This is a correction of the announcement from 07:52 11.02.2010 CET. Reason for
(Lysaker, 11 February 2010) On the road to recovery
The Wilh. Wilhelmsen group posted an operating profit of USD 240.8 million for
2009, compared with USD 351.6 million in 2008 (figures for the corresponding
period hereafter in brackets). Total income amounted to USD 2 572.6 (USD
3 434.2 million).
"2009 was an extra-ordinary year, especially in our shipping segment," comments
Ingar Skaug, group CEO at Wilh. Wilhelmsen. "While EUKOR Car Carriers and
American Roll-on Roll-off Carrier delivered solid results, Wallenius Wilhelmsen
Logistics (WWL) experienced a substantial drop in volumes and unfavourable
changes in cargo composition and trades."
"However, the last two quarters of 2009 showed signs of recovery," says Skaug
when commenting on figures for the fourth quarter. The operating profit for the
group in the fourth quarter totalled USD 78.3 million (USD 134.0 million) and
the total income was USD 727.7 million (USD 853.4 million), up from USD 47.8
million and USD 604.9 million respectively in the third quarter.
"The improvement in demand for ocean transportation in WWL is still weaker than
we would like to see, but we have taken three vessels out of layup and see this
as a sign of the market gradually picking up. We experienced a continued rebound
in cargo volumes, primarily cars, equivalent with a 25% increase in cubic metres
from the third to the fourth quarter," says Skaug.
Results from the logistics segment was hit by the slide in cargo flows handled
by WWL, but partly offset by strong performance of other logistics activities in
The group's maritime services segment has a strong market position securing
stable sales volumes of consumables and service to the merchant fleet. "We see a
decline in deliveries to newbuilds at yards and deferrals in the repair and
retrofit market, but the merchant fleet activity level is still very strong,"
Summing up the year and looking into 2010, Skaug says: "We have had a
challenging year, but the signals from the markets are now positive. With a
flexible business model and a diversified portfolio we are certain that 2010
will bring several interesting opportunities."
The board proposes a payment of NOK 2 per share in the second quarter of 2010.
For 2010, the WW ASA board expects all operating companies in the WW group to
perform in line with or better than 2009. WWL has a significant recovery
For further information, contact
Ingar Skaug, group CEO, Wilh. Wilhelmsen ASA, tel: +47 67 58 41 08 (office)
Nils Petter Dyvik, group CFO, Wilh. Wilhelmsen ASA, +47 67 58 45 65 (office),
+47 91 11 60 79 (mobile)
Mitra Hagen Negård, head of financial analysis and IR, Wilh. Wilhelmsen ASA,
tel: +47 67 58 69 52 (office), +47 95 79 36 31 (mobile)
Wilh. Wilhelmsen (WW) is a global maritime industrial group. Together with its
partners, WW controls 136 vessels operating in a global network of trades and
ranks as the world's largest operator in the roll-on roll-off cargo segment. Its
ocean transport activities are supported by a variety of advanced shore-based
logistics services, offering customers seamless door-to-door supply chain
solutions. The group also occupies a leading position in the global maritime
service industry through an unparalleled worldwide network, delivering services
to more than 200 shipyards and some 20 000 vessels each year. The group's wholly
owned subsidiaries employ about 5 500 people on land working out of more than
400 offices in approximately 70 countries. In addition comes a pool of 5 500
seafarers. For further details, see www.wilhelmsen.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q4 2009 Ingar Skaug:
Report for the fourth quarter and preliminary results for 2009:
Q4 2009 Nils Dyvik:
Q4 2009 pressemelding: