2013 WILH. WILHELMSEN HOLDING ASAdelivered in 2013-2014, equalling 16% of the world car carrier orderbook measured in CEUs. None of the vessels are for WWASA’s own account. Events

www.wilhelmsen.com

Investor Relations contact: Åge S. Holm Phone: +47 67 58 41 95 Mobile: +47 90 08 76 70 [email protected]

Media contact: Benedicte Gude Phone: +47 67 58 41 77 Mobile: +47 95 90 79 51 [email protected]

2013 WILH. WILHELMSEN HOLDING ASA

REPORT QUARTERLY

FIRST QUARTER (JOINT VENTURES BASED ON PROPORTIONATE METHOD)

Report for the first quarter of 2013 Proportionate method1

Key financial figures

Highlights for the first quarter and later events

Wilh. Wilhelmsen ASA: o Continued decline in shipped volumes o Unfavourable development in cargo mix o Three vessels delivered to group companies (none for WWASA’s account) o Earnings from group logistics activities still increasing o In April, WWASA signed letter of intent to order two new vessels

Wilhelmsen Maritime Services:

o Increases sales to newbuildings - sales to operating fleet stable o Operating profit and margin negatively impacted by less optimal product mix o Gradual increase in vessels on full technical management o Growth in technical solutions order intake and order reserve

Holding and investments:

o Increased net result in NorSea Group in spite of seasonal slowdown o Further increase in Qube net result, share price and dividend o In April, AGM approved dividend of NOK 3.50 per share

1 While the equity method provides a fair presentation of the group’s financial position in joint ventures, the group’s internal financial segment reporting is based on the proportionate method. The major contributors in Wilh. Wilhelmsen ASA are joint ventures and hence the proportionate method gives management a higher level of information and a fuller picture of the group’s operations. For Wilhelmsen Maritime Services and Holding and Investments the financial reporting will be the same for both the equity and the proportionate methods. The same accounting principles are applied in both the management reports and the financial accounts, and comply with the International Financial Reporting Standards (IFRS).

USD mill

- unless otherwise indicated Q1'13 Q4'12

Q-on-Q

Change Q1'12

Y-o-Y

Change

Total income 864 903 -4 % 946 -9 %

- Wilh. Wilhelmsen ASA 614 659 -7 % 710 -13 %

- Wilhelmsen Maritime Services 249 243 2 % 237 5 %

- Holding & Investments 9 7 5

- Eliminations -7 -6 -6

EBITDA 122 142 -14 % 149 -18 %


- Wilhelmsen Maritime Services 18 25 -27 % 13 42 %

- Holding & Investments -1 -2 -4

- Eliminations 0 0 0

Operating profit/EBIT 78 96 -19 % 106 -27 %


- Wilhelmsen Maritime Services 12 18 -35 % 6 95 %

- Holding & Investments -1 -3 -4


Profit/(loss) after minority 54 31 75 % 69 -22 %

- Wilh. Wilhelmsen ASA 39 27 45 % 64 -38 %

- Wilhelmsen Maritime Services 10 5 75 % -1 neg.

- Holding & Investments 5 -2 5


EPS (USD) 1,16 0,66 75 % 1,48 -22 %

Wilh. Wilhelmsen Holding group Q1 2013 unaudited Page 2 of 32

Financial summary

Result for the first quarter Total income for the Wilh. Wilhelmsen Holding ASA group (WWH) was USD 864 million for the first quarter of 2013 compared with USD 946 million for the same period in 2012, a reduction of 9% (figures for the corresponding period of 2012 will hereafter be shown in brackets). Compared with the previous quarter, total income was down 4%. The reduced income came as a consequence of declining revenue within Wilh. Wilhelmsen ASA (WWASA), where the decrease in shipping volumes recorded in the fourth quarter of 2012 continued into the first quarter of 2013. WWASA’s logistics activities experienced a strong increase in total income for the quarter. Wilhelmsen Maritime Services (WMS) also experienced an increase in total income following continued growth within the technical solutions and ship management business areas. Income from holding and investments activities were also up, but remained at a low level. Operating profit for the first quarter was USD 78 million (USD 106 million), down 27% compared with the same period last year and a decrease of 19% from the previous quarter. The reduction in operating profit was mainly related to lower contribution from WWASA’s shipping activities, while profit increased in WWASA’s logistics activities and in Holding and Investments. For WMS, operating profit fell compared with the previous quarter, but was above same period last year which included a write down related to the withdrawal of a product from the market. Net financials was nil in the first quarter (expense of USD 9 million), positively impacted by an income from investment management of USD 5 million (income of USD 10 million) and a net currency gain of USD 9 million (net loss of USD 3 million).

Tax was included with an expense of USD 8 million (expense of USD 3 million). Minority interests’ share of profit in the first quarter was USD 16 million (USD 25 million), of which USD 15 million was related to minority shareholders in WWASA (USD 24 million). Net profit after minority interests was USD 54 million in the first quarter (USD 69 million), compared with USD 31 million in the preceding quarter.

94

6

972

1 07

5

903

864

0,0

0,0

0,0

0

200

400

600

800

1000

1200

Q1 Q2 Q3 Q4

MUSDTotal income

2012

2013

106 1

39

260

96

78

0,0

0,0

0,0

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

MUSDEBIT

2012

2013


Wilh. Wilhelmsen ASA

The Wilh. Wilhelmsen ASA group (WWASA) is a global provider of shipping and logistics services towards car and ro-ro customers. WWH owns 72.7% of WWASA. In line with accounting standards, all revenue and expenses in WWASA are reported in full with minority interest included after net profit/(loss).

Result for the first quarter Total income for WWASA for the first quarter was USD 614 million (USD 710 million), a reduction of 13% year over year and down 7% when compared to the previous quarter. Operating profit for the first quarter was USD 67 million (USD 104 million), a reduction of 36% year over year and down 17% quarter on quarter. The decrease in shipped volumes recorded in the fourth quarter of 2012 continued into the first quarter of 2013. High and heavy volumes declined more than car volumes. This had a negative effect on cargo and trade mix. Lower fleet utilisation led to a reduction in operating profit. Financial expenses amounted to USD 7 million (USD 12 million) while WWASA recorded a tax expense of USD 5 million in the first quarter (expense of USD 3 million). Net profit after tax was USD 54 million in the first quarter (USD 88 million), of which USD 39 million (USD 64 million) was attributed to WWH.

