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<br /> AnnuAl report 2009<br /> 2 DIRECTORS' REPORT<br /> KEY FIGURES CONSOLIDATED ACCOUNTS<br /> 2009 2008 2007 2006 2005<br /> Income stAtement<br /> Total income* USD mill<br /> Primary operating profit* USD mill<br /> Operating profit* USD mill<br /> Profit/(loss) before tax* USD mill<br /> Net profit/(loss)* USD mill<br /> 2 573<br /> 436<br /> 241<br /> 319<br /> 334<br /> 3 434 2 728 2 511 2 207<br /> 495 417 538 397<br /> 352 266 36<a title="Wilh Wilhelmsen annual report for 2009 page 1" href="http://viewer.zmags.com/publication/8d5c813d?page=1"> AnnuAl report 2009</a> <a title="Wilh Wilhelmsen annual report for 2009 page 2" href="http://viewer.zmags.com/publication/8d5c813d?page=2"> 2 DIRECTORS' REPORT KEY FIGURES CONSOLIDATE</a> <a title="Wilh Wilhelmsen annual report for 2009 page 3" href="http://viewer.zmags.com/publication/8d5c813d?page=3"> ww:09 dIrectors’ report Introduction </a> <a title="Wilh Wilhelmsen annual report for 2009 page 4" href="http://viewer.zmags.com/publication/8d5c813d?page=4"> 4 DIRECTORS' REPORT directors’ report </a> <a title="Wilh Wilhelmsen annual report for 2009 page 5" href="http://viewer.zmags.com/publication/8d5c813d?page=5"> </a> <a title="Wilh Wilhelmsen annual report for 2009 page 6" href="http://viewer.zmags.com/publication/8d5c813d?page=6"> 6 DIRECTORS' REPORT dIrectors’ report for 200</a> <a title="Wilh Wilhelmsen annual report for 2009 page 7" href="http://viewer.zmags.com/publication/8d5c813d?page=7"> 2009 wAs An extrA-ordInAry yeAr, especIAlly for t</a> <a title="Wilh Wilhelmsen annual report for 2009 page 8" href="http://viewer.zmags.com/publication/8d5c813d?page=8"> 8 DIRECTORS' REPORT In </a> <a title="Wilh Wilhelmsen annual report for 2009 page 9" href="http://viewer.zmags.com/publication/8d5c813d?page=9"> Strong contributions from ASL and Glovis and a la</a> <a title="Wilh Wilhelmsen annual report for 2009 page 10" href="http://viewer.zmags.com/publication/8d5c813d?page=10"> 10 DIRECTORS' REPORT info</a> <a title="Wilh Wilhelmsen annual report for 2009 page 11" href="http://viewer.zmags.com/publication/8d5c813d?page=11"> consIderABle drop In trAde flows AffectIng demAnd</a> <a title="Wilh Wilhelmsen annual report for 2009 page 12" href="http://viewer.zmags.com/publication/8d5c813d?page=12"> 12 DIRECTORS' REPORT EUKO</a> <a title="Wilh Wilhelmsen annual report for 2009 page 13" href="http://viewer.zmags.com/publication/8d5c813d?page=13"> the logIstIcs offerIng hAs proven to Be An Import</a> <a title="Wilh Wilhelmsen annual report for 2009 page 14" href="http://viewer.zmags.com/publication/8d5c813d?page=14"> 14 DIRECTORS' REPORT amou</a> <a title="Wilh Wilhelmsen annual report for 2009 page 15" href="http://viewer.zmags.com/publication/8d5c813d?page=15"> wms’ strong mArKet posItIon secured relAtIve- ly </a> <a title="Wilh Wilhelmsen annual report for 2009 page 16" href="http://viewer.zmags.com/publication/8d5c813d?page=16"> 16 DIRECTORS' REPORT WSS’</a> <a title="Wilh Wilhelmsen annual report for 2009 page 17" href="http://viewer.zmags.com/publication/8d5c813d?page=17"> group’s head office are represented. The meetings </a> <a title="Wilh Wilhelmsen