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Annual Report 2014 1 Directors’ Report | Group Group | Directors’ REPORT AnnualGROUP | DIRECTORS’ REPORT report 2014 Wilh. Wilhelmsen Holding ASA The world’s largest maritime network, on call 24/7. WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 1 DIRECTORS’ REPORT | GROUP GROUP | DIRECTORS’ REPORT Content KEY FIGURES 6 Key figures consolidated accounts DIRECTORS’ REPORT Global operations, 10 Main development and strategic direction 11 Financial summary – the group financial accounts Income statement Cash flow, liquidity and debt Going concern assumption around the clock 12 Performance of the group and business segments Wilh. Wilhelmsen Holding group Wilh. Wilhelmsen ASA At sea, 05:00. New day dawning. Wilhelmsen Maritime Services Holding and Investments As the guiding stars slowly give way for the rising sun, the MV Tønsberg 18 Risk approaches its third port call after crossing the Atlantic ocean. 19 Health, environment and safety 21 Organisation and people development 77.5 million m3 of cargo transported by the ship 22 Corporate governance 22 Social responsibility operating entities of the group. 23 Allocation of profit, dividend and buy back 23 Prospects ACCOUNTS AND NOTES Wilh. Wilhelmsen Holding ASA group 28 Income statement 28 Comprehensive income 29 Balance sheet 30 Cash flow statement 31 Consolidatet statement of changes in equity 32 Accounting policies 39 Notes Wilh. Wilhelmsen Holding ASA parent company 78 Income statement 78 Balance sheet 80 Cash flow statement 81 Notes 99 Auditor’s report 100 Responsibility statement CORPORatE GOVERNANCE 104 Corporate governance report SUStaINABILITY 118 Sustainability reporting by group CEO 119 2014 Highlights 120 Our way 124 GRI Index CORPORatE STRUCTURE 142 Wilh. Wilhelmsen Holding group main structure 142 Holding and Investments segment 143 Wilh. Wilhelmsen ASA segment 144 Wilhelmsen Maritime Services segment 149 Fleet list 2 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 3 DIRECTORS’ REPORT | GROUP GROUP | DIRECTORS’ REPORT Key figures At sea, 21:00. Safety always comes first. A jr. third officer is filing a safety report after maintenance work on fire extinguishers onboard. Quarterly hazard hunt campaigns conducted since 2012. KEY FIGURES KAPITELSKILLE Singapore, 15:00. Varna, 09:00. The heat is off. Keeping pace with rapid Seven cylinders of refrigeration gases cargo changeovers. delivered and five cylinders collected New and improved total cargo hold from a ship at Pasir Panjang Container cleaning solution demonstration held by Terminal. Wilhelmsen Ships Service in Varna for local Bulgarian customers, operations staff 450 000 Unitor cylinders on and fleet managers. board of 50% of the world 20% cargo hold cleaning revenue fleet at all times. increase expected for 2015. 4 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 5 KEY FIGURES | GROUP GROUP | KEY FIGURES Key figures Consolidated accounts 2014 2013 2012 2011 2010 Total income* (USD mill) Operating profit* (USD mill) Income statement Total income * USD mill 3 693 3598 3 896 3 450 2 846 4 000 Primary operating profit * USD mill 566 542 777 581 436 3 500 600 Operating profit * USD mill 381 363 601 407 273 Profit before tax * USD mill 273 374 496 247 144 3 000 500 Net profit * USD mill 292 340 446 232 75 2 500 400 Net profit after minorities * USD mill 241 260 329 188 60 2 000 300 1 500 Balance sheet 200 Non current assets USD mill 3 687 3 728 3 699 3 286 2 721 1 000 100 Current assets USD mill 1 152 1 218 1 282 1 132 1 359 500 0 0 Equity USD mill 2 329 2 286 2 077 1 673 1 538 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Interest-bearing debt USD mill 1 693 1 851 2 008 1 901 1 723 Total assets USD mill 4 839 4 946 4 981 4 418 4 080 Net profit USD( mill) Key financial figures Net profit after minorities USD( mill) Cash flow from operation (1) USD mill 241 243 310 214 235 450 Liquid funds at 31 December (2) USD mill 688 734 790 717 944 Liquidy ratio (3) 2.1 1.7 2.1 1.5 1.7 400 350 (4) Equity ratio % 48% 46% 42% 38% 38% 350 300 300 Yield 250 (5) 250 Return on capital employed % 8% 11% 15% 10% 7% 200 Return on equity (6) % 13% 16% 24% 14% 5% 200 150 150 100 Key figures per share 100 Earnings per share (7) USD 5.20 5.59 7.06 4.05 1.29 50 50 Primary operating profit per share (8)* USD 12.18 11.66 16.72 12.49 9.38 Average number of shares outstanding Thousand 46 404 46 404 46 404 46 454 46 504 0 0 2010 2011 2012 2013 2014 Dividend per share NOK 5.00 5.50 8.00 5.50 2.00 2010 2011 2012 2013 2014 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 Earnings