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Wilh. Wilhelmsen ASA
Quarterly Report • May 8, 2025
3790_rns_2025-05-08_ac27aa64-9bfa-4fab-a33a-b5bf9f5e5836.pdf
Quarterly Report
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WILH. WILHELMSEN HOLDING ASA
First quarter 2025
Highlights for the quarter
Wilhelmsen had another strong quarter with a year-over-year increase in both operating results and contribution from associates. Net profit after financial items and tax was USD 137 million and net profit to equity holders of the company was USD 132 million.
USD 46 million in EBITDA.
- Of which:
- USD 32 million EBITDA in Maritime Services.
- USD 15 million EBITDA in New Energy.
- Up 20% from the corresponding period last year and up 25% from the previous quarter.
USD 121 million in share of profit from joint ventures and associates.
- Of which:
- USD 86 million share of profit from Wallenius Wilhelmsen.
- USD 30 million share of profit from Hyundai Glovis.
- Up from USD 92 million in the corresponding period last year and up from USD 116 million in the previous quarter.
In February, Wilhelmsen completed buyback of 611,061 own shares split on 443,253 a-shares and 167,808 bshares.
Post quarter event
On 29 April, Wilhelmsen and two co-owners announced that they will make an unconditional mandatory cash offer to acquire all shares in Edda Wind ASA not already owned.
On 30 April, the Annual General Meeting approved the board's proposal for a first dividend of NOK 12.00 per share and authorised the board to distribute additional dividend of up to NOK 8.00 per share. The Annual General Meeting also approved the board's proposal to decrease the share capital through liquidation of 1,323,633 own Class A shares and 906,367 own Class B shares and the mandate for further share buybacks.
Key figures
2,767
Financial performance
| USD million | Q-on-Q | Y-o-Y | |||
|---|---|---|---|---|---|
| Q1'25 | Q4'24 | Change | Q1'24 | Change | |
| Total income | 297 | 278 | 7% | 264 | 12% |
| of which operating revenue | 297 | 274 | 8% | 265 | 12% |
| of which other gain/(loss) | (1) | 4 | (1) | ||
| EBITDA | 46 | 37 | 25% | 38 | 20% |
| Operating profit/EBIT | 32 | 10 | 205% | 22 | 41% |
| Share of profit/(loss) from associates | 121 | 116 | 5% | 92 | 32% |
| Financial items | (3) | (28) | 1 | ||
| of which change in fair value financial assets | (7) | 1 | 8 | ||
| of which other financial income/(expenses) | 4 | (29) | (6) | ||
| Profit/(loss) before tax/EBT | 150 | 98 | 52% | 116 | 29% |
| Tax income/(expenses) | (12) | (4) | (2) | ||
| Profit/(loss) for the period | 137 | 94 | 46% | 113 | 21% |
| Profit/(loss) to equity holders of the company | 132 | 91 | 44% | 108 | 23% |
| EPS (USD) | 3.13 | 2.13 | 47% | 2.44 | 28% |
| Other comprehensive income | 78 | (194) | (81) | ||
| Total comprehensive income | 216 | (100) | neg. | 33 | >500% |
| Total comp. income equity holder of the company | 210 | (90) | neg. | 34 | >500% |
| Total assets | 4,021 | 3,758 | 7% | 3,761 | 7% |
| Shareholders' equity | 2,767 | 2,580 | 7% | 2,383 | 16% |
| Total equity | 2,890 | 2,695 | 7% | 2,538 | 14% |
| Equity ratio | 72% | 72% | 0% | 67% | 4% |
Group result for the first quarter 2025
Total income for the Wilh. Wilhelmsen Holding ASA group (referred to as Wilhelmsen or group) was USD 297 million in the first quarter of 2025, up 12% from the corresponding period last year and up 7% from the previous quarter. Income was up for both Maritime Services and New Energy.
EBITDA was USD 46 million, up 20% from last year and up 25% from the previous quarter. EBITDA was up yearover-year for both Maritime Services and New Energy. Quarter-on-quarter, the increase was due to higher EBITDA in Maritime Services.
Share of profit from joint ventures and associates was USD 121 million. This was up 32% from the previous year, mainly due to increased profit in both Wallenius Wilhelmsen ASA and Hyundai Glovis. Compared to the previous quarter, share of profit was up 5% due to higher contribution from Hyundai Glovis and New Energy.
Financial items were a net loss of USD 3 million for the quarter, while tax was an expense of USD 12 million.
Net profit to equity holders of the company was USD 132 million for the quarter, equal to USD 3.13 earnings per share (EPS).
Other comprehensive income was positive with USD 78 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 positive with USD 210 million.
Group balance sheet
Total assets were up 7% in the first quarter, mainly due to USD 198 million in declared but not received dividend from Wallenius Wilhelmsen ASA lifting other current assets. Shareholders' equity was up 7% to USD 2,767 million due to positive comprehensive income in the quarter. As of 31 March, the group equity ratio was 72%.
Group cash flow, liquidity and debt
| USD million | Cash | Curr. | |||
|---|---|---|---|---|---|
| & cash | fin. | Lease | |||
| equiv. | inv. | IBD | liabil. | NIBD | |
| Maritime Services | 150 | 0 | 178 | 41 | 69 |
| New Energy | 9 | 0 | 329 | 81 | 400 |
| Strategic Holdings and Inv. | 90 | 132 | 28 | 31 | (162) |
| Elimination | (80) | 0 | (200) | (8) | (128) |
| Wilhelmsen group | 169 | 132 | 335 | 145 | 179 |
Cash and cash equivalents were USD 169 million at the end of the first quarter, up USD 14 million from the previous quarter. Operating cash flow was USD 37 million. Cash flow from investing activities was negative USD 26 million, including USD 16 million investment in subsidiaries, joint ventures and associates. Cash flow from financing activities was negative with USD 8 million, including USD 22 million in buyback of own shares. Total interest-bearing debt including lease liabilities was USD 480 million by the end of the first quarter, an increase of USD 46 million from the previous quarter.
Share buyback
In February, Wilhelmsen completed buyback of 611,061 own shares, split on 443,253 a-shares and 167,808 bshares. By the end of the first quarter, Wilhelmsen owned 2,299,873 of its own shares, equal to 5.16% of all shares.
Dividend and share capital (post quarter events)
On 30 April, the Annual General Meeting approved the board's proposal for a first dividend of NOK 12.00 per share and authorised the board to distribute additional dividend of up to NOK 8.00 per share. The Annual General Meeting also approved liquidation of 1,323,633 own a-shares and 906,367 own b-shares.
Segment information
Maritime Services
This includes Ships Service, Port Services, Ship Management, and other business units and activities reported under the Maritime Services segment.
| USD million | Q-on-Q Y-o-Y |
||||||
|---|---|---|---|---|---|---|---|
| Q1'25 | Q4'24 | Change | Q1'24 | Change | |||
| Total income | 213 | 202 | 6% | 194 | 10% | ||
| of which Ships Service | 132 | 125 | 6% | 128 | 3% | ||
| of which Port Services | 39 | 43 | -7% | 40 | 0% | ||
| of which Ship Management | 38 | 30 | 26% | 21 | 82% | ||
| of which other activities/eliminations | 4 | 4 | 6 | ||||
| EBITDA | 32 | 24 | 37% | 28 | 16% | ||
| EBITDA margin (%) | 15% | 12% | 14% | ||||
| Operating profit/EBIT | 25 | 6 | 337% | 21 | 20% | ||
| EBIT margin (%) | 12% | 3% | 11% | ||||
| Share of profit/(loss) from associates | 1 | (1) | neg. | 0 | 248% | ||
| Financial items | 18 | (26) | (10) | ||||
| Tax income/(expense) | (10) | 1 | (2) | ||||
| Profit/(loss) | 35 | (21) | neg. | 8 | 315% | ||
| Profit margin (%) | 16% | -10% | 4% | ||||
| Non controlling interests | 1 | (0) | 0 | ||||
| Profit/(loss) to equity holders of the company | 34 | (21) | neg. | 8 | 330% |
Maritime Services segment
Total income for the Maritime Services segment was USD 213 million in the first quarter. This was up 10% from the corresponding period last year and up 6% from the previous quarter. The increase partly reflected revenue from last year acquisition of Zeaborn Ship Management. Excluding Zeaborn, total income was up 4% year-overyear and up 2% from the previous quarter.