annual report for 2009 page 18" href="http://viewer.zmags.com/publication/8d5c813d?page=18"> 18 DIRECTORS' REPORT towa</a> <a title="Wilh Wilhelmsen annual report for 2009 page 19" href="http://viewer.zmags.com/publication/8d5c813d?page=19"> ww's sIze And gloBAl BusIness presence gIves ww s</a> <a title="Wilh Wilhelmsen annual report for 2009 page 20" href="http://viewer.zmags.com/publication/8d5c813d?page=20"> 20 DIRECTORS' REPORT incre</a> <a title="Wilh Wilhelmsen annual report for 2009 page 21" href="http://viewer.zmags.com/publication/8d5c813d?page=21"> for 2010, the ww AsA BoArd expects All operAtIng </a> <a title="Wilh Wilhelmsen annual report for 2009 page 22" href="http://viewer.zmags.com/publication/8d5c813d?page=22"> Accounts And notes WW’s vision is ”shaping</a> <a title="Wilh Wilhelmsen annual report for 2009 page 23" href="http://viewer.zmags.com/publication/8d5c813d?page=23"> </a> <a title="Wilh Wilhelmsen annual report for 2009 page 24" href="http://viewer.zmags.com/publication/8d5c813d?page=24"> INCOME STATEMENT > wIlh. wIlhelmsen group U</a> <a title="Wilh Wilhelmsen annual report for 2009 page 25" href="http://viewer.zmags.com/publication/8d5c813d?page=25"> BALANCE SHEET > wIlh. wIlhelmsen group USD </a> <a title="Wilh Wilhelmsen annual report for 2009 page 26" href="http://viewer.zmags.com/publication/8d5c813d?page=26"> CASH FLOW STATEMENT > wIlh. wIlhelmsen group </a> <a title="Wilh Wilhelmsen annual report for 2009 page 27" href="http://viewer.zmags.com/publication/8d5c813d?page=27"> EQUITY > wIlh. wIlhelmsen group USD mill </a> <a title="Wilh Wilhelmsen annual report for 2009 page 28" href="http://viewer.zmags.com/publication/8d5c813d?page=28"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 29" href="http://viewer.zmags.com/publication/8d5c813d?page=29"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 30" href="http://viewer.zmags.com/publication/8d5c813d?page=30"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 31" href="http://viewer.zmags.com/publication/8d5c813d?page=31"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 32" href="http://viewer.zmags.com/publication/8d5c813d?page=32"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 33" href="http://viewer.zmags.com/publication/8d5c813d?page=33"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 34" href="http://viewer.zmags.com/publication/8d5c813d?page=34"> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And </a> <a title="Wilh Wilhelmsen annual report for 2009 page 35" href="http://viewer.zmags.com/publication/8d5c813d?page=35"> Note 1 > comBIned Items, Income stAtement </a> <a title="Wilh Wilhelmsen annual report for 2009 page 36" href="http://viewer.zmags.com/publication/8d5c813d?page=36"> Note 2 > Investments In joInt ventures USD </a> <a title="Wilh Wilhelmsen annual report for 2009 page 37" href="http://viewer.zmags.com/publication/8d5c813d?page=37"> Note 3 > Investments In AssocIAtes USD mill</a> <a title="Wilh Wilhelmsen annual report for 2009 page 38" href="http://viewer.zmags.com/publication/8d5c813d?page=38"> Cont note 3 > Investments In AssocIAtes </a> <a title="Wilh Wilhelmsen annual report for 2009 page 