Annual report
2021
Enable. Enhance. Simplify.

(1)Netcashowfromoperatingactivities
(2)Cash,bankdepositsandcurrentnancialinvestments
(3)Currentassetsdividedbycurrentliabilities
(4)Equityinpercentoftotalassets
(5)Protaftertaxdividedbyaverageequity
(6)Prot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protfortheperiodadjustedfordepreciationandimpairmentsofassets,dividedbyaveragenumberofsharesoutstanding
2021 2020 2019 2018 2017
INCOME STATEMENT
Totalincome USDmill 874 812 850 871 793
Operatingprotbeforeamortisationandimpairment(EBITDA) USDmill 141 138 149 78 198
Operatingprot USDmill 73 60 78 36 176
Prot/(loss)beforetax USDmill 66 205 144 (86) 253
Netprot/(loss) USDmill 53 178 130 (75) (2)
Netprot/(loss)afternon-controllinginterests USDmill 72 117 114 (69) (64)
BALANCE SHEET
Noncurrentassets USDmill 2 702 2 736 2 638 2 467 2 637
Currentassets USDmill 746 751 655 612 636
Equity USDmill 2 230 2 265 2 082 2 017 2 188
Interest-bearingdebt USDmill 642 657 675 533 601
Totalassets USDmill 3 448 3 488 3 293 3 079 3 273
KEY FINANCIAL FIGURES
Cashowfromoperation(1) USDmill 122 194 98 62 70
Liquidfundsat31December(2) USDmill 366 393 255 227 268
Liquidyratio(3) 0.9 1.3 1.2 1.1 1.4
Equityratio(4) % 65% 65% 63% 66% 67%
YIELD
Returnonequity(5) % 4% 6% 6% (4%) (3%)
KEY FIGURES PER SHARE
Earningspershare(6) USD 1.63 2.63 2.46 (1.48) (1.38)
Operatingprotbeforeamortisationandimpairment(EBITDA)pershare(7) USD 3.16 3.10 3.24 1.68 4.26
Averagenumberofsharesoutstanding Thousand 44 580 44 580 45 948 46 404 46 404
Dividendpersharepaidduringtheyear NOK 8.00 2.00 5.00 5.50 5.00
Key figures – consolidated
accounts
2021 2020 2019 2018 2017
Total income
(USD mill)*
Operating prot
(USD mill)*
Net prot
(USD mill)
Net prot after
non-controlling interest
(USD mill)
874
850
871
793
812
73
78
36
176
60
53
-2
178
130
-75
72
-64
117
114
-69
Group — Key gures Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 4
Wilhelmsen in brief
Ourambitionistoshapethemaritimeindustry.
Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group
providing essential products and services to the merchant fleet, along with supplying crew
and technical management to the largest and most complex vessels ever to sail. Committed to
shaping the maritime industry, we also seek to develop new opportunities and collaborations
in renewables, zero-emission shipping, and marine digitalisation. Supporting a diverse and
inclusive workplace, with thousands of colleagues across more than 60 countries, we take
innovation, sustainability and unparalleled customer experiences one step further.
OUR STRATEGIC ESG TOPICS
Strategic topics Strategic ambition
Decarbonisationandgreengrowth Shapethemaritimeindustry’stransitiontowardsnetzeroemissionsandcapitalizeongreengrowth.
Healthandsafety Haveanengagingandsafeworkplacewithnoharmtopeople.
Equalityanddiversity Haveaculturewhereeachemployeeisvaluedfortheircontribution.
Complianceandvaluechainmanagement Bearesponsible,trustedandcompliantvaluechainpartner.
• WilhelmsenShipsService
–MarineProducts
–ShipsAgency
–Chemicals
–GlobalBusinessServices
• WilhelmsenShipManagement
• WilhelmsenInsuranceServices
• NorSeaGroup(75.2%)
• NorSeaWind(87.6%)
• EddaWindASA(25.7%)
• Topeka
• Massterly(50%)
• Raa Labs
• Dolittle(46%)
• Ivaldi(10%)
• LokeMarineMinerals(18%)
• WalleniusWilhelmsenASA(37.8%)
• TreasureASA(74.8%)
–HyundaiGlovis(11%)
• WilNorGovernmentalServices(87.8%)
• Financialinvestments
• Holdingactivities
Share of total income
Year 2021
Share of total income
Year 2021
Share of total income
Year 2021
Share of total assets
As per 31.12.2021
Share of total assets
As per 31.12.2021
Share of total assets
As per 31.12.2021
MARITIME SERVICES
Ourambitionistobetheleadingprovider
ofproductsandservicesfortheglobal
merchanteet–drivingsustainable
transformationofourindustry.
STRATEGIC HOLDINGS
AND INVESTMENTS
Ourambitionistoachievecapitalgrowth
throughourglobalfootprint,legacyholdings
andleadingindustrialpartnerships.
NEW ENERGY
Ourambitionistodriveenergy
infrastructuretransformationand
maritimedecarbonisation.
64%
53%
35%
2%
25% 22%
Directorindirectownershipinbracketswhennotfullyowned.
Group — Key gures Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 5
Content
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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Anniversary and crossroads .........................................................................
.......................................................................................
Main development and strategic direction ...............................................
Financial results ................................................................................................
Business segments .........................................................................................
MaritimeServices
NewEnergy
StrategicHoldingsandInvestments
Risk review
..........................................................................................................
Health, safety and working environment ...................................................
Organisation and people development .....................................................
Environment .......................................................................................................
Corporate governance ...................................................................................
Sustainability .....................................................................................................
Directors and Ocers Liability Insurance .................................................
Allocation of prot, dividend and share buy back ..................................
Outlook ................................................................................................................
 ................................................................
Wilh. Wilhelmsen Holding ASA group .........................................................
Income statement ............................................................................................
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance sheet ....................................................................................................
Cash ow statement .......................................................................................
Equity ...................................................................................................................
General accounting principle ........................................................................
Notes ...................................................................................................................
 ...........................................
Wilh. Wilhelmsen Holding ASA parent company .....................................
Income statement ............................................................................................
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance sheet ....................................................................................................
Cash ow statement .......................................................................................
Equity ...................................................................................................................
Notes ...................................................................................................................
Auditor’s report .................................................................................................
Responsibility statement ...............................................................................
................................................................................
Wilh. Wilhelmsen Holding group main structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Strategic Holdings and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maritime Services ............................................................................................
New Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 6Content
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 7Content
GroupCEO’s
statement
1
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 8Group — Group CEO’s statement
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 9Group — Group CEO’s statement
Group — Group CEO’s statement Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 10
Anniversary and
crossroads
OUR EMPLOYEES MAKE THE DIFFERENCE
While we celebrated 160 years in business, the Wilhelmsen
group had yet another calendar year full of events. COVID-19
continued to be a major influence in 2021, but there were
also inflationary concerns, supply chain issues and ongoing
geopolitical tensions. The fight for talent and pressure on wages
were additional challenges we continue to face.
Despite the many challenges, we also saw a solid uptick in
global shipping activities leading to an 8% income increase for
the group. This is thanks to several thousand dedicated people
in the Wilhelmsen group working across the largest maritime
network in the world including some 10 000 seafarers. Our
strong results can be dedicated to our hard working and
resilient employees, and to our loyal customers. Thank you!
THE GREEN CHALLENGE
In addition to solid financial results, we continued to build for
the future. Our internal company structure was redesigned,
most notably with the establishment of our New Energy
segment and the USD 500 million investment ambition within
renewable energy and decarbonisation. We have also decided
to have a net zero carbon footprint from our own operations
before 2030.
Our extensive maritime offshore experience and
infrastructure, combined with our ambitions and ability to
facilitate innovative partnerships, is our recipe for exploring
opportunities related to the green shift.
While we see great business potential related to green
opportunities, we stand at a crossroads. Customers want to
explore new energy solutions, but struggle to make the big step,
as there are still too many uncertainties related to both the
availability and price of renewable energy. Wilhelmsen would
like to explore new technological solutions but are challenged
with a slow-moving or complete lack of regulatory environment.
Who should make the first move? With the “code red for
humanity” report from the Intergovernmental Panel on Climate
Change, we all know that we need to step up to significantly
reduce greenhouse gas emissions that are threatening our
common future. We are ready to make the necessary steps,
but are dependent on banks supporting us, customers willing
to take the risk, authorities paving the way for new energy
solutions and a safe environment for businesses taking action.
IF I WERE 25 YEARS OLD
If I was fresh out of university now, I would consider my career
path carefully, and my values would play an important factor
in my plans. Attracting not only newly educated talent, but
seasoned professionals will demand a sound and transparent
company profile. People want to work for companies that make
a difference, that dare to challenge and prove that things can
always get better. Although I am biased, I think Wilhelmsen is
such a place, and we are demonstrating it by how we act. In this
report and our ESG report especially, you can read about the big
and small efforts we are making to decarbonise the maritime
industry through zero emission vessels to 3D printed spare
parts produced locally on demand, just to name two examples.
You will also read about how we spend time and resources in
ensuring our employees continue to build their competencies
and experience.
I am immensely proud of our company, and our people who
kept everything running regardless of the obvious challenges.
2022 and onwards will be interesting and exciting. I am curious
to know how fast we can make the necessary steps towards
a greener future and ensure long term profitability for our
shareholders. I am confident we will keep making sustainable
choices and continue to be driven forward by our people
and culture.
*Writing my CEO letter at the beginning of February 2022, as
we prepare for the launch of this report in March, the world is
very different and much darker place. The awful situation in
Ukraine is producing unwanted and unforeseen humanitarian,
geopolitical and economic issues. We are all affected. For the
group, our practical support for our Ukrainian colleagues at sea
and onshore is unwavering, and I speak on behalf of everyone
at Wilhelmsen in sending our sympathies to everyone impacted
by the conflict in the region.
2021sawmanyhighlightsforthegroup.Theyearfurther
positionedWilhelmsenwellforthefutureandaworldthatis
increasinglydemandingcleanenergyandsustainablemaritime
solutions.Asyouwillreadlater,wecan’tdoitalone.
Group — Group CEO’s statement Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 11


Director’s
report
2
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 12Group — Director’s report

Currently females represent 36% of our land-based work force and 22%
of senior management positions. The Wilhelmsen group’s target is to have
at least 40% of each gender in senior management positions by 2030.
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 13Group — Director’s report
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 14
MAIN DEVELOPMENT AND STRATEGIC DIRECTION
The Wilh. Wilhelmsen Holding group (Wilhelmsen or group)
is an industrial holding company within the maritime industry.
The group’s activities are carried out through fully and partly
owned entities, most of which are among the market leaders
within their segments. Wilhelmsen’s ambition is to develop
companies within maritime services, shipping, logistics,
renewables, and related infrastructure through active ownership.
Guided by its vision of shaping the maritime industry,
Wilhelmsen has in 2021 continued the work to support
transition to a more sustainable future. This includes projects
and new investments within energy transition and the
decarbonisation of shipping.
Wilhelmsen also continued to deliver return to its shareholders,
with an increase in operating result, net profit, share price, and
dividend payment for the year.
In 2021, the global economy rebounded while large parts of the
world were still in partial lockdown due to the pandemic. This
created a strain on global supply chains as well as inflationary
pressure. The Wilhelmsen operating companies benefitted from
the increase in economic activities, but the ongoing pandemic
also continued to affect the group’s operation. Most office staff
were required to work from home during large parts of the year,
and the situation related to crew changes remained challenging.
The board would once again like to thank all crew and onshore
employees for their extraordinary efforts during the pandemic.
In 2021, Wilhelmsen re-designed the portfolio to intensify the
growth of maritime service and increase the focus on renewable
energy and decarbonisation. In addition to accelerating the
transition of existing businesses, Wilhelmsen decided to invest
in new businesses related to the renewable sector. A new
business segment named New Energy was established, including
among others, the ongoing transformation of NorSea Group,
offshore wind activities, and activities within autonomous
shipping and decarbonisation solutions.
Wilhelmsen is now organised around three distinct
business segments:
• Maritime Services.
• New Energy.
• Strategic Holdings and Investments.
Maritime Services deliver value creating solutions to the global
merchant fleet, focusing on Marine Products, Ships Agency, and
Ship Management. In 2021, Wilhelmsen further expanded its
range of products and services, including specialist lubrications
and segment specific vessel management. Supporting the
shipping industry during the pandemic continued as a focus
area, including crew changes. Total income for Maritime
Services was up for the year, while EBITDA was stable.
The formation of the New Energy segment brings together
several Wilhelmsen companies, joint ventures, and partner-
ships with unique competencies which complement each
other. Focus is on creating new opportunities and partnerships
in renewables, zero-emission shipping, and marine
digitalisation. In 2021, the group made further initiatives
related to offshore wind licensing, marine minerals, and
hydrogen vessels. Following further investment in Edda Wind
ASA, the company completed a public listing in December.
Total income and EBITDA for New Energy were
up for the year.
The two main assets of the Strategic Holdings and Investments
segment are the shareholdings in Wallenius Wilhelmsen
ASA, and the shareholding in Hyundai Glovis which is owned
through Treasure ASA. Wallenius Wilhelmsen ASA had a
positive development during the year, with a strong increase in
both net profit and market value. For Hyundai Glovis, the share
price and market value was down for the year.
The Wilhelmsen group maintained a strong equity base
throughout 2021. By the end of the year, the equity ratio based
on book values was 65% and equity attributable to equity
holders of the company exceeded USD 2 billion.
Liquidity also remained strong. Cash and cash equivalents
totalled USD 231 million by end of the year, with total liquidity
increasing to USD 1 054 million if including all financial assets.
The main loan facility in Maritime Service is maturing in 2022
Directors’ report
for 2021
Wilh. Wilhelmsen Holding ASA
Highlights for2021
• New group structure focusing on Maritime Services, New Energy, and
Strategic Holdings and Investments.
• Enabling safe and consistent operations during an ongoing pandemic.
• Public listing of Edda Wind ASA.
• Increased operating income and prot.
• Increased net prot from joint ventures and associates.
• Paid dividend of NOK 8.00 per share.
• 26% shareholder return.
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 15
and the main loan facility in New Energy matures in 2023.
A refinancing process has been initiated for both.
Wilhelmsen’s goal is to provide shareholders with a high
return over time through a combination of rising value for the
company’s shares and payment of dividend. To strengthen the
alignment of the senior executives’ and shareholders’ long-term
interests, the long-term incentive scheme for senior executives
is based on an increase in value adjusted equity above certain
thresholds and other long term strategic targets.
The Wilhelmsen share price reflected a general positive market
sentiment, ending the year with a strong gain. In 2021, total
weighted return including share price development and paid
dividend was 26.4%, based on a total return of 27.2% for the
WWI share and a total return of 23.8% for the WWIB share.
Wilhelmsen has an objective of consistent yearly dividend paid
twice annually. A first dividend of NOK 5.00 per share was paid in
May, and a second dividend of NOK 3.00 per share was paid in
December. The first dividend included NOK 2.00 in extraordinary
dividend to compensate for the reduced dividend payout in 2020.
In September, Wilhelmsen reduced the share capital through
cancellation of 537 092 own Class A shares and 1 286 732 own
Class B shares. After the capital reduction, the company has
44 580 000 shares divided into 34 000 000 Class A shares and
10 580 000 Class B shares.
The board believes sound corporate governance is the
foundation for profitable growth and a healthy company
culture. Good governance contributes to reduced risk
and creates value over time for shareholders and other
stakeholders. The board is committed to a sustainable strategy
which is a vital prerequisite for Wilhelmsen to be a profitable
and responsible player in the industry and society. In 2021,
ethics and anti-corruption, health, safety and wellness,
cyber security, business offering and model innovation,
decarbonisation of shipping and maritime services, renewable
energy transition, and reducing marine litter and pollution
received particular attention.
In 2022, Wilhelmsen will continue to develop the group to the
benefit of customers, shareholders, and the wider society, building
on a more than 160-year history of shaping the maritime industry.
FINANCIAL RESULTS
Income statement
The board of Wilh. Wilhelmsen Holding ASA


2021 2020

of which operating revenue
of which gain on sale of assets
874
873
2
812
807
5
EBITDA

141
73
138
60



101



192
2


66

205



53
72
178
117
 1.63 2.63




17
41
23
200
141
 65% 65%
From top left:
Carl E Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Trond Westlie
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 16
Total income for Wilhelmsen was USD 874 million in 2021, up
8% from 2020. Income was up for both Maritime Services and
New Energy.
Group EBITDA came in at USD 141 million for the year, up 2%.
Maritime Services EBITDA was USD 89 million in 2021,
unchanged from 2020. A general increase in most shipping
activities had a positive impact on both Marine Products and
Ships Agency, while contribution from Ship Management and
non-marine products were down.
New Energy EBITDA was USD 60 million for the year, up 10%.
The increase followed improved contribution from both NorSea
Group and NorSea Wind.
The Strategic Holdings and Investments segment had a
negative EBITDA of USD 8 million.
Share of profit from associates was USD 101 million for the
year, compared with a loss of USD 50 million one year earlier.
The improvement was due to a strong recovery in the financial
performance of Wallenius Wilhelmsen ASA.
Change in fair value financial assets was negative with USD
107 million for the year. This followed lower value of the
investment in Hyundai Glovis.
Other financials were a net expense of USD 1 million in 2021,
with gain on current financial investments and dividend
income offsetting interest expenses.
Tax was included with an expense of USD 13 million, mainly
related to Maritime Services.
Net profit to equity holders of the company was USD 72 million
in 2021, down from USD 117 million in 2020.
Other comprehensive income was negative with USD 35
million, resulting in a total comprehensive income to equity
holders of the company of USD 41 million for the year.
Cash ow, liquidity, and debt
The group had cash and cash equivalents of USD 231 million
by the end 2021, down from USD 269 million by the end of
2020. Cash flow from operating activities was down from
a strong 2020, while investments and dividend payments
were up.
Cash flow from operating activities was USD 122 million in 2021.
This compares with a net EBITDA and tax expense of USD
128 million.
Cash flow from investing activities was negative with USD 53
million, mainly related to the New Energy segment including
the increased shareholding in Edda Wind ASA.
Cash flow from financing activities was negative with USD
106 million in 2021. This included an increase in dividend
payments, partly compensating for a low payout in 2020.
By the end of 2021, the group had liquid financial assets of
USD 1 054 million. In addition to cash and cash equivalents,
this included current financial investments and non-current
financial assets reported as financial assets to fair value.
The parent company carries out active financial asset
management of part of the group’s liquidity. The current
financial investment portfolio includes listed equities and
investment grade bonds. The value of the portfolio amounted
to USD 135 million at the end of 2021.
The group’s investments classified as financial assets to fair
value had a combined value of USD 688 million by the end
of the year. The largest investment was the 11% shareholding
in Hyundai Glovis held by Treasure ASA, valued at USD
583 million.
The main group companies fund their investments and
operations on a standalone basis, with no recourse to the parent
company. The primary funding source is the commercial bank
loan market.
By end of 2021, the group’s total interest-bearing debt including
leasing debt was USD 642 million. Debt was down in New
Energy partly due to FX effect from converting NOK debt into
USD, while debt was up in Strategic Holdings and Investment
partly due to a new lease arrangement for the corporate
head office.
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.


2021 2020
 269 153

of which Maritime Services
of which New Energy
other operating
122
77
63
(18)
194
128
70
(5)
  41

of which dividend and buy back parent
of which net debt repayment (including leasing)
other nancing

(42)
(31)
(33)

(9)
(59)
(51)
  115
 231 269


2021 2020
Cash and cash equivalents
of which Maritime Services
of which New Energy
of which Strategic Holdings and Investments
Current nancial investments
Financial assets to fair value
of which Hyundai Glovis
of which other nancial assets
231
174
7
50
135
688
583
105
269
174
12
82
124
801
699
103
 1 054 1 194


2021 2020
Maritime Services
New Energy
Strategic Holdings and Investments
Elimination
232
349
62
0
245
395
20
(2)
 642 657
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 17
Total income from Ships Service was USD 502 million in 2021,
up 4% from the previous year. A general increase in most
shipping activities lifted total income for both Marine Products
and Ships Agency. Cruise activities also improved but remained
below pre-pandemic levels. Sale of non-marine products was
down from a strong 2020.
EBITDA was also up for the year, supported by the increase in
total income.
Ship Management
Wilhelmsen Ship Management provides full technical
management, crewing and related services for all major
vessel types. Wilhelmsen Ship Management is fully owned
by Wilhelmsen.
Total income for Ship Management was USD 55 million in
2021. This was up 15% from 2020 when compared with the
restated income reflecting the new segment reporting.
The increase in income followed further growth in
vessels on technical management, including one reported
on a gross revenue basis, while income from layup
management was down.
EBITDA was down for the year, but this was more than
compensated for through an increase in share of profit from
associates.
Other activities
This includes Wilhelmsen Insurance Services (fully owned by
Wilhelmsen) and certain other activities reported under the
Maritime Services segment.
Total income for Insurance Services was USD 3 million for the
year, up 7%, while EBITDA was stable.
NEW ENERGY
This includes NorSea Group, Edda Wind ASA, and other
activities reported under the New Energy segment.
Total income for New Energy was USD 310 million in 2021, up
12% from 2020. Income was up for most activities.
EBITDA came in at USD 60 million, up 10%. The EBITDA
margin was 19%, a small reduction from the previous year.
MARITIME SERVICES
This includes Ships Service, Ship Management, and other
activities reported under the Maritime Services segment.
Total income for Maritime Services was USD 557 million in
2021, up 5% from 2020. Income was up for both Ships Service
and Ship Management.
EBITDA for the year was USD 89 million, the same as the
previous year. The Maritime Services EBITDA margin was 16%
in 2021, down from 17%.
Share of profit from associates was USD 5 million, up from USD
2 million. Share of profit from associates increased in both
Ships Service and Ship Management.
Other financial income/(expenses) for Maritime Services
amounted to an expense of USD 19 million, including a USD 12
million loss on currency and financial instruments.
Tax was an expense of USD 10 million.
Profit to equity holders of the company was USD 38 million in
2021, up from USD 19 million the previous year.
Ships Service
Wilhelmsen Ships Service is a global provider of standardised
product brands and service solutions to the maritime industry,
focusing on Marine Products and Ships Agency. Wilhelmsen
Ships Service is fully owned by Wilhelmsen.


2021 2020*

of which Ships Service
of which Ship Management
other/eliminations
557
502
55
0
533
484
48
1
EBITDA
EBITDA margin
89
16%
89
17%

EBIT margin
62
11%
52
10%
Share of prot from associates
Other nancial income/(expenses)
Tax income/(expense)
5
(19)
(10)
2
(14)
(19)

Prot margin
38
7%
20
4%
Non controlling interest

0
38
0
19
*Restatedguresfor2020duetonewsegmentreporting


2021 2020*

of which NorSea Group
other/eliminations
310
270
40
277
248
29
EBITDA
EBITDA margin
60
19%
55
20%

EBIT margin
24
8%
20
7%
Share of prot from associates
Other nancial income/(expenses)
Tax income/(expense)
10
(18)
(3)
12
(17)
(3)

Prot margin
14
5%
10
4%
Non controlling interest

7
8
3
7
*Restatedguresfor2020duetonewsegmentreporting
Maritime Services
• Wilhelmsen Ships Service
– Marine Products
– Ships Agency
– Chemicals
– Global Business Services
• Wilhelmsen Ship Management
• Wilhelmsen Insurance Services
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 18
Share of profit from associates was USD 10 million, down from
last year which was lifted by a sales gain.
Net financial items were an expense of USD 18 million, and tax
was an expense of USD 3 million.
Profit to equity holders of the company was USD 8 million for
the year, up from USD 7 million in 2020.
NorSea Group AS
NorSea Group provides supply bases and integrated logistics
solutions to the offshore industry. Wilhelmsen owns 75.2% of
NorSea Group.
Total income for NorSea Group was USD 270 million in 2021, up
9% from 2020. The increase followed a general higher activity
level in most operations, including related
to offshore wind.
EBITDA was also up for the year, but less than income due to a
combination of restructuring cost related to a business unit and
ramp up cost related to new business development.
Share of profit from joint ventures and associates in NorSea
Group was USD 11 million.
Edda Wind ASA
Edda Wind ASA provides service to the global offshore
wind industry and is listed on Oslo Børs. Wilhelmsen owns
25.7% of the company, which is reported as associate in
Wilhelmsen’s accounts.
In 2020, Wilhelmsen acquired 25% of Østensjø Group’s offshore
wind company, Edda Wind, with option to buy another 25%.
The option was exercised in the first quarter of 2021, increasing
the Wilhelmsen ownership to 50%.
In the fourth quarter, Edda Wind ASA launched an initial
public offering (IPO). Following completion of the IPO,
Wilhelmsen owned 16.5 million shares in Edda Wind ASA,
representing 25.7% of total shares.
The book value of the 25.7% shareholding in Edda Wind ASA
was USD 57 million at the end of the year.

This includes NorSea Wind (owned 50% by NorSea Group and
50% by Wilhelmsen Ship Management), Topeka (fully owned),
Massterly AS (owned 50%), Raa Labs AS (fully owned),
Dolittle AS (owned 46%) and certain other activities reported
under the New Energy segment.
2021 was marked by increased operating activity and a
wide range of new and ongoing projects across most entities
reported as part of other New Energy actives. This included
services to the offshore wind industry, projects related to
zero emission and autonomous vessel operation, and
digital services.
Total income from other New Energy activities were USD 40
million in 2021, up 36% from 2020. Both EBITDA and share of
profit from associates and joint ventures came in at a loss.
STRATEGIC HOLDINGS AND INVESTMENTS
This includes the strategic holdings in Wallenius Wilhelmsen
ASA and Treasure ASA, other financial and non-financial invest
-
ments, and other activities reported under the Strategic Holdings
and Investments segment.
Total income for the Strategic Holdings and Investments
segment was USD 17 million in 2021, while EBITDA came in at
a loss of USD 8 million.
Share of profit from associates was a gain of USD 85
million, mainly related to the 37.8% ownership in Wallenius
Wilhelmsen ASA.
Change in fair value financial assets was a loss of USD
107 million. This followed a reduction in the value of
the investment in Hyundai Glovis, while value of other
investments was up.
Other financials were an income of USD 35 million, including
dividend income and investment gains.


