Annual report 2022
“Our 2022 financial results were rock solid. This lays the foundation for a robust position - financially and strategically - to lead the transformation of shipping and logistics towards the goal of zero emission. I am particularly proud of how our people handled the situation during this year: The pandemic subsided, but timely delivery of cargo was disrupted, severe supply chain crunches happened. Cargo had to be re-routed, we planned and re-planned. Customer dialogue and people relationships became more crucial than ever. We are well positioned for the future! And we have a joint mission: Driving our operations towards zero emission.”
Lasse Kristoffersen - CEOPress release
2022 in brief
2022 was an exceptional year for Wallenius Wilhelmsen. Global supply chains continued to experience disruptions, leading to light vehicle production and sales at a ten-year low, well below end-user demand. The shipping industry was also heavily impacted by port congestion. Throughout the year, the demand for RoRo services remained high, and the global fleet was at full capacity.
Our shipping services segment delivered extraordinary results over the year, driven by high freight rates, operational efficiency and the continued full utilization of our fleet. Our global terminal operations also had a very strong year, even while unstable parts supply had a negative impact on the logistics services segment through most of 2022.
As auto volumes gradually stabilized, the segment ended the year with increasing volumes, revenues and margins. Access to skilled labor remained a challenge for logistics throughout the year. The government services segment saw solid growth, mainly due to high US flag cargo activity levels, driven by the response of United States and NATO to the Russian invasion of Ukraine.
As a whole, the group delivered an all-time high EBITDA of USD 1,548 million, with significant contributions from all segments. Our financial position strengthened further in 2022 with a very strong operational cash flow and a solid balance sheet.
As a result of the strong financial performance, a record dividend payment for financial year (FY) 2022 of USD 360 million is proposed to the annual general meeting.