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"value": "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.",
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"value": "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.GENERAL INFORMATIONWilh. Wilhelmsen Holding ASA (referred to as the parent company) is domiciled in Norway. The consolidated accounts for fiscal year 2022 include the parent company and its subsidiaries (referred to collectively as the group) and the group\u2019s 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 22 March 2023.BASIS OF PREPARATIONCompliance with IFRSThe consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS), as endorsed by the European Union. The separate financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as approved by Ministry of Finance 10 December 2019. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applied. Otherwise, the explanations of the accounting policy for the group also apply to the separate statements, and the notes to the consolidated financial statements will to a large degree also cover the separate statements. Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act related to remuneration to the board and the senior management. The company is a public limited liability company, listed on the Oslo Stock ExchangeCritical accounting estimates and assumptionsWhen preparing the financial statements, the group and the parent company must make assumptions and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors such as interest rates, foreign exchange rates and oil prices which are outside the group\u2019s and parent company\u2019s control. This presents a substantial risk that actual conditions will vary from the estimates.General accounting principle Wilh. Wilhelmsen Holding groupMost statements of financial position items will be affected by uncertainty related to estimates and assumption to a certain degree. The items most affected, and where estimates and assumptions are assessed to have the greatest significance include:\u2022 Deferred tax asset (Note 9)\u2022 Goodwill (Note 7)\u2022 Finance leases (Note 8)\u2022 Loss allowance on accounts receivable (Note 13)\u2022 Provisions and other non-current liabilities (Note 12)Accounting principles applied, estimates and assumptions used by management are presented in the respective notes. The group does face risk as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. Uncertainties and risks relate to both transition risk (market-related, technological, and changes in regulatory requirements), and in physical risk that may affect the group\u2019s assets is an integral part of management\u2019s estimates and judgements across the group. The group has, where assessed relevant, included climate related considerations when assessing critical accounting estimates and assumptions. For consolidated accounts for fiscal year 2022, climate related considerations did not materially affect the group\u2019s estimates and assumptions. Financial reporting principlesThe financial reporting principles are described in the relevant notes in the consolidated financial statements and in the notes in the financial statements of the parent company. The financial reporting principles described in the consolidated financial statements also apply to the financial statements of the parent company, unless otherwise stated.Note 1 Combined items, income statementUSD mill Note 2022 2021OPERATING REVENUEShips Service 2/3 394 348 Port Services 2/3 136 126 Ship Management 2/3 68 54 New Energy 2/3 333 310 Other services 2/3 12 34 Total operating revenue 20 943 873 OTHER INCOMEOther gain/(loss) 15 2 Total other income 15 2 OTHER EXPENSESOffice expenses (14) (14)Communication and IT expenses (36) (33)External services (28) (24)Travel and meeting expenses (8) (4)Marketing expenses (3) (2)Lease expenses 8 (14) (16)Other operating expenses (48) (43)Total other expenses 20 (151) (136)Financial itemsInvestment management 21 Interest income 4 1 Dividend from financial assets 18 16 Other financial items 4 Net financial items 22 42 Financial expensesInvestment management (4)Interest expenses (22) (15)Interest expenses lease liabilities 8 (6) (9)Other financial expenses (4) (6)Net financial expenses (35) (30)Financial - currency gain/(loss)Operating currency - net 10 13 Financial currency - net (8) (12)Derivatives for hedging of cash flow risk - realised (3) 7 Derivatives for hedging of cash flow risk - unrealised (9) (21)Net financial - currency gain/(loss) (9) (13)Financial income/(expenses) (23) (1)Spesification of financial income and expensesNet financial items 22 42 Net operating currency 1 1 Net currency derivatives 10 Financial income 32 42 Net financial - interest expenses (35) (30)Net financial currency (8)Net currency derivatives (11) (14)Financial expenses (55) (43)See note 19 on financial risk and the section of the accounting policies concerning financial derivatives.Note 2 Segment reportingFINANCIAL REPORTING PRINCIPLESThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-makers.The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the board and group management team, consisting of the group chief executive officer (group CEO) and four executive managers.SEGMENTSThe chief operating decision-makers monitor the business by combining entities with similar operational characteristics such as product, services, market and underlying asset base, into operating segments. The Maritime Services segment offers marine products, ship agency services and logistics to the merchant fleet and ship management including manning for all major vessel types, through a worldwide network of 247 offices in 58 countries. The New Energy segment includes the NorSea Group and other New Energy activities. The activity is mainly related to the operation of supply bases for the offshore industry in Norway, as well as real estate development and operation of properties both on and off the supply bases. In addition to the activity in Norway, the segment offers its services in both Denmark and in the UK. The international activity consists of both operation of supply bases, maintenance of rigs and handling of logistics related to international pipeline projects and windmill parks. Other activities within the segment include technical management and crew management for the offshore wind market and digital solutions to the shipping industry. The Strategic Holdings and Investments segment includes the parent company, Wilh. Wilhelmsen Holding ASA, Treasure ASA group, Wilh.Wilhelmsen Holding Invest Malta and other corporate group activities (operational management, legal, finance, portfolio management, communication and human relations) which fail to meet the definition for other core activities.The group\u2019s investment in Wallenius Wilhelmsen ASA (WAWI) is presented as part of Strategic Holdings and Investments as investments in associates. Eliminations are between the group\u2019s three segments mentioned above. The segment income statement are measured in the same way as in the financial statements.The segment information provided to the chief operating decision-makers for the reportable segments for the year ended 31 December 2022 is as follows:Strategic Holdings USD mill Maritime Services New EnergyEliminations Totaland Investments2022 2021 2022 2021 2022 2021 2022 2021 2022 2021INCOME STATEMENTOperating revenue 628 555 310 310 17 17 (12) (9) 943 873 Other gain/(loss) 2 23 (7) 15 2Total income 628 557 333 310 10 17 (12) (9) 958 874Cost of goods and change in inventory (225) (185) (87) (91) (1) (1) (314) (277)Employee benefits (215) (200) (111) (106) (15) (15) (342) (321)Other expenses (93) (83) (60) (53) (9) (9) 12 9 (151) (136)Operating profit/(loss) before depreciation,amortisation and impairment 94 89 75 60 (16) (8) (0) (0) 152 141 Depreciation and impairment (37) (27) (28) (36) (4) (5) (69) (68)Operating profit 57 62 46 24 (20) (13) (0) (0) 83 73 Share of profit/(loss) from associates 7 5 8 10 281 85 296 101 Changes in fair value financial assets 2 (52) (107) (50) (107)Net financial income/(expenses) (20) (19) (16) (18) 13 35 (23) (1)Profit before tax 44 48 40 17 222 0 (0) (0) 306 66 Tax income/(expense) (16) (10) (2) (3) 4 (1) (13) (13)Profit for the period 28 38 38 14 227 (0) (0) (0) 293 53 Non-controlling interests 1 7 7 (10) (27) (3) (20)Profit to the equity holders of the company 28 38 31 8 237 27 (0) (0) 282 72 New Energy; one customer represents about 20% of the total revenue.2022202220212021Total income USD millProfit before tax USD millTotal income USD millProfit before tax USD mill1048172223333106281755744400 Maritime Services New Energy Strategic Holdings and InvestmentsThe amounts provided to the chief operating decision-makers with respect to total assets, liabilities and equity are measured in the same way as in the financial statements.Strategic Holdings USD mill Maritime Services New Energyand Investments Eliminations Total31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21BALANCE SHEETAssetsDeferred tax asset 45 48 7 16 9 61 64 Goodwill and other intangible assets 122 129 6 6 1 129 135 Properties and other tangible assets 155 158 452 367 16 17 623 542 Right of use assets 36 29 49 92 27 34 (9) 102 155 Investments in joint ventures and associates 26 24 171 183 1 146 886 1 342 1 093 Financial assets to fair value 4 609 688 613 688 Other non current assets 8 9 27 23 3 2 (9) (9) 28 25 Current financial investments 104 135 104 135 Other current assets 378 307 80 80 14 7 (10) (14) 463 380 Cash and cash equivalents 131 174 8 7 24 50 163 231 Total assets 901 878 797 765 1 960 1 828 (29) (23) 3 628 3 448 Equity and liabilitiesShareholders' equity 158 185 337 254 1 717 1 570 2 212 2 009 Equity non-controlling interests (2) (1) 3 64 143 158 144 221 Deferred tax 15 11 2 0 17 11 Interest-bearing debt 188 200 317 246 34 27 (1) 538 473 Leasing debt 39 31 58 103 28 35 (10) 116 169 Other non current liabilities 18 25 7 10 16 17 (8) (9) 32 43 Other current liabilities 485 426 73 89 22 21 (10) (14) 570 522 Total equity and liabilities 901 878 797 765 1 960 1 828 (29) (23) 3 628 3 448 Investments in tangible assets 17 11 160 11 1 27 178 49 31.12.2231.12.21Equity controlling interestEquity controlling interest7% 9%15% 13% Maritime Services78% 78% New Energy Strategic Holdings and InvestmentsThe amounts provided to the chief operating decision-makers with respect to cash flows are measured in a manner consistent with that of the balance sheet.Strategic Holdings Maritime Services New Energyand Investments USD mill2022 2021 2022 2021 2022 2021CASH FLOWProfit before tax 44 48 39 17 222 (1)Changes in fair value financial assets 50 107 Share of (profit)/loss from joint ventures and associates (7) (5) (8) (10) (281) (84)Net financial (income)/expenses 20 19 16 18 (12) (35)Depreciation, amortisation and impairment 37 27 28 36 4 5 Change in working capital (63) (10) (7) 2 (8) (13)Other (gain)/loss (2) (23) 7 Net cash provided by operating activities 31 77 45 63 (16) (21)Dividend received from joint ventures and associates5 3 8 9 24 Net sale/(investments) in fixed assets (10) (2) (2) (19) (1) (1)Net sale/(investments) in entities and segments (4) 4 (50) (35) (1) (1)Net investments in financial investments 2 0 2 1 55 18 Net changes in other investments (6) (7) 1 (17) (1)Net cash flow from investing activities (7) (1) (48) (43) 59 15 Net change of debt (22) (10) 13 (7) 6 17 Net change in other financial items (12) (6) (15) (15) (3) 4 Net dividend from other segments/ to shareholders (33) (61) 7 (2) (73) (47)Net cash flow from financing activities (67) (77) 5 (24) (69) (26)Net increase in cash and cash equivalents (43) (1) 1 (5) (26) (32)Cash and cash equivalents at the beginning of the period 174 174 7 12 50 82Cash and cash equivalents at the end of period 130 174 8 7 24 5020222021GEOGRAPHICAL AREASTotal incomeTotal incomeTotal Income3%3%Area income is based on the geographical location of the company and include gains from sale of assets.30%30%Total assets57%59%Area assets are based on the geographical location of the assets. The group\u2019s investment in Hyundai Glovis is classified in the geographical segment Asia & Africa.9%8%Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.20222021Total assetsTotal assets1%1%USD mill23%17%Total income and total assets attributed to Norway 1%as the company\u2019s country of domicile1%75%81%2022 2021Total income attributed to Norway 344 339 Total assets attributed to Norway 3 031 2 853 20222021Investment in tangible assetsInvestment in tangible assets1%14%1%33% Europe63%85% Oceania Asia & Africa2% AmericaNote 3 Revenue from contracts with customersFINANCIAL REPORTING PRINCIPLESRevenue derived from customer contracts in scope of IFRS 15 Revenue from contracts with customers are assessed using the five-step model, where only customer contracts with a firm commitment is used as basis for revenue recognition. Revenue from contracts with customers is recognised upon satisfaction of the performance obligation for the transfer of goods and services in each such contract. The revenue amount recognised is equal to the consideration the group expects to be entitled in exchange for the goods and services.OPERATING REVENUEUSD millStrategic Holdings and InvestmentsRevenue segments Maritime Services New Energy Elimination TotalShip Ships Port Manage- Infra- Shipping/ ServiceServicesment Otherstructuretechnology Wind Other 2022Revenue fromexternal customers 394 136 68 29 270 3 37 17 (12) 943 Total 394 136 68 29 270 3 37 17 (12) 943 Timing of revenue recognition At a point in time 394 26 3 17 (12) 428 Over time 136 68 3 270 37 516 Total 394 136 68 29 270 3 37 17 (12) 943 2021Revenue fromexternal 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 MARITIME SERVICESShip services - Sale of goods The group offers a wide range of products to the maritime industry. The products are delivered to the customer at vessel or warehouse, which is also the point in time where control transfers to the customer and revenue is recognised net of any discounts. Some customers are entitled to retrospective volume discounts based on aggregate sales over a defined period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only reconised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in other current liabilities) is recongised for expected volume discounts payable to customers in relations to sales made until the end of the reporting period. The contracts typically has payment terms of 30 days after delivery, and no significant financing component is identified. Port Services - Sale of servicesThe group offers ships agency and port services coverering 2 200 port locations world wide. The agents facilitates efficent port calls for vessels, by procuring goods and services on behalf of the customers and to assist with required permits and custom declaration assocuated with the port call. Prior to the port call, the customer is required to make available funds for the expected disbursements (pre funding). Following the completion of the services the group prepare a final disbursement account to the customer documenting all disbusement for the port call. The group is only acting as an agent, and control of goods and services transfers directly from the relevant suppliers to the customer. The group does not have inventory risk or the discretion on establishing prices. For the services rendered, the group is entitled to a fee that consist of a payment based on services delivered to customer.Technical / crewing management Wilhelmsen Ship Management (WSM) offers technical management and crew management for all vessel segments. The contract durations follow industry standards, and will usually include an annual compensation payable in monthly arreas, in addition the ship owner is charged a monthly fee per crew onboard the vessel. The ship owner simultaniously receives and consumes the benefits provided by the entity, and hence revenenue is recognised over time. Since WSM has the right to invoice the services delivered at the end of each month, this is also the basis for revenue recognition. The invoices are payable 30 days after the end of each month. Other revenue in the Maritime services segmentThese revenues mainly consist of sale of ropes to non-maritime customers and chemicals for the consumer markets. Most of the sales are to wholesale customers. Revenue is recognised net of any discounts at delivery. Time and place of delivery, and transfer of control, depend on agreed delivery terms but usually when the customer receives the goods. The group also has an insurance agency business where the group is acting as an agent, and is entitled to a defined commission of the insurance premium. The comission is per year and recognised on a straight line basis thorugh the year. NEW ENERGYInfrastructure The New Energy segment, including the NorSea Group operates supply bases and provide integrated logistics solution to the offshore industry. Revenues from external customers come from sale of services to the offshore industry (Operations), from the rental of properties (Property) and from the sale of services to other industries (Other). The duration of the operations contracts varies from 3 to 10 years. The pricing of the contracts are mainly based on delivered quantity via supply bases. The group is a lessor for parts of the properties located on or near the bases. This is typically warehouses and some office facilities. This is ordinary operational lease contracts with a typical duration of 2 to 7 years. For contracts with a duration of more than one year the rent is adjusted annually based on commonly used indexes. Lease revenue is usually recognised on a straight line basis over the lease term.Shipping/technologyThe 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. WindThe group provides technical management and crew management for the offshore wind market. The contracts have a typical duration of five years. The custmers simultaniously receives and consumes the benefits provided by the group, and hence revenenue is recognised over time. The invoices are payable 30 days after the end of each month.STRATEGIC HOLDINGS AND INVESTMENTSThe operation revenue is related to inhouse services to external customers as office rent and canteen services. INFORMATION ABOUT TRANSACTION PRICE ALLOCATED TO UNSATISFIED PERFORMANCE OBLIGATIONS In general the contracts with customers are of a short term nature, except for the framework agreements described under New Energy Infrastructure and Ship Management. For infrastructure the framework agreements can be for a period of up to 10 years, but do not define any minimum volume. For Ship Management contracts the customer can terminate the contract without cause on a 3 months basis. Because of this there is no significant unsatisfied performance obligations as of year end.Note 4 Investments in joint ventures and associatesFINANCIAL REPORTING PRINCIPLESJoint arrangementUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method after initially being recognised at cost in the consolidated balance sheet.AssociatesAssociates are all entities over which the group has significant influence but not control or control jointly. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially being recognised at cost in the consolidated balance sheet.Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted subsequently to recognise the group\u2019s share of the post-acquisition profits after tax of the investee in income statement, and the group\u2019s 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\u2019s 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\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is tested for impairment when impairment indicators are present.When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.INVESTMENTS IN JOINT VENTURES 2022 2021Business office, country Voting share/ownershipNew EnergyCoast Center Base AS Norway50.0% 50.0%KS Coast Center Base Norway 50.0% 50.0%CCB Energy Holding AS Norway 50.0% 50.0%Vikan N\u00e6ringspark Invest AS Norway 50.0%Elevon AS Norway 50.0% 50.0%S\u00f8rSea AS Norway 50.0% 50.0%Polar Lift AS Norway 50.0% 50.0%Maritime ServicesWilhelmsen Ahrenkiel group Germany50.0% 50.0%Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen CCB Energy Holding 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, Holding AS and was established in 2020. It owns shares in companies involved in project and maintenance to the offshore industry in addition to maritime industry. production of hydrogen and climate netural solutions. KS Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen Vikan N\u00e6ringspark AS was in the beginning of 2022 a joint venture between NorSea Holding AS and was established in 1973. It is mainly a property company owning Group and Kristiansund Baseselskap AS. NorSea Group acquired the remaining infrastructure rented out to Coast Center Base AS. shares in the company in March 2022 and it is now a 100% owned subsidiary of NorSea Group.Elevon AS is a joint venture between NorSea Group and Wallenius Wilhelmsen Logistics Abnormal Load Servicee Holding B.V. and P. Schwandner Logistik + Transport GmbH. The company provides logistics services to the wind industry. S\u00f8rSea AS is a joint venture between NorSea Group and R\u00f8si AS/Stangeland Gruppen AS. It owns land in Risavika in Norway. Polar Lift AS is a joint venture between NorSea Group and Havator AS. It rents out cranes and other equipment and is located in Hammerfest, Norway. Wilhelmsen Ahrenkiel group, is a technical container ship management within MPC Capital Group. All companies are private companies and there are no quoted market price available for the shares. There are no contingent liabilities relating to the group\u2019s interest in the joint ventures.USD mill 2022 2021Summarised financial information - according to the group\u2019s ownershipShare of total income 111 83 Share of operating expenses (93) (60)Share of depreciation (6) (7)Share of net financial items (2) (3)Share of tax expense (2) (2)Share of profit for the year 8 11 Share of equity (equity method)Book value 43 68 Excess value (goodwill) 60 61 Investments in Joint Ventures 104 129 USD mill 2022 2021Joint ventures\u2019 assets, equity and liabilities (group\u2019s share of investments)Share of non current assets 87 152 Share of cash and cash equivalents 33 7 Share of current assets 6 25 Total share of assets 126 184 Share of equity 68 67 Share of profit for the period 8 10 Dividend received/repayments of share capital (5) (8)Disposals of net assets (21)Currency translation differences (7) (1)Share of equity at 31.12 44 68 Share of non current financial liabilities 45 83 Share of other non current liabilities 1 2 Share of current financial liabilities 3 1 Share of other current liabilities 35 29 Total share of liabilities 83 116 Total share of equity and liabilities 126 184 Set out below are the summarised financial information on a 100% basis for Coast Center Base (CCB), which in the opinion of the directors is a material joint venture to the group.Joint venture not considered to be material, is defined under \u201cother\u201d (on a 100% basis).USD mill CCB Other2022 2021 2022 2021SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 194 156 27 11 Operating expenses (175) (132) (22) (2)Net operating profit 20 24 5 8 Financial income/(expenses) (3) (5) (2)Profit before tax 16 19 5 7 Tax income/(expense) (3) (2) (1) (1)Profit after non-controlling interests 14 17 4 5 Other comprehensive incomeTotal comprehensive income 14 17 4 5 The group\u2019s share of dividend from joint ventures 4 7 1 1 USD mill CCB Other31.12.2022 31.12.2021 31.12.2022 31.12.2021SUMMARISED BALANCE SHEETNon current assets 165 185 7 122 Other current assets 58 47 5 20 Cash and cash equivalents 4 12 6 3 Total assets 227 243 17 145 Non current financial liabilities 86 96 3 73 Other non current liabilities 2 2 2 Current financial liabilities 3 2 Other current liabilities 62 65 2 4 Total liabilities 150 162 8 81Net assets 77 81 9 63 The information above reflects 100% of the amounts presented in the financial statements of the joint ventures, adjusted for any differences in accounting policies between the group and the joint ventures.USD mill CCB Other31.12.2021 31.12.2020 31.12.2021 31.12.2020RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONOpening net asset at 31.12 81 85 63 59 Acquisition of net assets 1 Disposals of joint ventures* (42)Profit for the period 14 17 5 10 Other comprehensive income Currency translation differences (9) (3) (10) (1)Dividend to shareholder (8) (17) (6) (5)Closing net assets at 31.12 77 81 11 63 The group's share 39 40 5 24 Goodwill / excess value 53 59 8 6 Carrying value at 31.12 91 99 13 30 * Vikan N\u00e6ringspark Invest AS was in the beginning of 2022 a joint venture between NorSea Group and Kristiansund Baseselskap AS. NorSea Group acquired the remaining shares in the company in March 2022 and it is now a 100% owned subsidiary.INVESTMENTS IN ASSOCIATED COMPANIES 2022 2021Country Voting share/ownershipStrategic Holdings and Investments Wallenius Wilhelmsen ASA (WAWI) Norway37.9% 37.8%Maritime Services - companies with significant shares of profitsAlmoayed Wilhelmsen Ltd Bahrain50.0% 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%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%BWW LPG Sdn. Bhd. Malayisia 49.0%Wilhelmsen Ships Service (Private) Limited Pakistan 50.0%Wilhelmsen-Smith Bell Shipping Inc Philippines 49.0% 49.0%Wilhelmsen-Smith Bell (Subic) Inc. Philippines 50.0% 50.0%Wilhelmsen-Smith Bell Manning, Inc. Philippines 50.0% 50.0%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%Krew-Barwil (Pty) Ltd South Africa 49.0% 49.0%Barwil Abu Dhabi Ruwais LLC United Arab Emirates 50.0% 50.0%Triangle Shipping Agencies LLC United Arab Emirates 50.0% 50.0%Wilhelmsen Port Services 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%2022 2021Country Voting share/ownershipNew Energy - companies with significant shares of profitsDolittle AS Norway45.9% 45.9%Massterly AS Norway 50.0% 50.0%Edda Wind ASA Norway 25.7% 25.7%Reach Subsea ASA Norway 20.5%Risavika Eiendom AS Norway 42.0% 42.0%Hammerfest N\u00e6ringsinvest AS Norway 32.3% 32.3%Strandparken Holding AS Norway 33.1% 33.1%Eld\u00f8yane N\u00e6ringspark AS Norway 37.9% 37.9%Polar Algae AS Norway 46.8% 33.3%Windwork Jelsa AS Norway 33.3% 33.3%Dusavika Utvikling AS Norway 33.5% 33.5%Love Milj\u00f8base AS Norway 33.3% 33.3%Ventyr Energy AS Norway 50.0% 50.0%Energy Innovation Holding AS Norway 50.0% 50.0%Konciv AS Norway 47.5% 49.9%An overview of actual equity holdings can be found in the presentation of company structure on page 106.USD mill 2022 2021Share of profit/(loss) from associatesWAWI group 281 85 Associates Maritime Services 6 5 Associates New Energy 1 Share of profit from associates 287 90 Book value of material associatesWAWI group 1 146 886 Specification of share of equity and profit/loss:Share of equity at 01.01 964 842 Share of profit for the year 287 90 Acquisition of associates in New Energy 18 36 Dividend (29) (4)Financial derivatives in associates 4 5 Other comprehensive income (6) (5)Share of equity at 31.12 1 238 964 There are no contingent liabilities relating to the group\u2019s interest in the associates. The group acquired 20.5% of the listed company Reach Subsea ASA in 2022. Reach Subsea group offer subsea services as subcontractor and/or directly to end clients. The core business of the group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by our competent onshore engineering resources.The group acquired 25% of \u00d8stensj\u00f8 Group\u2019s offshore wind company Edda Wind in 2020 and additional 25% in 2021. The Edda Wind group was listed on Oslo B\u00f8rs on the 26th of November 2021 and the group was diluted to an ownership share of 25.66%. Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks. Set out below are the summarised financial information for, on a 100% basis, for WAWI group, which, in the opinion of the directors, is the material associates to the group. Associates not considered to be material is defined under \u201dother\u201d (on a 100% basis).USD mill WAWI group Other2022 2021 2022 2021SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 5 045 3 884 207 104 Operating expenses (4 114) (3 578) (174) (82)Net operating profit 931 306 33 23 Finance income & expenses (102) (108) (1)Profit before tax 829 198 34 22 Tax income/(expense) (35) (23) (5) (1)Profit/(loss) after non-controlling interests 794 133 29 21 Other comprehensive income (1) 16 (4) (2)Total comprehensive income (shareholder's equity) 794 149 25 18 WWH share of dividend from associates 24 5 4 USD mill WAWI group Other31.12.2022 31.12.2021 31.12.2022 31.12.2021SUMMARISED BALANCE SHEETNon current assets 6 242 6 315 351 251 Other current assets 936 769 107 70 Cash and cash equivalents 1 216 710 133 148 Total assets 8 394 7 794 591 470 Non current financial liabilities 3 454 2 158 147 125 Other non current liabilities 205 1 437 7 8 Current financial liabilities 633 515 32 93 Other current liabilities 593 880 115 4 Non-controlling interest 355 266 Total liabilities 5 240 5 256 301 231 Net assets 3 154 2 539 290 239 The information above reflects the 100% amount presented in the financial statements of the associates, adjusted for differences in accounting policies between the group and the associates.USD mill WAWI Group Other31.12.2022 31.12.2021 31.12.2022 31.12.2021RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONNet asset at 01.01 2 539 2 391 239 108 Profit for the period 679 133 7 19 Net assets of acquired associates 57 52 Proceed from IPO 77 Other comprehensive income 16 (4) (2)Transaction with non-controlling interests (2) (1) (4)Dividend (63) (5) (15)Net assets at 31.12 3 154 2 539 290 239 WWH share 1 194 960 91 72 Currency (1) (2) (6)Fair value adjustment vessel and goodwill * (48) (72) 7 7 Carrying value at 31.12 1 146 886 92 79 * The share price and market value of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than book value of equity in WAWI. The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2022 was USD 1 575 million (2021: USD 918 million). WAWI is a separately listed company on Oslo B\u00f8rs. The market capitalisation of its shares at year end is 38% higher (2021: 4% higher) than the carrying amount of the investment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.USD mill 2022 2021RECONCILIATION OF THE GROUP\u2019S INCOME STATEMENT AND BALANCE SHEETShare of profit from joint ventures 8 11 Share of profit/(loss) from associates 287 90 Share of profit/(loss) from joint ventures and associates 296 101 Share of equity from joint ventures 104 129 Share of equity from associates 1 238 964 Share of equity from joint ventures and associates 1 342 1 093 The group\u2019s share of profit, after tax from joint ventures and associates is recognised in the income statement as financial income. All joint ventures and associates are equity consolidated.Note 5 Principal subsidiariesFINANCIAL REPORTING PRINCIPLESThe consolidated financial statements consists of all entities controlled by Wilh. Wilhelmsen Holding ASA as at 31 December 2022.Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.Non-controlling interests in the profit/loss and equity of subsidiaries are shown separately in the consolidated statement of income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. Proportion of ordinary Proportion of shares directly held by ordinary shares held Business office/country Nature of businessparent (%)by the group (%)Maritime Services Wilhelmsen Maritime Services AS Norway Maritime Services 100% 100%Wilhelmsen Ships Service AS Norway Maritime products and services 100%Wilhelmsen Port Services AS Norway Port Services 100%Wilhelmsen Ship Management Holding AS Norway Ship management 100%Wilhelmsen Chemical AS Norway Manufactoring 100%New EnergyWilhelmsen New Energy AS Norway New Energy investments 100% 100%NorSea Group AS Norway Infrastructure and supply services 98.96%Strategic Holdings and InvestmentsTreasure ASA * Norway Investment 76.98% 76.98%Wilh. Wilhelmsen Holding Invest Malta Ltd Malta Investment 100%The group\u2019s principal subsidiaries at 31 December 2022 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of headquarter of subgroups. During 2022 the group acquired the subsidiaries Str\u00f8mme AS and Vopak Agencies B.V through business combinations, both reported under the Maritime Services segment, and increased it\u2019s ownership in Vikan N\u00e6ringspark AS from 50% to 100%, reclassifying the company from joint venture to subsidiary, reported under the New Energy segment. None of the new subsidiaries are considered to be a material subsidiary. The investment cost, net after cash in new subsidiaries was USD 37 million.* At 31.12.2022 Treasure ASA had 2 594 566 own shares (2021: 6 000 000).Note 6 Employee benefitsFINANCIAL REPORTING PRINCIPLESEmployee benefits include wages, salaries, social security contributions, sick leave, parental leave and other employee benefits. The benefits are recognised in the period in which the associated services are rendered by the employees.For cash\u2013settled payments/bonus plans and other cash-settled payments, a liability equal to the portion of services received is recognised at fair value determined at each balance sheet date.USD mill Note 2022 2021Payroll 247 239 Payroll tax 30 30 Pension cost 11 18 18 Other remuneration 47 34 Total employee benefits 341 321 During 2021 the group received USD 2 million in government grants for COVID-19 compensation related to personnel expenses. These grants are recognised as expense compensations and deducted from the related expense account. 2022 2021Number of employees:Group companies in Norway 1 121 1 024 Group companies abroad 3 910 3 452 Seagoing personnel Ship Management 10 868 10 988 Total employees 15 899 15 464 Average number of employees 15 682 15 289 EXPENSED AUDIT FEEUSD mill 2022 2021Statutory audit 2.8 2.4Other assurance services 0.1 0.4Tax advisory fee 1.2 1.7Other assistance 0.3 0.1Total expensed audit fee 4.3 4.5The fees above cover the group expenses to all external auditors and tax advisors.Note 7 Properties, vessels and other tangible assetsFINANCIAL REPORTING PRINCIPLESProperties, 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\u2019s aquisition costs are recognised in the income statement when they arise. Aquisition costs are capitalised to the extent that they are directly related to the acquisition of the asset. Land is not depreciated. Other tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 yearsEach component of a tangible asset which is significant for the total cost of the item will be depreciated separately. Components with similar useful lives will be included in a single component.The estimated residual value and expected useful life of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges will be changed accordingly going forward.ImpairmentThe group applies IAS 36 Impairment of Assets to determine whether property, vessels and other tangible assets is impaired and to recognise any impairment loss identified.At each reporting date the accounts are assessed whether there is an indication that an asset may be impaired. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, or when annual impairment testing for an asset is required, estimates of the asset\u2019s recoverable amount are done. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units \u2013 CGU). The recoverable amount is the highest of the fair market value of the asset, less cost to sell, and the net present value (NPV) of future estimated cash flow from the employment of the asset (value in use).The NPV is based on a discount rate according to a weighted average cost of capital (WACC) reflecting the company\u2019s required rate of return. The WACC is calculated based on the company\u2019s long-term borrowing rate and a risk-free rate plus a risk premium for the equity. If the recoverable amount is lower than the book value, impairment has occurred, and the asset shall be revalued. Impairment losses are recognised in profit or loss. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.The group has financial models which calculate and determine the value in use through a combination of actual and expected cash flow generation discounted to present value. The expected future cash flow generation and models are based on assumptions and estimates.Other Total USD mill Properties Vesselstangible assetstangible assetsTANGIBLE ASSETS2022Cost at 01.01 601 35 229 866 Acquisition 23 23 46 Business combinations 140 140 Reclass/disposal (33) (16) (49)Currency translation differences (73) (3) (10) (86)Cost at 31.12 692 0 226 918 Accumulated depreciation and impairment losses at 01.01 (207) (23) (93) (323)Depreciation/amortisation (19) (1) (9) (29)Reclass/disposal (1) 22 5 26 Currency translation differences 22 2 8 32 Accumulated depreciation and impairment losses at 31.12 (206) 0 (89) (295)Carrying amounts at 31.12 486 0 137 623 2021Cost at 01.01 596 36 241 873 Acquisition 33 1 15 49 Reclass/disposal (4) (19) (23)Currency translation differences (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 differences 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 Economic lifetime 10-50 years 25 years 3-10 yearsDepreciation schedule Straight-line Straight-line Straight-lineCont. note 7 Goodwill and other intangible assetsFINANCIAL REPORTING PRINCIPLESGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets of the acquired subsidiary, joint venture or associate. Goodwill arising from the acquisition of subsidiaries is classified as an intangible asset. Goodwill acquired through business combinations are allocated to the relevant cash-generating unit (CGU).Other intangible assetsCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software product so that it will be available for use; \u2022 management intends to complete the software product and use or sell it; \u2022 it can be demonstrated how the software product will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software product are available; \u2022 and the expenditure attributable to the software product during its development can be reliably measured.Trademark, technology/licenses and customer relationship have a finite life and are recognised at historical cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks and licenses over their estimated useful life. Capitalised expenses related to other intangible assets are amortised over the expected useful lives in accordance with the straight-line method.Amortisation of intangible fixed assets is based on the following expected useful lives: Goodwill: Indefinite lifeSoftware and licenses: 3-5 yearsOther intangible assets: 5-10 yearsImpairmentThe group applies IAS 36 Impairment of Assets to determine whether goodwill or other intangible asset is impaired and to recognise impairment loss identified.Goodwill arising from the acquisition of an interest in an associated company is included under investment in associated companies and tested for impairment as part of the carried amount of the investment when impairment indicators is present. Goodwill have an indefinite useful life not subject to amortisation and is tested annually for impairment and carried at cost less impairment losses. Gain or loss on the sale of a business includes the carried amount of goodwill related to the sold business.For impairment testing goodwill is allocated to relevant CGU. The allocation is made to those CGU or groups of CGU which are expected to benefit from the acquisition. An assessment is made as to whether the carrying amount of the goodwill can be justified by future earnings from the CGU to which the goodwill relates. If the recoverable amount of the CGU is less than the carrying amount of the CGU, including goodwill, goodwill will be written down first. Thereafter the carrying amount of the CGU will be written down. Impairment losses related to goodwill cannot be reversed.Impairment of other intangible assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets above. Software Other Total USD mill Goodwilland licencesintangible assetsintangible assetsINTANGIBLE ASSETS2022Cost at 01.01 123 36 34 193 Acquisition 3 1 3 Business combinations 1 2 21 23 Currency translation differences (11) (3) (4) (18)Cost at 31.12 112 37 52 201 Accumulated amortisation and impairment losses at 01.01 (13) (26) (19) (57)Business combinations (2) (2)Amortisation/impairment (13) (4) (2) (19)Currency translation differences 1 2 2 5 Accumulated amortisation and impairment losses at 31.12 (24) (29) (19) (73)Carrying amounts at 31.12 88 8 33 129 2021Cost at 01.01 126 35 33 194 Acquisition 2 1 3 Reclass/disposal 2 2 3 Currency translation differences (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 differences 1 1 2 Accumulated amortisation and impairment losses at 31.12 (13) (26) (19) (57)Carrying amounts at 31.12 110 10 15 135 The group conducted no material acquisition resulting in recognition of goodwill in 2022 or 2021.Cont. note 7 Goodwill and other intangible assetsImpairment testing of goodwillIn the Maritime Services segment, USD 87 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. The goodwill figures are originally calculated in NOK and USD (2021: 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 2022 management have performed impairment testing for the group\u2019s recognised goodwill. The group recognised an impairment of USD 13 million in 2022 for goodwill related to the acquisition and business combination of Kemetyl in the group\u2019s Maritime Services Segment. The impairment was attributed to the consumer product operations of the Wilhelmsen Chemicals sub-segment assessed as a separate CGU, where the goodwill related to this CGU was fully impaired. The impairment was as a result of market development and the loss of customer contracts within the sub-segment and general weak development in demand within the consumer products portfolio. The goodwill was tested and impairment loss was USD/NOK Multiple Growth rate Increase in material cost Increase in pay and other remuneration Increase in other expenses recognised by applying the valuation method and assumptions described below. No other impairment of goodwill was recognised in the group during 2022. (2021: No impairment of goodwill).When performing the goodwill impairment test, recoverable amount is calculated using estimated fair value less cost of disposal. In calculating the fair value less cost of disposal, the group considers relevant information generated by market transactions involving similar group of assets, including qualitative and quantitative information.Fair value less cost of disposal has been estimated by using an Enterprise value/EBITDA multiple (see note 23 for definition of the terms). The forecasted EBITDA is based on historical levels for EBITDA in each CGU. The multiples are estimated to be in the range of 6 - 9, which management believes is a fair estimate of market multiples for the relevant CGU\u2019s. Cash flows were projected based on actual operating results and next year\u2019s forecast. Cash flows is based on a 5-year strategy plan period with terminal value (terminal growth rate 1%) were extrapolated using the following key assumptions: 2022 2021 9.84 8.83 7.5 7.51-4% 1-4%4-7% 4-7%The values assigned to the key assumptions represent management\u2019s assessment of future trends in the maritime industry and are based on both external sources and internal sources.For goodwill not subject to impairment in 2022, 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 2022. Note 8 Right-of-use-assets and lease liabilitiesFINANCIAL REPORTING PRINCIPLESIdentifying a leaseAt the inception of a contract, the group assesses whether the contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations\u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset\u2022 It has the right to direct the use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of useFor contracts that constitutes, or contains a lease, the group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component as a lease separately from non-lease components within the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.Measuring the lease liability:The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term not paid at the commencement date. The lease term represents the noncancellable period of the lease, plus any period covered by an extension option period if the group expect tp exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Amount expected to be payable by the group under residual value guarantees \u2022 The exercise price of a purchase option, if the group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects 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 reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Sensitivity of the lease liabilityIf the group cannot determine the interest rate implicit in the lease, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate requires estimation when no observable rates are available. In determining the lease term, management considers all facts and circumstances. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received and incurred costs \u2022 An estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.Subsequent measurement of right-of-use assets follow the same principles as for other non-financial assets, refer to financial reporting principles for property, vessel and tangible assets note 7, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.ImpairmentImpairment of right-of-use assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets note 7.RIGHT-OF-USE-ASSETSThe group leases several assets such as buildings, machinery, equipment and vehicles. The group\u2019s right-of-use assets are categorised and presented in the table below:Machinery, equipment and USD mill Properties and landvehicles Total 2022Cost at 01.01 199 15 214 Addition of right-of-use assets 39 3 42 Reclass/disposal (88) (1) (89)Currency exchange differences (16) (1) (18)Cost at 31.12 134 15 149 Accumulated depreciation and impairment at 01.01 (55) (4) (59)Depreciation (17) (3) (20)Reclass/disposal 27 1 28 Currency exchange differences 4 5 Accumulated depreciation and impairment at 31.12 (40) (6) (47)Carrying amount of right-of-use assets at 31.12 94 9 102 Machinery, equipment and USD mill Properties and landvehicles Total 2021Cost at 01.01 201 13 214 Addition of right-of-use assets 35 5 41 Disposals (30) (3) (33)Currency exchange differences (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 differences 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 Lower of remaining lease term or economic life 5-12 years 3-8 yearsDepreciation method Linear LinearLease liabilitiesUSD mill 2022 2021Undiscounted lease liabilities and maturity of cash outflowsLess than 1 year (25) (35)1-2 years (21) (33)2-3 years (16) (30)3-4 years (12) (25)4-5 years (8) (22)More than 5 years (45) (49)Total undiscounted lease liabilities at 31.12 (128) (195)USD mill 2022 2021Summary of the lease liabilities in the financial statementsTotal lease liability 01.01 169 192 Lease liabilities recognised in the year 42 41Lease liabilities derecognised in the year (61) (25)Cash payments for the principal portion of the lease liability (28) (30)Change of estimates (10) (12)Currency exchange differences 4 4 Total lease liabilities at 31.12 116 169 Current lease liabilities 23 30 Non-current lease liabilities 93 139 Total lease liabilities at 31.12 116 169 The leases do not contain any restrictions on the group\u2019s dividend policy or financing. The group does not have significant residual value guarantees related to its leases to disclose. USD mill 2022 2021Summary of other lease expenses recognised in income statementVariable lease payments expensed in the period 8 7 Operating expenses related to short-term leases (including short-term low value assets) 2 6 Operating expenses related to low value assets (excluding short-term leases included above) 2 3 Total lease expenses included in other operating expenses 13 16 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 2022 (2021: USD 0 million). Extension options: The group\u2019s lease of buildings have lease terms that varies from 5 years to 25 years, and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Purchase options: The group leases machinery, equipment and vehicles with lease terms of 3 to 5 years. Some of these contracts includes a right to purchase the assets at the end of the contract term. The group assesses at the commencement whether it is reasonably certain to exercise the purchase right. All the options are based on market value. Subleases: The group has subleased an immaterial part of its redundant office buildings, classified as an operating lease.Note 9 TaxFINANCIAL REPORTING PRINCPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax: Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax 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 profit will be available, and that the temporary differences can be deducted from this profit. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group. Withholding tax: Withholding tax and any related tax credits are generally recognised in the period they are incurred. Ordinary taxation The ordinary rate of corporation tax in Norway is 22% of net profit for 2022 (2021: 22%). Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies domiciled in what is considered low tax countries and that are located outside the European Economic Area (EEA), and on share income from companies rdomiciledoutside the EEA in which the company owns less than 10% of the shares.For group companies located in the same country and within the same tax regime, taxable profits in one company can be offset against tax losses and tax loss carry forwards in other group companies. Deferred tax/deferred tax asset has been calculated on temporary differences to the extent that it is likely that these can be utilised in each country and for Norwegian entities the group has applied a rate of 22% (2021: 22%).The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method. Foreign taxes Companies domiciled outside Norway will be subject to local taxation, either on ordinary terms or under special tonnage tax rules. When dividends are paid, local withholding taxes may be applicable. This generally applies to dividends paid by companies domiciled outside the EEA. USD mill 2022 2021Allocation of tax expense for the yearPayable tax in Norway (10) (8)Payable tax foreign (16) (16)Change in deferred tax 12 10 Total tax income/(expense) (13) (13)Reconciliation of actual tax cost against expected tax cost in accordance with the Norwegian income tax rate of 22%Profit before tax 306 66 22% tax 67 14 Tax effect from:Permanent differences 14 3 Non-taxable income/ change in market value (3) 13 Share of (profit)/loss from joint ventures and associates (65) (22)Reversal impairment deferred tax asset (7)Withholding tax and payable tax previous year 7 6 Calculated tax expense for the group 13 13 Effective tax rate for the group 4.6% 20.5% USD mill 2022 2021Net deferred tax assetsNet deferred tax assets at 1.1 53 44 Currency translation differences (6) (1)Tax charged to equity (1) Income statement charge 12 10 Acquistion / disposal (14)Net deferred tax assets at 31.12 44 53 Deferred tax assets in balance sheet 61 64 Deferred tax liabilities in balance sheet (17) (11)Net deferred tax assets at 31.12 44 53 USD mill 2022 2021Net deferred tax assetsNet deferred tax assets at 01.01 53 44 Currency translation differences (6) (1)Tax charged to equity (1) Income statement charge 12 10 Acquistion / disposal (14)Net deferred tax assets at 31.12 44 53 Deferred tax assets in balance sheet 61 64 Deferred tax liabilities in balance sheet (17) (11)Net deferred tax assets at 31.12 44 53 USD mill Other Fixed assets Total At 01.01.2022 (4) (4)Through income statement 5 5 Currency translations 3 3 Acquistion / disposal (11) (11)Deferred tax liabilities at 31.12.2022 (7) (7)At 01.01.2021 (2) (5) (7)Through income statement 3 1 3 Currency translations (1) (1)Deferred tax liabilities at 31.12.2021 0 (4) (4)Non current assets and Current assets Tax losses USD millliabilitiesand liabilitiescarried forward Other Total Deferred tax assets At 01.01.2022 4 4 45 4 57 Through income statement 2 (5) 13 (3) 8 Charged directly to equity (1) (1)Currency translations (2) (3) (3) (2) (10)Acquistion / disposal (3) (3)Deferred tax assets at 31.12.2022 3 (4) 56 (4) 51 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 The majority of tax loss carry forward is related to entities in Norway and the United States, without expiration of the tax loss carry forward. Through the acquisition of the external shares in Norsea group, the group reversed the impairment of deferred tax assets due to taxable income in NorSea group.Temporary differences related to joint ventures and associates are USD nil for the group, since all the units are regarded as located within the area in which the exemption method applies, and there are currently no plans to dispose of any of these companies.The Maritime Services segment will have shares in subsidiaries not subject to the exemption method which could give rise to a tax charge in the event of a sale, where no provision has been made for deferred tax associated with a possible sale or dividend. There are currently no plans to dispose of such companies.Note 10 Earnings per sharesFINANCIAL REPORTING PRINCPLES Basic/diluted earnings per share is calculated by dividing profit for the period after non-controlling interests, by the average number of total outstanding shares.The calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Treasury shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.Earnings per shareEarnings per share taking into consideration the number of outstanding shares in the period. At 31 December 2022 the company owns no own shares (analogous for 31 December 2021). At December 31 2020 the company owned a total of 1 823 824 shares (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 2022 are 34 000 000 A-shares and 10 580 000 B-share. Earnings per share is calculated based on an average of 44 580 000 shares for 2022 and 44 580 000 shares for 2021. See note 10 in the parent accounts for an overview of the largest shareholders at 31 December 2022.Note 11 PensionFINANCIAL REPORTING PRINCPLES Defined contribution plan A defined contribution plan is one under which the group and the parent company pay fixed contributions to a separate legal entity. The group and the parent company have no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Defined benefit plan A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and pay.The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In a few countries without deep markets in such bonds, the market rates on government bonds are used.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 schemeThe group\u2019s defined contribution pension schemes for Norwegian employees are with financial institutions providing solutions based on investment funds. Subsidiaries outside Norway have separate schemes for their employees in accordance with local rules, and the pension schemes are for the material part defined contribution plans.The group has a supplementary pension plan, a contribution plan for all Norwegian employees with salaries exceeding 12 times the Norwegian National Insurance base amount (G). However, the group still has obligations for some employees related to salaries exceeding 12G mainly financed from operations.In addition, the group has agreements on early retirement. These obligations are mainly financed from operations.The group has obligation towards one employee in the group\u2019s 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.Cont. note 11 PensionFunded UnfundedUSD mill 2022 2021 2022 2021Number of people covered by pension schemes at 31.12In employment 8 9 2 3 On retirement (inclusive disability pensions) 139 141 24 25 Total number of people covered by pension schemes 147 150 26 28 Expenses Commitments2022 2021 31.12.2022 31.12.2021Financial assumptions for the pension calculations:Discount rate1.80% 1.60% 3.60% 1.80%Anticipated pay regulation 2.25% 1.75% 3.50% 2.25%Anticipated increase in National Insurance base amount (G) 2.25% 1.75% 3.50% 2.25%Anticipated regulation of pensions 0.10% 0.10% 1.70% 0.10%USD mill 2022 2021Pension expensesService cost/ net interest cost 1 1 Cost of contribution plan 17 17 Pension expenses 18 18 Total remeasurements included in OCI (1) 1 USD mill 31.12.2022 31.12.2021Pension obligationsDefined benefit obligation at end of prior year 43 42 Effect of changes in foreign exchange rates (4) (1)Service cost 1 1 Interest expense 1 1 Benefit payments from plan (2) (1)Remeasurements - change in assumptions (1) 2 Pension obligations at 31.12 36 43 Fair value of plan assetsFair value of plan assets at end of prior year 17 17 Effect of changes in foreign exchange rates (2) (1)Benefit payments from plan (1) (1)Gross pension assets at 31.12 15 17 Defined benefit obligation 36 43 Fair value of plan assets 15 17 Net liability 21 26 Note 12 Combined items, balance sheetFINANCIAL REPORTING PRINCPLES Loans and receivables at amortised cost Loans and receivables are non-derivative financial assets with fixed or determinable payments, which are not traded in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivable are classified as other current assets or other non-current assets in the balance sheet.Loans and receivables are recognised initially at their fair value plus transaction costs. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realised gains and losses are recognised in the income statement in the period they arise. Accounts payable and other payables Accounts payable and other payables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the vale derived if the amortised cost method would have been applied. USD mill Note 2022 2021OTHER NON CURRENT ASSETSNon current share investments 19 14 9 Other non current assets 19 14 15 Total other non current assets 28 25 OTHER CURRENT ASSETS Account receivables 241 190 Restricted cash 17 2 1 Other current assets 17/19 105 95 Total other current assets 349 287 OTHER CURRENT LIABILITIESAccount payables 277 241 Financial derivatives in Maritime Services and New Energy 19 9 6 Other current liabilities 161 152 Cylinder deposit * 7 101 96 Total other current liabilities 547 495 * Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 99 million (2021: USD 99 million). These cylinders are partly in the group\u2019s 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.Note 13 ReceivablesFINANCIAL REPORTING PRINCIPLESAccount receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as receivables. Account receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied. The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contractsTo measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.Less than 90 Between 90 and 180 More than 180Currentdays past duedays past due days past dueUSD mill31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (0) (1) (1) (2)31 December 2021Expected loss rate 0% 3% 23% 70%Gross carrying amount - trade receivables 181 6 4 2 Loss allowance * (0) (0) (1) (2)* Loss allowance is rounded to nil for trade receivables less than 90/180 days overdue.ACCOUNT RECEIVABLESnumber of separate customers. Historically, the percentage of bad debts has been low At 31 December 2022, USD 14 million (2021: USD 10 million) in account receivables and the group expects the customers to settle outstanding receivables. Receivables had fallen due but not been subject to impairment. These receivables are related to a fallen due but not subject to impairment have the following age composition:USD mill 2022 2021Aging of account receivables past due but not impairedUp to 90 days 5 6 90-180 days 7 3 Over 180 days 2 1 Movements in group provision for impairment of account receivables are as followsBalance at 01.01 3 5 Net provision for receivables impairment 1 (2)Balance at 31.12 4 3 Account receivables per segmentMaritime Services 183 136 New Energy 55 54 Strategic Holdings and Investments 4 Total account receivables 241 190 See note 19 on credit risk.20222021Account receivablesAccount receivables1%1%23% 28%76% 71% Maritime Services New Energy Strategic Holdings and InvestmentsACCOUNT PAYABLESUSD mill 2022 2021Account payables per segmentMaritime Services 250 215 New Energy 25 24 Strategic Holdings and Investments 2 1 Total account payables 277 241 See note 19 on credit risk.20222021Account payablesAccount payables1%1%9% 10%89%90% Maritime Services New Energy Strategic Holdings and InvestmentsNote 14 Financial assets to fair valueFINANCIAL REPORTING PRINCIPLESManagement determines the classification of financial assets at their initial recognition, with financial assets held for trading carried at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred.USD mill 2022 2021Financial assets to fair value At 1 January 688 801 Acquisition 2 2 Sale during the year (22) (2)Currency translation adjustment through other comprehensive income (5) (6)Change in fair value through income statement (50) (107)Total financial assets to fair value 613 688 Financial assets to fair valueHyundai Glovis 538 583 Qube Holdings Limited 45 81 Australian PE funds 21 19 Other 8 5 Total financial assets to fair value 613 688 Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments. Hyundai Glovis Co. Ltd., is a global Korean based general logistics and distribution company, providing business service such as logistics, marine transportation, KD, used cars and trading. Glovis is listed on the Korean Stock Exchange. As per 31 December 2022, Treasure ASA group held 4.1 million shares in Glovis (11% of total) (2021: 11%). Treasure ASA is listed on Oslo B\u00f8rs. Qube Holdings Limited is Australia\u2019s largest integrated provider of import and export logistics services, and listed on the Australian Securities Exchange (ASX). As per 31 December 2022 the group held 25 million shares, 1.4% of total (2021: 35 million shares, 1.8% of total). The shares in Qube Holdings Limited serve as collateral for a credit facility. See note 18.Note 15 InventoriesFINANCIAL REPORTING PRINCIPLESInventories of purchased goods and work in progress are valued at cost in accordance with the weighted average cost method. Impairment losses are recognised if the net realisable value is lower than the cost price. Sales costs include all remaining sales, administrative and storage costs.USD mill 2022 2021InventoriesRaw materials 7 5 Goods/projects in process 3 3 Finished goods/products for onward sale 104 85 Total inventories 114 93 Obsolescence allowance, deducted above 3 2 Note 16 Current financial investmentsFINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of profit from short term gains in market value. Current financial investments are measured at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred. Derivatives are also placed in this category unless designated as hedges. USD mill 2022 2021Market value current financial investmentsEquities 71 77 Bonds 33 58 Total current financial investments 104 135 The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.The net unrealised gain at 31.12 6 14 The parent company\u2019s portfolio of equities and bonds of USD 104 million is held as collateral within a securities\u2019 finance facility. See note 18. The portfolio\u2019s strategy and mandate is set by the parent company\u2019s 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\u2019s Board of Directors.Note 17 Cash, restricted bank deposits and undrawn credit facilitiesFINANCIAL REPORTING PRINCIPLESCash and cash equivalents include cash in hand, deposits held at call with banks and other liquid investments with maturities of three months or less. Bank overdrafts are presented under borrowings in current liabilities on the balance sheet. Cash and cash equivalent are initially recognised at fair value of the proceeds, and subsequently measured at amortised cost. USD mill 2022 2021Payroll tax withholding account 2 1Companies that do not have payroll tax withholding account use bank guarantees. As per 31.12.2022 total guarantees amounted to USD 4.2 million (2021: USD 6.5 million).Committed undrawn credit facilities 172 195Committed undrawn credit facilities are key part of the liquidity reserve.Cash and cash equivalentsBanks 163 231 Total cash and cash equivalents 163 231 The group has cash pool arrangements within each segment. Each cash pool arrangement is considered as one financial instrument and the net balance against the bank is presented as cash and cash equivalents. WWH ASA (Strategic Holdings and Investments segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries registered in Norway. WMS AS (Maritime Services segment) owns and operates a multicurrency cash pool with a header-account in USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea Group AS (part of the New Energy segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark, Germany and the United Kingdom.Note 18 Interest-bearing debtFINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.USD mill Note 2022 2021Interest-bearing debtBank and mortgages loan 538 473 Lease liabilities 116 169 Total interest-bearing debt 19 654 642 Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 14/16 150 214 Assets in the New Energy segment 849 807 Total book value of collateral, mortgaged and leased assets 999 1 021 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD mill Note 2022 2021Repayment schedule for interest-bearing debtDue in year 1 88 300 Due in year 2 17 204 Due in year 3 22 22 Due in year 4 24 26 Due in year 5 and later 503 90 Total interest-bearing debt 19 654 642 The overview above shows the actual maturity structure, with the amount due in year one as the first year\u2019s instalment classified under other current liabilities. The group refinance its current interest-bearing debt during 2022. Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2022.USD mill 2022 2021The group net interest-bearing debtNon current interest-bearing debt 473 203 Non current lease liabilities 65 139 Current interest-bearing debt 93 270 Current lease liabilities 23 30 Total interest-bearing debt 654 642 Cash and cash equivalents 163 231 Current financial investments 16 104 135 Net interest-bearing debt 386 276 Net interest-bearing debt in joint venturesNon current interest-bearing debt 4 47 85 Total interest-bearing debt in joint ventures 47 85 Cash and cash equivalents 4 33 7 Net interest-bearing debt in joint ventures 15 77 USD mill 2022 2021Guarantee commitmentsGuarantees for group companies 18 47 Total 18 47 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 188 200 NOK 336 256 DKK 15 16 Total 538 473 See note 19 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill Note 2022 2021Net debtCash and cash equivalents 163 231 Liquid investments * 104 135 Borrowings - repayable within one year (88) (300)Borrowings - repayable after one year (566) (342)Net debt (386) (276)Cash and cash equivalents and liquid investments 267 366 Gross debt - variable interest rates ** (654) (642)Net debt (386) (276)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement. ** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Liabilities from financing activitiesFinance leases Finance leasesBorrow. dueBorrow. dueTotal financingUSD milldue within 1 yeardue after 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 1.1.2022 30 139 270 203 642 Reclass (2) 2 8 (8) Cash flows (5) (23) (200) 218 (10)Business combinations 1 (5) 72 68 Foreign exchange adjustments (2) (12) (5) (28) (47)Other non-cash movements 1 (14) (3) 16 Total interest-bearing debt at 31.12.2022 23 93 65 473 654 Total interest-bearing debt at 1.1.2021 31 161 38 426 657 Reclass 17 (17) 203 (203) Cash flows (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 Note 19 Financial riskFINANCIAL REPORTING PRINCIPLESThe group uses derivatives to address financial risk. Derivatives are included in current assets or current liabilities, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities as they form part of the group\u2019s long-term economic hedging strategy and are not classified as held for trading.Derivatives are recognised at fair value on the date a derivative contract is entered into and are revalued on a continuous basis at their fair value. Derivatives which do not qualify for hedge accountingMost derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments which do not qualify for hedge accounting are presented in the income statement as financial income/expense.Derivatives which do qualify for hedge accountingThe group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges). At the date of the hedging transaction, the group documents the relationship between hedging instruments and hedged items, as well as the objective of its risk management and the strategy underlying the various hedge transactions. The group also documents the extent to which the applied derivatives are effective in offsetting changes in fair value or cash flow associated with the hedge items. Such assessments are documented both initially and on an ongoing basis.The fair value of derivatives used for hedging is shown below in note 19. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.Cash flow hedgeThe effective portion of changes in the fair value of derivatives designated as cash flow hedges are recognised in other comprehensive income together with the deferred tax effect. Gain and loss on the ineffective portion is recognised in the income statement. Amounts recognised in other comprehensive income are recognised as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement. Net investment hedgeGain and losses arising from the hedging instruments relating to the effective portions of the net investment hedges are recognised in other comprehensive income. These translation reserves are reclassified to the income statement upon loss of control of the hedged net investments, offsetting the translation differences from these net investments. Any ineffective portion is recognised immediately in the income statement as financial income/(expenses).The group has exposure to the following financial risks from its operations:\u2022 Market risk \u2013 Foreign exchange rate risk \u2013 Interest rate risk \u2013 Equity market risk\u2022 Credit risk\u2022 Liquidity risk MARKET RISKThe group has established hedging strategies to mitigate risks on material exposures originating from movements in currencies and interest rates. This is compliant with the financial strategy approved by the board of directors. Changes in the market value of financial derivatives are recognised through the income statement except for the New Energy segment, where derivatives are recognised in Other Comprehensive Income.Associates hedge their own exposures. The group records the effects of realised and unrealised changes in financial derivatives held in these entities in accordance with the equity method under \u201cshare of profit from joint ventures and associates\u201d. The material associates are Wallenius Wilhelmsen ASA group in Strategic Holdings and Investments segment and Coast Center Base group in New Energy segment.Foreign exchange rate riskThe group is exposed to currency risk on revenues and costs in non-functional currencies (transaction risk), and balance sheet items denominated in non-functional currencies (translation risk). The group\u2019s largest foreign exchange exposures are NOK, EUR, SGD, AUD and KRW - all against USD. TRANSACTION RISK HEDGING (CASH FLOW)The group\u2019s operating segments are responsible for hedging their own material transaction risk. Within Maritime Services, USD/NOK, EUR/USD and USD/SGD exposures are subject to a systematic 3-year rolling hedge program, utilizing a portfolio of currency options and currency forwards. The group target current hedge ratio to be within the interval of 30-70% of future opex. USD/MYR is hedged using currency forwards with maturities up to 12 months. Remaining exposures are non-material and not hedged. TRANSLATION RISK HEDGING (BALANCE SHEET)The group\u2019s policy for mitigating translation risk is to match the denomination currency of assets and liabilities to as large extent as possible. FX SENSITIVITES (TRANSLATION RISK)The group monitors the net exposure and calculates sensitivities on a regular basis, based on average market volatility per currency cross. Sensitivities showing a potential accounting effect below USD 5 million on group level are considered non-material. USD mill Note 2022 2021Currency through Income StatementIncluding in other financial income/(expenses)Operating currency, net 10 13 Financial currency, net (8) (12)Currency derivatives, realised (3) 7 Currency derivatives, unrealised (9) (21)Net currency items in other financial income/(expenses) 1 (9) (13)Through other comprehensive incomeCurrency translation differences through OCI (72) (44)Total net currency effects (81) (57)For Maritime Services, New Energy and Strategic Holdings and Investments, material translation risks are booked to other comprehensive income due to the functional currency for most of the entities being different from the reporting currency USD. The group\u2019s 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\u2019s transaction risk (described above), exhibit the following income statement sensitivity:USD millSensitivity (10%) (5%) 0% 5% 10%Income statement sensitivities of economic hedge programTransaction riskUSD/NOK spot rate 8.85 9.35 9.84 10.33 10.83Income statement effect (post tax) 11 6 0 (6) (11)EUR/USD spot rate 0.96 1.02 1.07 1.12 1.18Income statement effect (post tax) (12) (6) 0 6 12 USD/SGD spot rate 1.21 1.27 1.34 1.41 1.47Income statement effect (post tax) 6 3 0 (3) (6)(Tax rate used is 22% that equals the Norwegian tax rate)Interest rate riskThe group\u2019s strategy is to hedge material parts of the interest-bearing debt against rising interest rates. As the capital intensity varies across the group\u2019s 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 56% of its NIBD as of 31 December 2022. The Group has financial liabilities that are exposed to NIBOR, NOWA and USD Term SOFR reference rates. The Group has current interest-bearing liabilities of USD 190 million that have a USD Term SOFR reference rate. Other current interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is attentive to the development of the IBOR reform. The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy. USD mill 2022 2021Maturity schedule interest rate hedges (nominal amounts)Due in year 1 41 11 Due in year 2 28 45 Due in year 3 32 Due in year 4Due in year 5 and later 100 36 Total interest rate hedges 169 125 The New Energy segment has entered swaption contracts with a notional value of about USD 15 million, with expiry date in 2023. 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 later than 5 years. The hedges have an average remaining term of later than 5 years.Interest rate sensitivityThe group\u2019s interest rate risk originates from differences in duration between assets and liabilities. On the asset side, bank deposits and investments in interest-bearing instruments are subject to risk from changes in the general level of interest rates, primarily in USD and NOK. The group uses the weighted average duration of interest-bearing liabilities, and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. USD mill 2022 2021Assets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 1 4 Total interest rate derivatives 1 0 0 4 Currency derivativesMaritime Services 10 1 2 Strategic Holdings and Investments 1 1 Total currency derivatives 0 10 2 2 Total market value of financial derivatives 2 10 2 7 Book value equals market valueUSD millFair value sensitivities of interest rate riskChange in interest rates\u2019 level (2%) (1%) 0% +1% +2%Estimated change in fair value (7) (3) 0 3 7 (Tax rate used is 22% that equals the Norwegian tax rate)EQUITY MARKET RISKThe group holds several assets listed on equity markets as well as a defined portfolio of financial assets for a proportion of the group\u2019s short-term liquidity.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16, including the groups share in Hyundai Glovis:Income statement sensitivities of equity market riskUSD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20%Income statement effect (83) (42) 0 42 83 (Tax rate used is 22% that equals the Norwegian tax rate)CREDIT RISKCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial derivative fails to meet its contractual obligations. The group\u2019s credit risk originates primarily from the account receivables, financial derivatives used to hedgeinterest rate risk or foreign exchange risk, as well as investments, including bank deposits.Loans and receivablesTRADE RECEIVABLESThe group\u2019s exposure to credit risk on its receivables varies across segments and subsidiaries. Within the Maritime Services and New Energy, the global customer base provides diversification with respect to credit risk on receivables. The segments monitor and manage their respective credit risk on a regular basis. Reference is made to note 13.BANK DEPOSITS AND FINANCIAL DERIVATIVESThe group maintains cash management operations and trades financial derivatives with a selection of financially solid banks (as determined by their official credit ratings), limiting the corresponding credit risk. OTHER CREDIT EXPOSURESNo material loans or receivables were past due or impaired at 31 December 2022 (analogous for 2021).GuaranteesThe group\u2019s policy is that no financial guarantees are provided by the parent company. However, financial guarantees are provided within Maritime Services and New Energy. See note 18 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD mill Note 2022 2021Exposure to credit riskFinancial derivatives (liability) 12 (6)Account receivables 12 241 190 Bonds 16 33 58 Cash and bank deposits 17 163 231 Total exposure to credit risk 438 473 LIQUIDITY RISKThe group\u2019s 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\u2019s reputation.The group\u2019s liquidity risk is low in that it holds significant liquid assets in addition to credit facilities with the banks. At 31 December 2022, the group had in excess of USD 313 million (2021: USD 435 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 172 million (2021: USD 195 million) in committed undrawn credit facilities. Less than Between 1 Between 2 Later than USD mill1 yearand 2 yearsand 5 years5 yearsUndiscounted cash flows financial liabilities 2022Mortgages 35 12 25 244 Finance lease liabilities 23 4 20 69 Bank loan 30 2 189 Financial derivatives 10 Interest due 33 33 33 32 Total undiscounted cash flow financial liabilities 132 50 79 535 Current liabilities (excluding next year's instalment on interest-bearing debt) 547 Total gross undiscounted cash flows financial liabilities at 31.12.2022 679 50 79 535 Undiscounted cash flows financial liabilities 2021Mortgages 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 flow financial liabilities 333 53 91 254 Current liabilities (excluding next year's instalment on interest-bearing debt) 489 Total gross undiscounted cash flows financial liabilities at 31.12.2021 822 53 91 254 COVENANTSThe group\u2019s bank and lease financing are subject to financial or non-financial covenant clauses related to one or several of the following:\u2022 Limitation on the ability to pledge assets\u2022 Change of control\u2022 Minimum liquidity\u2022 NIBD / EBITDA or equivalent Debt-Service Coverage-Ratios\u2022 Loan-to-ValueAs of the balance date, the group is not in breach of any financial or non-financial covenants. Covenants are related to the consolidated accounts of Wilhelmsen Maritime Services AS and NorSea Group ASCAPITAL RISK MANAGEMENT The group\u2019s overall policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future business development. The board of directors monitors various return metrics, where Return on Equity and dividend levels are predominant.The group seeks to maintain a balance between the potential higher returns stemming from higher levels of financial gearing and the advantages of a strong balance sheet. The financial strategy and setting of thresholds for capital structure, return requirements and risk are revised by the board of directors.FAIR VALUE ESTIMATION The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. The fair value of financial instruments not traded in an active market (over-the-counter contracts) is based on third party quotes. These quotes use observable market rates for price discovery. Specific valuation techniques used by financial counterparties (banks) to value financial derivatives include:\u2022 Quoted market prices or dealer quotes for similar derivatives.\u2022 The fair value of interest rate swaps is calculated as the net present value of the estimated future cash flows based on observable yield curves.\u2022 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.\u2022 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.\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curves and time-to-maturity parameters at the balance sheet date, resulting in an option premium. Options are typically valued by applying the Black-Scholes model.The carrying value less impairment provision of receivables and payables are assumed to approximate their fair values. The group estimates the fair value of financial liabilities for disclosure purposes by discounting the future contractual cash flows at current market interest rates available to the group for similar financial derivatives. USD mill Note Fair value Book valueInterest-bearing debtMortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222 Total interest-bearing debt at 31.12.2022 18 657 654 Mortgages 246 246 Finance lease liabilities 169 169 Bank loan 229 227 Total interest-bearing debt at 31.12.2021 18 644 642 The fair values are based on cash flows discounted using a rate based on market rates including margins and are within level 2 of the fair value hierarchy.USD mill Level 1 Level 2 Level 3 TotalFinancial assets at fair valueEquities 71 71Bonds 33 33Financial derivatives 1 1Financial assets to fair value 583 7 22 612Total financial assets at 31.12.2022 688 8 22 718Financial liabilities at fair valueFinancial derivatives (10) (10)Total financial liabilities at 31.12.2022 0 (10) 0 (10)Financial assets at fair valueEquities 77 77 Bonds 58 58 Financial derivatives Financial assets to fair value 664 24 688 Total financial assets at 31.12.2021 798 0 24 823 Financial liabilities at fair valueFinancial derivatives (6) (6)Total financial liabilities at 31.12.2021 0 (6) 0 (6)USD mill 2022 2021Changes in level 3 instrumentsOpening balance at 01.01 24 18 Gains and losses recognised through income statement (2) 6 Closing balance at 31.12 22 24 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current close price. These instruments are included in level 1. Instruments included in level 1 at the end of 2022 are liquid investment grade bonds and listed equities (analogous for 2021).