EBITDA was USD 32 million, up 16% year-over-year and up 37% from the previous quarter. EBITDA was lifted by a combination of higher total income and improved operating margin, supported by a favourable currency mix. This was partly offset by a net USD 1 million negative EBITDA effect from non-recurring items.
Share of profit from associates was USD 1 million for the quarter. Financial items were an income of USD 18 million, including USD 21 million in mainly unrealised currency gains. Tax was an expense of USD 10 million for the quarter, including changes in deferred tax.
The quarter ended with a net profit to equity holders of the company of USD 34 million.
Ships Service
Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet.
Total income for Ships Service was USD 132 million. This was up 3% from the corresponding period last year and up 6% from the previous quarter. Year-over year, total income was lifted by a combination of price increases and higher volumes. Income was up for most product categories including water treatments, gas & cylinders, refrigerants, and cleaning and maintenance chemicals.
Port Services
Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet.
Total income for Port Services was USD 39 million. This was on par with the corresponding period last year and down 7% from the previous quarter. The reduction from the previous quarter reflected a seasonally weak start of the year partly offset by strong cruise activities towards the end of the quarter.
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 38 million in the first quarter, up 82% year-over-year and up 26% from the previous quarter. The increase mainly reflected new revenue from the acquisition of Zeaborn, completed on 31 March 2024. Excluding Zeaborn, total income was up 23% year-over-year and up 2% from the previous quarter.
Other activities
This includes Wilhelmsen Chemicals, Wilhelmsen Insurance Services, Global Business Services, and certain other activities reported under the Maritime Services segment.
Total income from other activities was up both year-overyear and quarter-on-quarter. A large part of the income is generated from inter-company services and product sales to other Maritime Services' entities which are eliminated in the segment accounts. Total income after elimination of inter-company income was down for the quarter.
Segment information
New Energy
This includes NorSea, Edda Wind ASA, and other business units and activities reported under the New Energy segment.
| USD million | Q-on-Q Y-o-Y |
||||||
|---|---|---|---|---|---|---|---|
| Q1'25 | Q4'24 | Change | Q1'24 | Change | |||
| Total income | 82 | 75 | 9% | 69 | 19% | ||
| of which NorSea (Energy Infrastructure) | 81 | 75 | 8% | 68 | 20% | ||
| of which other activities/eliminations | 1 | 0 | >500% | 1 | -24% | ||
| EBITDA | 15 | 16 | -6% | 12 | 30% | ||
| EBITDA margin (%) | 19% | 21% | 17% | ||||
| Operating profit/EBIT | 9 | 9 | 7% | 4 | 132% | ||
| EBIT margin (%) | 11% | 11% | 6% | ||||
| Share of profit/(loss) from associates | 4 | (1) | neg. | 3 | 6% | ||
| of which NorSea (Energy Infrastructure) | 2 | (0) | neg. | 2 | -12% | ||
| of which other activities/eliminations | 2 | (1) | neg. | 1 | 29% | ||
| Financial items | (12) | 1 | (0) | ||||
| Tax income/(expense) | 0 | (2) | 0 | ||||
| Profit/(loss) | 1 | 7 | -82% | 7 | -82% | ||
| Profit margin (%) | 2% | 10% | 10% | ||||
| Non controlling interests | 0 | 0 | (0) | ||||
| Profit/(loss) to equity holders of the company | 1 | 7 | -82% | 7 | -82% |
New Energy segment
Total income for the New Energy segment was USD 82 million in the first quarter. This was up 19% from the corresponding period last year and up 9% from the previous quarter. Total income was lifted by increased activity in NorSea.
EBITDA was USD 15 million, up 30% from the corresponding period last year but down 6% from the previous quarter. EBITDA was supported by a general high activity level in NorSea, with the reduction from the previous quarter mainly due to normal fluctuations in operating margins when measured on a quarterly basis.
Share of profit from joint ventures and associates was USD 4 million in the first quarter. Financial items were an expense of USD 12 million, including a USD 7 million loss from change in fair value of the warrants in Reach Subsea ASA prior to being exercised. Tax was included with nil for the quarter.
Profit to equity holders of the company was USD 1 million for the quarter.
NorSea
NorSea provides supply bases and integrated logistics solutions to the offshore industry. Wilhelmsen owns 99.4% of NorSea.
Total income for NorSea was USD 81 million in the first quarter, up 20% year-over-year and up 8% from the previous quarter. Income was lifted by increased activity across all main Norwegian offshore bases.
Share of profit from joint ventures and associates in NorSea was USD 2 million in the first quarter.
Edda Wind ASA
Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 31.0% of the company, which is reported as associate in Wilhelmsen's accounts.
Share of profit from Edda Wind ASA was included with nil for the quarter.
The book value of the 31.0% shareholding in Edda Wind ASA was USD 113 million at the end of the first quarter.
Post quarter, on 29 April, Wilhelmsen (through Wilhelmsen New Energy AS), Geveran Trading Co Ltd, and EPS Ventures Ltd announced that they will make an unconditional mandatory cash offer of NOK 23.00 per share to acquire all outstanding shares in Edda Wind ASA not already owned by them.
Other activities
This includes Reach Subsea ASA (owned 29.6%), Raa Labs AS (owned 75.1%), Massterly AS (owned 50%), and certain other business units and activities reported under the New Energy segment.
Total income for other activities was USD 1 million for the quarter.
Share of profit from other activities was included with USD 2 million for the quarter.
On 5 March, Wilhelmsen exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. Total consideration was USD 13 million. Following completion of the exercise, Wilhelmsen owns 29.6% of the shares in Reach Subsea ASA and has no remaining warrants.
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 business units and activities reported under the Strategic Holdings and Investments segment.
| USD million | Q-on-Q | Y-o-Y | |||
|---|---|---|---|---|---|
| Q1'25 | Q4'24 | Change | Q1'24 | Change | |
| Total income | 4 | 4 | -4% | 5 | -13% |
| of which operating revenue | 4 | 4 | -4% | 5 | -13% |
| of which other gain/(loss) | 0 | 0 | 0 | ||
| EBITDA | (1) | (3) | (1) | ||
| Operating profit/EBIT | (2) | (4) | (2) | ||
| Share of profit/(loss) from associates | 116 | 117 | -1% | 88 | 32% |
| of which Wallenius Wilhelmsen ASA | 86 | 100 | -14% | 63 | 36% |
| of which Hyundai Glovis | 30 | 18 | 71% | 25 | 21% |
| of which other/eliminations | 0 | 0 | 0 | ||
| Change in fair value financial assets | (1) | (1) | 2 | ||
| Other financial income/(expenses) | (9) | 11 | 10 | ||
| of which investment management | (0) | (5) | 7 | ||
| of which financial income from group companies | 3 | 14 | 1 | ||
| of which other financial income/(expense) | (12) | 2 | 2 | ||
| Tax income/(expense) | (2) | (5) | (0) | ||
| Profit/(loss) | 101 | 118 | 98 | ||
| Non controlling interests | 5 | 3 | 5 | ||
| Profit/(loss) to equity holders of the company | 97 | 115 | 93 |
Strategic Holdings and Investments segment
The Strategic Holdings and Investments segment reported a USD 97 million profit to equity holders of the company in the first quarter. This was up year-over-year mainly due to higher contribution from Wallenius Wilhelmsen ASA and Hyundai Glovis. Compared with the previous quarter, net profit was down due to lower contribution from Wallenius Wilhelmsen ASA and quarterly fluctuation in financial income and expenses.
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 86 million for the quarter. This was up from USD 63 million in the corresponding period last year but down from USD 100 million in the previous quarter.
The book value of the 37.9% shareholding in Wallenius Wilhelmsen ASA was USD 965 million at the end of the first quarter.
In the first quarter, Wallenius Wilhelmsen ASA declared dividend of USD 1,24 per share, payable in the second quarter. The dividend to be received by Wilhelmsen has been included with USD 198 million under other current assets in the first quarter accounts.
Treasure ASA - Hyundai Glovis
Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis Co., Ltd. (Hyundai Glovis) and is listed on Oslo Børs. Wilhelmsen owns 84.2% of Treasure ASA. Hyundai Glovis is reported as an associate in Wilhelmsen's accounts.
Share of profit from Hyundai Glovis was included with USD 30 million for the quarter. This compares with a share of profit of USD 25 million in the corresponding period last year and USD 18 million in the previous quarter.
The book value of the 11.0% shareholding in Hyundai Glovis was USD 701 million at the end of the first quarter.
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 nil for the quarter. The market value of current financial investments was USD 132 million at the end of the first quarter.
Change in fair value of non-current financial assets was a loss of USD 1 million for the quarter. The fair value at the end of the first quarter was USD 87 million. The largest investment was the 25 million shares held in Qube Holdings Limited with a market value of USD 61 million.
Other activities
This includes Wilservice AS, holding company activities, and certain other business units and activities reported under the Strategic Holdings and Investments segment.
Income for other activities remained limited in the quarter.
Outlook
Wilhelmsen is an industrial holding company within the maritime industry. The group's main activities are within maritime services, offshore energy services, and RoRo shipping and vehicle logistics. These activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments. Founded in Norway in 1861, Wilhelmsen maintains a vision of shaping the maritime industry.
Outlook for Maritime Services
Maritime Services delivers value creating solutions to the global merchant fleet, focusing on Ships Service, Port Services, and Ship Management.
Short term, a volatile global trade environment is expected to have an impact on global shipping. The indirect impact on the Maritime Services' operation from fluctuating shipping markets has historically been relatively limited. We foresee a stable activity level for Maritime Services in 2025.
Looking further ahead, we believe that the Maritime Services market will continue to grow, supported by a growing world economy. With global networks, strong brands built over many years, and a long history of innovation and market adaptation, Wilhelmsen is in a good position to service this market.
Outlook for New Energy
The New Energy segment focuses on building and driving industrial positions within the maritime energy value chain and the energy transition. With segment companies representing energy infrastructure, offshore wind, and technology and decarbonisation, Wilhelmsen is driving value- creation by bringing together their unique competencies.
Supply constraints and geopolitical risk continue to impact the European energy market. This supports a continued high activity level throughout 2025 at the offshore fields serviced by NorSea and other Wilhelmsen operations.
A focus on climate measures will support, inter alia, a gradual shift from offshore oil and gas to renewable energy, 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 the shareholdings in these companies, the group will continue to provide and develop world leading logistics services to the global automotive and ro-ro industries.
The strong performance experienced in 2024 has continued into 2025. Looking ahead, the introduction of new tariffs and other regulations will impact global trade. Despite the increased uncertainty, we expect contribution from the Strategic Holdings and Investments segment to remain close to 2024 level 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 geopolitical tension and an uncertain global trade environment, the group retains its capacity to support, grow, and expand the business portfolio, and to deliver consistent yearly dividends.
Lysaker, 8 May 2025
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 | Q1 | Q1 | Full year |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Operating revenue | 297 | 265 | 1 136 | |
| Other gain/(loss) | 5 | (1) | (1) | 2 |
| Total income | 297 | 264 | 1 138 | |
| Operating expenses | ||||
| Cost of goods and change in inventory | (103) | (86) | (391) | |
| Employee benefits | (110) | (102) | (423) | |
| Other expenses | (38) | (38) | (166) | |
| Operating profit before depreciation and amortisation (EBITDA) | 46 | 38 | 159 | |
| Depreciation, amortisation and impairment | 7/8 | (14) | (16) | (74) |
| Operating profit (EBIT) | 32 | 22 | 85 | |
| Share of profit from joint ventures and associates | 4 | 121 | 92 | 472 |
| Financial items | ||||
| Change in fair value financial assets | 10 | (7) | 8 | 27 |
| Other financial income/(expenses) | 11 | 4 | (6) | (46) |
| Net financial items | (3) | 1 | (19) | |
| Profit before tax | 150 | 116 | 538 | |
| Tax income/(expense) | 6 | (12) | (2) | (20) |
| Profit for the period | 137 | 113 | 518 | |
| Attributable to: equity holders of the company | 132 | 108 | 498 | |
| non-controlling interests | 5 | 6 | 20 | |
| Basic earnings per share (USD) | 9 | 3.13 | 2.44 | 11.47 |
| Consolidated comprehensive income | ||||
| USD mill | Q1 | Q1 | Full year | |
| 2025 | 2024 | 2024 | ||
| Profit for the period | 137 | 113 | 518 | |
| Items that may be reclassified to income statement | ||||
| Cash flow hedges (net after tax) | (0) | 1 | 1 | |
| Comprehensive income from joint ventures and associates | 1 | (2) | 13 | |
| Currency translation differences | 78 | (80) | (228) | |
| Items that will not be reclassified to income statement | ||||
| Remeasurement pension liabilities, net of tax | (0) | - | 1 | |
| Other comprehensive income, net of tax | 78 | (81) | (213) | |
| Total comprehensive income for the period | 216 | 33 | 305 | |
| Total comprehensive income attributable to: | ||||
| Equity holders of the company | 210 | 34 | 300 | |
| Non-controlling interests | 6 | (1) | 5 | |
| Total comprehensive income for the period | 216 | 33 | 305 |
Consolidated balance sheet
| USD mill | Note | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|---|
| Non current assets | ||||
| Deferred tax assets | 6 | 45 | 52 | 52 |
| Goodwill and other intangible assets | 7 | 126 | 124 | 125 |
| Properties and other tangible assets | 7 | 602 | 589 | 571 |
| Right-of-use assets | 8 | 134 | 116 | 121 |
| Investments in joint ventures and associates* | 4/18 | 1 965 | 1 954 | 2 001 |
| Financial assets to fair value | 10 | 87 | 92 | 86 |
| Other non current assets | 42 | 63 | 39 | |
| Total non current assets | 3 000 | 2 989 | 2 994 | |
| Current assets | ||||
| Inventories | 121 | 114 | 119 | |
| Current financial investments | 132 | 122 | 121 | |
| Other current assets | 599 | 348 | 368 | |
| Cash and cash equivalents | 169 | 187 | 155 | |
| Total current assets | 1 021 | 772 | 764 | |
| Total assets | 4 021 | 3 761 | 3 758 | |
| Equity | ||||
| Paid-in capital | 9 | 118 | 118 | 118 |
| Own shares | 9 | (4) | (1) | (3) |
| Retained earnings* | 9/12/18 | 2 654 | 2 267 | 2 465 |
| Attributable to equity holders of the parent Non-controlling interests |
2 767 123 |
2 383 155 |
2 580 115 |
|
| Total equity | 2 890 | 2 538 | 2 695 | |
| Non current liabilities | ||||
| Pension liabilities | 22 | 23 | 21 | |
| Deferred tax liabilities | 6 | 10 | 11 | 12 |
| Non current interest-bearing debt | 13/14 | 287 | 418 | 277 |
| Non current lease liabilities | 8/13 | 116 | 102 | 108 |
| Other non current liabilities | 8 | 10 | 8 | |
| Total non current liabilities | 443 | 563 | 425 | |
| Current liabilities | ||||
| Current income tax | 10 | 11 | 12 | |
| Public duties payable | 19 | 17 | 17 | |
| Current interest-bearing debt | 13/14 | 48 | 33 | 23 |
| Current lease liabilities | 8/13 | 29 | 25 | 26 |
| Other current liabilities | 582 | 574 | 559 | |
| Total current liabilities | 688 | 660 | 637 | |
| Total equity and liabilities | 4 021 | 3 761 | 3 758 |
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 18 for more details.
