
 7 
Dividend
 (4)
 (10)
Acquisitions
 7 
 1 
Other comprehensive income
 (6)
 (1)
Share of equity at 31.12
 43 
 41 
Share of non current liabilities
 45 
 53 
Share of current liabilities
 26 
 33 
Total share of liabilities
 71 
 85 
Total share of equity and liabilities
 114 
 126 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
94
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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).
USD mill
CCB
Other
2024
2023
2024
2023
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Total income
 216 
 140 
 42 
 23 
Operating expenses
 (189)
 (123)
 (51)
 (23)
Net operating profit
 28 
 16 
 (10)
Financial income/(expenses)
 (3)
 (3)
 3 
 4 
Profit before tax
 24 
 13 
 (7)
 3 
Tax income/(expense)
 (5)
 (2)
Profit after non-controlling interests
 19 
 11 
 (7)
 3 
Other comprehensive income
 (12)
 (2)
Total comprehensive income
 19 
 11 
 (19)
 1 
The group's share of dividend from joint ventures
 4 
 9 
 
 1 
USD mill
CCB
Other
31.12.2024
31.12.2023
31.12.2024
31.12.2023
SUMMARISED BALANCE SHEET
Non current assets
 133 
 159 
 22 
 10 
Cash and cash equivalents
 7 
 2 
 (13)
Other current assets
 55 
 72 
 9 
 6 
Total assets
 196 
 231 
 33 
 3 
Non current liabilities
 86 
 102 
 (14)
 (13)
Current liabilities
 39 
 61 
 30 
 3 
Total liabilities
 126 
 163 
 16 
 (10)
Net assets
 70 
 68 
 17 
 13 
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
CCB
Other
2024
2023
2024
2023
RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION
Net assets at 01.01
 68 
 77 
 13 
 9 
Acquisition net assets
 14 
 3 
Profit/(loss) for the period
 19 
 11 
 (7)
 3 
Other comprehensive income
 (10)
 (2)
 (3)
 1 
Dividend to shareholders
 (8)
 (19)
 (2)
Net assets at 31.12
 70 
 68 
 17 
 13 
The group's share 
 35 
 34 
 8 
 6 
Land and goodwill / excess value
 46 
 51 
 8 
 8 
Carrying value at 31.12
 80 
 85 
 16 
 14 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
95
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Cont. note 4 Investments in joint ventures and associates
INVESTMENTS IN ASSOCIATED COMPANIES
Country
2024
2023
Profit share*
Strategic Holdings and Investments 
Wallenius Wilhelmsen ASA (WAWI)
Norway
37.9%
37.9%
Hyundai Glovis Co., Ltd. (Hyundai Glovis)
Republic of Korea
11.0%
11.0%
Maritime Services
Diana Wilhelmsen Management Limited
Cyprus
50.0%
50.0%
Barber Ship Management Germany GmbH & Co. KG
Germany
50.0%
80.0%
WASM Steamship Acquisition GMBH & CO. KG
Germany
50.0%
50.0%
ZEABORN Navigation GmbH & Co. KG
Germany
50.0%
Barklav (Hong Kong) Limited
Hong Kong
50.0%
50.0%
BWW LPG Limited
Hong Kong
49.0%
Hecla Emissions Management AS
Norway
50.0%
50.0%
Wilhelmsen-Smith Bell Manning, Inc
Philippines
50.0%
50.0%
WilhMar Manning Philippines Inc.
Philippines
24.9%
24.9%
Denholm Port Services Limited
United Kingdom
40.0%
40.0%
Triangle Shipping Agencies LLC
United Arab Emirates
50.0%
50.0%
Barwil Abu Dhabi Ruweis LLC
United Arab Emirates
51.0%
50.0%
Wilhelmsen WPS Dubai Port Services LLC
United Arab Emirates
50.0%
50.0%
Wilhelmsen Port Services LLC - Fujairah
United Arab Emirates
42.5%
42.5%
Almoayed Wilhelmsen Port Services (Ltd) W.L.L
Bahrain
50.0%
50.0%
Wilhelmsen Huayang Port Services (Shanghai) Co. Ltd.
China
49.0%
50.0%
Wilhelmsen Huayang Port Services (Beijing) Co., Ltd
China
50.0%
50.0%
Barwil Arabia Shipping Agencies SAE
Egypt
50.0%
50.0%
Wilhelmsen Port Services Georgia LLC
Georgia
50.0%
50.0%
Wilhelmsen Hyopwoon Port Services Ltd
Republic of Korea
50.0%
50.0%
Alghanim Wilhelmsen Shipping Co.W.L.L
Kuwait
49.0%
49.0%
Diize B.V.
Netherlands
50.0%
50.0%
Wilhelmsen-Smith Bell Shipping, Inc.
Philippines
49.0%
49.0%
Wilhelmsen-Smith Bell (Subic), Inc.
Philippines
50.0%
50.0%
Wilhelmsen Ships Service (Private) Limited
Pakistan
50.0%
Perez Torres Portugal Lda
Portugal
50.0%
50.0%
Binzagr Barwil Marine Transport Co. Ltd.
Saudi Arabia
50.0%
50.0%
Pelagus 3D Pte Ltd
Singapore
50.0%
50.0%
Wilhelmsen Sunnytrans Co., Ltd
Vietnam
50.0%
50.0%
Krew-Barwil (Pty) Ltd.
South Africa
49.0%
49.0%
New Energy
Konciv AS
Norway
38.2%
43.1%
Hammerfest Næringsinvest AS
Norway
32.3%
32.2%
Strandparken Holding AS
Norway
33.1%
33.1%
Dusavik Utvikling AS
Norway
33.5%
33.5%
Risavika Eiendom AS
Norway
42.0%
42.0%
Love Miljøbase AS
Norway
33.3%
33.3%
CCB Subsea AS
Norway
42.5%
42.5%
Polar Algae AS
Norway
52.0%
WindWorks Jelsa AS
Norway
38.5%
38.5%
Energy Innovation Holding AS
Norway
50.0%
50.0%
AM North AS
Norway
33.3%
33.3%
RTN AS
Norway
50.0%
50.0%
Eldøyane Næringspark AS
Norway
50.0%
50.0%
Nordlys.Studio AS
Norway
46.0%
Topeka Hagland Greenbulk AS
Norway
50.0%
50.0%
Reach Subsea ASA
Norway
18.4%
19.2%
Edda Wind ASA
Norway
31.0%
25.4%
*For an overview of legal ownership, refer to the group structure.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 4 Investments in joint ventures and associates
USD mill
2024
2023*
Share of profit/(loss) from associates
WAWI
 372 
 324 
Hyundai Glovis
 90 
 89 
Associates Maritime Services
 6 
 5 
Reach Subsea 
 3 
 5 
Edda Wind 
 (3)
 1 
Other associates New Energy
 (2)
 (1)
Share of profit/(loss) from associates
 466 
 423 
Book value of material associates
WAWI *
 1 077 
 967 
Hyundai Glovis
 672 
 675 
Reach Subsea
 23 
 23 
Edda Wind 
 106 
 84 
Specification of share of equity and profit/loss
Share of equity at 01.01
 1 777 
 1 489 
Share of profit for the year
 466 
 424 
Capital increase/acquisition of associates in Maritime Services
 4 
 4 
Capital increase/acquisition of associates in New Energy
 38 
 35 
Disposal of associates in Maritime Services
 (3)
Disposal of associates in New Energy
 (4)
Dividend
 (307)
 (160)
Other comprehensive income
 (67)
 (14)
Share of equity at 31.12
 1 905 
 1 777 
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 21 for more details. 
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, 66 processing centres, and eight 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 18.4% ownership in the listed company Reach Subsea ASA. 
During the year the group sold 9.9 million shares for a consideration of USD 7 million, 
subsequently the group exercised 9.9 million warrants with strike price of NOK 3.28 
per share, with the consideration amounting to USD 3 million. The group holds 
additional 44.7 million warrants in Reach Subsea with a strike price of NOK 3.28, with 
the fair value of the warrants amounting to USD 15.7 million at 31 December 2024. 
The warrants are presented as current financial derivatives in the groups balance 
sheet and can be exercised at any time up until expiry on 15 March 2025. Reach 
Subsea group offers 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 competent onshore 
engineering resources. 
The group holds a 31.0% ownership in the listed company Edda Wind ASA. During 
the year the group did a capital raise of USD 12 million and acquired additional shares 
of USD 14 million. 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).
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 4 Investments in joint ventures and associates
USD mill
WAWI
Hyundai Glovis
Other
2024
2023*
2024
2023
2024
2023
SUMMARISED STATEMENT 
OF COMPREHENSIVE INCOME
Total income
 5 308 
 5 149 
 20 797 
 19 634 
 392 
 302 
Operating expenses
 (4 019)
 (3 924)
 (19 513)
 (18 364)
 (343)
 (252)
Net operating profit
 1 289 
 1 225 
 1 283 
 1 270 
 49 
 50 
Financial income/(expenses)
 (151)
 (183)
 (145)
 (166)
 (23)
 (3)
Profit before tax
 1 138 
 1 042 
 1 138 
 1 104 
 26 
 47 
Tax income/(expense)
 (73)
 (68)
 (319)
 (293)
 (6)
 (8)
Profit for the period
 1 065 
 974 
 819 
 811 
 21 
 39 
Non-controlling interests
 (93)
 (121)
 (5)
 (2)
Profit after non-controlling interests
 972 
 853 
 814 
 809 
 21 
 39 
Other comprehensive income 
 (17)
 (1)
 112 
 11 
 (35)
Total comprehensive income (shareholder's equity)
 955 
 852 
 926 
 820 
 (14)
 39 
The groups’ share of dividend from associates
 280 
 136 
 19 
 19 
 7 
 5 
USD mill
WAWI
Hyundai Glovis
Other
31.12.2024
31.12.2023*
31.12.2024
31.12.2024
31.12.2024
31.12.2023
SUMMARISED BALANCE SHEET
Non current assets
 5 750 
 5 853 
 4 738 
 4 596 
 945 
 743 
Other current assets
 1 257 
 985 
 4 465 
 4 806 
 149 
 123 
Cash and cash equivalents
 1 393 
 1 705 
 2 221 
 1 966 
 64 
 136 
Total assets
 8 400 
 8 543 
 11 424 
 11 368 
 1 158 
 1 003 
Non current liabilities
 2 728 
 3 163 
 1 850 
 1 909 
 395 
 423 
Current liabilities
 2 351 
 2 301 
 3 601 
 3 460 
 257 
 199 
Non-controlling interests
 9 
 29 
 11 
 11 
Total liabilities
 5 087 
 5 493 
 5 462 
 5 381 
 652 
 623 
Net assets
 3 313 
 3 051 
 5 962 
 5 987 
 506 
 380 
* Wallenius Wilhelmsen has restated their financial statements for 2023. Figures have been updated accordingly.
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. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 4 Investments in joint ventures and associates
USD mill
WAWI
Hyundai Glovis
Other
2024
2023*
2024
2023
2024
2023
RECONCILIATION OF SUMMARISED 
FINANCIAL INFORMATION
Net asset at 01.01
 3 051 
 2 826 
 5 987 
 5 472 
 380 
 290 
Profit for the period
 972 
 853 
 819 
 809 
 21 
 39 
Net assets of acquired associates/capital increase
 64 
 132 
Convertion KRW to USD and EUR to USD
 (784)
 (143)
 (35)
 (59)
Other comprehensive income
 (17)
 (273)
 112 
 11 
 (3)
Disposal 
 (12)
Transactions with non-controlling interests
 47 
 4 
 2 
   
 (4)
Dividend
 (739)
 (359)
 (172)
 (164)
 (16)
 (18)
Net assets at 31.12
 3 313 
 3 051 
 5 962 
 5 987 
 399 
 380 
The group’s
 1 255 
 1 155 
 656 
 659 
 172 
 135 
Goodwill and other intangible assets
 16 
 17 
 2 
 8 
Classification NCI
 (137)
 (145)
Currency
 (18)
 (9)
Fair value adjustment vessels and goodwill **
 (40)
 (43)
Carrying value at 31.12
 1 077 
 967 
 672 
 675 
 156 
 135 
* Wallenius Wilhelmsen has restated their financial statements for 2023. Figures have been updated accordingly.
** 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 2024 was USD 1 320 million (2023: USD 1 408 million).
WAWI is a separately listed company on Oslo Børs. The market capitalisation of its shares at year end is 22% higher (2023: 46% 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 2024 was USD 663 million (2023: USD 610 million). The shares have historically traded at or below 
a market capitalisation 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.
The group market value of the investment in Edda Wind ASA at 31 December 2024 was USD 106 million (2023: USD 84 million). Edda Wind is a separately listed company on 
Oslo Børs. The market capitalisation of its shares at year end are 37% lower (2023: 16% lower) than the carrying amount of the investment, as accounted for under the equity 
method. The market price is an objective indicator of impairment. In spite of this, the value in use calculation based on projections prepared by management of Edda Wind, 
indicates that the recoverable amount is higher than Edda Winds carrying amounts for the key assets of Edda Wind. This impairment test has been assessed by the management 
in the Wilhelmsen group, and adjusted for factors related to the financing of Edda Wind in order to assess a reasonable value in use for the investment in the shares of Edda Wind. 
Based on this assessment, the recoverable amount attributable to the shares is higher than the carrying amount. The recoverable amount is particularly sensitive to utilisation 
and/or charter rates, and interest rate levels for the financing within Edda Wind.
USD mill
2024
2023*
RECONCILIATION OF THE GROUP’S INCOME STATEMENT AND BALANCE SHEET
Share of profit from joint ventures
 6 
 7 
Share of profit from associates
 466 
 423 
Share of profit from joint ventures and associates
 472 
 431 
Share of equity from joint ventures including net excess value
 97 
 100 
Share of equity from associates including net excess value
 1 905 
 1 777 
Share of equity from joint ventures and associates including net excess value
 2 001 
 1 877 
* Wallenius Wilhelmsen has restated their financial statements for 2023. Figures have been updated accordingly.
The group’s share of profit, after tax from joint ventures and associates is recognised in the income statement. All joint ventures and associates are equity consolidated. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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
Norway
Maritime services
100.00%
100.00%
Wilhelmsen Ships Service AS
Norway
Maritime products and services
100.00%
Wilhelmsen Port Services AS
Norway
Port services
100.00%
Wilhelmsen Ship Management Holding AS
Norway
Ship management
100.00%
Wilhelmsen Chemical AS
Norway
Manufacturing
100.00%
Wilhelmsen Global Business Services AS
Norway
Shared services
100.00%
New Energy
Wilhelmsen New Energy AS
Norway
New energy investments
100.00%
100.00%
NorSea Group AS
Norway
Infrastructure and supply services
99.37%
Strategic Holdings and Investments
Treasure ASA
Norway
Investment
84.16%
84.16%
Wilh. Wilhelmsen Holding Invest Malta Ltd
Malta
Investment
100.00%
100.00%
The group’s principal subsidiaries at 31 December 2024 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 2024, the group acquired Zeaborn Ship Management. The acquisition was done in partnership between Wilhelmsen Ship Management, a fully owned subsidiary of Wilh. 
Wilhelmsen Holding ASA, and MPC Capital. Zeaborn was integrated partially under the Maritime Services segment and partially in the join venture Wilhelmsen Ahrenkiel group. 
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 subsidiaries was USD 11 million.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 6 Employee benefits
FINANCIAL REPORTING PRINCIPLES
Employee benefits include wages, salaries, social security contributions, sick leave, 
parental leave and other employee benefits. The benefits are recognised in the 
period in which the associated services are rendered by the employees.
For cash–settled payments/bonus plans and other cash-settled payments, a liability 
equal to the portion of services received is recognised at fair value determined at 
each balance sheet date.
USD mill
Note
2024
2023
Payroll
 (303)
 (278)
Payroll tax
 (41)
 (36)
Pension cost
11
 (25)
 (23)
Welfare and other personnel expenses
 (54)
 (50)
Total employee benefits
 (423)
 (387)
2024
2023
Number of employees:
Group companies in Norway
 1 405 
 1 217 
Group companies abroad
 4 361 
 4 099 
Total employees
 5 766 
 5 316 
Average number of employees
 5 541 
 5 174 
Seagoing personnel Ship Management
 12 231 
 11 340 
EXPENSED AUDIT FEE
USD mill
2024
2023
Statutory audit
 (2)
 (2)
Tax advisory fee 
 (1)
 (1)
Total expensed audit fee
 (4)
 (3)
The fees above cover the group expenses to all external auditors and tax advisors.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 7 Tangible and intangible assets
FINANCIAL REPORTING PRINCIPLES
Tangible assets
The group uses the cost method for property, plant and equipment.
Tangible assets are depreciated over the following expected useful lives:
Properties:
10-50 years
Other tangible assets:
3-10 years
TANGIBLE ASSETS
USD mill
Properties
Other tangible assets
Total tangible assets
2024
Cost at 01.01
 730 
 243 
 973 
Acquisition
 19 
 16 
 35 
Reclass/disposal
 (14)
 (6)
 (20)
Currency translation differences
 (73)
 (14)
 (87)
Cost at 31.12
 662 
 239 
 900 
Accumulated depreciation and impairment at 01.01
 (258)
 (92)
 (350)
Depreciation
 (17)
 (12)
 (29)
Reclass/disposal
 12 
 6 
 18 
Currency translation differences
 24 
 8 
 32 
Accumulated depreciation and impairment at 31.12
 (239)
 (91)
 (330)
Carrying amounts at 31.12
 423 
 148 
 571 
2023
Cost at 01.01
 692 
 226 
 918 
Acquisition
 16 
 23 
 40 
Business combinations
 3 
 
 3 
Reclass/disposal
 33 
 (7)
 26 
Currency translation differences
 (14)
 1 
 (13)
Cost at 31.12
 730 
 243 
 973 
Accumulated depreciation and impairment at 01.01
 (206)
 (89)
 (295)
Depreciation
 (18)
 (11)
 (29)
Reclass/disposal
 (36)
 7 
 (29)
Impairment
 (1)
 (1)
Currency translation differences
 3 
 1 
 4 
Accumulated depreciation and impairment at 31.12
 (258)
 (92)
 (350)
Carrying amounts at 31.12
 472 
 151 
 623 
Economic lifetime
10-50 years
3-10 years
Depreciation schedule
Linear
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. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 7 Tangible and intangible assets
FINANCIAL REPORTING PRINCIPLES
Intangible assets
The group uses the cost method for intangible assets. Amortisation of intangible fixed assets is based on the following expected useful lives:
Goodwill:
Indefinite life
Software:
3-5 years
Other intangible assets:
5-10 years
INTANGIBLE ASSETS
USD mill
Goodwill
Software
Other intangible assets
Total intangible assets
2024
Cost at 01.01
 126 
 35 
 46 
 207 
Acquisition
 5 
 5 
Business combinations
 5 
 13 
 18 
Reclass/disposal
 (3)
 (7)
 (10)
Currency translation differences
 (10)
 (4)
 (5)
 (18)
Cost at 31.12
 118 
 37 
 47 
 202 
Accumulated amortisation and impairment at 01.01
 (22)
 (28)
 (26)
 (75)
Amortisation/impairment
 (7)
 (3)
 (8)
 (18)
Reclass/disposal
 1 
 7 
 8 
Currency translation differences
 2 
 3 
 3 
 7 
Accumulated amortisation and impairment at 31.12
 (26)
 (28)
 (24)
 (77)
Carrying amounts at 31.12
 92 
 9 
 23 
 125 
In 2024 the group recognised goodwill of USD 5 million and customer contracts of USD 13 million from the acquisition of Zeaborn Ship Management.
2023
Cost at 01.01
 112 
 37 
 52 
 201 
Acquisition
   
