Quarterly Report • May 7, 2015
Quarterly Report
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6 August Q2 2015 results and presentation 17 September Capital markets day 11 November Q3 2015 results and presentation
| Total income | 2015 Q1 | 2014 Q4 | 2014 Q1 | 2014 FY |
|---|---|---|---|---|
| Total | 609 | 624 | 637 | 2597 |
| Shipping | 460 | 502 | 499 | 2051 |
| Logistics | 155 | 126 | 144 | 560 |
| Holding and investments | 6 |
| EBITDA | 2015 Q1 | 2014 Q4 | 2014 Q1 | 2014 FY |
|---|---|---|---|---|
| Total | 136 | 118 | 91 | 413 |
| Shipping | 96 | 94 | 72 | 323 |
| Logistics | 42 | 16 | 22 | 91 |
| Holding and investments | (2) | 8 | (4) | (1) |
| EBIT | 2015 Q1 | 2014 Q4 | 2014 Q1 | 2014 FY |
|---|---|---|---|---|
| Total | 98 | 76 | 54 | 253 |
| Shipping | 59 | 55 | 37 | 176 |
| Logistics | 40 | 14 | 20 | 79 |
| Holding and investments | (2) | 8 | (4) | (1) |
| Net profit after minority | 56 | 55 | 31 | 177 |
| Earnings per share (USD) | 0.26 | 0.25 | 0.14 | 0.81 |
The total income for the Wilh. Wilhelmsen ASA group (WWASA) was USD 609 million, down 2% from fourth quarter 2014. The first three months of 2015 were characterised by a sesonal decline in ocean transported volumes. The negative effect on the group's top line was partly offset by a USD 26 million gain related to the share reduction in Hyundai Glovis. Excluding the non‐recurring gain, the underlying contribution from the logistics segment was on par with the previous quarter.
Following reduced administrative costs, lower voyage expenses and improved operational efficiencies, the operating profit increased by 28% quarter on quarter ending at USD 98 million.
Adjusted for changes in pension schemes and impairement related to recycling of vessels in the fourth quarter 2014 and the gain from the share reduction in Hyundai Glovis in the first quarter 2015, the total income was USD 583 million and the operating profit USD 72 million compared with USD 624 million and USD 63 million respectively.
WWASA's operating entities transported 18.3 million cubic metres (CMB) in the first quarter, a decline equivalent to 6% quarter on quarter. The main reason for the decline in volume was seasonally lower demand for auto transportation. This lead to a total income of USD 460 million, down 8% quarter on quarter. Lower operating cost improved the operating profit, which was up by 9% to USD 59 million.
Auto volumes declined in all trades, except Asia to Europe, which came in on par with the fourth quarter.
The auto trade composition mirrors sales figures. All regions experienced declining sales at the beginning of the year, except Europe, which recorded a positive development after a weak second half of 2014. Russia and Brazil recorded the largest percentage drop in sales.
Japanese car export was at the same level asthe previous quarter, supported by the end of the Japanese fiscal year. Auto volumes transported on Wallenius Wilhelmsen Logistics' vessels kept up with the previous quarter.
Export from Korea was down from a strong fourth quarter, positively affected by a re‐ bound from strikes in the third quarter. Despite the decline, EUKOR Car Carrier's share of the total export from Korea to Europe and the Americas increased in the first quarter.
With declining volumes from Europe to Asia, EUKOR experienced an improved trade balance and profitability in the Europe trade.
Demand for transportation of high and heavy units was on par with the fourth quarter, improving WWASA group's cargo mix and profitability. High and heavy volumes increased in the group's main trades, while it declined in other trades, improving the group's trade mix.
Volumes increased strongly in the Asia to Europe trade. The Atlantic trade also recorded a positive development. However, the Oceania
Figure 2 Total income and EBIT (shipping segment)
and Asia to North America trades saw a decline. A "Brown Marmorated Stink Bug" issue affected export from the US to Oceania, mainly high and heavy volumes. This had a negative effect on transported volumes for WWL.
The demand for construction equipment remained at a relatively strong level. Request for mining equipment continued to be modest due to low commodity prices and few new mining investments, while demand for agriculture machinery saw a declining trend in line with lower crop prices.
The underlying activity level and contribution from the logistics segment were on par with the fourth quarter. Lower results in Hyundai Glovis offset increased contribution from WWL's technical service facilities.
In March, WWASA reduced its shareholding from 12.5% to 12% in Hyundai Glovis, which contributed with total proceeds of USD 39 million. The remaining shareholding was valued at USD 920 million on 31 March 2015.
The total income for the logistics segment was USD 155 million. The USD 26 million gain related to the share reduction in Hyundai Glovis drove the 23% increase quarter on quarter. The gain also improved the operating profit, which ended at USD 40 million.
The WWASA group recorded a net financial expense amounting to USD 46 million for the first quarter, down from USD 75 million in the previous quarter. Improved results from investment management and lower unrealised losses on interest rate derivatives were the main contributors to lower expenses.
Net interest expenses totalled USD 23 million, on par with the fourth quarter.
At the end of the first quarter, the investment portfolio amounted to USD 232 million, including fixed income assets and stocks. The portfolio generated a positive return of USD 8 million in local currency, compared with a negative return of 3 million in the previous quarter.
Marginal impact from changes in medium to long‐term USD interest rates, unrealised gain of USD 1 million on interest rate derivatives compared with an unrealised loss of USD 15 million in previous quarter.
During the quarter, USD continued to appreciate towards European currencies. Net currency items for the quarter amounted to a loss of USD 33 million. Losses, mainly unrealised, incurred on hedging contracts, while gains where related to revaluation on non‐USD liabilities. Revaluation losses on non‐USD assets, mainly financial assets, partly offset the gains.
Cash and cash equivalents including the investment portfolio increased by 9% from the fourth quarter, totalling USD 408 million (USD 690 million when including the group's
Figure 3 Total income and EBIT (logistics segment)
The group recorded a tax income of USD 5 million for the quarter, down from an income of USD 55 million, positively affected by a strong USD/NOK, in the previous quarter.
