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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 57 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 57 countries, we take innovation, sustainability and unparalleled customer experiences one step further.General accounting policies Wilh. Wilhelmsen Holding groupGENERAL INFORMATIONWilh. Wilhelmsen Holding ASA (referred to as the parent company) is domiciled in Norway. The consolidated accounts for fiscal year 2023 include the parent company and its subsidiaries (referred to collectively as the group) and the group\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 20 March 2024.BASIS OF PREPARATIONCompliance with IFRSThe consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS\u00ae) accounting standards, as adopted by the European Union. The separate financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as approved by Ministry of Finance 7 February 2022. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applied. Otherwise, the explanations of the accounting policy for the group also apply to the separate statements, and the notes to the consolidated financial statements will to a large degree also cover the separate statements. Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act related to remuneration to the board and the senior management.The company is a public limited liability company, listed on the Oslo Stock Exchange.Critical accounting estimates and 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.Most statements of financial position items will be affected by uncertainty related to estimates and assumption to a certain degree. The items most affected, and where estimates and assumptions are assessed to have the greatest significance include:\u2022 Deferred tax asset (Note 9)\u2022 Goodwill (Note 7)\u2022 Right-of-use assets and lease liabilities (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. The following items are assessed to be most affected by climate related considerations:\u2022 Tangible assets and Goodwill (Note 7) \u2022 Right-of-use assets and lease liabilities (Note 8)\u2022 Contingencies (Note 22)\u2022 Financial risk (interest bearing debt, note 18)For consolidated accounts for fiscal year 2023, 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 2023 2022OPERATING REVENUEShips Service 2/3 477 394 Port Services 2/3 155 136 Ship Management 2/3 87 68 New Energy 2/3 290 333 Other services 2/3 19 12 Total operating revenue 19 1 027 943 OTHER INCOME Other gain/(loss) 1 15 Total other income 1 15OTHER EXPENSESOffice expenses (14) (14)Communication and IT expenses (36) (36)External services (31) (28)Travel and meeting expenses (12) (8)Marketing expenses (3) (3)Lease expenses 8 (12) (14)Other operating expenses (46) (48)Total other expenses 19 (153) (151)Financial incomeInvestment management 15 Interest income 8 4 Dividend from financial assets 3 5 Gain on sale of financial investments 1 Other financial items 2 Net financial income 29 9 Financial expensesInvestment management (4)Interest expenses (33) (22)Interest expenses lease liabilities 8 (5) (6)Other financial expenses (4) (4)Net financial expenses (43) (35)Financial - currency gain/(loss)Operating currency - net (2) 10 Financial currency - net (6) (8)Derivatives for hedging of cash flow risk - realised (3) (3)Derivatives for hedging of cash flow risk - unrealised 10 (9)Net financial - currency gain/(loss) (1) (9)Financial income/(expenses) (15) (36)Spesification of financial income and expensesNet financial income 29 9 Net currency - income 10 Net currency derivatives - income 10 Financial income 39 19 Net financial expenses (43) (35)Net currency - expenses (8) (8)Net currency derivatives - expenses (3) (11)Financial expenses (54) (55)See note 18 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 241 offices in 57 countries.The New Energy segment includes the NorSea Group and other New Energy activities. The activity is mainly related to the operation of supply bases for the offshore industry in Norway, as well as real estate development and operation of properties both on and off the supply bases. In addition to the activity in Norway, the segment offers its services in both Denmark and in the UK. The international activity consists of both operation of supply bases, maintenance of rigs and handling of logistics related to international pipeline projects and windmill parks. Other activities within the segment include technical management and crew management for the offshore wind market and digital solutions to the shipping industry.The Strategic Holdings and Investments segment includes the parent company, Wilh. Wilhelmsen Holding ASA, Treasure ASA group, Wilh. Wilhelmsen Holding Invest Malta and other corporate group activities like operational management, legal, finance, portfolio management, communication and human relations which fail to meet the definition for other core activities.The group\u2019s investments in Wallenius Wilhelmsen ASA (WAWI) and Hyundai Glovis Co., Ltd. are presented as part of Strategic Holdings and Investments as investments in associates.Eliminations are between the group\u2019s three segments mentioned above.The segment income statements are measured in the same way as in the financial statements.The segment information provided to the chief operating decision-makers for the reportable segments for the year ended 31 December 2023 is as follows:Strategic Holdings Maritime Services New EnergyEliminations Totaland InvestmentsUSD mill2023 2022 2023 2022 2023 2022* 2023 2022 2023 2022* INCOME STATEMENTOperating revenue 732 628 290 310 16 17 (11) (12) 1 027 943 Other gain/(loss) 1 1 23 (7) 1 15 Total income 732 628 291 333 15 10 (10) (12) 1 029 958 Cost of goods and change in inventory (266) (225) (73) (87) (1) (1) (340) (313)Employee benefits (259) (215) (117) (111) (12) (15) (387) (341)Other expenses (102) (93) (51) (60) (9) (9) 8 12 (153) (151)Operating profit/(loss) before depreciation, amortisation and impairment 105 94 51 75 (7) (16) (1) 147 153 Depreciation and impairment (28) (37) (28) (28) (4) (4) 1 (59) (69)Operating profit 77 57 23 46 (12) (20) (0) 88 83 Share of profit from associates 7 7 10 8 414 382 431 397 Changes in fair value financial assets 4 2 7 (6) 11 (5)Net financial income/(expenses) (19) (20) (22) (16) 64 (37) (15) (36)Profit before tax 65 44 14 40 473 356 (37) 515 440 Tax income/(expense) (20) (16) (2) (2) (5) 4 (27) (13)Profit for the period 45 28 12 38 468 361 (37) 487 427 Non-controlling interests (2) (1) (1) (7) (18) (19) (21) (27)Profit to the equity holders of the company 42 27 12 31 449 342 (37) 466 400 New Energy; one customer represents about 20% of the total revenue.* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.2023: Total income USD mill 2023: Profit before tax USD mill 2022: Total income USD mill 2022: Profit before tax USD mill151029147335633365444073214628 Maritime Services New Energy Strategic Holdings and Investments Maritime Services New Energy Strategic Holdings and InvestmentsCont. note 2 Segment reportingThe 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 millMaritime Services New EnergyEliminations Totaland Investments31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.202331.12.2022*31.12.2023 31.12.2022 31.12.202331.12.2022*BALANCE SHEETASSETSNon current assetsDeferred tax assets 40 45 1 10 16 51 61 Goodwill and other intangible assets 125 122 6 6 1 1 132 129 Properties and other tangible assets 168 155 439 452 16 16 623 623 Right-of-use assets 36 36 61 49 24 27 (10) (9) 112 102 Investments in joint ventures and associates 30 26 204 171 2 012 1 766 2 247 1 962 Financial assets to fair value 5 4 82 71 87 75 Other non current assets 8 8 38 27 3 (5) (9) 42 28 Total non current assets 408 392 754 708 2 146 1 899 (14) (19) 3 294 2 981 Current assetsInventories 121 114 121 114 Current financial investments 124 104 124 104 Other current assets 261 264 76 80 17 14 (11) (10) 342 349 Cash and cash equivalents 144 131 21 8 59 24 224 163 Total current assets 526 509 98 88 200 143 (11) (10) 811 730 Total assets 933 901 852 797 2 346 2 042 (26) (29) 4 105 3 711 EQUITY AND LIABILITIESEquityShareholders' equity 177 158 382 337 2 142 1 783 2 702 2 278 Non-controlling interests 2 (2) 5 3 148 160 155 160 Total equity 179 156 388 340 2 291 1 942 2 857 2 438 Non current liabilitiesPension liabilities 15 14 1 7 7 23 21 Deferred tax liabilities 11 14 2 12 17 Non current interest-bearing debt 174 188 279 281 8 4 (5) 456 473 Non current lease liabilities 28 28 61 48 22 25 (9) (9) 101 93 Other non current liabilities 6 5 5 9 9 (12) 11 11 Total non current liabilities 233 249 346 339 37 45 (14) (18) 603 615 Current liabilitiesCurrent income tax 8 8 1 1 10 10 Public duties payable 10 7 7 5 1 1 18 13 Current interest-bearing debt 27 35 30 27 65 Current lease liabilities 12 11 9 10 4 3 (1) (1) 24 23 Other current liabilities 492 470 73 67 13 21 (11) (10) 567 547 Total current liabilities 522 496 117 117 18 55 (12) (11) 645 658 Total equity and liabilities 933 901 852 797 2 346 2 042 (26) (29) 4 105 3 711 Investments in tangible assets 20 17 18 160 1 1 40 178 * The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.31.12.2023: Equity controlling interest 31.12.2022: Equity controlling interest7% 7% Maritime Services14% 15% New Energy Strategic Holdings and Investments79% 78%Cont. note 2 Segment reportingThe 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 InvestmentsUSD mill2023 2022 2023 2022 2023 2022*CASH FLOWProfit before tax 65 44 14 39 473 356 Changes in fair value financial assets (4) (7) 5 Share of (profit)/loss from joint ventures and associates (7) (7) (10) (8) (414) (382)Net financial (income)/expenses 19 20 22 16 (64) 1 Depreciation, amortisation and impairment 28 37 28 28 4 4 Change in working capital 1 (63) 5 (7) (13) (8)Other (gain)/loss (1) (1) (23) 7 Net cash provided by operating activities 105 31 55 45 (21) (16)Dividend received from joint ventures and associates 7 5 11 8 169 37 Net sale/(investments) in fixed assets (20) (10) (19) (2) (2) (1)Net sale/(investments) in entities and segments (10) (4) 2 (50) (1)Net changes in other investments 2 2 3 (5) (5) 25 Net cash flow from investing activities (21) (7) (3) (48) 162 59 Net change of debt (29) (22) (20) 13 (34) 6 Net change in other financial items (15) (12) (19) (15) (5) (3)Net dividend from other segments/ to shareholders (27) (33) 7 (67) (73)Net cash flow from financing activities (70) (67) (39) 5 (107) (69)Net increase in cash and cash equivalents 13 (43) 12 1 34 (26)Cash and cash equivalents at the beginning of the period 131 174 9 7 25 50 Cash and cash equivalents at the end of period 144 130 21 8 59 24 * The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.2023 Total income 2022 Total income3% 4%GEOGRAPHICAL AREAS32% 30%55% 57%Total IncomeArea income is based on the geographical location of the company and include gains from sale of assets.10% 10%Total assetsArea assets are based on the geographical location of the assets. The 2023 Total assets 2022Total assetsgroup\u2019s investment in Hyundai Glovis is classified in the geographical segment Asia & Africa.2%1%26%24%Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.1%1%71%74%Total income and total assets attributed to Norway as the group companies\u2019 country of domicileUSD mill 2023 20222023 Investment in tangible assets 2022 Investment in tangible assetsTotal income attributed to Norway 313 344 33%30%2%1%Total assets attributed to Norway 2 544 3 031 2%2%63%67% Europe Americas Asia & Africa OceaniaNote 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.Strategic Holdings Group USD millMaritime Services New EnergyTotaland Invest-eliminationmentsShipTechnology Ships Port Other/Infra-Other/Revenue SegmentsManage- & Decarbon- 2023ServiceServiceseliminationstructureeliminationmentisationRevenue from external customers 477 155 87 14 283 2 5 16 (11) 1 027 Total 477 155 87 14 283 2 5 16 (11) 1 027 Timing of revenue recognition At a point in time 477 10 2 16 (11) 494 Over time 155 87 4 283 5 533 Total 477 155 87 14 283 2 5 16 (11) 1 027 2022Revenue from external 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 MARITIME SERVICESShips service - Sale of goodsThe 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 managementWilhelmsen 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 ENERGYInfrastructureThe New Energy segment, including the NorSea Group operates supply bases and provide integrated logistics solution to the offshore industry. Revenues from external customers come from sale of services to the offshore industry (Operations), from the rental of properties (Property) and from the sale of services to other industries (Other). The duration of the operations contracts varies from 3 to 10 years. The pricing of the contracts are mainly based on delivered quantity via supply bases. The group is a lessor for parts of the properties located on or near the bases. This is typically warehouses and some office facilities. This is ordinary operational lease contracts with a typical duration of 2 to 7 years. For contracts with a duration of more than one year the rent is adjusted annually based on commonly used indexes. Lease revenue is usually recognised on a straight line basis over the lease term.Technology & decarbonisationThe group provides a range of technology and digital solutions to the shipping industry. Revenue is recognised net of any discounts at delivery. Revenue is recognised based on time and place of delivery, and transfer of control, or services rendered, and depend on agreed delivery terms but usually when the customer receives the goods and services.STRATEGIC HOLDINGS AND 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 OBLIGATIONSIn 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 PRINCIPLESInterests in joint ventures and associates are accounted for using the equity method after initially being recognised at cost in the consolidated balance sheet.Equity method:Under the equity method of accounting, the investments are initially recognised at cost and adjusted subsequently to recognise the group\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.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 VENTURES2023 2022Business office countryVoting share/ownershipNew EnergyCoast Center Base AS Norway 50.0% 50.0%KS Coast Center Base Norway 50.0% 50.0%CCB Energy Holding AS Norway 50.0% 50.0%Elevon AS Norway 50.0% 50.0%S\u00f8rSea AS Norway 50.0% 50.0%Polar Lift AS Norway 50.0% 50.0%Massterly AS Norway 50.0% 50.0%Topeka MPC Maritime AS Norway 50.0% 50.0%Maritime ServicesWilhelmsen Ahrenkiel group Germany 50.0% 50.0%Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 1998. It delivers services related to logistics, quay, project and maintenance to the offshore industry in addition to maritime industry.KS Coast Center Base is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 1973. It is mainly a property company owning infrastructure rented out to Coast Center Base AS.CCB Energy Holding AS is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 2020. It owns shares in companies involved in production of hydrogen and climate neutral solutions.Wilhelmsen Ahrenkiel 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 other contingent liabilities relating to the group\u2019s interest in the joint ventures.Cont. note 4 Investments in joint ventures and associatesUSD mill 2023 2022Summarised financial information - according to the group's ownershipShare of total income 80 111 Share of operating expenses (65) (93)Share of depreciation (5) (6)Share of net financial items (1) (2)Share of tax expense (1) (2)Share of profit for the year 7 8 Book value 41 43 Excess value (goodwill) 59 60 Investments in joint ventures 100 104 USD mill 2023 2022Joint ventures' assets, equity and liabilities (group's share of investments)Share of non current assets 85 87 Share of cash and cash equivalents 37 33 Share of current assets 4 6 Total share of assets 126 126 Share of equity 01.01 43 68 Share of profit for the period 7 8 Dividend (10) (5)Acquisitions 1 Disposals (21)Other comprehensive income (1) (7)Share of equity at 31.12 41 43 Share of non current liabilities 53 46 Share of current liabilities 33 37 Total share of liabilities 85 83 Total share of equity and liabilities 126 126 Cont. note 4 Investments in joint ventures and associatesSet out below are the summarised financial information on a 100% basis for Coast Center Base (CCB), which in the opinion of the directors is a material joint venture to the group. Joint ventures not considered to be material, are defined under \u201cother\u201d (on a 100% basis).CCB OtherUSD mill2023 2022 2023 2022SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 140 194 23 27 Operating expenses (123) (175) (23) (22)Net operating profit 16 20 5 Financial income/(expenses) (3) (3) 4 Profit before tax 13 16 3 5 Tax income/(expense) (2) (3) (1)Profit after non-controlling interests 11 14 3 5 Other comprehensive income (2)Total comprehensive income 11 14 1 5 The group's share of dividend from joint ventures 9 4 1 1 CCB OtherUSD mill31.12.2023 31.12.2022 31.12.2023 31.12.2022SUMMARISED BALANCE SHEETNon current assets 159 165 10 7 Cash and cash equivalents 4 (13) 6 Other current assets 72 58 6 5 Total assets 231 227 3 17 Non current liabilities 102 88 (13) 3 Current liabilities 61 62 3 5 Total liabilities 163 150 (10) 8 Net assets 68 77 13 9 The information above reflects 100% of the amounts presented in the financial statements of the joint ventures, adjusted for any differences in accounting policies between the group and the joint ventures.CCB OtherUSD mill2023 2022 2023 2022RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONOpening net asset 01.01 77 81 9 63 Acquisition net assets 3 1 Disposals of joint ventures* (42)Profit for the period 11 14 3 5 Other comprehensive income (2) (9) 1 (12)Dividend to shareholders (19) (8) (2) (6)Closing net assets 31.12 68 77 13 9 The group's share 34 39 6 5 Goodwill / excess value 51 53 8 8 Carrying value 31.12 85 91 14 13 * 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.Cont. note 4 Investments in joint ventures and associatesINVESTMENTS IN ASSOCIATED COMPANIES2023 2022CountryVoting share/ownershipStrategic Holdings and Investments Wallenius Wilhelmsen ASA (WAWI) Norway 37.9% 37.9%Hyundai Glovis Co., Ltd. (Hyundai Glovis) * Republic of Korea 11.0% 11.0%Maritime ServicesDiana Wilhelmsen Management Limited Cyprus 50.0% 50.0%Barklav (Hong Kong) Limited Hong Kong 50.0% 50.0%BWW LPG Limited Hong Kong 49.0% 49.0%Wilhelmsen-Smith Bell Manning, Inc Philippines 50.0% 50.0%Denholm Port Services Limited United Kingdom 40.0% 40.0%Triangle Shipping Agencies LLC United Arab Emirates 50.0% 50.0%Barwil Abu Dhabi Ruweis LLC United Arab Emirates 50.0% 50.0%Wilhelmsen WPS Dubai Port Services LLC United Arab Emirates 50.0% 50.0%Wilhelmsen Port Services LLC - Fujairah United Arab Emirates 42.5% 42.5%Almoayed Wilhelmsen (Ltd) W.L.L Bahrain 50.0% 50.0%Wilhelmsen Huayang Port Services (Shanghai) Co. Ltd. China 50.0% 50.0%Wilhelmsen Huayang Ships Service (Beijing) Co., Ltd. China 50.0% 50.0%Barwil Arabia Shipping Agencies SAE Egypt 50.0% 50.0%Wilhelmsen Port Service Georgia LLC Georgia 50.0% 50.0%Wilhelmsen Hyopwoon Port Services Ltd Republic of Korea 50.0% 50.0%Alghanim Wilhelmsen Shipping Co.W.L.L Kuwait 49.0% 49.0%Diize B.V. Netherlands 50.0% 50.0%Wilhelmsen-Smith Bell Shipping, Inc. Philippines 49.0% 49.0%Wilhelmsen-Smith Bell (Subic), Inc. Philippines 50.0% 50.0%Perez Torres Portugal Lda Portugal 50.0% 50.0%Pelagus 3D Pte Ltd Singapore 50.0% 50.0%Wilhelmsen Sunnytrans Co., Ltd Vietnam 50.0% 50.0%New EnergyEld\u00f8yane Holding AS / Eld\u00f8yane N\u00e6ringspark AS Norway 50.0% 38.0%Konciv AS Norway 43.1% 47.5%Hammerfest N\u00e6ringsinvest AS Norway 32.2% 32.2%Strandparken Holding AS Norway 33.1% 33.1%Dusavik Utvikling AS Norway 33.5% 33.5%Risavika Eiendom AS Norway 42.0% 42.0%Love Milj\u00f8base AS Norway 33.3% 33.3%CCB Subsea AS Norway 42.5% 42.5%Polar Algae AS Norway 52.0% 46.8%WindWorks Jelsa AS Norway 38.5% 33.3%Energy Innovation Holding AS Norway 50.0% 50.0%AM North AS Norway 33.3% 33.3%RTN AS Norway 50.0% 50.0%Nordlys.Studio AS Norway 46.0% 46.0%Topeka Hagland Greenbulk AS Norway 50.0% 50.0%Reach Subsea ASA Norway 19.2% 20.5%Edda Wind ASA Norway 25.4% 25.7%* The group has changed the classification to consider the investment in Hyundai Glovis Co., Ltd as an associated company, see note 21.Cont. note 4 Investments in joint ventures and associatesUSD mill 2023 2022Share of profit/(loss) from associatesWAWI 324 281 Hyundai Glovis 89 102 Associates Maritime Services 5 6 Reach Subsea 5 2Edda Wind 1Other associates New Energy (1) (1)Share of profit from associates 424 390 Book value of material associatesWAWI 1 337 1 146 Hyundai Glovis 675 620 Reach Subsea 23 17Edda Wind 84 52Specification of share of equity and profit/loss:Share of equity 01.01 1 858 1 519 Share of profit for the year 424 389 Capital increase in / acquisition of associates in Maritime Services 4 Capital increase in / acquisition of associates in New Energy 35 18 Dividend (160) (41)Other comprehensive income (14) (25)Share of equity 31.12 2 147 1 858 There are no contingent liabilities relating to the group\u2019s interest in the associates.The group holds a 37.9% share in listed company Wallenius Wilhelmsen (WAWI), headquartered at Lysaker, Norway. WAWI is a market leader in RoRo shipping and vechile logistics, managing the distrubution of cars, trucks, rolling equipment and breakbulk to customers all over the world. WAWI controls more than 125 vessels and servicing 15 trade routes to six continents, together with a global inland distribution network, more than 120 in-land processing centres, and 9 marine terminals. The group holds a 11.0% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange. Hyundai Glovis\u2019 principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service. Hyundai Glovis also has a growing shipping segment with its own fleet of car carriers and bulk carriers.The group holds a 19.2 % ownership in the listed company Reach Subsea ASA. During the year the group did a capital increase of USD 8 mill. Reach Subsea group offer subsea services as subcontractor and/or directly to end clients. The core business of the group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by our competent onshore engineering resources.The group holds a 25.4 % ownership in the listed comapny Edda Wind ASA. During the year the group did a capital increasse of USD 28 mill. Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks.Set out below are the summarised financial information for, on a 100% basis, for WAWI and Hyundai Glovis, which, in the opinion of the directors, are the material associates to the group.Associates not considered to be material are defined under \u201dother\u201d (on a 100% basis).WAWI Hyundai Glovis OtherUSD mill2023 2022 2023 2022 2023 2022SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 5 149 5 045 19 634 20 894 302 207 Operating expenses (3 924) (4 114) (18 364) (19 501) (252) (174)Net operating profit 1 225 931 1 270 1 393 50 33 Finance income & expenses (189) (102) (166) (156) (3)Profit before tax 1 035 829 1 104 1 237 47 34 Tax income/(expense) (68) (35) (293) (313) (8) (5)Profit for the period 967 794 811 924 39 29 Non-controlling interests (121) (116) (2) (2)Profit after non-controlling interests 846 678 809 921 39 29 Other comprehensive income (1) (1) 11 13 (4)Total comprehensive income (shareholder's equity) 845 678 820 934 39 25 WWH share of dividend from associates 136 24 19 13 5 5 Cont. note 4 Investments in joint ventures and associatesWAWI Hyundai Glovis OtherUSD mill31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022SUMMARISED BALANCE SHEETNon current assets 5 951 6 242 4 596 4 540 743 351 Other current assets 985 936 4 806 4 879 123 107 Cash and cash equivalents 1 705 1 216 1 966 1 642 136 133 Total assets 8 642 8 394 11 368 11 061 1 003 591 Non current liabilities 3 163 3 659 1 909 2 116 423 154 Current liabilities 1 423 1 226 3 460 3 462 199 147 Non-controlling interests 413 355 11 11 Total liabilities 4 998 5 241 5 381 5 588 623 301 Net assets 3 644 3 153 5 987 5 472 380 290 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.WAWI Hyundai Glovis OtherUSD mill2023 2022 2023 2022 2023 2022RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONNet asset at 01.01 3 153 2 539 5 472 4 882 290 239 Profit for the period 846 679 809 924 39 7 Net assets of acquired associates/capital increase 132 57 Convertion KRW to USD and EUR to USD (143) (236) (59)Other comprehensive income (1) 11 13 (4)Transactions with non controlling interests 5 (2) 2 (4) (4)Dividend (359) (63) (164) (110) (18) (5)Net assets at 31.12 3 644 3 153 5 987 5 472 380 290 WWH share 1 380 1 194 659 602 135 91 Goodwill and other intangible assets 17 18 8 7 Currency (1) (1) (9) (6)Fair value adjustment vessels and goodwill * (43) (48)Carrying value at 31.12 1 337 1 146 675 620 135 93 * The share price and market value of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than book value of equity in WAWI..The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2023 was USD 1 408 million (2022: USD 1 575 million).WAWI is a separately listed company on Oslo B\u00f8rs. The market capitalisation of its shares at year end is 5% higher (2022: 38% higher) than the carrying amount of the investment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.The group market value of the investment in Hyundai Glovis at 31 December 2023 was USD 610 million (2022: USD 538 million). The shares have historically traded at or below a market capitalization to book value of equity ratio of 1 without this indicating a significant decline of the asset\u2019s value. Value in use calculations prepared by management of Hyundai Glovis indicate that the recoverable amount is higher than the Hyundai Glovis\u2019 carrying amount for key assets. The higher underlying value of the share is supported by external market analysts. Based on this, the recoverable amount attributable to the shares in Hyundai Glovis is assessed to be higher than the group\u2019s carrying amount.USD mill 2023 2022RECONCILIATION OF THE GROUP\u2019S INCOME STATEMENT AND BALANCE SHEETShare of profit from joint ventures 7 8 Share of profit from associates 424 390 Share of profit from joint ventures and associates 431 397 Share of equity from joint ventures including net excess value 100 104 Share of equity from associates including net excess value 2 147 1 859 Share of equity from joint ventures and associates including net excess value 2 247 1 962 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 subsidiariesBusinessProportion of ordinary shares Proportion of ordinary Nature of businessoffice countrydirectly held by parent (%)shares held by the group (%)Maritime ServicesWilhelmsen Maritime Services AS Norway Maritime services 100.00% 100.00%Wilhelmsen Ships Service AS Norway Maritime products and services 100.00%Wilhelmsen Port Services AS Norway Port services 100.00%Wilhelmsen Ship Management Holding AS Norway Ship management 100.00%Wilhelmsen Chemicals AS Norway Manufactoring 100.00%New EnergyWilhelmsen New Energy AS Norway New energy investments 100.00% 100.00%NorSea Group AS Norway Infrastructure and supply services 98.96%Strategic Holdings and InvestmentsTreasure ASA Norway Investment 78.68% 78.68%Wilh. Wilhelmsen Holding Invest Malta Ltd Malta Investment 100.00% 100.00%The group\u2019s principal subsidiaries at 31 December 2023 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of headquarter of subgroups.During 2023 the group acquired the subsidiary Navadan A/S through business combination, reported under the Maritime Services segment. The investment cost, net after cash in new subsidaries was USD 11 million.During 2022 the group acquired the subsidiaries Str\u00f8mme AS and Vopak Agencies B.V through business combinations, both reported under the Maritime Services segment. The group 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 principal subsidiary. The investment cost, net after cash in new subsidiaries was USD 37 million.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 2023 2022Payroll (278) (247)Payroll tax (36) (30)Pension cost 11 (23) (18)Other remuneration (50) (47)Total employee benefits (387) (341)2023 2022Number of employees:Group companies in Norway 1 217 1 121 Group companies abroad 4 099 3 910 Seagoing personnel Ship Management 11 340 10 868 Total employees 16 656 15 899 Average number of employees 16 278 15 682 EXPENSED AUDIT FEEUSD mill 2023 2022Statutory audit (2) (3)Tax advisory fee (1)Other assurance services (1)Total expensed audit fee (3) (4)The fees above cover the group expenses to all external auditors and tax advisors.Note 7 Tangible and intangible assetsFINANCIAL REPORTING PRINCIPLESThe group uses the cost method for property, plant and equipment. Tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 yearsTANGIBLE ASSETSUSD mill Properties Vessels Other tangible assets Total tangible assets2023Cost at 01.01 692 226 918 Acquisition 16 23 40 Business combinations 3 3 Reclass/disposal 33 (7) 26 Currency translation differences (14) 1 (13)Cost at 31.12 730 243 973 Accumulated depreciation and impairment at 01.01 (206) (89) (295)Depreciation/amortisation (18) (11) (29)Reclass/disposal (36) 7 (29)Impairment (1) (1)Currency translation differences 3 1 4 Accumulated depreciation and impairment at 31.12 (258) (92) (350)Carrying amounts at 31.12 472 151 623 2022Cost 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 31.12 692 226 918 Accumulated depreciation and impairment 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 at 31.12 (206) (89) (295)Carrying amounts at 31.12 486 137 623 Economic lifetime 10-50 years 25 years 3-10 yearsDepreciation schedule Linear Linear LinearClimate related considerationsPhysical climate risk such as changes to weather patterns and severity of rain, flooding, wind and other climate related events are taken into consideration when assessing the useful life of assets.The group has not identified material assets to have significantly shorter life due to climate related risks.Cont. note 7 Tangible and intangible assetsFINANCIAL REPORTING PRINCIPLESThe group uses the cost method for intangible assets. 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 yearsINTANGIBLE ASSETSUSD mill Goodwill Software and licences Other intangible assets Total intangible assets2023Cost 01.01 112 37 52 201 Acquisition 3 3 Business combinations 17 (8) 10 Reclass/disposal (1) (4) 2 (3)Currency translation differences (2) (1) (3)Cost at 31.12 126 35 46 207 Accumulated amortisation and impairment 01.01 (24) (29) (19) (73)Amortisation/impairment (4) (3) (8)Reclass/disposal 3 5 (4) 4 Currency translation differences 1 Accumulated amortisation and impairment 31.12 (22) (28) (26) (75)Carrying amounts 31.12 104 7 20 132 The group recognised goodwill of USD 17 million in 2023. USD 9 million was recognised from the acquisition of Navadan and USD 8 million was reclassified from other intangible asset to goodwill related to the acquisition of Vopak in December 2022.2022Cost 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 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 31.12 (24) (29) (19) (73)Carrying amounts 31.12 88 8 33 129 Cont. note 7 Tangible and intangible assetsImpairment testing of goodwillGoodwill is mainly related to the Maritime Services segment (USD 102 million). The goodwill figures are originally calculated in NOK and USD (2022: NOK and USD). Goodwill is tested for impairment annually.For the purpose of impairment testing, goodwill is allocated to the respective cash generating units within the various business areas.As of 31 December 2023 management has performed impairment testing for the group\u2019s recognised goodwill. Based on the tests performed, no impairment was recognised in 2023 (2022: USD 13 million).When performing the goodwill impairment test, recoverable amount is calculated using estimated fair value less cost of disposal. In calculating the fair value less cost of disposal, the group considers relevant information generated by market transactions involving similar group of assets, including qualitative and quantitative information.Risks factors related to climate and environmental changes as well as regulatory changes responding to such changes are included in the assessment of the recoverable amount. Such factors are assessed in the same way as other uncertain input factors, impacting cash flow estimates used for the tests.Fair value less cost of disposal has been estimated by using an Enterprise value/EBITDA multiple (see note 23 for definition of the terms). The forecasted EBITDA is based on historical levels for EBITDA in each CGU. The multiples are estimated to be in the range of 6 - 9, which management believes is a fair estimate of market multiples for the relevant CGU\u2019s.Cash flows were projected based on actual operating results and next year\u2019s forecast. Cash flows based on a 5-year strategy plan period with terminal value (terminal growth rate 1%) were extrapolated using the following key assumptions:2023 2022USD/NOK 10.13 9.84 Multiple 7.5 7.5 Growth rate 1-4% 1-4% Increase in material cost 4-7% 4-7% Increase in pay and other remuneration 3-5% 3-5% Increase in other expenses 3-5% 3-5% The values assigned to the key assumptions represent management\u2019s assessment of future trends in the maritime industry and are based on both external sources and internal sources.No reasonable change in any of the key assumptions on which management has based its determination of the recoverable amount would cause the carrying amount to exceed its recoverable amount as of 31 December 2023.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. For lease contracts containing a non-lease component, the non-lease component is separated and expensed in the income statement based on the relative stand-alone price. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor 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 expects to exercise this option. The group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost.Subsequent measurements of right-of-use assets follow the same principles as for other non-financial assets, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.Cont. note 8 Right-of-use assets and lease liabilitiesRIGHT-OF-USE ASSETS The group leases several assets such as buildings, land, machinery, equipment and vehicles. The group\u2019s right-of-use assets are categorised and presented in the table below:Machinery, equipment USD mill Properties and landTotaland vehicles2023Cost at 01.01 134 15 149 Additions including remeasurements 28 8 36 Reclass/disposal (7) (4) (12)Change of estimates 5 5 Cost at 31.12 160 19 179 Accumulated depreciation and impairment at 01.01 (40) (6) (47)Depreciation (18) (3) (21)Reclass/disposal 3 3 6 Change of estimates (5) (5)Accumulated depreciation and impairment at 31.12 (60) (7) (66)Carrying amount of right-of-use assets at 31.12 100 12 112 Machinery, equipment USD mill Properties and landTotaland vehicles2022Cost at 01.01 199 15 214 Additions including remeasurements 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 Lower of remaining lease term or economic life 5-12 years 3-8 years Depreciation method Linear Linear Climate related considerationsPhysical climate risk such as changes to weather patterns and severity of rain, flooding, wind and other climate related events are taken into consideration when assessing the remaining lease term and termination options related to right-of-use assets. The group has not identified material right-of-use assets where reduction in lease term or termination is deemed relevant due to climate related risks.Cont. note 8 Right-of-use assets and lease liabilitiesLease liabilitiesUSD mill 2023 2022Undiscounted lease liabilities and maturity of cash outflowsLess than 1 year (30) (25)1-2 years (24) (21)2-3 years (20) (16)3-4 years (13) (12)4-5 years (11) (8)More than 5 years (81) (45)Total undiscounted lease liabilities at 31.12 (179) (128)USD mill 2023 2022Summary of the lease liabilities in the financial statementsTotal lease liabilities 01.01 116 169 Lease liabilities recognised in the year 36 42 Lease liabilities derecognised in the year (5) (61)Cash payments for the principal portion of the lease liability (28) (28)Interest expense on lease liabilities 5 6 Change of estimates (16)Currency exchange differences 1 4 Total lease liabilities at 31.12 125 116 Current lease liabilities 24 23 Non-current lease liabilities 101 93 Total lease liabilities at 31.12 125 116 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 2023 2022Summary of other lease expenses recognised in income statementVariable lease payments expensed in the period (8) (9)Operating expenses related to short-term leases (including short-term low value assets) (2) (2)Operating expenses related to low value assets (excluding short-term leases included above) (2) (2)Total lease expenses included in other operating expenses (12) (14)Practical expedients applied:The group leases personal computers, IT equipment and machinery with contract terms of 1 to 3 years. The group has elected to apply the practical expedient of low value assets and does not recognise lease liabilities or right-of-use assets. The leases are instead expensed when they incur. The group has also applied the practical expedient to not recognise lease liabilities and right-of-use assets for short-term leases, presented in the table above. The group does not have material lease commitments, not yet commenced and therefore not included in the lease liabilities as of 31 December 2023 (2022: USD 0 million)Extension options:The group\u2019s lease of buildings and land have lease terms that varies from 5 years to 99 years, and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The group assesses at the commencement whether it is reasonably certain to exercise the renewal right.Purchase options:The group leases machinery, equipment and vehicles with lease terms of 3 to 5 years. Some of these contracts include a right to purchase the assets at the end of the contract term. The group assesses at the commencement whether it is reasonably certain to exercise the purchase right. All the options are based on market value. Subleases:The group has subleased an immaterial part of its redundant office buildings, classified as an operating lease.Note 9 TaxFINANCIAL REPORTING PRINCIPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax:Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit.Withholding tax:Withholding tax and any related tax credits are generally recognised in the period they are incurred.OECD Pillar Two model rulesThe Pillar two model rules, issued by OECD as part of their BEPS project, come into effect from 1 January 2024. On 20 December 2023, the Norwegian parliament approved the legislation, defining the framework for Norwegian ultimate parent entities.The group has assessed the implications of the new legislation, with the resulting estimated financial impact on the group\u2019s income tax being immaterial.Effective from 23 May 2023, the International Accounting Standard Board (the IASB) issued an amendment to IAS 12, with the amendment including a mandatory temporary exemption to the accounting for deferred tax arising from the jurisdictional implementation of the Pillar Two model rules. The group has implemented the mandatory temporary exemption, effective from 1 January 2023.Ordinary taxationThe ordinary rate of corporation tax in Norway is 22% of net profit for 2023 (2022: 22%). Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies domiciled in what is considered low tax countries and that are located outside the European Economic Area (EEA), and on share income from companies domiciled outside the EEA in which the company owns less than 10% of the shares.For group companies located in the same country and within the same tax regime, taxable profits in one company can be offset against tax losses and tax loss carry forwards in other group companies. Deferred tax/deferred tax asset has been calculated on temporary differences to the extent that it is likely that these can be utilised in each country and for Norwegian entities the group has applied a rate of 22% (2022: 22%).The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method.Foreign taxesCompanies domiciled outside Norway will be subject to local taxation. When dividends are paid, local withholding taxes may be applicable. This generally applies to dividends paid by companies domiciled outside the EEA.USD mill 2023 2022Allocation of tax expense for the yearPayable tax in Norway (5) (10)Payable tax foreign (17) (16)Change in deferred tax (4) 12 Total tax income/(expense) (27) (13)Reconciliation of actual tax cost against expected tax cost in accordance with the Norwegian income tax rate of 22%Profit before tax 515 440 22% tax (113) (97)Tax effect from:Permanent differences (11) (4)Non-taxable income/ change in market value 7 Share of profit from joint ventures and associates 95 87 Reversal impairment deferred tax asset 7 Withholding tax and payable tax previous year (5) (7)Calculated tax income/(expense) for the group (27) (13)Effective tax rate for the group 5.3% 3.0% Cont. note 9 Ta xUSD mill 2023 2022Net deferred tax assetsNet deferred tax assets at 01.01 44 53 Charged through income statement (4) 12 Charged directly to equity (1) (1)Currency translation differences (2) (7)Acquistion / disposal 2 (14)Net deferred tax assets at 31.12 40 44 Deferred tax assets in balance sheet 51 61 Deferred tax liabilities in balance sheet (12) (17)Net deferred tax assets at 31.12 40 44 USD mill Other Fixed assets TotalDeferred tax liabilities At 01.01.2023 (7) (7)Charged through income statement (7) (8) (15)Currency translation differences (4) 2 (2)Acquistion / disposal 2 2 Deferred tax liabilities at 31.12.2023 (11) (11) (22)At 01.01.2022 (4) (4)Charged through income statement 5 5 Charged directly to equity Currency translations 3 3 Acquistion / disposal (11) (11)Deferred tax liabilities at 31.12.2022 (7) (7) Non current assets Current assets Tax losses Current assets Tax losses USD milland liabilities and liabilitiescarried forwardand liabilitiescarried forwardDeferred tax assets At 01.01.2023 3 (4) 56 (4) 51 Charged through income statement 15 (5) 10 Charged directly to equity (1) (1)Currency translations 1 (1) 1 Deferred tax assets at 31.12.2023 4 11 51 (4) 62 Deferred tax assets At 01.01.2022 4 4 45 4 57 Charged 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 The majority of tax loss carry forward is related to entities in Norway and the United States, without expiration of the tax loss carry forward. Through the acquisition of the external shares in Norsea group, the group reversed the impairment of deferred tax assets in 2022.Temporary differences related to joint ventures and associates are USD nil for the group, since all the units are regarded as located within the area in which the exemption method applies, and there are currently no plans to dispose of any of these companies.The Maritime Services segment will have shares in subsidiaries not subject to the exemption method which could give rise to a tax charge in the event of a sale, where no provision has been made for deferred tax associated with a possible sale or dividend. There are currently no plans to dispose of such companies.Note 10 Earnings per shareFINANCIAL REPORTING PRINCIPLESThe calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Own shares shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.Earnings per shareEarnings per share taking into consideration the number of outstanding shares in the period. At 31 December 2023 the company owns 386 300 own shares (nil for 31 December 2022).Total outstanding ordinary shares as of 31 December 2023 are 33 713 700 A-shares and 10 480 000 B-shares.Earnings per share is calculated based on an average of 44 283 425 shares for 2023 and 44 580 000 shares for 2022.See note 11 in the parent accounts for an overview of the largest shareholders at 31 December 2023.Note 11 PensionDescription 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 mill2023 2022 2023 2022Number of people covered by pension schemes at 31.12In employment 4 8 5 5 On retirement (inclusive disability pensions) 138 139 23 24 Total number of people covered by pension schemes 142 147 28 29 Expenses CommitmentsUSD mill2023 2022 31.12.2023 31.12.2022Financial assumptions for the pension calculations:Discount rate 3.60% 1.80% 3.70% 3.60%Anticipated pay regulation 3.50% 2.25% 3.50% 3.50%Anticipated increase in National Insurance base amount (G) 3.50% 2.25% 3.50% 3.50%Anticipated regulation of pensions 1.70% 0.10% 2.40% 1.70%USD mill 2023 2022Pension expenses Service cost/ net interest cost (1)Cost of contribution plan (22) (17)Pension expenses (23) (18)Total remeasurements included in OCI (1) 1 USD mill 31.12.2023 31.12.2022Pension