Fourth quarter 2007 

However, changes in the Norwegian tax regime for shipping companies have accounting consequences for WW. Provision for deferred tax related to the changes is estimated at USD 208 million.

Operating income totalled USD 708 million in the fourth quarter, up from USD 683 million for the same period of last year. Operating profit came to USD 59 million, compared with USD 165 million.
 
The disposal of the Dockwise heavy transport company for USD 83.1 million in 2006 gave a particular boost to operating profit for that year. This also affects the comparison of profit before taxes, which was USD 51 million in the fourth quarter of 2007 as against USD 130 million for the same period of 2006.
 
“We are making maximum use of our fleets in a market which remains strong,” says Ingar Skaug, group chief executive of WW. “We also see that we’re achieving a better balance between our three segments, since logistics and maritime services represent a steadily growing proportion of our earnings.” 

The group achieved a total operating income of USD 2.6 billion for the full year, compared with USD 2.5 billion in 2006. Net operating profit came to USD 266 million, compared with USD 368 million, whilst profit before tax amounted to USD 242 million as against USD 268 million.
 
“We’re well placed to meet a weakening in the world economy,” says Skaug. “We can exploit the fleet flexibly and respond quickly to market changes. Room also exists for further trimming of the organisation and for securing synergy gains across our group companies.”
 
WW paid a total dividend of NOK 9 per share in 2007. The company’s intention is to pay dividend twice a year. In line with WW’s dividend policy, the board proposes a payment of NOK 5.5 per share in May 2008.
 
WW expects profit for 2008, adjusted for special items, to be on a par with or better than 2007.