Wilh. Wilhelmsen ASA

Quarterly Report • Aug 16, 2023

WILH. WILHELMSEN HOLDING ASA

Second quarter and half year 2023

Highlights for the quarter

Wilhelmsen delivered stable operating results and strong contributions from associates and financial assets in the second quarter. Net profit after financial items and tax was USD 251 million for the quarter. Net profit to equity holders of the company was USD 225 million.

USD 39 million in EBITDA.

On level with last year and the first quarter.

USD 117 million in share of profit from joint ventures and associates.

USD 114 million in share of profit from Wallenius Wilhelmsen.

USD 114 million in net financial gain.

USD 117 million in net gain from shareholding in Hyundai Glovis.

A first dividend of NOK 6.00 per share was paid on 16 May and the Annual General Meeting authorised the board to declare a second dividend of up to NOK 4.00 per share.

In May, Wilhelmsen carried out a buy-back of 300 000 own A-shares and 100 000 own B-shares.

Wilhelmsen increased its ownership in Treasure ASA from 77.0% to 78.5% through a combination of liquidation of own shares by Treasure ASA and the purchase of shares by Wilhelmsen through a voluntary offer.

Key figures

Financial performance

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q2'23	Q1'23	Change	Q2'22	Change	30.06.23	30.06.22	Change
Total income	259	261	-1%	238	9%	519	479	9%
of which operating revenue	261	262	0%	239	9%	522	471	11%
of which other gain/(loss)	(2)	(1)		(1)		(3)	8
EBITDA	39	39	-1%	39	0%	78	83	-6%
Operating profit/EBIT	25	25	-2%	27	-7%	50	54	-7%
Share of profit/(loss) from JVs and associates	117	59	99%	45	158%	175	109	61%
Financial items	114	(17)		(117)		97	(43)
of which change in fair value financial assets	117	(35)		(92)		83	(22)
of which other financial income/(expenses)	(3)	17		(24)		14	(21)
Profit/(loss) before tax/EBT	256	67	284%	(44)	neg.	323	120	168%
Tax income/(expenses)	(6)	(6)		6		(11)	1
Profit/(loss) for the period	251	61	311%	(38)	neg.	312	121	158%
Profit/(loss) to equity holders of the company	225	65	244%	(19)	neg.	290	114	154%
EPS (USD)	5.09	1.46	247%	(0.42)	neg.	6.54	2.56	156%
Other comprehensive income	(16)	(27)		(89)		(44)	(79)
Total comprehensive income	234	34	>500%	(127)	neg.	268	41	>500%
Total comp. income equity holder of the company	209	39	441%	(96)	neg.	247	45	449%
Total assets	3,795	3,687	3%	3,393	12%	3,795	3,393	12%
Shareholders' equity	2,441	2,257	8%	2,034	20%	2,441	2,034	20%
Total equity	2,586	2,388	8%	2,187	18%	2,586	2,187	18%
Equity ratio	68%	65%	3%	64%	4%	68%	64%	4%

Group result

Total income for the Wilh. Wilhelmsen Holding ASA group (referred to as Wilhelmsen or group) was USD 259 million in the second quarter of 2023, up 9% from the corresponding period last year and down 1% from the previous quarter. The year-over-year increase was due to higher operating revenue in Maritime Services, while income in New Energy was down. Compared with the first quarter, income was stable for most activities.

EBITDA was USD 39 million, unchanged from both last year and the previous quarter. EBITDA improved in Maritime Services, offsetting lower contribution from New Energy.

Share of profit from joint ventures and associates was USD 117 million, lifted by an all-time high contribution from Wallenius Wilhelmsen ASA.

Income from financial items was USD 114 million. This included a USD 117 million positive change in fair value of financial assets, mainly related to Hyundai Glovis.

Net profit to equity holders of the company was USD 225 million for the quarter, equal to USD 5.09 earnings per share (EPS).

Other comprehensive income was negative with USD 16 million, mainly from currency translation differences related to non-USD entities. Total comprehensive income, including net profit and other comprehensive income, attributable to equity holders of the company was USD 209 million.

Group balance sheet

Total assets were up 3% in the second quarter mainly due to higher value of financial assets. Shareholders' equity was up 8% for the quarter, to USD 2 586 million. As of 30 June, the group equity ratio was 68%.

Group cash and debt

USD million	Cash	Curr.
	& cash	fin.		Lease
	equiv.	inv.	IBD	liabil.	NIBD
Maritime Services	149	0	198	37	86
New Energy	(26)	0	295	55	376
Strategic Holdings and Inv.	56	114	21	25	(124)
Elimination	0	0	(4)	(9)	(13)
Wilhelmsen group	179	114	510	107	325

Cash and cash equivalents were USD 179 million at the end of the second quarter, up USD 16 million from the previous quarter. Operating cash flow was USD 18 million, including a negative USD 23 million change in working capital. Cash flow from investing activities included USD 89 million in dividend from joint ventures and associates and USD 24 million in proceeds from other dividend and financial investments. Cash flow from financing activities included 36 million in dividend payment and share buyback, and USD 44 million in net repayment of debt.

Total interest-bearing debt including lease liabilities was USD 617 million by the end of the second quarter. This was down USD 47 million from the previous quarter mainly due to repayment of a temporary drawdown on holding company facilities and currency effect on NOK denominated debt.

Group result for the half year

Results for the first half showed a positive development in total income and higher EBITDA when adjusting for last year step-up gain. Reported EBITDA was down. Net result was lifted by a strong contribution from joint ventures and associates and positive financial items.

Profit to equity holders of the company was USD 290 million in the first half, equal to USD 6.54 earnings per share (EPS). Total comprehensive income to equity holders of the company was USD 247 million in the first half of 2023.

Environment Social Governance (ESG)

This report includes aggregated ESG results for consolidated entities in the Wilhelmsen group, which includes the Maritime Services segment (Ships Service, Port Services, Ship Management, Global Business Services, Wilhelmsen Chemicals and Wilhelmsen Insurance Services) and the New Energy segment (NorSea Group only).

Strategic focus	Measures 2023	Annual target	Q1'23	Q2'23	01.01- 30.06.23
E - Decarbonisation and green growth	Status of scope 3 GHG emissions inventory and target setting	100% completion of 3-step program for scope 3 GHG emissions inventory	20%	29%	29%
	Scope 1 emissions reduction tCO2e	-5.25% reduction compared to base year 2022	-3.40%	-7.34%	-5.24%
	Scope 2 electricity consumed classified as renewable	50% of electricity consumption classified as renewable	53%	49%	51%
S - Health and safety	Sickness absence percent	< 5 %	2.63%	2.06%	2.34%
- Onshore	Occupational disease rate	<0.20	0.00	0.18	0.09
	Lost time injury frequency rate	<0.40	0.28	0.54	0.41
	Total recordable case frequency rate	<1.00	0.57	0.45	0.51
S - Health and safety	Sickness absence percent	< 5 %	0.06%	0.00%	0.00%
- Seafarers	Occupational disease rate	<0.20	0.00	0.00	0.00
	Lost time injury frequency rate	<0.40	0.43	0.44	0.44
	Total recordable case frequency rate	<2.80	1.94	2.20	2.07
S - Equality, diversity, and inclusion*	Gender balance in the top three management levels (% female)	>25% female	27%	33%	33%
	Turnover rate	<3% per quarter and 13% annual result	**3.44%	3.59%	7.03%
	Average registered employee training hours	Average 8 hours per employee	3.54	1.28	4.79
G - Compliance and	Number of internal ESG related audits	As per audit plan	8	19	27
value chain management	Number of supplier ESG audits or assessments	As per audit plan	49	233	282
	Percentage of new suppliers screened with ESG criteria	100% in defined tiers	100%	100%	100%
	Percentage of new suppliers agreeing to Wilhelmsen Supplier Code of Conduct	100% in defined tiers	12%	100%	64%
	Percentage completion rate for mandatory business training	100%	51%	88%	88%

*Two additional metrics are measured annually and will be reported in the fourth quarter - the engagement survey result; and the fair, equal and inclusiveness perception score. ** Restated based on new analytics and data available – previously reported as 2.38%.