Net profit after tax and minority interest amounted to USD 56 million, up USD 1 million quarter on quarter.
Earnings per share was USD 0.26 for the first quarter, on par with the fourth quarter.
share of cash and cash equivalentsin the joint ventures), positively impacted by proceeds from the sale of Hyundai Glovis shares.
WWASA's equity increased from the previous quarter by USD 53 million to USD 1 761 million, representing an equity ratio of 51% based on book values for WWASA's own account.
The group's gross interest bearing debt amounted to USD 1 339 million (USD 2 101 million when including share of interest‐ bearing debt in joint ventures) at the end of the quarter after delivery of one new vessel, equivalent to an increase of 1% quarter on quarter.
WWASA has two newbuildings on order to be delivered in the first half of 2016. Discussions regarding the financing is well under way, and clarification regarding the financing of the two vesselsis expected in the second quarter.
WWASA's annual general meeting resolved on 23 April 2015 to pay a dividend of NOK 1 per share, totalling NOK 220 million. The share was traded ex dividend on 24 April and the dividend is paid to shareholders on 7 May.
The board also received an authorisation from the annual general meeting to pay additional dividend limited up to NOK 1.25 per share. The authorisation is valid until the annual general meeting in 2016, although not longer than 30 June 2016.
Figure 4 Current fleet
| Group fleet capacity Q4 | 147 |
|---|---|
| Newbuildings | +1 |
| Recyclings | -3 |
| Chartered to external operators | -2 |
| Group fleet capacity Q1 | 143 |
Figure 5 Group fleet capacity vs group lifted volumes
At the end of the first quarter, group companies had a lifting capacity of 917 000 CEUs, down 2% quarter on quarter. With a net decrease of four vessels compared with the fourth quarter, the group controlled 143 vessels by the end of the first quarter equal to a 23% share of the global car carrying capacity.
The global fleet totalled 752 vessels (4 million CEUs) at the end of March, a net increase of seven vessels compared with the previous quarter.
Ensuring an optimal fleet given current and future transportation needs is key for WWASA. The current group fleet has the potential to cater for increased demand for shipment of both cars, high and heavy and break bulk cargoes.
The group took delivery of one newbuilding during the quarter. The pure‐car‐and‐truck carrier Thermopylæ commenced service for WWL.
At the end of the first quarter, the newbuilding programme for group companies counted seven vessels (56 000 CEUs) to be delivered in 2015‐2016. Three of the vessels are for WWASA's account.
The group's newbuildings equalled 15% of the world car carrier orderbook measured in CEUs. The world orderbook counted 53 vessels (364 000 CEUs) or 9% of the total world fleet measured in CEUs.
No vessels were redelivered to external owners during the quarter, while two vessels were chartered to external operating companies on short‐term time charters.
The group has the flexibility to redeliver nine vessels the next 12 months.
Four vessels in the global fleet were sold for recycling in the first quarter. Three group vessels where recycled. Two of the vessels, the pure‐car‐and‐truck carriers Tagus and Tasco, where for WWASA's account. The vessels will be demolished at green recycling facility in China.
The group took delivery of one newbuilding in April 2015. WWASA's second Post‐Panamax vessel, Thalatta (8 000 CEUs), commenced service for WWL.
| Company | Fleet by end of Q1 | Deliveries in Q1 | Newbuilding programme by end of Q1 | Yard |
|---|---|---|---|---|
| WWL | 53 vessels, 362 000 | One pure car and truck carrier | Three pure car and truck carriers Post | Hyundai |
| CEUs, (58 vessels, | Post Panamax design (8 000 | Panamax design (24 000 CEUs) for WWASA's | Samho | |
| 389 000 CEUs) | CEUs) for WASA's account. | account. | ||
| Four pure car and truck carriers Post Panamax design (32 000 CEUs) not for WWASA's account. |
Xingang | |||
| EUKOR | 85 vessels, 526 000 CEUs (82 vessels, 496 000 CEUs) |
|||
| ARC | Five vessels, 29 000 CEUs (Five vessels, 29 000 CEUs) |
Figure 6 Group newbuilding programme
In the first quarter, the 28 WWASA owned and controlled vessels consumed 58 thousand tonnes fuel and carried out 3 252 million tonne miles2 of transport work. This was equal to 17.8 gram fuel consumed per cargo tonne miles up from 16 gram quarter on quarter. Less cargo transported drove the increase.
The emitted CO2 corresponded to 52.3 gram per cargo tonnes‐miles.3
There were no environmental incidents in the first quarter, with average off‐hire per vessel below set target.
The fleet experienced 34 port state controls. No vessels were detained and the deficiency rate indicated that the fleet was managed according to the group's standards.
The group's controlled vessels recorded two lost time injuries in the first quarter, which resulted in a LTIF of 1.2, above the group's target.4
1 HSEQ reporting is based on vessels owned and controlled by WWASA.
2 Measures number of tonnes by distance transported. For Sea Voyage reports at Noon
3 The International Maritime Organisation measures energy efficiency as grams of CO2 per tonne nautical mile.
4 Lost time injury frequency is measures as an injury, which results in an employee being unable to return to work for
a scheduled work shift on the day following the injury. Measured as injury per million working hours.
WWL and EUKOR continue to be part of anti‐ trust investigations of the car carrying industry in several jurisdictions. These include the US, EU, Canada, Mexico, Brazil, Chile, South Africa and China.
WWASA is not in a position to comment on the ongoing investigations which WWL and EUKOR are part of. The company expects further clarification during 2015.
Light vehicles sales decreased 3% in the first quarter of 2015, and ended at 17.1 million units. Except for Oceania, light vehicle sales are expected to grow slowly from 2014 to 2015.
The global investments growth in construction spending has flattened out, especially in the US, while Europe has shown a positive sentiment. The current global forecast indicates an average global construction spending growth of 3.5% in 2015.
Declining crop prices and reduced sales of especially larger equipment will continue to limit demand for transportation of agriculture units.