Consolidated cash flow statement
| USD mill | Note | Q1 | Q1* | Full year* |
|---|---|---|---|---|
| Cash flow from operating activities | 2025 | 2024 | 2024 | |
| Profit before tax | 150 | 116 | 538 | |
| Share of (profit)/loss from joint ventures and associates | 4 | (121) | (92) | (472) |
| Changes in fair value financial assets | 10 | 7 | (8) | (27) |
| Financial (income)/expenses | 11 | (4) | 6 | 46 |
| Depreciation, amortisation and impairment | 7/8 | 14 | 16 | 74 |
| Other (gain)/loss | 5 | 1 | 1 | (2) |
| Change in net pension asset/liability | 0 | 0 | 1 | |
| Change in inventories | 2 | 3 | (7) | |
| Change in other assets and liabilities | (7) | 17 | 4 | |
| Tax paid (company income tax, withholding tax) | (5) | (4) | (22) | |
| Net cash flow from operating activities | 37 | 55 | 133 | |
| Cash flow from investing activities | ||||
| Dividend received from joint ventures and associates | 3 | 2 | 311 | |
| Proceeds from sale of fixed assets | 7 | 0 | 0 | 1 |
| Investments in tangible and intangible assets | 7 | (10) | (9) | (40) |
| Net proceeds from sale of entity | - | - | 9 | |
| Investments in subsidiaries, joint ventures and associates | (16) | (24) | (55) | |
| Loan repayments from joint ventures, associates and others | 0 | 0 | 7 | |
| Loans granted to joint ventures and associates | (1) | (1) | (2) | |
| Dividend received / proceeds from sale of financial investments | 8 | 8 | 21 | |
| Purchase of current financial investments | (12) | (9) | (47) | |
| Interest received | 1 | 2 | 9 | |
| Changes in other investments | - | - | 2 | |
| Net cash flow from investing activities | (26) | (31) | 217 | |
| Cash flow from financing activities | ||||
| Net proceeds from issue of debt after debt expenses | 24 | 19 | 81 | |
| Repayment of debt | (1) | (43) | (246) | |
| Repayment of lease liabilities | (9) | (9) | (33) | |
| Interest paid including interest derivatives | (5) | (8) | (29) | |
| Cash from/ to financial derivatives | 6 | (0) | (3) | |
| Purchase of non-controlling interest | - | - | (32) | |
| (Investment)/disposal own shares | (22) | - | (47) | |
| Dividend to shareholders | (0) | - | (72) | |
| Net cash flow from financing activities | (8) | (41) | (382) | |
| Net change in cash and cash equivalents | 3 | (16) | (32) | |
| Cash and cash equivalents at the beg. of the period | 155 | 224 | 224 | |
| Effect of exchange rate changes on cash* | 11 | (21) | (37) | |
| Cash and cash equivalents at the end of the period | 169 | 187 | 155 |
* From Q1 2025 the effect of exchange rates changes on cash is presented separately, and previous periods have been restated accrodingly.
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 31.12.2024 | 118 | (3) | 2 465 | 2 580 | 115 | 2 695 |
| Profit for the period | - | - | 132 | 132 | 5 | 137 |
| Other comprehensive income | - | (0) | 78 | 78 | 0 | 78 |
| Reclass and change in ownership NCI | - | - | 1 | 1 | 2 | 2 |
| Purchase of own shares | - | (1) | (21) | (22) | - | (22) |
| Change in put option in associate | - | - | (1) | (1) | - | (1) |
| Balance at 31.03.2025 | 118 | (4) | 2 654 | 2 767 | 123 | 2 890 |
| USD mill | Share capital | Own shares | Retained earnings |
Total | Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|
| Balance at 31.12.2023 | 118 | (1) | 2 215 | 2 332 | 155 | 2 488 |
| Profit for the period | - | - | 108 | 108 | 6 | 113 |
| Other comprehensive income | - | - | (74) | (74) | (7) | (81) |
| Change in put option in associate | 18 | 18 | 18 | |||
| Balance at 31.03.2024 | 118 | (1) | 2 267 | 2 383 | 155 | 2 538 |
Statement of changes in equity - Full year 2024
| USD mill | Share capital | Own shares | Retained earnings |
Total | Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|
| Balance at 31.12.2023 | 118 | (1) | 2 215 | 2 332 | 155 | 2 488 |
| Profit for the period | - | - | 498 | 498 | 20 | 518 |
| Other comprehensive income | - | - | (198) | (198) | (15) | (213) |
| Reclass and change in ownership NCI | - | - | 40 | 40 | (41) | (0) |
| Purchase of own shares | - | (2) | (45) | (47) | - | (47) |
| Change in put option in associate | 22 | 22 | 22 | |||
| Paid dividend to shareholders | - | - | (68) | (68) | (4) | (72) |
| Balance at 31.12.2024 | 118 | (3) | 2 465 | 2 580 | 115 | 2 695 |
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 2024 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 2024.
Note 2 - Significant acquisitions and disposals
2025
Q1
No material acquisitions or disposals.
2024
Q1
The acquisition of Zeaborn Ship Management was completed and paid on 31. March 2024, and the acquisition balance was consolidated from Q2 2024. The acquisition was done in partnership between Wilhelmsen Ship Management, a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA, and MPC Capital.
Zeaborn manages a fleet of around 100 vessels, comprising of container ships and bulkers as well as tankers and multi-purpose vessels, which are managed from offices in Hamburg, Limassol, Singapore and Manila.
Roundings
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
Q2
The acquisition balance related to Zeaborn Ship Management was included and fully consolidated in Q2 2024. No other material acquisitions or disposals.
Q3
No material acquisitions or disposals.
Q4
No material acquisitions or disposals.
