Wilh. Wilhelmsen ASA

Earnings Release • Feb 9, 2017

Wilh. Wilhelmsen Holding ASA: Results for the fourth quarter of 2016

Wilh. Wilhelmsen Holding ASA: Results for the fourth quarter of 2016

(Lysaker, 9 February 2017) Wilh. Wilhelmsen Holding

(WWH) reported an increase in total income and

operating profit in the fourth quarter compared with

the previous quarter. All business segments

experienced higher income, partly due to non-recurring

items.

Total income for the Wilh. Wilhelmsen Holding ASA

group (WWH) was USD 710 million in the fourth quarter

of 2016, up 8% from the previous quarter. The

operating profit for the quarter was USD 86 million,

which is an increase of 37% from the previous quarter.

When adjusting for non-recurring events, operating

profit increased with 29% compared with the third

quarter.

"We are pleased to conclude that 2016 ended on a

positive note", comments Thomas Wilhelmsen, group CEO,

on the results for the fourth quarter. "Increased

volumes in shipping, higher operating revenue and a

gain following the sales of our safety business to

Survitec lifted total income. In addition, the topline

saw a positive contribution from the NorSea Group and

Treasure ASA's investment in Hyundai Glovis."

"In many ways, 2016 was a historical year," says

Wilhelmsen. "Westock listed Treasure ASA on the Oslo

Stock Exchange, sold our safety portfolio to Survitec

Group and sold Callenberg to Trident. In addition, we

announced a new ownership structure for our shipping

and logistics investments. We believe these changes

will enable us to continue to shape the maritime

industry. Through utilising our unique, global

platform and extensive experience within the maritime

and logistics industries, we see a sound potential to

grow going forward, both through organic growth and

mergers and acquisitions."

The board proposes a first dividend of NOK 3.50 per

share and shareholder approval to declare a second

dividend of up to NOK 2.50 per share. The general

meeting will resolve the proposal at the annual

general meeting scheduled 27 April.

Going forward, Mr Wilhelmsen expects the mild headwind

to continue to affect the group's business entities.

Facing a challenging market, the board has and will

continue to implement structural changes and optimise

the organisation to improve operating margin and

position the group for future growth.