Wilh. Wilhelmsen Holding ASA: Second quarter of 2011

Wilh.  Wilhelmsen Holding  ASA's (WWH)  topline lifted  by continued increase in
volumes  transported deep sea. Underlying  development in the group's activities
is positive.
 
The  operating  profit  for  WWH  amounted  to  USD  71.4 million for the second
quarter,  up  23.8% from  the  first  quarter.  Total  income came to USD 838.8
million, up 11.3% quarter-on quarter.
 
"The  export out of  Japan rebounded faster  than expected after the earthquake.
Despite  reduced Japanese production in the  beginning of the quarter, the group
recorded  a  total  volume  increase  of  8% quarter  on  quarter,  supported by
continued  export  out  of  Korea  and  high  and  heavy  volumes,"  says Thomas
Wilhelmsen,  group  CEO  at  WWH.  "With  a  modern  and  flexible fleet, we are
confident  with our tonnage  position and ability  to take part  in the expected
volume developments within cars and high and heavy cargoes."
 
"Our  maritime services segment  delivered increased income  and recorded higher
activity  within all of its three business areas. Operating profit and operating
margin  is still somewhat disappointing. With  a substantial share of revenue in
USD  and the  majority of  costs in  local currencies,  a low USD has a negative
effect  on the  operating profit  and consequently  the operating  margin," says
Wilhelmsen.  "The  operating  profit  was  also impacted negatively by increased
commodity prices and a cost accrual made in the second quarter."
 
"To  rectify the situation in the maritime services segment a profit improvement
programme  has been  introduced and  we expected  to gradually improve operating
profit towards the end of the second half," says Wilhelmsen.
 
Net  profit after tax and  minority for the group  ended at USD 18.4 million for
the quarter, down from USD 22.3 million in the first quarter.
 
The  board  of  WWH  expects  the  underlying  positive development of the group
activities  to continue,  still driven  by growth  in Asian  export and emerging
markets  economies. The profit  improvement plan under  implementation in WMS is
anticipated  to have a gradual positive effect on the results. Escalation of the
debt  problem in developed countries and  continued depreciation of the USD may,
however, prove to be challenging for the group's performance.
----
 
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
 
WWH Pressemelding Q2 2011: 
http://hugin.info/177/R/1536992/469067.pdf
 
WWH Press release Q2 2011: 
http://hugin.info/177/R/1536992/469068.pdf
 
WWH Q2 2011 presentation: 
http://hugin.info/177/R/1536992/469066.pdf
 
WWH Q2 2011 report: 
http://hugin.info/177/R/1536992/469065.pdf
 
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Source: Wilh. Wilhelmsen Holding ASA via Thomson Reuters ONE
 
[HUG#1536992]