Key figures - Wilh. Wilhelmsen ASA

USD mill


Q-on-Q

Change Q1'12

Y-o-Y

Change

Total income 614 659 -7 % 710 -13 %

- Shipping 477 536 -11 % 596 -20 %

- Logistics 142 128 11 % 120 19 %

- Holding/eliminations -5 -5 -6

EBITDA 104 119 -12 % 140 -25 %

- EBITDA margin (%) 17,0 % 18,1 % 19,7 %


- EBIT margin (%) 10,9 % 12,2 % 14,6 %

- Financial income/(expense) -7 -11 -12

- Tax income/(expense) -5 -33 -3

Profit/(loss) 54 37 88

- Profit margin (%) 8,9 % 5,7 % 12,4 %

- Minority interests 15 10 24

Profit/(loss) after minority 39 27 64

710

734 8

46

65

9

61

4

0,0

0,0

0,0

0

200

400

600

800

1000

Q1 Q2 Q3 Q4

MUSDTotal income

2012

2013

104 11

7

24

6

81

67

0,0

0,0 0,0

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

MUSDEBIT

2012

2013


Market development Sale of light vehicles in key markets increased 2% quarter on quarter, reaching a total sale of 15.8 million cars. Volumes declined in Brazil and Russia, while European sale increased 10% albeit from a low level. North American sales were flat compared with the previous quarter. Export out of Japan increased 3% from the previous quarter, but fell 7% compared with the same quarter of 2012. Korea exported 0.7 million cars in the first quarter. This was a reduction of 8% both quarter on quarter and year over year, mainly as a consequence of reduced volumes to Europe and South America. Chinese car export continued to increase. Combined with export from Thailand and India, the three countries’ export volumes were on par with Korean car export levels. The investment in global construction projects increased, lifting demand for construction equipment. The US market has gradually improved and the value of new orders was significantly up compared with the similar period last year. Construction activity in China showed positive development despite low levels of equipment sales in the first three months of the year. Commodity prices fell in the first quarter of 2013 after a short recovery in the second half of 2012. Mining companies reduced capital expenditures and new orders continued to be weak and below the similar quarter last year. The price of agriculture products fell somewhat throughout the first quarter, but farmers’ income levels remained strong. In Europe, the agriculture business sentiment improved during the quarter. US farm equipment inventory levels remained high despite strong sales. WWASA shipping WWASA’s shipping segment includes shipping activities within Wallenius Wilhelmsen Logistics (WWL, owned 50%), EUKOR Car Carrier (EUKOR, owned 40%), American Roll-on-Roll-off Carrier (ARC, owned 50%) and Hyundai Glovis (owned 12.5%), as well as certain shipowning activities outside the operating companies.

Total cargo volumes shipped by group companies totalled 17.5 million CBM (20.5 CBM) in first quarter, a decline of approximately 1.2 million CBM quarter on quarter. Transported high and heavy volumes continued to decline more than autos. In order to adjust vessel capacity to transportation demand, the group has implementing fleet optimising initiatives. The group companies in WWASA controlled a total of 145 vessels (137 vessels) by the end of March 2013, an increase of three vessels from the fourth quarter. The fleet, which represented a 24% share of the global capacity measured in CEUs, totalled a car carrying capacity equivalent to 894 000 CEUs (834 000 CEUs).

Fleet flexibility is crucial for the group in order to continuously adjust capacity to cargo availability. Optimising initiatives include chartering in or out vessels, speed adjustments, redelivery, newbuildings and recycling of older tonnage. In addition, the group’s operating companies swap tonnage and benefit from group synergies. The group companies took delivery of three newbuilding in the first quarter. None of the three pure car and truck carriers - Tosca, Morning Calypso and Morning Classic - were for WWASA’s account. Tosca commenced service for WWL and the other two for EUKOR. The remaining newbuilding programme at the end of the quarter for the group companies included seven vessels (48 150 CEUs) to be delivered in 2013-2014, equalling 16% of the world car carrier orderbook measured in CEUs. None of the vessels are for WWASA’s own account. Events after the end of Q1 WWASA has signed a letter of intent with Hyundai Heavy Industries, Korea, to build two Post Panamax vessels to be delivered in 2014 and 2015. The letter includes an


option to build two additional vessels. The highly efficient vessels are wider than a typical pure truck and car carrier and will have a capacity equivalent to 7 930 CEUs. WWASA logistics WWASA’s logistics segment includes logistics activities within Wallenius Wilhelmsen Logistics (WWL, owned 50%), American Shipping and Logistics Group (ASL, owned 50%) and Hyundai Glovis (owned 12.5%).

Total income increased quarter on quarter driven by higher activity within inland distribution and technical services in WWL and higher contribution from Hyundai Glovis. All operating companies delivered higher operating profit compared with the fourth quarter of 2012. WWL’s terminal services handled 493 000 units (478 000 units) in the first quarter of 2013. Total income and operating profit declined slightly quarter on quarter, following the soft volume development. WWL’s technical services performed services on 1.5 million units (1.4 million units) in the first quarter. The EBIT-margin improved both compared with the first quarter of 2012 and with the previous quarter. For inland distribution services, offered by WWL mainly on a pass-through basis, contribution improved both compared with the previous quarter and year over year. ASL continued to deliver positive earnings with seasonally stable volumes quarter on quarter and year over year. The contribution from Hyundai Glovis in WWASA’s group accounts for the quarter was USD 16 million (USD 13 million). As contribution from Hyundai Glovis is consolidated one quarter in arrears, the first quarter figures were positively affected by a year-end tax adjustment of USD 5 million.

WWASA share price development The WWASA share price was up 3% during the first quarter of 2013, increasing the market value of WWH’s shares in WWASA to NOK 8 200 million as of 31 March 2013. This represented NOK 177 per outstanding share in WWH (WWI/WWIB).

Events after the end of Q1 The annual general meeting of WWASA held on 25 April 2013 approved a dividend of NOK 4.00 per share to be paid on or about 14 May.

Value of investment:

Wilh. Wilhelmsen ASA

End

Q1'13

End

Q4'12

WWASA share price (NOK) 51,25 49,70WWASA shares held by WWH (million) 160 160Value of WWH shareholding (NOK million) 8 200 7 952Value per WWI/WWIB share (NOK) 177 171

Return:

Wilh. Wilhelmsen ASA Q1'13

Dividend (NOK per share) 0,00

Price return (share price development) 3 %

Total return (incl. dividend; not reinvested) 3 %


Wilhelmsen Maritime Services

The Wilhelmsen Maritime Services group (WMS) is a global provider of ships service, ship management and technical solutions towards the maritime industry. WMS is a wholly-owned subsidiary of WWH.

Result for the first quarter Total income for WMS in the first quarter was USD 249 million (USD 237 million), an increase of 5% compared with the same period last year and up 2% compared with the preceding quarter. The increase was due to higher income within ship management and technical solutions, supported by more vessels on full technical management and positive order intake for technical solutions products. The larger ships service business area experienced a minor reduction in total income. Operating profit for the quarter was USD 12 million (USD 6 million), an increase compared with the corresponding period last year but down 35% compared with the preceding quarter. The improvement year over year came as a consequence of a USD 15 million write down last year related to withdrawal of a product from the market. The operating margin for the quarter fell to 4.8%, well below the long term target of 9%. The reduction in underlying operating profit and margin was mainly due to a less optimal product mix within the ships services segment, a somewhat weaker USD and continued low margin within the growing technical solutions’ business area. The quarter also included cost related to an extended upgrade of IT systems.

Financial income/(expenses) for WMS amounted to an income of USD 2 million (expense of USD 5 million) in the first

Key figures - Wilhelmsen Maritime Services

USD mill


Q-on-Q

Change Q1'12

Y-o-Y

Change

Total income 249 243 2 % 237 5 %

- Ships Service 171 172 0 % 174 -1 %

- Ship Management 15 14 4 % 13 11 %

- Technical Solutions 61 57 7 % 52 16 %

- Corporate/eliminations 2 1 -2

EBITDA 18 25 -26 % 13 42 %

- EBITDA margin (%) 7,3 % 10,2 % 5,4 %

Operating profit/EBIT 12 18 -35 % 6 96 %

- EBIT margin (%) 4,8 % 7,6 % 2,6 %

- Financial income/(expense) 2 -6 -5

- Tax income/(expense) -4 -7 0

Profit/(loss) 10 6 1

- Profit margin (%) 6,1 % 3,7 % 0,3 %


Profit/(loss) after minority 10 5 -1

237

23

9

22

8 24

3

24

9

0,0

0,0

0,0

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

MUSDTotal income

2012

2013

6

26

17 1

8

12

0,0

0,0

0,0

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

MUSDEBIT

2012

2013


quarter, positively impacted by a USD 6 million net currency gain (USD 2 million loss). Tax expense was USD 4 million (nil), representing normal tax for the quarter. Net profit after tax and minority for the first quarter was USD 10 million (net loss of USD 1 million). Market development Newbuild order intake for tankers, bulkers and container vessels increased in the first quarter, but from a low level. Weak markets continued to impact earnings within all three segments, representing majority of the world fleet and shipping activities. Activity within the LNG and offshore segments remained healthy. Wilhelmsen Ships Service (WSS)

WSS is a global provider of standardised product brands and service solutions to the maritime industry, focussing on marine products, marine chemicals, safety products and services, maritime logistics and ships agency. WSS is a wholly owned subsidiary of WMS.