2021 2020*

of which operating revenue
of which gain on sale of assets
17
17
0
13
13
0
EBITDA






of which Wallenius Wilhelmsen ASA
other/eliminations
85
85
(0)

(63)
1

of which Hyundai Glovis
other nancial assets

(115)
8
194
202
(9)

of which investment management in parent
of which dividend income Hyundai Glovis
other nancial income/(expenses)
35
21
13
1
33
13
13
6
  
  148
Non controlling interest

(27)
27
57
91
*Restatedguresfor2020duetonewsegmentreporting
New Energy
• NorSea Group (owned 75.2%)
• NorSea Wind (87.6%)
• Edda Wind ASA (owned 25.7%)
• Topeka
• Massterly (owned 50%)
• Raa Labs
• Dolittle (owned 46%)
• Ivaldi (owned 10%)
• Loke Marine Minerals (owned 18%)
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 19
Tax was an expense of USD 1 million.
Profit to equity holders of the company was USD 27 million for
the year, compared with a profit of USD 91 million in 2020.
Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA is a market leader in RoRo shipping
and vehicle logistics and is listed on Oslo Børs. Wilhelmsen
owns 37.8% of the company, which is reported as associate in
Wilhelmsen’s accounts.
Wallenius Wilhelmsen ASA had total revenue of USD
3 884 million in 2021, an increase of 31%. This was driven
by strong growth in shipping volumes, a solid increase in
net rates, and fuel surcharges. EBITDA ended at USD 830
million, up 23%.
Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA
was USD 85 million in 2021, compared with a loss of USD 63
million in 2020.
The Wallenius Wilhelmsen ASA share price was up 118.1%
in 2021, closing at NOK 50.60. As of 31 December 2021, the
market value of Wilhelmsen’s investment was USD 918
million, while the book value of the shareholding was USD
885 million.
Treasure ASA
Treasure ASA holds a 11.0% ownership interest in Hyundai
Glovis and is listed on Oslo Børs. Wilhelmsen owns 74.8% of
Treasure ASA.
Treasure ASA’s main source of income is the dividend received
from Hyundai Glovis. This is reported as financial income in
Wilhelmsen’s accounts. Dividend received in 2021 was USD
13 million.
Change in fair value of the shareholding in Hyundai Glovis
was a loss of USD 115 million for the year. The value of the
investment in Hyundai Glovis was USD 583 million at the
end of 2021.
The Treasure ASA share price was down 3.2% for the year,
closing at NOK 17.30. As of 31 December 2021, the market
value of Wilhelmsen’s shareholding in Treasure ASA was USD
325 million.
In 2021, Treasure ASA paid total dividend of NOK 1.50
per share. Total cash proceeds to Wilhelmsen were USD
28 million.
In the third quarter, Treasure ASA completed liquidation
of 3 965 000 own shares, reducing outstanding shares to
213 835 000. In the fourth quarter, Treasure ASA bought
6 000 000 own shares. Wilhelmsen did not participate
in the buy back, maintaining its holding of 160 000 000
shares in Treasure ASA.
Financial investments
Financial investments include cash and cash equivalents,
current financial investments and other financial assets held
by the parent and fully owned subsidiaries.
Net income from investment management was a gain of
USD 21 million in 2021. The value of the current financial
investment portfolio held by the holding company was USD
135 million by the end of the year, up from USD 124 million
one year earlier. The portfolio primarily included listed
equities and investment-grade bonds.
Change in fair value of non-current financial assets
(excluding shareholding in Hyundai Glovis) was a gain of
USD 8 million in 2021. The value of the assets was USD 105
million at the end of 2021.
Other activities
This includes WilNor Governmental Services (owned 51%
directly and 49% through NorSea Group), holding company
activities, and certain other activities reported under the
Strategic Holdings and Investments segment.
Total income for WilNor Governmental Services was USD
6 million in 2021. This was up from 2020 mainly due to the
acquisition of Olavsvern Group AS, completed during the
first quarter of the year.
Total income for holding company activities was USD 11
million for the year, an increase from the previous year.
The income is mainly income from group companies
related to intra-group services.
EBITDA was down for the year, mainly due to an increase
in net holding company cost.
RISK REVIEW
The Wilhelmsen group consists of a diversified
portfolio of operating companies, and strategic holdings
and investments. Most activities are within or related
to the maritime industry, where Wilhelmsen has
extensive competence and a long experience in
managing risks.
Risk management
The group is committed to managing risks in a sound
manner related to its businesses and operations. To
accomplish this, the governing concept of conscious strategy
and controllable procedures for risk mitigation ultimately
provides a positive impact on profitability. Governing
boards, management, and employees will monitor
the environment in which the companies operate, and
implement measures to mitigate risks, prepare to act upon
unusual observations, threats or incidents, and respond
to risks to mitigate consequences. The group has put in
place a risk monitoring process based on identification of
risks for each business unit, and with a group risk matrix
presented to the board on a quarterly basis for review and
necessary actions.
Strategic Holdings
and Investments
• Wallenius Wilhelmsen ASA (owned 37.8%)
• Treasure ASA (owned 74.8%)
– Hyundai Glovis (owned 11% by Treasure ASA)
• WilNor Governmental Services (87.8%)
• Financial investments
• Holding activities
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 20
Main risks
An overview of main risks and mitigation actions defined in the
group risk matrix are outlined in the table above.
In addition, the group’s exposure to, and mitigation of, certain
financial risk is further described in note 19 to the 2021 group
accounts.

Working environment and occupational health
The company conducts its business with respect for human
rights and labour standards, including conventions and
guidelines related to the prevention of child or forced labour,
minimum wage and salary, working conditions and freedom
of association. Employees and external stakeholders are
encouraged to report on non-compliant behaviour through the
group’s global whistleblowing system.
Exposure hours
In 2021, there were around 42.8 million exposure hours (work
hours) in the group. Vessel based operations accounted for 79% of
total exposure hours and onshore operations accounted for 21%.
Sickness absence and occupational disease
The group’s variety of ongoing initiatives to maintain a healthy
work environment continued to be important in the second year
of the pandemic. The focus was on physical and mental health,
working conditions including working from home, employee
assistance program, safe social activities, employee engagement
surveys and opportunities for personal development.
The sickness absence rate was 2.05% for onshore operations
and 0.02% on vessels, in line with previous year. There were two
onshore occupational disease cases recorded in 2021 resulting
from work-related stress.
Turnover
The turnover rate for employees was 12.74% in 2021, in
line with previous years. The turnover rate varies between
business units.
Lost time injuries and total recordable cases
Regrettably, there was one work related fatality of a seafarer in
2021, re-enforcing the need to continuously apply and improve
measures that secure a safe work environment and a robust
safety culture for all employees.
The lost-time injury frequency (LTIF) rate for sailing
personnel was 0.35, within the target not to exceed 0.40. The
total recordable case frequency (TRCF) rate was 1.26, within
the target not to exceed 2.80. The targets will remain the
same for 2022.
During the year, safety campaigns focused on COVID-19 measures
and mental health and wellness. Crew changes were conducted
where possible, when risk mitigation conditions were met, and
according to international and local guidelines. Management
continued to be active in measures to enable the safe and
unhindered movement of seafarers to and from their workplace.
For onshore operations, campaigns focused on safety risks,
COVID-19 measures, and mental and physical health and
wellness including the working from home situation.
The LTIF rate onshore was 0.36 in 2021, within target not to
exceed 0.40. The TRCF rate result of 0.52 was within target not
to exceed 1.00. The targets will remain the same for 2022.
All reported incidents were investigated to avoid similar
incidents in the future, improve necessary training, and
awareness measures.
Working committee and executive committee
The management cooperates closely with employees through
several bodies, including the joint working committee and
the executive committee for industrial democracy in foreign
trade shipping. This cooperation gives valuable input to solve
company related issues in a constructive way. In 2021, both
committees held official meetings according to plan.
The joint working committee discusses issues related to health,
work environment and safety.
The executive committee for industrial democracy in foreign
trade shipping considers general business, financial and
governance issues of importance to the company and the
workforce.
ORGANISATION AND PEOPLE DEVELOPMENT
Workforce
The group’s head office is in Norway, and the group has
239 offices in 60 countries within its controlled structure.
The group employed 10 988 seafarers and 4 476 land-based
employees at the end of 2021.
Equality and diversity
Wilhelmsen has a clear policy stating that employees have the
right to equal opportunities. Harassment and discrimination
based on race, gender or similar grounds, or other behaviour that
may be perceived as threatening or degrading, is not acceptable.
Females represent 36% of the land-based work force, 22% of
senior management positions, and 1% of the seafarer work
force. The group’s target is to have at least 40% of each gender
in senior management positions by 2030.

Risk type Entity Risk Mitigation action
Macro All Geopoliticalissues Adequateequityandliquidity.
Macro All Globalnancialoutlook Balancedportfolioofwellmanagedbusinesses.
Financial Parent Financialperformance Activemanagementandownership.
Financial Parent Dividendcapacity Cashowfocusinportfolioandliquidityreserveinparent.
Financial Parent Externalnancing Conservativeriskproleandbroadrangeoffundingalternatives.
Governance Group Competenceandculture Investincompetenceandskillsandbeanattractiveemployer.
ESG Group Brandequity Strongcorporategovernancesystemsandhighbusinessstandards.
ESG Group Compliance Strongcompliancecultureandcompliancemanagementsystem.
Governance Group Cybersecurity Strongcybersecuritygovernancesystemandmandatorycybersecurityessentialstraining.
Governance Group Energytransition Pro‐activeapproachincludingcontinuedinnovationandbusinessdevelopment.
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 21
One of the five members of the company’s group management
is female and two of the five directors on the board of directors
of Wilhelmsen are female.
In 2021, a gender pay gap analysis was conducted for employees
in Norway, pointing to some need for improvements including
finetuning of job profiles. The analysis is included in the
group’s ESG report, available on wilhelmsen.com.
Driving performance
Wilhelmsen strives to maintain a performance culture where
engaged employees deliver the right results the right way and
are rewarded accordingly.
Employee performance and engagement is measured through
annual surveys and performance appraisals.
In 2021, Wilhelmsen conducted an employee engagement
survey including specific questions related to the working from
home situation in response to the pandemic.
The results point to continued positive engagement and mental
well-being, and employees have been able to carry out their
work equally well from home as in the workplace.
There is always room for improvement. Senior
management and individual managers in all locations were
required to conduct follow up discussions with their teams.
Where results were less than the expected benchmark,
managers were required to implement specific actions to
improve results.
Compensation and benets
The purpose of Wilhelmsen’s compensation and benefit
framework is to drive performance and to attract and retain
employees with the right experience and knowledge deemed
necessary to achieve the company’s business objectives and
strategic ambitions. The framework takes local regulations
and competition into account, as well as the responsibility and
complexity of the position.
The bonus schemes are one of several instruments to drive
performance. Bonus is paid if set bonus targets are reached.
Compensation to executives is described in the Remuneration
report available on Wilhelmsen.com.
Investing in competence
Learning and innovation is one of the group’s core values,
and Wilhelmsen places particular emphasis on continuous
learning through its learn-share-apply method. The main
learning method is through on-the-job experiences, tasks and
problem-solving feedback, coaching (formal and informal) and
networks. Formal classroom courses, e-learning, seminars, and
videos supplement this approach.
A learning organisation with motivated employees
contributes to efficient operations and has a positive impact
on the financial performance.
Personal development plans for all employees are integrated
in the performance appraisal and review process. In 2021, the
average hours of formal training recorded per employee was
eight hours, consistent with previous years.
Developing leaders for the future
To meet challenging and changing environments, Wilhelmsen
is dependent on highly capable leaders.
In 2021, approximately 1000 leaders completed two modules
of the group’s continuous leadership development journey.
The modules were 8-12 weeks in duration and focused on the
group’s leadership expectations and leading in challenging
times. Additional modules will be undertaken in 2022.
Whistle blowing and anti-corruption
In 2021, there were 28 whistles received related to allegations
of fraud/corruption, data protection, health and safety, and HR
related matters.
In 26 of the whistles, the reported issues have been concluded
with appropriate action taken, while two were pending a
conclusion at year end.
The COVID-19 situation has continued to be a challenge during
2021 for compliance activities that require travel and physical
presence at our locations, such as investigations and audits.
Scheduled internal business standards audits were postponed
due to the situation, and follow up of potential irregularities
were conducted by providing guidance and instructions to local
and regional resources. Some internal fraud cases have been
detected, with three cases being reported to the police.
To continue competence building with employees, the new
business standards program was rolled out in 2021 with a
100% participation rate. The program includes the areas of
anticorruption, theft and fraud, whistleblowing, competition
law and, personal data protection. A refresher version of this
program will be rolled out in 2022.
ENVIRONMENT
Wilhelmsen works to manage environmental risks and reduce
the environmental impact of our own and our customers’
operations. Significant aspects include greenhouse gas
emissions; pollution to air, land and water, and biodiversity.
When delivering full technical management, crewing and
related services for all major vessel types, Wilhelmsen is in
a good position to influence compliant, sensible, safe and
environmentally sound operations for vessel owners. The
ongoing goal is to work with customers to optimize vessel
and voyage operations, collaboration on the decarbonisation
of shipping, and development of alternative fuels
including hydrogen.
Operational sites and bases set environmental targets and
improvement projects based on their individual site risk
assessments. The operations for Wilhelmsen Chemicals
and NorSea Group are certified according to the ISO 14001
standard. Focus areas include energy and emissions, material
inputs, water use, waste and recycling, oil separators, tanks
and chemical and handling. Activities related to energy
transition and emissions reductions in NorSea Group include
the installation of shore power, gradual electrification of the
machine park, and supporting infrastructure development to
contribute to the hydrogen and carbon capture value chains.
Wilhelmsen promotes responsible consumption and recycling
programs onboard and onshore and is proactive in reducing
plastics in vessel operations by introducing requirements
towards suppliers and facilitating industry initiatives to reduce
single use plastics in the maritime industry.
Climate risk and opportunities
Wilhelmsen is exposed to physical and transition climate risks
on a general basis and related to specific group companies.
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 22
The energy transition and the decarbonisation of shipping
are the backdrop for the transition risks for the group,
but also present significant opportunities. Wilhelmsen
continues to work with partners to drive energy infrastructure
transformation and maritime decarbonisation. This includes
services to the offshore wind industry, projects related to zero
emission and autonomous vessel operation, enabling the
hydrogen value chain, and digital services.
In 2021, Wilhelmsen established its greenhouse gas emissions
inventory for scope 1 and 2 emissions in consolidated
companies. Several data collection and reporting improvement
actions have been identified to continue to build a robust
reporting framework over time. The group established long
term ambitions towards net
zero emissions, and science-based
targets for consolidated companies will be developed in 2022.
CORPORATE GOVERNANCE
The board believes sound corporate governance is a foundation
for profitable growth and that it provides a healthy company
culture. A good governance contributes to reducing risk and
creating long-term value for shareholders and other
stakeholders.
Wilhelmsen observes the Norwegian Code of Practice for
corporate governance, in addition to requirements specified
in the Norwegian Public Companies Act and the Norwegian
Accounting Act. The board’s corporate governance report for
2021 can be found on wilhelmsen.com. It is the board’s view
that the company has an appropriate governance structure
and that it is managed in a satisfactory way. The corporate
governance report is to be considered by the annual general
meeting on 27 April 2022.
SUSTAINABILITY
Wilhelmsen assesses environmental, social and governance
(ESG) issues in its investment analysis, business decisions,
ownership practices and financial reporting. The company has
a sustainability policy that addresses human rights, working
standards and environmental responsibility.
UN Global Compact (UNGC) engagement
Wilhelmsen subscribes to the ten principles of the UNGC and
works actively to partner with other serious actors to contribute to
the achievement of the Sustainable Development Goals. During
2021, the group contributed to task forces related to ocean
health, climate, crew change challenges, and marine pollution.
Sustainability governance
The board is committed to a sustainable strategy and
acknowledges that it is a vital prerequisite for Wilhelmsen to be
a profitable and responsible player in the industry and society
at large. Wilhelmsen issues an environmental, social and
governance (ESG) report following the guidelines set forward
in the Global Reporting Initiative’s sustainability reporting
standards. The report describes how Wilhelmsen integrates
ESG factors with long-term profitability.
The ESG report is available on wilhelmsen.com.
In 2021, the following areas received particular attention:
• Ethics and anti-corruption.
• Health, safety and wellness.
• Cyber security.
• Business offering and model innovation.
• Decarbonisation of shipping and maritime services.
• Renewable energy transition.
• Reducing marine litter and pollution.
The company’s achievements included:
• Positive and consistent employee engagement, wellbeing and
working environment results.
• 100% employee completion of business standards program.
• Strengthened cyber security maturity.
• Several key investments and ongoing projects contributing to
the decarbonisation of shipping and green growth.
Materiality assessment
The company conducts materiality assessments to ensure
attention is focused on material aspects of the group’s business.
In 2021, Wilhelmsen conducted a materiality assessment
where 14 material topics were identified. The group
determined four strategic topics of focus for activities and
reporting.
• Decarbonisation and green growth.
• Health and safety.
• Equality and diversity.
• Compliance and value chain management.
These topics will be integrated in the group’s strategy and
reported in the ESG report.
Stakeholder engagement
The company is regularly in dialogue with key stakeholders
who engage in issues relating to the maritime industry
and the activities of the Wilhelmsen group. The dialogue
contributes to understanding the expectations of the
community and transferring them to the group. It also
enables the company to communicate decisions to
stakeholders and provide them with explanations for our
underlying motives.
In 2021, Wilhelmsen engaged in dialogues with governments,
investors, non-governmental organisations and other
stakeholders discussing topics related to the group or industry
at large. Topics covered included financial issues, compliance,
innovation, decarbonisation of shipping, renewable energy
and ESG in general.
The work of the nomination committee follows the guidelines
approved by the annual general meeting on 30 April 2019.
In line with the guidelines and the procedures described on
wilhelmsen.com, shareholders and other interested parties
have been invited to put forward candidates for the board
and the nomination committee. The committee has also been
in contact with shareholders, the board, and the company’s
executive personnel as part of its work on proposing
candidates for election.
DIRECTORS AND OFFICERS LIABILITY INSURANCE
Directors and Officers Liability Insurance (D&O) is for the
2021 accounting year placed with AIG, AXA XL and Risk
Point. The Insured names Wilh. Wilhelmsen Holding ASA
and includes any subsidiaries world-wide not excluded in
the policy. The D&O insurance provides financial protection
for the directors and officers of a company in the event that
they are being sued in conjunction with the performance
of their duties as they relate to the company. The insurance
comprises the directors’ and officers’ personal legal
liabilities, including defence- and legal costs. The cover also
includes employees in managerial positions or employees
who become named in a claim or investigation, or is named
co-defendant.
Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 23

The board’s proposal for allocation of the net profit for the year
is as follows:
The board is proposing a NOK 4.00 dividend per share payable
during the second quarter of 2022, representing a total payment
of NOK 178 million. The board also proposes that the annual
general meeting authorises the board to declare a second
dividend of up to NOK 3.00 per share.
The board is granted an authorisation to, on behalf of the
company, acquire up to 10% of the company’s own issued
shares. The authorisation is valid until the annual general
meeting in 2022, but no longer than to 30 June 2022. In 2021,
Wilhelmsen cancelled 537 092 own Class A shares and 1 286 732
own Class B shares acquired in 2019. The company presently do
not own any own shares.
OUTLOOK
Group business drivers and strategic focus
Wilhelmsen’s ambition is to develop successful businesses
within maritime services, shipping, logistics, renewables, and
related infrastructure through active ownership.
Since last year’s strategic review, “facts on the ground” have
changed, warranting a greater macroeconomic focus. The board
and management have in its latest strategic review decided to
focus on inflation and its potential implications for the group,
in addition to broader macroeconomic developments, the
energy transition, and technological developments.
The impact on Wilhelmsen from the invasion of Ukraine is
uncertain. The group has limited direct operations in Ukraine
and Russia.
Outlook for Maritime Services
Maritime Services deliver value creating solutions to the global
merchant fleet, and with Ships Service and Ship Management
as the two main operating entities. In 2022, Ships Services will
be re-organized and Ships Agency activities separated into a
new entity named Port Services.
Ships Service, after separating out Ships Agency and certain
other activities, deliver a wide range of products to the merchant
fleet globally. The present high activity level within most shipping
segments has a positive impact on operating income, and with
an upside potential related to activity level within cruise.
Port Services (previously Ships Agency) deliver husbandry
and agency services in 2 000 ports globally. The safe handling
of services during a pandemic will continue to impact the
operation in 2022.
Ship Management provides full technical management,
crewing and related services for all major vessel types. Recent
expansion into the container and tanker segments and offshore
wind, mainly through joint ventures, will create a platform for
further growth.
Outlook for New Energy
The formation of the New Energy segment in 2021 brough
together a number of Wilhelmsen companies, joint ventures
and partnerships with unique competencies which
complement each other. Focus will be on creating new
opportunities and collaborations in renewables, zero-emission
shipping, and marine digitalisation. At the start of 2022, the two
largest operations are in NorSea Group and Edda Wind ASA.
NorSea Group, where Wilhelmsen has a 75.2% shareholding,
provides supply bases and integrated logistics solution to the
offshore industry The present offshore activity level is expected
to remain in the medium term, including seasonal variations.
Edda Wind ASA, where Wilhelmsen has a 25.7% shareholding,
provides service to the global offshore wind industry. Early
2022, Edda Wind ordered three new vessels, increasing its
future fleet capacity from eight to 11 vessels. Edda Wind expects
that having a number of vessels under construction with
attractive delivery dates and firm cost places the company in a
favorable position.
In February, Wilhelmsen agreed to acquire a 21% stake in
Reach Subsea ASA. Reach Subsea operates remotely-operated
underwater vehicles, and is listed on Oslo Børs.
Outlook for Strategic Holdings and Investments
This includes the strategic holdings in Wallenius Wilhelmsen
ASA and Treasure ASA, other financial and non-financial
investments, and other activities reported under the Strategic
Holdings and Investments segment.
Wallenius Wilhelmsen ASA, where Wilhelmsen has a 37.8%
shareholding, is a market leader in shipping and logistics
services to the global automotive, rolling equipment, and
breakbulk industries. Wallenius Wilhelmsen expects the
supply-demand balance in its shipping activities to remain
favorable over the mid-term, and for logistics volumes to
benefit from improved automotive semiconductor chip supply.
Treasure ASA, where Wilhelmsen has a 74.8% shareholding, is
an investment company with an 11% shareholding in Hyundai
Glovis as the main asset. Treasure ASA expects the value of its
main asset to fluctuate in line with the general equity indexes
of the Korean Stock Exchange.
Outlook for the Wilhelmsen group
Wilhelmsen holds leading positions in several maritime
industry segments. The combined forces of extensive business
knowledge, global network, innovative organisation, and strong
solidity will continue to support the development of the group.
Lysaker, 23 March 2022
The board of directors of Wilh. Wilhelmsen Holding ASA
Electronically signed
Carl E Steen (chair)
Morten Borge
Rebekka Glasser Herlofsen
Ulrika Laurin
Trond Westlie
Thomas Wilhelmsen (group CEO)


 694 030
To equity
Proposed dividend
Interim dividend paid
381 970
178 320
133 740
 694 030
Accountsand
notes–group
3
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 24Group — Accounts and notes