 3 
 
 3 
Business combinations
 17 
   
 (8)
 10 
Reclass/disposal
 (1)
 (4)
 2 
 (3)
Currency translation differences
 (2)
 (1)
 (3)
Cost at 31.12
 126 
 35 
 46 
 207 
Accumulated amortisation and impairment at 01.01
 (24)
 (29)
 (19)
 (73)
Amortisation/impairment
 (4)
 (3)
 (8)
Reclass/disposal
 3 
 5 
 (4)
 4 
Currency translation differences
 1 
Accumulated amortisation and impairment at 31.12
 (22)
 (28)
 (26)
 (75)
Carrying amounts at 31.12
 104 
 7 
 20 
 132 
In 2023 the group recognised goodwill of USD 17 million. 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. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 7 Tangible and intangible assets
FINANCIAL REPORTING PRINCIPLES
Impairment of goodwill and other non-financial assets
At each reporting date, the group reviews the carrying amounts of its goodwill, 
tangible assets, intangible assets and right-of-use assets to determine whether 
there is any indication of impairment. 
If any indication of impairment exists, or when annual impairment testing for an asset 
is required (goodwill), the asset’s recoverable amount is estimated. Where the asset 
does not generate cash flows that are independent from other assets, the group 
estimates the recoverable amount of the cash-generating unit (CGU) to which the 
asset belongs. A CGU is the smallest identifiable group of assets that generates 
cash inflows that are largely independent of the cash inflows from other assets or 
groups of assets. 
The recoverable amount is the highest of the fair value less costs of disposal 
and value in use. In assessing value in use, the net present value (NPV) of future 
estimated cash flows from the employment of the asset is determined. The discount 
rate applied is the weighted average cost of capital (WACC) reflecting the required 
rate of return of the asset or CGU. If the recoverable amount is estimated to be less 
than the carrying amount, the carrying amount of the asset (or CGU) is reduced to its 
recoverable amount. Impairment losses are recognised in the income statement. 
Where an impairment loss subsequently reverses, the carrying amount of the asset 
(or CGU) is increased to the revised estimate of its recoverable amount, limited to 
the carrying amount that would have been determined had no impairment loss 
been recognised in prior years. An impairment loss for goodwill is not subsequently 
reversed.
Goodwill acquired through business combinations has for the purpose of 
impairment testing been allocated to the relevant CGU or group of CGUs expected 
to benefit from the business combination. CGUs or groups of CGUs to which 
goodwill has been allocated are tested for impairment annually, or more frequently 
when there is an indication that the CGU or group of CGUs may be impaired. If the 
recoverable amount of the CGU or group of CGUs to which goodwill has been 
allocated is less than the carrying amount, the impairment loss is allocated first to 
reduce the carrying amount of any goodwill and then to the other assets, pro-rata on 
the basis of the carrying amount of each asset in the CGU or group of CGUs.
Impairment testing of goodwill and other intangible assets
Goodwill
Goodwill is mainly related to the Maritime Services segment (USD 90 million). The 
goodwill figures are originally calculated in NOK, EUR, DKK and USD (2023: NOK, EUR, 
DKK 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 2024, management has performed impairment testing for 
the group’s recognised goodwill. Based on the tests performed, an impairment of 
USD 7 million was recognised in 2024 (2023: nil) for goodwill related to business 
combinations in business units within the Maritime Services segment. The impairment 
was attributed to changes in market conditions and corresponding changes in the 
unit’s business model, where the goodwill related to the unit was fully impaired.
When performing the goodwill impairment test, the recoverable amount is based on 
value in use calculations. In calculating the value in use, the group considers relevant 
key assumptions. Risk 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.
Recoverable amount 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 five-year strategy plan period with terminal value 
(terminal growth rate 1%) were extrapolated using the following key assumptions:
2024
2023
USD/NOK
 11.35 
 10.13 
Multiple
 7.5 
 7.5 
Growth rate
 1-4% 
 1-4% 
Increase in material cost
 4-7% 
 4-7% 
Increase in pay and other remuneration
 3-5% 
 3-5% 
Increase in other expenses  
 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.
For CGUs where the estimated recoverable amount indicate that the unit may be 
impaired, additional value in use calculations are performed using discounted future 
expected cash flow taking into consideration possible variations and scenarios 
using weighted average expected cash flows. The group applied a discount rate 
based on a weighted average cost of captial (WACC) for the CGU. The discount rate 
used for 2024 is 10%.
Other intangible assets
The group recognised a USD 4 million impairment loss related to discontinuation of 
a brand name. 
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 and indicate additional impairment indicators as of 
31 December 2024. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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. 
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 recognises 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 recognises the lease payments as other operating 
expenses in the income statement when they incur.
Measuring the lease liability:
The lease liability is initially measured at the present value of the lease payments 
for the right to use the underlying asset during the lease term not paid at the 
commencement date. The lease term represents the noncancellable period of the 
lease, plus any period covered by an extension option period if the group expects to 
exercise this option. 
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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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:
USD mill
Properties and land
Machinery, equipment 
and vehicles
Total
2024
Cost at 01.01
 160 
 19 
 179 
Additions including remeasurements
 40 
 13 
 53 
Reclass/disposal
 (19)
 (2)
 (21)
Change of estimates
 (1)
 (1)
Currency exchange differences
 (14)
 (2)
 (16)
Cost at 31.12
 167 
 28 
 194 
Accumulated depreciation and impairment at 01.01
 (60)
 (7)
 (66)
Depreciation
 (22)
 (4)
 (27)
Reclass/disposal
 12 
 1 
 13 
Currency exchange differences
 5 
 1 
 6 
Accumulated depreciation and impairment at 31.12
 (65)
 (9)
 (74)
Carrying amounts at 31.12
 102 
 19 
 121 
USD mill
Properties and land
Machinery, equipment 
and vehicles
Total
2023
Cost at 01.01
 134 
 15 
 149 
Additions including remeasurements
 28 
 8 
 36 
Reclass/disposal
 (7)
 (4)
 (12)
Change of estimates
 5 
 5 
Cost at 31.12
 160 
 19 
 179 
Accumulated depreciation and impairment at 01.01
 (40)
 (6)
 (47)
Depreciation
 (18)
 (3)
 (21)
Reclass/disposal
 3 
 3 
 6 
Change of estimates
 (5)
 (5)
Accumulated depreciation and impairment at 31.12
 (60)
 (7)
 (66)
Carrying amounts at 31.12
 100 
 12 
 112 
Lower of remaining lease term or economic life
5-12 years
 3-8 years 
Depreciation method
 Linear 
 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 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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 8 Right-of-use assets and lease liabilities
Lease liabilities
USD mill
2024
2023
Undiscounted lease liabilities and maturity of cash outflows
Less than 1 year
 (31)
 (30)
1-2 years
 (27)
 (24)
2-3 years
 (17)
 (20)
3-4 years
 (15)
 (13)
4-5 years
 (12)
 (11)
More than 5 years
 (75)
 (81)
Total undiscounted lease liabilities at 31.12
 (176)
 (179)
USD mill
2024
2023
Summary of the lease liabilities in the financial statements
Total lease liabilities at 01.01
 125 
 116 
Lease liabilities recognised in the year
 53 
 36 
Lease liabilities derecognised in the year
 (8)
 (5)
Cash payments for the principal portion of the lease liability
 (34)
 (28)
Interest expense on lease liabilities
 7 
 5 
Change of estimates 
 2 
Currency exchange differences
 (11)
 1 
Total lease liabilities at 31.12
 134 
 125 
Current lease liabilities
 26 
 24 
Non-current lease liabilities
 108 
 101 
Total lease liabilities at 31.12
 134 
 125 
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.
USD mill
2024
2023
Summary of other lease expenses recognised in income statement
Variable lease payments expensed in the period
 (7)
 (8)
Operating expenses related to short-term leases (including short-term low value assets)
 (2)
 (2)
Operating expenses related to low value assets (excluding short-term leases included above)
 (2)
 (2)
Total lease expenses included in other operating expenses
 (11)
 (12)
Practical expedients applied
The group leases personal computers, IT equipment and machinery with contract 
terms of one to three 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 leases liabilities as of 31 December 2024 (2023: nil).
Extension options
The group’s leases of buildings and land have lease terms that varies from five 
years to 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 three to 
five years. Some of these contracts includes a right to purchase the assets at the 
end of the contract term. The group assesses at the commencement whether it is 
reasonably certain to exercise the purchase right. All the options are based on market 
value. 
Subleases
The group has subleased an immaterial part of its redundant office buildings, 
classified as an operating lease.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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, withholding tax and Pillar II 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 II model rules
The Pillar II model rules, issued by OECD as part of their BEPS project, came into 
effect from 1 January 2024. On 20 December 2023, the Norwegian parliament 
approved the legislation, defining the framework for Norwegian ultimate parent 
entities. 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 II model rules. The group has implemented 
the mandatory temporary exemption, effective from 1 January 2023.
The group has assessed the implications of the new legislation, with the resulting 
estimated financial effect being recognised as part of the groups income tax. 
Ordinary taxation
The ordinary rate of corporation tax in Norway is 22% of net profit for 2024 (2023: 
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% (2023: 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.
Pillar II
The group is present in jurisdicitons around the globe, with most jurisdictions having 
a corporate income tax above 15%. In jurisdictions with corporate income tax below 
15%, the majority of entities are CFC taxed in Norway (NOKUS). When assessing 
the Pillar II exposure, the group has applied the temporary safe harbour rules as 
defined by the Pillar II framework. The main expoure for the group is related to 
realised and unrealised fair value gain/loss from financial investments, where the 
group holds less than 10% of the shares, which is taxable/deductible under Pillar II 
regulation (exemption method under local regulation). The exposure to such realised 
and unrealised gains are primarily in Norway and Malta. The realised and unrealised 
fair value gain/loss may vary from year to year based on market development and 
may hence give rise to both additional taxable profit and deductible loss under the 
Pillar II regulation.  
USD mill
2024
2023
Distribution of tax expenses for the year
Corporate income tax
 (19)
 (18)
Pillar II tax 
 (2)
Withholding tax
 (5)
 (5)
Change in deferred tax
 6 
 (4)
Total tax income/(expense)
 (20)
 (27)
Reconciliation of actual tax expense against expected tax expense in accordance with the Norwegian income tax rate of 22%
Profit before tax
 538 
 515 
22% tax 
 (118)
 (113)
Tax effect from:
Permanent differences
 (5)
 (11)
Non-taxable income/ change in market value 
 8 
 7 
Share of profit from joint ventures and associates
 104 
 95 
Withholding tax and payable tax previous year
 (5)
 (5)
Pillar II tax 
 (2)
Calculated tax income/(expense) for the group
 (20)
 (27)
Effective tax rate for the group
3.7%
 5.3% 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 9 Tax
USD mill
2024
2023
Net deferred tax assets
Net deferred tax assets at 01.01
 40 
 44 
Charged through income statement
 6 
 (4)
Charged directly to equity 
 (1)
 (1)
Currency translation differences
 (4)
 (2)
Acquistion / disposal 
 (2)
 2 
Net deferred tax assets at 31.12
 40 
 40 
Deferred tax assets in balance sheet
 52 
 51 
Deferred tax liabilities in balance sheet
 (12)
 (12)
Net deferred tax assets at 31.12
 40 
 40 
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
USD mill
31.12.2024
31.12.2023
Tax effect of tempory differences
Fixed assets
 (12)
 (12)
Other non current assets and liabilities
 3 
 4 
Current assets and liabilities 
 7 
Tax losses carried forward 
 42 
 51 
Other 
 (3)
Net deferred tax assets at 31.12.
 40 
 40 
The majority of tax loss carry forward is related to entities in Norway and the United 
States, without expiration of the tax loss carry forward. 
Temporary differences related to joint ventures and associates are USD nil for 
the group, since all the units are regarded as located within the area in which the 
exemption method applies, and there are currently no plans to dispose of any of 
these companies.
The Maritime Services segment will have shares in subsidiaries not subject to the 
exemption method which could give rise to a tax charge in the event of a sale, where 
no provision has been made for deferred tax associated with a possible sale or 
dividend. There are currently no plans to dispose of such companies.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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 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 2024 the company owns1 688 812 own shares (386 300 for 
31 December 2023).  
Total outstanding ordinary shares as of 31 December 2024 are 33 049 747 A-shares 
and 9 841 441 B-shares.
Earnings per share is calculated based on an average of 43 429 322 shares for 2024 
and 44 283 425 shares for 2023.
See note 11 in the parent accounts for an overview of the largest shareholders at 31 
December 2024.
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. 
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.
 
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.
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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 11 Pension
Funded
Unfunded
2024
2023
2024
2023
Number of people covered by pension schemes at 31.12
In employment
 3 
 4 
 6 
 5 
On retirement (inclusive disability pensions)
 131 
 138 
 24 
 23 
Total number of people covered by pension schemes
 134 
 142 
 30 
 28 
Expenses
Commitments
2024
2023
31.12.2024
31.12.2023
Financial assumptions for the pension calculations:
Discount rate
3.70%
3.60%
3.90%
3.70%
Anticipated pay regulation
3.50%
3.50%
3.25%
3.50%
Anticipated increase in National Insurance base amount (G)
3.50%
3.50%
3.25%
3.50%
Anticipated regulation of pensions
2.40%
1.70%
1.90%
2.40%
USD mill
2024
2023
Pension expenses     
Service cost/net interest cost
 (1)
Cost of contribution plan
 (24)
 (22)
Pension expenses
 (25)
 (23)
Total remeasurements included in OCI
 1 
 (1)
USD mill
31.12.2024
31.12.2023
Pension obligations
Defined benefit obligation at end of prior year
 37 
 37 
Effect of changes in foreign exchange rates
 (2)
 (2)
Service cost
 1 
Interest expense
 1 
 1 
Remeasurements - change in assumptions
 (1)
 1 
Pension obligations at 31.12
 36 
 37 
Fair value of plan assets
Fair value of plan assets at end of prior year
 14 
 15 
Interest income
 1 
 
Benefit payments from plan
 
 (1)
Return on plan assets (excluding interest income)
 
 (1)
Gross pension assets at 31.12
 15 
 14 
Defined benefit obligation 
 36 
 37 
Fair value of plan assets
 15 
 14 
Net liability at 31.12
 21 
 23 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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. 
Loans and receivables are recognised initially at their fair value plus transaction costs. 
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 value 
derived if the amortised cost method would have been applied. 
USD mill
Note
2024
2023
OTHER NON CURRENT ASSETS 
Non current equity investments
18
 19 
 12 
Non current loans to associates and joint ventures
18
 10 
 20 
Non current loans to others
18
 1 
 3 
Non current financial derivatives
18
 3 
 2 
Other non current assets
18
 5 
 5 
Total other non current assets
 39 
 42 
OTHER CURRENT ASSETS 
Account receivables
 255 
 240 
Prepaid expenses
 50 
 52 
Accrued revenue
 8 
 13 
Financial derivatives
18
 17 
 
Other current assets
17/18
 38 
 36 
Total other current assets
 368 
 342 
OTHER CURRENT LIABILITIES
Account payables
 267 
 303 
Accrued employee benefits
 38 
 35 
Other accrued expenses
 50 
 55 
Financial derivatives
18
 20 
 
Other current liabilities 
 62 
 59 
Cylinder deposit *
7
 123 
 115 
Total other current liabilities
 559 
 567 
* Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 110 million (2023: USD 
111 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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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 months 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 gross domestic 
product 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
Current
Less than 
90 days past due 
Between 90 and 
180 days past due
More than 
180 days past due
At 31.12.2024
Expected loss rate 
0%
5%
9%
27%
Gross carrying amount - trade receivables
 234 
 9 
 8 
 7 
Loss allowance *
 (1)
 (1)
 (2)
At 31.12.2023
Expected loss rate 
0%
6%
13%
49%
Gross carrying amount - trade receivables
 222 
 8 
 11 
 3 
Loss allowance *
 (1)
 (1)
 (1)
* Loss allowance is rounded to nil for current trade receivables..
ACCOUNT RECEIVABLES
At 31 December 2024, USD 22 million (2023: USD 18 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.
USD mill
2024
2023
Movements in group provision for impairment of account receivables are as follows
Balance at 01.01
 3 
 4 
Balance at 31.12
 3 
 3 
Account receivables per segment
Maritime Services 
 195 
 177 
New Energy
 59 
 63 
Strategic Holdings and Investments
 1 
 
Total account receivables
 255 
 240 
See note 18 on credit risk.
74%
26%
0%
2024 Account receivables
2023 Account receivables
 Maritime Services
 New Energy
 Strategic Holdings and Investments
76%
23%
0%
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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. 
USD mill
2024
2023
Financial assets to fair value
Financial assets to fair value at 01.01
 87 
 75 
Acquisition 
 3 
 1 
Reclassified 
 (5)
Currency translation adjustment through other comprehensive income
 (9)
 
Change in fair value through income statement*
 11 
 11 
Total financial assets to fair value at 31.12
 86 
 87 
* In the income statement, change in fair value through income statement includes the change in fair value related to the warrants towards Reach Subsea ASA (part of other 
current assets in the balance sheet). The fair value gain related to the warrants amounts to USD 16 million for 2024.
USD mill
2024
2023
Financial assets to fair value 
Qube Holdings Limited
 61 
 55 
Australian PE funds
 17 
 19 
Other
 8 
 12 
Total financial assets to fair value at 31.12
 86 
 87 
Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments. 
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 2024 the group held 25 million shares, 1.4% of total (2023: 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
2024
2023
Inventories
Raw materials
 7 
 9 
Goods/projects in process
 1 
 2 
Finished goods/products for onward sale
 111 
 110 
Total inventories at 31.12
 119 
 121 
Obsolescence allowance, deducted above
 4 
 3 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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.
USD mill
2024
2023
Market value current financial investments
Equities
 84 
 88 
Bonds
 36 
 36 
Financial derivatives
 1 
Total current financial investments at 31.12
 121 
 124 
The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.
USD mill
2024
2023
Net unrealised gain at 31.12
 2 
 13 
The parent company’s portfolio of equities and bonds of USD 121 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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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.
USD mill
Note
2024
2023
Interest-bearing debt
Bank and mortgages loan
 300 
 483 
Lease liabilities
 134 
 125 
Total interest-bearing debt at 31.12
18
 434 
 608 
The groups bank and mortages loan facilities are held in the Maritime Services 
segment and the New Energy segment, amounting to USD 65 million and USD 235 
million per 31 December 2024. 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 204 million per 31 December 2024, matures in 2027.
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 2024.
USD mill
Note
2024
2023
Book value of collateral, mortgaged and leased assets:
Financial assets to fair value and current financial investments
 14/16 
 186 
 211 
Assets in the New Energy segment
 746 
 834 
Total book value of collateral, mortgaged and leased assets at 31.12
 932 
 1 045 
The parent company’s portfolio of financial investments is held as collateral within a securities’ finance facility.
USD mill
Note
2024
2023
Repayment schedule for interest-bearing debt
Due in year 1
 49 
 51 
Due in year 2
 36 
 19 
Due in year 3
 259 
 28 
Due in year 4
 13 
 435 
Due in year 5 and later
 77 
 76 
Total interest-bearing debt at 31.12
18
 434 
 608 
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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 17 Interest-bearing debt and undrawn credit facilities
USD mill
Note
2024
2023
The group net interest-bearing debt
Non current interest-bearing debt
 277 
 456 
Non current lease liabilities 
 108 
 101 
Current interest-bearing debt
 23 
 27 
Current lease liabilities 
 26 
 24 
Total interest-bearing debt at 31.12
 434 
 608 
Cash and cash equivalents
 155 
 224 
Current financial investments
16
 121 
 124 
Net interest-bearing debt at 31.12
 157 
 260 
USD mill
2024
2023
Guarantee commitments
Guarantees for group companies
 2 
 15 
Bank guarantees
 29 
 20 
Payroll tax guarantees
 7 
 5 
Total guarantee commitments at 31.12
 38 
 40 
The carrying amounts of the group’s bank loans are denominated in the following currencies
USD
 95 
 175 
NOK
 193 
 294 
DKK
 13 
 14 
Total
 300 
 483 
See otherwise note 18 for information on financial derivatives (currency hedges) relating to interest-bearing debt.
USD mill
2024
2023
Net debt
Cash and cash equivalents
 155 
 224 
Liquid investments *
 121 
 124 
Borrowings - repayable within one year 
 (49)
 (51)
Borrowings - repayable after one year
 (385)
 (557)
Net debt at 31.12
 (157)
 (260)
Cash and cash equivalents and liquid investments
 276 
 349 
Gross debt - variable interest rates **
 (434)
 (608)
Net debt at 31.12
 (157)
 (260)
*	 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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 17 Interest-bearing debt and undrawn credit facilities
USD mill
Liabilities from financing activities
Finance leases due 
within 1 year
Finance leases due 
after 1 year
Borrowings due
within 1 year
Borrowings due
after 1 year
Total financing 
activities
Total interest-bearing debt at 01.01.2024
 24 
 101 
 27 
 456 
 608 
Reclass
 3 
 (3)
 (1)
 1 
Cash flows
 (33)
 
 (9)
 (161)
 (203)
Foreign exchange adjustments
 (2)
 (9)
 (31)
 (43)
Other non-cash movements
 34 
 19 
 6 
 12 
 71 
Total interest-bearing debt at 31.12.2024
 26 
 108 
 23 
 277 
 434 
Total interest-bearing debt at 01.01.2023
 23 
 93 
 65 
 473 
 654 
Reclass
 19 
 (19)
 (2)
 2 
Cash flows
 (27)
 
 (41)
 (31)
 (99)
Business combinations
 2 
 2 
Foreign exchange adjustments
 1 
 (2)
 (8)
 (10)
Other non-cash movements
 10 
 26 
 7 
 19 
 62 
Total interest-bearing debt at 31.12.2023
 24 
 101 
 27 
 456 
 608 
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
2024
2023
Committed undrawn credit facilities
 456 
 321 
Committed undrawn credit facilities are key part of the liquidity reserve.
USD mill
2024
2023
Cash and cash equivalents
Banks
 155 
 224 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
118
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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 operates worldwide selling products and services to the maritime and 
offshore industry. The group also holds strategic investments in the maritime sector 
as well as financial investments primarily in the Nordic equity and bond market. The 
group is exposed to market risks including foreign exchange rates, interest rates and 
equity market prices.
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. 
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 applies 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.
 
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). 
 
The group’s largest foreign exchange exposures are NOK, EUR, SGD, AUD and KRW 
- all against USD. 
 
TRANSACTION RISK HEDGING (CASH FLOW)
The group’s operating segments are responsible for hedging their own material 
transaction risk. Within Maritime Services, USD/NOK, EUR/USD and USD/SGD 
exposures are subject to a systematic three-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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
119
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Cont. note 18 Financial risk
USD mill
Sensitivities of foreign exchange rates risk
Change in exchange rates
 (10%)
 (5%)
0%
5%
10%
USD/NOK
 10.22 
 10.78 
 11.35 
 11.92 
 12.49 
Income statement effect
 4 
 2 
 (2)
 (3)
Equity effect
 54 
 25 
 (23)
 (44)
EUR/USD
 0.93 
 0.99 
 1.04 
 1.09 
 1.14 
Income statement effect
 8 
 4 
 (4)
 (8)
Equity effect
 (3)
 (2)
 2 
 3 
USD/SGD
 1.23 
 1.29 
 1.36 
 1.43 
 1.50 
Income statement effect
 (3)
 (1)
 1 
 2 
Equity effect
 12 
 6 
 (5)
 (10)
USD/AUD
 1.45 
 1.53 
 1.61 
 1.69 
 1.78 
Income statement effect
Equity effect
 9 
 4 
 (4)
 (8)
USD/KRW
 1 327.43 
 1 401.18 
 1 474.93 
 1 548.67 
 1 622.42 
Income statement effect
Equity effect
 73 
 35 
  
 (31)
 (60)
(Tax rate used is 22% that equals the Norwegian tax rate)
USD mill
Note
2024
2023
Currency through income statement
Included in other financial income/(expenses)
Operating currency, net
 15 
 (2)
Financial currency, net
 (21)
 (6)
Currency derivatives, realised 
 (3)
 (3)
Currency derivatives, unrealised 
 (20)
 10 
Net currency items in other financial income/(expenses)
1
 (28)
 (1)
Through other comprehensive income
Currency translation differences through OCI
 (228)
 (15)
Total net currency effects 
 (257)
 (16)
For Maritime Services, New Energy and Strategic Holdings and Investments, material 
translation risks are booked to other comprehensive income due to the functional 
currency for most of the entities being different from the reporting currency USD. 
 