WSS experienced a relatively stable development in total income during the first quarter, marginally down year over year and in line with the preceding quarter. Services recorded a positive development in income while maritime logistics had a weak quarter. Sale of chemical products increased quarter on quarter driven by seasonal demand for industrial use. The USD depreciated 1-3% against main currencies on a year over year basis, while changes compared with the preceding quarter were mixed. A lower USD has a positive impact on total income while impact on operating margin is the opposite. When measured against the total global merchant fleet1, WSS generated income of USD 39 per day/vessel in the first quarter. This is in line with the 2012 average. The operating profit for the first quarter was down from previous periods, negatively impacted by a less optimal product mix and, to a less extent, the lower USD. The general week shipping

1 total global merchant fleet >1000gt, revised fleet base from previous years (excl. repair/rebuildings/layup); source IHS Fairplay

market and high competition continued to put pressure on the operating margin. Wilhelmsen Ship Management (WSM)

WSM provides full technical management, crewing and related services for all major vessel types with exception of oil tankers. WSM is a wholly owned subsidiary of WMS.

WSM continued the positive development in total income with an increase of 11% compared with the same period last year and up 4% quarter on quarter. The positive development was driven by an increase in number of vessels on full technical management, mainly in Asia. Layup activities also continued at a relatively high level, but with a decrease towards the end of the period. By the end of March, WSM served close to 400 ships worldwide, out of which approximately 40% were on full technical management and 5% were on layup management. The remaining contracts were related to manning services. Operating profit was up in the first quarter, positively impacted by the increase in total income. Wilhelmsen Technical Solutions (WTS)

WTS is a global provider of fully engineered solutions, equipment and services towards the maritime and offshore industries, focusing on safety systems, power distribution and control, HVAC-R and insulation for newbuilds and retrofits. WTS is a wholly owned subsidiary of WMS.

Total income for WTS was up 16% compared with the same period last year and up 7% compared with the preceding quarter. The increase in income was driven by higher activity within the power and insulation segments. New order intake for the quarter continued at a healthy level, positively impacted by additional orders related to LNG insulation and an increased order intake within the safety segment. The total order reserve was USD 318 million at the end of the first quarter compared with USD 268 million at the end of the preceding quarter and USD 230 million one year earlier. Operating profit remained at a low level, with a less optimal product mix, currency effects and additional cost offsetting the positive impact from increased revenue.


Holding and investments

Holding and investments include activities performed by the holding company and investments outside WWASA and WMS. This includes investments held by Wilh. Wilhelmsen Holding Invest (WWHI), a wholly owned subsidiary of WWH.

Result for the first quarter Total income for the Holding and Investments segment was USD 9 million in the first quarter (USD 5 million). The increase is mainly reflecting a USD 3 million (nil) contribution from the NorSea Group (NSG) investment. Operating profit was a loss of USD 1 million (loss of USD 4 million), reflecting normal operation in the parent company and income from the NSG investment. Net financials was a net income of USD 5 million (income of 9 million), including a net income of USD 4 million (USD 5 million) from investment management. Net profit/(loss) after minorities was a profit of USD 5 million (profit of USD 5 million).

NorSea Group (NSG) NSG is a leading provider of supply bases and integrated logistics solution to the Norwegian offshore industry. NSG is fully owned by NorSea Group Invest AS (NSGI). Through WWHI, WWH owns 35.4% of NSGI. NSGI is reported in WWH’s accounts as “associated investment”, with share of net result reported as income from associated investments from end June 2012.

Preliminary total income for NSGI for the first quarter was NOK 566 million, including share of profits from associates

and joint ventures and sales gains. This represented a 20% decrease compared with the preceding quarter, mainly following a normal slowdown in offshore activities during the winter season. The operating profit was in line with the preceding quarters, with property sales gains offsetting the impact from the seasonal reduction in activity. The net result for the quarter also included a net positive adjustment of USD 1 million related to previous year. WWHI share of net result in NSGI was USD 3 million for the quarter (nil). Qube Holdings Limited (Qube) Qube is Australia's largest integrated provider of import and export logistics services, and listed on the Australian Securities Exchange. Through WWHI, WWH owns 7.9% of Qube. The Qube investment is reported in WWH’s accounts as “investment available for sale”, with changes in market value of the shareholding reported under comprehensive income and dividend income reported as financial income.

Qube released its result for the half year to 31 December 2012 late February. The results were in line with market expectations, with revenue up 32% and net result up 19% on a year over year basis.

Key figures - Holding and investments

USD mill


Q-on-Q

Change Q1'12

Y-o-Y

Change

Total income 9 7 32 % 5 74 %

- Holding 6 5 19 % 5

- NorSea Group 3 2 72 % 0

- Other investments 0 0 0


EBITDA -1 -2 -4

Operating profit/EBIT -1 -3 -4

Financial income/(expenses) 5 1 >100% 9 -41 %

- Investment management 4 2 5

- Qube 0 2 4

- Other financial income (expense) 1 -3 -1

- Tax income/(expense) 1 0 0

Profit/(loss) 5 -2 5


Profit/(loss) after minority 5 -2 5


The Qube share price was up during the first quarter, increasing the market value of WWH’s 73 million shares in Qube to AUD 124 million (equivalent to USD 129 million) as of 31 March 2013. This represented NOK 16 per outstanding share in WWH (WWI/WWIB).

In March Qube declared a second dividend of AUD 0.022 per share payable in April. Total proceeds to WWHI of estimated USD 2 million will be reported as financial income in the second quarter. Investment management Investment management include investment in equities, bonds and other financial assets available for sale and managed as part of an investment portfolio. The financial investment portfolio held by WWH was USD 88 million (USD 90 million) by the end of the first quarter, up from USD 84 million by the end of the previous quarter. The portfolio primarily included Nordic equities and investment-grade bonds. Net income/(expenses) from investment management was an income of USD 4 million in the first quarter (income of USD 5 million).

WWH share price and dividend

The WWH share price increased during the first quarter, with the WWI share up 7% to NOK 168.00 and the WWIB share up 6% to NOK 166.00. WWH held 100.000 of its own WWI shares by the end of the quarter. WWH’s goal is to provide shareholders with a high return over time through a combination of rising value for the

company’s shares and payment of dividend.

The objective is to have consistent yearly dividend paid twice annually. Events after the end of Q1 On 25 April 2013 the annual general meeting approved a dividend of NOK 3.50 per share to be paid on or about 14 May.