Wilhelmsen works to manage environmental risks and reduce the
environmental impact of our own and our customers’ operations. Our net
zero ambitions for 2030 and beyond show our practical commitment to this.
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 25Group — Accounts and notes
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 26
USD mill Note 2021 2020
Operating revenue 1/3/20 873 807
Otherincome 1 2 5
Total income 874 812
Operating expenses
Costofgoodsandchangeininventory 15 (277) (243)
Employeebenets 6 (321) (299)
Otherexpenses 1/20 (136) (131)
Depreciation,amortisationandimpairment 7/8 (68) (78)
Total operating expenses (801) (751)
Operating prot 73 60
Shareofprot/(loss)fromjointventuresandassociates 4 101 (50)
Changeinfairvaluenancialassets 14 (107) 192
Financialincome 1 42 46
Financialexpenses 1 (43) (44)
Prot before tax 66 205
Taxincome/(expense) 9 (13) (27)
Prot for the period 53 178
Ofwhich:
Protattributabletotheequityholdersofthecompany 72 117
Prot/(loss)attributabletonon-controllinginterests (20) 61
Basic/dilutedearningspershare(USD) 10 1.63 2.63
USD mill Note 2021 2020
Protfortheyear 53 178
Items that may be reclassied to the income statement
Cashowhedges(netaftertax) 4 (3)
Comprehensiveincomefromassociates 4 (4)
Currencytranslationdierences 19 (44) 33
Items that will not be reclassied to the income statement
Remeasurementpostemploymentbenets,netoftax 11 1 (3)
Other comprehensive income, net of tax (35) 23
Total comprehensive income for the year 17 200
Total comprehensive income attributable to:
Equityholdersofthecompany 41 141
Non-controllinginterests (23) 59
Total comprehensive income for the year 17 200
Comprehensive income Wilh.Wilhelmsen Holding Group
Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements.
Income statement Wilh.Wilhelmsen Holding Group
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 27
USD mill Note 31/12/2021 31/12/2020
ASSETS
Non current assets
Deferredtaxassets 9 64 55
Propertiesandothertangibleassets 7 542 560
Goodwillandotherintangibleassets 7 135 141
Right-of-useassets 8 155 177
Investmentsinjointventuresandassociates 4 1 093 973
Financialassetstofairvalue 14/19 688 801
Othernoncurrentassets 12 25 28
Total non current assets 2 702 2 736
Current assets
Inventories 15 93 84
Currentnancialinvestments 16/19 135 124
Othercurrentassets 12/17 287 274
Cashandcashequivalents 17 231 269
Total current assets 746 751
Total assets 3 448 3 488
EQUITY AND LIABILITIES
Equity
Paid-incapital 118 122
Retainedearningsandotherreserves 1 891 1 886
Shareholders' equity 2 009 2 008
Non-controllinginterests 221 257
Total equity 2 230 2 265
Non current liabilities
Pensionliabilities 11 26 25
Deferredtaxliabilities 9 11 12
Noncurrentinterest-bearingdebt 18/19 203 426
Noncurrentleaseliabilities 8/18 139 161
Othernoncurrentliabilities 17 23
Total non current liabilities 396 647
Current liabilities
Currentincometax 9 13 14
Publicdutiespayable 13 14
Currentinterest-bearingdebt 18/19 270 38
Currentleaseliabilities 8/18 30 31
Othercurrentliabilities 12 495 478
Total current liabilities 821 576
Total equity and liabilities 3 448 3 488
Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements.
Balance sheet Wilh.Wilhelmsen Holding Group
Lysaker,23March2022
TheboardofdirectorsofWilh.WilhelmsenHoldingASA
Electronicallysigned
CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen
UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO)
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 28
USD mill Note 2021 2020
Cash ow from operating activities
Protbeforetax
66 205
Shareof(prot)/lossfromjointventuresandassociates 4 (101) 50
Changesinfairvaluenancialassets 14 107 (192)
Financial(income)/expenses 1 1 (2)
Depreciation,amortisationandimpairment 7/8 68 78
Other(gain)/loss 1 (2) (5)
Changeinnetpensionasset/liability 1
Changeininventories (13) 1
Changeinworkingcapital 8 70
Taxpaid(companyincometax,withholdingtax)
(14) (9)
Net cash provided by operating activities 122 194
Cash ow from investing activities
Dividendreceivedfromjointventuresandassociates 4
13 21
Proceedsfromsaleofxedassets 26 7
Investmentsintangibleandintangibleassets 7 (45) (37)
Investmentsinsubsidaries,jointventuresandassociates (36) (34)
Loansgrantedtojointventuresandassociates (16)
Loanrepaymentsreceivedfromsaleofsubsidiaries 2
Proceedsfromdividendandsaleofnancialinvestments 62 146
Purchaseofcurrentnancialinvestments (54) (62)
Interestreceived 1 1 1
Changesinotherinvestments
(6)
Net cash ow from investing activities (53) 41
Cash ow from nancing activities
Netproceedsfromissueofdebtafterdebtexpenses 18
70 19
Repaymentofdebt 18 (71) (60)
Repaymentofleaseliabilities 8 (30) (18)
Interestpaidincludinginterestderivatives 1 (15) (18)
Interestpaidleaseliabilities 1/8 (9) (10)
Cashfrom/(to)nancialderivatives 7 (14)
Dividendtoshareholders/purchaseofownshares
(58) (18)
Net cash ow from nancing activities (106) (119)
Netincreaseincashandcashequivalents
(37) 115
Cashandcashequivalentsatthebeginningoftheperiod
269 153
Cash and cash equivalents at 31.12 231 269
Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements.
Thegroupislocatedandoperatingworldwideandeveryentityhasseveralbankaccountsindierentcurrencies.Thecashoweectfromrevaluationofcashandcashequivalentsis
includedinnetcashowprovidedbyoperatingactivities.
Cash flow statement Wilh.Wilhelmsen Holding Group
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 29
Equity Wilh.Wilhelmsen Holding Group
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
USD mill Share capital Own shares
Retained
earnings Total
Non-
controlling
interests Total equity
Balanceat31.12.2020 122 (4) 1 890 2 008 257 2 265
Comprehensive income for the period:
Protfortheperiod 72 72 (20) 53
Othercomprehensiveincome (32) (32) (3) (35)
Total comprehensive income for the period 0 0 41 41 (23) 17
Transactions with owners:
Liquidationofownshares (4) 4 0 0
Changeinnon-controllinginterests 10 10 (4) 6
PurchaseofownsharesTreasureASA* (8) (8) (8)
Paiddividendtoshareholders (42) (42) (8) (50)
Balance at 31.12.2021 118 0 1 891 2 009 221 2 230
*TreasureASAholds6000000shares31December2021.
USD mill Share capital
Own
shares
Retained
earnings Total
Non-
controlling
interests Total equity
Balanceat31.12.2019 122 (4) 1 761 1 880 202 2 082
Comprehensive income for the period:
Protfortheperiod 117 117 61 178
Othercomprehensiveincome 24 24 (1) 23
Total comprehensive income for the period 0 0 141 141 59 200
Transactions with owners:
Changeinnon-controllinginterests (1) (1)
PurchaseofownsharesTreasureASA* (3) (3) (3)
Dividends (9) (9) (3)
(13)
Balance at 31.12.2020 122 (4) 1 890 2 008 257
2 265
Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements.
*TreasureASAacquired3965000sharesduring2020.
Dividendforscalyear2020wasNOK8.00pershareandwaspaidinApril2021
(NOK5.00pershare)andinDecember2021(NOK3.00pershare).
Dividendforscalyear2019wasNOK2.00pershareandwaspaidinMay2020.
Theproposeddividendforscalyear2021isNOK4.00pershare,payableinthe
secondquarter2022.Adecisionontheproposalwillbetakenbytheannualgeneral
meetingon27April2022.Theproposeddividendisnotaccruedintheyear-endbalance
sheet.Thedividendwillhaveeectonretainedearningsinsecondquarter2022.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 30
General accounting principle Wilh. Wilhelmsen Holding group
GENERAL INFORMATION
Wilh. Wilhelmsen Holding ASA(referredtoastheparentcompany)isdomiciledin
Norway.Theconsolidatedaccountsforscalyear2021includetheparentcompany
anditssubsidiaries(referredtocollectivelyasthegroup)andthegroup’sshareof
jointventuresandassociatedcompanies.
Theannualaccountsforthegroupandtheparentcompanywereissuedbytheboard
ofdirectorson23March2022.
BASIS OF PREPARATION
Compliance with IFRS
TheconsolidatedaccountshavebeenpreparedinaccordancewiththeInternational
FinancialReportingStandards(IFRS),asendorsedbytheEuropeanUnion.The
separatenancialstatementsfortheparentcompanyhavebeenpreparedand
presentedinaccordancewithsimpliedIFRSasapprovedbyMinistryofFinance10
December2019.IntheseparatestatementstheexceptionfromIFRSforrecognition
ofdividendsandgroupcontributionsisapplied.Otherwise,theexplanationsofthe
accountingpolicyforthegroupalsoapplytotheseparatestatements,andthenotes
totheconsolidatednancialstatementswilltoalargedegreealsocovertheseparate
statements.
Wilhelmsenalsoprovidesadditionaldisclosuresinaccordancewithrequirementsin
theNorwegianAccountingActrelatedtoremunerationtotheboardandthesenior
management.
Thecompanyisapublic limited liability company,listedonOsloBørs.
Critical accounting estimates and assumptions
Whenpreparingthenancial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protability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nancialpositionitemswillbeaectedbyuncertaintyrelatedto
estimatesandassumptiontoacertaindegree.Theitemsmostaected,andwhere
estimatesandassumptionsareassessedtohavethegreatestsignicanceinclude:
• Deferredtaxasset(Note9)
• Goodwill(Note7)
• Right-of-use-assetsandleaseliabilities(Note8)
• Lossallowanceonaccountsreceivable(Note13)
• Provisionsandothernon-currentliabilities(Note12)
Accountingprinciplesapplied,estimatesandassumptionsusedbymanagementare
presentedintherespectivenotes.
Financial reporting principles
Thenancialreportingprinciplesaredescribedintherelevantnotesinthe
consolidatednancialstatementsandinthenotesinthenancialstatementsofthe
parentcompany.
Thenancialreportingprinciplesdescribedintheconsolidatednancialstatements
alsoapplytothenancialstatementsoftheparentcompany,unlessotherwise
stated.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 31
USD mill Note 2021 2020
OPERATING REVENUE
ShipsService 2/3
497 480
NewEnergy 2/3 310 260
ShipManagementandCrewing 2/3 55 47
Otherservices 2/3
11 19
Total operating revenue 20 873 807
OTHER INCOME
Othergain/(loss)
2 5
Total other income 2 5
OTHER EXPENSES
Oceexpenses
(14) (11)
CommunicationandITexpenses (33) (31)
Externalservices (24) (22)
Travelandmeetingexpenses (4) (4)
Marketingexpenses (2) (2)
Leaseexpenses 8 (16) (12)
Otheroperatingexpenses
(43) (49)
Total other expenses 20 (136) (131)
Financial items
Investmentmanagement
21 13
Interestincome 1 1
Dividendfromnancialassets 16 16
Othernancialitems
4 1
Net nancial items 42 31
Financial expenses
Interestexpenses
(15) (18)
Interestexpensesleaseliabilities 8 (9) (10)
Othernancialexpenses
(6) (8)
Net nancial expenses (30) (36)
Financial - currency gain/(loss)
Operatingcurrency-net
13 (4)
Financialcurrency-net (12) (3)
Derivativesforhedgingofcashowrisk-realised 7 (14)
Derivativesforhedgingofcashowrisk-unrealised
(21) 29
Net nancial - currency gain/(loss) (13) 7
Financial income/(expenses)
(1) 2
Spesication of nancial income and expenses
Netnancialitems
42 31
Netnancialcurrency 1
Netcurrencyderivatives
15
Financial income 42 46
Netnancial-interestexpenses
(30) (36)
Netnancialcurrency (7)
Netcurrencyderivatives
(14)
Financial expenses (43) (44)
Seenote19onnancialriskandthesectionoftheaccountingpoliciesconcerningnancialderivatives.
Note 1 Combined items, income statement
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 32
USD mill Maritime Services New Energy
Strategic Holdings
and Investments
Eliminations Total
2021 2020* 2021 2020* 2021 2020* 2021 2020* 2021 2020*
INCOME STATEMENT
Operatingrevenue 555 531 310 274 17 13 (9) (11) 873 807
Gainondisposalsofassets 2 2 3 2 5
Total income 557 533 310 277 17 13 (9) (11) 874 812
Costofgoodsandchangeininventory (185) (160) (91) (83) (1) (1) (277) (243)
Employeebenets (200) (194) (106) (93) (15) (12) (321) (299)
Otherexpenses (83) (89) (53) (46) (9) (6) 9 11 (136) (131)
Operating prot/(loss) before depreciation,
amortisation and impairment
89 89 60 55 (8) (6) (0) (0) 141 138
Depreciationandimpairment (27) (38) (36) (35) (5) (5) (68) (78)
Operating prot 62 52 24 20 (13) (11) (0) (0) 73 60
Shareofprot/(loss)fromassociates 5 2 10 12 85 (63) 101 (50)
Changesinfairvaluenancialassets (2) (107) 194 (107) 192
Netnancialincome/(expenses) (19) (14) (18) (17) 35 33 (1) 2
Prot before tax 48 39 17 13 0 153 (0) (0) 66 205
Taxincome/(expense) (10) (19) (3) (3) (1) (5) (13) (27)
Prot for the period 38 20 14 10 (0) 148 (0) (0) 53 178
Non-controllinginterests 7 3 (27) 57 (20) 61
Prot to the equity holders of the company
38 19 8 7 27 91 (0) (0) 72 117
*Restatedguresduetonewsegmentreporting.
NewEnergy;onecustomerrepresentsabout20%ofthetotalrevenue.
Note 2 Segment reporting
FINANCIAL REPORTING PRINCIPLES
The operating segments are reported in a manner consistent with the internal
nancial 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 identied as
the board and group management team, consisting of the group chief executive
ocer (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oersmarineproducts,shipagencyservicesand
logisticstothemerchanteetandshipmanagementincludingmanningforallmajor
vesseltypes,throughaworldwidenetworkof239ocesin60countries.
TheNewEnergysegmentincludestheNorSeaGroupandotherNewEnergy
activities.Theactivityismainlyrelatedtotheoperationofsupplybasesforthe
oshoreindustryinNorway,aswellasrealestatedevelopmentandoperationof
propertiesbothonandothesupplybases.InadditiontotheactivityinNorway,the
segmentoersitsservicesinbothDenmarkandintheUK.Theinternationalactivity
consistsofbothoperationofsupplybases,maintenanceofrigsandhandlingof
logisticsrelatedtointernationalpipelineprojectsandwindmillparks.Otheractivities
withinthesegmentincludestechnicalmanagementandcrewmanagementforthe
oshorewindmarketanddigitalsolutiontotheshipping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,nance,portfolio
management,communicationandhumanrelations)whichfailtomeetthedenition
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statementaremeasuredinthesamewayasinthenancial
statements.
Thesegmentinformationprovidedtothechiefoperatingdecision-makersforthe
reportablesegmentsfortheyearended31December2021isasfollows:
MaritimeServices NewEnergy StrategicHoldingsandInvestments
2020
Total income USD mill
2021
Total income USD mill
2021
Prot before tax USD mill
2020
Prot before tax USD mill
310
277
17
13
557
533
48
17
0
39
13
153
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 33
USD mill Maritime Services New Energy
Strategic Holdings
and Investments Eliminations Total
31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20
BALANCE SHEET
Assets
Deferredtaxasset 48 40 7 7 9 8 64 55
Intangibleassets 129 134 6 7 1 135 141
Tangibleassets 158 177 367 381 17 2 542 560
Rightofuseassets 29 42 92 118 34 18 (2) 155 177
Investmentsinjointventuresandassociates 24 22 183 153 886 798 1 093 973
Financialassetstofairvalue 688 801 688 801
Othernoncurrentassets 9 10 23 10 2 8 (9) 25 28
Currentnancialinvestments 5 135 119 135 124
Othercurrentassets 307 282 80 72 7 14 (14) (10) 380 359
Cashandcashequivalents 174 174 7 12 50 82 231 269
Total assets 878 887 765 760 1 828 1 853 (23) (12) 3 448 3 488
Equity and liabilities
Shareholders'equity 185 208 254 204 1 570 1 596 2 009 2 008
Equitynon-controllinginterests (1) (2) 64 56 158 203 221 257
Deferredtax 11 12 11 12
Interest-bearingdebt 200 199 246 265 27 473 464
Leasingdebt 31 45 103 130 35 20 (2) 169 192
Othernoncurrentliabilities 25 24 10 16 17 8 (9) 43 48
Othercurrentliabilities 426 400 89 89 21 27 (14) (10) 522 506
Total equity and liabilities 878 887 765 760 1 828 1 853 (23) (12) 3 448 3 488
Investmentsintangibleassets 11 15 11 21 27 1 49 37
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nancialstatements.
MaritimeServices
NewEnergy
StrategicHoldingsandInvestments
78% 81%
9% 10%
13% 8%
31.12.21
Shareholders’ equity
31.12.20
Shareholders’ equity
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 34
USD mill
Maritime Services New Energy
Strategic Holdings
and Investments
2021 2020 2021 2020 2021 2020
CASH FLOW
Protbeforetax
48 39 17 13 (1) 153
Changesinfairvaluenancialassets 2 107 (194)
Shareof(prot)/lossfromjointventuresandassociates (5) (2) (10) (12) (84) 63
Netnancial(income)/expenses 19 14 18 19 (35) (33)
Depreciation,amortisationandimpairment 27 38 36 35 5 5
Changeinworkingcapital (10) 31 2 17 (13) (19)
Other(gain)/loss
(2) 8 (3)
Net cash provided by operating activities 77 128 63 70 (21) (25)
Dividendreceivedfromjointventuresandassociates
3 4 9 17
Netsale/(investments)inxedassets (2) (10) (19) (17) (1)
Netsale/(investment)andrepayment/(grantedloan)toentities 4 (5) (35) (26) (1)
Netinvestmentsinnancialinvestments 1 1 1 18 98
Netchangesinotherinvestments
(6) 1 (1)
Net cash ow from investing activities (1) (10) (43) (25) 15 97
Netchangeofdebt
(10) (13) (7) (25) 17 (25)
Netchangeinothernancialitems (6) (20) (15) (16) 4 (6)
Netdividendfromothersegments/toshareholders
(61) (24) (2) (3) (47) 9
Net cash ow from nancing activities (77) (56) (24) (45) (26) (22)
Net increase in cash and cash equivalents
(1) 62 (5) 1 (32) 51
Cashandcashequivalentsatthebeginningoftheperiod 174 113 12 11 82 31
Cash and cash equivalents at the end of period 174 174 7 12 50 82
Cont. note 2 Segment reporting
Theamountsprovidedtothechiefoperatingdecision-makerswithrespecttocashowsaremeasuredinamannerconsistentwiththatofthebalancesheet.
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classiedin
thegeographicalsegmentAsia&Africa.
Investments in tangible assets
Areacapitalexpenditureisbasedonthe
geographicallocationoftheassets.
Europe
Oceania
Asia&Africa
America
8% 7%
30% 31%
3% 3%
59% 58%
2021
Total income
2020
Total income
1%
1%
1% 1%
81% 71%
17%
28%
2021
Total assets
2020
Total assets
14%
1%
85% 71%
2021
Investment in tangible assets
2%
2%
26%
2020
Investment in tangible assets
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 35
FINANCIAL REPORTING PRINCIPLES
Revenue derived from customer contracts in scope of IFRS 15 Revenue from
contracts with customers are assessed using the ve-step model, where
only customer contracts with a rm commitment is used as basis for revenue
recognition. Revenue from contracts with customers is recognised upon
satisfaction of the performance obligation for the transfer of goods and services in
each such contract. The revenue amount recognised is equal to the consideration
the group expects to be entitled in exchange for the goods and services.
Note 3 Revenue from contracts with customers
USD mill
Strategic
Holdings and
InvestmentsRevenue segments Maritime Services New Energy Elimination Total
Marine
Products
Ships
Agency
Technical/
crewing
manage-
ment Other
Infra-
structure
Shipping/
technology Wind Other 2021
Revenuefromexternalcustomers 348 126 54 26 271 2 37 17 (9) 873
Total 348 126 54 26 271 2 37 17 (9) 873
Timingofrevenuerecognition
Atapointintime 348 23 2 17 (9) 379
Overtime 126 54 3 271 37 493
Total 348 126 54 26 271 2 37 17 (9) 873
2020
Revenuefromexternalcustomers 321 117 59 45 248 12 14 (10) 807
Total 321 117 59 45 248 0 12 14 (10) 807
Timingofrevenuerecognition
Atapointintime 321 42 14 (10) 367
Overtime 117 59 3 248 12 439
Total 321 117 59 45 248 0 12 14 (10) 807
MARITIME SERVICES
Marine Products - Sale of goods
Thegroupoers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denedperiod.Revenuefromthesesalesisrecognised
basedonthepricespeciedinthecontract,netoftheestimatedvolumediscounts.
Accumulatedexperienceisusedtoestimateandprovideforthediscounts,usingthe
expectedvaluemethod,andrevenueisonlyreconisedtotheextentthatitishighly
probablethatasignicantreversalwillnotoccur.Arefundliability(includedinother
currentliabilities)isrecongisedforexpectedvolumediscountspayabletocustom-
ersinrelationstosalesmadeuntiltheendofthereportingperiod.Thecontracts
typicallyhaspaymenttermsof30daysafterdelivery,andnosignicantnancing
componentisidentied.
Ships Agency - Sale of services
Thegroupoersshipsagencyservicescoverering2200portlocationsworldwide.
Theagentsfacilitatesecentportcallsforvessels,byprocuringgoodsandservices
onbehalfofthecustomersandtoassistwithrequiredpermitsandcustomdecla-
rationassocuatedwiththeportcall.Priortotheportcall,thecustomerisrequired
tomakeavailablefundsfortheexpecteddisbursements(prefunding).Followingthe
completionoftheservicesthegroupprepareanaldisbursementaccounttothe
customerdocumentingalldisbusementfortheportcall.Thegroupisonlyacting
asanagent,andcontrolofgoodsandservicestransfersdirectlyfromtherelevant
supplierstothecustomer.Thegroupdoesnothaveinventoryriskorthediscretion
onestablishingprices.Fortheservicesrendered,thegroupisentitledtoafeethat
consistofapaymentbasedonservicesdeliveredtocustomer.
Technical / crewing management
WilhelmsenShipManagement(WSM)offerstechnicalmanagementandcrew
managementforallvesselsegments.Thecontractdurationsfollowindustry
standards,andwillusuallyincludeanannualcompensationpayableinmonthly
arreas,inadditiontheshipownerischargedamonthlyfeepercrewonboard
thevessel.Theshipownersimultaniouslyreceivesandconsumesthebenefits
providedbytheentity,andhencerevenenueisrecognisedovertime.SinceWSM
hastherighttoinvoicetheservicesdeliveredattheendofeachmonth,thisis
alsothebasisforrevenuerecognition.Theinvoicesarepayable30daysafterthe
endofeachmonth.
NEW ENERGY
Infrastructure
TheNewEnergysegment,includingtheNorSeaGroupoperatessupplybasesand
provideintegratedlogisticssolutiontotheoshoreindustry.Revenuesfromexternal
customerscomefromsaleofservicestotheoshoreindustry(Operations),fromthe
rentalofproperties(Property)andfromthesaleofservicestootherindustries
(Other).Thedurationoftheoperationscontractsvariesfrom3to10years.The
pricingofthecontractsaremainlybasedondeliveredquantityviasupplybases.
Thegroupisalessorforpartsofthepropertieslocatedonornearthebases.This
istypicallywarehousesandsomeocefacilities.Thisisordinaryoperationallease
contractswithatypicaldurationof2to7years.Forcontractswithadurationofmore
thanoneyeartherentisadjustedannuallybasedoncommonlyusedindexes.Lease
revenueisusuallyrecognisedonastraightlinebasisovertheleaseterm.
Shipping/technology
Thegroupprovidesarangeoftechnologyanddigitalsolutionstotheshippingindustry.
Revenueisrecognisednetofanydiscountsatdelivery.Revenueisrecognisedbasedon
timeandplaceofdelivery,andtransferofcontrol,orservicesrendered,anddependon
agreeddeliverytermsbutusuallywhenthecustomerreceivesthegoodsandservices.
Wind
Thegroupprovidestechnicalmanagementandcrewmanagementfortheoshorewind
market.Thecontractshaveatypicaldurationofveyears.Thecustmerssimultaniously
receivesandconsumesthebenetsprovidedbythegroup,andhencerevenenueis
recognisedovertime.Theinvoicesarepayable30daysaftertheendofeachmonth.
STRATEGIC HOLDINGS AND INVESTMENTS
Theoperationrevenueisrelatedtoinhouseservicestoexternalcustomersasoce
rentandcanteenservices.
INFORMATION ABOUT TRANSACTION PRICE ALLOCATED TO UNSATISFIED
PERFORMANCE OBLIGATIONS
Ingeneralthecontractswithcustomersareofashorttermnature,exceptfor
theframeworkagreementsdescribedunderNewEnergyInfrastructureandShip
Management.Forinfrastructuretheframeworkagreementscanbeforaperiod
ofupto10years,butdonotdeneanyminimumvolume.ForShipManagement
contractsthecustomercanterminatethecontractwithoutcauseona3months
basis.Becauseofthisthereisnosignicantunsatisedperformanceobligationsas
ofyearend.
OPERATING REVENUE
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 36
Note 4 Investments in joint ventures and associates
INVESTMENTS IN ASSOCIATED COMPANIES 2021 2020
Country Voting share/ownership
Strategic Holdings and Investments
WalleniusWilhelmsenASA(WAWI) Norway
37.8% 37.8%
Maritime Services - companies with signicant shares of prots
AlmoayedWilhelmsenLtd Bahrain
50.0% 50.0%
WilhelmsenHuayangShipsServices(Shanghai)CoLtd China 49.0% 50.0%
WilhelmsenHuayangShipsServices(Beijing)CoLtd China 50.0% 50.0%
DianaWilhelmsenManagementLimited Cyprus 50.0% 50.0%
BarwilArabiaShippingAgenciesSAE Egypt 35.0% 35.0%
WilhelmsenShipsServiceGeorgiaLtd Georgia 50.0% 50.0%
WilhelmsenAhrenkielShipManagementGmbH&Co.KG Germany 50.0% 50.0%
VerwaltungWilhelmsenAhrenkielGmbH Germany 50.0% 50.0%
WilhelmsenAhrenkielShipManagementB.V Netherlands 50.0% 50.0%
Barklav(HongKong)Ltd HongKong 50.0% 50.0%
BWWLPGLimited HongKong 49.0% 49.0%
AlghanimBarwilShippingCo-KutaybaYusufAhmed&PartnerWLL Kuwait 49.0% 49.0%
WilhelmsenShipsServiceLebanonS.A.L. Lebanon 49.0% 49.0%
BWWLPGSdn.Bhd. Malayisia 49.0% 49.0%
WilhelmsenShipsService(Private)Limited Pakistan 50.0% 50.0%
Wilhelmsen-SmithBellShippingInc Philippines 25.0% 25.0%
Wilhelmsen-SmithBell(Subic)Inc. Philippines 25.0% 25.0%
Wilhelmsen-SmithBellManning,Inc. Philippines 25.0% 25.0%
PerezTorres-PortugalLda Portugal 50.0% 50.0%
WilhelmsenHyopwoonShipsServicesLtd RepublicofKorea 50.0% 50.0%
BarklavS.R.L. Romania 50.0% 50.0%
BinzagrBarwilMaritimeTransportCoLtd SaudiArabia 50.0% 50.0%
Krew-Barwil(Pty)Ltd SouthAfrica 49.0% 49.0%
WilhelmsenShipsServiceLLC UnitedArabEmirates 43.0% 43.0%
BarwilAbuDhabiRuwaisLLC UnitedArabEmirates 50.0% 50.0%
BarwilDubaiLLC UnitedArabEmirates 50.0% 50.0%
DenholmPortServicesLimited UnitedKingdom 40.0% 40.0%
WilhelmsenSunnytransCoLtd Vietnam 49.0% 50.0%
FINANCIAL REPORTING PRINCIPLES
Associates
Associates are all entities over which the group has signicant inuence but not
control or control jointly. This is generally the case where the group holds between
20% and 50% of the voting rights. Investments in associates are accounted for
using the equity method of accounting after initially being recognised at cost in the
consolidated balance sheet.
Joint arrangement
Under IFRS 11 Joint Arrangements investments in joint arrangements are
classied as either joint operations or joint ventures. The classication depends
on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. The group has assessed the nature of its joint
arrangements and determined them to be joint ventures.
Interests in joint ventures are accounted for using the equity method after initially
being recognised at cost in the consolidated balance sheet.
Equity method
Under the equity method of accounting, the investments are initially recognised
at cost and adjusted subsequently to recognise the group’s share of the post-
acquisition prots after tax of the investee in income statement, and the group’s
share of movements in other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
Sale and dilution of the share of associate companies is recognised in the income
statement when the transactions occur for the group.
Where the group’s share of losses in an equity-accounted investment equals
or exceeds its interest in the entity, including any other unsecured long-term
receivables, the group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group’s interest in these entities.
Unrealised losses are also eliminated unless the transaction provides evidence of
an impairment of the asset transferred. Accounting policies of equity-accounted
investees have been changed where necessary to ensure consistency with the
policies adopted by the group.
The carrying amount of equity-accounted investments is tested for impairment
when impairment indicators are present.
When the group ceases to consolidate or equity account for an investment
because of a loss of control, joint control or signicant inuence, any retained
interest in the entity is remeasured to its fair value, with the change in carrying
amount recognised in prot 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 nancial 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
reclassied to prot or loss.
If the ownership interest in a joint venture or an associate is reduced but signicant
inuence is retained, only a proportionate share of the amounts previously
recognised in other comprehensive income are reclassied to prot or loss where
appropriate.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 37
2021 2020
Country Voting share/ownership
New Energy - companies with signicant shares of prots
DolittleAS Norway
45.9% 45.9%
MassterlyAS Norway 50.0% 50.0%
EddaWindASA Norway 25.7% 25.0%
RisavikaEiendomAS Norway 42.0% 42.0%
HammerfestNæringsinvestAS Norway 32.3% 32.3%
StrandparkenHoldingAS Norway 33.1% 33.1%
EldøyaneNæringsparkAS Norway 37.9% 37.9%
RisavikaHavnering14AS Norway 0.0% 33.3%
USD mill 2021 2020
Share of prot/(loss) from associates
WAWIgroup
85 (63)
AssociatesMaritimeServices 5 1
AssociatesNewEnergy
2
Share of prot/(loss) from associates
90 (60)
Bookvalueofmaterialassociates
WAWIgroup
886 798
Specication of share of equity and prot/loss:
Shareofequityat01.01
842 883
Shareofprotfortheyear 90 (60)
AcquisitionofassociatesinNewEnergy 36 25
Dividend (4) (5)
Disposalsassociates (1)
Financialderivativesinassociates 5 (4)
Othercomprehensiveincome
(5) 4
Share of equity at 31.12
964 842
Cont. note 4 Investments in joint ventures and associates
Anoverviewofactualequityholdingscanbefoundinthepresentationofcompanystructureonpage100.
Therearenocontingentliabilitiesrelatingtothegroup’sinterestintheassociates.
Thegroupacquired25%ofØstensjøGroup’soshorewindcompanyEddaWindin
2020andadditional25%in2021.EddaWindASAwaslistedonOsloBørsonthe
26thofNovember2021andthegroupwasdilutedtoanownershipshareof25.66%.
EddaWindownsandoperatesservicevesselssupportingthemaintenancework
conductedduringthecommissioningandoperationofoshorewindparks.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 38
USD mill WAWI group Other
2021 2020 2021 2020
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Totalincome
3 884 2 958 104 65
Operatingexpenses
(3 578) (3 041) (82) (55)
Net operating prot
306 (84) 23 10
Financeincome&expenses (108) (222) (1) (1)
Prot before tax 198 (306) 22 9
Taxincome/(expense)
(23) 4 (1) (1)
Prot/(loss) after non-controlling interests
133 (286) 21 8
Othercomprehensiveincome
16 (1) (2) (3)
Total comprehensive income (shareholder's equity) 149 (287) 18 5
Thegroup’sshareofdividendfromassociates
4 5
Cont. note 4 Investments in joint ventures and associates
USD mill WAWI group Other
31.12.2021 31.12.2020 31.12.2021 31.12.2020
SUMMARISED BALANCE SHEET
Noncurrentassets 6 315 6 391 251 155
Othercurrentassets 769 582 70 47
Cashandcashequivalents 710 655 148 94
Total assets 7 794 7 628 470 296
Noncurrentnancialliabilities 2 158 1 924 125 101
Othernoncurrentliabilities 1 437 1 995 8 14
Currentnancialliabilities 515 282 93 67
Othercurrentliabilities 880 812 4 5
Non-controllinginterest 266 224
Total liabilities 5 256 5 238 231 188
Net assets 2 539 2 391 239 108
Setoutbelowarethesummarisednancialinformationfor,ona100%basis,forWAWIgroup,which,intheopinionofthedirectors,isthematerialassociatestothegroup.
Associatesnotconsideredtobematerialisdenedunder“other”(ona100%basis).
Theinformationabovereectsthe100%amountpresentedinthenancialstatementsoftheassociates,adjustedfordierencesinaccountingpoliciesbetweenthegroup
andtheassociates.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 39
Cont. note 4 Investments in joint ventures and associates
*ThesharepriceofWalleniusWilhelmsenASA(WAWI)atthemerger(April2017)waslowerthanbookedequityinWAWI.
Thegroup’sshareofprot,aftertaxfromjointventuresandassociatesisrecognisedintheincomestatementasnancialincome.Alljointventuresandassociatesareequity
consolidated.
Reconciliation of the group’s income statement and balance sheet
USD mill 2021 2020
Shareofprotfromjointventures 11 11
Shareofprot/(loss)fromassociates 90 (60)
Share of prot/(loss) from joint ventures and associates 101 (50)
Shareofequityfromjointventures 129 131
Shareofequityfromassociates 964 842
Share of equity from joint ventures and associates 1 093 973
USD mill WAWI group Other
31.12.2021 31.12.2020 31.12.2021 31.12.2020
RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION
Net asset at 01.01 2 391 2 682 108 34
Protfortheperiod (286) 19 8
Netassetsofacquiredassociates 133 52 80
ProceedfromIPO 77
Othercomprehensiveincome 16 (1) (2)
Disposal (3)
Transactionwithnoncontrollinginterests (1) (4)
Dividend (15) (10)
Net assets at 31.12 2 539 2 391 239 108
Thegroup’sshare 960 904 72 38
Currency (2) 2
Fairvalueadjustmentvesselandgoodwill* (72) (108) 7 6
Carrying value at 31.12 886 798 79 44
ThegroupmarketvalueoftheinvestmentinWalleniusWilhelmsenASAat31December2021wasUSD918million(2020:USD435million).
WAWIisaseparatelylistedcompanyonOsloBørs.Themarketcapitalisationofitssharesatyearendis4%higher(2020:45%lower)thanthecarryingamountoftheinvest-
ment,asaccountedforundertheequitymethod.Thegrouphasnotidentiedanyimpairmentindicatorsfortheinvestment.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 40
Cont. note 4 Investments in joint ventures and associates
INVESTMENTS IN JOINT VENTURES 2021 2020
Country Voting share/ownership
New Energy
CoastCenterBaseAS(CCB) Norway 50.0% 50.0%
KSCoastCenterBase(CCB) Norway 50.0% 50.0%
CCBEnergyHoldingAS Norway 50.0% 50.0%
VikanNæringspark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oshoreindustryinadditiontomaritimeindustry.
KSCoastCenterBaseASisajointventurebetweenNorSeaGroupandBernh.
LarsenHoldingASandwasestablishedin1973.Itismainlyapropertycompany
owninginfrastructurerentedouttoCoastCenterBaseAS.
CCBEnergyHoldingASisajointventurebetweenNorSeaGroupandBernh.Larsen
HoldingASandwasestablishedin2020.Itownssharesincompaniesinvolvedin
productionofhydrogenandclimateneturalsolutions.
VikanNæringsparkASisajointventurebetweenNorSeaGroupandKristiansund
BaseselskapAS.ItownspropertythatisrentedouttoVestbaseAS,asubsidiaryof
NorSeaGroup,inKristiansund.
Thegroupacquired50%stakeinAhrenkielSteamshipin2020,withinthecontainer
segmentinparticular,shipmanagement.AhrenkielSteamshipisthetechnical
containershipmanagerwithintheMPCCapitalGroup.
Allcompaniesareprivatecompaniesandtherearenoquotedmarketpriceavailable
fortheshares.
Therearenomaterialcontingentliabilitiesrelatingtothegroup’sinterestinthejoint
ventures.
USD mill 2021 2020
Summarised nancial information - according to the group's ownership
Shareoftotalincome 83 76
Shareofoperatingexpenses (60) (54)
Shareofdepreciation (7) (7)
Shareofnetnancialitems (3) (3)
Shareoftaxexpense (2) (2)
Share of prot for the year 11 11
Share of equity (equity method)
Bookvalue 68 67
Excessvalue(goodwill) 61 64
Investments in Joint Ventures 129 131
USD mill 2021 2020
Joint ventures' assets, equity and liabilities (group's share of investments)
Shareofnoncurrentassets 152 187
Shareofcashandcashequivalents 7 32
Shareofcurrentassets 25 5
Total share of assets 184 224
Shareofequity 67 76
Shareofprotfortheperiod 10 11
Dividendreceived/repaymentsofsharecapital (8) (21)
Currencytranslationdierences (1) 1
Share of equity at 31.12 68 67
Shareofnoncurrentnancialliabilities 83 100
Shareofothernoncurrentliabilities 2 7
Shareofcurrentnancialliabilities 1 14
Shareofothercurrentliabilities 29 36
Total share of liabilities 116 158
Total share of equity and liabilities 184 224
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 41
Setoutbelowarethesummarisednancialinformation,ona100%basis,forCoastCenterBase(CCB),which,intheopinionofthedirectors,isamaterialjointventuretothegroup.
Jointventurenotconsideredtobematerial,isdenedunder”other”(ona100%basis).
Cont. note 4 Investments in joint ventures and associates
USD mill CCB Other
2021 2020 2021 2020
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Totalincome 156 143 11 10
Operatingexpenses (132) (119) (2) (2)
Net operating prot 24 23 8 8
Financialincome/(expenses) (5) (5) (2) (2)
Prot before tax 19 18 7 6
Taxincome/(expense) (2) (2) (1) (1)
Prot after non-controlling interests 17 16 5 5
Othercomprehensiveincome
Total comprehensive income 17 16 5 5
Thegroup’sshareofdividendfromjointventures 7 15 1 2
USD mill CCB Other
31.12.2021 31.12.2020 31.12.2021 31.12.2020
SUMMARISED BALANCE SHEET
Noncurrentassets 192 256 122 130
Othercurrentassets 51 61 20 10
Cashandcashequivalents 12 8 3 3
Total assets 254 325 145 143
Noncurrentnancialliabilities 96 124 73 75
Othernoncurrentliabilities 2 12 2 2
Currentnancialliabilities 27 2 2
Othercurrentliabilities 65 67 4 5
Total liabilities 163 230 81 85
Net assets 91 95 63 59
USD mill CCB Other
2021 2020 2021 2020
RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION
Opening net asset at 31.12
95 109 59 43
Acquisitionofnetassets 10 10
Protfortheperiod 17 16 10 5
Othercomprehensiveincome
Currencytranslationdierences (3) 5 (1) 2
Dividendtoshareholder (17) (45) (5) (1)
Closing net assets at 31.12
91 95 63 59
Thegroup’sshare
45 42 22 24
Goodwill/excessvalue 56 61 6 4
Carrying value at 31.12
101 103 28 28
Theinformationabovereects100%oftheamountspresentedinthenancialstatementsofthejointventures,adjustedforanydierencesinaccountingpoliciesbetween
thegroupandthejointventures.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 42
Business oce/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productsandservices 100% 100%
WilhelmsenShipsServiceAS Norway Maritimeproductsandservices 100%
WilhelmsenShipManagementHoldingAS Norway Shipmanagement 100%
New Energy
WilhelmsenNewEnergyAS Norway Investment 100% 100%
NorSeaGroupAS Norway Infrastructureandsupplyservices 75.15%
Strategic Holdings and Investments
TreasureASA* Norway Investment 74.82% 74.82%
Wilh.WilhelmsenHoldingInvestMaltaLtd Malta Investment 100%
Note 5 Principal subsidiaries
Thegroup’sprincipalsubsidiariesat31December2021aresetoutabove.Unlessotherwisestated,theyhavesharecapitalconsistingsolelyofordinarysharesthatareheld
directlybythegroup,andtheproportionofownershipinterestsheldequalsthevotingrightsheldbythegroup.Thecountryofincorporationorregistrationisalsotheirprincipal
placeofheadquarterofsubgroups.
*At31.12.2021TreasureASAhad6000000ownshares(2020:3965000).
FINANCIAL REPORTING PRINCIPLES
The consolidated nancial statements consists of all entities controlled by Wilh.
Wilhelmsen Holding ASA as at 31 December 2021.
Control is achieved when the group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to aect those returns
through its power over the investee. Subsidiaries are fully consolidated from the
date on which control is transferred to the group. They are deconsolidated from
the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the transferred
asset. Accounting policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the group.
Non-controlling interests in the prot/loss and equity of subsidiaries are shown
separately in the consolidated statement of income statement, statement of
comprehensive income, statement of changes in equity and balance sheet
respectively.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 43
FINANCIAL REPORTING PRINCIPLES
Employee benets include wages, salaries, social security contributions, sick
leave, parental leave and other employee benets. The benets 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.
Note 6 Employee benefits
USD mill Note 2021 2020
Payroll 239 224
Payrolltax 30 29
Pensioncost 11 18 16
Otherremuneration 34 30
Total employee benets 321 299
2021 2020
Number of employees:
GroupcompaniesinNorway 1 024 1 003
Groupcompaniesabroad 3 452 3 471
SeagoingpersonnelShipManagement 10 988 10 639
Total employees 15 464 15 113
Averagenumberofemployees 15 289 15 098
EXPENSED AUDIT FEE
USD mill Note 2021 2020
Statutoryaudit 2.4 1.6
Otherassuranceservices 0.4 0.2
Taxadvisoryfee 1.7 1.9
Otherassistance 0.1 0.1
Total expensed audit fee 4.5 3.9
Thefeesabovecoverthegroupexpensestoallexternalauditorsandtaxadvisors.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 44
FINANCIAL REPORTING PRINCIPLES
Properties, vessels and other tangible assets acquired by group companies are
stated at historical cost. Depreciation is calculated on a straight-line basis. The
carrying value of tangible assets equals the historical cost less accumulated
depreciation and any impairment charges. The group’s aquisition costs are
recognised in the income statement when they arise. Aquisition costs are
capitalised to the extent that they are directly related to the acquisition of the
asset. Land is not depreciated. Other tangible assets are depreciated over the
following expected useful lives:
Each component of a tangible asset which is signicant for the total cost of the
item will be depreciated separately. Components with similar useful lives will be
included in a single component.
The estimated residual value and expected useful life of long-lived assets are
reviewed at each balance sheet date, and where they dier signicantly from
previous estimates, depreciation charges will be changed accordingly going
forward.
Impairment
The group applies IAS 36 Impairment of Assets to determine whether property,
vessels and other tangible assets is impaired and to account for any impairment
loss identied.
At each reporting date the accounts are assessed whether there is an indication
that an asset may be impaired. Assets that are subject to amortisation or
depreciation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. If any
such indication exists, or when annual impairment testing for an asset is required,
estimates of the asset’s recoverable amount are done. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are
separately identiable cash ows (cash-generating units – “CGU”). The recoverable
amount is the highest of the fair market value of the asset, less cost to sell, and the
net present value (”NPV”) of future estimated cash ow from the employment of
the asset (“value in use”).
The NPV is based on a discount rate according to a weighted average cost of capital
(“WACC”) reecting the company’s required rate of return. The WACC is calculated
based on the company’s long-term borrowing rate and a risk-free rate plus a risk
premium for the equity. If the recoverable amount is lower than the book value,
impairment has occurred, and the asset shall be revalued. Impairment losses are
recognised in prot or loss. Non-nancial assets other than goodwill that suered
impairment are reviewed for possible reversal of the impairment at each reporting
date.
The group has nancial models which calculate and determine the value in use
through a combination of actual and expected cash ow generation discounted to
present value. The expected future cash ow generation and models are based on
assumptions and estimates.
Note 7 Properties, vessels and other tangible assets
USD mill Properties Vessels
Other
tangible assets
Total
tangible assets
TANGIBLE ASSETS
2021
Costat01.01 596 36 241 873
Acquisition 33 1 15 49
Reclass/disposal (4) (19) (23)
Currencytranslationdierences (24) (1) (8) (34)
Cost at 31.12 601 35 229 866
Accumulateddepreciationandimpairmentlossesat01.01 (198) (23) (92) (313)
Depreciation/amortisation (18) (1) (11) (30)
Reclass/disposal 6 6
Currencytranslationdierences 9 1 4 14
Accumulated depreciation and impairment losses at 31.12 (207) (23) (93) (323)
Carrying amounts at 31.12 394 12 136 542
2020
Costat01.01 560 35 244 839
Acquisition 19 11 31
Reclass/disposal (4) (21) (25)
Currencytranslationdierences 22 1 6 29
Cost at 31.12 596 36 241 873
Accumulateddepreciationandimpairmentlossesat01.01 (175) (19) (90) (284)
Depreciation/amortisation (16) (1) (11) (28)
Reclass/disposal 3 12 15
Impairment (1) (2) (3)
Currencytranslationdierences (9) (1) (3) (13)
Accumulated depreciation and impairment losses at 31.12 (198) (23) (92) (313)
Carrying amounts at 31.12 398 13 149 560
Economiclifetime 10-50years 25years 3-10years
Depreciationschedule Straight-line Straight-line Straight-line
Properties: 10-50 years
Vessels: 25 years
Other tangible assets: 3-10 years
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 45
FINANCIAL REPORTING PRINCIPLES
Goodwill
Goodwill represents the excess of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the acquisition date fair value of
any previous equity interests in the acquiree over the fair value of the identiable
net assets of the acquired subsidiary, joint venture or associate. Goodwill arising
from the acquisition of subsidiaries is classied as an intangible asset. Goodwill
acquired through business combinations are allocated to the relevant cash-
generating unit (“CGU”).
Other intangible assets
Costs associated with maintaining computer software programmes are recognised
as an expense as incurred. Development costs that are directly attributable to the
design and testing of identiable and unique software products controlled by the
group are recognised as intangible assets when the following criteria are met:
• it is technically feasible to complete the software product so that it will be
available for use;
• management intends to complete the software product and use or sell it;
• it can be demonstrated how the software product will generate probable future
economic benets;
• adequate technical, nancial and other resources to complete the development
and to use or sell the software product are available;
• and the expenditure attributable to the software product during its development
can be reliably measured.
Trademark, technology/licenses and customer relationship have a nite life and
are recognised at historical cost less accumulated amortisation. Amortisation is
calculated using the straight-line method to allocate the cost of trademarks and
licenses over their estimated useful life. Capitalised expenses related to other
intangible assets are amortised over the expected useful lives in accordance with
the straight-line method.
Amortisation of intangible xed assets is based on the following expected useful lives:
Impairment
The group applies IAS 36 Impairment of Assets to determine whether goodwill
or other intangible asset is impaired and to account for any impairment loss
identied.
Goodwill arising from the acquisition of an interest in an associated company is
included under investment in associated companies and tested for impairment
as part of the carried amount of the investment when impairment indicators is
present. Goodwill have an indenite useful life not subject to amortisation and is
tested annually for impairment and carried at cost less impairment losses. Gain or
loss on the sale of a business includes the carried amount of goodwill related to
the sold business.
For impairment testing goodwill is allocated to relevant CGU. The allocation is
made to those CGU or groups of CGU which are expected to benet from the
acquisition. An assessment is made as to whether the carrying amount of the
goodwill can be justied by future earnings from the CGU to which the goodwill
relates. If the recoverable amount of the CGU is less than the carrying amount
of the CGU, including goodwill, goodwill will be written down rst. Thereafter the
carrying amount of the CGU will be written down. Impairment losses related to
goodwill cannot be reversed.
Impairment of other intangible assets follow the same principles as impairment
for other non-nancial assets, refer to nancial reporting principles for property,
vessels, and other tangible assets above.
Goodwill: Indenite life
Software and licenses: 3-5 years
Other intangible assets: 5-10 years
Cont. note 7 Goodwill and other intangible assets
USD mill Goodwill
Software
and licences
Other
intangible assets
Total
intangible assets
INTANGIBLE ASSETS
2021
Costat31.12 126 35 33 194
Acquisition 2 1 3
Reclass/disposal 2 2 3
Currencytranslationdierences (5) (1) (1) (7)
Cost at 31.12 123 36 34 193
Accumulatedamortisationandimpairmentlossesat01.01 (13) (22) (18) (52)
Amortisation/impairment (5) (3) (7)
Currencytranslationdierences 1 1 2
Accumulated amortisation and impairment losses at 31.12 (13) (26) (19) (57)
Carrying amounts at 31.12 110 10 15 135
2020
Costat01.01 121 35 71 227
Acquisition 1 6 7
Reclass/disposal 1 (2) (43) (44)
Currencytranslationdierences 4 1 (2) 3
Cost at 31.12 126 35 33 194
Accumulatedamortisationandimpairmentlossesat01.01 (2) (19) (56) (77)
Amortisation/impairment (11) (3) (4) (18)
Reclass/disposal 1 40 41
Currencytranslationdierences (1) 2 1
Accumulated amortisation and impairment losses at 31.12 (13) (22) (18) (52)
Carrying amounts at 31.12 112 14 15 141
Thegroupconductednomaterialacquisitionresultinginrecognitionofgoodwillin2021or2020.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 46
Cont. note 7 Goodwill and other intangible assets
2021 2020
USD/NOK 8.83 8.53
Multiple 7.5 6.5
Growthrate 1-4% 1-5%
Increaseinmaterialcost 4-7% 1-5%
Increaseinpayandotherremuneration 2-4% 1-3%
Increaseinotherexpenses 2-4% 2-4%
Impairment testing of goodwill
IntheMaritimeServicessegment,USD110millionrelatetobusinessareaShips
Service(allactivitiesintheMaritimeServicessegmentexceptfortechnical/crewing
management)mainlytotheacquisitionofUnitorASAandKemetyl.Thegoodwill
guresareoriginallycalculatedinNOKandUSD(2020:NOKandUSD).Goodwillis
testedforimpairmentannually.
Forthepurposeofimpairmenttesting,goodwillisallocatedtotherespectivecash
generatingunitswithintheShipsServicebusinessarea.
AsofDecember312021managementhaveperformedimpairmenttestingforthe
group’srecognisedgoodwill.Basedonthetestsperformed,noimpairmentwas
recognisedin2021(2020:USD11million).
Whenperformingthegoodwillimpairmenttest,recoverableamountiscalculated
usingestimatedfairvaluelesscostofdisposal.Incalculatingthefairvaluelesscostof
disposal,thegroupconsidersrelevantinformationgeneratedbymarkettransactions
involvingsimilargroupofassets,includingqualitativeandquantitativeinformation.
FairvaluelesscostofdisposalhasbeenestimatedbyusinganEnterprisevalue/
EBITDAmultiple(seenote23fordenition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owswereprojectedbasedonactualoperatingresultsandnextyear’s
forecast.Cashowsisbasedona5-yearstrategyplanperiodwithterminalvalue
(terminalgrowthrate1%)wereextrapolatedusingthefollowingkeyassumptions:
Thevaluesassignedtothekeyassumptionsrepresentmanagement’sassessment
offuturetrendsinthemaritimeindustryandarebasedonbothexternalsourcesand
internalsources.
Noreasonablypossiblechangeinanyofthekeyassumptionsonwhichmanagement
hasbaseditsdeterminationoftherecoverableamountwouldcausethecarrying
amounttoexceeditsrecoverableamountasofDecember312021.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 47
Note 8 Right-of-use-assets and lease liabilities
FINANCIAL REPORTING PRINCIPLES
Identifying a lease
At the inception of a contract, the group assesses whether the contract is, or
contains a lease. A contract is, or contains a lease if the contract conveys the
right to control the use of an identied asset for a period of time in exchange for
consideration. To determine whether a contract conveys the right to control the use
of an identied asset, the group assesses whether:
• The agreement creates enforceable rights of payment and obligations
• The identied asset is physically distinct
• It has the right to obtain substantially all of the economic benets from use of
the asset
• It has the right to direct the use of the asset
• The supplier does not have a substantive right to substitute the asset throughout
the period of use
For contracts that constitutes, or contains a lease, the group separates lease
components if it benets from the use of each underlying asset either on its own or
together with other resources readily available, and the underlying asset is neither
highly dependent on, nor highly interrelated with, the other underlying assets in the
contract. The group then accounts for each lease component as a lease separately
from non-lease components within the contract. The group allocates the
consideration in the contract to each lease component on the basis of the relative
stand-alone price of the lease component and the aggregate stand-alone price
of the non-lease components. If an observable stand-alone price is not readily
available, the group estimates this price by the use of observable information.
Recognition of leases and exemptions
At the lease commencement date, the group recognizes a lease liability and
corresponding right-of-use asset for all lease agreements in which it is the lessee,
except for the following exemptions applied:
• Short-term leases (dened as 12 months or less)
• Low value assets
For these leases, the group recognizes the lease payments as other operating
expenses in the statement of prot or loss when they incur.
Measuring the lease liability
The lease liability is initially measured at the present value of the lease payments
for the right to use the underlying asset during the lease term not paid at the
commencement date. The lease term represents the noncancellable period of the
lease, plus any period covered by an extension option period if the group expect tp
exercise this option. The lease payments included in the measurement comprise of:
• Fixed lease payments (including in-substance xed payments), less any lease
incentives receivable
• Variable lease payments that depend on an index or a rate, initially measured
using the index or rate as at the commencement date
• Amount expected to be payable by the group under residual value guarantees
• The exercise price of a purchase option, if the group is reasonably certain to
exercise that option
• Payments of penalties for terminating the lease, if the lease term reects the
group exercising an option to terminate the lease.
The group do not include variable lease payments in the lease liability arising
from contracted index regulations subject to future events. The lease liability is
subsequently measured by increasing the carrying amount to reect interest on
the lease liability, reducing the carrying amount to reect the lease payments
made and remeasuring the carrying amount to reect any reassessment or lease
modications, or to reect adjustments in lease payments due to an adjustment in
an index or rate.
Sensitivity of the lease liability
If the group cannot determine the interest rate implicit in the lease, it uses its
incremental borrowing rate to measure lease liabilities. The incremental borrowing
rate requires estimation when no observable rates are available. In determining the
lease term, management considers all facts and circumstances. The assessment
is reviewed if a signicant event or a signicant change in circumstances occurs
which aects this assessment and that is within the control of the lessee.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost. The cost of the right-of-use
asset comprise:
• The amount of the initial measurement of the lease liability
• Any lease payments made at or before the commencement date, less any lease
incentives received and incurred costs
• An estimate of costs to be incurred by the group in dismantling and removing
the underlying asset, restoring the site on which it is located or restoring the
underlying asset to the condition required by the terms and conditions of the
lease, unless those costs are incurred to produce inventories.
Subsequent measurement of right-of-use assets follow the same principles as
for other non-nancial assets, refer to nancial reporting principles for property,
vessel and tangible assets note 7, except that the right-of-use asset is depreciated
from the commencement date to the earlier of the lease term and the remaining
useful life.
Impairment
Impairment of right-of-use assets follow the same principles as impairment for
other non-nancial assets, refer to nancial reporting principles for properties,
vessels, and other tangible assets note 7.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 48

