All the group’s operations reported positive results and the liner and car carrier business, which represents the main activity, improved its profits from USD 42 million for the first nine month of 2003 to USD 93 million. Where service companies Barwil and Barber International are concerned, the first achieved a very clear improvement in results while Barber was on a par with the same period of last year.

Viewed in isolation, the third quarter yielded the best overall quarterly result ever achieved by WW at USD 38 million.

WW achieved an income after associates of USD 109 million for the first nine months as against USD 58 million in the same period of 2003. The corresponding figure for July-September was USD 49 million as against USD 41 million in the second quarter.

Total operating income in the first nine months was USD 804 million as against USD 706 million for January-September 2003.

Gross revenues for the group’s wholly- and partly-owned companies, including its share of revenues at affiliates, amounted to USD 1 450 million. This represents a substantial increase from USD 1 256 million for the same period of 2003.

Earnings per share for the period came to USD 3.90 as against USD 1.86 in the first nine months of last year.

The quarterly accounts have been prepared in accordance with the same principles as the annual accounts and with the Norwegian Accounting Standard for interim reporting.

At its meeting of 21 September, the board of directors resolved to merge the Barwil and Barber International service companies with effect from 1 January 2005. This decision was based on a very extensive global customer study, which concluded that a clear requirement exists for a large global organisation that efficiently covered the widest possible range of shipping services. Both Barwil and Barber are among the world leaders in their respective business areas, and could collectively carry great weight with ever more demanding groups of customers. To be called Wilhelmsen Maritime Services, the new organisation is under development and will be headed by Dag Schjerven (50).

As part of the refinancing plan for EUKOR Car Carriers (EUKOR), the group placed a five-year bond loan corresponding to USD 150 million in the Korean market. These funds were used to repay the first tranche of the original financing, reducing the group’s financial expenses and improving its financial flexibility.

An extraordinary general meeting on 13 October resolved to pay an extraordinary dividend of NOK 8.00 per share. It also resolved to split each class A and B share into two new shares with a nominal value of NOK 20.00 per share with effect from 14 October.