39" href="http://viewer.zmags.com/publication/8d5c813d?page=39"> Note 4 > employee BenefIts </a> <a title="Wilh Wilhelmsen annual report for 2009 page 40" href="http://viewer.zmags.com/publication/8d5c813d?page=40"> Cont note 4 > employee BenefIts </a> <a title="Wilh Wilhelmsen annual report for 2009 page 41" href="http://viewer.zmags.com/publication/8d5c813d?page=41"> Note 5 > property, fIxtures And vessels </a> <a title="Wilh Wilhelmsen annual report for 2009 page 42" href="http://viewer.zmags.com/publication/8d5c813d?page=42"> Cont note 5 > goodwIll And other IntAngIBle Asset</a> <a title="Wilh Wilhelmsen annual report for 2009 page 43" href="http://viewer.zmags.com/publication/8d5c813d?page=43"> Note 6 > tAx </a> <a title="Wilh Wilhelmsen annual report for 2009 page 44" href="http://viewer.zmags.com/publication/8d5c813d?page=44"> Cont note 6 > tAx </a> <a title="Wilh Wilhelmsen annual report for 2009 page 45" href="http://viewer.zmags.com/publication/8d5c813d?page=45"> Note 7 > pensIons </a> <a title="Wilh Wilhelmsen annual report for 2009 page 46" href="http://viewer.zmags.com/publication/8d5c813d?page=46"> Cont note 7 > pensIons </a> <a title="Wilh Wilhelmsen annual report for 2009 page 47" href="http://viewer.zmags.com/publication/8d5c813d?page=47"> Note 8 > comBIned Items, BAlAnce sheet </a> <a title="Wilh Wilhelmsen annual report for 2009 page 48" href="http://viewer.zmags.com/publication/8d5c813d?page=48"> Note 9 > InventorIes </a> <a title="Wilh Wilhelmsen annual report for 2009 page 49" href="http://viewer.zmags.com/publication/8d5c813d?page=49"> Note 12 > Interest-BeArIng deBt </a> <a title="Wilh Wilhelmsen annual report for 2009 page 50" href="http://viewer.zmags.com/publication/8d5c813d?page=50"> Note 13 > fInAncIAl rIsK </a> <a title="Wilh Wilhelmsen annual report for 2009 page 51" href="http://viewer.zmags.com/publication/8d5c813d?page=51"> Cont note 13 > fInAncIAl rIsK </a> <a title="Wilh Wilhelmsen annual report for 2009 page 52" href="http://viewer.zmags.com/publication/8d5c813d?page=52"> Cont note 13 > fInAncIAl rIsK </a> <a title="Wilh Wilhelmsen annual report for 2009 page 53" href="http://viewer.zmags.com/publication/8d5c813d?page=53"> Note 14 > segment reportIng </a> <a title="Wilh Wilhelmsen annual report for 2009 page 54" href="http://viewer.zmags.com/publication/8d5c813d?page=54"> Cont note 14 > segment reportIng </a> <a title="Wilh Wilhelmsen annual report for 2009 page 55" href="http://viewer.zmags.com/publication/8d5c813d?page=55"> Cont note 14 > segments reportIng </a> <a title="Wilh Wilhelmsen annual report for 2009 page 56" href="http://viewer.zmags.com/publication/8d5c813d?page=56"> Note 15 > BusIness comBInAtIons </a> <a title="Wilh Wilhelmsen annual report for 2009 page 57" href="http://viewer.zmags.com/publication/8d5c813d?page=57"> INCOME STATEMENT > wIlh. wIlhelmsen AsA USD</a> <a title="Wilh Wilhelmsen annual report for 2009 page 58" href="http://viewer.zmags.com/publication/8d5c813d?page=58"> BALANCE SHEET > wIlh. wIlhelmsen AsA USD mi</a> <a title="Wilh Wilhelmsen annual report for 2009 page 59" href="http://viewer.zmags.com/publication/8d5c813d?page=59"> CASH FLOW STATEMENT > wIlh. wIlhelmsen AsA </a> <a title="Wilh Wilhelmsen annual report