obligationsDefined benefit obligation at end of prior year 37 43 Effect of changes in foreign exchange rates (2) (4)Service cost 1 Interest expense 1 1 Benefit payments from plan (2)Remeasurements - change in assumptions 1 (1)Pension obligations at 31.12 37 37 Fair value of plan assetsFair value of plan assets at end of prior year 15 17 Effect of changes in foreign exchange rates (2)Benefit payments from plan (1) (1)Return on plan assets (excluding interest income) (1)Gross pension assets at 31.12 14 15 Defined benefit obligation 37 37 Fair value of plan assets 14 15 Net liability 23 21Note 12 Combined items, balance sheetFINANCIAL REPORTING PRINCIPLESLoans and receivables at amortised costLoans and receivables are non-derivative financial assets with fixed or determinable payments, which are not traded in an active market. Loans and receivables are recognised initially at their fair value plus transaction costs.Accounts payable and other payablesAccounts 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 2023 2022OTHER NON CURRENT ASSETS Non current equity investments 18 12 14 Non current loans to associates and joint ventures 18 20 5 Non current loans to others 18 3 3 Non current financial derivatives 18 2 Other non current assets 18 5 6 Total other non current assets 42 28 OTHER CURRENT ASSETS Account receivables 240 241 Prepaid expenses 52 56 Accrued revenue 13 9 Other current assets 17/18 36 42 Total other current assets 342 349OTHER CURRENT LIABILITIESAccount payables 303 277 Accrued employee benefits 35 31 Other accrued expenses 55 56 Financial derivatives 18 9 Other current liabilities 59 74 Cylinder deposit * 7 115 101 Total other current liabilities 567 547 * Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 111 million (2022: USD 102 million). These cylinders are partly in the group\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 are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied.The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contracts.To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.Less than Between 90 and More than USD mill Current90 days past due 180 days past due180 days past due31 December 2023Expected loss rate 0% 6% 13% 49%Gross carrying amount - trade receivables 222 8 11 3 Loss allowance * (1) (1) (1)31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (1) (1) (2)* Loss allowance is rounded to nil for trade receivables less than 90 days overdue.ACCOUNT RECEIVABLESAt 31 December 2023, USD 18 million (2022: USD 14 million) in account receivables had fallen due but not been subject to impairment. These receivables are related to a number of separate customers. Historically, the percentage of bad debts has been low and the group expects the customers to settle outstanding receivables. Receivables fallen due but not subject to impairment have the following age composition:USD mill 2023 2022Aging of account receivables past due but not impairedUp to 90 days 7 5 90-180 days 10 7 Over 180 days 1 2 Movements in group provision for impairment of account receivables are as followsBalance at 01.01 4 3 Net provision for receivables impairment 1 Balance 31.12 3 4 Account receivables per segmentMaritime Services 177 183 New Energy 63 55 Strategic Holdings and Investments 4 Total account receivables 240 241 See note 18 on credit risk.2023 Account receivables 2022 Account receivables0%1% Maritime Services26%23% New Energy Strategic Holdings and Investments74%76%Note 14 Non-current 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. USD mill 2023 2022*Financial assets to fair valueAt 01.01 75 105 Acquisition 1 2 Sale during the year (22)Currency translation adjustment through other comprehensive income (5)Change in fair value through income statement 11 (5)Total financial assets to fair value at 31.12 87 75 Financial assets to fair value Qube Holdings Limited 55 45 Australian PE funds 19 21 Other 12 8 Total financial assets to fair value at 31.12 87 75 Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments.* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.Qube Holdings Limited is Australia\u2019s largest integrated provider of import and export logistics services, and listed on the Australian Securities Exchange (ASX). As per 31 December 2023 the group held 25 million shares, 1.4% of total (2022: 25 million shares, 1.4% of total). The shares in Qube Holdings Limited serve as collateral for a credit facility. See note 17.Note 15 InventoriesFINANCIAL REPORTING PRINCIPLESInventories of purchased goods and work in progress are valued at cost in accordance with the weighted average cost method.USD mill 2023 2022InventoriesRaw materials 9 7 Goods/projects in process 2 3 Finished goods/products for onward sale 110 104 Total inventories at 31.12 121 114 Obsolescence allowance, deducted above 3 3Note 16 Current financial investmentsFINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. Derivatives are also placed in this category unless designated as hedges.USD mill 2023 2022Market value current financial investmentsEquities 88 71 Bonds 36 33 Total current financial investments at 31.12 124 104 The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.USD mill 2023 2022The net unrealised gain at 31.12 13 6 The parent company\u2019s portfolio of equities and bonds of USD 124 million is held as collateral within a securities\u2019 finance facility. See note 17. 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 Interest-bearing debt and undrawn credit facilitiesFINANCIAL 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.USD millNote 2023 2022Interest-bearing debtBank and mortgages loan 483 538 Lease liabilities 125 116 Total interest-bearing debt 18 608 654 The groups bank and mortages loan facilities are held in the Maritime Services segment and the New Energy segment, amounting to USD 175 million and USD 308 million per 31 December 2023. The loan facilitiy in the Maritime Services segment matures in 2027. The New Energy debt comprise two loan facilities, where the primiary facility, amounting to USD 294 million per 31 December 2023, matures in 2027.The group refinanced its current interest-bearing debt during 2022.Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2023.USD millNote 2023 2022Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 1 211 150 Assets in the New Energy segment 834 849 Total book value of collateral, mortgaged and leased assets 1 045 999 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD millNote 2023 2022Repayment schedule for interest-bearing debtDue in year 1 51 88 Due in year 2 19 17 Due in year 3 28 22 Due in year 4 435 24 Due in year 5 and later 76 503 Total interest-bearing debt 18 608 654 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.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesUSD millNote 2023 2022The group net interest-bearing debtNon current interest-bearing debt 456 473 Non current lease liabilities 101 93 Current interest-bearing debt 27 65 Current lease liabilities 24 23 Total interest-bearing debt 608 654 Cash and cash equivalents 224 163 Current financial investments 16 124 104 Net interest-bearing debt 260 386 USD mill2023 2022Guarantee commitmentsGuarantees for group companies 15 18 Bank guarantees 20 Payroll tax guarantees 5 4 Total 40 22 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 175 188 NOK 294 336 DKK 14 15 Total 483 538 See otherwise note 18 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill2023 2022Net debtCash and cash equivalents 224 163 Liquid investments * 124 104 Borrowings - repayable within one year (51) (88)Borrowings - repayable after one year (557) (566)Net debt (260) (386)Cash and cash equivalents and liquid investments 349 267 Gross debt - variable interest rates ** (608) (654)Net debt (260) (386)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement.** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesLiabilities from financing activitiesUSD millFinance leases due Finance leases due Borrow. due Borrow. due Total financing within 1 yearafter 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 31.12.2022 23 93 65 473 654 Reclass 19 (19) (2) 2 Cash flows (27) (41) (31) (99)Business combinations 2 2 Foreign exchange adjustments 1 (2) (8) (10)Other non-cash movements 10 26 7 19 62 Total interest-bearing debt at 31.12.2023 24 101 27 456 608 Total interest-bearing debt at 01.01.2022 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 Cash and cash equivalents, undrawn credit facilitiesThe group has cash pool arrangements within each segment. Each cash pool arrangement is considered as one financial instrument and the net balance against the bank is presented as cash and cash equivalents. Wilh. Wilhelmsen Holding ASA (Strategic Holdings and Investments segment) owns and operates a multicurrency cashpool with a header-account in NOK, comprising of subsidiaries registered in Norway. Wilhelmsen Maritime Services AS (Maritime Services segment) owns and operates a multicurrency cash pool with a header-account in USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea Group AS (part of the New Energy segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark, Germany and the United Kingdom.USD mill2023 2022Committed undrawn credit facilities 321 172 Committed undrawn credit facilities are key part of the liquidity reserve.USD mill2023 2022Cash and cash equivalentsBanks 224 163 Banks 224 163Note 18 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. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.The group has exposure to the following financial risks from its operations:\u2022 Market risk\u2022 Foreign exchange rate risk\u2022 Interest rate risk\u2022 Equity market risk\u2022 Credit risk\u2022 Liquidity riskMARKET 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.To mitigate risk, the group holds financial instruments for the following purposes:\u2022 Financing: to raise finance for the group\u2019s operations or, in the case of short-term deposits, to invest surplus funds. The types of instruments used include bank debt, cash and short-term deposits.\u2022 Operational: the group\u2019s activities generate financial instruments, including cash, trade receivables, trade payables and finance advances.\u2022 Risk management: to reduce risks arising from the financial instruments described above, including foreign exchange contracts, interest rate swaps and cross- currency interest rate swaps.Changes in the market value of foreign exchange financial derivatives are recognised through the income statement. New Energy segment apply hedge accounting for interest rate hedges where derivatives are recognised in other comprehensive income.Associates hedge their own exposures. The group records the effects of realised and unrealised changes in financial derivatives held in these entities in accordance with the equity method under \u201cshare of profit from joint ventures and associates\u201d. The material associates are Wallenius Wilhelmsen ASA group and Hyundai Glovis group in Strategic Holdings and Investments segment and the joint venture investment Coast Center Base group in New Energy segment.Foreign exchange rate 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 and SGD - 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.The sensitivity analysis below shows the impact that a reasonably possible change in foreign exchange rates over a financial year would have on profit after tax and equity, based solely on the group\u2019s foreign exchange risk exposures existing at the balance sheet date. The group has used the observed range of actual historical rates for the preceding one-year period, in determining reasonably possible exchange movements to be used for the current year\u2019s sensitivity analysis.USD millNote 2023 2022Currency through Income StatementIncluded in other financial income/(expenses)Operating currency, net (2) 10 Currency derivatives, realised (3) (3)Currency derivatives, unrealised 10 (9)Net currency items in other financial income/(expenses) 1 (1) (9)Through other comprehensive incomeCurrency translation differences through OCI (15) (99)Total net currency effects (16) (108)Cont. note 18 Financial riskFor 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 on the previous page), exhibit the following income statement sensitivity:USD millSensitivity (10%) (5%) 0% 5% 10%Income statement sensitivities of economic hedge programTransaction riskUSD/NOK spot rate 9.12 9.62 10.13 10.64 11.14 Income statement effect 14 7 (7) (14)Equity effect 14 7 (7) (14)EUR/USD spot rate 1.00 1.05 1.11 1.16 1.22 Income statement effect (10) (5) 5 10 Equity effect (10) (5) 5 10 USD/SGD spot rate 1.19 1.25 1.32 1.39 1.45 Income statement effect 6 3 (3) (6)Equity effect 6 3 (3) (6)(Tax rate used is 22% that equals the Norwegian tax rate).INTEREST RATE RISKInterest rate risk is identified as the effect on the Group\u2019s future cash flows or fair value of financial instruments when interest rates change. Changes in interest rates expose the Group to changes in the fair value of borrowings subject to fixed interest rates (fair value risk), and changes in future interest payments on borrowings subject to floating interest rates (cash flow risk).The group\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. The main source of exposure to interest rate risk arises from the risk associated with fair value interest rates.Within Strategic Holdings and Investments and Maritime Services respectively, no interest rate hedging is implemented due to low net interest-bearing debt (NIBD), whereas New Energy have hedged about 40% of its interest-bearing debt (Interest bearing debt of USD 308 million, with hedged amout totalling USD 120 million) as of 31 December 2023.The Group has financial liabilities that are exposed to NIBOR and USD Term SOFR reference rates. The Group has interest-bearing liabilities of USD 175 million that have a USD Term SOFR reference rate. Other interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is monitoring the development of the IBOR reform.The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy.Sustainability-linked loansDuring the year, the group amended the loan agreements in the Maritime Services and New Energy segment, including sustainability-linked KPIs in the agreements. Based on the annual fulfilment of the KPI targets, the interest rate on the loans may be adjusted up to maximum of +/- 5 basis points. The first measurement period in both agreements is the fiscal year of 2023, with the resulting interest rate adjustment, based on fulfillment of targets, to be conducted in 2024.USD mill2023 2022Maturity schedule interest rate hedges (nominal amounts)Due in year 1 23 41 Due in year 2 28 Due in year 3 Due in year 4 39 Due in year 5 and later 58 100 Total interest rate hedges 120 169 The average remaining term of the existing total debt portfolio is later than 5 years. The hedges have an average remaining term of later than 5 years.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.Cont. note 18 Financial risk2023 2022USD millAssets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 2 1 Total interest rate derivatives 2 1 Currency derivativesMaritime Services 10 Total currency derivatives 10 Total market value of financial derivatives 2 2 10 Book value equals market valueThe following sensitivity analysis shows the impact that a reasonably possible change in interest rates over a financial year would have on profit after tax and equity. The impact is determined by assessing the effect of a reasonably possible change in interest rates would have had on interest income and expense and the impact on financial instrument fair values existing at the balance sheet date. The analysis is performed assuming a parallel shift in the relevant interest rate curves of 1%- and 2 %-points.USD millFair value sensitivities of interest rate riskChange in interest rates' level (2%) (1%) 0% 1% 2% Income statement effect (4) (2) 2 4 Equity effect (4) (2) 2 4 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. The investment portfolio is divided between stocks and bonds, holding positions in various sectors. All investments are concentrated within the Nordic countries and are diversified across more than 30 different companies. The bond positions exclusively fall within the Investment Grade space.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16.USD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20% Income statement effect (24) (12) 12 24 Equity effect (24) (12) 12 24 (Tax rate used is 22% that equals the Norwegian tax rate)Cont. note 18 Financial riskCREDIT 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 hedge interest rate risk or foreign exchange risk, as well as investments, including bank deposits.TRADE 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 2023 (analogous for 2022).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 17 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD millNote 2023 2022Exposure to credit riskFinancial derivatives (liability) 12 (9)Account receivables 12 240 241 Bonds 16 36 33 Cash and bank deposits 17 224 163 Total exposure to credit risk 501 429LIQUIDITY 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 2023, the group had in excess of USD 404 million (2022: USD 313 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 321 million (2022: USD 172 million) in committed undrawn credit facilities.Less than Between Between Later than USD mill1 year1 and 2 years2 and 5 years5 yearsUndiscounted cash flows financial liabilities 2023Mortgages 14 13 265 14 Finance lease liabilities 24 18 24 59 Bank loan 174 3 Interest due 36 35 67 33 Total undiscounted cash flow financial liabilities 73 67 529 109 Current liabilities (excluding next year's instalment on interest-bearing debt) 477 Total gross undiscounted cash flows financial liabilities 31.12.2023 550 67 529 109 Undiscounted 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 31.12.2022 679 50 79 535 Cont. note 18 Financial riskCOVENANTSThe 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 AS.CAPITAL RISK MANAGEMENTThe 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 millNote Fair value Book valueInterest-bearing debtMortgages 306 306 Finance lease liabilities 125 125 Bank loan 178 177 Total interest-bearing debt 31.12.2023 17 610 608 Mortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222Total interest-bearing debt 31.12.2022 17 657 654 Cont. note 18 Financial riskUSD millLevel 1 Level 2 Level 3 TotalFinancial assets to fair valueEquities 88 88 Bonds 36 36 Financial derivatives 2 2 Financial assets to fair value 55 8 24 87 Total financial assets 31.12.2023 179 10 24 214 Financial liabilities to fair valueFinancial derivativesTotal financial liabilities 31.12.2023Financial assets to fair valueEquities 71 71 Bonds 33 33 Financial derivatives 1 1 Financial assets to fair value 45 7 22 75 Total financial assets 31.12.2022 150 8 22 180 Financial liabilities to fair valueFinancial derivatives (10) (10)Total financial liabilities 31.12.2022 (10) (10)USD mill2023 2022Changes in level 3 instrumentsOpening balance 01.01 22 24 Gain/(loss) recognised through income statement 2 (2)Closing balance 31.12 24 22 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\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 2023 are liquid investment grade bonds and listed equities (analogous for 2022).