The group’s segments perform sensitivity analyses on the unhedged part of the 
transaction risk on a regular basis.
 
The portfolio of derivatives used to hedge the group’s transaction risk (described 
above), exhibit the following income statement sensitivity:
USD mill
Sensitivity
 (10%)
 (5%)
0%
5%
10%
Income statement sensitivities of economic hedge program
Transaction risk
USD/NOK spot rate
 10.22 
 10.78 
 11.35 
 11.92 
 12.49 
Income statement effect
 15 
 8 
   
 (8)
 (15)
EUR/USD spot rate
 0.93 
 0.99 
 1.04 
 1.09 
 1.14 
Income statement effect
 8 
 4 
 (4)
 (8)
USD/SGD spot rate
 1.23 
 1.29 
 1.36 
 1.43 
 1.50 
Income statement effect
 4 
 2 
 (2)
 (4)
(Tax rate used is 22% that equals the Norwegian tax rate)
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
120
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Cont. note 18 Financial risk
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 has hedged about 50% of its interest-bearing debt (Interest 
bearing debt of USD 235 million, with hedged amout totalling USD 113 million) as of 
31 December 2024. 
The group has financial liabilities that are exposed to NIBOR and USD Term SOFR 
reference rates. The group has interest-bearing liabilities of USD 65 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
In 2023, 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. 
USD mill
2024
2023
Maturity schedule interest rate hedges (nominal amounts)
Due in year 1
 23 
Due in year 2
Due in year 3
 62 
Due in year 4
 18 
 39 
Due in year 5 and later 
 34 
 58 
Total interest rate hedges at 31.12
 113 
 120 
The average remaining term of the existing total debt portfolio is three years.  
The hedges have an average remaining term of four years. 
 
Interest rate sensitivity
The group’s interest rate risk originates from differences in duration between assets 
and liabilities. On the asset side, bank deposits and investments in interest-bearing 
instruments are subject to risk from changes in the general level of interest rates, 
primarily in USD and NOK. 
 
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.
USD mill
2024
2023
Assets 
Liabilities
Assets 
Liabilities
Interest rate derivatives
New Energy
 3 
 2 
Total interest rate derivatives at 31.12
 3 
 2 
Currency derivatives
Maritime Services
 
 20 
Strategic Holdings and Investments
 1 
Total currency derivatives at 31.12
 2 
 20 
Other derivatives
New Energy*
 16 
Total other derivatives at 31.12
 16 
Total market value of financial derivatives at 31.12
 21 
 20 
 2 
Book value equals market value
*Other derivatives in New Energy comprise the warrant towards Reach Subsea ASA, see note 4 for more information
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
121
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Cont. note 18 Financial risk
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
 (2%)
 (1%)
0%
 1% 
 2% 
Income statement effect
(0)
(0)
   
0 
0 
Equity effect
 (6)
 (3)
 3 
 6 
(Tax rate used is 22% that equals the Norwegian tax rate)
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 summarises the equity market sensitivity towards the market value of all 
listed equities held as current financial investments, see note 16.
Income statement sensitivities of equity market risk
USD mill
Change in equity prices
Change in market value
 (20%)
 (10%)
0%
 10% 
 20% 
Income statement effect
 (24)
 (12)
   
 12 
 24 
(Tax rate used is 22% that equals the Norwegian tax rate)
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 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 2024 
(analogous for 2023).
 
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
2024
2023
Exposure to credit risk
Financial derivatives (interest)
 12
 3 
 2 
Account receivables
 12
 255 
 240 
Bonds
 16
 36 
 36 
Cash and bank deposits
 17
 155 
 224 
Total exposure to credit risk at 31.12
 450 
 503 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
122
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Cont. note 18 Financial risk
LIQUIDITY RISK
The group’s approach to managing liquidity is to ensure that the group meets 
its liabilities, under both normal and stressed conditions, without incurring 
unacceptable losses or risking damage to the group’s reputation.
 
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 2024, the group had in excess of USD 337 million (2023: USD 
404 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 456 million (2023: USD 321 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 2024
Mortgages
 23 
 13 
 183 
 13 
Finance lease liabilities
 26 
 22 
 25 
 61 
Bank loan
 
 1 
 64 
 2 
Financial derivatives
 20 
Interest due
 30 
 25 
 29 
 31 
Total undiscounted cash flow financial liabilities at 31.12
 98 
 61 
 301 
 108 
Current liabilities (excluding next year's instalment on interest-bearing debt)
 451 
Total gross undiscounted cash flows financial liabilities at 31.12
 550 
 61 
 301 
 108 
Undiscounted cash flows financial liabilities 2023
Mortgages
 14 
 13 
 265 
 14 
Finance lease liabilities
 24 
 18 
 24 
 59 
Bank loan
 174 
 3 
Interest due
 36 
 35 
 67 
 33 
Total undiscounted cash flow financial liabilities at 31.12
 73 
 67 
 529 
 109 
Current liabilities (excluding next year's instalment on interest-bearing debt)
 477 
Total gross undiscounted cash flows financial liabilities at 31.12
 550 
 67 
 529 
 109 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
123
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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 sheet 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.
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:
 
•	 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 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.
 
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
Note
Fair value
Book value
Interest-bearing debt
Mortgages
 234 
 233 
Finance lease liabilities
 134 
 134 
Bank loan
 68 
 67 
Total interest-bearing debt at 31.12.2024
 17
 436 
 434 
Mortgages
 306 
 306 
Finance lease liabilities
 125 
 125 
Bank loan
 178 
 177 
Total interest-bearing debt at 31.12.2023
 17
 610 
 608 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
124
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Cont. note 18 Financial risk
USD mill
Level 1
Level 2
Level 3
Total
Financial assets to fair value
Equities
 84 
 84 
Bonds
 36 
 36 
Financial derivatives
 21 
 21 
Financial assets to fair value
 61 
 8 
 17 
 86 
Total financial assets at 31.12.2024
 181 
 29 
 17 
 227 
Financial liabilities to fair value
Financial derivatives
 (20)
 (20)
Total financial liabilities at 31.12.2024
 (20)
 (20)
Financial assets to fair value
Equities
 88 
 88 
Bonds
 36 
 36 
Financial derivatives
 
 2 
 2 
Financial assets to fair value
 55 
 8 
 24 
 87 
Total financial assets at 31.12.2023
 179 
 10 
 24 
 213 
Financial liabilities to fair value
Financial derivatives
Total financial liabilities at 31.12.2023
USD mill
2024
2023
Changes in level 3 instruments
Opening balance at 01.01
 24 
 22 
Gain/(loss) recognised through income statement
 (8)
 2 
Closing balance at 31.12
 17 
 24 
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 2024 are liquid investment grade bonds and listed equities (analogous 
for 2023).
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.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
125
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Cont. note 18 Financial risk
Financial instruments by category
USD mill
Note
Financial assets at 
amortised cost
Fair value through the 
income statement
Total
Assets
Other non current assets
12
 19 
 19 
 39 
Financial assets to fair value
14
 86 
 86 
Current financial investments
16
 120 
 120 
Current financial derivatives
12
 21 
 21 
Other current assets
12
 293 
 293 
Cash and cash equivalent
 155 
 155 
Assets at 31.12.2024
 467 
 246 
 713 
Liabilities at fair value through 
the income statement
Other financial liabilities 
at amortised cost
Total
Liabilities
Non current interest-bearing liabilities
17
 385 
 385 
Current interest-bearing liabilities
17
 49 
 49 
Current financial derivatives
12
 20 
 20 
Other non current liabilities
12
 8 
 8 
Other current liabilities
12
 451 
 451 
Liabilities at 31.12.2024
 28 
 885 
 913 
USD mill
Note
Financial assets at 
amortised cost
Fair value through the 
income statement
Total
Assets
Other non current assets
12
 30 
 12 
 42 
Financial assets to fair value
14
 87 
 87 
Current financial investments
16
 124 
 124 
Current financial derivatives
12
 2 
 2 
Other current assets
12
 276 
 276 
Cash and cash equivalent
 224 
 224 
Assets at 31.12.2023
 531 
 225 
 756 
Liabilities at fair value through 
the income statement
Other financial liabilities 
at amortised cost
Total
Liabilities
Non current interest-bearing liabilities
17
 557 
 557 
Current interest-bearing liabilities
17
 51 
 51 
Other non current liabilities
12
 11 
 11 
Other current liabilities
12
 477 
 477 
Liabilities at 31.12.2023
 11 
 1 085 
 1 096 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
126
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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 61% of voting shares of the group. Tallyman AS is controlled by Thomas Wilhelmsen.
Detailed remuneration discloures are provided in the remuneration report.
Business office, 
country
Ownership
Material related parties in the group are:
Wallenius Wilhelmsen ASA
Norway
37.9%
Coast Center Base AS / KS
Norway
50.0%
Wilhelmsen Ahrenkiel Ship Management group
Germany
50.0%
USD thousand
2024
2023
KEY MANAGEMENT PERSONNEL COMPENSATION
Base salary 
 1 963 
 2 086 
Bonus
2 201
 1 436 
Pension
 556 
 513 
Other benefits
 381 
 341 
Total
5 100
 4 376 
Detailed remuneration discloures are provided in the remuneration report.
USD mill
2024
2023
OPERATING REVENUE FROM RELATED PARTY
Sale of goods and services to joint ventures and associates:
WAWI group
 23 
 22 
Maritime Services 
 9 
 7 
New Energy
 1 
 1 
Operating revenue from related party
 33 
 31 
OPERATING EXPENSES TO RELATED PARTY
Purchase of goods and services from joint ventures and associates:
Maritime Services 
 (3)
 (1)
New Energy
 (26)
 (28)
Operating expenses to related party
 (29)
 (29)
ACCOUNT RECEIVABLES FROM RELATED PARTY
Maritime Services 
 5 
 4 
Account receivables from related party at 31.12
 5 
 4 
ACCOUNT PAYABLES TO RELATED PARTY
Maritime Services 
 (3) 
 (4) 
New Energy
 (5) 
 (3) 
Account payables to related party at 31.12
 (8) 
(7) 
NON CURRENT ASSETS TO RELATED PARTY
New Energy
  
1
Non current assets to related party at 31.12
 
 1 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
127
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Note 20 Subsidiaries with material non-controlling interests
Business office, country
2024
Voting/control share
Treasure ASA
Norway
84.16%
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.
USD mill
Treasure ASA
2024
2023
Summarised balance sheet
Non current assets
 672 
 675 
Current assets
 1 
 4 
Total assets at 31.12
 673 
 680 
Non current liabilities
Current liabilities
 1 
Total liabilities at 31.12
 1 
Net assets at 31.12
 672 
 679 
Accumulated non-controlling interests (NCI)
 106 
 145 
Summarised income statement/OCI
Total income
Profit for the year
 87 
 84 
Other comprehensive income
 (75)
 (16)
Total comprehensive income
 12 
 68 
Profit allocated to NCIs
 3 
 15 
Dividends paid to NCIs
 4 
 4 
Summarised cash flows
Net cash flow provided by/(used in) operating activities
 15 
 13 
Net cash flow provided by/(used in) financing activities
 (19)
 (19)
Net increase/(decrease) in cash and cash equivalents
 (4)
 (5)
USD mill
2024
2023
Total allocation to NCIs
Profit for the period to material NCIs
 18 
 18 
Profit for the period to other immaterial NCIs
 2 
 3 
Profit for the period to NCIs
 20 
 21 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 21 Investment in joint ventures and associates - restated financial figures
Background
On 7 June 2024, Wallenius Wilhelmsen issued a stock exchange notice informing the 
market of a required restatement of historical figures due to change in accounting 
treatment related to the EUKOR put and call option (put option going forward). It has 
been concluded that the put option liability must be recognised in full and the non-
current asset recognised related to the call option must be removed. The combined 
effect shall be recognised in equity. 
  
Impact of change on the groups consolidated financial statemenets
In the group’s consolidated financial statements, the investment in Wallenius 
Wilhelmsen is accounted for as an investment in associate, applying the equity 
method for measurement. 
In the Wallenius Wilhelmsen consolidated financial statements, the put option has 
been recognised by derecognising the non-controlling interest, with excess value, 
exceeding the carrying value of the non-controlling interest, being recognised as a 
reduction in the equity attributable to the owners of the parent. 
IAS 28 - Investments in Associates and Joint Ventures, does not give any specific 
guidance on how to account for other equity movements than total comprehensive 
income and transactions with shareholders. Wilhelmsen has therefore developed 
an accounting policy for the equity movements in Wallenuis Wilhelmsen caused 
by the NCI put, where equity movements in the investee are presented as equity 
movements also in the consolidated financial statements of the company. 
Since the risk and rewards associated with the shares in EUKOR primarly resides with 
the non-controlling interest, management has concluded that the put option should 
be recognised in full towards the equity attributable to the owners of Wallenius 
Wilhelmsen. By electing this principle, the group assumes its full relative share of the 
redemption liability reported by Wallenius Wilhelmsen, as a reduction in the carrying 
value of the shares in Wallenius Wilhelmsen with a corresponding adjustment in 
equity. The proportionate share of changes in the liability is recognised directly in 
equity in Wilh. Wilhelmsen, as other equity movements. 
Presentation of restated comparable amounts
Applying IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, 
the group has presented in this note the restated comparable amounts for each 
period presented as if the put option had beed recognised in Wallenius Wilhelmsens 
consolidated financial statements for each period, starting from the reporting period 
ending December 31, 2022. The related income statement effect is immaterial for 
group reporting.
RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2023
Consolidated balance sheet
USD mill
31.12.2023
31.12.2023
as reported
restated
Investments in joint ventures and associates
 2 247 
 1 877 
Total non current assets
 3 294 
 2 924 
Total assets
 4 105 
 3 735 
Attributable to equity holders of the parent
 2 702 
 2 332 
Non-controlling interests
 155 
 155 
Total equity
 2 857 
 2 488 
Total equity and liabilities 
 4 105 
 3 735 
RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022
Consolidated balance sheet
USD mill
31.12.2022
01.01.2023
as reported
restated
Investments in joint ventures and associates
 1 962 
 1 717 
Total non current assets
 2 981 
 2 735 
Total assets
 3 711 
 3 465 
Attributable to equity holders of the parent
 2 278 
 2 032 
Non-controlling interests
 160 
 160 
Total equity
 2 438 
 2 192 
Total equity and liabilities 
 3 711 
 3 465 
RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022
Consolidated equity
USD mill
Share capital
Own shares
Retained 
earnings
Total
Non- 
controlling 
interests 
Total equity
Balance at 31.12.2022 as reported
 118 
 2 160 
 2 278 
 160 
 2 438 
Effect of restatement of put liability
 (246)
 (246)
 (246)
Balance at 01.01.2023 restated
 118 
 1 914 
 2 032 
 160 
 2 192 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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.
Fraud risk, with examples such as risk of cyber-based fraud attempts, are 
continuously being assed by the group, with mitigating actions being conducted 
to prevent such attempts. While the potential financial effect from fraud may be 
significant in the most severe cases, the group assesses the risk of fraud attempts 
being successful to be low, with the group not being aware of any ongoing cases.  
Risk 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. 
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 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 amortisation.
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.
EBITDA margin is defined as EBITDA as a % of of Total income.
EBITDA margin adjusted is defined as EBITDA adjusted as a % 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 amortisation. 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.
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.
Enterprise Value (EV) is defined as the market capitalisation 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 these 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 
New or amended standards and interpretations issued during the current period, 
effective from 1 January 2024, are not expected to have material impact on the 
entity in the current or future periods.
New standards and interpretations not yet adopted  
IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 
2024. IFRS 18 is not mandatory for  31 December 2024 reporting period and has 
not been early adopted by the group. The group is in process of assessing the 
impact of IFRS 18 on the groups reporting.
Other new or amended accounting standards and interpretations have been 
published that are not mandatory for 31 December 2024 reporting periods and has 
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. 
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 25 Events after the balance sheet date
In February 2025, Wilh. Wilhelmsen Holding ASA bought back 443.253 A-shares at 
NOK 395 per share and 167.808 B-shares at NOK 377 per share. Following the 
buyback, Wilh. Wilhelmsen Holding ASA holds 1.393.506 A-shares and 906.367 
B-shares. 
On 5 March 2025, the group exercised its remaining warrants towards Reach Subsea 
ASA. 44.7 million warrants were exercised at a strike price of NOK 3.28 with the total 
consideration amounting to USD 13 million (NOK 147 million). The fair value of the 
warrants, held as a current financial derivative in the group’s balance sheet, has been 
reclassified to the cost price of the shares in Reach Subsea ASA. After the exercise, 
the group holds 29.6% of the shares in Reach Subsea ASA.
No other material events occurred between the balance sheet date and the date 
when the accounts were presented which provide new information about conditions 
prevailing on the balance sheet date.
Accounts and notes – group    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Accounts and notes 
– parent company
132 	 Wilh. Wilhelmsen Holding ASA parent company
133 	 Income statement
133 	 Comprehensive income  
134	
Balance sheet
135 	 Cash flow statement
136 	 Equity
137	
Notes
154	
Auditor’s report for financial statement
160	
Auditor’s report for sustainability statement
165	
Responsibility statement
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Income statement Wilh. Wilhelmsen Holding ASA
NOK thousand
 Note 
2024
2023*
Operating income
1
 28 973 
 34 030 
Operating expenses
Employee benefits
2
 (105 652)
 (94 466)
Operating expenses
1/15
 (60 302)
 (65 210)
Depreciation, amortisation and impairment
3/15
 (2 148)
 (1 828)
Total operating expenses
 (168 102)
 (161 505)
Operating profit/(loss)
 (139 129)
 (127 475)
Financial income/(expenses)
Net financial income
1/4/15
 3 592 114 
 2 541 250 
Net financial expenses
1/4/15
 (86 416)
 (74 748)
Financial income/(expenses)
 3 505 699 
 2 466 501 
Profit before tax
 3 366 570 
 2 339 027 
Tax income/(expense)
5
 (22 534)
 (54 089)
Profit for the year
 3 344 036 
 2 284 938 
Transfers and allocations
To equity
 2 490 613 
 1 666 226 
Proposed dividend
 514 694 
 441 937 
Interim dividend paid
 338 730 
 176 775 
Total transfers and allocations
 3 344 036 
 2 284 938 
* Change in accounting policy for intercompany lease. See note 15 for further details. 
Comprehensive income Wilh. Wilhelmsen Holding ASA
NOK thousand
2024
2023
Profit for the year
 3 344 036 
 2 284 938 
Items that will not be reclassified to the income statement
Remeasurement postemployment benefits, net of tax
 6 256 
 (5 851)
Total comprehensive income
 3 350 293 
 2 279 087 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Balance sheet Wilh. Wilhelmsen Holding ASA
NOK thousand
 Note 
31.12.2024
31.12.2023*
ASSETS
Non current assets
Deferred tax assets
5
 64 480 
 88 778 
Intangible assets
3
 8 875 
 10 329 
Properties and other tangible assets
3
 14 902 
 13 377 
Investments in subsidiaries and associates
6
 6 770 899 
 6 328 989 
Financial assets to fair value 
7/13
 90 333 
 76 075 
Sublease receivable
4/14
 289 864 
 212 185 
Other non current assets
14
 39 395 
 41 048 
Total non current assets
 7 278 748 
 6 770 781 
Current assets
Current financial investments
8/13
 1 381 679 
 1 263 938 
Trade and other receivables
14
 3 643 
 102 107 
Sublease receivable
4/14
 41 699 
 34 067 
Current loan to group companies 
14
 1 192 407 
Other current assets
10
 731 036 
 69 180 
Cash and cash equivalents
9
 290 197 
 636 489 
Total current assets
 3 640 661 
 2 105 782 
Total assets
                                              
 10 919 409 
 8 876 563 
EQUITY AND LIABILITIES
Equity
Paid-in capital
11
 891 600 
 891 600 
Retained earnings and other reserves
 8 929 974 
 6 944 750 
Total equity
 9 821 574 
 7 836 350 
Non current liabilities
Pension liabilities
12
 67 168 
 74 417 
Non current lease liabilities 
4/15
 289 864 
 212 185 
Total non current liabilities
 357 032 
 286 602 
Current liabilities
Public duties payable
 5 397 
 5 278 
Trade and other payables
14
 10 740 
 9 055 
Current portion of lease liabilities
4/14/15
 41 699 
 34 067 
Other current liabilities
10/14
 682 968 
 705 212 
Total current liabilities
 740 803 
 753 612 
Total equity and liabilities 
 10 919 409 
 8 876 563 
* Change in accounting policy for intercompany lease. See note 15 for further details.
Lysaker, 19 March 2025
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E. Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas F. Borgen 
Thomas Wilhelmsen (group CEO)
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cash flow statement  Wilh. Wilhelmsen Holding ASA
NOK thousand
 Note 
2024
2023*
Cash flow from operating activities
Profit before tax 
 3 366 570 
 2 339 027 
Financial (income)/expenses
1/15
 (3 505 699)
 (2 466 501)
Depreciation, amortisation and impairment
3/15
 2 148 
 1 828 
Other (gain)/loss 
 
 2 922 
Change in net pension asset/liability
 772 
 16 
Change in other assets and liabilities
 (70 731)
 55 017 
Withholding tax (paid)/received 
5
  