Value of investment:

Qube Logistics Holding Limited

End

Q1'13

End

Q4'12

Qube share price (AUD) 1,70 1,68Qube shares held by WWH (million) 73 73Value of WWH shareholding (AUD million) 124 122Value of WWH shareholding (USD million) 129 127Value of WWH shareholding (NOK million) 756 706Value per WWI/WWIB share (NOK) 16 15

Return:

Qube Logistics Holding Limited Q1'13

Dividend (AUD per share) 0,022

Price return (share price development) 1 %

Total return (incl. dividend; not reinvested) 3 %

Share price and outstanding shares:

Wilh. Wilhelmsen Holding ASA

End

Q1'13

End

Q4'12

WWI share price (NOK) 168,00 157,50WWIB share price (NOK) 166,00 157,00WWI shares 34 637 092 34 637 092- of which owned by the company 100 000 100 000WWIB shares 11 866 732 11 866 732- of which owned by the company 0 0Total outstanding shares 46 403 824 46 403 824

Return:

Wilh. Wilhelmsen Holding ASA Q1'13

WWI dividend (NOK per share) 0,00

WWI price return (share price development) 7 %

WWI total return (incl. dividend; not reinvested) 7 %

WWIB dividend (NOK per share) 0,00

WWIB price return (share price development) 6 %

WWIB total return (incl. dividend; not reinvested) 6 %


Prospects

Wilh. Wilhelmsen ASA The board anticipates that the demand for the group’s deep sea transportation will stabilise over the next months. The main uncertainty is related to the volume development within the high and heavy segment. The group will continue to actively optimise and adjust tonnage to market demand, including idling, slow steaming, redelivery of chartered vessels and potentially recycling of older vessels. In addition, the group’s operating companies will swap tonnage and benefited from group synergies. Longer term, the underlying growth potential for transportation of autos and high and heavy cargo is positive, and the group will continue to invest in future vessel and land-based capacity. Wilhelmsen Maritime Services The gradual increase in newbuild ordering activity and in the global merchant fleet is expected to continue. A generally weak shipping market, however, impacts owners’ purchasing capabilities and put pressure on demand and operating margin. This situation is expected to continue throughout 2013. For WSS, total income is expected to remain subdued short term. For WSM, the growth rate in total income is expected to be somewhat reduced short term due to recycling of vessels.

For WTS, income is expected to continue its upward trend, supported by the increase in order reserves. Holding and investments The WWASA dividend of NOK 4.00 per share payable in May will strengthen the liquidity and solidity of the WWH holding company. For NSG, the Norwegian offshore activities are expected to remain high, driving demand for both supply base development and logistics services. Seasonality and potential sales gain will, however, continue to impact quarterly performance. For Qube, consistent growth in revenue, result and dividend combined with a healthy financial platform supports further growth in underlying value. Short term return, however, is mainly driven by general equity market fluctuations. WWH ASA group The board expects the shipping and maritime services activities in the second quarter to be in line with the first quarter. The group has a strong financial position and is well positioned to benefit from the growth potential of the markets in which it operates.

Lysaker, 7 May 2013 The board of directors of Wilh. Wilhelmsen Holding ASA

Forward-looking statements presented in this report are based on various assumptions. These assumptions were reasonable when made, but as assumptions are inherently subject to uncertainties and contingencies which are difficult or impossible to predict. WWH cannot give assurances that expectations regarding the future outlook will be achieved or accomplished.


Joint ventures based on proportionate method

USD mill

Quarter

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Operating revenue 597 695 2 758 246 232 933 6 5 19 (7) (6) (23) 842 926 3 687

Other income

Share of profits from

associates 17 15 57 2 4 10 3 0 4 0 0 0 22 19 71

Gain on disposals of assets 0 0 134 1 1 4 0 0 0 0 0 0 1 1 138

Total income 614 710 2 949 249 237 947 9 5 23 (7) (6) (23) 864 946 3 896

Operating expenses

Voyage expenses (226) (302) (1 130) 0 0 0 0 0 0 0 0 0 (226) (302) (1 130)

Vessel expenses (23) (19) (84) 0 0 0 0 0 0 0 0 0 (23) (19) (84)

Charter expenses (82) (87) (375) 0 0 0 0 0 0 0 0 0 (82) (87) (375)

Inventory cost (1) 0 0 (111) (103) (389) (0) (0) (2) 0 0 0 (112) (104) (391)

Employee benefits (51) (47) (203) (78) (75) (298) (5) (5) (16) 0 0 2 (134) (126) (516)

Other expenses (128) (113) (460) (42) (46) (166) (4) (4) (18) 7 6 22 (167) (158) (622)

Depreciation and impairments (38) (36) (150) (6) (7) (26) (0) (0) (1) 0 0 0 (44) (43) (176)

Total operating expenses (547) (606) (2 402) (237) (231) (879) (10) (9) (37) 7 6 23 (786) (840) (3 295)

Operating profit 2

67 104 547 12 6 68 (1) (4) (14) 0 (0) (0) 78 106 601

Financial income/(expenses) (7) (12) (100) 2 (5) (15) 5 9 10 0 0 0 0 (9) (105)

Profit/(loss) before tax 60 91 448 14 1 52 4 5 (4) 0 (0) (0) 78 97 496

Tax income/(expense) (5) (3) (37) (4) (0) (17) 1 0 4 0 0 0 (8) (3) (50)

Profit/(loss) 54 88 410 10 1 36 5 5 (0) 0 (0) (0) 70 94 446

Minority interests 15 24 113 1 1 4 0 0 0 0 0 0 16 25 117

Profit/(loss) to the owners of

parent 39 64 298 10 (1) 31 5 5 (0) 0 (0) (0) 54 69 329

2 Cash settled portion of bunker hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses.

3 Holding and Investments includes Wilh.Wilhelmsen Holding ASA, Wilh.Wilhelmsen Holding Invest group and minor activities which fail to meet the definition for other

segments.

In Wilh. Wilhelmsen Holding group's financial interim reports, the equity method is applied for consolidation of joint ventures. This method provides a fair presentation of

the group's financial position. However, during the day to day operations, management are using the proportionate method for their analysis and decision making.

Income statement - segment reporting 1

Eliminations

1 The report is based on the proportionate method for all material joint ventures in the WWH group.

TotalWWASA group WMS group

Holding and

Investments 3



USD mill

Quarter on quarter

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Operating revenue 720 696 647 597 236 225 240 246 5 5 5 6 955 919 887 842

Other income

Share of profits from

associates 14 17 12 17 2 2 2 2 0 2 2 3 16 21 15 22

Gain on disposals of assets (0) 134 0 0 1 1 1 1 0 0 0 0 1 135 1 1

Total income 734 846 659 614 239 228 243 249 5 7 7 9 972 1 075 903 864

Operating expenses

Voyage expenses (294) (279) (255) (226) 0 0 0 0 0 0 0 0 (294) (279) (255) (226)

Vessel expenses (23) (22) (20) (23) 0 0 0 0 0 0 0 0 (23) (22) (20) (23)

Charter expenses (106) (96) (86) (82) 0 0 0 0 0 0 0 0 (106) (96) (86) (82)

Inventory cost 0 0 0 (1) (96) (90) (99) (111) (0) (1) (1) (0) (97) (91) (99) (112)

Employee benefits (48) (51) (57) (51) (72) (75) (77) (78) (4) (4) (4) (5) (123) (129) (138) (134)

Other expenses (109) (115) (122) (128) (38) (40) (43) (42) (6) (4) (4) (4) (147) (154) (163) (167)

Depreciation and

impairments (37) (38) (38) (38) (6) (6) (6) (6) (0) (0) (1) (0) (44) (44) (45) (44)