Note 3 - Segment reporting: Income statement per operating segment
| USD mill | Maritime Services | New Energy | Strategic Holdings & Investments |
Eliminations | Total WWH Group | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly figures | Q1 2025 |
Q1 2024 |
Full year 2024 |
Q1 2025 |
Q1 2024 |
Full year 2024 |
Q1 2025 |
Q1 2024 |
Full year 2024 |
Q1 2025 |
Q1 2024 |
Full year 2024 |
Q1 2025 |
Q1 2024 |
Full year 2024 |
| Operating revenue | 214 | 195 | 830 | 82 | 69 | 302 | 4 | 5 | 16 | (3) | (3) | (12) | 297 | 265 | 1 136 |
| Other gain/(loss) | (1) | (2) | 1 | 0 | 0 | 1 | 0 | 0 | 0 | - | - | 0 | (1) | (1) | 2 |
| Total income | 213 | 194 | 831 | 82 | 69 | 303 | 4 | 5 | 16 | (3) | (3) | (12) | 297 | 264 | 1 138 |
| Operating expenses | |||||||||||||||
| Cost of goods and change in inventory | (80) | (71) | (319) | (23) | (14) | (71) | (1) | (0) | (1) | 0 | 0 | 0 | (103) | (86) | (391) |
| Employee benefits | (76) | (69) | (286) | (32) | (30) | (124) | (2) | (3) | (14) | 0 | 0 | 0 | (110) | (102) | (423) |
| Other expenses Operating profit before depreciation |
(26) 32 |
(26) 28 |
(117) 109 |
(12) 15 |
(13) 12 |
(49) 59 |
(2) (1) |
(2) (1) |
(9) (8) |
2 (0) |
3 (0) |
10 (1) |
(38) 46 |
(38) 38 |
(166) 159 |
| and amortisation (EBITDA) | |||||||||||||||
| Depreciation, amortisation and impairment |
(7) | (7) | (39) | (6) | (8) | (31) | (1) | (1) | (5) | 0 | 0 | 1 | (14) | (16) | (74) |
| Operating profit (EBIT) | 25 | 21 | 70 | 9 | 4 | 28 | (2) | (2) | (13) | (0) | (0) | (0) | 32 | 22 | 85 |
| Share of profit from JVs and associates | 1 | 0 | 3 | 4 | 3 | 7 | 116 | 88 | 462 | - | - | - | 121 | 92 | 472 |
| Financial items | |||||||||||||||
| Change in fair value financial assets | 1 | (0) | (0) | (7) | 6 | 17 | (1) | 2 | 10 | - | - | - | (7) | 8 | 27 |
| Other financial income/(expenses) | 18 | (10) | (37) | (5) | (6) | (24) | (9) | 10 | 26 | 0 | 0 | (12) | 4 | (6) | (46) |
| Net financial items | 18 | (10) | (37) | (12) | (0) | (6) | (10) | 12 | 36 | 0 | 0 | (12) | (3) | 1 | (19) |
| Profit/(loss) before tax | 45 | 11 | 35 | 1 | 7 | 29 | 104 | 98 | 486 | 0 | 0 | (12) | 150 | 116 | 538 |
| Tax income/(expense) | (10) | (2) | (12) | 0 | 0 | (2) | (2) | (0) | (8) | - | - | 3 | (12) | (2) | (20) |
| Profit for the period | 35 | 8 | 23 | 1 | 7 | 26 | 101 | 98 | 478 | 0 | 0 | (10) | 137 | 113 | 518 |
| Non-controlling interests | (1) | (0) | (1) | (0) | 0 | (1) | (5) | (5) | (18) | - | - | - | (5) | (6) | (20) |
| Profit/(loss) to the equity holders of the | 34 | 8 | 22 | 1 | 7 | 26 | 97 | 93 | 460 | 0 | 0 | (10) | 132 | 108 | 498 |
| company |
Cont. Note 3 - Segment reporting: Balance sheet per operating segment
| USD mill | Maritime Services | New Energy | Strategic Holdings & Investments |
Eliminations | Total WWH Group |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | 31.03 | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Non current assets | ||||||||||
| Deferred tax assets | 38 | 40 | 1 | 1 | 6 | 10 | - | - | 45 | 52 |
| Goodwill and other intangible assets | 119 | 118 | 5 | 5 | 1 | 1 | - | - | 126 | 124 |
| Properties and other tangible assets | 164 | 162 | 434 | 412 | 3 | 15 | - | - | 602 | 589 |
| Right-of-use assets | 39 | 34 | 74 | 66 | 30 | 25 | (8) | (9) | 134 | 116 |
| Investments in joint ventures and associates* | 34 | 34 | 264 | 198 | 1 666 | 1 722 - | 0 | - | 1 965 | 1 954 |
| Financial assets to fair value | - | - | 0 | 10 | 87 | 82 | - | - | 87 | 92 |
| Other non current assets | 21 | 28 | 23 | 38 | 5 | 37 | (7) | (41) | 42 | 63 |
| Total non current assets | 416 | 416 | 802 | 731 | 1 798 | 1 892 | (15) | (50) | 3 000 | 2 989 |
| Current assets | ||||||||||
| Inventories | 121 | 114 | 0 | 0 | - | - | - | - | 121 | 114 |
| Current financial investments | - | - | - | - | 132 | 122 | - | - | 132 | 122 |
| Other current assets | 317 | 266 | 75 | 75 | 322 | 20 | (115) | (14) | 599 | 348 |
| Cash and cash equivalents | 150 | 155 | 9 | 18 | 90 | 14 | (80) | - | 169 | 187 |
| Total current assets | 589 | 535 | 84 | 93 | 543 | 156 | (195) | (14) | 1 021 | 772 |
| Total assets | 1 005 | 952 | 886 | 824 | 2 341 | 2 048 | (210) | (63) | 4 021 | 3 761 |
| Equity | ||||||||||
| Shareholders' equity* | 218 | 168 | 401 | 369 | 2 148 | 1 846 | 1 | 0 | 2 767 | 2 383 |
| Non-controlling interests | 4 | 2 | 8 | 5 | 110 | 148 | - | - | 123 | 155 |
| Total equity | 222 | 170 | 409 | 374 | 2 258 | 1 994 | 1 | 0 | 2 890 | 2 538 |
| Non current liabilities | ||||||||||
| Pension liabilities | 15 | 15 | 1 | 1 | 6 | 7 | - | - | 22 | 23 |
| Deferred tax liabilities | 10 | 10 | 0 | 0 | 0 | 0 | - | - | 10 | 11 |
| Non current interest-bearing debt | 64 | 193 | 229 | 259 | 2 | 7 | (7) | (41) | 287 | 418 |
| Non current lease liabilities | 29 | 26 | 66 | 62 | 27 | 22 | (7) | (8) | 116 | 102 |
| Other non current liabilities | 4 | 5 | 4 | 4 | - | - | - | - | 8 | 10 |
| Total non current liabilities | 123 | 249 | 300 | 326 | 35 | 37 | (14) | (49) | 443 | 563 |
| Current liabilities | ||||||||||
| Current income tax | 6 | 10 | 0 | 0 | 3 | 1 | - | - | 10 | 11 |
| Public duties payable | 11 | 10 | 6 | 5 | 3 | 1 | - | - | 19 | 17 |
| Current interest-bearing debt | 114 | - | 101 | 33 | 26 | - | (193) | - | 48 | 33 |
| Current lease liabilities | 12 | 11 | 14 | 12 | 4 | 4 | (1) | (1) | 29 | 25 |
| Other current liabilities | 516 | 501 | 57 | 74 | 11 | 12 | (2) | (14) | 582 | 574 |
| Total current liabilities | 659 | 533 | 178 | 124 | 47 | 18 | (196) | (15) | 688 | 660 |
| Total equity and liabilities | 1 005 | 952 | 886 | 824 | 2 341 | 2 048 | (210) | (63) | 4 021 | 3 761 |
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 18 for more details.
Cont. Note 3 - Segment reporting: Cash flow per operating segment
| USD mill | Maritime Services | New Energy | Strategic Holdings & Investments |
|||
|---|---|---|---|---|---|---|
| Q1 | Q1* | Q1 | Q1* | Q1 | Q1* | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities | ||||||
| Profit before tax | 45 | 11 | 1 | 7 | 104 | 98 |
| Share of (profit)/loss from joint ventures and associates | (1) | (0) | (4) | (3) | (116) | (88) |
| Changes in fair value financial assets | (1) | 0 | 7 | (6) | 1 | (2) |
| Financial (income)/expenses | (18) | 10 | 5 | 6 | 9 | (10) |
| Depreciation, amortisation and impairment | 7 | 7 | 6 | 8 | 1 | 1 |
| Change in other assets and liabilities | (6) | 13 | (1) | 6 | (4) | (4) |
| Other (gain)/loss | 1 | 2 | (0) | (0) | (0) | (0) |
| Net cash flow from operating activities | 27 | 42 | 14 | 17 | (5) | (5) |
| Cash flow from investing activities | ||||||
| Dividend received from joint ventures and associates | 1 | 2 | 2 | (0) | - | - |
| Net sale/(investments) in tangible and intangible assets | (4) | (4) | (5) | (5) | (1) | (0) |
| Net sale/(investments) and repayment/(granted loan) to entities | (2) | (4) | (16) | (1) | 1 | - |
| Net changes in other investments/financial items | 1 | (19) | 0 | 0 | (0) | 1 |
| Net cash flow from investing activities | (4) | (25) | (19) | (6) | (1) | 1 |
| Cash flow from financing activities | ||||||
| Net change of debt | (4) | 16 | (8) | (46) | 23 | (1) |
| Net change in other financial items | 4 | (4) | (5) | (5) | (0) | (0) |
| Dividend to shareholders and loan/dividend between segments | 4 | (1) | 77 | 38 | (22) | (38) |
| Net cash flow from financing activities | 3 | 11 | 65 | (13) | 1 | (40) |
| Net change in cash and cash equivalents | 27 | 28 | 60 | (2) | (4) | (44) |
| Cash and cash equivalents at the beg. of the period | 115 | 144 | (48) | 21 | 88 | 60 |
| Effect of exchange rate changes on cash* | 8 | (17) | (3) | (1) | 6 | (2) |
| Cash and cash equivalents at the end of the period | 150 | 155 | 9 | 18 | 90 | 14 |
* From Q1 2025 the effect of exchange rates changes on cash is presented separately, and previous periods have been restated accrodingly.
Cont. Note 3 - Segment reporting: Breakdown New Energy income statement
| NOK mill | USD mill | |||||||
|---|---|---|---|---|---|---|---|---|
| NorSea Group | NorSea Group in New Energy |
Other New Energy |
New Energy | |||||
| Quarterly figures Q1 2025 | Property | Logistics | Impact | Other and eliminations |
Total NorSea Group |
Total | ||
| Total income | 169 | 464 | 54 | 213 | 899 | 81 | 1 | 82 |
| Operating expenses | (54) | (388) | (52) | (222) | (716) | (65) | (2) | (67) |
| EBITDA | 115 | 76 | 2 | (9) | 183 | 17 | (1) | 15 |
| Depreciation, amortisation and impairment | (28) | (18) | (6) | (13) | (65) | (6) | (0) | (6) |
| EBIT | 87 | 58 | (4) | (22) | 119 | 11 | (2) | 9 |
| Share of profit from JVs and associates Change in fair value financial assets |
1 - |
- - |
1 - |
17 - |
18 - |
2 - |
2 (7) |
4 (7) |
| Net financial income/(expenses) | (3) | 3 | (4) | (47) | (51) | (5) | (0) | (5) |
| Profit/(loss) before tax | 84 | 60 | (7) | (52) | 86 | 8 | (7) | 1 |
| Quarterly figures Q1 2024 | Property | Logistics | Impact | Other and eliminations |
Total NorSea Group |
Total | ||
|---|---|---|---|---|---|---|---|---|
| Total income | 162 | 337 | 32 | 184 | 715 | 68 | 1 | 69 |
| Operating expenses | (56) | (286) | (32) | (201) | (574) | (55) | (3) | (57) |
| EBITDA | 107 | 51 | 1 | (17) | 142 | 13 | (2) | 12 |
| Depreciation, amortisation and impairment | (44) | (18) | (4) | (13) | (80) | (8) | (0) | (8) |
| EBIT | 62 | 33 | (3) | (31) | 62 | 6 | (2) | 4 |
| Share of profit from JVs and associates | 1 | (0) | (2) | 20 | 20 | 2 | 1 | 3 |
| Change in fair value financial assets | - | - | - | - | - | - | 6 | 6 |
| Net financial income/(expenses) | (3) | 2 | 0 | (59) | (60) | (6) | (0) | (6) |
| Profit/(loss) before tax | 61 | 34 | (4) | (69) | 21 | 2 | 5 | 7 |
Cont. Note 3 - Segment reporting: Breakdown New Energy income statement
| NOK mill | USD mill | |||||||
|---|---|---|---|---|---|---|---|---|
| NorSea Group | NorSea Group in New Energy |
Other New Energy |
New Energy | |||||
| Full year figures 2024 | Property | Logistics | Impact | Other and eliminations |
Total Norsea Group |
Total | ||
| Total income | 666 | 1 591 | 129 | 842 | 3 228 | 300 | 3 | 303 |
| Operating expenses | (220) (1 333) | (100) | (896) | (2 549) | (237) | (7) | (244) | |
| EBITDA | 446 | 257 | 29 | (54) | 679 | 63 | (3) | 59 |
| Depreciation, amortisation and impairment | (179) | (77) | (16) | (52) | (324) | (30) | (1) | (31) |
| EBIT | 267 | 181 | 13 | (107) | 355 | 33 | (4) | 28 |
| Share of profit from JVs and associates | 6 | (7) | (21) | 83 | 61 | 7 | (0) | 7 |
| Change in fair value financial assets | - | - | - | - | - | - | 17 | 17 |
| Net financial income/(expenses) | (15) | 28 | 5 | (255) | (236) | (22) | 3 | (24) |
| Profit/(loss) before tax | 259 | 202 | (3) | (278) | 180 | 18 | 16 | 29 |
Cont. Note 3 - Segment reporting: Breakdown New Energy selected balance sheet items
| NorSea Group New NorSea Group in New Energy Energy 31.03.2025 Tangible assets 4 645 440 434 Right-of-use assets 778 74 74 Investments in joint ventures and associates 1 019 102 269 Other non current assets 266 25 30 Total non current assets 6 709 640 807 Current assets excl. cash 786 74 75 Non current interest-bearing debt 2 419 229 229 Current interest-bearing debt 762 72 101 Non current lease liabilities 701 66 66 Current lease liabilities 149 14 14 Total interest-bearing debt 4 031 381 410 Cash and cash equivalents 80 6 9 Net interest-bearing debt 3 951 375 400 31.03.2024 Tangible assets 4 532 419 412 Right-of-use assets 712 66 66 Investments in joint ventures and associates 975 89 198 Other non-current assets 390 36 54 Total non-current assets 6 609 610 731 Current assets excl. cash 808 75 76 Non current interest-bearing debt 2 798 259 259 Current interest-bearing debt 353 33 33 Non current lease liabilities 674 62 62 Current lease liabilities 127 12 12 Total interest-bearing debt 3 952 365 365 Cash and cash equivalents 55 5 18 Net interest-bearing debt 3 896 360 347 31.12.2024 Tangible assets 4 559 402 396 Right-of-use assets 720 63 63 Investments in joint ventures and associates 1 022 91 222 Other non-current assets 259 23 28 Total non-current assets 6 560 579 709 Current assets excl. cash 777 69 85 Non current interest-bearing debt 2 386 210 210 Current interest-bearing debt 772 23 23 Non current lease liabilities 696 61 61 Current lease liabilities 135 12 12 Total interest-bearing debt 3 990 307 307 Cash and cash equivalents 83 (39) (48) Net interest-bearing debt 3 906 346 355 |
NOK mill | USD mill | ||
|---|---|---|---|---|
Note 4 - Investment in joint ventures and associates
| USD mill | 31.03.2025 | 31.03.2024 | |
|---|---|---|---|
| Ownership | Booked value | Booked value | |
| Strategic Holdings and Investments: | |||
| Wallenius Wilhelmsen ASA* | 37.9 % | 965 | 1 046 |
| Hyundai Glovis Co., Ltd. | 11.0 % | 701 | 675 |
| Maritime Services: | |||
| Wilhelmsen Ahrenkiel Ship Management | 50 % | 13 | 12 |
| Associates | 20 - 50% | 21 | 21 |
| New Energy: | |||
| Joint ventures | |||
| Coast Center Base | 50 % | 86 | 82 |
| Other joint ventures | 50 % | 2 | 2 |
| Associates | |||
| Edda Wind ASA | 31.0 % | 113 | 83 |
| Reach Subsea ASA | 29.6 % | 50 | 23 |
| Other associates | 33-49% | 12 | 10 |
| Total investment in joint ventures and associates | 1 965 | 1 954 |
* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 18 for more details.
| Share of profit/(loss) from joint ventures and associates Q1 2025 Q1 2024 |
Q1 2025 | Q1 2024 |
|---|---|---|
| Wallenius Wilhelmsen ASA 86 63 |
86 | 63 |
| Hyundai Glovis Co., Ltd. 30 25 |
30 | 25 |
| Joint ventures and associates in New Energy** 4 3 |
4 | 3 |
| Joint ventures and associates in Maritime Services 1 0 |
1 | 0 |
| Share of profit/(loss) from joint ventures and associates 121 92 |
121 | 92 |
** Share of profit/(loss) from associated companies Edda Wind ASA and Reach Subsea ASA are based on financial figures YTD 31.12.2024 plus estimate for Q1.
