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<br /> AnnuAl report 2009<br /> 2 DIRECTORS' REPORT<br /> <br /> <br /> <br /> <br /> KEY FIGURES CONSOLIDATED ACCOUNTS<br /> <br /> <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 /> <br /> 2 573<br /> 436<br /> 241<br /> 319<br /> <a title="Wilh Wilhelmsen annual report for 2009 page 1" href="http://viewer.zmags.com/publication/8d5c813d?page=1">AnnuAl report 2009</a> AnnuAl report 2009<a title="Wilh Wilhelmsen annual report for 2009 page 2" href="http://viewer.zmags.com/publication/8d5c813d?page=2">2 DIRECTORS' REPORTKEY FIGURES CONSOLIDATE</a> 2 DIRECTORS' REPORTKEY FIGURES CONSOLIDATE<a title="Wilh Wilhelmsen annual report for 2009 page 3" href="http://viewer.zmags.com/publication/8d5c813d?page=3">ww:09dIrectors’ reportIntroduction </a> ww:09dIrectors’ reportIntroduction <a title="Wilh Wilhelmsen annual report for 2009 page 4" href="http://viewer.zmags.com/publication/8d5c813d?page=4">4 DIRECTORS' REPORTdirectors’report</a> 4 DIRECTORS' REPORTdirectors’report<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' REPORTdIrectors’reportfor 200</a> 6 DIRECTORS' REPORTdIrectors’reportfor 200<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> 2009 wAs An extrA-ordInAry yeAr,especIAlly for t<a title="Wilh Wilhelmsen annual report for 2009 page 8" href="http://viewer.zmags.com/publication/8d5c813d?page=8">8 DIRECTORS' REPORTIn </a> 8 DIRECTORS' REPORTIn <a title="Wilh Wilhelmsen annual report for 2009 page 9" href="http://viewer.zmags.com/publication/8d5c813d?page=9">Strong contributions from ASL andGlovis and a la</a> Strong contributions from ASL andGlovis and a la<a title="Wilh Wilhelmsen annual report for 2009 page 10" href="http://viewer.zmags.com/publication/8d5c813d?page=10">10 DIRECTORS' REPORTinfo</a> 10 DIRECTORS' REPORTinfo<a title="Wilh Wilhelmsen annual report for 2009 page 11" href="http://viewer.zmags.com/publication/8d5c813d?page=11">consIderABle drop In trAde flows AffectIngdemAnd</a> consIderABle drop In trAde flows AffectIngdemAnd<a title="Wilh Wilhelmsen annual report for 2009 page 12" href="http://viewer.zmags.com/publication/8d5c813d?page=12">12 DIRECTORS' REPORTEUKO</a> 12 DIRECTORS' REPORTEUKO<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 BeAn Import</a> the logIstIcs offerIng hAs proven to BeAn Import<a title="Wilh Wilhelmsen annual report for 2009 page 14" href="http://viewer.zmags.com/publication/8d5c813d?page=14">14 DIRECTORS' REPORTamou</a> 14 DIRECTORS' REPORTamou<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> wms’ strong mArKet posItIon secured relAtIve-ly <a title="Wilh Wilhelmsen annual report for 2009 page 16" href="http://viewer.zmags.com/publication/8d5c813d?page=16">16 DIRECTORS' REPORTWSS’</a> 16 DIRECTORS' REPORTWSS’<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. Themeetings </a> group’s head office are represented. Themeetings <a title="Wilh Wilhelmsen annual report for 2009 page 18" href="http://viewer.zmags.com/publication/8d5c813d?page=18">18 DIRECTORS' REPORTtowa</a> 18 DIRECTORS' REPORTtowa<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 gIvesww s</a> ww's sIze And gloBAl BusIness presence gIvesww s<a title="Wilh Wilhelmsen annual report for 2009 page 20" href="http://viewer.zmags.com/publication/8d5c813d?page=20">20 DIRECTORS' REPORTincre</a> 20 DIRECTORS' REPORTincre<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 AlloperAtIng </a> for 2010, the ww AsA BoArd expects AlloperAtIng <a title="Wilh Wilhelmsen annual report for 2009 page 22" href="http://viewer.zmags.com/publication/8d5c813d?page=22">AccountsAnd notesWW’s vision is ”shaping</a> AccountsAnd notesWW’s vision is ”shaping<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 groupU</a> INCOME STATEMENT > wIlh. wIlhelmsen groupU<a title="Wilh Wilhelmsen annual report for 2009 page 25" href="http://viewer.zmags.com/publication/8d5c813d?page=25">BALANCE SHEET > wIlh. wIlhelmsen groupUSD </a> BALANCE SHEET > wIlh. wIlhelmsen groupUSD <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> CASH FLOW STATEMENT > wIlh. wIlhelmsen group<a title="Wilh Wilhelmsen annual report for 2009 page 27" href="http://viewer.zmags.com/publication/8d5c813d?page=27">EQUITY > wIlh. wIlhelmsen groupUSD mill </a> EQUITY > wIlh. wIlhelmsen groupUSD mill <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> ACCOUNTING POLICIES > wIlh. wIlhelmsen group And <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> Note 1 > comBIned Items, Income stAtement <a title="Wilh Wilhelmsen annual report for 2009 page 