ESG Index

The group's internal index measures ESG performance in four strategic focus areas. 17 KPIs are weighted within these areas based on the group's strategic ambitions (excluding financial targets which are reported separately). The overall target for the ESG index at year end is a result greater than 0.9 which means the entity/segment/group ESG activities are on or better than targeted.

The overall group ESG index result was 0.70 for the second quarter. This was mainly due to positive developments in greenhouse gas emissions reduction activities and gender balance, and negative developments in lost time injury frequency rate, turnover rate, and mandatory training completion rates.

In the second quarter, the Maritime Services segment's revolving credit facility was amended to include two sustainability linked KPIs: LTIF for seafarers, and Scope 1 and 2 GHG emissions reductions. The first measuring period will be for the calendar year 2023.

Environment

Our ambition is to shape the maritime industry's transition towards net zero emissions and capitalize on green growth.

Scope 1 GHG emissions were 7.34% (120 tCO2e) lower in the second quarter compared with the same quarter in 2022 (base year), and renewable energy accounted for 49% of the electricity consumption.

Social

Our ambition is to have a safe and engaging workplace with no harm to people, with a culture where each employee is valued for their contribution.

In the second quarter, the lost time injury frequency (LTIF) results were negatively above target. There were four LTI cases related to seafarers and six LTI cases related to onshore employees in the period.

Headcount increased 3% in the quarter, and there was positive increase in gender balance with 33% females in top three management positions. The turnover rate was negatively above target.

Governance

Our ambition is to be a responsible, trusted, and compliant value chain partner.

Internal and supplier assessments and audits were on target in the quarter and there were positive results in the rollout of the new supplier code of conduct. The percentage completion rate for mandatory training was improved in the quarter but is still below target.

Segment information

Maritime Services

This includes Ships Service, Port Services, Ship Management, and other activities reported under the Maritime Services segment.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q2'23	Q1'23	Change	Q2'22	Change	30.06.23	30.06.22	Change
Total income	185	183	1%	156	19%	368	309	19%
of which Ships Service	119	119	0%	99	20%	237	193	23%
of which Port Services	38	37	2%	35	9%	76	69	10%
of which Ship Management	22	20	10%	17	32%	42	33	27%
of which other activities/eliminations	7	7		5		13	15
EBITDA	30	28	8%	25	19%	58	45	27%
EBITDA margin (%)	16%	15%		16%		16%	15%
Operating profit/EBIT	23	21	10%	19	20%	44	33	33%
EBIT margin (%)	12%	12%		12%		12%	11%
Share of profit/(loss) from JVs and associates	1	1		2		3	3	-14%
Financial items	(0)	(9)		(23)		(9)	(19)
Tax income/(expense)	(5)	(3)		0		(8)	(4)
Profit/(loss)	19	11	76%	(1)	neg.	30	13	121%
Profit margin (%)	10%	6%		-1%		8%	4%
Non controlling interests	0	0		(0)		1	0
Profit/(loss) to equity holders of the company	19	10	79%	(1)	neg.	29	13	122%

Maritime Services segment

Total income for the Maritime Services segment was USD 185 million in the second quarter. This was up 19% from the corresponding period last year and up 1% from the previous quarter. All main activities had a year-over-year increase in total income, driven by new acquisitions, volume growth, and inflation effect on pricing.

EBITDA was USD 30 million, up 19% year-over-year and up 8% from the previous quarter. EBITDA was supported by the year-over-year increase in total income and a further weakening of the NOK during the second quarter.

Share of profit from joint ventures and associates was USD 1 million in the quarter, while financial items were nil. Financial items included a USD 2 million gain from reversal of impairment of loan to associates, and a net FX gain of USD 1 million. Tax expense was USD 5 million for the quarter.

The quarter ended with a profit to equity holders of the company of USD 19 million.

Ships Service

Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet.

Total income for Ships Service was USD 119 million. This was up 20% from the corresponding period last year and on par with the previous quarter. Year-over year, income was lifted by a combination of higher volumes, price increases, and acquisitions. Volume was up for most product categories, including refrigerants, chemicals, and ropes. The price increases mainly reflected higher product and freight cost. Acquisition growth included Stromme, a specialised cargo hold cleaning company in the marine industry acquired in September 2022, and Navadan, a tank and cargo hold cleaning company acquired in January 2023.

Port Services

Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet.

Total income for Port Services was USD 38 million. This was up 9% from the corresponding period last year and up 2% from the previous quarter. The year-over-year increase was mainly due to the acquisition of Vopak Agencies, completed in December 2022. Vopak Agencies is a leading provider of hub services and port agency within the tanker segments in Europe. The increase in income from the previous quarter reflected higher number of appointments partly offset by a reduction in income per appointment.

Ship Management

Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types.

Total income for Ship Management was USD 22 million, up 32% from the corresponding period last year and up 10% from the previous quarter. Income was lifted by a higher number of vessels under full technical management and an increase in both crew management and auxiliary services.

Other activities

This includes Wilhelmsen Chemicals, Wilhelmsen Insurance Services and Global Business Services (all fully owned by Wilhelmsen) and certain other activities reported under the Maritime Services segment.

Income from other activities was stable for the quarter.

Segment information

New Energy

This includes NorSea, Edda Wind ASA, and other activities reported under the New Energy segment.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q2'23	Q1'23	Change	Q2'22	Change	30.06.23	30.06.22	Change
Total income	74	75	-2%	81	-9%	148	174	-15%
of which NorSea	73	69	5%	70	4%	142	154	-8%
of which other activities/eliminations	1	5	-88%	11	-94%	6	20	-70%
EBITDA	11	12	-7%	15	-25%	23	46	-50%
EBITDA margin (%)	15%	16%		18%		16%	27%
Operating profit/EBIT	5	6	-16%	10	-51%	10	32	-67%
EBIT margin (%)	6%	8%		12%		7%	18%
Share of profit/(loss) from JVs and associates	1	2	-10%	3	-44%	3	4	-27%
Financial items	(4)	(4)		(3)		(8)	(7)
Tax income/(expense)	(0)	0		(0)		(0)	1
Profit/(loss)	2	3	-29%	9	-77%	5	30	-83%
Profit margin (%)	3%	4%		11%		3%	17%
Non controlling interests	0	0		1		0	7
Profit/(loss) to equity holders of the company	2	3	-29%	8	-73%	5	23	-79%

New Energy segment

Total income for the New Energy segment was USD 74 million in the second quarter. This was down 9% from the corresponding period last year and down 2% from the previous quarter. Total income in NorSea was up, but this was offset by loss of income from NorSea Wind.

EBITDA was USD 11 million, down 25% from the corresponding period last year and down 7% from the previous quarter. The reduction was due to lower income and inflationary cost increases which were not fully recovered from customers.