Demand for mining equipment is expected to be low following weak commodity price indices for precious metals and limited investments in new projects.
Changes in oil price will continue to affect the group's bunker cost and operating margin.
Based on the market outlook, the board of WWASA expects higher auto volumes in the second quarter compared with the first quarter, while high and heavy volumes are expected to remain flat. Logistics activities are anticipated to be on par with the first quarter.
Lysaker, 7 May 2015 The board of directors of Wilh. Wilhelmsen ASA
Forward‐looking statements presented in this report are based on various assumptions. The assumptions were reasonable when made, but are inherently subject to uncertainties and contingencies that are difficult or impossible to predict. WWASA cannot give assurances that expectations regarding the future outlook will be achieved or accomplished.
Joint ventures based on proportionate method
| USD mill | Shipping | Logistics | Holding | Eliminations | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full | Full | Full | Full | Full | |||||||||||
| Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | |
| QUARTER | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 |
| Operating revenue | 458 | 497 | 2 042 | 121 | 135 | 503 | 1 | 1 | 6 | (8) | (7) | (25) | 573 | 626 | 2 525 |
| Other income | |||||||||||||||
| Share of profit from | |||||||||||||||
| associates | 2 | 2 | 9 | 7 | 9 | 57 | 9 | 11 | 66 | ||||||
| Gain on sale of assets | 26 | 26 | |||||||||||||
| Total income | 460 | 499 | 2 051 | 155 | 144 | 560 | 1 | 1 | 6 | (8) | (7) | (25) | 609 | 637 | 2 592 |
| Operating expenses | |||||||||||||||
| Voyage expenses | (221) | (266) | (1 080) | 6 | 5 | 19 | (215) | (261) | (1 061) | ||||||
| Vessel expenses | (23) | (22) | (82) | (23) | (22) | (82) | |||||||||
| Charter expenses | (79) | (81) | (329) | (79) | (81) | (329) | |||||||||
| Employee benefits | (31) | (38) | (159) | (9) | (9) | (38) | (1) | (3) | (41) | (50) | (197) | ||||
| Other expenses | (11) | (19) | (77) | (104) | (113) | (431) | (1) | (2) | (7) | 1 | 2 | 6 | (115) | (132) | (510) |
| Depreciation and impairment | (36) | (35) | (147) | (2) | (2) | (12) | (38) | (37) | (160) | ||||||
| Total operating expenses | (401) | (462) | (1 875) | (115) | (124) | (482) | (3) | (5) | (7) | 8 | 7 | 25 | (511) | (583) | (2 339) |
| Operating profit (EBIT) 2 | 59 | 37 | 176 | 40 | 20 | 79 | (2) | (4) | (1) | (0) | 0 | (0) | 98 | 54 | 253 |
| Financial income/(expenses) | (14) | (13) | (75) | (1) | (1) | (31) | (3) | (55) | (46) | (16) | (131) | ||||
| Profit/(loss) before tax | 46 | 24 | 101 | 39 | 20 | 77 | (33) | (7) | (56) | (0) | 0 | (0) | 52 | 38 | 122 |
| Tax income/(expense) | (2) | (5) | 23 | (2) | (3) | (9) | 9 | 2 | 32 | 5 | (6) | 46 | |||
| Profit/(loss) | 44 | 20 | 125 | 37 | 17 | 68 | (24) | (5) | (25) | (0) | 0 | (0) | 57 | 32 | 168 |
| Of which minority interest | (1) | (2) | (1) | (2) | |||||||||||
| Profit/(loss) after minority | |||||||||||||||
| interest | 44 | 20 | 125 | 37 | 16 | 66 | (24) | (5) | (25) | (0) | 0 | (0) | 56 | 31 | 166 |
1 The report is based on the proportionate method for all joint ventures.
The equity method provides a fair presentation of the group's financial position but the group's internal financial reporting is based on the proportionate method. The major contributors in the shipping and logistics segments are joint ventures and hence the proportionate method gives the chief operating decision-maker a higher level of information and a better picture of the group's operations.
2 Cash settled portion of bunker hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses.
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
2015: Material gain/(loss) from disposal of assets and impairment charges
Logistics: Q1 - WWASA sold 187 500 shares in Hyundai Glovis. The net gain recorded in the group's accounts amounted to USD 26 million.
2014: Material gain/(loss) from disposal of assets and impairment charges
Shipping: Q1 - No material gain/(loss)
Shipping: Q2 - No material gain/(loss)
Logistics: Q3 - Impairment loss ASL USD 5.5 million.
Shipping: Q4 - Impairment loss vessel for recycling USD 3.5 million.
