Second half year financial performance was affected by a downturn in high and heavy volumes resulting in a less favourable cargo and trade mix.
WWH posted an operating profit of USD 601 mill. for 2012 (USD 407 mill.), including a gain of USD 134 million from sale of shares in Hyundai Glovis. Total income was USD 3 896 mill. (USD 3 450 mill.). Fourth quarter operating profit totalled USD 96 mill. (USD 103 mill.) based on total income of USD 903 mill. (USD 905 mill.).
“Shipping was positively impacted by strong auto export volumes from Korea, while high and heavy cargo volumes, strong in the first half, slid in the latter months of the year. This resulted in a negative cargo and trade mix that, together with weak performance from the US flag shipping operation affected group profitability. The logistics segment has showed a steady development. The NorSea Group where WWH acquired a 35% shareholding in 2012 has shown positive development,” says Thomas Wilhelmsen, group CEO of WWH.
Wilhelmsen continues: “The maritime services segment developed positively in both income and operating profit, despite a depressed market that reduces the demand for marine products. Vessel management has had stable growth and increased activity in the vessel lay-up niche. New order intake for technical solutions in the quarter was at a healthy level, positively impacted by newbuilding orders related to LNG insulation and HVAC offshore.”
The board has proposed that the annual general meeting to be held on 25 April 2013 approves a dividend of NOK 3.50 per share to be paid on or about 14 May.
The board expects shipping volumes and main maritime services markets to remain soft during the early part of 2013. Long term, the group is well positioned to benefit from the growth potential in the markets in which it operates.