Wilh Wilhelmsen ASA : Results for the second quarter 2016

WWH delivered a total income of USD 792 million, while the operating profit ended at USD 77 million. When adjusting for a non-recurring gain in the first quarter, total income and operating profit was up 3% and 23% quarter on quarter. 'While the improvement from the first quarter is welcome, the financial returns from group activities are not at a satisfactory level,' says Thomas Wilhelmsen, group CEO at WWH. Increased shipping volumes lifted underlying results in the group's shipping and logistics segment.

For the maritime services segment, operating income was stable, while operating margin and profit improved. During the second quarter, Wilhelmsen Maritime Services signed an agreement for its safety activities to join forces with the Survitec Group, with expected implementation in the fourth quarter. Commenting on the agreement, Mr. Wilhelmsen says that 'we have been working on the future structure of our maritime services activities for some time, and it is very positive to see that this work is now bearing fruits.'

The holding and investment segment of WWH now includes the shareholding in Hyundai Glovis, following a demerger of Den Norske Amerikalinje from Wilh. Wilhelmsen ASA and subsequent listing of Treasure ASA on the Oslo Stock Exchange on 8 June. WWH owns 72.7% of Treasure ASA. Net result from the holding and investment segment improved in the second quarter, benefitting from increased contribution from Hyundai Glovis, Qube and other financial investments.

A first dividend of NOK 3.00 per share was paid on 13 May. Summing up future expectations the board 'expects the general business environment to remain soft, impacting most group activities and performance'.

For further information, contact
Thomas Wilhelmsen, group CEO
tel: +47 67 58 40 00

Christian Berg, group CFO
tel: +47 917 46 910

Åge S Holm, IRO
tel: +47 900 87 670

Benedicte Teigen Gude, GVP corporate communications
tel: +47 959 07 951