Results for the fourth quarter 2018

The group recorded a 5% increase in top line. Maritime services also noted a positive development in EBITDA. The fourth quarter, however, ended at a net loss due to a substantial change in fair value evaluation of the group’s investments. The market prospects for 2019 call for a steady, cautious outlook.
Press release |

The total income for the Wilhelmsen group was USD 224 million for the quarter.

“The underlying performance was stable in a continued challenging market,” says Thomas Wilhelmsen, group CEO. “With activity levels on par with the previous quarter in ship service and ship management, the seasonally lower activity level in the offshore sector was offset by delivering logistics services to the NATO exercise Trident Juncture.”

The EBITDA ended at USD 29 million, down 12% from the previous quarter. A positive development in the maritime service segment was not enough to make up for reduced EBITDA in the supply service segment.

“The value of our investments took a beating in the quarter, leaving us with a net loss of USD 40 million,” says Wilhelmsen. “The beginning of 2019 has so far shown an uplift in valuation of listed entities.”

He continues by underlining that: “2019 will be characterised by initiatives to strengthen profitability in all of our companies.”

Based on the market outlook, the board expects a stable development of underlying operating performance, but with normal seasonal variations. The board continues by emphasizing Wilhelmsen’s exposure towards global trade and potential introduction of further tariffs and restrictions continues to create uncertainties. Wilhelmsen retains its robustness to meet such eventualities.”

The board proposes to pay a divided of NOK 2.50 per share. In addition, the board will ask for an approval to pay an additional dividend of up to NOK 2.50 in the second half of the year. The payout is pending approval from the annual general meeting, to be held 30 April 2019.

For further information, contact

Åge S Holm, IRO 
tel: +47 900 87 670

Benedicte Teigen Gude, SVP HR and 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