{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"WAL": "http://walleniuswilhelmsen.com/2022-12-31",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://walleniuswilhelmsen.com/2022-12-31/549300NBN0URT3RA3Y54-2022-12-31.xsd"
]
},
"facts": {
"f13115": {
"value": "5045000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13118": {
"value": "3884000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13123": {
"value": "3497000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13126": {
"value": "3054000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13134": {
"value": "1548000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13137": {
"value": "830000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13143": {
"value": "-47000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherGainsLosses",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13146": {
"value": "21000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherGainsLosses",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13152": {
"value": "541000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13155": {
"value": "483000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13160": {
"value": "29000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13163": {
"value": "62000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13170": {
"value": "931000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13173": {
"value": "306000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13181": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13184": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13188": {
"value": "184000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13191": {
"value": "95000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13195": {
"value": "288000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13198": {
"value": "203000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13204": {
"value": "-104000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13207": {
"value": "-108000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13214": {
"value": "829000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13217": {
"value": "199000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13223": {
"value": "35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13226": {
"value": "23000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13232": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13235": {
"value": "177000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13243": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13246": {
"value": "133000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13251": {
"value": "116000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13254": {
"value": "43000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13259": {
"value": "1.6",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f13260": {
"value": "1.6",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f13263": {
"value": "0.32",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f13264": {
"value": "0.32",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f13275": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13278": {
"value": "177000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13287": {
"value": "-7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13290": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13297": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13300": {
"value": "22000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13305": {
"value": "11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13308": {
"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13314": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13317": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13325": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13328": {
"value": "196000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13335": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13338": {
"value": "149000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13342": {
"value": "115000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13345": {
"value": "47000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13353": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13356": {
"value": "196000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13384": {
"value": "59000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13387": {
"value": "71000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13393": {
"value": "395000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13396": {
"value": "455000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13403": {
"value": "3943000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13406": {
"value": "4033000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13414": {
"value": "1599000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13417": {
"value": "1507000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13422": {
"value": "247000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13425": {
"value": "249000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13431": {
"value": "6242000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13434": {
"value": "6315000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13439": {
"value": "139000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:BunkersAndLuboil",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13442": {
"value": "147000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:BunkersAndLuboil",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13449": {
"value": "605000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13452": {
"value": "457000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13457": {
"value": "191000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13460": {
"value": "144000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13464": {
"value": "1216000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13467": {
"value": "710000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13472": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13475": {
"value": "21000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13481": {
"value": "2151000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13484": {
"value": "1479000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13489": {
"value": "8394000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13492": {
"value": "7794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13500": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13503": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13508": {
"value": "3125000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:RetainedEarningsAndOtherReserves",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13511": {
"value": "2511000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:RetainedEarningsAndOtherReserves",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13518": {
"value": "3153000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13521": {
"value": "2539000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13526": {
"value": "355000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13529": {
"value": "266000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13534": {
"value": "3508000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13537": {
"value": "2804000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13543": {
"value": "40000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13546": {
"value": "55000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13551": {
"value": "71000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13554": {
"value": "82000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13561": {
"value": "2200000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13564": {
"value": "2158000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13569": {
"value": "1254000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13572": {
"value": "1218000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13577": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13580": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13585": {
"value": "95000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13588": {
"value": "68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13594": {
"value": "3659000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13597": {
"value": "3596000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13605": {
"value": "112000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13608": {
"value": "154000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13615": {
"value": "316000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13618": {
"value": "515000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13623": {
"value": "317000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13626": {
"value": "238000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13631": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13634": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13639": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13642": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13647": {
"value": "479000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13650": {
"value": "455000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13656": {
"value": "1226000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13659": {
"value": "1395000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13664": {
"value": "8394000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13667": {
"value": "7794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13694": {
"value": "829000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13697": {
"value": "199000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13703": {
"value": "-104000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13706": {
"value": "-108000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13710": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13713": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13719": {
"value": "541000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13722": {
"value": "483000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13726": {
"value": "29000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13729": {
"value": "62000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13733": {
"value": "14000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13736": {
"value": "-0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13740": {
"value": "-12000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13743": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13748": {
"value": "47000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13751": {
"value": "-21000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13755": {
"value": "-190000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:AdjustmentsForDecreaseIncreaseInOtherAssetsAndAdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13758": {
"value": "-173000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:AdjustmentsForDecreaseIncreaseInOtherAssetsAndAdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13764": {
"value": "35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13767": {
"value": "24000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13772": {
"value": "1297000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13775": {
"value": "623000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13781": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13784": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13789": {
"value": "45000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13792": {
"value": "5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13798": {
"value": "112000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13801": {
"value": "141000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13806": {
"value": "11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13809": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13813": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13816": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13821": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13824": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13829": {
"value": "-62000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13832": {
"value": "-140000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13839": {
"value": "1002000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13842": {
"value": "474000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13847": {
"value": "1095000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13850": {
"value": "531000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13855": {
"value": "352000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13858": {
"value": "204000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13863": {
"value": "189000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13866": {
"value": "165000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13870": {
"value": "14000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:RealisedOtherDerivativesClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13873": {
"value": "-7000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:RealisedOtherDerivativesClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13878": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13881": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13885": {
"value": "63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13888": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13893": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "WAL:IncreaseDecreaseInCashCollateralUsedInFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13896": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "WAL:IncreaseDecreaseInCashCollateralUsedInFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13900": {
"value": "-729000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13903": {
"value": "-427000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13907": {
"value": "505000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13910": {
"value": "56000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13914": {
"value": "710000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13917": {
"value": "654000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13923": {
"value": "1216000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13926": {
"value": "710000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13978": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f13981": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f13984": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f13987": {
"value": "2511000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f13990": {
"value": "2539000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f13993": {
"value": "266000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f13996": {
"value": "2804000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14001": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14004": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14007": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14010": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14013": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14016": {
"value": "116000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14019": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14023": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14026": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14029": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14032": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14035": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14038": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14041": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14047": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14050": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14053": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14056": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14059": {
"value": "679000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14062": {
"value": "115000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14065": {
"value": "794000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14069": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14072": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14075": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14078": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14081": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14084": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14087": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14094": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14097": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14100": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14103": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14106": {
"value": "-11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14113": {
"value": "63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14116": {
"value": "63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14119": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14122": {
"value": "63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14127": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14130": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14133": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14136": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14139": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14142": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14145": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14149": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14152": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14155": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14158": {
"value": "3125000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14161": {
"value": "3153000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14164": {
"value": "355000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14167": {
"value": "3508000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14172": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14175": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14178": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14181": {
"value": "2363000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14184": {
"value": "2391000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14187": {
"value": "224000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14190": {
"value": "2615000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14195": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14198": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14201": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14204": {
"value": "133000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14207": {
"value": "133000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14210": {
"value": "43000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14213": {
"value": "177000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14217": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14220": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14223": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14226": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14229": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14232": {
"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14235": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14241": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14244": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14247": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14250": {
"value": "149000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14253": {
"value": "149000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14256": {
"value": "47000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14259": {
"value": "196000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14263": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14266": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14269": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14272": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14275": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14278": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14281": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14286": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14289": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14292": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14295": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14298": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14301": {
"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14304": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14309": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14312": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14315": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14318": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14321": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14324": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14327": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f14331": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f14334": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"f14337": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:PaidInCapitalMember",
"unit": "iso4217:USD"
}
},
"f14340": {
"value": "2511000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "WAL:RetainedEarningsAndOtherReservesMember",
"unit": "iso4217:USD"
}
},
"f14343": {
"value": "2539000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f14346": {
"value": "266000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f14349": {
"value": "2804000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s8_notes__7__6": {
"value": "Accounting policiesGeneral information and backgroundWallenius Wilhelmsen ASA (the parent company) is a public limited company incor-porated in Norway, and its shares are listed on the Oslo Stock Exchange. The parent company\u2019s registered office is at Strandveien 20, Lysaker, Norway. These consolidated financial statements consist of the parent company and its subsidiaries (the group) and the group\u2019s interests in associated companies and jointly controlled entities. The group\u2019s business is primarily made up of shipping and logistics operations. The principal activities of the group are described in note 2 Segment information. These consolidated financial statements were approved for issue by the board of directors on March 14, 2023.Basis of preparationStatement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act as effective December 31, 2022. The financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as stated by \u00a7 3-9 of the Accounting Act and the Regulations on the Simplified Application of International Accounting Standards established by the Norwegian Ministry of Finance on February 7, 2022. In the parent company, the company has elected to apply the exemption from IFRS for dividends and group contributions. Otherwise, the accounting policies for the group are also adopted by the parent company. Wallenius Wilhelmsen provides additional disclosures in accordance with require-ments in the Norwegian Accounting Act related to remuneration to the board and management. The consolidated financial statements are presented in US dollars (USD), rounded to the nearest whole million unless otherwise stated. USD is the functional currency of most entities in the group. The parent company is presented in its functional currency USD.Historical cost conventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.Principles of consolidation and equity accountingThe consolidated financial statements comprise the financial statements of Walle-nius Wilhelmsen ASA and its subsidiaries as of December 31, 2022. SubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method is used by the group to account for business combinations. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Account-ing policies of subsidiaries have been changed where necessary to ensure consis-tency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method. Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method. Equity methodUnder the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unse-cured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. Shares in subsidiaries, joint ventures and associates are reviewed for impairment whenever events or changes in circumstances indicate that the carry-ing amount may exceed the recoverable amount of the investment. An impairment loss is reversed if the impairment situation is deemed to no longer exist.Changes in ownership interestsA change in ownership interest of a subsidiary that does not result in a loss of control is a transaction with equity owners of the group and accounted for as an equity transaction. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. 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 the carrying amount recognized 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 recognized 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 recognized in other compre-hensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only the proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss.Shares in subsidiaries, joint ventures and associates (parent company)Shares in subsidiaries, joint ventures and associates are recognized according to the cost method. Group contributions and dividends from subsidiaries are recog-nized in the year in which it is proposed by the subsidiary to the extent the parent company can control the decision of the subsidiary.Segment reportingThe group\u2019s operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker which is the group\u2019s Chief Executive Officer (CEO). Financial and operational information is prepared for each segment, and the information disclosed is in line with the infor-mation used by the CEO to assess performance and allocate resources. The chief operating decision-maker is responsible for coordinating business and manage-ment to optimize the use of know-how and resources and to align decision-making related to the implementation of the group\u2019s strategy. Related party transactionsSee note 22 to the group financial statements for related party transactions. See note 4 to the group financial statements for remuneration of senior executives in the group and note 2 to the parent company financial statements for information related to loans and guarantees for employees in the parent company. Wallenius Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act \u00a77-31b related to remuneration to the board and management. This information is included in the separate Remuneration report for 2022. Foreign currency transaction and translationTransactions In individual companies, transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange as of the transaction date. Monetary assets and liabilities denominated in foreign currencies are subsequently translated into the relevant functional currency by using the rate of exchange at the balance sheet date. Realized and unrealized currency gains or losses are included in financial income or expense.TranslationIn the consolidated financial statements, the assets and liabilities of non-USD functional currency subsidiaries, joint ventures and associates, including related goodwill, are translated into USD using the rate of exchange as of the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries, joint ventures and associates are translated into USD using the average exchange rate for the period reported (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rate on the dates of the transactions). Exchange rate adjustments arising when the opening net assets and the net income for the year retained by non-USD operations are translated into USD are recognized in other comprehensive income. On disposal of a non-USD functional currency subsidiary, joint venture or associate, the deferred cumulative amount recognized in equity relating to that particular entity is recognized in the income statement. Business combinationsThe acquisition method of accounting is used to account for all business combina-tions, regardless of whether equity instruments or other assets are acquired. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the group, liabilities incurred by the group to the former owners of the acquired business and the equity interest issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The excess of the \u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recognized as goodwill. If after reassessment, those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit and loss as a bargain purchase gain. Contingent consid-eration is classified either as equity or a financial liability and initially measured at its acquisition-date fair value. Amounts classified as financial liabilities are subse-quently remeasured to fair value with changes in fair value recognized in profit and loss. If a business combination is achieved in stages, the acquisition-date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value. Any gains or losses arising from such remeasurement are recognized in profit and loss. Revenue recognitionThe group recognizes revenue from the following major sources:\u2022 voyage charter revenue (freight revenue)\u2022 land-based revenueRevenue is measured based on the consideration to which the group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognizes revenue when it transfers control of a product or service to a customer. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The accounting policies for the group\u2019s main types of revenue are set out below.Voyage charter revenueVoyage charter revenue is recognized in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. The voyage charter revenue is recog-nized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applica-ble voyage. When recognizing revenue from voyage charters the group applies the practical expedient defined by the standard enabling the group to account for several contracts with similar characteristics as a portfolio, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually.Land-based logistics service revenue Land-based logistics services are recognized in accordance with IFRS 15 in the accounting period in which the services have been rendered.Tangible assetsVessels and other tangible assets acquired by group companies are initially recog-nized at cost. Depreciation is calculated on a straight-line basis. A residual value, which reduces the depreciation base, is estimated for vessels. The estimate is based on a 10 year average rolling demolition price for general cargo vessels. In addition, a charge for green ship recycling is deducted. The calculation is performed on an annual basis.The carrying value of tangible assets equals the historical cost less accumulated depreciation and any impairment charges. The group capitalizes loan costs related to the construction of new vessels on the basis of the group\u2019s average borrowing rate on interest-bearing debt. Shipbuilder installments paid, other direct vessel costs and the group\u2019s interest costs related to financing the acquisition of vessels are capitalized as they are paid. Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 years Property 30-50 years Land no depreciation Other tangible assets 3-10 years Each component of a tangible asset, which is significant for the total cost of the item and for which the estimated useful life is different, will be depreciated sepa-rately. Components with similar estimated useful lives will be included in a single component. An analysis of the group\u2019s fleet concluded that vessels based on a pure car truck carrier/roll-on roll-off design do not need to be separated into different compo-nents since there is no significant difference in the estimated useful life for the various components of these vessels over and above docking costs. Costs related to docking and periodic maintenance will normally be depreciated over the period until the next docking. The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each balance sheet date. The effect of any changes in estimate is accounted for on a prospective basis. Goodwill and other intangible assetsAmortization of intangible assets is based on the following estimated useful lives:Goodwill Indefinite Customer relations/contracts 3-10 years Other intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group\u2019s share of the identifiable net assets of the acquired subsidiary, joint venture or asso-ciate. Goodwill arising from the acquisition of subsidiaries is classified as an intan-gible asset. Goodwill arising from the acquisition of an interest in a joint venture or an associated company is included in the carrying amount of the investment and tested for impairment as a single asset. Goodwill from acquisition of subsidiaries is tested for impairment at least annually and carried at cost less impairment losses. Impairment losses on goodwill are not reversed. A gain or loss on disposal of a business or part of a business includes the attributable amount of goodwill.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable, and it is probable that the future economic bene-fits that are attributable to the asset will flow to the entity. Subsequent to initial recognition, customer relations and contracts are amortized over their estimated useful lives in accordance with the straight-line method.Other intangible assetsPort use rights acquired through business combinations are recognized as an intangible asset. The amount is initially estimated based on the discounted value of the differential cash flow for the future port use right period. The differential cash flow is calculated based on the difference between the estimated rental payments based on market terms and the rental payments under the contractual port use right arrangement. The port use right intangible asset is amortized using the unit of production method. Development costs that are directly attributable to the design and testing of iden-tifiable and unique software products controlled by the group are recognized as intangible assets when the following criteria are met:\u2022 it is technically feasible to complete the software product so that it will be available for use;\u2022 management intends to complete the software product and use or sell it;\u2022 it can be demonstrated how the software product will generate probable future economic benefits;\u2022 adequate technical, financial and other resources to complete the develop-ment and to use or sell the software product are available; and\u2022 the expenditure attributable to the software product during its development can be reliably measuredCapitalized expenses related to software assets are amortized over their estimated useful lives in accordance with the straight-line method. Costs associated with maintaining computer software are recognized as an expense as incurred.Impairment of goodwill and other non-financial assetsAt each reporting date, the group reviews the carrying amounts of its goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication of impairment. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset\u2019s recoverable amount is estimated. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the highest of the fair value less costs of disposal and value in use. In assessing value in use, the net present value (NPV) of future esti-mated cash flows from the employment of the asset is determined. The discount rate applied is the weighted average cost of capital (\u201cWACC\u201d) reflecting the required rate of return of the asset or CGU. If the recoverable amount is estimated to be less than the carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. Impairment losses are recognized in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. An impairment loss for goodwill is not subsequently reversed.Vessels and vessel related projectsEstimated future cash flows are based on an assessment of the group\u2019s expected time charter earnings and estimated level of operating expenses for each type of vessel over the remaining useful life of the vessel. Vessels are organized and oper-ated as a fleet and evaluated for impairment on the basis that the whole fleet is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel\u2019s earnings. Furthermore, the group\u2019s vessels are interchange-able among the operating companies and part of a coordinated fleet management structure in place to optimize operations (long term chartering activities, vessel swaps, space chartering, combined schedules etc.). Goodwill Goodwill acquired through business combinations has for the purpose of impair-ment testing been allocated to the relevant CGU or group of CGUs expected to benefit from the business combination. CGUs or groups of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU or group of CGUs may be impaired. If the recov-erable amount of the CGU or group of CGUs to which goodwill has been allocated is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. LeasesThe group\u2019s leased assets primarily consist of vessels and land. In addition, the group leases office space and various equipment.Identifying 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 consid-eration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether:\u2022 the agreement creates enforceable rights of payment and obligations\u2022 the identified asset is physically distinct\u2022 it has the right to obtain substantially all of the economic benefits from use of the asset\u2022 it has the right to direct the use of the asset\u2022 the supplier does not have a substantive right to substitute the asset throughout the period of useSeparating components in the lease contractFor contracts that constitute, or contain a lease, the group separates lease compo-nents if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by maximizing the use of observable information.Recognition and measurement of leases At the lease commencement date, the group recognizes a lease liability and a corre-sponding right-of-use asset for all lease agreements in which it is the lessee. The following policy choices and practical expedients have been applied by the group: \u2022 the standard will not be applied to leases of intangible assets, and these will continue to be recognized in accordance with IAS 38 Intangible assets\u2022 all leases deemed to be short-term (<12 months) are recognized as an operat-ing expense on a straight-line basis over the term of the lease\u2022 all leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the term of the lease \u2022 non-lease components are separated from the lease component in all vessel leases. For other lease agreements, the group applies a materiality threshold when evaluating separationMeasuring the lease liabilityThe 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 that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option.The lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments less any lease incentives receivable\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amount expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option, if the group is reasonably certain to exercise that option\u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the leaseThe group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. The lease liability is subsequently measured by increasing the carrying amount to reflect inter-est 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. The group presents its lease liabilities as separate line items in the balance sheet reflecting the non-current and current portions of the liability.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprises:\u2022 the amount of the initial measurement of the lease liability\u2022 any lease payments made at or before the commencement date, less any lease incentives received\u2022 any initial direct costs incurred by the group\u2022 an estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease The right-of-use asset is subsequently measured at cost less accumulated depre-ciation and impairment losses. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date over the shorter of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Financial assetsThe group classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories of finan-cial assets are amortized cost and fair value through either profit or loss (FVPL) or other comprehensive income (FVOCI).Management determines the classification of financial assets at their initial recog-nition. Financial assets carried at fair value through profit or loss are initially measured at fair value with transaction costs recognized immediately in the income statement. Subsequent changes in fair value are recognized in profit or loss.Where the group has made an irrevocable decision to designate an investment at fair value through other comprehensive income, the investment is initially measured at fair value plus transaction costs. Subsequent changes in fair value are recog-nized in other comprehensive income. Cumulative gains or losses are not recycled through profit or loss on disposal of the investment.Receivables and other financial assetsNon-derivative financial assets, such as receivables other than trade receivables, are assets with fixed or determinable payments. They are classified as current assets, except for assets with a maturity later than 12 months after the balance sheet date, which are classified as non-current assets. Non-derivative financial assets are classified as Other current assets or Other non-current assets in the balance sheet. Non-derivative financial assets are recognized initially at their fair value plus transaction costs and subsequently measured at amortized cost. Financial assets are derecognized when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realized gains and losses are recognized in the income statement in the period they arise. Trade receivablesTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The group holds the trade receivables with the objective of collecting the contractual cash flows and trade receivables are therefore measured subsequently at amortized cost using the effective interest method. The group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets.Derivative financial instrumentsThe group utilizes a variety of derivative financial instruments to manage its expo-sure to interest rate and foreign exchange rate risks. Derivative financial instruments are included in current assets or current liabili-ties, except for those with a maturity later than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities.Derivative financial instruments are recognized at fair value on the date a deriv-ative contract is entered into and subsequently remeasured to their fair value at each reporting date. Contracts for derivative financial instruments are entered into for hedging purposes, but the group has elected not to document the hedge relationship and can therefore not apply hedge accounting. Changes in the fair value of derivative instruments are thus recognized immediately in the income statement as financial income/expense. Put and call options for non-controlling interestNon-controlling interests containing a symmetrical put and call option held by the non-controlling interest shareholder and the group respectively is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement.Put options held by non-controlling interest shareholders are recognized as a financial liability reflecting the present value of the redemption amount as other non-current (interest-bearing) liabilities with a corresponding entry reducing equity through retained earnings and other reserves. All subsequent changes to the liabil-ity are recognized in profit or loss. In the event that the option expires unexercised, the liability will be derecognized with a corresponding adjustment to equity. Interest-bearing debtInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan. Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.Deferred tax assets and liabilitiesDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using the tax rates and laws which have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability settled.Deferred tax assets are recognized to the extent that it is probable that taxable prof-its will be available against which deductible temporary differences can be utilized. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group.For group companies subject to tonnage tax regimes, the tonnage tax is recog-nized as an operating cost.Employee compensationPension obligationsGroup companies have various pension schemes, and the employees are covered by pension plans which comply with local laws and regulations. The group and the parent company have both defined contribution and defined benefit plans. Defined contribution plans require the group and the parent company to pay contributions to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group and the parent company have no further legal or constructive payment obligations once the contributions have been paid. The contributions are recognized as an employee expense when they fall due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and level of wages and salaries. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the report-ing period less the fair value of plan assets. The defined benefit obligation is calcu-lated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. Remeasurements of the pension liability for the defined benefit pension plan aris-ing from experience adjustments and changes in the actuarial assumptions are recognized in other comprehensive income. Past service costs are recognized immediately in the income statement.Share-based compensation The group has long-term incentive plans for senior executives. These are bonus schemes where monetary awards are delivered in an equivalent number of listed Wallenius Wilhelmsen ASA shares to the extent that performance conditions have been met over a defined period of time. The bonus is assessed over, and becomes payable, after three years, subject to continued employment and the achievement of financial and strategic long-term performance targets, including return on capi-tal, market capitalization and a discretionary element. The most recent plans also include a sustainability target.The group may also offer employees an opportunity to purchase shares in Walle-nius Wilhelmsen ASA at a reduced price. The related cost is recognized when the employee exercises this option.Cash and cash equivalentsCash and cash equivalents include cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are presented as borrowings in current liabilities on the balance sheet. Fuel/lube oilFuel is valued at the lower of cost and net realizable value. Lube oil represents the lubrication oil held on board the vessels. ProvisionsThe group and the parent company recognize provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability.Dividend in the group financial statementsDividend payments to the parent company\u2019s shareholders are recognized as a liability in the group\u2019s financial statements from the date when the dividend is approved by the general meeting. Dividend and group contribution in the parent company financial statementsProposed dividend payments to the parent company\u2019s shareholders are presented in the parent company financial statements as a liability as at December 31, in the current year. Group contributions received from subsidiaries are recognized as financial income and current assets in the financial statement at December 31, in the current year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__5": {
"value": "Accounting policiesGeneral information and backgroundWallenius Wilhelmsen ASA (the parent company) is a public limited company incor-porated in Norway, and its shares are listed on the Oslo Stock Exchange. The parent company\u2019s registered office is at Strandveien 20, Lysaker, Norway. These consolidated financial statements consist of the parent company and its subsidiaries (the group) and the group\u2019s interests in associated companies and jointly controlled entities. The group\u2019s business is primarily made up of shipping and logistics operations. The principal activities of the group are described in note 2 Segment information. These consolidated financial statements were approved for issue by the board of directors on March 14, 2023.Basis of preparationStatement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act as effective December 31, 2022. The financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as stated by \u00a7 3-9 of the Accounting Act and the Regulations on the Simplified Application of International Accounting Standards established by the Norwegian Ministry of Finance on February 7, 2022. In the parent company, the company has elected to apply the exemption from IFRS for dividends and group contributions. Otherwise, the accounting policies for the group are also adopted by the parent company. Wallenius Wilhelmsen provides additional disclosures in accordance with require-ments in the Norwegian Accounting Act related to remuneration to the board and management. The consolidated financial statements are presented in US dollars (USD), rounded to the nearest whole million unless otherwise stated. USD is the functional currency of most entities in the group. The parent company is presented in its functional currency USD.Historical cost conventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.Principles of consolidation and equity accountingThe consolidated financial statements comprise the financial statements of Walle-nius Wilhelmsen ASA and its subsidiaries as of December 31, 2022. SubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method is used by the group to account for business combinations. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Account-ing policies of subsidiaries have been changed where necessary to ensure consis-tency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method. Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method. Equity methodUnder the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unse-cured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. Shares in subsidiaries, joint ventures and associates are reviewed for impairment whenever events or changes in circumstances indicate that the carry-ing amount may exceed the recoverable amount of the investment. An impairment loss is reversed if the impairment situation is deemed to no longer exist.Changes in ownership interestsA change in ownership interest of a subsidiary that does not result in a loss of control is a transaction with equity owners of the group and accounted for as an equity transaction. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. 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 the carrying amount recognized 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 recognized 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 recognized in other compre-hensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only the proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss.Shares in subsidiaries, joint ventures and associates (parent company)Shares in subsidiaries, joint ventures and associates are recognized according to the cost method. Group contributions and dividends from subsidiaries are recog-nized in the year in which it is proposed by the subsidiary to the extent the parent company can control the decision of the subsidiary.Segment reportingThe group\u2019s operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker which is the group\u2019s Chief Executive Officer (CEO). Financial and operational information is prepared for each segment, and the information disclosed is in line with the infor-mation used by the CEO to assess performance and allocate resources. The chief operating decision-maker is responsible for coordinating business and manage-ment to optimize the use of know-how and resources and to align decision-making related to the implementation of the group\u2019s strategy. Related party transactionsSee note 22 to the group financial statements for related party transactions. See note 4 to the group financial statements for remuneration of senior executives in the group and note 2 to the parent company financial statements for information related to loans and guarantees for employees in the parent company. Wallenius Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act \u00a77-31b related to remuneration to the board and management. This information is included in the separate Remuneration report for 2022. Foreign currency transaction and translationTransactions In individual companies, transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange as of the transaction date. Monetary assets and liabilities denominated in foreign currencies are subsequently translated into the relevant functional currency by using the rate of exchange at the balance sheet date. Realized and unrealized currency gains or losses are included in financial income or expense.TranslationIn the consolidated financial statements, the assets and liabilities of non-USD functional currency subsidiaries, joint ventures and associates, including related goodwill, are translated into USD using the rate of exchange as of the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries, joint ventures and associates are translated into USD using the average exchange rate for the period reported (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rate on the dates of the transactions). Exchange rate adjustments arising when the opening net assets and the net income for the year retained by non-USD operations are translated into USD are recognized in other comprehensive income. On disposal of a non-USD functional currency subsidiary, joint venture or associate, the deferred cumulative amount recognized in equity relating to that particular entity is recognized in the income statement. Business combinationsThe acquisition method of accounting is used to account for all business combina-tions, regardless of whether equity instruments or other assets are acquired. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the group, liabilities incurred by the group to the former owners of the acquired business and the equity interest issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The excess of the \u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recognized as goodwill. If after reassessment, those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit and loss as a bargain purchase gain. Contingent consid-eration is classified either as equity or a financial liability and initially measured at its acquisition-date fair value. Amounts classified as financial liabilities are subse-quently remeasured to fair value with changes in fair value recognized in profit and loss. If a business combination is achieved in stages, the acquisition-date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value. Any gains or losses arising from such remeasurement are recognized in profit and loss. Revenue recognitionThe group recognizes revenue from the following major sources:\u2022 voyage charter revenue (freight revenue)\u2022 land-based revenueRevenue is measured based on the consideration to which the group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognizes revenue when it transfers control of a product or service to a customer. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The accounting policies for the group\u2019s main types of revenue are set out below.Voyage charter revenueVoyage charter revenue is recognized in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. The voyage charter revenue is recog-nized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applica-ble voyage. When recognizing revenue from voyage charters the group applies the practical expedient defined by the standard enabling the group to account for several contracts with similar characteristics as a portfolio, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually.Land-based logistics service revenue Land-based logistics services are recognized in accordance with IFRS 15 in the accounting period in which the services have been rendered.Tangible assetsVessels and other tangible assets acquired by group companies are initially recog-nized at cost. Depreciation is calculated on a straight-line basis. A residual value, which reduces the depreciation base, is estimated for vessels. The estimate is based on a 10 year average rolling demolition price for general cargo vessels. In addition, a charge for green ship recycling is deducted. The calculation is performed on an annual basis.The carrying value of tangible assets equals the historical cost less accumulated depreciation and any impairment charges. The group capitalizes loan costs related to the construction of new vessels on the basis of the group\u2019s average borrowing rate on interest-bearing debt. Shipbuilder installments paid, other direct vessel costs and the group\u2019s interest costs related to financing the acquisition of vessels are capitalized as they are paid. Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 years Property 30-50 years Land no depreciation Other tangible assets 3-10 years Each component of a tangible asset, which is significant for the total cost of the item and for which the estimated useful life is different, will be depreciated sepa-rately. Components with similar estimated useful lives will be included in a single component. An analysis of the group\u2019s fleet concluded that vessels based on a pure car truck carrier/roll-on roll-off design do not need to be separated into different compo-nents since there is no significant difference in the estimated useful life for the various components of these vessels over and above docking costs. Costs related to docking and periodic maintenance will normally be depreciated over the period until the next docking. The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each balance sheet date. The effect of any changes in estimate is accounted for on a prospective basis. Goodwill and other intangible assetsAmortization of intangible assets is based on the following estimated useful lives:Goodwill Indefinite Customer relations/contracts 3-10 years Other intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group\u2019s share of the identifiable net assets of the acquired subsidiary, joint venture or asso-ciate. Goodwill arising from the acquisition of subsidiaries is classified as an intan-gible asset. Goodwill arising from the acquisition of an interest in a joint venture or an associated company is included in the carrying amount of the investment and tested for impairment as a single asset. Goodwill from acquisition of subsidiaries is tested for impairment at least annually and carried at cost less impairment losses. Impairment losses on goodwill are not reversed. A gain or loss on disposal of a business or part of a business includes the attributable amount of goodwill.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable, and it is probable that the future economic bene-fits that are attributable to the asset will flow to the entity. Subsequent to initial recognition, customer relations and contracts are amortized over their estimated useful lives in accordance with the straight-line method.Other intangible assetsPort use rights acquired through business combinations are recognized as an intangible asset. The amount is initially estimated based on the discounted value of the differential cash flow for the future port use right period. The differential cash flow is calculated based on the difference between the estimated rental payments based on market terms and the rental payments under the contractual port use right arrangement. The port use right intangible asset is amortized using the unit of production method. Development costs that are directly attributable to the design and testing of iden-tifiable and unique software products controlled by the group are recognized as intangible assets when the following criteria are met:\u2022 it is technically feasible to complete the software product so that it will be available for use;\u2022 management intends to complete the software product and use or sell it;\u2022 it can be demonstrated how the software product will generate probable future economic benefits;\u2022 adequate technical, financial and other resources to complete the develop-ment and to use or sell the software product are available; and\u2022 the expenditure attributable to the software product during its development can be reliably measuredCapitalized expenses related to software assets are amortized over their estimated useful lives in accordance with the straight-line method. Costs associated with maintaining computer software are recognized as an expense as incurred.Impairment of goodwill and other non-financial assetsAt each reporting date, the group reviews the carrying amounts of its goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication of impairment. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset\u2019s recoverable amount is estimated. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the highest of the fair value less costs of disposal and value in use. In assessing value in use, the net present value (NPV) of future esti-mated cash flows from the employment of the asset is determined. The discount rate applied is the weighted average cost of capital (\u201cWACC\u201d) reflecting the required rate of return of the asset or CGU. If the recoverable amount is estimated to be less than the carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. Impairment losses are recognized in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. An impairment loss for goodwill is not subsequently reversed.Vessels and vessel related projectsEstimated future cash flows are based on an assessment of the group\u2019s expected time charter earnings and estimated level of operating expenses for each type of vessel over the remaining useful life of the vessel. Vessels are organized and oper-ated as a fleet and evaluated for impairment on the basis that the whole fleet is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel\u2019s earnings. Furthermore, the group\u2019s vessels are interchange-able among the operating companies and part of a coordinated fleet management structure in place to optimize operations (long term chartering activities, vessel swaps, space chartering, combined schedules etc.). Goodwill Goodwill acquired through business combinations has for the purpose of impair-ment testing been allocated to the relevant CGU or group of CGUs expected to benefit from the business combination. CGUs or groups of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU or group of CGUs may be impaired. If the recov-erable amount of the CGU or group of CGUs to which goodwill has been allocated is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. LeasesThe group\u2019s leased assets primarily consist of vessels and land. In addition, the group leases office space and various equipment.Identifying 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 consid-eration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether:\u2022 the agreement creates enforceable rights of payment and obligations\u2022 the identified asset is physically distinct\u2022 it has the right to obtain substantially all of the economic benefits from use of the asset\u2022 it has the right to direct the use of the asset\u2022 the supplier does not have a substantive right to substitute the asset throughout the period of useSeparating components in the lease contractFor contracts that constitute, or contain a lease, the group separates lease compo-nents if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by maximizing the use of observable information.Recognition and measurement of leases At the lease commencement date, the group recognizes a lease liability and a corre-sponding right-of-use asset for all lease agreements in which it is the lessee. The following policy choices and practical expedients have been applied by the group: \u2022 the standard will not be applied to leases of intangible assets, and these will continue to be recognized in accordance with IAS 38 Intangible assets\u2022 all leases deemed to be short-term (<12 months) are recognized as an operat-ing expense on a straight-line basis over the term of the lease\u2022 all leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the term of the lease \u2022 non-lease components are separated from the lease component in all vessel leases. For other lease agreements, the group applies a materiality threshold when evaluating separationMeasuring the lease liabilityThe 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 that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option.The lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments less any lease incentives receivable\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amount expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option, if the group is reasonably certain to exercise that option\u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the leaseThe group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. The lease liability is subsequently measured by increasing the carrying amount to reflect inter-est 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. The group presents its lease liabilities as separate line items in the balance sheet reflecting the non-current and current portions of the liability.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprises:\u2022 the amount of the initial measurement of the lease liability\u2022 any lease payments made at or before the commencement date, less any lease incentives received\u2022 any initial direct costs incurred by the group\u2022 an estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease The right-of-use asset is subsequently measured at cost less accumulated depre-ciation and impairment losses. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date over the shorter of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Financial assetsThe group classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories of finan-cial assets are amortized cost and fair value through either profit or loss (FVPL) or other comprehensive income (FVOCI).Management determines the classification of financial assets at their initial recog-nition. Financial assets carried at fair value through profit or loss are initially measured at fair value with transaction costs recognized immediately in the income statement. Subsequent changes in fair value are recognized in profit or loss.Where the group has made an irrevocable decision to designate an investment at fair value through other comprehensive income, the investment is initially measured at fair value plus transaction costs. Subsequent changes in fair value are recog-nized in other comprehensive income. Cumulative gains or losses are not recycled through profit or loss on disposal of the investment.Receivables and other financial assetsNon-derivative financial assets, such as receivables other than trade receivables, are assets with fixed or determinable payments. They are classified as current assets, except for assets with a maturity later than 12 months after the balance sheet date, which are classified as non-current assets. Non-derivative financial assets are classified as Other current assets or Other non-current assets in the balance sheet. Non-derivative financial assets are recognized initially at their fair value plus transaction costs and subsequently measured at amortized cost. Financial assets are derecognized when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realized gains and losses are recognized in the income statement in the period they arise. Trade receivablesTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The group holds the trade receivables with the objective of collecting the contractual cash flows and trade receivables are therefore measured subsequently at amortized cost using the effective interest method. The group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets.Derivative financial instrumentsThe group utilizes a variety of derivative financial instruments to manage its expo-sure to interest rate and foreign exchange rate risks. Derivative financial instruments are included in current assets or current liabili-ties, except for those with a maturity later than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities.Derivative financial instruments are recognized at fair value on the date a deriv-ative contract is entered into and subsequently remeasured to their fair value at each reporting date. Contracts for derivative financial instruments are entered into for hedging purposes, but the group has elected not to document the hedge relationship and can therefore not apply hedge accounting. Changes in the fair value of derivative instruments are thus recognized immediately in the income statement as financial income/expense. Put and call options for non-controlling interestNon-controlling interests containing a symmetrical put and call option held by the non-controlling interest shareholder and the group respectively is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement.Put options held by non-controlling interest shareholders are recognized as a financial liability reflecting the present value of the redemption amount as other non-current (interest-bearing) liabilities with a corresponding entry reducing equity through retained earnings and other reserves. All subsequent changes to the liabil-ity are recognized in profit or loss. In the event that the option expires unexercised, the liability will be derecognized with a corresponding adjustment to equity. Interest-bearing debtInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan. Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.Deferred tax assets and liabilitiesDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using the tax rates and laws which have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability settled.Deferred tax assets are recognized to the extent that it is probable that taxable prof-its will be available against which deductible temporary differences can be utilized. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group.For group companies subject to tonnage tax regimes, the tonnage tax is recog-nized as an operating cost.Employee compensationPension obligationsGroup companies have various pension schemes, and the employees are covered by pension plans which comply with local laws and regulations. The group and the parent company have both defined contribution and defined benefit plans. Defined contribution plans require the group and the parent company to pay contributions to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group and the parent company have no further legal or constructive payment obligations once the contributions have been paid. The contributions are recognized as an employee expense when they fall due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and level of wages and salaries. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the report-ing period less the fair value of plan assets. The defined benefit obligation is calcu-lated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. Remeasurements of the pension liability for the defined benefit pension plan aris-ing from experience adjustments and changes in the actuarial assumptions are recognized in other comprehensive income. Past service costs are recognized immediately in the income statement.Share-based compensation The group has long-term incentive plans for senior executives. These are bonus schemes where monetary awards are delivered in an equivalent number of listed Wallenius Wilhelmsen ASA shares to the extent that performance conditions have been met over a defined period of time. The bonus is assessed over, and becomes payable, after three years, subject to continued employment and the achievement of financial and strategic long-term performance targets, including return on capi-tal, market capitalization and a discretionary element. The most recent plans also include a sustainability target.The group may also offer employees an opportunity to purchase shares in Walle-nius Wilhelmsen ASA at a reduced price. The related cost is recognized when the employee exercises this option.Cash and cash equivalentsCash and cash equivalents include cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are presented as borrowings in current liabilities on the balance sheet. Fuel/lube oilFuel is valued at the lower of cost and net realizable value. Lube oil represents the lubrication oil held on board the vessels. ProvisionsThe group and the parent company recognize provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability.Dividend in the group financial statementsDividend payments to the parent company\u2019s shareholders are recognized as a liability in the group\u2019s financial statements from the date when the dividend is approved by the general meeting. Dividend and group contribution in the parent company financial statementsProposed dividend payments to the parent company\u2019s shareholders are presented in the parent company financial statements as a liability as at December 31, in the current year. Group contributions received from subsidiaries are recognized as financial income and current assets in the financial statement at December 31, in the current year. Note 1. Significant accounting judgments, estimates and assumptionsApplying the group\u2019s accounting policies as described above in the preparation of the group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of reve-nues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. The assumptions, estimates and judgments are based on historical experience, current trends and other factors that manage-ment believes to be relevant at the time the consolidated financial statements are prepared. This includes risks related to the continued impact of Covid-19. Also, the Russian invasion of Ukraine in February 2022, and generally increased geopolitical tensions, create a more volatile market environment which may impact manage-ment\u2019s assumptions and judgments. Actual results may differ from these estimates. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Wallenius Wilhelmsen faces significant risks and opportunities as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. These risks and opportunities are integrated in risk management of the group and in the strategy process. The uncertainties and risk of climate change for financial performance relate to both transition risk (market-related changes, regulatory requirements and technology) and physical risk (extreme weather) and may affect management\u2019s estimates and judgments in a number of areas. The main transitional risks identified include increased regulations for management reporting on impact, technological solutions and availability. The main physical risks refer to port flooding, extreme precipitation and wind and heat stress on vessel crew and production workers. More detailed information on climate risk facing the group can be found in the chapter Planet.Key sources of estimation uncertainty and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finan-cial year, are described below. Vessels and other tangible assetsThe group has significant carrying amounts related to vessels and other tangible assets recognized in the consolidated balance sheet. The value in use of some of these assets could be influenced by changes in market conditions. Vessels consti-tute the main asset group in the balance sheet and any changes to the value in use of these vessels may render significant impairment losses recognized in the income statement. A reduction in the estimated useful life of the assets can also lead to periods with higher depreciation expense going forward. Climate-related factors, including regulation, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). Consequently, the expected timing of replacement of existing assets may be accelerated. We are, however, continually implementing a range of operational and technical solutions to improve the energy efficiency of our vessels. These efforts may counteract the risk of obsolescence. Management has concluded that as of December 31, 2022, the above factors do not have an impact on the remaining useful life of vessels and other tangible assets.As there are no significant impairment indicators as at December 31, 2022, the group has not carried out impairment tests for vessels as of this date. Vessel market values (broker estimates) have increased following the improved market conditions and a tightening tonnage market, and exceed carrying values on a fleet level. The carrying amount of vessels, other tangible assets and leased assets at December 31, 2022 is USD 5,542 million. See notes 9 and 10 for further details.Goodwill and other intangible assetsDetermining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash generating unit or group of cash gener-ating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash generating unit or group of cash generating units and to determine a suitable discount rate in order to calculate present value. The cash flow estimates for replacements and maintenance include consideration of our \u201cclean fleet\u201d initiative. The results of various operational and technical solu-tions that will improve energy efficiency have also been considered in the cash flow estimates. Please refer to the Planet chapter for more details.The carrying value of goodwill, customer relations/contracts and other intangible assets at December 31, 2022 is USD 201 million, USD 159 million, and USD 35 million, respectively. In 2022, a USD 29 million goodwill impairment was recognized in the logistics services segment based on updated long-term forecasts. Further information on recognized goodwill and intangible assets are provided in note 8. The impairment information and sensitivities are provided in note 11.Anti-trust provision In arriving at the estimated costs for anti-trust proceedings taking into consider-ation the possibility for civil claims, management has made a number of critical assumptions affecting the estimates. The judgments are made in conjunction with external legal counsel based on factors such as status of the outstanding proceed-ings as well as the possibility for civil claims. There was no remaining provision as of December 31, 2022. Further details on the anti-trust provision are provided in note 18.Tax assetsThe group recognizes deferred tax assets if it is probable that taxable income will be available in the future against which the unused tax losses can be utilized. At December 31, 2022, the group has estimated that sufficient future taxable income in the Norwegian entities would not be generated to recognize deferred tax assets related to tax losses carried forward. As a result of this estimate, the group has calculated an additional valuation allowance of USD 32 million related to the deferred tax asset arising from tax losses carried forward in the Norwegian entities, giving a total valuation allowance in the balance sheet of USD 134 million related to tax losses carried forward. The estimate of future taxable income is based on significant judgment related to future development in taxable income for Norwegian entities. The carrying amount of deferred tax assets at December 31, 2022 is USD 59 million. Critical judgments in applying accounting policiesFinancial instruments A non-controlling shareholder holds a put option for their 20 percent shareholding in EUKOR through a shareholder agreement entered into in 2002. The shareholder agreement also contains a symmetrical call option held by the group. Management has evaluated this to be a symmetrical put and call option held by the non-con-trolling interest shareholder and the group, respectively, and it is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement. In 2022, a loss of USD 47 million was recognized related to this derivative. As of December 31, 2022, the estimated fair value of the derivative financial instrument is USD 105 million. See note 5 for more information.Leases The group cannot always determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects what the group \u2018would have to pay,\u2019 which requires estima-tion when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when the rates need to be adjusted to reflect the term and currency of the lease. