Wilh. Wilhelmsen ASA

Business and Financial Review • Jun 7, 2024

Wilh. Wilhelmsen Holding ASA: Restatement of financial statement related to the investment in Wallenius Wilhelmsen

Wilh. Wilhelmsen Holding ASA: Restatement of financial statement related to the investment in Wallenius Wilhelmsen

Reference is made to the stock exchange notice released today, 7 June, from Wallenius Wilhelmsen regarding the restatement of their 2023 and Q1 2024 financial statements. As Wilh. Wilhelmsen Holding ASA (Wilhelmsen) use the equity method for the shareholding in Wallenius Wilhelmsen, the restatement will entail a restatement of the 2023 Wilhelmsen financial accounts as outlined below. The estimated Q1 2024 restatement shows a positive effect on net income of USD 6 million recognized as share of profit from associates. Future changes in the book value of the option will be recognized in equity through other comprehensive income.

Balance sheet (USD million) 2023 Adjustments Restated

Investment in associates 2,247 (370) 1,877

Total assets 4,105 (370) 3,735

Shareholders’ equity 2,702 (370) 2,332

Non-controlling interest 155 155

Total equity 2,857 (370) 2,487

Total equity in % 70% 67%

Income statement (USD million)

Share of profit from associates 431 2 433

While this have an effect on the equity ratio, the restatements will have no cash effects and Wilhelmsen is firm on the financial targets and outlook for the group communicated in the annual report for 2003 and the Q1 2024 report.

For further information,

contact:

Investors:

Åge Sturtzel

IRO

Wilh. Wilhelmsen Holding ASA

Tel: +47 900 87 670

aage.sturtzel@wilhelmsen.com

Media:

Ole Jakob Ytterdal

VP Corporate Communication

Wilh. Wilhelmsen Holding ASA

Tel: +47 970 88 362

Ole.j.ytterdal@wilhelmsen.com

About Wilhelmsen

Our ambition is to shape the maritime industry.

Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group providing essential products and services to the merchant fleet, along with supplying crew and technical management to the largest and most complex vessels ever to sail. Committed to shaping the maritime industry, we also seek to develop new opportunities and collaborations in renewables, zero-emission shipping, and marine digitalization. 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.

For more information, please visit wilhelmsen.com.