Note 5 - Other gain / (loss)
No material gain/(loss) from sale of assets during Q1 2025.
Note 6 - Tax
The effective tax rate for the group will change from period to period, dependent on the group gains and losses from investments within the exemption method.
Note 7 - Tangible and intangible assets
| 2025 - USD mill | Properties | Other tangible | Intangible | Total |
|---|---|---|---|---|
| assets | assets | |||
| Cost at 01.01 - |
662 | 239 | 202 | 1 103 |
| Acquisition - |
5 | 3 | 1 | 10 |
| Business combinations - |
1 | - | 0 | 2 |
| Reclass/disposal - |
(3) | (9) | (14) | (26) |
| Currency translation differences - |
45 | 8 | 14 | 66 |
| Cost at 31.03 - |
710 | 242 | 202 | 1 154 |
| Accumulated depreciation and impairment at 01.01 0.000 |
(239) | (91) | (77) | (407) |
| Depreciation/amortisation - |
(4) | (3) | (2) | (9) |
| Reclass/disposal - |
2 | 5 | 8 | 15 |
| Currency translation differences 0 |
(16) | (5) | (5) | (25) |
| Accumulated depreciation and impairment at 31.03 0.000 |
(256) | (93) | (77) | (426) |
| Carrying amounts at 31.03 0.000 |
453 | 149 | 126 | 727 |
No material impairment indicators identified during the quarter.
| 2024 - USD mill | Properties | Other tangible | Intangible | Total |
|---|---|---|---|---|
| assets | assets | |||
| Cost at 01.01 | - 730 |
243 | 208 | 1 180 |
| Acquisition | - 4 |
4 | 2 | 9 |
| Reclass/disposal | - (2) |
(2) | (1) | (6) |
| Currency translation differences | - (42) |
(9) | (11) | (62) |
| Cost at 31.03 | - 689 |
236 | 197 | 1 122 |
| Accumulated depreciation and impairment at 01.01 | 0 (258) |
(92) | (75) | (426) |
| Depreciation/amortisation | - (4) |
(3) | (2) | (9) |
| Reclass/disposal | - 2 |
1 | 0 | 3 |
| Currency translation differences | (0) 14 |
5 | 4 | 23 |
| Accumulated depreciation and impairment at 31.03 | 0.000 (246) |
(90) | (73) | (409) |
| Carrying amounts at 31.03 | 0.000 443 |
146 | 124 | 713 |
| 2024 - USD mill | Properties | Other tangible assets |
Intangible assets |
Total |
|---|---|---|---|---|
| Cost at 01.01 | - 730 |
243 | 208 | 1 180 |
| Acquisition | - 19 |
16 | 5 | 40 |
| Business combinations | - - |
0 | 19 | 19 |
| Reclass/disposal | - (14) |
(6) | (11) | (31) |
| Currency translation differences | - (73) |
(14) | (18) | (106) |
| Cost at 31.12 | - 662 |
239 | 202 | 1 103 |
| Accumulated depreciation and impairment at 01.01 | 0 (258) |
(92) | (75) | (426) |
| Depreciation/amortisation | - (17) |
(12) | (7) | (36) |
| Reclass/disposal | - 12 |
6 | 9 | 26 |
| Impairment * | - (0) |
(0) | (11) | (11) |
| Currency translation differences | (0) 24 |
8 | 7 | 39 |
| Accumulated depreciation and impairment at 31.12 | 0.000 (239) |
(91) | (77) | (407) |
| Carrying amounts at 31.12 | 0.000 423 |
148 | 125 | 696 |
*See the annual financial statements for the year end 31 December 2024 for Wilh.Wilhelmsen Holding ASA group.
Note 8 - Right-of-use assets
The group leases several assets such as buildings, property, machinery, equipment and vehicles. The group's right-of-use assets are categorised and presented in the tables below:
| 2025 - USD mill | Properties | Other tangible | Total |
|---|---|---|---|
| Cost at 01.01 | 167 | assets 28 |
194 |
| Additions including remeasurements | 6 | 4 | 10 |
| Reclass/disposal | (2) | 2 | (0) |
| Change in estimates | 0 | (1) | (1) |
| Currency translation differences | 10 | 2 | 12 |
| Cost at 31.03 | 181 | 35 | 216 |
| Accumulated depreciation and impairment at 01.01 | (65) | (9) | (74) |
| Depreciation | (4) | (1) | (6) |
| Reclass/disposal | 2 | 0 | 2 |
| Change in estimates | - | 1 | 1 |
| Currency translation differences | (4) | (1) | (4) |
| Accumulated depreciation and impairment at 31.03 | (71) | (10) | (81) |
| Carrying amounts at 31.03 | 110 | 25 | 134 |
| 2024 - USD mill | Properties | Other tangible assets |
Total |
|---|---|---|---|
| Cost at 01.01 | 160 | 19 | 179 |
| Additions including remeasurements | 14 | 4 | 17 |
| Reclass/disposal | (2) | (1) | (3) |
| Currency translation differences | (8) | (1) | (9) |
| Cost at 31.03 | 164 | 20 | 184 |
| Accumulated depreciation and impairment at 01.01 | (60) | (7) | (66) |
| Depreciation | (6) | (1) | (7) |
| Reclass/disposal | 1 | 0 | 1 |
| Currency translation differences | 3 | 0 | 3 |
| Accumulated depreciation and impairment at 31.03 | (61) | (7) | (68) |
| Carrying amounts at 31.03 | 103 | 13 | 116 |
| 2024 - USD mill | Properties | Other tangible | Total |
|---|---|---|---|
| assets | |||
| Cost at 01.01 | 160 | 19 | 179 |
| Additions including remeasurements | 40 | 13 | 53 |
| Reclass/disposal | (19) | (2) | (21) |
| Change in estimates | (1) | (0) | (1) |
| Currency translation differences | (14) | (2) | (16) |
| Cost at 31.12 | 167 | 28 | 194 |
| Accumulated depreciation and impairment at 01.01 | (60) | (7) | (66) |
| Depreciation | (22) | (4) | (27) |
| Reclass/disposal | 12 | 1 | 13 |
| Currency translation differences | 5 | 1 | 6 |
| Accumulated depreciation and impairment at 31.12 | (65) | (9) | (74) |
| Carrying amounts at 31.12 | 102 | 19 | 121 |
Note 9 - Shares and share capital
| The number of shares is as follows with a nominal value of NOK 20: | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| 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 | |||
| A-shares | 1 393 506 | 286 300 | 950 253 |
B-shares 906 367 100 000 738 559 Total own shares 2 299 873 386 300 1 688 812
Earnings per share taking into consideration the weighted average number of outstanding shares in the period.
Basic earnings per share is calculated by dividing profit for the period after non-controlling interests, by average number of total outstanding shares.
Earnings per share is calculated based on 42 280 127 outstanding shares per Q1 2025. Corresponding per Q1 2024 was 44 193 700 shares. In February 2025, the company acquired 443 253 A-shares and 167 808 B-shares.
Note 10 - Financial assets to fair value
| USD mill | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Financial assets to fair value | |||
| At 1 01.01 | 86 | 87 | 87 |
| Acquisition | 1 | 1 | 3 |
| Reclass | - | (0) | (5) |
| Currency translation adjustment through other comprehensive income | 1 | (4) | (9) |
| Change in fair value through income statement* | (1) | 8 | 11 |
| Total financial assets to fair value | 87 | 92 | 86 |
Financial assets to fair value are held in subsidiaries with different functional currencies and thereby creating translation adjustment.
*In the income statement, change in fair value through income statement includes the change in fair value related to the warrants towards Reach Subsea ASA (part of other current assets in the balance sheet). The fair value loss related to the warrants amounts to USD 6.6 million in Q1 2025.