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exer-cise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the group. The carrying amount of leased assets (right-of-use assets) at December 31, 2022 is USD 1,599 million. See note 10 for more information.Note 2. Segment reportingThe group\u2019s operating segments, which are the same as the group\u2019s reporting segments, are the key components of the group\u2019s business which are assessed, monitored and managed on a regular basis by the Chief Executive Officer (CEO). The board of directors and management have identified three operating and report-ing segments based on the current organization of activities. These comprise: \u2022 Shipping services\u2022 Logistics services\u2022 Government servicesThe organization of activities and operating and reporting segments are continu-ously being assessed and remains subject to future changes. Shipping servicesThe shipping services segment is engaged in ocean transport of cars and RoRo cargo. Its main customers are global car manufacturers as well as manufacturers of construction and other high and heavy equipment, in addition to select industrial break-bulk cargo. The customers\u2019 cargo is carried in a worldwide transport network. This is the group\u2019s most capital-intensive segment. The revenue is generated from transporting these products and varies with voyage routes. The total vessel capac-ity is balanced by time charter, both in and out. The shipping services segment\u2019s margin is highly influenced by fuel prices. FAF (fuel adjustment factor) is a key mechanism to manage fuel oil price risk in the segment and the main contributor to fuel surcharges revenue. However, the segment has a short-term exposure to fuel prices since FAF is calculated based on the average fuel price over a historical period and then fixed during an application period, creating a lag effect. In peri-ods of rising fuel prices the segment will therefore not be able to recoup the higher prices through the FAF. Conversely, in periods of falling fuel prices the segment will benefit from higher FAF. In the shipping services segment, contract duration is normally one to five years, with some 30 percent of contracts being renewed annually. Fixed prices are usually applied with review for CPI development or other applicable index for contracts exceeding three years. FAF adjustments are reflected in most contracts and represent a variable pricing element. In some contracts, the group is guaranteed a fixed percentage of a customer\u2019s volume, but mostly there are no defined minimum volumes.Logistics servicesThe logistics services segment has mainly the same customer groups as shipping services. Customers operating globally are offered sophisticated logistics services, such as vehicle processing centers, equipment processing centers, inland distri-bution networks and terminals. The segment\u2019s primary assets are human capital (expertise and systems) and long-term customer relationships. In the logistics services segment, contract duration is normally one to five years with options to extend and in some cases a term up to 10 years. Pricing is usually fixed with CPI or other adjustments applicable for many contracts. Volumes may vary depending on customer output. Government servicesThe government services segment provides ocean transport of RoRo cargo, break-bulk and vehicles. The segment also performs logistics services primarily related to multimodal transportation, stevedoring and terminal operations. The primary customer is the US government, but the segment also includes commercial cargos such as those generated by the financial sponsorship of a federal program or a guarantee provided by the US Government. In the government services segment, contract duration can vary between less than one year and up to as long as ten years. Segment revenue and EBITDA are primarily driven by government activities which are in part driven by world events and government objectives, and do not necessarily follow regular seasonal patterns.Holding/eliminationsRemaining group activities are shown in the \u201cholding/eliminations\u201d column. The holding segment includes the parent company and other minor activities (includ-ing corporate group activities like operational management, tax and finance) which fail to meet the definition for other core activities. Eliminations are transactions between the group\u2019s three segments mentioned above. Accounting policiesThe accounting policies of the reporting segments are the same as the group\u2019s accounting policies.Income statementShipping Logistics Government Holding/ servicesservicesserviceseliminations TotalUSD million 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Net freight revenue 3,289 2,742 - - 136 110 - - 3,425 2,851Fuel surcharges 724 246 - - 7 4 - - 732 250Operating revenue 14 33 799 687 77 62 - - 889 782Internal operating revenue 11 8 112 102 82 60 (205) (170) - -Total revenue 4,038 3,029 911 789 302 236 (205) (170) 5,045 3,884Cargo expenses (652) (660) - - (37) (48) 157 147 (532) (561)Fuel (1,065) (701) - - (38) (25) - - (1,103) (726)Other voyage expenses (399) (402) - - (13) (13) - - (412) (415)Ship operating expenses (236) (219) - - (82) (56) - - (317) (275)Charter expenses (175) (173) - - (16) (31) 40 19 (150) (185)Manufacturing cost - - (314) (254) (9) (4) 7 4 (316) (254)1Other operating expenses (2) (72) (348) (300) 9 (2) 10 32 (331) (342)Selling, general and admin expenses (150) (133) (142) (126) (21) (17) (23) (20) (335) (296)Total operating expenses (2,679) (2,359) (803) (681) (207) (196) 192 182 (3,497) (3,054)Operating profit/(loss) before deprecia-tion, amortization and impairment (EBITDA) 1,359 670 107 108 95 40 (14) 11 1,548 830Other gain/(loss) (47) 21 - - - - - - (47) 21Depreciation (395) (340) (67) (66) (36) (33) 1 - (497) (439)Amortization (4) (4) (34) (34) (6) (6) - - (45) (44)(Impairment)/reversal of impairment - (76) (29) - - 14 - - (29) (62)2Operating profit/(loss) (EBIT) 913 271 (22) 8 53 15 (13) 11 931 306Share of profit/(loss) from joint ventures and associates - - 2 1 - - - - 2 1Financial income/(expense) (63) (66) (11) (26) - 1 (31) (17) (104) (108)Profit/(loss) before tax 851 205 (31) (16) 53 17 (43) (6) 829 199Tax income/(expense) (44) (27) (5) 4 (2) 1 16 - (35) (23)Profit/(loss) for the period 806 177 (35) (12) 51 17 (27) (6) 794 177Profit for the period attributable to:Owners of the parent 691 136 (36) (14) 51 17 (27) (6) 679 133Non-controlling interests 115 42 - 2 - - - - 116 431 Sale of a vessel from shipping to government services in 2022 resulted in a USD 10 million loss in the shipping segment included in Other operating expenses. A similar transaction in 2021 resulted in a USD 32 million loss in the shipping segment included in Other operating expenses. These amounts are eliminated on group level.2 The cash settled portion of fuel hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses.In 2022, revenue of approximately USD 308 million and USD 245 million (2021: USD 226 million and USD 189 million respectively) related to the group\u2019s shipping segment originated from two external customers. In 2022, revenue of approximately USD 130 million (2021: USD 118 million) in the logistics segment originated from one exter-nal customer.Revenue from the shipping services segment is recognized over time on the basis of progress on fulfillment. Revenue arising from activities in the logistics services segment is recognized at a point in time when the services are performed.Balance sheet Shipping Logistics Government Holding/ servicesservicesserviceseliminations TotalDec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, USD million2022202120222021202220212022202120222021Deferred tax asset 9 31 29 31 (2) (1) 23 11 59 71Goodwill and other intangible assets 72 65 255 355 30 35 38 - 395 455Vessels and other tangible assets 3,499 3,623 136 129 298 281 10 - 3,943 4,033Right-of-use assets 1,217 1,145 389 361 1 2 (8) - 1,599 1,507Other non-current assets 143 284 46 34 5 25 53 (94) 247 249Other current assets 700 580 201 170 81 48 (46) (50) 936 748Cash and cash equivalents 915 508 190 118 90 84 21 - 1,216 710Assets held for sale - - - - - 21 - - - 21Total assets 6,555 6,235 1,244 1,197 504 495 90 (133) 8,394 7,794Equity controlling interests 2,748 2,180 213 251 349 298 (157) (190) 3,153 2,539Equity non-controlling interests 339 240 16 25 - - - - 355 266Deferred tax 17 20 34 41 19 20 - - 71 82Interest-bearing debt 1,693 2,014 330 328 98 144 394 187 2,516 2,673Lease liabilities 1,147 1,058 431 396 2 2 (8) - 1,572 1,455Other non-current liabilities 33 77 9 26 1 2 91 33 134 138Other current liabilities 577 646 211 130 36 28 (231) (163) 593 642Total equity and liabilities 6,555 6,235 1,244 1,197 504 495 90 (133) 8,394 7,7941Investments in tangible assets 56 111 31 10 54 69 (38) (54) 103 1361 In 2022, the government services acquired a vessel from the shipping services segment for USD 38 million. In 2021 the government services segment acquired a vessel from the shipping services segment for USD 54 million. These amounts are eliminated on group level.Geographical segmentsTotal Shipping and landbased & government Europe1 Americas Asia & Africa2 Eliminationholdingservices Elimination TotalUSD million 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Total revenue 192 180 586 491 137 118 (4) - 911 789 4,339 3,265 (205) (170) 5,045 3,884Total assets 4,281 915 653 509 302 289 (644) - 4,592 1,714 7,051 6,676 (3,250) (595) 8,394 7,794Investment in tangible assets 14 1 15 7 1 1 - - 31 10 110 180 (38) (54) 103 1361 Europe includes the holding segment.2 Asia & Africa includes Oceania.Shipping services and government services segmentsAssets in the shipping and government services segment, which are comprised mainly of vessels, operate internationally, with individual vessels calling at various ports across the globe. The group does not consider the domicile of its customers as a relevant decision-making guideline and hence does not consider it meaning-ful to allocate vessels and income to specific geographical locations. This is there-fore allocated under the \u201cshipping and government services\u201d geographical area. Total revenueArea revenue is based on the geographical location of the company.Total assetsArea assets are based on the geographical location of the assets.Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.Note 3. Operating expensesUSD million Notes 2022 2021Voyage expensesStevedoring \u2013 loading/discharging (393) (425)Other cargo expenses (139) (136)Total cargo expenses (532) (561)Port & canal expenses (386) (397)Additional voyage expenses (26) (18)Total other voyage expenses (412) (415)Fuel (1,103) (726)Total voyage expenses (2,047) (1,702)Charter expenses (150) (185)Ship operating expenses1Crew expenses (148) (136)Maintenance of vessels (44) (35)Ship management fee (15) (14)Other ocean expenses (111) (90)Total ship operating expenses (317) (275)Manufacturing cost (316) (254)Other operating expenses and SG&AEmployee benefits 4 (512) (460)Hired personnel (67) (50)External services (21) (17)Provision related to anti-trust investigations 18 6 (35)Other administration expenses (73) (76)Total operating expenses and SG&A (666) (638)Total operating expenses (3,497) (3,054)1 Crew/seagoing personnel are hired and not employed by the group.Expensed audit fee (included in External services)USD thousand 2022 2021Statutory audit 1,554 1,909Other assurance services - 49Tax and legal advisory services fee 117 324Total expensed audit fee 1,672 2,282Note 4. Employee benefitsUSD million Notes 2022 2021Salary 447 393Payroll tax 40 35Pension cost 15 23 25Other remuneration 2 6Total employee benefits 512 460Number of employees 2022 2021Group companies in Norway 111 89Group companies in Europe, excl. Norway 992 1,100Group companies in South Africa 491 510Group companies in Asia & Oceania 819 798Group companies in United States 2,840 2,615Group companies in Mexico 1,694 1,672Group companies in Americas, excl. US and Mexico 486 466Total employees 7,433 7,250Average number of employees 7,342 7,540Executive management remuneration1USD thousand 2022 2021Fixed base salary 3,058 3,408Benefits 376 712Pension 388 563Short-term incentive 1,239 1,381Long-term incentive 5,474 3,401Severance 919 1,313Total executive management remuneration 11,454 10,7781 The 2021 figures have been updated as certain benefits and tax compensation had not been included in the prior year.Remuneration of the board of directors and nomination committeeUSD thousand 2022 2021Remuneration paid to the board of directorsH\u00e5kan Larsson - 181Rune Bjerke 159 63Thomas Wilhelmsen 59 63Marianne Lie 69 76Jonas Kleberg 57 63Margareta Alestig 66 72Anna Fell\u00e4nder 66 63Yngvil Eriksson \u00c5sheim - -Hans \u00c5kervall - -Nomination committeeAnders Ryssdal 11 10Jonas Kleberg 7 5Carl Erik Steen 7 5The board\u2019s remuneration for the financial year 2022 will be approved by the general meeting on April 26, 2023 and paid/expensed in 2023.At the AGM in 2022, Jonas Kleberg and Marianne Lie resigned from the board of directors. Hans \u00c5kervall and Yngvil Eriksson \u00c5sheim were elected as board members at the AGM in 2022. They did not receive any remuneration in 2022.Remuneration paid in other currencies than USD will not be comparable year-on-year due to changes in exchange rates.See also note 22 Related party transactions and note 2 Employee benefits in the parent company financial statements.Refer to the separate Remuneration report for further details regarding remuner-ation of group executive management.Shares owned or controlled by representatives of the group at December 31, 2022Name Number of shares Percent of sharesBoard of directorsRune Bjerke (chair) 22,250 0.01%Thomas Wilhelmsen 161,375,095 38.14%Margareta Alestig - - Anna Fell\u00e4nder - - Hans \u00c5kervall - - Yngvild Eriksson \u00c5sheim - - Senior executivesChief Executive Officer (CEO) \u2013 Lasse Kristoffersen - - Chief Financial Officer (CFO) \u2013 Torbj\u00f8rn Wist 5,000 - Executive Vice President (EVP) and Chief Operating Officer (COO) shipping services \u2013 Xavier Leroi 9,208 - Executive Vice President (EVP) and Chief Operating Officer (COO) logistics services \u2013 Michael Hynekamp 20,315 - Chief People Officer (CPO) \u2013 Wenche Agerup - - Chief Digital Officer (CDO) \u2013 Simon White 15,691 - Nomination committee Anders Ryssdal - - Jonas Kleberg - - Carl Erik Steen - - The two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding ASA with 37.87 percent of the shares and Walleniusrederierna AB with 37.82 percent of the shares. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA through Tallyman AS, and Thomas Wilhelmsen controls Tallyman AS. The Wallenius Kleberg family controls Walleniusrederierna AB through Rederi AB Soya (Soya group).Note 5. Other gain/lossNon-controlling shareholders in EUKOR hold a put option for their 20 percent inter-est, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a symmetrical call option held by the group. The exercise price for the put and call option is calculated based on a formula consistent with valuation guidance used in \u201cThe Inheritance Tax and Gift Tax Act\u201d in South Korea, where an important input variable is the taxable results in EUKOR for the three previous calendar years. The put and call options became exercisable in 2017 when the Hyundai Motor Group volumes carried by the group fell below 40 percent. The put and call options have no expiry date and can be exercised at any point in time. The group does not have any plan to exercise the call option.The symmetrical put and call options are recognized as one integrated deriva-tive financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetri-cal put and call option. In 2022, the change in the value of the derivative was USD 47 million recognized as a loss within Other gain/(loss) in the income statement. Comparatively, the change in value during 2021 resulted in a gain of USD 21 million. One of the most important elements to calculate the gain/loss, in addition to estimating the exercise price, is the estimated value of the 20 percent non-controlling interest in EUKOR. The loss in 2022 is driven by an increase in the exercise price that was not fully offset by the increase in the fair value of EUKOR shares compared with the end of 2021.The financial derivative is recognized in Other non-current assets in the balance sheet and has a carrying value of USD 105 million at December 31, 2022, compared to USD 152 million at the end of 2021.Note 6. Financial itemsUSD million 2022 2021Financial incomeInterest income 15 21DNK distribution - 19Other financial items 3 6Net financial income 17 27Financial expensesInterest expenses (179) (140)Interest rate derivatives \u2013 realized (10) (25)Interest rate derivatives \u2013 unrealized 111 58Other financial items (17) (9)Net financial expenses (96) (117)CurrencyNet currency gain/(loss) 56 (9)Foreign currency derivatives \u2013 realized (14) (3)Foreign currency derivatives \u2013 unrealized (67) (12)Net currency (25) (24)Financial fuel oil derivativesFuel oil derivatives \u2013 realized - 10Fuel oil derivatives \u2013 unrealized - (5)Net fuel derivatives - 6Financial income/(expenses) (104) (108)1 In 2021, the group received a distribution from Den Norske Krigsforsikring (DNK) of USD 19 million less withholding tax of USD 5 million. The gross amount is recognized as finance income, and the related withholding tax is recognized as an income tax expense/receivable (see note 7)See note 17 on financial risk and the section on accounting policies for more infor-mation concerning financial instruments.Note 7. TaxTonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Singapore and Sweden which were taxed under a tonnage tax regime in 2022. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. The tonnage tax is considered as an operating expense in the financial statements. Ordinary taxation The ordinary rate of corporation tax in Norway is 22 percent for 2022. 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 considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA. For group companies with a 90 percent or higher ownership, and located in Norway 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 assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group\u2019s landbased entities are ordinary taxed in the country of operation. Excep-tions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level. Deferred tax The group\u2019s deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses in the Norwegian entities, due to uncertain future utilization. The deferred tax assets not recognized per year-end 2022 amount to USD 134 million (2021: USD 103 million).Specification of tax expense for the yearUSD million 2022 2021Current income tax (including withholding tax) 39 19Change in deferred tax (4) 4Total tax expense 35 23Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2022 2021Profit/(loss) before tax 829 19922% tax 182 44Tax effect fromNon-taxable income (175) (67)Share of profits from joint ventures and associates - -Other permanent differences 20 30Tax refund (2) -Withholding tax refund from the Republic of Korea - (1)Corporate income tax different tax rate than 22% 5 (6)Currency translation from USD to local currency for tax purposes (29) (9)Valuation allowance deferred tax assets in Norway 32 30Prior year adjustments (1) -Withholding tax 4 2Calculated tax expense for the group 35 23Effective tax rate for the group 4% 11%The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group. USD million 2022 2021Net deferred tax liabilities at January 1 (11) 3Currency translation differences (4) (1)Tax charged to equity (1) (9)Income statement charge 4 (4)Net deferred tax assets/(liabilities) at December 31 (12) (11)Deferred tax assets in balance sheet 59 71Deferred tax liabilities in balance sheet (71) (82)Net deferred tax assets/(liabilities) at December 31 (12) (11)The movement in deferred income tax assets and liabilities during the year, with-out taking into consideration the offsetting of balances within the same tax juris-diction, is as follows:Deferred tax liabilitiesTangible/Deferred USD millionintangible assetscapital gains Other TotalDeferred tax liabilities at December 31, 2021 (47) - (14) (61)Through income statement 28 - 7 35Charged directly to equity - - - -Currency translation adjustment (7) - - (7)Deferred tax liabilities at December 31, 2022 (26) - (7) (33)Reclassification of deferred tax items (38)Net deferred tax liability at December 31, 2022 (71)Deferred tax liabilities at December 31, 2020 (54) - (11) (66)Through income statement 6 - (3) 3Deferred tax liabilities at December 31, 2021 (47) - (14) (61)Reclassification of deferred tax items (20)Net deferred tax liability at December 31, 2021 (82)Deferred tax assetsNon-currentCurrent assets Tax losses USD millionassets and liabilitiesand liabilitiescarried forward TotalDeferred tax assets at December 31, 2021 40 7 2 50Through income statement (31) (4) 4 (31)Charged directly to equity (1) - - (1)Currency translation adjustment 3 - - 3Deferred tax assets at December 31, 2022 11 3 6 21Reclassification of deferred tax items 38Net deferred tax assets at December 31, 2022 59Deferred tax assets at December 31, 2020 56 9 2 69Through income statement (6) (2) - (8)Charged directly to equity (9) - - (9)Currency translation adjustment (2) - - (2)Deferred tax assets at December 31, 2021 40 7 2 50Reclassification of deferred tax items 20Net deferred tax assets at December 31, 2021 70The net currency gains and losses are recognized on entity level due to differences between functional currency and local currency. Note 8. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2022Cost at January 1 346 421 58 824Additions - - 8 8Disposal - - - -Reclassification - - 2 2Currency translation adjustment - - - -Cost at December 31 346 421 68 834Accumulated amortization and impairment losses at January 1 (116) (225) (28) (369)Amortization - (36) (8) (45)1Impairment 11 (29) - - (29)Disposal - - - -Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (261) (33) (439)Carrying amount at December 31 201 159 35 395Total goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2021Cost at January 1 346 421 54 820Additions - - 5 5Disposal - - - -Currency translation adjustment - - - -Cost at December 31 346 421 58 824Accumulated amortization and impairment losses at January 1 (40) (188) (21) (249)Amortization - (36) (8) (44)1Impairment11 (76) - - (76)Disposal - - 1 1Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (116) (225) (28) (369)Carrying amount at December 31 230 196 29 4551 In 2022, a goodwill impairment of USD 29 million was recognized in the logistics services segment. In 2021, a goodwill impairment of USD 76 million was recognized in the ship-ping services segment. See note 11 for more information.\u201cOther intangible assets\u201d include port use rights and software. Note 9. Vessels and other tangible assetsOther Vessel TotalProperty tangible Vessels related tangible USD million& landassets& dockingprojectsassets2022Cost at January 1 125 92 5,439 1 5,656Additions 3 33 52 16 103Disposal (2) (6) (30) (1) (39)Exercise of purchase option - - 123 (7) 116Currency translation adjustment (5) (1) - - (7)Cost at December 31 121 117 5,584 8 5,829Accumulated amortization and impairment losses at January 1 (23) (43) (1,557) - (1,623)Depreciation (9) (11) (249) - (269)Disposal 2 1 25 - 28Impairment/reversal of impairment - - - - -Exercise of purchase option - - (26) - (26)Currency translation adjustment 2 1 - - 3Accumulated amortization and impairment losses at December 31 (29) (52) (1,806) - (1,887)Carrying amount at December 31 92 65 3,778 8 3,943Other Vessel Total Property tangible Vessels related tangible USD million& landassets& dockingprojectsassets2021Cost at January 1 127 89 5,307 45 5,567Additions 2 11 63 60 136Disposal (1) (3) (23) - (27)Reclassification 2 (2) 92 (104) (12)Currency translation adjustment (5) (2) - - (7)Cost at December 31 125 92 5,439 1 5,656Accumulated amortization and impairment losses at January 1 (16) (33) (1,343) - (1,392)Depreciation (10) (12) (242) - (264)Disposal 1 1 22 - 25Impairment/reversal of impairment - - 14 - 14Reclassification - - (8) - (8)Currency translation adjustment 2 1 - - 3Accumulated amortization and impairment losses at December 31 (23) (43) (1,557) - (1,623)Carrying amount at December 31 102 49 3,882 1 4,033Vessels include dry-docking, of which carrying amounts at year end was USD 87 million (2021: USD 81 million). Vessel related projects include dry-dock expenditure and installments on scrubber installations. Two vessels were classified as assets held for sale at December 31, 2021, measured at net carrying value, USD 21 million, which is lower than their fair value less costs to sell. One of the vessels was sold for a consideration of USD 21 million, resulting in a gain to the group of USD 8 million, and the second vessel was sold for a consid-eration of USD 21 million, with a gain to the group of USD 6 million. There are no assets held for sale as of December 31, 2022. Net gain/loss on disposal of assets is presented as part of operating expenses.During 2021, a new vessel was delivered resulting in a reclassification from vessel related projects to vessels & docking of USD 74 million. Note 10. Right-of-use assetsProperty Other Total USD million& land Vessels assetsleased assets2022Cost at January 1 484 1,464 31 1,979Additions 57 223 4 283Change in lease payments 39 94 12 145Disposal (5) (21) (3) (29)Exercise of purchase option - (117) - (117)Currency translation adjustment (22) (2) - (25)Cost at December 31 553 1,641 44 2,237Accumulated depreciation and impairment losses at January 1 (114) (348) (10) (472)Depreciation (55) (161) (10) (227)Disposal 5 21 3 29Impairment/reversal of impairment - - - -Exercise of purchase option - 26 - 26Currency translation adjustment 6 - - 6Accumulated depreciation and impairment losses at December 31 (158) (462) (17) (637)Carrying amount at December 31 395 1,178 26 1,599Property Other Total USD million& land Vesselsassetsleased assets2021Cost at January 1 478 1,226 4 1,708Additions 19 166 28 214Change in lease payments 33 85 - 119Disposal (29) (13) - (42)Reclassification - - - -Currency translation adjustment (18) - - (19)Cost at December 31 484 1,464 31 1,979Accumulated depreciation and impairment losses at January 1 (91) (250) (2) (344)Depreciation (55) (111) (8) (174)Disposal 29 13 - 42Impairment/reversal of impairment - - - -Reclassification - - - -Currency translation adjustment 3 - - 4Accumulated depreciation and impairment losses at December 31 (114) (348) (10) (472)Carrying amounts at December 31 370 1,115 21 1,507Right-of-use vesselsPer year-end 2022, the group has a total of 45 vessels recognized as right-of-use assets with remaining lease terms from 0.5 to 15 years. Of the 45 right-of-use vessels, 15 have a purchase option and two have an option to extend. These options are not yet exercised but are included in the measurement of lease liabilities. Per year-end 2021, the group had a total of 43 vessels recognized as leased assets. Right-of-use property and landIn addition to vessels, the group\u2019s right-of-use assets primarily consist of land and property arising from lease of land related to different terminal sites around the globe, in addition to office space at various locations. Per year-end 2022, the recog-nized land and property leases have remaining lease terms from one to 40 years. Other right-of-use assetsThe group also has minor agreements related to vehicles and other equipment applied in the group\u2019s day-to-day operations.Specification of lease liabilitiesUSD million Dec 31, 2022 Dec 31, 2021Current lease liabilities 317 238Non-current lease liabilities 1,254 1,218Total lease liabilities 1,572 1,456Interest expense on lease liability recognized in the income statement 65 64See note 16 for specification of lease liability maturity and note 17 for specification of undiscounted lease commitments.Of the group\u2019s total lease commitments, option periods that are included in the measurement of lease liabilities but not yet exercised represent USD 226 million (2021: USD 191 million). The option periods recognized are primarily related to leases of vessels and land.Lease expenses related to lease agreements not recognized in the balance sheetUSD million Dec 31, 2022 Dec 31, 2021Short-term lease expenses (< 12 months) 66 79Low value leases expensed 2 8Variable lease payments 8 26Total 76 113Short-term lease expensesShort-term lease expenses primarily comprise lease expenses related to lease of vessels, presented as part of charter expenses. Short-term lease of vessels enhances the group\u2019s tonnage flexibility and the lease terms are primarily up to three months. In addition to lease of vessels on short-term basis, the group occasionally enters into short-term leases of land area when site operations require additional area for shorter periods of time. Low value lease expensesLow value lease expenses comprise the lease expenses related to lease agree-ments deemed out of group scope due to evaluation of materiality at the imple-mentation of IFRS 16. Variable lease expensesVariable lease expenses comprise expenses related to lease agreements where the payment will fluctuate during the lease term. The fluctuations are primarily due to the use of assets being variable with the invoiced amount reflecting the actual usage, instead of a pre-defined contractual amount.Note 11. Impairment on non-current assetsImpairment \u2013 GoodwillGoodwill is tested for impairment on an annual basis, or more frequently if there is an indication of impairment. Management performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2022. Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing: Discount rateGrowth rate Goodwill post taxterminal valueUSD million Reporting segment 2022 2021 2022 2021 2022 2021Wallenius Wilhelmsen Ocean Shipping services 43 43 8.0% 7.0% 2.0% 1.0%ARC Government services 11 11 8.0% 7.0% 2.0% -%Logistics services Logistics services 147 176 8.1% 7.5% 2.0% 1.5%Total 201 230The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. The goodwill impairment test resulted in a partial impairment of the goodwill allocated to the logistics services segment of USD 29 million. The impairment charge was primarily triggered by an increase in WACC and updated cash flow forecasts that also include updated expected capital expenditure for replacement of capacity in coming years to main-tain operating activities in line with the five-year plan.Key assumptions used in determination of value in useDiscount rate Discount rates used in the calculation of ViU reflect the current market assessment of the risks specific to each cash generating unit. The discount rates were estimated based on the weighted average cost of capital for the industry. Cash flowsFuture cash flow estimates are based on an assessment of the CGU or group of CGUs\u2019 expected earnings which is best represented by group management\u2019s latest five-year plan reflecting both experience as well as external sources of information concerning expected future market developments. Current estimated cash flows include expected impact of committed initiatives and cash outflows to maintain operating capacity. The projections exclude any estimated future cash inflows or outflows expected to arise from future restructurings or from improving or enhanc-ing the CGU\u2019s performance. Cash flows beyond the five-year period are extrapolated using moderate estimated growth rates.Sensitivities for main CGUs with goodwillLogistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The key cash flow assumptions used are the throughput and average margins obtained in the network operated by logistics services. The calculation of the recoverable amount is sensitive to changes in the discount rate and the perpetual growth rate. The below table shows the sensitivities to changes in these variables and illustrate what the impairment charge (negative figures) or headroom (positive figures) could have been had the below growth rates and WACC been applied.Perpetuity growth rate1.0% 1.5% 2.0% 2.5% 3.0%6.1% (67) (19) 38 104 1837.1% (97) (50) 4 67 143WACC8.1% (125) (80) (29) 32 1059.1% (152) (109) (60) (1) 6910.1% (178) (137) (89) (33) 34The recoverable amount calculation is also sensitive to changes in estimated cash flows. A reduction in the EBITDA margin of 1 percentage point in both the five-year period and beyond would, all else equal, have resulted in an impairment of USD 145 million. Conversely an increase in the EBITDA margin of 1 percentage point (all else equal) would have resulted in a headroom of USD 87 million.WW Ocean (part of the shipping services segment)WW Ocean owns or charters (long-term time-charter or bare-boat in) a fleet of 51 vessels through its ship owning subsidiaries, WWL Shipowning Singapore Pte Ltd, Wall RO/RO AB and Wilhelmsen Lines Shipowning Malta Ltd. In addition, four vessels are chartered from affiliated company in the government services segment. The vessels are used in its global ocean operations for transportation of autos, high and heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Two vessels are chartered to other group companies. The key cash flow assumptions are related to the expected average earnings per day (T/C less vessel running costs and selling, general & administra-tion expenses per day) for the fleet operated by WW Ocean. The five-year plan also reflects the assessment of the supply/demand balance (volume, tonnage supply and utilization) in the short to medium term. Cash flow estimates are impacted by expected required investments such as replacement of capacity in coming years to maintain operating activities in line with the five-year plan. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggre-gate recoverable amount of the related CGUs. No reasonably possible changes in key variables are likely to reduce the headroom to nil. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. The entities in the government services segment (ARC) own eight US flagged vessels and one Marshall Island flagged vessel at the end of the year, of which five vessels are deployed by ARC and four vessels are chartered to affiliates in the shipping services segment. No reasonably possi-ble changes in key variables are likely to reduce the headroom to nil. Impairment assessment \u2013 intangible assets with a definite useful lifeThe group has significant intangible assets, largely related to customer contracts and customer relations acquired in business combinations. At every balance sheet date, the group considers whether there are any indications of impairment. If such indications exist, an impairment test is performed. Management considers that there are no indications of impairment as at Decem-ber 31, 2022.Impairment assessment \u2013 vessels and other tangible assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. At every balance sheet date, the group consid-ers whether there are any indications of impairment of the carrying values of these assets. If such indications exist, an impairment test is performed. Management considers that there are no indications of impairment as at Decem-ber 31, 2022. Note 12. Principal subsidiariesOwnership interest held by the groupCompany Business office, country Nature of business 2022 2021Wallenius Wilhelmsen Ocean Holding AS Lysaker, Norway Intermediate holding company 100% 100%Wall RO/RO ABStockholm, Sweden Shipowner 100% 100%WWL Shipowning Singapore Pte LtdSingapore Shipowner 100% 100%Wilhelmsen Lines Shipowning Malta LtdFloriana, Malta Shipowner 100% 100%Wallenius Wilhelmsen Ocean ASLysaker, Norway Vessel operator 100% 100%Armacup Maritime Services LtdAuckland, New Zealand Vessel operator 65% 65%Wallenius Wilhelmsen International Holding ASLysaker, Norway Intermediate holding company 100% 100%EUKOR Car Carriers IncSeoul, Republic of Korea Shipowner and operator 80% 80%ARC Group Holding ASLysaker, Norway Intermediate holding company 100% 100%American Roll-On Roll-Off Carrier Group IncFlorida, USA Shipowner and operator 100% 100%American Roll-On Roll-Off Carrier Holdings LLCFlorida, USA Vessel operator 100% 100%Fidelio Limited PartnershipFlorida, USA Shipowner 100% 100%Wallenius Wilhelmsen Solutions Holding ASLysaker, Norway Intermediate holding company 100% 100%Wallenius Wilhelmsen Terminals Holding ASLysaker, Norway Intermediate holding company 100% 100%Melbourne International RoRo and Auto Terminal Pty LtdMelbourne, Australia Terminal operations 100% 100%Mid-Atlantic Terminal LLCBaltimore, Maryland, USA Terminal operations 100% 100%Pacific Ro-Ro Stevedoring LLCCalifornia, US Terminal operations 100% 100%Wallenius Wilhelmsen Solutions UK LtdSouthampton, United Kingdom Terminal operations 100% 100%Pyeongtaek International Ro-Ro TerminalPyeongtaek, Republic of Korea Terminal operations 100% 100%Wallenius Wilhelmsen Logistics Zeebr\u00fcgge NVZeebr\u00fcgge, Belgium Terminal operations 100% 100%Wallenius Wilhelmsen Inland Services Holding ASLysaker, Norway Intermediate holding company 100% 100%Wallenius Wilhelmsen Logistics Abnormal Load Services Holding B.V.Ittervort, Netherlands Intermediate holding company 100% 60%2W Americas Holdings, LLCNew Jersey, USA Intermediate holding company 100% 100%WWL Vehicle Service Americas New Jersey, USA Landbased Solutions 100% 100%Keen Transport Inc Holding Carlisle, Pennsylvania, USA Landbased Solutions 100% 100%Syngin Technologies LLCTampa, Florida, USA Landbased Solutions 70% 70%The four holding companies and their principal subsidiaries at December 31, 2022 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.Liabilities related to non-controlling interestThe group owns 70 percent of the shares in the subsidiary Syngin Technology LLC which is consolidated in the group financial statements based upon ownership with a corresponding non-controlling interest. The non-controlling interest is provided with a put option as part of the transaction for their remaining 30 percent share-holding. The exercise price is based on certain performance related measures and can be exercised five years (2023) after the transaction date. At December 31, 2022, a financial liability of USD 19 million has been recognized reflecting the present value of the redemption amount as Other current interest-bearing debt. All changes to the liability subsequent to initial recognition are recognized in profit and loss. In the event that the option expires unexercised, the liability will be derecognized with a corresponding adjustment to equity.The group owns 65 percent of the shares in the subsidiary Armacup Maritime Services Ltd which is consolidated in the group financial statements based upon ownership with a corresponding non-controlling interest. According to an amendment to the shareholder agreement, which was entered into in 2022, the group shall purchase the remaining 35 percent of the shares on December 31, 2024. The fair value at December 31, 2022 is USD 14 million and is recognized as within Other non-current liabilities. All subsequent changes to the liability are recognized in profit and loss.Note 13. Subsidiaries with material non-controlling interestCompany Business office, country Voting/control share Non-controlling interestOcean 2022 2021 2022 2021EUKOR Car Carriers Inc Seoul, Republic of Korea 80% 80% 20% 20%Set out below is the summarized financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are on a 100 percent basis.Summarized balance sheetUSD million 2022 2021Non-current assets 2,421 2,398Current assets 873 465Total assets 3,294 2,863Non-current liabilities 1,140 1,150Current liabilities 549 561Total liabilities 1,689 1,711Net assets 1,605 1,152Accumulated non-controlling interests (NCI) 321 230Summarized income statement/OCIUSD million 2022 2021Total revenue 2,220 1,639Profit/(loss) for the year 514 166Other comprehensive income/(loss) (5) 21Total comprehensive income 510 186Profit/(loss) allocated to material NCI 103 33Dividends paid to material NCI 10 -Summarized cash flowsUSD million 2022 2021Net cash flow provided by/(used in) operating activities 653 241Net cash flow provided by/(used in) investing activities (186) 30Net cash flow provided by/(used in) financing activities (268) (242)Net increase/(decrease) in cash and cash equivalents 199 29NCI \u2013 EUKOR Car Carriers Inc 321 230NCI \u2013 immaterial subsidiaries 34 35Non-controlling interests 355 266Profit/(loss) for the period attributable to NCIs \u2013 Eukor Car Carriers Inc 103 33Profit/(loss) for the period attributable to NCIs \u2013 immaterial subsidiaries 13 10Profit/(loss) for the period to NCIs 116 43Note 14. Share information and earnings per shareEarnings per share takes into consideration the number of issued shares exclud-ing own shares in the period. Basic earnings per share is calculated by dividing profit for the period attributable to the owners of the parent by the average number of total outstanding shares (adjusted for average number of own shares).The annual general meeting on April 28, 2020, granted an authorization to the board of directors to, on behalf of the company, acquire own shares with a total nominal value of up to NOK 22,001,456 which equals 10 percent of the current share capital. The company\u2019s number of shares: Dec 31, 2022 Dec 31, 2021Total number of shares 423,104,938 423,104,938Own shares 586,119 700,883Own shares are intended to cover management\u2019s share incentive program and the employee share purchase program financially supported by \u201cThe Foundation for WW Group employees.