Thegroupleasesseveralassetssuchasbuildings,machinery,equipmentandvehicles.Thegroup’sright-of-useassetsarecategorisedandpresentedinthetablebelow:
USD mill Properties and land
Machinery,
equipment and
vehicles Total
2021
Costat01.01 201 13 214
Additionofright-of-useassets 35 5 41
Reclass/disposal (30) (3) (33)
Currencyexchangedierences (8) (1) (8)
Cost at 31.12 199 15 214
Accumulateddepreciationandimpairmentat01.01 (34) (3) (31)
Depreciation (28) (3) (30)
Reclass/disposal 5 2 6
Currencyexchangedierences 2 2
Accumulated depreciation and impairment at 31.12 (55) (4) (59)
Carrying amount of right-of-use assets at 31.12 145 10 155
USD mill Properties and land
Machinery,
equipment and
vehicles Total
2020
Costat01.01 192 12 204
Additionofright-of-useassets 16 5 21
Disposals (12) (5) (16)
Currencyexchangedierences 6 6
Cost at 31.12 202 13 215
Accumulateddepreciationandimpairmentat01.01 (28) (4) (31)
Depreciation (26) (3) (29)
Reclass/disposal 21 4 24
Currencyexchangedierences (2) (2)
Accumulated depreciation and impairment at 31.12 (35) (4) (38)
Carrying amount of right-of-use assets at 31.12 168 9 177
Cont. note 8 Right-of-use-assets and lease liabilities
Lowerofremainingleasetermoreconomiclife 5-12years 3-8years
Depreciationmethod Linear Linear
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 49
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.
Cont. note 8 Right-of-use-assets and lease liabilities
Lease liabilities
USD mill 2021 2020
Undiscounted lease liabilities and maturity of cash outows
Lessthan1year (35) (35)
1-2years (33) (34)
2-3years (30) (33)
3-4years (25) (33)
4-5years (22) (18)
Morethan5years (49) (65)
Total undiscounted lease liabilities at 31.12 (195) (218)
USD mill 2021 2020
Summary of the lease liabilities in the nancial statements
Totalleaseliabilityat01.01
192 181
Netleaseliabilitiesrecognisedintheyear 15 8
Cashpaymentsfortheprincipalportionoftheleaseliability (30) (18)
Changeofestimates (12) 10
Currencyexchangedierences
4 12
Total lease liabilities at 31.12 169 192
Currentleaseliabilities
30 31
Non-currentleaseliabilities 139 161
Summary of other lease expenses recognised in income statement 2021 2020
Variableleasepaymentsexpensedintheperiod
7 1
Operatingexpensesrelatedtoshort-termleases(includingshort-termlowvalueassets) 6 9
Operatingexpensesrelatedtolowvalueassets(excludingshort-termleasesincludedabove)
3 2
Total lease expenses included in other operating expenses 16 12
Practical expedients applied
Thegroupleasespersonalcomputers,ITequipmentandmachinerywithcontract
termsof1to3years.Thegrouphaselectedtoapplythepracticalexpedientof
lowvalueassetsanddoesnotrecogniseleaseliabilitiesorright-of-useassets.
Theleasesareinsteadexpensedwhentheyincur.Thegrouphasalsoappliedthe
practicalexpedienttonotrecogniseleaseliabilitiesandright-of-useassetsforshort-
termleases,presentedinthetableabove.
Thegroupdoesnothavematerialleasecommitments,notyetcommencedand
thereforenotincludedintheleaseliabilitiesasof31December2021(2020:
USD3million)
Extension options
Thegroup’sleaseofbuildingshaveleasetermsthatvariesfrom5yearsto25years,
andseveralagreementsinvolvearightofrenewalwhichmaybeexercisedduringthe
lastperiodoftheleaseterms.Thegroupassessesatthecommencementwhetherit
isreasonablycertaintoexercisetherenewalright.
Purchase options
Thegroupleasesmachinery,equipmentandvehicleswithleasetermsof3to5years.
Someofthesecontractsincludesarighttopurchasetheassetsattheendofthe
contractterm.Thegroupassessesatthecommencementwhetheritisreasonably
certaintoexercisethepurchaseright.Alltheoptionsarebasedonmarketvalue.
Subleases
Thegrouphassubleasedanimmaterialpartofitsredundantocebuildings,
classiedasanoperatinglease.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 50
Note 9 Tax
Ordinary taxation
TheordinaryrateofcorporationtaxinNorwayis22%ofnetprotfor2021(2020:
22%).Norwegianlimitedliabilitycompaniesareencompassedbytheparticipation
exemptionmethodforshareincome.Thus,sharedividendsandgainsaretaxfree
forthereceivingcompany.Correspondinglossesonsharesarenotdeductible.
Theparticipationexemptionmethoddoesnotapplytoshareincomefrom
companiesdomiciledinwhatisconsideredlowtaxcountriesandthatarelocated
outsidetheEuropeanEconomicArea(EEA),andonshareincomefromcompanies
rdomiciledoutsidetheEEAinwhichthecompanyownslessthan10%oftheshares.
Forgroupcompanieslocatedinthesamecountryandwithinthesametaxregime,
taxableprotsinonecompanycanbeosetagainsttaxlossesandtaxlosscarry
forwardsinothergroupcompanies.Deferredtax/deferredtaxassethasbeen
calculatedontemporarydierencestotheextentthatitislikelythatthesecanbe
utilisedineachcountryandforNorwegianentitiesthegrouphasappliedarateof
22%(2020:22%).
Theeectivetaxrateforthegroupwill,fromperiodtoperiod,changedependenton
thegroupgainsandlossesfrominvestmentsinsidetheexemptionmethod.
Foreign taxes
CompaniesdomiciledoutsideNorwaywillbesubjecttolocaltaxation,eitheron
ordinarytermsorunderspecialtonnagetaxrules.Whendividendsarepaid,local
withholdingtaxesmaybeapplicable.Thisgenerallyappliestodividendspaidby
companiesdomiciledoutsidetheEEA.
USD mill 2021 2020
Allocation of tax expense for the year
PayabletaxinNorway
(8)
(14)
Payabletaxforeign (16) (12)
Changeindeferredtax
10
(1)
Total tax income/(expense) (13) (27)
Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%
Protbeforetax
66
205
22% tax
14
45
Tax eect from:
Permanentdierences
3
4
Non-taxableincome/changeinmarketvalue 13 (48)
Shareof(prot)/lossfromjointventuresandassociates (22) 11
Impairmentdeferredtaxasset 8
Withholdingtaxandpayabletaxpreviousyear
6
8
Calculated tax expense for the group 13 27
Eectivetaxrateforthegroup
20.5%
13.4%
FINANCIAL REPORTING PRINCPLES
Income tax in the income statement consists of current tax, eect of changes
in deferred tax/deferred tax assets, and withholding tax incurred in the period.
Income tax is recognised in the income statement unless it relates to items
recognised directly in equity or other comprehensive income.
Current tax
Current tax is the expected tax payable or receivable on the taxable income or loss
for the period, using tax rates enacted or substantially enacted at the reporting
date that will be paid during the next 12 months. Current tax also includes any
adjustment of taxes from previous years and taxes on dividends recognised in the
period.
Deferred tax / deferred tax asset
Deferred tax is calculated using the liability method on all temporary dierences
arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated nancial statements. Deferred income tax is determined using
tax rates and laws which have been enacted by the balance sheet date and are
expected to apply when the related deferred income tax asset is realised, or the
deferred income tax liability settled.
Deferred income tax assets are recognised to the extent that it is probable that
future taxable prot will be available, and that the temporary dierences can
be deducted from this prot. Deferred income tax is calculated on temporary
dierences arising on investments in subsidiaries and associates, except where
the timing of the reversal of the temporary dierence is controlled by the group.
Withholding tax
Withholding tax and any related tax credits are generally recognised in the period
they are incurred.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 51
Cont. note 9 Tax
USD mill
Non current
assets and
liabilities
Current assets
and liabilities
Tax losses
carried forward Other Total
Deferred tax assets
At 01.01.2021 0 7 43 0 51
Throughincomestatement 1 6 7
Chargeddirectlytoequity 1
Currencytranslations 3 (4) 2 (2) (1)
Deferred tax assets at 31.12.2021 4 4 45 4 57
At 01.01.2020 6 11 42 59
Throughincomestatement (6) (4) 2 (8)
Chargeddirectlytoequity 1 1
Currencytranslations (1) (1)
Deferred tax assets at 31.12.2020 0 7 43 0 51
USD mill 2021 2020
Net deferred tax assets
Netdeferredtaxassetsat01.01 44 46
Currencytranslationdierences (1) (2)
Taxchargedtoequity 1
Incomestatementcharge 10 (1)
Net deferred tax assets at 31.12 53 44
Deferredtaxassetsinbalancesheet 64 55
Deferredtaxliabilitiesinbalancesheet (11) (12)
Net deferred tax assets at 31.12 53 44
USD mill Fixed assets Other Total
At 01.01.2021
(5) (2) (7)
Throughincomestatement
1 3 3
Currencytranslations
(1) (1)
Deferred tax liabilities at 31.12.2021 (4) 0 (4)
At 01.01.2020
(11) (1) (12)
Throughincomestatement
7 (1) 7
Currencytranslations
(1) (1)
Deferred tax liabilities at 31.12.2020 (5) (2) (7)
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dierencesrelatedtojointventuresandassociatesareUSDnilfor
thegroup,sincealltheunitsareregardedaslocatedwithintheareainwhichthe
exemptionmethodapplies,andtherearecurrentlynoplanstodisposeofanyof
thesecompanies.
TheMaritimeServicessegmentwillhavesharesinsubsidiariesnotsubjecttothe
exemptionmethodwhichcouldgiverisetoataxchargeintheeventofasale,where
noprovisionhasbeenmadefordeferredtaxassociatedwithapossiblesaleor
dividend.Therearecurrentlynoplanstodisposeofsuchcompanies.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 52
Note 10 Earnings per shares
FINANCIAL REPORTING PRINCPLES
Basic/diluted earnings per share is calculated by dividing prot for the period after
non-controlling interests, by the average number of total outstanding shares.
The calculation of basic and diluted earnings per share is based on the income
attributable to ordinary shareholders and a weighted average number of
ordinary shares outstanding. Treasury shares are not included in the weighted
average number of ordinary shares. Weighted average number of diluted and
ordinary shares is the same, as the company currently does not have any dilutive
instruments.
Note 11 Pension
FINANCIAL REPORTING PRINCPLES
Dened contribution plan
A dened contribution plan is one under which the group and the parent company
pay xed contributions to a separate legal entity. The group and the parent
company have no legal or constructive obligations to pay further contributions if
the fund does not hold sucient assets to pay all employees the benets relating
to employee service in the current and prior periods.
Dened benet plan
A dened benet plan is one which is not a dened contribution plan. This type
of plan typically denes an amount of pension benet an employee will receive
on retirement, normally dependent on one or more factors such as age, years of
service and pay.
The liability recognised in the balance sheet in respect of dened benet pension
plans is the present value of the dened benet obligation at the end of the
reporting period less the fair value of plan assets. The dened benet obligation
is calculated annually by independent actuaries using the projected unit credit
method. The present value of the dened benet obligation is determined by
discounting the estimated future cash outows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benets will
be paid, and that have terms to maturity approximating to the terms of the related
pension obligation. In a few countries without deep markets in such bonds, the
market rates on government bonds are used.
The pension obligation is calculated annually by independent actuaries using a
straight-line earnings method. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to
equity in other comprehensive income in the period in which they arise. Past-
service costs are recognised immediately in the income statement.
Description of the pension scheme
Thegroup’sdenedcontributionpensionschemesforNorwegianemployeesare
withnancial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
denedcontributionplans.
Thegrouphas“Ekstrapensjon”,acontributionplanforallNorwegianemployees
withsalariesexceeding12timestheNorwegianNationalInsurancebaseamount
(G).However,thegroupstillhasobligationsforsomeemployeesrelatedtosalaries
exceeding12Gmainlynancedfromoperations.
Inaddition,thegrouphasagreementsonearlyretirement.Theseobligationsare
mainlynanced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.
Earnings per share
Earningspersharetakingintoconsiderationthenumberofoutstandingsharesinthe
period.At31December2021thecompanyownsnoownshares.At31December
2020thecompanyowntotalof1823824ownshares,spliton537092A-shares
and1286732B-shares.Theshareswerecancelledthroughacapitalreductionin
September2021.
Totaloutstandingordinarysharesasof31December2021are34000000A-shares
and10580000B-shares.
Earningspershareiscalculatedbasedonanaverageof44580000sharesfor2021
and44580000sharesfor2020.
Seenote10intheparentaccountsforanoverviewofthelargestshareholdersat31
December2021.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 53
Funded Unfunded
USD mill 2021 2020 2021 2020
Number of people covered by pension schemes at 31.12
Inemployment 9 13 3 5
Onretirement(inclusivedisabilitypensions) 141 141 25 26
Total number of people covered by pension schemes 150 154 28 31
Expenses Commitments
2021 2020 31.12.2021 31.12.2020
Financial assumptions for the pension calculations:
Discountrate
1.60% 2.30% 1.80% 1.60%
Anticipatedpayregulation 1.75% 2.00% 2.25% 1.75%
AnticipatedincreaseinNationalInsurancebaseamount(G) 1.75% 2.00% 2.25% 1.75%
Anticipatedregulationofpensions 0.10% 0.10% 0.10% 0.10%
Cont. note 11 Pension
USD mill
31.12.2021 31.12.2020
Denedbenetobligation 43 42
Fairvalueofplanassets 17 17
Net liability 26 25
USD mill 31.12.2021 31.12.2020
Pension obligations
Denedbenetobligationatendofprioryear 42 36
Eectofchangesinforeignexchangerates (1) (1)
Servicecost 1 1
Interestexpense 1 1
Benetpaymentsfromplan (1) (1)
Benetpaymentsfromemployer 1
Remeasurements-changeinassumptions 2 4
Pension obligations at 31.12 43 42
Fair value of plan assets
Fairvalueofplanassetsatendofprioryear 17 16
Eectofchangesinforeignexchangerates (1)
Employercontributions 1
Benetpaymentsfromplan (1) (1)
Gross pension assets at 31.12 17 17
USD mill 2021 2020
Pension expenses
Servicecost/netinterestcost
1 1
Costofcontributionplan
17 15
Pension expenses
18 16
TotalremeasurementsincludedinOCI 1 (3)
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 54
USD mill Note 2021 2020
OTHER NON CURRENT ASSETS
Noncurrentshareinvestments 19 9 2
Othernoncurrentassets 19 15 26
Total other non current assets 25 28
OTHER CURRENT ASSETS
Accountreceivables 190 178
FinancialderivativesinMaritimeServicesandNewEnergy 19 15
Restrictedcash 17 1 1
Othercurrentassets 17/19 95 82
Total other current assets 287 274
OTHER CURRENT LIABILITIES
Accountpayables 241 208
FinancialderivativesinMaritimeServicesandNewEnergy 19 6 9
Othercurrentliabilities 152 164
Cylinderdeposit* 7 96 96
Total other current liabilities 495 478
Note 12 Combined items, balance sheet
*MaritimeServiceshas622821(2020:615965)cylindersbookedasothertangibleassetinthebalancesheet,seenote7.ThecylindersarevaluedatUSD99million(2020:
USD109million).Thesecylindersarepartlyinthegroup’sownpossessionandpartlyonboardcustomersvessels.Mostcustomershavepaidadepositforthecylindersthey
haveonboardtheirvessels.
Provisionsinothercurrentliabilities,includingcylinderdepositliability,doesinclude
somedegreeofuncertaintyduetothenatureoftheprovisions.Provisionsare
calculatedandrecognisedbasedonavailableinformationandassumptionsatthe
timewhentheprovisionismade,andwillbeupdatedifneededwhennewinformation
becomesavailable.
FINANCIAL REPORTING PRINCPLES
Loans and receivables at amortised cost
Loans and receivables are non-derivative nancial assets with xed or
determinable payments, which are not traded in an active market. They are
included in current assets, except for maturities greater than 12 months after
the balance sheet date. These are classied as non-current assets. Loans and
receivable are classied as other current assets or other non-current assets in the
balance sheet.
Loans and receivables are recognised initially at their fair value plus transaction
costs. Financial assets are derecognised when the contractual rights to the
cash ows from the nancial assets expire or are transferred, and the group has
transferred by and large all risk and return from the nancial asset. Realised gains
and losses are recognised in the income statement in the period they arise.
Accounts payable and other payables
Accounts payable and other payables are recognised at the original invoiced
amount, where the invoiced amount is considered to be approximately equal to the
vale derived if the amortised cost method would have been applied.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 55
Current
Less than 90
days past due
Between 90 and 180
days past due
More than 180
days past dueUSD mill
31 December 2021
Expectedlossrate 0% 3% 23% 70%
Grosscarryingamount-tradereceivables 181 6 4 2
Loss allowance * (0) (0) (1) (2)
31 December 2020
Expectedlossrate 0% 1% 3% 68%
Grosscarryingamount-tradereceivables 166 5 5 7
Loss allowance * 0 (0) (0) (5)
*Lossallowanceisroundedtonilfortradereceivableslessthan90/180daysoverdue.
ACCOUNT RECEIVABLES
At31December2021,USD10million(2020:USD11million)inaccountreceivables
hadfallenduebutnotbeensubjecttoimpairment.Thesereceivablesarerelatedtoa
numberofseparatecustomers.Historically,thepercentageofbaddebtshasbeenlow
andthegroupexpectsthecustomerstosettleoutstandingreceivables.Receivables
fallenduebutnotsubjecttoimpairmenthavethefollowingagecomposition:
USD mill 2021 2020
Aging of account receivables past due but not impaired
Upto90days 6 5
90-180days 3 4
Over180days 1 2
Movements in group provision for impairment of account receivables are as follows
Balanceat01.01 5 4
Netprovisionforreceivablesimpairment (2) 1
Balance at 31.12 3 5
Account receivables per segment
MaritimeServices 136 125
NewEnergy 54 52
StrategicHoldingsandInvestments 1
Total account receivables 190 178
Seenote19oncreditrisk.
FINANCIAL REPORTING PRINCIPLES
Account receivables and other receivables that have xed or determinable
payments that are not quoted in an active market are classied as receivables.
Account receivables and other receivables are recognised at the original invoiced
amount, where the invoiced amount is considered to be approximately equal to the
value derived if the amortised cost method would have been applied.
The group applies the IFRS 9 simplied approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade receivables and
contract assets, including receivables from lease contracts.
To measure the expected credit losses, trade receivables and contract assets have
been grouped based on shared credit risk charateristics and the days past due.
The expected loss rates are based on the payment proles of sales over a period
of 36 month before the reporting period and the corresponding historical credit
losses experienced within this period. The historical loss rates are adjusted
to reect current and forward looking information on macroeconomic factors
aecting the ability of the customers to settle the receivables. The group has
identied the GDP and the unemployment rate of the countries in which it sells its
goods and services to be the most relevant factors, and accordingly adjusts the
historical loss rates based on expected changes in these factors.
Note 13 Receivables
MaritimeServices
NewEnergy
StrategicHoldingsandInvestments
28% 29%
1%1%
71% 70%
2021
Account receivables
2020
Account receivables
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 56
ACCOUNT PAYABLES
USD mill 2021 2020
Account payables per segment
MaritimeServices 215 181
NewEnergy 24 25
StrategicHoldingsandInvestments 1 1
Total account payables 241 208
Seenote19oncreditrisk.
USD mill 2021 2020
Financial assets to fair value
At1January 801 675
Acquisition 2 9
Saleduringtheyear (2) (86)
Currencytranslationadjustmentthroughothercomprehensiveincome (6) 11
Changeinfairvaluethroughincomestatement (107) 192
Total nancial assets to fair value 688 801
Financial assets to fair value
HyundaiGlovis 583 699
QubeHoldingsLimited 81 80
AustralianPEfunds 19 18
Other 5 5
Total nancial assets to fair value 688 801
Financialassetstofairvalueareheldinsubsidiarieswithdierentreportingcurrencyandtherebycreatingtranslationadjustments.
HyundaiGlovisCo.Ltd.,isaglobalKoreanbasedgenerallogisticsanddistribution
company,providingbusinessservicesuchaslogistics,marinetransportation,KD,
usedcarsandtrading.GlovisislistedontheKoreanStockExchange.Asper31
December2021,TreasureASAgroupheld4.1millionsharesinGlovis(11%oftotal)
(2020:11%).TreasureASAislistedonOsloBørs.
QubeHoldingsLimitedisAustralia’slargestintegratedproviderofimportandexport
logisticsservices,andlistedontheAustralianSecuritiesExchange(ASX).Asper
31December2021thegroupheld35millionshares,1.8%oftotal(2020:35million
shares,1.8%oftotal).ThesharesinQubeserveascollateralforacreditfacility.
Seenote18.
Cont. note 13 Receivables
Note 14 Financial assets to fair value
FINANCIAL REPORTING PRINCIPLES
Management determines the classication of nancial assets at their initial
recognition, with nancial assets held for trading carried at fair value. Financial
assets measured at fair value are initially measured at cost less transaction costs
expensed in the income statement, and subsequently measured at fair value with
changes in fair value recognised in the income statement.
MaritimeServices
NewEnergy
StrategicHoldingsandInvestments
1%1%
87%89%
10% 12%
2021
Account payables
2020
Account payables
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 57
USD mill 2021 2020
Inventories
Rawmaterials 5 8
Goods/projectsinprocess 3 2
Finishedgoods/productsforonwardsale 85 74
Total inventories 93 84
Obsolescenceallowance,deductedabove 2 4
USD mill 2021 2020
Market value current nancial investments
Equities 77 72
Bonds 58 48
FinancialderivativesStrategicHoldingsandInvestments 5
Total current nancial investments 135 124
Thefairvalueofallequitysecurities,bondsandothernancialassetsisbasedontheirclosingpricesinanactivemarket.
Thenetunrealisedgainat31.12 14 14
Note 15 Inventories
Note 16 Current financial investments
FINANCIAL REPORTING PRINCIPLES
Inventories of purchased goods and work in progress are valued at cost in
accordance with the weighted average cost method. Impairment losses are
recognised if the net realisable value is lower than the cost price. Sales costs
include all remaining sales, administrative and storage costs.
FINANCIAL REPORTING PRINCIPLES
Current nancial investments consists of nancial assets held for trading. A
nancial asset is classied in this category if acquired principally for the purpose
of prot from short term gains in market value. Current nancial investments
are measured at fair value. Financial assets measured at fair value are initially
measured at cost less transaction costs expensed in the income statement, and
subsequently measured at fair value with changes in fair value recognised in the
income statement. Derivatives are also placed in this category unless designated
as hedges. Assets in this category are classied as current.
Theparentcompany’sportfolioofequitiesandbondsofUSD135millionisheldas
collateralwithinasecurities’nancefacility.Seenote18.Theportfolio’sstrategy
andmandateissetbytheparentcompany’sBoardofDirectorsandconsistsofa
benchmarkof50%/50%shareofinvestmentgradebondsandNordicequities,with
atradingmandatewithincertainsetlimitswithregardstoequity/bondallocation,
portfolioweight,andcurrencyexposure.Reportingisprovidedmonthlytogroup
CEO/CFOandquarterlytoparentcompany’sBoardofDirectors.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 58
USD mill 2021 2020
Payrolltaxwithholdingaccount 1 1
Companiesthatdonothavepayrolltaxwithholdingaccountusebankguarantees.Asper31.12.2021totalguaranteesamountedtoUSD6.5million(2020:USD6.7million).
Committedundrawncreditfacilitiesarekeypartoftheliquidityreserve.
Thegrouphascashpoolarrangementswithineachsegmentsandthisispresented
ascashandcashequivalents.WWHASA(StrategicHoldingsandInvestments
segment)ownsandoperatesamulticurrencycashpoolwithaheader-accountin
NOK,comprisingofsubsidiariesregisteredinNorway.WMSAS(MaritimeServices
segment)ownsandoperatesamulticurrencycashpoolwithaheader-accountin
USD,comprisingofsubsidiariesinEurope,Asia-Pacic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.
Committedundrawncreditfacilities 195 263
Cash and cash equivalents
Banks 231 269
Total cash and cash equivalents 231 269
Note 17 Cash, restricted bank deposits and undrawn credit facilities
FINANCIAL REPORTING PRINCIPLES
Cash and cash equivalents include cash in hand, deposits held at call with banks
and other liquid investments with maturities of three months or less. Bank
overdrafts are presented under borrowings in current liabilities on the balance
sheet. Cash and cash equivalent are initially recognised at fair value of the
proceeds, and subsequently measured at amortised cost.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 59
USD mill 2021 2020
The group net interest-bearing debt
Noncurrentinterest-bearingdebt 203 426
Noncurrentleaseliabilities 139 161
Currentinterest-bearingdebt 270 38
Currentleaseliabilities 30 31
Total interest-bearing debt 642 657
Cashandcashequivalents 231 269
Currentnancialinvestments 16 135 124
Net interest-bearing debt 276 264
Net interest-bearing debt in joint ventures
Noncurrentinterest-bearingdebt 4 85 114
Total interest-bearing debt in joint ventures 85 114
Cash and cash equivalents 4 7 32
Net interest-bearing debt in joint ventures 77 82
Theoverviewaboveshowstheactualmaturitystructure,withtheamountdueinyear
oneastherstyear’sinstalmentclassiedunderothercurrentliabilities.Thegroup
willrenanceitscurrentinterest-bearingdebtduring2022.
Loanagreementsenteredintobythegroupcontainnancialcovenantsrelatingto
liquidity,leverageandvalue-adjustedequity.Thegroupwasincompliancewithall
covenantsat31December2021.
USD mill Note 2021 2020
Repayment schedule for interest-bearing debt
Dueinyear1 300 70
Dueinyear2 204 233
Dueinyear3 22 32
Dueinyear4 26 30
Dueinyear5andlater 90 291
Total interest-bearing debt 19 642 657
Theparentcompany’sportfolioofnancialinvestmentsisheldascollateralwithinasecurities’nancefacility.
USD mill Note 2021 2020
Interest-bearing debt
Bankandmortgagesloan 473 464
Leaseliabilities 169 192
Total interest-bearing debt 19 642 657
Book value of collateral, mortgaged and leased assets:
Financialassetstofairvalue,currentnancialinvestments 14/16 214 199
AssetsintheNewEnergysegment 807 853
Total book value of collateral, mortgaged and leased assets 1 021 1 052
Note 18 Interest-bearing debt
FINANCIAL REPORTING PRINCIPLES
Loans are recognised at fair value when the proceeds are received, net of
transaction costs. In subsequent periods, loans are stated at amortised cost using
the eective yield method. Any dierence between proceeds (net of transaction
costs) and the redemption value is recognised in the income statement over the
term of the loan. Loans are classied as current liabilities unless the group or the
parent company has an unconditional right to defer settlement of the liability for at
least 12 months after the balance sheet date.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 60
USD mill 2021 2020
Guarantee commitments
Guaranteesforgroupcompanies 47 71
Total 47 71
The carrying amounts of the group’s bank loans are denominated in the following currencies
USD 200 199
NOK 256 252
DKK 16 13
Total 473 464
Liabilites from nancing activities
USD mill
Finance leases
due within 1 year
Finance leases
due after 1 year
Borrow. due
within 1 year
Borrow. due
after 1 year
Total nancing
activities
Total interest-bearing debt at 01.01.2021 31 161 38 426 657
Reclass 17 (17) 203 (203)
Cashows (16) (14) 23 (24) (31)
Foreignexchangeadjustments (1) (5) (2) (8) (17)
Othernon-cashmovements (1) 15 7 12 33
Total interest-bearing debt at 31.12.2021 30 139 270 203 642
Total interest-bearing debt at 01.01.2020 27 154 65 429 675
Reclass (1) 1 11 (1) 10
Cashows (18) (27) (9) (54)
Foreignexchangeadjustments 2 3 6 12
Othernon-cashmovements 3 21 (11) 2 15
Total interest-bearing debt at 31.12.2020 31 161 38 426 657
USD mill Note 2021 2020
Net debt
Cashandcashequivalents 231 269
Liquidinvestments* 135 124
Borrowings-repayablewithinoneyear (300) (70)
Borrowings-repayableafteroneyear (342) (587)
Net debt (276) (264)
Cashandcashequivalentsandliquidinvestments 366 393
Grossdebt-variableinterestrates** (642) (657)
Net debt (276) (264)
* Liquidinvestmentsareinvestmentgradebondsandliquidequitiestradedinactivemarkets.Theseassetsareheldatfairvaluerecognisedthroughtheincomestatement.
**Interest-bearingdebtisexposedtomovementsinoating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.
Cont. note 18 Interest-bearing debt
Seeotherwisenote19forinformationonnancialderivatives(currencyhedges)relatingtointerest-bearingdebt.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 61
USD mill Note 2021 2020
Currency through Income Statement
Including in other nancial income/(expenses)
Operatingcurrency,net 13 (4)
Financialcurrency,net (12) (3)
Currencyderivatives,realised 7 (14)
Currencyderivatives,unrealised (21) 29
Net currency items in other nancial income/(expenses) 1 (13) 7
Through other comprehensive income
CurrencytranslationdierencesthroughOCI (44) 33
Total net currency eects (57) 40
Note 19 Financial risk
FINANCIAL REPORTING PRINCIPLES
The group uses derivatives to address nancial risk. Derivatives are included in
current assets or current liabilities, except for maturities greater than 12 months
after the balance sheet date. These are classied 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 classied 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.