 682 
Net cash flow from operating activities
 (206 939)
 (67 009)
Cash flow from investing activities
Dividend/group contribution received from group companies
14
 3 317 746 
 2 197 628 
Investments in tangible and intangible assets 
3
 (2 220)
 (10 598)
Net proceeds from sale of entity
6
 700 
Investments in subsidiaries, joint ventures and associates
6
 (337 691)
 (656 584)
Repayment of financial sublease
4
 41 228 
 32 708 
Cash pool receivables 
14
 (670 879)
 (40 863)
Purchase of current financial investments
 (68 779)
 (146 482)
Dividend and other financial income received from financial assets
 49 189 
 36 186 
Interest received included interest of sublease receivable
1
 76 330 
 25 054 
Net cash flow from investing activities
 2 404 923 
 1 437 750 
Cash flow from financing activities
Net proceeds from issue of debt after debt expenses
 505 000 
 600 000 
Repayment of debt
 (1 595 814)
 (977 671)
Repayment of lease liabilities 
4/15
 (41 228)
 (39 483)
Interest paid included interest of financial lease debt 
15
 (18 263)
 (8 549)
Cash from/(to) financial derivatives 
 13 621 
 (44 717)
Cash pool payables 
14
 (115 283)
 167 466 
Purchase of own shares 
 (511 643)
 (105 350)
Dividend to shareholders
 (780 667)
 (444 255)
Net cash flow from financing activities
 (2 544 276)
 (852 558)
Net increase in cash and cash equivalents
 (346 292)
 518 182 
Cash and cash equivalents at the beginning of the period
 636 489 
 118 308 
Cash and cash equivalents at 31.12
 290 197 
 636 489 
* Change in accounting policy for intercompany lease. See note 15 for further details.
The company has several bank accounts in different currencies. 
Unrealised currency effects are included in net cash provided by operating activities.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Equity Wilh. Wilhelmsen Holding ASA
STATEMENT OF CHANGES IN EQUITY
NOK thousand
Note
Share capital
 Own shares 
 Retained earnings 
Total
Balance at 31.12.2023
 891 600 
 (7 726)
 6 952 476 
 7 836 350 
Interim dividend paid
 (338 730)
 (338 730)
Proposed dividend
 (514 694)
 (514 694)
Purchase of own shares 
 (26 300)
 (490 601)
 (516 901)
Sale of own shares 
 250 
 5 026 
 5 275 
Repayment of previous years’ dividend 
 (20)
 (20)
Profit for the year
 3 344 036 
 3 344 036 
Comprehensive income for the year
 6 256 
 6 256 
Balance at 31.12.2024
11
 891 600 
 (33 776)
 8 963 750 
 9 821 574 
NOK thousand
Note
Share capital
 Own shares 
 Retained earnings 
Total
Balance at 31.12.2022
 891 600 
 5 385 736 
 6 277 336 
Change in accounting policy for intercompany lease*
 2 577 
 2 577 
Balance at 31.12.2022
 891 600 
 5 388 313 
 6 279 913 
Interim dividend paid
 (176 775)
 (176 775)
Proposed dividend
 (441 937)
 (441 937)
Purchase of own shares 
 (8 000)
 (101 500)
 (109 500)
Sale of own shares 
 274 
 3 880 
 4 154 
Reversal of previous years’ dividend 
 1 407 
 1 407 
Profit for the year
 2 284 938 
 2 284 938 
Comprehensive income for the year
 (5 851)
 (5 851)
Balance at 31.12.2023
 891 600 
 (7 726)
 6 952 476 
 7 836 350 
* Change in accounting policy for intercompany lease. See note 15 for further details. 
At 31 December 2024 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.
In April 2024 the company aquired 440 000 own shares (20 441 A - shares and 
419 559 B - shares). In August 2024 the company acquired additionally 875 000 
own shares (656 000 A - shares and 219 000 B - shares). In October 2024, a total 
of 12 488 own A-shares were sold to employees as part of the employee share 
program. As a result, the company had 1 688 812 own shares at 31 December 2024 
(corresponding figures at 31 December 2023 was 386 300 own shares).
The proposed dividend for fiscal year 2024 is NOK 12.00 per share. A descision on 
the proposal will be taken by the Annual General Meeting on 30 April 2025. 
Dividend for fiscal year 2023 of NOK 10.00 per share was paid to the shareholders 
in May 2024. The Annual General Meeting additionally authorised a second dividend 
up to NOK 8.00 per share and this was paid in November 2024, bringing the total 
dividend paid in 2024 to NOK 18.00 per share.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
136
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Note 1 Combined items, income statement
NOK thousand
 Note 
2024
2023
OPERATING INCOME
Other income
 1 374 
 1 397 
Income from group companies
14
 27 599 
 35 555 
Other gain/(loss) 
   
 (2 922)
Total operating income
 28 973 
 34 030 
OPERATING EXPENSES
Expenses to group companies
14
 (26 941)
 (20 104)
Communication and IT expenses
 (3 896)
 (6 402)
External services
2
 (18 559)
 (22 608)
Travel and meeting expenses
 (3 194)
 (2 724)
Marketing expenses
 (3 603)
 (3 537)
Lease expenses
 (863)
 (6 724)
Other expenses
 (3 246)
 (3 112)
Total operating expenses
 (60 302)
 (65 210)
FINANCIAL INCOME/(EXPENSES)
Financial Income
Investment management
8
 107 301 
 160 804 
Interest income
 9 558 
 8 391 
Interest income financial sublease
4
 10 916 
 10 583 
Dividend/group contribution from associates and subsidiaries
14
 3 392 570 
 2 243 531 
Other financial income
14
 71 770 
 117 941 
Total financial income
 3 592 114 
 2 541 250 
Financial expenses
Interest expenses
 (7 347)
 (10 477)
Interest expenses financial lease
4
 (10 916)
 (10 583)
Other financial expenses 
14
 (68 153)
 (53 688)
Total financial expenses
 (86 416)
 (74 748)
Net financial income
 3 505 699 
 2 466 501 
Note 2 Employee benefits
NOK thousand
 Note 
2024
2023
Payroll
 (74 198)
 (63 888)
Payroll tax
 (11 654)
 (14 597)
Pension cost
12
 (8 129)
 (12 513)
Other personnel and welfare expenses 
 (11 671)
 (3 468)
Total employee benefits
 (105 652)
 (94 466)
Average number of employees
 30 
 30 
Detailed remuneration disclosures are provided in the remuneration report. 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
137
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Cont. note 2 Employee benefits
NOK thousand
2024
2023
EXPENSED AUDIT FEE
Statutory audit
 (930)
 (758)
Tax advisory fee
 (2)
Other assurance services
 (1 141)
 (419)
Total expensed audit fee
 (2 071)
 (1 179)
Note 3 Intangible and tangible assets
NOK thousand
 Intangible assets 
 Properties 
 Other tangible assets 
 Total 
2024
Cost at 01.01
 13 312 
 16 092 
 5 757 
 35 161 
Acquisition
 1 974 
 245 
 2 220 
Cost at 31.12
 13 312 
 18 066 
 6 002 
 37 381 
Accumulated depreciation/amortisation at 01.01
 (2 984)
 (5 248)
 (3 224)
 (11 456)
Depreciation/amortisation
 (1 453)
 (658)
 (36)
 (2 148)
Accumulated depreciation/amortisation at 31.12
 (4 437)
 (5 907)
 (3 260)
 (13 604)
Carrying amounts at 31.12
 8 875 
 12 160 
 2 742 
 23 777 
2023
Cost at 01.01
 12 976 
 10 582 
 9 084 
 32 642 
Acquisition
 5 029 
 5 510 
 59 
 10 598 
Reclass
 (43)
 (3 386)
 (3 429)
Cost at 31.12
 17 962 
 16 092 
 5 757 
 39 811 
Accumulated depreciation/amortisation at 01.01
 (6 384)
 (4 714)
 (6 609)
 (17 706)
Depreciation/amortisation
 (1 292)
 (535)
 (2)
 (1 828)
Reclass
 43 
 3 386 
 3 429 
Accumulated depreciation/amortisation at 31.12
 (7 633)
 (5 248)
 (3 224)
 (16 105)
Carrying amounts at 31.12
 10 329 
 10 844 
 2 533 
 23 705 
Useful life
3-5 years
Up to 25 years
3-10 years
Amortisation/depreciation schedule
Linear
Linear
Linear
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 4 Lease liabilities and sublease receivable
THE LEASE CONTRACTS
The company has leases related to property. The leasing liability refers to 
headquarter and parking places leased from an external lessor. This lease is 
subleased to group company. 
The company also holds a lease contract for office space from a group company. 
This lease is recognised as an operating lease with expenses recognised as other 
operating expenses in the statement of profit or loss as they incur. Refer to note 15 
for details on change in accounting policy for intercompany leases
Summary of the lease liabilities in the financial statements
NOK thousand
2024
Lease liability at 01.01
 246 252 
Cash payments for the principal portion of the lease liability
 (52 144)
Interest expense on lease liabilities
 10 916 
Additions and remeasurements
 126 539 
Lease liability at 31.12
 331 563 
Non current lease liabilities 
 289 864 
Current portion of lease liabilities
 41 699 
Lease liability at 31.12
 331 563 
2023*
Lease liability at 01.01
 278 961 
Cash payments for the principal portion of the lease liability
 (43 292)
Interest expense on lease liabilities
 10 583 
Lease liability at 31.12
 246 252 
Non current lease liabilities 
 212 185 
Current portion of lease liabilities
 34 067 
Lease liability at 31.12
 246 252 
All financial lease is leased from external party.
Undiscounted lease liabilities and maturity of cash flows
NOK thousand
31.12.2024
31.12.2023*
Less than 1 year
 54 271 
 43 303 
1-2 years
 54 271 
 34 706 
2-3 years
 54 271 
 34 706 
3-4 years
 54 271 
 34 706 
4-5 years
 54 271 
 34 706 
More than 5 years
 108 541 
 104 118 
Total undiscounted lease liabilities at 31.12
 379 894 
 286 244 
* Change in accounting policy for intercompany lease. See note 15 for further details.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 4 Lease liabilities and sublease receivable
Summary of sublease receivable
NOK thousand
2024
Sublease receivable at 01.01
 246 252 
Repayment of sublease receivable
 (52 144)
Interest income on sublease receivable
 10 916 
Additions and remeasurements
 126 539 
Total financial sublease receivable at 31.12
 331 563 
Non current sublease receivable 
 289 864 
Current sublease receivable 
 41 699 
Total financial sublease receivable at 31.12
 331 563 
2023
Sublease receivable at 01.01
 278 961 
Repayment of sublease receivable
 (43 292)
Interest income on sublease receivable
 10 583 
Total financial sublease receivable at 31.12
 246 252 
Non current sublease receivable 
 212 185 
Current sublease receivable 
 34 067 
Total financial sublease receivable at 31.12
 246 252 
Property including parking places are subleased to the subsidiary WilService AS in 2024 and 2023.
Undiscounted sublease receivable and maturity of cash flows
NOK thousand
31.12.2024
31.12.2023
Less than 1 year
 54 271 
 43 303 
1-2 years
 54 271 
 34 706 
2-3 years
 54 271 
 34 706 
3-4 years
 54 271 
 34 706 
4-5 years
 54 271 
 34 706 
More than 5 years
 108 541 
 104 118 
Total undiscounted sublease receivable at 31.12
 379 894 
 286 244 
Unearned finance income
 48 331 
 39 992 
Net sublease receivable
 331 563 
 246 252 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 5 Tax
NOK thousand
2024
2023
Allocation of tax income/(expense) for the year
Payable tax/withholding tax
 682 
Change in deferred tax
 (22 534)
 (54 771)
Total tax income/(expense)
 (22 534)
 (54 089)
Basis for tax computation
Profit before tax
 3 366 570 
 2 339 027 
22% tax 
 (740 645)
 (514 586)
Tax effect from
Net permanent differences
 718 112 
 459 507 
Withholding tax
 682 
Change in accounting policy for intercompany lease*
 308 
Current year calculated tax income/(expense)
 (22 534)
 (54 089)
Effective tax rate
 0.7% 
 2.3% 
Deferred tax assets
Tax effect of temporary differences
Fixtures
 66 
 1 248 
Current assets and liabilities
 (2 522)
 (814)
Non current liabilities and provisions for liabilities
 32 592 
 37 945 
Tax losses carried forward
 34 344 
 50 400 
Deferred tax assets
 64 480 
 88 778 
Deferred tax assets
Deferred tax asset at 01.01
 88 778 
 141 899 
Tax effect of group contribution through income statement 
 (29 395)
 (45 098)
Charge to equity (tax of OCI)
 (1 764)
 1 650 
Change of deferred tax through income statement
 6 861 
 (9 673)
Deferred tax assets at 31.12
 64 480 
 88 778 
* Change in accounting policy for intercompany lease. See note 15 for further details. 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 6 Investments in subsidiaries and associates
FINANCIAL REPORTING PRINCIPLES
Shares in subsidiaries, joint ventures and associated companies are presented 
according to the cost method in the parent company. Group contribution received 
is included in dividends from subsidiaries. Group contributions and dividends 
from subsidiaries are recognised in the parent company the year for which they 
are proposed by the subsidiary to the extent the parent company can control the 
decision of the subsidiary through its shareholdings on the balance sheet date. 
Shares in subsidiaries, joint ventures and associates are reviewed for impairment 
whenever events or changes in circumstances indicate that the carrying amount may 
exceed the recoverable amount of the investment. An impairment loss is reversed if 
the impairment situation is deemed to no longer exist.
NOK thousand
Business office country
 Voting share/
ownership share 
2024 
Book value
2023 
Book value
Associate
 
Wallenius Wilhelmsen ASA 
Lysaker, Norway
37.9%
 1 142 694 
 1 142 694 
Subsidiaries
Treasure ASA *
Lysaker, Norway
84.2%
 1 387 692 
 1 065 301 
Wilhelmsen New Energy AS **
Lysaker, Norway
100.0%
 2 232 932 
 2 128 714 
Wilhelmsen Maritime Services AS
Lysaker, Norway
100.0%
 1 264 440 
 1 264 440 
WilNor Governmental Services AS ***
Lysaker, Norway
51.0%
 15 310 
 10 
Wilh. Wilhelmsen Holding Invest Malta Limited 
Valetta, Malta
100.0%
 700 000 
 700 000 
WilService AS 
Lysaker, Norway
100.0%
 1 550 
 1 550 
Wilh. Wilhelmsen Invest AS  
Lysaker, Norway
100.0%
 26 273 
 26 273 
Wilhelmsen GRC Sdn Bhd
Kuala Lumpur, Malaysia 
100.0%
 8 
 8 
Total investments in subsidiaries and associates
 6 770 899 
 6 328 989 
* 	 Increased shareholding in Treasure ASA from 78.7% to 84.2%, for a total consideration of NOK 322.4 million.
** 	 Group contribution of NOK 104.2 million.
***	 Capital increase of NOK 15.3 million.
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
2024
2023
Financial assets to fair value 
At 1 January
 76 075 
    
Acquisition 
 14 258 
 76 075 
Total financial assets to fair value 
 90 333 
 76 075 
Financial assets to fair value 
Nordic Corporate Bank ASA 
 90 333 
 76 075 
Total financial assets to fair value 
 90 333 
 76 075 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 8 Current financial investments
NOK thousand
2024
2023
Market value asset management portfolio
Equities
 956 024 
 891 565 
Bonds
 409 689 
 368 937 
Financial derivatives
 15 966 
 3 436 
Total current financial investments
 1 381 679 
 1 263 938 
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
 207 190 
 181 006 
The portfolio of financial investments is held as collateral within a securities’ finance facility. See note 9.
Note 9 Restricted bank deposits and undrawn committed drawing rights
NOK thousand
2024
2023
Held as collateral within a securities’ finance facility
Undrawn committed drawing rights at 31.12
 1 354 227 
 1 191 266 
Cash and cash equivalents
Banks
 290 197 
 636 489 
Total Cash and cash equivalents at 31.12
 290 197 
 636 489 
Restricted bank deposits 
Banks
 3 682 
 17 304 
Total restricted bank deposits at 31.12
 3 682 
 17 304 
The company 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 2024 the guarantee amounted to 
NOK 20 million (31 December 2023 NOK 20 million).
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 10 Combined items, balance sheet
NOK thousand
Note
2024
2023
OTHER CURRENT ASSETS 
Cash pool intercompany receivables
14
 711 742 
 40 863 
Other current assets
 15 612 
 11 014 
Resticted bank deposits
9
 3 682 
 17 304 
Total other current assets at 31.12
 731 036 
 69 180 
OTHER CURRENT LIABILITIES
Proposed dividend
 514 694 
 441 937 
Cash pool intercompany payables 
14
 52 183 
 167 466 
Other current liabilities
 116 091 
 95 809 
Total other current liabilities at 31.12
 682 968 
 705 212 
The fair value of current receivables and payables is virtually the same as the carried amount, since the effect of discounting is insignificant. Lending is at floating rates of interest. 
Fair value is virtually identical with the carried amount. See note 13.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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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.
The largest shareholders at 31 December 2024
Shareholders
 
 A shares 
 B shares 
 Total number 
of shares 
 % of total 
shares 
 % of voting 
stock 
Tallyman AS
 20 784 730 
 2 281 044 
 23 065 774 
51.74%
61.13%
Wilh. Wilhelmsen Holding ASA
 950 253 
 738 559 
 1 688 812 
3.79%
2.79%
J.P. Morgan SE
Nominee
 425 995 
 1 197 676 
 1 623 671 
3.64%
1.25%
Pareto Aksje Norge Verdipapirfond
 1 296 636 
 153 751 
 1 450 387 
3.25%
3.81%
J.P. Morgan SE
Nominee
 408 739 
 786 076 
 1 194 815 
2.68%
1.20%
Intertrade Shipping AS
 282 500 
 527 500 
 810 000 
1.82%
0.83%
VJ Invest AS
 180 826 
 527 887 
 708 713 
1.59%
0.53%
BNP Paribas
Nominee
 159 693 
 456 136 
 615 829 
1.38%
0.47%
Folketrygdfondet
 280 000 
 330 000 
 610 000 
1.37%
0.82%
Stiftelsen Tom Wilhelmsen
 370 400 
 236 000 
 606 400 
1.36%
1.09%
The Bank of New York Mellon
Nominee
 273 544 
 254 450 
 527 994 
1.18%
0.80%
J.P. Morgan SE
Nominee
 122 875 
 385 630 
 508 505 
1.14%
0.36%
Varner Equities AS
 136 212 
 321 420 
 457 632 
1.03%
0.40%
Salt Value AS
 225 462 
 153 828 
 379 290 
0.85%
0.66%
MP Pensjon PK
 79 965 
 276 636 
 356 601 
0.80%
0.24%
Forsvarets Personellservice
 355 750 
 355 750 
0.80%
1.05%
J.P. Morgan Chase Bank
Nominee
 287 369 
 287 369 
0.64%
0.85%
State Street Bank and Trust Comp
Nominee
 241 733 
 33 295 
 275 028 
0.62%
0.71%
Clearstream Banking S.A.
Nominee
 247 432 
 6 320 
 253 752 
0.57%
0.73%
VPF Fondsfinans Utbytte
 252 137 
 252 137 
0.57%
0.74%
Other
 6 637 749 
 1 913 792 
 8 551 541 
19.18%
19.52%
Total number of shares
 34 000 000 
 10 580 000 
 44 580 000 
100%
100%
At 31 December 2024 the company had 1 688 812 own shares (corresponding figure at 31 December 2023 was 386 300 own shares). 
Shares on foreigners hands
At 31 December 2024, 4 796 450 (14.11%) A shares and 4 190 092 (39.60%) B shares were held by foreign shareholders. 
Corresponding figures at 31 December 2023 were 4 679 625 (13.76%) A shares and 2 860 813 (27.04%) B shares.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 12 Pension
Description of the pension scheme
The company’s defined contribution pension schemes for Norwegian employees 
are with financial institutions providing solutions based on 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
Funded
Unfunded
2024
2023
2024
2023
In employment
 1 
 1 
 3 
 3 
On retirement (inclusive disability pensions)
 4 
 4 
Total number of people covered by pension schemes
 1 
 1 
 7 
 7 
Financial assumptions for the pension calculations
Expenses
Commitments
2024
2023
31.12.2024
31.12.2023
Discount rate
3.70%
3.60%
3.90%
3.70%
Anticipated pay regulation
3.50%
3.50%
3.25%
3.50%
Anticipated increase in National Insurance base amount (G)
3.50%
6.50%
3.25%
3.50%
Anticipated regulation of pensions
2.40%
1.70%
1.90%
2.40%
Anticipated pay regulation is 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
2024
2023
Funded
Unfunded
Total
Funded
Unfunded
Total
Pension expenses
Service cost
 (2 289)
 (890)
 (3 179)
 (1 995)
 (825)
 (2 820)
Net interest cost
 (492)
 (2 022)
 (2 514)
 (358)
 (1 827)
 (2 185)
Cost of defined contribution plan
 (2 436)
 (2 436)
 (7 508)
 (7 508)
Net pension expenses
 (5 217)
 (2 912)
 (8 129)
 (9 861)
 (2 652)
 (12 513)
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 12 Pension
NOK thousand
2024
2023
Remeasurements - other comprehensive income
Effect of changes in financial assumptions
 (9 150)
 5 087 
Effect of experience adjustments
 445 
 1 577 
(Return) on plan assets (excluding interest income) 
 684 
 837 
Gross remeasurement (gain) loss included in OCI
 (8 021)
 7 501 
Tax effect
 1 765 
 (1 650)
Remeasurement (gain) loss recognised in OCI - net of tax
 (6 256)
 5 851 
Pension obligations
Defined benefit obligation at end of prior year
 97 817 
 87 100 
Service cost
 3 179 
 2 820 
Interest expense
 3 450 
 2 971 
Benefit payments from plan
 (1 773)
 (1 738)
Effect of changes in financial assumptions 
 (9 150)
 5 087 
Effect of experience adjustments
 445 
 1 577 
Pension obligations at 31.12
 93 968 
 97 817 
Fair value of plan assets
Fair value of plan assets at end of prior year
 23 400 
 20 200 
Interest income
 936 
 786 
Employer contributions
 3 510 
 3 613 
Administrative expenses paid from plan assets
 (362)
 (362)
Return on plan assets (excluding interest income)
 (684)
 (837)
Gross pension assets at 31.12
 26 800 
 23 400 
Other comprehensive income 
Gross pension other comprehensive income 
 (8 021)
 7 501 
Tax effect
 1 765 
 (1 650)
Net equity effect (gain)/loss
 (6 256)
 5 851 
Specification of funded and unfunded obligation
Defined benefit obligation funded
 36 368 
 38 601 
Defined benefit obligation unfunded
 57 600 
 59 216 
Fair value of plan assets
 26 800 
 23 400 
Net liability at 31.12
 67 168 
 74 417 
Premium payments in 2025 are expected to be NOK 12 million (2024: NOK 10 million). Payments from operations are estimated at NOK 2.0 million in 2025 (2024: NOK 1.8 million). 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 13 Financial risk
CREDIT RISK
Guarantees
The group’s policy is that the parent company will not provide any financial 
guarantees.
Cash and bank deposits
The parent’s exposure to credit risk on cash and bank deposits is considered to be 
very limited as the parent maintain banking relationships with a selection of banks 
with strong credit ratings.
LIQUIDITY RISK
The parent’s approach to managing liquidity is to ensure sufficient liquidity to meet its 
liabilities, under both normal and stressed conditions, without incurring unacceptable 
losses or risking damage to the parent and group’s reputation.
The parent’s liquidity risk is considered to be low in the sense that it holds significant 
liquid assets in addition to undrawn credit facilities.
FAIR VALUE ESTIMATION
The fair value of financial instruments traded in an active market is based on quoted 
market prices on the balance sheet date. The fair value of financial instruments not 
traded in an active market (over-the-counter contracts) are based on third party quotes. 
Specific valuation techniques used to value financial instruments include:
Quoted market prices or dealer quotes for similar instruments. The fair value of 
interest rate swaps is calculated as the present value of the estimated future cash 
flows based on observable yield curves.
The fair value of interest rate swap option (swaption) contracts is determined using 
observable yield curve, volatility and time-to-maturity parameters at the balance 
sheet date, resulting in a swaption premium.
The fair value of forward foreign exchange contracts is determined using forward 
exchange rates at the balance sheet date, with the resulting value discounted back to 
present value.
The fair value of foreign exchange option contracts is determined using observable 
forward exchange rates, volatility, yield curves and time-to-maturity parameters at 
the balance sheet date, resulting in an option premium.
The carrying value less impairment provision of receivables and payables are 
assumed to approximate their fair values. The fair value of financial liabilities for 
disclosure purposes is estimated by discounting the future contractual cash flows at 
the current market interest rate that is available to the company for similar financial 
instruments.
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
NOK thousand
Note
Level 1
Level 2
Level 3
Total balance
2024
Financial assets to fair value through income statement
 - Bonds
 409 689 
 409 689 
 - Equities
 956 024 
 956 024 
 - Financial derivatives
 15 966 
 15 966 
 - Financial assets to fair value
7
 90 333 
 90 333 
Total assets at 31.12
 1 365 713 
 15 966 
 90 333 
 1 472 012 
2023
Financial assets to fair value through income statement
 - Bonds
 368 937 
 368 937 
 - Equities
 891 565 
 891 565 
 - Financial derivatives
 3 436 
 3 436 
 - Financial assets to fair value
7
 76 075 
 76 075 
Total assets at 31.12
 1 260 502 
 3 436 
 76 075 
 1 340 014 
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 13 Financial risk
Financial instruments by category
NOK thousand
Note
Financial assets at 
amortised cost
Fair value through 
income statement 
Total
2024
Assets
Sublease receivable non current 
4
 289 864 
 289 864 
Other non current assets
 39 395 
 39 395 
Financial assets to fair value 
7
 90 333 
 90 333 
Current financial investments
8
 1 365 713 
 1 365 713 
Financial derivatives 
8
 15 966 
 15 966 
Sublease receivable current 
4
 41 699 
 41 699 
Other current assets
 734 680 
 734 680 
Cash and cash equivalent
9
 290 197 
 290 197 
Assets at 31.12
 1 395 835 
 1 472 012 
 2 867 847 
Note
Other financial liabilities 
at amortised cost
Fair value through 
income statement 
Total
Liabilities
Property lease liabilities non current 
4
 289 864 
 289 864 
Current portion of property lease liabilities
4
 41 699 
 41 699 
Other current liabilities
10
 682 968 
 682 968 
Liabilities at 31.12
 1 014 531 
   
