1

Nils P Dyvik – group CFO

Wilh. Wilhelmsen Holding ASASecond Quarter 2015

6 August 2015

2

Disclaimer

This presentation may contain forward-looking expectations which

are subject to risk and uncertainties related to economic and market

conditions in relevant markets, oil prices, currency exchange

fluctuations etc. Wilh. Wilhelmsen Holding group undertake no

liability and make no representation or warranty for the information

and expectations given in the presentation.

3

WWH groupHighlights for the quarter

Stable total income

Positive underlying EBIT development

• Reported EBIT down 16% q-o-q

• Adjusted EBIT up 7% q-o-q

• Seasonality (WWASA, NSG)

• USD (WMS)

Reduced net financial expenses

Stable EPS (USD 1,43)

80

100

120

140

280

20

40

60

0

USD mill

Q2’12 Q2’13 Q2’14 Q2’15

EBIT

*Main “one-offs”:• Q3’12: Sales gain Hyundai Glovis• Q4’14: Pension related accounting gain• Q1’15: Sales gain Hyundai Glovis

WWH EBIT*

4

WWH group Key segment information

Positive underlying development in operating profit*

*Main “one-offs included”:• Q1’15: Sales gain Hyundai Glovis

USD mill

Quarter Q2'15 Q1'15 Q2'15 Q1'15 Q2'15 Q1'15 Q2'15 Q1'15

Total income 596 609 254 257 10 6 854 866

Operating profit 73 98 28 27 2 (2) 103 123

Financial income/(expenses) 4 -46 -13 7 1 4 -8 -35

Tax income/(expense) -7 5 -4 -9 2 0 -9 -4

Profit/(loss) 70 57 11 25 5 2 86 84

Minority interests 19 16 0 1 0 0 20 16

Profit/(loss) after minority

interests 51 41 11 25 5 2 66 68

Total equity 1806 1761 278 286 338 317 2422 2364

Minority 492 480 2 3 0 0 494 483

Equity after minority interests 1 314 1 281 276 284 338 317 1 928 1 881

Total WWASA group WMS groupHolding and

Investments

5

WWH group

Return on capital employed **)

*Main “one-offs”:• Q3’12: Sales gain Hyundai Glovis• Q4’14: Pension related accounting gain• Q1’15: Sales gain Hyundai Glovis

0

1 000

2 000

3 000

4 000

5 000

0%

5%

10%

15%

20%

25%

ROCEUSD mill

Q2’15Q1 ’14Q3 12* Q3 ’14Q4 ’12 Q2 ’14Q2 ’13 Q4 ’14*Q3 ’13Q1 ’13Q2 ’12 Q1 ’15*Q4 ’13

**Based on proportionate method• Capital employed: Equity plus interest bearing debt• ROCE: EBT plus interest expenses / average capital employed

Capital employed (net)

ROCE WWH

6

WW ASA groupHighlights for the quarter

Stable contribution from shipping

o Increased auto volumes – mainly seasonal

o Unfavorable cargo and trade mix due to soft

H&H volumes

o Increase in net bunker cost

o Increased scheduled and non-scheduled off hire

Improved contribution from logistics

o Improved result from Hyundai Glovis

o WWL activities remained stable

Ongoing antitrust investigation

o RSA settlement

Crew on deck, Historic award to MW Taiko crew

Source: WWASA

7

WMS groupHighlights for the quarter

Flat total income

o Reduced WSS income due to currency effect

o Improved WTS income

Strong EBIT level

o Continued positive development across all

business areas

o Positive impact from currency (strong USD)

Ongoing restructuring process of WTS

o Process slower than expected

8*Main “one-offs”: Q2’14: Sales gain (included) - Q4’14: Pension related accounting gain (not included)

0

50

100

150

200

250

300

0%

2%

4%

6%

8%

10%

12%

USD millEBIT

margin

Q4

2013

Q4

2012

Q2

2013

Q2

2014*

Q2

2012

Q2

2015

Q4

2014*

Total income EBIT margin

**Clarksea Index is a weighted quarterly average of earnings by tankers, bulkers, containerships and gas carriers (Source: Clarkson).

