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Wilhelmsen 2013 Annual Report.Pdf Wilh. Wilhelmsen Holding ASA ANNUAL REPORT 2013 SHAPING THE MARITIME INDUSTRY Content: Our vision: KEY FIGURES 4 Introduction Working for Wilhelmsen 6 Key figures consolidated accounts Shaping the makes me very proud, and DIRECTORS’ REPORT 10 Main development and strategic direction I am blessed to have the op­ 11 Financial summary maritime – the group financial accounts portunity to make a living by Income statement Cash flow, liquidity and debt ­industry keeping my fellow Wilhelmsen Going concern assumption 12 Performance of the group crewmembers happy. and business segments Wilh. Wilhelmsen Holding group Our philosophy: George B. Baliza Wilh. Wilhelmsen ASA Mess man, Wilhelmsen Ship Management Wilhelmsen Maritime Services We believe that empowered employees in an innovative, Holding and Investments learning organisation are our main competitive advantage 17 Risk in meeting the needs and wants of our customers. 19 Health, environment and safety 20 Organisation and people development 21 Corporate governance 21 Social responsibility Our values: 22 Allocation of profit, dividend and buy back 22 Prospects CUSTOMER CENTRED We place our customers in the centre and focus on their ACCOUNTS AND NOTES needs. This drives us forward to develop services, products 24 Introduction and solutions that benefit both the customer and us. Wilh. Wilhelmsen Holding ASA group 26 Income statement EMPOWERMENT 26 Comprehensive income Involvement and recognition generate positive energy and 27 Balance sheet increase ownership of our individual contributions. The 28 Cash flow statement freedom to act and take initiative within agreed frame- 29 Statement of changes in equity 30 Accounting policies works motivates us to reach our full potential and do a 37 Notes better job. Wilh. Wilhelmsen Holding ASA LEARNING AND INNOVATION parent company 70 Income statement The world around us changes constantly. As a learning 71 Balance sheet organisation we continually seek to renew ourselves, to 72 Cash flow statement work smarter and improve everything we do. As a result, 73 Notes we are more able to recognise opportunities and develop 88 Auditor’s report new and innovative solutions. 90 Responsibility statement STEWARDSHIP CORPORATE GOVERNANCE We prioritise and manage our resources in a responsi- 92 Introduction ble way to continuously create value. We are concerned 94 Corporate governance report for the safety and well being of people, society and the SUSTAINABILITY environment. 102 Introduction 104 Sustainability reporting by group CEO TEAMING AND COLLABORATION 106 Introducing GRI in the WW group Our most important competitive advantage is our quali- 110 GRI Index fied people worldwide, working together across different cultures towards common goals. Collaboration drives our CORPORATE STRUCTURE 118 Introduction creative energy and gives us better solutions. 120 Wilh. Wilhelmsen Holding group main structure 120 Holding and Investments segment 121 Wilh. Wilhelmsen ASA segment 122 Wilhelmsen Maritime Services segment 127 Fleet list ◀ Lupe Rodriguez FRS service technician, Wilhelmsen Ships Service Working out of the WSS Houston office for three years, Lupe Rodriguez is making sure fire extinguishers work when they’re needed. Constantly out on duty maintaining our customer’s safety systems, from port- able fire extinguishers to large CO2 systems. I have a total of seventeen years’ experience working with safety systems. With a long time of service in the industry, I know Wilhelmsen is technically advanced and deliver high quality. Our systems are considered no. 1 in the market, and it makes me really proud to be part of the Wilhelmsen family. To me, sharing my knowledge is an important part of my job – both with customers and not least with my colleagues. I take huge pride in teaching my apprentices and train them to become first assistant technicians and finally fully fledged technicians after five years of training and exams. KEY FIGURES | GROUP GROUP | KEY FIGURES Key figures Consolidated accounts Total income* (USD mill) Operating profit* (USD mill) 2013 2012 2011 2010 2009 3 900 Income statement 3 400 600 Total income * USD mill 3 533 3 896 3 450 2 846 2 573 2 900 500 Primary operating profit * USD mill 542 777 581 436 436 2 400 Operating profit * USD mill 363 601 407 273 241 400 1 900 Profit before tax * USD mill 374 496 247 144 319 300 Net profit * USD mill 340 446 232 75 334 1 400 200 Net profit after minorities * USD mill 260 329 188 60 331 900 100 400 Balance sheet 0 Non current assets USD mill 3 728 3 699 3 286 2 721 2 581 -100 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Current assets USD mill 1 218 1 282 1 132 1 359 1 103 Equity USD mill 2 286 2 077 1 673 1 538 1 269 Interest-bearing debt USD mill 1 851 2 008 1 901 1 723 1 730 Net profit (USD mill) Net profit after minorities (USD mill) Total