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We Deliver Opportunities 160 Vessels in Operating Fleets More Than One Product Delivery Every Three Minutes to a Wessel Worldwide

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We Deliver Opportunities 160 Vessels in Operating Fleets More Than One Product Delivery Every Three Minutes to a Wessel Worldwide WILH. WILHELMSEN ANNUAL > REPORT 2007 Xjmi/!Xjmifmntfo ANNUAL REPORT 2007 WE DELIVER OPPORTUNITIES 160 VESSELS IN OPERATING FLEETS MORE THAN ONE PRODUCT DELIVERY EVERY THREE MINUTES TO A WESSEL WORLDWIDE Shipping: Logistics: Maritime services: 1: The largest operator 2: A chain of logistics services 3: The world’s largest in the rolling cargo segment to increase the efficiency maritime services network of ocean transport N Head office in Oslo, Norway. N 14 000 employees in wholly-owned companies, or 18 800 when including joint ventures. 72 COUNTRIES N Wilhelmsen Maritime Services has some 330 offices in 72 countries. When joint ventures are added, these figures rise to almost 450 and 75 respectively. N The fleets consist of 160 vessels operating in 38 trades. N The global logistics network embraces Wallenius Wilhelmsen Logistics, Glovis, American Auto Logistics and American Logistics Network. WW group trades Wallenius Wilhelmsen Logistics (60 vessels in 15 trades) EUKOR Car Carriers (92 vessels in 21 trades) American Roll-on Roll-off Carrier (eight vessels in two trades) WW around the world Wilhelmsen Maritime Services Global logistics network Introduction Directors' report Accounts and notes Vision, philosophy and values Income statement 1: Key figures 2: 3: Balance sheet WW in a nutshell Cash flow statement Milestones 2007-08 Equity Governing bodies Accounting principles Notes The environment Review of operations Corporate Other company Emissions to air Group CEO's comments governance information 4: Discharges to water 5: Shipping: A leading world player 6: 7: Shareholder information Other discharges Logistics: Growing services Company structure Environmental accounting Maritime services: The world's Fleet list Some thorny issues largest maritime network Environmetally adapted products 4 WW’s VISION: WW WILL BE THE LEADING GLOBAL SUPPLIER OF MARITIME SERVICES WW’s PHILOSOPHY: We believe that empowered employees in an innovative, learning organisation are our main competitive advantage in meeting the needs and wants of our customers. WW’s VALUES: CUSTOMER-CENTRED STEWARDSHIP We place our customers in the centre and are We will manage our resources in an optimum concerned with their needs, so that we can way, and take account of the safety of our deliver optimal solutions which are mutually employees while showing respect for society beneficial at all times. and the environment. EMPOWERMENT TEAMING AND COLLABORATION We have the ability to involve our employees in Our most important competitive advantage is their daily work. That motivates, inspires and our qualified personnel, with their broad generates energy. Our personnel will partici- expertise. When our employees collaborate to pate with knowledge, ideas and opportunities, get the best out of each other in