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 nancial income/expense.

The group designates certain derivatives as hedges of highly probable forecast
transactions (cash ow 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 eective in
osetting changes in fair value or cash ow associated with the hedge items. Such
assessments are documented both initially and on an ongoing basis.
The fair value of derivatives used for hedging is shown in note 16 to the group
accounts. Changes in the valuation of qualied hedges are recognised directly in
other comprehensive income until the hedged transactions are realised.
The fair value of nancial derivatives traded in active markets is based on quoted
market prices at the balance sheet date. The fair value of nancial derivatives not
traded in an active market is determined using valuation methodology, such as
the discounted value of future cash ows. Independent experts verify the value
determination for instruments which are considered material.

The eective portion of changes in the fair value of derivatives designated as
cash ow hedges are recognised in other comprehensive income together with
the deferred tax eect. Gain and loss on the ineective portion is recognised in
the income statement. Amounts recognised in other comprehensive income are
recognised as income or expense in the income statement in the period when the
hedged liability or planned transaction will aect the income statement.

Gain and losses arising from the hedging instruments relating to the eective
portions of the net investment hedges are recognised in other comprehensive
income. These translation reserves are reclassied to the income statement upon
loss of control of the hedged net investments, osetting the translation dierences
from these net investments. Any ineective portion is recognised immediately in
the income statement as nancial income/(expenses).
The group has exposure to the following nancial risks from its operations:
• Market risk
– Foreign exchange rate risk
– Interest rate risk
– Equity market risk
• Credit risk
• Liquidity risk
MARKET RISK
Thegrouphasestablishedhedgingstrategiestomitigaterisksonmaterialexposures
originatingfrommovementsincurrenciesandinterestrates.Thisiscompliantwith
thenancialstrategyapprovedbytheboardofdirectors.
Changesinthemarketvalueofnancialderivativesarerecognisedthroughthe
incomestatementexceptfortheNewEnergysegment,wherederivativesare
recognisedinOtherComprehensiveIncome.
Associateshedgetheirownexposures.Thegrouprecordstheeectsofrealised
andunrealisedchangesinnancialderivativesheldintheseentitiesinaccordance
withtheequitymethodunder“shareofprotfromjointventuresandassociates”.The
materialassociatesareWalleniusWilhelmsenASAgroupinStrategicHoldingsand
InvestmentsegmentandCoastCenterBasegroupinNewEnergysegment.
Foreign exchange rate risk
Thegroupisexposedtocurrencyriskonrevenuesandcostsinnon-functional
currencies(transactionrisk),andbalancesheetitemsdenominatedincurrencies
otherthannon-functionalcurrencies(translationrisk).
Thegroup’slargestforeignexchangeexposuresareNOK,EUR,SGD,AUDandKRW-
allagainstUSD.

Thegroup’soperatingsegmentsareresponsibleforhedgingtheirownmaterial
transactionrisk.WithinMaritimeServices,USD/NOK,EUR/USDandUSD/SGD
exposuresaresubjecttoasystematic3-yearrollinghedgeprogram,utilizinga
portfolioofcurrencyoptionsandcurrencyforwards.USD/MYRishedgedusing
currencyforwardswithmaturitiesupto12months.Remainingexposuresare
non-materialandnothedged.

Thegroup’spolicyformitigatingtranslationriskistomatchthedenomination
currencyofassetsandliabilitiestoaslargeextentaspossible.