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2.If one or more of the significant inputs is not based on observable market data, the derivatives is in level 3.Cont. note 18 Financial riskFinancial instruments by categoryFinancial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 30 12 42 Financial asset to fair value 14 87 87 Current financial investments 16 124 124 Current financial derivatives 12 2 2 Other current assets 12 276 276 Cash and cash equivalent 224 224 Assets at 31.12.2023 531 225 756 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 557 557 Current interest bearing liabilities 17 51 51 Other non current liabilities 12 11 11 Other current liabilities 12 477 477 Liabilities at 31.12.2023 11 1 085 1 096 Financial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 6 14 20 Financial asset to fair value 14 75 75 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 284 284 Cash and cash equivalent 163 163 Assets at 31.12.2022 453 195 648 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 566 566 Current interest bearing liabilities 17 88 88 Current financial derivatives 12 10 10 Other non current liabilities 12 11 11 Other current liabilities 12 452 452 Liabilities at 31.12.2022 21 1 106 1 127Note 19 Related party transactionsFINANCIAL REPORTING PRINCIPLESTransactions 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.Business office, OwnershipcountryMaterial related parties in the group are:Wallenius Wilhelmsen ASA Norway 37.9%Coast Center Base AS / KS Norway 50.0%USD thousand 2023 2022KEY MANAGEMENT PERSONNEL COMPENSATIONBase salary 2 086 2 067 Bonus 1 436 3 456 Pension 513 534 Other benefits 341 383 Total 4 376 6 440 Detailed remuneration discloures are provided in the remuneration report.USD thousand 2023 2022OPERATING REVENUE FROM RELATED PARTYSale of goods and services to joint ventures and associates:WAWI group 22 20 Maritime Services 7 4 New Energy 1 1 Operating revenue from related party 31 25 OPERATING EXPENSES TO RELATED PARTYPurchase of goods and services from joint ventures and associates:Maritime Services (1) (2)New Energy (28) (1)Operating expenses to related party (29) (3)ACCOUNT RECEIVABLES FROM RELATED PARTYMaritime Services 4 12 Account receivables from related party 4 12 ACCOUNT PAYABLES TO RELATED PARTYMaritime Services 4 New Energy 3 6 Account payables to related party 7 6 NON CURRENT ASSETS TO RELATED PARTYMaritime Services 3 New Energy 1 Non current assets to related party 1 3Note 20 Subsidiaries with material non-controlling interests2023Business office, countryVoting/control shareTreasure ASA * Norway 78.68%* At 31 December 2023 Treasure ASA had nil own shares (31 December 2022 had 2 594 566 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. In 2023, the group changed the classification to consider Hyundai Glovis as an associated company and to recognise the investment according to the equity method. Please refer to note 21 for more information.Treasure ASAUSD mill2023 2022Summarised balance sheetNon current assets 675 620 Current assets 4 10 Total assets 680 630 Non current liabilitiesCurrent liabilities 1 Total liabilities 1 Net assets 679 630 Accumulated non-controlling interests (NCI) 145 145 Summarised income statement/OCITotal incomeProfit for the year 84 100 Other comprehensive income (16) (26)Total comprehensive income 68 73 Profit allocated to NCIs 15 16 Dividends paid to NCIs 4 5 Summarised cash flowsNet cash flow provided by/(used in) operating activities 13 10 Net cash flow provided by/(used in) investing activitiesNet cash flow provided by/(used in) financing activities (19) (27)Net increase/(decrease) in cash and cash equivalents (5) (17)USD mill2023 2022Total allocation to NCIsProfit for the period to material NCIs 18 26 Profit for the period to other immaterial NCIs 3 1 Profit for the period to NCIs 21 27Note 21 Change in classification of asset - restated financial figuresChange in classification of the group\u2019s investment in Hyundai Glovis Co., Ltd.As of 31 December 2023 the group holds a 78.68% share in the company Treasure ASA, who through the fully owned subsidiary Den Norske Amerikalinje AS holds a 11% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange.Hyundai Glovis\u2019 principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service. Hyundai Glovis also has a growing shipping segment with its own fleet of car carriers and bulk carriers.Basis for change in accounting methodThe group has previously recognised the investment as financial assets to fair value (\u201dFV\u201d) measurement with changes in FV recognised in profit or loss in accordance with IFRS 9 - Financial Instruments.In 2023 the group has changed the classification to consider Hyundai Glovis as an associated company and to recognise the investment according to the equity method in accordance with IAS 28 - Investments in Associates and Joint Ventures, with the group\u2019s share of changes in net assets of Hyundai Glovis reported as share of profit from associates and dividends from associates. This change comes as a result from discussions with Financial Supervisory Authority of Norway (the \u201dNFSA\u201d).The group received a preliminary notice from the NFSA regarding it\u2019s accounting treatment of the Hyundai Glovis investment in the group\u2019s consolidated financial statements for the period ending 31 December 2021. In the notice, the NFSA has concluded the group has significant influence over Hyundai Glovis, and is therefore required to classify the investment as an associated company, and to measure the investment using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures. The change in classification should be corrected retrospectivly as an error according to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.Presentation of restated comparable amountsApplying IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, the group have in this note presented the restated comparable amounts for each period presented as if the investment in Hyundai Glovis had been recognised in accordance with the equity method, starting from the reporting period beginning 1 January 2022.Impact of the change on accounting method on the group\u2019s consolidated financial statementsThe impact on the consolidated balance sheet as of 1 January 2022 is a decrease in total equity and retained earnings of USD 27 million, with a decrease of USD 20 million attributable to equity holders of the parent and a decrease of USD 7 million attributable to non-controlling interests.The group\u2019s restated financial statements for the previous period is presented below.RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022Income statement and comprehensive income2022 2022 2022USD mill as reported adjustments restated Operating profit 83 83 Share of profit from joint ventures and associates 296 102 397 Change in fair value financial assets (50) 46 (5)Other financial income 32 (13) 19 Other financial items (55) (55)Profit before tax 306 134 440 Tax income/(expense) (13) (13)Profit for the period 293 134 427 Profit attributable to the equity holders of the company 296 105 400 Profit/(loss) attributable to non-controlling interests (3) 30 27 Other comprehensive incomeComprehensive income from associates 4 1 6 Currency translation differences (73) (26) (99)Other items in other comprehensive income 5 5 Total comprehensive income 229 110 339 Attributable to the equity holders of the company 240 86 326 Attributable to non-controlling interests (11) 23 13 Basic / diluted earnings per share (USD) 6.63 2.35 8.98 Cont. note 21 Change in classification of asset - restated financial figuresRESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022Balance sheet 31.12.2021 01.01.2022 01.01.2022 31.12.2022 31.12.2022 31.12.2022USD mill as reported adjustments restated as reported adjustments restated AssetsInvestments in joint ventures and associates 1 093 556 1 649 1 342 620 1 962 Financial assets to fair value 688 (583) 105 613 (538) 75 Other non current assets 921 921 943 943 Total non current assets 2 702 (27) 2 675 2 898 83 2 981 Total current assets 746 746 730 730 Total assets 3 448 (27) 3 421 3 628 83 3 711 Equity and liabilitiesAttributable to equity holders of the parent 2 009 (20) 1 989 2 212 66 2 278 Non-controlling interests 221 (7) 214 144 17 160 Total equity 2 230 (27) 2 203 2 355 83 2 438 Total liabilities 1 218 1 218 1 273 1 273 Total equity and liabilities 3 448 (27) 3 421 3 628 83 3 711 Cash flow statement2022 2022 2022USD mill as reported adjustments restated Profit before tax 306 134 440 Share of (profit)/loss from joint ventures and associates (296) (102) (397)Changes in fair value financial assets 50 (46) 5 Financial (income)/expenses 23 13 36 Other net cash flow provided by operating activities (19) (19)Net cash provided by operating activities 64 64 Dividend received from joint ventures and associates 37 13 50 Proceeds from dividend and sale of financial investments 66 (13) 53 Other net cash flow provided by investing activities (97) (97)Net cash flow from investing activities 6 6Note 22 ContingenciesThe size and global activities of the group dictate that companies in the group will be involved from time to time in disputes and legal actions.The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist are of such a nature that they will not significantly affect the group\u2019s financial position.Risks factors related to climate and environmental changes as well as regulatory changes responding to such changes are taken into consideration when assessing the risk of events occurring that could significantly affect the group\u2019s financial position. The group has not identified any material exposure that could 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 group\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 group does not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.EBITDA margin is defined as EBITDA as a 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.Enterprise Value (EV) is defined as the market capitalization of a company plus NIBD.EV/EBITDA is derfined as Enterprise Value (EV) divided by EBITDA.Note 24 General accounting policiesSUMMARY OF MATERIAL 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.New and amended standards adopted by the group The following are new or amended to standards and interpretations have been issued and become effective during the current period:Amendment to IAS 1 Disclosure of Accounting Policies. The amendment requires an entity to disclose material accounting policy information. The group has assessed the new requirements arising from the amendment and conducted an update of accounting policy information disclosed in the group\u2019s financial statements notes disclosures.Amendment to IAS 12 International Tax Reform \u2013 Pillar Two Model rules. The amendment includes a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. In addition, the amendment introduces disclosure requirements for affected entities in relation to entities exposure to Pillar Two income taxes arising from that legislation. Refer to Note 9 - Tax for more information.Other new or amended standards and interpretations issued during the current period are not expected to have material impact on the entity in the current or future periods.New standards and interpretations not yet adopted Certain new or amended accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods.\ue67bFOREIGN 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.Translations 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 are presented on a net basis in the income statement, within finance income/expenses.Business combinationThe acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. Note 25 Events after the balance sheet dateIn January 2024, Wilhelmsen Ship Management, a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA together with MPC Capital agreed to acquire 100 % of the company Zeaborn Ship Management. The closing of the transaction is expected for Q1 2024 and is subject to approval by the competent antitrust authorities.No other material events occured between the balance sheet date and the date when the accounts were presented providing new information about the conditions prevailing on the balance sheet date.Visiting address:Strandveien 20, NO-1366Lysaker, Norway",
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"s7_notes__6__6-1": {
"value": "General accounting policies Wilh. Wilhelmsen Holding groupGENERAL INFORMATIONWilh. Wilhelmsen Holding ASA (referred to as the parent company) is domiciled in Norway. The consolidated accounts for fiscal year 2023 include the parent company and its subsidiaries (referred to collectively as the group) and the group\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 20 March 2024.BASIS OF PREPARATIONCompliance with IFRSThe consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS\u00ae) accounting standards, as adopted by the European Union. The separate financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as approved by Ministry of Finance 7 February 2022. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applied. Otherwise, the explanations of the accounting policy for the group also apply to the separate statements, and the notes to the consolidated financial statements will to a large degree also cover the separate statements. Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act related to remuneration to the board and the senior management.The company is a public limited liability company, listed on the Oslo Stock Exchange.Critical accounting estimates and 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.Most statements of financial position items will be affected by uncertainty related to estimates and assumption to a certain degree. The items most affected, and where estimates and assumptions are assessed to have the greatest significance include:\u2022 Deferred tax asset (Note 9)\u2022 Goodwill (Note 7)\u2022 Right-of-use assets and lease liabilities (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. The following items are assessed to be most affected by climate related considerations:\u2022 Tangible assets and Goodwill (Note 7) \u2022 Right-of-use assets and lease liabilities (Note 8)\u2022 Contingencies (Note 22)\u2022 Financial risk (interest bearing debt, note 18)For consolidated accounts for fiscal year 2023, 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 policiesSUMMARY OF MATERIAL 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.New and amended standards adopted by the group The following are new or amended to standards and interpretations have been issued and become effective during the current period:Amendment to IAS 1 Disclosure of Accounting Policies. The amendment requires an entity to disclose material accounting policy information. The group has assessed the new requirements arising from the amendment and conducted an update of accounting policy information disclosed in the group\u2019s financial statements notes disclosures.Amendment to IAS 12 International Tax Reform \u2013 Pillar Two Model rules. The amendment includes a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. In addition, the amendment introduces disclosure requirements for affected entities in relation to entities exposure to Pillar Two income taxes arising from that legislation. Refer to Note 9 - Tax for more information.Other new or amended standards and interpretations issued during the current period are not expected to have material impact on the entity in the current or future periods.New standards and interpretations not yet adopted Certain new or amended accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods.\ue67bFOREIGN 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.Translations 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 are presented on a net basis in the income statement, within finance income/expenses.Business combinationThe acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Wilh. Wilhelmsen Holding ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "Wilh. Wilhelmsen Holding ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "Compliance with IFRSThe consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS\u00ae) accounting standards, as adopted by the European Union. The separate financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as approved by Ministry of Finance 7 February 2022. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applied. Otherwise, the explanations of the accounting policy for the group also apply to the separate statements, and the notes to the consolidated financial statements will to a large degree also cover the separate statements.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "OPERATING REVENUEShips Service 2/3 477 394 Port Services 2/3 155 136 Ship Management 2/3 87 68 New Energy 2/3 290 333 Other services 2/3 19 12 Total operating revenue 19 1 027 943 OTHER INCOME Other gain/(loss) 1 15 Total other income 1 15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "OTHER EXPENSESOffice expenses (14) (14)Communication and IT expenses (36) (36)External services (31) (28)Travel and meeting expenses (12) (8)Marketing expenses (3) (3)Lease expenses 8 (12) (14)Other operating expenses (46) (48)Total other expenses 19 (153) (151)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "Financial incomeInvestment management 15 Interest income 8 4 Dividend from financial assets 3 5 Gain on sale of financial investments 1 Other financial items 2 Net financial income 29 9 Financial expensesInvestment management (4)Interest expenses (33) (22)Interest expenses lease liabilities 8 (5) (6)Other financial expenses (4) (4)Net financial expenses (43) (35)Financial - currency gain/(loss)Operating currency - net (2) 10 Financial currency - net (6) (8)Derivatives for hedging of cash flow risk - realised (3) (3)Derivatives for hedging of cash flow risk - unrealised 10 (9)Net financial - currency gain/(loss) (1) (9)Financial income/(expenses) (15) (36)Spesification of financial income and expensesNet financial income 29 9 Net currency - income 10 Net currency derivatives - income 10 Financial income 39 19 Net financial expenses (43) (35)Net currency - expenses (8) (8)Net currency derivatives - expenses (3) (11)Financial expenses (54) (55)See note 18 on financial risk and the section of the accounting policies concerning financial derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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 241 offices in 57 countries.The New Energy segment includes the NorSea Group and other New Energy activities. The activity is mainly related to the operation of supply bases for the offshore industry in Norway, as well as real estate development and operation of properties both on and off the supply bases. In addition to the activity in Norway, the segment offers its services in both Denmark and in the UK. The international activity consists of both operation of supply bases, maintenance of rigs and handling of logistics related to international pipeline projects and windmill parks. Other activities within the segment include technical management and crew management for the offshore wind market and digital solutions to the shipping industry.The Strategic Holdings and Investments segment includes the parent company, Wilh. Wilhelmsen Holding ASA, Treasure ASA group, Wilh. Wilhelmsen Holding Invest Malta and other corporate group activities like operational management, legal, finance, portfolio management, communication and human relations which fail to meet the definition for other core activities.The group\u2019s investments in Wallenius Wilhelmsen ASA (WAWI) and Hyundai Glovis Co., Ltd. are presented as part of Strategic Holdings and Investments as investments in associates.Eliminations are between the group\u2019s three segments mentioned above.The segment income statements are measured in the same way as in the financial statements.The segment information provided to the chief operating decision-makers for the reportable segments for the year ended 31 December 2023 is as follows:Strategic Holdings Maritime Services New EnergyEliminations Totaland InvestmentsUSD mill2023 2022 2023 2022 2023 2022* 2023 2022 2023 2022* INCOME STATEMENTOperating revenue 732 628 290 310 16 17 (11) (12) 1 027 943 Other gain/(loss) 1 1 23 (7) 1 15 Total income 732 628 291 333 15 10 (10) (12) 1 029 958 Cost of goods and change in inventory (266) (225) (73) (87) (1) (1) (340) (313)Employee benefits (259) (215) (117) (111) (12) (15) (387) (341)Other expenses (102) (93) (51) (60) (9) (9) 8 12 (153) (151)Operating profit/(loss) before depreciation, amortisation and impairment 105 94 51 75 (7) (16) (1) 147 153 Depreciation and impairment (28) (37) (28) (28) (4) (4) 1 (59) (69)Operating profit 77 57 23 46 (12) (20) (0) 88 83 Share of profit from associates 7 7 10 8 414 382 431 397 Changes in fair value financial assets 4 2 7 (6) 11 (5)Net financial income/(expenses) (19) (20) (22) (16) 64 (37) (15) (36)Profit before tax 65 44 14 40 473 356 (37) 515 440 Tax income/(expense) (20) (16) (2) (2) (5) 4 (27) (13)Profit for the period 45 28 12 38 468 361 (37) 487 427 Non-controlling interests (2) (1) (1) (7) (18) (19) (21) (27)Profit to the equity holders of the company 42 27 12 31 449 342 (37) 466 400 New Energy; one customer represents about 20% of the total revenue.* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.2023: Total income USD mill 2023: Profit before tax USD mill 2022: Total income USD mill 2022: Profit before tax USD mill151029147335633365444073214628 Maritime Services New Energy Strategic Holdings and Investments Maritime Services New Energy Strategic Holdings and InvestmentsCont. note 2 Segment reportingThe 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 millMaritime Services New EnergyEliminations Totaland Investments31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.202331.12.2022*31.12.2023 31.12.2022 31.12.202331.12.2022*BALANCE SHEETASSETSNon current assetsDeferred tax assets 40 45 1 10 16 51 61 Goodwill and other intangible assets 125 122 6 6 1 1 132 129 Properties and other tangible assets 168 155 439 452 16 16 623 623 Right-of-use assets 36 36 61 49 24 27 (10) (9) 112 102 Investments in joint ventures and associates 30 26 204 171 2 012 1 766 2 247 1 962 Financial assets to fair value 5 4 82 71 87 75 Other non current assets 8 8 38 27 3 (5) (9) 42 28 Total non current assets 408 392 754 708 2 146 1 899 (14) (19) 3 294 2 981 Current assetsInventories 121 114 121 114 Current financial investments 124 104 124 104 Other current assets 261 264 76 80 17 14 (11) (10) 342 349 Cash and cash equivalents 144 131 21 8 59 24 224 163 Total current assets 526 509 98 88 200 143 (11) (10) 811 730 Total assets 933 901 852 797 2 346 2 042 (26) (29) 4 105 3 711 EQUITY AND LIABILITIESEquityShareholders' equity 177 158 382 337 2 142 1 783 2 702 2 278 Non-controlling interests 2 (2) 5 3 148 160 155 160 Total equity 179 156 388 340 2 291 1 942 2 857 2 438 Non current liabilitiesPension liabilities 15 14 1 7 7 23 21 Deferred tax liabilities 11 14 2 12 17 Non current interest-bearing debt 174 188 279 281 8 4 (5) 456 473 Non current lease liabilities 28 28 61 48 22 25 (9) (9) 101 93 Other non current liabilities 6 5 5 9 9 (12) 11 11 Total non current liabilities 233 249 346 339 37 45 (14) (18) 603 615 Current liabilitiesCurrent income tax 8 8 1 1 10 10 Public duties payable 10 7 7 5 1 1 18 13 Current interest-bearing debt 27 35 30 27 65 Current lease liabilities 12 11 9 10 4 3 (1) (1) 24 23 Other current liabilities 492 470 73 67 13 21 (11) (10) 567 547 Total current liabilities 522 496 117 117 18 55 (12) (11) 645 658 Total equity and liabilities 933 901 852 797 2 346 2 042 (26) (29) 4 105 3 711 Investments in tangible assets 20 17 18 160 1 1 40 178 * The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.31.12.2023: Equity controlling interest 31.12.2022: Equity controlling interest7% 7% Maritime Services14% 15% New Energy Strategic Holdings and Investments79% 78%Cont. note 2 Segment reportingThe 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 InvestmentsUSD mill2023 2022 2023 2022 2023 2022*CASH FLOWProfit before tax 65 44 14 39 473 356 Changes in fair value financial assets (4) (7) 5 Share of (profit)/loss from joint ventures and associates (7) (7) (10) (8) (414) (382)Net financial (income)/expenses 19 20 22 16 (64) 1 Depreciation, amortisation and impairment 28 37 28 28 4 4 Change in working capital 1 (63) 5 (7) (13) (8)Other (gain)/loss (1) (1) (23) 7 Net cash provided by operating activities 105 31 55 45 (21) (16)Dividend received from joint ventures and associates 7 5 11 8 169 37 Net sale/(investments) in fixed assets (20) (10) (19) (2) (2) (1)Net sale/(investments) in entities and segments (10) (4) 2 (50) (1)Net changes in other investments 2 2 3 (5) (5) 25 Net cash flow from investing activities (21) (7) (3) (48) 162 59 Net change of debt (29) (22) (20) 13 (34) 6 Net change in other financial items (15) (12) (19) (15) (5) (3)Net dividend from other segments/ to shareholders (27) (33) 7 (67) (73)Net cash flow from financing activities (70) (67) (39) 5 (107) (69)Net increase in cash and cash equivalents 13 (43) 12 1 34 (26)Cash and cash equivalents at the beginning of the period 131 174 9 7 25 50 Cash and cash equivalents at the end of period 144 130 21 8 59 24 * The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.2023 Total income 2022 Total income3% 4%GEOGRAPHICAL AREAS32% 30%55% 57%Total IncomeArea income is based on the geographical location of the company and include gains from sale of assets.10% 10%Total