Share of profit from joint ventures and associates was USD 1 million in the second quarter, while financial items were included with a net expense of USD 4 million. Interest expenses were up from one year earlier following a general increase in interest rates. This was partly offset by a USD 1 million positive change in fair value of financial assets.

Profit to equity holders of the company was USD 2 million for the quarter.

NorSea

NorSea provides supply bases and integrated logistics solutions to the offshore industry. Wilhelmsen owns 99.0% of NorSea.

Total income for NorSea was USD 73 million in the second quarter, up 4% year-over-year and up 5% from the previous quarter. The Danish operation continued to be the main driver behind the income growth, with an increase in operating revenue both year-over-year and from the previous quarter. This follows from a new material offshore contract in the Danish sector which became operational during the third quarter of 2022. Total income in local currency from the Norwegian operations was stable for the quarter, while income measured in USD was down due to a weaker NOK versus USD.

Share of profit from joint ventures and associates in NorSea was USD 1 million.

Edda Wind ASA

Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 25.4% of the company, which is reported as associate in Wilhelmsen's accounts.

Share of profit from Edda Wind ASA is included with nil for the quarter.

The book value of the 25.4% shareholding in Edda Wind ASA was USD 84 million at the end of the second quarter.

Other activities

This includes Reach Subsea ASA (owned 20.4%), Raa Labs AS, Massterly AS (owned 50%), Dolittle AS (owned 46%) and certain other activities reported under the New Energy segment.

Total income for other activities was further down in the second quarter. This was due to ceasing of operation in NorSea Wind during the first quarter, taking full effect in the second quarter. NorSea Wind is now in a winding up process.

The book value of Wilhelmsen's 20.4% shareholding in Reach Subsea ASA was USD 17 million at the end of the second quarter.

Segment information

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.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q2'23	Q1'23	Change	Q2'22	Change	30.06.23	30.06.22	Change
Total income	3	5	-37%	4	-21%	8	2	385%
of which operating revenue	3	5	-37%	5	-30%	8	9	-8%
of which other gain/(loss)	0	0		(0)		0	(7)
EBITDA	(2)	(0)		(1)		(2)	(9)
Operating profit/EBIT	(3)	(1)		(2)		(4)	(11)
Share of profit/(loss) from JVs and associates	114	56	104%	41	180%	170	102	67%
of which Wallenius Wilhelmsen ASA	114	56	104%	41	>500%	170	102	67%
of which other/eliminations	0	0		0		0	0
Change in fair value financial assets	116	(35)		(92)		82	(22)
of which Hyundai Glovis	117	(35)		(84)		81	(13)
of which other financial assets	(1)	1		(8)		0	(9)
Other financial income/(expenses)	2	37	-95%	1	121%	39	5	>500%
of which investment management	3	7		(2)		10	(10)
of which dividend income Hyundai Glovis	0	19		(0)		19	13
of which other financial income/(expense)	(1)	11		3		10	2
Tax income/(expense)	0	(3)		6		(3)	4
Profit/(loss) for the period	229	54		(46)		284	77
Non controlling interests	25	(5)		(21)		21	(0)
Profit/(loss) to equity holders of the company	204	59		(25)		263	78

Strategic Holdings and Investments segment

The Strategic Holdings and Investments segment reported a USD 204 million profit to equity holders of the company in the second quarter. This reflected an all-time high contribution from Wallenius Wilhelmsen ASA and a positive change in the value of Hyundai Glovis.

Wallenius Wilhelmsen ASA

Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as associate in Wilhelmsen's accounts.

Share of profit from Wallenius Wilhelmsen ASA was USD 114 million for the quarter. This was up from USD 41 million in the corresponding period last year and up from USD 56 million in the previous quarter.

The book value of the 37.9% shareholding in Wallenius Wilhelmsen ASA was USD 1 183 million at the end of the second quarter.

Treasure ASA

Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 78.5% of Treasure ASA.

Change in fair value of the shareholding in Hyundai Glovis was a gain of USD 117 million for the quarter. The value of the investment in Hyundai Glovis was USD 619 million at the end of the second quarter.

On 24 May, Treasure ASA completed liquidation of 2 594 566 own shares, reducing the number of issued shares from 207 835 000 to 205 240 434. Following the liquidation, Treasure ASA holds 517 771 own shares.

On 7 June, Wilhelmsen announced a voluntary offer to acquire all outstanding shares in Treasure ASA that were not already owned by Wilhelmsen. A total of 1 066 705 shares were acquired during the offer period which expired on 21 June. Following completion of the share transactions, Wilhelmsen owns 161 066 705 shares, representing 78.5% of the total registered share capital and voting rights in the 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 USD 3 million for the quarter. The market value of current financial investments was USD 114 million by the end of the second quarter.

Change in fair value of non-current financial assets was a loss of USD 1 million for the quarter. The market value at the end of the second quarter was USD 74 million. The largest investment was the 25 million shares held in Qube Holdings Limited.

Other activities

This includes WilNor Governmental Services (owned 51% directly and 49% through NorSea), holding company activities, and certain other activities reported under the Strategic Holdings and Investments segment.

Income was down for the quarter due to lower activity in WilNor Governmental Services.

Risk update

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.

An overview of main risks and mitigations actions were outlined in the 2022 annual report. There have not been any material changes to the group risk matrix as presented in the 2022 annual report. On a macro level, risk related to geopolitical issues and global financial outlook remains high, with mitigation actions including a balanced portfolio of well managed businesses.

Outlook

Wilhelmsen 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. Our ambition is to develop companies within maritime services, shipping, logistics, renewables, and related infrastructure through active ownership.

Outlook for Maritime Services

Maritime Services delivers value creating solutions to the global merchant fleet, focusing on Ships Service, Port Services, and Ship Management.

The Maritime Services operation is presently supported by a predominantly positive global shipping market. At the same time, inflationary pressure, raw material shortages, and supply chain issues are putting pressure on both the operation and on operating margins. We expect these factors to remain in the short term.

Looking further ahead, we believe that the Maritime Services market will continue to grow, supported by a growing world economy. With global networks and strong brands built over many years, and with a long history of innovation and market adaption, Wilhelmsen is in a good position to service this market.

Outlook for New Energy

The New Energy segment focuses on building an ecosystem supporting energy transition. With segment companies representing energy infrastructure, offshore wind, and technology & decarbonisation, Wilhelmsen is driving value-creation by bringing together their unique competencies.

Supply constraints following the Russian invasion of Ukraine have increased focus on securing Europe's need for energy. This supports a continued high activity level at the offshore fields supported by NorSea and other Wilhelmsen operations. We believe this situation to remain in the short term.

A strong focus on climate measures in Europe and globally will support, inter alia, a gradual shift from offshore oil and gas to offshore wind, and decarbonization of the global fleet. With a broad range of operations, infrastructure, and new initiatives across offshore and other maritime activities, Wilhelmsen is well positioned to participate in these energy and technology shifts.

Outlook for Strategic Holdings and Investments

Wilhelmsen holds large strategic shareholdings in Wallenius Wilhelmsen ASA and, through its shareholding in Treasure ASA, in Hyundai Glovis. Through our shareholdings in these companies, we will continue to provide and develop world leading logistics services to the global automotive and ro-ro industries.

A favorable supply-demand balance in global ro-ro shipping has lifted the earnings and dividend capacity of our strategic holdings. We expect this situation to remain in the short term.

Long term, Wallenius Wilhelmsen ASA and Hyundai Glovis have the size, global reach, human and physical assets, and customer base to succeed in a continuously changing world.

Outlook for the Wilhelmsen group

Wilhelmsen retains a strong balance sheet and a balanced portfolio of leading maritime operations and investments.