 1 014 531 
NOK thousand
Note
Financial assets at 
amortised cost
Fair value through 
income statement 
Total
2023
Assets
Sublease receivable non current 
4
 212 185 
 212 185 
Other non current assets 
 41 048 
 41 048 
Financial assets to fair value 
7
 76 075 
 76 075 
Current financial investments
8
 1 260 502 
 1 260 502 
Financial derivatives 
8
 3 436 
 3 436 
Sublease receivable 
4
 34 067 
 34 067 
Other current assets
 171 287 
 171 287 
Cash and cash equivalent
9
 636 489 
 636 489 
Assets at 31.12
 1 095 077 
 1 340 014 
 2 435 090 
Note
Other financial liabilities 
at amortised cost
Fair value through 
income statement 
Total
Liabilities
Property lease liabilities non current 
4
 212 185 
 212 185 
Current portion of property lease liabilities
4
 34 067 
 34 067 
Other current liabilities
10
 705 212 
 705 212 
Liabilities at 31.12
 951 464 
 951 464 
See note 18 to the group financial statement for further information about the group risk factors.
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Note 14 Related party transactions
The ultimate owner of Wilh. Wilhelmsen Holding ASA is Tallyman AS, which controls about 61% 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 2024
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%
The company 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 the company. 
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
2024
2023
KEY MANAGEMENT PERSONNEL
Short-term employee benefits 
 26 992 
 23 104 
Key management personnel compensation
 26 992 
 23 104 
Detailed remuneration discloures are provided in the remuneration report.
NOK thousand
Note
2024
2023
OPERATING REVENUE FROM GROUP COMPANIES
WAWI group
 2 993 
 3 369 
Maritime Services 
 11 335 
 10 109 
New Energy
 11 279 
 14 189 
Strategic Holdings and Investments
 1 992 
 7 888 
Operating revenue from group companies
1
 27 599 
 35 555 
OPERATING EXPENSES TO GROUP COMPANIES
Maritime Services 
 (10 318)
 (8 456)
Strategic Holdings and Investments
 (16 624)
 (11 647)
Operating expenses to group companies
1
 (26 941)
 (20 104)
FINANCIAL INCOME FROM GROUP COMPANIES
WAWI group
 3 066 600 
 1 446 039 
Maritime Services 
 13 571 
 267 508 
New Energy
 172 725 
 386 099 
Strategic Holdings and Investments
 195 530 
 160 547 
Financial income from group companies
 3 448 426 
 2 260 193 
FINANCIAL EXPENSES TO GROUP COMPANIES
Maritime Services 
 (442)
 (261)
New Energy
 (2 280)
 (1 466)
Strategic Holdings and Investments
 (3 015)
 (1 295)
Financial expenses to group companies
 (5 737)
 (3 022)
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Cont. note 14 Related party transactions
NOK thousand
Note
2024
2023
ACCOUNT RECEIVABLES AND ACCOUNT PAYABLES WITH RELATED PARTY
Account receivables
Maritime Services 
 2 789 
 1 119 
New Energy
 123 
Strategic Holdings and Investments
 1 946 
 186 
Account receivables from group companies at 31.12
 4 859 
 1 305 
Account payables
Maritime Services 
 (8)
Strategic Holdings and Investments
 (111)
Account payables to group companies at 31.12
 (118)
Cash pool receivables
Maritime Services 
 56 288 
New Energy
 649 526 
 34 033 
Strategic Holdings and Investments
 5 928 
 6 830 
Cash pool receivables from group companies at 31.12
10
 711 742 
 40 863 
Cash pool payables
Maritime Services 
 (120)
 (1 020)
New Energy
 (18 646)
 (148 478)
Strategic Holdings and Investments
 (33 417)
 (17 969)
Cash pool payables to group companies at 31.12
10
 (52 183)
 (167 466)
NON CURRENT LOAN TO GROUP COMPANIES
Strategic Holdings and Investments
 39 395 
 41 048 
Non current loan to group companies at 31.12
 39 395 
 41 048 
CURRENT LOAN TO GROUP COMPANIES
Maritime Services 
 1 192 407 
New Energy
 100 996 
Current loan to group companies at 31.12
 1 192 407 
 100 996 
NON CURRENT SUBLEASE TO GROUP COMPANIES
Strategic Holdings and Investments - Wilservice AS
 289 864 
 212 185 
Non current sublease to group companies at 31.12
4
 289 864 
 212 185 
CURRENT SUBLEASE TO GROUP COMPANIES
Strategic Holdings and Investments - Wilservice AS
 41 699 
 34 067 
Current sublease to group companies at 31.12
4
 41 699 
 34 067 
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Note 15 Change in accounting policy
Change in accounting policy for intercompany leases
The company has elected to apply the excemption from IFRS 16 - Leases for 
intercompany lease agreements between consolidated entities in the Wilhelmsen 
group in accordance with simplified IFRS as approved by Ministry of Finance 10 
December 2019 and updated in 2022.
As the company’s intercompany lease agreement in scope of the excemption is 
not assessed to be a financial lease in accordance with the Norwegian Accounting 
Standards, the intercompany lease agreement is recognised as other operating 
expenses in the statement of profit or loss as they incur in the new accounting policy, 
previously recognised as finance lease.
The basis for applying the excemption is to simplify and ensure commonality in the 
finanicial reporting process in the group.
The change in accounting policy is applied retrospectively where comparable 
amounts disclosed for prior periods are presented as if the new accounting policy 
had always been applied. 
Presented below are the amount of the adjustment for each financial statement line 
item affected for the current period and for each prior comparable period.
The opening balance effect for the period ending 31 December 2023 is an increase 
in retained earnings of NOK 2 577 thousand.
Income statement
NOK thousand
2024
2023
Adjustment
Adjustment
Operating expenses
(6 026)
(5 736)
Depreciation, amortisation and impairment
5 233
5 207
Total operating expenses
 (794) 
(529)
Financial income
Financial expenses
1 769
1 927
Financial income/(expenses)
 1 769 
 1 927 
Profit before tax
 975 
 1 399 
Profit for the year
 975 
 1 399 
Comprehensive income
Total comprehensive income
 975 
 1 399 
Balance sheet
NOK thousand
31.12.2024
31.12.2023
Adjustment
Adjustment
ASSETS
Non current assets
Right-of-use assets 
 (36 544)
 (41 689)
Total non current assets
 (36 544)
 (41 689)
Total assets
 (36 544)
 (41 689)
EQUITY AND LIABILITIES
Equity
Retained earnings and other reserves
 4 951 
 3 976 
Total equity
 4 951 
 3 976 
Non current liabilities
Non current lease liabilities 
 (36 934)
 (41 495)
Total non current liabilities
 (36 934)
 (41 495)
Current liabilities
Current portion of lease liabilities
 (4 562)
 (4 169)
Total current liabilities
 (4 562)
 (4 169)
Total equity and liabilities 
 (36 544)
 (41 689)
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Cont. note 15 Change in accounting policy
Cash flow statement
NOK thousand
2024
2023
Adjustment
Adjustment
Cash flow from operating activities
Profit before tax 
 975 
 1 399 
Financial (income)/expenses
 (1 769)
 (1 927)
Depreciation, amortisation and impairment
 (5 233)
 (5 207)
Net cash flow from operating activities
 (6 026)
 (5 736)
Cash flow from financing activities
Repayment of lease liabilities 
 4 258 
 3 809 
Interest paid included interest of financial lease debt 
 1 769 
 1 927 
Net cash flow from financing activities
 6 026 
 5 736 
Note 16 Events after the balance sheet date
In February 2025, the company bought back 443.253 A-shares at NOK 395 per share and 167.808 B-shares at NOK 377 per share.
Following the buyback, the company holds 1.393.506 A-shares and 906.367 B-shares.
No other material events occurred between the balance sheet date and the date when the accounts were presented which provide new information about conditions 
prevailing on the balance sheet date.
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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 
 
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 2024, 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 2024, 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 2024, 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 2024, 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 Wilh. Wilhelmsen Holding ASA for 15 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. 
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The Group’s business activities are largely unchanged compared to last year. We have not identified 
regulatory changes, transactions or other events that qualified as new Key Audit Matters for the audit of the 
2024 financial statements. 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 
Revenues from contracts with customers in the 
Maritime Services and New Energy segments were 
USD 831 million and USD 303 million respectively 
for the year ended 31 December 2024. 
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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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 Directors' report applies correspondingly to the statement on Corporate 
Governance.  
Our opinion on whether the Board of Directors’ report contains the information required by applicable 
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report 
is issued. 
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 
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4 / 5 
 
 
 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as 
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control. 
• 
obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Company's 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-2024-12-31-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 
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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, 19 March 2025 
PricewaterhouseCoopers AS 
  
Martin Alexandersen 
State Authorised Public Accountant 
(This document is signed electronically)  
 
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Signers:
Name
This document package contains:
- Closing page (this page)
-  The original document(s)
 - The electronic signatures. These are not visible in the 
document, but are electronically integrated.
This file is sealed with a digital signature.
The seal is a guarantee for the authenticity 
of the document.
Method
Date
2025-03-19 11:55
BANKID
Alexandersen, Martin H
Revisjonsberetning
Auditor’s report for financial statement
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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 
 
To the General Meeting of Wilh. Wilhelmsen Holding ASA 
Independent Sustainability Auditor’s Limited Assurance Report 
Limited Assurance Conclusion 
We have conducted a limited assurance engagement on the consolidated sustainability statement of Wilh. 
Wilhelmsen Holding ASA (the «Company») included in Sustainability statement of the Board of Directors’ 
report (the «Sustainability Statement»), as at 31 December 2024 and for the year then ended. 
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our 
attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, 
in accordance with the Norwegian Accounting Act section 2-3, including: 
• 
compliance with the European Sustainability Reporting Standards (ESRS), including that the 
process carried out by the Company to identify the information reported in the Sustainability 
Statement (the «Process») is in accordance with the description set out in section IRO-1 
Description of the processes to identify and assess material impacts, risks and opportunities; and 
 
• 
compliance of the disclosures in section 2.4 EU Taxonomy of the Sustainability Statement with 
Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»). 
Basis for Conclusion 
We conducted our limited assurance engagement in accordance with International Standard on Assurance 
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical 
financial information («ISAE 3000 (Revised)»), issued by the International Auditing and Assurance 
Standards Board. 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our 
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s 
Responsibilities section of our report. 
Our Independence and Quality Management 
We have complied with the independence and other ethical requirements as required by relevant laws and 
regulations in Norway and the International Code of Ethics for Professional Accountants (including 
International Independence Standards) issued by the International Ethics Standards Board for Accountants 
(IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence 
and due care, confidentiality and professional behaviour. 
The firm applies International Standard on Quality Management 1, which requires the firm to design, 
implement and operate a system of quality management including policies or procedures regarding 
compliance with ethical requirements, professional standards and applicable legal and regulatory 
requirements. 
Other Matter 
The comparative information included in the Sustainability Statement was not subject to an assurance 
engagement. Our conclusion is not modified in respect of this matter. 
Responsibilities for the Sustainability Statement 
The Board of Directors and the Managing Director (Management) are responsible for designing and 
implementing a process to identify the information reported in the Sustainability Statement in accordance 
with the ESRS and for disclosing this Process in section IRO-1 Description of the processes to identify and 
assess material impacts, risks and opportunities of the Sustainability Statement. This responsibility 
includes: 
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2 / 4 
 
 
 
• 
understanding the context in which the Group's activities and business relationships take place and 
developing an understanding of its affected stakeholders; 
 
• 
the identification of the actual and potential impacts (both negative and positive) related to 
sustainability matters, as well as risks and opportunities that affect, or could reasonably be 
expected to affect, the Group’s financial position, financial performance, cash flows, access to 
finance or cost of capital over the short-, medium-, or long-term; 
 
• 
the assessment of the materiality of the identified impacts, risks and opportunities related to 
sustainability matters by selecting and applying appropriate thresholds; and 
 
• 
making assumptions that are reasonable in the circumstances. 
Management is further responsible for the preparation of the Sustainability Statement, in accordance with 
the Norwegian Accounting Act section 2-3, including:  
• 
compliance with the ESRS; 
 
• 
preparing the disclosures in section 2.4 EU Taxonomy of the Sustainability Statement, in 
compliance with the Taxonomy Regulation; 
 
• 
designing, implementing and maintaining such internal control that Management determines is 
necessary to enable the preparation of the Sustainability Statement that is free from material 
misstatement, whether due to fraud or error; and 
 
• 
the selection and application of appropriate sustainability reporting methods and making 
assumptions and estimates that are reasonable in the circumstances.  
Inherent limitations in preparing the Sustainability Statement 
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the 
forward-looking information on the basis of disclosed assumptions about events that may occur in the future 
and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events 
frequently do not occur as expected. 
Sustainability Auditor’s Responsibilities 
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about 
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and 
to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably be expected to 
influence decisions of users taken on the basis of the Sustainability Statement as a whole. 
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise 
professional judgement and maintain professional scepticism throughout the engagement. 
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include: 
• 
Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the 
effectiveness of the Process, including the outcome of the Process; 
 
• 
Considering whether the information identified addresses the applicable disclosure requirements of 
the ESRS; and 
 
• 
Designing and performing procedures to evaluate whether the Process is consistent with the 
Company’s description of its Process set out in section IRO-1 Description of the processes to 
identify and assess material impacts, risks and opportunities. 
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Our other responsibilities in respect of the Sustainability Statement include: 
• 
Identifying where material misstatements are likely to arise, whether due to fraud or error; and 
 
• 
Designing and performing procedures responsive to where material misstatements are likely to 
arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting 
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
Summary of the Work Performed 
A limited assurance engagement involves performing procedures to obtain evidence about the 
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing 
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of 
assurance obtained in a limited assurance engagement is substantially lower than the assurance that would 
have been obtained had a reasonable assurance engagement been performed. 
The nature, timing and extent of procedures selected depend on professional judgement, including the 
identification of disclosures where material misstatements are likely to arise in the Sustainability Statement, 
whether due to fraud or error. 
In conducting our limited assurance engagement, with respect to the Process, we: 
• 
Obtained an understanding of the Process by: 
 
o 
performing inquiries to understand the sources of the information used by management 
(e.g., stakeholder engagement, business plans and strategy documents); and 
 
o 
reviewing the Company’s internal documentation of its Process; and 
 
• 
Evaluated whether the evidence obtained from our procedures with respect to the Process 
implemented by the Company was consistent with the description of the Process set out in section 
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities. 
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: 
• 
Obtained an understanding of the Group’s reporting processes relevant to the preparation of its 
Sustainability Statement by: 
 
o 
Obtaining an understanding of the Group’s control environment, processes and 
information system relevant to the preparation of the Sustainability Statement, but not for 
the purpose of providing a conclusion on the effectiveness of the Group’s internal control; 
and 
 
o 
Obtaining an understanding of the Group’s risk assessment process; 
 
• 
Evaluated whether the information identified by the Process is included in the Sustainability 
Statement; 
 
• 
Evaluated whether the structure and the presentation of the Sustainability Statement is in 
accordance with the ESRS; 
 
• 
Performed inquiries of relevant personnel on selected information in the Sustainability Statement; 
 
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• 
Performed substantive assurance procedures on selected information in the Sustainability 
Statement; 
 
• 
Where applicable, compared disclosures in the Sustainability Statement with the corresponding 
disclosures in the financial statements and other sections of the Board of Directors’ report; 
 
• 
Evaluated the methods, assumptions and data for developing estimates and forward-looking 
information; 
 
• 
Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement; 
 
• 
Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned 
economic activities is included in the Sustainability Statement; and 
 
• 
Performed inquiries of relevant personnel and substantive procedures on selected taxonomy 
disclosures included in the Sustainability Statement. 
  
