The prospects are promising, with better performance expected from all the group companies in 2010 compared with 2009.
The Wilh. Wilhelmsen group posted an operating profit of USD 44.0 million for the first quarter of 2010, compared with USD 36.4 million in the first quarter of 2009 (figures for the corresponding period hereafter in brackets). Total income amounted to USD 639.7 (USD 606.9 million). Group profit before tax and minority interests was USD 5.6 million (USD 31.9 million).
“Shipped volumes increased by 24% compared with the same quarter of 2009,” comments Ingar Skaug, group CEO at Wilh. Wilhelmsen. “Volumes are expected to increase going forward. We have therefore taken five vessels out of lay up and started securing additional tonnage. It is particularly encouraging to see ro-ro cargo (high and heavy and non-containerised cargoes) picking up during the first quarter of 2010. This gives us a better cargo mix, contributing positively to our results.”
“The maritime services segment experienced continued strong sales volumes to the merchant fleet. Although year on year sales to the yards were some what weaker, we now see the number of quotations for retrofit projects rising again,” says Skaug. “The maritime services market is best described by increased optimism, giving reason to expect higher demand going forward.”
On 15 April 2010, the annual general meeting of Wilh. Wilhelmsen approved the board’s proposal to carry out a restructuring of the group. In the new group structure, the group’s shipping and logistics activities will be carried forward in a separate listed entity, the new Wilh. Wilhelmsen ASA (new WW ASA). A newly incorporated company, Wilh. Wilhelmsen Holding ASA, will be the new parent company of the Wilh. Wilhelmsen group, including the majority shareholder of new WW ASA as well as the only shareholder of Wilhelmsen Maritime Services. It is expected that the restructuring and listing of the new Wilh. Wilhelmsen ASA will take place at the end of June 2010.
Despite a weak start of the year, the encouraging development towards the end of the first quarter 2010 confirms the board’s expectation that the group’s performance in 2010 will be better than in 2009.
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)