Joint ventures based on proportionate method
| USD mill | Shipping | Logistics | Holding | Total incl elimination | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
| QUARTER | 2014 | 2014 | 2014 | 2015 | 2014 | 2014 | 2014 | 2015 | 2014 | 2014 | 2014 | 2015 | 2014 | 2014 | 2014 | 2015 |
| Operating revenue | 536 | 508 | 500 | 458 | 136 | 116 | 117 | 121 | 1 | 1 | 1 | 1 | 667 | 619 | 613 | 573 |
| Other income | ||||||||||||||||
| Share of profit from | ||||||||||||||||
| associates | 3 | 3 | 1 | 2 | 12 | 27 | 9 | 7 | 15 | 30 | 10 | 9 | ||||
| Gain on sale of assets | 26 | 26 | ||||||||||||||
| Total income | 539 | 512 | 502 | 460 | 147 | 143 | 126 | 155 | 1 | 1 | 1 | 1 | 682 | 650 | 624 | 609 |
| Operating expenses | ||||||||||||||||
| Voyage expenses | (287) | (268) | (258) | (221) | (282) | (264) | (255) | (215) | ||||||||
| Vessel expenses | (20) | (21) | (19) | (23) | (20) | (21) | (19) | (23) | ||||||||
| Charter expenses | (83) | (83) | (82) | (79) | (83) | (83) | (82) | (79) | ||||||||
| Employee benefits | (58) | (35) | (27) | (31) | (11) | (11) | (7) | (9) | (2) | (3) | 8 | (1) | (71) | (49) | (26) | (41) |
| Other expenses | (18) | (20) | (21) | (11) | (113) | (103) | (103) | (104) | (2) | (1) | (2) | (1) | (131) | (123) | (124) | (115) |
| Depreciation and impairment | (36) | (36) | (40) | (36) | (2) | (7) | (2) | (2) | (0) | (38) | (44) | (41) | (38) | |||
| Total operating expenses | (502) | (464) | (447) | (401) | (125) | (121) | (111) | (115) | (4) | (4) | 6 | (3) | (625) | (584) | (547) | (511) |
| Operating profit (EBIT) 2 | 37 | 47 | 55 | 59 | 22 | 22 | 14 | 40 | (3) | (3) | 8 | (2) | 57 | 66 | 76 | 98 |
| Financial income/(expenses) | (16) | (5) | (41) | (14) | (1) | (1) | (15) | (4) | (34) | (31) | (31) | (9) | (75) | (46) | ||
| Profit/(loss) before tax | 21 | 42 | 13 | 46 | 22 | 21 | 14 | 39 | (17) | (6) | (26) | (33) | 26 | 57 | 1 | 52 |
| Tax income/(expense) | (1) | (4) | 33 | (2) | (3) | (3) | (2) | 4 | 2 | 24 | 9 | (3) | 55 | 5 | ||
| Profit/(loss) | 20 | 38 | 47 | 44 | 19 | 21 | 11 | 37 | (13) | (5) | (2) | (24) | 26 | 55 | 56 | 57 |
| Of which minority interest | (1) | (1) | (1) | (1) | ||||||||||||
| Profit/(loss) after minority | ||||||||||||||||
| interest | 20 | 38 | 47 | 44 | 18 | 21 | 11 | 37 | (13) | (5) | (2) | (24) | 25 | 54 | 55 | 56 |
1/2 Comments - see previous page
Joint ventures based on proportionate method
| USD mill | 01.01-31.03 | 01.01-31.03 | Full year |
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| Financials | |||
| Investment management 1 | 8.0 | 7.9 | 6.0 |
| Interest income | 1.1 | 1.4 | 3.6 |
| Other financial items | (1.3) | (4.3) | (10.1) |
| Net financial items | 7.8 | 5.0 | (0.5) |
| Net financials - interes rate | |||
| Interest expenses | (14.1) | (15.5) | (62.7) |
| Interest rate derivatives - realised | (8.5) | (2.5) | (28.5) |
| Net interest expenses | (22.6) | (18.0) | (91.2) |
| Interest rate derivatives - unrealised | 1.4 | (5.6) | (16.8) |
| Net financial - currency | |||
| Net currency gain/(loss) | 1.0 | (7.5) | 63.5 |
| Currency derivatives - realised | 5.0 | (2.1) | 9.8 |
| Currency derivatives - unrealised | (18.3) | 5.2 | (35.6) |
| Cross currency derivatives - realised | 0.1 | 0.9 | 3.6 |
| Cross currency derivatives - unrealised | (21.1) | 6.3 | (63.4) |
| Net currency items | (33.4) | 2.9 | (22.0) |
| Financial derivaties bunkers | |||
| Valuation of bunker hedges | 0.7 | (0.2) | (0.3) |
| Net financial derivatives bunkers | 0.7 | (0.2) | (0.3) |
| Financial income/(expenses) | (46.1) | (16.0) | (130.9) |
1 Includes financial derivatives for trading
| USD mill | 01.01-31.03 | 01.01-31.03 | Full year |
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| Cash settled bunker and fuel hedges | 1.0 | 0.4 | 0.5 |
| Equity (USD mill) | ||
|---|---|---|
| 2015 Q1 2014 Q4 2014 Q1 | 2014 FY | |||
|---|---|---|---|---|
| Total income | 136 | 104 | 106 | 437 |
| EBITDA | 104 | 82 | 64 | 291 |
| EBIT | 85 | 60 | 45 | 211 |
| Net profit/(loss) | 56 | 55 | 31 | 166 |
| Earnings per share (USD) | 0.26 | 0.25 | 0.14 | 0.75 |
The first three months of 2015 was characterised by a sesonal decline in ocean transported volumes. The effect on the group's topline was partly offset by a USD 26 million gain related to a share reduction in Hyundai Glovis. This lead to a total income for the Wilh. Wilhelmsen ASA group (WWASA) of USD 136 million, up 30% from the fourth quarter of 2015.
Following reduced administrative costs, lower voyage expenses and improved operational efficiencies, the operating profit increased by 42% ending at USD 85 million.
Financial expense for the quarter amounted to USD 36 million, down almost 50% quarter on quarter. The lower expense was mainly related to higher return from investment management and lower unrealised losses on interest derivatives.
Net interest expenses, including realised losses on interest rate derivatives, decreased slightly from the fourth quarter 2014 and ended at USD 17 million.
Marginal impact from changes in medium to long term USD interest rates, unrealised gain of USD 2 million on interest rate derivatives compared with an unrealised loss of USD 14 million in previous quarter.
During the quarter, USD continued to appreciate towards European currencies. Net currency items for the quarter amounted to a loss of USD 29 million. Losses, mainly unrealised, incurred on hedging contracts, while gains where related revaluation on non‐USD liabilities. This gain was partly offset by revaluation losses on non‐USD assets, mainly financial assets.
Group profit before tax amounted to USD 49. With a tax income of USD 7 million, the group's net profit after tax amounted to USD 56 million for the first quarter.
The annual general meeting, held 23 April 2015, resolved to pay a dividend of NOK 1.00 per share, totaling NOK 220 million. The shares was traded ex dividend on Friday 24 April. Dividend payout is 7 May.
The board also received an authorisation from the annual general meeting to pay an additional dividend limited up to NOK 1.25 per share. The authorisation is valid until the annual general meeting in 2016, although not longer than 30 June 2016.