36" href="http://viewer.zmags.com/publication/8d5c813d?page=36">Note 2 > Investments In joInt venturesUSD </a> Note 2 > Investments In joInt venturesUSD <a title="Wilh Wilhelmsen annual report for 2009 page 37" href="http://viewer.zmags.com/publication/8d5c813d?page=37">Note 3 > Investments In AssocIAtesUSD mill</a> Note 3 > Investments In AssocIAtesUSD mill<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> Cont note 3 > Investments In AssocIAtes <a title="Wilh Wilhelmsen annual report for 2009 page 39" href="http://viewer.zmags.com/publication/8d5c813d?page=39">Note 4 > employee BenefIts </a> Note 4 > employee BenefIts <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> Cont note 4 > employee BenefIts <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> Note 5 > property, fIxtures And vessels <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> Cont note 5 > goodwIll And other IntAngIBle Asset<a title="Wilh Wilhelmsen annual report for 2009 page 43" href="http://viewer.zmags.com/publication/8d5c813d?page=43">Note 6 > tAx </a> Note 6 > tAx <a title="Wilh Wilhelmsen annual report for 2009 page 44" href="http://viewer.zmags.com/publication/8d5c813d?page=44">Cont note 6 > tAx </a> Cont note 6 > tAx <a title="Wilh Wilhelmsen annual report for 2009 page 45" href="http://viewer.zmags.com/publication/8d5c813d?page=45">Note 7 > pensIons </a> Note 7 > pensIons <a title="Wilh Wilhelmsen annual report for 2009 page 46" href="http://viewer.zmags.com/publication/8d5c813d?page=46">Cont note 7 > pensIons </a> Cont note 7 > pensIons <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> Note 8 > comBIned Items, BAlAnce sheet <a title="Wilh Wilhelmsen annual report for 2009 page 48" href="http://viewer.zmags.com/publication/8d5c813d?page=48">Note 9 > InventorIes </a> Note 9 > InventorIes <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> Note 12 > Interest-BeArIng deBt <a title="Wilh Wilhelmsen annual report for 2009 page 50" href="http://viewer.zmags.com/publication/8d5c813d?page=50">Note 13 > fInAncIAl rIsK </a> Note 13 > fInAncIAl rIsK <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> Cont note 13 > fInAncIAl rIsK <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> Cont note 13 > fInAncIAl rIsK <a title="Wilh Wilhelmsen annual report for 2009 page 53" href="http://viewer.zmags.com/publication/8d5c813d?page=53">Note 14 > segment reportIng </a> Note 14 > segment reportIng <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> Cont note 14 > segment reportIng <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> Cont note 14 > segments reportIng <a title="Wilh Wilhelmsen annual report for 2009 page 56" href="http://viewer.zmags.com/publication/8d5c813d?page=56">Note 15 > BusIness comBInAtIons </a> Note 15 > BusIness comBInAtIons <a title="Wilh Wilhelmsen annual report for 2009 page 57" href="http://viewer.zmags.com/publication/8d5c813d?page=57">INCOME STATEMENT > wIlh. wIlhelmsen AsAUSD</a> INCOME STATEMENT > wIlh. wIlhelmsen AsAUSD<a title="Wilh Wilhelmsen annual report for 2009 page 58" href="http://viewer.zmags.com/publication/8d5c813d?page=58">BALANCE SHEET > wIlh. wIlhelmsen AsAUSD mi</a> BALANCE SHEET > wIlh. wIlhelmsen AsAUSD mi<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> CASH FLOW STATEMENT > wIlh. wIlhelmsen AsA<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> Note 1 > comBIned Items, Income stAtement <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> Cont note 2 > employee BenefIts <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> Cont note 2 > employee BenefIts <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> Cont note 2 > employee BenefIts <a title="Wilh Wilhelmsen annual report for 2009 page 64" href="http://viewer.zmags.com/publication/8d5c813d?page=64">Note 4 > tAx </a> Note 4 > tAx <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> Note 6 > Investments In joInt ventures And AssocI<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> Note 7 > comBIned Items, BAlAnce sheet <a title="Wilh Wilhelmsen annual report for 2009 page 67" href="http://viewer.zmags.com/publication/8d5c813d?page=67">Note 10 > eQuIty </a> Note 10 > eQuIty <a title="Wilh Wilhelmsen annual report for 2009 page 68" href="http://viewer.zmags.com/publication/8d5c813d?page=68">Note 11 > pensIonsUSD millNumber of peop</a> Note 11 > pensIonsUSD millNumber of peop<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> Note 13 > events After the BAlAnce sheet dAte <a title="Wilh Wilhelmsen annual report for 2009 page 70" href="http://viewer.zmags.com/publication/8d5c813d?page=70">AUDITOR’S REPORT > for 