While uncertainty persists, specifically regarding inflationary pressure, supply chain issues, and geopolitical tension, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.

Lysaker, 16 August 2023

The board of directors of Wilh. Wilhelmsen Holding ASA

Forward-looking statements presented in this report are based on various assumptions. These assumptions were reasonable when made, but as assumptions are inherently subject to uncertainties and contingencies which are difficult or impossible to predict, Wilhelmsen cannot give assurances that expectations regarding the outlook will be achieved or accomplished.

Consolidated income statement

USD mill	Note	Q2	Q2	YTD	YTD	Full year
		2023	2022	2023	2022	2022
Operating revenue		261	239	522	471	943
Other gain/(loss)	5	(2)	(1)	(3)	8	15
Total income		259	238	519	479	958
Operating expenses
Cost of goods and change in inventory		(87)	(76)	(176)	(151)	(313)
Employee benefits		(94)	(83)	(188)	(167)	(341)
Other expenses		(39)	(40)	(76)	(78)	(151)
Operating profit before depreciation and amortisation (EBITDA)		39	39	78	83	153
Depreciation and impairments	7/8	(14)	(12)	(28)	(29)	(69)
Operating profit (EBIT)		25	27	50	54	83
Share of profit from associates	4	117	45	175	109	296
Financial items
Change in fair value financial assets	10	117	(92)	83	(22)	(50)
Other financial income/(expenses)	11	(3)	(24)	14	(21)	(23)
Net financial items		114	(117)	97	(43)	(73)
Profit/(loss) before tax		256	(44)	323	120	306
Tax income/(expense)		(6)	6	(11)	1	(13)
Profit for the period		251	(38)	312	121	293
Attributable to: equity holders of the company		225	(19)	290	114	296
non-controlling interests		26	(20)	21	7	(3)
Basic earnings per share (USD)	9	5.09	(0.42)	6.54	2.56	6.63
Consolidated comprehensive income
USD mill		Q2	Q2	YTD	YTD	Full year
		2023	2022	2023	2022	2022
Profit for the period		251	(38)	312	121	293
Items that may be reclassified to income statement
Cash flow hedges (net after tax)		2	2	1	4	4
Comprehensive income from associates		0	(3)	4	(3)	4
Currency translation differences		(19)	(89)	(48)	(81)	(73)
Items that will not be reclassified to income statement
Remeasurement pension liabilities, net of tax		-	-	-	-	1
Other comprehensive income, net of tax		(16)	(89)	(44)	(79)	(64)
Total comprehensive income for the period		234	(127)	268	41	229
Total comprehensive income attributable to:
Equity holders of the company		209	(96)	247	45	240
Non-controlling interests		26	(31)	21	(4)	(11)
Total comprehensive income for the period		234	(127)	268	41	229

Consolidated balance sheet

USD mill	Note	30.06.2023	30.06.2022	31.12.2022
Deferred tax asset	6	54	64	61
Goodwill and other intangible assets	7	128	120	129
Vessels, property and other tangible assets	7	584	617	623
Right of use assets	8	95	100	102
Investments in joint ventures and associates	4	1 403	1 156	1 342
Financial assets to fair value	10	694	640	613
Other non current assets		28	25	28
Total non current assets		2 987	2 722	2 898
Inventory		118	93	114
Current financial investments		114	95	104
Other current assets		398	319	349
Cash and cash equivalents		179	163	163
Total current assets		809	671	730
Total assets		3 795	3 393	3 628
Paid-in capital	9	118	118	118
Own shares	9	(1)	-	-
Retained earnings	9/12	2 324	1 917	2 094
Attributable to equity holders of the parent		2 441	2 034	2 212
Non-controlling interests		145	152	144
Total equity		2 586	2 187	2 355
Pension liabilities		21	24	21
Deferred tax	6	12	11	17
Non-current interest-bearing debt	13/14	474	461	473
Non-current lease liability	8/13	84	92	93
Other non-current liabilities		12	14	11
Total non current liabilities		603	601	615
Current income tax		9	8	10
Public duties payable		14	14	13
Current interest-bearing debt	13/14	35	77	65
Current lease liability	8/13	23	20	23
Other current liabilities		526	485	547
Total current liabilities		607	605	658
Total equity and liabilities		3 795	3 393	3 628

Consolidated cash flow statement

USD mill	Note	Q2	Q2	YTD	YTD	Full year
		2023	2022	2023	2022	2022
Cash flow from operating activities
Profit before tax		256	(44)	323	120	306
Share of (profit)/loss from joint ventures and associates	4	(117)	(45)	(175)	(109)	(296)
Changes in fair value financial assets	10	(117)	92	(83)	22	50
Other financial (income)/expenses		3	24	(14)	21	23
Depreciation, amortisation and impairment	7/8	14	12	28	29	69
Other (gain)/loss	5	2	1	3	(8)	(15)
Change in net pension asset/liability		0	(1)	1	(1)	(2)
Change in inventories		(3)	(5)	(6)	(7)	(21)
Change in working capital		(13)	(27)	(5)	(57)	(32)
Tax paid (company income tax, withholding tax)		(7)	(1)	(10)	(2)	(17)
Net cash provided by operating activities		18	6	61	9	64
Cash flow from investing activities
Dividend received from joint ventures and associates		89	24	89	25	37
Proceeds from sale of fixed assets	7/8	0	0	0	1	27
Investments in fixed assets	7	(11)	(6)	(19)	(15)	(49)
Investments in subsidiaries, joint ventures and associates		(0)	(0)	(44)	(48)	(55)
Loans granted to joint ventures and associates		(1)	-	(2)	-	(1)
Proceeds from dividend and sale of financial investments		24	39	45	54	66
Purchase of current financial investments		(8)	(2)	(28)	(3)	(22)
Interest received		2	1	3	1	4
Changes in other investments		-	-	-	(2)	-
Net cash flow from investing activities		95	56	46	12	6
Cash flow from financing activities
Net proceeds from issue of debt after debt expenses		28	259	79	307	310
Repayment of debt		(72)	(253)	(100)	(285)	(292)
Repayment of lease liabilities		(7)	(7)	(14)	(17)	(28)
Interest paid including interest derivatives		(8)	(6)	(16)	(12)	(27)
Cash from/ to financial derivatives		0	(1)	(0)	(2)	(3)
Purchase of non-controlling interest		(2)	(53)	(2)	(53)	(53)
Investment/disposal own shares		(10)	-	(11)	-	(4)
Dividend to shareholders		(26)	(22)	(26)	(27)	(42)
Net cash flow from financing activities		(97)	(83)	(91)	(90)	(138)
Net increase in cash and cash equivalents 1		16	(20)	16	(68)	(68)
Cash and cash equivalents at the beg. of the period 1		162	183	163	231	231
Cash and cash equivalents at the end of the period 1		179	163	179	163	163

1 The group is located and operating world wide, and every entity has several bank accounts in different currencies. Unrealised currency effects are included in net cash provided by operating activities.

