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Thursday 11 February, 2010

Wilh. Wilhelmsen ASA

CORRECTION: Wilh. Wilhelmsen fourth quarter and...






This is a correction of the announcement from 07:52 11.02.2010 CET. Reason for
the correction:

(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.



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,"
says Skaug.



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
potential.



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
<

http://www.wilhelmsen.com/>.


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1383338]





    Q4 2009 Ingar Skaug: 

http://hugin.info/177/R/1383338/342211.pdf
    Report for the fourth quarter and preliminary results for 2009: 

http://hugin.info/177/R/1383338/342208.pdf
    Q4 2009 Nils Dyvik: 

http://hugin.info/177/R/1383338/342210.pdf
    Q4 2009 pressemelding: 

http://hugin.info/177/R/1383338/342209.pdf