Note 11 - Other financial income/(expenses)
| USD mill Q1 Q1 |
Q1 | Q1 |
|---|---|---|
| 2025 2024 |
2025 | 2024 |
| Investment management (0) 7 |
(0) | 7 |
| Interest income 1 2 |
1 | 2 |
| Other financial income 2 2 |
2 | 2 |
| Interest expenses (6) (9) |
(6) | (9) |
| Other financial expenses (1) (2) |
(1) | (2) |
| Net financial currency (20) 6 |
(20) | 6 |
| Net financial currency derivatives 28 (11) |
28 | (11) |
| Other financial income/(expenses) 4 (6) |
4 | (6) |
Note 12 - Paid dividend
Dividend for fiscal year 2023 was NOK 18.00 per share and was paid in May 2024 (NOK 10.00 per share) and in November 2024 (NOK 8.00 per share).
The dividend for fiscal year 2024, payable in second quarter 2025, is NOK 12.00 per share and was approved by the annual general meeting on 30 April 2025. The dividend is not accrued in the year-end balance. The dividend will have effect on the retained earning in second quarter 2025.
Note 13 - Interest-bearing debt including lease liabilities
| USD mill | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Non current interest-bearing debt | 287 | 418 | 277 |
| Current interest-bearing debt | 48 | 33 | 23 |
| Non current lease liabilities | 116 | 102 | 108 |
| Current lease liabilities | 29 | 25 | 26 |
| Total interest-bearing debt | 480 | 578 | 434 |
| Cash and cash equivalents | 169 | 187 | 155 |
| Current financial investments | 132 | 122 | 121 |
| Net interest-bearing debt | 179 | 268 | 157 |
Loan agreements entered into by group companies contain financial covenants related to liquidity, leverage, interest cover and equity ratio. The group was in compliance with these covenants at 31 March 2025 (analogous for 31 March 2024).
| USD mill | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Interest-bearing debt | |||
| Bankloan | 335 | 451 | 300 |
| Lease liabilities | 145 | 128 | 134 |
| Total interest-bearing debt | 480 | 578 | 434 |
| Repayment schedule for interest-bearing debt | |||
| Due in 1 year | 77 | 58 | 49 |
| Due in 2 years | 39 | 21 | 36 |
| Due in 3 years | 272 | 29 | 259 |
| Due in 4 years | 15 | 217 | 13 |
| Due in 5 years and later | 78 | 253 | 77 |
| Total interest-bearing debt | 480 | 578 | 434 |
Note 14 - Financial level
| USD mill | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| 2025 | ||||
| Financial assets at fair value | ||||
| Equities | 93 | - | - | 93 |
| Bonds | 38 | 0 | - | 38 |
| Financial derivatives | 1 | 6 | - | 7 |
| Financial assets at fair value | 61 | 9 | 17 | 87 |
| Total financial assets at 31.03 | 193 | 15 | 17 | 225 |
| Financial liabilities at fair value | ||||
| Financial derivatives | - | (1) | - | (1) |
| Total financial liabilities at 31.03 | - | (1) | - | (1) |
| 2024 | ||||
| Financial assets at fair value | ||||
| Equities | 90 | - | - | 90 |
| Bonds | 33 | 0 | - | 33 |
| Financial derivatives | - | 4 | - | 4 |
| Financial assets at fair value | 56 | 8 | 28 | 92 |
| Total financial assets at 31.03 | 178 | 12 | 28 | 219 |
| Financial liabilities at fair value | ||||
| Financial derivatives | (11) | - | - | (11) |
| Total financial liabilities at 31.03 | (11) | - | - | (11) |
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 close price. These instruments are included in level 1. Instruments included in level 1 at the end of March 2025 are liquid investment grade bonds and listed equities (analogous for March 2024). The fair value of financial instruments are not traded in an active market (over-the-counter contracts) are based on third party quotes (Mark-to-Market). These quotes use observable market rates for price discovery. The different techniques typically applied by financial counterparties (banks) are described in the annual financial statements for Wilh. Wilhelmsen Holding ASA group for the year end 31 December 2024. 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.
In addition group companies have several transactions with associates. The contracts governing such transactions are based on commercial market terms.
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 are of such a nature that they will not significantly affect the group's financial position.
Note 17 - Events occurring after the balance sheet date
On 29 April 2025, the group (through Wilhelmsen New Energy AS), Geveran Trading Co Ltd and EPS Ventures Ltd announced that they will make an unconditional mandatory cash offer of NOK 23.00 per share to acquire all outstanding shares in Edda Wind ASA not already owned by them.
No other material events occured between the balance sheet date and the date when the accounts were presented providing new information about the conditions prevailing on the balance sheet date.
Note 18 - Investment in joint ventures and associates - restated financial figures
Background
On 7 June 2024, Wallenius Wilhelmsen issued a stock exchange notice informing the market of a required restatement of historical figures due to change in accounting treatment related to the EUKOR put and call option (put option going forward). It has been concluded that the put option liability must be recognised in full and the non-current asset recognised related to the call option must be removed. The combined effect shall be recognised in equity.
Impact of change on the groups consolidated financial statemenets In the group's consolidated financial statements, the investment in Wallenius Wilhelmsen is accounted for as an investment in associate, applying the equity method for measurement.
In the Wallenius Wilhelmsen consolidated financial statements, the put option has been recognised by derecognizing the non-controlling interest, with excess value, exceeding the carrying value of the noncontrolling interest, being recognised as a reduction in the equity attributable to the owners of the parent.
IAS 28 - Investments in Associates and Joint Ventures , does not give any specific guidance on how to account for other equity movements than total comprehensive income and transactions with shareholders. Wilhelmsen has therefore developed an accounting policy for the equity movements caused by the NCI put, where equity movements in the investee are presented as equity movements also in the consolidated financial statements of the company. Since the risk and rewards associated with the shares primarly resides with the non-controlling interest, management has concluded that the put option should be recognised in full towards the equity attributable to the owners of the parent, without any derecognition in the noncontrolling interest. By electing this principle, the group assumes its full relative share of the redemption liability reported by Wallenius Wilhelmsen, as a reduction in the carrying value of the shares in Wallenius Wilhelmsen with a corresponding adjustment in equity. The
equity attributable to the holders of the parent.
Presentation of restated comparable amounts Applying IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, the group have presented in this note the restated comparable amounts for each period presented as if the put option had beed recognised in Wallenius Wilhelmsens consolidated financial statements.
proportionate share of changes in the liability is recognised directly in
Restatement period ending 31 March 2024 - USD mill
| Consolidated balance sheet | 31.03.2024 | 31.03.2024 | 31.03.2024 |
|---|---|---|---|
| As reported | Adjustments | Restated | |
| Investments in joint ventures and associates | 2 306 | (352) | 1 954 |
| Total non current assets | 3 341 | (352) | 2 989 |
| Total assets | 4 113 | (352) | 3 761 |
| Attributable to equity holders of the parent | 2 735 | (352) | 2 383 |
| Non-controlling interests | 155 | 155 | |
| Total equity | 2 890 | (352) | 2 538 |
| Total equity and liabilities | 4 113 | (352) | 3 761 |
Restatement period ending 31 December 2023 - USD mill
| Consolidated balance sheet | 31.12.2023 | 31.12.2023 | 31.12.2023 |
|---|---|---|---|
| As reported | Adjustments | Restated | |
| Investments in joint ventures and associates | 2 247 | (370) | 1 877 |
| Total non current assets | 3 294 | (370) | 2 924 |
| Total assets | 4 105 | (370) | 3 735 |
| Attributable to equity holders of the parent | 2 702 | (370) | 2 332 |
| Non-controlling interests | 155 | 155 | |
| Total equity | 2 857 | (370) | 2 488 |
| Total equity and liabilities | 4 105 | (370) | 3 735 |
Note 19 - 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 IFRS. These APMs are intended to enhance comparability of the income statements, balance sheets 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.
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