Statement of changes in equity

Statement of changes in equity - Year to date

USD mill	Share capital	Own shares	Retained earnings	Total	Non controlling interests	Total equity
Balance at 31.12.2022	118	-	2 094	2 212	144	2 355
Profit/(loss) for the period	-	-	290	290	21	312
Other comprehensive income	0	-	(43)	(43)	(1)	(44)
Reclass and change in ownership NCI	-	-	16	16	(16)	(0)
Purchase of own shares	-	(1)	(10)	(11)	(0)	(11)
Paid dividend to shareholders	-	-	(23)	(23)	(3)	(26)
Balance 30.06.2023	118	(1)	2 324	2 441	145	2 586

USD mill	Share capital	Own shares	Retained earnings	Total	Non controlling interests	Total equity
Balance at 31.12.2021	118	-	1 891	2 009	221	2 230
Profit/(loss) for the period	-	-	114	114	7	121
Other comprehensive income	-	-	(69)	(69)	(11)	(79)
Reclass and change in ownership NCI	-	-	-	-	(57)	(57)
Paid dividend to shareholders	-	-	(20)	(20)	(8)	(27)
Balance 30.06.2022	118	-	1 917	2 034	152	2 187

Statement of changes in equity - Full year 2022

USD mill	Share capital	Own shares	Retained earnings	Total	Non controlling interests	Total equity
Balance at 31.12.2021	118	-	1 891	2 009	221	2 230
Profit/(loss) for the period	-	-	296	296	(3)	293
Other comprehensive income	-	-	(55)	(55)	(8)	(64)
Reclass and change in ownership NCI	-	-	-	-	(57)	(57)
Purchase of own shares	-	-	(4)	(4)	-	(4)
Paid dividend to shareholders	-	-	(33)	(33)	(9)	(42)
Balance 31.12.2022	118	-	2 094	2 212	144	2 355

Note 1 - Accounting principles

General information

This consolidated interim financial report has been prepared in accordance with International Accounting Standards (IAS 34), "interim financial reporting". The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year end 31 December 2022 for Wilh.Wilhelmsen Holding ASA group, which has been prepared in accordance with IFRS endorsed by the EU.

Basic policies

The accounting policies implemented are consistent with those of the annual financial statements for Wilh. Wilhelmsen Holding ASA group for the year end 31 December 2022.

Roundings

As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.

Note 2 - Significant acquisitions and disposals

2023

Q2 No material acquisitions and disposals.

Q1

Acquisition of Navadan completed in the quarter with a purchase price of USD 11 million. Navadan A/S is Danish company within tank and cargo hold cleaning. Navadan will be a part of the segment Maritime Services.

2022

Q4

In December 2022 the group completed the acquistion of 100% of the shares in Vopak Agencies and 50% of the shares in Diize. Vopak agencies and Diize will be included in Wilhelmsen Port Services, and reported as part of the Wilhelmsen Maritime Services segment.

Q3

No material acquisitions and disposals.

Q2

Acquisition of external shares in NorSea Group AS, increased the ownership to 99% from 75%. The transaction impacted the non controlling interests only.

Q1

Acquisition of the remaining part of shares 50% in Vikan Næringspark Invest AS. Reclassed from investment in associates to wholly owned subsidiary of NorSea group.

Acquisition of 21% stake in Reach Subsea ASA Acquisition of 80% of the shares in Ahrenkiel Tankers and renamed to Barber Ship Management.

Note 3 - Segment reporting: Income statement per operating segment

USD mill		Maritime Services		New Energy Strategic Holdings Eliminations & Investments		Total WWH Group
Quarterly figures	Note	Q2 2023	Q2 2022	Q2 2023	Q2 2022	Q2 2023	Q2 2022	Q2 2023	Q2 2022	Q2 2023	Q2 2022
Operating revenue		187	157	73	81	3	5	(3)	(3)	261	239
Other gain/(loss)	5	(2)	(1)	0	0	-	(0)	-	-	(2)	(1)
Total income		185	156	74	81	3	4	(3)	(3)	259	238
Operating expenses
Cost of goods and change in inventory Employee benefits		(67) (62)	(54) (52)	(19) (30)	(22) (28)	(0) (3)	(0) (3)	0 0	0 0	(87) (94)	(76) (83)
Other expenses		(25)	(24)	(14)	(16)	(2)	(2)	3	3	(39)	(40)
Operating profit before depreciation		30	25	11	15	(2)	(1)	(0)	-	39	39
and amortisation (EBITDA)
Depreciation and impairments		(7)	(6)	(7)	(5)	(1)	(1)	0	-	(14)	(12)
Operating profit (EBIT)		23	19	5	10	(3)	(2)	(0)	-	25	27
Share of profit from associates		1	2	1	3	114	41	-	-	117	45
Financial items
Change in fair value financial assets		-	-	1	-	116	(92)	-	-	117	(92)
Other financial income/(expenses)		(0)	(23)	(5)	(3)	2	1	0	-	(3)	(24)
Net financial items		(0)	(23)	(4)	(3)	118	(91)	0	-	114	(117)
Profit/(loss) before tax		24	(1)	3	10	229	(53)	0	-	256	(44)
Tax income/(expense)		(5)	0	(0)	(0)	0	6	-	-	(6)	6
Profit for the period		19	(1)	2	9	229	(46)	0	-	251	(38)
Non-controlling interests		0	(0)	0	1	25	(21)	-	-	26	(20)
Profit/(loss) to the equity holders of the company		19	(1)	2	8	204	(25)	0	-	225	(19)

Cont. Note 3 - Segment reporting: Income statement per operating segment

USD mill		Maritime Services			New Energy			Strategic Holdings & Investments			Eliminations			Total WWH Group
Year-to-date figures	YTD 2023	YTD 2022	Full year 2022	YTD 2023	YTD 2022	Full year 2022	YTD 2023	YTD 2022	Full year 2022	YTD 2023	YTD 2022	Full year 2022	YTD 2023	YTD 2022	Full year 2022
Operating revenue	371	312	628	148	156	310	8	9	17	(5)	(6)	(12)	522	471	943
Other gain/(loss)	(3)	(2)	(0)	0	18	23	-	(7)	(7)	-	-	-	(3)	8	15
Total income	368	309	628	148	174	333	8	2	10	(5)	(6)	(12)	519	479	958
Operating expenses Cost of goods and change in inventory	(136)	(109)	(225)	(40)	(42)	(87)	(1)	(1)	(1)	0	0	0	(176)	(151)	(313)
Employee benefits	(125)	(106)	(215)	(59)	(55)	(111)	(5)	(5)	(15)	0	0	0	(188)	(167)	(342)
Other expenses	(50)	(49)	(93)	(26)	(30)	(60)	(4)	(5)	(9)	4	6	12	(76)	(78)	(151)
Operating profit before depreciation and amortisation (EBITDA)	58	45	94	23	46	75	(2)	(9)	(16)	(1)	(0)	(0)	78	83	152
Depreciation and impairments	(14)	(12)	(37)	(13)	(15)	(28)	(2)	(2)	(4)	1	-	-	(28)	(29)	(69)
Operating profit (EBIT)	44	33	57	10	32	46	(4)	(11)	(20)	(0)	-	-	50	54	83
Share of profit from associates	3	3	7	3	4	8	170	102	281	-	-	-	175	109	296
Financial items
Change in fair value financial assets	-	-	-	1	-	2	82	(22)	(52)	-	-	-	83	(22)	(50)
Other financial income/(expenses)	(9)	(19)	(20)	(9)	(7)	(16)	39	5	13	(7)	-	-	14	(21)	(23)
Net financial items	(9)	(19)	(20)	(8)	(7)	(14)	121	(17)	(38)	(7)	-	-	97	(43)	(73)
Profit/(loss) before tax	38	17	44	6	30	40	286	74	222	(7)	-	-	323	120	306
Tax income/(expense)	(8)	(4)	(16)	(0)	1	(2)	(3)	4	4	-	-	-	(11)	1	(13)
Profit for the period	30	13	28	5	30	38	284	77	227	(7)	-	-	312	121	293
Non-controlling interests	(1)	0	1	(0)	7	7	(21)	(0)	(10)	-	-	-	(21)	7	(3)
Profit/(loss) to the equity holders of the company	29	13	27	5	23	31	263	78	237	(7)	-	-	290	114	296

Cont. Note 3 - Segment reporting: Balance sheet per operating segment

USD mill	Maritime Services		New Energy		& Investments	Strategic Holdings	Eliminations		Total WWH Group
Year-to-date figures	30.06	30.06	30.06	30.06	30.06	30.06	30.06	30.06	30.06	30.06
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Deferred tax asset	41	48	2	1	11	15	-	(0)	54	64
Goodwill and other intangible assets	122	114	5	5	1	0	-	-	128	120
Vessels, property and other tangible assets	154	149	415	453	15	15	-	-	584	617
Right of use assets	34	30	46	51	23	28	(9)	(10)	95	100
Investments in joint ventures and associates	25	22	194	164	1 184	970	-	(0)	1 403	1 156
Financial assets to fair value	-	0	2	(0)	693	640	-	-	694	640
Other non current assets	8	7	23	23	0	3	(4)	(8)	28	25
Total non current assets	386	370	687	698	1 927	1 672	(13)	(18)	2 987	2 722
Inventory	118	93	0	0	-	-	-	-	118	93
Current financial investments	-	0	-	-	114	95	-	-	114	95
Other current assets	266	231	75	76	82	23	(24)	(10)	398	319
Cash and cash equivalents	149	125	(26)	8	56	30	-	-	179	163
Total current assets	532	450	49	84	251	148	(24)	(10)	809	671
Total assets	918	820	736	781	2 178	1 819	(37)	(28)	3 795	3 393
Shareholders' equity	174	135	294	324	1 972	1 575	0	0	2 441	2 034
Equity non-controlling interests	1	(2)	5	3	139	152	-	-	145	152
Total equity	175	133	299	327	2 112	1 727	0	0	2 586	2 187
Pension liabilities	14	16	1	1	6	7	-	-	21	24
Deferred tax	11	8	0	0	0	0	-	3	12	11
Non-current interest-bearing debt	198	198	273	261	7	3	(4)	(1)	474	461
Non-current lease liability	26	24	45	51	21	26	(8)	(9)	84	92
Other non-current liabilities	6	9	5	6	-	8	-	(10)	12	14
Total non current liabilities	255	254	324	319	35	45	(12)	(17)	603	601
Current income tax	8	7	1	1	0	0	-	-	9	8
Public duties payable	7	5	6	8	1	1	-	0	14	14
Current interest-bearing debt	-	-	21	47	14	30	-	0	35	77
Current lease liability	11	9	10	9	3	3	(1)	(1)	23	20
Other current liabilities	462	412	74	70	13	13	(24)	(10)	526	485
Total current liabilities	488	433	112	136	32	48	(25)	(11)	607	605
Total equity and liabilities	918	820	736	781	2 178	1 819	(37)	(28)	3 795	3 393

Cont. Note 3 - Segment reporting: Cash flow per operating segment

	Maritime Services			New Energy		Strategic Holdings & Investments
USD mill	Q2 2023	Q2 2022	Q2 2023	Q2 2022	Q2 2023	Q2 2022
Cash flow from operating activities
Profit before tax	24	(1)	3	10	229	(53)
Share of (profit)/loss from joint ventures and associates	(1)	(2)	(1)	(3)	(114)	(41)
Changes in fair value financial assets	-	-	(1)	-	(116)	92
Other financial (income)/expenses	0	23	5	3	(2)	(1)
Depreciation, amortisation and impairment	7	6	7	5	1	1
Change in working capital	(19)	(26)	(5)	(7)	(10)	(7)
Net (gain)/loss from sale of assets	2	1	(0)	(0)	-	0
Net cash provided by operating activities	13	0	6	8	(12)	(7)
Cash flow from investing activities
Dividend received from joint ventures and associates	4	3	4	9	82	14
Net sale/(investments) in fixed assets	(5)	(3)	(5)	(2)	(1)	(0)
Net sale/(investments) and repayment/(granted loan) to entities	(0.228)	18	(1)	1	0	(4)
Net changes in other investments/financial items	1	-	1	1	17	35
Net cash flow from investing activities	(0)	18	(1)	9	98	46
Cash flow from financing activities
Net change of debt	6	(7)	(2)	(24)	(54)	16
Net change in other financial items	(4)	(2)	(4)	(3)	(0)	(2)
Net dividend/ loan from other segments/ to shareholders	0	(33)	1	8	(29)	(46)
Net cash flow from financing activities	3	(43)	(6)	(18)	(83)	(32)
Net increase in cash and cash equivalents	15	(25)	(2)	(1)	3	6
Cash and cash equivalents at the beg. of the period	134	150	(25)	9	53	24
Cash and cash equivalents at the end of the period	149	125	(26)	8	56	30

Cont. Note 3 - Segment reporting: Breakdown New Energy Income Statement

Q2 2023		Norsea Group				Energy Infrastructure (NorSea)	Other New Energy	New Energy Segment
Quarterly figures			NOK million			USD million	USD million	USD million
	Property	Logistics	Impact	Other and eliminations	Total Norsea Group
Total income	152	359	315	(46)	780	73	1	74
Operating expenses	(54)	(306)	(313)	29	(644)	(60)	(2)	(62)
EBITDA	98	53	2	(16)	137	13	(2)	11
Depreciation and impairments	(42)	(17)	(8)	(2)	(68)	(6)	(0)	(7)
EBIT	56	37	(6)	(18)	69	6	(2)	5
Share of profits from JVs and associates Change in fair value financial assets	1 -	(2) -	1 -	15 -	14 -	2 -	(0) 1	1 1
Net financial income/(expenses)	(4)	3	(1)	(44)	(46)	(4)	(0)	(5)
Profit/(loss) before tax	52	38	(6)	(47)	37	4	(1)	3

		Norsea Group				Energy Infrastructure (NorSea)	Other New Energy	New Energy Segment
Year-to-date figures			NOK million			USD million	USD million	USD million
	Property	Logistics	Impact	Other and eliminations	Total Norsea Group
Total income	304	720	561	(94)	1 491	142	6	148
Operating expenses	(104)	(623)	(558)	62	(1 224)	(117)	(8)	(125)
EBITDA	200	97	3	(33)	267	26	(2)	23
Depreciation and impairments	(83)	(33)	(15)	(6)	(136)	(13)	(0)	(13)
EBIT	117	65	(12)	(38)	131	13	(2)	10
Share of profits from JVs and associates Change in fair value financial assets	2 -	(2) -	(2) -	30 -	28 -	3 -	0 1	3 1
Net financial income/(expenses)	(9)	6	1	(95)	(98)	(9)	0	(9)
Profit/(loss) before tax	110	69	(13)	(103)	62	6	(1)	6

Cont. Note 3 - Segment reporting: Breakdown New Energy Balance Sheet items

	Norsea Group	Energy Infrastructure (NorSea)	New Energy Segment incl. eliminations
30.06.2023	NOK million	USD million	USD million
Tangible assets	4 510	421	415
Right of use assets	496	46	46
Investments in joint ventures and associates	978	91	194
Other non-current assets	237	22	32
Total non current assets	6 221	580	687
Current assets excl. cash	765	71	75
Non current interest-bearing debt	2 925	273	273
Current interest-bearing debt	230	21	21
Non current lease liabilities	485	45	45
Current lease liabilities	102	10	10
Total interest-bearing debt	3 742	350	350
Cash and cash equivalents	37	3	(26)
Net interest-bearing debt	3 705	346	376