for 2009 page 60" href="http://viewer.zmags.com/publication/8d5c813d?page=60"> Note 1 > comBIned Items, Income stAtement </a> <a title="Wilh Wilhelmsen annual report for 2009 page 61" href="http://viewer.zmags.com/publication/8d5c813d?page=61"> Cont note 2 > employee BenefIts </a> <a title="Wilh Wilhelmsen annual report for 2009 page 62" href="http://viewer.zmags.com/publication/8d5c813d?page=62"> Cont note 2 > employee BenefIts </a> <a title="Wilh Wilhelmsen annual report for 2009 page 63" href="http://viewer.zmags.com/publication/8d5c813d?page=63"> Cont note 2 > employee BenefIts </a> <a title="Wilh Wilhelmsen annual report for 2009 page 64" href="http://viewer.zmags.com/publication/8d5c813d?page=64"> Note 4 > tAx </a> <a title="Wilh Wilhelmsen annual report for 2009 page 65" href="http://viewer.zmags.com/publication/8d5c813d?page=65"> Note 6 > Investments In joInt ventures And AssocI</a> <a title="Wilh Wilhelmsen annual report for 2009 page 66" href="http://viewer.zmags.com/publication/8d5c813d?page=66"> Note 7 > comBIned Items, BAlAnce sheet </a> <a title="Wilh Wilhelmsen annual report for 2009 page 67" href="http://viewer.zmags.com/publication/8d5c813d?page=67"> Note 10 > eQuIty </a> <a title="Wilh Wilhelmsen annual report for 2009 page 68" href="http://viewer.zmags.com/publication/8d5c813d?page=68"> Note 11 > pensIons USD mill Number of peop</a> <a title="Wilh Wilhelmsen annual report for 2009 page 69" href="http://viewer.zmags.com/publication/8d5c813d?page=69"> Note 13 > events After the BAlAnce sheet dAte </a> <a title="Wilh Wilhelmsen annual report for 2009 page 70" href="http://viewer.zmags.com/publication/8d5c813d?page=70"> AUDITOR’S REPORT > for 2009 PricewaterhouseCoope</a> <a title="Wilh Wilhelmsen annual report for 2009 page 71" href="http://viewer.zmags.com/publication/8d5c813d?page=71"> RESPONSIBILITY STATEMENT > We confirm, to the bes</a> <a title="Wilh Wilhelmsen annual report for 2009 page 72" href="http://viewer.zmags.com/publication/8d5c813d?page=72"> envIronment With the world's largest mari</a> <a title="Wilh Wilhelmsen annual report for 2009 page 73" href="http://viewer.zmags.com/publication/8d5c813d?page=73"> </a> <a title="Wilh Wilhelmsen annual report for 2009 page 74" href="http://viewer.zmags.com/publication/8d5c813d?page=74"> 74 </a> <a title="Wilh Wilhelmsen annual report for 2009 page 75" href="http://viewer.zmags.com/publication/8d5c813d?page=75"> 2:Innovation As part of reaching its zero emissio</a> <a title="Wilh Wilhelmsen annual report for 2009 page 76" href="http://viewer.zmags.com/publication/8d5c813d?page=76"> 4:Chemicals and refrigerants WW is concerned to u</a> <a title="Wilh Wilhelmsen annual report for 2009 page 77" href="http://viewer.zmags.com/publication/8d5c813d?page=77"> 6:Weather routing To reduce fuel consumption and </a> <a title="Wilh Wilhelmsen annual report for 2009 page 78" href="http://viewer.zmags.com/publication/8d5c813d?page=78"> 78 ENVIRONMENT </a> <a title="Wilh Wilhelmsen annual report for 2009 page 79" href="http://viewer.zmags.com/publication/8d5c813d?page=79"> totAl co2 emIssIon </a> <a title="Wilh Wilhelmsen annual report for 2009 page 80" href="http://viewer.zmags.com/publication/8d5c813d?page=80"> 