\u201d When any of the programs are exercised, there will be a reduction of own shares and the price paid in excess of the nominal value of the shares increases retained earnings.Earnings per share 2022 2021Average number of shares 422,451,157 422,399,078Profit/(loss) for the period attributable to owners of the parent (USD million) 679 1331Basic and diluted earnings per share (USD) 1.60 0.321 For the share-based compensation program there is no dilutive effect for the periods presented.Note 15. Employee retirement plansThe group companies provide various retirement plans in accordance with local regulations and practice in the countries in which they operate. The pension plans are for the material part defined contribution plans in which the companies are required to make agreed contributions to a separate fund when employees have rendered services entitling them to the contributions. For the defined contribution plans, the companies\u2019 legal or constructive obligations are limited to the amount that they have agreed to contribute to the fund. The defined benefit plans for the group are based on years of service and salary levels and normally guarantees a specified return or agreed benefit. For these plans, the group has investment and actuarial risks. If the actuarial or investment experience is worse than expected, the group\u2019s obligation may be increased. In order to reduce the group\u2019s exposure to certain risks associated with defined benefit plans, such as longevity, inflation, and effects of increases in compensation, the group regularly reviews and continu-ously improves the design of its post-employment defined benefit plans. The defined benefit plans are for the main part related to subsidiaries in Norway, US, UK and the Republic of Korea and are closed plans or only applicable for senior executives. The group also have agreements on early retirement. These obligations are mainly financed from operations. The liability recognized in the balance sheet in respect of the remaining defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligations are calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in Other comprehensive income in the period in which they arise.Number of people covered by pension schemes at December 31 2022 2021In employment 2,431 2,338In retirement (inclusive disability pensions) 730 707Total number of people covered by pension schemes 3,161 3,045USD million 2022 2021Expenses for employee retirement plans recognized in the statement of incomeDefined benefit plans 3 3Defined contribution plans 20 23Net pension expenses 23 25RemeasurementsRemeasurements recognized in other comprehensive income 13 5Tax effect of pension other comprehensive income (2) (1)Net remeasurements in other comprehensive income 11 3USD million 2022 2021Pension obligationsDefined benefit obligation at end of prior year 112 120Current/past service cost and interest cost 4 5Benefit payments from employer (7) (10)Transfer of obligation in/(out) - 4Remeasurements (16) (3)Effect of changes in foreign exchange rates (8) (4)Defined benefit obligations at December 31 86 112Gross pension assetsFair value of plan assets at end of prior year 57 52Interest income 1 1Employer contributions 5 6Benefit payments from plan assets (2) (4)Transfer of assets in/(out) - 3Return on plan assets (excluding interest income) (3) 1Reclassifications from other non-current assets - -Effect of changes in foreign exchange rates (4) (2)Gross pension assets at December 31 54 57Total pension obligationsDefined benefit obligations 86 112Fair value of plan assets 54 57Net pension liabilities 32 55Presented asPension assets 8 -Pension liabilities 40 55Note 16. Interest-bearing liabilitiesWallenius Wilhelmsen group has five financing units, Wallenius Wilhelmsen ASA, Wallenius Wilhelmsen Ocean, EUKOR, ARC and Wallenius Wilhelmsen Solutions. Wallenius Wilhelmsen Ocean and EUKOR are operated under the shipping segment, ARC operates as the government segment and Wallenius Wilhelmsen Solutions operates as the logistics segment. The debt in Wallenius Wilhelmsen Ocean is guaranteed by Wallenius Wilhelmsen ASA.Interest-bearing liabilities per financing unitUSD million 2022 2021Wallenius Wilhelmsen ASABonds 534 588Total 534 588Wallenius Wilhelmsen OceanBank debt 1,002 1,080Leases 338 247Total 1,339 1,327ARCBank debt 92 100Leases 1 2Total 94 101EUKORBank debt 581 599Leases 802 811Total 1,383 1,409Wallenius Wilhelmsen SolutionsBank debt 322 320Leases 431 396Total 753 716Total group 4,103 4,142Most financings are subject to certain financial and non-financial covenants or restrictions: \u2022 The main covenant related to the bond debt in Wallenius Wilhelmsen ASA is a limitation on the ability to pledge assets. \u2022 The debt in Wallenius Wilhelmsen Ocean is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level, as well as loan to value clauses for secured debt. \u2022 The debt in EUKOR is subject to minimum liquidity and interest cover ratio (EBITDA to interest expense) on EUKOR group level, as well as loan to value clauses for secured debt. \u2022 The debt in ARC is subject to a fixed charge coverage ratio ((EBITDA: capital expenditures, income taxes paid, income tax refund, dividends paid) / (inter-est expense, current portion bank debt, current portion leases) and funded debt to EBITDA ratio (bank debt/ EBITDA) on ARC group level, as well as loan to value clauses for secured debt. \u2022 The debt in Wallenius Wilhelmsen Solutions is subject to minimum liquidity, a leverage ratio (net interest-bearing debt to EBITDA) as well as an equity ratio on Wallenius Wilhelmsen Solutions group level.The covenants and ratios are customized to reflect the financial situation of the financing unit. Certain loan agreements also have change of control clauses. As of December 31, 2022 (similar to 2021), the group is in compliance with all financial and non-financial covenants. Covenants can be adjusted in the event of material changes in accounting principlesReconciliation of liabilities arising from financing activitiesNon-current Current interest-bearing interest-bearing Non-current Current lease Total financing USD milliondebtdebtlease liabilitiesliabilitiesactivitiesTotal debt at December 31, 2021 2,158 515 1,218 238 4,128Cash flow (proceeds) from loans and bonds 916 87 - - 1,002Cash flow (repayments) from loans and bonds - (1,095) - (352) (1,447)New lease contracts and amendments, net - - 221 265 486Foreign exchange movements (63) (4) (20) (1) (88)Other non-cash movements (2) 5 - - 3Reclassification (808) 808 (165) 167 3Total interest-bearing debt at December 31, 2022 2,200 316 1,254 317 4,087Non-current Current interest-bearing interest-bearing Non-current Current lease Total financing USD milliondebtdebtlease liabilitiesliabilitiesactivitiesTotal debt at December 31, 2020 2,353 378 1,176 174 4,081Cash flows (proceeds) from loans and bonds 430 44 - - 474Cash flow (repayments) from loans and bonds (104) (427) - (204) (735)Net change lease commitments - - 258 67 325Foreign exchange movements (2) (6) (15) (1) (24)Other non-cash movements 7 - - - 7Reclassification (526) 526 (202) 202 -Total interest-bearing debt at December 31, 2021 2,158 515 1,218 238 4,128In the first quarter, the group prepaid USD 49 million of remaining deferred install-ments granted during the onset of the pandemic in 2020. Following the prepayment, no further bank waivers or deferred debt remain. Further, the group refinanced a USD 30 million facility secured by three vessels, repaid USD 6 million of maturing bond debt and prepaid USD 34 million on a secured vessel facility relating to an intra-group sale of two vessels. During the second quarter, the group signed USD 1.15 billion of new debt for refinanc-ing purposes, including a USD 144 million sustainability-linked bond, new USD 800 million sustainability-linked bank facilities, a USD 100 million revolving credit facil-ity with pledge in accounts receivable and USD 100 million of vessel and corporate debt. In the third quarter there were net proceeds of USD 101 million from the new USD 800 million facility and USD 15 million of proceeds from a vessel refinancing.In the fourth quarter, the group extended a revolving credit facility in logistics services with one year to a maturity in June 2024. The facility amount was reduced from USD 450 million to USD 320 million while the drawn amount remained unchanged at USD 303 million. The group further extended an undrawn USD 25 million revolving credit facility in shipping services. The group repaid USD 71 million (USD 78 million when including derivative effects) in bond debt relating to two maturities. Repayment schedule for interest-bearing liabilitiesLeasing Other interest USD million Bank loans Bondscommitmentsbearing debt Dec 31, 2022Due in 2023 297 - 317 19 633Due in 2024 556 203 217 - 977Due in 2025 348 - 262 - 609Due in 2026 256 203 257 - 716Due in 2027 and later 522 127 518 - 1,167Total repayable interest-bearing debt 1,978 534 1,572 19 4,103Amortized financing costs (11) (4) - - (15)Total 1,967 529 1,572 19 4,087Leasing Other interest USD million Bank loans Bondscommitmentsbearing debt Dec 31, 2021Due in 2022 382 133 238 - 753Due in 2023 770 - 237 17 1,024Due in 2024 397 227 170 - 795Due in 2025 209 - 161 - 369Due in 2026 and later 324 227 649 - 1,201Total repayable interest-bearing debt 2,081 588 1,455 18 4,142Amortized financing costs (8) (6) - - (13)Total 2,073 582 1,455 18 4,128Net debt reconciliationThis section sets out an analysis of net debt and the movements in net debt for each of the periods presented.USD million 2022 2021Gross debt \u2013 fixed interest rates 1,602 1,568Gross debt \u2013 variable interest rates 2,485 2,560Less Cash and cash equivalents 1,216 710Net debt 2,872 3,418A key part of the liquidity reserve takes the form of undrawn committed drawing rights, which amounted to USD 247 million at December 31, 2022 (2021: USD 348 million). See note 21.Carrying value of mortgaged and leased assetsUSD million 2022 2021Vessels 4,699 4,904Property & land 487 471Accounts receivable 281 2081Shares in Wallenius Wilhelmsen Solutions Holding AS 383 343Total carrying value of mortgaged and leased assets 5,849 5,9261 Carrying value in Wallenius Wilhelmsen ASA.At December 31 , 2022, the group had 14 unencumbered vessels with a total net carrying value of USD 258 million. The carrying amounts of the group\u2019s borrowings are denominated in the following currencies:USD million 2022 2021USD 3,546 3,596NOK 529 517KRW 12 15Total carrying amounts of group\u2019s borrowings 4,087 4,128See otherwise note 17 for information on financial derivatives (interest rates and currency hedges) relating to interest-bearing liabilities.Note 17. Financial riskThrough its activities, the group has exposure to a variety of financial risks:\u2022 Market risk - Foreign exchange rate risk - Interest rate risk - Fuel oil price risk\u2022 Credit risk\u2022 Liquidity riskThe financial risk management of the group focuses on the unpredictability of finan-cial markets and seek to minimize potential adverse effects on the group\u2019s financial performance. Derivative financial instruments are used to hedge certain exposures.Identification, evaluation and hedging of financial risk are carried out by the central treasury department under policies approved by the board of directors.Hedge accounting has not been applied for any economic hedges. Any change in market value of economic hedge derivatives is recognized in the income state-ment. Economic hedge derivatives are recognized at fair value in the balance sheet.Market riskMarket risk is defined as risk related to changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its holdings of financial instruments. The sensitivity analyses in the sections below relate to the position of financial instruments at December 31, 2022. It is assumed that the sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. Economic hedging strate-gies have been established in order to reduce market risks in line with the financial strategy approved by the board of directors. Foreign exchange rate riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and balance sheet items denominated in currencies other than USD (translation risk). The group\u2019s largest foreign exchange exposure is EUR against USD, but the group also has exposure to a number of other currencies whereof KRW, JPY, SEK, CNY and NOK are most important.Various financial derivatives, such as forwards, options and cross-currency (basis) swaps are used to hedge this exposure. Key aspects of the currency hedging policy are:\u2022 Net cash flows in other significant currencies than USD can be hedged using a layered model with up to a 36-month horizon\u2022 Significant capital commitments or divestments in other currencies than USD are hedged\u2022 Balance sheet exposure in currencies other than USD shall in general be hedged. The group will, however, in each case consider factors such as the asset-liability match and the currency of any related cash flow.Economic hedging of transaction riskThe group has an economic hedging program for CNY, NOK and SEK exposures in place as of both year-ends 2022 and 2021.The portfolio of derivatives used to economically hedge the group\u2019s transaction risk exhibit the following income statement sensitivity:USD millionIncome statement sensitivities of economic hedge programChange in exchange rate levels (20%) (10%) 0% 10% 20%Transaction riskUSD/NOK spot rate 7.87 8.85 9.84 10.82 11.81Income statement effect (post tax) 3 1 - (1) (3)USD/SEK spot rate 8.32 9.36 10.4 11.44 12.48Income statement effect (post tax) 2 1 - (1) (2)USD/CNY spot rate 5.51 6.20 6.89 7.58 8.27Income statement effect (post tax) - - - - -(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Economic hedging of translation risk At December 31, 2022, the group has outstanding NOK-denominated bonds of about NOK 5.25 billion (USD 533 million). The corresponding amount was NOK 4.6 billion (USD 517 million) for 2021. All of this debt (NOK 5.25 billion) has been economically hedged against USD with cross-currency swaps. FX sensitivitiesThe 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 immaterial. On December 31, 2022 there were no material FX sensitivities. For the period ending December 31, 2022, the net impact from translation differ-ences had a very limited impact on other comprehensive income with negative USD 7 million (2021: negative USD 6 million). All fair value changes of the financial deriv-atives, except fuel oils derivatives in EUKOR, are recognized in profit or loss. Equity sensitivities will therefore equal sensitivities in the income statement.USD million Notes 2022 2021Through income statementFinancial currencyNet currency gain/(loss) \u2013 operating currency (5) (8)Net currency gain/(loss) \u2013 financial currency 62 (1)Derivatives for economic hedging of cash flow risk \u2013 realized - (3)Derivatives for economic hedging of cash flow risk \u2013 unrealized - (5)Derivatives for economic hedging of translation risk \u2013 realized (14) -Derivatives for economic hedging of translation risk \u2013 unrealized (67) (7)Net financial currency 6 (25) (24)Through other comprehensive incomeCurrency translation differences through other comprehensive income (7) (6)Total net currency effect (32) (30)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average net interest rate exposure over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges held by the group corresponded to about 50 percent (2021: about 50 percent) of its average net interest exposure at December 31. Leases are considered fixed rate debt for this calculation.USD million 2022 2021Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 14 13Due in year 2 288 13Due in year 3 253 287Due in year 4 228 252Due in year 5 and later 282 506Total economic interest rate hedges 1,066 1,070As of December 31, 2022, the group did not hold any forward starting swaps (2021: nil). The average remaining term of the existing loan portfolio is about 3.1 years, while the average remaining term of the running interest rate derivatives and fixed inter-est loans is approximately 3.3 years. Interest rate sensitivitiesThe group\u2019s interest rate risk originates from differences in duration and amounts between interest-bearing assets and interest-bearing liabilities. On the asset side, bank deposits are subject to risk from changes in the general level of interest rates, primarily in USD. On the liability side, the mix of debt and issued bonds with attached fixed or floating coupons \u2013 in combination with financial derivatives on interest rates (plain vanilla interest rates swaps) \u2013 are exposed to changes in the level and curvature of interest rates. The group uses the weighted average dura-tion of interest-bearing assets, liabilities and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. The below table summarizes the interest rate sensitivity towards the fair value of interest-bearing assets and liabilities: USD millionChange in interest rate levels (2%) (1%) 0% 1% 2%Fair value sensitivities of interest rate riskEstimated change in fair value (post tax) (11) (6) 0 6 11(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Apart from the fair value sensitivity calculation based on the group\u2019s net duration, the group has cash flow risk exposure stemming from the risk of increased future interest payments on the unhedged part of the group\u2019s interest-bearing debt. Changes in fair value of financial derivatives are recognized in the income statement.The market values of financial derivatives are included under Other non-current assets, Other non-current liabilities, Other current assets and Other current liabil-ities in the balance sheet. Assets Liabilities Assets Liabilities USD million Notes 2022 2021Interest rate derivativesHolding - - - 7Shipping services 29 - - 38Government services 2 - - 1Logistics services 16 - - 13Total interest rate derivatives 47 - - 60Derivatives used for economic cash flow hedgingHolding 3 - 1 -Shipping services - - - 1Total currency cash flow derivatives 3 - 1 1Derivatives used for economic translation risk hedging (basis swaps)Holding - 72 1 7Shipping services - 2 - 1Total cross currency derivatives (basis swaps) - 74 1 8Other derivatives \u2013 non-controlling shareholder net derivativeShipping services 5 105 - 152 -Total non-controlling shareholder net derivative 105 - 152 -Total market value of derivatives 155 74 153 69Book value equals fair value.Fuel price riskThe group is exposed to fuel oil price fluctuations through its operations in Walle-nius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers.As a general principle, fuel adjustment factors (FAF) in customer contracts is the main mechanism to manage fuel oil price risk in the group. In the short term, the group is exposed to changes in the fuel oil price since FAF is calculated based on the average price over a historical period, and then fixed during an application period, creating a lag effect. As at December 31, 2022, the group does not hold any fuel hedging contracts (2021: nil).Credit riskCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and originates primarily from the group\u2019s customer receivables, financial derivatives used to economically hedge interest rate risk or foreign exchange risk, as well as bank deposits. Trade receivablesThe group\u2019s exposure to credit risk through its operating entities is influenced mainly by individual characteristics of each customer. The demographics of the group\u2019s customer base, including the default risk of the industry and country in which the customers operate, has less of an influence on credit risk. The group\u2019s shipping segment has historically been considered to have low credit risk as the customers tend to be large and well-reputed. In addition, cargo can be held back. Cash and cash equivalentsThe group\u2019s exposure to credit risk on cash and cash equivalents is considered to be very limited as the group maintains banking relationships with well-reputed and familiar banks and where the group, in most instances, has a net debt posi-tion towards these banks.Financial derivativesThe group\u2019s exposure to credit risk on its financial derivatives is considered to be limited as the group\u2019s counterparties are well reputed and familiar banks.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: USD million Notes 2022 2021Exposure to credit riskLong-term investments 19 59 68Financial derivatives \u2013 asset 19 51 1Other non-current assets 19 12 18Trade receivables 20 605 457Other current assets 19 191 144Cash and cash equivalents 1,216 710Total exposure to credit risk 2,134 1,399Book values equal market values.Liquidity riskThe group\u2019s approach to managing liquidity is to secure that it will always have sufficient liquidity to meet 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 considered low in that it holds significant liquid assets in addition to credit facilities with the banks. The group regularly issues NOK debt in the Norwegian bond market, with proceeds swapped into USD via cross-currency swaps at the time of each issue. If the USD/NOK exchange rate increases above certain thresholds from the rate at the time of issue, the company will need to post cash collateral with the counterparties based on the mark-to-market value above the threshold. The cash collateral is released back to the company if the USD/NOK exchange rate decreases. As of December 31, 2022, the group had posted USD 2 million in cash collateral relating to cross-cur-rency swaps for the three outstanding NOK bonds. The cash collateral is recognized in Other current assets in the balance sheet. At December 31, the group had USD 1,216 million (2021: USD 710 million) in liquid assets which can be realized over a three-day period in addition to USD 247 million (2021: USD 348 million) in undrawn capacity under its bank facilities. Undiscounted cash flows financial liabilitiesLess than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2022Bank loans 423 645 939 357Bonds 62 261 397 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 543 - - -Total non-derivative liabilities excluding leasing 1,029 906 1,336 357Leasing liabilities 517 418 896 696Financial derivatives (25) (20) (31) -Total gross undiscounted cash flows financial liabilities at December 31 1,522 1,304 2,201 1,053Less than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2021Bank loans 420 792 796 168Bonds 174 33 505 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 567 - - -Total non-derivative liabilities excluding leasing 1,160 825 1,301 168Leasing liabilities 278 272 537 657Financial derivatives 27 27 52 5Total gross undiscounted cash flows financial liabilities at December 31 1,465 1,124 1,890 830Interest expenses on floating interest-bearing debt included above have been computed using interest rate curves as of year-end.CovenantsMost financing is subject to certain financial and non-financial covenants or restric-tions. Please see note 16 Interest-bearing liabilities for further information.Capital risk managementThe group\u2019s policy is to maintain a strong capital base to maintain investor, credi-tor and market confidence and to sustain future development of the business. The board of directors monitors return on capital employed, which the group defines as operating profit divided by capital employed (shareholders equity and inter-est-bearing liabilities). The board also monitors the level of dividends to sharehold-ers. Wallenius Wilhelmsen ASA targets a dividend which over time shall constitute between 30-50 percent of the company\u2019s profit after tax. When deciding the size of the dividend, the board will consider future capital requirements to ensure the implementation of its growth strategy as well as the need to ensure that the group\u2019s financial standing remains solid.The group seeks to maintain a balance between the potentially higher returns that can be achieved with a higher level of debt and the advantages of maintaining a solid capital position. The group\u2019s target is to achieve an adjusted return on capital employed over time that exceeds 8 percent. In 2022, the return on capital employed was 13.7 percent. See reconciliation of alternative performance measures for defi-nition and calculation.Fair value estimationThe 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 instru-ments not traded in an active market (over-the-counter contracts) are based on third party quotes.These quotes use the maximum number of observable market rates for price discov-ery. Specific valuation techniques used to value financial instruments include:\u2022 Quoted market prices or dealer quotes for similar instruments\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves\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 present value and\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premiumThe carrying value less impairment allowance of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments.Interest-bearing liabilitiesUSD million Fair value Book value2022Bank loans 1,868 1,967Bonds 543 529Leasing liabilities 1,617 1,572Other 19 19Total interest-bearing liabilities at December 31 4,047 4,087USD million Fair value Book value2021Bank loans 2,012 2,073Bonds 604 582Leasing liabilities 1,479 1,455Other 18 18Total interest-bearing liabilities at December 31 4,113 4,128All interest-bearing liabilities are considered to be level 3 in the fair value hierarchy.Fair value hierarchy USD million Notes Level 1 Level 2 Level 3 Total balance2022Financial assets at fair value through income statement - Financial derivatives - 51 - 51 - Non-controlling shareholder net derivative 5 - - 105 105Total assets at December 31 - 51 105 155Financial liabilities at fair value through income statement - Financial derivatives - 74 - 74Total liabilities at December 31 - 74 - 74USD million Notes Level 1 Level 2 Level 3 Total balance2021Financial assets at fair value through income statement - Financial derivatives - 2 - 2 - Non-controlling shareholder net derivative 5 - - 152 152Total assets at December 31 - 2 152 153Financial liabilities at fair value through income statement - Financial derivatives - 69 - 69Total liabilities at December 31 - 69 - 69The fair value of financial instruments not traded in an active market is based on third-party quotes (mark-to-market). These quotes use the maximum number of observable market rates for price discovery. The different valuation techniques typically applied by financial counterparties (banks) are described above. These instruments \u2013 currency and interest rate derivatives \u2013 are included in level two. Financial instruments by categoryAssets at fair Assets at value through the USD millionamortized costincome statement Other Total2022AssetsOther non-current assets - 155 79 235Trade receivables 605 - - 605Other current assets 2 - 189 191Cash and cash equivalent 1,216 - - 1,216Assets at December 31 1,822 155 269 2,247Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2022LiabilitiesNon-current interest-bearing debt - 2,200 2,200Non-current lease liabilities - 1,254 1,254Other non-current liabilities 74 21 95Trade payables - 112 112Current interest-bearing debt - 316 316Current lease liabilities - 317 317Other current liabilities - 15 16Liabilities at December 31 74 4,236 4,310Assets at fair Assets at value through the USD millionamortized costincome statement Other Total2021AssetsOther non-current assets - 153 87 239Trade receivables 457 - - 457Other current assets - - 144 144Cash and cash equivalent 710 - - 710Assets at December 31 1,167 153 230 1,550Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2021LiabilitiesNon-current interest-bearing debt - 2,158 2,158Non-current lease liabilities - 1,218 1,218Other non-current liabilities 60 8 68Trade payables - 154 154Current interest-bearing debt - 515 515Current lease liabilities - 238 238Other current liabilities 9 29 37Liabilities at December 31 69 4,319 4,388Note 18. Provisions and contingenciesUSD million Dec 31, 2022 Dec 31, 2021Non-current provisions - 16Current provisions - 28Total provisions - 44From time to time, the group will be involved in disputes and legal actions. The operating entities WW Ocean and EUKOR have been part of anti-trust investiga-tions in several jurisdictions since 2012. Proceedings with the outstanding jurisdic-tions were resolved in 2021, and all remaining customer claims were settled in 2022. As of December 31, 2022, there are no provisions or other outstanding liabilities related to anti-trust. At December 31, 2021, the group had recognized USD 120 million of provisions (USD 44 million) and other current liabilities (USD 76 million) related to fines, civil claims and customer settlement. All remaining amounts, USD 113 million, were paid during the year, with USD 6 million being reversed as a gain presented in Other operating expenses. In 2021 the group paid USD 149 million in customer settlements and fines to jurisdictions.Contingent liabilitiesThe group is sometimes party to lawsuits related to laws and regulations in vari-ous jurisdictions arising from the conduct of its business. Based on information currently available, the probability of any such cases resulting in a material outflow of resources is low, and a provision has not been recognized.Note 19. Specification of balance sheetUSD million 2022 2021Other non-current assets1Long-term investments 59 68Financial derivatives 51 1Pension assets 8 -Derivative financial asset 105 152Investments in joint ventures and associates 12 10Other non-current assets 12 18Total other non-current assets 247 249USD million 2022 2021Other current assetsFinancial derivatives - 1Prepaid expenses 191 143Total other current assets 191 144Other non-current liabilitiesFinancial derivatives 74 60Other non-current liabilities 21 8Total other non-current liabilities 95 68Other current liabilitiesFinancial derivatives - 92Contract liabilities 169 148Other accrued operating expenses 294 270Other current liabilities 15 29Total other current liabilities 479 4551 EUKOR owns 0.627 percent of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irre-vocable decision to present changes in fair value through other comprehensive income. The investment has decreased by USD 5 million in value during 2022 and fair value at December 31, 2022, is estimated at USD 39 million. The increase is primarily related to improved results in KOBC\u2019s underlying investments.2 The contract liabilities represents the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2021 have been recognized as freight revenue in 2022.Note 20. Trade receivables and trade payablesTrade receivablesAt December 31, 2022, USD 57 million (2021: USD 91 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group\u2019s customers are generally large, multi-national OEMs and historic credit losses have been minor. At December 31, 2022, the group\u2019s impairment allowance on receivables amounts to approximately USD 4 million (2021: USD 4 million). Approx. 74 percent of the impair-ment allowance at relates to the logistics segment and 26 percent to the shipping segment in 2022 (70 percent and 30 percent respectively for 2021). The aging profile of trade receivables that are past due is as follows:USD million 2022 2021Aging of trade receivables fallen due31-60 days 26 5861-90 days 10 1391-180 days 15 15Over 180 days 6 5Total fallen due 57 91Trade receivables per segmentShipping services 414 338Logistics services 130 94Government services 61 25Total trade receivables 605 457Trade payablesAt December 31, 2022, USD 4 million in trade payables had fallen due (2021: USD 5 million). These payables refer to a number of separate suppliers and are related to general business. The group expects to settle outstanding payables within 30-60 days.USD million 2022 2021Trade payables per segmentShipping services 56 116Logistics services 53 36Government services 3 2Holding - -Total trade payables 112 154See note 17 for more information on credit risk.Note 21. Restricted bank deposits and undrawn commited drawing rightsUSD million 2022 2021Payroll tax withholding account (included in cash and cash equivalents) 1 1USD million 2022 2021Undrawn committed drawing rights 247 348of which backstop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity - 133Undrawn committed loans - -Note 22. Related party transactionsTransactions with related partiesThe two main shareholders of Wallenius Wilhelmsen ASA are Walleniusrederierna AB and Wilh. Wilhelmsen Holding ASA with 37.82 and 37.87 percent of the shares respectively. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA (WWH group) through Tallyman AS, and the Wallenius Kleberg family controls Walle-niusrederierna AB through Rederi AB Soya (Soya group).For participation in the board of directors, Thomas Wilhelmsen received USD 59 thousand and Jonas Kleberg USD 57 thousand. In addition, Jonas Kleberg received USD 7 thousand for participation in the nomination committee.The group has undertaken several transactions with related parties within Wilh. Wilhelmsen Holding ASA (WWH), Wilservice AS, Wilhelmsen Maritime Services group (WMS group) and Soya group. All transactions are entered into in the ordinary course of business of the company and the agreements pertaining to the transactions are all entered into on commercial market terms.Wilh. Wilhelmsen Holding ASA (WWH) delivers services to the Wallenius Wilhelmsen ASA group including human resources (\u201cShared Services\u201d) and in-house services such as canteen, post, switchboard and rent of office facilities. Generally, Shared Services are priced using a cost plus 5 percent margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. In addition, the Soya group delivers rent of office facilities to the group.Historically and currently, the majority shareholders, WWH and Soya, further deliver several services to the group, based on the principles set out in the OECD\u2019s transfer pricing guidelines for group services, including, inter alia, cost plus basis or based on independent broker estimates. In the event services are provided to both external and internal parties, the prices set forth in the contracts regarding such services, are on same level for both the external and the internal customers. The services cover:\u2022 ship management including crewing, technical and management service\u2022 insurance brokerage\u2022 agency services\u2022 freight and liner services\u2022 marine products to vesselsUSD million 2022 2021Income statementOperating revenue from related partied within WWH group 1 1Operating revenue from related partied within Soya group - -Operating expenses to related parties within WWH group 19 20Operating expenses to related parties within Soya group 14 10In addition, Wallenius Marine (part of Soya Group) had the supervision of the newbuilding which was delivered in 2021. Their fee in 2021 was approximately USD 0.2 million and is capitalized with the vessel.USD million 2022 2021Balance sheetCurrent receivables from related parties within Soya group 3 -Non-current loan/payables to related parties within Soya group - 2Current loan/payables to related parties within Soya group 2 1Non-current receivables from related parties within WWH group - -Current receivables from related parties within WWH group 1 1Non-current loan/payables to related parties within WWH group - 3Current loan/payables to related parties within WWH group 4 1Note 23. Events after the balance sheet dateIn January 2023, Wallenius Wilhelmsen ASA signed a new USD 100 million revolving credit facility to be available for collateral postings related to cross-currency swaps. The facility is secured by five sailing vessels that were previously unencumbered.In February, the board proposed an ordinary dividend of USD 0.85 per share to the annual general meeting on April 26, 2023, with USD 0.51 to be payable in May 2023 and USD 0.34 to be payable in November 2023. The dividend is declared in USD and paid in NOK. The total proposed dividend amounts to USD 360 million, representing 45 percent of profit after tax for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__7": {
"value": "General information and backgroundWallenius Wilhelmsen ASA (the parent company) is a public limited company incor-porated in Norway, and its shares are listed on the Oslo Stock Exchange. The parent company\u2019s registered office is at Strandveien 20, Lysaker, Norway. These consolidated financial statements consist of the parent company and its subsidiaries (the group) and the group\u2019s interests in associated companies and jointly controlled entities. The group\u2019s business is primarily made up of shipping and logistics operations. The principal activities of the group are described in note 2 Segment information. These consolidated financial statements were approved for issue by the board of directors on March 14, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__16": {
"value": "Wallenius Wilhelmsen ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__15": {
"value": "Wallenius Wilhelmsen ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__8": {
"value": "Wallenius Wilhelmsen ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__10": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__11": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__9": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__13": {
"value": "Lysaker",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__12": {
"value": "Lysaker",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__20": {
"value": "subsidiaries (the group) and the group\u2019s interests in associated companies and jointly controlled entities. The group\u2019s business is primarily made up of shipping and logistics operations. The principal activities of the group are described in note 2 Segment information. These consolidated financial statements were approved for issue by the board of directors on March 14, 2023.Basis of preparationStatement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act as effective December 31, 2022. The financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as stated by \u00a7 3-9 of the Accounting Act and the Regulations on the Simplified Application of International Accounting Standards established by the Norwegian Ministry of Finance on February 7, 2022. In the parent company, the company has elected to apply the exemption from IFRS for dividends and group contributions. Otherwise, the accounting policies for the group are also adopted by the parent company. Wallenius Wilhelmsen provides additional disclosures in accordance with require-ments in the Norwegian Accounting Act related to remuneration to the board and management. The consolidated financial statements are presented in US dollars (USD), rounded to the nearest whole million unless otherwise stated. USD is the functional currency of most entities in the group. The parent company is presented in its functional currency USD.Historical cost conventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.Principles of consolidation and equity accountingThe consolidated financial statements comprise the financial statements of Walle-nius Wilhelmsen ASA and its subsidiaries as of December 31, 2022. SubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method is used by the group to account for business combinations. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Account-ing policies of subsidiaries have been changed where necessary to ensure consis-tency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__14": {
"value": "shipping and logistics operations",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__17": {
"value": "Basis of preparationStatement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act as effective December 31, 2022. The financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as stated by \u00a7 3-9 of the Accounting Act and the Regulations on the Simplified Application of International Accounting Standards established by the Norwegian Ministry of Finance on February 7, 2022. In the parent company, the company has elected to apply the exemption from IFRS for dividends and group contributions. Otherwise, the accounting policies for the group are also adopted by the parent company. Wallenius Wilhelmsen provides additional disclosures in accordance with require-ments in the Norwegian Accounting Act related to remuneration to the board and management. The consolidated financial statements are presented in US dollars (USD), rounded to the nearest whole million unless otherwise stated. USD is the functional currency of most entities in the group. The parent company is presented in its functional currency USD.Historical cost conventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__18": {
"value": "Statement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act as effective December 31, 2022. The financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as stated by \u00a7 3-9 of the Accounting Act and the Regulations on the Simplified Application of International Accounting Standards established by the Norwegian Ministry of Finance on February 7, 2022. In the parent company, the company has elected to apply the exemption from IFRS for dividends and group contributions. Otherwise, the accounting policies for the group are also adopted by the parent company. Wallenius Wilhelmsen provides additional disclosures in accordance with require-ments in the Norwegian Accounting Act related to remuneration to the board and management. The consolidated financial statements are presented in US dollars (USD), rounded to the nearest whole million unless otherwise stated. USD is the functional currency of most entities in the group. The parent company is presented in its functional currency USD.Historical cost conventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__33": {
