Wallenius Wilhelmsen

Earnings Release • Nov 11, 2014

Wilh. Wilhelmsen ASA PO Box 33 NO-1324 Lysaker NORWAY Org no: 995 216 604

Telephone: +47 67 58 40 00 Fax: +47 67 58 40 80 E-mail: wwasa@wilhelmsen.com Internet: www.wilhelmsenasa.com

Wilh. Wilhelmsen ASA (WWASA): Results for the third quarter of 2014

(Lysaker, 11 November 2014) Decline in volumes transported deep-sea, mainly seasonal, and unfavourable cargo and trade mix led to weaker results for WWASA in the third quarter. Adjusted total income declined 6% compared with the second quarter, while the operating profit fell 19%.

The operating profit for the third quarter totalled USD 66 million against USD 78 million in the same quarter 2013 (third quarter 2013 hereafter in bracets). Total income ended at USD 650 million (USD 667 million). Hyundai Glovis contributed with a non-recurring gain of USD 12 million in quarter, positively affecting both operating profit and total income. The operating profit was, however, negatively impacted by non-recurring items of USD 10 million related to American Shipping and Logistics. In the same quarter last year, the operating profit was negatively affected by an accrual of USD 3 million related to internal restructuring of WWASA. Adjusted for non-recurring items, the operating profit was USD 64 million (USD 81 million), while the total income was USD 638 million (667 million).

"The volumes transported deep-sea decreased 8% from the second quarter. Most of the decline is related to seasonality, with lower sales and production following holiday season in Europe and the US. In addition, labour strikes impacted export volumes from Korea," comments Jan Eyvin Wang, president and CEO in WWASA. "High and heavy volumes were also down, with agriculture season-ending in both Europe and North America."

When commenting on a decline in contribution from the group's logistics activities, Mr Wang says: "Wallenius Wilhelmsen Logistics delivered slightly lower figures. The activity level in American Shipping and Logistics fell substantially following the loss of the Privately Owned Vehicle contract, effective 1 May. Contribution from Hyundai Glovis more than doubled, with USD 12 million being attributed to a non-recurring gain."

The board of WWASA anticipates the group's profitability to continue to be negatively affected by the challenging market sentiment. Volumes transported deep-sea and handled at the group's logistics facilities is expected to increase slightly in the fourth quarter compared with the previous quarter. Short term, a decrease in the bunker price will have a positive effect on net bunker cost.

"We have a strong financial position with a healthy balance sheet, and are positioned to meet the challenges in the industry and act upon market opportunities," concludes Wang.

WWASA's board has, based on an authorisation granted by the annual general meeting on 24 April 2014, resolved to pay a second dividend of NOK 1.00 per share, totalling USD 32 million. Dividend is expected to be paid on or about 27 November 2014.

For further information, contact
Jan Eyvin Wang, president and CEO:	+47 67 58 47 05 (office), +47 900 20 200 (mob)
Benedicte Bakke Agerup, CFO and IRO:	+47 67 58 48 55 (office), +47 915 48 029 (mob)
Benedicte Gude, GVP corporate communications:	+47 67 58 41 77 (office), +47 959 07 951 (mob)

Wilh. Wilhelmsen ASA is through its operating companies (Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Shipping and Logistics) the world leading operator within the rolling cargo segment. It is the only listed company in its niche, and offers global car and rolling cargo customers sea transportation and integrated logistics solutions from factory to dealer. For more information, please visit www.wilhelmsenasa.com. Follow us on Twitter | Facebook | LinkedIn | Instagram