WWL and EUKOR continue to be part of anti‐ trust investigations of the car carrying industry in several jurisdictions. These include the US, EU, Canada, Mexico, Brazil, Chile, South Africa and China.
WWASA is not in a position to comment on the ongoing investigations which WWL and EUKOR are part of. The company expects further clarification during 2015.
Light vehicles sales decreased 3% in the first quarter of 2015, and ended at 17.1 million units. Except for Oceania, light vehicle sales are expected to grow slowly from 2014 to 2015.
The global investments growth in construction spending has flattened out, especially in the US, while Europe has shown a positive sentiment. The current global forecast indicates an average global construction spending growth of 3.5% in 2015.
Declining crop prices and reduced sales of especially larger equipment will continue to limit demand for transportation of agriculture units.
Demand for mining equipment is expected to be low following weak commodity price indices for precious metals and limited investments in new projects.
Changes in oil price will continue to affect the group's bunker cost and operating margin.
Based on the market outlook, the board of WWASA expects higher auto volumes in the second quarter compared with the first quarter, while high and heavy volumes are expected to remain flat. Logistics activities are anticipated to be on par with the first quarter.
Lysaker, 7 May 2015 The board of directors of Wilh. Wilhelmsen ASA
Forward‐looking statements presented in this report are based on various assumptions. The assumptions were reasonable when made, but are inherently subject to uncertainties and contingencies that are difficult or impossible to predict. WWASA cannot give assurances that expectations regarding the future outlook will be achieved or accomplished.
| USD mill | Notes | 01.01-31.03 | 01.01-31.03 | Full year |
|---|---|---|---|---|
| 2015 | 2014 | 2014 | ||
| Operating revenue | 76 | 71 | 285 | |
| Other income | ||||
| Share of profit from joint ventures and associates | 34 | 34 | 152 | |
| Gain on sale of assets | 2 | 26 | ||
| Total income | 136 | 106 | 437 | |
| Operating expenses | ||||
| Vessel expenses | (12) | (14) | (47) | |
| Charter expenses | (5) | (6) | (23) | |
| Employee benefits | (12) | (18) | (63) | |
| Other expenses | (3) | (4) | (13) | |
| Depreciation and impairment | 4 | (19) | (19) | (80) |
| Total operating expenses | (52) | (61) | (225) | |
| Operating profit (EBIT) | 85 | 45 | 211 | |
| Financial income/(expenses) | 5 | (36) | (12) | (108) |
| Profit/(loss) before tax | 49 | 33 | 104 | |
| Tax income/(expense) | 7 | (2) | 62 | |
| Profit for the period attributable to the owners of the parent | 56 | 31 | 166 | |
| Basic and diluted earnings per share (USD)* | 0.26 | 0.14 | 0.75 |
* EPS is calculated based on 220 000 000 shares.
Joint ventures based on equity method
| USD mill | Notes 01.01-31.03 2015 |
01.01-31.03 2014 |
Full year 2014 |
|---|---|---|---|
| Profit/(loss) for the period | 56 | 31 | 166 |
| Other comprehensive income | |||
| Items that will be reclassified to income statement | |||
| Reclassification of revaluation of previously held interest in Norwegian Car Carriers ASA | 5 | 5 | |
| Cash flow hedges in joint venture, net of tax | 1 | (3) | |
| Currency translation differences in joint venture | (3) | (0) | (5) |
| Items that will not be reclassified to income statement | |||
| Remeasurement postemployment benefits, net of tax | (19) | ||
| Other comprehensive income, net of tax | (3) | 5 | (22) |
| Total comprehensive income attributable to owners of the parent | 53 | 37 | 144 |
The above consolidated income statement and comprehensive income should be read in conjunction with the accompanying notes.
Joint ventures based on equity method
| USD mill | Notes | 31.03.2015 | 31.03.2014 | 31.12.2014 |
|---|---|---|---|---|
| Non current assets | ||||
| Deferred tax assets | 29 | 25 | ||
| Goodwill and other intangible assets | 4 | 6 | 6 | 6 |
| Investments in vessels and other tangible assets | 4 | 1 802 | 1 801 | 1 760 |
| Investments in joint ventures and associates | 1 157 | 1 130 | 1 164 | |
| Other non current assets | 1 | 4 | 1 | |
| Total non current assets | 2 995 | 2 941 | 2 955 | |
| Current assets | ||||
| Current financial investments | 232 | 266 | 235 | |
| Other current assets | 61 | 50 | 23 | |
| Cash and cash equivalents | 176 | 162 | 140 | |
| Total current assets | 469 | 478 | 398 | |
| Total assets | 3 464 | 3 419 | 3 353 | |
| Equity | ||||
| Share capital | 7 | 30 | 30 | 30 |
| Retained earnings and other reserves | 1 730 | 1 639 | 1 677 | |
| Total equity attributable to owners of the parent | 1 761 | 1 669 | 1 707 | |
| Non current liabilities | ||||
| Pension liabilities | 51 | 60 | 56 | |
| Deferred tax liabilities | 55 | |||
| Non current interest-bearing debt | 9 | 1 231 | 1 308 | 1 236 |
| Other non current liabilities | 245 | 97 | 208 | |
| Total non current liabilites | 1 527 | 1 520 | 1 500 | |
| Current liabilities | ||||
| Public duties payable | 2 | 1 | ||
| Other current liabilities | 176 | 228 | 145 | |
| Total current liabilities | 177 | 230 | 145 | |
| Total equity and liabilities | 3 464 | 3 419 | 3 353 |
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Joint ventures based on equity method
| USD mill | Note | 01.01-31.03 | 01.01-31.03 | Full year |
|---|---|---|---|---|
| 2015 | 2014 | 2014 | ||
| Cash flow from operating activities | ||||
| Profit before tax | 49 | 33 | 104 | |
| Financial (income)/expenses, excluding unrealised financial derivates | (1) | 18 | (8) | |
| Financial derivatives unrealised | 36 | (6) | 115 | |
| Depreciation/impairment | 5 | 19 | 19 | 80 |
| (Gain)/loss on sale of tangible assets | 1 | |||
| Net (gain)/loss from sale of associate | (26) | |||