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eectbelowUSD5millionongrouplevelareconsidered
non-material.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 62
TheNewEnergysegmenthasenteredswaptioncontractswithanotionalvalueof
aboutUSD16million,withexpirydatein2022.Dependingoninterestratelevels
ontheexpirydate,exercisingtheswaptionsbythecounterpartieswillextendthe
maturityofexpiringswapsuntil2032.
Theaverageremainingtermoftheexistingtotaldebtportfolioisapproximately3
years.Thehedgeshaveanaverageremainingtermofapproximately4years.
Interest rate sensitivity
Thegroup’sinterestrateriskoriginatesfromdierencesindurationbetweenassets
andliabilities.Ontheassetside,bankdepositsandinvestmentsininterest-bearing
instrumentsaresubjecttoriskfromchangesinthegenerallevelofinterestrates,
primarilyinUSD.
Thegroupusestheweightedaveragedurationofinterest-bearingliabilities,and
nancialinterestratederivativestocomputethegroup’ssensitivitytowardschanges
ininterestrates.
SensitivitiesresultinginapotentialaccountingeectbelowUSD5millionongroup
levelareconsiderednon-material.On31December2021,thegrouphasnomaterial
exposuresubjecttointerestraterisk.
Interest rate risk
Thegroup’sstrategyistohedgematerialpartsoftheinterest-bearingdebtagainstrising
interestrates.Asthecapitalintensityvariesacrossthegroup’sbusinesssegments,
whichhavetheirownpoliciesonhedgingofinterestraterisk,hedgeratiosvary.
WithinStrategicHoldingsandInvestmentsandMaritimeServicesrespectively,nointe
-
restratehedgingisimplementedduetolownetinterest-bearingdebt(NIBD),whereas
NewEnergyhavehedgedabout50%ofitsNIBDasof31December2021.
TheGrouphasnancialliabilitiesthatareexposedtoIBORreferencerates.TheGroup
hascurrentinterest-bearingliabilitiesofUSD200millionthathaveaLIBORreference
rate.Theseinterest-bearingliabilitieswillberenancedduring2022.
Othercurrentinterest-bearingdebtisprimarilylinkedtoNIBOR.Forinterestbearingdebt
maturingaftertwelvemonthsNIBORistheprimaryreferencerate.Nodatehasbeenset
forthetransitionofNIBOR,howevertheGroupisattentivetothedevelopmentofthe
IBORreform.
Theriskexposurerelatedtonancialinstrumentsasaconsequenceofthetransitionis
consideredtobelow.TheIBORreformwillnotchangetheriskmanagementstrategy.
USD mill 2021 2020
Maturity schedule interest rate hedges (nominal amounts)
Dueinyear1 11
Dueinyear2 45 12
Dueinyear3 32 47
Dueinyear4 33
Dueinyear5andlater 36 38
Total interest rate hedges 125 129
USD mill
Sensitivity (10%) (5%) 0% 5% 10%
Income statement sensitivities of economic hedge program
Transaction risk
USD/NOKspotrate 7.95 8.39 8.83 9.27 9.71
Income statement eect (post tax) 7 3 0 (3) (7)
EUR/USDspotrate 1.02 1.08 1.13 1.19 1.25
Income statement eect (post tax) (5) (3) 0 3 5
USD/SGDspotrate 1.21 1.28 1.35 1.42 1.48
Income statement eect (post tax) (0) (0) 0 0 0
(Taxrateusedis22%thatequalstheNorwegiantaxrate)
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dierent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:
Cont. note 19 Financial risk
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 63
Income statement sensitivities of equity market risk
USD mill
Change in equity prices
Changeinmarketvalue (20%) (10%) 0% 10% 20%
Income statement eect (150) (75) 0 75 150
(Taxrateusedis22%thatequalstheNorwegiantaxrate)
USD mill Note 2021 2020
Exposure to credit risk
Financialderivatives(liability) 12 (6) 15
Accountreceivables 12 190 178
Financialinvestments 16 58 48
Othernoncurrentassets 12 25 28
Othercurrentassets 12 95 82
Cashandbankdeposits 17 231 269
Total exposure to credit risk 593 618
CREDIT RISK
Creditriskistheriskofnanciallosstothegroupifacustomerorcounterpartyto
anancialderivativefailstomeetitscontractualobligations.Thegroup’screditrisk
originatesprimarilyfromtheaccountreceivables,nancialderivativesusedtohedge
interestrateriskorforeignexchangerisk,aswellasinvestments,includingbank
deposits.
Loans and receivables
TRADE RECEIVABLES
Thegroup’sexposuretocreditriskonitsreceivablesvariesacrosssegmentsand
subsidiaries.
WithintheMaritimeServicesandNewEnergy,theglobalcustomerbaseprovides
diversication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nancialderivatives
withaselectionofnanciallysolidbanks(asdeterminedbytheirocialcredit
ratings),limitingthecorrespondingcreditrisk.
OTHER CREDIT EXPOSURES
Nomaterialloansorreceivableswerepastdueorimpairedat31December2021
(analogousfor2020).
Guarantees
Thegroup’spolicyisthatnonancialguaranteesareprovidedbytheparent
company.However,nancialguaranteesareprovidedwithinMaritimeServicesand
NewEnergy.Seenote18forfurtherdetails.
Credit risk exposure
Thecarryingamountofnancialassetsrepresentsthemaximumcreditexposure.
Themaximumexposuretocreditriskatthereportingdatewasasperbelowtable:
Cont. note 19 Financial risk
EQUITY MARKET RISK
Thegroupholdsseveralassetslistedonequitymarketsaswellasadenedportfolio
ofnancialassetsforaproportionofthegroup’sshort-termliquidity.Belowtable
summarizestheequitymarketsensitivitytowardsthemarketvalueofalllisted
equitiesheld,includingthegroupsshareinHyundaiGlovis:
USD mill 2021 2020
Assets Liabilities Assets Liabilities
Interest rate derivatives
MaritimeServices
NewEnergy 4 9
StrategicHoldingsandInvestments
Total interest rate derivatives 0 4 0 9
Currency derivatives
MaritimeServices 1 2 15
NewEnergy
StrategicHoldingsandInvestments 1 1 4
Total currency derivatives 2 2 20 0
Total market value of nancial derivatives 2 7 20 9
Bookvalueequalsmarketvalue
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 64
USD mill
Less than
1 year
Between 1
and 2 years
Between 2
and 5 years
Later than
5 years
Undiscounted cash ows nancial liabilities 2021
Mortgages 47 19 32 147
Financeleaseliabilities 30 13 39 87
Bankloan 227
Financialderivatives 7
Interestdue 23 21 20 19
Total undiscounted cash ow nancial liabilities 333 53 91 254
Currentliabilities(excludingnextyear'sinstalmentoninterest-bearingdebt) 489
Total gross undiscounted cash ows nancial liabilities 31.12.2021 822 53 91 254
Undiscounted cash ows nancial liabilities 2020
Mortgages 38 19 11 196
Financeleaseliabilities 31 15 51 95
Bankloan 199
Financialderivatives 9
Interestdue 23 20 50
Total undiscounted cash ow nancial liabilities 102 254 112 291
Currentliabilities(excludingnextyear'sinstalmentoninterest-bearingdebt) 468
Total gross undiscounted cash ows nancial liabilities 31.12.2020 570 254 112 291
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signicantliquidassetsinadditionto
creditfacilitieswiththebanks.
At31December2021,thegrouphadinexcessofUSD435million(2020:USD
473million)incash,investmentgradebondsandlistedequities(cashandcash
equivalents,currentnancialinvestmentsandinvestmentinQubeHoldingsLimited),
inadditiontoUSD195million(2020:USD263million)incommittedundrawncredit
facilities.
Cont. note 19 Financial risk
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 65
USD mill Note Fair value Book value
Interest-bearing debt
Mortgages 246 246
Leaseliabilities 169 169
Bankloan 229 227
Total interest-bearing debt at 31.12.2021 18 644 642
Mortgages 265 265
Leaseliabilities 192 192
Bankloan 201 199
Total interest-bearing debt at 31.12.2020 18 658 657
COVENANTS
Thegroup’sbankandleasenancingaresubjecttonancialornon-nancial
covenantclausesrelatedtooneorseveralofthefollowing:
• Limitationontheabilitytopledgeassets
• Changeofcontrol
• Minimumliquidity
• NIBD/EBITDAorequivalentDebt-ServiceCoverage-Ratios
• Loan-to-Value
Asofthebalancedate,thegroupisnotinbreachofanynancialornon-nancial
covenants.
CAPITAL RISK MANAGEMENT
Thegroup’soverallpolicyistomaintainastrongcapitalbasetomaintaininvestor,
creditorandmarketcondence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nancialgearingandtheadvantagesofastrong
balancesheet.Thenancial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nancialinstrumentstradedinanactivemarketisbasedonquoted
marketpricesatthebalancesheetdate.Thefairvalueofnancial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.Specic
valuationtechniquesusedbynancialcounterparties(banks)tovaluenancial
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owsbasedonobservableyieldcurves.
• Thefairvalueofinterestrateswapoption(swaption)contractsisdeterminedusing
observablevolatility,yieldcurveandtime-to-maturityparametersatthebalance
sheetdate,resultinginaswaptionpremium.Optionsaretypicallyvaluedby
applyingtheBlack-Scholesmodel.
• The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
nancialliabilitiesfordisclosurepurposesbydiscountingthefuturecontractual
cashowsatcurrentmarketinterestratesavailabletothegroupforsimilarnancial
derivatives.
Thefairvaluesarebasedoncashowsdiscountedusingaratebasedonmarketratesincludingmarginsandarewithinlevel2ofthefairvaluehierarchy.
Cont. note 19 Financial risk
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 66
Thefairvalueofnancial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nancialassetsheldbythegroupisthecurrentcloseprice.These
instrumentsareincludedinlevel1.Instrumentsincludedinlevel1attheendof2021
areliquidinvestmentgradebondsandlistedequities(analogousfor2020).
Thefairvalueofnancial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dierenttechniquestypically
appliedbynancialcounterparties(banks)weredescribedabove.Theseinstruments
-FXandIRderivatives-areincludedinlevel2.
Ifoneormoreofthesignicantinputsisnotbasedonobservablemarketdata,the
derivativesisinlevel3.
USD mill Level 1 Level 2 Level 3 Total
Financial assets at fair value
Equities 77 77
Bonds 58 58
Financialassetstofairvalue 664 24 688
Total nancial assets at 31.12.2021 798 0 24 823
Financial liabilities at fair value
Financialderivatives (6) (6)
Total nancial liabilities at 31.12.2021 0 (6) 0 (6)
Financial assets at fair value
Equities 72 72
Bonds 48 48
Financialderivatives 20 20
Financialassetstofairvalue 778 5 18 801
Total nancial assets at 31.12.2020 898 25 18 940
Financial liabilities at fair value
Financialderivatives (9) (9)
Total nancial liabilities at 31.12.2020 0 (9) 0 (9)
USD mill 2021 2020
Changes in level 3 instruments
Openingbalanceat01.01 18 20
Gainsandlossesrecognisedthroughincomestatement 6 (2)
Closing balance at 31.12 24 18
Cont. note 19 Financial risk
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 67
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 15 9 25
Financialassettofairvalue 14 688 688
Currentnancialinvestments 16 135 135
Currentnancialderivatives 12 2 2
Othercurrentassets 12 286 286
Cashandcashequivalent 17 231 231
Assets at 31.12.2021 532 834 1 366
Note
Liabilities at fair
value throug the
income statement
Other nancial
liabilities at
amortised cost Total
Liabilities
Noncurrentinterest-bearingdebt 18 342 342
Currentinterestbearingliabilities 18 300 300
Currentnancialderivatives 12 7 7
Othernoncurrentliabilities 12 17 17
Othercurrentliabilities 12 489 489
Liabilities at 31.12.2021 23 1 130 1 153
Note
Financial assets
at amortised cost
Fair value
through the
income statement Total
Assets
Othernoncurrentassets 12 26 2 28
Financialassettofairvalue 14 801 801
Currentnancialinvestments 16 124 124
Othercurrentassets 12 260 260
Cashandcashequivalent 17 269 269
Assets at 31.12.2020 528 942 1 496
Note
Liabilities at fair
value throug the
income statement
Other nancial
liabilities at
amortised cost Total
Liabilities
Noncurrentinterest-bearingdebt 18 587 587
Currentinterestbearingliabilities 18 70 70
Currentnancialderivatives 12 9 9
Othernoncurrentliabilities 12 23 23
Othercurrentliabilities 12 468 468
Liabilities at 31.12.2020 32 1 125 1 158
Cont. note 19 Financial risk
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 68
Note 20 Related party transaction
TheultimateownerofthegroupisTallymanAS,whichcontrolsabout60%ofvotingsharesofthegroup.Tallyman AS iscontrolledbyThomasWilhelmsen.
Detailedremunerationdisclouresareprovidedintheremunertaionreport.
Material related parties in the group are: Business oce, country Ownership
WalleniusWilhelmsenASA Lysaker,Norway 37.82%
CoastCenterBaseAS/KS Fjell,Norway 50.00%
WalleniusWilhelmsenASA,throughitsoperatingcompanies,isthemarketleaderin
thenishedvechiclelogisticssegment,oeringoceantransportationandlandbased
vechiclelogisticssolutions.
CoastCenterBaseASandCoastCenterBaseKSintheNewEnergysegment
deliversITproject,administrationandhandlingservicesandthetransactionsare
basedonmarketterms.
USD thousand 2021 2020
KEY MANAGEMENT PERSONNEL COMPENSATION
Basesalary 2 185 1 884
Bonus 810 545
Pension 485 367
Otherbenets 354 263
Total 3 834 3 060
Detailedremunerationdisclouresareprovidedintheremunertationreport.
USD mill 2021 2020
OPERATING REVENUE FROM RELATED PARTY
Sale of goods and services to joint ventures and associates:
WAWIgroup 20 20
MaritimeServices 2 3
NewEnergy 2 2
Operating revenue from related party 24 25
OPERATING EXPENSES FROM RELATED PARTY
Purchase of goods and services from joint ventures and associates:
NewEnergy 5 9
Operating expenses to related party 5 9
ACCOUNT RECEIVABLES FROM RELATED PARTY
MaritimeServices 3 4
Account receivables from related party 3 4
ACCOUNT PAYABLES TO RELATED PARTY
MaritimeServices 1 4
Account payables to related party 1 4
NON CURRENT ASSETS TO RELATED PARTY
MaritimeServices 4 10
StrategicHoldingsandInvestments 1 1
Non current assets to related party 5 11
FINANCIAL REPORTING PRINCIPLES
Related parties are dened as entities outside of the group that are under control
directly or indirectly, joint control or signicant inuence by the owners of Wilh.
Wilhelmsen Holding ASA. All transactions with related parties are entered into on
marked terms based on arm’s length principles. Transactions with related parties
include shared services and other services provided by the group. Shared Services
are priced in accordance with the principles set out in the OECD Transfer Pricing
Guidelines and are delivered according to agreements that are renewed annually.
The services are:
• Ship management including crewing, technical and management service
• Agency services
• Freight and liner services
• Marine products
• Shared services
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 69
NorSea Group AS Treasure ASA
USD mill 2021 2020 2021 2020
Summarised balance sheet
Noncurrentassets 526 657 583 699
Currentassets 73 380 27 64
Total assets 599 1 037 610 763
Noncurrentliabilities 210 370
Currentliabilities 141 448
Total liabilities 350 818 0 0
Net assets 249 220 610 763
Summarised income statement/OCI
Totalincome 278 263 14 14
Protfortheyear 22 13 (104) 214
Othercomprehensiveincome 5 (3)
Total comprehensive income 27 10 (105) 213
ProtallocatedtoNCIs 5 4 (26) 57
DividendspaidtoNCIs 1 1 10 2
Summarised cash ows
Netcashowprovidedby/(usedin)operatingactivities 27 32 11 75
Netcashowprovidedby/(usedin)investingactivities (16) (22) (1)
Netcashowprovidedby/(usedin)nancingactivities (15) (3) (49) (13)
Net increase/(decrease) in cash and cash equivalents (4) 8 (38) 61
USD mill 2021 2020
Total allocation to NCIs
Prot/(loss)fortheperiodtomaterialNCIs (21) 61
Prot/(loss)fortheperiodtootherimmaterialNCIs 1
Prot for the period to NCIs (21) 61
2021
Business oce/country Voting/control share
NorSeaGroupAS Tananger,Norway 75.15%
TreasureASA* Lysaker,Norway 74.82%
Setoutbelowisthesummarisednancialinformationforthesubsidiarythathasnon-controllinginterests(NCI)materialtothegroup.Theamountsdisclosedare100%and
beforeinter-companyeliminations.
*At31December2021TreasureASAhad6000000ownshares(31December2020had3965000ownshares).
Note 21 Subsidiaries with material non-controlling interests
FINANCIAL REPORTING PRINCIPLES
Non-controlling interest:
The group treats transactions with non-controlling interests as transactions with
equity owners of the group.
For purchases from non-controlling interests, the dierence between any
consideration paid and relevant share acquired of the carrying value of net assets
of the subsidiary is recorded as an equity transaction.
Gains or losses on disposals to non-controlling interests are also recorded as an
equity transaction.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 70
Note 22 Contingencies
Note 23 Alternative performance measures
FINANCIAL REPORTING PRINCIPLES
The group and the parent company make provisions for legal claims when a legal
or constructive obligation exists as a result of past events, it is more likely than
not that an outow of resources will be required to settle the obligation, and the
amount can be estimated with a sucient degree of reliability. Provisions are not
made for future operating losses.
Alternative performance measures
Thissectiondescribesnon-GAAPnancialalternativeperformancemeasures(APM)
thatmaybeusedinthequarterlyandannualreportsandrelatedpresentations.
Thefollowingmeasuresarenotdenednorspeciedintheapplicablenancial
reportingframeworkofIFRS.Theymaybeconsideredasnon-GAAPnancial
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owsfromperiodtoperiodanditistheCompany’s
experiencethatthesearefrequentlyusedbyinvestors,analystsandotherparties.
Internally,theseAPMsareusedbythemanagementtomeasureperformanceona
regularbasis.TheAPMsshouldnotbeconsideredasasubstituteformeasuresof
performanceinaccordancewithIFRS.
EBITDAisdened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protability,excludingtheimpactfromnancialitems,taxes,depreciation
andamortization.
EBITDA adjustedisdenedasEBITDAexcludingcertainincomeand/orcostitems
whicharenotregardedaspartoftheunderlyingoperationalperformanceforthe
period.TheCompanydonotreportEBITDAadjustedonaregularbasis,butmayuse
itonacasebycasebasistobetterexplainoperationalperformance.
EBITDA marginisdenedasEBITDAasapercentofofTotalincome.
EBITDA margin adjustedisdenedasEBITDAadjustedasapercentofTotal
income,withTotalincomealsoadjustedforthesameincomeelementsasthose
whichhavebeenadjustedforinEBITDAadjusted.
EBITisdenedasTotalincome(Operatingrevenueandgain/(loss)onsaleofassets)
lessOperatingexpenses,Othergain/lossanddepreciationandamortization.EBIT
isusedasameasureofoperationalprotabilityexcludingtheeectsofhowthe
operationswerenanced,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denedastotalinterestbearingdebt(Non-
currentinterest-bearingdebtandCurrentinterest-bearingdebt)lessCashandcash
equivalenetsandCurrentnancialinvestments.
Equity ratioisdenedasTotalequityasapercentofTotalassets.
Note 24 General accounting principles
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Thisnoteprovidesalistofthesignicantaccountingpoliciesadoptedinthe
preparationofthesesconsolidatednancialstatementstotheextenttheyarenot
disclosedseparatelyintheothernotesintheconsolidatednancialstatementsor
inthenotesofthenancialstatementsoftheparentcompany.Accountingpolicies
havebeenconsistentlyappliedtoalltheyearspresented,unlessotherwisestated.
Historical cost convention
Thenancialstatementshavebeenpreparedonahistoricalcostbasis,exceptfor
thefollowing:
• certainnancialassetsandliabilities(includingderivativeinstruments),
• denedbenetpensionplans–planassetsmeasuredatfairvalue.
New and amended standards adopted by the group
Thefollowingareneworamendedtostandardsandinterpretationshavebeenissued
andbecomeeectiveduringthecurrentperiod:
AmendmentstoIFRS9FinancialInstruments,IFRS7FinancialInstruments:
DisclosuresandIFRS16Leases–InterestRateBenchmarkReformPhase2:
DisclosuresandIFRS16Leases,relatingtotheInterestRateBenchmarkReform
Phase2,enteredintoforceon1January2021.TheamendmentstoIFRS9entail
thatmodicationsofnancialassetsandnancialliabilities,implementedasadirect
consequenceoftheInterestRateBenchmarkReform,arerecognisedasachange
intheeectiveinterest.Gainsorlossesarisingduetothemodicationarethusnot
recognised.Seenote19.
Theamendmentslistedabovedidnothaveanyimpactsontheamountsrecognised
inpriorperiodsandarenotexpectedtosignicantlyaectthecurrentorfuture
periods.
New standards and interpretations not yet adopted
AmendmenttoIAS1ClassicationofLiabilitiesasCurrentorNon-currentapplicable
forannualperiodsbeginningonorafter1January2022.Theamendmentchanges
theguidancefortheclassicationofliabilitiesascurrentornon-currentdepending
ontherightsthatexistattheendofthereportingperiod.
Certainnewaccountingstandardsandinterpretationshavebeenpublishedthatare
notmandatoryfor31December2021reportingperiodsandhavenotbeenearly
adoptedbythegroup.Thesestandardsarenotexpectedtohaveamaterialimpact
ontheentityinthecurrentorfuturereportingperiods.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Itemsincludedinthenancial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
CoastCenterBaseAS(CCB),50%ownedbyNorSeaGroup,lostaoatingdock
26November2018.Thedockisconsideredlostandthefairvaluewasnilby31
December2021.CCBhadpreviouslyrecognisedanaccrualtocovercostsrelatedto
asalvageoperation.Localauthoritieshaveissuedtheirconclusionafternalappeal,
concludingthatthedockcanremaininitscurrentposition.Assuch,thepreviously
recognisedaccrualhavebeenreversedin2021.
Thesizeandglobalactivitiesofthegroupdictatethatcompaniesinthegroupwillbe
involvedfromtimetotimeindisputesandlegalactions.
Thegroupisnotawareofanynancial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
signicantlyaectthegroup’snancialposition.
Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 71
Cont. note 24 General accounting principles
companyWilhelmsenMaritimeServices(WMSAS)hasUSdollar(USD).The
consolidatednancialstatementsarepresentedinUSD,roundedo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otothenearestwhole
thousand.
Theincomestatementsandbalancesheetsforgroupcompanieswithafunctional
currencywhichdiersfromthepresentationcurrency(USD)aretranslatedasfollows:
•
thebalancesheetistranslatedattheclosingexchangerateonthebalancesheetdate
• incomeandexpenseitemsaretranslatedataratethatisrepresentativeas
anaverageexchangeratefortheperiod,unlesstheexchangeratesuctuate
signicantlyforthatperiod,inwhichcasetheexchangeratesatthedatesofthe
transactionsareused
• thetranslationdierenceisrecognisedinothercomprehensiveincomeandsplit
betweencontrollingandnon-controllinginterests
Goodwillandfairvalueadjustmentsofassetsandliabilitiesrelatedtoacquisition
ofentitieswhichhaveafunctionalcurrencyotherthanUSDareattributedtothe
acquiredentity’sfunctionalcurrencyandtranslatedattheexchangerateprevailing
onthebalancesheetdate.
Translations and balances
Foreigncurrencytransactionsaretranslatedintothefunctionalcurrencyusing
theexchangeratesatthedatesofthetransactions.Foreignexchangegainsand
lossesresultingfromthesettlementofsuchtransactions,andfromthetranslation
ofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesatyearend
exchangerates,aregenerallyrecognisedinincomestatement.Theyaredeferred
inequityiftheyrelatetoqualifyingcashowhedgesandqualifyingnetinvestment
hedgesorareattributabletopartofthenetinvestmentinaforeignoperation.
Foreignexchangegainsandlossesarepresentedonanetbasisintheincome
statement,withinnancecosts.
Non-monetaryitemsthataremeasuredatfairvalueinaforeigncurrencyare
translatedusingtheexchangeratesatthedatewhenthefairvaluewasdetermined.
Translationdierencesonassetsandliabilitiescarriedatfairvaluearereportedas
partofthefairvaluegainorloss.
Forexample,translationdierencesonnon-monetaryassetsandliabilitiessuch
asequitiesheldatfairvaluethroughincomestatementarerecognisedinincome
statementaspartofthefairvaluegainorloss,andtranslationdierenceson
non-monetaryassetssuchasequitiesclassiedasatfairvaluethroughother
comprehensiveincomearerecognisedinothercomprehensiveincome.
Group companies
Theresultsandnancialpositionofforeignoperations(noneofwhichhasthe
currencyofahyperinationaryeconomy)thathaveafunctionalcurrencydierentfrom
thepresentationcurrencyaretranslatedintothepresentationcurrencyasfollows:
• assetsandliabilitiesforeachbalancesheetpresentedaretranslatedattheclosing
rateatthedateofthatbalancesheet
• incomeandexpensesforeachstatementofprotorlossandstatementof
comprehensiveincomearetranslatedataverageexchangerates(unlessthisisnot
areasonableapproximationofthecumulativeeectoftheratesprevailingonthe
transactiondates,inwhichcaseincomeandexpensesaretranslatedatthedates
ofthetransactions),and
• allresultingexchangedierencesarerecognisedinothercomprehensiveincome.
Onconsolidation,exchangedierencesarisingfromthetranslationofanynet
investmentinforeignentities,andofborrowingsandothernancialinstruments
designatedashedgesofsuchinvestments,arerecognisedinothercomprehensive
income.Whenaforeignoperationissoldoranyborrowingsformingpartofthenet
investmentarerepaid,theassociatedexchangedierencesarereclassiedtoprot
orloss,aspartofthegainorlossonsale.
Goodwillandfairvalueadjustmentsarisingontheacquisitionofaforeignoperation
aretreatedasassetsandliabilitiesoftheforeignoperationandtranslatedatthe
closingrate.
BUSINESS COMBINATION
Theacquisitionmethodofaccountingisusedtoaccountforallbusiness
combinations,regardlessofwhetherequityinstrumentsorotherassetsareacquired.
Theconsiderationtransferredfortheacquisitioncomprisesthe:
• fairvalueoftheassettransferred
• liabilitiesincurredtotheformerownersoftheacquiredbusiness
• equityinterestsissuedbythegroup
• fairvalueofanyassetsorliabilityresultingfromacontingentconsideration
arrangement,and
• fairvalueofanypre-existingequityinterestinthesubsidiary.
Identiableassetsacquiredandliabilitiesandcontingentliabilitiesassumedina
businesscombinationare,withlimitedexceptions,measuredinitiallyattheirfair
valuesattheacquisitiondate.Thegrouprecognisesanynon-controllinginterest
intheacquiredentityonanacquisition-by-acquisitionbasiseitheratfairvalueor
atnon-controllinginterest’sproportionateshareoftheacquiredentity’snet
identiableassets.
Acquisition-relatedcostsareexpensedasincurred.
Goodwillisrecognisedastheexcessofthe;
• considerationtransferred,
• amountofanynon-controllinginterestintheacquiredentity,and
• acquisition-datefairvalueofanypreviousequityinterestsintheacquiredentity
overthefairvalueofthenetidentiableassetsacquired.
Ifthoseamountsarelessthanthefairvalueofthenetidentiableassetsofthe
businessacquired,thedierenceisrecogniseddirectlyinprotorlossasabargain
purchase.
Contingentconsiderationisclassiedeitherasequityoranancialliability.Amounts
classiedasanancialliabilityaresubsequentlyremeasuredtofairvaluewith
changesinfairvaluerecognisedintheincomestatement.
Ifthebusinesscombinationisachievedinstages,theacquisitiondatecarryingvalue
oftheacquirer’spreviouslyheldequityinterestintheacquireisremeasuredtofair
valueattheacquisitiondate.Anygainorlossesarisingfromsuchremeasurementare
recognisedinincomestatement.
Note 25 Events after the balance sheet date
InJanuary2022,WilhelmsenShipManagement,partoftheMaritimeServices
segment,signedanagreementtoacquire80%ofthesharesinAhrenkielTankers
(toberenamedBarberShipManagement).
InFebruary,WilhelmsenNewEnergyacquired21%stakeinReachSubseaASA.The
investmentwillbeapartofNewEnergysegment.
Thegrouphas25full-timeemployeesinUkraineand31full-timeemployeesin
Russia.Wilhelmsenisinlinewithotherinternationalcompaniescomplyingwith
relevantsanctionsimplementedinrelationtothesituationinUkraine.Asaresultof
thenatureandscopeofthegroup’sbusinessinthetwocountries,thesituationwill
havelimiteddirectimpactofgroupperformance.
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
–parent
company
4
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 72Parent — Accounts and notes

