Wallenius Wilhelmsen

Earnings Release • May 8, 2014

WWASA Group - Profit & Loss
USD mill		2014 Q1			2013 Q1	2013 FY
		626		651	628	2,609
Reduced contribution		11		19	17	62
		637		671	646	2,673
		91		105	104	445
					(38)	(152)
		54		66	67	293
Unrealised fair value loss		(16)		(8)	(7)
		38		58	60	285
		1 31		67	1 54	272
		0.14		0.30	0.25	1.23
		Financial statements 2013 has been restated, ref, proportionate note 2		(37)	2013 Q4 1	(39)

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

USD mill	2014 Q1	2013 Q4	2013 Q1	2013 FY
Net fi na nci a l i tems	5,0	5,7	1,5	15,9
Net interes t expens es	(18,0)	(29,3)	(23,1)	(99,3)
Interes t rate derivatives - unrea li sed	(5,6)	18,7	13,6	71,2
Net fi na nci a l - currency	2,9	(1,0)	(0,1)	7,7
Net fi na nci a l deri va tives bunkers	(0,2)	(2,5)	1,0	(3,2)
Financial income/(expense)	(16,0)	(8,4)	(7,2)	(7,7)

• Good return on excess liquidity

• Negative P/L effect from sale of NOCC shares (positive CF effect)
• Net interest expenses positively impacted by realised gain from termination of NOK-interest rate swap

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	31.03.2014	31.12.2013			31.03.2013
Assets
Non current assets	2 941	86 %	2 952	87 %	2 889	85 %
Current assets (excl liquid funds)	50	1 %	25	1 %	62	2 %
Liquid funds	428	13 %	411	12 %	441	13 %
Total assets	3 419	100 %	3 388	100 %	3 393	100 %
Equity & liabilities
Equity	1 669	49 %	1 632	48 %	1 596	47 %
Non current interest-bearing debt	1 308	38 %	1 320	39 %	1 377	41 %
Other non current liabilities	212	6 %	206	6 %	274	8 %
Current liabilities	229	7 %	229	7 %	146	4 %
Total equity and liabilities	3 419	100 %	3 388	100 %	3 393	100 %
Equity method