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Wilh. Wilhelmsen Holding ASA: Fourth quarter results 2011 

15.02.2012 (WWH IR )
Wilh. Wilhelmsen Holding ASA (WWH) delivered a 49% increase in earnings in 2011 while revenues improved by 21%. A strong rebound in the group’s shipping segment drove the recovery.

WWH posted an operating profit of USD 407.0 million for 2011 (USD 273.4 million). Total income amounted to USD 3 450.0 (USD 2 846.0 million). The figures for 2011 were positively influenced by USD 70.4 million in accounting gain from the sale of the Qube/Kaplan investments in exchange for shares in Qube Logistics. For the fourth quarter, WWH delivered an operating profit of USD 102.9 million (USD 76.1 million) based on a total income of USD 904.5 million (USD 767.3 million).

“In 2011, the strong rebound in volumes transported deep sea coupled with a healthy cargo and trade mix continued. This had a positive effect on our shipping and logistics investments, which showed the most distinct improvement in revenue and earnings,” says Thomas Wilhelmsen, group CEO at WWH.

For the group’s maritime services segment, Wilhelmsen comments: “Wilhelmsen Maritime Services continued to increase revenue in 2011 following improved market share. However, a distressed shipping market has reduced customer spending and yard activities. Reduced earnings have sparked off a profit improvement programme intended at reducing costs and lifting operating profit back to normalised levels.”

Net profit after tax and minority interest was USD 188.4 million in 2011 (USD 60.1 million) and USD 58.9 million (USD 84.3 million) for the fourth quarter isolated.

The board proposes a dividend of NOK 3.50 per share to be paid during the second quarter of 2012. The decision is pending approval by the annual general meeting scheduled to be held on 26 April 2012.

On the outlook for the group, Wilhelmsen sums up: “The underlying volume growth for our shipping and logistics segment is good. Despite ordinary seasonal slowdown in the first quarter, we expect a good start to 2012. For our maritime services segment, we expect operating profit to remain at a moderate level, but with a slight positive trend.”

The board of WWH expects the positive development for the group to continue into 2012. The group is well positioned to benefit from further growth in the markets in which it operates, but is dependent on the continued improvement of the world economy. 

For further information, contact
Thomas Wilhelmsen, group CEO 
 tel: +47 67 58 40 00 (office)

Nils P Dyvik, group CFO   
tel: +47 67 58 45 65 (office),
+47 911 16 079 (mob)

Åge S Holm, IRO   
tel: +47 67 58 41 95 (office),
+47 900 87 670 (mob)

Benedicte Gude, group VP communication 
tel: +47 67 58 41 77 (office),
+47 959 07 951 (mob)


Wilh. Wilhelmsen Holding ASA is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA. The group also occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Services AS, delivering products and services to some 200 shipyards and 22 000 vessels annually. For more information, please visit

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