assetsArea assets are based on the geographical location of the assets. The 2023 Total assets 2022Total assetsgroup\u2019s investment in Hyundai Glovis is classified in the geographical segment Asia & Africa.2%1%26%24%Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.1%1%71%74%Total income and total assets attributed to Norway as the group companies\u2019 country of domicileUSD mill 2023 20222023 Investment in tangible assets 2022 Investment in tangible assetsTotal income attributed to Norway 313 344 33%30%2%1%Total assets attributed to Norway 2 544 3 031 2%2%63%67% Europe Americas Asia & Africa Oceania",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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.Strategic Holdings Group USD millMaritime Services New EnergyTotaland Invest-eliminationmentsShipTechnology Ships Port Other/Infra-Other/Revenue SegmentsManage- & Decarbon- 2023ServiceServiceseliminationstructureeliminationmentisationRevenue from external customers 477 155 87 14 283 2 5 16 (11) 1 027 Total 477 155 87 14 283 2 5 16 (11) 1 027 Timing of revenue recognition At a point in time 477 10 2 16 (11) 494 Over time 155 87 4 283 5 533 Total 477 155 87 14 283 2 5 16 (11) 1 027 2022Revenue from external 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 MARITIME SERVICESShips service - Sale of goodsThe 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 managementWilhelmsen 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 ENERGYInfrastructureThe New Energy segment, including the NorSea Group operates supply bases and provide integrated logistics solution to the offshore industry. Revenues from external customers come from sale of services to the offshore industry (Operations), from the rental of properties (Property) and from the sale of services to other industries (Other). The duration of the operations contracts varies from 3 to 10 years. The pricing of the contracts are mainly based on delivered quantity via supply bases. The group is a lessor for parts of the properties located on or near the bases. This is typically warehouses and some office facilities. This is ordinary operational lease contracts with a typical duration of 2 to 7 years. For contracts with a duration of more than one year the rent is adjusted annually based on commonly used indexes. Lease revenue is usually recognised on a straight line basis over the lease term.Technology & decarbonisationThe group provides a range of technology and digital solutions to the shipping industry. Revenue is recognised net of any discounts at delivery. Revenue is recognised based on time and place of delivery, and transfer of control, or services rendered, and depend on agreed delivery terms but usually when the customer receives the goods and services.STRATEGIC HOLDINGS AND 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 OBLIGATIONSIn 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "FINANCIAL REPORTING PRINCIPLESInterests in joint ventures and associates are accounted for using the equity method after initially being recognised at cost in the consolidated balance sheet.Equity method:Under the equity method of accounting, the investments are initially recognised at cost and adjusted subsequently to recognise the group\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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "New EnergyCoast Center Base AS Norway 50.0% 50.0%KS Coast Center Base Norway 50.0% 50.0%CCB Energy Holding AS Norway 50.0% 50.0%Elevon AS Norway 50.0% 50.0%S\u00f8rSea AS Norway 50.0% 50.0%Polar Lift AS Norway 50.0% 50.0%Massterly AS Norway 50.0% 50.0%Topeka MPC Maritime AS Norway 50.0% 50.0%Maritime ServicesWilhelmsen Ahrenkiel group Germany 50.0% 50.0%Coast Center Base AS is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 1998. It delivers services related to logistics, quay, project and maintenance to the offshore industry in addition to maritime industry.KS Coast Center Base is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 1973. It is mainly a property company owning infrastructure rented out to Coast Center Base AS.CCB Energy Holding AS is a joint venture between NorSea Group and Bernh. Larsen Holding AS and was established in 2020. It owns shares in companies involved in production of hydrogen and climate neutral solutions.Wilhelmsen Ahrenkiel 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 other contingent liabilities relating to the group\u2019s interest in the joint ventures.Cont. note 4 Investments in joint ventures and associatesUSD mill 2023 2022Summarised financial information - according to the group's ownershipShare of total income 80 111 Share of operating expenses (65) (93)Share of depreciation (5) (6)Share of net financial items (1) (2)Share of tax expense (1) (2)Share of profit for the year 7 8 Book value 41 43 Excess value (goodwill) 59 60 Investments in joint ventures 100 104 USD mill 2023 2022Joint ventures' assets, equity and liabilities (group's share of investments)Share of non current assets 85 87 Share of cash and cash equivalents 37 33 Share of current assets 4 6 Total share of assets 126 126 Share of equity 01.01 43 68 Share of profit for the period 7 8 Dividend (10) (5)Acquisitions 1 Disposals (21)Other comprehensive income (1) (7)Share of equity at 31.12 41 43 Share of non current liabilities 53 46 Share of current liabilities 33 37 Total share of liabilities 85 83 Total share of equity and liabilities 126 126 Cont. note 4 Investments in joint ventures and associatesSet out below are the summarised financial information on a 100% basis for Coast Center Base (CCB), which in the opinion of the directors is a material joint venture to the group. Joint ventures not considered to be material, are defined under \u201cother\u201d (on a 100% basis).CCB OtherUSD mill2023 2022 2023 2022SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 140 194 23 27 Operating expenses (123) (175) (23) (22)Net operating profit 16 20 5 Financial income/(expenses) (3) (3) 4 Profit before tax 13 16 3 5 Tax income/(expense) (2) (3) (1)Profit after non-controlling interests 11 14 3 5 Other comprehensive income (2)Total comprehensive income 11 14 1 5 The group's share of dividend from joint ventures 9 4 1 1 CCB OtherUSD mill31.12.2023 31.12.2022 31.12.2023 31.12.2022SUMMARISED BALANCE SHEETNon current assets 159 165 10 7 Cash and cash equivalents 4 (13) 6 Other current assets 72 58 6 5 Total assets 231 227 3 17 Non current liabilities 102 88 (13) 3 Current liabilities 61 62 3 5 Total liabilities 163 150 (10) 8 Net assets 68 77 13 9 The information above reflects 100% of the amounts presented in the financial statements of the joint ventures, adjusted for any differences in accounting policies between the group and the joint ventures.CCB OtherUSD mill2023 2022 2023 2022RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONOpening net asset 01.01 77 81 9 63 Acquisition net assets 3 1 Disposals of joint ventures* (42)Profit for the period 11 14 3 5 Other comprehensive income (2) (9) 1 (12)Dividend to shareholders (19) (8) (2) (6)Closing net assets 31.12 68 77 13 9 The group's share 34 39 6 5 Goodwill / excess value 51 53 8 8 Carrying value 31.12 85 91 14 13 * 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.Cont. note 4 Investments in joint ventures and associates",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "Strategic Holdings and Investments Wallenius Wilhelmsen ASA (WAWI) Norway 37.9% 37.9%Hyundai Glovis Co., Ltd. (Hyundai Glovis) * Republic of Korea 11.0% 11.0%Maritime ServicesDiana Wilhelmsen Management Limited Cyprus 50.0% 50.0%Barklav (Hong Kong) Limited Hong Kong 50.0% 50.0%BWW LPG Limited Hong Kong 49.0% 49.0%Wilhelmsen-Smith Bell Manning, Inc Philippines 50.0% 50.0%Denholm Port Services Limited United Kingdom 40.0% 40.0%Triangle Shipping Agencies LLC United Arab Emirates 50.0% 50.0%Barwil Abu Dhabi Ruweis LLC United Arab Emirates 50.0% 50.0%Wilhelmsen WPS Dubai Port Services LLC United Arab Emirates 50.0% 50.0%Wilhelmsen Port Services LLC - Fujairah United Arab Emirates 42.5% 42.5%Almoayed Wilhelmsen (Ltd) W.L.L Bahrain 50.0% 50.0%Wilhelmsen Huayang Port Services (Shanghai) Co. Ltd. China 50.0% 50.0%Wilhelmsen Huayang Ships Service (Beijing) Co., Ltd. China 50.0% 50.0%Barwil Arabia Shipping Agencies SAE Egypt 50.0% 50.0%Wilhelmsen Port Service Georgia LLC Georgia 50.0% 50.0%Wilhelmsen Hyopwoon Port Services Ltd Republic of Korea 50.0% 50.0%Alghanim Wilhelmsen Shipping Co.W.L.L Kuwait 49.0% 49.0%Diize B.V. Netherlands 50.0% 50.0%Wilhelmsen-Smith Bell Shipping, Inc. Philippines 49.0% 49.0%Wilhelmsen-Smith Bell (Subic), Inc. Philippines 50.0% 50.0%Perez Torres Portugal Lda Portugal 50.0% 50.0%Pelagus 3D Pte Ltd Singapore 50.0% 50.0%Wilhelmsen Sunnytrans Co., Ltd Vietnam 50.0% 50.0%New EnergyEld\u00f8yane Holding AS / Eld\u00f8yane N\u00e6ringspark AS Norway 50.0% 38.0%Konciv AS Norway 43.1% 47.5%Hammerfest N\u00e6ringsinvest AS Norway 32.2% 32.2%Strandparken Holding AS Norway 33.1% 33.1%Dusavik Utvikling AS Norway 33.5% 33.5%Risavika Eiendom AS Norway 42.0% 42.0%Love Milj\u00f8base AS Norway 33.3% 33.3%CCB Subsea AS Norway 42.5% 42.5%Polar Algae AS Norway 52.0% 46.8%WindWorks Jelsa AS Norway 38.5% 33.3%Energy Innovation Holding AS Norway 50.0% 50.0%AM North AS Norway 33.3% 33.3%RTN AS Norway 50.0% 50.0%Nordlys.Studio AS Norway 46.0% 46.0%Topeka Hagland Greenbulk AS Norway 50.0% 50.0%Reach Subsea ASA Norway 19.2% 20.5%Edda Wind ASA Norway 25.4% 25.7%* The group has changed the classification to consider the investment in Hyundai Glovis Co., Ltd as an associated company, see note 21.Cont. note 4 Investments in joint ventures and associatesUSD mill 2023 2022Share of profit/(loss) from associatesWAWI 324 281 Hyundai Glovis 89 102 Associates Maritime Services 5 6 Reach Subsea 5 2Edda Wind 1Other associates New Energy (1) (1)Share of profit from associates 424 390 Book value of material associatesWAWI 1 337 1 146 Hyundai Glovis 675 620 Reach Subsea 23 17Edda Wind 84 52Specification of share of equity and profit/loss:Share of equity 01.01 1 858 1 519 Share of profit for the year 424 389 Capital increase in / acquisition of associates in Maritime Services 4 Capital increase in / acquisition of associates in New Energy 35 18 Dividend (160) (41)Other comprehensive income (14) (25)Share of equity 31.12 2 147 1 858 There are no contingent liabilities relating to the group\u2019s interest in the associates.The group holds a 37.9% share in listed company Wallenius Wilhelmsen (WAWI), headquartered at Lysaker, Norway. WAWI is a market leader in RoRo shipping and vechile logistics, managing the distrubution of cars, trucks, rolling equipment and breakbulk to customers all over the world. WAWI controls more than 125 vessels and servicing 15 trade routes to six continents, together with a global inland distribution network, more than 120 in-land processing centres, and 9 marine terminals. The group holds a 11.0% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange. Hyundai Glovis\u2019 principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service. Hyundai Glovis also has a growing shipping segment with its own fleet of car carriers and bulk carriers.The group holds a 19.2 % ownership in the listed company Reach Subsea ASA. During the year the group did a capital increase of USD 8 mill. Reach Subsea group offer subsea services as subcontractor and/or directly to end clients. The core business of the group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by our competent onshore engineering resources.The group holds a 25.4 % ownership in the listed comapny Edda Wind ASA. During the year the group did a capital increasse of USD 28 mill. Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks.Set out below are the summarised financial information for, on a 100% basis, for WAWI and Hyundai Glovis, which, in the opinion of the directors, are the material associates to the group.Associates not considered to be material are defined under \u201dother\u201d (on a 100% basis).WAWI Hyundai Glovis OtherUSD mill2023 2022 2023 2022 2023 2022SUMMARISED STATEMENT OF COMPREHENSIVE INCOMETotal income 5 149 5 045 19 634 20 894 302 207 Operating expenses (3 924) (4 114) (18 364) (19 501) (252) (174)Net operating profit 1 225 931 1 270 1 393 50 33 Finance income & expenses (189) (102) (166) (156) (3)Profit before tax 1 035 829 1 104 1 237 47 34 Tax income/(expense) (68) (35) (293) (313) (8) (5)Profit for the period 967 794 811 924 39 29 Non-controlling interests (121) (116) (2) (2)Profit after non-controlling interests 846 678 809 921 39 29 Other comprehensive income (1) (1) 11 13 (4)Total comprehensive income (shareholder's equity) 845 678 820 934 39 25 WWH share of dividend from associates 136 24 19 13 5 5 Cont. note 4 Investments in joint ventures and associatesWAWI Hyundai Glovis OtherUSD mill31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022SUMMARISED BALANCE SHEETNon current assets 5 951 6 242 4 596 4 540 743 351 Other current assets 985 936 4 806 4 879 123 107 Cash and cash equivalents 1 705 1 216 1 966 1 642 136 133 Total assets 8 642 8 394 11 368 11 061 1 003 591 Non current liabilities 3 163 3 659 1 909 2 116 423 154 Current liabilities 1 423 1 226 3 460 3 462 199 147 Non-controlling interests 413 355 11 11 Total liabilities 4 998 5 241 5 381 5 588 623 301 Net assets 3 644 3 153 5 987 5 472 380 290 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.WAWI Hyundai Glovis OtherUSD mill2023 2022 2023 2022 2023 2022RECONCILIATION OF SUMMARISED FINANCIAL INFORMATIONNet asset at 01.01 3 153 2 539 5 472 4 882 290 239 Profit for the period 846 679 809 924 39 7 Net assets of acquired associates/capital increase 132 57 Convertion KRW to USD and EUR to USD (143) (236) (59)Other comprehensive income (1) 11 13 (4)Transactions with non controlling interests 5 (2) 2 (4) (4)Dividend (359) (63) (164) (110) (18) (5)Net assets at 31.12 3 644 3 153 5 987 5 472 380 290 WWH share 1 380 1 194 659 602 135 91 Goodwill and other intangible assets 17 18 8 7 Currency (1) (1) (9) (6)Fair value adjustment vessels and goodwill * (43) (48)Carrying value at 31.12 1 337 1 146 675 620 135 93 * The share price and market value of Wallenius Wilhelmsen ASA (WAWI) at the merger (April 2017) was lower than book value of equity in WAWI..The group market value of the investment in Wallenius Wilhelmsen ASA at 31 December 2023 was USD 1 408 million (2022: USD 1 575 million).WAWI is a separately listed company on Oslo B\u00f8rs. The market capitalisation of its shares at year end is 5% higher (2022: 38% higher) than the carrying amount of the investment, as accounted for under the equity method. The group has not identified any impairment indicators for the investment.The group market value of the investment in Hyundai Glovis at 31 December 2023 was USD 610 million (2022: USD 538 million). The shares have historically traded at or below a market capitalization to book value of equity ratio of 1 without this indicating a significant decline of the asset\u2019s value. Value in use calculations prepared by management of Hyundai Glovis indicate that the recoverable amount is higher than the Hyundai Glovis\u2019 carrying amount for key assets. The higher underlying value of the share is supported by external market analysts. Based on this, the recoverable amount attributable to the shares in Hyundai Glovis is assessed to be higher than the group\u2019s carrying amount.USD mill 2023 2022RECONCILIATION OF THE GROUP\u2019S INCOME STATEMENT AND BALANCE SHEETShare of profit from joint ventures 7 8 Share of profit from associates 424 390 Share of profit from joint ventures and associates 431 397 Share of equity from joint ventures including net excess value 100 104 Share of equity from associates including net excess value 2 147 1 859 Share of equity from joint ventures and associates including net excess value 2 247 1 962 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__17": {
"value": "Note 5 Principal subsidiariesBusinessProportion of ordinary shares Proportion of ordinary Nature of businessoffice countrydirectly held by parent (%)shares held by the group (%)Maritime ServicesWilhelmsen Maritime Services AS Norway Maritime services 100.00% 100.00%Wilhelmsen Ships Service AS Norway Maritime products and services 100.00%Wilhelmsen Port Services AS Norway Port services 100.00%Wilhelmsen Ship Management Holding AS Norway Ship management 100.00%Wilhelmsen Chemicals AS Norway Manufactoring 100.00%New EnergyWilhelmsen New Energy AS Norway New energy investments 100.00% 100.00%NorSea Group AS Norway Infrastructure and supply services 98.96%Strategic Holdings and InvestmentsTreasure ASA Norway Investment 78.68% 78.68%Wilh. Wilhelmsen Holding Invest Malta Ltd Malta Investment 100.00% 100.00%The group\u2019s principal subsidiaries at 31 December 2023 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of headquarter of subgroups.During 2023 the group acquired the subsidiary Navadan A/S through business combination, reported under the Maritime Services segment. The investment cost, net after cash in new subsidaries was USD 11 million.During 2022 the group acquired the subsidiaries Str\u00f8mme AS and Vopak Agencies B.V through business combinations, both reported under the Maritime Services segment. The group 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 principal subsidiary. The investment cost, net after cash in new subsidiaries was USD 37 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18-1": {
"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 2023 2022Payroll (278) (247)Payroll tax (36) (30)Pension cost 11 (23) (18)Other remuneration (50) (47)Total employee benefits (387) (341)2023 2022Number of employees:Group companies in Norway 1 217 1 121 Group companies abroad 4 099 3 910 Seagoing personnel Ship Management 11 340 10 868 Total employees 16 656 15 899 Average number of employees 16 278 15 682 EXPENSED AUDIT FEEUSD mill 2023 2022Statutory audit (2) (3)Tax advisory fee (1)Other assurance services (1)Total expensed audit fee (3) (4)The fees above cover the group expenses to all external auditors and tax advisors.Note 11 PensionDescription 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 mill2023 2022 2023 2022Number of people covered by pension schemes at 31.12In employment 4 8 5 5 On retirement (inclusive disability pensions) 138 139 23 24 Total number of people covered by pension schemes 142 147 28 29 Expenses CommitmentsUSD mill2023 2022 31.12.2023 31.12.2022Financial assumptions for the pension calculations:Discount rate 3.60% 1.80% 3.70% 3.60%Anticipated pay regulation 3.50% 2.25% 3.50% 3.50%Anticipated increase in National Insurance base amount (G) 3.50% 2.25% 3.50% 3.50%Anticipated regulation of pensions 1.70% 0.10% 2.40% 1.70%USD mill 2023 2022Pension expenses Service cost/ net interest cost (1)Cost of contribution plan (22) (17)Pension expenses (23) (18)Total remeasurements included in OCI (1) 1 USD mill 31.12.2023 31.12.2022Pension obligationsDefined benefit obligation at end of prior year 37 43 Effect of changes in foreign exchange rates (2) (4)Service cost 1 Interest expense 1 1 Benefit payments from plan (2)Remeasurements - change in assumptions 1 (1)Pension obligations at 31.12 37 37 Fair value of plan assetsFair value of plan assets at end of prior year 15 17 Effect of changes in foreign exchange rates (2)Benefit payments from plan (1) (1)Return on plan assets (excluding interest income) (1)Gross pension assets at 31.12 14 15 Defined benefit obligation 37 37 Fair value of plan assets 14 15 Net liability 23 21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__19": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "Note 7 Tangible and intangible assetsFINANCIAL REPORTING PRINCIPLESThe group uses the cost method for property, plant and equipment. Tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 yearsTANGIBLE ASSETSUSD mill Properties Vessels Other tangible assets Total tangible assets2023Cost at 01.01 692 226 918 Acquisition 16 23 40 Business combinations 3 3 Reclass/disposal 33 (7) 26 Currency translation differences (14) 1 (13)Cost at 31.12 730 243 973 Accumulated depreciation and impairment at 01.01 (206) (89) (295)Depreciation/amortisation (18) (11) (29)Reclass/disposal (36) 7 (29)Impairment (1) (1)Currency translation differences 3 1 4 Accumulated depreciation and impairment at 31.12 (258) (92) (350)Carrying amounts at 31.12 472 151 623 2022Cost 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 31.12 692 226 918 Accumulated depreciation and impairment 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 at 31.12 (206) (89) (295)Carrying amounts at 31.12 486 137 623 Economic lifetime 10-50 years 25 years 3-10 yearsDepreciation schedule Linear Linear LinearClimate related considerationsPhysical climate risk such as changes to weather patterns and severity of rain, flooding, wind and other climate related events are taken into consideration when assessing the useful life of assets.The group has not identified material assets to have significantly shorter life due to climate related risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "FINANCIAL REPORTING PRINCIPLESThe group uses the cost method for property, plant and equipment. Tangible assets are depreciated over the following expected useful lives:Properties: 10-50 yearsVessels: 25 yearsOther tangible assets: 3-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "Cont. note 7 Tangible and intangible assetsFINANCIAL REPORTING PRINCIPLESThe group uses the cost method for intangible assets. 