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2. If one or more of the significant inputs is not based on observable market data, the derivatives is in level 3. Financial instruments by categoryFair value Financial assets through the USD mill Noteat amortised costincome statement TotalAssetsOther non current assets 12 14 14 28 Financial asset to fair value 14 612 612 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 347 347 Cash and cash equivalent 17 163 163 Assets at 31.12.2022 524 732 1 256 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 565 583 Current interest bearing liabilities 18 88 106 Current financial derivatives 12 10 22 Other non current liabilities 12 11 23 Other current liabilities 12 547 559 Liabilities at 31.12.2022 21 1 201 1 305 Fair value Financial assets through the Noteat amortised costincome statement TotalAssetsOther non current assets 12 15 9 25 Financial asset to fair value 14 688 688 Current financial investments 16 135 135 Current financial 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 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 342 342 Current interest bearing liabilities 18 300 300 Current financial 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 20 Related party transactionFINANCIAL REPORTING PRINCIPLESRelated parties are defined as entities outside of the group that are under control directly or indirectly, joint control or significant influence by the owners of Wilh. Wilhelmsen Holding ASA. All transactions with related parties are entered into on marked terms based on arm\u2019s 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: \u2022 Ship management including crewing, technical and management service \u2022 Agency services\u2022 Freight and liner services\u2022 Marine products\u2022 Shared servicesThe ultimate owner of the group is Tallyman AS, which controls about 60% of voting shares of the group. Tallyman AS is controlled by Thomas Wilhelmsen.Detailed remuneration discloures are provided in the remuneration report.Material related parties in the group are: Business office, country OwnershipWallenius Wilhelmsen ASA Norway 37.9%Coast Center Base AS / KS Norway 50.0%Wallenius Wilhelmsen ASA, through its operating companies, is the market leader in Coast Center Base AS and Coast Center Base KS in the New Energy segment the finished vechicle logistics segment, offering ocean transportation and landbased delivers IT project, administration and handling services and the transactions are vechicle logistics solutions. based on market terms.USD thousand 2022 2021KEY MANAGEMENT PERSONNEL COMPENSATIONBase salary 2 067 2 185 Bonus 3 456 810 Pension 534 485 Other benefits 383 354 Total 6 440 3 834 Detailed remuneration discloures are provided in the remunertation report.USD mill 2022 2021OPERATING REVENUE FROM RELATED PARTYSale of goods and services to joint ventures and associates:WAWI group 20 20 Maritime Services 4 2 New Energy 1 2 Operating revenue from related party 25 24 OPERATING EXPENSES FROM RELATED PARTYPurchase of goods and services from joint ventures and associates:Maritime Services 2 New Energy 1 5 Operating expenses to related party 3 5 ACCOUNT RECEIVABLES FROM RELATED PARTYMaritime Services 12 3 Account receivables from related party 12 3 ACCOUNT PAYABLES TO RELATED PARTYMaritime Services 1 New Energy 6 Account payables to related party 6 1 NON CURRENT ASSETS TO RELATED PARTYMaritime Services 3 4 Strategic Holdings and Investments 1 Non current assets to related party 3 5 Note 21 Subsidiaries with material non-controlling interestsFINANCIAL REPORTING PRINCIPLESNon-controlling interest: The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and relevant share acquired of the carrying value of net assets of the subsidiary is recorded as an equity transaction. Gains or losses on disposals to non-controlling interests are also recorded as an equity transaction.2021Business office/country Voting/control shareTreasure ASA * Norway 76.98%* At 31.December 2022 Treasure ASA had 2 594 566 own shares (31 December 2021 had 6 000 000 own shares).Set out below is the summarised financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are 100% and before inter-company eliminations.During 2022, the group acquired additional shares in NorSea Group AS, increasing its ownership from 75.15 % to 98.96%. Following this acquisition, the non-controlling interests in NorSea Group AS is no longer considered material for the group.Treasure ASAUSD mill 2022 2021Summarised balance sheetNon current assets 538 583 Current assets 10 27 Total assets 547 610 Non current liabilitiesCurrent liabilities Total liabilities 0 0 Net assets 547 610 Summarised income statement/OCITotal income 14 14 Profit for the year (35) (104)Other comprehensive income (1)Total comprehensive income (36) (105)Profit allocated to NCIs (8) (26)Dividends paid to NCIs 5 10 Summarised cash flowsNet cash flow provided by/(used in) operating activities (3) 11 Net cash flow provided by/(used in) investing activities Net cash flow provided by/(used in) financing activities (27) (49)Net increase/(decrease) in cash and cash equivalents (30) (38)USD mill 2022 2021Total allocation to NCIsProfit/(loss) for the period to material NCIs (3) (21)Profit/(loss) for the period to other immaterial NCIs 1 1 Profit for the period to NCIs (3) (21)Note 22 ContingenciesFINANCIAL REPORTING PRINCIPLESThe group and the parent company make provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability. Provisions are not made for future operating losses.The size and global activities of the group dictate that companies in the group will beinvolved from time to time in disputes and legal actions. The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist are of such a nature that they will not significantly affect the group\u2019s financial position.Note 23 Alternative performance measuresAlternative performance measuresThis section describes non-GAAP financial alternative performance measures (APM) that may be used in the quarterly and annual reports and related presentations.The following measures are not defined nor specified in the applicable financial reporting framework of IFRS. They may be considered as non-GAAP financial measures that may include or exclude amounts that are calculated and presented according to the IFRS. These APMs are intended to enhance comparability of the results, balance sheet and cash flows from period to period and it is the Company\u2019s experience that these are frequently used by investors, analysts and other parties. Internally, these APMs are used by the management to measure performance on a regular basis. The APMs should not be considered as a substitute for measures of performance in accordance with IFRS.EBITDA is defined as Total income (Operating revenue and gain/(loss) on sale of assets) adjusted for Operating expenses. EBITDA is used as an additional measure of operational profitability, excluding the impact from financial items, taxes, depreciation and amortization.EBITDA adjusted is defined as EBITDA excluding certain income and/or cost items which are not regarded as part of the underlying operational performance for the period. The Company do not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.EBITDA margin is defined as EBITDA as a per cent of of Total income.EBITDA margin adjusted is defined as EBITDA adjusted as a per cent of Total income, with Total income also adjusted for the same income elements as those which have been adjusted for in EBITDA adjusted. EBIT is defined as Total income (Operating revenue and gain/(loss) on sale of assets) less Operating expenses, Other gain/loss and depreciation and amortization. EBIT is used as a measure of operational profitability excluding the effects of how the operations were financed, taxed and excluding foreign exchange gains & losses.EBIT adjusted, EBIT margin and EBIT margin adjusted will, if used, be prepared in the same manner as described under EBITDA.Net interest-bearing debt (NIBD) is defined as total interest bearing debt (Non-current interest-bearing debt and Current interest-bearing debt) less Cash and cash equivalenets and Current financial investments.Equity ratio is defined as Total equity as a percent of Total assets.Note 24 General accounting principlesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThis note provides a list of the significant accounting policies adopted in the preparation of theses consolidated financial statements to the extent they are not disclosed separately in the other notes in the consolidated financial statements or in the notes of the financial statements of the parent company. Accounting policies have been consistently applied to all the years presented, unless otherwise stated.Historical cost conventionThe financial statements have been prepared on a historical cost basis, except for the following: \u2022 certain financial assets and liabilities (including derivative instruments),\u2022 defined benefit pension plans \u2013 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 effective during the current period:No new standards or amendments were implemented for the first time in the annual reporting period commencing 1 January 2022. There was no impact on the amounts recognised in prior periods and no expected significant effect on the current or future periods. New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2022 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 TRANSLATIONFunctional and presentation currencyItems included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The exceptions are investments activity in Malta, where Australian dollar (AUD) is the functional currency and the parent company Wilhelmsen Maritime Services (WMS AS) has US dollar (USD). The consolidated financial statements are presented in USD, rounded off to the nearest whole million.The presentation currency of the separate statements of the parent is NOK which is also its functional currency. The accounts are rounded off to the nearest whole thousand.The income statements and balance sheets for group companies with a functional currency which differs from the presentation currency (USD) are translated as follows:\u2022 the balance sheet is translated at the closing exchange rate on the balance sheet date\u2022 income and expense items are translated at a rate that is representative as an average exchange rate for the period, unless the exchange rates fluctuate significantly for that period, in which case the exchange rates at the dates of the transactions are used\u2022 the translation difference is recognised in other comprehensive income and split between controlling and non-controlling interests Goodwill and fair value adjustments of assets and liabilities related to acquisition of entities which have a functional currency other than USD are attributed to the acquired entity\u2019s functional currency and translated at the exchange rate prevailing on the balance sheet date.Cont. note 24 General accounting principlesTranslations and balancesForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in income statement. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses are presented on a net basis in the income statement, within finance costs. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through income statement are recognised in income statement as part of the fair value gain or loss, and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognised in other comprehensive income.Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.BUSINESS COMBINATIONThe 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:\u2022 fair value of the asset transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the group\u2022 fair value of any assets or liability resulting from a contingent consideration arrangement, and\u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.GOODWILL IS RECOGNISED AS THE EXCESS OF THE;\u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in the income statement.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s 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 dateIn January 2023 Wilhelmsen Ships Service acquired Navadan A/S, a Danish companywithin tank and cargo hold cleaning. Navadan will be a part of the segment Maritime Services. A preliminary purchase price allocation is not prepared. 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.Wilh. Wilhelmsen Holding ASAPhone: (+47) 67 58 40 00Postal address:PO Box 33, NO-1324Lysaker, Norway",
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"s7_notes__6__6-1": {
"value": "General accounting principle Wilh. Wilhelmsen Holding groupMost statements of financial position items will be affected by uncertainty related to estimates and assumption to a certain degree. The items most affected, and where estimates and assumptions are assessed to have the greatest significance include:\u2022 Deferred tax asset (Note 9)\u2022 Goodwill (Note 7)\u2022 Finance leases (Note 8)\u2022 Loss allowance on accounts receivable (Note 13)\u2022 Provisions and other non-current liabilities (Note 12)Accounting principles applied, estimates and assumptions used by management are presented in the respective notes. The group does face risk as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. Uncertainties and risks relate to both transition risk (market-related, technological, and changes in regulatory requirements), and in physical risk that may affect the group\u2019s assets is an integral part of management\u2019s estimates and judgements across the group. The group has, where assessed relevant, included climate related considerations when assessing critical accounting estimates and assumptions. For consolidated accounts for fiscal year 2022, climate related considerations did not materially affect the group\u2019s estimates and assumptions. Financial reporting principlesThe financial reporting principles are described in the relevant notes in the consolidated financial statements and in the notes in the financial statements of the parent company. The financial reporting principles described in the consolidated financial statements also apply to the financial statements of the parent company, unless otherwise stated.Note 24 General accounting principlesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThis note provides a list of the significant accounting policies adopted in the preparation of theses consolidated financial statements to the extent they are not disclosed separately in the other notes in the consolidated financial statements or in the notes of the financial statements of the parent company. Accounting policies have been consistently applied to all the years presented, unless otherwise stated.Historical cost conventionThe financial statements have been prepared on a historical cost basis, except for the following: \u2022 certain financial assets and liabilities (including derivative instruments),\u2022 defined benefit pension plans \u2013 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 effective during the current period:No new standards or amendments were implemented for the first time in the annual reporting period commencing 1 January 2022. There was no impact on the amounts recognised in prior periods and no expected significant effect on the current or future periods. New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2022 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 TRANSLATIONFunctional and presentation currencyItems included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The exceptions are investments activity in Malta, where Australian dollar (AUD) is the functional currency and the parent company Wilhelmsen Maritime Services (WMS AS) has US dollar (USD). The consolidated financial statements are presented in USD, rounded off to the nearest whole million.The presentation currency of the separate statements of the parent is NOK which is also its functional currency. The accounts are rounded off to the nearest whole thousand.The income statements and balance sheets for group companies with a functional currency which differs from the presentation currency (USD) are translated as follows:\u2022 the balance sheet is translated at the closing exchange rate on the balance sheet date\u2022 income and expense items are translated at a rate that is representative as an average exchange rate for the period, unless the exchange rates fluctuate significantly for that period, in which case the exchange rates at the dates of the transactions are used\u2022 the translation difference is recognised in other comprehensive income and split between controlling and non-controlling interests Goodwill and fair value adjustments of assets and liabilities related to acquisition of entities which have a functional currency other than USD are attributed to the acquired entity\u2019s functional currency and translated at the exchange rate prevailing on the balance sheet date.Cont. note 24 General accounting principlesTranslations and balancesForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in income statement. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses are presented on a net basis in the income statement, within finance costs. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through income statement are recognised in income statement as part of the fair value gain or loss, and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognised in other comprehensive income.Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.BUSINESS COMBINATIONThe 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:\u2022 fair value of the asset transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the group\u2022 fair value of any assets or liability resulting from a contingent consideration arrangement, and\u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.GOODWILL IS RECOGNISED AS THE EXCESS OF THE;\u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in the income statement.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s 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.",
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"s7_notes__6__80": {
"value": "Wilh. Wilhelmsen Holding ASA",
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"value": "Wilh. Wilhelmsen Holding ASA",
"dimensions": {
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"s7_notes__6__75": {
"value": "ASA",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__7": {
"value": "OPERATING REVENUEShips Service 2/3 394 348 Port Services 2/3 136 126 Ship Management 2/3 68 54 New Energy 2/3 333 310 Other services 2/3 12 34 Total operating revenue 20 943 873 OTHER INCOMEOther gain/(loss) 15 2 Total other income 15 2",
"dimensions": {
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__8": {
"value": "OTHER EXPENSESOffice expenses (14) (14)Communication and IT expenses (36) (33)External services (28) (24)Travel and meeting expenses (8) (4)Marketing expenses (3) (2)Lease expenses 8 (14) (16)Other operating expenses (48) (43)Total other expenses 20 (151) (136)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__9": {
"value": "Financial itemsInvestment management 21 Interest income 4 1 Dividend from financial assets 18 16 Other financial items 4 Net financial items 22 42 Financial expensesInvestment management (4)Interest expenses (22) (15)Interest expenses lease liabilities 8 (6) (9)Other financial expenses (4) (6)Net financial expenses (35) (30)Financial - currency gain/(loss)Operating currency - net 10 13 Financial currency - net (8) (12)Derivatives for hedging of cash flow risk - realised (3) 7 Derivatives for hedging of cash flow risk - unrealised (9) (21)Net financial - currency gain/(loss) (9) (13)Financial income/(expenses) (23) (1)Spesification of financial income and expensesNet financial items 22 42 Net operating currency 1 1 Net currency derivatives 10 Financial income 32 42 Net financial - interest expenses (35) (30)Net financial currency (8)Net currency derivatives (11) (14)Financial expenses (55) (43)See note 19 on financial risk and the section of the accounting policies concerning financial derivatives.",
"dimensions": {
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__10": {
"value": "Note 2 Segment reportingFINANCIAL REPORTING PRINCIPLESThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-makers.The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the board and group management team, consisting of the group chief executive officer (group CEO) and four executive managers.SEGMENTSThe chief operating decision-makers monitor the business by combining entities with similar operational characteristics such as product, services, market and underlying asset base, into operating segments. The Maritime Services segment offers marine products, ship agency services and logistics to the merchant fleet and ship management including manning for all major vessel types, through a worldwide network of 247 offices in 58 countries. The New Energy segment includes the NorSea Group and other New Energy activities. The activity is mainly related to the operation of supply bases for the offshore industry in Norway, as well as real estate development and operation of properties both on and off the supply bases. In addition to the activity in Norway, the segment offers its services in both Denmark and in the UK. The international activity consists of both operation of supply bases, maintenance of rigs and handling of logistics related to international pipeline projects and windmill parks. Other activities within the segment include technical management and crew management for the offshore wind market and digital solutions to the shipping industry. The Strategic Holdings and Investments segment includes the parent company, Wilh. Wilhelmsen Holding ASA, Treasure ASA group, Wilh.Wilhelmsen Holding Invest Malta and other corporate group activities (operational management, legal, finance, portfolio management, communication and human relations) which fail to meet the definition for other core activities.The group\u2019s investment in Wallenius Wilhelmsen ASA (WAWI) is presented as part of Strategic Holdings and Investments as investments in associates. Eliminations are between the group\u2019s three segments mentioned above. The segment income statement are measured in the same way as in the financial statements.The segment information provided to the chief operating decision-makers for the reportable segments for the year ended 31 December 2022 is as follows:Strategic Holdings USD mill Maritime Services New EnergyEliminations Totaland Investments2022 2021 2022 2021 2022 2021 2022 2021 2022 2021INCOME STATEMENTOperating revenue 628 555 310 310 17 17 (12) (9) 943 873 Other gain/(loss) 2 23 (7) 15 2Total income 628 557 333 310 10 17 (12) (9) 958 874Cost of goods and change in inventory (225) (185) (87) (91) (1) (1) (314) (277)Employee benefits (215) (200) (111) (106) (15) (15) (342) (321)Other expenses (93) (83) (60) (53) (9) (9) 12 9 (151) (136)Operating profit/(loss) before depreciation,amortisation and impairment 94 89 75 60 (16) (8) (0) (0) 152 141 Depreciation and impairment (37) (27) (28) (36) (4) (5) (69) (68)Operating profit 57 62 46 24 (20) (13) (0) (0) 83 73 Share of profit/(loss) from associates 7 5 8 10 281 85 296 101 Changes in fair value financial assets 2 (52) (107) (50) (107)Net financial income/(expenses) (20) (19) (16) (18) 13 35 (23) (1)Profit before tax 44 48 40 17 222 0 (0) (0) 306 66 Tax income/(expense) (16) (10) (2) (3) 4 (1) (13) (13)Profit for the period 28 38 38 14 227 (0) (0) (0) 293 53 Non-controlling interests 1 7 7 (10) (27) (3) (20)Profit to the equity holders of the company 28 38 31 8 237 27 (0) (0) 282 72 New Energy; one customer represents about 20% of the total revenue.2022202220212021Total income USD millProfit before tax USD millTotal income USD millProfit before tax USD mill1048172223333106281755744400 Maritime Services New Energy Strategic Holdings and InvestmentsThe amounts provided to the chief operating decision-makers with respect to total assets, liabilities and equity are measured in the same way as in the financial statements.Strategic Holdings USD mill Maritime Services New Energyand Investments Eliminations Total31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21 31.12.22 31.12.21BALANCE SHEETAssetsDeferred tax asset 45 48 7 16 9 61 64 Goodwill and other intangible assets 122 129 6 6 1 129 135 Properties and other tangible assets 155 158 452 367 16 17 623 542 Right of use assets 36 29 49 92 27 34 (9) 102 155 Investments in joint ventures and associates 26 24 171 183 1 146 886 1 342 1 093 Financial assets to fair value 4 609 688 613 688 Other non current assets 8 9 27 23 3 2 (9) (9) 28 25 Current financial investments 104 135 104 135 Other current assets 378 307 80 80 14 7 (10) (14) 463 380 Cash and cash equivalents 131 174 8 7 24 50 163 231 Total assets 901 878 797 765 1 960 1 828 (29) (23) 3 628 3 448 Equity and liabilitiesShareholders' equity 158 185 337 254 1 717 1 570 2 212 2 009 Equity non-controlling interests (2) (1) 3 64 143 158 144 221 Deferred tax 15 11 2 0 17 11 Interest-bearing debt 188 200 317 246 34 27 (1) 538 473 Leasing debt 39 31 58 103 28 35 (10) 116 169 Other non current liabilities 18 25 7 10 16 17 (8) (9) 32 43 Other current liabilities 485 426 73 89 22 21 (10) (14) 570 522 Total equity and liabilities 901 878 797 765 1 960 1 828 (29) (23) 3 628 3 448 Investments in tangible assets 17 11 160 11 1 27 178 49 31.12.2231.12.21Equity controlling interestEquity controlling interest7% 9%15% 13% Maritime Services78% 78% New Energy Strategic Holdings and InvestmentsThe amounts provided to the chief operating decision-makers with respect to cash flows are measured in a manner consistent with that of the balance sheet.Strategic Holdings Maritime Services New Energyand Investments USD mill2022 2021 2022 2021 2022 2021CASH FLOWProfit before tax 44 48 39 17 222 (1)Changes in fair value financial assets 50 107 Share of (profit)/loss from joint ventures and associates (7) (5) (8) (10) (281) (84)Net financial (income)/expenses 20 19 16 18 (12) (35)Depreciation, amortisation and impairment 37 27 28 36 4 5 Change in working capital (63) (10) (7) 2 (8) (13)Other (gain)/loss (2) (23) 7 Net cash provided by operating activities 31 77 45 63 (16) (21)Dividend received from joint ventures and associates5 3 8 9 24 Net sale/(investments) in fixed assets (10) (2) (2) (19) (1) (1)Net sale/(investments) in entities and segments (4) 4 (50) (35) (1) (1)Net investments in financial investments 2 0 2 1 55 18 Net changes in other investments (6) (7) 1 (17) (1)Net cash flow from investing activities (7) (1) (48) (43) 59 15 Net change of debt (22) (10) 13 (7) 6 17 Net change in other financial items (12) (6) (15) (15) (3) 4 Net dividend from other segments/ to shareholders (33) (61) 7 (2) (73) (47)Net cash flow from financing activities (67) (77) 5 (24) (69) (26)Net increase in cash and cash equivalents (43) (1) 1 (5) (26) (32)Cash and cash equivalents at the beginning of the period 174 174 7 12 50 82Cash and cash equivalents at the end of period 130 174 8 7 24 5020222021GEOGRAPHICAL AREASTotal incomeTotal incomeTotal Income3%3%Area income is based on the geographical location of the company and include gains from sale of assets.30%30%Total assets57%59%Area assets are based on the geographical location of the assets. The group\u2019s investment in Hyundai Glovis is classified in the geographical segment Asia & Africa.9%8%Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.20222021Total assetsTotal assets1%1%USD mill23%17%Total income and total assets attributed to Norway 1%as the company\u2019s country of domicile1%75%81%2022 2021Total income attributed to Norway 344 339 Total assets attributed to Norway 3 031 2 853 20222021Investment in tangible assetsInvestment in tangible assets1%14%1%33% Europe63%85% Oceania Asia & Africa2% America",
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"s7_notes__6__11": {
"value": "FINANCIAL REPORTING PRINCIPLESThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-makers.The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the board and group management team, consisting of the group chief executive officer (group CEO) and four executive managers",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__12": {
"value": "FINANCIAL REPORTING PRINCIPLESRevenue derived from customer contracts in scope of IFRS 15 Revenue from contracts with customers are assessed using the five-step model, where only customer contracts with a firm commitment is used as basis for revenue recognition. Revenue from contracts with customers is recognised upon satisfaction of the performance obligation for the transfer of goods and services in each such contract. The revenue amount recognised is equal to the consideration the group expects to be entitled in exchange for the goods and services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__13": {
