Wilh. Wilhelmsen ASA

Earnings Release • May 10, 2017

Wilh. Wilhelmsen Holding ASA: Results for the first quarter 2017

Wilh. Wilhelmsen Holding ASA: Results for the first quarter 2017

(Lysaker, 10 May 2017) Wilh. Wilhelmsen Holding (WWH)

reported a decrease in total income and operating profit in

the first quarter. Sale of business units, seasonality and

restructuring impacted the performance.

WWH delivered a total income of USD 588 million, while the

operating profit ended at USD 41 million in the first

quarter of 2017. Total income and operating profit were down

from the previous quarter, 17% and 52% respectively.

"Reduced ocean transported volumes and a time-lag in bunker

compensation had a negative impact on Wilh. Wilhelmsen ASA's

pre-merger revenues and operating profit. The land-based

performance continued it's positive development," says

Thomas Wilhelmsen, group CEO at Wilhelmsen.

The maritime services segment also had a weak first quarter.

The total income and operating profit was negatively

impacted by the loss of operating revenue from sale of

safety business and cost related to M&A activities. However,

underlying business had a positive lift towards the end of

the quarter.

"The financial returns from group activities are not at a

satisfactory level," says Wilhelmsen. "However, we are

implementing structural changes and optimising the

organisation to improve operating margin and position the

group for future growth."

Post-quarter, two key events with significant impact on the

Wilhelmsen group took place: On 4 April, the Wallenius

Wilhelmsen Logisitcs ASA (WWL ASA) merger was completed, and

on 27 April, Wilhelmsen signed an agreement to acquire the

technical solutions business from Drew Marine.

The annual general meeting held 27 April 2017 approved a

dividend of NOK 3.50 per share to be paid on 11 May. The

general meeting also authorised the board to declare further

dividend of up to NOK 2.50 per share.

A generally soft market for the group's various activities

will continue to affect WWH's income in the short term.

Going forward, the board believes that completion of the WWL

ASA merger, reshaping the group's portfolio and further

development of core activities within maritime services will

positively affect the group's potential.

For further information, contact

Thomas Wilhelmsen, group CEO tel:

+47 67 58 40 00

Christian Berg, group CFO tel:

+47 917 46 910 (mob)

Åge S Holm, IRO tel:

+47 900 87 670 (mob)

Benedicte Teigen Gude, GVP corporate communications tel:

+47 959 07 951 (mob)

Wilh. Wilhelmsen Holding ASA is a global maritime industry

group focusing on shipping and integrated logistics services

for cars and rolling cargo through its shareholding in Wilh.

Wilhelmsen ASA. The group occupies a leading position in the

global maritime service industry through Wilhelmsen Maritime

Services AS, delivering products and services to some 200

shipyards and 24 000 vessels annually. Through Wilh.

Wilhelmsen Holding Invest AS the group aims at exploring and

developing new opportunities within the energy-, offshore-

and maritime industry. For more information, visit

www.wilhelmsen.com. You can also follow us on Twitter |

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