Note 4 - Investment in joint ventures and associates

USD mill			30.06.2023	30.06.2022
		Ownership	Booked value	Booked value
Strategic Holdings and Investments:
Wallenius Wilhelmsen ASA		37.9 %	1 183	970
Maritime Services:
Wilhelmsen Ahrenkiel Ship group		50 %	10	10
Associates		20 - 50%	15	13
New Energy:
Joint ventures
Coast Center Base		50 %	84	82
Other joint ventures		50 %	2	-
Associates
Edda Wind ASA		25.4 %	84	52
Reach Subsea ASA		20.4 %	17	16
Other associates		33-49%	7	13
Total investment in joint ventures and associates			1 403	1 156
Share of profit from joint ventures and associates	Q2 2023	Q2 2022	YTD 2023	YTD 2022
Wallenius Wilhelmsen ASA	114	41	170	102
Joint ventures and associates in New Energy	1	3	3	4

Joint ventures and associates in Maritime Services 1 2 3 3 Share of profit from joint ventures and associates 117 45 175 109

Note 5 - Other gain / (loss)

No material gain/(loss) from sale of assets during 2023.

Note 6 - Tax

The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments within the exemption method.

Note 7 - Tangible and intangible assets

2023 - Year to date - USD mill	Vessels	Properties	Other tangible	Intangible	Total
			assets	assets
Cost 1.1	0	692	226	201	1 119
Acquisition	-	7	11	1	19
Business combinations	-	-	0	9	9
Reclass/disposal	(0)	29	(4)	(2)	22
Currency translation differences	-	(48)	(7)	(12)	(67)
Cost 30.06	-	680	226	197	1 102
Accumulated depreciation and impairment losses 1.1	0	(206)	(89)	(73)	(368)
Depreciation/amortisation	-	(9)	(5)	(4)	(18)
Reclass/disposal	(0)	(32)	2	4	(27)
Currency translation differences	(0)	14	4	4	23
Accumulated depreciation and impairment losses 30.06	0	(233)	(89)	(69)	(390)
Carrying amounts 30.06	0	447	137	128	712

2022 - Year to date - USD mill	Vessels	Properties	Other tangible assets	Intangible assets	Total
Cost 1.1	35	601	229	193	1 058
Acquisition	-	17	8	1	27
Business combinations	-	131	-	-	131
Reclass/disposal	-	(0)	(5)	1	(4)
Currency translation differences	(4)	(77)	(15)	(20)	(116)
Cost 30.06	32	673	216	176	1 096
Accumulated depreciation and impairment losses 1.1	(23)	(207)	(93)	(57)	(381)
Depreciation/amortisation	(0)	(10)	(5)	(3)	(19)
Reclass/disposal	-	(2)	2	0	(0)
Currency translation differences	3	24	8	6	41
Accumulated depreciation and impairment losses 30.06	(21)	(195)	(88)	(55)	(359)
Carrying amounts 30.06	11	478	129	120	737

2022 - Full year - USD mill	Vessels	Properties	Other tangible	Intangible	Total
			assets	assets
Cost 1.1	35	601	229	193	1 058
Acquisition	-	23	23	3	50
Business combinations	-	140	0	-	140
Reclass/disposal	(33)	(0)	(16)	23	(25)
Currency translation differences	(3)	(73)	(10)	(18)	(104)
Cost 31.12	0	692	226	201	1 119
Accumulated depreciation and impairment losses 1.1	(23)	(207)	(93)	(57)	(381)
Depreciation/amortisation	(1)	(19)	(9)	(6)	(36)
Reclass/disposal	22	(1)	5	(2)	24
Impairment	-	(0)	-	(13)	(13)
Currency translation differences	2	22	8	5	37
Accumulated depreciation and impairment losses 31.12	0	(206)	(89)	(73)	(368)
Carrying amounts 31.12	0	486	137	129	751

Note 8 - Leases

Right-of-use-assets

The group leases several assets such as buildings, property, machinery, equipment and vehicles. The group's rightof-use assets are categorised and presented in the tables below:

assets Cost 1.1 134 15 149 Additions including remeasurements 7 1 8 Reclass/disposal including cancellations (3) (1) (4) Change in estimates 6 (0) 6 Currency translation differences (6) (1) (7) Cost 30.06 138 14 152 Accumulated depreciation and impairment losses 1.1 (40) (6) (47) Depreciation/amortisation (9) (2) (10) Reclass/disposal 1 1 2 Change in estimates (5) (0) (5) Currency translation differences 2 0 3 Accumulated depreciation and impairment losses 30.06 (51) (7) (57) Carrying amounts 30.06 87 8 95 Properties Other tangible Total 2022 - Year to date - USD mill assets Cost 1.1 199 15 214 Additions including remeasurements 25 2 27 Reclass/disposal including cancellations (85) (1) (86) Currency translation differences (14) (2) (16) Cost 30.06 125 14 139 Accumulated depreciation and impairment losses 1.1 (55) (4) (59) Depreciation/amortisation (9) (2) (11) Reclass/disposal 27 1 27 Currency translation differences 4 0 4 Accumulated depreciation and impairment losses 30.06 (33) (5) (38) Carrying amounts 30.06 91 9 100 Properties Other tangible Total 2022 - Full year - USD mill assets Cost 1.1 199 15 214 Additions including remeasurements 39 3 42 Reclass/disposal including cancellations (88) (1) (89) Currency translation differences (16) (1) (18) Cost 31.12 134 15 149 Accumulated depreciation and impairment losses 1.1 (55) (4) (59) Depreciation/amortisation (17) (3) (20) Reclass/disposal 27 1 28 Currency translation differences 4 0 5 Accumulated depreciation and impairment losses 31.12 (40) (6) (47) Carrying amounts 31.12 94 9 102	2023 - Year to date - USD mill	Properties	Other tangible	Total

Note 9 - Shares and share capital

The number of shares is as follows with a nominal value of NOK 20:

	30.06.2023	30.06.2022	31.12.2022
Total shares
A - shares	34 000 000	34 000 000	34 000 000
B - shares	10 580 000	10 580 000	10 580 000
Total shares	44 580 000	44 580 000	44 580 000

Own shares

Total own shares	400 000	- -
B - shares	100 000	- -
A - shares	300 000	- -

Earnings per share taking into consideration the weighted average number of outstanding shares in the period.

Earnings per share is calculated based on 44 380 000 outstanding shares for 2023. Corresponding for 2022 was 44 580 000 shares. In May 2023 the company aquired 400 000 own shares (300 000 A shares and 100 000 B - shares).

Basic earnings per share is calculated by dividing profit for the period after non-controlling interests, by average number of total outstanding shares.

Note 10 - Financial assets to fair value

USD mill	30.06.2023	30.06.2022	31.12.2022
Financial assets to fair value
At 31 December	613	688	688
Acquisition	1	0	2
Sale during the year	-0	(22)	(22)
Currency translation adjustment through other comprehensive income	(2)	(4)	(5)
Change in fair value through income statement	83	(22)	(50)
Total financial assets to fair value	694	640	613

Financial assets to fair value are held in subsidiaries with different functional currencies and thereby creating translation adjustment.