"value": "financial assets and liabilities (including financial derivatives) at fair value either through the income statement or other comprehensive income. Preparing financial statements in conformity with IFRS and simplified IFRS requires management to make use of estimates and assumptions which affect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and related judgments are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. The areas involv-ing a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are described in more detail in note 1.New and revised standards \u2013 adopted and not yet effectiveNone of the amendments to IFRSs or IFRIC interpretations implemented with effect from January 1, 2022 have, or are expected to have, a material impact on the group or the parent company\u2019s financial statements. At the date of the approval of these financial statements, the group has not identified significant impact to the group or the parent company\u2019s financial statements as a result of amendments effective for 2023. The group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.Principles of consolidation and equity accountingThe consolidated financial statements comprise the financial statements of Walle-nius Wilhelmsen ASA and its subsidiaries as of December 31, 2022. SubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method is used by the group to account for business combinations. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Account-ing policies of subsidiaries have been changed where necessary to ensure consis-tency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method. Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method. Equity methodUnder the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unse-cured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. Shares in subsidiaries, joint ventures and associates are reviewed for impairment whenever events or changes in circumstances indicate that the carry-ing amount may exceed the recoverable amount of the investment. An impairment loss is reversed if the impairment situation is deemed to no longer exist.Changes in ownership interestsA change in ownership interest of a subsidiary that does not result in a loss of control is a transaction with equity owners of the group and accounted for as an equity transaction. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. 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 the carrying amount recognized 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 recognized 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 recognized in other compre-hensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only the proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss.Shares in subsidiaries, joint ventures and associates (parent company)Shares in subsidiaries, joint ventures and associates are recognized according to the cost method. Group contributions and dividends from subsidiaries are recog-nized in the year in which it is proposed by the subsidiary to the extent the parent company can control the decision of the subsidiary.Segment reportingThe group\u2019s operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker which is the group\u2019s Chief Executive Officer (CEO). Financial and operational information is prepared for each segment, and the information disclosed is in line with the infor-mation used by the CEO to assess performance and allocate resources. The chief operating decision-maker is responsible for coordinating business and manage-ment to optimize the use of know-how and resources and to align decision-making related to the implementation of the group\u2019s strategy. Related party transactionsSee note 22 to the group financial statements for related party transactions. See note 4 to the group financial statements for remuneration of senior executives in the group and note 2 to the parent company financial statements for information related to loans and guarantees for employees in the parent company. Wallenius Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act \u00a77-31b related to remuneration to the board and management. This information is included in the separate Remuneration report for 2022. Foreign currency transaction and translationTransactions In individual companies, transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange as of the transaction date. Monetary assets and liabilities denominated in foreign currencies are subsequently translated into the relevant functional currency by using the rate of exchange at the balance sheet date. Realized and unrealized currency gains or losses are included in financial income or expense.TranslationIn the consolidated financial statements, the assets and liabilities of non-USD functional currency subsidiaries, joint ventures and associates, including related goodwill, are translated into USD using the rate of exchange as of the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries, joint ventures and associates are translated into USD using the average exchange rate for the period reported (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rate on the dates of the transactions). Exchange rate adjustments arising when the opening net assets and the net income for the year retained by non-USD operations are translated into USD are recognized in other comprehensive income. On disposal of a non-USD functional currency subsidiary, joint venture or associate, the deferred cumulative amount recognized in equity relating to that particular entity is recognized in the income statement. Business combinationsThe acquisition method of accounting is used to account for all business combina-tions, regardless of whether equity instruments or other assets are acquired. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the group, liabilities incurred by the group to the former owners of the acquired business and the equity interest issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The excess of the \u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recognized as goodwill. If after reassessment, those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit and loss as a bargain purchase gain. Contingent consid-eration is classified either as equity or a financial liability and initially measured at its acquisition-date fair value. Amounts classified as financial liabilities are subse-quently remeasured to fair value with changes in fair value recognized in profit and loss. If a business combination is achieved in stages, the acquisition-date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value. Any gains or losses arising from such remeasurement are recognized in profit and loss. Revenue recognitionThe group recognizes revenue from the following major sources:\u2022 voyage charter revenue (freight revenue)\u2022 land-based revenueRevenue is measured based on the consideration to which the group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognizes revenue when it transfers control of a product or service to a customer. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The accounting policies for the group\u2019s main types of revenue are set out below.Voyage charter revenueVoyage charter revenue is recognized in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. The voyage charter revenue is recog-nized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applica-ble voyage. When recognizing revenue from voyage charters the group applies the practical expedient defined by the standard enabling the group to account for several contracts with similar characteristics as a portfolio, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually.Land-based logistics service revenue Land-based logistics services are recognized in accordance with IFRS 15 in the accounting period in which the services have been rendered.Tangible assetsVessels and other tangible assets acquired by group companies are initially recog-nized at cost. Depreciation is calculated on a straight-line basis. A residual value, which reduces the depreciation base, is estimated for vessels. The estimate is based on a 10 year average rolling demolition price for general cargo vessels. In addition, a charge for green ship recycling is deducted. The calculation is performed on an annual basis.The carrying value of tangible assets equals the historical cost less accumulated depreciation and any impairment charges. The group capitalizes loan costs related to the construction of new vessels on the basis of the group\u2019s average borrowing rate on interest-bearing debt. Shipbuilder installments paid, other direct vessel costs and the group\u2019s interest costs related to financing the acquisition of vessels are capitalized as they are paid. Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 years Property 30-50 years Land no depreciation Other tangible assets 3-10 years Each component of a tangible asset, which is significant for the total cost of the item and for which the estimated useful life is different, will be depreciated sepa-rately. Components with similar estimated useful lives will be included in a single component. An analysis of the group\u2019s fleet concluded that vessels based on a pure car truck carrier/roll-on roll-off design do not need to be separated into different compo-nents since there is no significant difference in the estimated useful life for the various components of these vessels over and above docking costs. Costs related to docking and periodic maintenance will normally be depreciated over the period until the next docking. The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each balance sheet date. The effect of any changes in estimate is accounted for on a prospective basis. Goodwill and other intangible assetsAmortization of intangible assets is based on the following estimated useful lives:Goodwill Indefinite Customer relations/contracts 3-10 years Other intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group\u2019s share of the identifiable net assets of the acquired subsidiary, joint venture or asso-ciate. Goodwill arising from the acquisition of subsidiaries is classified as an intan-gible asset. Goodwill arising from the acquisition of an interest in a joint venture or an associated company is included in the carrying amount of the investment and tested for impairment as a single asset. Goodwill from acquisition of subsidiaries is tested for impairment at least annually and carried at cost less impairment losses. Impairment losses on goodwill are not reversed. A gain or loss on disposal of a business or part of a business includes the attributable amount of goodwill.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable, and it is probable that the future economic bene-fits that are attributable to the asset will flow to the entity. Subsequent to initial recognition, customer relations and contracts are amortized over their estimated useful lives in accordance with the straight-line method.Other intangible assetsPort use rights acquired through business combinations are recognized as an intangible asset. The amount is initially estimated based on the discounted value of the differential cash flow for the future port use right period. The differential cash flow is calculated based on the difference between the estimated rental payments based on market terms and the rental payments under the contractual port use right arrangement. The port use right intangible asset is amortized using the unit of production method. Development costs that are directly attributable to the design and testing of iden-tifiable and unique software products controlled by the group are recognized as intangible assets when the following criteria are met:\u2022 it is technically feasible to complete the software product so that it will be available for use;\u2022 management intends to complete the software product and use or sell it;\u2022 it can be demonstrated how the software product will generate probable future economic benefits;\u2022 adequate technical, financial and other resources to complete the develop-ment and to use or sell the software product are available; and\u2022 the expenditure attributable to the software product during its development can be reliably measuredCapitalized expenses related to software assets are amortized over their estimated useful lives in accordance with the straight-line method. Costs associated with maintaining computer software are recognized as an expense as incurred.Impairment of goodwill and other non-financial assetsAt each reporting date, the group reviews the carrying amounts of its goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication of impairment. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset\u2019s recoverable amount is estimated. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the highest of the fair value less costs of disposal and value in use. In assessing value in use, the net present value (NPV) of future esti-mated cash flows from the employment of the asset is determined. The discount rate applied is the weighted average cost of capital (\u201cWACC\u201d) reflecting the required rate of return of the asset or CGU. If the recoverable amount is estimated to be less than the carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. Impairment losses are recognized in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. An impairment loss for goodwill is not subsequently reversed.Vessels and vessel related projectsEstimated future cash flows are based on an assessment of the group\u2019s expected time charter earnings and estimated level of operating expenses for each type of vessel over the remaining useful life of the vessel. Vessels are organized and oper-ated as a fleet and evaluated for impairment on the basis that the whole fleet is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel\u2019s earnings. Furthermore, the group\u2019s vessels are interchange-able among the operating companies and part of a coordinated fleet management structure in place to optimize operations (long term chartering activities, vessel swaps, space chartering, combined schedules etc.). Goodwill Goodwill acquired through business combinations has for the purpose of impair-ment testing been allocated to the relevant CGU or group of CGUs expected to benefit from the business combination. CGUs or groups of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU or group of CGUs may be impaired. If the recov-erable amount of the CGU or group of CGUs to which goodwill has been allocated is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. LeasesThe group\u2019s leased assets primarily consist of vessels and land. In addition, the group leases office space and various equipment.Identifying 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 consid-eration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether:\u2022 the agreement creates enforceable rights of payment and obligations\u2022 the identified asset is physically distinct\u2022 it has the right to obtain substantially all of the economic benefits from use of the asset\u2022 it has the right to direct the use of the asset\u2022 the supplier does not have a substantive right to substitute the asset throughout the period of useSeparating components in the lease contractFor contracts that constitute, or contain a lease, the group separates lease compo-nents if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by maximizing the use of observable information.Recognition and measurement of leases At the lease commencement date, the group recognizes a lease liability and a corre-sponding right-of-use asset for all lease agreements in which it is the lessee. The following policy choices and practical expedients have been applied by the group: \u2022 the standard will not be applied to leases of intangible assets, and these will continue to be recognized in accordance with IAS 38 Intangible assets\u2022 all leases deemed to be short-term (<12 months) are recognized as an operat-ing expense on a straight-line basis over the term of the lease\u2022 all leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the term of the lease \u2022 non-lease components are separated from the lease component in all vessel leases. For other lease agreements, the group applies a materiality threshold when evaluating separationMeasuring the lease liabilityThe 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 that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option.The lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments less any lease incentives receivable\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amount expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option, if the group is reasonably certain to exercise that option\u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the leaseThe group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. The lease liability is subsequently measured by increasing the carrying amount to reflect inter-est 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. The group presents its lease liabilities as separate line items in the balance sheet reflecting the non-current and current portions of the liability.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprises:\u2022 the amount of the initial measurement of the lease liability\u2022 any lease payments made at or before the commencement date, less any lease incentives received\u2022 any initial direct costs incurred by the group\u2022 an estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease The right-of-use asset is subsequently measured at cost less accumulated depre-ciation and impairment losses. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date over the shorter of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Financial assetsThe group classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories of finan-cial assets are amortized cost and fair value through either profit or loss (FVPL) or other comprehensive income (FVOCI).Management determines the classification of financial assets at their initial recog-nition. Financial assets carried at fair value through profit or loss are initially measured at fair value with transaction costs recognized immediately in the income statement. Subsequent changes in fair value are recognized in profit or loss.Where the group has made an irrevocable decision to designate an investment at fair value through other comprehensive income, the investment is initially measured at fair value plus transaction costs. Subsequent changes in fair value are recog-nized in other comprehensive income. Cumulative gains or losses are not recycled through profit or loss on disposal of the investment.Receivables and other financial assetsNon-derivative financial assets, such as receivables other than trade receivables, are assets with fixed or determinable payments. They are classified as current assets, except for assets with a maturity later than 12 months after the balance sheet date, which are classified as non-current assets. Non-derivative financial assets are classified as Other current assets or Other non-current assets in the balance sheet. Non-derivative financial assets are recognized initially at their fair value plus transaction costs and subsequently measured at amortized cost. Financial assets are derecognized when the contractual rights to the cash flows from the financial assets expire or are transferred, and the group has transferred by and large all risk and return from the financial asset. Realized gains and losses are recognized in the income statement in the period they arise. Trade receivablesTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The group holds the trade receivables with the objective of collecting the contractual cash flows and trade receivables are therefore measured subsequently at amortized cost using the effective interest method. The group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__19": {
"value": "Principles of consolidation and equity accountingThe consolidated financial statements comprise the financial statements of Walle-nius Wilhelmsen ASA and its subsidiaries as of December 31, 2022. SubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method is used by the group to account for business combinations. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Account-ing policies of subsidiaries have been changed where necessary to ensure consis-tency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method. Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method. Equity methodUnder the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unse-cured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. Shares in subsidiaries, joint ventures and associates are reviewed for impairment whenever events or changes in circumstances indicate that the carry-ing amount may exceed the recoverable amount of the investment. An impairment loss is reversed if the impairment situation is deemed to no longer exist.Changes in ownership interestsA change in ownership interest of a subsidiary that does not result in a loss of control is a transaction with equity owners of the group and accounted for as an equity transaction. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. 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 the carrying amount recognized 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 recognized 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 recognized in other compre-hensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only the proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss.Shares in subsidiaries, joint ventures and associates (parent company)Shares in subsidiaries, joint ventures and associates are recognized according to the cost method. Group contributions and dividends from subsidiaries are recog-nized in the year in which it is proposed by the subsidiary to the extent the parent company can control the decision of the subsidiary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__22": {
"value": "AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__21": {
"value": "AssociatesAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20 percent and 50 percent of the voting rights. Investments in associates are accounted for using the equity method. Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__23": {
"value": "Joint arrangementsUnder IFRS 11 Joint Arrangements, investments in joint arrangements are classi-fied as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group currently only has interests in joint ventures. Interests in joint ventures are accounted for using the equity method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__24": {
"value": "Segment reportingThe group\u2019s operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker which is the group\u2019s Chief Executive Officer (CEO). Financial and operational information is prepared for each segment, and the information disclosed is in line with the infor-mation used by the CEO to assess performance and allocate resources. The chief operating decision-maker is responsible for coordinating business and manage-ment to optimize the use of know-how and resources and to align decision-making related to the implementation of the group\u2019s strategy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__25": {
"value": "Related party transactionsSee note 22 to the group financial statements for related party transactions. See note 4 to the group financial statements for remuneration of senior executives in the group and note 2 to the parent company financial statements for information related to loans and guarantees for employees in the parent company. Wallenius Wilhelmsen also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act \u00a77-31b related to remuneration to the board and management. This information is included in the separate Remuneration report for 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__26": {
"value": "Foreign currency transaction and translationTransactions In individual companies, transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange as of the transaction date. Monetary assets and liabilities denominated in foreign currencies are subsequently translated into the relevant functional currency by using the rate of exchange at the balance sheet date. Realized and unrealized currency gains or losses are included in financial income or expense.TranslationIn the consolidated financial statements, the assets and liabilities of non-USD functional currency subsidiaries, joint ventures and associates, including related goodwill, are translated into USD using the rate of exchange as of the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries, joint ventures and associates are translated into USD using the average exchange rate for the period reported (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rate on the dates of the transactions). Exchange rate adjustments arising when the opening net assets and the net income for the year retained by non-USD operations are translated into USD are recognized in other comprehensive income. On disposal of a non-USD functional currency subsidiary, joint venture or associate, the deferred cumulative amount recognized in equity relating to that particular entity is recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__27": {
"value": "The acquisition method of accounting is used to account for all business combina-tions, regardless of whether equity instruments or other assets are acquired. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the group, liabilities incurred by the group to the former owners of the acquired business and the equity interest issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The excess of the \u2022 consideration transferred,\u2022 amount of any non-controlling interest in the acquired entity, and\u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recognized as goodwill. If after reassessment, those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit and loss as a bargain purchase gain. Contingent consid-eration is classified either as equity or a financial liability and initially measured at its acquisition-date fair value. Amounts classified as financial liabilities are subse-quently remeasured to fair value with changes in fair value recognized in profit and loss. If a business combination is achieved in stages, the acquisition-date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value. Any gains or losses arising from such remeasurement are recognized in profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__28": {
"value": "Revenue recognitionThe group recognizes revenue from the following major sources:\u2022 voyage charter revenue (freight revenue)\u2022 land-based revenueRevenue is measured based on the consideration to which the group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognizes revenue when it transfers control of a product or service to a customer. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The accounting policies for the group\u2019s main types of revenue are set out below.Voyage charter revenueVoyage charter revenue is recognized in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. The voyage charter revenue is recog-nized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applica-ble voyage. When recognizing revenue from voyage charters the group applies the practical expedient defined by the standard enabling the group to account for several contracts with similar characteristics as a portfolio, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually.Land-based logistics service revenue Land-based logistics services are recognized in accordance with IFRS 15 in the accounting period in which the services have been rendered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__29": {
"value": "Tangible assetsVessels and other tangible assets acquired by group companies are initially recog-nized at cost. Depreciation is calculated on a straight-line basis. A residual value, which reduces the depreciation base, is estimated for vessels. The estimate is based on a 10 year average rolling demolition price for general cargo vessels. In addition, a charge for green ship recycling is deducted. The calculation is performed on an annual basis.The carrying value of tangible assets equals the historical cost less accumulated depreciation and any impairment charges. The group capitalizes loan costs related to the construction of new vessels on the basis of the group\u2019s average borrowing rate on interest-bearing debt. Shipbuilder installments paid, other direct vessel costs and the group\u2019s interest costs related to financing the acquisition of vessels are capitalized as they are paid. Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 years Property 30-50 years Land no depreciation Other tangible assets 3-10 years Each component of a tangible asset, which is significant for the total cost of the item and for which the estimated useful life is different, will be depreciated sepa-rately. Components with similar estimated useful lives will be included in a single component. An analysis of the group\u2019s fleet concluded that vessels based on a pure car truck carrier/roll-on roll-off design do not need to be separated into different compo-nents since there is no significant difference in the estimated useful life for the various components of these vessels over and above docking costs. Costs related to docking and periodic maintenance will normally be depreciated over the period until the next docking. The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each balance sheet date. The effect of any changes in estimate is accounted for on a prospective basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__30": {
"value": "Goodwill and other intangible assetsAmortization of intangible assets is based on the following estimated useful lives:Goodwill Indefinite Customer relations/contracts 3-10 years Other intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group\u2019s share of the identifiable net assets of the acquired subsidiary, joint venture or asso-ciate. Goodwill arising from the acquisition of subsidiaries is classified as an intan-gible asset. Goodwill arising from the acquisition of an interest in a joint venture or an associated company is included in the carrying amount of the investment and tested for impairment as a single asset. Goodwill from acquisition of subsidiaries is tested for impairment at least annually and carried at cost less impairment losses. Impairment losses on goodwill are not reversed. A gain or loss on disposal of a business or part of a business includes the attributable amount of goodwill.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable, and it is probable that the future economic bene-fits that are attributable to the asset will flow to the entity. Subsequent to initial recognition, customer relations and contracts are amortized over their estimated useful lives in accordance with the straight-line method.Other intangible assetsPort use rights acquired through business combinations are recognized as an intangible asset. The amount is initially estimated based on the discounted value of the differential cash flow for the future port use right period. The differential cash flow is calculated based on the difference between the estimated rental payments based on market terms and the rental payments under the contractual port use right arrangement. The port use right intangible asset is amortized using the unit of production method. Development costs that are directly attributable to the design and testing of iden-tifiable and unique software products controlled by the group are recognized as intangible assets when the following criteria are met:\u2022 it is technically feasible to complete the software product so that it will be available for use;\u2022 management intends to complete the software product and use or sell it;\u2022 it can be demonstrated how the software product will generate probable future economic benefits;\u2022 adequate technical, financial and other resources to complete the develop-ment and to use or sell the software product are available; and\u2022 the expenditure attributable to the software product during its development can be reliably measuredCapitalized expenses related to software assets are amortized over their estimated useful lives in accordance with the straight-line method. Costs associated with maintaining computer software are recognized as an expense as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__31": {
"value": "Impairment of goodwill and other non-financial assetsAt each reporting date, the group reviews the carrying amounts of its goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication of impairment. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset\u2019s recoverable amount is estimated. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the highest of the fair value less costs of disposal and value in use. In assessing value in use, the net present value (NPV) of future esti-mated cash flows from the employment of the asset is determined. The discount rate applied is the weighted average cost of capital (\u201cWACC\u201d) reflecting the required rate of return of the asset or CGU. If the recoverable amount is estimated to be less than the carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. Impairment losses are recognized in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. An impairment loss for goodwill is not subsequently reversed.Vessels and vessel related projectsEstimated future cash flows are based on an assessment of the group\u2019s expected time charter earnings and estimated level of operating expenses for each type of vessel over the remaining useful life of the vessel. Vessels are organized and oper-ated as a fleet and evaluated for impairment on the basis that the whole fleet is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel\u2019s earnings. Furthermore, the group\u2019s vessels are interchange-able among the operating companies and part of a coordinated fleet management structure in place to optimize operations (long term chartering activities, vessel swaps, space chartering, combined schedules etc.). Goodwill Goodwill acquired through business combinations has for the purpose of impair-ment testing been allocated to the relevant CGU or group of CGUs expected to benefit from the business combination. CGUs or groups of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU or group of CGUs may be impaired. If the recov-erable amount of the CGU or group of CGUs to which goodwill has been allocated is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__32": {
"value": "LeasesThe group\u2019s leased assets primarily consist of vessels and land. In addition, the group leases office space and various equipment.Identifying 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 consid-eration. To determine whether a contract conveys the right to control the use of an identified asset, the group assesses whether:\u2022 the agreement creates enforceable rights of payment and obligations\u2022 the identified asset is physically distinct\u2022 it has the right to obtain substantially all of the economic benefits from use of the asset\u2022 it has the right to direct the use of the asset\u2022 the supplier does not have a substantive right to substitute the asset throughout the period of useSeparating components in the lease contractFor contracts that constitute, or contain a lease, the group separates lease compo-nents if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by maximizing the use of observable information.Recognition and measurement of leases At the lease commencement date, the group recognizes a lease liability and a corre-sponding right-of-use asset for all lease agreements in which it is the lessee. The following policy choices and practical expedients have been applied by the group: \u2022 the standard will not be applied to leases of intangible assets, and these will continue to be recognized in accordance with IAS 38 Intangible assets\u2022 all leases deemed to be short-term (<12 months) are recognized as an operat-ing expense on a straight-line basis over the term of the lease\u2022 all leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the term of the lease \u2022 non-lease components are separated from the lease component in all vessel leases. For other lease agreements, the group applies a materiality threshold when evaluating separationMeasuring the lease liabilityThe 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 that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option.The lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments less any lease incentives receivable\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amount expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option, if the group is reasonably certain to exercise that option\u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the leaseThe group does not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. The lease liability is subsequently measured by increasing the carrying amount to reflect inter-est 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. The group presents its lease liabilities as separate line items in the balance sheet reflecting the non-current and current portions of the liability.Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprises:\u2022 the amount of the initial measurement of the lease liability\u2022 any lease payments made at or before the commencement date, less any lease incentives received\u2022 any initial direct costs incurred by the group\u2022 an estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease The right-of-use asset is subsequently measured at cost less accumulated depre-ciation and impairment losses. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date over the shorter of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__34": {
"value": "Derivative financial instrumentsThe group utilizes a variety of derivative financial instruments to manage its expo-sure to interest rate and foreign exchange rate risks. Derivative financial instruments are included in current assets or current liabili-ties, except for those with a maturity later than 12 months after the balance sheet date. These are classified as non-current assets or other non-current liabilities.Derivative financial instruments are recognized at fair value on the date a deriv-ative contract is entered into and subsequently remeasured to their fair value at each reporting date. Contracts for derivative financial instruments are entered into for hedging purposes, but the group has elected not to document the hedge relationship and can therefore not apply hedge accounting. Changes in the fair value of derivative instruments are thus recognized immediately in the income statement as financial income/expense. Put and call options for non-controlling interestNon-controlling interests containing a symmetrical put and call option held by the non-controlling interest shareholder and the group respectively is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement.Put options held by non-controlling interest shareholders are recognized as a financial liability reflecting the present value of the redemption amount as other non-current (interest-bearing) liabilities with a corresponding entry reducing equity through retained earnings and other reserves. All subsequent changes to the liabil-ity are recognized in profit or loss. In the event that the option expires unexercised, the liability will be derecognized with a corresponding adjustment to equity. Interest-bearing debtInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan. Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__35": {
"value": "Deferred tax assets and liabilitiesDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using the tax rates and laws which have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability settled.Deferred tax assets are recognized to the extent that it is probable that taxable prof-its will be available against which deductible temporary differences can be utilized. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group.For group companies subject to tonnage tax regimes, the tonnage tax is recog-nized as an operating cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__36": {
