Annual Report (ESEF) • Mar 25, 2022
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Download Source FileUntitled Annual report 2021 Enable. Enhance. Simplify. (1)Netcashowfromoperatingactivities (2)Cash,bankdepositsandcurrentnancialinvestments (3)Currentassetsdividedbycurrentliabilities (4)Equityinpercentoftotalassets (5)Protaftertaxdividedbyaverageequity (6)Protfortheperiodafternon-controllinginterests,dividedbyaveragenumberofshares Earningspersharetakingintoconsiderationthenumberofsharesreducedforownshares (7)Operatingprotfortheperiodadjustedfordepreciationandimpairmentsofassets,dividedbyaveragenumberofsharesoutstanding 2021 2020 2019 2018 2017 INCOME STATEMENT Totalincome USDmill 874 812 850 871 793 Operatingprotbeforeamortisationandimpairment(EBITDA) USDmill 141 138 149 78 198 Operatingprot USDmill 73 60 78 36 176 Prot/(loss)beforetax USDmill 66 205 144 (86) 253 Netprot/(loss) USDmill 53 178 130 (75) (2) Netprot/(loss)afternon-controllinginterests USDmill 72 117 114 (69) (64) BALANCE SHEET Noncurrentassets USDmill 2 702 2 736 2 638 2 467 2 637 Currentassets USDmill 746 751 655 612 636 Equity USDmill 2 230 2 265 2 082 2 017 2 188 Interest-bearingdebt USDmill 642 657 675 533 601 Totalassets USDmill 3 448 3 488 3 293 3 079 3 273 KEY FINANCIAL FIGURES Cashowfromoperation(1) USDmill 122 194 98 62 70 Liquidfundsat31December(2) USDmill 366 393 255 227 268 Liquidyratio(3) 0.9 1.3 1.2 1.1 1.4 Equityratio(4) % 65% 65% 63% 66% 67% YIELD Returnonequity(5) % 4% 6% 6% (4%) (3%) KEY FIGURES PER SHARE Earningspershare(6) USD 1.63 2.63 2.46 (1.48) (1.38) Operatingprotbeforeamortisationandimpairment(EBITDA)pershare(7) USD 3.16 3.10 3.24 1.68 4.26 Averagenumberofsharesoutstanding Thousand 44 580 44 580 45 948 46 404 46 404 Dividendpersharepaidduringtheyear NOK 8.00 2.00 5.00 5.50 5.00 Key figures – consolidated accounts 2021 2020 2019 2018 2017 Total income (USD mill) Operating prot (USD mill) Net prot (USD mill) Net prot after non-controlling interest (USD mill) 874 850 871 793 812 73 78 36 176 60 53 -2 178 130 -75 72 -64 117 114 -69 Group — Key gures Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 4 Wilhelmsen in brief Ourambitionistoshapethemaritimeindustry. Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group providing essential products and services to the merchant fleet, along with supplying crew and technical management to the largest and most complex vessels ever to sail. Committed to shaping the maritime industry, we also seek to develop new opportunities and collaborations in renewables, zero-emission shipping, and marine digitalisation. Supporting a diverse and inclusive workplace, with thousands of colleagues across more than 60 countries, we take innovation, sustainability and unparalleled customer experiences one step further. OUR STRATEGIC ESG TOPICS Strategic topics Strategic ambition Decarbonisationandgreengrowth Shapethemaritimeindustry’stransitiontowardsnetzeroemissionsandcapitalizeongreengrowth. Healthandsafety Haveanengagingandsafeworkplacewithnoharmtopeople. Equalityanddiversity Haveaculturewhereeachemployeeisvaluedfortheircontribution. Complianceandvaluechainmanagement Bearesponsible,trustedandcompliantvaluechainpartner. • WilhelmsenShipsService –MarineProducts –ShipsAgency –Chemicals –GlobalBusinessServices • WilhelmsenShipManagement • WilhelmsenInsuranceServices • NorSeaGroup(75.2%) • NorSeaWind(87.6%) • EddaWindASA(25.7%) • Topeka • Massterly(50%) • Raa Labs • Dolittle(46%) • Ivaldi(10%) • LokeMarineMinerals(18%) • WalleniusWilhelmsenASA(37.8%) • TreasureASA(74.8%) –HyundaiGlovis(11%) • WilNorGovernmentalServices(87.8%) • Financialinvestments • Holdingactivities Share of total income Year 2021 Share of total income Year 2021 Share of total income Year 2021 Share of total assets As per 31.12.2021 Share of total assets As per 31.12.2021 Share of total assets As per 31.12.2021 MARITIME SERVICES Ourambitionistobetheleadingprovider ofproductsandservicesfortheglobal merchanteet–drivingsustainable transformationofourindustry. STRATEGIC HOLDINGS AND INVESTMENTS Ourambitionistoachievecapitalgrowth throughourglobalfootprint,legacyholdings andleadingindustrialpartnerships. NEW ENERGY Ourambitionistodriveenergy infrastructuretransformationand maritimedecarbonisation. 64% 53% 35% 2% 25% 22% Directorindirectownershipinbracketswhennotfullyowned. Group — Key gures Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 5 Content 008 010 012 014 015 017 019 020 020 021 022 022 022 023 023 024 026 026 026 027 028 029 030 031 072 074 074 074 075 076 077 078 092 097 098 100 100 101 105 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anniversary and crossroads ......................................................................... ....................................................................................... Main development and strategic direction ............................................... Financial results ................................................................................................ Business segments ......................................................................................... MaritimeServices NewEnergy StrategicHoldingsandInvestments Risk review .......................................................................................................... Health, safety and working environment ................................................... Organisation and people development ..................................................... Environment ....................................................................................................... Corporate governance ................................................................................... Sustainability ..................................................................................................... Directors and Ocers Liability Insurance ................................................. Allocation of prot, dividend and share buy back .................................. Outlook ................................................................................................................ ................................................................ Wilh. Wilhelmsen Holding ASA group ......................................................... Income statement ............................................................................................ Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance sheet .................................................................................................... Cash ow statement ....................................................................................... Equity ................................................................................................................... General accounting principle ........................................................................ Notes ................................................................................................................... ........................................... Wilh. Wilhelmsen Holding ASA parent company ..................................... Income statement ............................................................................................ Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance sheet .................................................................................................... Cash ow statement ....................................................................................... Equity ................................................................................................................... Notes ................................................................................................................... Auditor’s report ................................................................................................. Responsibility statement ............................................................................... ................................................................................ Wilh. Wilhelmsen Holding group main structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Strategic Holdings and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maritime Services ............................................................................................ New Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 6Content Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 7Content GroupCEO’s statement 1 Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 8Group — Group CEO’s statement Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 9Group — Group CEO’s statement Group — Group CEO’s statement Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 10 Anniversary and crossroads OUR EMPLOYEES MAKE THE DIFFERENCE While we celebrated 160 years in business, the Wilhelmsen group had yet another calendar year full of events. COVID-19 continued to be a major influence in 2021, but there were also inflationary concerns, supply chain issues and ongoing geopolitical tensions. The fight for talent and pressure on wages were additional challenges we continue to face. Despite the many challenges, we also saw a solid uptick in global shipping activities leading to an 8% income increase for the group. This is thanks to several thousand dedicated people in the Wilhelmsen group working across the largest maritime network in the world including some 10 000 seafarers. Our strong results can be dedicated to our hard working and resilient employees, and to our loyal customers. Thank you! THE GREEN CHALLENGE In addition to solid financial results, we continued to build for the future. Our internal company structure was redesigned, most notably with the establishment of our New Energy segment and the USD 500 million investment ambition within renewable energy and decarbonisation. We have also decided to have a net zero carbon footprint from our own operations before 2030. Our extensive maritime offshore experience and infrastructure, combined with our ambitions and ability to facilitate innovative partnerships, is our recipe for exploring opportunities related to the green shift. While we see great business potential related to green opportunities, we stand at a crossroads. Customers want to explore new energy solutions, but struggle to make the big step, as there are still too many uncertainties related to both the availability and price of renewable energy. Wilhelmsen would like to explore new technological solutions but are challenged with a slow-moving or complete lack of regulatory environment. Who should make the first move? With the “code red for humanity” report from the Intergovernmental Panel on Climate Change, we all know that we need to step up to significantly reduce greenhouse gas emissions that are threatening our common future. We are ready to make the necessary steps, but are dependent on banks supporting us, customers willing to take the risk, authorities paving the way for new energy solutions and a safe environment for businesses taking action. IF I WERE 25 YEARS OLD If I was fresh out of university now, I would consider my career path carefully, and my values would play an important factor in my plans. Attracting not only newly educated talent, but seasoned professionals will demand a sound and transparent company profile. People want to work for companies that make a difference, that dare to challenge and prove that things can always get better. Although I am biased, I think Wilhelmsen is such a place, and we are demonstrating it by how we act. In this report and our ESG report especially, you can read about the big and small efforts we are making to decarbonise the maritime industry through zero emission vessels to 3D printed spare parts produced locally on demand, just to name two examples. You will also read about how we spend time and resources in ensuring our employees continue to build their competencies and experience. I am immensely proud of our company, and our people who kept everything running regardless of the obvious challenges. 2022 and onwards will be interesting and exciting. I am curious to know how fast we can make the necessary steps towards a greener future and ensure long term profitability for our shareholders. I am confident we will keep making sustainable choices and continue to be driven forward by our people and culture. Writing my CEO letter at the beginning of February 2022, as we prepare for the launch of this report in March, the world is very different and much darker place. The awful situation in Ukraine is producing unwanted and unforeseen humanitarian, geopolitical and economic issues. We are all affected. For the group, our practical support for our Ukrainian colleagues at sea and onshore is unwavering, and I speak on behalf of everyone at Wilhelmsen in sending our sympathies to everyone impacted by the conflict in the region. 2021sawmanyhighlightsforthegroup.Theyearfurther positionedWilhelmsenwellforthefutureandaworldthatis increasinglydemandingcleanenergyandsustainablemaritime solutions.Asyouwillreadlater,wecan’tdoitalone. Group — Group CEO’s statement Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 11 Director’s report 2 Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 12Group — Director’s report Currently females represent 36% of our land-based work force and 22% of senior management positions. The Wilhelmsen group’s target is to have at least 40% of each gender in senior management positions by 2030. Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 13Group — Director’s report Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 14 MAIN DEVELOPMENT AND STRATEGIC DIRECTION The Wilh. Wilhelmsen Holding group (Wilhelmsen or group) is an industrial holding company within the maritime industry. The group’s activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments. Wilhelmsen’s ambition is to develop companies within maritime services, shipping, logistics, renewables, and related infrastructure through active ownership. Guided by its vision of shaping the maritime industry, Wilhelmsen has in 2021 continued the work to support transition to a more sustainable future. This includes projects and new investments within energy transition and the decarbonisation of shipping. Wilhelmsen also continued to deliver return to its shareholders, with an increase in operating result, net profit, share price, and dividend payment for the year. In 2021, the global economy rebounded while large parts of the world were still in partial lockdown due to the pandemic. This created a strain on global supply chains as well as inflationary pressure. The Wilhelmsen operating companies benefitted from the increase in economic activities, but the ongoing pandemic also continued to affect the group’s operation. Most office staff were required to work from home during large parts of the year, and the situation related to crew changes remained challenging. The board would once again like to thank all crew and onshore employees for their extraordinary efforts during the pandemic. In 2021, Wilhelmsen re-designed the portfolio to intensify the growth of maritime service and increase the focus on renewable energy and decarbonisation. In addition to accelerating the transition of existing businesses, Wilhelmsen decided to invest in new businesses related to the renewable sector. A new business segment named New Energy was established, including among others, the ongoing transformation of NorSea Group, offshore wind activities, and activities within autonomous shipping and decarbonisation solutions. Wilhelmsen is now organised around three distinct business segments: • Maritime Services. • New Energy. • Strategic Holdings and Investments. Maritime Services deliver value creating solutions to the global merchant fleet, focusing on Marine Products, Ships Agency, and Ship Management. In 2021, Wilhelmsen further expanded its range of products and services, including specialist lubrications and segment specific vessel management. Supporting the shipping industry during the pandemic continued as a focus area, including crew changes. Total income for Maritime Services was up for the year, while EBITDA was stable. The formation of the New Energy segment brings together several Wilhelmsen companies, joint ventures, and partner- ships with unique competencies which complement each other. Focus is on creating new opportunities and partnerships in renewables, zero-emission shipping, and marine digitalisation. In 2021, the group made further initiatives related to offshore wind licensing, marine minerals, and hydrogen vessels. Following further investment in Edda Wind ASA, the company completed a public listing in December. Total income and EBITDA for New Energy were up for the year. The two main assets of the Strategic Holdings and Investments segment are the shareholdings in Wallenius Wilhelmsen ASA, and the shareholding in Hyundai Glovis which is owned through Treasure ASA. Wallenius Wilhelmsen ASA had a positive development during the year, with a strong increase in both net profit and market value. For Hyundai Glovis, the share price and market value was down for the year. The Wilhelmsen group maintained a strong equity base throughout 2021. By the end of the year, the equity ratio based on book values was 65% and equity attributable to equity holders of the company exceeded USD 2 billion. Liquidity also remained strong. Cash and cash equivalents totalled USD 231 million by end of the year, with total liquidity increasing to USD 1 054 million if including all financial assets. The main loan facility in Maritime Service is maturing in 2022 Directors’ report for 2021 Wilh. Wilhelmsen Holding ASA Highlights for2021 • New group structure focusing on Maritime Services, New Energy, and Strategic Holdings and Investments. • Enabling safe and consistent operations during an ongoing pandemic. • Public listing of Edda Wind ASA. • Increased operating income and prot. • Increased net prot from joint ventures and associates. • Paid dividend of NOK 8.00 per share. • 26% shareholder return. Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 15 and the main loan facility in New Energy matures in 2023. A refinancing process has been initiated for both. Wilhelmsen’s goal is to provide shareholders with a high return over time through a combination of rising value for the company’s shares and payment of dividend. To strengthen the alignment of the senior executives’ and shareholders’ long-term interests, the long-term incentive scheme for senior executives is based on an increase in value adjusted equity above certain thresholds and other long term strategic targets. The Wilhelmsen share price reflected a general positive market sentiment, ending the year with a strong gain. In 2021, total weighted return including share price development and paid dividend was 26.4%, based on a total return of 27.2% for the WWI share and a total return of 23.8% for the WWIB share. Wilhelmsen has an objective of consistent yearly dividend paid twice annually. A first dividend of NOK 5.00 per share was paid in May, and a second dividend of NOK 3.00 per share was paid in December. The first dividend included NOK 2.00 in extraordinary dividend to compensate for the reduced dividend payout in 2020. In September, Wilhelmsen reduced the share capital through cancellation of 537 092 own Class A shares and 1 286 732 own Class B shares. After the capital reduction, the company has 44 580 000 shares divided into 34 000 000 Class A shares and 10 580 000 Class B shares. The board believes sound corporate governance is the foundation for profitable growth and a healthy company culture. Good governance contributes to reduced risk and creates value over time for shareholders and other stakeholders. The board is committed to a sustainable strategy which is a vital prerequisite for Wilhelmsen to be a profitable and responsible player in the industry and society. In 2021, ethics and anti-corruption, health, safety and wellness, cyber security, business offering and model innovation, decarbonisation of shipping and maritime services, renewable energy transition, and reducing marine litter and pollution received particular attention. In 2022, Wilhelmsen will continue to develop the group to the benefit of customers, shareholders, and the wider society, building on a more than 160-year history of shaping the maritime industry. FINANCIAL RESULTS Income statement The board of Wilh. Wilhelmsen Holding ASA 2021 2020 of which operating revenue of which gain on sale of assets 874 873 2 812 807 5 EBITDA 141 73 138 60 101 192 2 66 205 53 72 178 117 1.63 2.63 17 41 23 200 141 65% 65% From top left: Carl E Steen (chair) Morten Borge Rebekka Glasser Herlofsen Ulrika Laurin Trond Westlie Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 16 Total income for Wilhelmsen was USD 874 million in 2021, up 8% from 2020. Income was up for both Maritime Services and New Energy. Group EBITDA came in at USD 141 million for the year, up 2%. Maritime Services EBITDA was USD 89 million in 2021, unchanged from 2020. A general increase in most shipping activities had a positive impact on both Marine Products and Ships Agency, while contribution from Ship Management and non-marine products were down. New Energy EBITDA was USD 60 million for the year, up 10%. The increase followed improved contribution from both NorSea Group and NorSea Wind. The Strategic Holdings and Investments segment had a negative EBITDA of USD 8 million. Share of profit from associates was USD 101 million for the year, compared with a loss of USD 50 million one year earlier. The improvement was due to a strong recovery in the financial performance of Wallenius Wilhelmsen ASA. Change in fair value financial assets was negative with USD 107 million for the year. This followed lower value of the investment in Hyundai Glovis. Other financials were a net expense of USD 1 million in 2021, with gain on current financial investments and dividend income offsetting interest expenses. Tax was included with an expense of USD 13 million, mainly related to Maritime Services. Net profit to equity holders of the company was USD 72 million in 2021, down from USD 117 million in 2020. Other comprehensive income was negative with USD 35 million, resulting in a total comprehensive income to equity holders of the company of USD 41 million for the year. Cash ow, liquidity, and debt The group had cash and cash equivalents of USD 231 million by the end 2021, down from USD 269 million by the end of 2020. Cash flow from operating activities was down from a strong 2020, while investments and dividend payments were up. Cash flow from operating activities was USD 122 million in 2021. This compares with a net EBITDA and tax expense of USD 128 million. Cash flow from investing activities was negative with USD 53 million, mainly related to the New Energy segment including the increased shareholding in Edda Wind ASA. Cash flow from financing activities was negative with USD 106 million in 2021. This included an increase in dividend payments, partly compensating for a low payout in 2020. By the end of 2021, the group had liquid financial assets of USD 1 054 million. In addition to cash and cash equivalents, this included current financial investments and non-current financial assets reported as financial assets to fair value. The parent company carries out active financial asset management of part of the group’s liquidity. The current financial investment portfolio includes listed equities and investment grade bonds. The value of the portfolio amounted to USD 135 million at the end of 2021. The group’s investments classified as financial assets to fair value had a combined value of USD 688 million by the end of the year. The largest investment was the 11% shareholding in Hyundai Glovis held by Treasure ASA, valued at USD 583 million. The main group companies fund their investments and operations on a standalone basis, with no recourse to the parent company. The primary funding source is the commercial bank loan market. By end of 2021, the group’s total interest-bearing debt including leasing debt was USD 642 million. Debt was down in New Energy partly due to FX effect from converting NOK debt into USD, while debt was up in Strategic Holdings and Investment partly due to a new lease arrangement for the corporate head office. Going concern assumption Pursuant to section 3-3a and section 4-5 of the Norwegian Accounting Act, it is confirmed that the annual accounts have been prepared under the assumption that the enterprise is a going concern and that the conditions are present. 2021 2020 269 153 of which Maritime Services of which New Energy other operating 122 77 63 (18) 194 128 70 (5) 41 of which dividend and buy back parent of which net debt repayment (including leasing) other nancing (42) (31) (33) (9) (59) (51) 115 231 269 2021 2020 Cash and cash equivalents of which Maritime Services of which New Energy of which Strategic Holdings and Investments Current nancial investments Financial assets to fair value of which Hyundai Glovis of which other nancial assets 231 174 7 50 135 688 583 105 269 174 12 82 124 801 699 103 1 054 1 194 2021 2020 Maritime Services New Energy Strategic Holdings and Investments Elimination 232 349 62 0 245 395 20 (2) 642 657 Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 17 Total income from Ships Service was USD 502 million in 2021, up 4% from the previous year. A general increase in most shipping activities lifted total income for both Marine Products and Ships Agency. Cruise activities also improved but remained below pre-pandemic levels. Sale of non-marine products was down from a strong 2020. EBITDA was also up for the year, supported by the increase in total income. Ship Management Wilhelmsen Ship Management provides full technical management, crewing and related services for all major vessel types. Wilhelmsen Ship Management is fully owned by Wilhelmsen. Total income for Ship Management was USD 55 million in 2021. This was up 15% from 2020 when compared with the restated income reflecting the new segment reporting. The increase in income followed further growth in vessels on technical management, including one reported on a gross revenue basis, while income from layup management was down. EBITDA was down for the year, but this was more than compensated for through an increase in share of profit from associates. Other activities This includes Wilhelmsen Insurance Services (fully owned by Wilhelmsen) and certain other activities reported under the Maritime Services segment. Total income for Insurance Services was USD 3 million for the year, up 7%, while EBITDA was stable. NEW ENERGY This includes NorSea Group, Edda Wind ASA, and other activities reported under the New Energy segment. Total income for New Energy was USD 310 million in 2021, up 12% from 2020. Income was up for most activities. EBITDA came in at USD 60 million, up 10%. The EBITDA margin was 19%, a small reduction from the previous year. MARITIME SERVICES This includes Ships Service, Ship Management, and other activities reported under the Maritime Services segment. Total income for Maritime Services was USD 557 million in 2021, up 5% from 2020. Income was up for both Ships Service and Ship Management. EBITDA for the year was USD 89 million, the same as the previous year. The Maritime Services EBITDA margin was 16% in 2021, down from 17%. Share of profit from associates was USD 5 million, up from USD 2 million. Share of profit from associates increased in both Ships Service and Ship Management. Other financial income/(expenses) for Maritime Services amounted to an expense of USD 19 million, including a USD 12 million loss on currency and financial instruments. Tax was an expense of USD 10 million. Profit to equity holders of the company was USD 38 million in 2021, up from USD 19 million the previous year. Ships Service Wilhelmsen Ships Service is a global provider of standardised product brands and service solutions to the maritime industry, focusing on Marine Products and Ships Agency. Wilhelmsen Ships Service is fully owned by Wilhelmsen. 