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 yearsINTANGIBLE ASSETSUSD mill Goodwill Software and licences Other intangible assets Total intangible assets2023Cost 01.01 112 37 52 201 Acquisition 3 3 Business combinations 17 (8) 10 Reclass/disposal (1) (4) 2 (3)Currency translation differences (2) (1) (3)Cost at 31.12 126 35 46 207 Accumulated amortisation and impairment 01.01 (24) (29) (19) (73)Amortisation/impairment (4) (3) (8)Reclass/disposal 3 5 (4) 4 Currency translation differences 1 Accumulated amortisation and impairment 31.12 (22) (28) (26) (75)Carrying amounts 31.12 104 7 20 132 The group recognised goodwill of USD 17 million in 2023. USD 9 million was recognised from the acquisition of Navadan and USD 8 million was reclassified from other intangible asset to goodwill related to the acquisition of Vopak in December 2022.2022Cost 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 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 31.12 (24) (29) (19) (73)Carrying amounts 31.12 88 8 33 129 Cont. note 7 Tangible and intangible assetsImpairment testing of goodwillGoodwill is mainly related to the Maritime Services segment (USD 102 million). The goodwill figures are originally calculated in NOK and USD (2022: NOK and USD). Goodwill is tested for impairment annually.For the purpose of impairment testing, goodwill is allocated to the respective cash generating units within the various business areas.As of 31 December 2023 management has performed impairment testing for the group\u2019s recognised goodwill. Based on the tests performed, no impairment was recognised in 2023 (2022: USD 13 million).When performing the goodwill impairment test, recoverable amount is calculated using estimated fair value less cost of disposal. In calculating the fair value less cost of disposal, the group considers relevant information generated by market transactions involving similar group of assets, including qualitative and quantitative information.Risks factors related to climate and environmental changes as well as regulatory changes responding to such changes are included in the assessment of the recoverable amount. Such factors are assessed in the same way as other uncertain input factors, impacting cash flow estimates used for the tests.Fair value less cost of disposal has been estimated by using an Enterprise value/EBITDA multiple (see note 23 for definition of the terms). The forecasted EBITDA is based on historical levels for EBITDA in each CGU. The multiples are estimated to be in the range of 6 - 9, which management believes is a fair estimate of market multiples for the relevant CGU\u2019s.Cash flows were projected based on actual operating results and next year\u2019s forecast. Cash flows based on a 5-year strategy plan period with terminal value (terminal growth rate 1%) were extrapolated using the following key assumptions:2023 2022USD/NOK 10.13 9.84 Multiple 7.5 7.5 Growth rate 1-4% 1-4% Increase in material cost 4-7% 4-7% Increase in pay and other remuneration 3-5% 3-5% Increase in other expenses 3-5% 3-5% The values assigned to the key assumptions represent management\u2019s assessment of future trends in the maritime industry and are based on both external sources and internal sources.No reasonable change in any of the key assumptions on which management has based its determination of the recoverable amount would cause the carrying amount to exceed its recoverable amount as of 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "The group uses the cost method for intangible assets. 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 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"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. For lease contracts containing a non-lease component, the non-lease component is separated and expensed in the income statement based on the relative stand-alone price. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor 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 expects to exercise this option. The group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost.Subsequent measurements of right-of-use assets follow the same principles as for other non-financial assets, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.Cont. note 8 Right-of-use assets and lease liabilitiesRIGHT-OF-USE ASSETS The group leases several assets such as buildings, land, machinery, equipment and vehicles. The group\u2019s right-of-use assets are categorised and presented in the table below:Machinery, equipment USD mill Properties and landTotaland vehicles2023Cost at 01.01 134 15 149 Additions including remeasurements 28 8 36 Reclass/disposal (7) (4) (12)Change of estimates 5 5 Cost at 31.12 160 19 179 Accumulated depreciation and impairment at 01.01 (40) (6) (47)Depreciation (18) (3) (21)Reclass/disposal 3 3 6 Change of estimates (5) (5)Accumulated depreciation and impairment at 31.12 (60) (7) (66)Carrying amount of right-of-use assets at 31.12 100 12 112 Machinery, equipment USD mill Properties and landTotaland vehicles2022Cost at 01.01 199 15 214 Additions including remeasurements 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 Lower of remaining lease term or economic life 5-12 years 3-8 years Depreciation method Linear Linear Climate related considerationsPhysical climate risk such as changes to weather patterns and severity of rain, flooding, wind and other climate related events are taken into consideration when assessing the remaining lease term and termination options related to right-of-use assets. The group has not identified material right-of-use assets where reduction in lease term or termination is deemed relevant due to climate related risks.Cont. note 8 Right-of-use assets and lease liabilitiesLease liabilitiesUSD mill 2023 2022Undiscounted lease liabilities and maturity of cash outflowsLess than 1 year (30) (25)1-2 years (24) (21)2-3 years (20) (16)3-4 years (13) (12)4-5 years (11) (8)More than 5 years (81) (45)Total undiscounted lease liabilities at 31.12 (179) (128)USD mill 2023 2022Summary of the lease liabilities in the financial statementsTotal lease liabilities 01.01 116 169 Lease liabilities recognised in the year 36 42 Lease liabilities derecognised in the year (5) (61)Cash payments for the principal portion of the lease liability (28) (28)Interest expense on lease liabilities 5 6 Change of estimates (16)Currency exchange differences 1 4 Total lease liabilities at 31.12 125 116 Current lease liabilities 24 23 Non-current lease liabilities 101 93 Total lease liabilities at 31.12 125 116 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 2023 2022Summary of other lease expenses recognised in income statementVariable lease payments expensed in the period (8) (9)Operating expenses related to short-term leases (including short-term low value assets) (2) (2)Operating expenses related to low value assets (excluding short-term leases included above) (2) (2)Total lease expenses included in other operating expenses (12) (14)Practical expedients applied:The group leases personal computers, IT equipment and machinery with contract terms of 1 to 3 years. The group has elected to apply the practical expedient of low value assets and does not recognise lease liabilities or right-of-use assets. The leases are instead expensed when they incur. The group has also applied the practical expedient to not recognise lease liabilities and right-of-use assets for short-term leases, presented in the table above. The group does not have material lease commitments, not yet commenced and therefore not included in the lease liabilities as of 31 December 2023 (2022: USD 0 million)Extension options:The group\u2019s lease of buildings and land have lease terms that varies from 5 years to 99 years, and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The group assesses at the commencement whether it is reasonably certain to exercise the renewal right.Purchase options:The group leases machinery, equipment and vehicles with lease terms of 3 to 5 years. Some of these contracts include a right to purchase the assets at the end of the contract term. The group assesses at the commencement whether it is reasonably certain to exercise the purchase right. All the options are based on market value. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__25": {
"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. For lease contracts containing a non-lease component, the non-lease component is separated and expensed in the income statement based on the relative stand-alone price. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information.Recognition of leases and exemptions:At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor 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 expects to exercise this option. The group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost.Subsequent measurements of right-of-use assets follow the same principles as for other non-financial assets, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__26": {
"value": "Note 9 TaxFINANCIAL REPORTING PRINCIPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax:Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit.Withholding tax:Withholding tax and any related tax credits are generally recognised in the period they are incurred.OECD Pillar Two model rulesThe Pillar two model rules, issued by OECD as part of their BEPS project, come into effect from 1 January 2024. On 20 December 2023, the Norwegian parliament approved the legislation, defining the framework for Norwegian ultimate parent entities.The group has assessed the implications of the new legislation, with the resulting estimated financial impact on the group\u2019s income tax being immaterial.Effective from 23 May 2023, the International Accounting Standard Board (the IASB) issued an amendment to IAS 12, with the amendment including a mandatory temporary exemption to the accounting for deferred tax arising from the jurisdictional implementation of the Pillar Two model rules. The group has implemented the mandatory temporary exemption, effective from 1 January 2023.Ordinary taxationThe ordinary rate of corporation tax in Norway is 22% of net profit for 2023 (2022: 22%). Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies domiciled in what is considered low tax countries and that are located outside the European Economic Area (EEA), and on share income from companies domiciled outside the EEA in which the company owns less than 10% of the shares.For group companies located in the same country and within the same tax regime, taxable profits in one company can be offset against tax losses and tax loss carry forwards in other group companies. Deferred tax/deferred tax asset has been calculated on temporary differences to the extent that it is likely that these can be utilised in each country and for Norwegian entities the group has applied a rate of 22% (2022: 22%).The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method.Foreign taxesCompanies domiciled outside Norway will be subject to local taxation. When dividends are paid, local withholding taxes may be applicable. This generally applies to dividends paid by companies domiciled outside the EEA.USD mill 2023 2022Allocation of tax expense for the yearPayable tax in Norway (5) (10)Payable tax foreign (17) (16)Change in deferred tax (4) 12 Total tax income/(expense) (27) (13)Reconciliation of actual tax cost against expected tax cost in accordance with the Norwegian income tax rate of 22%Profit before tax 515 440 22% tax (113) (97)Tax effect from:Permanent differences (11) (4)Non-taxable income/ change in market value 7 Share of profit from joint ventures and associates 95 87 Reversal impairment deferred tax asset 7 Withholding tax and payable tax previous year (5) (7)Calculated tax income/(expense) for the group (27) (13)Effective tax rate for the group 5.3% 3.0% Cont. note 9 Ta xUSD mill 2023 2022Net deferred tax assetsNet deferred tax assets at 01.01 44 53 Charged through income statement (4) 12 Charged directly to equity (1) (1)Currency translation differences (2) (7)Acquistion / disposal 2 (14)Net deferred tax assets at 31.12 40 44 Deferred tax assets in balance sheet 51 61 Deferred tax liabilities in balance sheet (12) (17)Net deferred tax assets at 31.12 40 44 USD mill Other Fixed assets TotalDeferred tax liabilities At 01.01.2023 (7) (7)Charged through income statement (7) (8) (15)Currency translation differences (4) 2 (2)Acquistion / disposal 2 2 Deferred tax liabilities at 31.12.2023 (11) (11) (22)At 01.01.2022 (4) (4)Charged through income statement 5 5 Charged directly to equity Currency translations 3 3 Acquistion / disposal (11) (11)Deferred tax liabilities at 31.12.2022 (7) (7) Non current assets Current assets Tax losses Current assets Tax losses USD milland liabilities and liabilitiescarried forwardand liabilitiescarried forwardDeferred tax assets At 01.01.2023 3 (4) 56 (4) 51 Charged through income statement 15 (5) 10 Charged directly to equity (1) (1)Currency translations 1 (1) 1 Deferred tax assets at 31.12.2023 4 11 51 (4) 62 Deferred tax assets At 01.01.2022 4 4 45 4 57 Charged 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 The majority of tax loss carry forward is related to entities in Norway and the United States, without expiration of the tax loss carry forward. Through the acquisition of the external shares in Norsea group, the group reversed the impairment of deferred tax assets in 2022.Temporary differences related to joint ventures and associates are USD nil for the group, since all the units are regarded as located within the area in which the exemption method applies, and there are currently no plans to dispose of any of these companies.The Maritime Services segment will have shares in subsidiaries not subject to the exemption method which could give rise to a tax charge in the event of a sale, where no provision has been made for deferred tax associated with a possible sale or dividend. There are currently no plans to dispose of such companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "FINANCIAL REPORTING PRINCIPLESIncome tax in the income statement consists of current tax, effect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income.Current tax:Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period.Deferred tax / deferred tax asset:Deferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit.Withholding tax:Withholding tax and any related tax credits are generally recognised in the period they are incurred.OECD Pillar Two model rulesThe Pillar two model rules, issued by OECD as part of their BEPS project, come into effect from 1 January 2024. On 20 December 2023, the Norwegian parliament approved the legislation, defining the framework for Norwegian ultimate parent entities.The group has assessed the implications of the new legislation, with the resulting estimated financial impact on the group\u2019s income tax being immaterial.Effective from 23 May 2023, the International Accounting Standard Board (the IASB) issued an amendment to IAS 12, with the amendment including a mandatory temporary exemption to the accounting for deferred tax arising from the jurisdictional implementation of the Pillar Two model rules. The group has implemented the mandatory temporary exemption, effective from 1 January 2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Note 10 Earnings per shareFINANCIAL REPORTING PRINCIPLESThe calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Own shares shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.Earnings per shareEarnings per share taking into consideration the number of outstanding shares in the period. At 31 December 2023 the company owns 386 300 own shares (nil for 31 December 2022).Total outstanding ordinary shares as of 31 December 2023 are 33 713 700 A-shares and 10 480 000 B-shares.Earnings per share is calculated based on an average of 44 283 425 shares for 2023 and 44 580 000 shares for 2022.See note 11 in the parent accounts for an overview of the largest shareholders at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "FINANCIAL REPORTING PRINCIPLESThe calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Own shares shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "Loans and receivables at amortised costLoans and receivables are non-derivative financial assets with fixed or determinable payments, which are not traded in an active market. Loans and receivables are recognised initially at their fair value plus transaction costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "Accounts payable and other payablesAccounts 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "OTHER NON CURRENT ASSETS Non current equity investments 18 12 14 Non current loans to associates and joint ventures 18 20 5 Non current loans to others 18 3 3 Non current financial derivatives 18 2 Other non current assets 18 5 6 Total other non current assets 42 28 OTHER CURRENT ASSETS Account receivables 240 241 Prepaid expenses 52 56 Accrued revenue 13 9 Other current assets 17/18 36 42 Total other current assets 342 349",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "OTHER CURRENT LIABILITIESAccount payables 303 277 Accrued employee benefits 35 31 Other accrued expenses 55 56 Financial derivatives 18 9 Other current liabilities 59 74 Cylinder deposit * 7 115 101 Total other current liabilities 567 547 * Wilhelmsen Maritime Services has cylinders recognised as other tangible asset in the balance sheet, see note 7. The cylinders are valued at USD 111 million (2022: USD 102 million). These cylinders are partly in the group\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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "Note 13 ReceivablesFINANCIAL REPORTING PRINCIPLESAccount receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied.The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contracts.To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.Less than Between 90 and More than USD mill Current90 days past due 180 days past due180 days past due31 December 2023Expected loss rate 0% 6% 13% 49%Gross carrying amount - trade receivables 222 8 11 3 Loss allowance * (1) (1) (1)31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (1) (1) (2)* Loss allowance is rounded to nil for trade receivables less than 90 days overdue.ACCOUNT RECEIVABLESAt 31 December 2023, USD 18 million (2022: USD 14 million) in account receivables had fallen due but not been subject to impairment. These receivables are related to a number of separate customers. Historically, the percentage of bad debts has been low and the group expects the customers to settle outstanding receivables. Receivables fallen due but not subject to impairment have the following age composition:USD mill 2023 2022Aging of account receivables past due but not impairedUp to 90 days 7 5 90-180 days 10 7 Over 180 days 1 2 Movements in group provision for impairment of account receivables are as followsBalance at 01.01 4 3 Net provision for receivables impairment 1 Balance 31.12 3 4 Account receivables per segmentMaritime Services 177 183 New Energy 63 55 Strategic Holdings and Investments 4 Total account receivables 240 241 See note 18 on credit risk.2023 Account receivables 2022 Account receivables0%1% Maritime Services26%23% New Energy Strategic Holdings and Investments74%76%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "FINANCIAL REPORTING PRINCIPLESAccount receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied.The group measure expected credit losses at lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contracts.To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "USD mill Current90 days past due 180 days past due180 days past due31 December 2023Expected loss rate 0% 6% 13% 49%Gross carrying amount - trade receivables 222 8 11 3 Loss allowance * (1) (1) (1)31 December 2022Expected loss rate 0% 16% 13% 44%Gross carrying amount - trade receivables 227 6 8 4 Loss allowance * (1) (1) (2)* Loss allowance is rounded to nil for trade receivables less than 90 days overdue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38-1": {
"value": "Note 14 Non-current 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. USD mill 2023 2022*Financial assets to fair valueAt 01.01 75 105 Acquisition 1 2 Sale during the year (22)Currency translation adjustment through other comprehensive income (5)Change in fair value through income statement 11 (5)Total financial assets to fair value at 31.12 87 75 Financial assets to fair value Qube Holdings Limited 55 45 Australian PE funds 19 21 Other 12 8 Total financial assets to fair value at 31.12 87 75 Financial assets to fair value are held in subsidiaries with different reporting currency and thereby creating translation adjustments.* The investment in Hyundai Glovis has been restated from fair value through income statement to equity method. The comparative figures are restated. Refer to note 21.Qube Holdings Limited is Australia\u2019s largest integrated provider of import and export logistics services, and listed on the Australian Securities Exchange (ASX). As per 31 December 2023 the group held 25 million shares, 1.4% of total (2022: 25 million shares, 1.4% of total). The shares in Qube Holdings Limited serve as collateral for a credit facility. See note 17.Financial assets to fair valueEquities 88 88 Bonds 36 36 Financial derivatives 2 2 Financial assets to fair value 55 8 24 87 Total financial assets 31.12.2023 179 10 24 214 Financial liabilities to fair valueFinancial derivativesTotal financial liabilities 31.12.2023Financial assets to fair valueEquities 71 71 Bonds 33 33 Financial derivatives 1 1 Financial assets to fair value 45 7 22 75 Total financial assets 31.12.2022 150 8 22 180 Financial liabilities to fair valueFinancial derivatives (10) (10)Total financial liabilities 31.12.2022 (10) (10)USD mill2023 2022Changes in level 3 instrumentsOpening balance 01.01 22 24 Gain/(loss) recognised through income statement 2 (2)Closing balance 31.12 24 22 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\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 2023 are liquid investment grade bonds and listed equities (analogous for 2022).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2.If one or more of the significant inputs is not based on observable market data,",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "FINANCIAL REPORTING PRINCIPLESManagement determines the classification of financial assets at their initial recognition, with financial assets held for trading carried at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"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.USD mill 2023 2022InventoriesRaw materials 9 7 Goods/projects in process 2 3 Finished goods/products for onward sale 110 104 Total inventories at 31.12 121 114 Obsolescence allowance, deducted above 3 3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "FINANCIAL REPORTING PRINCIPLESInventories of purchased goods and work in progress are valued at cost in accordance with the weighted average cost method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Note 16 Current financial investmentsFINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. Derivatives are also placed in this category unless designated as hedges.USD mill 2023 2022Market value current financial investmentsEquities 88 71 Bonds 36 33 Total current financial investments at 31.12 124 104 The fair value of all equity securities, bonds and other financial assets is based on their closing prices in an active market.USD mill 2023 2022The net unrealised gain at 31.12 13 6 The parent company\u2019s portfolio of equities and bonds of USD 124 million is held as collateral within a securities\u2019 finance facility. See note 17. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "FINANCIAL REPORTING PRINCIPLESCurrent financial investments consists of financial assets held for trading. Derivatives are also placed in this category unless designated as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Note 17 Interest-bearing debt and undrawn credit facilitiesFINANCIAL 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.USD millNote 2023 2022Interest-bearing debtBank and mortgages loan 483 538 Lease liabilities 125 116 Total interest-bearing debt 18 608 654 The groups bank and mortages loan facilities are held in the Maritime Services segment and the New Energy segment, amounting to USD 175 million and USD 308 million per 31 December 2023. The loan facilitiy in the Maritime Services segment matures in 2027. The New Energy debt comprise two loan facilities, where the primiary facility, amounting to USD 294 million per 31 December 2023, matures in 2027.The group refinanced its current interest-bearing debt during 2022.Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2023.USD millNote 2023 2022Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 1 211 150 Assets in the New Energy segment 834 849 Total book value of collateral, mortgaged and leased assets 1 045 999 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD millNote 2023 2022Repayment schedule for interest-bearing debtDue in year 1 51 88 Due in year 2 19 17 Due in year 3 28 22 Due in year 4 435 24 Due in year 5 and later 76 503 Total interest-bearing debt 18 608 654 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.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesUSD millNote 2023 2022The group net interest-bearing debtNon current interest-bearing debt 456 473 Non current lease liabilities 101 93 Current interest-bearing debt 27 65 Current lease liabilities 24 23 Total interest-bearing debt 608 654 Cash and cash equivalents 224 163 Current financial investments 16 124 104 Net interest-bearing debt 260 386 USD mill2023 2022Guarantee commitmentsGuarantees for group companies 15 18 Bank guarantees 20 Payroll tax guarantees 5 4 Total 40 22 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 175 188 NOK 294 336 DKK 14 15 Total 483 538 See otherwise note 18 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill2023 2022Net debtCash and cash equivalents 224 163 Liquid investments * 124 104 Borrowings - repayable within one year (51) (88)Borrowings - repayable after one year (557) (566)Net debt (260) (386)Cash and cash equivalents and liquid investments 349 267 Gross debt - variable interest rates ** (608) (654)Net debt (260) (386)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement.** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesLiabilities from financing activitiesUSD millFinance leases due Finance leases due Borrow. due Borrow. due Total financing within 1 yearafter 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 31.12.2022 23 93 65 473 654 Reclass 19 (19) (2) 2 Cash flows (27) (41) (31) (99)Business combinations 2 2 Foreign exchange adjustments 1 (2) (8) (10)Other non-cash movements 10 26 7 19 62 Total interest-bearing debt at 31.12.2023 24 101 27 456 608 Total interest-bearing debt at 01.01.2022 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 Cash and cash equivalents, undrawn credit facilitiesThe group has cash pool arrangements within each segment. Each cash pool arrangement is considered as one financial instrument and the net balance against the bank is presented as cash and cash equivalents. Wilh. Wilhelmsen Holding ASA (Strategic Holdings and Investments segment) owns and operates a multicurrency cashpool with a header-account in NOK, comprising of subsidiaries registered in Norway. Wilhelmsen Maritime Services AS (Maritime Services segment) owns and operates a multicurrency cash pool with a header-account in USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea Group AS (part of the New Energy segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark, Germany and the United Kingdom.USD mill2023 2022Committed undrawn credit facilities 321 172 Committed undrawn credit facilities are key part of the liquidity reserve.USD mill2023 2022Cash and cash equivalentsBanks 224 163",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44-1": {
"value": "Note 17 Interest-bearing debt and undrawn credit facilitiesFINANCIAL 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.USD millNote 2023 2022Interest-bearing debtBank and mortgages loan 483 538 Lease liabilities 125 116 Total interest-bearing debt 18 608 654 The groups bank and mortages loan facilities are held in the Maritime Services segment and the New Energy segment, amounting to USD 175 million and USD 308 million per 31 December 2023. The loan facilitiy in the Maritime Services segment matures in 2027. The New Energy debt comprise two loan facilities, where the primiary facility, amounting to USD 294 million per 31 December 2023, matures in 2027.The group refinanced its current interest-bearing debt during 2022.Loan agreements entered into by the group contain financial covenants relating to liquidity, leverage and value-adjusted equity. The group was in compliance with all covenants at 31 December 2023.USD millNote 2023 2022Book value of collateral, mortgaged and leased assets:Financial assets to fair value, current financial investments 1 211 150 Assets in the New Energy segment 834 849 Total book value of collateral, mortgaged and leased assets 1 045 999 The parent company\u2019s portfolio of financial investments is held as collateral within a securities\u2019 finance facility.USD millNote 2023 2022Repayment schedule for interest-bearing debtDue in year 1 51 88 Due in year 2 19 17 Due in year 3 28 22 Due in year 4 435 24 Due in year 5 and later 76 503 Total interest-bearing debt 18 608 654 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.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesUSD millNote 2023 2022The group net interest-bearing debtNon current interest-bearing debt 456 473 Non current lease liabilities 101 93 Current interest-bearing debt 27 65 Current lease liabilities 24 23 Total interest-bearing debt 608 654 Cash and cash equivalents 224 163 Current financial investments 16 124 104 Net interest-bearing debt 260 386 USD mill2023 2022Guarantee commitmentsGuarantees for group companies 15 18 Bank guarantees 20 Payroll tax guarantees 5 4 Total 40 22 The carrying amounts of the group\u2019s bank loans are denominated in the following currenciesUSD 175 188 NOK 294 336 DKK 14 15 Total 483 538 See otherwise note 18 for information on financial derivatives (currency hedges) relating to interest-bearing debt.USD mill2023 2022Net debtCash and cash equivalents 224 163 Liquid investments * 124 104 Borrowings - repayable within one year (51) (88)Borrowings - repayable after one year (557) (566)Net debt (260) (386)Cash and cash equivalents and liquid investments 349 267 Gross debt - variable interest rates ** (608) (654)Net debt (260) (386)* Liquid investments are investment grade bonds and liquid equities traded in active markets. These assets are held at fair value recognised through the income statement.** Interest-bearing debt is exposed to movements in floating interest rates in USD and NOK. Material parts of the interest rate risk in the NOK-denominated debt is hedged within the New Energy segment.Cont. note 17 Interest-bearing debt and undrawn credit facilitiesLiabilities from financing activitiesUSD millFinance leases due Finance leases due Borrow. due Borrow. due Total financing within 1 yearafter 1 yearwithin 1 yearafter 1 yearactivitiesTotal interest-bearing debt at 31.12.2022 23 93 65 473 654 Reclass 19 (19) (2) 2 Cash flows (27) (41) (31) (99)Business combinations 2 2 Foreign exchange adjustments 1 (2) (8) (10)Other non-cash movements 10 26 7 19 62 Total interest-bearing debt at 31.12.2023 24 101 27 456 608 Total interest-bearing debt at 01.01.2022 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 Cash and cash equivalents, undrawn credit facilitiesThe group has cash pool arrangements within each segment. Each cash pool arrangement is considered as one financial instrument and the net balance against the bank is presented as cash and cash equivalents. Wilh. Wilhelmsen Holding ASA (Strategic Holdings and Investments segment) owns and operates a multicurrency cashpool with a header-account in NOK, comprising of subsidiaries registered in Norway. Wilhelmsen Maritime Services AS (Maritime Services segment) owns and operates a multicurrency cash pool with a header-account in USD, comprising of subsidiaries in Europe, Asia-Pacific and North America. NorSea Group AS (part of the New Energy segment) owns and operates a multicurrency cash pool with a header-account in NOK, comprising of subsidiaries in Norway, Denmark, Germany and the United Kingdom.USD mill2023 2022Committed undrawn credit facilities 321 172 Committed undrawn credit facilities are key part of the liquidity reserve.USD mill2023 2022Cash and cash equivalentsBanks 224 163INTEREST RATE RISKInterest rate risk is identified as the effect on the Group\u2019s future cash flows or fair value of financial instruments when interest rates change. Changes in interest rates expose the Group to changes in the fair value of borrowings subject to fixed interest rates (fair value risk), and changes in future interest payments on borrowings subject to floating interest rates (cash flow risk).The group\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. The main source of exposure to interest rate risk arises from the risk associated with fair value interest rates.Within Strategic Holdings and Investments and Maritime Services respectively, no interest rate hedging is implemented due to low net interest-bearing debt (NIBD), whereas New Energy have hedged about 40% of its interest-bearing debt (Interest bearing debt of USD 308 million, with hedged amout totalling USD 120 million) as of 31 December 2023.The Group has financial liabilities that are exposed to NIBOR and USD Term SOFR reference rates. The Group has interest-bearing liabilities of USD 175 million that have a USD Term SOFR reference rate. Other interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is monitoring the development of the IBOR reform.The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy.Sustainability-linked loansDuring the year, the group amended the loan agreements in the Maritime Services and New Energy segment, including sustainability-linked KPIs in the agreements. Based on the annual fulfilment of the KPI targets, the interest rate on the loans may be adjusted up to maximum of +/- 5 basis points. The first measurement period in both agreements is the fiscal year of 2023, with the resulting interest rate adjustment, based on fulfillment of targets, to be conducted in 2024.USD mill2023 2022Maturity schedule interest rate hedges (nominal amounts)Due in year 1 23 41 Due in year 2 28 Due in year 3 Due in year 4 39 Due in year 5 and later 58 100 Total interest rate hedges 120 169 The average remaining term of the existing total debt portfolio is later than 5 years. The hedges have an average remaining term of later than 5 years.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.Cont. note 18 Financial risk2023 2022USD millAssets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 2 1 Total interest rate derivatives 2 1 Currency derivativesMaritime Services 10 Total currency derivatives 10 Total market value of financial derivatives 2 2 10 Book value equals market valueThe following sensitivity analysis shows the impact that a reasonably possible change in interest rates over a financial year would have on profit after tax and equity. The impact is determined by assessing the effect of a reasonably possible change in interest rates would have had on interest income and expense and the impact on financial instrument fair values existing at the balance sheet date. The analysis is performed assuming a parallel shift in the relevant interest rate curves of 1%- and 2 %-points.USD millFair value sensitivities of interest rate riskChange in interest rates' level (2%) (1%) 0% 1% 2% Income statement effect (4) (2) 2 4 Equity effect (4) (2) 2 4 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. The investment portfolio is divided between stocks and bonds, holding positions in various sectors. All investments are concentrated within the Nordic countries and are diversified across more than 30 different companies. The bond positions exclusively fall within the Investment Grade space.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16.USD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20% Income statement effect (24) (12) 12 24 Equity effect (24) (12) 12 24 (Tax rate used is 22% that equals the Norwegian tax rate)Cont. note 18 Financial riskCREDIT 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 hedge interest rate risk or foreign exchange risk, as well as investments, including bank deposits.TRADE 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 2023 (analogous for 2022).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 17 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD millNote 2023 2022Exposure to credit riskFinancial derivatives (liability) 12 (9)Account receivables 12 240 241 Bonds 16 36 33 Cash and bank deposits 17 224 163 Total exposure to credit risk 501 429LIQUIDITY 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 2023, the group had in excess of USD 404 million (2022: USD 313 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 321 million (2022: USD 172 million) in committed undrawn credit facilities.Less than Between Between Later than USD mill1 year1 and 2 years2 and 5 years5 yearsUndiscounted cash flows financial liabilities 2023Mortgages 14 13 265 14 Finance lease liabilities 24 18 24 59 Bank loan 174 3 Interest due 36 35 67 33 Total undiscounted cash flow financial liabilities 73 67 529 109 Current liabilities (excluding next year's instalment on interest-bearing debt) 477 Total gross undiscounted cash flows financial liabilities 31.12.2023 550 67 529 109 Undiscounted 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 31.12.2022 679 50 79 535 Cont. note 18 Financial riskCOVENANTSThe 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 AS.CAPITAL RISK MANAGEMENTThe 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 millNote Fair value Book valueInterest-bearing debtMortgages 306 306 Finance lease liabilities 125 125 Bank loan 178 177 Total interest-bearing debt 31.12.2023 17 610 608 Mortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222Total interest-bearing debt 31.12.2022 17 657 654 ",
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"s7_notes__6__48": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
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"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__47": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__46": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
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"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__49": {
"value": "Note 18 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. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.The group has exposure to the following financial risks from its operations:\u2022 Market risk\u2022 Foreign exchange rate risk\u2022 Interest rate risk\u2022 Equity market risk\u2022 Credit risk\u2022 Liquidity riskMARKET 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.To mitigate risk, the group holds financial instruments for the following purposes:\u2022 Financing: to raise finance for the group\u2019s operations or, in the case of short-term deposits, to invest surplus funds. The types of instruments used include bank debt, cash and short-term deposits.\u2022 Operational: the group\u2019s activities generate financial instruments, including cash, trade receivables, trade payables and finance advances.\u2022 Risk management: to reduce risks arising from the financial instruments described above, including foreign exchange contracts, interest rate swaps and cross- currency interest rate swaps.Changes in the market value of foreign exchange financial derivatives are recognised through the income statement. New Energy segment apply hedge accounting for interest rate hedges where derivatives are recognised in other comprehensive income.Associates hedge their own exposures. The group records the effects of realised and unrealised changes in financial derivatives held in these entities in accordance with the equity method under \u201cshare of profit from joint ventures and associates\u201d. The material associates are Wallenius Wilhelmsen ASA group and Hyundai Glovis group in Strategic Holdings and Investments segment and the joint venture investment Coast Center Base group in New Energy segment.Foreign exchange rate 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 and SGD - 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.The sensitivity analysis below shows the impact that a reasonably possible change in foreign exchange rates over a financial year would have on profit after tax and equity, based solely on the group\u2019s foreign exchange risk exposures existing at the balance sheet date. The group has used the observed range of actual historical rates for the preceding one-year period, in determining reasonably possible exchange movements to be used for the current year\u2019s sensitivity analysis.USD millNote 2023 2022Currency through Income StatementIncluded in other financial income/(expenses)Operating currency, net (2) 10 Currency derivatives, realised (3) (3)Currency derivatives, unrealised 10 (9)Net currency items in other financial income/(expenses) 1 (1) (9)Through other comprehensive incomeCurrency translation differences through OCI (15) (99)Total net currency effects (16) (108)Cont. note 18 Financial riskFor 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 on the previous page), exhibit the following income statement sensitivity:USD millSensitivity (10%) (5%) 0% 5% 10%Income statement sensitivities of economic hedge programTransaction riskUSD/NOK spot rate 9.12 9.62 10.13 10.64 11.14 Income statement effect 14 7 (7) (14)Equity effect 14 7 (7) (14)EUR/USD spot rate 1.00 1.05 1.11 1.16 1.22 Income statement effect (10) (5) 5 10 Equity effect (10) (5) 5 10 USD/SGD spot rate 1.19 1.25 1.32 1.39 1.45 Income statement effect 6 3 (3) (6)Equity effect 6 3 (3) (6)(Tax rate used is 22% that equals the Norwegian tax rate).INTEREST RATE RISKInterest rate risk is identified as the effect on the Group\u2019s future cash flows or fair value of financial instruments when interest rates change. Changes in interest rates expose the Group to changes in the fair value of borrowings subject to fixed interest rates (fair value risk), and changes in future interest payments on borrowings subject to floating interest rates (cash flow risk).The group\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. The main source of exposure to interest rate risk arises from the risk associated with fair value interest rates.Within Strategic Holdings and Investments and Maritime Services respectively, no interest rate hedging is implemented due to low net interest-bearing debt (NIBD), whereas New Energy have hedged about 40% of its interest-bearing debt (Interest bearing debt of USD 308 million, with hedged amout totalling USD 120 million) as of 31 December 2023.The Group has financial liabilities that are exposed to NIBOR and USD Term SOFR reference rates. The Group has interest-bearing liabilities of USD 175 million that have a USD Term SOFR reference rate. Other interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is monitoring the development of the IBOR reform.The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy.Sustainability-linked loansDuring the year, the group amended the loan agreements in the Maritime Services and New Energy segment, including sustainability-linked KPIs in the agreements. Based on the annual fulfilment of the KPI targets, the interest rate on the loans may be adjusted up to maximum of +/- 5 basis points. The first measurement period in both agreements is the fiscal year of 2023, with the resulting interest rate adjustment, based on fulfillment of targets, to be conducted in 2024.USD mill2023 2022Maturity schedule interest rate hedges (nominal amounts)Due in year 1 23 41 Due in year 2 28 Due in year 3 Due in year 4 39 Due in year 5 and later 58 100 Total interest rate hedges 120 169 The average remaining term of the existing total debt portfolio is later than 5 years. The hedges have an average remaining term of later than 5 years.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.Cont. note 18 Financial risk2023 2022USD millAssets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 2 1 Total interest rate derivatives 2 1 Currency derivativesMaritime Services 10 Total currency derivatives 10 Total market value of financial derivatives 2 2 10 Book value equals market valueThe following sensitivity analysis shows the impact that a reasonably possible change in interest rates over a financial year would have on profit after tax and equity. The impact is determined by assessing the effect of a reasonably possible change in interest rates would have had on interest income and expense and the impact on financial instrument fair values existing at the balance sheet date. The analysis is performed assuming a parallel shift in the relevant interest rate curves of 1%- and 2 %-points.USD millFair value sensitivities of interest rate riskChange in interest rates' level (2%) (1%) 0% 1% 2% Income statement effect (4) (2) 2 4 Equity effect (4) (2) 2 4 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. The investment portfolio is divided between stocks and bonds, holding positions in various sectors. All investments are concentrated within the Nordic countries and are diversified across more than 30 different companies. The bond positions exclusively fall within the Investment Grade space.