All areas of the group’s business reported positive results, and a very substantial commitment was made to new tonnage for the liner and car carrier business during the year. Contracts have been placed for six car carriers in all, with options for another two.

Ranked today as one of the world’s leading operators in the liner and car carrier sector, WW is also strongly placed in logistic operations and shipping services. The group has more than 13 000 employees and serves as a centre of maritime expertise with operations world-wide. If operations owned 20-50 per cent by WW are included, the workforce attached to its activities rises by 5 000 people.

The group achieved a net operating income of USD 72 million, compared with USD 71 million in 2002. Income after affiliates declined from USD 84 million the year before to USD 76 million. However, operating income for 2002 was strongly influenced in a positive direction by sales gains and other one-off items totalling USD 12 million. At the same time, net operating income for 2003 was negatively affected by one-off costs totalling USD 10 million. The big increase in operating expenses shown in the income statement partly reflects the reclassification of costs and increased land-based activity in the USA.

Total operating income increased substantially, from USD 875 million to USD 966 million. Net financial expenses for the group were affected by good financial markets and low interest costs, and came to USD 3 million as against USD 27 million in 2002.

Income before taxes for the group came to USD 73 million, while net income amounted to USD 66 million. Comparable figures for 2002 were USD 57 million and USD 54 million.

With effect from 1 January 2003, a new item for net income from associates was added to the accounts. Covering those companies valued in accordance with the equity method, this change was prompted by the consideration that the steadily increasing contribution to results from associated companies is more closely related to operations than to financial items. The consequences of this change in accounting presentation are described in greater detail in the balance sheet and income statement.

Ingar Skaug took over on 1 January 2003 as chief executive of Wilh. Wilhelmsen ASA in succession to Wilhelm Wilhelmsen. The latter became chair of the company from the same date in succession to Leif Terje Løddesøl, who is now deputy chair.