Results for the second quarter 2017

The Wilhelmsen group reports an improved operating profit in the second quarter, supported by positive development in underlying operational performance. Recent restructuring activities lead to substantial accounting effects.
Press release, Published: (Wilh. Wilhelmsen Holding ASA)

Going forward, the group’s total income will mainly be equal to total income in the maritime service segment, while the investments grouped under the holding and investment segment will be reported as share of profit from associate or under financial items and other comprehensive income.

The group delivered a total income of USD 344 million in second quarter. Adjusted for a non-recurring accounting gain the total income was USD 146 million, up 5% from the previous quarter.

“The positive trend in total income is attributed to an increase in activities in our maritime service segment,” says Thomas Wilhelmsen, group CEO.

About the group’s investments, Mr Wilhelmsen says: “We saw a positive development in market valuation of our strategic investments and listed entities.” He highlights the 17% increase in share price for Wallenius Wilhelmsen Logistics ASA.

Significant structural activities took place the second quarter:

  • Wilh. Wilhelmsen ASA and Wallroll AB merger was finalised, and Wallenius Wilhelmsen Logistics ASA listed on the Oslo Stock Exchange in April. Wilhelmsen has a 37.8% share of the new entity.
  • With effect from 1 April, the group also took over Kemetyl’s sales and marketing activities for consumer products in Norway.
  • The group announced an intention to buy the technical solutions business from Drew Marine. The final agreement is subject regulatory approval.
  • In May, the group announced an intent to buy an additional 32% of the shares in the NorSea Group.

“The first half was hectic with a broad range of activities,” notes Mr Wilhelmsen, and says that the group will continue to look for interesting opportunities to develop the group further.

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.

The board expects the general business environment to remain soft, affecting most group activities and performance. Structural changes and performance improvement will continue to support an improvement in operating margin of main activities.

Due to substantial structural changes, the group will communicate a new financial calendar no later than the fourth quarter.

 

For further information, contact

Thomas Wilhelmsen, group CEO    
tel: +47 67 58 40 00

Christian Berg, group CFO               
tel: +47 917 46 910

Åge S Holm, IRO    
tel: +47 900 87 670  

Benedicte Teigen Gude, GVP corporate communications 
tel: +47 959 07 951

 

 

About Wilhelmsen

Wilhelmsen is a global maritime industry group founded in 1861. We have the biggest maritime network in the world, with a presence in over 2 200 locations globally. We serve over half of the worldwide merchant fleet with products and services, and supply crew and technical management for some of the most complex vessels in the world. We also develop new and daring solutions, shaping the maritime industry for the future. Our investments seek to explore and develop new opportunities within the energy-, offshore- and maritime industry. With thousands of colleagues in more than 70 countries, we take competence, sustainability, innovation and unparalleled customer experiences one step further. For more information, please visit www.wilhelmsen.com