Note 11 - Other financial income/(expenses)

USD mill	Q2	Q2	YTD	YTD
	2023	2022	2023	2022
Investment management	3	(2)	10	(10)
Interest income	2	1	3	1
Other financial income	0	2	23	17
Interest expenses	(9)	(6)	(18)	(12)
Other financial expenses	(1)	(1)	(1)	(1)
Net financial currency	(4)	12	(0.4)	12
Net financial currencies derivatives	6	(30)	(1)	(27)
Other financial income/(expenses)	(3)	(24)	14	(21)

Note 12 - Paid dividend

Dividend for fiscal year 2021 was NOK 7.00 per share and was paid in April 2022 (NOK 4.00) and in November 2022 (NOK 3.00).

The proposed dividend for fiscal year 2022 was NOK 6.00 per share and approved by the annual general meeting on 27 April 2023. The dividend was paid to the shareholders in May 2023.

Note 13 - Interest-bearing debt including lease liabilities

USD mill	30.06.2023	30.06.2022	31.12.2022
Non current interest-bearing debt	474	461	473
Current interest-bearing debt	35	77	65
Non current lease liabilities	84	92	93
Current lease liabilities	23	20	23
Total interest-bearing debt	617	650	654
Cash and cash equivalents	179	163	163
Current financial investments	114	95	104
Net interest-bearing debt	325	392	386

Loan agreements entered into by group companies contain financial covenants related to equity ratio, liquidity, current ratio and net interestbearing debt / EBITDA measured in respect of the relevant borrowing

company or group of companies. The group was in compliance with these covenants at 30 June 2023 (analogous for 30 June 2022).

Specification of interest-bearing debt
USD mill	30.06.2023	30.06.2022	31.12.2022
Interest-bearing debt
Bankloan	510	538	538
Lease liabilities	107	112	116
Total interest-bearing debt	617	650	654
Repayment schedule for interest-bearing debt
Due in 1 year	58	72	88
Due in 2 years	32	226	17
Due in 3 years	26	11	22
Due in 4 years	219	75	24
Due in 5 years and later	281	266	503

Total interest-bearing debt 617 650 654

Note 14 - Financial level

USD mill	Level 1	Level 2	Level 3	Total
2023
Financial assets at fair value
Equities	79	-	-	79
Bonds	35	-	-	35
Financial assets at fair value	666	7	21	694
Total financial assets 30.06	780	7	21	808
Financial liabilities at fair value
Financial derivatives	-	(7)	-	(7)
Total financial liabilities 30.06	-	(7)	-	(7)
2022
Financial assets at fair value
Equities	56	-	-	56
Bonds	39	-	-	39
Financial derivatives	1	-	-	1
Financial assets at fair value	617	4	18	640
Total financial assets 30.06	713	4	18	736
Financial liabilities at fair value
Financial derivatives	-	(1)	-	(1)
Total financial liabilities 30.06	-	(1)	-	(1)

The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. The fair value of financial instruments that are not traded in an active market (over-thecounter contracts) are based on third party quotes. These quotes use the maximum number of observable market rates for price discovery. Specific valuation techniques used by financial counterparties (banks) to value financial derivatives include:

• Quoted market prices or dealer quotes for similar derivatives

• The fair value of interest rate swaps is calculated as the net present value of the estimated future cash flows based on observable yield curves

• The fair value of interest rate swap option (swaption) contracts is determined using observable volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in a swaption premium. Options are typically valued by applying the Black-Scholes model. - The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with the

resulting value discounted back to net present value - The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curves and time-tomaturity parameters at the balance sheet date, resulting in an option premium. Options are typically valued by applying the Black-Scholes model.

The carrying value less impairment provision of receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial derivatives.

The fair values, except for bond debt, are based on cash flows discounted using a rate based on market rates including margins and are within level 2 of the fair value hierarchy. The fair values of the bond debt are based on quoted prices and are also classified within level 2 of the fair value hierarchy due to limited trading in an active market.

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.

The quoted market price used for financial assets held by the group is the current mid price. These instruments are included in level 1. Instruments included in level 1 at the end of June 2023 are liquid investment grade bonds (analogous for 2022).

The fair value of financial instruments that are not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use the maximum number of observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2.

If one or more of the significant inputs is not based on observable market data, the derivatives is in level 3. Primarily illiquid investment funds and structured notes are included in level 3.

Note 15 - Related party transactions

WWH delivers services to the Wallenius Wilhelmsen group. These include primarily in-house services such as canteen, post, switchboard and rent of office facilities.

Generally, Shared Services are priced using a cost plus 5% margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually.

Note 16 - Contingencies

The size and global activities of the group dictate that companies in the group will be involved from time to time in disputes and legal actions. The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist

Note 17 - Events occurring after the balance sheet date

No material events occured between the balance sheet date and the date when the accounts were presented providing new information about the conditions prevailing on the balance sheet date.

In addition Maritime Services have several transactions with associates. The contracts governing such transactions are based on commercial market terms.

are of such a nature that they will not significantly affect the group's financial position.

Cont. Note 17 - Alternative performance measures

This section describes non-GAAP financial alternative performance measures (APM) that may be used in the quarterly and annual reports and related presentations.

The following measures are not defined nor specified in the applicable financial reporting framework of IFRS. They may be considered as non-GAAP financial measures that may include or exclude amounts that are calculated and presented according to the IFRS. These APMs are intended to enhance comparability of the results, balance sheet and cash flows from period to period and it is the Company's experience that these are frequently used by investors, analysts and other parties. Internally, these APMs are used by the management to measure performance on a regular basis. The APMs should not be considered as a substitute for measures of performance in accordance with IFRS.

EBITDA is defined as Total income (Operating revenue and gain/(loss) on sale of assets) adjusted for Operating expenses. EBITDA is used as an additional measure of operational profitability, excluding the impact from financial items, taxes, depreciation and amortization.

EBITDA adjusted is defined as EBITDA excluding certain income and/or cost items which are not regarded as part of the underlying operational performance for the period. The Company does not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.

EBITDA margin is defined as EBITDA as a per cent of of Total income.

EBITDA margin adjusted is defined as EBITDA adjusted as a per cent of Total income, with Total income also adjusted for the same income elements as those which have been adjusted for in EBITDA adjusted.

EBIT is defined as Total income (Operating revenue and gain/(loss) on sale of assets) less Operating expenses, Other gain/loss and depreciation and amortization. EBIT is used as a measure of operational profitability excluding the effects of how the operations were financed, taxed and excluding foreign exchange gains & losses.

EBIT adjusted, EBIT margin and EBIT margin adjusted will, if used, be prepared in the same manner as described under EBITDA.

Net interest-bearing debt (NIBD) is defined as total interest bearing debt (Non-current interest-bearing debt, Non-current lease liabilities, Current interest-bearing debt and Current lease liabilities) less Cash and cash equivalenets and Current financial investments.

Equity ratio is defined as Total equity as a percent of Total assets.

Responsibility statement

We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2023 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of the group's assets, liabilities, financial position and profit as a whole.

We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.

Lysaker, 16 August 2023 The board of directors of Wilh. Wilhelmsen Holding ASA

Chair sign sign sign

Carl Erik Steen Morten Borge Rebekka Glasser Herlofsen

sign Sign. S sign

Ulrika Laurin Trond Ødegård Westlie

Thomas Wilhelmsen Group CEO sign

Wilh. Wilhelmsen Holding ASA PO Box 33 NO-1324 Lysaker, NORWAY Tel: +47 67 58 40 00 http://www.wilhelmsen.com/

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Org no 995 227 905