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16.USD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20% Income statement effect (24) (12) 12 24 Equity effect (24) (12) 12 24 (Tax rate used is 22% that equals the Norwegian tax rate)Cont. note 18 Financial riskCREDIT 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 hedge interest rate risk or foreign exchange risk, as well as investments, including bank deposits.TRADE 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 2023 (analogous for 2022).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 17 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD millNote 2023 2022Exposure to credit riskFinancial derivatives (liability) 12 (9)Account receivables 12 240 241 Bonds 16 36 33 Cash and bank deposits 17 224 163 Total exposure to credit risk 501 429LIQUIDITY 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 2023, the group had in excess of USD 404 million (2022: USD 313 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 321 million (2022: USD 172 million) in committed undrawn credit facilities.Less than Between Between Later than USD mill1 year1 and 2 years2 and 5 years5 yearsUndiscounted cash flows financial liabilities 2023Mortgages 14 13 265 14 Finance lease liabilities 24 18 24 59 Bank loan 174 3 Interest due 36 35 67 33 Total undiscounted cash flow financial liabilities 73 67 529 109 Current liabilities (excluding next year's instalment on interest-bearing debt) 477 Total gross undiscounted cash flows financial liabilities 31.12.2023 550 67 529 109 Undiscounted 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 31.12.2022 679 50 79 535 Cont. note 18 Financial riskCOVENANTSThe 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 AS.CAPITAL RISK MANAGEMENTThe 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 millNote Fair value Book valueInterest-bearing debtMortgages 306 306 Finance lease liabilities 125 125 Bank loan 178 177 Total interest-bearing debt 31.12.2023 17 610 608 Mortgages 317 316 Finance lease liabilities 116 116 Bank loan 224 222Total interest-bearing debt 31.12.2022 17 657 654 Cont. note 18 Financial riskUSD millLevel 1 Level 2 Level 3 TotalFinancial assets to fair valueEquities 88 88 Bonds 36 36 Financial derivatives 2 2 Financial assets to fair value 55 8 24 87 Total financial assets 31.12.2023 179 10 24 214 Financial liabilities to fair valueFinancial derivativesTotal financial liabilities 31.12.2023Financial assets to fair valueEquities 71 71 Bonds 33 33 Financial derivatives 1 1 Financial assets to fair value 45 7 22 75 Total financial assets 31.12.2022 150 8 22 180 Financial liabilities to fair valueFinancial derivatives (10) (10)Total financial liabilities 31.12.2022 (10) (10)USD mill2023 2022Changes in level 3 instrumentsOpening balance 01.01 22 24 Gain/(loss) recognised through income statement 2 (2)Closing balance 31.12 24 22 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\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 2023 are liquid investment grade bonds and listed equities (analogous for 2022).The fair value of financial instruments not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2.If one or more of the significant inputs is not based on observable market data, the derivatives is in level 3.Cont. note 18 Financial riskFinancial instruments by categoryFinancial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 30 12 42 Financial asset to fair value 14 87 87 Current financial investments 16 124 124 Current financial derivatives 12 2 2 Other current assets 12 276 276 Cash and cash equivalent 224 224 Assets at 31.12.2023 531 225 756 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 557 557 Current interest bearing liabilities 17 51 51 Other non current liabilities 12 11 11 Other current liabilities 12 477 477 Liabilities at 31.12.2023 11 1 085 1 096 Financial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 6 14 20 Financial asset to fair value 14 75 75 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 284 284 Cash and cash equivalent 163 163 Assets at 31.12.2022 453 195 648 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 566 566 Current interest bearing liabilities 17 88 88 Current financial derivatives 12 10 10 Other non current liabilities 12 11 11 Other current liabilities 12 452 452 Liabilities at 31.12.2022 21 1 106 1 127",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__58": {
"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. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.The group has exposure to the following financial risks from its operations:\u2022 Market risk\u2022 Foreign exchange rate risk\u2022 Interest rate risk\u2022 Equity market risk\u2022 Credit risk\u2022 Liquidity risk",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"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. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.The fair value of financial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of financial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash flows. Independent experts verify the value determination for instruments which are considered material.The group has exposure to the following financial risks from its operations:\u2022 Market risk\u2022 Foreign exchange rate risk\u2022 Interest rate risk\u2022 Equity market risk\u2022 Credit risk\u2022 Liquidity risk",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"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. Changes in the valuation of qualified hedges are recognised directly in other comprehensive income until the hedged transactions are realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"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. The main source of exposure to interest rate risk arises from the risk associated with fair value interest rates.Within Strategic Holdings and Investments and Maritime Services respectively, no interest rate hedging is implemented due to low net interest-bearing debt (NIBD), whereas New Energy have hedged about 40% of its interest-bearing debt (Interest bearing debt of USD 308 million, with hedged amout totalling USD 120 million) as of 31 December 2023.The Group has financial liabilities that are exposed to NIBOR and USD Term SOFR reference rates. The Group has interest-bearing liabilities of USD 175 million that have a USD Term SOFR reference rate. Other interest-bearing debt is primarily linked to NIBOR and NOWA. No date has been set for the transition of NIBOR, however the Group is monitoring the development of the IBOR reform.The risk exposure related to financial instruments as a consequence of the transition is considered to be low. The IBOR reform will not change the risk management strategy.Sustainability-linked loansDuring the year, the group amended the loan agreements in the Maritime Services and New Energy segment, including sustainability-linked KPIs in the agreements. Based on the annual fulfilment of the KPI targets, the interest rate on the loans may be adjusted up to maximum of +/- 5 basis points. The first measurement period in both agreements is the fiscal year of 2023, with the resulting interest rate adjustment, based on fulfillment of targets, to be conducted in 2024.USD mill2023 2022Maturity schedule interest rate hedges (nominal amounts)Due in year 1 23 41 Due in year 2 28 Due in year 3 Due in year 4 39 Due in year 5 and later 58 100 Total interest rate hedges 120 169 The average remaining term of the existing total debt portfolio is later than 5 years. The hedges have an average remaining term of later than 5 years.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.Cont. note 18 Financial risk2023 2022USD millAssets Liabilities Assets LiabilitiesInterest rate derivativesNew Energy 2 1 Total interest rate derivatives 2 1 Currency derivativesMaritime Services 10 Total currency derivatives 10 Total market value of financial derivatives 2 2 10 Book value equals market valueThe following sensitivity analysis shows the impact that a reasonably possible change in interest rates over a financial year would have on profit after tax and equity. The impact is determined by assessing the effect of a reasonably possible change in interest rates would have had on interest income and expense and the impact on financial instrument fair values existing at the balance sheet date. The analysis is performed assuming a parallel shift in the relevant interest rate curves of 1%- and 2 %-points.USD millFair value sensitivities of interest rate riskChange in interest rates' level (2%) (1%) 0% 1% 2% Income statement effect (4) (2) 2 4 Equity effect (4) (2) 2 4 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. The investment portfolio is divided between stocks and bonds, holding positions in various sectors. All investments are concentrated within the Nordic countries and are diversified across more than 30 different companies. The bond positions exclusively fall within the Investment Grade space.Below table summarizes the equity market sensitivity towards the market value of all listed equities held as current financial investments, see note 16.USD millChange in equity pricesChange in market value (20%) (10%) 0% 10% 20% Income statement effect (24) (12) 12 24 Equity effect (24) (12) 12 24",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"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 hedge interest rate risk or foreign exchange risk, as well as investments, including bank deposits.TRADE 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 2023 (analogous for 2022).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 17 for further details.Credit risk exposure The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as per below table:USD millNote 2023 2022Exposure to credit riskFinancial derivatives (liability) 12 (9)Account receivables 12 240 241 Bonds 16 36 33 Cash and bank deposits 17 224 163 Total exposure to credit risk 501 429",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__52": {
"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 2023, the group had in excess of USD 404 million (2022: USD 313 million) in cash, investment grade bonds and listed equities (cash and cash equivalents, current financial investments and investment in Qube Holdings Limited), in addition to USD 321 million (2022: USD 172 million) in committed undrawn credit facilities.Less than Between Between Later than USD mill1 year1 and 2 years2 and 5 years5 yearsUndiscounted cash flows financial liabilities 2023Mortgages 14 13 265 14 Finance lease liabilities 24 18 24 59 Bank loan 174 3 Interest due 36 35 67 33 Total undiscounted cash flow financial liabilities 73 67 529 109 Current liabilities (excluding next year's instalment on interest-bearing debt) 477 Total gross undiscounted cash flows financial liabilities 31.12.2023 550 67 529 109 Undiscounted 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 31.12.2022 679 50 79 535 Cont. note 18 Financial risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "Financial instruments by categoryFinancial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 30 12 42 Financial asset to fair value 14 87 87 Current financial investments 16 124 124 Current financial derivatives 12 2 2 Other current assets 12 276 276 Cash and cash equivalent 224 224 Assets at 31.12.2023 531 225 756 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 557 557 Current interest bearing liabilities 17 51 51 Other non current liabilities 12 11 11 Other current liabilities 12 477 477 Liabilities at 31.12.2023 11 1 085 1 096 Financial assets at Fair value through the USD millNoteTotalamortised costincome statementAssetsOther non current assets 12 6 14 20 Financial asset to fair value 14 75 75 Current financial investments 16 104 104 Current financial derivatives 12 2 2 Other current assets 12 284 284 Cash and cash equivalent 163 163 Assets at 31.12.2022 453 195 648 Liabilities at fair value through Other financial liabilities Totalthe income statementat amortised costLiabilitiesNon current interest-bearing debt 17 566 566 Current interest bearing liabilities 17 88 88 Current financial derivatives 12 10 10 Other non current liabilities 12 11 11 Other current liabilities 12 452 452 Liabilities at 31.12.2022 21 1 106 1 127",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "Note 19 Related party transactionsFINANCIAL REPORTING PRINCIPLESTransactions 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.Business office, OwnershipcountryMaterial related parties in the group are:Wallenius Wilhelmsen ASA Norway 37.9%Coast Center Base AS / KS Norway 50.0%USD thousand 2023 2022KEY MANAGEMENT PERSONNEL COMPENSATIONBase salary 2 086 2 067 Bonus 1 436 3 456 Pension 513 534 Other benefits 341 383 Total 4 376 6 440 Detailed remuneration discloures are provided in the remuneration report.USD thousand 2023 2022OPERATING REVENUE FROM RELATED PARTYSale of goods and services to joint ventures and associates:WAWI group 22 20 Maritime Services 7 4 New Energy 1 1 Operating revenue from related party 31 25 OPERATING EXPENSES TO RELATED PARTYPurchase of goods and services from joint ventures and associates:Maritime Services (1) (2)New Energy (28) (1)Operating expenses to related party (29) (3)ACCOUNT RECEIVABLES FROM RELATED PARTYMaritime Services 4 12 Account receivables from related party 4 12 ACCOUNT PAYABLES TO RELATED PARTYMaritime Services 4 New Energy 3 6 Account payables to related party 7 6 NON CURRENT ASSETS TO RELATED PARTYMaritime Services 3 New Energy 1 Non current assets to related party 1 3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "Tallyman AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "Note 20 Subsidiaries with material non-controlling interests2023Business office, countryVoting/control shareTreasure ASA * Norway 78.68%* At 31 December 2023 Treasure ASA had nil own shares (31 December 2022 had 2 594 566 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. In 2023, the group changed the classification to consider Hyundai Glovis as an associated company and to recognise the investment according to the equity method. Please refer to note 21 for more information.Treasure ASAUSD mill2023 2022Summarised balance sheetNon current assets 675 620 Current assets 4 10 Total assets 680 630 Non current liabilitiesCurrent liabilities 1 Total liabilities 1 Net assets 679 630 Accumulated non-controlling interests (NCI) 145 145 Summarised income statement/OCITotal incomeProfit for the year 84 100 Other comprehensive income (16) (26)Total comprehensive income 68 73 Profit allocated to NCIs 15 16 Dividends paid to NCIs 4 5 Summarised cash flowsNet cash flow provided by/(used in) operating activities 13 10 Net cash flow provided by/(used in) investing activitiesNet cash flow provided by/(used in) financing activities (19) (27)Net increase/(decrease) in cash and cash equivalents (5) (17)USD mill2023 2022Total allocation to NCIsProfit for the period to material NCIs 18 26 Profit for the period to other immaterial NCIs 3 1 Profit for the period to NCIs 21 27",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "Note 21 Change in classification of asset - restated financial figuresChange in classification of the group\u2019s investment in Hyundai Glovis Co., Ltd.As of 31 December 2023 the group holds a 78.68% share in the company Treasure ASA, who through the fully owned subsidiary Den Norske Amerikalinje AS holds a 11% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange.Hyundai Glovis\u2019 principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service. Hyundai Glovis also has a growing shipping segment with its own fleet of car carriers and bulk carriers.Basis for change in accounting methodThe group has previously recognised the investment as financial assets to fair value (\u201dFV\u201d) measurement with changes in FV recognised in profit or loss in accordance with IFRS 9 - Financial Instruments.In 2023 the group has changed the classification to consider Hyundai Glovis as an associated company and to recognise the investment according to the equity method in accordance with IAS 28 - Investments in Associates and Joint Ventures, with the group\u2019s share of changes in net assets of Hyundai Glovis reported as share of profit from associates and dividends from associates. This change comes as a result from discussions with Financial Supervisory Authority of Norway (the \u201dNFSA\u201d).The group received a preliminary notice from the NFSA regarding it\u2019s accounting treatment of the Hyundai Glovis investment in the group\u2019s consolidated financial statements for the period ending 31 December 2021. In the notice, the NFSA has concluded the group has significant influence over Hyundai Glovis, and is therefore required to classify the investment as an associated company, and to measure the investment using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures. The change in classification should be corrected retrospectivly as an error according to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.Presentation of restated comparable amountsApplying IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, the group have in this note presented the restated comparable amounts for each period presented as if the investment in Hyundai Glovis had been recognised in accordance with the equity method, starting from the reporting period beginning 1 January 2022.Impact of the change on accounting method on the group\u2019s consolidated financial statementsThe impact on the consolidated balance sheet as of 1 January 2022 is a decrease in total equity and retained earnings of USD 27 million, with a decrease of USD 20 million attributable to equity holders of the parent and a decrease of USD 7 million attributable to non-controlling interests.The group\u2019s restated financial statements for the previous period is presented below.RESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022Income statement and comprehensive income2022 2022 2022USD mill as reported adjustments restated Operating profit 83 83 Share of profit from joint ventures and associates 296 102 397 Change in fair value financial assets (50) 46 (5)Other financial income 32 (13) 19 Other financial items (55) (55)Profit before tax 306 134 440 Tax income/(expense) (13) (13)Profit for the period 293 134 427 Profit attributable to the equity holders of the company 296 105 400 Profit/(loss) attributable to non-controlling interests (3) 30 27 Other comprehensive incomeComprehensive income from associates 4 1 6 Currency translation differences (73) (26) (99)Other items in other comprehensive income 5 5 Total comprehensive income 229 110 339 Attributable to the equity holders of the company 240 86 326 Attributable to non-controlling interests (11) 23 13 Basic / diluted earnings per share (USD) 6.63 2.35 8.98 Cont. note 21 Change in classification of asset - restated financial figuresRESTATED FINANCIAL FIGURES FOR THE PERIOD ENDING 31 DECEMBER 2022Balance sheet 31.12.2021 01.01.2022 01.01.2022 31.12.2022 31.12.2022 31.12.2022USD mill as reported adjustments restated as reported adjustments restated AssetsInvestments in joint ventures and associates 1 093 556 1 649 1 342 620 1 962 Financial assets to fair value 688 (583) 105 613 (538) 75 Other non current assets 921 921 943 943 Total non current assets 2 702 (27) 2 675 2 898 83 2 981 Total current assets 746 746 730 730 Total assets 3 448 (27) 3 421 3 628 83 3 711 Equity and liabilitiesAttributable to equity holders of the parent 2 009 (20) 1 989 2 212 66 2 278 Non-controlling interests 221 (7) 214 144 17 160 Total equity 2 230 (27) 2 203 2 355 83 2 438 Total liabilities 1 218 1 218 1 273 1 273 Total equity and liabilities 3 448 (27) 3 421 3 628 83 3 711 Cash flow statement2022 2022 2022USD mill as reported adjustments restated Profit before tax 306 134 440 Share of (profit)/loss from joint ventures and associates (296) (102) (397)Changes in fair value financial assets 50 (46) 5 Financial (income)/expenses 23 13 36 Other net cash flow provided by operating activities (19) (19)Net cash provided by operating activities 64 64 Dividend received from joint ventures and associates 37 13 50 Proceeds from dividend and sale of financial investments 66 (13) 53 Other net cash flow provided by investing activities (97) (97)Net cash flow from investing activities 6 6",
"dimensions": {
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"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Note 22 ContingenciesThe size and global activities of the group dictate that companies in the group will be involved from time to time in disputes and legal actions.The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist are of such a nature that they will not significantly affect the group\u2019s financial position.Risks factors related to climate and environmental changes as well as regulatory changes responding to such changes are taken into consideration when assessing the risk of events occurring that could significantly affect the group\u2019s financial position. The group has not identified any material exposure that could significantly affect the group\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"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 group\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 group does not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.EBITDA margin is defined as EBITDA as a 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.Enterprise Value (EV) is defined as the market capitalization of a company plus NIBD.EV/EBITDA is derfined as Enterprise Value (EV) divided by EBITDA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "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.Translations 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 are presented on a net basis in the income statement, within finance income/expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "Note 25 Events after the balance sheet dateIn January 2024, Wilhelmsen Ship Management, a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA together with MPC Capital agreed to acquire 100 % of the company Zeaborn Ship Management. The closing of the transaction is expected for Q1 2024 and is subject to approval by the competent antitrust authorities.No other material events occured between the balance sheet date and the date when the accounts were presented providing new information about the conditions prevailing on the balance sheet date.Visiting address:Strandveien 20, NO-1366Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "Strandveien 20, NO-1366Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:54930050TPKOLSE1ZZ71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}