Total operating expenses (617) (600) (578) (547) (212) (211) (224) (237) (10) (9) (9) (10) (833) (815) (806) (786)

Operating profit 2

117 246 81 67 26 17 18 12 (5) (2) (3) (1) 139 260 96 78

Financial income/(expenses) (47) (30) (11) (7) (1) (3) (6) 2 (1) 2 1 5 (50) (31) (16) 0

Profit/(loss) before tax 70 216 70 60 25 13 13 14 (7) (0) (2) 4 89 229 81 78

Tax income/(expense) 0 (2) (33) (5) (7) (4) (7) (4) 2 2 0 1 (5) (4) (39) (8)

Profit/(loss) 70 214 37 54 19 10 6 10 (5) 1 (2) 5 84 225 42 70

Minority interests 19 59 10 15 1 1 1 1 0 0 0 0 21 60 11 16

Profit/(loss) to the owners

of parent 51 156 27 39 18 9 5 10 (5) 1 (2) 5 64 166 31 54

1 / 2 / 3 Comments - see previous page

Holding & Investments 3

Income statement - segment reporting 1

Total incl eliminationsWWASA group WMS group



Note 1 - Financial income/(expenses)

USD mill 01.01-31.03 01.01-31.03 Full year

2013 2012 2012

Financial items

Investment management 1

4,6 10,2 18,7

Interest income 2,7 2,5 8,1

Other financial items (1,4) 3,9 2,6

Net financial items 5,8 16,6 29,4

Financial - interest expenses

Interest expenses (21,0) (24,0) (87,6)

Interest rate derivatives - realised (8,1) (10,8) (51,9)

Net financial - interest expenses (29,1) (34,8) (139,6)

Interest rate derivatives - unrealised 13,6 9,3 9,3

Financial currency

Net currency gain/(loss) 27,6 (24,6) (40,3)

Currency derivatives - realised (1,6) 3,4 6,7

Currency derivatives - unrealised (3,2) 6,9 10,2

Cross currency derivatives - realised 0,7 10,6 12,9

Cross currency derivatives - unrealised (14,7) 0,7 8,1

Net financial currency 8,8 (3,1) (2,4)

Financial derivatives bunkers

Valuation of bunker hedges 1,0 3,2 (1,8)

Net financial derivatives bunkers 1,0 3,2 (1,8)

Financial income/(expenses) 0,1 (8,7) (105,2)

1 Includes financial derivatives for trading

Realised bunker and fuel hedges included in operating expenses


2013 2012 2012

Cash settled bunker and fuel hedges 2,3 3,1 12,3

Notes - segment reporting


www.wilhelmsen.com

Investor Relations contact: Åge S. Holm Phone: +47 67 58 41 95 Mobile: +47 90 08 76 70 [email protected]

Media contact: Benedicte Gude Phone: +47 67 58 41 77 Mobile: +47 95 90 79 51 [email protected]

2013 WILH. WILHELMSEN HOLDING ASA

REPORT FINANCIAL

FIRST QUARTER (JOINT VENTURES BASED ON EQUITY METHOD)


Report for the first quarter of 2013 Financial report In Wilh. Wilhelmsen Holding’s financial report the equity method is applied for consolidation of joint ventures. This method provides a fair presentation of the group’s financial position.

Key figures

Financial summary

Result for the first quarter Total income for the Wilh. Wilhelmsen Holding ASA group (WWH) was USD 375 million for the first quarter of 2013 compared with USD 395 million for the same period in 2012, a reduction of 5% (figures for the corresponding period of 2012 will hereafter be shown in brackets). Compared with the previous quarter, total income was down 2%. The reduced income came as a consequence of declining revenue within Wilh. Wilhelmsen ASA (WWASA), where the decrease in shipping volumes recorded in the fourth quarter of 2012 continued into the first quarter of 2013. WWASA’s logistics activities experienced a strong increase in total income for the quarter. Wilhelmsen Maritime Services (WMS) also experienced an increase in total income following continued growth within the technical solutions and ship management business areas. Income from holding and investments activities were also up, but remained at a low level. Operating profit for the first quarter was USD 71 million (USD 101 million), down 30% compared with the same period last year and a decrease of 21% from the previous quarter. The reduction in operating profit was mainly related to lower contribution from WWASA’s shipping activities, while profit increased in WWASA’s logistics activities and in the holding and investments segment. For WMS, operating profit fell compared with the previous quarter, but was above same

period last year which included the write down related to withdrawal of a product from the market.

(USD mill) Q1'13 Q4'12

Q-on-Q

Change Q1'12

Y-o-Y

Change

Total income 375 382 -2 % 395 -5 %

EBITDA 98 118 -17 % 127 -23 %


Profit(loss) after minority 54 31 75 % 69 -22 %

EPS (USD) 1,16 0,66 75 % 1,48 -22 %

10

1 11

8

253

89

71

0,0

0,0

0,0

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

MUSDEBIT

2012

2013

1,48

1,37

3,57

0,661,

16

0,00

0,00

0,00

0,00

1,00

2,00

3,00

4,00

Q1 Q2 Q3 Q4

USDEPS

2012

2013


Net financials was an income of 3 million in the first quarter (expense of USD 8 million), positively impacted by an income from investment management of USD 5 million (income of USD 10 million) and a net currency gain of USD 9 million (net loss of USD 5 million). Tax was included with an expense of USD 4 million (income of USD 1 million). Minority interests’ share of profit in the first quarter was USD 16 million (USD 25 million), of which USD 15 million was related to minority shareholders in WWASA (USD 24 million). Net profit after minority interests was USD 54 million in the first quarter (USD 69 million), compared with USD 31 million in the preceding quarter. Cash flow, liquidity and debt The WWH group’s net cash flow in the first quarter 2013 from operating, investing and financing activities was negative with USD 67 million (negative with USD 14 million). Cash flow from operating activities was USD 8 million (USD 52 million), reflecting a lower operating result for the quarter and increased working capital. Cash flow from investing activities was negative with USD 9 million (negative USD 92 million), with no main investments or sales during the quarter. Cash flow from financing activities was negative with USD 67 million (negative USD 14 million), including repayment of debt, ordinary interest payments and dividend to minority shareholders in group companies. Cash and cash equivalents were USD 508 million by end of the first quarter of 2013,

down from USD 576 million by the end of 2012. Total liquid assets including current financial investments were USD 718 million compared to USD 790 million three months earlier. The main group companies also have undrawn committed drawing rights to cover any short term cash flow needs, including where relevant back stop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity. The WWH group carries out active financial asset management of part of the group’s liquidity. The value of the group’s investment portfolio amounted to USD 210 million at the end of the first quarter, with investments in various asset classes including Nordic shares and investment grade bonds. Of this, USD 88 million were in the parent company. The group funds its investments and operations from several capital sources, including the commercial bank loan market, financial leases, export financing and the Norwegian bond market. Business activities are primarily financed over the balance sheet of the relevant subsidiary or joint venture. As of 31 March 2013 the group’s total interest-bearing debt was USD 1 930 million (USD 2 008 million as per 31 December 2012), of which USD 133 million related to the Holding and Investments (USD 139 million as per 31 December), USD 311 million related to the WMS group (USD 335 million as per 31 December) and USD 1 486 million related to the WWASA group (USD 1 534 million as per 31 December).


