CORRECTION: Wilh. Wilhelmsen fourth quarter and preliminary results 2009
(Thomson Reuters ONE) - This is a correction of the announcement from 07:52 11.02.2010 CET. Reason forthe correction:(Lysaker, 11 February 2010) On the road to recoveryThe Wilh. Wilhelmsen group posted an operating profit of USD 240.8 million for2009, compared with USD 351.6 million in 2008 (figures for the correspondingperiod hereafter in brackets). Total income amounted to USD 2 572.6 (USD3 434.2 million)."2009 was an extra-ordinary year, especially in our shipping segment," commentsIngar Skaug, group CEO at Wilh. Wilhelmsen. "While EUKOR Car Carriers andAmerican Roll-on Roll-off Carrier delivered solid results, Wallenius WilhelmsenLogistics (WWL) experienced a substantial drop in volumes and unfavourablechanges in cargo composition and trades.""However, the last two quarters of 2009 showed signs of recovery," says Skaugwhen commenting on figures for the fourth quarter. The operating profit for thegroup in the fourth quarter totalled USD 78.3 million (USD 134.0 million) andthe total income was USD 727.7 million (USD 853.4 million), up from USD 47.8million and USD 604.9 million respectively in the third quarter."The improvement in demand for ocean transportation in WWL is still weaker thanwe would like to see, but we have taken three vessels out of layup and see thisas a sign of the market gradually picking up. We experienced a continued reboundin cargo volumes, primarily cars, equivalent with a 25% increase in cubic metresfrom the third to the fourth quarter," says Skaug.Results from the logistics segment was hit by the slide in cargo flows handledby WWL, but partly offset by strong performance of other logistics activities inthe group.The group's maritime services segment has a strong market position securingstable sales volumes of consumables and service to the merchant fleet. "We see adecline in deliveries to newbuilds at yards and deferrals in the repair andretrofit market, but the merchant fleet activity level is still very strong,"says Skaug.Summing up the year and looking into 2010, Skaug says: "We have had achallenging year, but the signals from the markets are now positive. With aflexible business model and a diversified portfolio we are certain that 2010will bring several interesting opportunities."The board proposes a payment of NOK 2 per share in the second quarter of 2010.For 2010, the WW ASA board expects all operating companies in the WW group toperform in line with or better than 2009. WWL has a significant recoverypotential.For further information, contactIngar Skaug, group CEO, Wilh. Wilhelmsen ASA, tel: +47 67 58 41 08 (office)Nils Petter Dyvik, group CFO, Wilh. Wilhelmsen ASA, +47 67 58 45 65 (office),+47 91 11 60 79 (mobile)Mitra Hagen Neg?, head of financial analysis and IR, 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. Together with itspartners, WW controls 136 vessels operating in a global network of trades andranks as the world's largest operator in the roll-on roll-off cargo segment. Itsocean transport activities are supported by a variety of advanced shore-basedlogistics services, offering customers seamless door-to-door supply chainsolutions. The group also occupies a leading position in the global maritimeservice industry through an unparalleled worldwide network, delivering servicesto more than 200 shipyards and some 20 000 vessels each year. The group's whollyowned subsidiaries employ about 5 500 people on land working out of more than400 offices in approximately 70 countries. In addition comes a pool of 5 500seafarers. For further details, see www.wilhelmsen.com
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