Wilh. Wilhelmsen ASA

Earnings Release • Aug 6, 2015

Wilh. Wilhelmsen Holding ASA Second Quarter 2015

Nils P Dyvik – group CFO

6 August 2015

Disclaimer

This presentation may contain forward-looking expectations which are subject to risk and uncertainties related to economic and market conditions in relevant markets, oil prices, currency exchange fluctuations etc. Wilh. Wilhelmsen Holding group undertake no liability and make no representation or warranty for the information and expectations given in the presentation.

WWH group Highlights for the quarter

Stable total income

Positive underlying EBIT development

• Reported EBIT down 16% q-o-q
• Adjusted EBIT up 7% q-o-q
• Seasonality (WWASA, NSG)
• USD (WMS)

Reduced net financial expenses

Stable EPS (USD 1,43)

*Main "one-offs":

• Q3'12: Sales gain Hyundai Glovis
• Q4'14: Pension related accounting gain
• Q1'15: Sales gain Hyundai Glovis

WWH group

Key segment information

USD mill	WWASA group		WMS group			Holding and Investments	Total
Quarter	Q2'15	Q1'15	Q2'15	Q1'15	Q2'15	Q1'15	Q2'15	Q1'15
Total income	596	609	254	257	10	6	854	866
Operating profit	73	98	28	27	2	(2)	103	123
Financial income/(expenses)	4	-46	-13	7	1	4	-8	-35
Tax income/(expense)	-7	5	-4	-9	2	0	-9	-4
Profit/(loss)	70	57	11	25	5	2	86	84
Minority interests	19	16	0	1	0	0	20	16
Profit/(loss) after minority
interests	51	41	11	25	5	2	66	68
Total equity	1806	1761	278	286	338	317	2422	2364
Minority	492	480	2	3	0	0	494	483
Equity after minority interests	1 314	1 281	276	284	338	317	1 928	1 881

Positive underlying development in operating profit*

4

*Main "one-offs":

**Based on proportionate method

• Capital employed: Equity plus interest bearing debt
• ROCE: EBT plus interest expenses / average capital employed

• Q3'12: Sales gain Hyundai Glovis • Q1'15: Sales gain Hyundai Glovis

• Q4'14: Pension related accounting gain

WW ASA group

Highlights for the quarter

Stable contribution from shipping

• o Increased auto volumes mainly seasonal
• o Unfavorable cargo and trade mix due to soft H&H volumes
• o Increase in net bunker cost
• o Increased scheduled and non-scheduled off hire

Improved contribution from logistics

• o Improved result from Hyundai Glovis
• o WWL activities remained stable

Ongoing antitrust investigation

o RSA settlement

Crew on deck, Historic award to MW Taiko crew Source: WWASA

WMS group Highlights for the quarter

Flat total income

• o Reduced WSS income due to currency effect
• o Improved WTS income

Strong EBIT level

• o Continued positive development across all business areas
• o Positive impact from currency (strong USD)

Ongoing restructuring process of WTS

o Process slower than expected

8

Currency exposure – EBIT

Sale to operating fleet

• o Income:
• o USD ~60%
• o Expenses:
• o USD ~25%
• o Main other: EUR, NOK, SGD

Project related activities

o Mainly hedged on contract basis

*Main "one-offs": Q2'14: Sales gain (included) - Q4'14: Pension related accounting gain (not included)

**Clarksea Index is a weighted quarterly average of earnings by tankers, bulkers, containerships and gas carriers (Source: Clarkson).

Ships service

Total income and daily income per vessel

Ship management Total income and vessels served

Technical solutions

Total income and order reserve

WSS global fleet penetration:) 50,19% in Q2'15 (50,14% Q1'15

Holding and Investments

Highlights for the quarter

Positive development in NorSea Group

• o Normal seasonality
• o Satisfactory supply base activity in Norway
• o Loss on Viking Fighter (spot market)
• o Expanding within offshore wind

Fluctuating equity market

• o Qube share value down (USD 119 million *))
• o Flat financial investments (USD 88 million *))

Helgelands base, Source NSG

NorSea Group

WWH group

Financial income/(expenses)

USD mill	Q2'15	Q1'15
Net financial items	0	13
Investment management	-2	1 13
Interest income	2	2
Other financial items	1	-2
Interest expenses	-17	-18
Interest rate derivatives - realised	-10	-8
Interest rate derivatives - unrealised	19	2 1
Net financial - currency	-1	3 -24
Net financial derivatives bunkers	1	1
Financial income/(expense)	-8	-35

• 1. Loss from Investment management
• 1. Net interest rate derivatives gain WWASA
• 1. Net currency financial WWASA gain, WMS loss

WWH group Equity ratio *)

^*Equity ratio: Equity in percent of total assets

WWH group – Liquidity development Q2'15 (Equity method)

WMS and H&I – Liquidity development Q2'15 (Equity method)

WWH group

Interest bearing debt (Equity method)

Maturity profile

• WWH facilities maturing in 2017/18
• WMS facilities maturing in 2018/19
• WWHI facility maturing in 2017
• WWASA mixed maturity

NOK/share

• Dividend of NOK 3.00 per share was paid 7 May 2015

• Board authorized to approve further dividend of up to maximum NOK 3.00 per share

WWH group prospects

The board expects a stable activity level for the group, but with a seasonal slowdown in the second half of 2015.

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