Joint ventures based on equity method

USD mill Note 01.01-31.03 01.01-31.03 Full year

2013 2012 2012

Operating revenue 323 331 1 325

Other income

Share of profits from joint ventures and associates 52 63 244

Gain on disposals of assets 2 1 1 138

Total income 375 395 1 706

Operating expenses

Vessel expenses (15) (12) (52)

Charter expenses (7) (6) (26)

Inventory cost (111) (104) (391)

Employee benefits (103) (98) (391)

Other expenses (42) (48) (174)

Depreciation and impairments 3 (27) (27) (110)

Total operating expenses (305) (294) (1 144)

Operating profit 71 101 562

Financial income/(expenses) 4 3 (8) (87)

Profit before tax 74 92 474

Tax income/(expense) 5 (4) 1 (29)

Profit for the period 70 94 445

Attributable to: minority interests 16 25 116

owners of the parent 54 69 329

Basic earnings per share (USD) 6 1,16 1,48 7,06

Diluted earnings per share (USD) 6 1,16 1,48 7,08



2013 2012 2012

Profit for the period 70 94 445

Items that will be reclassified to income statement

Net investment hedge/cash flow hedges (net after tax) (2) 2 2

Revaluation market to market value 2 27 27

Currency translation differences (17) 12 17

Items that will not be reclassified to income statement

Remeasurement postemployment benefits, net of tax 0 0 14

Other comprehensive income, net of tax (17) 41 60

Total comprehensive income for the period 52 135 505

Total comprehensive income attributable to:

Owners of the parent 37 110 391

Minority interests 15 25 114

Total comprehensive income for the period 52 135 505

The above consolidated income statement should be read in conjunction with the accompanying notes.

Income statement - financial report

Statement of comprehensive income - financial report



USD mill Note 31.03.2013 31.03.2012 31.12.2012

Non current assets

Deferred tax asset 5 24 19 22

Goodwill and other intangible assets 3 307 303 319

Vessels, property and other tangible assets 3 2 066 2 020 2 083

Investments in joint ventures and associates 1 095 895 1 074

Other non current assets 7 182 191 202

Total non current assets 3 674 3 428 3 700

Current assets

Inventory 108 118 112

Current financial investments 210 211 214

Other current assets 434 354 380

Cash and cash equivalents 508 476 576

Total current assets 1 260 1 160 1 282

Total assets 4 934 4 588 4 982

Equity

Paid-in capital 6 122 122 122

Retained earnings and other reserves 6/8 1 565 1 311 1 528

Attributable to equity holders of the parent 1 686 1 433 1 650

Minority interests 441 358 427

Total equity 2 127 1 792 2 077

Non current liabilities

Pension liabilities 96 117 104

Deferred tax 5 68 44 73

Non current interest-bearing debt 4/9 1 792 1 691 1 860

Other non current liabilities 239 244 248

Total non current liabilities 2 196 2 096 2 286

Current liabilities

Current income tax 16 27 12

Public duties payable 13 24 14

Current interest-bearing debt 138 252 147

Other current liabilities 4/9 444 396 445

Total current liabilities 611 699 619

Total equity and liabilities 4 934 4 588 4 982

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Balance sheet - financial report




Note 2013 2012 2012

Cash flow from operating activities

Profit before tax 74 92 474

Financial (income)/expenses (16) 33 111

Financial derivatives unrealised 4 (24) (34)

Depreciation/impairment 3 27 27 110

Loss/ (gain) on sale of fixed assets 3 (0) (1) (2)

Gain from sale of joint ventures and associates (134)

Change in net pension asset/liability 1 2 8

Change in inventory 4 (4) 3

Change in working capital (33) (31) (10)

Share of profit from joint ventures and associates (52) (63) (243)

Dividend received from joint ventures and associates 1 27 62

Tax paid (company income tax, withholding tax) (2) (5) (34)

Net cash provided by operating activities 8 52 310

Cash flow from investing activities

Proceeds from sale of fixed assets 3 3 0 16

Investments in fixed assets 3 (16) (106) (270)

Net proceeds from sale of joint ventures and associates 0 170

Investments in joint ventures and associates 2 0 (70)

Loan repayments received from joint ventures and associates 3 1 6

Loans granted to joint ventures and associates (0) (12)

Loan from joint ventures and associates 0 8

Repayments of loan from joint ventures and associates (3) (4)

Proceeds from sale of financial investments 36 33 73

Investments in financial investments (34) (22) (59)

Interest received 2 2 6

Changes in other investments 1 (2)

Net cash flow from investing activities (9) (92) (137)

Cash flow from financing activities

Proceeds from issue of debt 0 116 479

Repayment of debt (36) (109) (412)

Interest paid including interest derivatives (28) (26) (118)

Cash from financial derivatives (1) 4 9

Dividend to shareholders/purchase of own shares (2) (85)

Net cash flow from financing activities (67) (14) (126)

Net increase in cash and cash equivalents (68) (53) 47

Cash and cash equivalents, excluding restricted cash, at the beg.of the period 576 529 529

Cash and cash equivalents at the end of period 508 476 576

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Cash flow statement - financial report

The group is located and operating world wide, and every entity has several bank accounts in different currencies. Unrealised currency effects are included in net cash

provided by operating activities.



Statement of changes in equity - Year to date

USD mill Share capital Reserves

Retained

earnings Total

Minority

interests Total equity

Balance at 01.01.2013 122 36 1 491 1 649 427 2 077

Profit for the period 54 54 16 70

Comprehensive income (17) (17) 0 (17)

Paid dividends to shareholders (0) (0) (2) (2)

Balance 31.03.2013 122 19 1 545 1 686 441 2 127

Balance at 31.12.2011 122 (25) 1 240 1 337 335 1 673

Pension adjustment revised IAS 19 (13) (13) (2) (16)

Balance 01.01.2012 122 (25) 1 227 1 324 333 1 657


Comprehensive income 41 41 (0) 41

Balance 31.03.2012 122 16 1 295 1 433 358 1 792

Statement of changes in equity - Full year 2012

USD mill Share capital Reserves

Retained

earnings Total

Minority

interests Total equity

Balance at 31.12.2011 122 (25) 1 240 1 337 335 1 673

Pension adjustment revised IAS 19 (13) (13) (2) (16)

Balance 01.01.2012 122 (25) 1 227 1 324 333 1 657


Comprehensive income 61 61 (2) 59

Paid dividends to shareholders (64) (64) (20) (84)

Balance 31.12.2012 122 36 1 491 1 649 427 2 077

The above consolidated statement of statement of changes in equity should be read in conjunction with the accompanying notes.

Statement of changes in equity - financial report



Note 1 - Accounting principles

Full year

USD mill 2012

Share of profit from joint ventures and associates 0,1

Employee benefit expense (0,4)

Other comprehensive income net after tax 13,8

USD mill 01.01.2012 31.12.2012

Investment in joint ventures and associates (1,4) 0,1

Pension liabilities 21,9 3,3

Deferred tax liabilities (6,1) (0,9)

Equity attribute to parent sharesholders (13,3) 0,0

Equity attribute to minorities (2,4) (2,3)

As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column

Note 2 - Significant acquisitions and disposals

2013

2012

USD mill Acquisition

NorSea Group Invest AS

Equity investment 68

Shareholder loan 12

Total investment in NorSea Group Invest AS 80

Notes - financial report

Total transaction cost of USD 3 million has been accrued for in the second quarter.