Taking extra care to look out for our employees, both at sea or onshore, during the ongoing
pandemic has been essential. Whether through site risk assessments, safety, mental
health and wellness campaigns, employee engagement surveys, and crew vaccinations.
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 73Parent — Accounts and notes
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 74
NOK thousand Note 2021 2020
Operating income 1 24 062 27 581
Operating expenses
Employeebenets 2 (89 686) (75 425)
Operatingexpenses 1 (42 818) (44 528)
Depreciation 3 (4 700) (6 376)
Total operating expenses (137 204) (126 329)
Operating loss (113 142) (98 748)
Financial income/(expenses)
Netnancialincome 1 838 403 323 778
Netnancialexpenses 1 (42 972) (13 661)
Financial income/(expenses) 795 431 310 118
Prot before tax 682 289 211 369
Taxincome/(expense) 5 11 741 (23 212)
Prot for the year 694 030 188 157
Transfers and allocations
To/(from)equity 381 970 (34 743)
Proposeddividend 178 320 222 900
Interimdividendpaid 133 740
Total transfers and allocations 694 030 188 157
NOK thousand Note 2021 2020
Protfortheyear 694 030 188 157
Items that will not be reclassied to the income statement
Remeasurementpostemploymentbenets,netoftax 11 (3 000) (14 336)
Total comprehensive income 691 030 173 821
Notes 1 to 15 on the next pages are an integral part of these nancial statements.
Income statement Wilh. Wilhelmsen Holding ASA
Comprehensive income Wilh. Wilhelmsen Holding ASA
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 75
NOK thousand Note 31.12.2021 31.12.2020
ASSETS
Non current assets
Deferredtaxasset 5 61 830 49 643
Intangibleassets 3 59 1 354
Tangibleassets 3 8 927 9 702
Right-of-use-assets 4 34 140 16 802
Investmentsinsubsidiariesandassociates 6 5 182 787 4 859 064
Subleasereceivable 4/14 244 704 114 031
Othernoncurrentassets 14 34 259
Total non current assets 5 566 707 5 050 596
Current assets
Currentnancialinvestments 8/9 1 189 234 1 055 001
Tradeandotherreceivables 14 18 399 4 689
Subleasereceivable 4/14 28 881 35 037
Othercurrentassets 7/9/14 61 475 59 152
Cashandcashequivalents 9 158 012 108 481
Total current assets 1 456 001 1 262 359
Total assets 7 022 708 6 312 955
EQUITY AND LIABILITIES
Equity
Paid-incapital 891 600 928 076
Ownshares (36 476)
Retainedearnings 5 234 221 4 855 251
Total equity 6 125 821 5 746 851
Non current liabilities
Pensionliabilities 11 70 221 66 413
Leaseliabilities 4 278 275 128 216
Othernoncurrentliabilities 7 890
Total non current liabilities 348 496 195 519
Current liabilities
Publicdutiespayable 4 687 4 829
Tradeandotherpayables 14 4 117 5 267
Currentportionofpropertyleaseliabilities 4 31 221 39 033
Othercurrentliabilities 7/12/14 508 366 321 455
Total current liabilities 548 391 370 584
Total equity and liabilities 7 022 708 6 312 955
Notes 1 to 15 on the next pages are an integral part of these nancial statements.
Balance sheet Wilh. Wilhelmsen Holding ASA
Lysaker,23March2022
TheboardofdirectorsofWilh.WilhelmsenHoldingASA
Electronicallysigned
CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen
UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO)
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 76
NOK thousand Note 2021 2020
Cash ow from operating activities
Protbeforetax 682 289 211 369
Financial(income)/expenses (795 431) (310 118)
Depreciation 3/4 4 700 6 376
Gainonsaleofxedasset 3 (789)
Changeinnetpensionliability (38) (2 005)
Changeinworkingcapital 23 437 (12 737)
Net cash provided by operating activities (85 043) (107 904)
Cash ow from investing activities
Proceedsfromsaleofxedassets 3 611
Investmentsinxedassets 3 (204)
Investmentsinsubsidaries 6 (323 723)
Repaymentofnancialsublease 4 33 860 33 649
Loans(to)/fromsubsidiaries,cashpool 9 (30 815) (71 765)
Proceedsfromsaleofnancialinvestments 334 720 480 751
Purchaseofcurrentnancialinvestments (411 213) (475 665)
Dividend/groupcontributionfromgroupcompanies 622 534 364 178
Dividendandothernancialincomereceivedfromnancialassets 93 701 11 121
Paidwitholdingtaxdividendportfoliomanagement (614)
Interestreceivedincludedinterestsofsubleasereceivable 1 14 608 7 525
Changesinotherinvestments 5 302
Net cash ow from investing activities 339 585 348 977
Cash ow from nancing activities
Repaymentofdebt (200 000)
Proceedsfromissueofdebt 200 000
Repaymentofnancialleasedebt 4 (36 711) (37 314)
Interestpaidincludedinterestofnancialleasedebt (11 660) (11 855)
Dividendtoshareholders (356 640) (89 160)
Net cash ow from nancing activities (205 011) (338 330)
Net increase in cash and cash equivalents 49 531 (97 256)
Cashandcashequivalents,atthebeginningoftheperiod 108 481 205 737
Cash and cash equivalents at 31.12 158 012 108 481
Thecompanyhasseveralbankaccountsindierentcurrencies.Unrealisedcurrencyeectsareincludedinnetcashprovidedbyoperatingactivities.
Notes 1 to 15 on the next pages are an integral part of these nancial statements.
Cash flow statement Wilh. Wilhelmsen Holding ASA
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 77
At31December2021thecompany’ssharecapitalcomprises34000000ClassA
sharesand10580000ClassBshares,totalling44580000shareswithanominal
valueofNOK20each.ClassBsharesdonotcarryavoteatthegeneralmeeting.
Otherwise,eachshareconfersthesamerightsinthecompany.
1823824ownshareswerecancelledduring2021,resultinginnilsharesat31
December2021.
Dividend
Theproposeddividendforscalyear2021isNOK4.00pershare,payableinthe
secondquarter2022.Adecisionontheproposalwillbetakenbytheannualgeneral
meetingon27April2022.
Dividendforscalyear2020wasNOK8.00pershareandwaspaidinApril2021
(NOK5.00pershare)andinDecember2021(NOK3.00pershare).
Dividendforscalyear2019wasNOK2.00pershareandwaspaidinMay2020.
STATEMENT OF CHANGES IN EQUITY
NOK thousand Note Share capital Own shares Retained earnings Total
Current year's change in equity
Equityat31.12.2020 928 076 (36 476) 4 855 251 5 746 851
Proposeddividend (178 320) (178 320)
Interimdividendpaid (133 740) (133 740)
Liquidationofownshares (36 476) 36 476 0
Protfortheyear 694 030 694 030
Comprehensiveincomefortheyear (3 000) (3 000)
Equity at 31.12.2021 891 600 0 5 234 221 6 125 821
NOK thousand Share capital Own shares Retained earnings Total
2020 change in equity
Equityat31.12.2019 928 076 (36 476) 4 904 330 5 795 930
Proposeddividend (222 900) (222 900)
Protfortheyear 188 158 188 158
Comprehensiveincomefortheyear (14 336) (14 336)
Equity at 31.12.2020 928 076 (36 476) 4 855 251 5 746 851
Equity Wilh. Wilhelmsen Holding ASA
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 78
NOK thousand Note 2021 2020
OPERATING INCOME
Otherincome 182 244
Incomefromgroupcompanies 14 23 880 26 548
Total operating income 24 062 27 581
OTHER OPERATING EXPENSES
Expensestogroupcompanies 14 (12 804) (13 648)
CommunicationandITexpenses (5 622) (6 157)
Externalservices 2 (10 348) (11 266)
Travelandmeetingexpenses (446) (1 006)
Marketingexpenses (1 444) (1 763)
Otheradministrationexpenses (12 155) (10 689)
Total other operating expenses (42 818) (44 528)

Financial income
Investmentmanagement 8 194 196 107 886
Interestincome 14 6 283 520
Interestincomenancialsublease 8 154 7 200
Dividend/groupcontributionfromassociatesandsubsidiaries 14 622 135 164 178
Othernancialincome 7 636 1 046
Netcurrencygain 42 948
Net nancial income 838 403 323 778
Financial expenses
Interestexpenses (3 507) (3 784)
Interestexpensesnanciallease (8 154) (8 071)
Othernancialitems (1 879) (1 805)
Netcurrencyloss (29 433)
Net nancial expenses (42 972) (13 661)
Net nancial income 795 431 310 118
Note 1 Combined items, income statement
Note 2 Employee benefits
NOK thousand 2021 2020
Pay 65 872 52 668
Payrolltax 9 464 9 033
Pensioncost 9 111 7 632
Otherremuneration 5 240 6 091
Total employee benets 89 686 75 425
Averagenumberofemployees 30 31
Detailedremunerationdisclosuresareprovidedintheremunerationreport.
EXPENSED AUDIT FEE (excluding VAT)
NOK thousand 2021 2020
Statutoryaudit 651 535
Otherservicefees 263 307
Total expensed audit fee 914 842
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 79
Note 3 Intangible and tangible assets
NOK thousand Intangible assets Properties
Other tangible
assets
Total
2021
Costat01.01 7 277 10 582 9 084 26 943
Disposals (894) (894)
Cost at 31.12 6 383 10 582 9 084 26 050
Accumulateddepreciationat01.01 (5 923) (3 867) (6 097) (15 888)
Depreciation/amortisation (684) (423) (351) (1 458)
Disposals 283 283
Accumulated depreciation at 31.12 (6 324) (4 290) (6 448) (17 063)
Carrying amounts at 31.12 59 6 292 2 636 8 987
Depreciation/amortisationintangibleandtangibleassets (1 458)
Depreciationofright-of-useassets (3 241)
Total depreciation 2021 (4 700)
2020
Costat01.01 8 601 10 582 9 084 28 267
Additions 204 204
Disposals (1 528) (1 528)
Cost at 31.12 7 277 10 582 9 084 26 943
Accumulateddepreciationat01.01 (4 717) (3 444) (5 674) (13 835)
Depreciation/amortisation (1 329) (423) (423) (2 176)
Disposals 123 123
Accumulated depreciation at 31.12 (5 923) (3 867) (6 097) (15 888)
Carrying amounts at 31.12 1 354 6 715 2 987 11 056
Depreciation/amortisationintangibleandtangibleassets (2 176)
Depreciationofright-of-useassets (4 200)
Total depreciation 2020 (6 376)
Usefullife Upto3years Upto25years 3-10years
Amortisation/depreciationschedule Straight-line Straight-line Straight-line
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 80
THE LEASE CONTRACTS
Thecompanyhasleasesrelatedtopropertyandland.Themainpartoftheleasing
liabilityrefertoheadquarterandparkingplaces.Theexternalleaseofheadquarteris
subleasedtogroupcompany.Theright-of-useassetsrelatedtointernalleaseofthe
company’slocationinStrandveien20.
Summary of the lease liabilities in the nancial statements
NOK thousand
2021
Leaseliabilityat1January2021 167 249
Cashpaymentsfortheprincipalportionoftheleaseliability (36 711)
Cashpaymentsfortheinterestportionoftheleaseliability (8 154)
Interestexpenseonleaseliabilities 8 154
Additionsandremeasurements 178 957
Lease liability at 31 December 2021 309 495
2020
Leaseliabilityat1January2020 222 193
Cashpaymentsfortheprincipalportionoftheleaseliability (37 314)
Cashpaymentsfortheinterestportionoftheleaseliability (8 071)
Interestexpenseonleaseliabilities 8 071
Additionsandremeasurements (17 629)
Lease liability at 31 December 2020 167 249
Allnancialleaseisleasedfromexternalparty.
Summary of sublease receivable
NOK thousand
2021
Subleasereceivableat01.01 149 068
Newsubleaseagreements/changeofestimates 158 377
Repaymentofsubleasereceivable (33 860)
Sub lease receivable at 31.12 273 585
Noncurrentsubleasereceivable 244 704
Currentsubleasereceivable 28 881
Total nancial sub lease receivable at 31.12 273 585
2020
Subleasereceivableat01.01 200 482
Newsubleaseagreements/changeofestimates (17 765)
Repaymentofsubleasereceivable (33 649)
Sub lease receivable at 31.12 149 068
Noncurrentsubleasereceivable 114 031
Currentsubleasereceivable 35 037
Total nancial sub lease receivable at 31.12 149 068
PropertyincludingparkingplacesaresubleasedtothesubsidiaryWilServicein2021and2020.
Note 4 Right-of-use assets and lease liabilities
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 81
Cont. note 4 Right-of-use assets and lease liabilities
Summary of right-of-use assets not subleased to subsidiary
NOK thousand
2021 Note Property
Right-of-useassetsat01.01 25 196
Additionsandremeasurements 20 580
Right-of-use assets cost at 31.12 45 776
Accumulateddepreciationat01.01 (8 395)
Depreciation (3 241)
Accumulated depreciation at 31.12 3 (11 636)
Carrying amounts at 31.12 34 140
2020
Right-of-useassetsat01.01 25 045
Additionsandremeasurements 151
Right-of-use assets cost at 31.12 25 196
Accumulateddepreciationat01.01 (4 174)
Depreciation (4 200)
Additions/changeofestimates (20)
Accumulated depreciation at 31.12 3 (8 395)
Carrying amounts at 31.12 16 802
During2021theleaseagreementforthecompanyandthegroup’sheadquarteratStrandveien20wasextendeduntiltheendof2031.
Thecompanyhasnootherleasecontracts.
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 82
NOK thousand 2021 2020
Allocation of tax income
Payabletax/withholdingtax (614)
Changeindeferredtax 11 741 (22 599)
Total tax income/(expenses) 11 741 (23 212)
Basis for tax computation
Protbeforetax 682 289 211 369
22%tax 150 104 46 501
Tax eect from
Netpermanentdierences (161 845) (63 903)
Withholdingtax 614
Impairmentofdeferredtaxasset 40 000
Current year calculated tax (11 429) 23 212
Eectivetaxrate neg. 11%
Deferred tax asset
Tax eect of temporary dierences
Fixtures 1 458 1 248
Currentassetsandliabilities 2 023 (10 641)
Noncurrentliabilitiesandprovisionsforliabilities 15 449 13 521
Taxlossescarriedforward 42 901 45 514
Deferred tax asset 61 830 49 643
Deferredtaxassetat01.01 49 643 68 198
Taxeectofgroupcontribution (399)
Chargetoequity(taxofOCI) 846 4 044
Changeofdeferredtaxthroughincomestatement 11 741 (22 599)
Deferred tax asset at 31.12 61 830 49 643
NOK thousand Business oce country
Voting share/
ownership share
2021
Book value
2020
Book value
Associate
WalleniusWilhelmsenASA Lysaker,Norway 37.8% 1 130 964 1 130 964
Subsidiaries
TreasureASA* Lysaker,Norway 74.8% 1 043 967 1 043 967
WilhelmsenNewEnergyAS Lysaker,Norway 100% 1 728 714 1 405 014
WilhelmsenMaritimeServicesAS Lysaker,Norway 100% 1 264 440 1 264 440
WilNorGovernmentalServicesAS Lysaker,Norway 51% 9 499 9 499
WilhelmsenAccountingServicesAS Lysaker,Norway 100% 3 622 3 622
WilServiceAS Lysaker,Norway 100% 1 550 1 550
Wilh.WilhelmsenInvestAS Lysaker,Norway 100% 23
WilhelmsenGRCSdnBhd KualaLumpur,Malaysia 100% 8 8
Total investments in subsidiaries and associates 5 182 787 4 859 064
*At31.12.2021TreasureASAhad6000000ownshares(31.12.2020:3965000ownshares).
Note 5 Tax
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.
Note 6 Investments in subsidiaries and associates
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 83
Note 7 Combined items, balance sheet
Note 8 Current financial investments
NOK thousand Note 2021 2020
OTHER CURRENT ASSETS
Cashpoolintercompanyreceivables 9/14 39 298 30 944
Othercurrentassets 9 163 9 893
Restrictedbankdeposits 9 13 013 18 315
Total other current assets 61 475 59 152
OTHER NON CURRENT LIABILITIES
Allocationofcommitment 890
Total other non current liabilities 0 890
OTHER CURRENT LIABILITIES
Nextyear'sinstalmentoninterest-bearingdebt 12/13 200 000
Proposeddividend 178 320 222 900
Cashpoolintercompanypayables 9/14 54 616 28 274
Othercurrentliabilities 75 431 70 282
Total other current liabilities 508 366 321 455
Thefairvalueofcurrentreceivablesandpayablesisvirtuallythesameasthecarriedamount,sincetheeectofdiscountingisinsignicant.
Lendingisatoatingratesofinterest.Fairvalueisvirtuallyidenticalwiththecarriedamount.Seenote13.
NOK thousand 2021 2020
Market value asset management portfolio
Equities 678 799 613 060
Bonds 509 680 406 196
Othernancialderivatives 755 35 744
Total current nancial investments 1 189 234 1 055 001
Thefairvalueofallequitysecurities,bondsandothernancialassetsisbasedontheirclosingpricesinanactivemarket.
Thenetunrealisedgainat31.12 118 052 119 044
Theportfolioofnancialinvestmentsisheldascollateralwithinasecurities’nancefacility.Seenote12.
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 84
NOK thousand 2021 2020
Undrawn committed drawing rights
Undrawncommitteddrawingrightsfor31December 1 039 424 1 156 906
2021 2020
Cash and cash equivalents
Banks 158 012 108 481
Total Cash and cash equivalents 158 012 108 481
2021 2020
Restricted bank deposits
Banks 13 013 18 315
Total restricted bank deposits 13 013 18 315
WWHASAistheownerofthecashpoolwiththeNorweigiansubsidiariesas
participants.Bankbalancesinsubsidiariesarepresentedasintercompany
receivables/payablesintheparentnancialstatements.Thecashpoolcovers
followingcurrencies;NOK,USD,EUR,SEK,GBP,JPY,AUDandDKK.Thereareno
creditlinerelatedtothecashpool.
Theparentcompanyhasabankguaranteeforthepayrolltax.Per31December2021
theguaranteeamountedtoNOK7million(31December2020NOK7million).
Note 9 Restricted bank deposits and undrawn committed drawing rights
Note 10 Equity
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%
ParetoAksjeNorgeVerdipapirfond 1 126 710 649 794 1 776 504 3.98% 3.31%
VerdipapirfondetNordeaNorgeVerdi 343 545 1 193 601 1 537 146 3.45% 1.01%
CitibankEuropeplc Nominee 886 979 487 517 1 374 496 3.08% 2.61%
CitibankEuropeplc Nominee 690 162 377 666 1 067 828 2.40% 2.03%
J.P.MorganBankLuxembourgS.A. Nominee 314 898 622 873 937 771 2.10% 0.93%
TheBankofNewYorkMellon Nominee 390 520 385 227 775 747 1.74% 1.15%
VJInvestAS 106 029 505 932 611 961 1.37% 0.31%
StiftelsenTomWilhelmsen 370 400 236 000 606 400 1.36% 1.09%
SkagenVekstVerdipapirfond 600 000 600 000 1.35% 1.76%
ForsvaretsPersonellservice 586 000 586 000 1.31% 1.72%
Folketrygdfondet 345 191 201 552 546 743 1.23% 1.02%
J.P.MorganBankLuxembourgS.A. Nominee 126 875 415 630 542 505 1.22% 0.37%
VarnerEquitiesAS 69 169 300 247 369 416 0.83% 0.20%
MPPensjonPK 74 965 276 636 351 601 0.79% 0.22%
HolmenSpesialfond 339 543 339 543 0.76% 1.00%
ClearstreamBankingS.A. Nominee 326 175 3 622 329 797 0.74% 0.96%
RBCInvestorServicesBankS.A. Nominee 319 329 319 329 0.72% 0.94%
IntertradeShippingAS 10 000 305 000 315 000 0.71% 0.03%
SaltValueAS 186 532 123 673 310 205 0.70% 0.55%
Other 6 002 248 2 213 986 8 216 234 18.43% 17.65%
Total number of shares 34 000 000 10 580 000 44 580 000 100% 100%
The largest shareholders at 31 December 2021
Shares on foreigners hands
At31December2021,4907784(14.43%)Asharesand3109739(29.39%)Bshareswasheldbyforeignshareholders.
Correspondingguresat31December2020were4336816(12.56%)Asharesand2736738(23.29%)Bshares.
FINANCIAL REPORTING PRINCIPLES

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.

