Wilh. Wilhelmsen ASA: Second quarter 2011

Continued volume increase and high fleet utilisation lifted the results for
Wilh. Wilhelmsen ASA (WWASA) for the second quarter of 2011. Volumes are
expected to continue to grow.
 
For the second quarter of 2011, WWASA recorded an operating profit of USD 63.0
million (USD 54.0 million) while total income amounted to 586.1 million (USD
501.1 million). Total income and operating profit was positively affected by a
one-off item of USD 4.0 million.
 
"Volumes continue to grow into the second quarter, 8% quarter on quarter and
12% year over year. Although Wallenius Wilhelmsen Logistics was negatively
impacted by lower production in Japan following the earthquake, the export
rebounded strongly in June. EUKOR Car Carriers had solid volumes out of Korea.
Volumes transported by American Roll-on Roll-off Carrier came in flat compared
to the previous quarter. The return of high and heavy cargo volumes had positive
impact on our earnings, bringing cargo mix and fleet utilisation up to healthy
levels," says Jan Eyvin Wang, CEO at WWASA.
 
"The group's logistics activities benefit from higher ocean activities, with
Glovis being the key contributor to our earnings," says Wang.
 
Net profit after tax and minority interest amounted to USD 20.3 million (loss of
15.9 million).
 
"Lower long term USD interest rates led to an unrealised loss on our interest
hedging portfolio and thereby impacting our bottom line," says Wang.
 
Commenting on the future prospects, Mr Wang says: "The positive trends we have
seen in both our cargo segments over a period of time is expected to hold up,
although the growth rate may soften somewhat. We will therefore continue to
increase our tonnage flexibility to ensure that our operating companies are well
positioned to optimise fleet utilisation."
 
The board of WWASA recognises the positive underlying development in the car and
ro-ro market. Despite uncertainties related to the financial markets and reduced
growth prospects, the board upholds an expectation of a moderate volume growth
for the second half of 2011.
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This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
 
WWASA Q2 2011 report: 
http://hugin.info/143231/R/1536997/469069.pdf
 
WWASA Q2 2011 pressemelding: 
http://hugin.info/143231/R/1536997/469086.pdf
 
WWASA Q2 2011 presentation BB Agerup: 
http://hugin.info/143231/R/1536997/469070.pdf
 
WWASA Q2 2011 presentation JE Wang: 
http://hugin.info/143231/R/1536997/469085.pdf
 
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Source: Wilh. Wilhelmsen ASA via Thomson Reuters ONE
 
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