Wilhelmsen Holding posts Q4 2012 results
Wilh. Wilhelmsen Holding ASA operating profit for the year 2012 increased by 48% while revenue grew by 13%. Driving the growth was a strong first half year in shipping together with positive contributions from logistics, maritime services and the NorSea Group, company reports.
Second half year financial performance was affected by a downturn in high and heavy volumes resulting in a less favourable cargo and trade mix.
WWH posted an operating profit of USD 601 mill. for 2012 (USD 407 mill.), including a gain of USD 134 million from sale of shares in Hyundai Glovis. Total income was USD 3 896 mill. (USD 3 450 mill.). Fourth quarter operating profit totalled USD 96 mill. (USD 103 mill.) based on total income of USD 903 mill. (USD 905 mill.).
“Shipping was positively impacted by strong auto export volumes from Korea, while high and heavy cargo volumes, strong in the first half, slid in the latter months of the year. This resulted in a negative cargo and trade mix that, together with weak performance from the US flag shipping operation affected group profitability. The logistics segment has showed a steady development. The NorSea Group where WWH acquired a 35% shareholding in 2012 has shown positive development,” says Thomas Wilhelmsen, group CEO of WWH.
Wilhelmsen continues: “The maritime services segment developed positively in both income and operating profit, despite a depressed market that reduces the demand for marine products. Vessel management has had stable growth and increased activity in the vessel lay-up niche. New order intake for technical solutions in the quarter was at a healthy level, positively impacted by newbuilding orders related to LNG insulation and HVAC offshore.”
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. Through Wilh. Wilhelmsen Holding Invest AS the group aims at exploring and developing new opportunities within the energy-,offshore- and maritime industry.