"value": "Note 3 Revenue from contracts with customersFINANCIAL REPORTING PRINCIPLESRevenue derived from customer contracts in scope of IFRS 15 Revenue from contracts with customers are assessed using the five-step model, where only customer contracts with a firm commitment is used as basis for revenue recognition. Revenue from contracts with customers is recognised upon satisfaction of the performance obligation for the transfer of goods and services in each such contract. The revenue amount recognised is equal to the consideration the group expects to be entitled in exchange for the goods and services.OPERATING REVENUEUSD millStrategic Holdings and InvestmentsRevenue segments Maritime Services New Energy Elimination TotalShip Ships Port Manage- Infra- Shipping/ ServiceServicesment Otherstructuretechnology Wind Other 2022Revenue fromexternal customers 394 136 68 29 270 3 37 17 (12) 943 Total 394 136 68 29 270 3 37 17 (12) 943 Timing of revenue recognition At a point in time 394 26 3 17 (12) 428 Over time 136 68 3 270 37 516 Total 394 136 68 29 270 3 37 17 (12) 943 2021Revenue fromexternal 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 MARITIME SERVICESShip services - Sale of goods The group offers a wide range of products to the maritime industry. The products are delivered to the customer at vessel or warehouse, which is also the point in time where control transfers to the customer and revenue is recognised net of any discounts. Some customers are entitled to retrospective volume discounts based on aggregate sales over a defined period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only reconised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in other current liabilities) is recongised for expected volume discounts payable to customers in relations to sales made until the end of the reporting period. The contracts typically has payment terms of 30 days after delivery, and no significant financing component is identified. Port Services - Sale of servicesThe group offers ships agency and port services coverering 2 200 port locations world wide. The agents facilitates efficent port calls for vessels, by procuring goods and services on behalf of the customers and to assist with required permits and custom declaration assocuated with the port call. Prior to the port call, the customer is required to make available funds for the expected disbursements (pre funding). Following the completion of the services the group prepare a final disbursement account to the customer documenting all disbusement for the port call. The group is only acting as an agent, and control of goods and services transfers directly from the relevant suppliers to the customer. The group does not have inventory risk or the discretion on establishing prices. For the services rendered, the group is entitled to a fee that consist of a payment based on services delivered to customer.Technical / crewing management Wilhelmsen Ship Management (WSM) offers technical management and crew management for all vessel segments. The contract durations follow industry standards, and will usually include an annual compensation payable in monthly arreas, in addition the ship owner is charged a monthly fee per crew onboard the vessel. The ship owner simultaniously receives and consumes the benefits provided by the entity, and hence revenenue is recognised over time. Since WSM has the right to invoice the services delivered at the end of each month, this is also the basis for revenue recognition. The invoices are payable 30 days after the end of each month. Other revenue in the Maritime services segmentThese revenues mainly consist of sale of ropes to non-maritime customers and chemicals for the consumer markets. Most of the sales are to wholesale customers. Revenue is recognised net of any discounts at delivery. Time and place of delivery, and transfer of control, depend on agreed delivery terms but usually when the customer receives the goods. The group also has an insurance agency business where the group is acting as an agent, and is entitled to a defined commission of the insurance premium. The comission is per year and recognised on a straight line basis thorugh the year. NEW ENERGYInfrastructure The New Energy segment, including the NorSea Group operates supply bases and provide integrated logistics solution to the offshore industry. Revenues from external customers come from sale of services to the offshore industry (Operations), from the rental of properties (Property) and from the sale of services to other industries (Other). The duration of the operations contracts varies from 3 to 10 years. The pricing of the contracts are mainly based on delivered quantity via supply bases. The group is a lessor for parts of the properties located on or near the bases. This is typically warehouses and some office facilities. This is ordinary operational lease contracts with a typical duration of 2 to 7 years. For contracts with a duration of more than one year the rent is adjusted annually based on commonly used indexes. Lease revenue is usually recognised on a straight line basis over the lease term.Shipping/technologyThe 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. WindThe group provides technical management and crew management for the offshore wind market. The contracts have a typical duration of five years. The custmers simultaniously receives and consumes the benefits provided by the group, and hence revenenue is recognised over time. The invoices are payable 30 days after the end of each month.STRATEGIC HOLDINGS AND INVESTMENTSThe operation revenue is related to inhouse services to external customers as office rent and canteen services. INFORMATION ABOUT TRANSACTION PRICE ALLOCATED TO UNSATISFIED PERFORMANCE OBLIGATIONS In general the contracts with customers are of a short term nature, except for the framework agreements described under New Energy Infrastructure and Ship Management. For infrastructure the framework agreements can be for a period of up to 10 years, but do not define any minimum volume. For Ship Management contracts the customer can terminate the contract without cause on a 3 months basis. Because of this there is no significant unsatisfied performance obligations as of year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__14": {
"value": "New EnergyCoast Center Base AS Norway50.0% 50.0%KS Coast Center Base Norway 50.0% 50.0%CCB Energy Holding AS Norway 50.0% 50.0%Vikan N\u00e6ringspark Invest AS Norway 50.0%Elevon AS Norway 50.0% 50.0%S\u00f8rSea AS Norway 50.0% 50.0%Polar Lift AS Norway 50.0% 50.0%Maritime ServicesWilhelmsen Ahrenkiel group Germany50.0% 50.0%Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen CCB Energy Holding 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, Holding AS and was established in 2020. It owns shares in companies involved in project and maintenance to the offshore industry in addition to maritime industry. production of hydrogen and climate netural solutions. KS Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen Vikan N\u00e6ringspark AS was in the beginning of 2022 a joint venture between NorSea Holding AS and was established in 1973. It is mainly a property company owning Group and Kristiansund Baseselskap AS. NorSea Group acquired the remaining infrastructure rented out to Coast Center Base AS. shares in the company in March 2022 and it is now a 100% owned subsidiary of NorSea Group.Elevon AS is a joint venture between NorSea Group and Wallenius Wilhelmsen Logistics Abnormal Load Servicee Holding B.V. and P. Schwandner Logistik + Transport GmbH. The company provides logistics services to the wind industry. S\u00f8rSea AS is a joint venture between NorSea Group and R\u00f8si AS/Stangeland Gruppen AS. It owns land in Risavika in Norway. Polar Lift AS is a joint venture between NorSea Group and Havator AS. It rents out cranes and other equipment and is located in Hammerfest, Norway. Wilhelmsen Ahrenkiel group, is a technical container ship management within MPC Capital Group. All companies are private companies and there are no quoted market price available for the shares. There are no contingent liabilities relating to the group\u2019s interest in the joint ventures.USD mill 2022 2021Summarised financial information - according to the group\u2019s ownershipShare of total income 111 83 Share of operating expenses (93) (60)Share of depreciation (6) (7)Share of net financial items (2) (3)Share of tax expense (2) (2)Share of profit for the year 8 11 Share of equity (equity method)Book value 43 68 Excess value (goodwill) 60 61 Investments in Joint Ventures 104 129 USD mill 2022 2021Joint ventures\u2019 assets, equity and liabilities (group\u2019s share of investments)Share of non current assets 87 152 Share of cash and cash equivalents 33 7 Share of current assets 6 25 Total share of assets 126 184 Share of equity 68 67 Share of profit for the period 8 10 Dividend received/repayments of share capital (5) (8)Disposals of net assets (21)Currency translation differences (7) (1)Share of equity at 31.12 44 68 Share of non current financial liabilities 45 83 Share of other non current liabilities 1 2 Share of current financial liabilities 3 1 Share of other current liabilities 35 29 Total share of liabilities 83 116 Total share of equity and liabilities 126 184 Set out below are the summarised financial information on a 100% basis for Coast Center Base (CCB), which in the opinion of the directors is a material joint venture to the group.Joint venture not considered to be material, is defined under \u201cother\u201d (on a 100% basis).USD mill CCB Other2022 2021 2022 2021SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 194 156 27 11 Operating expenses (175) (132) (22) (2)Net operating profit 20 24 5 8 Financial income/(expenses) (3) (5) (2)Profit before tax 16 19 5 7 Tax income/(expense) (3) (2) (1) (1)Profit after non-controlling interests 14 17 4 5 Other comprehensive incomeTotal comprehensive income 14 17 4 5 The group\u2019s share of dividend from joint ventures 4 7 1 1 USD mill CCB Other31.12.2022 31.12.2021 31.12.2022 31.12.2021SUMMARISED BALANCE SHEETNon current assets 165 185 7 122 Other current assets 58 47 5 20 Cash and cash equivalents 4 12 6 3 Total assets 227 243 17 145 Non current financial liabilities 86 96 3 73 Other non current liabilities 2 2 2 Current financial liabilities 3 2 Other current liabilities 62 65 2 4 Total liabilities 150 162 8 81Net assets 77 81 9 63 The information above reflects 100% of the amounts presented in the financial statements of the joint ventures, adjusted for any differences in accounting policies between the group and the joint ventures.USD mill CCB Other31.12.2021 31.12.2020 31.12.2021 31.12.2020RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONOpening net asset at 31.12 81 85 63 59 Acquisition of net assets 1 Disposals of joint ventures* (42)Profit for the period 14 17 5 10 Other comprehensive income Currency translation differences (9) (3) (10) (1)Dividend to shareholder (8) (17) (6) (5)Closing net assets at 31.12 77 81 11 63 The group's share 39 40 5 24 Goodwill / excess value 53 59 8 6 Carrying value at 31.12 91 99 13 30 * Vikan N\u00e6ringspark Invest AS was in the beginning of 2022 a joint venture between NorSea Group and Kristiansund Baseselskap AS. NorSea Group acquired the remaining shares in the company in March 2022 and it is now a 100% owned subsidiary.",
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"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "FINANCIAL REPORTING PRINCIPLESJoint arrangementUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method after initially being recognised at cost in the consolidated balance sheet.AssociatesAssociates are all entities over which the group has significant influence but not control or control jointly. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially being recognised at cost in the consolidated balance sheet.Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted subsequently to recognise the group\u2019s share of the post-acquisition profits after tax of the investee in income statement, and the group\u2019s 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\u2019s 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\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is tested for impairment when impairment indicators are present.When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "Strategic Holdings and Investments Wallenius Wilhelmsen ASA (WAWI) Norway37.9% 37.8%Maritime Services - companies with significant shares of profitsAlmoayed Wilhelmsen Ltd Bahrain50.0% 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%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%BWW LPG Sdn. Bhd. Malayisia 49.0%Wilhelmsen Ships Service (Private) Limited Pakistan 50.0%Wilhelmsen-Smith Bell Shipping Inc Philippines 49.0% 49.0%Wilhelmsen-Smith Bell (Subic) Inc. Philippines 50.0% 50.0%Wilhelmsen-Smith Bell Manning, Inc. Philippines 50.0% 50.0%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%Krew-Barwil (Pty) Ltd South Africa 49.0% 49.0%Barwil Abu Dhabi Ruwais LLC United Arab Emirates 50.0% 50.0%Triangle Shipping Agencies LLC United Arab Emirates 50.0% 50.0%Wilhelmsen Port Services 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%2022 2021Country Voting share/ownershipNew Energy - companies with significant shares of profitsDolittle AS Norway45.9% 45.9%Massterly AS Norway 50.0% 50.0%Edda Wind ASA Norway 25.7% 25.7%Reach Subsea ASA Norway 20.5%Risavika Eiendom AS Norway 42.0% 42.0%Hammerfest N\u00e6ringsinvest AS Norway 32.3% 32.3%Strandparken Holding AS Norway 33.1% 33.1%Eld\u00f8yane N\u00e6ringspark AS Norway 37.9% 37.9%Polar Algae AS Norway 46.8% 33.3%Windwork Jelsa AS Norway 33.3% 33.3%Dusavika Utvikling AS Norway 33.5% 33.5%Love Milj\u00f8base AS Norway 33.3% 33.3%Ventyr Energy AS Norway 50.0% 50.0%Energy Innovation Holding AS Norway 50.0% 50.0%Konciv AS Norway 47.5% 49.9%An overview of actual equity holdings can be found in the presentation of company structure on page 106.USD mill 2022 2021Share of profit/(loss) from associatesWAWI group 281 85 Associates Maritime Services 6 5 Associates New Energy 1 Share of profit from associates 287 90 Book value of material associatesWAWI group 1 146 886 Specification of share of equity and profit/loss:Share of equity at 01.01 964 842 Share of profit for the year 287 90 Acquisition of associates in New Energy 18 36 Dividend (29) (4)Financial derivatives in associates 4 5 Other comprehensive income (6) (5)Share of equity at 31.12 1 238 964 There are no contingent liabilities relating to the group\u2019s interest in the associates. The group acquired 20.5% of the listed company Reach Subsea ASA in 2022. Reach Subsea group offer subsea services as subcontractor and/or directly to end clients. The core business of the group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by our competent onshore engineering resources.The group acquired 25% of \u00d8stensj\u00f8 Group\u2019s offshore wind company Edda Wind in 2020 and additional 25% in 2021. The Edda Wind group was listed on Oslo B\u00f8rs on the 26th of November 2021 and the group was diluted to an ownership share of 25.66%. Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks. Set out below are the summarised financial information for, on a 100% basis, for WAWI group, which, in the opinion of the directors, is the material associates to the group. Associates not considered to be material is defined under \u201dother\u201d (on a 100% basis).USD mill WAWI group Other2022 2021 2022 2021SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 5 045 3 884 207 104 Operating expenses (4 114) (3 578) (174) (82)Net operating profit 931 306 33 23 Finance income & expenses (102) (108) (1)Profit before tax 829 198 34 22 Tax income/(expense) (35) (23) (5) (1)Profit/(loss) after non-controlling interests 794 133 29 21 Other comprehensive income (1) 16 (4) (2)Total comprehensive income (shareholder's equity) 794 149 25 18 WWH share of dividend from associates 24 5 4 USD mill WAWI group Other31.12.2022 31.12.2021 31.12.2022 31.12.2021SUMMARISED BALANCE SHEETNon current assets 6 242 6 315 351 251 Other current assets 936 769 107 70 Cash and cash equivalents 1 216 710 133 148 Total assets 8 394 7 794 591 470 Non current financial liabilities 3 454 2 158 147 125 Other non current liabilities 205 1 437 7 8 Current financial liabilities 633 515 32 93 Other current liabilities 593 880 115 4 Non-controlling interest 355 266 Total liabilities 5 240 5 256 301 231 Net assets 3 154 2 539 290 239 The information above reflects the 100% amount presented in the financial statements of the associates, adjusted for differences in accounting policies between the group and the associates.USD mill WAWI Group Other31.12.2022 31.12.2021 31.12.2022 31.12.2021RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONNet asset at 01.01 2 539 2 391 239 108 Profit for the period 679 133 7 19 Net assets of acquired associates 57 52 Proceed from IPO 77 Other comprehensive income 16 (4) (2)Transaction with non-controlling interests (2) (1) (4)Dividend (63) (5) (15)Net assets at 31.12 3 154 2 539 290 239 WWH share 1 194 960 91 72 Currency (1) (2) (6)Fair value adjustment vessel and goodwill * (48) (72) 7 7 Carrying value at 31.12 1 146 886 92 79 * The share price and market value of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than book value of equity in WAWI. The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2022 was USD 1 575 million (2021: USD 918 million). WAWI is a separately listed company on Oslo B\u00f8rs. The market capitalisation of its shares at year end is 38% higher (2021: 4% higher) than the carrying amount of the investment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.USD mill 2022 2021RECONCILIATION OF THE GROUP\u2019S INCOME STATEMENT AND BALANCE SHEETShare of profit from joint ventures 8 11 Share of profit/(loss) from associates 287 90 Share of profit/(loss) from joint ventures and associates 296 101 Share of equity from joint ventures 104 129 Share of equity from associates 1 238 964 Share of equity from joint ventures and associates 1 342 1 093 The group\u2019s share of profit, after tax from joint ventures and associates is recognised in the income statement as financial income. All joint ventures and associates are equity consolidated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "Note 5 Principal subsidiariesFINANCIAL REPORTING PRINCIPLESThe consolidated financial statements consists of all entities controlled by Wilh. Wilhelmsen Holding ASA as at 31 December 2022.Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.Non-controlling interests in the profit/loss and equity of subsidiaries are shown separately in the consolidated statement of income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. Proportion of ordinary Proportion of shares directly held by ordinary shares held Business office/country Nature of businessparent (%)by the group (%)Maritime Services Wilhelmsen Maritime Services AS Norway Maritime Services 100% 100%Wilhelmsen Ships Service AS Norway Maritime products and services 100%Wilhelmsen Port Services AS Norway Port Services 100%Wilhelmsen Ship Management Holding AS Norway Ship management 100%Wilhelmsen Chemical AS Norway Manufactoring 100%New EnergyWilhelmsen New Energy AS Norway New Energy investments 100% 100%NorSea Group AS Norway Infrastructure and supply services 98.96%Strategic Holdings and InvestmentsTreasure ASA * Norway Investment 76.98% 76.98%Wilh. Wilhelmsen Holding Invest Malta Ltd Malta Investment 100%The group\u2019s principal subsidiaries at 31 December 2022 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of headquarter of subgroups. During 2022 the group acquired the subsidiaries Str\u00f8mme AS and Vopak Agencies B.V through business combinations, both reported under the Maritime Services segment, and increased it\u2019s ownership in Vikan N\u00e6ringspark AS from 50% to 100%, reclassifying the company from joint venture to subsidiary, reported under the New Energy segment. None of the new subsidiaries are considered to be a material subsidiary. The investment cost, net after cash in new subsidiaries was USD 37 million.* At 31.12.2022 Treasure ASA had 2 594 566 own shares (2021: 6 000 000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "FINANCIAL REPORTING PRINCIPLESThe consolidated financial statements consists of all entities controlled by Wilh. Wilhelmsen Holding ASA as at 31 December 2022.Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.Non-controlling interests in the profit/loss and equity of subsidiaries are shown separately in the consolidated statement of income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__20-1": {
"value": "FINANCIAL REPORTING PRINCIPLESEmployee benefits include wages, salaries, social security contributions, sick leave, parental leave and other employee benefits. The benefits are recognised in the period in which the associated services are rendered by the employees.For cash\u2013settled 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.FINANCIAL REPORTING PRINCPLES Defined contribution plan A defined contribution plan is one under which the group and the parent company pay fixed contributions to a separate legal entity. The group and the parent company have no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Defined benefit plan A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and pay.The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In a few countries without deep markets in such bonds, the market rates on government bonds are used.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__19-1": {
"value": "Note 6 Employee benefitsFINANCIAL REPORTING PRINCIPLESEmployee benefits include wages, salaries, social security contributions, sick leave, parental leave and other employee benefits. The benefits are recognised in the period in which the associated services are rendered by the employees.For cash\u2013settled payments/bonus plans and other cash-settled payments, a liability equal to the portion of services received is recognised at fair value determined at each balance sheet date.USD mill Note 2022 2021Payroll 247 239 Payroll tax 30 30 Pension cost 11 18 18 Other remuneration 47 34 Total employee benefits 341 321 During 2021 the group received USD 2 million in government grants for COVID-19 compensation related to personnel expenses. These grants are recognised as expense compensations and deducted from the related expense account. 2022 2021Number of employees:Group companies in Norway 1 121 1 024 Group companies abroad 3 910 3 452 Seagoing personnel Ship Management 10 868 10 988 Total employees 15 899 15 464 Average number of employees 15 682 15 289 EXPENSED AUDIT FEEUSD mill 2022 2021Statutory audit 2.8 2.4Other assurance services 0.1 0.4Tax advisory fee 1.2 1.7Other assistance 0.3 0.1Total expensed audit fee 4.3 4.5The fees above cover the group expenses to all external auditors and tax advisors.Note 11 PensionFINANCIAL REPORTING PRINCPLES Defined contribution plan A defined contribution plan is one under which the group and the parent company pay fixed contributions to a separate legal entity. The group and the parent company have no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Defined benefit plan A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and pay.The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In a few countries without deep markets in such bonds, the market rates on government bonds are used.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 schemeThe group\u2019s defined contribution pension schemes for Norwegian employees are with financial institutions providing solutions based on investment funds. Subsidiaries outside Norway have separate schemes for their employees in accordance with local rules, and the pension schemes are for the material part defined contribution plans.The group has a supplementary pension plan, a contribution plan for all Norwegian employees with salaries exceeding 12 times the Norwegian National Insurance base amount (G). However, the group still has obligations for some employees related to salaries exceeding 12G mainly financed from operations.In addition, the group has agreements on early retirement. These obligations are mainly financed from operations.The group has obligation towards one employee in the group\u2019s 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.Cont. note 11 PensionFunded UnfundedUSD mill 2022 2021 2022 2021Number of people covered by pension schemes at 31.12In employment 8 9 2 3 On retirement (inclusive disability pensions) 139 141 24 25 Total number of people covered by pension schemes 147 150 26 28 Expenses Commitments2022 2021 31.12.2022 31.12.2021Financial assumptions for the pension calculations:Discount rate1.80% 1.60% 3.60% 1.80%Anticipated pay regulation 2.25% 1.75% 3.50% 2.25%Anticipated increase in National Insurance base amount (G) 2.25% 1.75% 3.50% 2.25%Anticipated regulation of pensions 0.10% 0.10% 1.70% 0.10%USD mill 2022 2021Pension expensesService cost/ net interest cost 1 1 Cost of contribution plan 17 17 Pension expenses 18 18 Total remeasurements included in OCI (1) 1 USD mill 31.12.2022 31.12.2021Pension obligationsDefined benefit obligation at end of prior year 43 42 Effect of changes in foreign exchange rates (4) (1)Service cost 1 1 Interest expense 1 1 Benefit payments from plan (2) (1)Remeasurements - change in assumptions (1) 2 Pension obligations at 31.12 36 43 Fair value of plan assetsFair value of plan assets at end of prior year 17 17 Effect of changes in foreign exchange rates (2) (1)Benefit payments from plan (1) (1)Gross pension assets at 31.12 15 17 Defined benefit obligation 36 43 Fair value of plan assets 15 17 Net liability 21 26",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "FINANCIAL REPORTING PRINCIPLESProperties, 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\u2019s aquisition costs are recognised in the income statement when they arise. Aquisition costs are capitalised to the extent that they are directly related to the acquisition of the asset. Land is not depreciated. Other tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 yearsEach component of a tangible asset which is significant for the total cost of the item will be depreciated separately. Components with similar useful lives will be included in a single component.The estimated residual value and expected useful life of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges will be changed accordingly going forward.ImpairmentThe group applies IAS 36 Impairment of Assets to determine whether property, vessels and other tangible assets is impaired and to recognise any impairment loss identified.At each reporting date the accounts are assessed whether there is an indication that an asset may be impaired. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, or when annual impairment testing for an asset is required, estimates of the asset\u2019s recoverable amount are done. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units \u2013 CGU). The recoverable amount is the highest of the fair market value of the asset, less cost to sell, and the net present value (NPV) of future estimated cash flow from the employment of the asset (value in use).The NPV is based on a discount rate according to a weighted average cost of capital (WACC) reflecting the company\u2019s required rate of return. The WACC is calculated based on the company\u2019s long-term borrowing rate and a risk-free rate plus a risk premium for the equity. If the recoverable amount is lower than the book value, impairment has occurred, and the asset shall be revalued. Impairment losses are recognised in profit or loss. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.The group has financial models which calculate and determine the value in use through a combination of actual and expected cash flow generation discounted to present value. The expected future cash flow generation and models are based on assumptions and estimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "Note 7 Properties, vessels and other tangible assetsFINANCIAL REPORTING PRINCIPLESProperties, 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\u2019s aquisition costs are recognised in the income statement when they arise. Aquisition costs are capitalised to the extent that they are directly related to the acquisition of the asset. Land is not depreciated. Other tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 yearsEach component of a tangible asset which is significant for the total cost of the item will be depreciated separately. Components with similar useful lives will be included in a single component.The estimated residual value and expected useful life of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges will be changed accordingly going forward.ImpairmentThe group applies IAS 36 Impairment of Assets to determine whether property, vessels and other tangible assets is impaired and to recognise any impairment loss identified.At each reporting date the accounts are assessed whether there is an indication that an asset may be impaired. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, or when annual impairment testing for an asset is required, estimates of the asset\u2019s recoverable amount are done. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units \u2013 CGU). The recoverable amount is the highest of the fair market value of the asset, less cost to sell, and the net present value (NPV) of future estimated cash flow from the employment of the asset (value in use).The NPV is based on a discount rate according to a weighted average cost of capital (WACC) reflecting the company\u2019s required rate of return. The WACC is calculated based on the company\u2019s long-term borrowing rate and a risk-free rate plus a risk premium for the equity. If the recoverable amount is lower than the book value, impairment has occurred, and the asset shall be revalued. Impairment losses are recognised in profit or loss. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.The group has financial models which calculate and determine the value in use through a combination of actual and expected cash flow generation discounted to present value. The expected future cash flow generation and models are based on assumptions and estimates.Other Total USD mill Properties Vesselstangible assetstangible assetsTANGIBLE ASSETS2022Cost at 01.01 601 35 229 866 Acquisition 23 23 46 Business combinations 140 140 Reclass/disposal (33) (16) (49)Currency translation differences (73) (3) (10) (86)Cost at 31.12 692 0 226 918 Accumulated depreciation and impairment losses at 01.01 (207) (23) (93) (323)Depreciation/amortisation (19) (1) (9) (29)Reclass/disposal (1) 22 5 26 Currency translation differences 22 2 8 32 Accumulated depreciation and impairment losses at 31.12 (206) 0 (89) (295)Carrying amounts at 31.12 486 0 137 623 2021Cost at 01.01 596 36 241 873 Acquisition 33 1 15 49 Reclass/disposal (4) (19) (23)Currency translation differences (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 differences 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 Economic lifetime 10-50 years 25 years 3-10 yearsDepreciation schedule Straight-line Straight-line Straight-line",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"value": "Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets of the acquired subsidiary, joint venture or associate. Goodwill arising from the acquisition of subsidiaries is classified as an intangible asset. Goodwill acquired through business combinations are allocated to the relevant cash-generating unit (CGU).Other intangible assetsCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software product so that it will be available for use; \u2022 management intends to complete the software product and use or sell it; \u2022 it can be demonstrated how the software product will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software product are available; \u2022 and the expenditure attributable to the software product during its development can be reliably measured.Trademark, technology/licenses and customer relationship have a finite life and are recognised at historical cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks and licenses over their estimated useful life. Capitalised expenses related to other intangible assets are amortised over the expected useful lives in accordance with the straight-line method.Amortisation of intangible fixed assets is based on the following expected useful lives: Goodwill: Indefinite lifeSoftware and licenses: 3-5 yearsOther intangible assets: 5-10 yearsImpairmentThe group applies IAS 36 Impairment of Assets to determine whether goodwill or other intangible asset is impaired and to recognise impairment loss identified.Goodwill arising from the acquisition of an interest in an associated company is included under investment in associated companies and tested for impairment as part of the carried amount of the investment when impairment indicators is present. Goodwill have an indefinite useful life not subject to amortisation and is tested annually for impairment and carried at cost less impairment losses. Gain or loss on the sale of a business includes the carried amount of goodwill related to the sold business.For impairment testing goodwill is allocated to relevant CGU. The allocation is made to those CGU or groups of CGU which are expected to benefit from the acquisition. An assessment is made as to whether the carrying amount of the goodwill can be justified by future earnings from the CGU to which the goodwill relates. If the recoverable amount of the CGU is less than the carrying amount of the CGU, including goodwill, goodwill will be written down first. Thereafter the carrying amount of the CGU will be written down. Impairment losses related to goodwill cannot be reversed.Impairment of other intangible assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Cont. note 7 Goodwill and other intangible assetsFINANCIAL REPORTING PRINCIPLESGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets of the acquired subsidiary, joint venture or associate. Goodwill arising from the acquisition of subsidiaries is classified as an intangible asset. Goodwill acquired through business combinations are allocated to the relevant cash-generating unit (CGU).Other intangible assetsCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software product so that it will be available for use; \u2022 management intends to complete the software product and use or sell it; \u2022 it can be demonstrated how the software product will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software product are available; \u2022 and the expenditure attributable to the software product during its development can be reliably measured.Trademark, technology/licenses and customer relationship have a finite life and are recognised at historical cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks and licenses over their estimated useful life. Capitalised expenses related to other intangible assets are amortised over the expected useful lives in accordance with the straight-line method.Amortisation of intangible fixed assets is based on the following expected useful lives: Goodwill: Indefinite lifeSoftware and licenses: 3-5 yearsOther intangible assets: 5-10 yearsImpairmentThe group applies IAS 36 Impairment of Assets to determine whether goodwill or other intangible asset is impaired and to recognise impairment loss identified.Goodwill arising from the acquisition of an interest in an associated company is included under investment in associated companies and tested for impairment as part of the carried amount of the investment when impairment indicators is present. Goodwill have an indefinite useful life not subject to amortisation and is tested annually for impairment and carried at cost less impairment losses. Gain or loss on the sale of a business includes the carried amount of goodwill related to the sold business.For impairment testing goodwill is allocated to relevant CGU. The allocation is made to those CGU or groups of CGU which are expected to benefit from the acquisition. An assessment is made as to whether the carrying amount of the goodwill can be justified by future earnings from the CGU to which the goodwill relates. If the recoverable amount of the CGU is less than the carrying amount of the CGU, including goodwill, goodwill will be written down first. Thereafter the carrying amount of the CGU will be written down. Impairment losses related to goodwill cannot be reversed.Impairment of other intangible assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets above. Software Other Total USD mill Goodwilland licencesintangible assetsintangible assetsINTANGIBLE ASSETS2022Cost at 01.01 123 36 34 193 Acquisition 3 1 3 Business combinations 1 2 21 23 Currency translation differences (11) (3) (4) (18)Cost at 31.12 112 37 52 201 Accumulated amortisation and impairment losses at 01.01 (13) (26) (19) (57)Business combinations (2) (2)Amortisation/impairment (13) (4) (2) (19)Currency translation differences 1 2 2 5 Accumulated amortisation and impairment losses at 31.12 (24) (29) (19) (73)Carrying amounts at 31.12 88 8 33 129 2021Cost at 01.01 126 35 33 194 Acquisition 2 1 3 Reclass/disposal 2 2 3 Currency translation differences (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 differences 1 1 2 Accumulated amortisation and impairment losses at 31.12 (13) (26) (19) (57)Carrying amounts at 31.12 110 10 15 135 The group conducted no material acquisition resulting in recognition of goodwill in 2022 or 2021.Cont. note 7 Goodwill and other intangible assetsImpairment testing of goodwillIn the Maritime Services segment, USD 87 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. The goodwill figures are originally calculated in NOK and USD (2021: 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 2022 management have performed impairment testing for the group\u2019s recognised goodwill. The group recognised an impairment of USD 13 million in 2022 for goodwill related to the acquisition and business combination of Kemetyl in the group\u2019s Maritime Services Segment. The impairment was attributed to the consumer product operations of the Wilhelmsen Chemicals sub-segment assessed as a separate CGU, where the goodwill related to this CGU was fully impaired. The impairment was as a result of market development and the loss of customer contracts within the sub-segment and general weak development in demand within the consumer products portfolio. The goodwill was tested and impairment loss was USD/NOK Multiple Growth rate Increase in material cost Increase in pay and other remuneration Increase in other expenses recognised by applying the valuation method and assumptions described below. No other impairment of goodwill was recognised in the group during 2022. (2021: No impairment of goodwill).When performing the goodwill impairment test, recoverable amount is calculated using estimated fair value less cost of disposal. In calculating the fair value less cost of disposal, the group considers relevant information generated by market transactions involving similar group of assets, including qualitative and quantitative information.Fair value less cost of disposal has been estimated by using an Enterprise value/EBITDA multiple (see note 23 for definition of the terms). The forecasted EBITDA is based on historical levels for EBITDA in each CGU. The multiples are estimated to be in the range of 6 - 9, which management believes is a fair estimate of market multiples for the relevant CGU\u2019s. Cash flows were projected based on actual operating results and next year\u2019s forecast. Cash flows is based on a 5-year strategy plan period with terminal value (terminal growth rate 1%) were extrapolated using the following key assumptions: 2022 2021 9.84 8.83 7.5 7.51-4% 1-4%4-7% 4-7%The values assigned to the key assumptions represent management\u2019s assessment of future trends in the maritime industry and are based on both external sources and internal sources.For goodwill not subject to impairment in 2022, 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 2022.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Note 8 Right-of-use-assets and lease liabilitiesFINANCIAL REPORTING PRINCIPLESIdentifying a leaseAt the inception of a contract, the group assesses whether the contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations\u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset\u2022 It has the right to direct the use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of useFor contracts that constitutes, or contains a lease, the group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component as a lease separately from non-lease components within the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.Measuring the lease liability:The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term not paid at the commencement date. The lease term represents the noncancellable period of the lease, plus any period covered by an extension option period if the group expect tp exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Amount expected to be payable by the group under residual value guarantees \u2022 The exercise price of a purchase option, if the group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects 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 reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Sensitivity of the lease liabilityIf the group cannot determine the interest rate implicit in the lease, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate requires estimation when no observable rates are available. In determining the lease term, management considers all facts and circumstances. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received and incurred costs \u2022 An estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.Subsequent measurement of right-of-use assets follow the same principles as for other non-financial assets, refer to financial reporting principles for property, vessel and tangible assets note 7, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.ImpairmentImpairment of right-of-use assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets note 7.RIGHT-OF-USE-ASSETSThe group leases several assets such as buildings, machinery, equipment and vehicles. The group\u2019s right-of-use assets are categorised and presented in the table below:Machinery, equipment and USD mill Properties and landvehicles Total 2022Cost at 01.01 199 15 214 Addition of right-of-use assets 39 3 42 Reclass/disposal (88) (1) (89)Currency exchange differences (16) (1) (18)Cost at 31.12 134 15 149 Accumulated depreciation and impairment at 01.01 (55) (4) (59)Depreciation (17) (3) (20)Reclass/disposal 27 1 28 Currency exchange differences 4 5 Accumulated depreciation and impairment at 31.12 (40) (6) (47)Carrying amount of right-of-use assets at 31.12 94 9 102 Machinery, equipment and USD mill Properties and landvehicles Total 2021Cost at 01.01 201 13 214 Addition of right-of-use assets 35 5 41 Disposals (30) (3) (33)Currency exchange differences (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 differences 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 Lower of remaining lease term or economic life 5-12 years 3-8 yearsDepreciation method Linear LinearLease liabilitiesUSD mill 2022 2021Undiscounted lease liabilities and maturity of cash outflowsLess than 1 year (25) (35)1-2 years (21) (33)2-3 years (16) (30)3-4 years (12) (25)4-5 years (8) (22)More than 5 years (45) (49)Total undiscounted lease liabilities at 31.12 (128) (195)USD mill 2022 2021Summary of the lease liabilities in the financial statementsTotal lease liability 01.01 169 192 Lease liabilities recognised in the year 42 41Lease liabilities derecognised in the year (61) (25)Cash payments for the principal portion of the lease liability (28) (30)Change of estimates (10) (12)Currency exchange differences 4 4 Total lease liabilities at 31.12 116 169 Current lease liabilities 23 30 Non-current lease liabilities 93 139 Total lease liabilities at 31.12 116 169 The leases do not contain any restrictions on the group\u2019s dividend policy or financing. The group does not have significant residual value guarantees related to its leases to disclose. USD mill 2022 2021Summary of other lease expenses recognised in income statementVariable lease payments expensed in the period 8 7 Operating expenses related to short-term leases (including short-term low value assets) 2 6 Operating expenses related to low value assets (excluding short-term leases included above) 2 3 Total lease expenses included in other operating expenses 13 16 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 2022 (2021: USD 0 million). Extension options: The group\u2019s lease of buildings have lease terms that varies from 5 years to 25 years, and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Purchase options: The group leases machinery, equipment and vehicles with lease terms of 3 to 5 years. Some of these contracts includes a right to purchase the assets at the end of the contract term. The group assesses at the commencement whether it is reasonably certain to exercise the purchase right. All the options are based on market value. Subleases: The group has subleased an immaterial part of its redundant office buildings, classified as an operating lease.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "FINANCIAL REPORTING PRINCIPLESIdentifying a leaseAt the inception of a contract, the group assesses whether the contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations\u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset\u2022 It has the right to direct the use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of useFor contracts that constitutes, or contains a lease, the group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component as a lease separately from non-lease components within the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.Measuring the lease liability:The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term not paid at the commencement date. The lease term represents the noncancellable period of the lease, plus any period covered by an extension option period if the group expect tp exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Amount expected to be payable by the group under residual value guarantees \u2022 The exercise price of a purchase option, if the group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects 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 reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Sensitivity of the lease liabilityIf the group cannot determine the interest rate implicit in the lease, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate requires estimation when no observable rates are available. In determining the lease term, management considers all facts and circumstances. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received and incurred costs \u2022 An estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.Subsequent measurement of right-of-use assets follow the same principles as for other non-financial assets, refer to financial reporting principles for property, vessel and tangible assets note 7, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.ImpairmentImpairment of right-of-use assets follow the same principles as impairment for other non-financial assets, refer to financial reporting principles for property, vessels, and other tangible assets note 7.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "Note 9 TaxFINANCIAL REPORTING PRINCPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax: Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax 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 profit will be available, and that the temporary differences can be deducted from this profit. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group. Withholding tax: Withholding tax and any related tax credits are generally recognised in the period they are incurred. Ordinary taxation The ordinary rate of corporation tax in Norway is 22% of net profit for 2022 (2021: 22%). Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies domiciled in what is considered low tax countries and that are located outside the European Economic Area (EEA), and on share income from companies rdomiciledoutside the EEA in which the company owns less than 10% of the shares.For group companies located in the same country and within the same tax regime, taxable profits in one company can be offset against tax losses and tax loss carry forwards in other group companies. Deferred tax/deferred tax asset has been calculated on temporary differences to the extent that it is likely that these can be utilised in each country and for Norwegian entities the group has applied a rate of 22% (2021: 22%).The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method. Foreign taxes Companies domiciled outside Norway will be subject to local taxation, either on ordinary terms or under special tonnage tax rules. When dividends are paid, local withholding taxes may be applicable. This generally applies to dividends paid by companies domiciled outside the EEA. USD mill 2022 2021Allocation of tax expense for the yearPayable tax in Norway (10) (8)Payable tax foreign (16) (16)Change in deferred tax 12 10 Total tax income/(expense) (13) (13)Reconciliation of actual tax cost against expected tax cost in accordance with the Norwegian income tax rate of 22%Profit before tax 306 66 22% tax 67 14 Tax effect from:Permanent differences 14 3 Non-taxable income/ change in market value (3) 13 Share of (profit)/loss from joint ventures and associates (65) (22)Reversal impairment deferred tax asset (7)Withholding tax and payable tax previous year 7 6 Calculated tax expense for the group 13 13 Effective tax rate for the group 4.6% 20.5% USD mill 2022 2021Net deferred tax assetsNet deferred tax assets at 1.1 53 44 Currency translation differences (6) (1)Tax charged to equity (1) Income statement charge 12 10 Acquistion / disposal (14)Net deferred tax assets at 31.12 44 53 Deferred tax assets in balance sheet 61 64 Deferred tax liabilities in balance sheet (17) (11)Net deferred tax assets at 31.12 44 53 USD mill 2022 2021Net deferred tax assetsNet deferred tax assets at 01.01 53 44 Currency translation differences (6) (1)Tax charged to equity (1) Income statement charge 12 10 Acquistion / disposal (14)Net deferred tax assets at 31.12 44 53 Deferred tax assets in balance sheet 61 64 Deferred tax liabilities in balance sheet (17) (11)Net deferred tax assets at 31.12 44 53 USD mill Other Fixed assets Total At 01.01.2022 (4) (4)Through income statement 5 5 Currency translations 3 3 Acquistion / disposal (11) (11)Deferred tax liabilities at 31.12.2022 (7) (7)At 01.01.2021 (2) (5) (7)Through income statement 3 1 3 Currency translations (1) (1)Deferred tax liabilities at 31.12.2021 0 (4) (4)Non current assets and Current assets Tax losses USD millliabilitiesand liabilitiescarried forward Other Total Deferred tax assets At 01.01.2022 4 4 45 4 57 Through income statement 2 (5) 13 (3) 8 Charged directly to equity (1) (1)Currency translations (2) (3) (3) (2) (10)Acquistion / disposal (3) (3)Deferred tax assets at 31.12.2022 3 (4) 56 (4) 51 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 The majority of tax loss carry forward is related to entities in Norway and the United States, without expiration of the tax loss carry forward. Through the acquisition of the external shares in Norsea group, the group reversed the impairment of deferred tax assets due to taxable income in NorSea group.Temporary differences related to joint ventures and associates are USD nil for the group, since all the units are regarded as located within the area in which the exemption method applies, and there are currently no plans to dispose of any of these companies.The Maritime Services segment will have shares in subsidiaries not subject to the exemption method which could give rise to a tax charge in the event of a sale, where no provision has been made for deferred tax associated with a possible sale or dividend. There are currently no plans to dispose of such companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "FINANCIAL REPORTING PRINCPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax: Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax 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 profit will be available, and that the temporary differences can be deducted from this profit. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group. Withholding tax: Withholding tax and any related tax credits are generally recognised in the period they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "Note 10 Earnings per sharesFINANCIAL REPORTING PRINCPLES Basic/diluted earnings per share is calculated by dividing profit for the period after non-controlling interests, by the average number of total outstanding shares.The calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Treasury shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.Earnings per shareEarnings per share taking into consideration the number of outstanding shares in the period. At 31 December 2022 the company owns no own shares (analogous for 31 December 2021). At December 31 2020 the company owned a total of 1 823 824 shares (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 2022 are 34 000 000 A-shares and 10 580 000 B-share. Earnings per share is calculated based on an average of 44 580 000 shares for 2022 and 44 580 000 shares for 2021. See note 10 in the parent accounts for an overview of the largest shareholders at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "FINANCIAL REPORTING PRINCPLES Basic/diluted earnings per share is calculated by dividing profit for the period after non-controlling interests, by the average number of total outstanding shares.The calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Treasury shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "USD mill Note 2022 2021OTHER NON CURRENT ASSETSNon current share investments 19 14 9 Other non current assets 19 14 15 Total other non current assets 28 25 OTHER CURRENT ASSETS Account receivables 241 190 Restricted cash 17 2 1 Other current assets 17/19 105 95 Total other current assets 349 287",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "OTHER CURRENT LIABILITIESAccount payables 277 241 Financial derivatives in Maritime Services and New Energy 19 9 6 Other current liabilities 161 152 Cylinder deposit * 7 101 96 Total other current liabilities 547 495 * Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 99 million (2021: USD 99 million). These cylinders are partly in the group\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "FINANCIAL REPORTING PRINCPLES Loans and receivables at amortised cost Loans and receivables are non-derivative financial assets with fixed or determinable payments, which are not traded in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivable are classified as other current assets or other non-current assets in the balance sheet.Loans and receivables are recognised initially at their fair value plus transaction costs. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realised gains and losses are recognised in the income statement in the period they arise. Accounts payable and other payables Accounts payable and other payables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the vale derived if the amortised cost method would have been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "FINANCIAL REPORTING PRINCPLES Loans and receivables at amortised cost Loans and receivables are non-derivative financial assets with fixed or determinable payments, which are not traded in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivable are classified as other current assets or other non-current assets in the balance sheet.Loans and receivables are recognised initially at their fair value plus transaction costs. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realised gains and losses are recognised in the income statement in the period they arise. Accounts payable and other payables Accounts payable and other payables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the vale derived if the amortised cost method would have been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "FINANCIAL REPORTING PRINCIPLESAccount receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as receivables. Account receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied. The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contractsTo measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "Account receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as receivables. Account receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied. The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contractsTo measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.Less than 90 Between 90 and 180 More than 180Currentdays past duedays past due days past dueUSD mill31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (0) (1) (1) (2)31 December 2021Expected loss rate 0% 3% 23% 70%Gross carrying amount - trade receivables 181 6 4 2 Loss allowance * (0) (0) (1) (2)* Loss allowance is rounded to nil for trade receivables less than 90/180 days overdue.ACCOUNT RECEIVABLESnumber of separate customers. Historically, the percentage of bad debts has been low At 31 December 2022, USD 14 million (2021: USD 10 million) in account receivables and the group expects the customers to settle outstanding receivables. Receivables had fallen due but not been subject to impairment. These receivables are related to a fallen due but not subject to impairment have the following age composition:USD mill 2022 2021Aging of account receivables past due but not impairedUp to 90 days 5 6 90-180 days 7 3 Over 180 days 2 1 Movements in group provision for impairment of account receivables are as followsBalance at 01.01 3 5 Net provision for receivables impairment 1 (2)Balance at 31.12 4 3 Account receivables per segmentMaritime Services 183 136 New Energy 55 54 Strategic Holdings and Investments 4 Total account receivables 241 190 See note 19 on credit risk.20222021Account receivablesAccount receivables1%1%23% 28%76% 71% Maritime Services New Energy Strategic Holdings and Investments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.Less than 90 Between 90 and 180 More than 180Currentdays past duedays past due days past dueUSD mill31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (0) (1) (1) (2)31 December 2021Expected loss rate 0% 3% 23% 70%Gross carrying amount - trade receivables 181 6 4 2 Loss allowance * (0) (0) (1) (2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "ACCOUNT PAYABLESUSD mill 2022 2021Account payables per segmentMaritime Services 250 215 New Energy 25 24 Strategic Holdings and Investments 2 1 Total account payables 277 241 See note 19 on credit risk.20222021Account payablesAccount payables1%1%9% 10%89%90% Maritime Services New Energy Strategic Holdings and Investments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__41-1": {