 
  
Oslo, 19 March 2025 
PricewaterhouseCoopers AS 
  
Martin Alexandersen 
State Authorised Public Accountant – Sustainability Auditor 
(This document is signed electronically) 
  
  
 
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Signers:
Name
This document package contains:
- Closing page (this page)
-  The original document(s)
 - The electronic signatures. These are not visible in the 
document, but are electronically integrated.
This file is sealed with a digital signature.
The seal is a guarantee for the authenticity 
of the document.
Method
Date
2025-03-19 11:55
BANKID
Alexandersen, Martin H
Revisjonsberetning CSRD
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Responsibility statement
We confirm, to the best of our knowledge, that the consolidated set of financial 
statements for the period 1 January to 31 December 2024 has been prepared in 
accordance with current applicable accounting standards and gives 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 to the best of our knowledge that the integrated Annual report 
2024 includes a true and fair view of the development, performance and financial 
position of Wilh. Wilhelmsen Holding ASA and the Wilhelmsen group, together 
with a description of the principal risks and uncertainty that they face, and that the 
integrated Annual report 2024 meets the information requirements of the Norwegian 
Accounting Act with regards of the report of the board of directors and statements 
on corporate governance and corporate social responsibility and that the country 
by country report for 2024 has been prepared in accordance with the Norwegian 
Accounting Act.
We further confirm to the best of our knowledge that the 2024 sustainability 
statement has been prepared in accordance with and meets the information 
requirements of the Norwegian Accounting Act, European Sustainability Reporting 
Standards (ESRS) and EU taxonomy (Article 8 of EU Regulation 2020/852). 
Lysaker, 19 March 2025
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E. Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Thomas F. Borgen
Thomas Wilhelmsen (group CEO)
Accounts and notes – parent company    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Corporate 
governance report
Corporate governance    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
166
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Corporate governance 
report
Wilh. Wilhelmsen Holding ASA
Wilhelmsen believes sound corporate 
governance is important because it:
•	Contributes to the greatest possible value creation 
over time in the best interests of the company’s 
shareholders, employees, and other stakeholders.
•	Reduces risk.
•	Ensures fair treatment of all stakeholders.
•	Ensures easy access to timely, accurate and relevant 
information about the company’s business.
•	Strengthens the confidence in the company and 
increases the company’s attractiveness. 
The Corporate governance report for 2024 is, inter alia, 
based on the requirements of the Norwegian Accounting 
Act and the recommendations of the Norwegian Code of 
Practice for Corporate Governance. Any deviation from 
the Code of Practice is described under the relevant 
section below.
Implementation and reporting on corporate governance
Wilh. Wilhelmsen Holding ASA (Wilhelmsen) is a public 
limited company organised under Norwegian law. Listed on a 
regulated market (Oslo Børs), the company is subject to general 
Norwegian securities’ legislation and Oslo Børs’ regulations.
This Corporate governance report follows the requirements of 
the Norwegian Accounting Act (§3-3b) and the recommendations 
in the Norwegian Code of Practice for Corporate Governance 
(Code of Practice, dated 14 October 2021). The Code of Practice 
includes provisions and guidance that in part elaborate on 
existing legislation and in part cover areas not addressed by 
legislation. The structure of this report is aligned with the 
structure of the Code of Practice.
The Corporate governance report is included in the Annual 
report 2024 and available on the company’s website 
wilhelmsen.com.
Comply or explain principle
The Corporate governance report follows the “comply and 
explain” principle. Where Wilhelmsen does not fully comply 
with the Code of Practice, an explanation of the reason for 
the deviation and what solution the company has selected have 
been included.
Deviations from the Code of Practice: None
Business
Business activities
According to Wilhelmsen’s Articles of association, the 
company’s objective is to engage in shipping, maritime 
services, aviation, industry, commerce, finance business, 
brokerage, agencies and forwarding, to own or manage real 
estate, and to run business related thereto or associated 
therewith. While present business activities and strategic 
investments mainly are within maritime services, offshore 
energy services, and shipping and related logistics services, 
the board finds it appropriate to maintain a broad objective to 
allow for a wider range of activities and investments.
Strategy and risk
The board conducts a yearly strategy review of the business 
portfolio and the ownership strategy for main activities and 
investments. This is supplemented by selective business 
reviews and topic related “deep dives” on a regular basis. 
The board further evaluates the group’s risk profile on a 
quarterly basis. The strategy and risk profile are defined with 
the aim to create long term value for shareholders in 
a sustainable manner.
A summary of the strategic direction and a risk review is 
included in the business and performance section of the 
Annual report 2024 and available on the company’s website 
wilhelmsen.com.
Deviations from the Code of Practice: None
Equity and dividends
Capital structure
The board considers it appropriate for the parent company 
to maintain a net liquidity reserve of minimum USD 200 
million, with group business activities primarily financed on 
a non-recourse basis by the relevant subsidiary. This is 
consistent with the strategy and risk profile of the group and 
the parent company.
Dividend
The dividend policy states that “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. The objective is to have consistent yearly 
dividend paid twice annually, targeting an annual dividend 
yield of 3 – 5% over time.”
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Wilhelmsen has a history of paying dividend twice a year. 
If adjusting for the cancellation of the second dividend in 2020 
and the related extraordinary dividend paid the year after, 
annual dividend has varied between NOK 5.00 and NOK 10.00 
per share for the eleven years from 2013 to 2023, increasing 
to NOK 18.00 in 2024. To achieve the objective of consistent 
yearly dividend paid twice annually, the board is proposing 
to the Annual General Meeting scheduled 30 April 2025 a first 
dividend of NOK 12.00, and that the board is authorised to 
distribute additional dividend of up to NOK 8.00 per share.
Share buybacks
Wilhelmsen uses share buybacks as a tool to distribute value to 
shareholders.
At the 2 May 2024 Annual General Meeting, the board proposed 
and was granted, on behalf of the company, authorisation to 
acquire shares in the company with a nominal value of up to NOK 
89,160,000, equivalent to 10% of the current share capital. Shares 
acquired may be used either in connection with acquisitions, in 
connection with employee share programmes, for subsequent 
deletion of such shares, or in a combination of these purposes. 
The authorisation is valid until the company’s Annual General 
Meeting 2025, but no longer than until 30 June 2025.
At the date of this report, Wilh. Wilhelmsen Holding ASA owns 
2,299,873 own shares, split on 1,393,506 class A-shares and 
906,367 class B-shares.
The board will make a proposal to the next Annual General 
Meeting to be held on 30 April 2025 for a renewed mandate 
to buy up to 10% of the company’s shares, valid for one year. 
Shares acquired may be used either in connection with 
acquisitions, in connection with employee share programmes, 
for subsequent deletion of such shares, or in a combination of 
these purposes.
Deviations from the code: None
Equal treatment of shareholders
Transactions in own shares
Any transactions the company carries out in its own shares are 
carried out through the stock exchange and at prevailing stock 
exchange prices, or in such other ways which will ensure equal 
treatment of all shareholders.
Deviations from the Code of Practice: None
Shares and negotiability
Listed on Oslo Børs with the tickers “WWI” and “WWIB” for 
the Class A and Class B shares respectively, all shares are freely 
negotiable. There are no restrictions on negotiability in the 
company’s Articles of associations.
Deviations from the Code of Practice: None
General meetings
Matters to be dealt with and decided by the annual general 
meeting and procedures related to general meetings are outlined 
in article 8 of the Articles of associations. The annual general 
meeting is normally held late April or early May. In addition, 
extraordinary general meetings may be convened if required.
Shareholders registered in Euronext Securities Oslo are 
notified electronically or by postal mail no later than 21 days 
prior to a general meeting. Proposed resolutions, together 
with relevant supporting documents are published on the 
company’s website wilhelmsen.com no later than 21 days 
prior to the general meeting. For annual general meetings, 
this includes the integrated Annual report (covering among 
others  Business and performance, Sustainability statement, 
Accounts and notes, and the Corporate governance report), the 
Remuneration report, the Remuneration guideline for senior 
executives (minimum every four years), and the proposal from 
the nomination committee.
General meetings are held as fully digital meetings, allowing 
shareholders to both attend and vote through electronic 
communication. Shareholders may also nominate a proxy 
or vote in advance. The deadline for electronic registration 
of advance votes, proxy, and instructions, together with the 
deadline for advance votes, proxies and instructions submitted 
by post or e-mail are stated in the notice of the general 
meeting. According to the Articles of association, the notice of 
a general meeting may state that those shareholders wishing 
to participate in the general meeting have to report to the 
company by a certain deadline which shall not be less than two 
working days prior to the general meeting. Shareholders may 
vote on each individual matter, including individual candidates 
nominated for election.
The board chair, group CEO, group CFO, auditor, nomination 
committee chair and board members will have the possibility 
to attend general meetings and will participate based on 
requirement and availability.
The general meeting elects the chair for the general meeting.
The signed minutes in Norwegian of general meetings are 
published on the Oslo Børs news service, together with 
an office translation of the minutes in English. The office 
translation in English is also available on the company’s 
website wilhelmsen.com.
Deviations from the Code of Practice: None 
Nomination committee
According to article 7 of the Article of association, Wilhelmsen 
shall have a nomination committee made up of two to four 
members. 
The work of the Wilhelmsen nomination committee follows the 
“Guidelines for the nomination committee” approved by the 
Annual General Meeting on 30 April 2019.
The nomination committee consists of the following members:
Nomination committee member
Elected
Period
Elected to
Jan Gunnar Hartvig (chair)
02.05.2024
2 years
2026
Frederik Selvaag
02.05.2024
2 years
2026
Silvija Seres
02.05.2024
2 years
2026
All nomination committee members are independent of the 
board of directors and the executive personnel.
As part of the nomination process, the committee has contact 
with relevant stakeholders, including shareholders, the board 
of directors, and the company’s executive personnel. Input and 
proposals to the nomination committee may also be sent to the 
nomination committee secretary, with contact details available
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on the company’s website wilhelmsen.com. The company’s 
website also includes information on the background of the 
nomination committee members, and deadline for providing 
input and proposals to the next annual general meeting.
The nomination committee provides its proposal to the annual 
general meeting in form of a report, which among other 
includes justification of individual candidates.
Deviations from the Code of Practice: None
Board of directors: composition and independence
According to article 5 of the Articles of association, the 
company’s board is made up of five to seven members and up 
to three deputy members. The chair, members, and deputy 
members of the board are elected by the general meeting.
The composition of the board is made to ensure it meets the 
company’s need for expertise, capacity, and diversity. Focus 
is also on ensuring that the board can function effectively as a 
collegiate body. Information on the background and experience 
of the individual board members is available on the company’s 
website wilhelmsen.com.
During 2024, the board consisted of the following members: 
Board member
Elected
Period
Elected to
Carl E. Steen (chair)
27.04.2023
2 years
2025
Morten Borge
27.04.2023
2 years
2025
Rebekka Glasser Herlofsen*
02.05.2024
2 years
2026
Ulrika Laurin*
02.05.2024
2 years
2026
Thomas F. Borgen
02.05.2024
2 years
2026
Trond Westli
27.04.2022
2 years
2024
*Elected for two years at the 27 April 2022 Annual General Meeting and re-elected
at the 2 May 2024 Annual General Meeting
The board does not include executive personnel, and all board 
members are independent of the executive personnel, material 
business contacts, and the main shareholder.
The board had eight meetings in 2024 with a 100% meeting 
attendance. In addition, the board had a full strategy day with 
management, and one board trip.
The board instruction encourages board members to own shares 
in the company. The nomination committee recommends that 
board members use 20% of their net annual board remuneration 
to buy shares in Wilh. Wilhelmsen Holding ASA up until the 
accumulated value of their shareholding in Wilh. Wilhelmsen 
Holding ASA is equal to, or exceeds, the gross annual 
remuneration received by the board member from the company.
Deviations from the Code of Practice: None
The work of the board of directors
Board instruction and work of the board
The board has issued a board instruction for its own work. 
The instruction reflects the role, responsibilities, and work 
procedures of the board as laid down in the Norwegian Public 
Companies Act. This includes procedures for how to handle 
any situations where a board member has a personal or 
financial interest related to a board matter, and how to handle 
agreements with related parties.
The board evaluates its performance and expertise on an 
annual basis. A summary of the evaluation is provided as input 
to the nomination committee.
The group CEO and group CFO are normally present at board 
meetings, as are other executives depending on agenda and 
issues to be discussed.
Board committees
The board has two board committees.
The board audit committee consisted for the period up to 
the 2024 Annual General Meeting of all five board members 
and was chaired by board member Trond Westlie. For the 
period from the 2024 Annual General Meeting, the board 
audit committee consisted of board member Rebekka Glasser 
Herlofsen as chair and board member Thomas Borgen as 
member. The committee held five meetings in 2024. The work 
of the board audit committee is governed by a mandate set by 
the board.
The board remuneration and people committee is chaired by 
board chair Carl E Steen and includes board members Morten 
Borge and Ulrika Laurin. The committee held four meetings 
in 2024. The work of the board remuneration and people 
committee is governed by a mandate set by the board.
Executive management instructions
The board has issued instructions defining the duties, 
responsibilities and authority of executive management related 
to those of the board. The board has also issued an Owners 
statement outlining expectations related to how Wilhelmsen 
acts as an owner, how it will execute its ownership, and 
requirements expected of companies in which Wilhelmsen has 
a shareholding.
Directors and officers liability insurance
Wilhelmsen has placed and maintains Directors and Officers 
Liability Insurance (D&O)  with reputable insurers with 
appropriate ratings. Named insured is Wilh. Wilhelmsen 
Holding ASA and subsidiaries, excluding certain specific 
areas. 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.
Deviations from the Code of Practice: None
Risk management and internal control
The board believes that the company’s internal control and 
systems for risk management are sound and appropriate given 
the extent and nature of the company’s activities. The system 
contributes to sound control characterised by integrity and 
ethical attitudes throughout the organisation.
Governing documents, the code of conduct, policies, policy 
descriptions, frameworks, and procedures are documented and 
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electronically available to the company’s employees through 
the company’s global integrated management system.
Various internal control activities give management assurance 
that the internal control of financial systems, group policies 
and subsidiary boards are working adequately and according to 
management’s expectations.
The group has a global whistleblowing system including 
procedures and channels for giving notice to the company 
about potential noncompliance. The whistleblowing channel is 
available for internal and external parties.
The board reviews the company’s risk matrix on a quarterly 
basis and the internal control arrangements at least once a year.
Deviations from the Code of Practice: None
Remuneration of the board of directors
Remuneration of the board of directors is determined by the 
annual general meeting and is not dependent upon the
company’s results. The fee reflects the responsibilities of the 
board, its expertise, the amount of time devoted to its work and 
the complexity of the company’s businesses. No board member 
holds share options in the company.
In 2024, none of the board members performed assignments for 
the company other than serving on the board of the company.
An overview of the remuneration of the board of directors is 
specified in the Remuneration report, which is available on the 
company’s website wilhelmsen.com.
Deviations from the Code of Practice: None
Remuneration of executive personnel
Pursuant the Norwegian Public Limited Liability Companies 
Act, the board shall prepare remuneration guidelines for 
senior executives. The guidelines shall be approved by the 
general meeting in the event of any significant amendment, 
and at least every four years. The Remuneration guideline 
for senior executives in Wilhelmsen was last approved by the 
Annual General Meeting on 2 May 2024, and is available on the 
company’s website wilhelmsen.com.
In addition to base salary, senior executives have annual 
variable pay and they participate in long-term incentive 
schemes running for four years. The long-term incentive 