2009PricewaterhouseCoope</a> AUDITOR’S REPORT > for 2009PricewaterhouseCoope<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> RESPONSIBILITY STATEMENT >We confirm, to the bes<a title="Wilh Wilhelmsen annual report for 2009 page 72" href="http://viewer.zmags.com/publication/8d5c813d?page=72">envIronmentWith the world's largest mari</a> envIronmentWith the world's largest mari<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> 74 <a title="Wilh Wilhelmsen annual report for 2009 page 75" href="http://viewer.zmags.com/publication/8d5c813d?page=75">2:InnovationAs part of reaching its zeroemissio</a> 2:InnovationAs part of reaching its zeroemissio<a title="Wilh Wilhelmsen annual report for 2009 page 76" href="http://viewer.zmags.com/publication/8d5c813d?page=76">4:Chemicals andrefrigerantsWW is concerned to u</a> 4:Chemicals andrefrigerantsWW is concerned to u<a title="Wilh Wilhelmsen annual report for 2009 page 77" href="http://viewer.zmags.com/publication/8d5c813d?page=77">6:Weather routingTo reduce fuel consumptionand </a> 6:Weather routingTo reduce fuel consumptionand <a title="Wilh Wilhelmsen annual report for 2009 page 78" href="http://viewer.zmags.com/publication/8d5c813d?page=78">78 ENVIRONMENT </a> 78 ENVIRONMENT <a title="Wilh Wilhelmsen annual report for 2009 page 79" href="http://viewer.zmags.com/publication/8d5c813d?page=79">totAl co2 emIssIon </a> totAl co2 emIssIon <a title="Wilh Wilhelmsen annual report for 2009 page 80" href="http://viewer.zmags.com/publication/8d5c813d?page=80">80 ENVIRONMENT </a> 80 ENVIRONMENT <a title="Wilh Wilhelmsen annual report for 2009 page 81" href="http://viewer.zmags.com/publication/8d5c813d?page=81">from A zeroemIssIon vIsIonto prActIcAlsolutIon</a> from A zeroemIssIon vIsIonto prActIcAlsolutIon<a title="Wilh Wilhelmsen annual report for 2009 page 82" href="http://viewer.zmags.com/publication/8d5c813d?page=82">CORPORATE GOVERNANCECorporate governance review</a> CORPORATE GOVERNANCECorporate governance review<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> 84 CORPORATE GOVERNANCE <a title="Wilh Wilhelmsen annual report for 2009 page 85" href="http://viewer.zmags.com/publication/8d5c813d?page=85">ww oBserves the norwegIAncorporAte governAnce co</a> ww oBserves the norwegIAncorporAte governAnce co<a title="Wilh Wilhelmsen annual report for 2009 page 86" href="http://viewer.zmags.com/publication/8d5c813d?page=86">86 CORPORATE GOVERNANCE </a> 86 CORPORATE GOVERNANCE <a title="Wilh Wilhelmsen annual report for 2009 page 87" href="http://viewer.zmags.com/publication/8d5c813d?page=87">InternAl control contrIButes to soundcontrol chA</a> InternAl control contrIButes to soundcontrol chA<a title="Wilh Wilhelmsen annual report for 2009 page 88" href="http://viewer.zmags.com/publication/8d5c813d?page=88">OThER INfORMATIONShareholder informationCorpora</a> OThER INfORMATIONShareholder informationCorpora<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> 90 OThER INfORMATION <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> prImAry operAtIng profIt per shAre usd><a title="Wilh Wilhelmsen annual report for 2009 page 92" href="http://viewer.zmags.com/publication/8d5c813d?page=92">92 OThER INfORMATION </a> 92 OThER INfORMATION <a title="Wilh Wilhelmsen annual report for 2009 page 93" href="http://viewer.zmags.com/publication/8d5c813d?page=93">OThER INfORMATIONShareholder informationKey inf</a> OThER INfORMATIONShareholder informationKey inf<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> WALLENIUS WILHELMSEN LOGISTICS > group structure*<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> OTHER GROUP COMPANIES > segment structure*Wilser<a title="Wilh Wilhelmsen annual report for 2009 page 96" href="http://viewer.zmags.com/publication/8d5c813d?page=96">96 OThER INfORMATION </a> 96 OThER INfORMATION <a title="Wilh Wilhelmsen annual report for 2009 page 97" href="http://viewer.zmags.com/publication/8d5c813d?page=97">compAny nAmecountry ownershIp </a> compAny nAmecountry ownershIp <a title="Wilh Wilhelmsen annual report for 2009 page 98" href="http://viewer.zmags.com/publication/8d5c813d?page=98">98 OThER INfORMATION </a> 98 OThER INfORMATION <a title="Wilh Wilhelmsen annual report for 2009 page 99" href="http://viewer.zmags.com/publication/8d5c813d?page=99">our vIsIon:shApIngthe mArItImeIndustryour phI</a> our vIsIon:shApIngthe mArItImeIndustryour phI<a title="Wilh Wilhelmsen annual report for 2009 page 100" href="http://viewer.zmags.com/publication/8d5c813d?page=100">Designed by Red kommunikasjonnPhotos by Ole Mus</a> Designed by Red kommunikasjonnPhotos by Ole Mus