Wilhelmsen: Third quarter 2017

The Wilhelmsen group delivered a total income of USD 104 million in the third quarter 2017. Total income included a USD 40 million accounting loss from reclassification of NorSea Group from associate to subsidiary following the increase in Wilhelmsen ownership from 40% to 72%.

The group recorded an operating loss of USD 30 million for the quarter, mainly due to the reclassification loss. The loss does not have a cash effect. Reduced operating profit in the maritime services segment also had an impact, following a seasonally stronger second quarter and a weaker USD.

For the holding and investment segment, the group noted a strong increase in net operating profit, supported by improved performance in Wallenius Wilhelmsen Logistics ASA. The value of the group’s investments continued to grow positively, mainly due to currency.

“New cost and organisational structures will continue to support an improved operating margin within the maritime services segment, and we expect merger synergies to positively impact net result for the holding and investment segment,” says Thomas Wilhelmsen, group CEO in the Wilhelmsen group.

“With the structural changes we’ve been through, we have also established a strong platform for future growth, and will continue to implement initiatives to grow organically and look for profitable M&A opportunities,” concludes Wilhelmsen.

Today, the board declared a second dividend of NOK 1.50, payable to shareholders on 23 November 2017. The group will then have paid a total of NOK 5.00 in 2017.

The group is positioned in challenging markets and have successfully completed several important structural changes creating shareholder value. Structural changes and performance improvement will continue to support an improvement in operating
margin of main activities.

However, the board expects the general business environment to remain soft, affecting most group activities and performance.

For further information, contact

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