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Annual Report 2016

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Annual Report 2016 ANNUAL REPORT 2016 WILH. WILHELMSEN ASA KEY FIGURES ACCOUNTS AND NOTES 006 — Key figures consolidated accounts 026 — Wilh. Wilhelmsen ASA group 026 — Income statement 026 — Comprehensive income CONTENT DIRECTORS’ REPORT 027 — Balance sheet 010 — Strategic position 028 — Cash flow statement 010 — Summary of 2016 029 — Statement of changes in equity 011 — Annual group accounts – equity figures 030 — Accounting policies 011 — Going concern assumption 035 — Notes 011 — Capital and finance Debt 070 — Wilh. Wilhelmsen ASA parent company Interest rate 070 — Income statement Foreign exchange 070 — Comprehensive income Bunkers 071 — Balance sheet Liquidity 072 — Cash flow statement Equity 074 — Notes Dividend 090 — Auditor’s report 013 — Tax 095 — Responsibility statement 013 — Allocation of profit 013 — Annual group accounts – proportionate figures 013 — The shipping segment CORPORATE GOVERNANCE 014 — The logistics segment 098 — Corporate governance report 015 — WWASA’s tonnage position World car carrying tonnage 016 — Sustainability reporting CORPORATE STRUCTURE Corporate governance 112 — Shipping segment Sustainability reporting 113 — Logistics segment Focus areas and achievements in 2016 113 — Holding segment Ambitions for 2016 114 — Fleet list Workforce, including nondiscrimination measures Working environment and occupational health Compensation and benefits Competence development The natural environment Port state controls Stakeholder engagement 020 — Internal control and risk management Main risk factors 021 — Prospects 1953 CREW In the fifties, liner ships needed a crew of more than 50 people to operate. Today, our largest roro vessels are maintained and run by less than 30 crew members. KEY FIGURES KEY 1970 CARGO In 1970, the bulk/car carrier Troll Forest could load up to 2 000 cars. Today, our largest vessels can carry up to 8 500 cars. GROUP KEY FIGURES Key figures Consolidated accounts 2016 2015 2014 2013 2012 Income statement Total income* (10) USD mill 2 219 2 159 2 443 2 535 2 977 Primary operating profit (EBITDA)* USD mill 728 262 413 445 697 Operating profit (EBIT)* USD mill 580 103 253 293 548 Profit/(loss) before tax* USD mill 543 (25) 122 285 448 Net profit/(loss)* USD mill 500 (4) 166 272 410 Balance sheet Fixed assets USD mill 2 708 2 925 2 955 2 952 2 897 Current assets USD mill 305 373 398 436 511 Total assets USD mill 3 013 3 299 3 353 3 388 3 407 Equity USD mill 1 435 1 655 1 707 1 632 1 544 Interest-bearing debt USD mill 1 320 1 319 1 325 1 502 1 534 Key financial figures Cash flow from operations (1) USD mill 211 194 216 194 270 Liquid funds at 31 Dec (2) USD mill 283 349 375 411 474 Current ratio (3) 1.5 1.3 2.7 1.9 3.2 Equity ratio (4) % 48% 50% 51% 48% 45% Yield Return on capital employed (5) % 18.8% 2.0% 6.9% 8.2% 17.6% Return on equity (6) % 32.4% (0.3%) 9.9% 17.1% 29.8% Key figures per share Earnings per share (7) USD 2.27 (0.02) 0.75 1.23 1.86 Diluted earnings per share (8) USD 2.27 (0.02) 0.75 1.23 1.86 EBITDA per share (9) * USD 3.31 1.19 1.88 2.02 3.17 Average number of shares outstanding (thousand) 220 000 220 000 220 000 220 000 220 000 Market price at year end NOK 33.80 (11) 35.30 46.00 56.75 49.70 Market price high NOK 34.40 51.50 60.25 59.25 49.70 Market price low NOK 15.76 32.80 41.60 45.00 29.50 Dividend per share NOK 0.00 1.50 2.00 4.75 1.65 6 WILH. WILHELMSEN ASA ANNUAL REPORT 2016 KEY FIGURES GROUP Total income (USD mill)* Operating profit (USD mill)* 3 750 750 3 000 600 2 250 450 1 500 300 750 150 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Net profit/(loss)* (USD mill) Dividend (NOK) First dividend Second dividend 600 5.00 500 4.00 400 3.00 300 2.00 200 1.00 100 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 DEFINITION (9) Operating profit for the period adjusted for depreciation and impairments of assets, (1) Net cash flow from operating activites. divided by average number of shares outstanding. (2) Cash, bank deposits and current financial investments. (10) Restated 2011–2015 figures: revenues/costs relating to procurement and process (3) Current assets divided by current liabilities. management with a fixed fee leaving no business risk with WWL Vehicle Services (4) Equity in per cent of total assets. Americas (VSA) is considered “pass through” revenues/costs and will therefore be (5) Operating profit (EBIT) divided by average equity and interest-bearing debt. accounted for on a net basis going forward. Hence, previous reported figures have (6) Profit after tax divided by average equity. been restated accordingly. (7) Profit for the period after minority interests, divided by average number of shares. (11) Den Norske Amerikalinje was demerged in the second quarter of 2016. The (8) Earnings per share taking into consideration the number of potential outstanding demerged entity, named Treasure