Operating profit amounted to USD 106 million for the first
quarter of 2012, up 84% year over year from USD 58 million
in the corresponding quarter of 2011. Total ine increased
26% and ended at USD 946 million (USD 753 million).
"With all time high revenue in the shipping segment, the
group's earnings improved considerably year over year.
Despite a seasonally weaker quarter, we also recorded a
positive development quarter on quarter," says Thomas
Wilhelmsen, group CEO of WWH. "Our shipping activities
benefitted from favourable trade balance and a sound
balance between auto and high and heavy volumes.
Introduction of new and larger vessels contributed to more
efficient operations with a positive effect on earnings,"
says Wilhelmsen.
The group's maritime services segment continued to show a
positive development.
"Sales to the merchant fleet have improved and we have
increased the number of vessels on management. This
contributes to increased total ine both quarter on quarter
and year over year. The activity level related to
newbuildings and retrofits have been slower, with reduced
ine albeit an increase in order reserve," says Wilhelmsen.
"Following the withdrawal of the ballast water treatment
system earlier this year, the operating profit for the
segment was negatively impacted by a loss of USD 15
million. Adjusted for the loss, the maritime services
segment recorded a 60% year over year increase in operating
profit. The profit improvement plan acplished last year has
lifted the segment back to a 9% operating margin."
Net financials for the quarter amounted to an expense of
USD 9 million (expense of USD 23 million), positively
affected by a USD 10 million gain from investment
management (gain of USD 4 million) and a gain of USD 2
million from sale of 12 million shares in Qube. WWH owned
approximately 8.4% of Qube by the end of the quarter.
The group recorded a tax expense of USD 3 million (expense
of USD 5 million) in the quarter.
Net profit after tax and minority interest was USD 69
million (USD 22 million) for the first three months of
2012, an increase of USD 10 million from the fourth quarter
of 2011.
The annual general meeting held on 26 April approved a
dividend of NOK 3.50 per share paid on 9 May. The group
intends to pay dividend semi-annually.
The board maintains a cautiously optimistic view on medium
term prospects, but underlines that prospects will depend
on the development of the world economy.
For further information, contact
Thomas Wilhelmsen, group CEO
tel: +47 67 58 40 00 (office)
Nils P Dyvik, group CFO
tel: +47 67 58 45 65 (office), +47 911 16 079 (mob)
Åge S Holm, IRO
tel: +47 67 58 41 95 (office), +47 900 87 670
(mob)
Benedicte Gude, group VP munication
tel: +47 67 58 41 77 (office), +47 959 07 951 (mob)
Wilh. Wilhelmsen Holding ASA is a global maritime
industry group focusing on shipping and integrated
logistics services for cars and rolling cargo through its
shareholding in Wilh. Wilhelmsen ASA. The group also
occupies a leading position in the global maritime service
industry through Wilhelmsen Maritime Services AS,
delivering products and services to some 200 shipyards and
22 000 vessels annually. For more information, please visit
wilhelmsen.
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