schemes aim at strengthening the alignment of the senior 
executives’ and shareholders’ long-term interests. Maximum 
opportunity for the long-term incentive schemes is capped at 
six to 12 months of annual salary per year, depending on role, 
while maximum opportunity for annual variable pay is capped 
at four to six months’ salary, depending on role.
The Remuneration report for senior executives for 2024 is 
available on the company’s website wilhelmsen.com.
Deviations from the Code of Practice: None
Information and communication 
Wilhelmsen has established an investor relations policy, which 
is published on the company’s website wilhelmsen.com. The 
policy is based on the Oslo Børs Code of Practice for IR.
According to the policy, Wilhelmsen will publish interim 
reports each quarter in addition to half-year and annual 
reports. In 2024, two of the quarterly reports were covered 
through webcast presentations, which included a Q&A session.
The investor relations policy further states that the main source 
of information about the Wilhelmsen group is the company’s 
website wilhelmsen.com, including among other financial 
information, governing elements, and company news.
Deviations from the Code of Practice: None
Takeovers
The Board instruction includes guiding principles for how the 
board will act in the event of a take-over bid. In all material 
aspects, the guiding principles follow the recommendations 
outlined in the Code of Practice.
Deviation from the Code of Practice: None
Auditor
The auditor of Wilhelmsen is PricewaterhouseCoopers AS.
The key features of the external audit plan are reviewed by the 
board audit committee on an annual basis, with the auditor 
being present if deemed required.
The auditor is also invited to attend the meeting where the 
board deals with the annual accounts (preliminary and/or final 
accounts), and at other occasions where the board so requests. 
The annual meeting with the auditor includes a review of the 
company’s internal control procedure.
Finally, the board has a yearly meeting with the auditor without 
the presence of management.
The board has established the principle that use of the auditor 
for services other than audit shall be limited.
The fee to external auditors, broken down on statutory work, 
other assurance services, tax services, and other assistance, is 
specified in note 6 to the Wilhelmsen group accounts and note 
2 to the parent company accounts.
Deviations from the Code of Practice: None
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Group
structure
172 	 Wilh. Wilhelmsen Holding group main structure
173	
Strategic Holdings and Investments segment
174	
Maritime Services segment
183	
New Energy segment
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Group structure
At 31 December 2024
Group management team
Bjørge Grimholt 
(Executive vice president Maritime Services)
Geir Flæsen 
(Executive vice president New Energy)
Thomas Wilhelmsen 
(group CEO)
Christian Berg 
(group CFO)
Benedicte Teigen Gude
(Chief of Staff)
Wilhelmsen group
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius Wilhelmsen ASA,
Norway 37.87%
Treasure ASA, 
Norway 84.16%
Wilhelmsen Maritime Services AS, 
Norway
Wilhelmsen New Energy AS,
Norway
Maritime Services Segment
New Energy Segment
For group company list sorted by segment and business unit see under  
‘Maritime Services’ and ‘New Energy’ below
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Strategic Holdings and Investments
Wilh. Wilhelmsen Holding ASA, Norway
Wallenius 
Wilhelmsen ASA
37.87%
Treasure ASA, 
Norway 84.16%
Den Norske 
Amerikalinje AS, 
Norway
Hyundai Glovis Ltd 
Republic of Korea
11.00%
WilNor Governmental 
Services AS *
Olavsvern Group AS, 
Norway 66%
Wilh. Wilhelmsen 
Invest AS, Norway
Wilh. Wilhelmsen 
Holding Invest 
Malta Ltd 
Wilhelmsen 
GRC Sdn.Bhd. 
Malaysia
WilService AS, 
Norway
Wilhelmsen Invest 
Infrastructure AS, 
Norway
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.
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Maritime Services
Wilh. Wilhelmsen Holding ASA, Norway
Wilhelmsen Maritime Services AS, Norway
Wilhelmsen Ship 
Management
Wilhelmsen 
Maritime Services
Invest AS, Norway
Wilhelmsen Ship 
Management 
Holding AS, Norway
For company 
list sorted by 
segment and 
business area 
see below list.
Wilhelmsen 
Ships Service
Wilhelmsen 
Ships Service AS,
Norway
Wilhelmsen 
Port Services
Wilhelmsen 
Port Services AS, 
Norway
Wilhelmsen Global 
Business Services
Wilhelmsen Global 
Business Services AS,
Norway
For group company list sorted by segment and business unit see below list.
Wilhelmsen 
Chemicals AS, 
Norway
Wilhelmsen Insurance
Services AS, Norway
Denholm Port 
Services Ltd 
40%, UK
Unless otherwise stated, the company is wholly-owned.
Maritime Services
Company name
Country
Ownership %
Wilhelmsen Maritime Services
Wilhelmsen Maritime Services AS
Norway
100.00%
Wilhelmsen Chemicals AS
Norway
100.00%
Wilhelmsen Insurance Services AS
Norway
100.00%
Wavesapp AS
Norway
100.00%
Wilhelmsen Maritime Services Invest AS
Norway
100.00%
Marine Supply System AS
Norway
100.00%
C-Loop AS
Norway
100.00%
Round Fort Capital AS
Norway
100.00%
Ceataec AS
Norway
100.00%
Havtec Invest Pte. Ltd.
Singapore
100.00%
Denholm Port Services Limited
United Kingdom
40.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Ship Management
Wilhelmsen Ship Management Holding AS
Norway
100.00%
Wilhelmsen Ship Management (Norway) AS
Norway
100.00%
Wilhelmsen Marine Personnel (Norway) AS
Norway
100.00%
WSM Invest AS
Norway
100.00%
Hecla Emissions Management AS
Norway
50.00%
Wilhelmsen Ship Management Servicos Maritimos do Brasil Ltda.
Brazil
100.00%
Wilhelmsen Marine Personnel D.O.O.
Croatia
100.00%
Diana Wilhelmsen Management Limited
Cyprus
50.00%
Wilhelmsen Ship Management Cyprus Holding LTD
Cyprus
100.00%
Wilhelmsen Ship Management Cyprus Limited
Cyprus
100.00%
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG (50%)
Germany
50.00%
Verwaltung Wilhelmsen Ahrenkiel GmbH (50%)
Germany
50.00%
Barber Ship Management Germany GmbH & Co. KG
Germany
50.00%
Wilhelmsen Ship Management Projects Germany GmbH & Co. KG
Germany
100.00%
Wilhelmsen Ship Management Projects Germany Verwaltungs GmbH
Germany
100.00%
WASM Steamship Acquisition GMBH & CO. KG
Germany
50.00%
ZEABORN Ship Management GmbH & Cie. KG
Germany
50.00%
ZEASHIP Verwaltungs GmbH
Germany
50.00%
Waterway IT Services GmbH & Co. KG
Germany
25.00%
BestShip GmbH & Cie. KG
Germany
100.00%
Verwaltung BestShip GmbH
Germany
100.00%
OceanCart GmbH & Cie. KG
Germany
100.00%
Verwaltung OceanCart GmbH
Germany
100.00%
ZEABORN Ship Management Tanker GmbH & Cie. KG
Germany
100.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Ship Management
Verwaltung ZEABORN Ship Management Tanker GmbH
Germany
100.00%
ZEABORN Crew Management GmbH & Cie. KG
Germany
100.00%
Verwaltung ZEABORN Crew Management GmbH
Germany
100.00%
ZEABORN Navigation GmbH & Co. KG
Germany
50.00%
Verwaltung ZEABORN Navigation GmbH
Germany
50.00%
Wilhelmsen Ship Management Limited
Hong Kong
100.00%
Barklav (Hong Kong) Limited
Hong Kong
50.00%
Wilhelmsen Marine Personnel (Hong Kong) Limited
Hong Kong
100.00%
WSM Global Services Limited
Hong Kong
100.00%
Wilhelmsen Ship Management (India) Private Limited
India
100.00%
Wilhelmsen Ship Management Sdn Bhd
Malaysia
100.00%
RightProc Sdn. Bhd.
Malaysia
100.00%
Wilhelmsen Ahrenkiel Ship Management B.V (50%)
Netherlands
50.00%
OOPS (Panama) S.A
Panama
100.00%
Wilhelmsen-Smith Bell Manning, Inc
Philippines
25.00%*
WilhMar Manning Philippines Inc.
Philippines
24.96%*
Wilhelmsen Marine Personnel Sp. z o.o.
Poland
100.00%
Wilhelmsen Ship Management Korea Ltd
Republic of Korea
100.00%
Barklav S.R.L.
Romania
50.00%
Wilhelmsen Ship Management Singapore Pte Ltd.
Singapore
100.00%
Rightproc Pte. Ltd.
Singapore
100.00%
iRute Travel Pte. Ltd.
Singapore
100.00%
ZEABORN Ship Management (Singapore) Pte. Ltd.
Singapore
50.00%
Wilhelmsen Ahrenkiel Ship Management Pte. Ltd.
Singapore
50.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Ship Management
Wilhelmsen Ship Management Denizcilik Ve Ticaret Anonim Sirketi
Turkey
100.00%
Wilhelmsen Marine Personnel (Ukraine) Ltd
Ukraine
100.00%
Wilhelmsen Ship Management (USA), Inc.
United States
100.00%
Wilhelmsen Port Services
Wilhelmsen Port Services AS
Norway
100.00%
Wilhelmsen Port Services Norway AS 
Norway
100.00%
Wilhelmsen Ships Service Algeria S.P.A.
Algeria
49.00%*
Wilhelmsen Port Services (Australia) Pty Ltd
Australia
100.00%
WLB Shipping Pty. Ltd.
Australia
100.00%
WWHI Property Australia Pty Ltd
Australia
100.00%
Hunter Marine Holdings Pty Ltd
Australia
80.00%
Hunter Marine Surveyors Pty Ltd
Australia
80.00%
Cargomax Pty Ltd
Australia
80.00%
Almoayed Wilhelmsen Port Services (Ltd) W.L.L
Bahrain
40.00%*
Wilhelmsen Port Services Belgium N.V
Belgium
100.00%
Wilhlemsen Port Services Brasil LTDA
Brazil
100.00%
Scan Logistics Ltda
Brazil
100.00%
Wilhelmsen Port Services Bulgaria Ltd
Bulgaria
100.00%
Wilhelmsen Ships Service Agencia Maritima S.A.
Chile
100.00%
Wilhelmsen Huayang Port Services (Shanghai) Co. Ltd.
China
49.00%
Wilhelmsen Huayang Port Services (Beijing) Co., Ltd
China
50.00%
Wilhelmsen Ships Service Colombia S.A.S.
Colombia
100.00%
Wilhelmsen Port Services Egypt S.A.E
Egypt
49.00%*
Scan Arabia Shipping Agencies S.A.E.
Egypt
49.00%*
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Port Services
Barwil Arabia Shipping Agencies SAE
Egypt
24.50%*
Wilhelmsen Port Services France SAS
France
100.00%
Auxiliaire Maritime SAS
France
100.00%
Wilhelmsen Port Services Georgia LLC
Georgia
50.00%
Wilhelmsen Port Services Germany GmbH
Germany
100.00%
Wilhelmsen Port Services Hamburg GmbH
Germany
100.00%
Wiltrans (Gibraltar) Limited
Gibraltar
100.00%
Wilhelmsen Port Services (Gibraltar) Limited
Gibraltar
100.00%
Wilhelmsen Port Services Hellas S.M S.A.
Greece
100.00%
Wilhelmsen Port Services (Hong Kong) Limited
Hong Kong
100.00%
Wilhelmsen Port Services India Private Limited
India
100.00%
Barwil For Maritime Services Co. Ltd.
Iraq
100.00%
Iraqi-Norwegian Co For Marine Navigation & Maritime Services Ltd
Iraq
100.00%
Wilhelmsen Ships Service Cote d'lvoire SARL
Ivory Coast
100.00%
Wilhelmsen Port Services (Japan) Pte. Ltd. - Japan Branch
Japan
100.00%
Wilhelmsen Port Services Japan Co., Ltd.
Japan
100.00%
Wilhelmsen Ships Service Ltd (Kenya)
Kenya
100.00%
Alghanim Wilhelmsen Shipping Co.W.L.L
Kuwait
49.00%
Wilhelmsen Port Services Malaysia Sdn. Bhd.
Malaysia
100.00%
Wilhelmsen Ships Service Holdings Sdn. Bhd.
Malaysia
100.00%
Wilhelmsen Port Services Malta Ltd
Malta
100.00%
Wilhelmsen Ships Service (Mozambique), Limitada
Mozambique
100.00%
Wilhelmsen Port Services (Myanmar) Limited
Myanmar
100.00%
Wilhelmsen Port Services B.V.
Netherlands
100.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Port Services
Diize B.V.
Netherlands
50.00%
Wilhelmsen Port Services Limited
New Zealand
100.00%
Wilhelmsen Port Services and Towell Co LLC 
Oman
60.00%
Wilhelmsen Port Services, S.A.
Panama
100.00%
Scan Cargo Services S.A.
Panama
100.00%
Lowill S.A.
Panama
100.00%
Transcanal Agency S.A.
Panama
100.00%
Intertransport Air Logistics, S.A.
Panama
100.00%
Wilhelmsen-Smith Bell Shipping, Inc.
Philippines
40.00%*
Wilhelmsen-Smith Bell (Subic), Inc.
Philippines
50.00%
WPS Business Solutions Philippines Inc.
Philippines
100.00%
Wilhelmsen Port Services Sp. z o.o.
Poland
100.00%
Argomar - Navegacao e Transportes, S.A.
Portugal
100.00%
Wilhelmsen Port Services Portugal S.A.
Portugal
100.00%
Perez Torres Portugal Lda
Portugal
50.00%
Wilhelmsen Ships Service Qatar Ltd.
Qatar
0.00%*
Wilhelmsen Hyopwoon Port Services Ltd
Republic of Korea
50.00%
Wilhelmsen Port Services Romania S.R.L.
Romania
100.00%
Barwil Agencies Ltd. For Shipping
Saudi Arabia
70.00%
Binzagr Barwil Marine Transport Co. Ltd.
Saudi Arabia
50.00%
Wilhelmsen Port Services Senegal SUARL
Senegal
100.00%
Wilhelmsen Port Services (Japan) Pte. Ltd.
Singapore
100.00%
Wilhelmsen Port Services Global Pte. Ltd.
Singapore
100.00%
Wilhelmsen Port Services (S) Pte. Ltd.
Singapore
100.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Port Services
Hunter Marine Surveyors (S) Pte. Ltd.
Singapore
100.00%
Krew-Barwil (Pty) Ltd.
South Africa
49.00%
Barwil (South Africa) Pty Ltd
South Africa
100.00%
Wilhelmsen Port Services South Africa (Pty) Ltd
South Africa
100.00%
Wilhelmsen Port Service Canarias SA
Spain
100.00%
Wilhelmsen Port Services Spain S.L 
Spain
100.00%
Wilhelmsen Port Services Sweden AB
Sweden
100.00%
Wilhelmsen Port Services (Taiwan) Inc.
Taiwan
100.00%
Wilhelmsen Ships Service Limited (Tanzania)
Tanzania
0.00%*
Wilhelmsen Port Services (Thailand) Ltd.
Thailand
49.00%*
Wilhelmsen Denizcilik Hizmetleri Ltd. Sti
Turkey
100.00%
Wilhelmsen Ships Service Ukraine Ltd.
Ukraine
100.00%
Triangle Shipping Agencies LLC
United Arab Emirates
49.00%*
Barwil Abu Dhabi Ruweis LLC
United Arab Emirates
0.00%*
Wilhelmsen WPS Dubai Port Services LLC
United Arab Emirates
49.00%*
Wilhelmsen Port Services LLC - Fujairah
United Arab Emirates
41.65%*
Wilhelmsen Port Services LLC
United Arab Emirates
100.00%
Wilhelmsen Port Services, Inc.
United States
100.00%
Wilhelmsen Sunnytrans Co., Ltd
Vietnam
49.00%*
Triangle Shipping Company Limited
Vietnam
0.00%*
Wilhelmsen Ships Service
Wilhelmsen Ships Service AS
Norway
100.00%
Wilhelmsen Marine Products Contracting AS
Norway
100.00%
Wilhelmsen Ships Service Argentina S.A.
Argentina
100.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Ships Service
Wilhelmsen Marine Products Pty Ltd
Australia
100.00%
Wilhelmsen Ships Service do Brasil Ltda.
Brazil
100.00%
Wilhelmsen Ships Service Bulgaria Ltd
Bulgaria
100.00%
Wilhelmsen Ships Service Inc (Canada)
Canada
100.00%
Wilhelmsen Ships Service (Chile) S.p.A.
Chile
100.00%
Wilhelmsen Ships Service Co., Ltd. (China)
China
100.00%
Wilhelmsen Ships Service Cyprus Ltd
Cyprus
100.00%
Wilhelmsen Ships Service A/S
Denmark
100.00%
ShipDan ApS
Denmark
100.00%
Wilhelmsen Ships Service LLC - Free Zone
Egypt
100.00%
Wilhelmsen Ships Service Oy Ab
Finland
100.00%
Wilhelmsen Marine Products France SAS
France
100.00%
Wilhelmsen Ships Service GmbH
Germany
100.00%
Wilhelmsen Ships Service Hellas Sole-Shareholder S.A.
Greece
100.00%
Wilhelmsen Marine Products India Private Limited
India
100.00%
Wilhelmsen Ships Service S.p.A.
Italy
100.00%
Wilhelmsen Ships Service Co. Ltd (Japan)
Japan
100.00%
Wilhelmsen Ships Service Trading Sdn. Bhd.
Malaysia
100.00%
Unitor De Mexico, S.A. de C.V.
Mexico
100.00%
Wilhelmsen Ships Service B.V.
Netherlands
100.00%
Wilhelmsen Ships Service Limited (New Zealand)
New Zealand
100.00%
Pelagus 3D AS
Norway
50.00%
Wilhelmsen Ships Service, S.A.
Panama
100.00%
Wilhelmsen Ships Service Philippines Inc
Philippines
100.00%
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Cont. Maritime Services
Company name
Country
Ownership %
Wilhelmsen Ships Service
Wilhelmsen Ships Service Polska Sp. z o.o.
Poland
100.00%
Wilhelmsen Ships Service Co., Ltd
Republic of Korea
100.00%
Wilhelmsen Ships Service (S) Pte. Ltd.
Singapore
100.00%
Unitor Cylinder Pte. Ltd.
Singapore
100.00%
Pelagus 3D Pte Ltd
Singapore
50.00%
Timm Slovakia s.r.o
Slovakia
100.00%
Wilhelmsen Ships Service (Pty) Ltd.
South Africa
100.00%
Wilhelmsen Ships Service Spain S.A.
Spain
100.00%
Wilhelmsen Ships Service AB
Sweden
100.00%
Wilhelmsen Lojistik Hizmetleri Ticaret Ltd. Sti
Turkey
100.00%
Wilhelmsen Ships Service AS - Dubai Branch
United Arab Emirates
100.00%
Wilhelmsen Ships Service (L.L.C.)
United Arab Emirates
49.00%*
Wilhelmsen Marine Products LLC – Abu Dhabi
United Arab Emirates
49.00%*
Wilhelmsen Ships Service Limited (United Kingdom)
United Kingdom
100.00%
Wilhelmsen Ships Service Inc. (USA)
United States
100.00%
Unitor Holding Inc.
United States
100.00%
Wilhelmsen Global Business Services
Wilhelmsen Global Business Services AS
Norway
100.00%
Wilhelmsen Global Business Services Sdn. Bhd.
Malaysia
100.00%
Wilhelmsen Business Service Center Sp z o.o.
Poland
100.00%
* additional profit share agreement
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Wilh. Wilhelmsen Holding ASA, Norway
Wilhelmsen New Energy AS
RaaLabs AS, 
Norway 60%
Massterly AS, 
Norway 50%
Topeka Nattruten AS, 
Norway
Topeka Hagland Greenbulk AS, 
Norway 50%
Topeka MPC Maritime AS, 
Norway 50%
Raa Investment AS, 
Norway 40%
Loke Marine Minerals AS,
Norway 15%
Ivaldi Group Inc, 
USA 10%
Reach Subsea ASA, 
Norway 18.44%
Edda Wind ASA,
Norway 31.02%
NorSea Group AS, 
Norway 99.37%
Topeka Holding AS, 
Norway
For group company list sorted by segment and business unit see below list
Unless otherwise stated, the company is wholly-owned.
New Energy
New Energy
Company name
Country
Ownership %
Technology and Decarbonisation
Wilhelmsen New Energy AS
Norway
100.00%
Raa Labs AS
Norway
60.00%
Konciv AS
Norway
37.95%
Massterly AS
Norway
50.00%
Topeka Holding AS
Norway
100.00%
Topeka Nattruten AS
Norway
100.00%
Topeka Hagland Greenbulk AS
Norway
50.00%
Raa Investment AS
Norway
40.00%
Reach Subsea ASA
Norway
18.44%
Topeka MPC Maritime AS
Norway
50.00%
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Cont. New Energy
Company name
Country
Ownership %
Energy Infrastructure
NorSea Group AS
Norway
99.37%
NorSea Property AS
Norway
100.00%
NorSea Logistics AS
Norway
100.00%
Vestbase Eiendom AS
Norway
100.00%
Polarbase Eiendom AS
Norway
97.97%
NorSea Eiendom Dusavik AS
Norway
100.00%
NorSea Polarbase AS
Norway
95.14%
KS Coast Center Base
Norway
50.00%
NorSea Eiendom Tananger AS
Norway
100.00%
NSG Maritime AS
Norway
85.00%
Coast Center Base AS
Norway
50.00%
NorSea Norbase AS
Norway
78.95%
Vikan Næringspark Invest AS
Norway
100.00%
NorSea Atlantic AS
Norway
100.00%
Orvikan Eiendom AS
Norway
100.00%
Hammerfest Næringsinvest AS
Norway
31.60%
Strandparken Holding AS
Norway
32.39%
Dusavik Utvikling AS
Norway
33.50%
Polar Lift AS
Norway
47.57%
NorSea Tananger 107 AS
Norway
100.00%
Tananger Eiendom AS
Norway
100.00%
Risavika Eiendom AS
Norway
42.00%
Sørsea AS
Norway
50.00%
Risavika Havnering 14 AS
Norway
100.00%
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Cont. New Energy
Company name
Country
Ownership %
Energy Infrastructure
Maritime Waste Management AS
Norway
100.00%
Love Miljøbase AS
Norway
33.33%
Westport AS
Norway
66.67%
CCB Subsea AS
Norway
42.50%
CCB Energy Holding AS
Norway
50.00%
Elevon AS
Norway
100.00%
OS Expressene AS
Norway
78.95%
NorSea Impact AS
Norway
100.00%
NorSea Industrial Holdings AS
Norway
100.00%
WindWorks Jelsa AS
Norway
38.52%
Energy Innovation Holding AS
Norway
50.00%
AM North AS
Norway
31.71%
Blåse Energi AS
Norway
100.00%
Finnestadjordet 12 AS
Norway
100.00%
Tangen 7 Eiendom AS
Norway
100.00%
Tangen 7 AS
Norway
100.00%
NorSea Offshore Wind I AS
Norway
100.00%
Narvikeiendommen AS
Norway
78.95%
RTN AS
Norway
50.00%
Eldøyane Næringspark AS
Norway
50.00%
Sirevåg Laks AS
Norway
50.00%
Westport Moss AS
Norway
44.00%
OG 110 Eiendom AS
Norway
100.00%
NorSea Denmark A/S
Denmark
100.00%
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Cont. New Energy
Company name
Country
Ownership %
Energy Infrastructure
NorSea Denmark Property A/S
Denmark
100.00%
Elevon AB
Sweden
100.00%
NorSea UK Ltd
United Kingdom
100.00%
NorSea 123 Ltd
United Kingdom
100.00%
Offshore Wind
NorSea Wind Holding AS
Norway
100.00%
Edda Wind ASA
Norway
31.02%
NSG Wind A/S
Denmark
100.00%
NorSea Wind A/S
Denmark
100.00%
NorSea Wind GmBH
Germany
100.00%
NorSea Wind BV.
Netherlands
100.00%
Group structure    │    Wilh. Wilhelmsen Holding ASA Annual report 2024
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Appendicies
188 	 Appendix 1:
	