"value": "Employee compensationPension obligationsGroup companies have various pension schemes, and the employees are covered by pension plans which comply with local laws and regulations. The group and the parent company have both defined contribution and defined benefit plans. Defined contribution plans require the group and the parent company to pay contributions to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group and the parent company have no further legal or constructive payment obligations once the contributions have been paid. The contributions are recognized as an employee expense when they fall due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.A defined benefit plan is one which is not a defined contribution plan. This type of plan typically defines an amount of pension benefit an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and level of wages and salaries. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the report-ing period less the fair value of plan assets. The defined benefit obligation is calcu-lated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. Remeasurements of the pension liability for the defined benefit pension plan aris-ing from experience adjustments and changes in the actuarial assumptions are recognized in other comprehensive income. Past service costs are recognized immediately in the income statement.Share-based compensation The group has long-term incentive plans for senior executives. These are bonus schemes where monetary awards are delivered in an equivalent number of listed Wallenius Wilhelmsen ASA shares to the extent that performance conditions have been met over a defined period of time. The bonus is assessed over, and becomes payable, after three years, subject to continued employment and the achievement of financial and strategic long-term performance targets, including return on capi-tal, market capitalization and a discretionary element. The most recent plans also include a sustainability target.The group may also offer employees an opportunity to purchase shares in Walle-nius Wilhelmsen ASA at a reduced price. The related cost is recognized when the employee exercises this option.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__38": {
"value": "Cash and cash equivalents include cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are presented as borrowings in current liabilities on the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__37": {
"value": "The group and the parent company recognize provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be estimated with a sufficient degree of reliability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__39": {
"value": "degree of reliability.Dividend in the group financial statementsDividend payments to the parent company\u2019s shareholders are recognized as a liability in the group\u2019s financial statements from the date when the dividend is approved by the general meeting. Dividend and group contribution in the parent company financial statementsProposed dividend payments to the parent company\u2019s shareholders are presented in the parent company financial statements as a liability as at December 31, in the current year. Group contributions received from subsidiaries are recognized as financial income and current assets in the financial statement at December 31, in the current year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__41": {
"value": "Note 1. Significant accounting judgments, estimates and assumptionsApplying the group\u2019s accounting policies as described above in the preparation of the group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of reve-nues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. The assumptions, estimates and judgments are based on historical experience, current trends and other factors that manage-ment believes to be relevant at the time the consolidated financial statements are prepared. This includes risks related to the continued impact of Covid-19. Also, the Russian invasion of Ukraine in February 2022, and generally increased geopolitical tensions, create a more volatile market environment which may impact manage-ment\u2019s assumptions and judgments. Actual results may differ from these estimates. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Wallenius Wilhelmsen faces significant risks and opportunities as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. These risks and opportunities are integrated in risk management of the group and in the strategy process. The uncertainties and risk of climate change for financial performance relate to both transition risk (market-related changes, regulatory requirements and technology) and physical risk (extreme weather) and may affect management\u2019s estimates and judgments in a number of areas. The main transitional risks identified include increased regulations for management reporting on impact, technological solutions and availability. The main physical risks refer to port flooding, extreme precipitation and wind and heat stress on vessel crew and production workers. More detailed information on climate risk facing the group can be found in the chapter Planet.Key sources of estimation uncertainty and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finan-cial year, are described below. Vessels and other tangible assetsThe group has significant carrying amounts related to vessels and other tangible assets recognized in the consolidated balance sheet. The value in use of some of these assets could be influenced by changes in market conditions. Vessels consti-tute the main asset group in the balance sheet and any changes to the value in use of these vessels may render significant impairment losses recognized in the income statement. A reduction in the estimated useful life of the assets can also lead to periods with higher depreciation expense going forward. Climate-related factors, including regulation, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). Consequently, the expected timing of replacement of existing assets may be accelerated. We are, however, continually implementing a range of operational and technical solutions to improve the energy efficiency of our vessels. These efforts may counteract the risk of obsolescence. Management has concluded that as of December 31, 2022, the above factors do not have an impact on the remaining useful life of vessels and other tangible assets.As there are no significant impairment indicators as at December 31, 2022, the group has not carried out impairment tests for vessels as of this date. Vessel market values (broker estimates) have increased following the improved market conditions and a tightening tonnage market, and exceed carrying values on a fleet level. The carrying amount of vessels, other tangible assets and leased assets at December 31, 2022 is USD 5,542 million. See notes 9 and 10 for further details.Goodwill and other intangible assetsDetermining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash generating unit or group of cash gener-ating units to which goodwill and other intangible assets have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash generating unit or group of cash generating units and to determine a suitable discount rate in order to calculate present value. The cash flow estimates for replacements and maintenance include consideration of our \u201cclean fleet\u201d initiative. The results of various operational and technical solu-tions that will improve energy efficiency have also been considered in the cash flow estimates. Please refer to the Planet chapter for more details.The carrying value of goodwill, customer relations/contracts and other intangible assets at December 31, 2022 is USD 201 million, USD 159 million, and USD 35 million, respectively. In 2022, a USD 29 million goodwill impairment was recognized in the logistics services segment based on updated long-term forecasts. Further information on recognized goodwill and intangible assets are provided in note 8. The impairment information and sensitivities are provided in note 11.Anti-trust provision In arriving at the estimated costs for anti-trust proceedings taking into consider-ation the possibility for civil claims, management has made a number of critical assumptions affecting the estimates. The judgments are made in conjunction with external legal counsel based on factors such as status of the outstanding proceed-ings as well as the possibility for civil claims. There was no remaining provision as of December 31, 2022. Further details on the anti-trust provision are provided in note 18.Tax assetsThe group recognizes deferred tax assets if it is probable that taxable income will be available in the future against which the unused tax losses can be utilized. At December 31, 2022, the group has estimated that sufficient future taxable income in the Norwegian entities would not be generated to recognize deferred tax assets related to tax losses carried forward. As a result of this estimate, the group has calculated an additional valuation allowance of USD 32 million related to the deferred tax asset arising from tax losses carried forward in the Norwegian entities, giving a total valuation allowance in the balance sheet of USD 134 million related to tax losses carried forward. The estimate of future taxable income is based on significant judgment related to future development in taxable income for Norwegian entities. The carrying amount of deferred tax assets at December 31, 2022 is USD 59 million. Critical judgments in applying accounting policiesFinancial instruments A non-controlling shareholder holds a put option for their 20 percent shareholding in EUKOR through a shareholder agreement entered into in 2002. The shareholder agreement also contains a symmetrical call option held by the group. Management has evaluated this to be a symmetrical put and call option held by the non-con-trolling interest shareholder and the group, respectively, and it is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement. In 2022, a loss of USD 47 million was recognized related to this derivative. As of December 31, 2022, the estimated fair value of the derivative financial instrument is USD 105 million. See note 5 for more information.Leases The group cannot always determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects what the group \u2018would have to pay,\u2019 which requires estima-tion when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when the rates need to be adjusted to reflect the term and currency of the lease. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exer-cise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the group. The carrying amount of leased assets (right-of-use assets) at December 31, 2022 is USD 1,599 million. See note 10 for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__42-1": {
"value": "Financial instruments A non-controlling shareholder holds a put option for their 20 percent shareholding in EUKOR through a shareholder agreement entered into in 2002. The shareholder agreement also contains a symmetrical call option held by the group. Management has evaluated this to be a symmetrical put and call option held by the non-con-trolling interest shareholder and the group, respectively, and it is recognized as one integrated derivative financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable, and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetrical put and call option. Changes in fair value of the derivative financial instrument is recognized as Other gain/(loss) in the income statement. In 2022, a loss of USD 47 million was recognized related to this derivative. As of December 31, 2022, the estimated fair value of the derivative financial instrument is USD 105 million. See note 5 for more information.Fair value estimationThe 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 instru-ments not traded in an active market (over-the-counter contracts) are based on third party quotes.These quotes use the maximum number of observable market rates for price discov-ery. Specific valuation techniques used to value financial instruments include:\u2022 Quoted market prices or dealer quotes for similar instruments\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves\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 present value and\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premiumThe carrying value less impairment allowance of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments.Interest-bearing liabilitiesUSD million Fair value Book value2022Bank loans 1,868 1,967Bonds 543 529Leasing liabilities 1,617 1,572Other 19 19Total interest-bearing liabilities at December 31 4,047 4,087USD million Fair value Book value2021Bank loans 2,012 2,073Bonds 604 582Leasing liabilities 1,479 1,455Other 18 18Total interest-bearing liabilities at December 31 4,113 4,128All interest-bearing liabilities are considered to be level 3 in the fair value hierarchy.Fair value hierarchy USD million Notes Level 1 Level 2 Level 3 Total balance2022Financial assets at fair value through income statement - Financial derivatives - 51 - 51 - Non-controlling shareholder net derivative 5 - - 105 105Total assets at December 31 - 51 105 155Financial liabilities at fair value through income statement - Financial derivatives - 74 - 74Total liabilities at December 31 - 74 - 74USD million Notes Level 1 Level 2 Level 3 Total balance2021Financial assets at fair value through income statement - Financial derivatives - 2 - 2 - Non-controlling shareholder net derivative 5 - - 152 152Total assets at December 31 - 2 152 153Financial liabilities at fair value through income statement - Financial derivatives - 69 - 69Total liabilities at December 31 - 69 - 69The fair value of financial instruments not traded in an active market is based on third-party quotes (mark-to-market). These quotes use the maximum number of observable market rates for price discovery. The different valuation techniques typically applied by financial counterparties (banks) are described above. These instruments \u2013 currency and interest rate derivatives \u2013 are included in level two. Financial instruments by categoryAssets at fair Assets at value through the USD millionamortized costincome statement Other Total2022AssetsOther non-current assets - 155 79 235Trade receivables 605 - - 605Other current assets 2 - 189 191Cash and cash equivalent 1,216 - - 1,216Assets at December 31 1,822 155 269 2,247Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2022LiabilitiesNon-current interest-bearing debt - 2,200 2,200Non-current lease liabilities - 1,254 1,254Other non-current liabilities 74 21 95Trade payables - 112 112Current interest-bearing debt - 316 316Current lease liabilities - 317 317Other current liabilities - 15 16Liabilities at December 31 74 4,236 4,310Assets at fair Assets at value through the USD millionamortized costincome statement Other Total2021AssetsOther non-current assets - 153 87 239Trade receivables 457 - - 457Other current assets - - 144 144Cash and cash equivalent 710 - - 710Assets at December 31 1,167 153 230 1,550Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2021LiabilitiesNon-current interest-bearing debt - 2,158 2,158Non-current lease liabilities - 1,218 1,218Other non-current liabilities 60 8 68Trade payables - 154 154Current interest-bearing debt - 515 515Current lease liabilities - 238 238Other current liabilities 9 29 37Liabilities at December 31 69 4,319 4,388",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__43-1": {
"value": "Leases The group cannot always determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects what the group \u2018would have to pay,\u2019 which requires estima-tion when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when the rates need to be adjusted to reflect the term and currency of the lease. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exer-cise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the group. The carrying amount of leased assets (right-of-use assets) at December 31, 2022 is USD 1,599 million. See note 10 for more information.Note 10. Right-of-use assetsProperty Other Total USD million& land Vessels assetsleased assets2022Cost at January 1 484 1,464 31 1,979Additions 57 223 4 283Change in lease payments 39 94 12 145Disposal (5) (21) (3) (29)Exercise of purchase option - (117) - (117)Currency translation adjustment (22) (2) - (25)Cost at December 31 553 1,641 44 2,237Accumulated depreciation and impairment losses at January 1 (114) (348) (10) (472)Depreciation (55) (161) (10) (227)Disposal 5 21 3 29Impairment/reversal of impairment - - - -Exercise of purchase option - 26 - 26Currency translation adjustment 6 - - 6Accumulated depreciation and impairment losses at December 31 (158) (462) (17) (637)Carrying amount at December 31 395 1,178 26 1,599Property Other Total USD million& land Vesselsassetsleased assets2021Cost at January 1 478 1,226 4 1,708Additions 19 166 28 214Change in lease payments 33 85 - 119Disposal (29) (13) - (42)Reclassification - - - -Currency translation adjustment (18) - - (19)Cost at December 31 484 1,464 31 1,979Accumulated depreciation and impairment losses at January 1 (91) (250) (2) (344)Depreciation (55) (111) (8) (174)Disposal 29 13 - 42Impairment/reversal of impairment - - - -Reclassification - - - -Currency translation adjustment 3 - - 4Accumulated depreciation and impairment losses at December 31 (114) (348) (10) (472)Carrying amounts at December 31 370 1,115 21 1,507Right-of-use vesselsPer year-end 2022, the group has a total of 45 vessels recognized as right-of-use assets with remaining lease terms from 0.5 to 15 years. Of the 45 right-of-use vessels, 15 have a purchase option and two have an option to extend. These options are not yet exercised but are included in the measurement of lease liabilities. Per year-end 2021, the group had a total of 43 vessels recognized as leased assets. Right-of-use property and landIn addition to vessels, the group\u2019s right-of-use assets primarily consist of land and property arising from lease of land related to different terminal sites around the globe, in addition to office space at various locations. Per year-end 2022, the recog-nized land and property leases have remaining lease terms from one to 40 years. Other right-of-use assetsThe group also has minor agreements related to vehicles and other equipment applied in the group\u2019s day-to-day operations.Specification of lease liabilitiesUSD million Dec 31, 2022 Dec 31, 2021Current lease liabilities 317 238Non-current lease liabilities 1,254 1,218Total lease liabilities 1,572 1,456Interest expense on lease liability recognized in the income statement 65 64See note 16 for specification of lease liability maturity and note 17 for specification of undiscounted lease commitments.Of the group\u2019s total lease commitments, option periods that are included in the measurement of lease liabilities but not yet exercised represent USD 226 million (2021: USD 191 million). The option periods recognized are primarily related to leases of vessels and land.Lease expenses related to lease agreements not recognized in the balance sheetUSD million Dec 31, 2022 Dec 31, 2021Short-term lease expenses (< 12 months) 66 79Low value leases expensed 2 8Variable lease payments 8 26Total 76 113Short-term lease expensesShort-term lease expenses primarily comprise lease expenses related to lease of vessels, presented as part of charter expenses. Short-term lease of vessels enhances the group\u2019s tonnage flexibility and the lease terms are primarily up to three months. In addition to lease of vessels on short-term basis, the group occasionally enters into short-term leases of land area when site operations require additional area for shorter periods of time. Low value lease expensesLow value lease expenses comprise the lease expenses related to lease agree-ments deemed out of group scope due to evaluation of materiality at the imple-mentation of IFRS 16. Variable lease expensesVariable lease expenses comprise expenses related to lease agreements where the payment will fluctuate during the lease term. The fluctuations are primarily due to the use of assets being variable with the invoiced amount reflecting the actual usage, instead of a pre-defined contractual amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__44": {
"value": "Note 2. Segment reportingThe group\u2019s operating segments, which are the same as the group\u2019s reporting segments, are the key components of the group\u2019s business which are assessed, monitored and managed on a regular basis by the Chief Executive Officer (CEO). The board of directors and management have identified three operating and report-ing segments based on the current organization of activities. These comprise: \u2022 Shipping services\u2022 Logistics services\u2022 Government servicesThe organization of activities and operating and reporting segments are continu-ously being assessed and remains subject to future changes. Shipping servicesThe shipping services segment is engaged in ocean transport of cars and RoRo cargo. Its main customers are global car manufacturers as well as manufacturers of construction and other high and heavy equipment, in addition to select industrial break-bulk cargo. The customers\u2019 cargo is carried in a worldwide transport network. This is the group\u2019s most capital-intensive segment. The revenue is generated from transporting these products and varies with voyage routes. The total vessel capac-ity is balanced by time charter, both in and out. The shipping services segment\u2019s margin is highly influenced by fuel prices. FAF (fuel adjustment factor) is a key mechanism to manage fuel oil price risk in the segment and the main contributor to fuel surcharges revenue. However, the segment has a short-term exposure to fuel prices since FAF is calculated based on the average fuel price over a historical period and then fixed during an application period, creating a lag effect. In peri-ods of rising fuel prices the segment will therefore not be able to recoup the higher prices through the FAF. Conversely, in periods of falling fuel prices the segment will benefit from higher FAF. In the shipping services segment, contract duration is normally one to five years, with some 30 percent of contracts being renewed annually. Fixed prices are usually applied with review for CPI development or other applicable index for contracts exceeding three years. FAF adjustments are reflected in most contracts and represent a variable pricing element. In some contracts, the group is guaranteed a fixed percentage of a customer\u2019s volume, but mostly there are no defined minimum volumes.Logistics servicesThe logistics services segment has mainly the same customer groups as shipping services. Customers operating globally are offered sophisticated logistics services, such as vehicle processing centers, equipment processing centers, inland distri-bution networks and terminals. The segment\u2019s primary assets are human capital (expertise and systems) and long-term customer relationships. In the logistics services segment, contract duration is normally one to five years with options to extend and in some cases a term up to 10 years. Pricing is usually fixed with CPI or other adjustments applicable for many contracts. Volumes may vary depending on customer output. Government servicesThe government services segment provides ocean transport of RoRo cargo, break-bulk and vehicles. The segment also performs logistics services primarily related to multimodal transportation, stevedoring and terminal operations. The primary customer is the US government, but the segment also includes commercial cargos such as those generated by the financial sponsorship of a federal program or a guarantee provided by the US Government. In the government services segment, contract duration can vary between less than one year and up to as long as ten years. Segment revenue and EBITDA are primarily driven by government activities which are in part driven by world events and government objectives, and do not necessarily follow regular seasonal patterns.Holding/eliminationsRemaining group activities are shown in the \u201cholding/eliminations\u201d column. The holding segment includes the parent company and other minor activities (includ-ing corporate group activities like operational management, tax and finance) which fail to meet the definition for other core activities. Eliminations are transactions between the group\u2019s three segments mentioned above. Accounting policiesThe accounting policies of the reporting segments are the same as the group\u2019s accounting policies.Income statementShipping Logistics Government Holding/ servicesservicesserviceseliminations TotalUSD million 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Net freight revenue 3,289 2,742 - - 136 110 - - 3,425 2,851Fuel surcharges 724 246 - - 7 4 - - 732 250Operating revenue 14 33 799 687 77 62 - - 889 782Internal operating revenue 11 8 112 102 82 60 (205) (170) - -Total revenue 4,038 3,029 911 789 302 236 (205) (170) 5,045 3,884Cargo expenses (652) (660) - - (37) (48) 157 147 (532) (561)Fuel (1,065) (701) - - (38) (25) - - (1,103) (726)Other voyage expenses (399) (402) - - (13) (13) - - (412) (415)Ship operating expenses (236) (219) - - (82) (56) - - (317) (275)Charter expenses (175) (173) - - (16) (31) 40 19 (150) (185)Manufacturing cost - - (314) (254) (9) (4) 7 4 (316) (254)1Other operating expenses (2) (72) (348) (300) 9 (2) 10 32 (331) (342)Selling, general and admin expenses (150) (133) (142) (126) (21) (17) (23) (20) (335) (296)Total operating expenses (2,679) (2,359) (803) (681) (207) (196) 192 182 (3,497) (3,054)Operating profit/(loss) before deprecia-tion, amortization and impairment (EBITDA) 1,359 670 107 108 95 40 (14) 11 1,548 830Other gain/(loss) (47) 21 - - - - - - (47) 21Depreciation (395) (340) (67) (66) (36) (33) 1 - (497) (439)Amortization (4) (4) (34) (34) (6) (6) - - (45) (44)(Impairment)/reversal of impairment - (76) (29) - - 14 - - (29) (62)2Operating profit/(loss) (EBIT) 913 271 (22) 8 53 15 (13) 11 931 306Share of profit/(loss) from joint ventures and associates - - 2 1 - - - - 2 1Financial income/(expense) (63) (66) (11) (26) - 1 (31) (17) (104) (108)Profit/(loss) before tax 851 205 (31) (16) 53 17 (43) (6) 829 199Tax income/(expense) (44) (27) (5) 4 (2) 1 16 - (35) (23)Profit/(loss) for the period 806 177 (35) (12) 51 17 (27) (6) 794 177Profit for the period attributable to:Owners of the parent 691 136 (36) (14) 51 17 (27) (6) 679 133Non-controlling interests 115 42 - 2 - - - - 116 431 Sale of a vessel from shipping to government services in 2022 resulted in a USD 10 million loss in the shipping segment included in Other operating expenses. A similar transaction in 2021 resulted in a USD 32 million loss in the shipping segment included in Other operating expenses. These amounts are eliminated on group level.2 The cash settled portion of fuel hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses.In 2022, revenue of approximately USD 308 million and USD 245 million (2021: USD 226 million and USD 189 million respectively) related to the group\u2019s shipping segment originated from two external customers. In 2022, revenue of approximately USD 130 million (2021: USD 118 million) in the logistics segment originated from one exter-nal customer.Revenue from the shipping services segment is recognized over time on the basis of progress on fulfillment. Revenue arising from activities in the logistics services segment is recognized at a point in time when the services are performed.Balance sheet Shipping Logistics Government Holding/ servicesservicesserviceseliminations TotalDec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, USD million2022202120222021202220212022202120222021Deferred tax asset 9 31 29 31 (2) (1) 23 11 59 71Goodwill and other intangible assets 72 65 255 355 30 35 38 - 395 455Vessels and other tangible assets 3,499 3,623 136 129 298 281 10 - 3,943 4,033Right-of-use assets 1,217 1,145 389 361 1 2 (8) - 1,599 1,507Other non-current assets 143 284 46 34 5 25 53 (94) 247 249Other current assets 700 580 201 170 81 48 (46) (50) 936 748Cash and cash equivalents 915 508 190 118 90 84 21 - 1,216 710Assets held for sale - - - - - 21 - - - 21Total assets 6,555 6,235 1,244 1,197 504 495 90 (133) 8,394 7,794Equity controlling interests 2,748 2,180 213 251 349 298 (157) (190) 3,153 2,539Equity non-controlling interests 339 240 16 25 - - - - 355 266Deferred tax 17 20 34 41 19 20 - - 71 82Interest-bearing debt 1,693 2,014 330 328 98 144 394 187 2,516 2,673Lease liabilities 1,147 1,058 431 396 2 2 (8) - 1,572 1,455Other non-current liabilities 33 77 9 26 1 2 91 33 134 138Other current liabilities 577 646 211 130 36 28 (231) (163) 593 642Total equity and liabilities 6,555 6,235 1,244 1,197 504 495 90 (133) 8,394 7,7941Investments in tangible assets 56 111 31 10 54 69 (38) (54) 103 1361 In 2022, the government services acquired a vessel from the shipping services segment for USD 38 million. In 2021 the government services segment acquired a vessel from the shipping services segment for USD 54 million. These amounts are eliminated on group level.Geographical segmentsTotal Shipping and landbased & government Europe1 Americas Asia & Africa2 Eliminationholdingservices Elimination TotalUSD million 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Total revenue 192 180 586 491 137 118 (4) - 911 789 4,339 3,265 (205) (170) 5,045 3,884Total assets 4,281 915 653 509 302 289 (644) - 4,592 1,714 7,051 6,676 (3,250) (595) 8,394 7,794Investment in tangible assets 14 1 15 7 1 1 - - 31 10 110 180 (38) (54) 103 1361 Europe includes the holding segment.2 Asia & Africa includes Oceania.Shipping services and government services segmentsAssets in the shipping and government services segment, which are comprised mainly of vessels, operate internationally, with individual vessels calling at various ports across the globe. The group does not consider the domicile of its customers as a relevant decision-making guideline and hence does not consider it meaning-ful to allocate vessels and income to specific geographical locations. This is there-fore allocated under the \u201cshipping and government services\u201d geographical area. Total revenueArea revenue is based on the geographical location of the company.Total assetsArea assets are based on the geographical location of the assets.Investments in tangible assetsArea capital expenditure is based on the geographical location of the assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__45": {
"value": "Note 3. Operating expensesUSD million Notes 2022 2021Voyage expensesStevedoring \u2013 loading/discharging (393) (425)Other cargo expenses (139) (136)Total cargo expenses (532) (561)Port & canal expenses (386) (397)Additional voyage expenses (26) (18)Total other voyage expenses (412) (415)Fuel (1,103) (726)Total voyage expenses (2,047) (1,702)Charter expenses (150) (185)Ship operating expenses1Crew expenses (148) (136)Maintenance of vessels (44) (35)Ship management fee (15) (14)Other ocean expenses (111) (90)Total ship operating expenses (317) (275)Manufacturing cost (316) (254)Other operating expenses and SG&AEmployee benefits 4 (512) (460)Hired personnel (67) (50)External services (21) (17)Provision related to anti-trust investigations 18 6 (35)Other administration expenses (73) (76)Total operating expenses and SG&A (666) (638)Total operating expenses (3,497) (3,054)1 Crew/seagoing personnel are hired and not employed by the group.Expensed audit fee (included in External services)USD thousand 2022 2021Statutory audit 1,554 1,909Other assurance services - 49Tax and legal advisory services fee 117 324Total expensed audit fee 1,672 2,282",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__46": {
"value": "Expensed audit fee (included in External services)USD thousand 2022 2021Statutory audit 1,554 1,909Other assurance services - 49Tax and legal advisory services fee 117 324Total expensed audit fee 1,672 2,282",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__48": {
"value": "Note 4. Employee benefitsUSD million Notes 2022 2021Salary 447 393Payroll tax 40 35Pension cost 15 23 25Other remuneration 2 6Total employee benefits 512 460Number of employees 2022 2021Group companies in Norway 111 89Group companies in Europe, excl. Norway 992 1,100Group companies in South Africa 491 510Group companies in Asia & Oceania 819 798Group companies in United States 2,840 2,615Group companies in Mexico 1,694 1,672Group companies in Americas, excl. US and Mexico 486 466Total employees 7,433 7,250Average number of employees 7,342 7,540Executive management remuneration1USD thousand 2022 2021Fixed base salary 3,058 3,408Benefits 376 712Pension 388 563Short-term incentive 1,239 1,381Long-term incentive 5,474 3,401Severance 919 1,313Total executive management remuneration 11,454 10,7781 The 2021 figures have been updated as certain benefits and tax compensation had not been included in the prior year.Remuneration of the board of directors and nomination committeeUSD thousand 2022 2021Remuneration paid to the board of directorsH\u00e5kan Larsson - 181Rune Bjerke 159 63Thomas Wilhelmsen 59 63Marianne Lie 69 76Jonas Kleberg 57 63Margareta Alestig 66 72Anna Fell\u00e4nder 66 63Yngvil Eriksson \u00c5sheim - -Hans \u00c5kervall - -Nomination committeeAnders Ryssdal 11 10Jonas Kleberg 7 5Carl Erik Steen 7 5The board\u2019s remuneration for the financial year 2022 will be approved by the general meeting on April 26, 2023 and paid/expensed in 2023.At the AGM in 2022, Jonas Kleberg and Marianne Lie resigned from the board of directors. Hans \u00c5kervall and Yngvil Eriksson \u00c5sheim were elected as board members at the AGM in 2022. They did not receive any remuneration in 2022.Remuneration paid in other currencies than USD will not be comparable year-on-year due to changes in exchange rates.See also note 22 Related party transactions and note 2 Employee benefits in the parent company financial statements.Refer to the separate Remuneration report for further details regarding remuner-ation of group executive management.Shares owned or controlled by representatives of the group at December 31, 2022Name Number of shares Percent of sharesBoard of directorsRune Bjerke (chair) 22,250 0.01%Thomas Wilhelmsen 161,375,095 38.14%Margareta Alestig - - Anna Fell\u00e4nder - - Hans \u00c5kervall - - Yngvild Eriksson \u00c5sheim - - Senior executivesChief Executive Officer (CEO) \u2013 Lasse Kristoffersen - - Chief Financial Officer (CFO) \u2013 Torbj\u00f8rn Wist 5,000 - Executive Vice President (EVP) and Chief Operating Officer (COO) shipping services \u2013 Xavier Leroi 9,208 - Executive Vice President (EVP) and Chief Operating Officer (COO) logistics services \u2013 Michael Hynekamp 20,315 - Chief People Officer (CPO) \u2013 Wenche Agerup - - Chief Digital Officer (CDO) \u2013 Simon White 15,691 - Nomination committee Anders Ryssdal - - Jonas Kleberg - - Carl Erik Steen - - The two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding ASA with 37.87 percent of the shares and Walleniusrederierna AB with 37.82 percent of the shares. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA through Tallyman AS, and Thomas Wilhelmsen controls Tallyman AS. The Wallenius Kleberg family controls Walleniusrederierna AB through Rederi AB Soya (Soya group).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__47-1": {
"value": "Note 4. Employee benefitsUSD million Notes 2022 2021Salary 447 393Payroll tax 40 35Pension cost 15 23 25Other remuneration 2 6Total employee benefits 512 460Number of employees 2022 2021Group companies in Norway 111 89Group companies in Europe, excl. Norway 992 1,100Group companies in South Africa 491 510Group companies in Asia & Oceania 819 798Group companies in United States 2,840 2,615Group companies in Mexico 1,694 1,672Group companies in Americas, excl. US and Mexico 486 466Total employees 7,433 7,250Average number of employees 7,342 7,540Executive management remuneration1USD thousand 2022 2021Fixed base salary 3,058 3,408Benefits 376 712Pension 388 563Short-term incentive 1,239 1,381Long-term incentive 5,474 3,401Severance 919 1,313Total executive management remuneration 11,454 10,7781 The 2021 figures have been updated as certain benefits and tax compensation had not been included in the prior year.Remuneration of the board of directors and nomination committeeUSD thousand 2022 2021Remuneration paid to the board of directorsH\u00e5kan Larsson - 181Rune Bjerke 159 63Thomas Wilhelmsen 59 63Marianne Lie 69 76Jonas Kleberg 57 63Margareta Alestig 66 72Anna Fell\u00e4nder 66 63Yngvil Eriksson \u00c5sheim - -Hans \u00c5kervall - -Nomination committeeAnders Ryssdal 11 10Jonas Kleberg 7 5Carl Erik Steen 7 5The board\u2019s remuneration for the financial year 2022 will be approved by the general meeting on April 26, 2023 and paid/expensed in 2023.At the AGM in 2022, Jonas Kleberg and Marianne Lie resigned from the board of directors. Hans \u00c5kervall and Yngvil Eriksson \u00c5sheim were elected as board members at the AGM in 2022. They did not receive any remuneration in 2022.Remuneration paid in other currencies than USD will not be comparable year-on-year due to changes in exchange rates.See also note 22 Related party transactions and note 2 Employee benefits in the parent company financial statements.Refer to the separate Remuneration report for further details regarding remuner-ation of group executive management.Shares owned or controlled by representatives of the group at December 31, 2022Name Number of shares Percent of sharesBoard of directorsRune Bjerke (chair) 22,250 0.01%Thomas Wilhelmsen 161,375,095 38.14%Margareta Alestig - - Anna Fell\u00e4nder - - Hans \u00c5kervall - - Yngvild Eriksson \u00c5sheim - - Senior executivesChief Executive Officer (CEO) \u2013 Lasse Kristoffersen - - Chief Financial Officer (CFO) \u2013 Torbj\u00f8rn Wist 5,000 - Executive Vice President (EVP) and Chief Operating Officer (COO) shipping services \u2013 Xavier Leroi 9,208 - Executive Vice President (EVP) and Chief Operating Officer (COO) logistics services \u2013 Michael Hynekamp 20,315 - Chief People Officer (CPO) \u2013 Wenche Agerup - - Chief Digital Officer (CDO) \u2013 Simon White 15,691 - Nomination committee Anders Ryssdal - - Jonas Kleberg - - Carl Erik Steen - - The two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding ASA with 37.87 percent of the shares and Walleniusrederierna AB with 37.82 percent of the shares. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA through Tallyman AS, and Thomas Wilhelmsen controls Tallyman AS. The Wallenius Kleberg family controls Walleniusrederierna AB through Rederi AB Soya (Soya group).Note 15. Employee retirement plansThe group companies provide various retirement plans in accordance with local regulations and practice in the countries in which they operate. The pension plans are for the material part defined contribution plans in which the companies are required to make agreed contributions to a separate fund when employees have rendered services entitling them to the contributions. For the defined contribution plans, the companies\u2019 legal or constructive obligations are limited to the amount that they have agreed to contribute to the fund. The defined benefit plans for the group are based on years of service and salary levels and normally guarantees a specified return or agreed benefit. For these plans, the group has investment and actuarial risks. If the actuarial or investment experience is worse than expected, the group\u2019s obligation may be increased. In order to reduce the group\u2019s exposure to certain risks associated with defined benefit plans, such as longevity, inflation, and effects of increases in compensation, the group regularly reviews and continu-ously improves the design of its post-employment defined benefit plans. The defined benefit plans are for the main part related to subsidiaries in Norway, US, UK and the Republic of Korea and are closed plans or only applicable for senior executives. The group also have agreements on early retirement. These obligations are mainly financed from operations. The liability recognized in the balance sheet in respect of the remaining defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligations are calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in Other comprehensive income in the period in which they arise.Number of people covered by pension schemes at December 31 2022 2021In employment 2,431 2,338In retirement (inclusive disability pensions) 730 707Total number of people covered by pension schemes 3,161 3,045USD million 2022 2021Expenses for employee retirement plans recognized in the statement of incomeDefined benefit plans 3 3Defined contribution plans 20 23Net pension expenses 23 25RemeasurementsRemeasurements recognized in other comprehensive income 13 5Tax effect of pension other comprehensive income (2) (1)Net remeasurements in other comprehensive income 11 3USD million 2022 2021Pension obligationsDefined benefit obligation at end of prior year 112 120Current/past service cost and interest cost 4 5Benefit payments from employer (7) (10)Transfer of obligation in/(out) - 4Remeasurements (16) (3)Effect of changes in foreign exchange rates (8) (4)Defined benefit obligations at December 31 86 112Gross pension assetsFair value of plan assets at end of prior year 57 52Interest income 1 1Employer contributions 5 6Benefit payments from plan assets (2) (4)Transfer of assets in/(out) - 3Return on plan assets (excluding interest income) (3) 1Reclassifications from other non-current assets - -Effect of changes in foreign exchange rates (4) (2)Gross pension assets at December 31 54 57Total pension obligationsDefined benefit obligations 86 112Fair value of plan assets 54 57Net pension liabilities 32 55Presented asPension assets 8 -Pension liabilities 40 55",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__49": {