"value": "Note 14 Financial assets to fair valueFINANCIAL REPORTING PRINCIPLESManagement determines the classification of financial assets at their initial recognition, with financial assets held for trading carried at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred.USD mill 2022 2021Financial assets to fair value At 1 January 688 801 Acquisition 2 2 Sale during the year (22) (2)Currency translation adjustment through other comprehensive income (5) (6)Change in fair value through income statement (50) (107)Total financial assets to fair value 613 688 Financial assets to fair valueHyundai Glovis 538 583 Qube Holdings Limited 45 81 Australian PE funds 21 19 Other 8 5 Total financial assets to fair value 613 688 Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments. Hyundai Glovis Co. Ltd., is a global Korean based general logistics and distribution company, providing business service such as logistics, marine transportation, KD, used cars and trading. Glovis is listed on the Korean Stock Exchange. As per 31 December 2022, Treasure ASA group held 4.1 million shares in Glovis (11% of total) (2021: 11%). Treasure ASA is listed on Oslo B\u00f8rs. Qube Holdings Limited is Australia\u2019s largest integrated provider of import and export logistics services, and listed on the Australian Securities Exchange (ASX). As per 31 December 2022 the group held 25 million shares, 1.4% of total (2021: 35 million shares, 1.8% of total). The shares in Qube Holdings Limited serve as collateral for a credit facility. See note 18.Financial assets at fair valueEquities 71 71Bonds 33 33Financial derivatives 1 1Financial assets to fair value 583 7 22 612Total financial assets at 31.12.2022 688 8 22 718Financial liabilities at fair valueFinancial derivatives (10) (10)Total financial liabilities at 31.12.2022 0 (10) 0 (10)Financial assets at fair valueEquities 77 77 Bonds 58 58 Financial derivatives Financial assets to fair value 664 24 688 Total financial assets at 31.12.2021 798 0 24 823 Financial liabilities at fair valueFinancial derivatives (6) (6)Total financial liabilities at 31.12.2021 0 (6) 0 (6)USD mill 2022 2021Changes in level 3 instrumentsOpening balance at 01.01 24 18 Gains and losses recognised through income statement (2) 6 Closing balance at 31.12 22 24 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current close price. These instruments are included in level 1. Instruments included in level 1 at the end of 2022 are liquid investment grade bonds and listed equities (analogous for 2021).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2. If one or more of the significant inputs is not based on observable market data, the",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "FINANCIAL REPORTING PRINCIPLESManagement determines the classification of financial assets at their initial recognition, with financial assets held for trading carried at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "Note 15 InventoriesFINANCIAL REPORTING PRINCIPLESInventories of purchased goods and work in progress are valued at cost in accordance with the weighted average cost method. Impairment losses are recognised if the net realisable value is lower than the cost price. Sales costs include all remaining sales, administrative and storage costs.USD mill 2022 2021InventoriesRaw materials 7 5 Goods/projects in process 3 3 Finished goods/products for onward sale 104 85 Total inventories 114 93 Obsolescence allowance, deducted above 3 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Note 16 Current financial investmentsFINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of profit from short term gains in market value. Current financial investments are measured at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred. Derivatives are also placed in this category unless designated as hedges. USD mill 2022 2021Market value current financial investmentsEquities 71 77 Bonds 33 58 Total current financial investments 104 135 The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.The net unrealised gain at 31.12 6 14 The parent company\u2019s portfolio of equities and bonds of USD 104 million is held as collateral within a securities\u2019 finance facility. See note 18. The portfolio\u2019s strategy and mandate is set by the parent company\u2019s 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\u2019s Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "FINANCIAL REPORTING PRINCIPLESInventories 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "FINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of profit from short term gains in market value. Current financial investments are measured at fair value. Financial assets measured at fair value are initially measured at cost, and subsequently measured at fair value with changes in fair value recognised in the income statement. Transaction costs are expensed as occurred. Derivatives are also placed in this category unless designated as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "Note 17 Cash, restricted bank deposits and undrawn credit facilitiesFINANCIAL REPORTING PRINCIPLESCash and cash equivalents include cash in hand, deposits held at call with banks and other liquid investments with maturities of three months or less. Bank overdrafts are presented under borrowings in current liabilities on the balance sheet. Cash and cash equivalent are initially recognised at fair value of the proceeds, and subsequently measured at amortised cost. USD mill 2022 2021Payroll tax withholding account 2 1Companies that do not have payroll tax withholding account use bank guarantees. As per 31.12.2022 total guarantees amounted to USD 4.2 million (2021: USD 6.5 million).Committed undrawn credit facilities 172 195Committed undrawn credit facilities are key part of the liquidity reserve.Cash and cash equivalentsBanks 163 231 Total cash and cash equivalents 163 231 The group has cash pool arrangements within each segment. Each cash pool arrangement is considered as one financial instrument and the net balance against the bank is presented as cash and cash equivalents. WWH ASA (Strategic Holdings and Investments segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries registered in Norway. WMS AS (Maritime Services segment) owns and operates a multicurrency cash pool with a header-account in USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea Group AS (part of the New Energy segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark, Germany and the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "FINANCIAL REPORTING PRINCIPLESCash 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "Note 18 Interest-bearing debtFINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.USD mill Note 2022 2021Interest-bearing debtBank and mortgages loan 538 473 Lease liabilities 116 169 Total interest-bearing debt 19 654 642 Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 14/16 150 214 Assets in the New Energy segment 849 807 Total book value of collateral, mortgaged and leased assets 999 1 021 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD mill Note 2022 2021Repayment schedule for interest-bearing debtDue in year 1 88 300 Due in year 2 17 204 Due in year 3 22 22 Due in year 4 24 26 Due in year 5 and later 503 90 Total interest-bearing debt 19 654 642 The overview above shows the actual maturity structure, with the amount due in year one as the first year\u2019s instalment classified under other current liabilities. The group refinance its current interest-bearing debt during 2022. Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2022.USD mill 2022 2021The group net interest-bearing debtNon current interest-bearing debt 473 203 Non current lease liabilities 65 139 Current interest-bearing debt 93 270 Current lease liabilities 23 30 Total interest-bearing debt 654 642 Cash and cash equivalents 163 231 Current financial investments 16 104 135 Net interest-bearing debt 386 276 Net interest-bearing debt in joint venturesNon current interest-bearing debt 4 47 85 Total interest-bearing debt in joint ventures 47 85 Cash and cash equivalents 4 33 7 Net interest-bearing debt in joint ventures 15 77 USD mill 2022 2021Guarantee commitmentsGuarantees for group companies 18 47 Total 18 47 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 188 200 NOK 336 256 DKK 15 16 Total 538 473 See note 19 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill Note 2022 2021Net debtCash and cash equivalents 163 231 Liquid investments * 104 135 Borrowings - repayable within one year (88) (300)Borrowings - repayable after one year (566) (342)Net debt (386) (276)Cash and cash equivalents and liquid investments 267 366 Gross debt - variable interest rates ** (654) (642)Net debt (386) (276)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement. ** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Liabilities from financing activitiesFinance leases Finance leasesBorrow. dueBorrow. dueTotal financingUSD milldue within 1 yeardue after 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 1.1.2022 30 139 270 203 642 Reclass (2) 2 8 (8) Cash flows (5) (23) (200) 218 (10)Business combinations 1 (5) 72 68 Foreign exchange adjustments (2) (12) (5) (28) (47)Other non-cash movements 1 (14) (3) 16 Total interest-bearing debt at 31.12.2022 23 93 65 473 654 Total interest-bearing debt at 1.1.2021 31 161 38 426 657 Reclass 17 (17) 203 (203) Cash flows (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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__49-1": {
"value": "Note 18 Interest-bearing debtFINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.USD mill Note 2022 2021Interest-bearing debtBank and mortgages loan 538 473 Lease liabilities 116 169 Total interest-bearing debt 19 654 642 Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 14/16 150 214 Assets in the New Energy segment 849 807 Total book value of collateral, mortgaged and leased assets 999 1 021 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD mill Note 2022 2021Repayment schedule for interest-bearing debtDue in year 1 88 300 Due in year 2 17 204 Due in year 3 22 22 Due in year 4 24 26 Due in year 5 and later 503 90 Total interest-bearing debt 19 654 642 The overview above shows the actual maturity structure, with the amount due in year one as the first year\u2019s instalment classified under other current liabilities. The group refinance its current interest-bearing debt during 2022. Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2022.USD mill 2022 2021The group net interest-bearing debtNon current interest-bearing debt 473 203 Non current lease liabilities 65 139 Current interest-bearing debt 93 270 Current lease liabilities 23 30 Total interest-bearing debt 654 642 Cash and cash equivalents 163 231 Current financial investments 16 104 135 Net interest-bearing debt 386 276 Net interest-bearing debt in joint venturesNon current interest-bearing debt 4 47 85 Total interest-bearing debt in joint ventures 47 85 Cash and cash equivalents 4 33 7 Net interest-bearing debt in joint ventures 15 77 USD mill 2022 2021Guarantee commitmentsGuarantees for group companies 18 47 Total 18 47 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 188 200 NOK 336 256 DKK 15 16 Total 538 473 See note 19 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill Note 2022 2021Net debtCash and cash equivalents 163 231 Liquid investments * 104 135 Borrowings - repayable within one year (88) (300)Borrowings - repayable after one year (566) (342)Net debt (386) (276)Cash and cash equivalents and liquid investments 267 366 Gross debt - variable interest rates ** (654) (642)Net debt (386) (276)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement. ** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Liabilities from financing activitiesFinance leases Finance leasesBorrow. dueBorrow. dueTotal financingUSD milldue within 1 yeardue after 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 1.1.2022 30 139 270 203 642 Reclass (2) 2 8 (8) Cash flows (5) (23) (200) 218 (10)Business combinations 1 (5) 72 68 Foreign exchange adjustments (2) (12) (5) (28) (47)Other non-cash movements 1 (14) (3) 16 Total interest-bearing debt at 31.12.2022 23 93 65 473 654 Total interest-bearing debt at 1.1.2021 31 161 38 426 657 Reclass 17 (17) 203 (203) Cash flows (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 642interest-bearing debt against rising interest rates. As the capital intensity varies across the group\u2019s 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 56% of its NIBD as of 31 December 2022. The Group has financial liabilities that are exposed to NIBOR, NOWA and USD Term SOFR reference rates. The Group has current interest-bearing liabilities of USD 190 million that have a USD Term SOFR reference rate. Other current interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is attentive to the development of the IBOR reform. The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy. USD mill 2022 2021Maturity schedule interest rate hedges (nominal amounts)Due in year 1 41 11 Due in year 2 28 45 Due in year 3 32 Due in year 4Due in year 5 and later 100 36 Total interest rate hedges 169 125 The New Energy segment has entered swaption contracts with a notional value of about USD 15 million, with expiry date in 2023. 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 later than 5 years. The hedges have an average remaining term of later than 5 years.Interest rate sensitivityThe group\u2019s interest rate risk originates from differences in duration between assets and liabilities. On the asset side, bank deposits and investments in interest-bearing instruments are subject to risk from changes in the general level of interest rates, primarily in USD and NOK. The group uses the weighted average duration of interest-bearing liabilities, and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. USD mill 2022 2021Assets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 1 4 Total interest rate derivatives 1 0 0 4 Currency derivativesMaritime Services 10 1 2 Strategic Holdings and Investments 1 1 Total currency derivatives 0 10 2 2 Total market value of financial derivatives 2 10 2 7 Book value equals market valueUSD millFair value sensitivities of interest rate riskChange in interest rates\u2019 level (2%) (1%) 0% +1% +2%Estimated change in fair value (7) (3) 0 3 7 (Tax rate used is 22% that equals the Norwegian tax rate)EQUITY MARKET RISKThe group holds several assets listed on equity markets as well as a defined portfolio of financial assets for a proportion of the group\u2019s short-term liquidity.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16, including the groups share in Hyundai Glovis:Income statement sensitivities of equity market riskUSD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20%Income statement effect (83) (42) 0 42 83 (Tax rate used is 22% that equals the Norwegian tax rate)CREDIT RISKCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial derivative fails to meet its contractual obligations. The group\u2019s credit risk originates primarily from the account receivables, financial derivatives used to hedgeinterest rate risk or foreign exchange risk, as well as investments, including bank deposits.Loans and receivablesTRADE RECEIVABLESThe group\u2019s exposure to credit risk on its receivables varies across segments and subsidiaries. Within the Maritime Services and New Energy, the global customer base provides diversification with respect to credit risk on receivables. The segments monitor and manage their respective credit risk on a regular basis. Reference is made to note 13.BANK DEPOSITS AND FINANCIAL DERIVATIVESThe group maintains cash management operations and trades financial derivatives with a selection of financially solid banks (as determined by their official credit ratings), limiting the corresponding credit risk. OTHER CREDIT EXPOSURESNo material loans or receivables were past due or impaired at 31 December 2022 (analogous for 2021).GuaranteesThe group\u2019s policy is that no financial guarantees are provided by the parent company. However, financial guarantees are provided within Maritime Services and New Energy. See note 18 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD mill Note 2022 2021Exposure to credit riskFinancial derivatives (liability) 12 (6)Account receivables 12 241 190 Bonds 16 33 58 Cash and bank deposits 17 163 231 Total exposure to credit risk 438 473 LIQUIDITY RISKThe group\u2019s 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\u2019s reputation.The group\u2019s liquidity risk is low in that it holds significant liquid assets in addition to credit facilities with the banks. At 31 December 2022, the group had in excess of USD 313 million (2021: USD 435 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 172 million (2021: USD 195 million) in committed undrawn credit facilities. Less than Between 1 Between 2 Later than USD mill1 yearand 2 yearsand 5 years5 yearsUndiscounted cash flows financial liabilities 2022Mortgages 35 12 25 244 Finance lease liabilities 23 4 20 69 Bank loan 30 2 189 Financial derivatives 10 Interest due 33 33 33 32 Total undiscounted cash flow financial liabilities 132 50 79 535 Current liabilities (excluding next year's instalment on interest-bearing debt) 547 Total gross undiscounted cash flows financial liabilities at 31.12.2022 679 50 79 535 Undiscounted cash flows financial liabilities 2021Mortgages 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 flow financial liabilities 333 53 91 254 Current liabilities (excluding next year's instalment on interest-bearing debt) 489 Total gross undiscounted cash flows financial liabilities at 31.12.2021 822 53 91 254 COVENANTSThe group\u2019s bank and lease financing are subject to financial or non-financial covenant clauses related to one or several of the following:\u2022 Limitation on the ability to pledge assets\u2022 Change of control\u2022 Minimum liquidity\u2022 NIBD / EBITDA or equivalent Debt-Service Coverage-Ratios\u2022 Loan-to-ValueAs of the balance date, the group is not in breach of any financial or non-financial covenants. Covenants are related to the consolidated accounts of Wilhelmsen Maritime Services AS and NorSea Group ASCAPITAL RISK MANAGEMENT The group\u2019s overall policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future business development. The board of directors monitors various return metrics, where Return on Equity and dividend levels are predominant.The group seeks to maintain a balance between the potential higher returns stemming from higher levels of financial gearing and the advantages of a strong balance sheet. The financial strategy and setting of thresholds for capital structure, return requirements and risk are revised by the board of directors.FAIR VALUE ESTIMATION The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. The fair value of financial instruments not traded in an active market (over-the-counter contracts) is based on third party quotes. These quotes use observable market rates for price discovery. Specific valuation techniques used by financial counterparties (banks) to value financial derivatives include:\u2022 Quoted market prices or dealer quotes for similar derivatives.\u2022 The fair value of interest rate swaps is calculated as the net present value of the estimated future cash flows based on observable yield curves.\u2022 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.\u2022 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.\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curves and time-to-maturity parameters at the balance sheet date, resulting in an option premium. Options are typically valued by applying the Black-Scholes model.The carrying value less impairment provision of receivables and payables are assumed to approximate their fair values. The group estimates the fair value of financial liabilities for disclosure purposes by discounting the future contractual cash flows at current market interest rates available to the group for similar financial derivatives. USD mill Note Fair value Book valueInterest-bearing debtMortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222 Total interest-bearing debt at 31.12.2022 18 657 654 Mortgages 246 246 Finance lease liabilities 169 169 Bank loan 229 227 Total interest-bearing debt at 31.12.2021 18 644 642",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__53": {
"value": "FINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "FINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__51": {
"value": "FINANCIAL REPORTING PRINCIPLESLoans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__54": {
"value": "Note 19 Financial riskFINANCIAL REPORTING PRINCIPLESThe group uses derivatives to address financial risk. Derivatives are included in current assets or current liabilities, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities as they form part of the group\u2019s long-term economic hedging strategy and are not classified as held for trading.Derivatives are recognised at fair value on the date a derivative contract is entered into and are revalued on a continuous basis at their fair value. Derivatives which do not qualify for hedge accountingMost derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments which do not qualify for hedge accounting are presented in the income statement as financial income/expense.Derivatives which do qualify for hedge accountingThe group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges). At the date of the hedging transaction, the group documents the relationship between hedging instruments and hedged items, as well as the objective of its risk management and the strategy underlying the various hedge transactions. The group also documents the extent to which the applied derivatives are effective in offsetting changes in fair value or cash flow associated with the hedge items. Such assessments are documented both initially and on an ongoing basis.The fair value of derivatives used for hedging is shown below in note 19. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.Cash flow hedgeThe effective portion of changes in the fair value of derivatives designated as cash flow hedges are recognised in other comprehensive income together with the deferred tax effect. Gain and loss on the ineffective portion is recognised in the income statement. Amounts recognised in other comprehensive income are recognised as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement. Net investment hedgeGain and losses arising from the hedging instruments relating to the effective portions of the net investment hedges are recognised in other comprehensive income. These translation reserves are reclassified to the income statement upon loss of control of the hedged net investments, offsetting the translation differences from these net investments. Any ineffective portion is recognised immediately in the income statement as financial income/(expenses).The group has exposure to the following financial risks from its operations:\u2022 Market risk \u2013 Foreign exchange rate risk \u2013 Interest rate risk \u2013 Equity market risk\u2022 Credit risk\u2022 Liquidity risk MARKET RISKThe group has established hedging strategies to mitigate risks on material exposures originating from movements in currencies and interest rates. This is compliant with the financial strategy approved by the board of directors. Changes in the market value of financial derivatives are recognised through the income statement except for the New Energy segment, where derivatives are recognised in Other Comprehensive Income.Associates hedge their own exposures. The group records the effects of realised and unrealised changes in financial derivatives held in these entities in accordance with the equity method under \u201cshare of profit from joint ventures and associates\u201d. The material associates are Wallenius Wilhelmsen ASA group in Strategic Holdings and Investments segment and Coast Center Base group in New Energy segment.Foreign exchange rate riskThe group is exposed to currency risk on revenues and costs in non-functional currencies (transaction risk), and balance sheet items denominated in non-functional currencies (translation risk). The group\u2019s largest foreign exchange exposures are NOK, EUR, SGD, AUD and KRW - all against USD. TRANSACTION RISK HEDGING (CASH FLOW)The group\u2019s operating segments are responsible for hedging their own material transaction risk. Within Maritime Services, USD/NOK, EUR/USD and USD/SGD exposures are subject to a systematic 3-year rolling hedge program, utilizing a portfolio of currency options and currency forwards. The group target current hedge ratio to be within the interval of 30-70% of future opex. USD/MYR is hedged using currency forwards with maturities up to 12 months. Remaining exposures are non-material and not hedged. TRANSLATION RISK HEDGING (BALANCE SHEET)The group\u2019s policy for mitigating translation risk is to match the denomination currency of assets and liabilities to as large extent as possible. FX SENSITIVITES (TRANSLATION RISK)The group monitors the net exposure and calculates sensitivities on a regular basis, based on average market volatility per currency cross. Sensitivities showing a potential accounting effect below USD 5 million on group level are considered non-material. USD mill Note 2022 2021Currency through Income StatementIncluding in other financial income/(expenses)Operating currency, net 10 13 Financial currency, net (8) (12)Currency derivatives, realised (3) 7 Currency derivatives, unrealised (9) (21)Net currency items in other financial income/(expenses) 1 (9) (13)Through other comprehensive incomeCurrency translation differences through OCI (72) (44)Total net currency effects (81) (57)For Maritime Services, New Energy and Strategic Holdings and Investments, material translation risks are booked to other comprehensive income due to the functional currency for most of the entities being different from the reporting currency USD. The group\u2019s 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\u2019s transaction risk (described above), exhibit the following income statement sensitivity:USD millSensitivity (10%) (5%) 0% 5% 10%Income statement sensitivities of economic hedge programTransaction riskUSD/NOK spot rate 8.85 9.35 9.84 10.33 10.83Income statement effect (post tax) 11 6 0 (6) (11)EUR/USD spot rate 0.96 1.02 1.07 1.12 1.18Income statement effect (post tax) (12) (6) 0 6 12 USD/SGD spot rate 1.21 1.27 1.34 1.41 1.47Income statement effect (post tax) 6 3 0 (3) (6)(Tax rate used is 22% that equals the Norwegian tax rate)Interest rate riskThe group\u2019s strategy is to hedge material parts of the interest-bearing debt against rising interest rates. As the capital intensity varies across the group\u2019s 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 56% of its NIBD as of 31 December 2022. The Group has financial liabilities that are exposed to NIBOR, NOWA and USD Term SOFR reference rates. The Group has current interest-bearing liabilities of USD 190 million that have a USD Term SOFR reference rate. Other current interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is attentive to the development of the IBOR reform. The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy. USD mill 2022 2021Maturity schedule interest rate hedges (nominal amounts)Due in year 1 41 11 Due in year 2 28 45 Due in year 3 32 Due in year 4Due in year 5 and later 100 36 Total interest rate hedges 169 125 The New Energy segment has entered swaption contracts with a notional value of about USD 15 million, with expiry date in 2023. 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 later than 5 years. The hedges have an average remaining term of later than 5 years.Interest rate sensitivityThe group\u2019s interest rate risk originates from differences in duration between assets and liabilities. On the asset side, bank deposits and investments in interest-bearing instruments are subject to risk from changes in the general level of interest rates, primarily in USD and NOK. The group uses the weighted average duration of interest-bearing liabilities, and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. USD mill 2022 2021Assets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 1 4 Total interest rate derivatives 1 0 0 4 Currency derivativesMaritime Services 10 1 2 Strategic Holdings and Investments 1 1 Total currency derivatives 0 10 2 2 Total market value of financial derivatives 2 10 2 7 Book value equals market valueUSD millFair value sensitivities of interest rate riskChange in interest rates\u2019 level (2%) (1%) 0% +1% +2%Estimated change in fair value (7) (3) 0 3 7 (Tax rate used is 22% that equals the Norwegian tax rate)EQUITY MARKET RISKThe group holds several assets listed on equity markets as well as a defined portfolio of financial assets for a proportion of the group\u2019s short-term liquidity.