| Change in net pension assets/liabilities | (5) | (24) | ||
| Other change in working capital | 1 | 9 | 7 | |
| Share of profit from joint ventures and associates | (34) | (34) | (152) | |
| Dividend received from joint ventures and associates | 95 | |||
| Tax paid (company income tax, witholding tax) | (1) | (3) | ||
| Net cash flow provided by/(used in) operating activities | 40 | 38 | 216 | |
| Cash flow from investing activities | ||||
| Proceeds from sale of tangible assets | 7 | 8 | 15 | |
| Investments in vessels, other tangible and intangible assets | 5 | (68) | (8) | (35) |
| Net proceeds from sale of associate | 39 | |||
| Proceeds from sale of investment-held-for-sale | 6 | 6 | ||
| Proceeds from sale of financial investments | 24 | 33 | 57 | |
| Investments in financial investments | (36) | (41) | (64) | |
| Dividend received (financial investments) | 1 | 2 | ||
| Interest received | 1 | 1 | 2 | |
| Net cash flow provided by/(used in) investing activities | (32) | (0) | (16) | |
| Cash flow from financing activities | ||||
| Proceeds from issue of debt | 64 | 312 | ||
| Repayment of debt | (20) | (17) | (400) | |
| Interest paid including interest derivatives | (21) | (16) | (70) | |
| Realised financial derivatives | 5 | (1) | 12 | |
| Dividend to shareholders | (69) | |||
| Net cash flow provided by/(used in) financing activities | 28 | (33) | (216) | |
| Net increase in cash and cash equivalents | 36 | 5 | (17) | |
| Cash and cash equivalents, excluding restricted cash, at beginning of period | 140 | 157 | 157 | |
| Currency on cash and cash equivalents* | ||||
| Cash and cash equivalents at end of period | 176 | 162 | 140 |
* The group is located and operating world wide and every entity has several bank accounts in different currencies. Unrealised currency effects are included in net cash provided by operating activities.
The above consolidated cash flow statement should be read in conjunction with the accompanying notes.
Joint ventures based on equity method
| Statement of changes in equity - Year to date | ||
|---|---|---|
| USD mill | Share capital | Other reserves | Retained earnings | Total equity |
|---|---|---|---|---|
| Balance at 31.12.2014 | 30 | (24) | 1 700 | 1 707 |
| Profit for the year | 56 | 56 | ||
| Other comprehensive income | (3) | (3) | ||
| Total comprehensive income | 0 | (3) | 56 | 53 |
| Paid dividends to shareholders | 0 | 0 | ||
| Balance 31.03.2015 | 30 | (27) | 1 756 | 1 761 |
| Balance at 31.12.2013 | 30 | (3) | 1 603 | 1 632 |
| Profit for the year | 31 | 31 | ||
| Other comprehensive income | 5 | 5 | ||
| Total comprehensive income | 0 | 5 | 31 | 37 |
| Paid dividends to shareholders | 0 | 0 | ||
| Balance 31.03.2014 | 30 | 3 | 1 634 | 1 669 |
| Statement of changes in equity - Full year 2014 | ||||
| USD mill | Share capital | Other reserves | Retained earnings | Total equity |
| Balance at 31.12.2013 | 30 | (3) | 1 602 | 1 632 |
| Profit for the year | 166 | 166 | ||
| Other comprehensive income | (22) | (22) | ||
| Total comprehensive income | 0 | (22) | 166 | 144 |
| Paid dividends to shareholders | (69) | (69) | ||
| Balance 31.12.2014 | 30 | (24) | 1 700 | 1 707 |
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Joint ventures based on equity method
This consolidated interim financial report has been prepared in accordance with International Accounting Standards (IAS 34), "interim financial reporting". The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year end 31 December 2014 for Wilh.Wilhelmsen ASA group (WWASA), which has been prepared in accordance with IFRS's endorsed by the EU.
The accounting policies implemented are consistent with those of the annual financial statements for WWASA for the year end 31 December 2014.
There are no new standards or amendments to standards released during 2015.
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
In the first quarter of 2015, WWASA sold 187 500 shares in Hyundai Glovis with net proceeds of approximately USD 39 million. The net gain recorded in the 2015 group's accounts amounted to USD 26 million.
Up to 31 December 2014 WWASA had two pension schemes for employees in Norway; a defined benefit scheme closed for new members and a defined contribution scheme. Due to changes in the national pension scheme and changes in the pension market in general, the Board of WWASA decided to
USD mill 2014
| Employee benefits (excluding pension cost) | (19) | |||
|---|---|---|---|---|
| Pension cost | (3) | |||
| Gain related to termination of defined benefit plan for Norwegian employees | 11 | |||
| Employee benefits (income statement) | (12) | |||
| Pension cost | (3) | |||
| Gain related to termination of defined benefit plan for Norwegian employees | 11 | |||
| Other comprehensive income pension, before tax | (20) | |||
| Net equity effect of pension cost, before tax (parent and subsidaries) | (12) | |||
| Shipping | Holding | Total | 2014 | |
| Effect on operating profit 2014 | Q4 | Q4 | Q4 | YTD |
| Operating profit | 50 | (2) | 85 | 85 |
| Gain related to termination of defined benefit plan for Norwegian | ||||
| employees (included in employee benefit) | (1) | (10) | (11) | (11) |
| Gain related to termination of defined benefit plan for Norwegian | ||||
| employee (Share of profit from joint ventures and associates) | (6) | (6) | (6) | |
| Total gain from termination of defined benefit plan for Norwegian employees | (7) | (10) | (17) | (17) |
| Operating profit excluding gain from termination of defined benefit |
There has not been any significant acquisitions or disposals during 2014.
follow the recommendations from the pension committee to terminate the defined benefit pension scheme 31 December 2014. Effective 1 January 2015 all employees entered into a defined contribution pension scheme with improved saving rates.
