Wilh. Wilhelmsen Holding ASA: Fourth quarter results 2010
16.02.2011
WWH posted an operating profit of USD 273.4 million for 2010, up 13.5% from USD 240.8 million in 2009 (corresponding period of 2009 hereafter in brackets). Total income amounted to USD 2 846.0 which is up 10.6% from 2009 (USD 2 572.6 million). 2009 income and operating profit were positively impacted by USD 115.3 million in total sales gains, including a USD 46.5 million gain from sale of the group’s head office in the fourth quarter.
For the fourth quarter of 2010, WWH delivered an operating profit of USD 76.1 million (USD 78.3 million) based on a total income of USD 767.3 million (727.7 million).
“For 2010 in total, our shipping and logistics investment show the most distinct improvement in operating profit and total income,“ says Thomas Wilhelmsen group CEO at WWH. “A substantial increase in volumes supported by a healthy balance between cars and high and heavy cargo are key factors behind the solid rebound.”
Wilhelmsen continues: “The fourth quarter saw a positive development in sales for the maritime services segment. However, the operating margin and profit was reduced by restructuring costs and write down of inventory.”
Group profit before tax and minority interests was USD 143.9 million for the year 2010 (USD 319.2 million) and USD 105.1 million in the fourth quarter (USD 110.8 million). The group’s financial expenses for the full year ended at USD 129.5 million (income of USD 78.3 million). The group posted losses on financial instruments, partly unrealised, while the 2009 figures were positively impacted by substantial unrealised gains.
Net profit after tax and minority interests was USD 60.1 million for the year (USD 330.7 million). 2010 figures included a tax charge in Wilh. Wilhelmsen ASA at USD 83.0 million as a result of converting the environmental fund to deferred tax. Net profit after tax and minority interests for the fourth quarter totalled USD 84.3 million (USD 91.9 million).
The board proposes to pay a dividend of NOK 3.5 per share during the second quarter of 2011. The objective is to have consistent yearly dividend paid twice annually.
WWH has through the restructure of the group in 2010 established Wilh. Wilhelmsen ASA as a public company and obtained a strong financial platform for the future. Since the IPO in June 2010, the group has invested in a new vessel, a logistic company and a marine chemical company. WWH has the ability to take advantage of new possibilities going forward.
The board expects the positive sentiment in the second half of 2010 to continue into 2011.
Wilh. Wilhelmsen Holding ASA is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA. The group also occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Services AS, delivering products and services to some 200 shipyards and 22 000 vessels annually. For more information, please visit www.wilhelmsen.com
Wilh. Wilhelmsen ASA