(Lysaker, 6 August 2015) Wilh. Wilhelmsen ASA
(WWASA) delivered an operating profit in line with
previous quarter adjusted for non-recurring items.
With a seasonal increase of 6% in transported
volumes, the total income improved. The WWASA board
expects a flat development for the second half of
2015.
The total income for WWASA amounted to USD 596
million for the second quarter with the operating
profit ending at USD 73 million. With a net
financial income of USD 4 million and a tax expense
of USD 7 million, the group delivered a net profit
after tax and minority interests amounting to USD 70
million. Earnings per share was USD 0.32.
Commenting on the highlights for the quarter, Mr Jan
Eyvin Wang, president and CEO of WWASA says: "Total
income for the second quarter came in on par with
adjusted income in the first quarter. Auto volumes
increased in all trades, except Asia to Europe,
which had a flat development in the second quarter.
The high and heavy market remained challenging. A
suboptimal cargo- and trade mix negatively affected
our profit." In addition, there was a smaller
compensation from bunker adjustment factor (BAF)'s
in our contracts.
Explaining the operating profit Wang says: "With
increased net bunker costs and more than normal off-
hire, we saw an operating profit on par with the
previous quarter, adjusted for the USD 26 million
gain on the share reduction in Hyundai Glovis in the
first quarter."
In the logistics segment improved results in Hyundai
Glovis increased contribution. In addition,
Wallenius Wilhelmsen Logistics (WWL) activities
contributed well. "Our activity level was on par
with the first quarter, with slightly higher
contribution from terminal operations and technical
services following somewhat stronger volumes," says
Wang.
Year over year, WWASA reported lower underlying
topline and operating profit: "The demand for
transportation of cargo was less in the second
quarter 2015 compared with the same quarter 2014 and
lower bunker compensation. In addition, we have lost
the contribution from our American logistics
activities. This lead to lower total income and
operating profit year over year."
The forecasted growth for light vehicle sales and
high and heavy volumes is modest for 2015. Based on
the market outlook, the WWASA board expects
seasonally lower auto volumes and continued soft
high and heavy volumes in the second half of 2015.
WWASA's annual general meeting held on 23 April 2015
resolved to pay a dividend of NOK 1 per share,
totalling NOK 220 million. The board also received
an authorisation from the annual general meeting to
pay additional dividend limited up to NOK 1.25 per
share. The authorisation is valid until the annual
general meeting in 2016, although not longer than 30
June 2016.