plan for Norwegian employees 43 (11) 68 68
Joint ventures based on equity method
| Vessels & | ||||
|---|---|---|---|---|
| Other tangible | Newbuilding | Total tangible | Intangible | |
| USD mill | assets | contracts | assets | assets |
| 2015 | ||||
| Cost price at 01.01 | 2 | 2 400 | 2 401 | 7 |
| Additions | 68 | 68 | ||
| Disposal | (69) | (69) | ||
| Cost price at 31.03 | 1 | 2 399 | 2 400 | 7 |
| Accumulated depreciation and impairment losses at 01.01 | (1) | (640) | (642) | (1) |
| Depreciation | (19) | (19) | ||
| Disposal | 62 | 62 | ||
| Accumulated depreciation and impairment losses at 31.03 | (1) | (598) | (600) | (1) |
| Carrying amounts at 31.03 | 0 | 1 801 | 1 802 | 6 |
| 2014 | ||||
| Cost price at 01.01 | 2 | 2 467 | 2 469 | 7 |
| Additions | 35 | 35 | ||
| Disposal | (1) | (103) | (103) | |
| Cost price at 31.12 | 2 | 2 400 | 2 401 | 7 |
| Accumulated depreciation and impairment losses at 01.01 | (1) | (647) | (649) | (1) |
| Depreciation | (76) | (76) | ||
| Disposal | 86 | 86 | ||
| Impairment | (4) | (4) | ||
| Accumulated depreciation and impairment losses at 31.12 | (1) | (640) | (642) | (1) |
| Carrying amounts at 31.12 | 0 | 1 759 | 1 760 | 6 |
Joint ventures based on equity method
| USD mill | 01.01-31.03 | 01.01-31.03 | Full year |
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| Financials | |||
| Investment management 1 | 8.0 | 7.9 | 5.7 |
| Interest incomes | 0.6 | 0.9 | 2.0 |
| Other financial items | (1.4) | (4.5) | (10.2) |
| Net financial items | 7.2 | 4.4 | (2.5) |
| Net financials - interes rate | |||
| Interest expenses | (9.1) | (11.4) | (45.4) |
| Interest rate derivatives - realised | (7.8) | (1.9) | (26.0) |
| Net interest expenses | (16.9) | (13.2) | (71.4) |
| Interest rate derivatives - unrealised | 2.2 | (5.7) | (16.4) |
| Net financial - currency | |||
| Net currency gain/(loss) | 5.6 | (7.4) | 70.0 |
| Currency derivatives - realised | 5.0 | (2.1) | 8.0 |
| Currency derivatives - unrealised | (18.3) | 5.3 | (35.6) |
| Cross currency derivatives - realised | 0.1 | 0.9 | 3.6 |
| Cross currency derivatives - unrealised | (21.1) | 6.3 | (63.4) |
| Net financial - currency | (28.9) | 3.0 | (17.4) |
| Financial derivatives bunkers | |||
| Valuation of bunker hedges | 0.7 | ||
| Net financial derivatives bunkers | 0.7 | 0.0 | 0.0 |
| Financial income/(expenses) | (35.6) | (11.6) | (107.6) |
1 Includes financial derivatives for trading
WWASA's subsidiary Wilhelmsen Lines Shipowning (WLS) commenced legal proceedings before the Oslo City Court based on the tax appeal board's decision to turn down the application for tonnage tax. The basis for the proceedings was that the transition rule valid for companies that exited the old tonnage tax regime (abolished in 2007) into ordinary taxation was in breach with The Constitution of Norway, article 97. Alternatively, WLS can claim a compensation for the economic loss caused by the unconstitutional transition rule. The legal proceeding has been put on hold until the final outcome of similar court cases has been resolved. Until
the company is faced the final outcome of the litigation process, the issue will have no impact on the income statement or balance sheet for the group.
The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes.
The company's share capital is as follows:
| Number of shares | NOK mill | USD mill | |
|---|---|---|---|
| Share capital | 220 000 000 | 220 | 30 |
Joint ventures based on equity method
Dividend for fiscal year 2014 of NOK 1.00 per share, total of approximately USD 28 million, was paid to the shareholders in May 2015. The dividend will have effect on retained earnings in the second quarter of 2015. Dividend for fiscal year 2013 was NOK 1.00 per share paid in May 2014 (effect
on retained earnings in the second quarter of 2014) and NOK 1.00 per share paid in November 2014 (effect on retained earnings in the fourth quarter of 2014).
| USD mill | 31.03.2015 | 31.03.2014 | 31.12.2014 |
|---|---|---|---|
| Non current interest-bearing debt | 1 231 | 1 308 | 1 236 |
| Current interest-bearing debt | 108 | 183 | 90 |
| Total interest-bearing debt | 1 339 | 1 492 | 1 325 |
| Cash and cash equivalents | 176 | 162 | 140 |
| Current financial investments | 232 | 266 | 235 |
| Net interest bearing debt | 931 | 1 064 | 951 |
| Net interest bearing debt in Joint Ventures (group's share) | 31.03.2015 | 31.03.2014 | 31.12.2014 |
| Non current interest-bearing debt | 675 | 557 | 620 |
| Current interest-bearing debt | 87 | 75 | 85 |
| Total interest-bearing debt | 762 | 632 | 705 |
| Cash and cash equivalents Current financial investments |
282 | 243 | 223 |
| Net interest bearing debt | 480 | 389 | 482 |
| Specification of interest-bearing debt | 31.03.2015 | 31.03.2014 | 31.12.2014 |
| Interest-bearing debt | |||
| Mortgages | 968 | 956 | 924 |
| Leasing commitments | 78 | 90 | 82 |
| Bonds | 294 | 446 | 319 |
| Total interest-bearing debt | 1 339 | 1 492 | 1 325 |
| Repayment schedule for interest-bearing debt | |||
| Due in year 1 | 74 | 167 | 90 |
| Due in year 2 | 181 | 98 | 185 |
| Due in year 3 | 95 | 402 | 91 |
| Due in year 4 | 277 | 80 | 280 |
| Due in year 5 and later | 712 | 745 | 680 |
| Total interest-bearing debt | 1 339 | 1 492 | 1 325 |
Joint ventures based on equity method
Total financial instruments and short term financial investments:
| USD mill | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial assets at fair value | ||||
| Financial derivatives | 22 | 22 | ||
| Equities | 80 | 80 | ||
| Bonds | 153 | 153 | ||
| Other financial assets | 0 | |||
| Total financial assets 31.03.2015 | 233 | 22 | 0 | 255 |
| Financial liabilities at fair value | ||||
| Financial derivatives | 272 | 272 | ||
| Total financial liabilities 31.03.2015 | 0 | 272 | 0 | 272 |
| Financial assets at fair value | ||||
| Financial derivatives | 8 | 8 | ||
| Equities | 75 | 75 | ||
| Bonds | 142 | 17 | 159 | |
| Other financial assets | 0 | |||
| Total financial assets 31.12.2013 | 217 | 25 | 0 | 242 |
| Financial liabilities at fair value | ||||
| Financial derivatives | 222 | 222 | ||
| Total financial liabilities 31.12.2013 | 0 | 222 | 0 | 222 |
| 2015 | 2014 | |||
| Changes in level 3 instruments | ||||
| Opening balance 01.01 | 0 | 0 | ||
| Closing balance | 0 | 0 |
The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. The fair value of financial instruments that are not traded in an active market (over-the-counter contracts) are based on third party quotes.
