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WILH. WILHELMSEN HOLDING ASA

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Wilh. Wilhelmsen Holding ASA: Third quarter 2021 results

11/10/2021 | 12:15pm EST
Despite solid underlying business performance, stable EBITDA, and increased
profit from strategic investments, a fall in the market value of Hyundai Glovis
led to a net loss of USD 99 million for the quarter.

"Our Maritime Services segment recorded a 2% increase in top line and a 1%
increase in EBITDA compared with the second quarter. All our businesses within
this portfolio continue to see gradual rebound in activity to pre-pandemic
levels. Increase in market share has also contributed to growth. We experienced
a continued recovery in sales of Marine Products and with general high demand
for auxiliary port services, the top line contribution from Ships Agency
services increased. And finally, more vessels on full technical management has a
positive impact for Ship Management," says Thomas Wilhelmsen, group CEO.

Commenting on the group's newest business segment, New Energy, Wilhelmsen
highlights: "The anticipated seasonal slowdown in logistics and offshore wind
activities impacted total income and EBITDA from this segment."

The group's Strategic Holdings and Investment segment reported a loss of USD 110
million. The general market development within the car and ro-ro segment led to
a stronger contribution from Wallenius Wilhelmsen ASA. Combined with good
results from financial investments, the contribution was offset by a reduction
in the fair value of Hyundai Glovis.

The net loss to equity holders of the company ended at USD 99 million, down from
a profit of USD 89 million in the second quarter. This equals earnings per share
at negative USD 2.21, down from a positive USD 1.99.

At the annual general meeting held 22 April 2021, the board was authorised to
declare a second dividend. A second dividend of NOK 3 per share has been
approved and will be paid to the company's shareholders on 6 December, bringing
the total dividend paid in 2021 to 8 NOK per share.

"With ever increasing political, economic and societal attention on
sustainability and environmental issues, we are committed to contribute to
decarbonisation and energy transition. With a firm intention to invest in
Maritime Services and New Energy, we expect both segments to grow further
through existing and new business opportunities," says Wilhelmsen. Concluding,
"While there are some concerns related to global GDP growth, increases in energy
prices, and general inflation, the underlying trends for our businesses are
favourable, resulting in higher expectations on activities going forward."

For further information, contact:

Åge Sturtzel, IRO
Tel: +47 900 87 670
Email: aage.sturtzel@wilhelmsen.com

Benedicte Teigen Gude, EVP HR, culture, and communication
Tel: +47 959 07 951
Email: benedicte.teigen.gude@wilhelmsen.com

About Wilh. Wilhelmsen Holding ASA

Our ambition is to shape the maritime industry.
Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime
group providing essential products and services to the merchant fleet, along
with supplying crew and technical management to the largest and most complex
vessels ever to sail. Committed to shaping the maritime industry, we also seek
to develop new opportunities and collaborations in renewables, zero-emission
shipping, and marine digitalization. Supporting a diverse and inclusive
workplace, with thousands of colleagues in more than 70 countries, we take
innovation, sustainability and unparalleled customer experiences one step
further.

For more information, please visit www.wilhelmsen.com

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI GLOVIS CO., LTD. 0.92% 165000 End-of-day quote.-1.79%
WILH. WILHELMSEN HOLDING ASA -0.93% 214 Real-time Quote.3.38%
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Financials (USD)
Sales 2021 857 M - -
Net income 2021 25,6 M - -
Net Debt 2021 106 M - -
P/E ratio 2021 23,6x
Yield 2021 3,43%
Capitalization 1 072 M 1 076 M -
EV / Sales 2021 1,37x
EV / Sales 2022 1,24x
Nbr of Employees 15 113
Free-Float -
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Wilh. Wilhelmsen Holding ASA Technical Analysis Chart | WWI | NO0010571698 | MarketScreener
Technical analysis trends WILH. WILHELMSEN HOLDING ASA
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Mean consensus BUY
Number of Analysts 1
Last Close Price 24,04 $
Average target price 32,20 $
Spread / Average Target 33,9%
EPS Revisions
Managers and Directors
Thomas Wilhelmsen Deputy Chief Executive Officer
Christian Berg Group Chief Financial Officer
Carl Erik Steen Chairman
┼ge Sturtzel Holm Vice President-Investments & Investor Relations
Trond ědegňrd Westlie Independent Director