Statement on equality and anti-discrimination in compliance with the Norwegian Equality and Anti-discrimination Act
190 	 Appendix 2:
	
Account of due diligence in accordance with the Norwegian Transparency Act
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Appendix 1
Statement on equality and 
anti-discrimination in compliance  
with the Norwegian Equality and  
Anti-discrimination Act
This statement is provided to comply with the reporting duty 
contained in the Norwegian Equality and Discrimination Act 
relating to the group’s activities and employees in Norway. The 
statement contains two parts, the actual status of gender 
equality in the group, and the work that has been done related 
to the activity duty. The first part is reported in a disaggregated 
format, whereas the second part is reported for the group in 
Norway as a whole.
Part 1: Actual status on gender equality 
The working conditions indicators are to be provided each 
year, whereas an analysis of pay differences between women 
and men is to be carried out at least every two years. As the pay 
gap differences were reported in detail in the group’s 2023 ESG 
Report, they are not included in this report. 
Accounting policies
The working conditions indicators are disaggregated into three 
groups due to different workforces, working environment and 
operations. Wilhelmsen head office information includes the 
employees of all business units consolidated in the group’s 
financial accounts that are located at the group’s office 
headquarters in Lysaker, Norway. Wilhelmsen Chemicals AS 
located in Tonsberg, Norway and NorSea Logistics AS (part of 
NorSea Group) located across several locations in Norway are 
reported separately. NorSea Logistics AS is the only business 
unit within NorSea Group in Norway with more than 50 
employees and required to report.
All values are rounded to the nearest whole number. 
Total employees (headcount): Number of employee headcount 
at year-end including permanent, temporary, expatriates, 
trainees, interns, and apprentices.
Employees, by gender (%): Total number of employees split 
by gender divided by total number of employees. Employee’s 
gender is recorded based on employees’ own registration as 
male, female, other or may not be disclosed.
Employees taking parental leave, by gender (headcount, %): 
Total number of employees taking parental leave, and split by 
gender as a percentage of total employee headcount.
Average parental leave weeks (number) by gender: Total 
number of parental leave weeks taken divided by total number 
of employees taking parental leave, split by gender.
Employees, part time and involuntary part time, by gender 
(headcount, %): Total number of employees working part time and 
involuntary part time split by gender. Part time is an employee 
in a position with a full-time equivalent (FTE) percentage less 
than 100%. Involuntary part time is an employee that works 
part-time hours who wish and are available to work more. As of 
the reporting period, the group has not conducted a formal survey 
of part time workers, rather through individual contact it has not 
come to its attention that there are any involuntary part-time 
employees. A survey will be conducted in the next reporting 
period to formally map the degree of involuntary part-time work.
Employees, temporary, by gender (headcount, %): Total number 
of temporary employees split per gender. A temporary employee is 
an employee working in a temporary job role lasting for a defined 
period of time as defined by the end-date in their agreement. 
Part 2: Work done related to the activity duty  
Identified risks and measures implemented
Wilhelmsen has identified several risks related to potential 
discrimination and barriers to equality in the workplace. These 
risks include disparities in pay conditions with reference to 
gender, discrimination during the recruitment process, and 
discrimination during the employee lifecycle. 
To address these risks, Wilhelmsen has implemented various 
measures. Unconscious bias training is available for employees 
and managers and is conducted specifically for human 
resources and recruiters to mitigate biases. Recruitment 
templates have been reviewed and updated to ensure fairness, 
and a professional recruitment team has been established.
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Working conditions indicators
Wilhelmsen Head office
Wilhelmsen Chemicals
NorSea Logistics AS
2024
Comparative 
(2023)
2024
Comparative 
(2023)
2024
Comparative 
(2023)
Total number of employees working in Norway
482
440
120
120
600
519
Females in total in Norway (%) 
37
38
25
22
18
17
Males in total in Norway(%)
63
62
75
78
82
83
Total number of employees taking parental leave
27
18
4
4
25
19
Females taking parental leave (%)
3
2
1
1
1
1
Males taking parental leave (%)
3
2
3
3
4
3
Females average weeks of leave (weeks)
23 
20 
7 
26 
18
15 
Males average weeks of leave (weeks)
13 
16 
12 
13 
6
14
Total number of employees working part time
5
None
5
5
162
63
Females working part time (%)
1
None
3
3
6
20
Males working part time (%)
1
None
2
2
20
80
Females working involuntary part-time (%)
None
None
None
None
None
None
Males working involuntary part-time (%)
None
None
None
None
None
None
Total number of temporary employees
10 
7
3
6
130
105
Females holding temporary positions (%)
1 
1
0
1
5
6
Males holding temporary positions (%)
1
1
3
4
17
14
A job framework project was initiated during the reporting 
period to create more granular job categories, which will be 
integrated into the human resources system once completed. 
Annual code of conduct training was conducted to ensure 
adherence to ethical standards. The annual employee 
survey was conducted, showing positive engagement and 
providing an opportunity for management and teams to 
work on the results to build the right culture, including 
efforts related to equality and anti-discrimination. Relevant 
whistleblower reports were addressed to ensure transparency 
and accountability. Comprehensive health and safety 
practices have been implemented in the office to ensure a 
safe working environment for all employees. Additionally, 
designated areas for personal time have been provided, 
accommodating breastfeeding, religious observances, and 
medical requirements. Flexible working arrangements are in 
place to support work-life balance and accommodate diverse 
employee needs. Access to professional training, development, 
and network opportunities is provided to support career growth 
and skill enhancement. In 2024, Wilhelmsen had 34% female 
representation in the top 3 levels of senior management, 
tracking towards the target of 40% gender balance by 2030.
Evaluating results
Evaluating the results of equality and anti-discrimination 
measures involves several key activities to ensure effectiveness 
and continuous improvement. Regular employee surveys 
and feedback mechanisms are important for gauging 
employee perceptions and experiences related to equality 
and discrimination in the workplace. Data related to pay, 
recruitment, promotions, and employee turnover are reviewed 
and analysed to reveal trends and disparities. Whistleblower 
reports are monitored and addressed to ensure transparency 
and accountability. Periodic reviews are conducted to ensure 
compliance with relevant laws and regulations, such as 
GDPR and the Equality Act, maintaining legal standards and 
identifying areas needing improvement. Metrics related to 
turnover, sickness absence, engagement survey participation 
and results, and performance appraisal completion are 
tracked to indicate the success of initiatives aimed at fostering 
an inclusive culture. Interviews and focus groups with 
employees are conducted to provide deeper insights into the 
workplace culture and the effectiveness of anti-discrimination 
measures. Additionally, a working environment committee, 
comprising employee representatives and management, 
meets regularly to review these topics. By combining these 
methods, Wilhelmsen evaluates the results of its measures for 
continuous improvement.
Conclusion
Wilhelmsen remains dedicated to fostering an engaging and 
safe workplace with no harm to people and a culture where 
each employee is valued for their contribution and feels 
motivated and safe to voice their opinion. By identifying 
potential risks and implementing targeted measures, 
Wilhelmsen aims to create a supportive environment for 
all employees where they can perform and develop in their 
professional roles. Continuous monitoring and feedback will 
ensure that efforts are effective and aligned with compliance 
requirements and continuous improvement.
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Appendix 2
Account of due diligence in accordance 
with the Norwegian Transparency Act
Wilhelmsen and the supply chain
Wilh. Wilhelmsen Holding ASA (“Wilhelmsen” or “the group”) 
is committed to promote an ethical culture where its employees 
and business partners do the right things the right way. Lack 
of respect for universal human and labour rights are not 
acceptable since this will have negative impact on employees, 
business partners, the group’s reputation, and may have 
unacceptable financial consequences. 
The group is committed to safeguarding human rights across 
the businesses, irrespective of the countries in which it 
operates. In accordance with Wilhelmsen’s governing elements, 
the group has clear principles and expectations for all its 
companies and supply chain partners to comply with the same 
standards regarding human rights. 
Purpose
The Norwegian Transparency Act came into force on July 
1, 2022. The Act aims at increasing businesses respect for 
human rights and decent working conditions and ensuring 
transparency on compliance with these fundamental rights. 
This account of due diligence is based on the requirement of 
the Act to report on human rights due diligence and the group’s 
work to ensure compliance within its business, supply chain 
and with its business partners, reflecting its commitment 
to promote and protect human rights. The report covers the 
period during January 1 to December 31, 2024.
Organisation and area of operations
Wilhelmsen is an industrial holding company within 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. The group’s activities are 
carried out through fully and partly owned entities.
At the end of 2024, Wilhelmsen had 5766 onshore employees 
and a pool of 12,231 seafarers, including 96 nationalities and 
located in 56 countries. In addition, Wilhelmsen has 10,000+ 
value chain partners including sub agents, sub-contractors, 
and suppliers, all of which are an integral part of its business 
and deliveries to the group’s customers.
Wilh. Wilhelmsen Holding ASA is the ultimate parent 
company of Wilhelmsen, consisting of three distinct business 
segments: Maritime Services, New Energy and Strategic 
Holdings and Investments.
Maritime Services
Wilh. Wilhelmsen Holding ASA, Norway
New Energy
Strategic Holdings and Investments
Ships Service
NorSea Group AS 99.4%
Wallenius Wilhelmsen ASA 37.9%
Port Services
Edda Wind ASA 31.0%
Treasure ASA 84.2%
Ship Management
Reach Subsea ASA18.4%
WilNor Governmental Services
Global Business Services
RaaLabs 75.1%
Insurance Services
Massterly 50% 
Wilhelmsen Chemicals
The main activities of the Maritime Services segment are the 
provision of products and services for the global merchant fleet. 
This includes offerings such as marine chemicals, gases, ropes, 
welding, specialty lubricants, cleaning equipment, refrigeration 
equipment, and various maritime solutions. In addition, the 
segment’s business units offer port services such as ship agency 
and husbandry, and ship management including technical 
management and crewing for all major vessel types, through a 
worldwide network in 56 countries. The main activities of the 
New Energy segment are the operation of supply bases for the 
offshore industry, and investments in infrastructure, logistics, 
offshore wind service and maintenance, subsea projects, remote 
solutions, and digital innovation. The main supply base activity 
is in Norway, Denmark and the UK. Other activities include real 
estate development and operation of properties on and off the 
supply bases. 
The main activities of the Strategic Holdings and Investments 
segment are related to investments. The two main assets of the 
segment are the shareholding in Wallenius Wilhelmsen ASA and 
the shareholding in Hyundai Glovis, owned through Treasure ASA.
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Governance
To secure that the Human Rights commitment and framework 
is implemented in the group and individual business units, 
clear roles and responsibilities have been defined. 
Role 
Strategic targets
Board of directors 
• Commit to human rights due diligence and transparency.
• Ensure the group is compliant with legal and other requirements as a listed entity in Norway.
Senior executives
• Commit to human rights due diligence and transparency
• Set expectations and requirements in the Owner’s statement to business units and non-controlled investments.
Head of business segments 
• Ensure the business units in the segment have integrated human rights in their business strategy, policies, 
   and processes and deliver on group expectations.
Business unit management 
• Commit to human rights due diligence and transparency.
• Establish policy commitments relevant to their operations and secure employees are aware and comply.
Group Human Rights due diligence team 
• Develop and continuously improve framework on behalf of business unit management.
• Facilitate implementation of framework with business unit management.
• Support execution of framework with functional management (human resources, procurement, HSEQ, operations, sales).
• Interact and consult with affected or other stakeholders
• Manage information requests and grievance handling related to human rights with appropriate functional experts.
Functional management 
• Execution of framework with relevant stakeholders (employees, suppliers, customers, partners).
Human rights management in Wilhelmsen
Policy commitment and governance
Wilhelmsen’s commitment to respecting human rights is set out 
in the group’s Human Rights commitment. Wilhelmsen respects 
the human rights of all individuals and groups that may be 
affected by its operations. This includes, but is not limited 
to, employees, contractors and non-employees, suppliers, 
employees working for its suppliers (including contracted and 
agency workers and sub-suppliers), communities and children. 
The commitment to respect human rights is guided by 
internationally recognised human rights and labour standards 
such as the UN Universal Declaration of Human Rights and 
the International Labour Standards (ILO Declaration on 
Fundamental Principles and Rights at Work). This includes, but 
is not limited to, human trafficking, forced labour, exploitative 
working conditions and practices, slavery, and child labour.
Wilhelmsen has implemented a human rights framework and 
a human rights due diligence process. The human rights due 
diligence process is guided by the UN Guiding Principles on 
Business and Human Rights 2 and the OECD Guidelines for 
Multinational Enterprises on Responsible Business Conduct 3. 
Stakeholder engagement 
To be able to engage with stakeholders and accept information 
requests regarding how Wilhelmsen addresses actual and 
potential adverse impacts on human rights, the group has 
an established information request channel - humanrights@
wilhelmsen.com. 
Two requests for information were received in 2024:
•	 Enquiry related to the situation in Gaza and if Wilhelmsen  
	 directly or indirectly deal with Israeli companies that  
	 perform their work in any occupied Palestinian territory or  
	 the Israeli Defence Force. 
•	 Enquiry related to use of suppliers of goods or services that are 
	 purchased from Israel, including whether these suppliers can 
 	 be linked directly or indirectly to occupied territories in Israel. 
An internal investigation was conducted following both 
enquiries, and a factual response provided within the required 
three-week period. 
Grievance mechanisms and remediation
Grievance or complaint mechanisms are important tools 
to inform Wilhelmsen of its impact on individuals and 
groups. Grievances may be of any kind, including social and 
environmental issues. 
Wilhelmsen has a whistleblowing channel that may be used by 
employees and external parties, including clients, suppliers, 
business partners and other representatives of Wilhelmsen, 
to raise concerns for non-compliance including situations 
where the group has contributed to direct or indirect, actual or 
potential adverse effects on human rights and decent working 
conditions. The channel is accessible on Wilhelmsen’s website, 
written in plain English, and guarantees confidentiality and 
offers proper protection for stakeholders. For employees, 
non-employees, and other individuals within Wilhelmsen, the 
group’s intranet also provides direct access to the portal.
Human rights due diligence process
Wilhelmsen assess the group’s actual and potential human 
rights impacts, integrate and act upon the findings, monitor 
progress, track responses, and communicate how impacts are 
addressed. This is an ongoing process, and Wilhelmsen plans to 
continually improve the group’s approach. 
The human rights due diligence assessment includes: 
•	 Human right scope 
•	 Scenario identification 
•	 Impact assessment 
•	 Likelihood assessment 
•	 Prioritisation 
•	 Output (heat map) 
•	 Mitigation measures
2  UN Guiding Principles on Business and Human Rights
3  OECD Guideline for Multinational Enterprises on Responsible business conduct
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Wilhelmsen has a human rights due diligence team which is a 
cross functional and cross business unit team in the group. The 
team meets regularly to continue to improve the group’s human 
rights due diligence framework and make recommendations to 
senior executives and board who set the direction for the group. 
Operationally the team works with functions in each of the 
business units to implement policies and proper practices. 
Representatives from all business units in Wilhelmsen are 
involved in an annual human rights due diligence assessment 
where the group assess adverse human rights impacts. The 
human rights due diligence is conducted during the third 
quarter each year and is based on the UN Guide to Human 
Rights Impact Assessment and Management 4. Wilhelmsen 
utilise various indexes and publicly available information from 
human rights related organisations, such as the Rule of Law 
Index and the Global Rights Index to assess country risks. 
The Rule of Law index measures countries’ rule of law 
performance across eight factors: (1) Constraints on Government 
Powers, (2) Absence of Corruption, (3) Open Government, 
(4) Fundamental Rights, (5) Order and Security, (6) Regulatory 
Enforcement, (7) Civil Justice, and (8) Criminal Justice. 
The International Trade Union Confederation (ITUC) has 
developed the Global Rights Index. The ITUC Global Rights 
Index provides relevant information regarding the general 
protection of labour rights in a country and rates countries 
depending on their compliance with collective labour rights 
and document violations by governments and employers of 
internationally recognised rights. 
Wilhelmsen has mapped stakeholders that could be affected 
by the group’s business activities and relationships and the 
relevant human rights impacts Wilhelmsen need to prioritise 
and action. 
Salient human rights risk
With offices, employees, and operations around the world, 
Wilhelmsen recognise that its activities may influence and 
impact the human rights of the group’s stakeholders. Where 
local laws differ from or conflict with international human 
rights standards, Wilhelmsen will always endeavour to honour 
the principles of internationally recognised human rights 
without violating local laws and regulations. Wilhelmsen is 
committed to understanding these impacts and reducing any 
negative aspects and enhance the group’s positive impacts. 
Based on Wilhelmsen’s 2024 human rights due diligence of its 
organisation and supply chain, the group has identified the 
following salient human rights risks that are most relevant to 
the business and which it is the most at risk impacting through 
the group’s operations and business activities: 
Salient human rights risk
Own workforce
Workers in the value chain
Health and safety
Discrimination and harassment
Decent working conditions
Forced labour, modern slavery and child labour
Freedom of assocation and collective bargaining
Data privacy
Own workforce
Discrimination and harassment
Wilhelmsen has a zero-tolerance for bullying, harassment, and 
discrimination on any grounds. 
Employees and non-employees can expect to be treated fair 
and equal and be given the opportunity to develop and grow. 
They should feel respected for who they are and what they 
stand for, and they should feel safe to voice their opinion. 
Incidents involving discrimination or harassment are identified 
through different reporting channels and Wilhelmsen’s 
whistleblowing channel. The group encourage its employees 
to use the whistleblowing channel to report any incident 
and expect the employees to follow the Code of Conduct and 
comply with the Human Rights commitment.
Impacts on diversity, inclusion and belonging are identified 
and monitored through Wilhelmsen’s annual employee 
engagement survey. The 2024 engagement survey results 
reflect a culture characterised by zero-tolerance for harassment 
and discrimination with a total score of 8,6 out of a maximum 
of 10. In addition, some business units have higher frequency 
surveys to receive and work with feedback from employees.
4  Guide to Human Rights Impact Assessment and Management (HRIAM) 
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In 2024, 38 whistles were reported through the whistleblowing 
channel that were categorised as related to human rights. 
The 38 whistles concerned alleged discrimination, working 
conditions, bullying, harassment, and sexual harassment. 
In 18 of the cases the allegations were confirmed, with 
appropriate mitigating actions taken. The remaining 20 
whistles were concluded as “dismissed”: allegations not 
confirmed, not possible to follow up due to lack of information, 
misunderstanding between employees, no wrongdoing, 
whistler not wanting the case to be pursued. 
Wilhelmsen is dedicated to making a positive impact by 
supporting the UN Sustainable Development Goal 5: Gender 
equality. The group is committed to transparently reporting on 
its practices and progress in equality, diversity, and inclusion. 
Despite an ethnic diverse workforce, the percentage of women 
in the organisation has been stable for several years, between 
34-36 %. Wilhelmsen’s ambition is to have 30% females by 2025 
and 40% of each gender by 2030 represented in the top three 
level of management onshore and in internal boards. At the 
end of 2024, there were 34 % female in top three management 
positions, up from 31 % in 2023. 
Wilhelmsen continue to focus on diversity management and 
unconscious bias training for human resources, managers, and 
employees and implement awareness campaigns to improve 
the understanding of what an equal and inclusive workplace 
and business partner should be experienced as. As needs vary 
pending on location, local human resources are responsible 
for developing activities tailor-made to local needs to support 
the group’s overall ambition. Further work on improving 
Wilhelmsen people processes with regard for equality, diversity 
and inclusion will continue throughout 2025. 
Health, safety and decent working conditions
Wilhelmsen recognise that there are health and safety risks 
related to work in ports, a warehouse or at sea where operations 
are done 24/7 throughout the year. Office workers have risks 
related to prolonged sitting time, screens/ blue light, etc. 
Incidents with injury have happened and given the high-
risk environment for boarding vessels there is a possibility 
that employees are exposed to injuries within the workplace. 
Warehouse workers can be exposed to health risk when 
operating machinery or handling chemicals. Demanding 
physical working conditions, potentially hazardous tasks, long 
hours of work and extensive periods away from family can lead 
to high-level of stress and fatigue for seafarers. 
Wilhelmsen has a continual focus on improvement of 
health and safety culture through management attention, 
management systems, internal assessments and audits, 
governing elements and health and safety culture building. 
The group has developed a comprehensive health, safety, 
environment, and quality (HSEQ) system, supporting a safe 
working environment. Each business unit has established 
management systems for managing health and safety risks 
specific to their operations, including investigations with 
preventative and corrective actions. To reduce the risk of 
accidents happening, Wilhelmsen provides personal protective 
equipment for all relevant personnel. 
NorSea Group operating companies, Port Services, Ships 
Service, and Global Business Services are certified according 
to the ISO45001 occupational health and safety standard. 
Wilhelmsen Chemicals is preparing their management 
system for certification in 2025. Ship Management have a 
comprehensive health and safety management system and 
are certified to operate ships as per the International Safety 
Management (ISM) Code. In relation to seafarers, Ship 
Management’s operations comply with the Maritime Labour 
Convention (MLC) requirements. Port Services use the Take 5 
principal to promote health and safety for all activities related 
to work in ports.  This is an informal risk management process 
designed to assess a task prior to its commencement for the 
purpose of identifying and controlling hazards associated with 
that task.
In 2024, the group’s business units continued the important 
work of building a safety culture, particularly towards 
employees and seafarers exposed to higher risks related to 
operations at ports, on vessels, and at production, base and 
warehouse sites. The actions included safety training, visits, 
audits and campaigns. Work related illness metrics were 
established and reported for the first year. Ship Management 
launched WLearn, a training platform for seafarers to develop 
their skills and knowledge, thereby contributing to safer and 
more efficient maritime operations.
Regrettably in 2024, there was one onshore work-related 
fatality during an employee’s commute home after work, and 
two work-related fatalities among seafarers. One case involved 
a crew member who was trapped under a forklift during cargo 
operations, and the second case involved a crew member 
who fell from heights during maintenance work in the engine 
room. Corrective and preventive actions included a safety 
stand down to pause all work in the affected area and reinforce 
safety awareness, risk assessments specific to the key controls 
identified, and learnings shared through safety briefings, 
crew conferences and during ship visits. These incidents 
highlight the critical need for continuous improvement in 
safety measures and protocols, emphasising the importance of 
ongoing efforts to enhance safety practices
Data protection and cyber security
Wilhelmsen handle personal data in in line with the EU GDPR 
regulation but recognise that there is a risk of personal data lost 
in a cyber-attack and sometimes unlawful storage of privacy 
data. The group has implemented governing elements, IT 
security policies, contracts, and security barriers. To limit the 
risk of cyber-attacks Wilhelmsen keep employees updated on 
new types of cyber-attacks and new threats. 
In 2024 Wilhelmsen continued to see a significant increase in 
cyber threat levels as well as actual attacks through phishing 
emails. To meet the increased risk of cyber-attacks the group 
has a Cyber Policy, followed by an annual training campaign for 
all employees with a mandatory sign off. The policy contains 
key security topics for all employees to be aware of and use in 
daily business to decrease risk of cyber-attacks. 
During the year Wilhelmsen assessed the current cyber security 
level towards aligning with the EU NIS2 Directive. 
Workers in the value chain
With more than 10,000 suppliers worldwide, Wilhelmsen has 
a significant indirect impact on human rights and decent 
working conditions through its value chain. In its human 
rights due diligence for 2024, Wilhelmsen did not identifyany 
actual adverse impacts on fundamental human rights or 
decent working conditions in the group’s supply chain or in 
relationships with other business partners. Although no actual 
adverse impacts were uncovered in Wilhelmsen’s supply chain 
or business partner relationships in 2024, several risks of 
potential adverse impacts were identified. 
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Wilhelmsen use raw materials for the manufacturing of ropes 
and steel for cylinders. The raw materials extraction industry 
is often associated with negative human rights impacts and 
communities that face adverse impacts of large-scale extractive 
projects on their human rights and the environment.  The 
industry is lacking transparency and has poor records related 
to most human rights, including health and safety and working 
conditions. As raw materials are sourced from all over the 
world, and from sub-sub suppliers, Wilhelmsen has limited 
insight and control. 
Newbuilding and dry-docking services, particularly in 
China, South Korea, Japan, and the Philippines, are high-risk 
due to extensive shipbuilding activities involving complex 
supply chains and subcontracting. These factors increase the 
potential for forced labour. Poor health and safety standards 
also pose significant risks of workplace accidents and injuries. 
Wilhelmsen’s provision of technical supervision services helps 
shipowners mitigate these risks by upholding human rights 
standards. Additionally, active ownership and oversight of 
investment companies’ strategies, activities, and policies are 
leveraged to reduce risks.
The highest potential adverse human rights impact is found 
in production facilities and maritime service activities at ports  
located in China, India, Thailand, Turkey, Brazil and the United 
Arab Emirates. All these countries have limited or no guarantee 
of workers rights according to the Global Rights Index (2023) 
which rates countries depending on their compliance with 
collective labour rights and document violations by governments 
and employers of internationally recognised rights. 
The most significant areas where Wilhelmsen’s operations 
may have an impact on human and labour rights in these 
countries are:
•	 Poor health and safety of workers at external manufacturing  
	 sites (cylinders and ropes), local filling factories, toll blending 
	 sites and warehouses.
•	 Inadequate human and labour rights for migrant workers.
•	 Forced labour or child labour (recruitment fee, bondage  
	 labour, modern slavery) at filling factories, toll blending sites, 
	 sub-agents and third-party land transport providers.
•	 Violation of workers’ freedom of association and the right  
	 to organise.
Wilhelmsen is committed to safeguarding human rights across 
its businesses, irrespective of the countries in which the group 
operate and expect their supply chain partners to do the 
same. Wilhelmsen has set minimum requirements relating to 
human rights to its suppliers. These are stated in Wilhelmsen’s 
Supplier Code of Conduct. The group expect its suppliers to 
comply with and promote the same principles in their own 
supply chain. Where a supplier is not willing to accept but has 
an equivalent or better code of conduct, a bridging clause is 
made in the respective agreement to reflect this. In 2024 the 
Supplier Code of Conduct was signed by all new suppliers, and 
Wilhelmsen is continuing to implement to existing suppliers 
when contracts are up for renewal.
Based on Wilhelmsen’s process for integrity due diligence, 
business units assess new suppliers against ESG criteria 
in contracts and conduct frequent supplier screening, 
assessments, audits, and reviews. Wilhelmsen has also 
introduced awareness and management attention and 
focus on country risk/outsourcing risks. Wilhelmsen use the 
Procurement Risk Assessment Framework in accordance with 
the Procurement Governance Standard when performing risk 
assessment on suppliers. 
For current suppliers Wilhelmsen is conducting ongoing desk 
based due diligence to identify and determine which suppliers 
are rated as high-risk. In 2024, business units conducted 742 
supplier audits or assessments with ESG criteria. In addition, 
business units conducted periodic supplier workshops, 
information sessions, performance assessments, business 
reviews and onsite audits. 
Any findings following these assessments are addressed to the 
suppliers with expected corrective actions.
Lysaker, 19 March 2025 
The board of directors of Wilh. Wilhelmsen Holding ASA 
Electronically signed:  
Carl E Steen (chair)  
Morten Borge  
Rebekka Glasser Herlofsen  
Ulrika Laurin  
Thomas Fredrick Borgen  
Thomas Wilhelmsen (group CEO) 
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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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Eberlin   Photos: Hans Fredrik Asbjørnsen