1

Thomas Wilhelmsen – group CEO

Wilh. Wilhelmsen Holding ASAThird Quarter 2015

11 November 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

Results reflecting “non operating items”

• USD 200 mill. anti-trust provision (WWASA)

• USD 50 mill. impairment charge (WMS)

Reduced underlying EBIT

• Adjusted EBIT down 10% q-on-q

• Seasonal slowdown in shipping

• Strong performance in WMS

Increased net financial expenses

Negative EPS (USD -4,00)

Equity and liquidity remain strong

-200

-150

-100

-50

0

50

100

150

200

250

300

USD mill

Q3’15Q3’14Q3’13Q3’12

*Main “one-offs”:• Q3’12 and Q1’15: Sales gain Hyundai Glovis• Q4’14: Pension related accounting gain• Q3’15: Anti-trust provison WWASA; impairment charge WMS

WWH EBIT*

4

USD mill

Quarter Q3'15 Q2'15 Q3'15 Q2'15 Q3'15 Q2'15 Q3'15 Q2'15

Total income 558 596 236 254 6 10 795 854

Anti-trust/impairment -200 -50 -250

Operating profit -134 73 -21 28 -2 2 -157 103

Adjusted operating profit 66 73 29 28 -2 2 93 103

Financial income/(expenses) -73 4 3 -13 0 1 -69 -8

Tax income/(expense) -5 -7 -11 -4 0 2 -16 -9

Profit/(loss) -212 70 -29 11 -2 5 -243 86

Minority interests -58 19 0 0 0 0 -57 20

Profit/(loss) after minority

interests -155 51 -29 11 -2 5 -186 66

Total equity 1 588 1 806 211 278 292 338 2 091 2 422

Minority 433 492 0 2 434 494

Equity after minority interests 1 155 1 314 210 276 292 338 1 657 1 928

Total WWASA group WMS groupHolding and

Investments

WWH group Key segment information

Loss for the period reflecting WWASA anti-trust provision, WMS impairment

and financial expenses

5

WWH groupFinancial income/(expenses)

1. Loss from Investment management (WWASA & H&I)

2. Termination fee (WWASA tax lease)

3. Net interest rate derivatives loss (WWASA)

3

1

USD mill Q3'15 Q2'15

Net financial items -15 0

Investment management -9 -2

Interest income 2 2

Other financial items -8 1

Interest expenses -17 -17

Interest rate derivatives - realised -9 -10

Interest rate derivatives - unrealised -15 19

Net financial - currency -9 -1

Net financial derivatives bunkers -4 1

Financial income/(expense) -69 -8

2

6

WWH groupReturn on capital employed – impacted by non-interest financials **)

*Main “one-offs”:• Q3’12: Sales gain Hyundai Glovis• Q4’14: Pension related accounting gain• Q1’15: Sales gain Hyundai Glovis• Q3’15: Anti-trust accrual WWASA and Impairment charge WMS/Technical Solutions

0

1 000

2 000

3 000

4 000

5 000

20%

15%

0%

25%

10%

5%

-20%Q4 ’12 Q1 ’14 Q3 ’14 Q4 ’14*

ROCE

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

USD mill

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

ROCE excl. impairment and antitrust provisionCapital employed ROCE

7

WWASA groupHighlights for the quarter

Drop in ocean transported volumes

o Partly seasonal

Stable contribution from logistics

Antitrust provision

o USD 200 mill.

EUKOR – HMG contract renewal

o 2016/17: 50%

o 2018/19: 40%

8

WMS groupHighlights for the quarter

Reduced total income

o Stable WSS and WSM

o Reduced WTS, partly seasonal

Strong underlying EBIT

o Improved margin

o USD impact

Impairment charge

o USD 50 mill.

o Callenberg acquisition goodwill

0

50

100

150

200

250

300

350

0%

2%

4%

6%

8%

10%

12%

14%

USD mill

Q3’13Q3’12 Q3’15Q3’14

EBITmargin

Total income EBIT margin

WMS group –Total income and EBIT margin*

*Main “one-offs”:Q4’14: Pension related accounting gain (not included)Q3’15: Impairment charge (not included)

9

WMS groupBusiness area development

Ships serviceTotal income and daily income per vessel

Ship managementTotal income and vessels served

Technical solutionsTotal income and order reserve

WSS global fleet penetration:50,18% in Q3’15 (50,19% Q2’15)

0

50

100

150

200

0

15

30

45

60

USD mill USD/day

Q3’15Q3’14Q3’13Q3’12

Total income

Daily sales pr merchant vessel (right scale)

0

4

8

12

16

0

150

300

450

600

USD mill

Q3’12 Q3’14Q3’13 Q3’15

Vessels

Vessels served (right scale)

Total income

0

20

40

60

80

100

0

100

200

300

400

500

USD mill USD mill

Q3’15Q3’14Q3’13Q3’12

Order reserve (right scale)

Total income

10

SHIP MANAGEMENT

ENGINEERED SOLUTIONS

INSULATION

SAFETY

PRODUCTS

SHIPSAGENCY

Ambition to divest or JV

Sales process on hold

Assessing options

WMS groupStrategic direction update

Under consideration

Growth through acquisitions

Acquired Timm AS (1.10.15)

New product line (ropes)

11

Holding and InvestmentsHighlights for the quarter

Steady development in NSG

o Seasonality uplift for supply bases

o Restructuring cost

o Viking Fighter in lay-up

Qube

o Share value down – later rebound

o Asciano in play

10%

0

25%

20%

15%

5%

1 250

1 000

500

250

0%

750

Q3

’13

Q4

’14

Q2

’14

Q3

’14

Q4

’13

Q1

’14

Q2

’13

Q1

’15

Q2

’15

Q1

’13

Margin

Q3

’15

Q4

’12

Q3

12

NOK mill

Operating margin (weighted)

Operating revenue NorSea Group

Share of operating revenue joint ventures

NorSea Group

Operating revenue and

operating margin

12

WWH groupEquity ratio *)

0

1 000

2 000

3 000

4 000

5 000

6 000

50%

55%

5%

60%

40%

45%

0%

35%

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

Equity ratio

Q2’15Q2’14Q1’13

USD mill

Q4’12 Q2’13

Total assets

Equity ratio

Equity

*Equity ratio: Equity in percent of total assets

13

WWH groupCash and current financial investments (including share of JVs)

364 334

68

335324

291223

0

200

400

600

800

1 000

MUSD

30.9.15

960

JVFI

11

Cash

30

31.12.14

911

Cash JVs Financial investments Cash

30.9.15

147

144

669

960

WWASA (incl.JV)

H&I

WMS

Split per

segment

14

WWH groupInterest bearing debt (Equity method)

314

Holding & investments

32

1 358

WMS group

WWASA group

Maturity profile

• WWH facilities maturing in 2017/18

• WMS facilities maturing in 2018/19

• WWHI facility maturing in 2017

• WWASA mixed maturity

Export financing

198

Bank debt

Bonds

280

1 226

Maturity profile (USD mill.)

Split by source(USD mill)

Split by business segment(USD mill)

2017

1 066

281

2018

126188

20162015

43

2019 and later

WWH/WWHI/WMSWWASA

15

WWH ASADividend per share

• Second dividend of NOK 2.00 per share to be paid on or about 26 November (ex. date 12 November)

• First dividend of NOK 3.00 per share was paid 7 May 2015

0

2

4

6

8

NOK/share

2014

5.00

2013

5.50

2011 2012

5.505.00

8.00

2010

5.50

2015

16

WWH group prospects

The board expects the market sentiment to be slightly

weaker in the fourth quarter

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