assets USD mill 4 982 4 418 4 080 3 684 3 250 450 Key financial figures 400 350 Cash flow from operation (1) USD mill 243 310 214 235 175 Liquid funds at 31 December (2) USD mill 734 790 717 944 700 350 300 Liquidy ratio (3) 1.7 2.1 1.5 1.7 2.3 300 250 Equity ratio (4) % 46% 42% 38% 38% 34% 250 200 200 Yield 150 Return on capital employed (5) % 11% 15% 10.1% 6.8% 13.4% 150 100 Return on equity (6) % 16% 24% 14.4% 5.4% 30.6% 100 50 50 Key figures per share 0 0 Earnings per share (7) USD 5.59 7.06 4.05 1.29 7.11 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Diluted earnings per share (8) USD 5.60 7.08 4.06 1.29 7.11 Primary operating profit per share (9)* USD 11.66 16.72 12.49 9.38 9.38 Average number of shares outstanding Thousand 46 404 46 404 46 454 46 504 46 504 Definitions: (1) Net cash flow from operating activities (2) Cash, bank deposits and short term financial investments (3) Current assets divided by current liabilities (4) Equity in percent of total assets (5) Profit for the period before taxes plus interest expenses, in percent of average equity and interest-bearing debt (6) Profit after tax (annualised) divided by average equity (7) Profit for the period after minority interests, divided by average number of shares (8) Earnings per share taking into consideration the average number of shares reduced for own shares (9) Operating profit for the period adjusted for depreciation and impairments of assets, divided by average number of shares outstanding * Figures according to the proportionate method for joint ventures, which reflect the group’s underlying operations in more detail than the financial statements based on equity method. 6 | WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2013 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2013 | 7 ◀ Inger-Lise Josefsen General manager Norway, Wilhelmsen Ships Service As general manager for Norway, Inger-Lise Josefsen is responsible for sales of products and services to Norwegian customers for delivery world-wide and along the Norwegian coastline. My role is much about making sure that Team Norway contributes and plays well with all the other network teams, in order to reach our common global goals. We have a solid team and a good mix of experiences, age and gender. It consists of 45 people in sales and customer services and 55 involved in the day to day operations in Norway. I am really proud to manage such a team and could not have done my job without them. WSS is the largest business area within the maritime services segment. I acknowledge this role by trying to include all the other business areas when opportunities arise. Utilising synergies within the whole group, we can offer our customers the largest network of maritime products and services in the world. DIRECtors’ repORT | GROUP GROUP | DIRECtors’ repORT Directors’ report 2013 WILH.WILHELMSEN HOLDING ASA Highlights MAIN DEVELOPMENT (including dividends reinvested on ex-dates) AND STRATEGIC DIRECTION was 32.4% for the WWI share and 33.0% for the for 2013 The Wilh. Wilhelmsen Holding group (WWH) WWIB share compared with a 33.3% increase in Results down from delivered lower results for 2013 when compared the Oslo Stock Exchange Industrial index (source strong 2012 with a very strong 2012. The fallback in results Oslo Stock Exchange Annual statistics). A NOK Mixed market – stable was due to a 7% reduction in shipping volumes 3.50 dividend per share was paid during the sec- over all and substantial sales gains impacting previous ond quarter of 2013, followed by a second divi- Multiple perfor- year accounts. dend of NOK 2.00 in the fourth quarter. mance improvement programs Wilh. Wilhelmsen ASA (WWASA) experienced The board acknowledges that sustainability and Positive development lower demand for transportation of high and corporate social responsibility are important pre- in WWH share price heavy cargoes, while auto volumes for the year requisites for creating long-term profitability and Paid dividend of NOK 5.50 per share were stable. Development in cargo volumes and value for the company’s shareholders. Further ini- flows resulted in an unfavourable cargo and trade tiatives have been made in 2013 related to reduc- mix, negatively impacting operating result within ing emissions, including installation of exhaust shipping. WWASA’s logistics income and operat- gas cleaning systems (scrubber) on one vessel ing result excluding sales gain were up, lifted by and ordering of four vessels with similar systems. higher activity in all entities and contribution from Focus on anti-corruption, competition law and Hyundai Glovis in particular. In the first quarter of prevention of fraud has continued, including § Further development of the WWH group is to the surcharge order which the joint venture 2013, the Japanese Fair Trade Commission (JFTC) introduction of a global whistle blowing system.
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