per share taking into consideration the average number of shares reduced for own shares (8) 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 2014 WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 7 DIRECTORS’ REPORT | GROUP GROUP | DIRECTORS’ REPORT Directors’ report DIRECTORS REPORT KAPITELSKILLE The board of Wilh. Wilhelmsen Holding discusses the macro economic outlook, megatrends, opportunities and challenges ahead to secure a sustainable and diversified portfolio of profitable Oslo, 09:00. The board is set. and leading entities and new business opportunities enabling the group to continue to grow. The pieces are moving. The group long term strategy for 2015-2019 is developed. The board of Wilh. Wilhelmsen Holding: (from left) Helen Juell, Odd Rune Austgulen, 8 WILH.Carl WILHELMSEN Erik Steen, D HOLDINGiderik Schnitler ASA ANNU (chair),AL REPO BettinaRT 2014 Banoun WILH. WILHELMSEN HOLDING ASA ANNUAL REPORT 2014 9 DIRECTORS’ REPORT | GROUP GROUP | DIRECTORS’ REPORT Emission reduction remains a key priority Income statement for the group, with 2014 seeing substantial The WWH group’s financial accounts for 2014 reduction related to CO2, NOx and SOx. prepared according to the equity method showed Directors’ report Continued focus on the working environment a total income of USD 1 538 million compared and safety resulted in further reduction in sick with USD 1 518 million in 2013 (figures for the Wilh. Wilhelmsen Holding ASA leave, but was not able to prevent lost time injury corresponding period of 2013 will hereafter be frequency to move above target. shown in brackets). The 1% increase reflected continued revenue growth within WMS, while WWH’s vision is to take an active role in shaping income was down for WWASA. the maritime industry. • WWASA and WMS are global market leaders WWASA’s total shipping volumes were on par within their respective market segments, with 2013, but income was down due to trade and car/ro-ro shipping and logistics, and maritime cargo mix. Development in shipped auto volumes services. With global competence, positive was flat, while development for other cargo operating cash flows and healthy balance segments were mixed. Total income was also sheets, both companies remain well down for WWASA’s logistics activities due to loss positioned for further expansion within of a US government contract. Net contribution targeted areas. from Hyundai Glovis was slightly up. MAIN DEVELOPMENT AND STRATEGIC in Denmark and UK. Return on investment in Highlights • In 2014, WWASA group companies increased DIRECTION Qube Holdings Limited and the financial portfolio WMS experienced an increase in income for 2014 its lifting capacity with 2.5% to 935 000 car The Wilh. Wilhelmsen Holding group (WWH) remained satisfactory and above benchmark. compared with the previous year, supported by equivalent units (CEU), with a further 64 000 Stable development in is a global provider of maritime related services, continuous growth within technical solutions. CEU in lifting capacity on order. WWASA also income and profit transportation and logistics solutions. WWH’s The group and the holding company strengthened Income from other business areas were in line expanded its global terminal and land Modest underlying growth goal is to provide shareholders with a high return the equity and capital base further in 2014. At with 2013. based logistics footprint, including being for main markets over time through a combination of rising value for year-end, the group equity ratio was 48% and the awarded contract to build the new ro-ro Book equity ratio of 48% the company’s shares and payment of dividend. group had liquid assets of USD 688 million. In Holding and investments income was slightly terminal in Melbourne, Australia. Negative development in 2014, all long term facilities in the parent company down following reduced contribution from WWH share price WWH delivered results for 2014 broadly in and fully owned subsidiaries were refinanced and • During the year, WMS revised its portfolio NorSea Group. Paid dividend of NOK 5.00 line with 2013. Results for both years included WWASA extended its loan repayment profile. strategy. The group will actively pursue per share substantial non-recurring items. While individual further growth within products, port service Operating profit was USD 339 million (USD 325 maritime and car/ro-ro markets fluctuated, the The WWH share price was down for the year, and ship management, while seeking a partner million) for the year, up 4% compared with 2013.
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