"value": "Note 5. Other gain/lossNon-controlling shareholders in EUKOR hold a put option for their 20 percent inter-est, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a symmetrical call option held by the group. The exercise price for the put and call option is calculated based on a formula consistent with valuation guidance used in \u201cThe Inheritance Tax and Gift Tax Act\u201d in South Korea, where an important input variable is the taxable results in EUKOR for the three previous calendar years. The put and call options became exercisable in 2017 when the Hyundai Motor Group volumes carried by the group fell below 40 percent. The put and call options have no expiry date and can be exercised at any point in time. The group does not have any plan to exercise the call option.The symmetrical put and call options are recognized as one integrated deriva-tive financial instrument. The derivative financial instrument is recognized as a non-current asset when the options are exercisable and the fair value of the non-controlling interest exceeds the value of the exercise price for the symmetri-cal put and call option. In 2022, the change in the value of the derivative was USD 47 million recognized as a loss within Other gain/(loss) in the income statement. Comparatively, the change in value during 2021 resulted in a gain of USD 21 million. One of the most important elements to calculate the gain/loss, in addition to estimating the exercise price, is the estimated value of the 20 percent non-controlling interest in EUKOR. The loss in 2022 is driven by an increase in the exercise price that was not fully offset by the increase in the fair value of EUKOR shares compared with the end of 2021.The financial derivative is recognized in Other non-current assets in the balance sheet and has a carrying value of USD 105 million at December 31, 2022, compared to USD 152 million at the end of 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__52": {
"value": "Note 6. Financial itemsUSD million 2022 2021Financial incomeInterest income 15 21DNK distribution - 19Other financial items 3 6Net financial income 17 27Financial expensesInterest expenses (179) (140)Interest rate derivatives \u2013 realized (10) (25)Interest rate derivatives \u2013 unrealized 111 58Other financial items (17) (9)Net financial expenses (96) (117)CurrencyNet currency gain/(loss) 56 (9)Foreign currency derivatives \u2013 realized (14) (3)Foreign currency derivatives \u2013 unrealized (67) (12)Net currency (25) (24)Financial fuel oil derivativesFuel oil derivatives \u2013 realized - 10Fuel oil derivatives \u2013 unrealized - (5)Net fuel derivatives - 6Financial income/(expenses) (104) (108)1 In 2021, the group received a distribution from Den Norske Krigsforsikring (DNK) of USD 19 million less withholding tax of USD 5 million. The gross amount is recognized as finance income, and the related withholding tax is recognized as an income tax expense/receivable (see note 7)See note 17 on financial risk and the section on accounting policies for more infor-mation concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__50": {
"value": "Note 6. Financial itemsUSD million 2022 2021Financial incomeInterest income 15 21DNK distribution - 19Other financial items 3 6Net financial income 17 27Financial expensesInterest expenses (179) (140)Interest rate derivatives \u2013 realized (10) (25)Interest rate derivatives \u2013 unrealized 111 58Other financial items (17) (9)Net financial expenses (96) (117)CurrencyNet currency gain/(loss) 56 (9)Foreign currency derivatives \u2013 realized (14) (3)Foreign currency derivatives \u2013 unrealized (67) (12)Net currency (25) (24)Financial fuel oil derivativesFuel oil derivatives \u2013 realized - 10Fuel oil derivatives \u2013 unrealized - (5)Net fuel derivatives - 6Financial income/(expenses) (104) (108)1 In 2021, the group received a distribution from Den Norske Krigsforsikring (DNK) of USD 19 million less withholding tax of USD 5 million. The gross amount is recognized as finance income, and the related withholding tax is recognized as an income tax expense/receivable (see note 7)See note 17 on financial risk and the section on accounting policies for more infor-mation concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__51": {
"value": "Financial incomeInterest income 15 21DNK distribution - 19Other financial items 3 6Net financial income 17 27",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__55": {
"value": "Note 7. TaxTonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Singapore and Sweden which were taxed under a tonnage tax regime in 2022. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. The tonnage tax is considered as an operating expense in the financial statements. Ordinary taxation The ordinary rate of corporation tax in Norway is 22 percent for 2022. 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 considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA. For group companies with a 90 percent or higher ownership, and located in Norway 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 assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group\u2019s landbased entities are ordinary taxed in the country of operation. Excep-tions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level. Deferred tax The group\u2019s deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses in the Norwegian entities, due to uncertain future utilization. The deferred tax assets not recognized per year-end 2022 amount to USD 134 million (2021: USD 103 million).Specification of tax expense for the yearUSD million 2022 2021Current income tax (including withholding tax) 39 19Change in deferred tax (4) 4Total tax expense 35 23Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2022 2021Profit/(loss) before tax 829 19922% tax 182 44Tax effect fromNon-taxable income (175) (67)Share of profits from joint ventures and associates - -Other permanent differences 20 30Tax refund (2) -Withholding tax refund from the Republic of Korea - (1)Corporate income tax different tax rate than 22% 5 (6)Currency translation from USD to local currency for tax purposes (29) (9)Valuation allowance deferred tax assets in Norway 32 30Prior year adjustments (1) -Withholding tax 4 2Calculated tax expense for the group 35 23Effective tax rate for the group 4% 11%The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group. USD million 2022 2021Net deferred tax liabilities at January 1 (11) 3Currency translation differences (4) (1)Tax charged to equity (1) (9)Income statement charge 4 (4)Net deferred tax assets/(liabilities) at December 31 (12) (11)Deferred tax assets in balance sheet 59 71Deferred tax liabilities in balance sheet (71) (82)Net deferred tax assets/(liabilities) at December 31 (12) (11)The movement in deferred income tax assets and liabilities during the year, with-out taking into consideration the offsetting of balances within the same tax juris-diction, is as follows:Deferred tax liabilitiesTangible/Deferred USD millionintangible assetscapital gains Other TotalDeferred tax liabilities at December 31, 2021 (47) - (14) (61)Through income statement 28 - 7 35Charged directly to equity - - - -Currency translation adjustment (7) - - (7)Deferred tax liabilities at December 31, 2022 (26) - (7) (33)Reclassification of deferred tax items (38)Net deferred tax liability at December 31, 2022 (71)Deferred tax liabilities at December 31, 2020 (54) - (11) (66)Through income statement 6 - (3) 3Deferred tax liabilities at December 31, 2021 (47) - (14) (61)Reclassification of deferred tax items (20)Net deferred tax liability at December 31, 2021 (82)Deferred tax assetsNon-currentCurrent assets Tax losses USD millionassets and liabilitiesand liabilitiescarried forward TotalDeferred tax assets at December 31, 2021 40 7 2 50Through income statement (31) (4) 4 (31)Charged directly to equity (1) - - (1)Currency translation adjustment 3 - - 3Deferred tax assets at December 31, 2022 11 3 6 21Reclassification of deferred tax items 38Net deferred tax assets at December 31, 2022 59Deferred tax assets at December 31, 2020 56 9 2 69Through income statement (6) (2) - (8)Charged directly to equity (9) - - (9)Currency translation adjustment (2) - - (2)Deferred tax assets at December 31, 2021 40 7 2 50Reclassification of deferred tax items 20Net deferred tax assets at December 31, 2021 70The net currency gains and losses are recognized on entity level due to differences between functional currency and local currency.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__54": {
"value": "Note 7. TaxTonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Singapore and Sweden which were taxed under a tonnage tax regime in 2022. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. The tonnage tax is considered as an operating expense in the financial statements. Ordinary taxation The ordinary rate of corporation tax in Norway is 22 percent for 2022. 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 considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA. For group companies with a 90 percent or higher ownership, and located in Norway 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 assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group\u2019s landbased entities are ordinary taxed in the country of operation. Excep-tions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level. Deferred tax The group\u2019s deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses in the Norwegian entities, due to uncertain future utilization. The deferred tax assets not recognized per year-end 2022 amount to USD 134 million (2021: USD 103 million).Specification of tax expense for the yearUSD million 2022 2021Current income tax (including withholding tax) 39 19Change in deferred tax (4) 4Total tax expense 35 23Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2022 2021Profit/(loss) before tax 829 19922% tax 182 44Tax effect fromNon-taxable income (175) (67)Share of profits from joint ventures and associates - -Other permanent differences 20 30Tax refund (2) -Withholding tax refund from the Republic of Korea - (1)Corporate income tax different tax rate than 22% 5 (6)Currency translation from USD to local currency for tax purposes (29) (9)Valuation allowance deferred tax assets in Norway 32 30Prior year adjustments (1) -Withholding tax 4 2Calculated tax expense for the group 35 23Effective tax rate for the group 4% 11%The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group. USD million 2022 2021Net deferred tax liabilities at January 1 (11) 3Currency translation differences (4) (1)Tax charged to equity (1) (9)Income statement charge 4 (4)Net deferred tax assets/(liabilities) at December 31 (12) (11)Deferred tax assets in balance sheet 59 71Deferred tax liabilities in balance sheet (71) (82)Net deferred tax assets/(liabilities) at December 31 (12) (11)The movement in deferred income tax assets and liabilities during the year, with-out taking into consideration the offsetting of balances within the same tax juris-diction, is as follows:Deferred tax liabilitiesTangible/Deferred USD millionintangible assetscapital gains Other TotalDeferred tax liabilities at December 31, 2021 (47) - (14) (61)Through income statement 28 - 7 35Charged directly to equity - - - -Currency translation adjustment (7) - - (7)Deferred tax liabilities at December 31, 2022 (26) - (7) (33)Reclassification of deferred tax items (38)Net deferred tax liability at December 31, 2022 (71)Deferred tax liabilities at December 31, 2020 (54) - (11) (66)Through income statement 6 - (3) 3Deferred tax liabilities at December 31, 2021 (47) - (14) (61)Reclassification of deferred tax items (20)Net deferred tax liability at December 31, 2021 (82)Deferred tax assetsNon-currentCurrent assets Tax losses USD millionassets and liabilitiesand liabilitiescarried forward TotalDeferred tax assets at December 31, 2021 40 7 2 50Through income statement (31) (4) 4 (31)Charged directly to equity (1) - - (1)Currency translation adjustment 3 - - 3Deferred tax assets at December 31, 2022 11 3 6 21Reclassification of deferred tax items 38Net deferred tax assets at December 31, 2022 59Deferred tax assets at December 31, 2020 56 9 2 69Through income statement (6) (2) - (8)Charged directly to equity (9) - - (9)Currency translation adjustment (2) - - (2)Deferred tax assets at December 31, 2021 40 7 2 50Reclassification of deferred tax items 20Net deferred tax assets at December 31, 2021 70The net currency gains and losses are recognized on entity level due to differences between functional currency and local currency.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__53": {
"value": "Note 7. TaxTonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Singapore and Sweden which were taxed under a tonnage tax regime in 2022. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. The tonnage tax is considered as an operating expense in the financial statements. Ordinary taxation The ordinary rate of corporation tax in Norway is 22 percent for 2022. 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 considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA. For group companies with a 90 percent or higher ownership, and located in Norway 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 assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group\u2019s landbased entities are ordinary taxed in the country of operation. Excep-tions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level. Deferred tax The group\u2019s deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses in the Norwegian entities, due to uncertain future utilization. The deferred tax assets not recognized per year-end 2022 amount to USD 134 million (2021: USD 103 million).Specification of tax expense for the yearUSD million 2022 2021Current income tax (including withholding tax) 39 19Change in deferred tax (4) 4Total tax expense 35 23Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2022 2021Profit/(loss) before tax 829 19922% tax 182 44Tax effect fromNon-taxable income (175) (67)Share of profits from joint ventures and associates - -Other permanent differences 20 30Tax refund (2) -Withholding tax refund from the Republic of Korea - (1)Corporate income tax different tax rate than 22% 5 (6)Currency translation from USD to local currency for tax purposes (29) (9)Valuation allowance deferred tax assets in Norway 32 30Prior year adjustments (1) -Withholding tax 4 2Calculated tax expense for the group 35 23Effective tax rate for the group 4% 11%The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group. USD million 2022 2021Net deferred tax liabilities at January 1 (11) 3Currency translation differences (4) (1)Tax charged to equity (1) (9)Income statement charge 4 (4)Net deferred tax assets/(liabilities) at December 31 (12) (11)Deferred tax assets in balance sheet 59 71Deferred tax liabilities in balance sheet (71) (82)Net deferred tax assets/(liabilities) at December 31 (12) (11)The movement in deferred income tax assets and liabilities during the year, with-out taking into consideration the offsetting of balances within the same tax juris-diction, is as follows:Deferred tax liabilitiesTangible/Deferred USD millionintangible assetscapital gains Other TotalDeferred tax liabilities at December 31, 2021 (47) - (14) (61)Through income statement 28 - 7 35Charged directly to equity - - - -Currency translation adjustment (7) - - (7)Deferred tax liabilities at December 31, 2022 (26) - (7) (33)Reclassification of deferred tax items (38)Net deferred tax liability at December 31, 2022 (71)Deferred tax liabilities at December 31, 2020 (54) - (11) (66)Through income statement 6 - (3) 3Deferred tax liabilities at December 31, 2021 (47) - (14) (61)Reclassification of deferred tax items (20)Net deferred tax liability at December 31, 2021 (82)Deferred tax assetsNon-currentCurrent assets Tax losses USD millionassets and liabilitiesand liabilitiescarried forward TotalDeferred tax assets at December 31, 2021 40 7 2 50Through income statement (31) (4) 4 (31)Charged directly to equity (1) - - (1)Currency translation adjustment 3 - - 3Deferred tax assets at December 31, 2022 11 3 6 21Reclassification of deferred tax items 38Net deferred tax assets at December 31, 2022 59Deferred tax assets at December 31, 2020 56 9 2 69Through income statement (6) (2) - (8)Charged directly to equity (9) - - (9)Currency translation adjustment (2) - - (2)Deferred tax assets at December 31, 2021 40 7 2 50Reclassification of deferred tax items 20Net deferred tax assets at December 31, 2021 70The net currency gains and losses are recognized on entity level due to differences between functional currency and local currency.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__58": {
"value": "Note 8. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2022Cost at January 1 346 421 58 824Additions - - 8 8Disposal - - - -Reclassification - - 2 2Currency translation adjustment - - - -Cost at December 31 346 421 68 834Accumulated amortization and impairment losses at January 1 (116) (225) (28) (369)Amortization - (36) (8) (45)1Impairment 11 (29) - - (29)Disposal - - - -Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (261) (33) (439)Carrying amount at December 31 201 159 35 395Total goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2021Cost at January 1 346 421 54 820Additions - - 5 5Disposal - - - -Currency translation adjustment - - - -Cost at December 31 346 421 58 824Accumulated amortization and impairment losses at January 1 (40) (188) (21) (249)Amortization - (36) (8) (44)1Impairment11 (76) - - (76)Disposal - - 1 1Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (116) (225) (28) (369)Carrying amount at December 31 230 196 29 4551 In 2022, a goodwill impairment of USD 29 million was recognized in the logistics services segment. In 2021, a goodwill impairment of USD 76 million was recognized in the ship-ping services segment. See note 11 for more information.\u201cOther intangible assets\u201d include port use rights and software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__57": {
"value": "Note 8. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2022Cost at January 1 346 421 58 824Additions - - 8 8Disposal - - - -Reclassification - - 2 2Currency translation adjustment - - - -Cost at December 31 346 421 68 834Accumulated amortization and impairment losses at January 1 (116) (225) (28) (369)Amortization - (36) (8) (45)1Impairment 11 (29) - - (29)Disposal - - - -Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (261) (33) (439)Carrying amount at December 31 201 159 35 395Total goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2021Cost at January 1 346 421 54 820Additions - - 5 5Disposal - - - -Currency translation adjustment - - - -Cost at December 31 346 421 58 824Accumulated amortization and impairment losses at January 1 (40) (188) (21) (249)Amortization - (36) (8) (44)1Impairment11 (76) - - (76)Disposal - - 1 1Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (116) (225) (28) (369)Carrying amount at December 31 230 196 29 4551 In 2022, a goodwill impairment of USD 29 million was recognized in the logistics services segment. In 2021, a goodwill impairment of USD 76 million was recognized in the ship-ping services segment. See note 11 for more information.\u201cOther intangible assets\u201d include port use rights and software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__56": {
"value": "Note 8. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2022Cost at January 1 346 421 58 824Additions - - 8 8Disposal - - - -Reclassification - - 2 2Currency translation adjustment - - - -Cost at December 31 346 421 68 834Accumulated amortization and impairment losses at January 1 (116) (225) (28) (369)Amortization - (36) (8) (45)1Impairment 11 (29) - - (29)Disposal - - - -Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (261) (33) (439)Carrying amount at December 31 201 159 35 395Total goodwill Customer Otherand other relations/intangible intangible USD million Notes Goodwillcontractsassetsassets2021Cost at January 1 346 421 54 820Additions - - 5 5Disposal - - - -Currency translation adjustment - - - -Cost at December 31 346 421 58 824Accumulated amortization and impairment losses at January 1 (40) (188) (21) (249)Amortization - (36) (8) (44)1Impairment11 (76) - - (76)Disposal - - 1 1Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (116) (225) (28) (369)Carrying amount at December 31 230 196 29 4551 In 2022, a goodwill impairment of USD 29 million was recognized in the logistics services segment. In 2021, a goodwill impairment of USD 76 million was recognized in the ship-ping services segment. See note 11 for more information.\u201cOther intangible assets\u201d include port use rights and software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__59": {
"value": "Note 9. Vessels and other tangible assetsOther Vessel TotalProperty tangible Vessels related tangible USD million& landassets& dockingprojectsassets2022Cost at January 1 125 92 5,439 1 5,656Additions 3 33 52 16 103Disposal (2) (6) (30) (1) (39)Exercise of purchase option - - 123 (7) 116Currency translation adjustment (5) (1) - - (7)Cost at December 31 121 117 5,584 8 5,829Accumulated amortization and impairment losses at January 1 (23) (43) (1,557) - (1,623)Depreciation (9) (11) (249) - (269)Disposal 2 1 25 - 28Impairment/reversal of impairment - - - - -Exercise of purchase option - - (26) - (26)Currency translation adjustment 2 1 - - 3Accumulated amortization and impairment losses at December 31 (29) (52) (1,806) - (1,887)Carrying amount at December 31 92 65 3,778 8 3,943Other Vessel Total Property tangible Vessels related tangible USD million& landassets& dockingprojectsassets2021Cost at January 1 127 89 5,307 45 5,567Additions 2 11 63 60 136Disposal (1) (3) (23) - (27)Reclassification 2 (2) 92 (104) (12)Currency translation adjustment (5) (2) - - (7)Cost at December 31 125 92 5,439 1 5,656Accumulated amortization and impairment losses at January 1 (16) (33) (1,343) - (1,392)Depreciation (10) (12) (242) - (264)Disposal 1 1 22 - 25Impairment/reversal of impairment - - 14 - 14Reclassification - - (8) - (8)Currency translation adjustment 2 1 - - 3Accumulated amortization and impairment losses at December 31 (23) (43) (1,557) - (1,623)Carrying amount at December 31 102 49 3,882 1 4,033Vessels include dry-docking, of which carrying amounts at year end was USD 87 million (2021: USD 81 million). Vessel related projects include dry-dock expenditure and installments on scrubber installations. Two vessels were classified as assets held for sale at December 31, 2021, measured at net carrying value, USD 21 million, which is lower than their fair value less costs to sell. One of the vessels was sold for a consideration of USD 21 million, resulting in a gain to the group of USD 8 million, and the second vessel was sold for a consid-eration of USD 21 million, with a gain to the group of USD 6 million. There are no assets held for sale as of December 31, 2022. Net gain/loss on disposal of assets is presented as part of operating expenses.During 2021, a new vessel was delivered resulting in a reclassification from vessel related projects to vessels & docking of USD 74 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__61": {
"value": "Note 11. Impairment on non-current assetsImpairment \u2013 GoodwillGoodwill is tested for impairment on an annual basis, or more frequently if there is an indication of impairment. Management performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2022. Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing: Discount rateGrowth rate Goodwill post taxterminal valueUSD million Reporting segment 2022 2021 2022 2021 2022 2021Wallenius Wilhelmsen Ocean Shipping services 43 43 8.0% 7.0% 2.0% 1.0%ARC Government services 11 11 8.0% 7.0% 2.0% -%Logistics services Logistics services 147 176 8.1% 7.5% 2.0% 1.5%Total 201 230The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. The goodwill impairment test resulted in a partial impairment of the goodwill allocated to the logistics services segment of USD 29 million. The impairment charge was primarily triggered by an increase in WACC and updated cash flow forecasts that also include updated expected capital expenditure for replacement of capacity in coming years to main-tain operating activities in line with the five-year plan.Key assumptions used in determination of value in useDiscount rate Discount rates used in the calculation of ViU reflect the current market assessment of the risks specific to each cash generating unit. The discount rates were estimated based on the weighted average cost of capital for the industry. Cash flowsFuture cash flow estimates are based on an assessment of the CGU or group of CGUs\u2019 expected earnings which is best represented by group management\u2019s latest five-year plan reflecting both experience as well as external sources of information concerning expected future market developments. Current estimated cash flows include expected impact of committed initiatives and cash outflows to maintain operating capacity. The projections exclude any estimated future cash inflows or outflows expected to arise from future restructurings or from improving or enhanc-ing the CGU\u2019s performance. Cash flows beyond the five-year period are extrapolated using moderate estimated growth rates.Sensitivities for main CGUs with goodwillLogistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The key cash flow assumptions used are the throughput and average margins obtained in the network operated by logistics services. The calculation of the recoverable amount is sensitive to changes in the discount rate and the perpetual growth rate. The below table shows the sensitivities to changes in these variables and illustrate what the impairment charge (negative figures) or headroom (positive figures) could have been had the below growth rates and WACC been applied.Perpetuity growth rate1.0% 1.5% 2.0% 2.5% 3.0%6.1% (67) (19) 38 104 1837.1% (97) (50) 4 67 143WACC8.1% (125) (80) (29) 32 1059.1% (152) (109) (60) (1) 6910.1% (178) (137) (89) (33) 34The recoverable amount calculation is also sensitive to changes in estimated cash flows. A reduction in the EBITDA margin of 1 percentage point in both the five-year period and beyond would, all else equal, have resulted in an impairment of USD 145 million. Conversely an increase in the EBITDA margin of 1 percentage point (all else equal) would have resulted in a headroom of USD 87 million.WW Ocean (part of the shipping services segment)WW Ocean owns or charters (long-term time-charter or bare-boat in) a fleet of 51 vessels through its ship owning subsidiaries, WWL Shipowning Singapore Pte Ltd, Wall RO/RO AB and Wilhelmsen Lines Shipowning Malta Ltd. In addition, four vessels are chartered from affiliated company in the government services segment. The vessels are used in its global ocean operations for transportation of autos, high and heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Two vessels are chartered to other group companies. The key cash flow assumptions are related to the expected average earnings per day (T/C less vessel running costs and selling, general & administra-tion expenses per day) for the fleet operated by WW Ocean. The five-year plan also reflects the assessment of the supply/demand balance (volume, tonnage supply and utilization) in the short to medium term. Cash flow estimates are impacted by expected required investments such as replacement of capacity in coming years to maintain operating activities in line with the five-year plan. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggre-gate recoverable amount of the related CGUs. No reasonably possible changes in key variables are likely to reduce the headroom to nil. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. The entities in the government services segment (ARC) own eight US flagged vessels and one Marshall Island flagged vessel at the end of the year, of which five vessels are deployed by ARC and four vessels are chartered to affiliates in the shipping services segment. No reasonably possi-ble changes in key variables are likely to reduce the headroom to nil. Impairment assessment \u2013 intangible assets with a definite useful lifeThe group has significant intangible assets, largely related to customer contracts and customer relations acquired in business combinations. At every balance sheet date, the group considers whether there are any indications of impairment. If such indications exist, an impairment test is performed. Management considers that there are no indications of impairment as at Decem-ber 31, 2022.Impairment assessment \u2013 vessels and other tangible assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. At every balance sheet date, the group consid-ers whether there are any indications of impairment of the carrying values of these assets. If such indications exist, an impairment test is performed. Management considers that there are no indications of impairment as at Decem-ber 31, 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__62": {
"value": "Note 12. Principal subsidiariesOwnership interest held by the groupCompany Business office, country Nature of business 2022 2021Wallenius Wilhelmsen Ocean Holding AS Lysaker, Norway Intermediate holding company 100% 100%Wall RO/RO ABStockholm, Sweden Shipowner 100% 100%WWL Shipowning Singapore Pte LtdSingapore Shipowner 100% 100%Wilhelmsen Lines Shipowning Malta LtdFloriana, Malta Shipowner 100% 100%Wallenius Wilhelmsen Ocean ASLysaker, Norway Vessel operator 100% 100%Armacup Maritime Services LtdAuckland, New Zealand Vessel operator 65% 65%Wallenius Wilhelmsen International Holding ASLysaker, Norway Intermediate holding company 100% 100%EUKOR Car Carriers IncSeoul, Republic of Korea Shipowner and operator 80% 80%ARC Group Holding ASLysaker, Norway Intermediate holding company 100% 100%American Roll-On Roll-Off Carrier Group IncFlorida, USA Shipowner and operator 100% 100%American Roll-On Roll-Off Carrier Holdings LLCFlorida, USA Vessel operator 100% 100%Fidelio Limited PartnershipFlorida, USA Shipowner 100% 100%Wallenius Wilhelmsen Solutions Holding ASLysaker, Norway Intermediate holding company 100% 100%Wallenius Wilhelmsen Terminals Holding ASLysaker, Norway Intermediate holding company 100% 100%Melbourne International RoRo and Auto Terminal Pty LtdMelbourne, Australia Terminal operations 100% 100%Mid-Atlantic Terminal LLCBaltimore, Maryland, USA Terminal operations 100% 100%Pacific Ro-Ro Stevedoring LLCCalifornia, US Terminal operations 100% 100%Wallenius Wilhelmsen Solutions UK LtdSouthampton, United Kingdom Terminal operations 100% 100%Pyeongtaek International Ro-Ro TerminalPyeongtaek, Republic of Korea Terminal operations 100% 100%Wallenius Wilhelmsen Logistics Zeebr\u00fcgge NVZeebr\u00fcgge, Belgium Terminal operations 100% 100%Wallenius Wilhelmsen Inland Services Holding ASLysaker, Norway Intermediate holding company 100% 100%Wallenius Wilhelmsen Logistics Abnormal Load Services Holding B.V.Ittervort, Netherlands Intermediate holding company 100% 60%2W Americas Holdings, LLCNew Jersey, USA Intermediate holding company 100% 100%WWL Vehicle Service Americas New Jersey, USA Landbased Solutions 100% 100%Keen Transport Inc Holding Carlisle, Pennsylvania, USA Landbased Solutions 100% 100%Syngin Technologies LLCTampa, Florida, USA Landbased Solutions 70% 70%The four holding companies and their principal subsidiaries at December 31, 2022 are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.Liabilities related to non-controlling interestThe group owns 70 percent of the shares in the subsidiary Syngin Technology LLC which is consolidated in the group financial statements based upon ownership with a corresponding non-controlling interest. The non-controlling interest is provided with a put option as part of the transaction for their remaining 30 percent share-holding. The exercise price is based on certain performance related measures and can be exercised five years (2023) after the transaction date. At December 31, 2022, a financial liability of USD 19 million has been recognized reflecting the present value of the redemption amount as Other current interest-bearing debt. All changes to the liability subsequent to initial recognition are recognized in profit and loss. In the event that the option expires unexercised, the liability will be derecognized with a corresponding adjustment to equity.The group owns 65 percent of the shares in the subsidiary Armacup Maritime Services Ltd which is consolidated in the group financial statements based upon ownership with a corresponding non-controlling interest. According to an amendment to the shareholder agreement, which was entered into in 2022, the group shall purchase the remaining 35 percent of the shares on December 31, 2024. The fair value at December 31, 2022 is USD 14 million and is recognized as within Other non-current liabilities. All subsequent changes to the liability are recognized in profit and loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__63": {
"value": "Note 13. Subsidiaries with material non-controlling interestCompany Business office, country Voting/control share Non-controlling interestOcean 2022 2021 2022 2021EUKOR Car Carriers Inc Seoul, Republic of Korea 80% 80% 20% 20%Set out below is the summarized financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are on a 100 percent basis.Summarized balance sheetUSD million 2022 2021Non-current assets 2,421 2,398Current assets 873 465Total assets 3,294 2,863Non-current liabilities 1,140 1,150Current liabilities 549 561Total liabilities 1,689 1,711Net assets 1,605 1,152Accumulated non-controlling interests (NCI) 321 230Summarized income statement/OCIUSD million 2022 2021Total revenue 2,220 1,639Profit/(loss) for the year 514 166Other comprehensive income/(loss) (5) 21Total comprehensive income 510 186Profit/(loss) allocated to material NCI 103 33Dividends paid to material NCI 10 -Summarized cash flowsUSD million 2022 2021Net cash flow provided by/(used in) operating activities 653 241Net cash flow provided by/(used in) investing activities (186) 30Net cash flow provided by/(used in) financing activities (268) (242)Net increase/(decrease) in cash and cash equivalents 199 29NCI \u2013 EUKOR Car Carriers Inc 321 230NCI \u2013 immaterial subsidiaries 34 35Non-controlling interests 355 266Profit/(loss) for the period attributable to NCIs \u2013 Eukor Car Carriers Inc 103 33Profit/(loss) for the period attributable to NCIs \u2013 immaterial subsidiaries 13 10Profit/(loss) for the period to NCIs 116 43",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__64": {
"value": "Note 14. Share information and earnings per shareEarnings per share takes into consideration the number of issued shares exclud-ing own shares in the period. Basic earnings per share is calculated by dividing profit for the period attributable to the owners of the parent by the average number of total outstanding shares (adjusted for average number of own shares).The annual general meeting on April 28, 2020, granted an authorization to the board of directors to, on behalf of the company, acquire own shares with a total nominal value of up to NOK 22,001,456 which equals 10 percent of the current share capital. The company\u2019s number of shares: Dec 31, 2022 Dec 31, 2021Total number of shares 423,104,938 423,104,938Own shares 586,119 700,883Own shares are intended to cover management\u2019s share incentive program and the employee share purchase program financially supported by \u201cThe Foundation for WW Group employees.\u201d When any of the programs are exercised, there will be a reduction of own shares and the price paid in excess of the nominal value of the shares increases retained earnings.Earnings per share 2022 2021Average number of shares 422,451,157 422,399,078Profit/(loss) for the period attributable to owners of the parent (USD million) 679 1331Basic and diluted earnings per share (USD) 1.60 0.321 For the share-based compensation program there is no dilutive effect for the periods presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__66": {
"value": "Note 16. Interest-bearing liabilitiesWallenius Wilhelmsen group has five financing units, Wallenius Wilhelmsen ASA, Wallenius Wilhelmsen Ocean, EUKOR, ARC and Wallenius Wilhelmsen Solutions. Wallenius Wilhelmsen Ocean and EUKOR are operated under the shipping segment, ARC operates as the government segment and Wallenius Wilhelmsen Solutions operates as the logistics segment. The debt in Wallenius Wilhelmsen Ocean is guaranteed by Wallenius Wilhelmsen ASA.Interest-bearing liabilities per financing unitUSD million 2022 2021Wallenius Wilhelmsen ASABonds 534 588Total 534 588Wallenius Wilhelmsen OceanBank debt 1,002 1,080Leases 338 247Total 1,339 1,327ARCBank debt 92 100Leases 1 2Total 94 101EUKORBank debt 581 599Leases 802 811Total 1,383 1,409Wallenius Wilhelmsen SolutionsBank debt 322 320Leases 431 396Total 753 716Total group 4,103 4,142Most financings are subject to certain financial and non-financial covenants or restrictions: \u2022 The main covenant related to the bond debt in Wallenius Wilhelmsen ASA is a limitation on the ability to pledge assets. \u2022 The debt in Wallenius Wilhelmsen Ocean is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level, as well as loan to value clauses for secured debt. \u2022 The debt in EUKOR is subject to minimum liquidity and interest cover ratio (EBITDA to interest expense) on EUKOR group level, as well as loan to value clauses for secured debt. \u2022 The debt in ARC is subject to a fixed charge coverage ratio ((EBITDA: capital expenditures, income taxes paid, income tax refund, dividends paid) / (inter-est expense, current portion bank debt, current portion leases) and funded debt to EBITDA ratio (bank debt/ EBITDA) on ARC group level, as well as loan to value clauses for secured debt. \u2022 The debt in Wallenius Wilhelmsen Solutions is subject to minimum liquidity, a leverage ratio (net interest-bearing debt to EBITDA) as well as an equity ratio on Wallenius Wilhelmsen Solutions group level.The covenants and ratios are customized to reflect the financial situation of the financing unit. Certain loan agreements also have change of control clauses. As of December 31, 2022 (similar to 2021), the group is in compliance with all financial and non-financial covenants. Covenants can be adjusted in the event of material changes in accounting principlesReconciliation of liabilities arising from financing activitiesNon-current Current interest-bearing interest-bearing Non-current Current lease Total financing USD milliondebtdebtlease liabilitiesliabilitiesactivitiesTotal debt at December 31, 2021 2,158 515 1,218 238 4,128Cash flow (proceeds) from loans and bonds 916 87 - - 1,002Cash flow (repayments) from loans and bonds - (1,095) - (352) (1,447)New lease contracts and amendments, net - - 221 265 486Foreign exchange movements (63) (4) (20) (1) (88)Other non-cash movements (2) 5 - - 3Reclassification (808) 808 (165) 167 3Total interest-bearing debt at December 31, 2022 2,200 316 1,254 317 4,087Non-current Current interest-bearing interest-bearing Non-current Current lease Total financing USD milliondebtdebtlease liabilitiesliabilitiesactivitiesTotal debt at December 31, 2020 2,353 378 1,176 174 4,081Cash flows (proceeds) from loans and bonds 430 44 - - 474Cash flow (repayments) from loans and bonds (104) (427) - (204) (735)Net change lease commitments - - 258 67 325Foreign exchange movements (2) (6) (15) (1) (24)Other non-cash movements 7 - - - 7Reclassification (526) 526 (202) 202 -Total interest-bearing debt at December 31, 2021 2,158 515 1,218 238 4,128In the first quarter, the group prepaid USD 49 million of remaining deferred install-ments granted during the onset of the pandemic in 2020. Following the prepayment, no further bank waivers or deferred debt remain. Further, the group refinanced a USD 30 million facility secured by three vessels, repaid USD 6 million of maturing bond debt and prepaid USD 34 million on a secured vessel facility relating to an intra-group sale of two vessels. During the second quarter, the group signed USD 1.15 billion of new debt for refinanc-ing purposes, including a USD 144 million sustainability-linked bond, new USD 800 million sustainability-linked bank facilities, a USD 100 million revolving credit facil-ity with pledge in accounts receivable and USD 100 million of vessel and corporate debt. In the third quarter there were net proceeds of USD 101 million from the new USD 800 million facility and USD 15 million of proceeds from a vessel refinancing.In the fourth quarter, the group extended a revolving credit facility in logistics services with one year to a maturity in June 2024. The facility amount was reduced from USD 450 million to USD 320 million while the drawn amount remained unchanged at USD 303 million. The group further extended an undrawn USD 25 million revolving credit facility in shipping services. The group repaid USD 71 million (USD 78 million when including derivative effects) in bond debt relating to two maturities. Repayment schedule for interest-bearing liabilitiesLeasing Other interest USD million Bank loans Bondscommitmentsbearing debt Dec 31, 2022Due in 2023 297 - 317 19 633Due in 2024 556 203 217 - 977Due in 2025 348 - 262 - 609Due in 2026 256 203 257 - 716Due in 2027 and later 522 127 518 - 1,167Total repayable interest-bearing debt 1,978 534 1,572 19 4,103Amortized financing costs (11) (4) - - (15)Total 1,967 529 1,572 19 4,087Leasing Other interest USD million Bank loans Bondscommitmentsbearing debt Dec 31, 2021Due in 2022 382 133 238 - 753Due in 2023 770 - 237 17 1,024Due in 2024 397 227 170 - 795Due in 2025 209 - 161 - 369Due in 2026 and later 324 227 649 - 1,201Total repayable interest-bearing debt 2,081 588 1,455 18 4,142Amortized financing costs (8) (6) - - (13)Total 2,073 582 1,455 18 4,128Net debt reconciliationThis section sets out an analysis of net debt and the movements in net debt for each of the periods presented.USD million 2022 2021Gross debt \u2013 fixed interest rates 1,602 1,568Gross debt \u2013 variable interest rates 2,485 2,560Less Cash and cash equivalents 1,216 710Net debt 2,872 3,418A key part of the liquidity reserve takes the form of undrawn committed drawing rights, which amounted to USD 247 million at December 31, 2022 (2021: USD 348 million). See note 21.Carrying value of mortgaged and leased assetsUSD million 2022 2021Vessels 4,699 4,904Property & land 487 471Accounts receivable 281 2081Shares in Wallenius Wilhelmsen Solutions Holding AS 383 343Total carrying value of mortgaged and leased assets 5,849 5,9261 Carrying value in Wallenius Wilhelmsen ASA.At December 31 , 2022, the group had 14 unencumbered vessels with a total net carrying value of USD 258 million. The carrying amounts of the group\u2019s borrowings are denominated in the following currencies:USD million 2022 2021USD 3,546 3,596NOK 529 517KRW 12 15Total carrying amounts of group\u2019s borrowings 4,087 4,128See otherwise note 17 for information on financial derivatives (interest rates and currency hedges) relating to interest-bearing liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__71": {