pursuing a com- and attention will be given to their contribution. mon goal, we can utilise their whole potential and all their knowledge. LEARNING AND INNOVATION When society changes, so must we. New custo- mer expectations, new solutions and not least constant technological progress mean that we must create a learning organisation. Only then can we renew ourselves, see opportunities and find new creative solutions. QBHF!5!0!XJMI/!XJMIFMNTFO!BOOVBM!SFQPSU!3118 LFZ!GJHVSFT!DPOTPMJEBUFE!BDDPVOUT 2007 2006 2005 2004 2004* 2003* INCOME STATEMENT Total revenues** USD mill 2 604 2 511 2 207 1 831 1 128 980 Primary operating income** USD mill 417 538 397 362 231 161 Net operating profit** USD mill 266 368 232 207 158 86 Profit before tax** USD mill 242 268 209 185 154 85 Profit for the period** USD mill 7 230 191 171 155 78 BALANCE SHEET Fixed assets USD mill 1 972 1 877 1 644 1 239 1 168 997 Current assets USD mill 866 857 619 357 481 443 Equity USD mill 953 1 037 834 736 666 577 Interest-bearing debt USD mill 1 139 1 239 998 625 692 611 Total assets USD mill 2 839 2 735 2 263 1 596 1 649 1 440 KEY FINANCIAL FIGURES** Cash flow (1)** USD mill 370 423 361 319 216 158 Liquid funds 31 Dec (2) USD mill 415 377 349 263 297 258 Liquidity ratio (3) 1.6 2.0 1.5 1.6 1.9 2.1 Equity ratio (4) % 34% 38% 37% 46% 40% 40% YIELD Return on capital employed (5) % 13.2 % 15.7 % 14.7 % 14.5 % 13.9 % 9,0 % Return on equity (6) % 0.7 % 24.6 % 24.3 % 25.5 % 25.0 % 14,3 % KEY FIGURES PER SHARE** Earnings per share (7) USD 0.07 4.73 3.91 3.51 3.23 1.62 Diluted earnings per share (8) USD 0.07 4.72 3.91 3.51 3.23 1.62 Cash flow per share (9)** USD 7.84 8.82 7.52 6.66 4.51 3.30 Average number of shares outstanding (1 000) 47 148 47 937 47 996 47 930 47 930 47 819 DEFINITIONS: 'FheÓj\ehj^[f[h_eZWZ`kij[Z\ehY^Wd][_dZ[\[hh[ZjWn"Z[fh[Y_Wj_edWdZ_cfW_hc[dje\Wii[ji$ (9Wi^"XWdaZ[fei_jiWdZi^ehjj[hcÓdWdY_Wb_dl[ijc[dji$ )9khh[djWii[jiZ_l_Z[ZXoYkhh[djb_WX_b_j_[i$ *;gk_jo_df[hY[dje\jejWbWii[ji$ +FheÓj\ehj^[f[h_eZX[\eh[jWn[ifbki_dj[h[ij[nf[di[i"_df[hY[dje\Wl[hW][[gk_joWdZ_dj[h[ij#X[Wh_d]Z[Xj$ ,FheÓjW\j[hjWn[iZ_l_Z[ZXoWl[hW][[gk_jo$ -FheÓj\ehj^[f[h_eZW\j[hc_deh_jo_dj[h[iji"Z_l_Z[ZXoWl[hW][dkcX[he\i^Wh[i$ .;Whd_d]if[hi^Wh[jWa_d]_djeYedi_Z[hWj_edj^[dkcX[he\fej[dj_WbekjijWdZ_d]i^Wh[i_dj^[f[h_eZ$ /FheÓj\ehj^[f[h_eZWZ`kij[Z\ehY^Wd][_dZ[\[hh[ZjWn"Z[fh[Y_Wj_edWdZmh_j[#Zemde\Wii[ji"Z_l_Z[ZXoWl[hW][ dkcX[he\i^Wh[iekjijWdZ_d]$ OPERATING INCOME (USD mill)** NET OPERATING PROFIT (USD mill)** PROFIT FOR THE PERIOD (USD mill) 3 000 400 250 300 200 2 000 150 200 100 1 000 100 50 0 0 0 2003* 2004* 2004 2005 2006 2007 2003* 2004* 2004 2005 2006 2007 2003* 2004* 2004 2005 2006 2007 <_]kh[i_dWYYehZWdY[m_j^Dehm[]_WdWYYekdj_d]ijWdZWhZidejh[ijWj[Zje?<HI J^[h[ikbjiWh[jWa[d\hecj^[cWdW][c[djh[fehj"m^_Y^h[Ô[Yjij^[MM]hekfikdZ[hbWo_d]ef[hWj_edi_dceh[Z[jW_b j^Wdj^[e\ÓY_WbWYYekdji$J^[?