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16, including the groups share in Hyundai Glovis:Income statement sensitivities of equity market riskUSD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20%Income statement effect (83) (42) 0 42 83 (Tax rate used is 22% that equals the Norwegian tax rate)CREDIT RISKCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial derivative fails to meet its contractual obligations. The group\u2019s credit risk originates primarily from the account receivables, financial derivatives used to hedgeinterest rate risk or foreign exchange risk, as well as investments, including bank deposits.Loans and receivablesTRADE RECEIVABLESThe group\u2019s exposure to credit risk on its receivables varies across segments and subsidiaries. Within the Maritime Services and New Energy, the global customer base provides diversification with respect to credit risk on receivables. The segments monitor and manage their respective credit risk on a regular basis. Reference is made to note 13.BANK DEPOSITS AND FINANCIAL DERIVATIVESThe group maintains cash management operations and trades financial derivatives with a selection of financially solid banks (as determined by their official credit ratings), limiting the corresponding credit risk. OTHER CREDIT EXPOSURESNo material loans or receivables were past due or impaired at 31 December 2022 (analogous for 2021).GuaranteesThe group\u2019s policy is that no financial guarantees are provided by the parent company. However, financial guarantees are provided within Maritime Services and New Energy. See note 18 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD mill Note 2022 2021Exposure to credit riskFinancial derivatives (liability) 12 (6)Account receivables 12 241 190 Bonds 16 33 58 Cash and bank deposits 17 163 231 Total exposure to credit risk 438 473 LIQUIDITY RISKThe group\u2019s 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\u2019s reputation.The group\u2019s liquidity risk is low in that it holds significant liquid assets in addition to credit facilities with the banks. At 31 December 2022, the group had in excess of USD 313 million (2021: USD 435 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 172 million (2021: USD 195 million) in committed undrawn credit facilities. Less than Between 1 Between 2 Later than USD mill1 yearand 2 yearsand 5 years5 yearsUndiscounted cash flows financial liabilities 2022Mortgages 35 12 25 244 Finance lease liabilities 23 4 20 69 Bank loan 30 2 189 Financial derivatives 10 Interest due 33 33 33 32 Total undiscounted cash flow financial liabilities 132 50 79 535 Current liabilities (excluding next year's instalment on interest-bearing debt) 547 Total gross undiscounted cash flows financial liabilities at 31.12.2022 679 50 79 535 Undiscounted cash flows financial liabilities 2021Mortgages 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 flow financial liabilities 333 53 91 254 Current liabilities (excluding next year's instalment on interest-bearing debt) 489 Total gross undiscounted cash flows financial liabilities at 31.12.2021 822 53 91 254 COVENANTSThe group\u2019s bank and lease financing are subject to financial or non-financial covenant clauses related to one or several of the following:\u2022 Limitation on the ability to pledge assets\u2022 Change of control\u2022 Minimum liquidity\u2022 NIBD / EBITDA or equivalent Debt-Service Coverage-Ratios\u2022 Loan-to-ValueAs of the balance date, the group is not in breach of any financial or non-financial covenants. Covenants are related to the consolidated accounts of Wilhelmsen Maritime Services AS and NorSea Group ASCAPITAL RISK MANAGEMENT The group\u2019s overall policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future business development. The board of directors monitors various return metrics, where Return on Equity and dividend levels are predominant.The group seeks to maintain a balance between the potential higher returns stemming from higher levels of financial gearing and the advantages of a strong balance sheet. The financial strategy and setting of thresholds for capital structure, return requirements and risk are revised by the board of directors.FAIR VALUE ESTIMATION The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. The fair value of financial instruments not traded in an active market (over-the-counter contracts) is based on third party quotes. These quotes use observable market rates for price discovery. Specific valuation techniques used by financial counterparties (banks) to value financial derivatives include:\u2022 Quoted market prices or dealer quotes for similar derivatives.\u2022 The fair value of interest rate swaps is calculated as the net present value of the estimated future cash flows based on observable yield curves.\u2022 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.\u2022 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.\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curves and time-to-maturity parameters at the balance sheet date, resulting in an option premium. Options are typically valued by applying the Black-Scholes model.The carrying value less impairment provision of receivables and payables are assumed to approximate their fair values. The group estimates the fair value of financial liabilities for disclosure purposes by discounting the future contractual cash flows at current market interest rates available to the group for similar financial derivatives. USD mill Note Fair value Book valueInterest-bearing debtMortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222 Total interest-bearing debt at 31.12.2022 18 657 654 Mortgages 246 246 Finance lease liabilities 169 169 Bank loan 229 227 Total interest-bearing debt at 31.12.2021 18 644 642 The fair values are based on cash flows discounted using a rate based on market rates including margins and are within level 2 of the fair value hierarchy.USD mill Level 1 Level 2 Level 3 TotalFinancial assets at fair valueEquities 71 71Bonds 33 33Financial derivatives 1 1Financial assets to fair value 583 7 22 612Total financial assets at 31.12.2022 688 8 22 718Financial liabilities at fair valueFinancial derivatives (10) (10)Total financial liabilities at 31.12.2022 0 (10) 0 (10)Financial assets at fair valueEquities 77 77 Bonds 58 58 Financial derivatives Financial assets to fair value 664 24 688 Total financial assets at 31.12.2021 798 0 24 823 Financial liabilities at fair valueFinancial derivatives (6) (6)Total financial liabilities at 31.12.2021 0 (6) 0 (6)USD mill 2022 2021Changes in level 3 instrumentsOpening balance at 01.01 24 18 Gains and losses recognised through income statement (2) 6 Closing balance at 31.12 22 24 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current close price. These instruments are included in level 1. Instruments included in level 1 at the end of 2022 are liquid investment grade bonds and listed equities (analogous for 2021).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2. If one or more of the significant inputs is not based on observable market data, the derivatives is in level 3. Financial instruments by categoryFair value Financial assets through the USD mill Noteat amortised costincome statement TotalAssetsOther non current assets 12 14 14 28 Financial asset to fair value 14 612 612 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 347 347 Cash and cash equivalent 17 163 163 Assets at 31.12.2022 524 732 1 256 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 565 583 Current interest bearing liabilities 18 88 106 Current financial derivatives 12 10 22 Other non current liabilities 12 11 23 Other current liabilities 12 547 559 Liabilities at 31.12.2022 21 1 201 1 305 Fair value Financial assets through the Noteat amortised costincome statement TotalAssetsOther non current assets 12 15 9 25 Financial asset to fair value 14 688 688 Current financial investments 16 135 135 Current financial 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 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 342 342 Current interest bearing liabilities 18 300 300 Current financial 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",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__62": {
"value": "FINANCIAL REPORTING PRINCIPLESThe group uses derivatives to address financial risk. Derivatives are included in current assets or current liabilities, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities as they form part of the group\u2019s long-term economic hedging strategy and are not classified as held for trading.Derivatives are recognised at fair value on the date a derivative contract is entered into and are revalued on a continuous basis at their fair value. Derivatives which do not qualify for hedge accountingMost derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments which do not qualify for hedge accounting are presented in the income statement as financial income/expense.Derivatives which do qualify for hedge accountingThe group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges). At the date of the hedging transaction, the group documents the relationship between hedging instruments and hedged items, as well as the objective of its risk management and the strategy underlying the various hedge transactions. The group also documents the extent to which the applied derivatives are effective in offsetting changes in fair value or cash flow associated with the hedge items. Such assessments are documented both initially and on an ongoing basis.The fair value of derivatives used for hedging is shown below in note 19. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.Cash flow hedgeThe effective portion of changes in the fair value of derivatives designated as cash flow hedges are recognised in other comprehensive income together with the deferred tax effect. Gain and loss on the ineffective portion is recognised in the income statement. Amounts recognised in other comprehensive income are recognised as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement. Net investment hedgeGain and losses arising from the hedging instruments relating to the effective portions of the net investment hedges are recognised in other comprehensive income. These translation reserves are reclassified to the income statement upon loss of control of the hedged net investments, offsetting the translation differences from these net investments. Any ineffective portion is recognised immediately in the income statement as financial income/(expenses).The group has exposure to the following financial risks from its operations:\u2022 Market risk \u2013 Foreign exchange rate risk \u2013 Interest rate risk \u2013 Equity market risk\u2022 Credit risk\u2022 Liquidity risk",
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "FINANCIAL REPORTING PRINCIPLESThe group uses derivatives to address financial risk. Derivatives are included in current assets or current liabilities, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities as they form part of the group\u2019s long-term economic hedging strategy and are not classified as held for trading.Derivatives are recognised at fair value on the date a derivative contract is entered into and are revalued on a continuous basis at their fair value. Derivatives which do not qualify for hedge accountingMost derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments which do not qualify for hedge accounting are presented in the income statement as financial income/expense.Derivatives which do qualify for hedge accountingThe group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges). At the date of the hedging transaction, the group documents the relationship between hedging instruments and hedged items, as well as the objective of its risk management and the strategy underlying the various hedge transactions. The group also documents the extent to which the applied derivatives are effective in offsetting changes in fair value or cash flow associated with the hedge items. Such assessments are documented both initially and on an ongoing basis.The fair value of derivatives used for hedging is shown below in note 19. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.Cash flow hedgeThe effective portion of changes in the fair value of derivatives designated as cash flow hedges are recognised in other comprehensive income together with the deferred tax effect. Gain and loss on the ineffective portion is recognised in the income statement. Amounts recognised in other comprehensive income are recognised as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement. Net investment hedgeGain and losses arising from the hedging instruments relating to the effective portions of the net investment hedges are recognised in other comprehensive income. These translation reserves are reclassified to the income statement upon loss of control of the hedged net investments, offsetting the translation differences from these net investments. Any ineffective portion is recognised immediately in the income statement as financial income/(expenses).The group has exposure to the following financial risks from its operations:\u2022 Market risk \u2013 Foreign exchange rate risk \u2013 Interest rate risk \u2013 Equity market risk\u2022 Credit risk\u2022 Liquidity risk",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "The group\u2019s strategy is to hedge material parts of the interest-bearing debt against rising interest rates. As the capital intensity varies across the group\u2019s 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 56% of its NIBD as of 31 December 2022. The Group has financial liabilities that are exposed to NIBOR, NOWA and USD Term SOFR reference rates. The Group has current interest-bearing liabilities of USD 190 million that have a USD Term SOFR reference rate. Other current interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is attentive to the development of the IBOR reform. The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy. USD mill 2022 2021Maturity schedule interest rate hedges (nominal amounts)Due in year 1 41 11 Due in year 2 28 45 Due in year 3 32 Due in year 4Due in year 5 and later 100 36 Total interest rate hedges 169 125 The New Energy segment has entered swaption contracts with a notional value of about USD 15 million, with expiry date in 2023. 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 later than 5 years. The hedges have an average remaining term of later than 5 years.Interest rate sensitivityThe group\u2019s interest rate risk originates from differences in duration between assets and liabilities. On the asset side, bank deposits and investments in interest-bearing instruments are subject to risk from changes in the general level of interest rates, primarily in USD and NOK. The group uses the weighted average duration of interest-bearing liabilities, and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. USD mill 2022 2021Assets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 1 4 Total interest rate derivatives 1 0 0 4 Currency derivativesMaritime Services 10 1 2 Strategic Holdings and Investments 1 1 Total currency derivatives 0 10 2 2 Total market value of financial derivatives 2 10 2 7 Book value equals market valueUSD millFair value sensitivities of interest rate riskChange in interest rates\u2019 level (2%) (1%) 0% +1% +2%Estimated change in fair value (7) (3) 0 3 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial derivative fails to meet its contractual obligations. The group\u2019s credit risk originates primarily from the account receivables, financial derivatives used to hedgeinterest rate risk or foreign exchange risk, as well as investments, including bank deposits.Loans and receivablesTRADE RECEIVABLESThe group\u2019s exposure to credit risk on its receivables varies across segments and subsidiaries. Within the Maritime Services and New Energy, the global customer base provides diversification with respect to credit risk on receivables. The segments monitor and manage their respective credit risk on a regular basis. Reference is made to note 13.BANK DEPOSITS AND FINANCIAL DERIVATIVESThe group maintains cash management operations and trades financial derivatives with a selection of financially solid banks (as determined by their official credit ratings), limiting the corresponding credit risk. OTHER CREDIT EXPOSURESNo material loans or receivables were past due or impaired at 31 December 2022 (analogous for 2021).GuaranteesThe group\u2019s policy is that no financial guarantees are provided by the parent company. However, financial guarantees are provided within Maritime Services and New Energy. See note 18 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD mill Note 2022 2021Exposure to credit riskFinancial derivatives (liability) 12 (6)Account receivables 12 241 190 Bonds 16 33 58 Cash and bank deposits 17 163 231 Total exposure to credit risk 438 473",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "The group\u2019s 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\u2019s reputation.The group\u2019s liquidity risk is low in that it holds significant liquid assets in addition to credit facilities with the banks. At 31 December 2022, the group had in excess of USD 313 million (2021: USD 435 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 172 million (2021: USD 195 million) in committed undrawn credit facilities. Less than Between 1 Between 2 Later than USD mill1 yearand 2 yearsand 5 years5 yearsUndiscounted cash flows financial liabilities 2022Mortgages 35 12 25 244 Finance lease liabilities 23 4 20 69 Bank loan 30 2 189 Financial derivatives 10 Interest due 33 33 33 32 Total undiscounted cash flow financial liabilities 132 50 79 535 Current liabilities (excluding next year's instalment on interest-bearing debt) 547 Total gross undiscounted cash flows financial liabilities at 31.12.2022 679 50 79 535 Undiscounted cash flows financial liabilities 2021Mortgages 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 flow financial liabilities 333 53 91 254 Current liabilities (excluding next year's instalment on interest-bearing debt) 489 Total gross undiscounted cash flows financial liabilities at 31.12.2021 822 53 91 254",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "Financial instruments by categoryFair value Financial assets through the USD mill Noteat amortised costincome statement TotalAssetsOther non current assets 12 14 14 28 Financial asset to fair value 14 612 612 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 347 347 Cash and cash equivalent 17 163 163 Assets at 31.12.2022 524 732 1 256 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 565 583 Current interest bearing liabilities 18 88 106 Current financial derivatives 12 10 22 Other non current liabilities 12 11 23 Other current liabilities 12 547 559 Liabilities at 31.12.2022 21 1 201 1 305 Fair value Financial assets through the Noteat amortised costincome statement TotalAssetsOther non current assets 12 15 9 25 Financial asset to fair value 14 688 688 Current financial investments 16 135 135 Current financial 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 Liabilities at fair Other financial value throug the liabilities at Noteincome statementamortised cost TotalLiabilitiesNon current interest-bearing debt 18 342 342 Current interest bearing liabilities 18 300 300 Current financial 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "Note 20 Related party transactionFINANCIAL REPORTING PRINCIPLESRelated parties are defined as entities outside of the group that are under control directly or indirectly, joint control or significant influence by the owners of Wilh. Wilhelmsen Holding ASA. All transactions with related parties are entered into on marked terms based on arm\u2019s 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: \u2022 Ship management including crewing, technical and management service \u2022 Agency services\u2022 Freight and liner services\u2022 Marine products\u2022 Shared servicesThe ultimate owner of the group is Tallyman AS, which controls about 60% of voting shares of the group. Tallyman AS is controlled by Thomas Wilhelmsen.Detailed remuneration discloures are provided in the remuneration report.Material related parties in the group are: Business office, country OwnershipWallenius Wilhelmsen ASA Norway 37.9%Coast Center Base AS / KS Norway 50.0%Wallenius Wilhelmsen ASA, through its operating companies, is the market leader in Coast Center Base AS and Coast Center Base KS in the New Energy segment the finished vechicle logistics segment, offering ocean transportation and landbased delivers IT project, administration and handling services and the transactions are vechicle logistics solutions. based on market terms.USD thousand 2022 2021KEY MANAGEMENT PERSONNEL COMPENSATIONBase salary 2 067 2 185 Bonus 3 456 810 Pension 534 485 Other benefits 383 354 Total 6 440 3 834 Detailed remuneration discloures are provided in the remunertation report.USD mill 2022 2021OPERATING REVENUE FROM RELATED PARTYSale of goods and services to joint ventures and associates:WAWI group 20 20 Maritime Services 4 2 New Energy 1 2 Operating revenue from related party 25 24 OPERATING EXPENSES FROM RELATED PARTYPurchase of goods and services from joint ventures and associates:Maritime Services 2 New Energy 1 5 Operating expenses to related party 3 5 ACCOUNT RECEIVABLES FROM RELATED PARTYMaritime Services 12 3 Account receivables from related party 12 3 ACCOUNT PAYABLES TO RELATED PARTYMaritime Services 1 New Energy 6 Account payables to related party 6 1 NON CURRENT ASSETS TO RELATED PARTYMaritime Services 3 4 Strategic Holdings and Investments 1 Non current assets to related party 3 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "Tallyman AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "FINANCIAL REPORTING PRINCIPLESRelated parties are defined as entities outside of the group that are under control directly or indirectly, joint control or significant influence by the owners of Wilh. Wilhelmsen Holding ASA. All transactions with related parties are entered into on marked terms based on arm\u2019s 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: \u2022 Ship management including crewing, technical and management service \u2022 Agency services\u2022 Freight and liner services\u2022 Marine products\u2022 Shared services",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "Note 21 Subsidiaries with material non-controlling interestsFINANCIAL REPORTING PRINCIPLESNon-controlling interest: The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and relevant share acquired of the carrying value of net assets of the subsidiary is recorded as an equity transaction. Gains or losses on disposals to non-controlling interests are also recorded as an equity transaction.2021Business office/country Voting/control shareTreasure ASA * Norway 76.98%* At 31.December 2022 Treasure ASA had 2 594 566 own shares (31 December 2021 had 6 000 000 own shares).Set out below is the summarised financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are 100% and before inter-company eliminations.During 2022, the group acquired additional shares in NorSea Group AS, increasing its ownership from 75.15 % to 98.96%. Following this acquisition, the non-controlling interests in NorSea Group AS is no longer considered material for the group.Treasure ASAUSD mill 2022 2021Summarised balance sheetNon current assets 538 583 Current assets 10 27 Total assets 547 610 Non current liabilitiesCurrent liabilities Total liabilities 0 0 Net assets 547 610 Summarised income statement/OCITotal income 14 14 Profit for the year (35) (104)Other comprehensive income (1)Total comprehensive income (36) (105)Profit allocated to NCIs (8) (26)Dividends paid to NCIs 5 10 Summarised cash flowsNet cash flow provided by/(used in) operating activities (3) 11 Net cash flow provided by/(used in) investing activities Net cash flow provided by/(used in) financing activities (27) (49)Net increase/(decrease) in cash and cash equivalents (30) (38)USD mill 2022 2021Total allocation to NCIsProfit/(loss) for the period to material NCIs (3) (21)Profit/(loss) for the period to other immaterial NCIs 1 1 Profit for the period to NCIs (3) (21)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "FINANCIAL REPORTING PRINCIPLESNon-controlling interest: The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and relevant share acquired of the carrying value of net assets of the subsidiary is recorded as an equity transaction. Gains or losses on disposals to non-controlling interests are also recorded as an equity transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Note 22 ContingenciesFINANCIAL REPORTING PRINCIPLESThe group and the parent company make provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability. Provisions are not made for future operating losses.The size and global activities of the group dictate that companies in the group will beinvolved from time to time in disputes and legal actions. The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist are of such a nature that they will not significantly affect the group\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Note 23 Alternative performance measuresAlternative performance measuresThis section describes non-GAAP financial alternative performance measures (APM) that may be used in the quarterly and annual reports and related presentations.The following measures are not defined nor specified in the applicable financial reporting framework of IFRS. They may be considered as non-GAAP financial measures that may include or exclude amounts that are calculated and presented according to the IFRS. These APMs are intended to enhance comparability of the results, balance sheet and cash flows from period to period and it is the Company\u2019s experience that these are frequently used by investors, analysts and other parties. Internally, these APMs are used by the management to measure performance on a regular basis. The APMs should not be considered as a substitute for measures of performance in accordance with IFRS.EBITDA is defined as Total income (Operating revenue and gain/(loss) on sale of assets) adjusted for Operating expenses. EBITDA is used as an additional measure of operational profitability, excluding the impact from financial items, taxes, depreciation and amortization.EBITDA adjusted is defined as EBITDA excluding certain income and/or cost items which are not regarded as part of the underlying operational performance for the period. The Company do not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.EBITDA margin is defined as EBITDA as a per cent of of Total income.EBITDA margin adjusted is defined as EBITDA adjusted as a per cent of Total income, with Total income also adjusted for the same income elements as those which have been adjusted for in EBITDA adjusted. EBIT is defined as Total income (Operating revenue and gain/(loss) on sale of assets) less Operating expenses, Other gain/loss and depreciation and amortization. EBIT is used as a measure of operational profitability excluding the effects of how the operations were financed, taxed and excluding foreign exchange gains & losses.EBIT adjusted, EBIT margin and EBIT margin adjusted will, if used, be prepared in the same manner as described under EBITDA.Net interest-bearing debt (NIBD) is defined as total interest bearing debt (Non-current interest-bearing debt and Current interest-bearing debt) less Cash and cash equivalenets and Current financial investments.Equity ratio is defined as Total equity as a percent of Total assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "FINANCIAL REPORTING PRINCIPLESThe group and the parent company make provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability. Provisions are not made for future operating losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Note 25 Events after the balance sheet dateIn January 2023 Wilhelmsen Ships Service acquired Navadan A/S, a Danish companywithin tank and cargo hold cleaning. Navadan will be a part of the segment Maritime Services. A preliminary purchase price allocation is not prepared. 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.Wilh. Wilhelmsen Holding ASAPhone: (+47) 67 58 40 00Postal address:PO Box 33, NO-1324Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "PO Box 33, NO-1324Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}