"value": "Note 17. Financial riskThrough its activities, the group has exposure to a variety of financial risks:\u2022 Market risk - Foreign exchange rate risk - Interest rate risk - Fuel oil price risk\u2022 Credit risk\u2022 Liquidity riskThe financial risk management of the group focuses on the unpredictability of finan-cial markets and seek to minimize potential adverse effects on the group\u2019s financial performance. Derivative financial instruments are used to hedge certain exposures.Identification, evaluation and hedging of financial risk are carried out by the central treasury department under policies approved by the board of directors.Hedge accounting has not been applied for any economic hedges. Any change in market value of economic hedge derivatives is recognized in the income state-ment. Economic hedge derivatives are recognized at fair value in the balance sheet.Market riskMarket risk is defined as risk related to changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its holdings of financial instruments. The sensitivity analyses in the sections below relate to the position of financial instruments at December 31, 2022. It is assumed that the sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. Economic hedging strate-gies have been established in order to reduce market risks in line with the financial strategy approved by the board of directors. Foreign exchange rate riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and balance sheet items denominated in currencies other than USD (translation risk). The group\u2019s largest foreign exchange exposure is EUR against USD, but the group also has exposure to a number of other currencies whereof KRW, JPY, SEK, CNY and NOK are most important.Various financial derivatives, such as forwards, options and cross-currency (basis) swaps are used to hedge this exposure. Key aspects of the currency hedging policy are:\u2022 Net cash flows in other significant currencies than USD can be hedged using a layered model with up to a 36-month horizon\u2022 Significant capital commitments or divestments in other currencies than USD are hedged\u2022 Balance sheet exposure in currencies other than USD shall in general be hedged. The group will, however, in each case consider factors such as the asset-liability match and the currency of any related cash flow.Economic hedging of transaction riskThe group has an economic hedging program for CNY, NOK and SEK exposures in place as of both year-ends 2022 and 2021.The portfolio of derivatives used to economically hedge the group\u2019s transaction risk exhibit the following income statement sensitivity:USD millionIncome statement sensitivities of economic hedge programChange in exchange rate levels (20%) (10%) 0% 10% 20%Transaction riskUSD/NOK spot rate 7.87 8.85 9.84 10.82 11.81Income statement effect (post tax) 3 1 - (1) (3)USD/SEK spot rate 8.32 9.36 10.4 11.44 12.48Income statement effect (post tax) 2 1 - (1) (2)USD/CNY spot rate 5.51 6.20 6.89 7.58 8.27Income statement effect (post tax) - - - - -(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Economic hedging of translation risk At December 31, 2022, the group has outstanding NOK-denominated bonds of about NOK 5.25 billion (USD 533 million). The corresponding amount was NOK 4.6 billion (USD 517 million) for 2021. All of this debt (NOK 5.25 billion) has been economically hedged against USD with cross-currency swaps. FX sensitivitiesThe 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 immaterial. On December 31, 2022 there were no material FX sensitivities. For the period ending December 31, 2022, the net impact from translation differ-ences had a very limited impact on other comprehensive income with negative USD 7 million (2021: negative USD 6 million). All fair value changes of the financial deriv-atives, except fuel oils derivatives in EUKOR, are recognized in profit or loss. Equity sensitivities will therefore equal sensitivities in the income statement.USD million Notes 2022 2021Through income statementFinancial currencyNet currency gain/(loss) \u2013 operating currency (5) (8)Net currency gain/(loss) \u2013 financial currency 62 (1)Derivatives for economic hedging of cash flow risk \u2013 realized - (3)Derivatives for economic hedging of cash flow risk \u2013 unrealized - (5)Derivatives for economic hedging of translation risk \u2013 realized (14) -Derivatives for economic hedging of translation risk \u2013 unrealized (67) (7)Net financial currency 6 (25) (24)Through other comprehensive incomeCurrency translation differences through other comprehensive income (7) (6)Total net currency effect (32) (30)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average net interest rate exposure over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges held by the group corresponded to about 50 percent (2021: about 50 percent) of its average net interest exposure at December 31. Leases are considered fixed rate debt for this calculation.USD million 2022 2021Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 14 13Due in year 2 288 13Due in year 3 253 287Due in year 4 228 252Due in year 5 and later 282 506Total economic interest rate hedges 1,066 1,070As of December 31, 2022, the group did not hold any forward starting swaps (2021: nil). The average remaining term of the existing loan portfolio is about 3.1 years, while the average remaining term of the running interest rate derivatives and fixed inter-est loans is approximately 3.3 years. Interest rate sensitivitiesThe group\u2019s interest rate risk originates from differences in duration and amounts between interest-bearing assets and interest-bearing liabilities. On the asset side, bank deposits are subject to risk from changes in the general level of interest rates, primarily in USD. On the liability side, the mix of debt and issued bonds with attached fixed or floating coupons \u2013 in combination with financial derivatives on interest rates (plain vanilla interest rates swaps) \u2013 are exposed to changes in the level and curvature of interest rates. The group uses the weighted average dura-tion of interest-bearing assets, liabilities and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. The below table summarizes the interest rate sensitivity towards the fair value of interest-bearing assets and liabilities: USD millionChange in interest rate levels (2%) (1%) 0% 1% 2%Fair value sensitivities of interest rate riskEstimated change in fair value (post tax) (11) (6) 0 6 11(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Apart from the fair value sensitivity calculation based on the group\u2019s net duration, the group has cash flow risk exposure stemming from the risk of increased future interest payments on the unhedged part of the group\u2019s interest-bearing debt. Changes in fair value of financial derivatives are recognized in the income statement.The market values of financial derivatives are included under Other non-current assets, Other non-current liabilities, Other current assets and Other current liabil-ities in the balance sheet. Assets Liabilities Assets Liabilities USD million Notes 2022 2021Interest rate derivativesHolding - - - 7Shipping services 29 - - 38Government services 2 - - 1Logistics services 16 - - 13Total interest rate derivatives 47 - - 60Derivatives used for economic cash flow hedgingHolding 3 - 1 -Shipping services - - - 1Total currency cash flow derivatives 3 - 1 1Derivatives used for economic translation risk hedging (basis swaps)Holding - 72 1 7Shipping services - 2 - 1Total cross currency derivatives (basis swaps) - 74 1 8Other derivatives \u2013 non-controlling shareholder net derivativeShipping services 5 105 - 152 -Total non-controlling shareholder net derivative 105 - 152 -Total market value of derivatives 155 74 153 69Book value equals fair value.Fuel price riskThe group is exposed to fuel oil price fluctuations through its operations in Walle-nius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers.As a general principle, fuel adjustment factors (FAF) in customer contracts is the main mechanism to manage fuel oil price risk in the group. In the short term, the group is exposed to changes in the fuel oil price since FAF is calculated based on the average price over a historical period, and then fixed during an application period, creating a lag effect. As at December 31, 2022, the group does not hold any fuel hedging contracts (2021: nil).Credit riskCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and originates primarily from the group\u2019s customer receivables, financial derivatives used to economically hedge interest rate risk or foreign exchange risk, as well as bank deposits. Trade receivablesThe group\u2019s exposure to credit risk through its operating entities is influenced mainly by individual characteristics of each customer. The demographics of the group\u2019s customer base, including the default risk of the industry and country in which the customers operate, has less of an influence on credit risk. The group\u2019s shipping segment has historically been considered to have low credit risk as the customers tend to be large and well-reputed. In addition, cargo can be held back. Cash and cash equivalentsThe group\u2019s exposure to credit risk on cash and cash equivalents is considered to be very limited as the group maintains banking relationships with well-reputed and familiar banks and where the group, in most instances, has a net debt posi-tion towards these banks.Financial derivativesThe group\u2019s exposure to credit risk on its financial derivatives is considered to be limited as the group\u2019s counterparties are well reputed and familiar banks.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: USD million Notes 2022 2021Exposure to credit riskLong-term investments 19 59 68Financial derivatives \u2013 asset 19 51 1Other non-current assets 19 12 18Trade receivables 20 605 457Other current assets 19 191 144Cash and cash equivalents 1,216 710Total exposure to credit risk 2,134 1,399Book values equal market values.Liquidity riskThe group\u2019s approach to managing liquidity is to secure that it will always have sufficient liquidity to meet 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 considered low in that it holds significant liquid assets in addition to credit facilities with the banks. The group regularly issues NOK debt in the Norwegian bond market, with proceeds swapped into USD via cross-currency swaps at the time of each issue. If the USD/NOK exchange rate increases above certain thresholds from the rate at the time of issue, the company will need to post cash collateral with the counterparties based on the mark-to-market value above the threshold. The cash collateral is released back to the company if the USD/NOK exchange rate decreases. As of December 31, 2022, the group had posted USD 2 million in cash collateral relating to cross-cur-rency swaps for the three outstanding NOK bonds. The cash collateral is recognized in Other current assets in the balance sheet. At December 31, the group had USD 1,216 million (2021: USD 710 million) in liquid assets which can be realized over a three-day period in addition to USD 247 million (2021: USD 348 million) in undrawn capacity under its bank facilities. Undiscounted cash flows financial liabilitiesLess than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2022Bank loans 423 645 939 357Bonds 62 261 397 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 543 - - -Total non-derivative liabilities excluding leasing 1,029 906 1,336 357Leasing liabilities 517 418 896 696Financial derivatives (25) (20) (31) -Total gross undiscounted cash flows financial liabilities at December 31 1,522 1,304 2,201 1,053Less than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2021Bank loans 420 792 796 168Bonds 174 33 505 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 567 - - -Total non-derivative liabilities excluding leasing 1,160 825 1,301 168Leasing liabilities 278 272 537 657Financial derivatives 27 27 52 5Total gross undiscounted cash flows financial liabilities at December 31 1,465 1,124 1,890 830Interest expenses on floating interest-bearing debt included above have been computed using interest rate curves as of year-end.CovenantsMost financing is subject to certain financial and non-financial covenants or restric-tions. Please see note 16 Interest-bearing liabilities for further information.Capital risk managementThe group\u2019s policy is to maintain a strong capital base to maintain investor, credi-tor and market confidence and to sustain future development of the business. The board of directors monitors return on capital employed, which the group defines as operating profit divided by capital employed (shareholders equity and inter-est-bearing liabilities). The board also monitors the level of dividends to sharehold-ers. Wallenius Wilhelmsen ASA targets a dividend which over time shall constitute between 30-50 percent of the company\u2019s profit after tax. When deciding the size of the dividend, the board will consider future capital requirements to ensure the implementation of its growth strategy as well as the need to ensure that the group\u2019s financial standing remains solid.The group seeks to maintain a balance between the potentially higher returns that can be achieved with a higher level of debt and the advantages of maintaining a solid capital position. The group\u2019s target is to achieve an adjusted return on capital employed over time that exceeds 8 percent. In 2022, the return on capital employed was 13.7 percent. See reconciliation of alternative performance measures for defi-nition and calculation.Fair value estimationThe 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 instru-ments not traded in an active market (over-the-counter contracts) are based on third party quotes.These quotes use the maximum number of observable market rates for price discov-ery. Specific valuation techniques used to value financial instruments include:\u2022 Quoted market prices or dealer quotes for similar instruments\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves\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 present value and\u2022 The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premiumThe carrying value less impairment allowance of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments.Interest-bearing liabilitiesUSD million Fair value Book value2022Bank loans 1,868 1,967Bonds 543 529Leasing liabilities 1,617 1,572Other 19 19Total interest-bearing liabilities at December 31 4,047 4,087USD million Fair value Book value2021Bank loans 2,012 2,073Bonds 604 582Leasing liabilities 1,479 1,455Other 18 18Total interest-bearing liabilities at December 31 4,113 4,128All interest-bearing liabilities are considered to be level 3 in the fair value hierarchy.Fair value hierarchy USD million Notes Level 1 Level 2 Level 3 Total balance2022Financial assets at fair value through income statement - Financial derivatives - 51 - 51 - Non-controlling shareholder net derivative 5 - - 105 105Total assets at December 31 - 51 105 155Financial liabilities at fair value through income statement - Financial derivatives - 74 - 74Total liabilities at December 31 - 74 - 74USD million Notes Level 1 Level 2 Level 3 Total balance2021Financial assets at fair value through income statement - Financial derivatives - 2 - 2 - Non-controlling shareholder net derivative 5 - - 152 152Total assets at December 31 - 2 152 153Financial liabilities at fair value through income statement - Financial derivatives - 69 - 69Total liabilities at December 31 - 69 - 69The fair value of financial instruments not traded in an active market is based on third-party quotes (mark-to-market). These quotes use the maximum number of observable market rates for price discovery. The different valuation techniques typically applied by financial counterparties (banks) are described above. These instruments \u2013 currency and interest rate derivatives \u2013 are included in level two. Financial instruments by categoryAssets at fair Assets at value through the USD millionamortized costincome statement Other Total2022AssetsOther non-current assets - 155 79 235Trade receivables 605 - - 605Other current assets 2 - 189 191Cash and cash equivalent 1,216 - - 1,216Assets at December 31 1,822 155 269 2,247Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2022LiabilitiesNon-current interest-bearing debt - 2,200 2,200Non-current lease liabilities - 1,254 1,254Other non-current liabilities 74 21 95Trade payables - 112 112Current interest-bearing debt - 316 316Current lease liabilities - 317 317Other current liabilities - 15 16Liabilities at December 31 74 4,236 4,310Assets at fair Assets at value through the USD millionamortized costincome statement Other Total2021AssetsOther non-current assets - 153 87 239Trade receivables 457 - - 457Other current assets - - 144 144Cash and cash equivalent 710 - - 710Assets at December 31 1,167 153 230 1,550Liabilities at fair Other financial value through the liabilities at USD millionincome statementamortized cost Total2021LiabilitiesNon-current interest-bearing debt - 2,158 2,158Non-current lease liabilities - 1,218 1,218Other non-current liabilities 60 8 68Trade payables - 154 154Current interest-bearing debt - 515 515Current lease liabilities - 238 238Other current liabilities 9 29 37Liabilities at December 31 69 4,319 4,388",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__67": {
"value": "at fair value in the balance sheet.Market riskMarket risk is defined as risk related to changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its holdings of financial instruments. The sensitivity analyses in the sections below relate to the position of financial instruments at December 31, 2022. It is assumed that the sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. Economic hedging strate-gies have been established in order to reduce market risks in line with the financial strategy approved by the board of directors. Foreign exchange rate riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and balance sheet items denominated in currencies other than USD (translation risk). The group\u2019s largest foreign exchange exposure is EUR against USD, but the group also has exposure to a number of other currencies whereof KRW, JPY, SEK, CNY and NOK are most important.Various financial derivatives, such as forwards, options and cross-currency (basis) swaps are used to hedge this exposure. Key aspects of the currency hedging policy are:\u2022 Net cash flows in other significant currencies than USD can be hedged using a layered model with up to a 36-month horizon\u2022 Significant capital commitments or divestments in other currencies than USD are hedged\u2022 Balance sheet exposure in currencies other than USD shall in general be hedged. The group will, however, in each case consider factors such as the asset-liability match and the currency of any related cash flow.Economic hedging of transaction riskThe group has an economic hedging program for CNY, NOK and SEK exposures in place as of both year-ends 2022 and 2021.The portfolio of derivatives used to economically hedge the group\u2019s transaction risk exhibit the following income statement sensitivity:USD millionIncome statement sensitivities of economic hedge programChange in exchange rate levels (20%) (10%) 0% 10% 20%Transaction riskUSD/NOK spot rate 7.87 8.85 9.84 10.82 11.81Income statement effect (post tax) 3 1 - (1) (3)USD/SEK spot rate 8.32 9.36 10.4 11.44 12.48Income statement effect (post tax) 2 1 - (1) (2)USD/CNY spot rate 5.51 6.20 6.89 7.58 8.27Income statement effect (post tax) - - - - -(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Economic hedging of translation risk At December 31, 2022, the group has outstanding NOK-denominated bonds of about NOK 5.25 billion (USD 533 million). The corresponding amount was NOK 4.6 billion (USD 517 million) for 2021. All of this debt (NOK 5.25 billion) has been economically hedged against USD with cross-currency swaps. FX sensitivitiesThe 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 immaterial. On December 31, 2022 there were no material FX sensitivities. For the period ending December 31, 2022, the net impact from translation differ-ences had a very limited impact on other comprehensive income with negative USD 7 million (2021: negative USD 6 million). All fair value changes of the financial deriv-atives, except fuel oils derivatives in EUKOR, are recognized in profit or loss. Equity sensitivities will therefore equal sensitivities in the income statement.USD million Notes 2022 2021Through income statementFinancial currencyNet currency gain/(loss) \u2013 operating currency (5) (8)Net currency gain/(loss) \u2013 financial currency 62 (1)Derivatives for economic hedging of cash flow risk \u2013 realized - (3)Derivatives for economic hedging of cash flow risk \u2013 unrealized - (5)Derivatives for economic hedging of translation risk \u2013 realized (14) -Derivatives for economic hedging of translation risk \u2013 unrealized (67) (7)Net financial currency 6 (25) (24)Through other comprehensive incomeCurrency translation differences through other comprehensive income (7) (6)Total net currency effect (32) (30)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average net interest rate exposure over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges held by the group corresponded to about 50 percent (2021: about 50 percent) of its average net interest exposure at December 31. Leases are considered fixed rate debt for this calculation.USD million 2022 2021Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 14 13Due in year 2 288 13Due in year 3 253 287Due in year 4 228 252Due in year 5 and later 282 506Total economic interest rate hedges 1,066 1,070As of December 31, 2022, the group did not hold any forward starting swaps (2021: nil). The average remaining term of the existing loan portfolio is about 3.1 years, while the average remaining term of the running interest rate derivatives and fixed inter-est loans is approximately 3.3 years. Interest rate sensitivitiesThe group\u2019s interest rate risk originates from differences in duration and amounts between interest-bearing assets and interest-bearing liabilities. On the asset side, bank deposits are subject to risk from changes in the general level of interest rates, primarily in USD. On the liability side, the mix of debt and issued bonds with attached fixed or floating coupons \u2013 in combination with financial derivatives on interest rates (plain vanilla interest rates swaps) \u2013 are exposed to changes in the level and curvature of interest rates. The group uses the weighted average dura-tion of interest-bearing assets, liabilities and financial interest rate derivatives to compute the group\u2019s sensitivity towards changes in interest rates. The below table summarizes the interest rate sensitivity towards the fair value of interest-bearing assets and liabilities: USD millionChange in interest rate levels (2%) (1%) 0% 1% 2%Fair value sensitivities of interest rate riskEstimated change in fair value (post tax) (11) (6) 0 6 11(Tax rate used is 22 percent, which equals the corporate tax rate in Norway)Apart from the fair value sensitivity calculation based on the group\u2019s net duration, the group has cash flow risk exposure stemming from the risk of increased future interest payments on the unhedged part of the group\u2019s interest-bearing debt. Changes in fair value of financial derivatives are recognized in the income statement.The market values of financial derivatives are included under Other non-current assets, Other non-current liabilities, Other current assets and Other current liabil-ities in the balance sheet. Assets Liabilities Assets Liabilities USD million Notes 2022 2021Interest rate derivativesHolding - - - 7Shipping services 29 - - 38Government services 2 - - 1Logistics services 16 - - 13Total interest rate derivatives 47 - - 60Derivatives used for economic cash flow hedgingHolding 3 - 1 -Shipping services - - - 1Total currency cash flow derivatives 3 - 1 1Derivatives used for economic translation risk hedging (basis swaps)Holding - 72 1 7Shipping services - 2 - 1Total cross currency derivatives (basis swaps) - 74 1 8Other derivatives \u2013 non-controlling shareholder net derivativeShipping services 5 105 - 152 -Total non-controlling shareholder net derivative 105 - 152 -Total market value of derivatives 155 74 153 69Book value equals fair value.Fuel price riskThe group is exposed to fuel oil price fluctuations through its operations in Walle-nius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers.As a general principle, fuel adjustment factors (FAF) in customer contracts is the main mechanism to manage fuel oil price risk in the group. In the short term, the group is exposed to changes in the fuel oil price since FAF is calculated based on the average price over a historical period, and then fixed during an application",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__68": {
"value": "Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and originates primarily from the group\u2019s customer receivables, financial derivatives used to economically hedge interest rate risk or foreign exchange risk, as well as bank deposits. Trade receivablesThe group\u2019s exposure to credit risk through its operating entities is influenced mainly by individual characteristics of each customer. The demographics of the group\u2019s customer base, including the default risk of the industry and country in which the customers operate, has less of an influence on credit risk. The group\u2019s shipping segment has historically been considered to have low credit risk as the customers tend to be large and well-reputed. In addition, cargo can be held back. Cash and cash equivalentsThe group\u2019s exposure to credit risk on cash and cash equivalents is considered to be very limited as the group maintains banking relationships with well-reputed and familiar banks and where the group, in most instances, has a net debt posi-tion towards these banks.Financial derivativesThe group\u2019s exposure to credit risk on its financial derivatives is considered to be limited as the group\u2019s counterparties are well reputed and familiar banks.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: USD million Notes 2022 2021Exposure to credit riskLong-term investments 19 59 68Financial derivatives \u2013 asset 19 51 1Other non-current assets 19 12 18Trade receivables 20 605 457Other current assets 19 191 144Cash and cash equivalents 1,216 710Total exposure to credit risk 2,134 1,399Book values equal market values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__69": {
"value": "The group\u2019s approach to managing liquidity is to secure that it will always have sufficient liquidity to meet 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 considered low in that it holds significant liquid assets in addition to credit facilities with the banks. The group regularly issues NOK debt in the Norwegian bond market, with proceeds swapped into USD via cross-currency swaps at the time of each issue. If the USD/NOK exchange rate increases above certain thresholds from the rate at the time of issue, the company will need to post cash collateral with the counterparties based on the mark-to-market value above the threshold. The cash collateral is released back to the company if the USD/NOK exchange rate decreases. As of December 31, 2022, the group had posted USD 2 million in cash collateral relating to cross-cur-rency swaps for the three outstanding NOK bonds. The cash collateral is recognized in Other current assets in the balance sheet. At December 31, the group had USD 1,216 million (2021: USD 710 million) in liquid assets which can be realized over a three-day period in addition to USD 247 million (2021: USD 348 million) in undrawn capacity under its bank facilities. Undiscounted cash flows financial liabilitiesLess than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2022Bank loans 423 645 939 357Bonds 62 261 397 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 543 - - -Total non-derivative liabilities excluding leasing 1,029 906 1,336 357Leasing liabilities 517 418 896 696Financial derivatives (25) (20) (31) -Total gross undiscounted cash flows financial liabilities at December 31 1,522 1,304 2,201 1,053Less than Between Between Later than USD million1 year1 and 2 years2 and 5 years5 years2021Bank loans 420 792 796 168Bonds 174 33 505 -Current liabilities (excluding next year\u2019s installment on interest-bearing debt, lease liabilities and financial derivatives) 567 - - -Total non-derivative liabilities excluding leasing 1,160 825 1,301 168Leasing liabilities 278 272 537 657Financial derivatives 27 27 52 5Total gross undiscounted cash flows financial liabilities at December 31 1,465 1,124 1,890 830Interest expenses on floating interest-bearing debt included above have been computed using interest rate curves as of year-end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__73": {
"value": "Note 18. Provisions and contingenciesUSD million Dec 31, 2022 Dec 31, 2021Non-current provisions - 16Current provisions - 28Total provisions - 44From time to time, the group will be involved in disputes and legal actions. The operating entities WW Ocean and EUKOR have been part of anti-trust investiga-tions in several jurisdictions since 2012. Proceedings with the outstanding jurisdic-tions were resolved in 2021, and all remaining customer claims were settled in 2022. As of December 31, 2022, there are no provisions or other outstanding liabilities related to anti-trust. At December 31, 2021, the group had recognized USD 120 million of provisions (USD 44 million) and other current liabilities (USD 76 million) related to fines, civil claims and customer settlement. All remaining amounts, USD 113 million, were paid during the year, with USD 6 million being reversed as a gain presented in Other operating expenses. In 2021 the group paid USD 149 million in customer settlements and fines to jurisdictions.Contingent liabilitiesThe group is sometimes party to lawsuits related to laws and regulations in vari-ous jurisdictions arising from the conduct of its business. Based on information currently available, the probability of any such cases resulting in a material outflow of resources is low, and a provision has not been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__72": {
"value": "Contingent liabilitiesThe group is sometimes party to lawsuits related to laws and regulations in vari-ous jurisdictions arising from the conduct of its business. Based on information currently available, the probability of any such cases resulting in a material outflow of resources is low, and a provision has not been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__75": {
"value": "Other non-current assets1Long-term investments 59 68Financial derivatives 51 1Pension assets 8 -Derivative financial asset 105 152Investments in joint ventures and associates 12 10Other non-current assets 12 18Total other non-current assets 247 249USD million 2022 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__74": {
"value": "Other non-current assets1Long-term investments 59 68Financial derivatives 51 1Pension assets 8 -Derivative financial asset 105 152Investments in joint ventures and associates 12 10Other non-current assets 12 18Total other non-current assets 247 249USD million 2022 2021Other current assetsFinancial derivatives - 1Prepaid expenses 191 143Total other current assets 191 144",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__76": {
"value": "Other current assetsFinancial derivatives - 1Prepaid expenses 191 143Total other current assets 191 144",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__78": {
"value": "Other non-current liabilitiesFinancial derivatives 74 60Other non-current liabilities 21 8Total other non-current liabilities 95 68",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__77": {
"value": "Other non-current liabilitiesFinancial derivatives 74 60Other non-current liabilities 21 8Total other non-current liabilities 95 68Other current liabilitiesFinancial derivatives - 92Contract liabilities 169 148Other accrued operating expenses 294 270Other current liabilities 15 29Total other current liabilities 479 4551 EUKOR owns 0.627 percent of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irre-vocable decision to present changes in fair value through other comprehensive income. The investment has decreased by USD 5 million in value during 2022 and fair value at December 31, 2022, is estimated at USD 39 million. The increase is primarily related to improved results in KOBC\u2019s underlying investments.2 The contract liabilities represents the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2021 have been recognized as freight revenue in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__79": {
"value": "Other current liabilitiesFinancial derivatives - 92Contract liabilities 169 148Other accrued operating expenses 294 270Other current liabilities 15 29Total other current liabilities 479 4551 EUKOR owns 0.627 percent of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irre-vocable decision to present changes in fair value through other comprehensive income. The investment has decreased by USD 5 million in value during 2022 and fair value at December 31, 2022, is estimated at USD 39 million. The increase is primarily related to improved results in KOBC\u2019s underlying investments.2 The contract liabilities represents the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2021 have been recognized as freight revenue in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__80": {
"value": "Note 20. Trade receivables and trade payablesTrade receivablesAt December 31, 2022, USD 57 million (2021: USD 91 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group\u2019s customers are generally large, multi-national OEMs and historic credit losses have been minor. At December 31, 2022, the group\u2019s impairment allowance on receivables amounts to approximately USD 4 million (2021: USD 4 million). Approx. 74 percent of the impair-ment allowance at relates to the logistics segment and 26 percent to the shipping segment in 2022 (70 percent and 30 percent respectively for 2021). The aging profile of trade receivables that are past due is as follows:USD million 2022 2021Aging of trade receivables fallen due31-60 days 26 5861-90 days 10 1391-180 days 15 15Over 180 days 6 5Total fallen due 57 91Trade receivables per segmentShipping services 414 338Logistics services 130 94Government services 61 25Total trade receivables 605 457",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__81": {
"value": "At December 31, 2022, USD 4 million in trade payables had fallen due (2021: USD 5 million). These payables refer to a number of separate suppliers and are related to general business. The group expects to settle outstanding payables within 30-60 days.USD million 2022 2021Trade payables per segmentShipping services 56 116Logistics services 53 36Government services 3 2Holding - -Total trade payables 112 154See note 17 for more information on credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__82": {
"value": "Note 21. Restricted bank deposits and undrawn commited drawing rightsUSD million 2022 2021Payroll tax withholding account (included in cash and cash equivalents) 1 1USD million 2022 2021Undrawn committed drawing rights 247 348of which backstop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity - 133Undrawn committed loans - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__83": {
"value": "Note 22. Related party transactionsTransactions with related partiesThe two main shareholders of Wallenius Wilhelmsen ASA are Walleniusrederierna AB and Wilh. Wilhelmsen Holding ASA with 37.82 and 37.87 percent of the shares respectively. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA (WWH group) through Tallyman AS, and the Wallenius Kleberg family controls Walle-niusrederierna AB through Rederi AB Soya (Soya group).For participation in the board of directors, Thomas Wilhelmsen received USD 59 thousand and Jonas Kleberg USD 57 thousand. In addition, Jonas Kleberg received USD 7 thousand for participation in the nomination committee.The group has undertaken several transactions with related parties within Wilh. Wilhelmsen Holding ASA (WWH), Wilservice AS, Wilhelmsen Maritime Services group (WMS group) and Soya group. All transactions are entered into in the ordinary course of business of the company and the agreements pertaining to the transactions are all entered into on commercial market terms.Wilh. Wilhelmsen Holding ASA (WWH) delivers services to the Wallenius Wilhelmsen ASA group including human resources (\u201cShared Services\u201d) and in-house services such as canteen, post, switchboard and rent of office facilities. Generally, Shared Services are priced using a cost plus 5 percent margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. In addition, the Soya group delivers rent of office facilities to the group.Historically and currently, the majority shareholders, WWH and Soya, further deliver several services to the group, based on the principles set out in the OECD\u2019s transfer pricing guidelines for group services, including, inter alia, cost plus basis or based on independent broker estimates. In the event services are provided to both external and internal parties, the prices set forth in the contracts regarding such services, are on same level for both the external and the internal customers. The services cover:\u2022 ship management including crewing, technical and management service\u2022 insurance brokerage\u2022 agency services\u2022 freight and liner services\u2022 marine products to vesselsUSD million 2022 2021Income statementOperating revenue from related partied within WWH group 1 1Operating revenue from related partied within Soya group - -Operating expenses to related parties within WWH group 19 20Operating expenses to related parties within Soya group 14 10In addition, Wallenius Marine (part of Soya Group) had the supervision of the newbuilding which was delivered in 2021. Their fee in 2021 was approximately USD 0.2 million and is capitalized with the vessel.USD million 2022 2021Balance sheetCurrent receivables from related parties within Soya group 3 -Non-current loan/payables to related parties within Soya group - 2Current loan/payables to related parties within Soya group 2 1Non-current receivables from related parties within WWH group - -Current receivables from related parties within WWH group 1 1Non-current loan/payables to related parties within WWH group - 3Current loan/payables to related parties within WWH group 4 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__7__84": {
"value": "Note 23. Events after the balance sheet dateIn January 2023, Wallenius Wilhelmsen ASA signed a new USD 100 million revolving credit facility to be available for collateral postings related to cross-currency swaps. The facility is secured by five sailing vessels that were previously unencumbered.In February, the board proposed an ordinary dividend of USD 0.85 per share to the annual general meeting on April 26, 2023, with USD 0.51 to be payable in May 2023 and USD 0.34 to be payable in November 2023. The dividend is declared in USD and paid in NOK. The total proposed dividend amounts to USD 360 million, representing 45 percent of profit after tax for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}