2021 2020 of which Ships Service of which Ship Management other/eliminations 557 502 55 0 533 484 48 1 EBITDA EBITDA margin 89 16% 89 17% EBIT margin 62 11% 52 10% Share of prot from associates Other nancial income/(expenses) Tax income/(expense) 5 (19) (10) 2 (14) (19) Prot margin 38 7% 20 4% Non controlling interest 0 38 0 19 Restatedguresfor2020duetonewsegmentreporting 2021 2020 of which NorSea Group other/eliminations 310 270 40 277 248 29 EBITDA EBITDA margin 60 19% 55 20% EBIT margin 24 8% 20 7% Share of prot from associates Other nancial income/(expenses) Tax income/(expense) 10 (18) (3) 12 (17) (3) Prot margin 14 5% 10 4% Non controlling interest 7 8 3 7 Restatedguresfor2020duetonewsegmentreporting Maritime Services • Wilhelmsen Ships Service – Marine Products – Ships Agency – Chemicals – Global Business Services • Wilhelmsen Ship Management • Wilhelmsen Insurance Services Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 18 Share of profit from associates was USD 10 million, down from last year which was lifted by a sales gain. Net financial items were an expense of USD 18 million, and tax was an expense of USD 3 million. Profit to equity holders of the company was USD 8 million for the year, up from USD 7 million in 2020. NorSea Group AS NorSea Group provides supply bases and integrated logistics solutions to the offshore industry. Wilhelmsen owns 75.2% of NorSea Group. Total income for NorSea Group was USD 270 million in 2021, up 9% from 2020. The increase followed a general higher activity level in most operations, including related to offshore wind. EBITDA was also up for the year, but less than income due to a combination of restructuring cost related to a business unit and ramp up cost related to new business development. Share of profit from joint ventures and associates in NorSea Group was USD 11 million. Edda Wind ASA Edda Wind ASA provides service to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 25.7% of the company, which is reported as associate in Wilhelmsen’s accounts. In 2020, Wilhelmsen acquired 25% of Østensjø Group’s offshore wind company, Edda Wind, with option to buy another 25%. The option was exercised in the first quarter of 2021, increasing the Wilhelmsen ownership to 50%. In the fourth quarter, Edda Wind ASA launched an initial public offering (IPO). Following completion of the IPO, Wilhelmsen owned 16.5 million shares in Edda Wind ASA, representing 25.7% of total shares. The book value of the 25.7% shareholding in Edda Wind ASA was USD 57 million at the end of the year. This includes NorSea Wind (owned 50% by NorSea Group and 50% by Wilhelmsen Ship Management), Topeka (fully owned), Massterly AS (owned 50%), Raa Labs AS (fully owned), Dolittle AS (owned 46%) and certain other activities reported under the New Energy segment. 2021 was marked by increased operating activity and a wide range of new and ongoing projects across most entities reported as part of other New Energy actives. This included services to the offshore wind industry, projects related to zero emission and autonomous vessel operation, and digital services. Total income from other New Energy activities were USD 40 million in 2021, up 36% from 2020. Both EBITDA and share of profit from associates and joint ventures came in at a loss. STRATEGIC HOLDINGS AND INVESTMENTS This includes the strategic holdings in Wallenius Wilhelmsen ASA and Treasure ASA, other financial and non-financial invest - ments, and other activities reported under the Strategic Holdings and Investments segment. Total income for the Strategic Holdings and Investments segment was USD 17 million in 2021, while EBITDA came in at a loss of USD 8 million. Share of profit from associates was a gain of USD 85 million, mainly related to the 37.8% ownership in Wallenius Wilhelmsen ASA. Change in fair value financial assets was a loss of USD 107 million. This followed a reduction in the value of the investment in Hyundai Glovis, while value of other investments was up. Other financials were an income of USD 35 million, including dividend income and investment gains. 2021 2020 of which operating revenue of which gain on sale of assets 17 17 0 13 13 0 EBITDA of which Wallenius Wilhelmsen ASA other/eliminations 85 85 (0) (63) 1 of which Hyundai Glovis other nancial assets (115) 8 194 202 (9) of which investment management in parent of which dividend income Hyundai Glovis other nancial income/(expenses) 35 21 13 1 33 13 13 6 148 Non controlling interest (27) 27 57 91 Restatedguresfor2020duetonewsegmentreporting New Energy • NorSea Group (owned 75.2%) • NorSea Wind (87.6%) • Edda Wind ASA (owned 25.7%) • Topeka • Massterly (owned 50%) • Raa Labs • Dolittle (owned 46%) • Ivaldi (owned 10%) • Loke Marine Minerals (owned 18%) Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 19 Tax was an expense of USD 1 million. Profit to equity holders of the company was USD 27 million for the year, compared with a profit of USD 91 million in 2020. Wallenius Wilhelmsen ASA Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.8% of the company, which is reported as associate in Wilhelmsen’s accounts. Wallenius Wilhelmsen ASA had total revenue of USD 3 884 million in 2021, an increase of 31%. This was driven by strong growth in shipping volumes, a solid increase in net rates, and fuel surcharges. EBITDA ended at USD 830 million, up 23%. Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA was USD 85 million in 2021, compared with a loss of USD 63 million in 2020. The Wallenius Wilhelmsen ASA share price was up 118.1% in 2021, closing at NOK 50.60. As of 31 December 2021, the market value of Wilhelmsen’s investment was USD 918 million, while the book value of the shareholding was USD 885 million. Treasure ASA Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 74.8% of Treasure ASA. Treasure ASA’s main source of income is the dividend received from Hyundai Glovis. This is reported as financial income in Wilhelmsen’s accounts. Dividend received in 2021 was USD 13 million. Change in fair value of the shareholding in Hyundai Glovis was a loss of USD 115 million for the year. The value of the investment in Hyundai Glovis was USD 583 million at the end of 2021. The Treasure ASA share price was down 3.2% for the year, closing at NOK 17.30. As of 31 December 2021, the market value of Wilhelmsen’s shareholding in Treasure ASA was USD 325 million. In 2021, Treasure ASA paid total dividend of NOK 1.50 per share. Total cash proceeds to Wilhelmsen were USD 28 million. In the third quarter, Treasure ASA completed liquidation of 3 965 000 own shares, reducing outstanding shares to 213 835 000. In the fourth quarter, Treasure ASA bought 6 000 000 own shares. Wilhelmsen did not participate in the buy back, maintaining its holding of 160 000 000 shares in Treasure ASA. Financial investments Financial investments include cash and cash equivalents, current financial investments and other financial assets held by the parent and fully owned subsidiaries. Net income from investment management was a gain of USD 21 million in 2021. The value of the current financial investment portfolio held by the holding company was USD 135 million by the end of the year, up from USD 124 million one year earlier. The portfolio primarily included listed equities and investment-grade bonds. Change in fair value of non-current financial assets (excluding shareholding in Hyundai Glovis) was a gain of USD 8 million in 2021. The value of the assets was USD 105 million at the end of 2021. Other activities This includes WilNor Governmental Services (owned 51% directly and 49% through NorSea Group), holding company activities, and certain other activities reported under the Strategic Holdings and Investments segment. Total income for WilNor Governmental Services was USD 6 million in 2021. This was up from 2020 mainly due to the acquisition of Olavsvern Group AS, completed during the first quarter of the year. Total income for holding company activities was USD 11 million for the year, an increase from the previous year. The income is mainly income from group companies related to intra-group services. EBITDA was down for the year, mainly due to an increase in net holding company cost. RISK REVIEW The Wilhelmsen group consists of a diversified portfolio of operating companies, and strategic holdings and investments. Most activities are within or related to the maritime industry, where Wilhelmsen has extensive competence and a long experience in managing risks. Risk management The group is committed to managing risks in a sound manner related to its businesses and operations. To accomplish this, the governing concept of conscious strategy and controllable procedures for risk mitigation ultimately provides a positive impact on profitability. Governing boards, management, and employees will monitor the environment in which the companies operate, and implement measures to mitigate risks, prepare to act upon unusual observations, threats or incidents, and respond to risks to mitigate consequences. The group has put in place a risk monitoring process based on identification of risks for each business unit, and with a group risk matrix presented to the board on a quarterly basis for review and necessary actions. Strategic Holdings and Investments • Wallenius Wilhelmsen ASA (owned 37.8%) • Treasure ASA (owned 74.8%) – Hyundai Glovis (owned 11% by Treasure ASA) • WilNor Governmental Services (87.8%) • Financial investments • Holding activities Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 20 Main risks An overview of main risks and mitigation actions defined in the group risk matrix are outlined in the table above. In addition, the group’s exposure to, and mitigation of, certain financial risk is further described in note 19 to the 2021 group accounts. Working environment and occupational health The company conducts its business with respect for human rights and labour standards, including conventions and guidelines related to the prevention of child or forced labour, minimum wage and salary, working conditions and freedom of association. Employees and external stakeholders are encouraged to report on non-compliant behaviour through the group’s global whistleblowing system. Exposure hours In 2021, there were around 42.8 million exposure hours (work hours) in the group. Vessel based operations accounted for 79% of total exposure hours and onshore operations accounted for 21%. Sickness absence and occupational disease The group’s variety of ongoing initiatives to maintain a healthy work environment continued to be important in the second year of the pandemic. The focus was on physical and mental health, working conditions including working from home, employee assistance program, safe social activities, employee engagement surveys and opportunities for personal development. The sickness absence rate was 2.05% for onshore operations and 0.02% on vessels, in line with previous year. There were two onshore occupational disease cases recorded in 2021 resulting from work-related stress. Turnover The turnover rate for employees was 12.74% in 2021, in line with previous years. The turnover rate varies between business units. Lost time injuries and total recordable cases Regrettably, there was one work related fatality of a seafarer in 2021, re-enforcing the need to continuously apply and improve measures that secure a safe work environment and a robust safety culture for all employees. The lost-time injury frequency (LTIF) rate for sailing personnel was 0.35, within the target not to exceed 0.40. The total recordable case frequency (TRCF) rate was 1.26, within the target not to exceed 2.80. The targets will remain the same for 2022. During the year, safety campaigns focused on COVID-19 measures and mental health and wellness. Crew changes were conducted where possible, when risk mitigation conditions were met, and according to international and local guidelines. Management continued to be active in measures to enable the safe and unhindered movement of seafarers to and from their workplace. For onshore operations, campaigns focused on safety risks, COVID-19 measures, and mental and physical health and wellness including the working from home situation. The LTIF rate onshore was 0.36 in 2021, within target not to exceed 0.40. The TRCF rate result of 0.52 was within target not to exceed 1.00. The targets will remain the same for 2022. All reported incidents were investigated to avoid similar incidents in the future, improve necessary training, and awareness measures. Working committee and executive committee The management cooperates closely with employees through several bodies, including the joint working committee and the executive committee for industrial democracy in foreign trade shipping. This cooperation gives valuable input to solve company related issues in a constructive way. In 2021, both committees held official meetings according to plan. The joint working committee discusses issues related to health, work environment and safety. The executive committee for industrial democracy in foreign trade shipping considers general business, financial and governance issues of importance to the company and the workforce. ORGANISATION AND PEOPLE DEVELOPMENT Workforce The group’s head office is in Norway, and the group has 239 offices in 60 countries within its controlled structure. The group employed 10 988 seafarers and 4 476 land-based employees at the end of 2021. Equality and diversity Wilhelmsen has a clear policy stating that employees have the right to equal opportunities. Harassment and discrimination based on race, gender or similar grounds, or other behaviour that may be perceived as threatening or degrading, is not acceptable. Females represent 36% of the land-based work force, 22% of senior management positions, and 1% of the seafarer work force. The group’s target is to have at least 40% of each gender in senior management positions by 2030. Risk type Entity Risk Mitigation action Macro All Geopoliticalissues Adequateequityandliquidity. Macro All Globalnancialoutlook Balancedportfolioofwellmanagedbusinesses. Financial Parent Financialperformance Activemanagementandownership. Financial Parent Dividendcapacity Cashowfocusinportfolioandliquidityreserveinparent. Financial Parent Externalnancing Conservativeriskproleandbroadrangeoffundingalternatives. Governance Group Competenceandculture Investincompetenceandskillsandbeanattractiveemployer. ESG Group Brandequity Strongcorporategovernancesystemsandhighbusinessstandards. ESG Group Compliance Strongcompliancecultureandcompliancemanagementsystem. Governance Group Cybersecurity Strongcybersecuritygovernancesystemandmandatorycybersecurityessentialstraining. Governance Group Energytransition Pro‐activeapproachincludingcontinuedinnovationandbusinessdevelopment. Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 21 One of the five members of the company’s group management is female and two of the five directors on the board of directors of Wilhelmsen are female. In 2021, a gender pay gap analysis was conducted for employees in Norway, pointing to some need for improvements including finetuning of job profiles. The analysis is included in the group’s ESG report, available on wilhelmsen.com. Driving performance Wilhelmsen strives to maintain a performance culture where engaged employees deliver the right results the right way and are rewarded accordingly. Employee performance and engagement is measured through annual surveys and performance appraisals. In 2021, Wilhelmsen conducted an employee engagement survey including specific questions related to the working from home situation in response to the pandemic. The results point to continued positive engagement and mental well-being, and employees have been able to carry out their work equally well from home as in the workplace. There is always room for improvement. Senior management and individual managers in all locations were required to conduct follow up discussions with their teams. Where results were less than the expected benchmark, managers were required to implement specific actions to improve results. Compensation and benets The purpose of Wilhelmsen’s compensation and benefit framework is to drive performance and to attract and retain employees with the right experience and knowledge deemed necessary to achieve the company’s business objectives and strategic ambitions. The framework takes local regulations and competition into account, as well as the responsibility and complexity of the position. The bonus schemes are one of several instruments to drive performance. Bonus is paid if set bonus targets are reached. Compensation to executives is described in the Remuneration report available on Wilhelmsen.com. Investing in competence Learning and innovation is one of the group’s core values, and Wilhelmsen places particular emphasis on continuous learning through its learn-share-apply method. The main learning method is through on-the-job experiences, tasks and problem-solving feedback, coaching (formal and informal) and networks. Formal classroom courses, e-learning, seminars, and videos supplement this approach. A learning organisation with motivated employees contributes to efficient operations and has a positive impact on the financial performance. Personal development plans for all employees are integrated in the performance appraisal and review process. In 2021, the average hours of formal training recorded per employee was eight hours, consistent with previous years. Developing leaders for the future To meet challenging and changing environments, Wilhelmsen is dependent on highly capable leaders. In 2021, approximately 1000 leaders completed two modules of the group’s continuous leadership development journey. The modules were 8-12 weeks in duration and focused on the group’s leadership expectations and leading in challenging times. Additional modules will be undertaken in 2022. Whistle blowing and anti-corruption In 2021, there were 28 whistles received related to allegations of fraud/corruption, data protection, health and safety, and HR related matters. In 26 of the whistles, the reported issues have been concluded with appropriate action taken, while two were pending a conclusion at year end. The COVID-19 situation has continued to be a challenge during 2021 for compliance activities that require travel and physical presence at our locations, such as investigations and audits. Scheduled internal business standards audits were postponed due to the situation, and follow up of potential irregularities were conducted by providing guidance and instructions to local and regional resources. Some internal fraud cases have been detected, with three cases being reported to the police. To continue competence building with employees, the new business standards program was rolled out in 2021 with a 100% participation rate. The program includes the areas of anticorruption, theft and fraud, whistleblowing, competition law and, personal data protection. A refresher version of this program will be rolled out in 2022. ENVIRONMENT Wilhelmsen works to manage environmental risks and reduce the environmental impact of our own and our customers’ operations. Significant aspects include greenhouse gas emissions; pollution to air, land and water, and biodiversity. When delivering full technical management, crewing and related services for all major vessel types, Wilhelmsen is in a good position to influence compliant, sensible, safe and environmentally sound operations for vessel owners. The ongoing goal is to work with customers to optimize vessel and voyage operations, collaboration on the decarbonisation of shipping, and development of alternative fuels including hydrogen. Operational sites and bases set environmental targets and improvement projects based on their individual site risk assessments. The operations for Wilhelmsen Chemicals and NorSea Group are certified according to the ISO 14001 standard. Focus areas include energy and emissions, material inputs, water use, waste and recycling, oil separators, tanks and chemical and handling. Activities related to energy transition and emissions reductions in NorSea Group include the installation of shore power, gradual electrification of the machine park, and supporting infrastructure development to contribute to the hydrogen and carbon capture value chains. Wilhelmsen promotes responsible consumption and recycling programs onboard and onshore and is proactive in reducing plastics in vessel operations by introducing requirements towards suppliers and facilitating industry initiatives to reduce single use plastics in the maritime industry. Climate risk and opportunities Wilhelmsen is exposed to physical and transition climate risks on a general basis and related to specific group companies. Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 22 The energy transition and the decarbonisation of shipping are the backdrop for the transition risks for the group, but also present significant opportunities. Wilhelmsen continues to work with partners to drive energy infrastructure transformation and maritime decarbonisation. This includes services to the offshore wind industry, projects related to zero emission and autonomous vessel operation, enabling the hydrogen value chain, and digital services. In 2021, Wilhelmsen established its greenhouse gas emissions inventory for scope 1 and 2 emissions in consolidated companies. Several data collection and reporting improvement actions have been identified to continue to build a robust reporting framework over time. The group established long term ambitions towards net zero emissions, and science-based targets for consolidated companies will be developed in 2022. CORPORATE GOVERNANCE The board believes sound corporate governance is a foundation for profitable growth and that it provides a healthy company culture. A good governance contributes to reducing risk and creating long-term value for shareholders and other stakeholders. Wilhelmsen observes the Norwegian Code of Practice for corporate governance, in addition to requirements specified in the Norwegian Public Companies Act and the Norwegian Accounting Act. The board’s corporate governance report for 2021 can be found on wilhelmsen.com. It is the board’s view that the company has an appropriate governance structure and that it is managed in a satisfactory way. The corporate governance report is to be considered by the annual general meeting on 27 April 2022. SUSTAINABILITY Wilhelmsen assesses environmental, social and governance (ESG) issues in its investment analysis, business decisions, ownership practices and financial reporting. The company has a sustainability policy that addresses human rights, working standards and environmental responsibility. UN Global Compact (UNGC) engagement Wilhelmsen subscribes to the ten principles of the UNGC and works actively to partner with other serious actors to contribute to the achievement of the Sustainable Development Goals. During 2021, the group contributed to task forces related to ocean health, climate, crew change challenges, and marine pollution. Sustainability governance The board is committed to a sustainable strategy and acknowledges that it is a vital prerequisite for Wilhelmsen to be a profitable and responsible player in the industry and society at large. Wilhelmsen issues an environmental, social and governance (ESG) report following the guidelines set forward in the Global Reporting Initiative’s sustainability reporting standards. The report describes how Wilhelmsen integrates ESG factors with long-term profitability. The ESG report is available on wilhelmsen.com. In 2021, the following areas received particular attention: • Ethics and anti-corruption. • Health, safety and wellness. • Cyber security. • Business offering and model innovation. • Decarbonisation of shipping and maritime services. • Renewable energy transition. • Reducing marine litter and pollution. The company’s achievements included: • Positive and consistent employee engagement, wellbeing and working environment results. • 100% employee completion of business standards program. • Strengthened cyber security maturity. • Several key investments and ongoing projects contributing to the decarbonisation of shipping and green growth. Materiality assessment The company conducts materiality assessments to ensure attention is focused on material aspects of the group’s business. In 2021, Wilhelmsen conducted a materiality assessment where 14 material topics were identified. The group determined four strategic topics of focus for activities and reporting. • Decarbonisation and green growth. • Health and safety. • Equality and diversity. • Compliance and value chain management. These topics will be integrated in the group’s strategy and reported in the ESG report. Stakeholder engagement The company is regularly in dialogue with key stakeholders who engage in issues relating to the maritime industry and the activities of the Wilhelmsen group. The dialogue contributes to understanding the expectations of the community and transferring them to the group. It also enables the company to communicate decisions to stakeholders and provide them with explanations for our underlying motives. In 2021, Wilhelmsen engaged in dialogues with governments, investors, non-governmental organisations and other stakeholders discussing topics related to the group or industry at large. Topics covered included financial issues, compliance, innovation, decarbonisation of shipping, renewable energy and ESG in general. The work of the nomination committee follows the guidelines approved by the annual general meeting on 30 April 2019. In line with the guidelines and the procedures described on wilhelmsen.com, shareholders and other interested parties have been invited to put forward candidates for the board and the nomination committee. The committee has also been in contact with shareholders, the board, and the company’s executive personnel as part of its work on proposing candidates for election. DIRECTORS AND OFFICERS LIABILITY INSURANCE Directors and Officers Liability Insurance (D&O) is for the 2021 accounting year placed with AIG, AXA XL and Risk Point. The Insured names Wilh. Wilhelmsen Holding ASA and includes any subsidiaries world-wide not excluded in the policy. The D&O insurance provides financial protection for the directors and officers of a company in the event that they are being sued in conjunction with the performance of their duties as they relate to the company. The insurance comprises the directors’ and officers’ personal legal liabilities, including defence- and legal costs. The cover also includes employees in managerial positions or employees who become named in a claim or investigation, or is named co-defendant. Group — Director’s report Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 23 The board’s proposal for allocation of the net profit for the year is as follows: The board is proposing a NOK 4.00 dividend per share payable during the second quarter of 2022, representing a total payment of NOK 178 million. The board also proposes that the annual general meeting authorises the board to declare a second dividend of up to NOK 3.00 per share. The board is granted an authorisation to, on behalf of the company, acquire up to 10% of the company’s own issued shares. The authorisation is valid until the annual general meeting in 2022, but no longer than to 30 June 2022. In 2021, Wilhelmsen cancelled 537 092 own Class A shares and 1 286 732 own Class B shares acquired in 2019. The company presently do not own any own shares. OUTLOOK Group business drivers and strategic focus Wilhelmsen’s ambition is to develop successful businesses within maritime services, shipping, logistics, renewables, and related infrastructure through active ownership. Since last year’s strategic review, “facts on the ground” have changed, warranting a greater macroeconomic focus. The board and management have in its latest strategic review decided to focus on inflation and its potential implications for the group, in addition to broader macroeconomic developments, the energy transition, and technological developments. The impact on Wilhelmsen from the invasion of Ukraine is uncertain. The group has limited direct operations in Ukraine and Russia. Outlook for Maritime Services Maritime Services deliver value creating solutions to the global merchant fleet, and with Ships Service and Ship Management as the two main operating entities. In 2022, Ships Services will be re-organized and Ships Agency activities separated into a new entity named Port Services. Ships Service, after separating out Ships Agency and certain other activities, deliver a wide range of products to the merchant fleet globally. The present high activity level within most shipping segments has a positive impact on operating income, and with an upside potential related to activity level within cruise. Port Services (previously Ships Agency) deliver husbandry and agency services in 2 000 ports globally. The safe handling of services during a pandemic will continue to impact the operation in 2022. Ship Management provides full technical management, crewing and related services for all major vessel types. Recent expansion into the container and tanker segments and offshore wind, mainly through joint ventures, will create a platform for further growth. Outlook for New Energy The formation of the New Energy segment in 2021 brough together a number of Wilhelmsen companies, joint ventures and partnerships with unique competencies which complement each other. Focus will be on creating new opportunities and collaborations in renewables, zero-emission shipping, and marine digitalisation. At the start of 2022, the two largest operations are in NorSea Group and Edda Wind ASA. NorSea Group, where Wilhelmsen has a 75.2% shareholding, provides supply bases and integrated logistics solution to the offshore industry The present offshore activity level is expected to remain in the medium term, including seasonal variations. Edda Wind ASA, where Wilhelmsen has a 25.7% shareholding, provides service to the global offshore wind industry. Early 2022, Edda Wind ordered three new vessels, increasing its future fleet capacity from eight to 11 vessels. Edda Wind expects that having a number of vessels under construction with attractive delivery dates and firm cost places the company in a favorable position. In February, Wilhelmsen agreed to acquire a 21% stake in Reach Subsea ASA. Reach Subsea operates remotely-operated underwater vehicles, and is listed on Oslo Børs. Outlook for Strategic Holdings and Investments This includes the strategic holdings in Wallenius Wilhelmsen ASA and Treasure ASA, other financial and non-financial investments, and other activities reported under the Strategic Holdings and Investments segment. Wallenius Wilhelmsen ASA, where Wilhelmsen has a 37.8% shareholding, is a market leader in shipping and logistics services to the global automotive, rolling equipment, and breakbulk industries. Wallenius Wilhelmsen expects the supply-demand balance in its shipping activities to remain favorable over the mid-term, and for logistics volumes to benefit from improved automotive semiconductor chip supply. Treasure ASA, where Wilhelmsen has a 74.8% shareholding, is an investment company with an 11% shareholding in Hyundai Glovis as the main asset. Treasure ASA expects the value of its main asset to fluctuate in line with the general equity indexes of the Korean Stock Exchange. Outlook for the Wilhelmsen group Wilhelmsen holds leading positions in several maritime industry segments. The combined forces of extensive business knowledge, global network, innovative organisation, and strong solidity will continue to support the development of the group. Lysaker, 23 March 2022 The board of directors of Wilh. Wilhelmsen Holding ASA Electronically signed Carl E Steen (chair) Morten Borge Rebekka Glasser Herlofsen Ulrika Laurin Trond Westlie Thomas Wilhelmsen (group CEO) 694 030 To equity Proposed dividend Interim dividend paid 381 970 178 320 133 740 694 030 Accountsand notes–group 3 Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 24Group — Accounts and notes Wilhelmsen works to manage environmental risks and reduce the environmental impact of our own and our customers’ operations. Our net zero ambitions for 2030 and beyond show our practical commitment to this. Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 25Group — Accounts and notes Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 26 USD mill Note 2021 2020 Operating revenue 1/3/20 873 807 Otherincome 1 2 5 Total income 874 812 Operating expenses Costofgoodsandchangeininventory 15 (277) (243) Employeebenets 6 (321) (299) Otherexpenses 1/20 (136) (131) Depreciation,amortisationandimpairment 7/8 (68) (78) Total operating expenses (801) (751) Operating prot 73 60 Shareofprot/(loss)fromjointventuresandassociates 4 101 (50) Changeinfairvaluenancialassets 14 (107) 192 Financialincome 1 42 46 Financialexpenses 1 (43) (44) Prot before tax 66 205 Taxincome/(expense) 9 (13) (27) Prot for the period 53 178 Ofwhich: Protattributabletotheequityholdersofthecompany 72 117 Prot/(loss)attributabletonon-controllinginterests (20) 61 Basic/dilutedearningspershare(USD) 10 1.63 2.63 USD mill Note 2021 2020 Protfortheyear 53 178 Items that may be reclassied to the income statement Cashowhedges(netaftertax) 4 (3) Comprehensiveincomefromassociates 4 (4) Currencytranslationdierences 19 (44) 33 Items that will not be reclassied to the income statement Remeasurementpostemploymentbenets,netoftax 11 1 (3) Other comprehensive income, net of tax (35) 23 Total comprehensive income for the year 17 200 Total comprehensive income attributable to: Equityholdersofthecompany 41 141 Non-controllinginterests (23) 59 Total comprehensive income for the year 17 200 Comprehensive income Wilh.Wilhelmsen Holding Group Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements. Income statement Wilh.Wilhelmsen Holding Group Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 27 USD mill Note 31/12/2021 31/12/2020 ASSETS Non current assets Deferredtaxassets 9 64 55 Propertiesandothertangibleassets 7 542 560 Goodwillandotherintangibleassets 7 135 141 Right-of-useassets 8 155 177 Investmentsinjointventuresandassociates 4 1 093 973 Financialassetstofairvalue 14/19 688 801 Othernoncurrentassets 12 25 28 Total non current assets 2 702 2 736 Current assets Inventories 15 93 84 Currentnancialinvestments 16/19 135 124 Othercurrentassets 12/17 287 274 Cashandcashequivalents 17 231 269 Total current assets 746 751 Total assets 3 448 3 488 EQUITY AND LIABILITIES Equity Paid-incapital 118 122 Retainedearningsandotherreserves 1 891 1 886 Shareholders' equity 2 009 2 008 Non-controllinginterests 221 257 Total equity 2 230 2 265 Non current liabilities Pensionliabilities 11 26 25 Deferredtaxliabilities 9 11 12 Noncurrentinterest-bearingdebt 18/19 203 426 Noncurrentleaseliabilities 8/18 139 161 Othernoncurrentliabilities 17 23 Total non current liabilities 396 647 Current liabilities Currentincometax 9 13 14 Publicdutiespayable 13 14 Currentinterest-bearingdebt 18/19 270 38 Currentleaseliabilities 8/18 30 31 Othercurrentliabilities 12 495 478 Total current liabilities 821 576 Total equity and liabilities 3 448 3 488 Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements. Balance sheet Wilh.Wilhelmsen Holding Group Lysaker,23March2022 TheboardofdirectorsofWilh.WilhelmsenHoldingASA Electronicallysigned CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO) Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 28 USD mill Note 2021 2020 Cash ow from operating activities Protbeforetax 66 205 Shareof(prot)/lossfromjointventuresandassociates 4 (101) 50 Changesinfairvaluenancialassets 14 107 (192) Financial(income)/expenses 1 1 (2) Depreciation,amortisationandimpairment 7/8 68 78 Other(gain)/loss 1 (2) (5) Changeinnetpensionasset/liability 1 Changeininventories (13) 1 Changeinworkingcapital 8 70 Taxpaid(companyincometax,withholdingtax) (14) (9) Net cash provided by operating activities 122 194 Cash ow from investing activities Dividendreceivedfromjointventuresandassociates 4 13 21 Proceedsfromsaleofxedassets 26 7 Investmentsintangibleandintangibleassets 7 (45) (37) Investmentsinsubsidaries,jointventuresandassociates (36) (34) Loansgrantedtojointventuresandassociates (16) Loanrepaymentsreceivedfromsaleofsubsidiaries 2 Proceedsfromdividendandsaleofnancialinvestments 62 146 Purchaseofcurrentnancialinvestments (54) (62) Interestreceived 1 1 1 Changesinotherinvestments (6) Net cash ow from investing activities (53) 41 Cash ow from nancing activities Netproceedsfromissueofdebtafterdebtexpenses 18 70 19 Repaymentofdebt 18 (71) (60) Repaymentofleaseliabilities 8 (30) (18) Interestpaidincludinginterestderivatives 1 (15) (18) Interestpaidleaseliabilities 1/8 (9) (10) Cashfrom/(to)nancialderivatives 7 (14) Dividendtoshareholders/purchaseofownshares (58) (18) Net cash ow from nancing activities (106) (119) Netincreaseincashandcashequivalents (37) 115 Cashandcashequivalentsatthebeginningoftheperiod 269 153 Cash and cash equivalents at 31.12 231 269 Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements. Thegroupislocatedandoperatingworldwideandeveryentityhasseveralbankaccountsindierentcurrencies.Thecashoweectfromrevaluationofcashandcashequivalentsis includedinnetcashowprovidedbyoperatingactivities. Cash flow statement Wilh.Wilhelmsen Holding Group Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 29 Equity Wilh.Wilhelmsen Holding Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY USD mill Share capital Own shares Retained earnings Total Non- controlling interests Total equity Balanceat31.12.2020 122 (4) 1 890 2 008 257 2 265 Comprehensive income for the period: Protfortheperiod 72 72 (20) 53 Othercomprehensiveincome (32) (32) (3) (35) Total comprehensive income for the period 0 0 41 41 (23) 17 Transactions with owners: Liquidationofownshares (4) 4 0 0 Changeinnon-controllinginterests 10 10 (4) 6 PurchaseofownsharesTreasureASA (8) (8) (8) Paiddividendtoshareholders (42) (42) (8) (50) Balance at 31.12.2021 118 0 1 891 2 009 221 2 230 TreasureASAholds6000000shares31December2021. USD mill Share capital Own shares Retained earnings Total Non- controlling interests Total equity Balanceat31.12.2019 122 (4) 1 761 1 880 202 2 082 Comprehensive income for the period: Protfortheperiod 117 117 61 178 Othercomprehensiveincome 24 24 (1) 23 Total comprehensive income for the period 0 0 141 141 59 200 Transactions with owners: Changeinnon-controllinginterests (1) (1) PurchaseofownsharesTreasureASA (3) (3) (3) Dividends (9) (9) (3) (13) Balance at 31.12.2020 122 (4) 1 890 2 008 257 2 265 Notes 1 to 25 on the next pages are an integral part of these consolidated nancial statements. TreasureASAacquired3965000sharesduring2020. Dividendforscalyear2020wasNOK8.00pershareandwaspaidinApril2021 (NOK5.00pershare)andinDecember2021(NOK3.00pershare). Dividendforscalyear2019wasNOK2.00pershareandwaspaidinMay2020. Theproposeddividendforscalyear2021isNOK4.00pershare,payableinthe secondquarter2022.Adecisionontheproposalwillbetakenbytheannualgeneral meetingon27April2022.Theproposeddividendisnotaccruedintheyear-endbalance sheet.Thedividendwillhaveeectonretainedearningsinsecondquarter2022. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 30 General accounting principle Wilh. Wilhelmsen Holding group GENERAL INFORMATION Wilh. Wilhelmsen Holding ASA(referredtoastheparentcompany)isdomiciledin Norway.Theconsolidatedaccountsforscalyear2021includetheparentcompany anditssubsidiaries(referredtocollectivelyasthegroup)andthegroup’sshareof jointventuresandassociatedcompanies. Theannualaccountsforthegroupandtheparentcompanywereissuedbytheboard ofdirectorson23March2022. BASIS OF PREPARATION Compliance with IFRS TheconsolidatedaccountshavebeenpreparedinaccordancewiththeInternational FinancialReportingStandards(IFRS),asendorsedbytheEuropeanUnion.The separatenancialstatementsfortheparentcompanyhavebeenpreparedand presentedinaccordancewithsimpliedIFRSasapprovedbyMinistryofFinance10 December2019.IntheseparatestatementstheexceptionfromIFRSforrecognition ofdividendsandgroupcontributionsisapplied.Otherwise,theexplanationsofthe accountingpolicyforthegroupalsoapplytotheseparatestatements,andthenotes totheconsolidatednancialstatementswilltoalargedegreealsocovertheseparate statements. Wilhelmsenalsoprovidesadditionaldisclosuresinaccordancewithrequirementsin theNorwegianAccountingActrelatedtoremunerationtotheboardandthesenior management. Thecompanyisapublic limited liability company,listedonOsloBørs. Critical accounting estimates and assumptions Whenpreparingthenancialstatements,thegroupandtheparentcompany mustmakeassumptionsandestimates.Theseestimatesarebasedontheactual underlyingbusiness,itspresentandforecastprotabilityovertime,andexpectations aboutexternalfactorssuchasinterestrates,foreignexchangeratesandoilprices whichareoutsidethegroup’sandparentcompany’scontrol.Thispresentsa substantialriskthatactualconditionswillvaryfromtheestimates. Moststatementsofnancialpositionitemswillbeaectedbyuncertaintyrelatedto estimatesandassumptiontoacertaindegree.Theitemsmostaected,andwhere estimatesandassumptionsareassessedtohavethegreatestsignicanceinclude: • Deferredtaxasset(Note9) • Goodwill(Note7) • Right-of-use-assetsandleaseliabilities(Note8) • Lossallowanceonaccountsreceivable(Note13) • Provisionsandothernon-currentliabilities(Note12) Accountingprinciplesapplied,estimatesandassumptionsusedbymanagementare presentedintherespectivenotes. Financial reporting principles Thenancialreportingprinciplesaredescribedintherelevantnotesinthe consolidatednancialstatementsandinthenotesinthenancialstatementsofthe parentcompany. Thenancialreportingprinciplesdescribedintheconsolidatednancialstatements alsoapplytothenancialstatementsoftheparentcompany,unlessotherwise stated. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 31 USD mill Note 2021 2020 OPERATING REVENUE ShipsService 2/3 497 480 NewEnergy 2/3 310 260 ShipManagementandCrewing 2/3 55 47 Otherservices 2/3 11 19 Total operating revenue 20 873 807 OTHER INCOME Othergain/(loss) 2 5 Total other income 2 5 OTHER EXPENSES Oceexpenses (14) (11) CommunicationandITexpenses (33) (31) Externalservices (24) (22) Travelandmeetingexpenses (4) (4) Marketingexpenses (2) (2) Leaseexpenses 8 (16) (12) Otheroperatingexpenses (43) (49) Total other expenses 20 (136) (131) Financial items Investmentmanagement 21 13 Interestincome 1 1 Dividendfromnancialassets 16 16 Othernancialitems 4 1 Net nancial items 42 31 Financial expenses Interestexpenses (15) (18) Interestexpensesleaseliabilities 8 (9) (10) Othernancialexpenses (6) (8) Net nancial expenses (30) (36) Financial - currency gain/(loss) Operatingcurrency-net 13 (4) Financialcurrency-net (12) (3) Derivativesforhedgingofcashowrisk-realised 7 (14) Derivativesforhedgingofcashowrisk-unrealised (21) 29 Net nancial - currency gain/(loss) (13) 7 Financial income/(expenses) (1) 2 Spesication of nancial income and expenses Netnancialitems 42 31 Netnancialcurrency 1 Netcurrencyderivatives 15 Financial income 42 46 Netnancial-interestexpenses (30) (36) Netnancialcurrency (7) Netcurrencyderivatives (14) Financial expenses (43) (44) Seenote19onnancialriskandthesectionoftheaccountingpoliciesconcerningnancialderivatives. Note 1 Combined items, income statement Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 32 USD mill Maritime Services New Energy Strategic Holdings and Investments Eliminations Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 INCOME STATEMENT Operatingrevenue 555 531 310 274 17 13 (9) (11) 873 807 Gainondisposalsofassets 2 2 3 2 5 Total income 557 533 310 277 17 13 (9) (11) 874 812 Costofgoodsandchangeininventory (185) (160) (91) (83) (1) (1) (277) (243) Employeebenets (200) (194) (106) (93) (15) (12) (321) (299) Otherexpenses (83) (89) (53) (46) (9) (6) 9 11 (136) (131) Operating prot/(loss) before depreciation, amortisation and impairment 89 89 60 55 (8) (6) (0) (0) 141 138 Depreciationandimpairment (27) (38) (36) (35) (5) (5) (68) (78) Operating prot 62 52 24 20 (13) (11) (0) (0) 73 60 Shareofprot/(loss)fromassociates 5 2 10 12 85 (63) 101 (50) Changesinfairvaluenancialassets (2) (107) 194 (107) 192 Netnancialincome/(expenses) (19) (14) (18) (17) 35 33 (1) 2 Prot before tax 48 39 17 13 0 153 (0) (0) 66 205 Taxincome/(expense) (10) (19) (3) (3) (1) (5) (13) (27) Prot for the period 38 20 14 10 (0) 148 (0) (0) 53 178 Non-controllinginterests 7 3 (27) 57 (20) 61 Prot to the equity holders of the company 38 19 8 7 27 91 (0) (0) 72 117 Restatedguresduetonewsegmentreporting. NewEnergy;onecustomerrepresentsabout20%ofthetotalrevenue. Note 2 Segment reporting FINANCIAL REPORTING PRINCIPLES The operating segments are reported in a manner consistent with the internal nancial reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identied as the board and group management team, consisting of the group chief executive ocer (group CEO) and four executive managers. SEGMENTS Thechiefoperatingdecision-makersmonitorthebusinessbycombiningentities withsimilaroperationalcharacteristicssuchasproduct,services,marketand underlyingassetbase,intooperatingsegments. TheMaritimeServicessegmentoersmarineproducts,shipagencyservicesand logisticstothemerchanteetandshipmanagementincludingmanningforallmajor vesseltypes,throughaworldwidenetworkof239ocesin60countries. TheNewEnergysegmentincludestheNorSeaGroupandotherNewEnergy activities.Theactivityismainlyrelatedtotheoperationofsupplybasesforthe oshoreindustryinNorway,aswellasrealestatedevelopmentandoperationof propertiesbothonandothesupplybases.InadditiontotheactivityinNorway,the segmentoersitsservicesinbothDenmarkandintheUK.Theinternationalactivity consistsofbothoperationofsupplybases,maintenanceofrigsandhandlingof logisticsrelatedtointernationalpipelineprojectsandwindmillparks.Otheractivities withinthesegmentincludestechnicalmanagementandcrewmanagementforthe oshorewindmarketanddigitalsolutiontotheshippingindustry. TheStrategicHoldingsandInvestmentssegmentincludestheparentcompany,Wilh. WilhelmsenHoldingASA,TreasureASAgroup,WilhWilhelmsenInvestMaltaand othercorporategroupactivitieslikeoperationalmanagement,legal,nance,portfolio management,communicationandhumanrelations)whichfailtomeetthedenition forothercoreactivities. Thegroup’sinvestmentsinWalleniusWilhelmsenASA(WAWI)ispresentedaspartof StrategicHoldingsandInvestmentsasinvestmentsinassociates. Eliminationsarebetweenthegroup’sthreesegmentsmentionedabove. Thesegmentincomestatementaremeasuredinthesamewayasinthenancial statements. Thesegmentinformationprovidedtothechiefoperatingdecision-makersforthe reportablesegmentsfortheyearended31December2021isasfollows: MaritimeServices NewEnergy StrategicHoldingsandInvestments 2020 Total income USD mill 2021 Total income USD mill 2021 Prot before tax USD mill 2020 Prot before tax USD mill 310 277 17 13 557 533 48 17 0 39 13 153 Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 33 USD mill Maritime Services New Energy Strategic Holdings and Investments Eliminations Total 31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20 31.12.21 31.12.20 BALANCE SHEET Assets Deferredtaxasset 48 40 7 7 9 8 64 55 Intangibleassets 129 134 6 7 1 135 141 Tangibleassets 158 177 367 381 17 2 542 560 Rightofuseassets 29 42 92 118 34 18 (2) 155 177 Investmentsinjointventuresandassociates 24 22 183 153 886 798 1 093 973 Financialassetstofairvalue 688 801 688 801 Othernoncurrentassets 9 10 23 10 2 8 (9) 25 28 Currentnancialinvestments 5 135 119 135 124 Othercurrentassets 307 282 80 72 7 14 (14) (10) 380 359 Cashandcashequivalents 174 174 7 12 50 82 231 269 Total assets 878 887 765 760 1 828 1 853 (23) (12) 3 448 3 488 Equity and liabilities Shareholders'equity 185 208 254 204 1 570 1 596 2 009 2 008 Equitynon-controllinginterests (1) (2) 64 56 158 203 221 257 Deferredtax 11 12 11 12 Interest-bearingdebt 200 199 246 265 27 473 464 Leasingdebt 31 45 103 130 35 20 (2) 169 192 Othernoncurrentliabilities 25 24 10 16 17 8 (9) 43 48 Othercurrentliabilities 426 400 89 89 21 27 (14) (10) 522 506 Total equity and liabilities 878 887 765 760 1 828 1 853 (23) (12) 3 448 3 488 Investmentsintangibleassets 11 15 11 21 27 1 49 37 Cont. note 2 Segment reporting Theamountsprovidedtothechiefoperatingdecision-makerswithrespecttototalassets,liabilitiesandequityaremeasuredinthesamewayasinthenancialstatements. MaritimeServices NewEnergy StrategicHoldingsandInvestments 78% 81% 9% 10% 13% 8% 31.12.21 Shareholders’ equity 31.12.20 Shareholders’ equity Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 34 USD mill Maritime Services New Energy Strategic Holdings and Investments 2021 2020 2021 2020 2021 2020 CASH FLOW Protbeforetax 48 39 17 13 (1) 153 Changesinfairvaluenancialassets 2 107 (194) Shareof(prot)/lossfromjointventuresandassociates (5) (2) (10) (12) (84) 63 Netnancial(income)/expenses 19 14 18 19 (35) (33) Depreciation,amortisationandimpairment 27 38 36 35 5 5 Changeinworkingcapital (10) 31 2 17 (13) (19) Other(gain)/loss (2) 8 (3) Net cash provided by operating activities 77 128 63 70 (21) (25) Dividendreceivedfromjointventuresandassociates 3 4 9 17 Netsale/(investments)inxedassets (2) (10) (19) (17) (1) Netsale/(investment)andrepayment/(grantedloan)toentities 4 (5) (35) (26) (1) Netinvestmentsinnancialinvestments 1 1 1 18 98 Netchangesinotherinvestments (6) 1 (1) Net cash ow from investing activities (1) (10) (43) (25) 15 97 Netchangeofdebt (10) (13) (7) (25) 17 (25) Netchangeinothernancialitems (6) (20) (15) (16) 4 (6) Netdividendfromothersegments/toshareholders (61) (24) (2) (3) (47) 9 Net cash ow from nancing activities (77) (56) (24) (45) (26) (22) Net increase in cash and cash equivalents (1) 62 (5) 1 (32) 51 Cashandcashequivalentsatthebeginningoftheperiod 174 113 12 11 82 31 Cash and cash equivalents at the end of period 174 174 7 12 50 82 Cont. note 2 Segment reporting Theamountsprovidedtothechiefoperatingdecision-makerswithrespecttocashowsaremeasuredinamannerconsistentwiththatofthebalancesheet. GEOGRAPHICAL AREAS Total Income Areaincomeisbasedonthegeographical locationofthecompanyandincludegains fromsaleofassets. Total assets Areaassetsarebasedonthegeographical locationoftheassets.Thegroup’s investmentinHyundaiGlovisisclassiedin thegeographicalsegmentAsia&Africa. Investments in tangible assets Areacapitalexpenditureisbasedonthe geographicallocationoftheassets. Europe Oceania Asia&Africa America 8% 7% 30% 31% 3% 3% 59% 58% 2021 Total income 2020 Total income 1% 1% 1% 1% 81% 71% 17% 28% 2021 Total assets 2020 Total assets 14% 1% 85% 71% 2021 Investment in tangible assets 2% 2% 26% 2020 Investment in tangible assets Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 35 FINANCIAL REPORTING PRINCIPLES Revenue derived from customer contracts in scope of IFRS 15 Revenue from contracts with customers are assessed using the ve-step model, where only customer contracts with a rm commitment is used as basis for revenue recognition. Revenue from contracts with customers is recognised upon satisfaction of the performance obligation for the transfer of goods and services in each such contract. The revenue amount recognised is equal to the consideration the group expects to be entitled in exchange for the goods and services. Note 3 Revenue from contracts with customers USD mill Strategic Holdings and InvestmentsRevenue segments Maritime Services New Energy Elimination Total Marine Products Ships Agency Technical/ crewing manage- ment Other Infra- structure Shipping/ technology Wind Other 2021 Revenuefromexternalcustomers 348 126 54 26 271 2 37 17 (9) 873 Total 348 126 54 26 271 2 37 17 (9) 873 Timingofrevenuerecognition Atapointintime 348 23 2 17 (9) 379 Overtime 126 54 3 271 37 493 Total 348 126 54 26 271 2 37 17 (9) 873 2020 Revenuefromexternalcustomers 321 117 59 45 248 12 14 (10) 807 Total 321 117 59 45 248 0 12 14 (10) 807 Timingofrevenuerecognition Atapointintime 321 42 14 (10) 367 Overtime 117 59 3 248 12 439 Total 321 117 59 45 248 0 12 14 (10) 807 MARITIME SERVICES Marine Products - Sale of goods Thegroupoersawiderangeofproductstothemaritimeindustry.Theproducts aredeliveredtothecustomeratvesselorwarehouse,whichisalsothepointin timewherecontroltransferstothecustomerandrevenueisrecognisednetofany discounts.Somecustomersareentitledtoretrospectivevolumediscountsbased onaggregatesalesoveradenedperiod.Revenuefromthesesalesisrecognised basedonthepricespeciedinthecontract,netoftheestimatedvolumediscounts. Accumulatedexperienceisusedtoestimateandprovideforthediscounts,usingthe expectedvaluemethod,andrevenueisonlyreconisedtotheextentthatitishighly probablethatasignicantreversalwillnotoccur.Arefundliability(includedinother currentliabilities)isrecongisedforexpectedvolumediscountspayabletocustom- ersinrelationstosalesmadeuntiltheendofthereportingperiod.Thecontracts typicallyhaspaymenttermsof30daysafterdelivery,andnosignicantnancing componentisidentied. Ships Agency - Sale of services Thegroupoersshipsagencyservicescoverering2200portlocationsworldwide. Theagentsfacilitatesecentportcallsforvessels,byprocuringgoodsandservices onbehalfofthecustomersandtoassistwithrequiredpermitsandcustomdecla- rationassocuatedwiththeportcall.Priortotheportcall,thecustomerisrequired tomakeavailablefundsfortheexpecteddisbursements(prefunding).Followingthe completionoftheservicesthegroupprepareanaldisbursementaccounttothe customerdocumentingalldisbusementfortheportcall.Thegroupisonlyacting asanagent,andcontrolofgoodsandservicestransfersdirectlyfromtherelevant supplierstothecustomer.Thegroupdoesnothaveinventoryriskorthediscretion onestablishingprices.Fortheservicesrendered,thegroupisentitledtoafeethat consistofapaymentbasedonservicesdeliveredtocustomer. Technical / crewing management WilhelmsenShipManagement(WSM)offerstechnicalmanagementandcrew managementforallvesselsegments.Thecontractdurationsfollowindustry standards,andwillusuallyincludeanannualcompensationpayableinmonthly arreas,inadditiontheshipownerischargedamonthlyfeepercrewonboard thevessel.Theshipownersimultaniouslyreceivesandconsumesthebenefits providedbytheentity,andhencerevenenueisrecognisedovertime.SinceWSM hastherighttoinvoicetheservicesdeliveredattheendofeachmonth,thisis alsothebasisforrevenuerecognition.Theinvoicesarepayable30daysafterthe endofeachmonth. NEW ENERGY Infrastructure TheNewEnergysegment,includingtheNorSeaGroupoperatessupplybasesand provideintegratedlogisticssolutiontotheoshoreindustry.Revenuesfromexternal customerscomefromsaleofservicestotheoshoreindustry(Operations),fromthe rentalofproperties(Property)andfromthesaleofservicestootherindustries (Other).Thedurationoftheoperationscontractsvariesfrom3to10years.The pricingofthecontractsaremainlybasedondeliveredquantityviasupplybases. Thegroupisalessorforpartsofthepropertieslocatedonornearthebases.This istypicallywarehousesandsomeocefacilities.Thisisordinaryoperationallease contractswithatypicaldurationof2to7years.Forcontractswithadurationofmore thanoneyeartherentisadjustedannuallybasedoncommonlyusedindexes.Lease revenueisusuallyrecognisedonastraightlinebasisovertheleaseterm. Shipping/technology Thegroupprovidesarangeoftechnologyanddigitalsolutionstotheshippingindustry. Revenueisrecognisednetofanydiscountsatdelivery.Revenueisrecognisedbasedon timeandplaceofdelivery,andtransferofcontrol,orservicesrendered,anddependon agreeddeliverytermsbutusuallywhenthecustomerreceivesthegoodsandservices. Wind Thegroupprovidestechnicalmanagementandcrewmanagementfortheoshorewind market.Thecontractshaveatypicaldurationofveyears.Thecustmerssimultaniously receivesandconsumesthebenetsprovidedbythegroup,andhencerevenenueis recognisedovertime.Theinvoicesarepayable30daysaftertheendofeachmonth. STRATEGIC HOLDINGS AND INVESTMENTS Theoperationrevenueisrelatedtoinhouseservicestoexternalcustomersasoce rentandcanteenservices. INFORMATION ABOUT TRANSACTION PRICE ALLOCATED TO UNSATISFIED PERFORMANCE OBLIGATIONS Ingeneralthecontractswithcustomersareofashorttermnature,exceptfor theframeworkagreementsdescribedunderNewEnergyInfrastructureandShip Management.Forinfrastructuretheframeworkagreementscanbeforaperiod ofupto10years,butdonotdeneanyminimumvolume.ForShipManagement contractsthecustomercanterminatethecontractwithoutcauseona3months basis.Becauseofthisthereisnosignicantunsatisedperformanceobligationsas ofyearend. OPERATING REVENUE Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 36 Note 4 Investments in joint ventures and associates INVESTMENTS IN ASSOCIATED COMPANIES 2021 2020 Country Voting share/ownership Strategic Holdings and Investments WalleniusWilhelmsenASA(WAWI) Norway 37.8% 37.8% Maritime Services - companies with signicant shares of prots AlmoayedWilhelmsenLtd Bahrain 50.0% 50.0% WilhelmsenHuayangShipsServices(Shanghai)CoLtd China 49.0% 50.0% WilhelmsenHuayangShipsServices(Beijing)CoLtd China 50.0% 50.0% DianaWilhelmsenManagementLimited Cyprus 50.0% 50.0% BarwilArabiaShippingAgenciesSAE Egypt 35.0% 35.0% WilhelmsenShipsServiceGeorgiaLtd Georgia 50.0% 50.0% WilhelmsenAhrenkielShipManagementGmbH&Co.KG Germany 50.0% 50.0% VerwaltungWilhelmsenAhrenkielGmbH Germany 50.0% 50.0% WilhelmsenAhrenkielShipManagementB.V Netherlands 50.0% 50.0% Barklav(HongKong)Ltd HongKong 50.0% 50.0% BWWLPGLimited HongKong 49.0% 49.0% AlghanimBarwilShippingCo-KutaybaYusufAhmed&PartnerWLL Kuwait 49.0% 49.0% WilhelmsenShipsServiceLebanonS.A.L. Lebanon 49.0% 49.0% BWWLPGSdn.Bhd. Malayisia 49.0% 49.0% WilhelmsenShipsService(Private)Limited Pakistan 50.0% 50.0% Wilhelmsen-SmithBellShippingInc Philippines 25.0% 25.0% Wilhelmsen-SmithBell(Subic)Inc. Philippines 25.0% 25.0% Wilhelmsen-SmithBellManning,Inc. Philippines 25.0% 25.0% PerezTorres-PortugalLda Portugal 50.0% 50.0% WilhelmsenHyopwoonShipsServicesLtd RepublicofKorea 50.0% 50.0% BarklavS.R.L. Romania 50.0% 50.0% BinzagrBarwilMaritimeTransportCoLtd SaudiArabia 50.0% 50.0% Krew-Barwil(Pty)Ltd SouthAfrica 49.0% 49.0% WilhelmsenShipsServiceLLC UnitedArabEmirates 43.0% 43.0% BarwilAbuDhabiRuwaisLLC UnitedArabEmirates 50.0% 50.0% BarwilDubaiLLC UnitedArabEmirates 50.0% 50.0% DenholmPortServicesLimited UnitedKingdom 40.0% 40.0% WilhelmsenSunnytransCoLtd Vietnam 49.0% 50.0% FINANCIAL REPORTING PRINCIPLES Associates Associates are all entities over which the group has signicant inuence but not control or control jointly. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially being recognised at cost in the consolidated balance sheet. Joint arrangement Under IFRS 11 Joint Arrangements investments in joint arrangements are classied as either joint operations or joint ventures. The classication depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method after initially being recognised at cost in the consolidated balance sheet. Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted subsequently to recognise the group’s share of the post- acquisition prots after tax of the investee in income statement, and the group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Sale and dilution of the share of associate companies is recognised in the income statement when the transactions occur for the group. Where the group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment when impairment indicators are present. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or signicant inuence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in prot or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or nancial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassied to prot or loss. If the ownership interest in a joint venture or an associate is reduced but signicant inuence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassied to prot or loss where appropriate. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 37 2021 2020 Country Voting share/ownership New Energy - companies with signicant shares of prots DolittleAS Norway 45.9% 45.9% MassterlyAS Norway 50.0% 50.0% EddaWindASA Norway 25.7% 25.0% RisavikaEiendomAS Norway 42.0% 42.0% HammerfestNæringsinvestAS Norway 32.3% 32.3% StrandparkenHoldingAS Norway 33.1% 33.1% EldøyaneNæringsparkAS Norway 37.9% 37.9% RisavikaHavnering14AS Norway 0.0% 33.3% USD mill 2021 2020 Share of prot/(loss) from associates WAWIgroup 85 (63) AssociatesMaritimeServices 5 1 AssociatesNewEnergy 2 Share of prot/(loss) from associates 90 (60) Bookvalueofmaterialassociates WAWIgroup 886 798 Specication of share of equity and prot/loss: Shareofequityat01.01 842 883 Shareofprotfortheyear 90 (60) AcquisitionofassociatesinNewEnergy 36 25 Dividend (4) (5) Disposalsassociates (1) Financialderivativesinassociates 5 (4) Othercomprehensiveincome (5) 4 Share of equity at 31.12 964 842 Cont. note 4 Investments in joint ventures and associates Anoverviewofactualequityholdingscanbefoundinthepresentationofcompanystructureonpage100. Therearenocontingentliabilitiesrelatingtothegroup’sinterestintheassociates. Thegroupacquired25%ofØstensjøGroup’soshorewindcompanyEddaWindin 2020andadditional25%in2021.EddaWindASAwaslistedonOsloBørsonthe 26thofNovember2021andthegroupwasdilutedtoanownershipshareof25.66%. EddaWindownsandoperatesservicevesselssupportingthemaintenancework conductedduringthecommissioningandoperationofoshorewindparks. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 38 USD mill WAWI group Other 2021 2020 2021 2020 SUMMARISED STATEMENT OF COMPREHENSIVE INCOME Totalincome 3 884 2 958 104 65 Operatingexpenses (3 578) (3 041) (82) (55) Net operating prot 306 (84) 23 10 Financeincome&expenses (108) (222) (1) (1) Prot before tax 198 (306) 22 9 Taxincome/(expense) (23) 4 (1) (1) Prot/(loss) after non-controlling interests 133 (286) 21 8 Othercomprehensiveincome 16 (1) (2) (3) Total comprehensive income (shareholder's equity) 149 (287) 18 5 Thegroup’sshareofdividendfromassociates 4 5 Cont. note 4 Investments in joint ventures and associates USD mill WAWI group Other 31.12.2021 31.12.2020 31.12.2021 31.12.2020 SUMMARISED BALANCE SHEET Noncurrentassets 6 315 6 391 251 155 Othercurrentassets 769 582 70 47 Cashandcashequivalents 710 655 148 94 Total assets 7 794 7 628 470 296 Noncurrentnancialliabilities 2 158 1 924 125 101 Othernoncurrentliabilities 1 437 1 995 8 14 Currentnancialliabilities 515 282 93 67 Othercurrentliabilities 880 812 4 5 Non-controllinginterest 266 224 Total liabilities 5 256 5 238 231 188 Net assets 2 539 2 391 239 108 Setoutbelowarethesummarisednancialinformationfor,ona100%basis,forWAWIgroup,which,intheopinionofthedirectors,isthematerialassociatestothegroup. Associatesnotconsideredtobematerialisdenedunder“other”(ona100%basis). Theinformationabovereectsthe100%amountpresentedinthenancialstatementsoftheassociates,adjustedfordierencesinaccountingpoliciesbetweenthegroup andtheassociates. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 39 Cont. note 4 Investments in joint ventures and associates ThesharepriceofWalleniusWilhelmsenASA(WAWI)atthemerger(April2017)waslowerthanbookedequityinWAWI. Thegroup’sshareofprot,aftertaxfromjointventuresandassociatesisrecognisedintheincomestatementasnancialincome.Alljointventuresandassociatesareequity consolidated. Reconciliation of the group’s income statement and balance sheet USD mill 2021 2020 Shareofprotfromjointventures 11 11 Shareofprot/(loss)fromassociates 90 (60) Share of prot/(loss) from joint ventures and associates 101 (50) Shareofequityfromjointventures 129 131 Shareofequityfromassociates 964 842 Share of equity from joint ventures and associates 1 093 973 USD mill WAWI group Other 31.12.2021 31.12.2020 31.12.2021 31.12.2020 RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION Net asset at 01.01 2 391 2 682 108 34 Protfortheperiod (286) 19 8 Netassetsofacquiredassociates 133 52 80 ProceedfromIPO 77 Othercomprehensiveincome 16 (1) (2) Disposal (3) Transactionwithnoncontrollinginterests (1) (4) Dividend (15) (10) Net assets at 31.12 2 539 2 391 239 108 Thegroup’sshare 960 904 72 38 Currency (2) 2 Fairvalueadjustmentvesselandgoodwill (72) (108) 7 6 Carrying value at 31.12 886 798 79 44 ThegroupmarketvalueoftheinvestmentinWalleniusWilhelmsenASAat31December2021wasUSD918million(2020:USD435million). WAWIisaseparatelylistedcompanyonOsloBørs.Themarketcapitalisationofitssharesatyearendis4%higher(2020:45%lower)thanthecarryingamountoftheinvest- ment,asaccountedforundertheequitymethod.Thegrouphasnotidentiedanyimpairmentindicatorsfortheinvestment. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 40 Cont. note 4 Investments in joint ventures and associates INVESTMENTS IN JOINT VENTURES 2021 2020 Country Voting share/ownership New Energy CoastCenterBaseAS(CCB) Norway 50.0% 50.0% KSCoastCenterBase(CCB) Norway 50.0% 50.0% CCBEnergyHoldingAS Norway 50.0% 50.0% VikanNæringsparkAS Norway 50.0% 50.0% Maritime Services WilhelmsenAhrenkielgroup Germany 50.0% 50.0% CoastCenterBaseASisajointventurebetweenNorSeaGroupandBernh.Larsen HoldingASandwasestablishedin1998.Itdeliversservicesrelatedtologistics,quay, projectandmaintenancetotheoshoreindustryinadditiontomaritimeindustry. KSCoastCenterBaseASisajointventurebetweenNorSeaGroupandBernh. LarsenHoldingASandwasestablishedin1973.Itismainlyapropertycompany owninginfrastructurerentedouttoCoastCenterBaseAS. CCBEnergyHoldingASisajointventurebetweenNorSeaGroupandBernh.Larsen HoldingASandwasestablishedin2020.Itownssharesincompaniesinvolvedin productionofhydrogenandclimateneturalsolutions. VikanNæringsparkASisajointventurebetweenNorSeaGroupandKristiansund BaseselskapAS.ItownspropertythatisrentedouttoVestbaseAS,asubsidiaryof NorSeaGroup,inKristiansund. Thegroupacquired50%stakeinAhrenkielSteamshipin2020,withinthecontainer segmentinparticular,shipmanagement.AhrenkielSteamshipisthetechnical containershipmanagerwithintheMPCCapitalGroup. Allcompaniesareprivatecompaniesandtherearenoquotedmarketpriceavailable fortheshares. Therearenomaterialcontingentliabilitiesrelatingtothegroup’sinterestinthejoint ventures. USD mill 2021 2020 Summarised nancial information - according to the group's ownership Shareoftotalincome 83 76 Shareofoperatingexpenses (60) (54) Shareofdepreciation (7) (7) Shareofnetnancialitems (3) (3) Shareoftaxexpense (2) (2) Share of prot for the year 11 11 Share of equity (equity method) Bookvalue 68 67 Excessvalue(goodwill) 61 64 Investments in Joint Ventures 129 131 USD mill 2021 2020 Joint ventures' assets, equity and liabilities (group's share of investments) Shareofnoncurrentassets 152 187 Shareofcashandcashequivalents 7 32 Shareofcurrentassets 25 5 Total share of assets 184 224 Shareofequity 67 76 Shareofprotfortheperiod 10 11 Dividendreceived/repaymentsofsharecapital (8) (21) Currencytranslationdierences (1) 1 Share of equity at 31.12 68 67 Shareofnoncurrentnancialliabilities 83 100 Shareofothernoncurrentliabilities 2 7 Shareofcurrentnancialliabilities 1 14 Shareofothercurrentliabilities 29 36 Total share of liabilities 116 158 Total share of equity and liabilities 184 224 Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 41 Setoutbelowarethesummarisednancialinformation,ona100%basis,forCoastCenterBase(CCB),which,intheopinionofthedirectors,isamaterialjointventuretothegroup. Jointventurenotconsideredtobematerial,isdenedunder”other”(ona100%basis). Cont. note 4 Investments in joint ventures and associates USD mill CCB Other 2021 2020 2021 2020 SUMMARISED STATEMENT OF COMPREHENSIVE INCOME Totalincome 156 143 11 10 Operatingexpenses (132) (119) (2) (2) Net operating prot 24 23 8 8 Financialincome/(expenses) (5) (5) (2) (2) Prot before tax 19 18 7 6 Taxincome/(expense) (2) (2) (1) (1) Prot after non-controlling interests 17 16 5 5 Othercomprehensiveincome Total comprehensive income 17 16 5 5 Thegroup’sshareofdividendfromjointventures 7 15 1 2 USD mill CCB Other 31.12.2021 31.12.2020 31.12.2021 31.12.2020 SUMMARISED BALANCE SHEET Noncurrentassets 192 256 122 130 Othercurrentassets 51 61 20 10 Cashandcashequivalents 12 8 3 3 Total assets 254 325 145 143 Noncurrentnancialliabilities 96 124 73 75 Othernoncurrentliabilities 2 12 2 2 Currentnancialliabilities 27 2 2 Othercurrentliabilities 65 67 4 5 Total liabilities 163 230 81 85 Net assets 91 95 63 59 USD mill CCB Other 2021 2020 2021 2020 RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION Opening net asset at 31.12 95 109 59 43 Acquisitionofnetassets 10 10 Protfortheperiod 17 16 10 5 Othercomprehensiveincome Currencytranslationdierences (3) 5 (1) 2 Dividendtoshareholder (17) (45) (5) (1) Closing net assets at 31.12 91 95 63 59 Thegroup’sshare 45 42 22 24 Goodwill/excessvalue 56 61 6 4 Carrying value at 31.12 101 103 28 28 Theinformationabovereects100%oftheamountspresentedinthenancialstatementsofthejointventures,adjustedforanydierencesinaccountingpoliciesbetween thegroupandthejointventures. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 42 Business oce/country Nature of business Proportion of ordinary shares directly held by parent (%) Proportion of ordinary shares held by the group (%) Maritime Services WilhelmsenMaritimeServicesAS Norway Maritimeproductsandservices 100% 100% WilhelmsenShipsServiceAS Norway Maritimeproductsandservices 100% WilhelmsenShipManagementHoldingAS Norway Shipmanagement 100% New Energy WilhelmsenNewEnergyAS Norway Investment 100% 100% NorSeaGroupAS Norway Infrastructureandsupplyservices 75.15% Strategic Holdings and Investments TreasureASA Norway Investment 74.82% 74.82% Wilh.WilhelmsenHoldingInvestMaltaLtd Malta Investment 100% Note 5 Principal subsidiaries Thegroup’sprincipalsubsidiariesat31December2021aresetoutabove.Unlessotherwisestated,theyhavesharecapitalconsistingsolelyofordinarysharesthatareheld directlybythegroup,andtheproportionofownershipinterestsheldequalsthevotingrightsheldbythegroup.Thecountryofincorporationorregistrationisalsotheirprincipal placeofheadquarterofsubgroups. At31.12.2021TreasureASAhad6000000ownshares(2020:3965000). FINANCIAL REPORTING PRINCIPLES The consolidated nancial statements consists of all entities controlled by Wilh. Wilhelmsen Holding ASA as at 31 December 2021. Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to aect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the prot/loss and equity of subsidiaries are shown separately in the consolidated statement of income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 43 FINANCIAL REPORTING PRINCIPLES Employee benets include wages, salaries, social security contributions, sick leave, parental leave and other employee benets. The benets are recognised in the period in which the associated services are rendered by the employees. For cash–settled payments/bonus plans and other cash-settled payments, a liability equal to the portion of services received is recognised at fair value determined at each balance sheet date. Note 6 Employee benefits USD mill Note 2021 2020 Payroll 239 224 Payrolltax 30 29 Pensioncost 11 18 16 Otherremuneration 34 30 Total employee benets 321 299 2021 2020 Number of employees: GroupcompaniesinNorway 1 024 1 003 Groupcompaniesabroad 3 452 3 471 SeagoingpersonnelShipManagement 10 988 10 639 Total employees 15 464 15 113 Averagenumberofemployees 15 289 15 098 EXPENSED AUDIT FEE USD mill Note 2021 2020 Statutoryaudit 2.4 1.6 Otherassuranceservices 0.4 0.2 Taxadvisoryfee 1.7 1.9 Otherassistance 0.1 0.1 Total expensed audit fee 4.5 3.9 Thefeesabovecoverthegroupexpensestoallexternalauditorsandtaxadvisors. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 44 FINANCIAL REPORTING PRINCIPLES Properties, vessels and other tangible assets acquired by group companies are stated at historical cost. Depreciation is calculated on a straight-line basis. The carrying value of tangible assets equals the historical cost less accumulated depreciation and any impairment charges. The group’s aquisition costs are recognised in the income statement when they arise. Aquisition costs are capitalised to the extent that they are directly related to the acquisition of the asset. Land is not depreciated. Other tangible assets are depreciated over the following expected useful lives: Each component of a tangible asset which is signicant for the total cost of the item will be depreciated separately. Components with similar useful lives will be included in a single component. The estimated residual value and expected useful life of long-lived assets are reviewed at each balance sheet date, and where they dier signicantly from previous estimates, depreciation charges will be changed accordingly going forward. Impairment The group applies IAS 36 Impairment of Assets to determine whether property, vessels and other tangible assets is impaired and to account for any impairment loss identied. At each reporting date the accounts are assessed whether there is an indication that an asset may be impaired. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, or when annual impairment testing for an asset is required, estimates of the asset’s recoverable amount are done. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identiable cash ows (cash-generating units – “CGU”). The recoverable amount is the highest of the fair market value of the asset, less cost to sell, and the net present value (”NPV”) of future estimated cash ow from the employment of the asset (“value in use”). The NPV is based on a discount rate according to a weighted average cost of capital (“WACC”) reecting the company’s required rate of return. The WACC is calculated based on the company’s long-term borrowing rate and a risk-free rate plus a risk premium for the equity. If the recoverable amount is lower than the book value, impairment has occurred, and the asset shall be revalued. Impairment losses are recognised in prot or loss. Non-nancial assets other than goodwill that suered impairment are reviewed for possible reversal of the impairment at each reporting date. The group has nancial models which calculate and determine the value in use through a combination of actual and expected cash ow generation discounted to present value. The expected future cash ow generation and models are based on assumptions and estimates. Note 7 Properties, vessels and other tangible assets USD mill Properties Vessels Other tangible assets Total tangible assets TANGIBLE ASSETS 2021 Costat01.01 596 36 241 873 Acquisition 33 1 15 49 Reclass/disposal (4) (19) (23) Currencytranslationdierences (24) (1) (8) (34) Cost at 31.12 601 35 229 866 Accumulateddepreciationandimpairmentlossesat01.01 (198) (23) (92) (313) Depreciation/amortisation (18) (1) (11) (30) Reclass/disposal 6 6 Currencytranslationdierences 9 1 4 14 Accumulated depreciation and impairment losses at 31.12 (207) (23) (93) (323) Carrying amounts at 31.12 394 12 136 542 2020 Costat01.01 560 35 244 839 Acquisition 19 11 31 Reclass/disposal (4) (21) (25) Currencytranslationdierences 22 1 6 29 Cost at 31.12 596 36 241 873 Accumulateddepreciationandimpairmentlossesat01.01 (175) (19) (90) (284) Depreciation/amortisation (16) (1) (11) (28) Reclass/disposal 3 12 15 Impairment (1) (2) (3) Currencytranslationdierences (9) (1) (3) (13) Accumulated depreciation and impairment losses at 31.12 (198) (23) (92) (313) Carrying amounts at 31.12 398 13 149 560 Economiclifetime 10-50years 25years 3-10years Depreciationschedule Straight-line Straight-line Straight-line Properties: 10-50 years Vessels: 25 years Other tangible assets: 3-10 years Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 45 FINANCIAL REPORTING PRINCIPLES Goodwill Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree over the fair value of the identiable net assets of the acquired subsidiary, joint venture or associate. Goodwill arising from the acquisition of subsidiaries is classied as an intangible asset. Goodwill acquired through business combinations are allocated to the relevant cash- generating unit (“CGU”). Other intangible assets Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: • it is technically feasible to complete the software product so that it will be available for use; • management intends to complete the software product and use or sell it; • it can be demonstrated how the software product will generate probable future economic benets; • adequate technical, nancial and other resources to complete the development and to use or sell the software product are available; • and the expenditure attributable to the software product during its development can be reliably measured. Trademark, technology/licenses and customer relationship have a nite life and are recognised at historical cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks and licenses over their estimated useful life. Capitalised expenses related to other intangible assets are amortised over the expected useful lives in accordance with the straight-line method. Amortisation of intangible xed assets is based on the following expected useful lives: Impairment The group applies IAS 36 Impairment of Assets to determine whether goodwill or other intangible asset is impaired and to account for any impairment loss identied. Goodwill arising from the acquisition of an interest in an associated company is included under investment in associated companies and tested for impairment as part of the carried amount of the investment when impairment indicators is present. Goodwill have an indenite useful life not subject to amortisation and is tested annually for impairment and carried at cost less impairment losses. Gain or loss on the sale of a business includes the carried amount of goodwill related to the sold business. For impairment testing goodwill is allocated to relevant CGU. The allocation is made to those CGU or groups of CGU which are expected to benet from the acquisition. An assessment is made as to whether the carrying amount of the goodwill can be justied by future earnings from the CGU to which the goodwill relates. If the recoverable amount of the CGU is less than the carrying amount of the CGU, including goodwill, goodwill will be written down rst. Thereafter the carrying amount of the CGU will be written down. Impairment losses related to goodwill cannot be reversed. Impairment of other intangible assets follow the same principles as impairment for other non-nancial assets, refer to nancial reporting principles for property, vessels, and other tangible assets above. Goodwill: Indenite life Software and licenses: 3-5 years Other intangible assets: 5-10 years Cont. note 7 Goodwill and other intangible assets USD mill Goodwill Software and licences Other intangible assets Total intangible assets INTANGIBLE ASSETS 2021 Costat31.12 126 35 33 194 Acquisition 2 1 3 Reclass/disposal 2 2 3 Currencytranslationdierences (5) (1) (1) (7) Cost at 31.12 123 36 34 193 Accumulatedamortisationandimpairmentlossesat01.01 (13) (22) (18) (52) Amortisation/impairment (5) (3) (7) Currencytranslationdierences 1 1 2 Accumulated amortisation and impairment losses at 31.12 (13) (26) (19) (57) Carrying amounts at 31.12 110 10 15 135 2020 Costat01.01 121 35 71 227 Acquisition 1 6 7 Reclass/disposal 1 (2) (43) (44) Currencytranslationdierences 4 1 (2) 3 Cost at 31.12 126 35 33 194 Accumulatedamortisationandimpairmentlossesat01.01 (2) (19) (56) (77) Amortisation/impairment (11) (3) (4) (18) Reclass/disposal 1 40 41 Currencytranslationdierences (1) 2 1 Accumulated amortisation and impairment losses at 31.12 (13) (22) (18) (52) Carrying amounts at 31.12 112 14 15 141 Thegroupconductednomaterialacquisitionresultinginrecognitionofgoodwillin2021or2020. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 46 Cont. note 7 Goodwill and other intangible assets 2021 2020 USD/NOK 8.83 8.53 Multiple 7.5 6.5 Growthrate 1-4% 1-5% Increaseinmaterialcost 4-7% 1-5% Increaseinpayandotherremuneration 2-4% 1-3% Increaseinotherexpenses 2-4% 2-4% Impairment testing of goodwill IntheMaritimeServicessegment,USD110millionrelatetobusinessareaShips Service(allactivitiesintheMaritimeServicessegmentexceptfortechnical/crewing management)mainlytotheacquisitionofUnitorASAandKemetyl.Thegoodwill guresareoriginallycalculatedinNOKandUSD(2020:NOKandUSD).Goodwillis testedforimpairmentannually. Forthepurposeofimpairmenttesting,goodwillisallocatedtotherespectivecash generatingunitswithintheShipsServicebusinessarea. AsofDecember312021managementhaveperformedimpairmenttestingforthe group’srecognisedgoodwill.Basedonthetestsperformed,noimpairmentwas recognisedin2021(2020:USD11million). Whenperformingthegoodwillimpairmenttest,recoverableamountiscalculated usingestimatedfairvaluelesscostofdisposal.Incalculatingthefairvaluelesscostof disposal,thegroupconsidersrelevantinformationgeneratedbymarkettransactions involvingsimilargroupofassets,includingqualitativeandquantitativeinformation. FairvaluelesscostofdisposalhasbeenestimatedbyusinganEnterprisevalue/ EBITDAmultiple(seenote23fordenitionoftheterms).TheforecastedEBITDA isbasedonhistoricallevelsforEBITDAineachCGU.Themultiplesareestimated tobeintherangeof6-9,whichmanagementbelievesisafairestimateofmarket multiplesfortherelevantCGU’s. Cashowswereprojectedbasedonactualoperatingresultsandnextyear’s forecast.Cashowsisbasedona5-yearstrategyplanperiodwithterminalvalue (terminalgrowthrate1%)wereextrapolatedusingthefollowingkeyassumptions: Thevaluesassignedtothekeyassumptionsrepresentmanagement’sassessment offuturetrendsinthemaritimeindustryandarebasedonbothexternalsourcesand internalsources. Noreasonablypossiblechangeinanyofthekeyassumptionsonwhichmanagement hasbaseditsdeterminationoftherecoverableamountwouldcausethecarrying amounttoexceeditsrecoverableamountasofDecember312021. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 47 Note 8 Right-of-use-assets and lease liabilities FINANCIAL REPORTING PRINCIPLES Identifying a lease At the inception of a contract, the group assesses whether the contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identied asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identied asset, the group assesses whether: • The agreement creates enforceable rights of payment and obligations • The identied asset is physically distinct • It has the right to obtain substantially all of the economic benets from use of the asset • It has the right to direct the use of the asset • The supplier does not have a substantive right to substitute the asset throughout the period of use For contracts that constitutes, or contains a lease, the group separates lease components if it benets from the use of each underlying asset either on its own or together with other resources readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The group then accounts for each lease component as a lease separately from non-lease components within the contract. The group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the group estimates this price by the use of observable information. Recognition of leases and exemptions At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: • Short-term leases (dened as 12 months or less) • Low value assets For these leases, the group recognizes the lease payments as other operating expenses in the statement of prot or loss when they incur. Measuring the lease liability The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term not paid at the commencement date. The lease term represents the noncancellable period of the lease, plus any period covered by an extension option period if the group expect tp exercise this option. The lease payments included in the measurement comprise of: • Fixed lease payments (including in-substance xed payments), less any lease incentives receivable • Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date • Amount expected to be payable by the group under residual value guarantees • The exercise price of a purchase option, if the group is reasonably certain to exercise that option • Payments of penalties for terminating the lease, if the lease term reects the group exercising an option to terminate the lease. The group do not include variable lease payments in the lease liability arising from contracted index regulations subject to future events. The lease liability is subsequently measured by increasing the carrying amount to reect interest on the lease liability, reducing the carrying amount to reect the lease payments made and remeasuring the carrying amount to reect any reassessment or lease modications, or to reect adjustments in lease payments due to an adjustment in an index or rate. Sensitivity of the lease liability If the group cannot determine the interest rate implicit in the lease, it uses its incremental borrowing rate to measure lease liabilities. The incremental borrowing rate requires estimation when no observable rates are available. In determining the lease term, management considers all facts and circumstances. The assessment is reviewed if a signicant event or a signicant change in circumstances occurs which aects this assessment and that is within the control of the lessee. Measuring the right-of-use asset The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: • The amount of the initial measurement of the lease liability • Any lease payments made at or before the commencement date, less any lease incentives received and incurred costs • An estimate of costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. Subsequent measurement of right-of-use assets follow the same principles as for other non-nancial assets, refer to nancial reporting principles for property, vessel and tangible assets note 7, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life. Impairment Impairment of right-of-use assets follow the same principles as impairment for other non-nancial assets, refer to nancial reporting principles for properties, vessels, and other tangible assets note 7. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 48 Thegroupleasesseveralassetssuchasbuildings,machinery,equipmentandvehicles.Thegroup’sright-of-useassetsarecategorisedandpresentedinthetablebelow: USD mill Properties and land Machinery, equipment and vehicles Total 2021 Costat01.01 201 13 214 Additionofright-of-useassets 35 5 41 Reclass/disposal (30) (3) (33) Currencyexchangedierences (8) (1) (8) Cost at 31.12 199 15 214 Accumulateddepreciationandimpairmentat01.01 (34) (3) (31) Depreciation (28) (3) (30) Reclass/disposal 5 2 6 Currencyexchangedierences 2 2 Accumulated depreciation and impairment at 31.12 (55) (4) (59) Carrying amount of right-of-use assets at 31.12 145 10 155 USD mill Properties and land Machinery, equipment and vehicles Total 2020 Costat01.01 192 12 204 Additionofright-of-useassets 16 5 21 Disposals (12) (5) (16) Currencyexchangedierences 6 6 Cost at 31.12 202 13 215 Accumulateddepreciationandimpairmentat01.01 (28) (4) (31) Depreciation (26) (3) (29) Reclass/disposal 21 4 24 Currencyexchangedierences (2) (2) Accumulated depreciation and impairment at 31.12 (35) (4) (38) Carrying amount of right-of-use assets at 31.12 168 9 177 Cont. note 8 Right-of-use-assets and lease liabilities Lowerofremainingleasetermoreconomiclife 5-12years 3-8years Depreciationmethod Linear Linear Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 49 Theleasesdonotcontainanyrestrictionsonthegroup’sdividendpolicyorfinancing.Thegroupdoesnothavesignificantresidualvalueguaranteesrelatedtoits leasestodisclose. Cont. note 8 Right-of-use-assets and lease liabilities Lease liabilities USD mill 2021 2020 Undiscounted lease liabilities and maturity of cash outows Lessthan1year (35) (35) 1-2years (33) (34) 2-3years (30) (33) 3-4years (25) (33) 4-5years (22) (18) Morethan5years (49) (65) Total undiscounted lease liabilities at 31.12 (195) (218) USD mill 2021 2020 Summary of the lease liabilities in the nancial statements Totalleaseliabilityat01.01 192 181 Netleaseliabilitiesrecognisedintheyear 15 8 Cashpaymentsfortheprincipalportionoftheleaseliability (30) (18) Changeofestimates (12) 10 Currencyexchangedierences 4 12 Total lease liabilities at 31.12 169 192 Currentleaseliabilities 30 31 Non-currentleaseliabilities 139 161 Summary of other lease expenses recognised in income statement 2021 2020 Variableleasepaymentsexpensedintheperiod 7 1 Operatingexpensesrelatedtoshort-termleases(includingshort-termlowvalueassets) 6 9 Operatingexpensesrelatedtolowvalueassets(excludingshort-termleasesincludedabove) 3 2 Total lease expenses included in other operating expenses 16 12 Practical expedients applied Thegroupleasespersonalcomputers,ITequipmentandmachinerywithcontract termsof1to3years.Thegrouphaselectedtoapplythepracticalexpedientof lowvalueassetsanddoesnotrecogniseleaseliabilitiesorright-of-useassets. Theleasesareinsteadexpensedwhentheyincur.Thegrouphasalsoappliedthe practicalexpedienttonotrecogniseleaseliabilitiesandright-of-useassetsforshort- termleases,presentedinthetableabove. Thegroupdoesnothavematerialleasecommitments,notyetcommencedand thereforenotincludedintheleaseliabilitiesasof31December2021(2020: USD3million) Extension options Thegroup’sleaseofbuildingshaveleasetermsthatvariesfrom5yearsto25years, andseveralagreementsinvolvearightofrenewalwhichmaybeexercisedduringthe lastperiodoftheleaseterms.Thegroupassessesatthecommencementwhetherit isreasonablycertaintoexercisetherenewalright. Purchase options Thegroupleasesmachinery,equipmentandvehicleswithleasetermsof3to5years. Someofthesecontractsincludesarighttopurchasetheassetsattheendofthe contractterm.Thegroupassessesatthecommencementwhetheritisreasonably certaintoexercisethepurchaseright.Alltheoptionsarebasedonmarketvalue. Subleases Thegrouphassubleasedanimmaterialpartofitsredundantocebuildings, classiedasanoperatinglease. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 50 Note 9 Tax Ordinary taxation TheordinaryrateofcorporationtaxinNorwayis22%ofnetprotfor2021(2020: 22%).Norwegianlimitedliabilitycompaniesareencompassedbytheparticipation exemptionmethodforshareincome.Thus,sharedividendsandgainsaretaxfree forthereceivingcompany.Correspondinglossesonsharesarenotdeductible. Theparticipationexemptionmethoddoesnotapplytoshareincomefrom companiesdomiciledinwhatisconsideredlowtaxcountriesandthatarelocated outsidetheEuropeanEconomicArea(EEA),andonshareincomefromcompanies rdomiciledoutsidetheEEAinwhichthecompanyownslessthan10%oftheshares. Forgroupcompanieslocatedinthesamecountryandwithinthesametaxregime, taxableprotsinonecompanycanbeosetagainsttaxlossesandtaxlosscarry forwardsinothergroupcompanies.Deferredtax/deferredtaxassethasbeen calculatedontemporarydierencestotheextentthatitislikelythatthesecanbe utilisedineachcountryandforNorwegianentitiesthegrouphasappliedarateof 22%(2020:22%). Theeectivetaxrateforthegroupwill,fromperiodtoperiod,changedependenton thegroupgainsandlossesfrominvestmentsinsidetheexemptionmethod. Foreign taxes CompaniesdomiciledoutsideNorwaywillbesubjecttolocaltaxation,eitheron ordinarytermsorunderspecialtonnagetaxrules.Whendividendsarepaid,local withholdingtaxesmaybeapplicable.Thisgenerallyappliestodividendspaidby companiesdomiciledoutsidetheEEA. USD mill 2021 2020 Allocation of tax expense for the year PayabletaxinNorway (8) (14) Payabletaxforeign (16) (12) Changeindeferredtax 10 (1) Total tax income/(expense) (13) (27) Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22% Protbeforetax 66 205 22% tax 14 45 Tax eect from: Permanentdierences 3 4 Non-taxableincome/changeinmarketvalue 13 (48) Shareof(prot)/lossfromjointventuresandassociates (22) 11 Impairmentdeferredtaxasset 8 Withholdingtaxandpayabletaxpreviousyear 6 8 Calculated tax expense for the group 13 27 Eectivetaxrateforthegroup 20.5% 13.4% FINANCIAL REPORTING PRINCPLES Income tax in the income statement consists of current tax, eect of changes in deferred tax/deferred tax assets, and withholding tax incurred in the period. Income tax is recognised in the income statement unless it relates to items recognised directly in equity or other comprehensive income. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantially enacted at the reporting date that will be paid during the next 12 months. Current tax also includes any adjustment of taxes from previous years and taxes on dividends recognised in the period. Deferred tax / deferred tax asset Deferred tax is calculated using the liability method on all temporary dierences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated nancial statements. Deferred income tax is determined using tax rates and laws which have been enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable prot will be available, and that the temporary dierences can be deducted from this prot. Deferred income tax is calculated on temporary dierences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary dierence is controlled by the group. Withholding tax Withholding tax and any related tax credits are generally recognised in the period they are incurred. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 51 Cont. note 9 Tax USD mill Non current assets and liabilities Current assets and liabilities Tax losses carried forward Other Total Deferred tax assets At 01.01.2021 0 7 43 0 51 Throughincomestatement 1 6 7 Chargeddirectlytoequity 1 Currencytranslations 3 (4) 2 (2) (1) Deferred tax assets at 31.12.2021 4 4 45 4 57 At 01.01.2020 6 11 42 59 Throughincomestatement (6) (4) 2 (8) Chargeddirectlytoequity 1 1 Currencytranslations (1) (1) Deferred tax assets at 31.12.2020 0 7 43 0 51 USD mill 2021 2020 Net deferred tax assets Netdeferredtaxassetsat01.01 44 46 Currencytranslationdierences (1) (2) Taxchargedtoequity 1 Incomestatementcharge 10 (1) Net deferred tax assets at 31.12 53 44 Deferredtaxassetsinbalancesheet 64 55 Deferredtaxliabilitiesinbalancesheet (11) (12) Net deferred tax assets at 31.12 53 44 USD mill Fixed assets Other Total At 01.01.2021 (5) (2) (7) Throughincomestatement 1 3 3 Currencytranslations (1) (1) Deferred tax liabilities at 31.12.2021 (4) 0 (4) At 01.01.2020 (11) (1) (12) Throughincomestatement 7 (1) 7 Currencytranslations (1) (1) Deferred tax liabilities at 31.12.2020 (5) (2) (7) ThemajorityoftaxlosscarryforwardisrelatedtoentitiesinNorwayandtheUnited States,withoutexpirationofthetaxlosscarryforward. TemporarydierencesrelatedtojointventuresandassociatesareUSDnilfor thegroup,sincealltheunitsareregardedaslocatedwithintheareainwhichthe exemptionmethodapplies,andtherearecurrentlynoplanstodisposeofanyof thesecompanies. TheMaritimeServicessegmentwillhavesharesinsubsidiariesnotsubjecttothe exemptionmethodwhichcouldgiverisetoataxchargeintheeventofasale,where noprovisionhasbeenmadefordeferredtaxassociatedwithapossiblesaleor dividend.Therearecurrentlynoplanstodisposeofsuchcompanies. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 52 Note 10 Earnings per shares FINANCIAL REPORTING PRINCPLES Basic/diluted earnings per share is calculated by dividing prot for the period after non-controlling interests, by the average number of total outstanding shares. The calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Treasury shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company currently does not have any dilutive instruments. Note 11 Pension FINANCIAL REPORTING PRINCPLES Dened contribution plan A dened contribution plan is one under which the group and the parent company pay xed contributions to a separate legal entity. The group and the parent company have no legal or constructive obligations to pay further contributions if the fund does not hold sucient assets to pay all employees the benets relating to employee service in the current and prior periods. Dened benet plan A dened benet plan is one which is not a dened contribution plan. This type of plan typically denes an amount of pension benet an employee will receive on retirement, normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of dened benet pension plans is the present value of the dened benet obligation at the end of the reporting period less the fair value of plan assets. The dened benet obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the dened benet obligation is determined by discounting the estimated future cash outows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benets will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In a few countries without deep markets in such bonds, the market rates on government bonds are used. The pension obligation is calculated annually by independent actuaries using a straight-line earnings method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past- service costs are recognised immediately in the income statement. Description of the pension scheme Thegroup’sdenedcontributionpensionschemesforNorwegianemployeesare withnancialinstitutionsprovidingsolutionsbasedoninvestmentfunds. SubsidiariesoutsideNorwayhaveseparateschemesfortheiremployeesin accordancewithlocalrules,andthepensionschemesareforthematerialpart denedcontributionplans. Thegrouphas“Ekstrapensjon”,acontributionplanforallNorwegianemployees withsalariesexceeding12timestheNorwegianNationalInsurancebaseamount (G).However,thegroupstillhasobligationsforsomeemployeesrelatedtosalaries exceeding12Gmainlynancedfromoperations. Inaddition,thegrouphasagreementsonearlyretirement.Theseobligationsare mainlynancedfromoperations. Thegrouphasobligationtowardsoneemployeeinthegroup’sseniorexecutive management.Theobligationismainlycoveredthroughgroupannuitypoliciesin Storebrand. Pensioncostsandobligationsincludepayrolltaxes.Noprovisionhasbeenmadefor payrolltaxinpensionplanswheretheplanassetsexceedtheplanobligations. Actuarialgainsandlossesarisingfromexperienceadjustmentsandchangesin actuarialassumptionsarechargedorcreditedtoequityinothercomprehensive incomeintheperiodinwhichtheyarise. Earnings per share Earningspersharetakingintoconsiderationthenumberofoutstandingsharesinthe period.At31December2021thecompanyownsnoownshares.At31December 2020thecompanyowntotalof1823824ownshares,spliton537092A-shares and1286732B-shares.Theshareswerecancelledthroughacapitalreductionin September2021. Totaloutstandingordinarysharesasof31December2021are34000000A-shares and10580000B-shares. Earningspershareiscalculatedbasedonanaverageof44580000sharesfor2021 and44580000sharesfor2020. Seenote10intheparentaccountsforanoverviewofthelargestshareholdersat31 December2021. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 53 Funded Unfunded USD mill 2021 2020 2021 2020 Number of people covered by pension schemes at 31.12 Inemployment 9 13 3 5 Onretirement(inclusivedisabilitypensions) 141 141 25 26 Total number of people covered by pension schemes 150 154 28 31 Expenses Commitments 2021 2020 31.12.2021 31.12.2020 Financial assumptions for the pension calculations: Discountrate 1.60% 2.30% 1.80% 1.60% Anticipatedpayregulation 1.75% 2.00% 2.25% 1.75% AnticipatedincreaseinNationalInsurancebaseamount(G) 1.75% 2.00% 2.25% 1.75% Anticipatedregulationofpensions 0.10% 0.10% 0.10% 0.10% Cont. note 11 Pension USD mill 31.12.2021 31.12.2020 Denedbenetobligation 43 42 Fairvalueofplanassets 17 17 Net liability 26 25 USD mill 31.12.2021 31.12.2020 Pension obligations Denedbenetobligationatendofprioryear 42 36 Eectofchangesinforeignexchangerates (1) (1) Servicecost 1 1 Interestexpense 1 1 Benetpaymentsfromplan (1) (1) Benetpaymentsfromemployer 1 Remeasurements-changeinassumptions 2 4 Pension obligations at 31.12 43 42 Fair value of plan assets Fairvalueofplanassetsatendofprioryear 17 16 Eectofchangesinforeignexchangerates (1) Employercontributions 1 Benetpaymentsfromplan (1) (1) Gross pension assets at 31.12 17 17 USD mill 2021 2020 Pension expenses Servicecost/netinterestcost 1 1 Costofcontributionplan 17 15 Pension expenses 18 16 TotalremeasurementsincludedinOCI 1 (3) Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 54 USD mill Note 2021 2020 OTHER NON CURRENT ASSETS Noncurrentshareinvestments 19 9 2 Othernoncurrentassets 19 15 26 Total other non current assets 25 28 OTHER CURRENT ASSETS Accountreceivables 190 178 FinancialderivativesinMaritimeServicesandNewEnergy 19 15 Restrictedcash 17 1 1 Othercurrentassets 17/19 95 82 Total other current assets 287 274 OTHER CURRENT LIABILITIES Accountpayables 241 208 FinancialderivativesinMaritimeServicesandNewEnergy 19 6 9 Othercurrentliabilities 152 164 Cylinderdeposit 7 96 96 Total other current liabilities 495 478 Note 12 Combined items, balance sheet MaritimeServiceshas622821(2020:615965)cylindersbookedasothertangibleassetinthebalancesheet,seenote7.ThecylindersarevaluedatUSD99million(2020: USD109million).Thesecylindersarepartlyinthegroup’sownpossessionandpartlyonboardcustomersvessels.Mostcustomershavepaidadepositforthecylindersthey haveonboardtheirvessels. Provisionsinothercurrentliabilities,includingcylinderdepositliability,doesinclude somedegreeofuncertaintyduetothenatureoftheprovisions.Provisionsare calculatedandrecognisedbasedonavailableinformationandassumptionsatthe timewhentheprovisionismade,andwillbeupdatedifneededwhennewinformation becomesavailable. FINANCIAL REPORTING PRINCPLES Loans and receivables at amortised cost Loans and receivables are non-derivative nancial assets with xed or determinable payments, which are not traded in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classied as non-current assets. Loans and receivable are classied as other current assets or other non-current assets in the balance sheet. Loans and receivables are recognised initially at their fair value plus transaction costs. Financial assets are derecognised when the contractual rights to the cash ows from the nancial assets expire or are transferred, and the group has transferred by and large all risk and return from the nancial asset. Realised gains and losses are recognised in the income statement in the period they arise. Accounts payable and other payables Accounts payable and other payables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the vale derived if the amortised cost method would have been applied. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 55 Current Less than 90 days past due Between 90 and 180 days past due More than 180 days past dueUSD mill 31 December 2021 Expectedlossrate 0% 3% 23% 70% Grosscarryingamount-tradereceivables 181 6 4 2 Loss allowance * (0) (0) (1) (2) 31 December 2020 Expectedlossrate 0% 1% 3% 68% Grosscarryingamount-tradereceivables 166 5 5 7 Loss allowance * 0 (0) (0) (5) Lossallowanceisroundedtonilfortradereceivableslessthan90/180daysoverdue. ACCOUNT RECEIVABLES At31December2021,USD10million(2020:USD11million)inaccountreceivables hadfallenduebutnotbeensubjecttoimpairment.Thesereceivablesarerelatedtoa numberofseparatecustomers.Historically,thepercentageofbaddebtshasbeenlow andthegroupexpectsthecustomerstosettleoutstandingreceivables.Receivables fallenduebutnotsubjecttoimpairmenthavethefollowingagecomposition: USD mill 2021 2020 Aging of account receivables past due but not impaired Upto90days 6 5 90-180days 3 4 Over180days 1 2 Movements in group provision for impairment of account receivables are as follows Balanceat01.01 5 4 Netprovisionforreceivablesimpairment (2) 1 Balance at 31.12 3 5 Account receivables per segment MaritimeServices 136 125 NewEnergy 54 52 StrategicHoldingsandInvestments 1 Total account receivables 190 178 Seenote19oncreditrisk. FINANCIAL REPORTING PRINCIPLES Account receivables and other receivables that have xed or determinable payments that are not quoted in an active market are classied as receivables. Account receivables and other receivables are recognised at the original invoiced amount, where the invoiced amount is considered to be approximately equal to the value derived if the amortised cost method would have been applied. The group applies the IFRS 9 simplied approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets, including receivables from lease contracts. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk charateristics and the days past due. The expected loss rates are based on the payment proles of sales over a period of 36 month before the reporting period and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reect current and forward looking information on macroeconomic factors aecting the ability of the customers to settle the receivables. The group has identied the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. Note 13 Receivables MaritimeServices NewEnergy StrategicHoldingsandInvestments 28% 29% 1%1% 71% 70% 2021 Account receivables 2020 Account receivables Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 56 ACCOUNT PAYABLES USD mill 2021 2020 Account payables per segment MaritimeServices 215 181 NewEnergy 24 25 StrategicHoldingsandInvestments 1 1 Total account payables 241 208 Seenote19oncreditrisk. USD mill 2021 2020 Financial assets to fair value At1January 801 675 Acquisition 2 9 Saleduringtheyear (2) (86) Currencytranslationadjustmentthroughothercomprehensiveincome (6) 11 Changeinfairvaluethroughincomestatement (107) 192 Total nancial assets to fair value 688 801 Financial assets to fair value HyundaiGlovis 583 699 QubeHoldingsLimited 81 80 AustralianPEfunds 19 18 Other 5 5 Total nancial assets to fair value 688 801 Financialassetstofairvalueareheldinsubsidiarieswithdierentreportingcurrencyandtherebycreatingtranslationadjustments. HyundaiGlovisCo.Ltd.,isaglobalKoreanbasedgenerallogisticsanddistribution company,providingbusinessservicesuchaslogistics,marinetransportation,KD, usedcarsandtrading.GlovisislistedontheKoreanStockExchange.Asper31 December2021,TreasureASAgroupheld4.1millionsharesinGlovis(11%oftotal) (2020:11%).TreasureASAislistedonOsloBørs. QubeHoldingsLimitedisAustralia’slargestintegratedproviderofimportandexport logisticsservices,andlistedontheAustralianSecuritiesExchange(ASX).Asper 31December2021thegroupheld35millionshares,1.8%oftotal(2020:35million shares,1.8%oftotal).ThesharesinQubeserveascollateralforacreditfacility. Seenote18. Cont. note 13 Receivables Note 14 Financial assets to fair value FINANCIAL REPORTING PRINCIPLES Management determines the classication of nancial assets at their initial recognition, with nancial assets held for trading carried at fair value. Financial assets measured at fair value are initially measured at cost less transaction costs expensed in the income statement, and subsequently measured at fair value with changes in fair value recognised in the income statement. MaritimeServices NewEnergy StrategicHoldingsandInvestments 1%1% 87%89% 10% 12% 2021 Account payables 2020 Account payables Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 57 USD mill 2021 2020 Inventories Rawmaterials 5 8 Goods/projectsinprocess 3 2 Finishedgoods/productsforonwardsale 85 74 Total inventories 93 84 Obsolescenceallowance,deductedabove 2 4 USD mill 2021 2020 Market value current nancial investments Equities 77 72 Bonds 58 48 FinancialderivativesStrategicHoldingsandInvestments 5 Total current nancial investments 135 124 Thefairvalueofallequitysecurities,bondsandothernancialassetsisbasedontheirclosingpricesinanactivemarket. Thenetunrealisedgainat31.12 14 14 Note 15 Inventories Note 16 Current financial investments FINANCIAL REPORTING PRINCIPLES Inventories of purchased goods and work in progress are valued at cost in accordance with the weighted average cost method. Impairment losses are recognised if the net realisable value is lower than the cost price. Sales costs include all remaining sales, administrative and storage costs. FINANCIAL REPORTING PRINCIPLES Current nancial investments consists of nancial assets held for trading. A nancial asset is classied in this category if acquired principally for the purpose of prot from short term gains in market value. Current nancial investments are measured at fair value. Financial assets measured at fair value are initially measured at cost less transaction costs expensed in the income statement, and subsequently measured at fair value with changes in fair value recognised in the income statement. Derivatives are also placed in this category unless designated as hedges. Assets in this category are classied as current. Theparentcompany’sportfolioofequitiesandbondsofUSD135millionisheldas collateralwithinasecurities’nancefacility.Seenote18.Theportfolio’sstrategy andmandateissetbytheparentcompany’sBoardofDirectorsandconsistsofa benchmarkof50%/50%shareofinvestmentgradebondsandNordicequities,with atradingmandatewithincertainsetlimitswithregardstoequity/bondallocation, portfolioweight,andcurrencyexposure.Reportingisprovidedmonthlytogroup CEO/CFOandquarterlytoparentcompany’sBoardofDirectors. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 58 USD mill 2021 2020 Payrolltaxwithholdingaccount 1 1 Companiesthatdonothavepayrolltaxwithholdingaccountusebankguarantees.Asper31.12.2021totalguaranteesamountedtoUSD6.5million(2020:USD6.7million). Committedundrawncreditfacilitiesarekeypartoftheliquidityreserve. Thegrouphascashpoolarrangementswithineachsegmentsandthisispresented ascashandcashequivalents.WWHASA(StrategicHoldingsandInvestments segment)ownsandoperatesamulticurrencycashpoolwithaheader-accountin NOK,comprisingofsubsidiariesregisteredinNorway.WMSAS(MaritimeServices segment)ownsandoperatesamulticurrencycashpoolwithaheader-accountin USD,comprisingofsubsidiariesinEurope,Asia-PacicandNorthAmerica.NorSea GroupAS(partoftheNewEnergysegment)ownsandoperatesamulticurrencycash poolwithaheader-accountinNOK,comprisingofsubsidiariesinNorway,Denmark, GermanyandtheUnitedKingdom. Committedundrawncreditfacilities 195 263 Cash and cash equivalents Banks 231 269 Total cash and cash equivalents 231 269 Note 17 Cash, restricted bank deposits and undrawn credit facilities FINANCIAL REPORTING PRINCIPLES Cash and cash equivalents include cash in hand, deposits held at call with banks and other liquid investments with maturities of three months or less. Bank overdrafts are presented under borrowings in current liabilities on the balance sheet. Cash and cash equivalent are initially recognised at fair value of the proceeds, and subsequently measured at amortised cost. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 59 USD mill 2021 2020 The group net interest-bearing debt Noncurrentinterest-bearingdebt 203 426 Noncurrentleaseliabilities 139 161 Currentinterest-bearingdebt 270 38 Currentleaseliabilities 30 31 Total interest-bearing debt 642 657 Cashandcashequivalents 231 269 Currentnancialinvestments 16 135 124 Net interest-bearing debt 276 264 Net interest-bearing debt in joint ventures Noncurrentinterest-bearingdebt 4 85 114 Total interest-bearing debt in joint ventures 85 114 Cash and cash equivalents 4 7 32 Net interest-bearing debt in joint ventures 77 82 Theoverviewaboveshowstheactualmaturitystructure,withtheamountdueinyear oneastherstyear’sinstalmentclassiedunderothercurrentliabilities.Thegroup willrenanceitscurrentinterest-bearingdebtduring2022. Loanagreementsenteredintobythegroupcontainnancialcovenantsrelatingto liquidity,leverageandvalue-adjustedequity.Thegroupwasincompliancewithall covenantsat31December2021. USD mill Note 2021 2020 Repayment schedule for interest-bearing debt Dueinyear1 300 70 Dueinyear2 204 233 Dueinyear3 22 32 Dueinyear4 26 30 Dueinyear5andlater 90 291 Total interest-bearing debt 19 642 657 Theparentcompany’sportfolioofnancialinvestmentsisheldascollateralwithinasecurities’nancefacility. USD mill Note 2021 2020 Interest-bearing debt Bankandmortgagesloan 473 464 Leaseliabilities 169 192 Total interest-bearing debt 19 642 657 Book value of collateral, mortgaged and leased assets: Financialassetstofairvalue,currentnancialinvestments 14/16 214 199 AssetsintheNewEnergysegment 807 853 Total book value of collateral, mortgaged and leased assets 1 021 1 052 Note 18 Interest-bearing debt FINANCIAL REPORTING PRINCIPLES Loans are recognised at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are stated at amortised cost using the eective yield method. Any dierence between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the term of the loan. Loans are classied as current liabilities unless the group or the parent company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 60 USD mill 2021 2020 Guarantee commitments Guaranteesforgroupcompanies 47 71 Total 47 71 The carrying amounts of the group’s bank loans are denominated in the following currencies USD 200 199 NOK 256 252 DKK 16 13 Total 473 464 Liabilites from nancing activities USD mill Finance leases due within 1 year Finance leases due after 1 year Borrow. due within 1 year Borrow. due after 1 year Total nancing activities Total interest-bearing debt at 01.01.2021 31 161 38 426 657 Reclass 17 (17) 203 (203) Cashows (16) (14) 23 (24) (31) Foreignexchangeadjustments (1) (5) (2) (8) (17) Othernon-cashmovements (1) 15 7 12 33 Total interest-bearing debt at 31.12.2021 30 139 270 203 642 Total interest-bearing debt at 01.01.2020 27 154 65 429 675 Reclass (1) 1 11 (1) 10 Cashows (18) (27) (9) (54) Foreignexchangeadjustments 2 3 6 12 Othernon-cashmovements 3 21 (11) 2 15 Total interest-bearing debt at 31.12.2020 31 161 38 426 657 USD mill Note 2021 2020 Net debt Cashandcashequivalents 231 269 Liquidinvestments 135 124 Borrowings-repayablewithinoneyear (300) (70) Borrowings-repayableafteroneyear (342) (587) Net debt (276) (264) Cashandcashequivalentsandliquidinvestments 366 393 Grossdebt-variableinterestrates (642) (657) Net debt (276) (264) Liquidinvestmentsareinvestmentgradebondsandliquidequitiestradedinactivemarkets.Theseassetsareheldatfairvaluerecognisedthroughtheincomestatement. Interest-bearingdebtisexposedtomovementsinoatinginterestratesinUSDandNOK.MaterialpartsoftheinterestrateriskintheNOK-denominateddebtishedged withintheNewEnergysegment. Cont. note 18 Interest-bearing debt Seeotherwisenote19forinformationonnancialderivatives(currencyhedges)relatingtointerest-bearingdebt. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 61 USD mill Note 2021 2020 Currency through Income Statement Including in other nancial income/(expenses) Operatingcurrency,net 13 (4) Financialcurrency,net (12) (3) Currencyderivatives,realised 7 (14) Currencyderivatives,unrealised (21) 29 Net currency items in other nancial income/(expenses) 1 (13) 7 Through other comprehensive income CurrencytranslationdierencesthroughOCI (44) 33 Total net currency eects (57) 40 Note 19 Financial risk FINANCIAL REPORTING PRINCIPLES The group uses derivatives to address nancial risk. Derivatives are included in current assets or current liabilities, except for maturities greater than 12 months after the balance sheet date. These are classied as non-current assets or other non-current liabilities as they form part of the group’s long-term economic hedging strategy and are not classied as held for trading. Derivatives are recognised at fair value on the date a derivative contract is entered into and are revalued on a continuous basis at their fair value. Most derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments which do not qualify for hedge accounting are presented in the income statement as nancial income/expense. The group designates certain derivatives as hedges of highly probable forecast transactions (cash ow hedges). At the date of the hedging transaction, the group documents the relationship between hedging instruments and hedged items, as well as the objective of its risk management and the strategy underlying the various hedge transactions. The group also documents the extent to which the applied derivatives are eective in osetting changes in fair value or cash ow associated with the hedge items. Such assessments are documented both initially and on an ongoing basis. The fair value of derivatives used for hedging is shown in note 16 to the group accounts. Changes in the valuation of qualied hedges are recognised directly in other comprehensive income until the hedged transactions are realised. The fair value of nancial derivatives traded in active markets is based on quoted market prices at the balance sheet date. The fair value of nancial derivatives not traded in an active market is determined using valuation methodology, such as the discounted value of future cash ows. Independent experts verify the value determination for instruments which are considered material. The eective portion of changes in the fair value of derivatives designated as cash ow hedges are recognised in other comprehensive income together with the deferred tax eect. Gain and loss on the ineective portion is recognised in the income statement. Amounts recognised in other comprehensive income are recognised as income or expense in the income statement in the period when the hedged liability or planned transaction will aect the income statement. Gain and losses arising from the hedging instruments relating to the eective portions of the net investment hedges are recognised in other comprehensive income. These translation reserves are reclassied to the income statement upon loss of control of the hedged net investments, osetting the translation dierences from these net investments. Any ineective portion is recognised immediately in the income statement as nancial income/(expenses). The group has exposure to the following nancial risks from its operations: • Market risk – Foreign exchange rate risk – Interest rate risk – Equity market risk • Credit risk • Liquidity risk MARKET RISK Thegrouphasestablishedhedgingstrategiestomitigaterisksonmaterialexposures originatingfrommovementsincurrenciesandinterestrates.Thisiscompliantwith thenancialstrategyapprovedbytheboardofdirectors. Changesinthemarketvalueofnancialderivativesarerecognisedthroughthe incomestatementexceptfortheNewEnergysegment,wherederivativesare recognisedinOtherComprehensiveIncome. Associateshedgetheirownexposures.Thegrouprecordstheeectsofrealised andunrealisedchangesinnancialderivativesheldintheseentitiesinaccordance withtheequitymethodunder“shareofprotfromjointventuresandassociates”.The materialassociatesareWalleniusWilhelmsenASAgroupinStrategicHoldingsand InvestmentsegmentandCoastCenterBasegroupinNewEnergysegment. Foreign exchange rate risk Thegroupisexposedtocurrencyriskonrevenuesandcostsinnon-functional currencies(transactionrisk),andbalancesheetitemsdenominatedincurrencies otherthannon-functionalcurrencies(translationrisk). Thegroup’slargestforeignexchangeexposuresareNOK,EUR,SGD,AUDandKRW- allagainstUSD. Thegroup’soperatingsegmentsareresponsibleforhedgingtheirownmaterial transactionrisk.WithinMaritimeServices,USD/NOK,EUR/USDandUSD/SGD exposuresaresubjecttoasystematic3-yearrollinghedgeprogram,utilizinga portfolioofcurrencyoptionsandcurrencyforwards.USD/MYRishedgedusing currencyforwardswithmaturitiesupto12months.Remainingexposuresare non-materialandnothedged. Thegroup’spolicyformitigatingtranslationriskistomatchthedenomination currencyofassetsandliabilitiestoaslargeextentaspossible. Thegroupmonitorsthenetexposureandcalculatessensitivitiesonaregular basis,basedonaveragemarketvolatilitypercurrencycross.Sensitivitiesshowing apotentialaccountingeectbelowUSD5millionongrouplevelareconsidered non-material. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 62 TheNewEnergysegmenthasenteredswaptioncontractswithanotionalvalueof aboutUSD16million,withexpirydatein2022.Dependingoninterestratelevels ontheexpirydate,exercisingtheswaptionsbythecounterpartieswillextendthe maturityofexpiringswapsuntil2032. Theaverageremainingtermoftheexistingtotaldebtportfolioisapproximately3 years.Thehedgeshaveanaverageremainingtermofapproximately4years. Interest rate sensitivity Thegroup’sinterestrateriskoriginatesfromdierencesindurationbetweenassets andliabilities.Ontheassetside,bankdepositsandinvestmentsininterest-bearing instrumentsaresubjecttoriskfromchangesinthegenerallevelofinterestrates, primarilyinUSD. Thegroupusestheweightedaveragedurationofinterest-bearingliabilities,and nancialinterestratederivativestocomputethegroup’ssensitivitytowardschanges ininterestrates. SensitivitiesresultinginapotentialaccountingeectbelowUSD5millionongroup levelareconsiderednon-material.On31December2021,thegrouphasnomaterial exposuresubjecttointerestraterisk. Interest rate risk Thegroup’sstrategyistohedgematerialpartsoftheinterest-bearingdebtagainstrising interestrates.Asthecapitalintensityvariesacrossthegroup’sbusinesssegments, whichhavetheirownpoliciesonhedgingofinterestraterisk,hedgeratiosvary. WithinStrategicHoldingsandInvestmentsandMaritimeServicesrespectively,nointe - restratehedgingisimplementedduetolownetinterest-bearingdebt(NIBD),whereas NewEnergyhavehedgedabout50%ofitsNIBDasof31December2021. TheGrouphasnancialliabilitiesthatareexposedtoIBORreferencerates.TheGroup hascurrentinterest-bearingliabilitiesofUSD200millionthathaveaLIBORreference rate.Theseinterest-bearingliabilitieswillberenancedduring2022. Othercurrentinterest-bearingdebtisprimarilylinkedtoNIBOR.Forinterestbearingdebt maturingaftertwelvemonthsNIBORistheprimaryreferencerate.Nodatehasbeenset forthetransitionofNIBOR,howevertheGroupisattentivetothedevelopmentofthe IBORreform. Theriskexposurerelatedtonancialinstrumentsasaconsequenceofthetransitionis consideredtobelow.TheIBORreformwillnotchangetheriskmanagementstrategy. USD mill 2021 2020 Maturity schedule interest rate hedges (nominal amounts) Dueinyear1 11 Dueinyear2 45 12 Dueinyear3 32 47 Dueinyear4 33 Dueinyear5andlater 36 38 Total interest rate hedges 125 129 USD mill Sensitivity (10%) (5%) 0% 5% 10% Income statement sensitivities of economic hedge program Transaction risk USD/NOKspotrate 7.95 8.39 8.83 9.27 9.71 Income statement eect (post tax) 7 3 0 (3) (7) EUR/USDspotrate 1.02 1.08 1.13 1.19 1.25 Income statement eect (post tax) (5) (3) 0 3 5 USD/SGDspotrate 1.21 1.28 1.35 1.42 1.48 Income statement eect (post tax) (0) (0) 0 0 0 (Taxrateusedis22%thatequalstheNorwegiantaxrate) ForMaritimeServices,NewEnergyandStrategicHoldingsandInvestments,material translationrisksarebookedtoothercomprehensiveincomeduetothefunctional currencyformostoftheentitiesbeingdierentfromthereportingcurrencyUSD. Thegroup’ssegmentsperformsensitivityanalysesontheunhedgedpartofthe transactionriskonaregularbasis. Theportfolioofderivativesusedtohedgethegroup’stransactionrisk(described above),exhibitthefollowingincomestatementsensitivity: Cont. note 19 Financial risk Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 63 Income statement sensitivities of equity market risk USD mill Change in equity prices Changeinmarketvalue (20%) (10%) 0% 10% 20% Income statement eect (150) (75) 0 75 150 (Taxrateusedis22%thatequalstheNorwegiantaxrate) USD mill Note 2021 2020 Exposure to credit risk Financialderivatives(liability) 12 (6) 15 Accountreceivables 12 190 178 Financialinvestments 16 58 48 Othernoncurrentassets 12 25 28 Othercurrentassets 12 95 82 Cashandbankdeposits 17 231 269 Total exposure to credit risk 593 618 CREDIT RISK Creditriskistheriskofnanciallosstothegroupifacustomerorcounterpartyto anancialderivativefailstomeetitscontractualobligations.Thegroup’screditrisk originatesprimarilyfromtheaccountreceivables,nancialderivativesusedtohedge interestrateriskorforeignexchangerisk,aswellasinvestments,includingbank deposits. Loans and receivables TRADE RECEIVABLES Thegroup’sexposuretocreditriskonitsreceivablesvariesacrosssegmentsand subsidiaries. WithintheMaritimeServicesandNewEnergy,theglobalcustomerbaseprovides diversicationwithrespecttocreditriskonreceivables.Thesegmentsmonitorand managetheirrespectivecreditriskonaregularbasis.Referenceismadetonote13. BANK DEPOSITS AND FINANCIAL DERIVATIVES Thegroupmaintainscashmanagementoperationsandtradesnancialderivatives withaselectionofnanciallysolidbanks(asdeterminedbytheirocialcredit ratings),limitingthecorrespondingcreditrisk. OTHER CREDIT EXPOSURES Nomaterialloansorreceivableswerepastdueorimpairedat31December2021 (analogousfor2020). Guarantees Thegroup’spolicyisthatnonancialguaranteesareprovidedbytheparent company.However,nancialguaranteesareprovidedwithinMaritimeServicesand NewEnergy.Seenote18forfurtherdetails. Credit risk exposure Thecarryingamountofnancialassetsrepresentsthemaximumcreditexposure. Themaximumexposuretocreditriskatthereportingdatewasasperbelowtable: Cont. note 19 Financial risk EQUITY MARKET RISK Thegroupholdsseveralassetslistedonequitymarketsaswellasadenedportfolio ofnancialassetsforaproportionofthegroup’sshort-termliquidity.Belowtable summarizestheequitymarketsensitivitytowardsthemarketvalueofalllisted equitiesheld,includingthegroupsshareinHyundaiGlovis: USD mill 2021 2020 Assets Liabilities Assets Liabilities Interest rate derivatives MaritimeServices NewEnergy 4 9 StrategicHoldingsandInvestments Total interest rate derivatives 0 4 0 9 Currency derivatives MaritimeServices 1 2 15 NewEnergy StrategicHoldingsandInvestments 1 1 4 Total currency derivatives 2 2 20 0 Total market value of nancial derivatives 2 7 20 9 Bookvalueequalsmarketvalue Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 64 USD mill Less than 1 year Between 1 and 2 years Between 2 and 5 years Later than 5 years Undiscounted cash ows nancial liabilities 2021 Mortgages 47 19 32 147 Financeleaseliabilities 30 13 39 87 Bankloan 227 Financialderivatives 7 Interestdue 23 21 20 19 Total undiscounted cash ow nancial liabilities 333 53 91 254 Currentliabilities(excludingnextyear'sinstalmentoninterest-bearingdebt) 489 Total gross undiscounted cash ows nancial liabilities 31.12.2021 822 53 91 254 Undiscounted cash ows nancial liabilities 2020 Mortgages 38 19 11 196 Financeleaseliabilities 31 15 51 95 Bankloan 199 Financialderivatives 9 Interestdue 23 20 50 Total undiscounted cash ow nancial liabilities 102 254 112 291 Currentliabilities(excludingnextyear'sinstalmentoninterest-bearingdebt) 468 Total gross undiscounted cash ows nancial liabilities 31.12.2020 570 254 112 291 LIQUIDITY RISK Thegroup’sapproachtomanagingliquidityistoensurethatthegroupmeetsits liabilities,underbothnormalandstressedconditions,withoutincurringunacceptable lossesorriskingdamagetothegroup’sreputation. Thegroup’sliquidityriskislowinthatitholdssignicantliquidassetsinadditionto creditfacilitieswiththebanks. At31December2021,thegrouphadinexcessofUSD435million(2020:USD 473million)incash,investmentgradebondsandlistedequities(cashandcash equivalents,currentnancialinvestmentsandinvestmentinQubeHoldingsLimited), inadditiontoUSD195million(2020:USD263million)incommittedundrawncredit facilities. Cont. note 19 Financial risk Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 65 USD mill Note Fair value Book value Interest-bearing debt Mortgages 246 246 Leaseliabilities 169 169 Bankloan 229 227 Total interest-bearing debt at 31.12.2021 18 644 642 Mortgages 265 265 Leaseliabilities 192 192 Bankloan 201 199 Total interest-bearing debt at 31.12.2020 18 658 657 COVENANTS Thegroup’sbankandleasenancingaresubjecttonancialornon-nancial covenantclausesrelatedtooneorseveralofthefollowing: • Limitationontheabilitytopledgeassets • Changeofcontrol • Minimumliquidity • NIBD/EBITDAorequivalentDebt-ServiceCoverage-Ratios • Loan-to-Value Asofthebalancedate,thegroupisnotinbreachofanynancialornon-nancial covenants. CAPITAL RISK MANAGEMENT Thegroup’soverallpolicyistomaintainastrongcapitalbasetomaintaininvestor, creditorandmarketcondenceandtosustainfuturebusinessdevelopment.The boardofdirectorsmonitorsvariousreturnmetrics,whereReturnonEquityand dividendlevelsarepredominant. Thegroupseekstomaintainabalancebetweenthepotentialhigherreturns stemmingfromhigherlevelsofnancialgearingandtheadvantagesofastrong balancesheet.Thenancialstrategyandsettingofthresholdsforcapitalstructure, returnrequirementsandriskarerevisedbytheboardofdirectors. FAIR VALUE ESTIMATION Thefairvalueofnancialinstrumentstradedinanactivemarketisbasedonquoted marketpricesatthebalancesheetdate.Thefairvalueofnancialinstrumentsnot tradedinanactivemarket(over-the-countercontracts)isbasedonthirdparty quotes.Thesequotesuseobservablemarketratesforpricediscovery.Specic valuationtechniquesusedbynancialcounterparties(banks)tovaluenancial derivativesinclude: • Quotedmarketpricesordealerquotesforsimilarderivatives. • Thefairvalueofinterestrateswapsiscalculatedasthenetpresentvalueofthe estimatedfuturecashowsbasedonobservableyieldcurves. • Thefairvalueofinterestrateswapoption(swaption)contractsisdeterminedusing observablevolatility,yieldcurveandtime-to-maturityparametersatthebalance sheetdate,resultinginaswaptionpremium.Optionsaretypicallyvaluedby applyingtheBlack-Scholesmodel. • Thefairvalueofforwardforeignexchangecontractsisdeterminedusingforward exchangeratesatthebalancesheetdate,withtheresultingvaluediscountedback tonetpresentvalue. • Thefairvalueofforeignexchangeoptioncontractsisdeterminedusingobservable forwardexchangerates,volatility,yieldcurvesandtime-to-maturityparametersat thebalancesheetdate,resultinginanoptionpremium.Optionsaretypicallyvalued byapplyingtheBlack-Scholesmodel. Thecarryingvaluelessimpairmentprovisionofreceivablesandpayablesare assumedtoapproximatetheirfairvalues.Thegroupestimatesthefairvalueof nancialliabilitiesfordisclosurepurposesbydiscountingthefuturecontractual cashowsatcurrentmarketinterestratesavailabletothegroupforsimilarnancial derivatives. Thefairvaluesarebasedoncashowsdiscountedusingaratebasedonmarketratesincludingmarginsandarewithinlevel2ofthefairvaluehierarchy. Cont. note 19 Financial risk Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 66 Thefairvalueofnancialinstrumentstradedinactivemarketsisbasedonquoted marketpricesatthebalancesheetdate.Amarketisregardedasactiveifquoted pricesarereadilyandregularlyavailablefromanexchange,dealer,broker,industry group,pricingservice,orregulatoryagency,andthosepricesrepresentactualand regularlyoccurringmarkettransactionsonanarm’slengthbasis.Thequotedmarket priceusedfornancialassetsheldbythegroupisthecurrentcloseprice.These instrumentsareincludedinlevel1.Instrumentsincludedinlevel1attheendof2021 areliquidinvestmentgradebondsandlistedequities(analogousfor2020). Thefairvalueofnancialinstrumentsnottradedinanactivemarket(over-the- countercontracts)arebasedonthirdpartyquotes(Mark-to-Market).Thesequotes useobservablemarketratesforpricediscovery.Thedierenttechniquestypically appliedbynancialcounterparties(banks)weredescribedabove.Theseinstruments -FXandIRderivatives-areincludedinlevel2. Ifoneormoreofthesignicantinputsisnotbasedonobservablemarketdata,the derivativesisinlevel3. USD mill Level 1 Level 2 Level 3 Total Financial assets at fair value Equities 77 77 Bonds 58 58 Financialassetstofairvalue 664 24 688 Total nancial assets at 31.12.2021 798 0 24 823 Financial liabilities at fair value Financialderivatives (6) (6) Total nancial liabilities at 31.12.2021 0 (6) 0 (6) Financial assets at fair value Equities 72 72 Bonds 48 48 Financialderivatives 20 20 Financialassetstofairvalue 778 5 18 801 Total nancial assets at 31.12.2020 898 25 18 940 Financial liabilities at fair value Financialderivatives (9) (9) Total nancial liabilities at 31.12.2020 0 (9) 0 (9) USD mill 2021 2020 Changes in level 3 instruments Openingbalanceat01.01 18 20 Gainsandlossesrecognisedthroughincomestatement 6 (2) Closing balance at 31.12 24 18 Cont. note 19 Financial risk Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 67 Financial instruments by category USD mill Note Financial assets at amortised cost Fair value through the income statement Total Assets Othernoncurrentassets 12 15 9 25 Financialassettofairvalue 14 688 688 Currentnancialinvestments 16 135 135 Currentnancialderivatives 12 2 2 Othercurrentassets 12 286 286 Cashandcashequivalent 17 231 231 Assets at 31.12.2021 532 834 1 366 Note Liabilities at fair value throug the income statement Other nancial liabilities at amortised cost Total Liabilities Noncurrentinterest-bearingdebt 18 342 342 Currentinterestbearingliabilities 18 300 300 Currentnancialderivatives 12 7 7 Othernoncurrentliabilities 12 17 17 Othercurrentliabilities 12 489 489 Liabilities at 31.12.2021 23 1 130 1 153 Note Financial assets at amortised cost Fair value through the income statement Total Assets Othernoncurrentassets 12 26 2 28 Financialassettofairvalue 14 801 801 Currentnancialinvestments 16 124 124 Othercurrentassets 12 260 260 Cashandcashequivalent 17 269 269 Assets at 31.12.2020 528 942 1 496 Note Liabilities at fair value throug the income statement Other nancial liabilities at amortised cost Total Liabilities Noncurrentinterest-bearingdebt 18 587 587 Currentinterestbearingliabilities 18 70 70 Currentnancialderivatives 12 9 9 Othernoncurrentliabilities 12 23 23 Othercurrentliabilities 12 468 468 Liabilities at 31.12.2020 32 1 125 1 158 Cont. note 19 Financial risk Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 68 Note 20 Related party transaction TheultimateownerofthegroupisTallymanAS,whichcontrolsabout60%ofvotingsharesofthegroup.Tallyman AS iscontrolledbyThomasWilhelmsen. Detailedremunerationdisclouresareprovidedintheremunertaionreport. Material related parties in the group are: Business oce, country Ownership WalleniusWilhelmsenASA Lysaker,Norway 37.82% CoastCenterBaseAS/KS Fjell,Norway 50.00% WalleniusWilhelmsenASA,throughitsoperatingcompanies,isthemarketleaderin thenishedvechiclelogisticssegment,oeringoceantransportationandlandbased vechiclelogisticssolutions. CoastCenterBaseASandCoastCenterBaseKSintheNewEnergysegment deliversITproject,administrationandhandlingservicesandthetransactionsare basedonmarketterms. USD thousand 2021 2020 KEY MANAGEMENT PERSONNEL COMPENSATION Basesalary 2 185 1 884 Bonus 810 545 Pension 485 367 Otherbenets 354 263 Total 3 834 3 060 Detailedremunerationdisclouresareprovidedintheremunertationreport. USD mill 2021 2020 OPERATING REVENUE FROM RELATED PARTY Sale of goods and services to joint ventures and associates: WAWIgroup 20 20 MaritimeServices 2 3 NewEnergy 2 2 Operating revenue from related party 24 25 OPERATING EXPENSES FROM RELATED PARTY Purchase of goods and services from joint ventures and associates: NewEnergy 5 9 Operating expenses to related party 5 9 ACCOUNT RECEIVABLES FROM RELATED PARTY MaritimeServices 3 4 Account receivables from related party 3 4 ACCOUNT PAYABLES TO RELATED PARTY MaritimeServices 1 4 Account payables to related party 1 4 NON CURRENT ASSETS TO RELATED PARTY MaritimeServices 4 10 StrategicHoldingsandInvestments 1 1 Non current assets to related party 5 11 FINANCIAL REPORTING PRINCIPLES Related parties are dened as entities outside of the group that are under control directly or indirectly, joint control or signicant inuence by the owners of Wilh. Wilhelmsen Holding ASA. All transactions with related parties are entered into on marked terms based on arm’s length principles. Transactions with related parties include shared services and other services provided by the group. Shared Services are priced in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. The services are: • Ship management including crewing, technical and management service • Agency services • Freight and liner services • Marine products • Shared services Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 69 NorSea Group AS Treasure ASA USD mill 2021 2020 2021 2020 Summarised balance sheet Noncurrentassets 526 657 583 699 Currentassets 73 380 27 64 Total assets 599 1 037 610 763 Noncurrentliabilities 210 370 Currentliabilities 141 448 Total liabilities 350 818 0 0 Net assets 249 220 610 763 Summarised income statement/OCI Totalincome 278 263 14 14 Protfortheyear 22 13 (104) 214 Othercomprehensiveincome 5 (3) Total comprehensive income 27 10 (105) 213 ProtallocatedtoNCIs 5 4 (26) 57 DividendspaidtoNCIs 1 1 10 2 Summarised cash ows Netcashowprovidedby/(usedin)operatingactivities 27 32 11 75 Netcashowprovidedby/(usedin)investingactivities (16) (22) (1) Netcashowprovidedby/(usedin)nancingactivities (15) (3) (49) (13) Net increase/(decrease) in cash and cash equivalents (4) 8 (38) 61 USD mill 2021 2020 Total allocation to NCIs Prot/(loss)fortheperiodtomaterialNCIs (21) 61 Prot/(loss)fortheperiodtootherimmaterialNCIs 1 Prot for the period to NCIs (21) 61 2021 Business oce/country Voting/control share NorSeaGroupAS Tananger,Norway 75.15% TreasureASA Lysaker,Norway 74.82% Setoutbelowisthesummarisednancialinformationforthesubsidiarythathasnon-controllinginterests(NCI)materialtothegroup.Theamountsdisclosedare100%and beforeinter-companyeliminations. At31December2021TreasureASAhad6000000ownshares(31December2020had3965000ownshares). Note 21 Subsidiaries with material non-controlling interests FINANCIAL REPORTING PRINCIPLES Non-controlling interest: The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the dierence between any consideration paid and relevant share acquired of the carrying value of net assets of the subsidiary is recorded as an equity transaction. Gains or losses on disposals to non-controlling interests are also recorded as an equity transaction. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 70 Note 22 Contingencies Note 23 Alternative performance measures FINANCIAL REPORTING PRINCIPLES The group and the parent company make provisions for legal claims when a legal or constructive obligation exists as a result of past events, it is more likely than not that an outow of resources will be required to settle the obligation, and the amount can be estimated with a sucient degree of reliability. Provisions are not made for future operating losses. Alternative performance measures Thissectiondescribesnon-GAAPnancialalternativeperformancemeasures(APM) thatmaybeusedinthequarterlyandannualreportsandrelatedpresentations. Thefollowingmeasuresarenotdenednorspeciedintheapplicablenancial reportingframeworkofIFRS.Theymaybeconsideredasnon-GAAPnancial measuresthatmayincludeorexcludeamountsthatarecalculatedandpresented accordingtotheIFRS.TheseAPMsareintendedtoenhancecomparabilityofthe results,balancesheetandcashowsfromperiodtoperiodanditistheCompany’s experiencethatthesearefrequentlyusedbyinvestors,analystsandotherparties. Internally,theseAPMsareusedbythemanagementtomeasureperformanceona regularbasis.TheAPMsshouldnotbeconsideredasasubstituteformeasuresof performanceinaccordancewithIFRS. EBITDAisdenedasTotalincome(Operatingrevenueandgain/(loss)onsaleof assets)adjustedforOperatingexpenses.EBITDAisusedasanadditionalmeasureof operationalprotability,excludingtheimpactfromnancialitems,taxes,depreciation andamortization. EBITDA adjustedisdenedasEBITDAexcludingcertainincomeand/orcostitems whicharenotregardedaspartoftheunderlyingoperationalperformanceforthe period.TheCompanydonotreportEBITDAadjustedonaregularbasis,butmayuse itonacasebycasebasistobetterexplainoperationalperformance. EBITDA marginisdenedasEBITDAasapercentofofTotalincome. EBITDA margin adjustedisdenedasEBITDAadjustedasapercentofTotal income,withTotalincomealsoadjustedforthesameincomeelementsasthose whichhavebeenadjustedforinEBITDAadjusted. EBITisdenedasTotalincome(Operatingrevenueandgain/(loss)onsaleofassets) lessOperatingexpenses,Othergain/lossanddepreciationandamortization.EBIT isusedasameasureofoperationalprotabilityexcludingtheeectsofhowthe operationswerenanced,taxedandexcludingforeignexchangegains&losses. EBIT adjusted, EBIT margin and EBIT margin adjustedwill,ifused,bepreparedin thesamemannerasdescribedunderEBITDA. Net interest-bearing debt (NIBD)isdenedastotalinterestbearingdebt(Non- currentinterest-bearingdebtandCurrentinterest-bearingdebt)lessCashandcash equivalenetsandCurrentnancialinvestments. Equity ratioisdenedasTotalequityasapercentofTotalassets. Note 24 General accounting principles SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Thisnoteprovidesalistofthesignicantaccountingpoliciesadoptedinthe preparationofthesesconsolidatednancialstatementstotheextenttheyarenot disclosedseparatelyintheothernotesintheconsolidatednancialstatementsor inthenotesofthenancialstatementsoftheparentcompany.Accountingpolicies havebeenconsistentlyappliedtoalltheyearspresented,unlessotherwisestated. Historical cost convention Thenancialstatementshavebeenpreparedonahistoricalcostbasis,exceptfor thefollowing: • certainnancialassetsandliabilities(includingderivativeinstruments), • denedbenetpensionplans–planassetsmeasuredatfairvalue. New and amended standards adopted by the group Thefollowingareneworamendedtostandardsandinterpretationshavebeenissued andbecomeeectiveduringthecurrentperiod: AmendmentstoIFRS9FinancialInstruments,IFRS7FinancialInstruments: DisclosuresandIFRS16Leases–InterestRateBenchmarkReformPhase2: DisclosuresandIFRS16Leases,relatingtotheInterestRateBenchmarkReform Phase2,enteredintoforceon1January2021.TheamendmentstoIFRS9entail thatmodicationsofnancialassetsandnancialliabilities,implementedasadirect consequenceoftheInterestRateBenchmarkReform,arerecognisedasachange intheeectiveinterest.Gainsorlossesarisingduetothemodicationarethusnot recognised.Seenote19. Theamendmentslistedabovedidnothaveanyimpactsontheamountsrecognised inpriorperiodsandarenotexpectedtosignicantlyaectthecurrentorfuture periods. New standards and interpretations not yet adopted AmendmenttoIAS1ClassicationofLiabilitiesasCurrentorNon-currentapplicable forannualperiodsbeginningonorafter1January2022.Theamendmentchanges theguidancefortheclassicationofliabilitiesascurrentornon-currentdepending ontherightsthatexistattheendofthereportingperiod. Certainnewaccountingstandardsandinterpretationshavebeenpublishedthatare notmandatoryfor31December2021reportingperiodsandhavenotbeenearly adoptedbythegroup.Thesestandardsarenotexpectedtohaveamaterialimpact ontheentityinthecurrentorfuturereportingperiods. FOREIGN CURRENCY TRANSLATION Functional and presentation currency Itemsincludedinthenancialstatementsofeachofthegroup’sentitiesare measuredusingthecurrencyoftheprimaryeconomicenvironmentinwhichthe entityoperates(‘thefunctionalcurrency’).Theexceptionsareinvestmentsactivity inMalta,whereAustraliandollar(AUD)isthefunctionalcurrencyandtheparent CoastCenterBaseAS(CCB),50%ownedbyNorSeaGroup,lostaoatingdock 26November2018.Thedockisconsideredlostandthefairvaluewasnilby31 December2021.CCBhadpreviouslyrecognisedanaccrualtocovercostsrelatedto asalvageoperation.Localauthoritieshaveissuedtheirconclusionafternalappeal, concludingthatthedockcanremaininitscurrentposition.Assuch,thepreviously recognisedaccrualhavebeenreversedin2021. Thesizeandglobalactivitiesofthegroupdictatethatcompaniesinthegroupwillbe involvedfromtimetotimeindisputesandlegalactions. Thegroupisnotawareofanynancialriskassociatedwithdisputesandlegalactions whicharenotlargelycoveredthroughinsurancearrangements.Nevertheless, anysuchdisputes/actionswhichmightexistareofsuchanaturethattheywillnot signicantlyaectthegroup’snancialposition. Group — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 71 Cont. note 24 General accounting principles companyWilhelmsenMaritimeServices(WMSAS)hasUSdollar(USD).The consolidatednancialstatementsarepresentedinUSD,roundedotothenearest wholemillion. ThepresentationcurrencyoftheseparatestatementsoftheparentisNOKwhich isalsoitsfunctionalcurrency.Theaccountsareroundedotothenearestwhole thousand. Theincomestatementsandbalancesheetsforgroupcompanieswithafunctional currencywhichdiersfromthepresentationcurrency(USD)aretranslatedasfollows: • thebalancesheetistranslatedattheclosingexchangerateonthebalancesheetdate • incomeandexpenseitemsaretranslatedataratethatisrepresentativeas anaverageexchangeratefortheperiod,unlesstheexchangeratesuctuate signicantlyforthatperiod,inwhichcasetheexchangeratesatthedatesofthe transactionsareused • thetranslationdierenceisrecognisedinothercomprehensiveincomeandsplit betweencontrollingandnon-controllinginterests Goodwillandfairvalueadjustmentsofassetsandliabilitiesrelatedtoacquisition ofentitieswhichhaveafunctionalcurrencyotherthanUSDareattributedtothe acquiredentity’sfunctionalcurrencyandtranslatedattheexchangerateprevailing onthebalancesheetdate. Translations and balances Foreigncurrencytransactionsaretranslatedintothefunctionalcurrencyusing theexchangeratesatthedatesofthetransactions.Foreignexchangegainsand lossesresultingfromthesettlementofsuchtransactions,andfromthetranslation ofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesatyearend exchangerates,aregenerallyrecognisedinincomestatement.Theyaredeferred inequityiftheyrelatetoqualifyingcashowhedgesandqualifyingnetinvestment hedgesorareattributabletopartofthenetinvestmentinaforeignoperation. Foreignexchangegainsandlossesarepresentedonanetbasisintheincome statement,withinnancecosts. Non-monetaryitemsthataremeasuredatfairvalueinaforeigncurrencyare translatedusingtheexchangeratesatthedatewhenthefairvaluewasdetermined. Translationdierencesonassetsandliabilitiescarriedatfairvaluearereportedas partofthefairvaluegainorloss. Forexample,translationdierencesonnon-monetaryassetsandliabilitiessuch asequitiesheldatfairvaluethroughincomestatementarerecognisedinincome statementaspartofthefairvaluegainorloss,andtranslationdierenceson non-monetaryassetssuchasequitiesclassiedasatfairvaluethroughother comprehensiveincomearerecognisedinothercomprehensiveincome. Group companies Theresultsandnancialpositionofforeignoperations(noneofwhichhasthe currencyofahyperinationaryeconomy)thathaveafunctionalcurrencydierentfrom thepresentationcurrencyaretranslatedintothepresentationcurrencyasfollows: • assetsandliabilitiesforeachbalancesheetpresentedaretranslatedattheclosing rateatthedateofthatbalancesheet • incomeandexpensesforeachstatementofprotorlossandstatementof comprehensiveincomearetranslatedataverageexchangerates(unlessthisisnot areasonableapproximationofthecumulativeeectoftheratesprevailingonthe transactiondates,inwhichcaseincomeandexpensesaretranslatedatthedates ofthetransactions),and • allresultingexchangedierencesarerecognisedinothercomprehensiveincome. Onconsolidation,exchangedierencesarisingfromthetranslationofanynet investmentinforeignentities,andofborrowingsandothernancialinstruments designatedashedgesofsuchinvestments,arerecognisedinothercomprehensive income.Whenaforeignoperationissoldoranyborrowingsformingpartofthenet investmentarerepaid,theassociatedexchangedierencesarereclassiedtoprot orloss,aspartofthegainorlossonsale. Goodwillandfairvalueadjustmentsarisingontheacquisitionofaforeignoperation aretreatedasassetsandliabilitiesoftheforeignoperationandtranslatedatthe closingrate. BUSINESS COMBINATION Theacquisitionmethodofaccountingisusedtoaccountforallbusiness combinations,regardlessofwhetherequityinstrumentsorotherassetsareacquired. Theconsiderationtransferredfortheacquisitioncomprisesthe: • fairvalueoftheassettransferred • liabilitiesincurredtotheformerownersoftheacquiredbusiness • equityinterestsissuedbythegroup • fairvalueofanyassetsorliabilityresultingfromacontingentconsideration arrangement,and • fairvalueofanypre-existingequityinterestinthesubsidiary. Identiableassetsacquiredandliabilitiesandcontingentliabilitiesassumedina businesscombinationare,withlimitedexceptions,measuredinitiallyattheirfair valuesattheacquisitiondate.Thegrouprecognisesanynon-controllinginterest intheacquiredentityonanacquisition-by-acquisitionbasiseitheratfairvalueor atnon-controllinginterest’sproportionateshareoftheacquiredentity’snet identiableassets. Acquisition-relatedcostsareexpensedasincurred. Goodwillisrecognisedastheexcessofthe; • considerationtransferred, • amountofanynon-controllinginterestintheacquiredentity,and • acquisition-datefairvalueofanypreviousequityinterestsintheacquiredentity overthefairvalueofthenetidentiableassetsacquired. Ifthoseamountsarelessthanthefairvalueofthenetidentiableassetsofthe businessacquired,thedierenceisrecogniseddirectlyinprotorlossasabargain purchase. Contingentconsiderationisclassiedeitherasequityoranancialliability.Amounts classiedasanancialliabilityaresubsequentlyremeasuredtofairvaluewith changesinfairvaluerecognisedintheincomestatement. Ifthebusinesscombinationisachievedinstages,theacquisitiondatecarryingvalue oftheacquirer’spreviouslyheldequityinterestintheacquireisremeasuredtofair valueattheacquisitiondate.Anygainorlossesarisingfromsuchremeasurementare recognisedinincomestatement. Note 25 Events after the balance sheet date InJanuary2022,WilhelmsenShipManagement,partoftheMaritimeServices segment,signedanagreementtoacquire80%ofthesharesinAhrenkielTankers (toberenamedBarberShipManagement). InFebruary,WilhelmsenNewEnergyacquired21%stakeinReachSubseaASA.The investmentwillbeapartofNewEnergysegment. Thegrouphas25full-timeemployeesinUkraineand31full-timeemployeesin Russia.Wilhelmsenisinlinewithotherinternationalcompaniescomplyingwith relevantsanctionsimplementedinrelationtothesituationinUkraine.Asaresultof thenatureandscopeofthegroup’sbusinessinthetwocountries,thesituationwill havelimiteddirectimpactofgroupperformance. Noothermaterialeventsoccurredbetweenthebalancesheetdateandthedate whentheaccountswerepresentedwhichprovidenewinformationaboutconditions prevailingonthebalancesheetdate. Accounts andnotes –parent company 4 Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 72Parent — Accounts and notes Taking extra care to look out for our employees, both at sea or onshore, during the ongoing pandemic has been essential. Whether through site risk assessments, safety, mental health and wellness campaigns, employee engagement surveys, and crew vaccinations. Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 73Parent — Accounts and notes Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 74 NOK thousand Note 2021 2020 Operating income 1 24 062 27 581 Operating expenses Employeebenets 2 (89 686) (75 425) Operatingexpenses 1 (42 818) (44 528) Depreciation 3 (4 700) (6 376) Total operating expenses (137 204) (126 329) Operating loss (113 142) (98 748) Financial income/(expenses) Netnancialincome 1 838 403 323 778 Netnancialexpenses 1 (42 972) (13 661) Financial income/(expenses) 795 431 310 118 Prot before tax 682 289 211 369 Taxincome/(expense) 5 11 741 (23 212) Prot for the year 694 030 188 157 Transfers and allocations To/(from)equity 381 970 (34 743) Proposeddividend 178 320 222 900 Interimdividendpaid 133 740 Total transfers and allocations 694 030 188 157 NOK thousand Note 2021 2020 Protfortheyear 694 030 188 157 Items that will not be reclassied to the income statement Remeasurementpostemploymentbenets,netoftax 11 (3 000) (14 336) Total comprehensive income 691 030 173 821 Notes 1 to 15 on the next pages are an integral part of these nancial statements. Income statement Wilh. Wilhelmsen Holding ASA Comprehensive income Wilh. Wilhelmsen Holding ASA Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 75 NOK thousand Note 31.12.2021 31.12.2020 ASSETS Non current assets Deferredtaxasset 5 61 830 49 643 Intangibleassets 3 59 1 354 Tangibleassets 3 8 927 9 702 Right-of-use-assets 4 34 140 16 802 Investmentsinsubsidiariesandassociates 6 5 182 787 4 859 064 Subleasereceivable 4/14 244 704 114 031 Othernoncurrentassets 14 34 259 Total non current assets 5 566 707 5 050 596 Current assets Currentnancialinvestments 8/9 1 189 234 1 055 001 Tradeandotherreceivables 14 18 399 4 689 Subleasereceivable 4/14 28 881 35 037 Othercurrentassets 7/9/14 61 475 59 152 Cashandcashequivalents 9 158 012 108 481 Total current assets 1 456 001 1 262 359 Total assets 7 022 708 6 312 955 EQUITY AND LIABILITIES Equity Paid-incapital 891 600 928 076 Ownshares (36 476) Retainedearnings 5 234 221 4 855 251 Total equity 6 125 821 5 746 851 Non current liabilities Pensionliabilities 11 70 221 66 413 Leaseliabilities 4 278 275 128 216 Othernoncurrentliabilities 7 890 Total non current liabilities 348 496 195 519 Current liabilities Publicdutiespayable 4 687 4 829 Tradeandotherpayables 14 4 117 5 267 Currentportionofpropertyleaseliabilities 4 31 221 39 033 Othercurrentliabilities 7/12/14 508 366 321 455 Total current liabilities 548 391 370 584 Total equity and liabilities 7 022 708 6 312 955 Notes 1 to 15 on the next pages are an integral part of these nancial statements. Balance sheet Wilh. Wilhelmsen Holding ASA Lysaker,23March2022 TheboardofdirectorsofWilh.WilhelmsenHoldingASA Electronicallysigned CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO) Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 76 NOK thousand Note 2021 2020 Cash ow from operating activities Protbeforetax 682 289 211 369 Financial(income)/expenses (795 431) (310 118) Depreciation 3/4 4 700 6 376 Gainonsaleofxedasset 3 (789) Changeinnetpensionliability (38) (2 005) Changeinworkingcapital 23 437 (12 737) Net cash provided by operating activities (85 043) (107 904) Cash ow from investing activities Proceedsfromsaleofxedassets 3 611 Investmentsinxedassets 3 (204) Investmentsinsubsidaries 6 (323 723) Repaymentofnancialsublease 4 33 860 33 649 Loans(to)/fromsubsidiaries,cashpool 9 (30 815) (71 765) Proceedsfromsaleofnancialinvestments 334 720 480 751 Purchaseofcurrentnancialinvestments (411 213) (475 665) Dividend/groupcontributionfromgroupcompanies 622 534 364 178 Dividendandothernancialincomereceivedfromnancialassets 93 701 11 121 Paidwitholdingtaxdividendportfoliomanagement (614) Interestreceivedincludedinterestsofsubleasereceivable 1 14 608 7 525 Changesinotherinvestments 5 302 Net cash ow from investing activities 339 585 348 977 Cash ow from nancing activities Repaymentofdebt (200 000) Proceedsfromissueofdebt 200 000 Repaymentofnancialleasedebt 4 (36 711) (37 314) Interestpaidincludedinterestofnancialleasedebt (11 660) (11 855) Dividendtoshareholders (356 640) (89 160) Net cash ow from nancing activities (205 011) (338 330) Net increase in cash and cash equivalents 49 531 (97 256) Cashandcashequivalents,atthebeginningoftheperiod 108 481 205 737 Cash and cash equivalents at 31.12 158 012 108 481 Thecompanyhasseveralbankaccountsindierentcurrencies.Unrealisedcurrencyeectsareincludedinnetcashprovidedbyoperatingactivities. Notes 1 to 15 on the next pages are an integral part of these nancial statements. Cash flow statement Wilh. Wilhelmsen Holding ASA Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 77 At31December2021thecompany’ssharecapitalcomprises34000000ClassA sharesand10580000ClassBshares,totalling44580000shareswithanominal valueofNOK20each.ClassBsharesdonotcarryavoteatthegeneralmeeting. Otherwise,eachshareconfersthesamerightsinthecompany. 1823824ownshareswerecancelledduring2021,resultinginnilsharesat31 December2021. Dividend Theproposeddividendforscalyear2021isNOK4.00pershare,payableinthe secondquarter2022.Adecisionontheproposalwillbetakenbytheannualgeneral meetingon27April2022. Dividendforscalyear2020wasNOK8.00pershareandwaspaidinApril2021 (NOK5.00pershare)andinDecember2021(NOK3.00pershare). Dividendforscalyear2019wasNOK2.00pershareandwaspaidinMay2020. STATEMENT OF CHANGES IN EQUITY NOK thousand Note Share capital Own shares Retained earnings Total Current year's change in equity Equityat31.12.2020 928 076 (36 476) 4 855 251 5 746 851 Proposeddividend (178 320) (178 320) Interimdividendpaid (133 740) (133 740) Liquidationofownshares (36 476) 36 476 0 Protfortheyear 694 030 694 030 Comprehensiveincomefortheyear (3 000) (3 000) Equity at 31.12.2021 891 600 0 5 234 221 6 125 821 NOK thousand Share capital Own shares Retained earnings Total 2020 change in equity Equityat31.12.2019 928 076 (36 476) 4 904 330 5 795 930 Proposeddividend (222 900) (222 900) Protfortheyear 188 158 188 158 Comprehensiveincomefortheyear (14 336) (14 336) Equity at 31.12.2020 928 076 (36 476) 4 855 251 5 746 851 Equity Wilh. Wilhelmsen Holding ASA Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 78 NOK thousand Note 2021 2020 OPERATING INCOME Otherincome 182 244 Incomefromgroupcompanies 14 23 880 26 548 Total operating income 24 062 27 581 OTHER OPERATING EXPENSES Expensestogroupcompanies 14 (12 804) (13 648) CommunicationandITexpenses (5 622) (6 157) Externalservices 2 (10 348) (11 266) Travelandmeetingexpenses (446) (1 006) Marketingexpenses (1 444) (1 763) Otheradministrationexpenses (12 155) (10 689) Total other operating expenses (42 818) (44 528) Financial income Investmentmanagement 8 194 196 107 886 Interestincome 14 6 283 520 Interestincomenancialsublease 8 154 7 200 Dividend/groupcontributionfromassociatesandsubsidiaries 14 622 135 164 178 Othernancialincome 7 636 1 046 Netcurrencygain 42 948 Net nancial income 838 403 323 778 Financial expenses Interestexpenses (3 507) (3 784) Interestexpensesnanciallease (8 154) (8 071) Othernancialitems (1 879) (1 805) Netcurrencyloss (29 433) Net nancial expenses (42 972) (13 661) Net nancial income 795 431 310 118 Note 1 Combined items, income statement Note 2 Employee benefits NOK thousand 2021 2020 Pay 65 872 52 668 Payrolltax 9 464 9 033 Pensioncost 9 111 7 632 Otherremuneration 5 240 6 091 Total employee benets 89 686 75 425 Averagenumberofemployees 30 31 Detailedremunerationdisclosuresareprovidedintheremunerationreport. EXPENSED AUDIT FEE (excluding VAT) NOK thousand 2021 2020 Statutoryaudit 651 535 Otherservicefees 263 307 Total expensed audit fee 914 842 Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 79 Note 3 Intangible and tangible assets NOK thousand Intangible assets Properties Other tangible assets Total 2021 Costat01.01 7 277 10 582 9 084 26 943 Disposals (894) (894) Cost at 31.12 6 383 10 582 9 084 26 050 Accumulateddepreciationat01.01 (5 923) (3 867) (6 097) (15 888) Depreciation/amortisation (684) (423) (351) (1 458) Disposals 283 283 Accumulated depreciation at 31.12 (6 324) (4 290) (6 448) (17 063) Carrying amounts at 31.12 59 6 292 2 636 8 987 Depreciation/amortisationintangibleandtangibleassets (1 458) Depreciationofright-of-useassets (3 241) Total depreciation 2021 (4 700) 2020 Costat01.01 8 601 10 582 9 084 28 267 Additions 204 204 Disposals (1 528) (1 528) Cost at 31.12 7 277 10 582 9 084 26 943 Accumulateddepreciationat01.01 (4 717) (3 444) (5 674) (13 835) Depreciation/amortisation (1 329) (423) (423) (2 176) Disposals 123 123 Accumulated depreciation at 31.12 (5 923) (3 867) (6 097) (15 888) Carrying amounts at 31.12 1 354 6 715 2 987 11 056 Depreciation/amortisationintangibleandtangibleassets (2 176) Depreciationofright-of-useassets (4 200) Total depreciation 2020 (6 376) Usefullife Upto3years Upto25years 3-10years Amortisation/depreciationschedule Straight-line Straight-line Straight-line Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 80 THE LEASE CONTRACTS Thecompanyhasleasesrelatedtopropertyandland.Themainpartoftheleasing liabilityrefertoheadquarterandparkingplaces.Theexternalleaseofheadquarteris subleasedtogroupcompany.Theright-of-useassetsrelatedtointernalleaseofthe company’slocationinStrandveien20. Summary of the lease liabilities in the nancial statements NOK thousand 2021 Leaseliabilityat1January2021 167 249 Cashpaymentsfortheprincipalportionoftheleaseliability (36 711) Cashpaymentsfortheinterestportionoftheleaseliability (8 154) Interestexpenseonleaseliabilities 8 154 Additionsandremeasurements 178 957 Lease liability at 31 December 2021 309 495 2020 Leaseliabilityat1January2020 222 193 Cashpaymentsfortheprincipalportionoftheleaseliability (37 314) Cashpaymentsfortheinterestportionoftheleaseliability (8 071) Interestexpenseonleaseliabilities 8 071 Additionsandremeasurements (17 629) Lease liability at 31 December 2020 167 249 Allnancialleaseisleasedfromexternalparty. Summary of sublease receivable NOK thousand 2021 Subleasereceivableat01.01 149 068 Newsubleaseagreements/changeofestimates 158 377 Repaymentofsubleasereceivable (33 860) Sub lease receivable at 31.12 273 585 Noncurrentsubleasereceivable 244 704 Currentsubleasereceivable 28 881 Total nancial sub lease receivable at 31.12 273 585 2020 Subleasereceivableat01.01 200 482 Newsubleaseagreements/changeofestimates (17 765) Repaymentofsubleasereceivable (33 649) Sub lease receivable at 31.12 149 068 Noncurrentsubleasereceivable 114 031 Currentsubleasereceivable 35 037 Total nancial sub lease receivable at 31.12 149 068 PropertyincludingparkingplacesaresubleasedtothesubsidiaryWilServicein2021and2020. Note 4 Right-of-use assets and lease liabilities Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 81 Cont. note 4 Right-of-use assets and lease liabilities Summary of right-of-use assets not subleased to subsidiary NOK thousand 2021 Note Property Right-of-useassetsat01.01 25 196 Additionsandremeasurements 20 580 Right-of-use assets cost at 31.12 45 776 Accumulateddepreciationat01.01 (8 395) Depreciation (3 241) Accumulated depreciation at 31.12 3 (11 636) Carrying amounts at 31.12 34 140 2020 Right-of-useassetsat01.01 25 045 Additionsandremeasurements 151 Right-of-use assets cost at 31.12 25 196 Accumulateddepreciationat01.01 (4 174) Depreciation (4 200) Additions/changeofestimates (20) Accumulated depreciation at 31.12 3 (8 395) Carrying amounts at 31.12 16 802 During2021theleaseagreementforthecompanyandthegroup’sheadquarteratStrandveien20wasextendeduntiltheendof2031. Thecompanyhasnootherleasecontracts. Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 82 NOK thousand 2021 2020 Allocation of tax income Payabletax/withholdingtax (614) Changeindeferredtax 11 741 (22 599) Total tax income/(expenses) 11 741 (23 212) Basis for tax computation Protbeforetax 682 289 211 369 22%tax 150 104 46 501 Tax eect from Netpermanentdierences (161 845) (63 903) Withholdingtax 614 Impairmentofdeferredtaxasset 40 000 Current year calculated tax (11 429) 23 212 Eectivetaxrate neg. 11% Deferred tax asset Tax eect of temporary dierences Fixtures 1 458 1 248 Currentassetsandliabilities 2 023 (10 641) Noncurrentliabilitiesandprovisionsforliabilities 15 449 13 521 Taxlossescarriedforward 42 901 45 514 Deferred tax asset 61 830 49 643 Deferredtaxassetat01.01 49 643 68 198 Taxeectofgroupcontribution (399) Chargetoequity(taxofOCI) 846 4 044 Changeofdeferredtaxthroughincomestatement 11 741 (22 599) Deferred tax asset at 31.12 61 830 49 643 NOK thousand Business oce country Voting share/ ownership share 2021 Book value 2020 Book value Associate WalleniusWilhelmsenASA Lysaker,Norway 37.8% 1 130 964 1 130 964 Subsidiaries TreasureASA Lysaker,Norway 74.8% 1 043 967 1 043 967 WilhelmsenNewEnergyAS Lysaker,Norway 100% 1 728 714 1 405 014 WilhelmsenMaritimeServicesAS Lysaker,Norway 100% 1 264 440 1 264 440 WilNorGovernmentalServicesAS Lysaker,Norway 51% 9 499 9 499 WilhelmsenAccountingServicesAS Lysaker,Norway 100% 3 622 3 622 WilServiceAS Lysaker,Norway 100% 1 550 1 550 Wilh.WilhelmsenInvestAS Lysaker,Norway 100% 23 WilhelmsenGRCSdnBhd KualaLumpur,Malaysia 100% 8 8 Total investments in subsidiaries and associates 5 182 787 4 859 064 At31.12.2021TreasureASAhad6000000ownshares(31.12.2020:3965000ownshares). Note 5 Tax FINANCIAL REPORTING PRINCIPLES Shares in subsidiaries, joint ventures and associated companies are presented according to the cost method in the parent company. Group contribution received is included in dividends from subsidiaries. Group contributions and dividends from subsidiaries are recognised in the parent company the year for which they are proposed by the subsidiary to the extent the parent company can control the decision of the subsidiary through its shareholdings on the balance sheet date. Shares in subsidiaries, joint ventures and associates are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may exceed the recoverable amount of the investment. An impairment loss is reversed if the impairment situation is deemed to no longer exist. Note 6 Investments in subsidiaries and associates Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 83 Note 7 Combined items, balance sheet Note 8 Current financial investments NOK thousand Note 2021 2020 OTHER CURRENT ASSETS Cashpoolintercompanyreceivables 9/14 39 298 30 944 Othercurrentassets 9 163 9 893 Restrictedbankdeposits 9 13 013 18 315 Total other current assets 61 475 59 152 OTHER NON CURRENT LIABILITIES Allocationofcommitment 890 Total other non current liabilities 0 890 OTHER CURRENT LIABILITIES Nextyear'sinstalmentoninterest-bearingdebt 12/13 200 000 Proposeddividend 178 320 222 900 Cashpoolintercompanypayables 9/14 54 616 28 274 Othercurrentliabilities 75 431 70 282 Total other current liabilities 508 366 321 455 Thefairvalueofcurrentreceivablesandpayablesisvirtuallythesameasthecarriedamount,sincetheeectofdiscountingisinsignicant. Lendingisatoatingratesofinterest.Fairvalueisvirtuallyidenticalwiththecarriedamount.Seenote13. NOK thousand 2021 2020 Market value asset management portfolio Equities 678 799 613 060 Bonds 509 680 406 196 Othernancialderivatives 755 35 744 Total current nancial investments 1 189 234 1 055 001 Thefairvalueofallequitysecurities,bondsandothernancialassetsisbasedontheirclosingpricesinanactivemarket. Thenetunrealisedgainat31.12 118 052 119 044 Theportfolioofnancialinvestmentsisheldascollateralwithinasecurities’nancefacility.Seenote12. Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 84 NOK thousand 2021 2020 Undrawn committed drawing rights Undrawncommitteddrawingrightsfor31December 1 039 424 1 156 906 2021 2020 Cash and cash equivalents Banks 158 012 108 481 Total Cash and cash equivalents 158 012 108 481 2021 2020 Restricted bank deposits Banks 13 013 18 315 Total restricted bank deposits 13 013 18 315 WWHASAistheownerofthecashpoolwiththeNorweigiansubsidiariesas participants.Bankbalancesinsubsidiariesarepresentedasintercompany receivables/payablesintheparentnancialstatements.Thecashpoolcovers followingcurrencies;NOK,USD,EUR,SEK,GBP,JPY,AUDandDKK.Thereareno creditlinerelatedtothecashpool. Theparentcompanyhasabankguaranteeforthepayrolltax.Per31December2021 theguaranteeamountedtoNOK7million(31December2020NOK7million). Note 9 Restricted bank deposits and undrawn committed drawing rights Note 10 Equity Shareholders A shares B shares Total number of shares % of total shares % of voting stock TallymanAS 20 784 730 2 281 044 23 065 774 51.74% 61.13% ParetoAksjeNorgeVerdipapirfond 1 126 710 649 794 1 776 504 3.98% 3.31% VerdipapirfondetNordeaNorgeVerdi 343 545 1 193 601 1 537 146 3.45% 1.01% CitibankEuropeplc Nominee 886 979 487 517 1 374 496 3.08% 2.61% CitibankEuropeplc Nominee 690 162 377 666 1 067 828 2.40% 2.03% J.P.MorganBankLuxembourgS.A. Nominee 314 898 622 873 937 771 2.10% 0.93% TheBankofNewYorkMellon Nominee 390 520 385 227 775 747 1.74% 1.15% VJInvestAS 106 029 505 932 611 961 1.37% 0.31% StiftelsenTomWilhelmsen 370 400 236 000 606 400 1.36% 1.09% SkagenVekstVerdipapirfond 600 000 600 000 1.35% 1.76% ForsvaretsPersonellservice 586 000 586 000 1.31% 1.72% Folketrygdfondet 345 191 201 552 546 743 1.23% 1.02% J.P.MorganBankLuxembourgS.A. Nominee 126 875 415 630 542 505 1.22% 0.37% VarnerEquitiesAS 69 169 300 247 369 416 0.83% 0.20% MPPensjonPK 74 965 276 636 351 601 0.79% 0.22% HolmenSpesialfond 339 543 339 543 0.76% 1.00% ClearstreamBankingS.A. Nominee 326 175 3 622 329 797 0.74% 0.96% RBCInvestorServicesBankS.A. Nominee 319 329 319 329 0.72% 0.94% IntertradeShippingAS 10 000 305 000 315 000 0.71% 0.03% SaltValueAS 186 532 123 673 310 205 0.70% 0.55% Other 6 002 248 2 213 986 8 216 234 18.43% 17.65% Total number of shares 34 000 000 10 580 000 44 580 000 100% 100% The largest shareholders at 31 December 2021 Shares on foreigners hands At31December2021,4907784(14.43%)Asharesand3109739(29.39%)Bshareswasheldbyforeignshareholders. Correspondingguresat31December2020were4336816(12.56%)Asharesand2736738(23.29%)Bshares. FINANCIAL REPORTING PRINCIPLES When the parent company purchases its own shares (treasury shares), the consideration paid, including any attributable transaction costs net of income tax, is deducted from the equity attributable to the parent company’s shareholders until the shares are liquidated or sold. Should such shares subsequently be sold or reissued, any consideration received is included in share capital. Proposed dividend for the parent company’s shareholders is shown in the parent company account as a liability at 31 December current year. Group contribution to the parent company is recognised as a nancial income and current asset in the nancial statement at 31 December current year. Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 85 Note 11 Pension Cont. note 10 Equity SHARES OWNED OR CONTROLLED BY REPRESENTATIVES OF WILH. WILHELMSEN HOLDING ASA AT 31 DECEMBER 2021 Name A shares B shares Total Part of total shares Part of voting stock Board of directors CarlE.Steen(chair) 8 000 8 000 0.02% 0.02% TrondØ.Westlie 0.00% 0.00% RebekkaGlasserHerlofsen 0.00% 0.00% KarinUlrikaLaurin 0.00% 0.00% MortenBorge Senior executives ThomasWilhelmsen-groupCEO 20 834 524 2 288 210 23 122 734 51.87% 61.28% ChristianBerg-groupCFO 516 516 0.00% 0.00% Nomination committee GunnarFredrikSelvaag 0.00% 0.00% JanGunnarHartvig 0.00% 0.00% SilvijaSeres 0.00% 0.00% Description of the pension scheme Thecompany’sdenedcontributionpensionschemesforNorwegianemployeesare withnancialinstitute,similarsolutionswithdierentinvestmentfunds. Thecompanyhas“Ekstrapensjon”,acontributionplanforallNorwegianemployees withsalariesexceeding12timestheNorwegianNationalInsurancebaseamount (G).Thecontributionplanreplacedthecompanyobligationsmainlynancedfrom operation.Inadditionthecompanyhasagreementsonearlyretirement.This obligationsaremainlynancedfromoperations.Thecompanyhasobligationtowards oneemployeeinthecompany’sseniorexecutivemanagement.Theobligationis mainlycoveredviagroupannuitypoliciesinStorebrand. Pensioncostsandobligationsincludespayrolltaxes.Noprovisionhasbeenmadefor payrolltaxinpensionplanswheretheplanassetsexceedtheplanobligations. Theliabilityrecognisedinthebalancesheetinrespectoftheremainingdened benetpensionplansisthepresentvalueofthedenedbenetobligationatthe endofthereportingperiodlessthefairvalueofplanassets.Thedenedbenet obligationsarecalculatedannuallybyindependentactuariesusingtheprojectedunit creditmethod.Thepresentvalueofthedenedbenetobligationisdeterminedby discountingtheestimatedfuturecashoutowsusinginterestratesofhigh-quality corporatebondsthataredenominatedinthecurrencyinwhichthebenetswill bepaid,andthathavetermstomaturityapproximatingtothetermsoftherelated pensionobligation. Actuarialgainsandlossesarisingfromexperienceadjustmentsandchangesin actuarialassumptionsarechargedorcreditedtoequityinothercomprehensive incomeintheperiodinwhichtheyarise. Funded Unfunded Number of people covered by pension schemes at 31.12 2021 2020 2021 2020 Inemployment 1 1 1 1 Onretirement(inclusivedisabilitypensions) 5 5 Total number of people covered by pension schemes 1 1 6 6 Expenses Commitments Financial assumptions for the pension calculations: 2021 2020 31.12.2021 31.12.2020 Discountrate 1.60% 2.30% 1.80% 1.60% Anticipatedpayregulation 1.75% 2.00% 2.25% 1.75% AnticipatedincreaseinNationalInsurancebaseamount(G) 1.75% 2.00% 2.25% 1.75% Anticipatedregulationofpensions 0.10% 0.10% 0.10% 0.10% Anticipatedpayregulationarebusinesssectorspecic,inuencedbycomposition ofemployeesundertheplans.AnticipatedincreaseinGistieduptotheanticipated payregulations.Anticipatedregulationofpensionsisdeterminedbythedierence betweenreturnonassetsandthehurdlerate. Actuarialassumptions:allcalculationsarecalculatedonthebasisoftheK2013 mortalitytari.ThedisabilitytariisbasedontheKUtable. Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 86 Cont. note 11 Pension NOK thousand 2021 2020 Funded Unfunded Total Funded Unfunded Total Pension expenses Servicecost 2 276 59 2 335 1 897 57 1 954 Netinterestcost 205 771 976 203 784 987 Costofdenedcontributionplan 5 800 5 800 4 691 4 691 Net pension expenses 8 281 830 9 111 6 791 841 7 632 NOK thousand 2021 2020 Remeasurements - Other comprehensive income Eectofchangesinnancialassumptions (809) 8 378 Eectofexperienceadjustments 4 725 10 278 (Return)onplanassets(excludinginterestincome) (70) (276) Gross remeasurement (gain) loss included in OCI 3 846 18 380 Taxeect 846 4 044 Remeasurement (gain) loss recognised in OCI - net of tax 3 000 14 336 Pension obligations Denedbenetobligationatendofprioryear 82 613 63 960 Servicecost 2 105 1 804 Interestexpense 1 250 1 328 Benetpaymentsfromplan (1 463) (3 135) Eectofchangesinnancialassumptions (809) 8 378 Eectofexperienceadjustments 4 725 10 278 Pension obligations at 31.12 88 421 82 613 Fair value of plan assets Fairvalueofplanassetsatendofprioryear 16 200 13 922 Interestincome 274 422 Employercontributions 1 886 1 811 Administrativeexpensespaidfromplanassets (282) (231) Returnonplanassets(excludinginterestincome) 122 276 Gross pension assets at 31.12 18 200 16 200 Other comprehensive income Grosspensionothercomprehensiveincome 3 794 18 380 Taxeect (835) (4 044) Net equity eect 2 959 14 336 Specication of funded and unfunded obligation Denedbenetobligationfunded 32 669 29 927 Denedbenetobligationunfunded 55 752 52 686 Fairvalueofplanassets 18 200 16 200 Net liability 70 221 66 413 Premiumpaymentsin2022areexpectedtobeNOK8.5million(2021:NOK8.9million).PaymentsfromoperationsareestimatedatNOK1.7million(2021:NOK2.3million). Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 87 Note 12 Interest-bearing debt NOK thousand 2021 2020 Interest-bearing debt Bankloan 200 000 Total interest-bearing debt 200 000 0 Repayment schedule for interest-bearing debt Dueinyear1 200 000 Total interest-bearing debt 200 000 0 Held as collateral within a securities’ nance facility Theportfolioofnancialinvestments 1 188 479 1 019 256 Theparentcompanyhadinadditionundrawnrevolvingfacilitiesat31December 2021.Theparentcompany’snancingarrangementprovidesforcustomarynancial covenantsrelatedtominimumliquidity,andminimumvalueadjustedequityratio.The companywasincompliancewiththesecovenantsat31December2021(analougue for31December2020). FINANCIAL RISK Seenote13totheparentaccountsandnote19tothegroupaccountsforfurther informationonnancialrisk,andnote18tothegroupaccountsconcerningthefair valueofinterest-bearingdebt. CREDIT RISK Guarantees Thegroup’spolicyisthattheparentcompanywillnotprovideanynancial guarantees. Cash and bank deposits Theparent’sexposuretocreditriskoncashandbankdepositsisconsideredtobe verylimitedastheparentmaintainbankingrelationshipswithaselectionofbanks withstrongcreditratings. LIQUIDITY RISK Theparent’sapproachtomanagingliquidityistoensuresucientliquiditytomeetits liabilities,underbothnormalandstressedconditions,withoutincurringunacceptable lossesorriskingdamagetotheparentandgroup’sreputation. Theparent’sliquidityriskisconsideredtobelowinthesensethatitholdssignicant liquidassetsinadditiontoundrawncreditfacilities. FAIR VALUE ESTIMATION Thefairvalueofnancialinstrumentstradedinanactivemarketisbasedon quotedmarketpricesonthebalancesheetdate.Thefairvalueofnancial instrumentsnottradedinanactivemarket(over-the-countercontracts)arebased onthirdpartyquotes.Specicvaluationtechniquesusedtovaluenancial instrumentsinclude: Quotedmarketpricesordealerquotesforsimilarinstruments. Thefairvalueofinterestrateswapsiscalculatedasthepresentvalueofthe estimatedfuturecashowsbasedonobservableyieldcurves. Thefairvalueofinterestrateswapoption(swaption)contractsisdeterminedusing observableyieldcurve,volatilityandtime-to-maturityparametersatthebalance sheetdate,resultinginaswaptionpremium.Thefairvalueofforwardforeign exchangecontractsisdeterminedusingforwardexchangeratesatthebalance sheetdate,withtheresultingvaluediscountedbacktopresentvalue. Thefairvalueofforeignexchangeoptioncontractsisdeterminedusingobservable forwardexchangerates,volatility,yieldcurvesandtime-to-maturityparametersat thebalancesheetdate,resultinginanoptionpremium. Thecarryingvaluelessimpairmentprovisionofreceivablesandpayablesare assumedtoapproximatetheirfairvalues.Thefairvalueofnancialliabilitiesfor disclosurepurposesisestimatedbydiscountingthefuturecontractualcashows atthecurrentmarketinterestratethatisavailabletothecompanyforsimilar nancialinstruments. Note 13 Financial risk Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 88 Thefairvalueofnancialinstrumentstradedinactivemarketsisbasedonclosing pricesatthebalancesheetdate.Amarketisregardedasactiveifquotedprices arereadilyandregularlyavailablefromanexchange,dealer,broker,industrygroup, pricingservice,orregulatoryagency,andthosepricesrepresentactualandregularly occurringmarkettransactionsonanarm’slengthbasis. Thefairvalueofnancialinstrumentsnottradedinanactivemarketisdetermined byusingvaluationtechniques.Thesevaluationtechniquesuseobservablemarket datawhereavailableandrelyaslittleaspossibleonentityspecicestimates.These instrumentsareincludedinlevel2.Instrumentsincludedinlevel2areFXandIR derivatives. Ifoneormoreofsignicantvaluationinputsisnotbasedonobservablemarketdata, theinstrumentsareincludedinlevel3. NOK thousand 2021 Fair value Carrying amount Interest-bearing debt Bankloan 200 000 200 000 Total interest-bearing debt at 31.12 200 000 200 000 2020 Interest-bearing debt Bankloan Total interest-bearing debt at 31.12 0 0 Total nancial instruments and short term nancial investments NOK thousand 2021 Level 1 Level 2 Level 3 Total balance Financial assets to fair value through income statement –Bonds 509 680 509 680 –Equities 678 799 678 799 –Financialderivatives 755 755 Total assets at 31.12 1 188 479 755 0 1 189 234 2020 Financial assets at fair value through income statement –Bonds 406 196 406 196 –Equities 613 060 613 060 –Financialderivatives 35 744 35 744 Total assets at 31.12 1 019 256 35 744 0 1 055 001 Cont. note 13 Financial risk Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 89 Financial instruments by category NOK thousand Financial assets at amortised cost Fair value through income statement Total 2021 Note Assets Subleasereceivablenoncurrent 4 244 704 244 704 Othernoncurrentassets 14 34 259 34 259 Currentnancialinvestments 8 1 188 479 1 188 479 Financialderivatives 8 755 755 Subleasereceivable 4 28 881 28 881 Othercurrentassets 7 79 874 79 874 Cashandcashequivalent 158 012 158 012 Assets at 31.12.2021 545 730 1 189 234 1 734 964 Other nancial liabilities at amortised cost Fair value through income statement TotalNote Liabilities Propertyleaseliabilitiesnoncurrent 4 278 275 278 275 Currentinterest-bearingdebt 7 200 000 200 000 Currentportionofpropertyleaseliabilities 4 31 221 31 221 Othercurrentliabilities 7 263 786 263 786 Liabilities at 31.12.2021 773 281 0 773 281 Other nancial liabilities at amortised cost Fair value through income statement Total 2020 Note Assets Subleasereceivablenoncurrent 4 114 031 114 031 Currentnancialinvestments 8 1 019 256 1 019 256 Financialderivatives 8 35 744 35 744 Subleasereceivable 4 35 037 35 037 Othercurrentassets 7 63 840 63 840 Cashandcashequivalent 108 481 108 481 Assets at 31.12.2020 321 390 1 055 001 1 376 390 Other nancial liabilities at amortised cost Fair value through income statement TotalNote Liabilities Propertyleaseliabilitiesnoncurrent 4 128 216 128 216 Currentportionofpropertyleaseliabilities 4 39 033 39 033 Othercurrentliabilities 7 321 455 321 455 Liabilities at 31.12.2020 488 705 0 488 705 Seenote19tothegroupnancialstatementforfurtherinformationaboutthegroupriskfactors. Cont. note 13 Financial risk Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 90 Shares owned or controlled by related party of Wilh. Wilhelmsen Holding ASA at 31 December 2021 Name A shares B shares Total Part of total shares Part of voting stock FamilyThomasWilhelmsen 20 834 524 2 288 210 23 122 734 51.87% 61.28% NOK thousand 2021 2020 KEY MANAGEMENT PERSONNEL Short-termemployeebenets 26 429 23 644 Key management personnel compensation 26 429 23 644 Detailedremunerationdisclosuresareprovidedintheremunerationreport. NOK thousand Note 2021 2020 OPERATING REVENUE FROM GROUP COMPANIES WAWIgroup 4 443 4 426 MaritimeServices 14 336 16 105 OtherStrategicHoldingsandInvestments 4 467 5 866 NewEnergy 635 150 Operating revenue from group companies 1 23 880 26 548 OPERATING EXPENSES TO GROUP COMPANIES MaritimeServices (5 910) (1 803) StrategicHoldingsandInvestments (6 894) (11 845) Operating expenses to group companies 1 (12 804) (13 648) FINANCIAL INCOME FROM GROUP COMPANIES MaritimeServices 380 722 16 StrategicHoldingsandInvestments 255 995 180 424 Financial income from group companies 1 636 717 180 439 FINANCIAL EXPENSES TO GROUP COMPANIES MaritimeServices (1) StrategicHoldingsandInvestments (2 471) (3 014) Financial expenses to group companies 1 (2 471) (3 016) ACCOUNT RECEIVABLES AND ACCOUNT PAYABLES WITH GROUP COMPANIES Account receivables MaritimeServices 5 155 2 033 StrategicHoldingsandInvestments 1 385 2 Account receivables from group companies 7 6 540 2 036 Account payables MaritimeServices (1 396) (204) StrategicHoldingsandInvestments (80) (171) Account payables to group companies 7 (1 476) (375) TheultimateownerofthegroupWilh.WilhelmsenHoldingASAisTallymanAS,whichholdsabout61%ofvotingsharesofthecompany. TallymanASiscontrolledbyThomasWilhelmsen. WWHASAdeliversservicestoothergroupcompanies,primarilyhumanresources, communicationandtreasury(“SharedServices”). Inaccordancewithservicelevelagreements,WilServiceASdeliversin-house servicessuchascanteen,post,switchboardandrentofocefacilities,Wilhelmsen GlobalBusinessServicesdeliversaccountingservicesandITtoWWH.Generally, SharedServicesarepricedusingacostplus5%margincalculation,inaccordance withtheprinciplessetoutintheOECDTransferPricingGuidelinesandaredelivered accordingtoagreementsthatarerenewedannually. Note 14 Related party transaction Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 91 NOK thousand Note 2021 2020 Cash pool receivables StrategicHoldingsandInvestments 39 298 30 944 Cash pool receivables from group company 9 39 298 30 944 Cash pool payables MaritimeServices (11 276) (15 407) StrategicHoldingsandInvestments (43 340) (12 867) Cash pool payables to group company 9 (54 616) (28 274) NON CURRENT LOAN TO GROUP COMPANIES StrategicHoldingsandInvestments 7 34 259 Non current loan to group companies 34 259 0 NON CURRENT SUBLEASE TO GROUP COMPANIES StrategicHoldingsandInvestments-WilserviceAS 4 244 704 114 031 Non current sublease to group companies 244 704 114 031 CURRENT SUBLEASE TO GROUP COMPANIES StrategicHoldingsandInvestments-WilserviceAS 4 28 881 35 037 Current sublease to group companies 28 881 35 037 Nomaterialeventsoccurredbetweenthebalancesheetdateandthedatewhentheaccountswerepresentedwhichprovidenewinformationaboutconditionsprevailing onthebalancesheetdate. Cont. note 14 Related party transaction Note 15 Events after the balance sheet date Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 92 PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap To the General Meeting of Wilh. Wilhelmsen Holding ASA Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Wilh. Wilhelmsen Holding ASA, which comprise: • The financial statements of the parent company Wilh. Wilhelmsen Holding ASA (the Company), which comprise the balance sheet as at 31 December 2021, the income statement, comprehensive income and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • The consolidated financial statements of Wilh. Wilhelmsen Holding ASA and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2021, the income statement, comprehensive income, consolidated statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion: • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, and • the financial statements give a true and fair view of the financial position of the Group as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by laws and regulations and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in Auditor’s report Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 93 Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA (2) accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 12 years from the election by the general meeting of the shareholders on 25 February 2010 for the accounting year 2010. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The Groups business operations, who continue to evolve due to ongoing improvement projects, are largely the same as last year. We have not identified regulatory changes, transactions or other events that qualified as new Key Audit Matters for this year’s audit. Key Audit Matter How our audit addressed the Key Audit Matter Revenue from contracts with customers This has been an area of focus for the audit due to the amounts involved. Revenue from contracts with customers in the Maritime Services and New Energy segments was USD 555 million and USD 310 million respectively for the year ended December 31, 2021. Further, there is an inherent risk of errors when a business handles multiple revenue streams, where each of them consists of large numbers of transactions that adds up to material amounts. The inherent risk of errors increases from the complexity that sometimes accompany the requirements for management to use judgement, particularly to determine the transaction price and to decide when performance obligations are satisfied. We refer to note 3 Revenue, where management explain the various revenue streams and how they are accounted for under IFRS 15 - Revenue from contracts with customers and IFRS 16 - Leases. Here, management also explains the different performance obligations, measurement of the transaction price and We obtained and studied managements’ accounting policy to assess it against relevant IFRSs. We discussed with management how the specific requirements of the standards, in particular IFRS 15 – Revenue from contracts with customers, were met. We found that we were able to agree with management about their accounting policies and that their assessments were reasonable. To assess the accuracy of their practices, we tested, on a sample basis, each revenue stream towards information such as contract terms, invoices and bank payments. We found that the revenue was recorded accurate and in accordance with the underlying documentation. Further, to assess the determined transaction prices, we obtained an understanding of the price for services and products, including discounts and customer bonus through interviews with management, walkthroughs and review of process descriptions. In addition, we obtained and read a selection of customer contracts to understand whether the determined prices were in accordance with the contract terms. We found no significant deviations in management's assessments. Through interviews with management and review of a selection of sales documentation such as customer contracts and invoices, we obtained an understanding Auditor’s report Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 94 Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA (3) whether income should be recognized net or gross. of the assumptions management assessed to decide on when the performance obligations were satisfied. We concluded that management’s assumptions were reasonable. We compared the related disclosures in note 3 to the financial statements for the Group to the requirements of the applicable financial reporting framework, IFRS. We found that the disclosure appropriately explained the revenue from contracts with customers and lease revenue. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable legal requirements. Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate Governance and Corporate Social Responsibility. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with simplified application of international accounting standards according to the Norwegian Accounting Act section 3-9, and for the preparation and true and fair view of the consolidated financial statements of the Group in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going Auditor’s report Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 95 Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA (4) concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's or the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. Auditor’s report Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 96 Independent Auditor's Report - Wilh. Wilhelmsen Holding ASA (5) We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on compliance with Regulation on European Single Electronic Format (ESEF) Opinion We have performed an assurance engagement to obtain reasonable assurance that the financial statements with file name Wilhelmsen Holding-2021-12-31-en.zip have been prepared in accordance with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the accompanying Regulation on European Single Electronic Format (ESEF). In our opinion, the financial statements have been prepared, in all material respects, in accordance with the requirements of ESEF. Management’s Responsibilities Management is responsible for preparing, tagging and publishing the financial statements in the single electronic reporting format required in ESEF. This responsibility comprises an adequate process and the internal control procedures which management determines is necessary for the preparation, tagging and publication of the financial statements. Auditor’s Responsibilities For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger Oslo, 23 March 2022 PricewaterhouseCoopers AS Thomas Fraurud State Authorised Public Accountant Auditor’s report Parent — Accounts and notes Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 97 Responsibility statement Weconrm,tothebestofourknowledge,thatthecondensedsetofnancial statementsfortheperiod1Januaryto31December2021havebeenpreparedin accordancewithcurrentapplicableaccountingstandardsandgiveatrueandfair viewofthegroupassets,liabilities,nancialpositionandprotfortheentityandthe grouptakenasawhole. Wealsoconrm,thattheBoardofDirectors’Reportincludesatrueandfairreviewof thedevelopmentandperformanceofthebusinessandthepositionoftheentityand thegroup,togetherwithadescriptionoftheprincipalrisksanduncertaintiesfacing theentityandthegroup. Lysaker,23March2022 TheboardofdirectorsofWilh.WilhelmsenHoldingASA Electronicallysigned CarlESteen(chair)MortenBorgeRebekkaGlasserHerlofsen UlrikaLaurinTrondWestlieThomasWilhelmsen(groupCEO) Corporate structure 5 Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 98Group — Corporate structure Despite the challenges posed by the ongoing pandemic, we have consistently provided safe and secure operations. This is testament to the 15000+ Wilhelmsen employees onshore and at sea who will always be our most valuable asset. Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 99Group — Corporate structure Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 100 WWHgroup StrategicHoldingsandInvestments At31December2021 Corporate structure Wallenius WilhelmsenASA 37.82% TreasureASA 74.82% Wilhelmsen GRCSdn.Bhd. DenNorske AmerikalinjeAS HyundaiGlovisLtd 11.00% TreasureASA,Norway 74.82% Norway Unless otherwise stated, the company is wholly-owned. * Wilh. Wilhelmsen Holding Invest Malta Ltd is owned by Wilhelmsen New Energy AS ** 51% owned by Wilh Wilhelmsen Holding ASA and 49% of the shares are owned by NorSea Group Unless otherwise stated, the company is wholly-owned. WalleniusWilhelmsenASA, Norway37.82% MaritimeServicesSegment WilhelmsenMaritimeServicesAS, Norway WilhelmsenNewEnergyAS, Norway NewEnergySegment WilNorGovernmental ServicesAS 100% ** WGSPropertiesAS OlavsvernGroupAS 66% WilServiceAS, Norway WGSSolutionAS Wilh.WilhelmsenHoldingInvestMaltaLtd WilhelmsenAccounting ServicesAS, Norway Wilh.Wilhelmsen InvestAS Forgroupcompanylistsortedbybusinessareaseebelowlist. Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 101 From left: Bjørge Grimholt (Executive vice president Maritime Services), Jan Eyvin Wang (Executive vice president New Energy), Thomas Wilhelmsen (group CEO), Benedicte Teigen Gude (Executive vice president HR, culture, and communication) and Christian Berg (group CFO). Maritimeservices WilhelmsenInsuranceServicesAS DenholmPortServicesLtd 40% Unless otherwise stated, the company is wholly-owned. Business area Legal entity WilhelmsenShipManagement WilhelmsenShipManagement HoldingASNorway WilhelmsenShipsService WilhelmsenShipsServiceAS, Norway Forgroupcompanylistsortedbybusinessareaseebelowlist. Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 102 Maritimeservices Company name Country Ownership % Wilhelmsen Maritime Services WilhelmsenInsuranceServicesAS Norway 100.00% Wilhelmsen Ship Management WilhelmsenShipManagementServiçosMarítimosdoBrasilLtda Brazil 100.00% WilhelmsenMarinePersonneld.o.o. Croatia 100.00% DianaWilhelmsenManagementLimited Cyprus 50.00% WilhelmsenAhrenkielGmbH Germany 50.00% VerwaltungWilhelmsenAhrenkielGmbH Germany 50.00% BWWLPGLimited HongKong 49.00% Barklav(HongKong)Limited HongKong 50.00% WilhelmsenMarinePersonnel(HongKong)Ltd HongKong 100.00% WilhelmsenShipManagementLimited HongKong 100.00% WSMGlobalServicesLimited HongKong 100.00% WilhelmsenShipManagement(India)PrivateLimited India 100.00% BWWLPGSdnBhd(inliquidation) Malaysia 49.00% WilhelmsenShipManagementSdnBhd Malaysia 100.00% WilhelmsenShipManagementServicesSdnBhd(inliquidation) Malaysia 100.00% WilhelmsenAhrenkielNetherland Netherland 50.00% WilhelmsenMarinePersonnel(Norway)AS Norway 100.00% WilhelmsenShipManagement(Norway)AS Norway 100.00% OOPS(Panama)SA Panama 100.00% Wilhelmsen-SmithBellManningInc Philippines 25.00% * WilhelmsenMarinePersonnelSpz.o.o. Poland 100.00% WilhelmsenShipManagementKoreaLtd RepublicofKorea 100.00% BarklavSRL Romania 50.00% WilhelmsenMarinePersonnelNovorossiyskLtd Russia 100.00% WilhelmsenShipManagementSingaporePteLtd Singapore 100.00% WilhelmsenShipManagementDenizcilikVeTicaretAnonimSirketi Turkey 100.00% WilhelmsenMarinePersonnel(Ukraine)Ltd Ukraine 100.00% WilhelmsenShipManagement(USA)Inc UnitedStates 100.00% WilhelmsenShipManagementUKLimited UnitedKingdom 100.00% WilhelmsenMarinePersonnel(Ukraine)Ltd Ukraine 100.00% WilhelmsenShipManagement(USA)Inc UnitedStates 100.00% Wilhelmsen Ships Service WilhelmsenShipsServiceAlgeriaSPA Algeria 49.00% * WilhelmsenShipsServiceArgentinaSA Argentina 100.00% HunterMarineHoldingsPtyLtd Australia 60.00% CargomaxPtyLtd Australia 60.00% HunterMarineSurveyorsPtyLtd Australia 60.00% WilhelmsenShipsServicePtyLimited Australia 100.00% WilhelmsenMarineProductsPtyLtd Australia 100.00% WLBShippingPtyLtd Australia 100.00% WWHIPropertyAustraliaPtyLtd Australia 100.00% AlmoayedWilhelmsenLtd Bahrain 40.00% * WilhelmsenShipsServiceNV Belgium 100.00% WilhelmsenShipsServicedoBrasilLtda Brazil 100.00% WilhelmsenPortServicesBrasilLtda Brazil 100.00% WilhelmsenShipsServiceLtd Bulgaria 100.00% WilhelmsenShipsServiceInc Canada 100.00% WilhelmsenShipsServiceAgenciaMaritimaSA Chile 100.00% WilhelmsenShipsService(Chile)S.A. Chile 100.00% WilhelmsenHuayangShipsService(Beijing)CoLtd China 50.00% WilhelmsenHuayangShipsService(Shanghai)CoLtd China 49.00% * WilhelmsenShipsServiceCoLtd China 100.00% WilhelmsenShipsServiceColombiaSAS Colombia 100.00% WilhelmsenShipsServiceCoted'IvoireSARL Coted'Ivoire 100.00% WilhelmsenShipsServiceCyprusLtd Cyprus 100.00% WilhelmsenShipsServiceA/S Denmark 100.00% WilhelmsenShipsServiceEcuadorSA Ecuador 100.00% BarwilArabiaShippingAgenciesSAE Egypt 35.00% BarwilEgytransShippingAgenciesSAE Egypt 49.00% * Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 103 cont.Maritimeservices Company name Country Ownership % Wilhelmsen Ships Service ScanArabiaShippingAgenciesSAE Egypt 49.00% * WilhelmsenShipsServiceLLC(Egypt) Egypt 100.00% WilhelmsenShipsServiceOyAb Finland 100.00% AuxiliaireMaritimeSAS France 100.00% WilhelmsenShipsServiceFranceSAS France 100.00% WilhelmsenMarineProductsFranceSAS France 100.00% WilhelmsenShipsServiceGeorgiaLtd Georgia 50.00% BarwilAgenciesGmbH Germany 100.00% WilhelmsenShipsServiceGmbH Germany 100.00% WilhelmsenShipsService(Gibraltar)Limited Gibraltar 100.00% Wiltrans(Gilbraltar)Limited Gibraltar 100.00% WilhelmsenShipsServiceHellasSA Greece 100.00% WilhelmsenShipsAgencyHellasSMS.A Greece 100.00% WilhelmsenShipsServiceLimited HongKong 100.00% WilhelmsenMaritimeServicesPrivateLimited India 100.00% BarwilForMaritimeServicesCoLtd Iraq 100.00% Iraqi-NorwegianCompanyForMarineNavigationandMaritimeServicesLtd Iraq 100.00% WilhelmsenShipsServiceSpA Italy 100.00% WilhelmsenShipsService(Japan)PteLtd-LegalBranch Japan 100.00% WilhelmsenShipsServiceCoLtd Japan 100.00% WilhelmsenShipsServiceLtd Kenya 100.00% AlghanimBarwilShippingCo-KutaybaYusufAhmed&PartnersWLL Kuwait 49.00% WilhelmsenShipsServiceLebanonSAL Lebanon 49.00% WilhelmsenFreight&LogisticsSdnBhd Malaysia 100.00% WilhelmsenITServicesSdnBhd Malaysia 100.00% WilhelmsenShipsServiceHoldingsSdnBhd Malaysia 100.00% WilhelmsenShipsServiceMalaysiaSdnBhd Malaysia 100.00% WilhelmsenShipsServiceTradingSdnBhd Malaysia 100.00% WSSGlobalBusinessServicesSdnBhd Malaysia 100.00% WilhelmsenShipsServiceMaltaLimited Malta 100.00% UnitordeMexico,SAdeCV Mexico 100.00% WilhelmsenShipsService(Mozambique),Limitada Mozambique 100.00% WilhelmsenShipsService(Myanmar)Limited Myanmar 100.00% WilhelmsenShipsServiceBV Netherlands 100.00% WilhelmsenPortServicesB.V. Netherlands 100.00% UnitorShipsServiceNVNetherlandAnthilles NetherlandsAntilles 100.00% WilhelmsenShipsServiceLimited NewZealand 100.00% WilhelmsenPortServicesLimited NewZealand 100.00% BarwilAgenciesAS Norway 100.00% WilhelmsenChemicalsAS Norway 100.00% WilhelmsenGlobalBusinessServicesAS Norway 100.00% WilhelmsenShipsServiceAS Norway 100.00% WilhelmsenTowellCoLLC Oman 60.00% WilhelmsenShipsService(Private)Limited Pakistan 49.00% * BarwilAgenciesSA Panama 100.00% IntertransportAirLogisticsSA Panama 100.00% LowillSA Panama 100.00% ScanCargoServicesSA Panama 100.00% TranscanalAgencySA Panama 100.00% WilhelmsenShipsServiceSA Panama 100.00% Wilhelmsen-SmithBell(Subic)Inc Philippines 25.00% Wilhelmsen-SmithBellShippingInc Philippines 25.00% * WilhelmsenShipsServicePhilippinesInc Philippines 25.00% WilhelmsenShipsServicePolskaSpz.o.o. Poland 100.00% WilhelmsenBusinessServicesCenterSp.z.o.o. Poland 100.00% Argomar-NavegcaoeTransportesSA Portugal 100.00% WilhelmsenShipsServicePortugal,S.A Portugal 100.00% PerezTorresPortugalLda Portugal 50.00% WilhelmsenShipServicesQatarLtd Qatar 0.00% * WilhelmsenHyopwoonShipsServiceLtd RepublicofKorea 50.00% WilhelmsenShipServicesCoLtd RepublicofKorea 100.00% BarwilStarAgenciesSRL Romania 100.00% Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 104 * Additional prot share agreement cont.Maritimeservices Company name Country Ownership % Wilhelmsen Ships Service WilhelmsenShipsServiceOOO Russia 100.00% LimitedLiabilityCompany"WilhelmsenMarineProducts" Russia 100.00% BarwilAgenciesLtdForShipping SaudiArabia 70.00% BinzagrBarwilMaritimeTransportCoLtd SaudiArabia 50.00% WilhelmsenShipsServiceSenegalSUARL Senegal 100.00% UnitorCylinderPteLtd Singapore 100.00% WilhelmsenShipsService(Japan)PteLtd Singapore 100.00% WilhelmsenShipsService(S)PteLtd Singapore 100.00% WilhelmsenGlobalHusbandryServicesPteLtd Singapore 100.00% HavtecPteLtd Singapore 100.00% WilhelmsenPortServices(S)Pte.Ltd. Singapore 100.00% TimmSlovakias.r.o Slovakia 100.00% Barwil(SouthAfrica)PtyLtd SouthAfrica 100.00% Krew-Barwil(Pty)Ltd SouthAfrica 49.00% WilhelmsenShipsServices(Pty)Ltd SouthAfrica 100.00% WilhelmsenShipsServicesSouthAfrica(Pty)Ltd SouthAfrica 70.00% WilhelmsenShipsServiceCanariasSA Spain 100.00% WilhelmsenShipsServiceSpainSAU Spain 100.00% WilhelmsenPortServicesSpainS.L Spain 100.00% BaasherBarwilAgenciesLtd. Sudan 50.00% WilhelmsenShipsServiceAB Sweden 100.00% WilhelmsenShipsServiceInc Taiwan 100.00% WilhelmsenShipServicesLtd Tanzania 100.00% WilhelmsenShipsService(Thailand)Ltd Thailand 49.00% * WilhelmsenDenizcilikHizmetleriLtdSirketi Tur key 100.00% WilhelmsenLojistickHizmetleriLtdSirketi Turkey 100.00% WilhelmsenShipsServiceUkraineLtd Ukraine 100.00% BarwilDubaiLLC UnitedArabEmirates 49.00% * WilhelmsenShipServicesLLC UnitedArabEmirates 42.50% TriangleShippingAgenciesLLC UnitedArabEmirates 49.00% * WilhelmsenShipsServiceAS(DubaiBranch) UnitedArabEmirates 100.00% WilhelmsenMaritimeServicesJAFZA UnitedArabEmirates 100.00% WilhelmsenShipsServiceLLC-Fujairah UnitedArabEmirates 49.00% * WilhelmsenPortServicesL.L.C UnitedArabEmirates 100.00% DenholmWilhelmsenLtd UnitedKingdom 40.00% WilhelmsenShipsServiceLimited UnitedKingdom 100.00% WilhelmsenShipsServiceInc UnitedStates 100.00% UnitorHoldingInc UnitedStates 100.00% WilhelmsenPortServices,Inc UnitedStates 100.00% InternationalShippingCoLtd Vietnam 0.00% * WilhelmsenSunnytransCoLtd Vietnam 49.00% * Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 105 NewEnergy * NorSea Wind Holding AS is owned 50% by Wilhelmsen Ship Management Holding AS and NorSea Group NorSeaWindHoldingAS RaaLabsAS MassterlyAS 50% DolittleAS 45.97% LokeMarineMineralsAS 18% IvaldiGroupInc 10% EddaWindASA 25.66% WilhelmsenNewEnergyAS TopekaHoldingAS TopekaNattrutenAS NorSeaGroupAS 75.15% NewEnergy Company name Country Ownership % NorSeaGroupAustraliaPTYLtd Australia 100.00% NorSeaDenmarkA/S Denmark 100.00% NorSeaDenmarkPropertyA/S Denmark 100.00% NorSeaWindA/S Denmark 100.00% * NSGWindA/S Denmark 100.00% * NorSeaWindGmbH Germany 100.00% * RaaLabsAS Norway 100.00% ** DolittleAS Norway 45.97% ** MassterlyAS Norway 50.00% ** LokeMarineMineralsAS Norway 18.00% *** NorSeaPropertyAS Norway 100.00% NorSeaImpactAS Norway 100.00% NorSeaIndustrialHoldingAS Norway 100.00% NorSeaWindHoldingAS Norway 100.00% * CCBEnergyHoldingAS Norway 50.00% VestbaseEiendomAS Norway 100.00% AverøyEiendomAS Norway 100.00% OrvikanEiendomAS Norway 100.00% NorSeaFighterAS Norway 100.00% NorSeaEiendomDusavikAS Norway 100.00% NorSeaEiendomTanangerAS Norway 100.00% NorSeaTananger107AS Norway 100.00% TanangerEiendomAS Norway 100.00% KoncivAS(tidlNSGDigitalAS) Norway 49.91% Forgroupcompanylistsortedbybusinessareaseebelowlist. Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 106 cont.NewEnergy Company name Country Ownership % MaritimeWasteManagementAS Norway 75.00% NorSeaNorbaseAS Norway 78.95% OSExpresseneAS Norway 100.00% NSGMaritimeAS Norway 78.00% WestportAS Norway 66.66% ElevonAS Norway 50.00% CCBHoldingAS Norway 50.00% VikanNæringsparkInvestAS Norway 50.00% DusavikUtviklingAS Norway 43.60% SørSeaAS Norway 50.00% PolarliftAS Norway 50.00% PolarAlgaeAS Norway 40.00% KSCoastCenterBase Norway 49.75% RisavikaEiendomAS Norway 42.00% EldøyaneNæringsparkAS Norway 37.97% LoVeMiljøbaseAS Norway 33.33% RisavikaHavnering14AS Norway 100.00% StrandparkenHoldingAS Norway 33.07% LogiteamAS Norway 17.00% CCBSubseaAS Norway 17.00% HammerfestNæringsinvestAS Norway 32.26% WindworksJelsaAS Norway 33.33% NarvikeiendommenAS Norway 49.00% Norsea123Ltd. Scotland 100.00% NorSeaUKLtd Scotland 100.00% EvelonAB Sweden 50.00% NorSeaWindLtd UnitedKingdom 100.00% * * Own 50% by Wilhelmsen Ship Management Holding AS and 50% by NorSea group ** Own by Wilhelmsen New Energy AS *** Own 9% by Wilhelmsen New Enery AS and 9% by NorSea group Group — Corporate structure Wilh.WilhelmsenHoldingASAAnnualReport2021 — Page 107 wilhelmsen.com Phone: (+47) 67 58 40 00 Postal address: PO Box 33, NO-1324 Lysaker, Norway Visiting address: Strandveien 20, NO-1366 Lysaker, Norway Follow us on Twitter | Facebook | LinkedIn | Instagram Photos:HansFredrikAsbjørnsen 54930050TPKOLSE1ZZ712021-01-012021-12-3154930050TPKOLSE1ZZ712020-01-012020-12-3154930050TPKOLSE1ZZ712021-12-3154930050TPKOLSE1ZZ712020-12-3154930050TPKOLSE1ZZ712019-12-3154930050TPKOLSE1ZZ712020-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712020-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712021-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:IssuedCapitalMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:TreasurySharesMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:RetainedEarningsMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930050TPKOLSE1ZZ712019-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712020-01-012020-12-31ifrs-full:NoncontrollingInterestsMember54930050TPKOLSE1ZZ712019-01-012019-12-31iso4217:USDiso4217:USDxbrli:shares
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