Third quarter results 2009 for Wilh. Wilhelmsen ASA
(Thomson Reuters ONE) - Third quarter volumes indicates the start of a soft recovery.The Wilh. Wilhelmsen group posted an operating profit of USD 47.8million in the third quarter of 2009, down from USD 83.1 million inthe corresponding quarter of 2008 (figures from 2008 hereafter inbrackets). The group recorded a total income of USD 604.9 million inthe quarter (USD 866.6 million). Group profit before tax and minorityinterest amounted to USD 24.6 million (USD 40.5 million). "The current market puts severe pressure on earnings for theshipping segment. However, the third quarter shows signs of marketrecovery, albeit at a slow pace," says Thomas Wilhelmsen, deputygroup CEO, when commenting on the 7% increase in cargo volumes (cubicmetres) from the second to the third quarter."The market affects our shipping companies very differently. Comparedwith last year, Wallenius Wilhelmsen Logistics has experienced asubstantial drop in volumes and change in cargo composition andtrades. EUKOR Car Carriers and American Roll-on Roll-off Carrierdeliver satisfying results and have not experienced a similar drop involumes. We predict that the current low inventory levels and effectsof governmental stimulus programmes will impact cargo volumes goingforward, but the effect is at present uncertain," says WilhelmsenThe logistics and maritime services segments are to a lesser degreeaffected by the present market conditions. Sales are down, butresults are keeping up compared with the same quarter last year."Our less capital intensive business segments, logistics services andWilhelmsen Maritime Services, deliver good results due to focus onefficient operations and adapting cost base to current volumes. Thecontribution from these two segments shows the importance of ourdiversification strategy under the prevailing market conditions,"comments Wilhelmsen.Total operating profit for the group year to date amounted to USD162.6 million (USD 217.6 million). The group recorded a total incomeof USD 1 844.9 million (USD 2 580.8 million), while the profit beforetax and minority interest ended at USD 208.3 million (USD 121.8million).The board of Wilh. Wilhelmsen ASA decided not to pay out a seconddividend for 2009. The total dividend for the year is therefore NOK2.The improvement in demand for ocean transportation of cars and ro-rocargo has been somewhat weaker than expected. The board of Wilh.Wilhelmsen ASA expects the group's operating profit for the secondhalf of 2009 to come in broadly in line with the first half.The market outlook for the WW group's operating companies isuncertain. The development of the group's operating profit is highlydependent on the strength of the global economic rebound.For further information, contactThomas Wilhelmsen, deputy group CEO, Wilh. Wilhelmsen ASA, tel: +4767 58 48 27 (office)Nils Petter Dyvik, group CFO, Wilh. Wilhelmsen ASA, +47 67 58 45 65(office), +47 91 11 60 79 (mobile)Mitra Hagen Negård, investor relations officer, Wilh. Wilhelmsen ASA,tel: +47 67 58 69 52 (office), +47 95 79 36 31 (mobile)---Wilh. Wilhelmsen (WW) is a global maritime industrial group. Togetherwith its partners, WW controls 143 vessels operating in a globalnetwork of trades and ranks as the world's largest operator in theroll-on roll-off cargo segment. Its ocean transport activities aresupported by a variety of advanced shore-based logistics services,offering customers seamless door-to-door supply chain solutions. Thegroup also occupies a leading position in the global maritime serviceindustry through an unparalleled worldwide network, deliveringservices to more than 200 shipyards and some 20 000 vessels eachyear. The group's wholly owned subsidiaries employ about 14 000people in more than 70 countries. For further details, seewww.wilhelmsen.com.http://hugin.info/177/R/1352077/326983.pdfhttp://hugin.info/177/R/1352077/326984.pdfhttp://hugin.info/177/R/1352077/326986.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.11.2009 - 08:01 Uhr
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