Wilh. Wilhelmsen ASA

Earnings Release • Aug 4, 2016

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

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

(Lysaker, 4 August 2016) Wilh. Wilhelmsen Holding

(WWH) reported an increase in total income and

operating profit adjusted for non-recurring items

compared with a weak start to the year, with all

business segments seeing a positive development in

underlying operating profit.

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 Survitech 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".