Wallenius Wilhelmsen

USD mill	2014 Q2	2014 Q1		2014 YTD 2013 YTD	2013 Q2	2013 FY
Operating income	667	626	1,292	1,307	678	2,609
Gain on sale of assets				(0)		1
Share of profits from JV's and associates	15	11	26	28	11	62
Total income	682	637	1,318	1,335	689	2,673
EBITDA	95	91	185	224	120	445
Depreciation and impairments	(38)	(37)	(75)	(76)	(38)	(152)
EBIT	57	54	111	149	82	293
Financial income/(expense)	(31)	(16)	(47)	15	22	(8)
Profit/(loss) before tax	26	38	64	163	104	285
Net profit 1)	1 25	31	1 56	1 146	1 92	1 272
Earnings per share (USD)	0.11	0.14	0.26	0.66	0.42	1.23

> WWASA Group - Financial income (expense) – breakdown Higher financial expenses q-o-q

USD mill	2014 Q2	2014 Q1	2014 YTD	2013 YTD	2013 FY
Net financial items	(2,4)	5,0	2,5	1,2	15,9
Net i nterest expenses	(25,4)	(18,0)	(43,4)	(45,7)	(99,3)
Interest rate derivatives - unrealised	(6,4)	(5,6)	(12,0)	50,2	71,2
Net financial - currency	3,5	2,9	6,4	9,0	7,7
Net financial derivati ves bunkers	(0,1)	(0,2)	(0,3)	(0,1)	(3,2)
Financial income/(expense)	(30,8)	(16,0)	(46,8)	14,7	(7,7)

• Good return on excess liquidity

• Transaction tax on Hyundai Glovis internal transfer

• Stable interest expenses on loans, adjused for fair value gain on interest derivatives in Q1

Shaping the maritime industry 21

• Fair value loss on interest rate derivatives from changes in US interest rate curve.

WWASA Group - Balance sheet > Strong financial flexibility

USD mill	30.06.2014		31.03.2014		30.06.2013
Assets
Non current assets	2,967	86%	2,941	86%	2,916	87%
Current assets (excl liquid funds)	34	1%	50	1%	27	1%
Liquid funds	450	13%	428	13%	420	12%
Total assets	3,451	100%	3,419	100%	3,362	100%
Equity & liabilities
Equity	1,658	48%	1,669	49%	1,538	46%
Non current interest-bearing debt	1,308	38%	1,308	38%	1,446	43%
Other non current liabilities	219	6%	212	6%	241	7%
Current liabilities	267	8%	229	7%	137	4%
Total equity and liabilities	3,451	100%	3,419	100%	3,362	100%
Equity method