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Annual Report - 2018 Wallenius Wilhelmsen - Annual report - 2018 This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 1 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief About us Wallenius Wilhelmsen is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The Wallenius Wilhelmsen group (OEX: WALWIL) has 9500 employees in 29 countries and is headquartered in Oslo, Norway. The group consists of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. Total income was USD 4.1 billion for the full year of 2018. Wallenius Wilhelmsen operates around 130 vessels servicing 15 trade routes to six continents, together with a global inland distribution network, 120 processing centres, and 11 marine terminals. The company has a strong sustainability focus and is an industry leader in developing innovative solutions to reduce its operational impacts. The world will keep surprising us, and Wallenius Wilhelmsen will take an active role in defining the future of logistics, imagining new, more sustainable solutions for the changing world of mobility and transport on land and sea. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 2 WalleniusWallenius Wilhelmsen Wilhelmsen - Annual report in- 2018 brief Wallenius Wilhelmsen in brief By the numbers This PDF is generated from Wallenius Wilhelmsen annual report 2017 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 3 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 4 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 5 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 6 WalleniusWallenius Wilhelmsen Wilhelmsen - Annual report in- 2018 brief Wallenius Wilhelmsen in brief Key figures Key figures consolidated accounts 2017 USD million unless otherwise stated 2018 Income statement 4 065 3 027 Total income Operating profit before depreciation, amortisation and impairment (EBITDA) 601 573 Operating profit (EBIT) 244 301 Profit before tax 78 148 Profit for the period 58 146 Balance sheet Non-current assets 6 204 6 376 Current assets 1 210 1 487 Total assets 7 414 7 863 Equity – parent 2 647 2 622 Equity – NCI 228 228 Interest-bearing debt 3 584 3 764 This PDF is generated from Wallenius Wilhelmsen annual report 2017 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 7 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 8 WalleniusWallenius Wilhelmsen Wilhelmsen - Annual report in- 2018 brief Wallenius Wilhelmsen in brief Corporate structure (Click image to zoom) This PDF is generated from Wallenius Wilhelmsen annual report 2017 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 9 WalleniusWallenius Wilhelmsen Wilhelmsen - Annual report in- 2018 brief Wallenius Wilhelmsen in brief Board of directors Håkan Larsson Jonas Kleberg Chair of the board Board member Margareta Alestig Marianne Lie Board member Board member Thomas Wilhelmsen Board member This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 10 WalleniusWallenius Wilhelmsen Wilhelmsen - Annual report in- 2018 brief Wallenius Wilhelmsen in brief Management Craig Jasienski Rebekka Glasser Herlofsen Chief Executive Officer Chief Financial Officer Erik Noeklebye Raymond Fitzgerald Chief Executive Officer EUKOR Chief Operating Officer WW Solutions & Chairman of ARC This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 11 Wallenius Wilhelmsen - Annual report - 2018 Wallenius Wilhelmsen in brief Michael Hynekamp Jan Dahm-Simonsen Chief Operating Officer WW Ocean Chief Human Resources Officer Malfrid Lundell Simon White Chief Transformation Officer Chief Information Officer & SVP Commercial WW Ocean This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 12 Wallenius Wilhelmsen - Annual report - 2018 Words from the CEO "Despite the tough market, we remain strong and have weathered the storm well." Strategy into action 2018 was our year to consolidate capabilities from the strong platform we created through the merger in 2017, and that we did. The merger synergy target was lifted by 20% to USD 120 million for the full year and we achieved that within the third quarter. We then established a USD 100 million performance improvement programme to maintain momentum in countering the challenging market forces. Equally importantly, we took decisive steps towards our strategy of full lifecycle logistics through the acquisition of Syngin, stimulating new thinking and digital capability in our group. Continuing our drive to increase our digital capability and speed, we established Raa Labs – the digital accelerator for the maritime industry – as a 50% equity partner. On sustainability, we took a stand as one of the founding partners of the Ship Recycling Transparency Initiative (SRTI), exemplifying our decades long practice of green and responsible This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 13 Wallenius Wilhelmsen - Annual report - 2018 Words from the CEO vessel recycling. With the 0.5% sulphur cap coming into force from 2020 and the resulting uncertainty around quality, quantity and price of new fuel, we opted to install scrubbers on a further 20 vessels in our fleet to mitigate some of the risk. Contractual clauses were reviewed and adjusted with clients where needed, ensuring we achieve natural hedges through fuel cost increase recovery over time. Lastly, we established our new corporate visual identity, launched new values across the group and initiated two major IT operating system change projects. These steps, and many more, are proof of how we are smarter and stronger together and are continuing to deliver on our strategy and build value for investors. Our market remains tough At a macro level, general market sentiment regarding the global economy, slowdown in China, trade wars and Brexit uncertainty created a volatile environment in the vehicle segments we serve throughout the year. While trade wars brought limited real volume effect, the negative sentiment left investors with concerns over the robustness of forward volumes, which naturally had an effect on our share price. Global light vehicle sales saw a 4.6% decline year-on-year, however exports saw 2.5% year-on-year growth. Overall export growth was still not enough to absorb excess shipping capacity in the market, resulting in continued rate pressure in all ocean corridors and a relentless margin squeeze. Full year volumes for our ocean business remained flat compared to 2017, although cargo mix improved. These factors also impacted our share price as investors were not seeing the growth in volumes and earnings expected. Landbased earnings developed well, particularly through the acquisition of Keen Transport in the US and the expansion of the MIRRAT terminal in Australia. Despite the tough market, we remain strong and have weathered the storm well. Our single fleet approach has enabled us to adjust and redeploy capacity rapidly across our broad network. We have secured a very high degree of all the contract business sought on land and sea, with re- affirmed confidence from our client base. We’ve been able to renegotiate contractual terms for better operational efficiency and through that have been able to drive real bottom line improvements. Internal consolidation and efficiency of all our business units remained a strong focus and thanks to the incredible work of our employees we can comfortably state that our results were USD 120 million better than they would have otherwise been. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. This PDF is generated from Wallenius Wilhelmsen annual report 2018 website. 14 Wallenius Wilhelmsen - Annual report - 2018 Words from the CEO Our people It has been said that jobs of the past were about muscle, jobs of today are about brains and in the future, they will be about hearts. Throughout, it’s about people and – as we move through Industry 4.0 – even more so. Technology has changed tasks in our group since the first industrial revolution, given our long and proud heritage, and will continue to do so. Without our people we cannot apply technology, serve our customers or deliver returns to our shareholders. Safety is paramount to us as a global enterprise with scores of land-based operating sites and hundreds of vessels in our control. In addition to our strong focus on lost time incidents, in 2018 we placed deeper emphasis on reporting near-misses to boost learning, and continued to develop preventative measures across all our sites. A safe working environment goes beyond physical safety; it’s also about emotional safety and embracing diversity. We introduced new values to the organisation early in the year: Imagination, Courage, Candour, Speed and Trust. With these, we want to continue building a working environment
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