Fourth quarter results 2011

With all time high volumes transported in the fourth
quarter, 2011 ended well for Wilh. Wilhelmsen ASA
(WWASA). Stronger than expected car exports out of
Japan in the second half coupled with other main
trades holding up well and a continued healthy
development in cargo mix lifted both revenue and
earnings.

Operating profit rose 45% in 2011 and ended at USD
292.1 million (USD 200.8 million). Total income
increased with 23%, totalling USD 2 422.1 million
(USD 1 962.6 million). For the fourth quarter, WWASA
recorded an operating profit of USD 89.0 million (USD
65.8 million) based on a total income of USD 669.9
million (USD 534.8 million).

"Revenue growth driven by increased volumes confirmed
the positive trends we have seen in the car and ro-ro
markets the past quarters. Coupled with sound cargo
and trade mix, a 16% increase in total volumes year
on year enabled us to operate our fleet efficiently
with high utilisation," says Jan Eyvin Wang,
president and CEO of WWASA.

"Altough slightly lower contribution in the fourth
quarter related to seasonality, our logistics
activities have also seen a rebound in volumes
handled in 2011, lifting revenue 26% and operating
profit 76% from 2010 levels," says Wang.

WWASA intends to continue to pay semi-annual
dividend. The board therefore proposes a first
dividend of NOK 0.65 per share to be paid in the
second quarter of 2012. The decision is pending
approval by the annual general meeting, scheduled to
be held at 26 April 2012.

Looking ahead, Wang notes: "The underlying volume
growth for transportation of both cars and high and
heavy cargo is still positive. Three more vessels on
our own account will be delivered in 2012, all of
them financed. Our strong market position coupled
with our financial status give us a sound platform to
grow our business further and act on profitable
opportunities."

Despite an anticipated seasonal slowdown in the first
quarter, the board expects a positive start to 2012.
The board recognises the underlying growth potential,
but stresses the uncertainties related to the
development of the world economy.