This consolidated interim financial report has been prepared in accordance with International Accounting Standards (IAS 34), "interim financial reporting". The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year end 31 December 2012 for Wilh.Wilhelmsen Holding ASA group (WWI), which has been prepared in accordance with IFRS's endorsed by the EU. The accounting policies implemented are consistent with those of the annual

financial statements for WWI for the year end 31 December 2012. WWI implemented IAS19R as of 1. January 2013 and changed the classifcation of the interest component of employee benefits. The changes are made with retrospective apllication. The effect on income statement and comprehensive income for first quarter 2012 and 2013 are not material. The main changes to previously reported numbers are shown in statement of equity and table below.

First quarter There has not been any significant acquisitions or disposals during the first quarter of 2012. Second quarter There has not been any significant disposals during second quarter 2012. In the second quarter of 2012 the group has acquired 35.4% of the shares in NorSea Group Invest AS (NSGI), the leading supplier of base services and

integrated logistics systems to the Norwegian oil and gas industry. Through its fully and partly owned entities NSG operates ten strategically located supply bases along the coast of Norway, including NorSea (Stavanger), Stordbase (Stord), Coast Center Base (Bergen), Vestbase (Kristiansund), Helgelandsbase (Sandnessjøen), Nordbase (Harstad) and Polarbase (Hammerfest). As the major shareholder in NSGI, the group has significant influence, hence it follows that the investment will be accounted for as an associate.

Third quarter There has not been any significant acquisitions during third quarter of 2012. In the third quarter of 2012, WWASA sold 937 500 shares in Hyundai Glovis with net proceeds of approximately USD 170 million. The net gain recorded in the 2012 group’s accounts amounted to USD 134 million.

Fourth quarter There has not been any significant acquisitions or disposals during the fourth quarter of 2012.

First quarter There has not been any significant acquisitions or disposals during the first quarter of 2013.



Note 3 - Tangible and intangible assets

USD mill

Vessels /

Newbuilding

contracts

Other tangible

assets

Intangible

assets

Total tangible

and intangible

assets

2013

Cost price 1.1 2 508 338 398 3 244

Acquisition 8 7 2 16

Reclass/disposal (9) (2) (2) (13)

Currency translation differences (9) (13) (22)

Cost price 31.03 2 507 334 384 3 225

Accumulated depreciation and impairment losses 1.1 (641) (123) (79) (843)

Depreciation/amortisation (21) (4) (2) (27)

Reclass/disposal 9 1 1 12

Currency translation differences 4 3 7


Carrying amounts 31.03 1 855 212 307 2 374

2012

Cost price 1.1 2 298 318 357 2 973

Acquisition 221 25 25 270

Reclass/disposal (11) (18) (6) (34)

Currency translation differences 0 14 22 36

Cost price 31.12 2 508 338 398 3 244


Depreciation/amortisation (83) (17) (10) (110)

Reclass/disposal 10 12 1 23

Currency translation differences 0 (4) (5) (9)


Carrying amounts 31.12 1 867 215 319 2 401




Note 4 - Financial income/(expenses)


2013 2012 2012

Financial items

Investment management 4,6 10,2 17,7

Interest income 2,3 2,0 6,3

Other financial items (1,6) 3,7 1,9

Net financial items 5,2 15,9 25,8

Financial - interest expenses

Interest expenses (16,8) (18,5) (69,7)

Interest rate derivatives - realised (7,8) (9,1) (47,0)

Net financial - interest expenses (24,6) (27,6) (116,7)

Interest rate derivatives - unrealised 13,3 8,4 6,4

Financial currency

Net currency gain/(loss) 27,6 (25,1) (39,5)

Currency derivatives - realised (1,5) 3,2 5,7

Currency derivatives - unrealised (2,7) 6,6 10,6

Cross currency derivatives - realised 0,7 1,0 3,3

Cross currency derivatives - unrealised (14,7) 9,3 16,7

Net financial currency 9,4 (4,9) (3,1)

Financial income/(expenses) 3,3 (8,2) (87,5)

Note 5 - Tax


WWASA' subsidiary Wilhelmsen Lines Shipowning (WLS) has commenced legal proceedings before Oslo City Court on basis of the tax appeal board's decision to turn down the application for tonnage tax. Basis for the proceedings is that the transition rule valid for companies that exited the old tonnage tax regime (abolished in 2007) into ordinary taxation, is in breach with The Constitution article 97. Such claim is in line with the decision by the Norwegian Supreme Court in the ruling of February 2010 that the transition rule valid for companies that exited the old tonnage tax regime into the new tonnage tax system was in breach with the constitution. Alternatively WLS claim a compensation for the economic loss caused by the unconstitutional transition rule. WLS had to choose between two transition rules which both was claimed by the authorities to be constitutional. WLS choice to exit into ordinary taxation was hence based on wrong assumptions.

Until WWH group face the final outcome of the litigation process, this case will have no impact on the income statement or balance sheet for the group except for some minor legal cost. The effective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes.



Note 6 - Shares

A - shares 34 637 092

B - shares 11 866 732

Total shares 46 503 824

Note 7 - Available-for-sale financial assets

USD mill 31.03.2013 31.03.2012 31.12.2012

Available-for-sale financial assets

At 1 January 132 123 123

Sale of available-for-sale financial assets (17) (22)

Market to market adjustment on available-for-sale financial assets 2 27 34

Currency translation adjustment (2) (3)

Total available-for-sale financial assets 133 131 132

Qube Holdings Limited is a company listed on the Australian Securities Exchange (ASX)

Available-for-sale financial assets are denominated in Australian Dollar and Norwegian Krone.

Note 8 - Paid dividend


The share capital is as follow with a nominal value of NOK 20:

Earnings per share taking into consideration the number of outstanding shares in the period. The group acquired 100.000 own A shares during August 2011. Basic earnings per share is calculated by dividing profit for the period after minority interests, by average number of total shares. Diluted earnings per share is calculated by dividing profit for the period after

minority interests, by average number of shares reduced for own total shares. Diluted earnings per share is calculated by dividing profit for the period after minority interests, by average number of shares reduced for own total shares. Earnings per share is calculated based on 46 403 824 shares for 2013.

Dividend for fiscal year 2011 was NOK 8.00 per share, where 3.50 per share was paid in May 2012 and NOK 4.50 per share was paid in November 2012. The proposed dividend for fiscal year 2012 of NOK 3.50 per share was approved by the annual general meeting on 25 April 2013, and will be paid to the

shareholders in May 2013. The dividends have effect on retained earnings in the second quarter of 2013.



Note 9 - Interest-bearing debt

USD mill 31.03.2013 31.03.2012 31.12.2012

Non current interest-bearing debt 1 792 1 691 1 860


Total interest-bearing debt 1 930 1 944 2 008


Current financial investments 210 211 214

Net interest-bearing debt 1 212 1 256 1 217

Net interest-bearing debt in joint ventures (the group's share part of investments)

USD mill 31.03.2013 31.03.2012 31.12.2012

Non current interest-bearing debt 561 593 564


Total interest-bearing debt 705 681 667


Current financial investments

Net interest-bearing debt 450 516 440

Specification of interest-bearing debt

USD mill 31.03.2013 31.03.2012 31.12.2012

Interest-bearing debt

Mortgages 1 066 841 1 072

Leasing commitments 85 265 96

Bonds 335 424 352

Bank loan 444 405 473

Loans from joint ventures 0 8 14


Repayment schedule for interest-bearing debt

Due in year 1 128 234 147

Due in year 2 314 97 325

Due in year 3 110 184 112

Due in year 4 675 94 713

Due in year 5 and later 702 1 334 710



Loan agreements entered into by group companies contain financial covenants related to equity ratio, liquidity, current ratio and net interest-bearing debt / EBITDA measured in respect of the relevant borrowing company or group of companies.