WMS group –Total income and EBIT margin*

WMS

Currency exposure – EBIT

Sale to operating fleet

o Income:

o USD ~60%

o Expenses:

o USD ~25%

o Main other: EUR, NOK, SGD

Project related activities

o Mainly hedged on contract basis

9

WMS group

Ships serviceTotal income and daily income per vessel

Ship managementTotal income and vessels served

Technical solutionsTotal income and order reserve

WSS global fleet penetration:)50,19% in Q2’15 (50,14% Q1’15

0

50

100

150

200

0

15

30

45

60

Q2’12

USD mill USD/day

Q2’15Q2’14Q2’13

Total income

Daily sales pr merchant vessel (right scale)

0

4

8

12

16

0

150

300

450

600

Q2’13Q2’12 Q2’14

Vessels

Q2’15

USD mill

Total income

Vessels served (right scale)

0

20

40

60

80

100

0

100

200

300

400

500

Q2’12

USD mill USD mill

Q2’14Q2’13 Q2’15

Order reserve (right scale)

Total income

10

Holding and InvestmentsHighlights for the quarter

Positive development in NorSea Group

o Normal seasonality

o Satisfactory supply base activity in Norway

o Loss on Viking Fighter (spot market)

o Expanding within offshore wind

Fluctuating equity market

o Qube share value down (USD 119 million *))

o Flat financial investments (USD 88 million *))

*) As per 30.6.2015

Helgelands base, Source NSG

10%

25%

0

15%

5%

0%

20%

750

250

1 250

500

1 000

Q1

’14

Q4

’13

Q4

’12

Q3

’13

Q1

’13

Q3

’14

Q2

’13

Q2

’14

Q3

12

Margin

Q4

’14

Q2

’15

Q1

’15

NOK mill

Operating margin (weighted)

Operating revenue NorSea Group

Share of operating revenue joint ventures

NorSea Group

Operating revenue and

operating margin

11

USD mill Q2'15 Q1'15

Net financial items 0 13

Investment management -2 13

Interest income 2 2

Other financial items 1 -2

Interest expenses -17 -18

Interest rate derivatives - realised -10 -8

Interest rate derivatives - unrealised 19 1

Net financial - currency -1 -24

Net financial derivatives bunkers 1 1

Financial income/(expense) -8 -35

WWH groupFinancial income/(expenses)

1. Loss from Investment management

2. Net interest rate derivatives gain – WWASA

3. Net currency financial – WWASA gain, WMS loss

2

1

3

12

WWH groupEquity ratio *)

0

1 000

2 000

3 000

4 000

5 000

6 000

55%

60%

50%

45%

35%

5%

40%

0%Q3 ’13Q2 ’13 Q1 ’14Q1 ’13Q4 ’12 Q4 ’13

Equity ratio

Q3 ’14 Q4 ’14 Q1 ’15

USD mill

Q3 12 Q2 ’14 Q2’15Q2 ’12

EquityTotal assets Equity ratio

*Equity ratio: Equity in percent of total assets

13

WWH group – Liquidity development Q2’15(Equity method)

4484

19

18

38

121

27

36

720

880

780

820

860

760

740

0

800

840

Dividend to

shareholders

Liquidity

Q2 2015

EBITDA InterestDividend

received

from

JV’s/ ass.

3

Capex Other

723723

TaxNet

financing

Liquidity

Q1 2015

JV’s/

associates

14

WMS and H&I – Liquidity development Q2’15(Equity method)

9

39

2733

0

200

150

250

USD mill

198

EBITDALiquidity

Q1 2015

Liquidity

Q2 2015

Dividend to

shareholders

156

Capex Other

20

3918

250

0

200

150

Dividend

from

WMS

Other Dividend to

shareholders

EBITDA

1172

Dividend

from

WWASA

1582

Liquidity

Q2 2015

USD mill

Liquidity

Q1 2015

WMS group Holding & Investments

15

WWH groupInterest bearing debt (Equity method)

WWASA group1 339

WMS group318

Holding & investments

35

Maturity profile

• WWH facilities maturing in 2017/18

• WMS facilities maturing in 2018/19

• WWHI facility maturing in 2017

• WWASA mixed maturity

Export financing

208Fin. leases82

Bank debt1 152

Bonds

304

Maturity profile (USD mill.)

Split by source(USD mill)

Split by business segment(USD mill)

2019 and later

1 082

2018

286

2017

123

2016

189

2015

65

WWASA WWH/WWHI/WMS

16

WWH ASADividend per share

• Dividend of NOK 3.00 per share was paid 7 May 2015

• Board authorized to approve further dividend of up to maximum NOK 3.00 per share

0

2

4

6

8

NOK/share

2014

5.00

2013

5.50

2011 2012

5.50

3.00

8.00

2010

5.50

2015

17

WWH group prospects

The board expects a stable activity level for the group,

but with a seasonal slowdown in the second half of 2015.

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