ASA, was listed on the Oslo Stock Exchange at shares in the period. NOK 16.00 a share. * Figures according to the proportional method, which reflects the WW group’s former utilises a different method for consolidating the group’s joint ventures. underlying operations in more detail than the official accounts. The IFRS accounting The presentation reflects proportionately the WW group’s partnership based principles are applied in both proportionate accounts and official accounts, but the ownership structure. WILH. WILHELMSEN ASA ANNUAL REPORT 2016 7 The board of WWASA: (from left) Bente Brevik, Diderik Schnitler, Thomas Wilhelmsen (chair), Marianne Lie and Christian Berg DIRECTORS’ REPORT GROUP DIRECTORS’ REPORT Directors’ report for 2016 Wilh. Wilhelmsen ASA STRATEGIC POSITION with reduced bunker compensation negatively affected the Highlights for Through its three operating companies Wallenius total income. A general pressure on freight rates also had a 2016 Wilhelmsen Logistics (WWL), EUKOR Car Carriers (EUKOR) negative effect. The year did however end on a positive note, and American Roll-on Roll-off Carrier Group (ARC), with increased volumes in the fourth quarter. A non-recurring gain of USD 375 million related to WWASA aims at creating value by offering global car/ro-ro the demerger of Den Norske customers high quality sea transportation and integrated Following the announcement of the NAL demerger, the Amerikalinje (including Hyundai Glovis shareholding) and stock logistics solutions from factory to dealer. contribution from Hyundai Glovis was discontinued in March listing of Treasure ASA 2016. Despite the reduction, the operating revenue from New ownership structure The main strategic goal for 2017 is to establish a new logistics activities grew with 6% compared with the previous for jointly owned investments ownership structure for the operating entities and merge year, mainly related to acquisitions. approved. Completion of the merger between Wilh. successfully with Wallenius. The new entity, to be named Wilhelmsen ASA and Wallenius Wilhelmsen Logistics ASA (WWLASA), will be The year was positively impacted by a non-recurring gain of Wallroll AB (owned 100% by Wallenius Lines AB) based on the listing of WWASA and stock listed on the Oslo USD 80 million related to the acquisition of full ownership of is expected in april 2017, Stock Exchange. The completion of the merger is expected Vehicle Services Americas and CAT-WWL in South Africa (both pending approval from competition authorities in April 2017. previously joint ventures), and the sale of Vehicle Services Europe (VSE). In addition, there was a non-recurring gain of USD Acquisition of full ownership of Vehicle Services Americas The overall strategic goal for WWLASA is for its new board 375 million related to the demerger of Den Norske Amerikalinje and CAT-WWL in South Africa and management to decide. The board of WWASA expects (including Hyundai Glovis shareholding). Total income increased Total group income2 increased the new governance structure to be more agile, enabling with approximately 3% from 2015 due to non-recurring gains. by 3% compared with 2015 efficient adoption to rapidly changing market conditions. Transported volumes declined The common ownership and new governance structure is The year was negatively affected by several non-recurring from 2015, with continued expected to enable substantial synergies by combining the items. A provision of USD 31 million was recorded in relation to unfavourable cargo and trade mix given the group’s advance assets and harvesting economies of scale, including more the ongoing antitrust investigations in joint venture companies fleet optimal tonnage planning, and administrative, commercial, EUKOR and WWL. In connection to the proposed merger, the Low bunker-compensation and operational efficiencies between the entities. company has recorded initial expenses related to severance caused by low bunker prices pay and pensions of USD 6 million. negatively affected total income SUMMARY OF 2016 The deep-sea transportation of cars and high and heavy Excluding the gains, loss related to recycling of vessels, units were lower compared with volumes shipped in 2015. severance pay and the provision, the group’s net profit came In addition, an unfavourable cargo and trade mix combined in below 2015. 10 WILH. WILHELMSEN ASA ANNUAL REPORT 2016 DIRECTORS’ REPORT GROUP WWASA continues to have a strong balance sheet with Outstanding bonds totalled USD 196 million (USD 270 million) healthy liquidity. with the remaining consisting of bank loans, export credit facilities and leasing commitments. ANNUAL GROUP ACCOUNTS – EQUITY FIGURES 1 For 2016, WWASA’s operating profit according to the equity Two newbuildings were delivered in the first half of 2016, method totalled USD 539 million compared with USD 60 both financed through sale and leaseback agreements.
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