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 nancial income and current asset in the
nancial statement at 31 December current year.
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 85
Note 11 Pension
Cont. note 10 Equity
SHARES OWNED OR CONTROLLED BY REPRESENTATIVES OF WILH. WILHELMSEN HOLDING ASA AT 31 DECEMBER 2021
Name A shares B shares Total Part of total shares Part of voting stock
Board of directors
CarlE.Steen(chair) 8 000 8 000 0.02% 0.02%
TrondØ.Westlie 0.00% 0.00%
RebekkaGlasserHerlofsen 0.00% 0.00%
KarinUlrikaLaurin 0.00% 0.00%
MortenBorge
Senior executives
ThomasWilhelmsen-groupCEO 20 834 524 2 288 210 23 122 734 51.87% 61.28%
ChristianBerg-groupCFO 516 516 0.00% 0.00%
Nomination committee
GunnarFredrikSelvaag 0.00% 0.00%
JanGunnarHartvig 0.00% 0.00%
SilvijaSeres 0.00% 0.00%
Description of the pension scheme
Thecompany’sdenedcontributionpensionschemesforNorwegianemployeesare
withnancialinstitute,similarsolutionswithdierent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nancedfrom
operation.Inadditionthecompanyhasagreementsonearlyretirement.This
obligationsaremainlynancedfromoperations.Thecompanyhasobligationtowards
oneemployeeinthecompany’sseniorexecutivemanagement.Theobligationis
mainlycoveredviagroupannuitypoliciesinStorebrand.
Pensioncostsandobligationsincludespayrolltaxes.Noprovisionhasbeenmadefor
payrolltaxinpensionplanswheretheplanassetsexceedtheplanobligations.
Theliabilityrecognisedinthebalancesheetinrespectoftheremainingdened
benetpensionplansisthepresentvalueofthedenedbenetobligationatthe
endofthereportingperiodlessthefairvalueofplanassets.Thedenedbenet
obligationsarecalculatedannuallybyindependentactuariesusingtheprojectedunit
creditmethod.Thepresentvalueofthedenedbenetobligationisdeterminedby
discountingtheestimatedfuturecashoutowsusinginterestratesofhigh-quality
corporatebondsthataredenominatedinthecurrencyinwhichthebenets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.
Funded Unfunded
Number of people covered by pension schemes at 31.12 2021 2020 2021 2020
Inemployment 1 1 1 1
Onretirement(inclusivedisabilitypensions) 5 5
Total number of people covered by pension schemes 1 1 6 6
Expenses Commitments
Financial assumptions for the pension calculations: 2021 2020 31.12.2021 31.12.2020
Discountrate 1.60% 2.30% 1.80% 1.60%
Anticipatedpayregulation 1.75% 2.00% 2.25% 1.75%
AnticipatedincreaseinNationalInsurancebaseamount(G) 1.75% 2.00% 2.25% 1.75%
Anticipatedregulationofpensions 0.10% 0.10% 0.10% 0.10%
Anticipatedpayregulationarebusinesssectorspecic,inuenced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dierence
betweenreturnonassetsandthehurdlerate.
Actuarialassumptions:allcalculationsarecalculatedonthebasisoftheK2013
mortalitytari.ThedisabilitytariisbasedontheKUtable.
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 86
Cont. note 11 Pension
NOK thousand 2021 2020
Funded Unfunded Total Funded Unfunded Total
Pension expenses
Servicecost 2 276 59 2 335 1 897 57 1 954
Netinterestcost 205 771 976 203 784 987
Costofdenedcontributionplan 5 800 5 800 4 691 4 691
Net pension expenses 8 281 830 9 111 6 791 841 7 632
NOK thousand 2021 2020
Remeasurements - Other comprehensive income
Eectofchangesinnancialassumptions (809) 8 378
Eectofexperienceadjustments 4 725 10 278
(Return)onplanassets(excludinginterestincome) (70) (276)
Gross remeasurement (gain) loss included in OCI 3 846 18 380
Taxeect 846 4 044
Remeasurement (gain) loss recognised in OCI - net of tax 3 000 14 336
Pension obligations
Denedbenetobligationatendofprioryear 82 613 63 960
Servicecost 2 105 1 804
Interestexpense 1 250 1 328
Benetpaymentsfromplan (1 463) (3 135)
Eectofchangesinnancialassumptions (809) 8 378
Eectofexperienceadjustments 4 725 10 278
Pension obligations at 31.12 88 421 82 613
Fair value of plan assets
Fairvalueofplanassetsatendofprioryear 16 200 13 922
Interestincome 274 422
Employercontributions 1 886 1 811
Administrativeexpensespaidfromplanassets (282) (231)
Returnonplanassets(excludinginterestincome) 122 276
Gross pension assets at 31.12 18 200 16 200
Other comprehensive income
Grosspensionothercomprehensiveincome 3 794 18 380
Taxeect (835) (4 044)
Net equity eect 2 959 14 336
Specication of funded and unfunded obligation
Denedbenetobligationfunded 32 669 29 927
Denedbenetobligationunfunded 55 752 52 686
Fairvalueofplanassets 18 200 16 200
Net liability 70 221 66 413
Premiumpaymentsin2022areexpectedtobeNOK8.5million(2021:NOK8.9million).PaymentsfromoperationsareestimatedatNOK1.7million(2021:NOK2.3million).
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 87
Note 12 Interest-bearing debt
NOK thousand 2021 2020
Interest-bearing debt
Bankloan 200 000
Total interest-bearing debt 200 000 0
Repayment schedule for interest-bearing debt
Dueinyear1 200 000
Total interest-bearing debt 200 000 0
Held as collateral within a securities’ nance facility
Theportfolioofnancialinvestments 1 188 479 1 019 256
Theparentcompanyhadinadditionundrawnrevolvingfacilitiesat31December
2021.Theparentcompany’snancingarrangementprovidesforcustomarynancial
covenantsrelatedtominimumliquidity,andminimumvalueadjustedequityratio.The
companywasincompliancewiththesecovenantsat31December2021(analougue
for31December2020).
FINANCIAL RISK
Seenote13totheparentaccountsandnote19tothegroupaccountsforfurther
informationonnancialrisk,andnote18tothegroupaccountsconcerningthefair
valueofinterest-bearingdebt.
CREDIT RISK
Guarantees
Thegroup’spolicyisthattheparentcompanywillnotprovideanynancial
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sucient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signicant
liquidassetsinadditiontoundrawncreditfacilities.
FAIR VALUE ESTIMATION
Thefairvalueofnancialinstrumentstradedinanactivemarketisbasedon
quotedmarketpricesonthebalancesheetdate.Thefairvalueofnancial
instrumentsnottradedinanactivemarket(over-the-countercontracts)arebased
onthirdpartyquotes.Specicvaluationtechniquesusedtovaluenancial
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ows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nancialliabilitiesfor
disclosurepurposesisestimatedbydiscountingthefuturecontractualcashows
atthecurrentmarketinterestratethatisavailabletothecompanyforsimilar
nancialinstruments.
Note 13 Financial risk
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 88
Thefairvalueofnancial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nancial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specicestimates.These
instrumentsareincludedinlevel2.Instrumentsincludedinlevel2areFXandIR
derivatives.
Ifoneormoreofsignicantvaluationinputsisnotbasedonobservablemarketdata,
theinstrumentsareincludedinlevel3.
NOK thousand
2021 Fair value Carrying amount
Interest-bearing debt
Bankloan 200 000 200 000
Total interest-bearing debt at 31.12 200 000 200 000
2020
Interest-bearing debt
Bankloan
Total interest-bearing debt at 31.12 0 0
Total nancial instruments and short term nancial investments
NOK thousand
2021 Level 1 Level 2 Level 3 Total balance
Financial assets to fair value through income statement
–Bonds 509 680 509 680
–Equities 678 799 678 799
–Financialderivatives 755 755
Total assets at 31.12 1 188 479 755 0 1 189 234
2020
Financial assets at fair value through income statement
–Bonds 406 196 406 196
–Equities 613 060 613 060
–Financialderivatives 35 744 35 744
Total assets at 31.12 1 019 256 35 744 0 1 055 001
Cont. note 13 Financial risk
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 89
Financial instruments by category
NOK thousand
Financial assets at
amortised cost
Fair value through
income statement Total
2021
Note
Assets
Subleasereceivablenoncurrent 4 244 704 244 704
Othernoncurrentassets 14 34 259 34 259
Currentnancialinvestments 8 1 188 479 1 188 479
Financialderivatives 8 755 755
Subleasereceivable 4 28 881 28 881
Othercurrentassets 7 79 874 79 874
Cashandcashequivalent 158 012 158 012
Assets at 31.12.2021 545 730 1 189 234 1 734 964
Other nancial
liabilities at
amortised cost
Fair value through
income statement TotalNote
Liabilities
Propertyleaseliabilitiesnoncurrent 4 278 275 278 275
Currentinterest-bearingdebt 7 200 000 200 000
Currentportionofpropertyleaseliabilities 4 31 221 31 221
Othercurrentliabilities 7 263 786 263 786
Liabilities at 31.12.2021 773 281 0 773 281
Other nancial
liabilities at
amortised cost
Fair value through
income statement Total
2020
Note
Assets
Subleasereceivablenoncurrent 4 114 031 114 031
Currentnancialinvestments 8 1 019 256 1 019 256
Financialderivatives 8 35 744 35 744
Subleasereceivable 4 35 037 35 037
Othercurrentassets 7 63 840 63 840
Cashandcashequivalent 108 481 108 481
Assets at 31.12.2020 321 390 1 055 001 1 376 390
Other nancial
liabilities at
amortised cost
Fair value through
income statement TotalNote
Liabilities
Propertyleaseliabilitiesnoncurrent 4 128 216 128 216
Currentportionofpropertyleaseliabilities 4 39 033 39 033
Othercurrentliabilities 7 321 455 321 455
Liabilities at 31.12.2020 488 705 0 488 705
Seenote19tothegroupnancialstatementforfurtherinformationaboutthegroupriskfactors.
Cont. note 13 Financial risk
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 90
Shares owned or controlled by related party of Wilh. Wilhelmsen Holding ASA at 31 December 2021
Name A shares B shares Total
Part of
total shares
Part of
voting stock
FamilyThomasWilhelmsen 20 834 524 2 288 210 23 122 734 51.87% 61.28%
NOK thousand 2021 2020
KEY MANAGEMENT PERSONNEL
Short-termemployeebenets 26 429 23 644
Key management personnel compensation 26 429 23 644
Detailedremunerationdisclosuresareprovidedintheremunerationreport.
NOK thousand Note 2021 2020
OPERATING REVENUE FROM GROUP COMPANIES
WAWIgroup 4 443 4 426
MaritimeServices 14 336 16 105
OtherStrategicHoldingsandInvestments 4 467 5 866
NewEnergy 635 150
Operating revenue from group companies 1 23 880 26 548
OPERATING EXPENSES TO GROUP COMPANIES
MaritimeServices (5 910) (1 803)
StrategicHoldingsandInvestments (6 894) (11 845)
Operating expenses to group companies 1 (12 804) (13 648)
FINANCIAL INCOME FROM GROUP COMPANIES
MaritimeServices 380 722 16
StrategicHoldingsandInvestments 255 995 180 424
Financial income from group companies 1 636 717 180 439
FINANCIAL EXPENSES TO GROUP COMPANIES
MaritimeServices (1)
StrategicHoldingsandInvestments (2 471) (3 014)
Financial expenses to group companies 1 (2 471) (3 016)
ACCOUNT RECEIVABLES AND ACCOUNT PAYABLES WITH GROUP COMPANIES
Account receivables
MaritimeServices 5 155 2 033
StrategicHoldingsandInvestments 1 385 2
Account receivables from group companies 7 6 540 2 036
Account payables
MaritimeServices (1 396) (204)
StrategicHoldingsandInvestments (80) (171)
Account payables to group companies 7 (1 476) (375)
TheultimateownerofthegroupWilh.WilhelmsenHoldingASAisTallymanAS,whichholdsabout61%ofvotingsharesofthecompany.
TallymanASiscontrolledbyThomasWilhelmsen.
WWHASAdeliversservicestoothergroupcompanies,primarilyhumanresources,
communicationandtreasury(“SharedServices”).
Inaccordancewithservicelevelagreements,WilServiceASdeliversin-house
servicessuchascanteen,post,switchboardandrentofocefacilities,Wilhelmsen
GlobalBusinessServicesdeliversaccountingservicesandITtoWWH.Generally,
SharedServicesarepricedusingacostplus5%margincalculation,inaccordance
withtheprinciplessetoutintheOECDTransferPricingGuidelinesandaredelivered
accordingtoagreementsthatarerenewedannually.
Note 14 Related party transaction
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 91
NOK thousand Note 2021 2020
Cash pool receivables
StrategicHoldingsandInvestments 39 298 30 944
Cash pool receivables from group company 9 39 298 30 944
Cash pool payables
MaritimeServices (11 276) (15 407)
StrategicHoldingsandInvestments (43 340) (12 867)
Cash pool payables to group company 9 (54 616) (28 274)
NON CURRENT LOAN TO GROUP COMPANIES
StrategicHoldingsandInvestments 7 34 259
Non current loan to group companies 34 259 0
NON CURRENT SUBLEASE TO GROUP COMPANIES
StrategicHoldingsandInvestments-WilserviceAS 4 244 704 114 031
Non current sublease to group companies 244 704 114 031
CURRENT SUBLEASE TO GROUP COMPANIES
StrategicHoldingsandInvestments-WilserviceAS 4 28 881 35 037
Current sublease to group companies 28 881 35 037
Nomaterialeventsoccurredbetweenthebalancesheetdateandthedatewhentheaccountswerepresentedwhichprovidenewinformationaboutconditionsprevailing
onthebalancesheetdate.
Cont. note 14 Related party transaction
Note 15 Events after the balance sheet date
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 92
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 2021, the income statement,
comprehensive income and cash flow statement for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and
• The consolidated financial statements of Wilh. Wilhelmsen Holding ASA and its subsidiaries
(the Group), which comprise the balance sheet as at 31 December 2021, the income statement,
comprehensive income, consolidated statement of changes in equity and cash flow statement
for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion:
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2021, and its financial performance and its cash flows for the year then ended in
accordance with simplified application of international accounting standards according to
section 3-9 of the Norwegian Accounting Act, and
• the financial statements give a true and fair view of the financial position of the Group as at 31
December 2021, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by laws and regulations and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in
Auditor’s report
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 93
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
(2)
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 12 years from the election by the general meeting of the
shareholders on 25 February 2010 for the accounting year 2010.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. The Groups business operations, who continue to
evolve due to ongoing improvement projects, are largely the same as last year. We have not identified
regulatory changes, transactions or other events that qualified as new Key Audit Matters for this year’s
audit.
Key Audit Matter How our audit addressed the Key Audit Matter
Revenue from contracts with customers
This has been an area of focus for the
audit due to the amounts involved.
Revenue from contracts with customers
in the Maritime Services and New Energy
segments was USD 555 million and USD
310 million respectively for the year
ended December 31, 2021.
Further, there is an inherent risk of errors
when a business handles multiple
revenue streams, where each of them
consists of large numbers of transactions
that adds up to material amounts. The
inherent risk of errors increases from the
complexity that sometimes accompany
the requirements for management to use
judgement, particularly to determine the
transaction price and to decide when
performance obligations are satisfied.
We refer to note 3 Revenue, where
management explain the various revenue
streams and how they are accounted for
under IFRS 15 - Revenue from contracts
with customers and IFRS 16 - Leases.
Here, management also explains the
different performance obligations,
measurement of the transaction price and
We obtained and studied managements’ accounting
policy to assess it against relevant IFRSs. We discussed
with management how the specific requirements of the
standards, in particular IFRS 15 – Revenue from
contracts with customers, were met. We found that we
were able to agree with management about their
accounting policies and that their assessments were
reasonable.
To assess the accuracy of their practices, we tested, on a
sample basis, each revenue stream towards information
such as contract terms, invoices and bank payments.
We found that the revenue was recorded accurate and
in accordance with the underlying documentation.
Further, to assess the determined transaction prices,
we obtained an understanding of the price for services
and products, including discounts and customer bonus
through interviews with management, walkthroughs
and review of process descriptions. In addition, we
obtained and read a selection of customer contracts to
understand whether the determined prices were in
accordance with the contract terms. We found no
significant deviations in management's assessments.
Through interviews with management and review of a
selection of sales documentation such as customer
contracts and invoices, we obtained an understanding
Auditor’s report
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 94
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
(3)
whether income should be recognized net
or gross.
of the assumptions management assessed to decide on
when the performance obligations were satisfied. We
concluded that management’s assumptions were
reasonable.
We compared the related disclosures in note 3 to the
financial statements for the Group to the requirements
of the applicable financial reporting framework, IFRS.
We found that the disclosure appropriately explained
the revenue from contracts with customers and lease
revenue.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report and the other information accompanying the financial statements.
The other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable legal requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with simplified application of international accounting standards according to the
Norwegian Accounting Act section 3-9, and for the preparation and true and fair view of the
consolidated financial statements of the Group in accordance with International Financial Reporting
Standards as adopted by the EU, and for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
Auditor’s report
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 95
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
(4)
concern and using the going concern basis of accounting unless management either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's or the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of
accounting, and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
Auditor’s report
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 96
Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA
(5)
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format
(ESEF)
Opinion
We have performed an assurance engagement to obtain reasonable assurance that the financial
statements with file name Wilhelmsen Holding-2021-12-31-en.zip have been prepared in accordance
with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the
accompanying Regulation on European Single Electronic Format (ESEF).
In our opinion, the financial statements have been prepared, in all material respects, in accordance
with the requirements of ESEF.
Management’s Responsibilities
Management is responsible for preparing, tagging and publishing the financial statements in the single
electronic reporting format required in ESEF. This responsibility comprises an adequate process and
the internal control procedures which management determines is necessary for the preparation,
tagging and publication of the financial statements.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the
ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger
Oslo, 23 March 2022
PricewaterhouseCoopers AS
Thomas Fraurud
State Authorised Public Accountant
Auditor’s report
Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 97
Responsibility statement
Weconrm,tothebestofourknowledge,thatthecondensedsetofnancial
statementsfortheperiod1Januaryto31December2021havebeenpreparedin
accordancewithcurrentapplicableaccountingstandardsandgiveatrueandfair
viewofthegroupassets,liabilities,nancialpositionandprotfortheentityandthe
grouptakenasawhole.
Wealsoconrm,thattheBoardofDirectors’Reportincludesatrueandfairreviewof
thedevelopmentandperformanceofthebusinessandthepositionoftheentityand
thegroup,togetherwithadescriptionoftheprincipalrisksanduncertaintiesfacing
theentityandthegroup.
Lysaker,23March2022
TheboardofdirectorsofWilh.WilhelmsenHoldingASA
Electronicallysigned
CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen
UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO)
Corporate
structure
5
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 98Group — Corporate structure

Despite the challenges posed by the ongoing pandemic, we have consistently
provided safe and secure operations. This is testament to the 15000+ Wilhelmsen
employees onshore and at sea who will always be our most valuable asset.
Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 99Group — Corporate structure
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 100
WWHgroup
StrategicHoldingsandInvestments
At31December2021
Corporate structure
Wallenius
WilhelmsenASA
37.82%
TreasureASA
74.82%
Wilhelmsen
GRCSdn.Bhd.
DenNorske
AmerikalinjeAS
HyundaiGlovisLtd
11.00%
TreasureASA,Norway
74.82%
Norway

Unless otherwise stated, the company is wholly-owned.
* Wilh. Wilhelmsen Holding Invest Malta Ltd is owned by Wilhelmsen New Energy AS
** 51% owned by Wilh Wilhelmsen Holding ASA and 49% of the shares are owned by NorSea Group
Unless otherwise stated, the company is wholly-owned.
WalleniusWilhelmsenASA,
Norway37.82%
MaritimeServicesSegment
WilhelmsenMaritimeServicesAS,
Norway
WilhelmsenNewEnergyAS,
Norway
NewEnergySegment
WilNorGovernmental
ServicesAS
100% **
WGSPropertiesAS
OlavsvernGroupAS
66%
WilServiceAS,
Norway
WGSSolutionAS
Wilh.WilhelmsenHoldingInvestMaltaLtd*
WilhelmsenAccounting
ServicesAS,
Norway
Wilh.Wilhelmsen
InvestAS
Forgroupcompanylistsortedbybusinessareaseebelowlist.
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 101
 From left: Bjørge Grimholt (Executive vice president Maritime Services), Jan Eyvin Wang (Executive vice president New Energy),
Thomas Wilhelmsen (group CEO), Benedicte Teigen Gude (Executive vice president HR, culture, and communication) and Christian Berg (group CFO).
Maritimeservices
WilhelmsenInsuranceServicesAS
DenholmPortServicesLtd
40%

Unless otherwise stated, the company is wholly-owned.
Business area Legal entity
WilhelmsenShipManagement
WilhelmsenShipManagement
HoldingASNorway
WilhelmsenShipsService
WilhelmsenShipsServiceAS,
Norway
Forgroupcompanylistsortedbybusinessareaseebelowlist.
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 102
Maritimeservices
Company name Country Ownership %
Wilhelmsen Maritime Services
WilhelmsenInsuranceServicesAS Norway 100.00%
Wilhelmsen Ship Management
WilhelmsenShipManagementServiçosMarítimosdoBrasilLtda Brazil 100.00%
WilhelmsenMarinePersonneld.o.o. Croatia 100.00%
DianaWilhelmsenManagementLimited Cyprus 50.00%
WilhelmsenAhrenkielGmbH Germany 50.00%
VerwaltungWilhelmsenAhrenkielGmbH Germany 50.00%
BWWLPGLimited HongKong 49.00%
Barklav(HongKong)Limited HongKong 50.00%
WilhelmsenMarinePersonnel(HongKong)Ltd HongKong 100.00%
WilhelmsenShipManagementLimited HongKong 100.00%
WSMGlobalServicesLimited HongKong 100.00%
WilhelmsenShipManagement(India)PrivateLimited India 100.00%
BWWLPGSdnBhd(inliquidation) Malaysia 49.00%
WilhelmsenShipManagementSdnBhd Malaysia 100.00%
WilhelmsenShipManagementServicesSdnBhd(inliquidation) Malaysia 100.00%
WilhelmsenAhrenkielNetherland Netherland 50.00%
WilhelmsenMarinePersonnel(Norway)AS Norway 100.00%
WilhelmsenShipManagement(Norway)AS Norway 100.00%
OOPS(Panama)SA Panama 100.00%
Wilhelmsen-SmithBellManningInc Philippines 25.00% *
WilhelmsenMarinePersonnelSpz.o.o. Poland 100.00%
WilhelmsenShipManagementKoreaLtd RepublicofKorea 100.00%
BarklavSRL Romania 50.00%
WilhelmsenMarinePersonnelNovorossiyskLtd Russia 100.00%
WilhelmsenShipManagementSingaporePteLtd Singapore 100.00%
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ShipManagementUKLimited UnitedKingdom 100.00%
WilhelmsenMarinePersonnel(Ukraine)Ltd Ukraine 100.00%
WilhelmsenShipManagement(USA)Inc UnitedStates 100.00%
Wilhelmsen Ships Service
WilhelmsenShipsServiceAlgeriaSPA Algeria 49.00% *
WilhelmsenShipsServiceArgentinaSA Argentina 100.00%
HunterMarineHoldingsPtyLtd Australia 60.00%
CargomaxPtyLtd Australia 60.00%
HunterMarineSurveyorsPtyLtd Australia 60.00%
WilhelmsenShipsServicePtyLimited Australia 100.00%
WilhelmsenMarineProductsPtyLtd Australia 100.00%
WLBShippingPtyLtd Australia 100.00%
WWHIPropertyAustraliaPtyLtd Australia 100.00%
AlmoayedWilhelmsenLtd Bahrain 40.00% *
WilhelmsenShipsServiceNV Belgium 100.00%
WilhelmsenShipsServicedoBrasilLtda Brazil 100.00%
WilhelmsenPortServicesBrasilLtda Brazil 100.00%
WilhelmsenShipsServiceLtd Bulgaria 100.00%
WilhelmsenShipsServiceInc Canada 100.00%
WilhelmsenShipsServiceAgenciaMaritimaSA Chile 100.00%
WilhelmsenShipsService(Chile)S.A. Chile 100.00%
WilhelmsenHuayangShipsService(Beijing)CoLtd China 50.00%
WilhelmsenHuayangShipsService(Shanghai)CoLtd China 49.00% *
WilhelmsenShipsServiceCoLtd China 100.00%
WilhelmsenShipsServiceColombiaSAS Colombia 100.00%
WilhelmsenShipsServiceCoted'IvoireSARL Coted'Ivoire 100.00%
WilhelmsenShipsServiceCyprusLtd Cyprus 100.00%
WilhelmsenShipsServiceA/S Denmark 100.00%
WilhelmsenShipsServiceEcuadorSA Ecuador 100.00%
BarwilArabiaShippingAgenciesSAE Egypt 35.00%
BarwilEgytransShippingAgenciesSAE Egypt 49.00% *
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 103
cont.Maritimeservices
Company name Country Ownership %
Wilhelmsen Ships Service
ScanArabiaShippingAgenciesSAE Egypt 49.00% *
WilhelmsenShipsServiceLLC(Egypt) Egypt 100.00%
WilhelmsenShipsServiceOyAb Finland 100.00%
AuxiliaireMaritimeSAS France 100.00%
WilhelmsenShipsServiceFranceSAS France 100.00%
WilhelmsenMarineProductsFranceSAS France 100.00%
WilhelmsenShipsServiceGeorgiaLtd Georgia 50.00%
BarwilAgenciesGmbH Germany 100.00%
WilhelmsenShipsServiceGmbH Germany 100.00%
WilhelmsenShipsService(Gibraltar)Limited Gibraltar 100.00%
Wiltrans(Gilbraltar)Limited Gibraltar 100.00%
WilhelmsenShipsServiceHellasSA Greece 100.00%
WilhelmsenShipsAgencyHellasSMS.A Greece 100.00%
WilhelmsenShipsServiceLimited HongKong 100.00%
WilhelmsenMaritimeServicesPrivateLimited India 100.00%
BarwilForMaritimeServicesCoLtd Iraq 100.00%
Iraqi-NorwegianCompanyForMarineNavigationandMaritimeServicesLtd Iraq 100.00%
WilhelmsenShipsServiceSpA Italy 100.00%
WilhelmsenShipsService(Japan)PteLtd-LegalBranch Japan 100.00%
WilhelmsenShipsServiceCoLtd Japan 100.00%
WilhelmsenShipsServiceLtd Kenya 100.00%
AlghanimBarwilShippingCo-KutaybaYusufAhmed&PartnersWLL Kuwait 49.00%
WilhelmsenShipsServiceLebanonSAL Lebanon 49.00%
WilhelmsenFreight&LogisticsSdnBhd Malaysia 100.00%
WilhelmsenITServicesSdnBhd Malaysia 100.00%
WilhelmsenShipsServiceHoldingsSdnBhd Malaysia 100.00%
WilhelmsenShipsServiceMalaysiaSdnBhd Malaysia 100.00%
WilhelmsenShipsServiceTradingSdnBhd Malaysia 100.00%
WSSGlobalBusinessServicesSdnBhd Malaysia 100.00%
WilhelmsenShipsServiceMaltaLimited Malta 100.00%
UnitordeMexico,SAdeCV Mexico 100.00%
WilhelmsenShipsService(Mozambique),Limitada Mozambique 100.00%
WilhelmsenShipsService(Myanmar)Limited Myanmar 100.00%
WilhelmsenShipsServiceBV Netherlands 100.00%
WilhelmsenPortServicesB.V. Netherlands 100.00%
UnitorShipsServiceNVNetherlandAnthilles NetherlandsAntilles 100.00%
WilhelmsenShipsServiceLimited NewZealand 100.00%
WilhelmsenPortServicesLimited NewZealand 100.00%
BarwilAgenciesAS Norway 100.00%
WilhelmsenChemicalsAS Norway 100.00%
WilhelmsenGlobalBusinessServicesAS Norway 100.00%
WilhelmsenShipsServiceAS Norway 100.00%
WilhelmsenTowellCoLLC Oman 60.00%
WilhelmsenShipsService(Private)Limited Pakistan 49.00% *
BarwilAgenciesSA Panama 100.00%
IntertransportAirLogisticsSA Panama 100.00%
LowillSA Panama 100.00%
ScanCargoServicesSA Panama 100.00%
TranscanalAgencySA Panama 100.00%
WilhelmsenShipsServiceSA Panama 100.00%
Wilhelmsen-SmithBell(Subic)Inc Philippines 25.00%
Wilhelmsen-SmithBellShippingInc Philippines 25.00% *
WilhelmsenShipsServicePhilippinesInc Philippines 25.00%
WilhelmsenShipsServicePolskaSpz.o.o. Poland 100.00%
WilhelmsenBusinessServicesCenterSp.z.o.o. Poland 100.00%
Argomar-NavegcaoeTransportesSA Portugal 100.00%
WilhelmsenShipsServicePortugal,S.A Portugal 100.00%
PerezTorresPortugalLda Portugal 50.00%
WilhelmsenShipServicesQatarLtd Qatar 0.00% *
WilhelmsenHyopwoonShipsServiceLtd RepublicofKorea 50.00%
WilhelmsenShipServicesCoLtd RepublicofKorea 100.00%
BarwilStarAgenciesSRL Romania 100.00%
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 104
* Additional prot share agreement
cont.Maritimeservices
Company name Country Ownership %
Wilhelmsen Ships Service
WilhelmsenShipsServiceOOO Russia 100.00%
LimitedLiabilityCompany"WilhelmsenMarineProducts" Russia 100.00%
BarwilAgenciesLtdForShipping SaudiArabia 70.00%
BinzagrBarwilMaritimeTransportCoLtd SaudiArabia 50.00%
WilhelmsenShipsServiceSenegalSUARL Senegal 100.00%
UnitorCylinderPteLtd Singapore 100.00%
WilhelmsenShipsService(Japan)PteLtd Singapore 100.00%
WilhelmsenShipsService(S)PteLtd Singapore 100.00%
WilhelmsenGlobalHusbandryServicesPteLtd Singapore 100.00%
HavtecPteLtd Singapore 100.00%
WilhelmsenPortServices(S)Pte.Ltd. Singapore 100.00%
TimmSlovakias.r.o Slovakia 100.00%
Barwil(SouthAfrica)PtyLtd SouthAfrica 100.00%
Krew-Barwil(Pty)Ltd SouthAfrica 49.00%
WilhelmsenShipsServices(Pty)Ltd SouthAfrica 100.00%
WilhelmsenShipsServicesSouthAfrica(Pty)Ltd SouthAfrica 70.00%
WilhelmsenShipsServiceCanariasSA Spain 100.00%
WilhelmsenShipsServiceSpainSAU Spain 100.00%
WilhelmsenPortServicesSpainS.L Spain 100.00%
BaasherBarwilAgenciesLtd. Sudan 50.00%
WilhelmsenShipsServiceAB Sweden 100.00%
WilhelmsenShipsServiceInc Taiwan 100.00%
WilhelmsenShipServicesLtd Tanzania 100.00%
WilhelmsenShipsService(Thailand)Ltd Thailand 49.00% *
WilhelmsenDenizcilikHizmetleriLtdSirketi Tur key 100.00%
WilhelmsenLojistickHizmetleriLtdSirketi Turkey 100.00%
WilhelmsenShipsServiceUkraineLtd Ukraine 100.00%
BarwilDubaiLLC UnitedArabEmirates 49.00% *
WilhelmsenShipServicesLLC UnitedArabEmirates 42.50%
TriangleShippingAgenciesLLC UnitedArabEmirates 49.00% *
WilhelmsenShipsServiceAS(DubaiBranch) UnitedArabEmirates 100.00%
WilhelmsenMaritimeServicesJAFZA UnitedArabEmirates 100.00%
WilhelmsenShipsServiceLLC-Fujairah UnitedArabEmirates 49.00% *
WilhelmsenPortServicesL.L.C UnitedArabEmirates 100.00%
DenholmWilhelmsenLtd UnitedKingdom 40.00%
WilhelmsenShipsServiceLimited UnitedKingdom 100.00%
WilhelmsenShipsServiceInc UnitedStates 100.00%
UnitorHoldingInc UnitedStates 100.00%
WilhelmsenPortServices,Inc UnitedStates 100.00%
InternationalShippingCoLtd Vietnam 0.00% *
WilhelmsenSunnytransCoLtd Vietnam 49.00% *
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 105
NewEnergy
* NorSea Wind Holding AS is owned 50% by Wilhelmsen Ship Management Holding AS and NorSea Group
NorSeaWindHoldingAS*
RaaLabsAS
MassterlyAS
50%
DolittleAS
45.97%
LokeMarineMineralsAS
18%
IvaldiGroupInc
10%
EddaWindASA
25.66%
WilhelmsenNewEnergyAS

TopekaHoldingAS
TopekaNattrutenAS
NorSeaGroupAS
75.15%
NewEnergy
Company name Country Ownership %
NorSeaGroupAustraliaPTYLtd Australia 100.00%
NorSeaDenmarkA/S Denmark 100.00%
NorSeaDenmarkPropertyA/S Denmark 100.00%
NorSeaWindA/S Denmark 100.00% *
NSGWindA/S Denmark 100.00% *
NorSeaWindGmbH Germany 100.00% *
RaaLabsAS Norway 100.00% **
DolittleAS Norway 45.97% **
MassterlyAS Norway 50.00% **
LokeMarineMineralsAS Norway 18.00% ***
NorSeaPropertyAS Norway 100.00%
NorSeaImpactAS Norway 100.00%
NorSeaIndustrialHoldingAS Norway 100.00%
NorSeaWindHoldingAS Norway 100.00% *
CCBEnergyHoldingAS Norway 50.00%
VestbaseEiendomAS Norway 100.00%
AverøyEiendomAS Norway 100.00%
OrvikanEiendomAS Norway 100.00%
NorSeaFighterAS Norway 100.00%
NorSeaEiendomDusavikAS Norway 100.00%
NorSeaEiendomTanangerAS Norway 100.00%
NorSeaTananger107AS Norway 100.00%
TanangerEiendomAS Norway 100.00%
KoncivAS(tidlNSGDigitalAS) Norway 49.91%
Forgroupcompanylistsortedbybusinessareaseebelowlist.
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 106
cont.NewEnergy
Company name Country Ownership %
MaritimeWasteManagementAS Norway 75.00%
NorSeaNorbaseAS Norway 78.95%
OSExpresseneAS Norway 100.00%
NSGMaritimeAS Norway 78.00%
WestportAS Norway 66.66%
ElevonAS Norway 50.00%
CCBHoldingAS Norway 50.00%
VikanNæringsparkInvestAS Norway 50.00%
DusavikUtviklingAS Norway 43.60%
SørSeaAS Norway 50.00%
PolarliftAS Norway 50.00%
PolarAlgaeAS Norway 40.00%
KSCoastCenterBase Norway 49.75%
RisavikaEiendomAS Norway 42.00%
EldøyaneNæringsparkAS Norway 37.97%
LoVeMiljøbaseAS Norway 33.33%
RisavikaHavnering14AS Norway 100.00%
StrandparkenHoldingAS Norway 33.07%
LogiteamAS Norway 17.00%
CCBSubseaAS Norway 17.00%
HammerfestNæringsinvestAS Norway 32.26%
WindworksJelsaAS Norway 33.33%
NarvikeiendommenAS Norway 49.00%
Norsea123Ltd. Scotland 100.00%
NorSeaUKLtd Scotland 100.00%
EvelonAB Sweden 50.00%
NorSeaWindLtd UnitedKingdom 100.00% *
* Own 50% by Wilhelmsen Ship Management Holding AS and 50% by NorSea group
** Own by Wilhelmsen New Energy AS
*** Own 9% by Wilhelmsen New Enery AS and 9% by NorSea group
Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 107
wilhelmsen.com

Phone: (+47) 67 58 40 00
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54930050TPKOLSE1ZZ712021-01-012021-12-3154930050TPKOLSE1ZZ712020-01-012020-12-3154930050TPKOLSE1ZZ712021-12-3154930050TPKOLSE1ZZ712020-12-3154930050TPKOLSE1ZZ712019-12-3154930050TPKOLSE1ZZ712020-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712019-01-012019-12-31iso4217:USDiso4217:USDxbrli:shares