80 ENVIRONMENT </a> <a title="Wilh Wilhelmsen annual report for 2009 page 81" href="http://viewer.zmags.com/publication/8d5c813d?page=81"> from A zero emIssIon vIsIon to prActIcAl solutIon</a> <a title="Wilh Wilhelmsen annual report for 2009 page 82" href="http://viewer.zmags.com/publication/8d5c813d?page=82"> CORPORATE GOVERNANCE Corporate governance review </a> <a title="Wilh Wilhelmsen annual report for 2009 page 83" href="http://viewer.zmags.com/publication/8d5c813d?page=83"> </a> <a title="Wilh Wilhelmsen annual report for 2009 page 84" href="http://viewer.zmags.com/publication/8d5c813d?page=84"> 84 CORPORATE GOVERNANCE </a> <a title="Wilh Wilhelmsen annual report for 2009 page 85" href="http://viewer.zmags.com/publication/8d5c813d?page=85"> ww oBserves the norwegIAn corporAte governAnce co</a> <a title="Wilh Wilhelmsen annual report for 2009 page 86" href="http://viewer.zmags.com/publication/8d5c813d?page=86"> 86 CORPORATE GOVERNANCE </a> <a title="Wilh Wilhelmsen annual report for 2009 page 87" href="http://viewer.zmags.com/publication/8d5c813d?page=87"> InternAl control contrIButes to sound control chA</a> <a title="Wilh Wilhelmsen annual report for 2009 page 88" href="http://viewer.zmags.com/publication/8d5c813d?page=88"> OThER INfORMATION Shareholder information Corpora</a> <a title="Wilh Wilhelmsen annual report for 2009 page 89" href="http://viewer.zmags.com/publication/8d5c813d?page=89"> </a> <a title="Wilh Wilhelmsen annual report for 2009 page 90" href="http://viewer.zmags.com/publication/8d5c813d?page=90"> 90 OThER INfORMATION </a> <a title="Wilh Wilhelmsen annual report for 2009 page 91" href="http://viewer.zmags.com/publication/8d5c813d?page=91"> prImAry operAtIng profIt per shAre usd > </a> <a title="Wilh Wilhelmsen annual report for 2009 page 92" href="http://viewer.zmags.com/publication/8d5c813d?page=92"> 92 OThER INfORMATION </a> <a title="Wilh Wilhelmsen annual report for 2009 page 93" href="http://viewer.zmags.com/publication/8d5c813d?page=93"> OThER INfORMATION Shareholder information Key inf</a> <a title="Wilh Wilhelmsen annual report for 2009 page 94" href="http://viewer.zmags.com/publication/8d5c813d?page=94"> WALLENIUS WILHELMSEN LOGISTICS > group structure*</a> <a title="Wilh Wilhelmsen annual report for 2009 page 95" href="http://viewer.zmags.com/publication/8d5c813d?page=95"> OTHER GROUP COMPANIES > segment structure* Wilser</a> <a title="Wilh Wilhelmsen annual report for 2009 page 96" href="http://viewer.zmags.com/publication/8d5c813d?page=96"> 96 OThER INfORMATION </a> <a title="Wilh Wilhelmsen annual report for 2009 page 97" href="http://viewer.zmags.com/publication/8d5c813d?page=97"> compAny nAme country ownershIp </a> <a title="Wilh Wilhelmsen annual report for 2009 page 98" href="http://viewer.zmags.com/publication/8d5c813d?page=98"> 98 OThER INfORMATION </a> <a title="Wilh Wilhelmsen annual report for 2009 page 99" href="http://viewer.zmags.com/publication/8d5c813d?page=99"> our vIsIon: shApIng the mArItIme Industry our phI</a> <a title="Wilh Wilhelmsen annual report for 2009 page 100" href="http://viewer.zmags.com/publication/8d5c813d?page=100"> Designed by Red kommunikasjon n Photos by Ole Mus</a>