07.05.2019 kl 20:45 1593

Wallenius Wilhelmsen Q1 2019 results

Oslo, 7 May, 2019 - Wallenius Wilhelmsen reports EBITDA of USD 218 million in
the first quarter. The results are positively impacted by the performance
improvement initiatives and lower net bunker cost.

Total income was USD 1 018 million in the first quarter, up 5% compared to the
same period last year due to increased revenues for the ocean segment. The ocean
revenues increased despite slightly lower volumes, driven by a more favourable
cargo mix, strong project cargo shipments in the Atlantic, and higher fuel cost
compensation from customers. The landbased segment delivered stable performance.

EBITDA ended at USD 218 million in the first quarter, up USD 93 million compared
to the same quarter last year of which USD 42 million was related to the
implementation of IFRS 16 for leases as of 1 January 2019, with underlying
improvement driven by the Ocean segment.

"This is a good start to the year. I am very happy to see such strong
performance in a quarter that is usually seasonally weak and that we have been
able to lift rates for several smaller contracts. Our efforts to improve our
operations are starting to pay off. On the other hand, the market environment
remains challenging and the volume outlook is increasingly uncertain", says
Craig Jasienski, President and CEO of Wallenius Wilhelmsen ASA.

At the end of the first quarter about USD 60 million of the USD 100 million
performance improvement program has been confirmed, up from USD 55 million in
the previous quarter. The increase of USD 5 million comes mainly through voyage
optimization and more efficient hull cleaning.

The Board maintains a balanced view on the prospects for Wallenius Wilhelmsen.
However, there is increased uncertainty around the volume outlook in light of
weaker auto sales in most markets, potential risk of increased trade barriers
and a continued soft macro picture. Market rates remain at a low level although
a few smaller contracts have been renewed at improved rates in the early part of
the year.

Wallenius Wilhelmsen has a solid platform for growth and is well positioned to
succeed in a challenging market. Furthermore, the new two-year performance
improvement program will continue to support profitability going forward.

About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OEX: WALWIL) is a market leader in RoRo shipping
and vehicle logistics, transporting cars, trucks, rolling equipment and
breakbulk around the world. The company operates around 130 vessels servicing 15
trade routes to six continents, and a global inland distribution network, 120
processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group
consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and
ARC. The group is headquartered in Oslo, Norway with 9 500 employees in 29
countries worldwide.

For further information, contact:
Astrid Martinsen,VP,Corporate Finance & IR
Tel +47 958 45 255

Anna Larsson, Head of Corporate Communication
Tel: +47 484 06 919

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