<HIWYYekdj_d]fh_dY_fb[iWh[Wffb_[Z_dXej^cWdW][c[djh[fehjWdZe\ÓY_WbWYYekdji" Xkjj^[\ehc[hkj_b_i[iWZ_\\[h[djc[j^eZ\ehYedieb_ZWj_d]j^[]hekficeij_cfehjWdj`e_djl[djkh[i$J^[fh[i[djWj_ed_dj^[ cWdW][c[djh[fehjh[Ô[Yjifhefehj_edWj[boj^[MM]hekfifWhjd[hi^_fXWi[Zemd[hi^_fijhkYjkh[$ XJMI/!XJMIFMNTFO!BOOVBM!SFQPSU!3118!0!QBHF!6! VISION, PHILOSOPHY AND VALUES KEY FIGURES WW IN A NUTSHELL MILESTONES 6 GOVERNING BODIES WILH. WILHELMSEN – A GLOBAL MARITIME INDUSTRY GROUP J^[ MM ]hekf ^Wi Wd WddkWb Wilh. Wilhelmsen (WW) is LOGISTICS jkhdel[he\hek]^boKI:($,X_bb_ed ?dWiieY_Wj_edm_j^cWh_j_c[jhWdi# WdZ _i b_ij[Z ed j^[ Eibe IjeYa a leading global maritime fehj"MMe\\[hilWh_ekijof[ie\ ;nY^Wd][$<ekdZ[Zed'EYjeX[h'.,' industry group. It offers be]_ij_Yii[hl_Y[edbWdZÅj[hc_dWbWdZ _dJ´diX[h]"_jdemhWdaiWced] j[Y^d_YWbi[hl_Y[i"_dbWdZjhWdifehj DehmWoÊiceij]beXWb[dj[hfh_i[i$J^[ logistics solutions and fheYkh[c[djWdZikffboY^W_dcWdW# ^[WZe\ÓY[WjBoiWa[hekji_Z[Eibe_i maritime services through a ][c[dj$?dWZZ_j_edjem[bb#Z[l[bef[Z ed[e\DehmWoiY[djh[i\eh_dj[hdW# be]_ij_YWbi[hl_Y[ie\\[h[Zj^hek]^ j_edWbcWh_j_c[[nf[hj_i[$ worldwide network embrac- MMB"j^[MM]hekf^WiWYj_l_j_[i ing some 14 000 employees _dAeh[WÊi=bel_iWdZj^[jmeKIYec# SHIPPING fWd_[i7c[h_YWd7kjeBe]_ij_YiWdZ MMYedZkYjiWZlWdY[Z_dZkijh_Wb at just over 330 offices in 7c[h_YWdBe]_ij_YiD[jmeha$ i^_ff_d]WYj_l_j_[iWdZ_icWha[jb[WZ[h 72 countries. When joint \ehj^[jhWdifehje\hebb_d]YWh]e$ MARITIME SERVICES Je][j^[hm_j^_jifWhjd[hi"j^[]hekf ventures are included, MMÊim^ebbo#emd[ZM_b^[bci[d Yedjhebi',&YWhWdZhebb#ed"hebb#e\\ the group employs 18 800 CWh_j_c[I[hl_Y[iMCIikXi_Z_Who YWhh_[hief[hWj_d]_dW]beXWbd[jmeha e\\[hiWXheWZhWd][e\fheZkYjiWdZ e\jhWZ[i$?jiYkijec[hi_dYbkZ[j^[ people at almost 450 offices i[hl_Y[ijeWbWh][fhefehj_ede\j^[ mehbZÊib[WZ_d]cWdk\WYjkh[hie\YWhi in some 75 nations. c[hY^WdjÔ[[jj^hek]^Wkd_gk[]be# Wim[bbWiYedijhkYj_edWdZW]h_Ykbjk# XWbd[jmeha$MCIWbiee\\[hii[hl_Y[i hWbcWY^_d[ho$EdWdWddkWbXWi_i" jej^[i^_fXk_bZ_d]_dZkijho$ MMÊii^_ff_d]YecfWd_[ijhWdifehj +$) c_bb_ed YWhi Xo i[W WdZ jme I^_fiYWdX[i[hl[ZWjhek]^bo((&& c_bb_edXobWdZ$?dWZZ_j_edYec[^_]^ fehji_d''+Yekdjh_[ij^hek]^ WdZ ^[Wlo WdZ ded#YedjW_d[h_i[Z M_b^[bci[dI^_fiI[hl_Y["m^_Y^^Wi YWh]e[i$ iec['/+&&&fheZkYjZ[b_l[h_[ije (&&&&l[ii[biWdZ^WdZb[iceh[j^Wd J^[]hekfXej^emdiWdZY^Whj[hi +*&&&fehjYWbbiWo[Wh$ i^_fi"m^_Y^Wh[Z[fbeo[Z_dj^[ \b[[ji ef[hWj[Z Xo ikXi_Z_Wh_[i M_b^[bci[d I^_f CWdW][c[dj" MWbb[d_kiM_b^[bci[dBe]_ij_Yi" j^[MCIcWdW][c[djWdZYh[m_d] ;KAEH9Wh9Whh_[hiWdZ7c[h_YWd YecfWdo"cWdW][ihek]^bo)'&l[i# Hebb#edHebb#e\\9Whh_[h$ i[biWdZ^WiWfeebe\.,&&i[W]e_d] f[hiedd[b$ QBHF!7!0!XJMI/!XJMIFMNTFO!BOOVBM!SFQPSU!3118 MCIWbie[cXhWY[iM_b^[bci[d Head office in The future Oslo, with 14 000 I^_fi;gk_fc[dj"\eYki_d]edcWh_# employees at more j_c[ioij[ciWdZ[dl_hedc[djWb than 330 offices in iebkj_edi"m^_b[d[mbo[ijWXb_i^[Z 72 countries. M_b^[bci[dCWh_d[;d]_d[[h_d]_i 45: Wd_dZ[f[dZ[djikffb_[he\[b[Yjh_YWb" WW and its partners WkjecWj_edWdZ>L79ioij[cijej^[ pursue an active cWh_d[WdZe\\i^eh[cWha[ji$ newbuliding strategy to secure a large and EXPERTISE DEVELOPMENT modern fleet. At MMXk_bZiedWlWbk[i#eh_[dj[Z present, 45 vessels cWdW][c[djf^_beief^o$;cfbeo[[i of variouse sizes and Climate change: Wh[e\\[h[ZlWh_[Zeffehjkd_j_[ije cargo lifting capacities WW's ambition is Z[l[befj^[ci[bl[iWdZjeYedjh_Xkj[ are on order. to be a leader in jej^[Z[l[befc[dje\j^[]hekf$J^[ environmentally- For further information, ]eWb_ijecej_lWj[j^[meha\ehY[WdZ adapted shipping.
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