In the shipping and logistics segments, significant investments have been undertaken in vessels and other fixed assets. WW takes the view that the value of these segments is higher than the sum of the value of the various tangible fixed assets. The value of the business over time will depend primarily on the net income which the company manages to generate from the transport system developed within these segments. That encompasses both vessels and other tangible fixed assets, the established transport system, land-based activities, employee expertise and experience, established market positions, and brands and goodwill.
 
Glovis (owned 20% by WW) is listed on the stock exchange in Seoul, Korea.
 
Earnings potential is crucial for a valuation of the activities concentrated in Wilhelmsen Maritime Services (WMS). The capital commitment in the companies which collectively comprise WMS is relatively modest, although fairly large sums have been invested in company acquisitions, human resources and system infrastructures.
 
The value of real property is continuously subject to the valuations made by the market at any given time. A valuation based on net asset value would therefore be the most relevant approach for the company’s office premises at Lysaker.
 
A total valuation of the parent company must accordingly be based on the considerations outlined above, supplemented by the parent company’s other assets less group liabilities and pension commitments.
 
Information on the hedging strategy for bunkers, currency and interest rates, and on sensitivity analyses, is provided in note 13 on page 52 in the Annual report.