These quotes use the maximum number of observable market rates for price discovery. Specific valuation techniques used to value financial instruments include:
Quoted market prices or dealer quotes for similar instruments
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves
The fair value of interest rate swap option (swaption) contracts is determined using observable volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in a swaption premium
The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with the resulting value discounted back to present value and
The fair value of foreign exchange option contracts is determined using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.
The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.
The quoted market price used for financial assets held by the group is the current mid price. These instruments are included in level 1. Instruments included in level 1 are listed equities and liquid investment grade bonds.
The fair value of financial instruments that are not traded in an active market are based on third-party quotes (Mark-to-Market). These quotes use the maximum number of observable market rates for price discovery. The different valuation techniques typically applied by financial counterparties (banks) were described above. These instruments - FX and IR derivatives - are included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is in level 3. Primarily illiquid investment funds and structured notes are included in level 3.
Joint ventures based on equity method
| USD mill | Shipping | Logistics | Holding | Eliminations | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full | Full | Full | Full | Full | |||||||||||
| Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | |
| QUARTER | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 | 2015 | 2014 | 2014 |
| Total income | 76 | 71 | 285 | 1 | 1 | 6 | (1) | (1) | (5) | 76 | 71 | 285 | |||
| Share of profit from joint ventures | |||||||||||||||
| and associates 1 | 23 | 18 | 86 | 11 | 16 | 66 | 34 | 34 | 152 | ||||||
| Gain on sale of assets | 26 | 26 | |||||||||||||
| Total income | 100 | 89 | 371 | 37 | 16 | 66 | 1 | 1 | 6 | (1) | (1) | (5) | 136 | 106 | 437 |
| Primary operating profit | 69 | 51 | 226 | 37 | 16 | 66 | (2) | (4) | (1) | 104 | 64 | 291 | |||
| Depreciation and impairment | (19) | (19) | (79) | (19) | (19) | (80) | |||||||||
| Operating profit (EBIT) | 50 | 32 | 147 | 37 | 16 | 66 | (2) | (4) | (1) | 0 | 0 | 0 | 85 | 45 | 211 |
| Financial income/(expense) | (5) | (8) | (53) | (31) | (3) | (55) | (36) | (12) | (108) | ||||||
| Profit/(loss) before tax | 45 | 24 | 94 | 37 | 16 | 66 | (33) | (7) | (56) | 0 | 0 | 0 | 49 | 33 | 104 |
| Tax income/(expenses) | (2) | (4) | 30 | 9 | 2 | 32 | 7 | (2) | 62 | ||||||
| Profit/(loss) for the period | |||||||||||||||
| attributable to the owners of the | |||||||||||||||
| parent | 44 | 20 | 125 | 37 | 16 | 66 | (24) | (5) | (25) | 0 | 0 | 0 | 56 | 31 | 166 |
1 Cash settled portion of bunker hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses.
Joint ventures based on equity method
Wilh. Wilhelmsen Holding ASA (WWH) delivers services to the WWASA group related to inter alia human resources, accounting services, tax, communication, treasury and legal services ("Shared Services") and in-house services such as canteen, post, switchboard and rent of office facilities. Generally, Shared Services are priced using a cost plus 5% margin calculation, in accordance with the
Note 13 - Contingencies
WWL and EUKOR continue to be part of anti‐trust investigations of the car carrying industry in several jurisdictions. These include the US, EU, Canada, Mexico, Brazil, Chile, China and South Africa. WWASA is not in a position to comment on the ongoing investigations, but expects further clarification during 2015.
The Chilean National Economic Prosecutor (FNE) announced 29 January 2015 an investigation against the car carrying industry. FNE has now filed a suit against six car carriers, including EUKOR before the court for proceedings and decision.
No material events occurred between the balance sheet date and the date when the accounts were presented providing new information
principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. In addition, WWASA group has several transactions with associates. The contracts governing such transactions are based on commercial market terms and mainly relate to the chartering of vessels on short and long term charters.
In the suit filed, the Chilean authorities claim the carriers have adopted and executed agreements for allocations of markets and volumes transported by the carriers to Chile. The Chilean authorities' proposed fine for claim towards EUKOR is estimated to maximum USD 25 million. If fined, WWASA share's would be maximum USD 10 million. The indicative claim, fine and justification for the fine, need to be proven in court by FNE. As this process can take up to two years, EUKOR and hence WWASA has not made any accrual in its accounts.
about conditions prevailing on the balance sheet date.
Wilh. Wilhelmsen ASA PO Box 33 NO-1324 Lysaker, NORWAY Tel: +47 67 58 40 00 http://www.wilhelmsenasa.com/
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Org no 995 216 604 MVA
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