The group was in compliance with these covenants at 31 March 2013 (analogous for 31 March 2012).



Note 10 - Financial level

USD mill Level 1 Level 2 Level 3 Total

Financial assets at fair value

Equities 47 47

Bonds 154 0 154

Financial derivatives 19 19

Available-for-sale financial assets 133 133

Total financial assets 31.03.2013 335 19 0 354

Financial liabilities at fair value

Financial derivatives (0) 157 157

Total financial liabilities 31.03.2013 (0) 157 0 157

Financial assets at fair value

Equities 48 48

Bonds 165 0 165

Financial derivatives 33 33

Available-for-sale financial assets 132 132

Total financial assets 31.12.2012 346 33 0 379

Financial liabilities at fair value

Financial derivatives (0) 169 169

Total financial liabilities 31.12.2012 (0) 169 0 169

USD mill 2013 2012

Changes in level 3 instruments

Opening balance 01.01 0 3

Disposals (2)

Gains and losses recognised through income statement (1)

Closing balance 0 0


Level 1 are quoted prices in active markets, level 2 are input other than quoted prices included within level 1 that are observable either directly or indirectly and

finally level 3 are assets or liabilities that are not based on observable market data.



Note 11 - Segment reporting: Income statement per operating segments

USD mill

QuarterQ1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Q1

2013

Q1

2012

Full

year

2012

Operating revenue 78 99 395 246 232 933 6 5 19 (7) (6) (23) 323 331 1 325

Share of profits from joint

ventures and associates 48 59 230 2 4 10 3 0 4 0 0 0 52 63 244

Gain on disposals of assets 0 0 134 1 1 4 0 0 0 0 0 0 1 1 138

Total income 125 159 759 249 237 947 9 5 23 (7) (6) (23) 375 395 1 706

Primary operating profit 80 118 591 18 13 93 (1) (4) (13) 0 0 (0) 98 127 672

Depreciation and

impairments (21) (20) (83) (6) (7) (26) (0) (0) (1) 0 0 0 (27) (27) (110)

Operating profit 1

60 98 508 12 6 68 (1) (4) (14) 0 0 (0) 71 101 562

Financial

income/(expenses) (4) (12) (82) 2 (5) (15) 5 9 10 0 0 0 3 (8) (87)

Profit/(loss) before tax 56 87 426 14 1 52 4 5 (4) 0 0 (0) 74 92 474

Tax income/(expense) (1) 1 (17) (4) (0) (17) 1 0 4 0 0 0 (4) 1 (29)

Profit/(loss) 54 88 409 10 1 36 5 5 (0) 0 0 (0) 70 94 445

Minority interests 15 24 112 1 1 4 0 0 0 0 0 0 16 25 116

Profit/(loss) to the owners

of parent 39 64 298 10 (1) 31 5 5 (0) 0 0 (0) 54 69 329

2 Holding and Investments includes Wilh.Wilhelmsen Holding ASA, Wilh.Wilhelmsen Holding Invest group and minor activities which fail to meet the definition for other

segments.

1 Cash settled portion of bunker hedge swaps is included in net operating profit by reduction/(increase) of voyage related expenses


TotalEliminationsWWASA group WMS group Holding & Investments 2



Cont note 11 - Segment reporting: Balance sheet per operating segments

USD mill

Year to date

31.03

2013

31.12

2012

31.03

2013

31.12

2012

31.03

2013

31.12

2012

31.03

2013

31.12

2012

31.03

2013

31.12

2012

Assets

Deferred tax asset 0 0 17 15 6 6 0 0 24 21

Intangible assets 6 6 301 313 0 0 0 0 307 319

Tangible assets 1 855 1 868 207 210 4 4 0 0 2 066 2 083

Investments in joint ventures and associates 998 976 21 20 76 77 0 0 1 095 1 074

Other non current assets 30 49 10 12 143 141 0 0 182 202

Current financial investments 122 130 0 0 88 84 0 0 210 214

Other current assets 62 37 520 498 5 3 (45) (46) 542 491

Cash and cash equivalents 320 344 167 196 22 37 0 0 508 576

Total assets 3 393 3 411 1 242 1 264 344 352 (45) (46) 4 934 4 981

Equity and liabilities

Equity 1 596 1 544 378 384 153 149 0 0 2 127 2 077

Deferred tax 64 66 4 6 0 0 0 0 68 71

Interest-bearing debt 1 486 1 534 311 335 133 139 0 0 1 930 2 008

Other non current liabilities 210 222 117 119 9 12 0 0 336 354

Other current liabilities 37 45 432 421 49 52 (45) (46) 473 471

Total equity and liabilities 3 393 3 411 1 242 1 264 344 352 (45) (46) 4 934 4 981


Holding & Investments EliminationsWMS groupWWASA group Total


Notes - financial reportJoint ventures based on equity method

Cont note 11 - Segment reporting: Cash flow per segment

USD mill

Year to date 2013 2012 2013 2012 2013 2012

Profit before tax 56 87 14 1 4 5

Net financial (income)/expenses 5 13 4 6 (6) (6)

Depreciation/impairment 21 20 6 7 0 0

Change in working capital (8) (10) (28) 21 (8) (2)

Share of profit from joint ventures and associates (48) (59) (2) (4) (3) -

Dividend received from joint ventures and associates 1 3

Net cash provided by operating activities 25 50 (5) 34 (12) (3)

Net sale/(investments) in fixed assets (8) (99) (6) (5) - -

Net sale/(investments) in joint ventures and associates - 1 - 0 - 8

Net investments in financial investments 4 (4) - 0 (1) 16

Net changes in other investments 0 (1) 1 (2) - -

Net cash flow from investing activities (4) (103) (5) (7) (1) 24

Net change of debt (22) 15 (12) (38) - -

Net change in other financial items (24) (18) (7) (6) (1) (1)

Net cash flow from financing activities (46) (3) (19) (45) (1) (1)

Net increase in cash and cash equivalents (25) (57) (29) (18) (15) 20

Cash and cash equivalents, excluding restricted cash, at the beg.of the

period 344 292 196 212 37 26

Cash and cash equivalents at the end of period 320 236 167 194 23 46

WWASA group WMS group Holding & Investments



Note 12 - Related party transactions

Note 13 - Events occurring after the balance sheet date


WWH delivers services to the WWASA group. These include primarily human resources, tax, communication, treasury and legal services (“Shared Services”) and in-house services such as canteen, post, switchboard and rent of office facilities. In addition, according to service level agreements, WWASA delivers accounting services to WWH. Generally, Shared Services are priced using a cost plus 5% margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines

and are delivered according to agreements that are renewed annually. In addition, WWASA group and WMS group have several transactions with associates. The contracts governing such transactions are based on commercial market terms and mainly relate to the chartering of vessels on short and long term charters.

No material events occurred between the balance sheet date and the date when the accounts were presented providing new information

about conditions prevailing on the balance sheet date.


Wilh. Wilhelmsen Holding ASA PO Box 33 NO-1324 Lysaker, NORWAY Tel: +47 67 58 40 00 Email: [email protected] http://www.wilhelmsen.com/ Follow us on Twitter | Facebook | LinkedIn Org no 995 227 905


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Documents

2013 WILH. WILHELMSEN HOLDING ASAdelivered in 2013-2014, equalling 16% of the world car carrier orderbook measured in CEUs. None of the vessels are for WWASA’s own account. Events