Good morning. Welcome to the fourth quarter presentation for the Wilh. Wilhelmsen Group. My name is Thomas Wilhelmsen, and I'm joined by CFO Christian Berg, who will go into the numbers in more detail afterwards. Just to start off with the highlights for the quarter, we had a relatively stable underlying EBITA for the group, ending at $31 million. We've had quite an increase in the share of profit from joint ventures and associates, mainly driven by Wallenius Wilhelmsen and ending at $63 million. When it comes to the valuation of Hyundai Glovis, it's been a relatively stable quarter, only with an increase of $3 million. We're ending up with a $67 million net profit to equity holders for the quarter.
We had the listing of Edda Wind on the Oslo Stock Exchange, which we are happy about, and Wilhelmsen has as a result retained 25.7% ownership in the company. We have just proposed, or the board has proposed, the first dividend of NOK 4 and a potential second dividend of up to NOK 3 per share. Moving into the various segments and starting off with the Maritime Services. It's also been a relatively stable quarter for us. We're up on total revenue or income by 15% with landing at $153 million. We've had an increase in marine products and ship agency, while Ship Management has underlyingly been quite stable.
We've had a significant increase in the quarter due to a new way of accounting for a contract that we have for an FSRU. That's bumping up the revenue with approximately $7 million for the quarter. The general shipping activities within the maritime industry has been quite strong, and that's contributing positively to the overall operation. We ended with a EBITA of $24 million, which is 34% up year-on-year. It's been quite a good recovery from an annual perspective. If we move into New Energy, majority of the numbers here or the contribution is coming from NorSea Group. It's again been a relatively stable quarter. We've had $79 million in revenue, which is 14% up year-on-year.
Landing at an EBITA of $11 million, which is down year-on-year, and the reduction is predominantly coming from restructuring costs and also costs associated with, say, ramp up activity. There's a lot of activity going on within this segment and also within NorSea Group, and that's adding certain costs to the group. We had $3 million in share profit from associates within the segment, which is more or less in line with the previous quarters. As I mentioned on the previous slide, Edda Wind IPO was completed within the quarter, and I think this is a very good and solid platform for that the company can use for further growth into the future. The last segment, Strategic Holdings and Investments, we've seen significant increase in the market value, especially for Wallenius Wilhelmsen in the quarter.
We had a strong contribution in share of profits from associates at $59 million. We are very pleased to see the rebound within Wallenius Wilhelmsen. It's been a relatively tough period, at least throughout, call it, the COVID era. But 2021 have seen a significant uptick, not just in the value of the shares, but also in the underlying performance of the company. As I mentioned initially, when it comes to, say, changes in fair value of financial assets, there's been relatively little movement within Hyundai Glovis's share price throughout the quarter. Overall, when we include all other financial assets, it's only been a $1 million gain.
In Treasure ASA, there's been a significant share buyback of 6 million shares within fourth quarter, which we hope is appreciated by the company's shareholders. If I am to turn to the highlights of the year 2021, I would probably say first and foremost, we are happy that we've had a safe and timely operation during this challenging period. I've mentioned in previous quarterly presentations that there has been quite significant operational challenges in conducting a global services and logistics business as we have under the circumstances and all the rules and regulations and the changing environments, all the uncertainties that we have seen. I am very proud of our organization and how they've been able to deliver throughout this period. We announced early 2021 a new group structure.
A lot of the time and effort spent, especially from the global management team, has been with the focus on setting these new segments and getting well started with Maritime Services, New Energy, and Strategic Holdings and Investments. I believe that we are well on track in achieving the strategic ambitions that we have set forth. We did a further investment in Edda Wind during the year, which then subsequently led also to the IPO, as I've now mentioned several times. We are pleased with that investment. Overall, operating income and profit has been, say, moving in the positive territory. Again, Wallenius Wilhelmsen has had a very strong rebound, and the market sentiment for this company looks relatively good going forward.
We've paid a dividend of NOK 8 per share throughout the year, which is, say, higher than normal, but we did a little bit of catch up from the year of 2020. The share price has also for Wilh. Wilhelmsen Holding has had an okay development and overall we believe it's been relatively solid shareholder returns for the year of 2021. Looking a little bit on the future and the outlook, starting with Maritime Services. There is relatively high level within most shipping segments at the moment, and we believe that will continue. There are, of course, pockets which are more challenging than others, one of them being still the cruise industry. So there are still some uncertainties.
Looking at New Energy, there is significant seasonality within this segment, and we will probably see that this year as well, especially when it comes to NorSea Group. Underlyingly it looks okay, and we do see strong fundamentals for the businesses in or the underlying business in Edda Wind. For Strategic Holdings and Investments, again, Wallenius Wilhelmsen fundamentals are looking relatively strong. The company has announced that they will resume dividend in 2022, and we as a shareholder are very pleased with that development and also the general strengthening of Wallenius Wilhelmsen as a company. We do see or do believe that there might be volatile equity markets.
It's a difficult geopolitical environment that we are facing these days, so that might impact us in some way or form. Overall, from a group perspective, we do believe we have a strong position in most of our main activities and hope to see a positive development during the period ahead. We do have what we believe is a forward-leaning ambition in developing these companies to the fruition and to the best of, say, what we can gain out of the various positions that we do have. On those notes, I would like to hand you over to Christian Berg, CFO, who will take you through the numbers in a little bit more detail. So Christian.
Thank you, Thomas. As Thomas introduced earlier, for the fourth quarter, EBITDA stable, and profit from joint ventures and associates, up. EBITDA for the period of fourth quarter being $31 million, of which 24 comes from Maritime Services, and 11 from New Energy segment. 63 million from JVs and Associates, of which 59 million comes from Wallenius Wilhelmsen and New Energy contributing to 3 million US dollars. Giving us a period earnings per share of $1.46. For the full year, the headline is basically the same, stable EBITDA and increased profit from JVs and Associates.
Maritime Services, basically, the same number as 2020, $89 million of EBITDA out of the $141 million EBITDA. New Energy a bit up, delivering $60 million, 10% up from 2020, and Strategic Holdings and Investments, give or take flat, giving a loss of $8 million versus $6 million in 2020. The share of profits from JV and Associates, giving us for the year, full year, $101 million, of which Wallenius Wilhelmsen contributes with $85 million, and that's compared to a loss in 2020 of minus $63 million. As Thomas said earlier, coming back from negative territory.
New Energy for the period $10 million, of which NorSea Group contributes with $11 million and Maritime Services giving us $5 million mainly from the ship service side. In the fair value lines, of course, Hyundai Glovis is the big stake. For the full year, giving us a total loss of $107 million. Of that, Hyundai Glovis giving us $115 million versus a gain in 2020 of $202 million. Full year USD 1.63 in earnings per share.
On the cash flow side, steady total overall, but very good and very sort of contributing from all areas, specifically than Maritime Services and New Energy. $77 million from Maritime Services and $64 million from New Energy. In investing activities, we have invested basically the whole number of 53 is in the New Energy area. It's 46 of the 53, and that's the Edda Wind investment. On the net cash from on the through the year, we had a good dividend payout of $42 million. As you might remember, we did have an extraordinary payout giving back something that we held back in the 2020.
Giving and then a payout per share for the year of NOK 8. We do have a net debt repayment of $31 million, of which $30 million is a lease payment of a new lease that we have done on our premises at Lysaker. Then giving us a sort of give or take the same number I started, but a little bit lower of $231 million by end of year. On the balance sheet side of the group, year-end solid as we have seen through the years before, 65% equity ratio.
Through 2022 and probably also into 2023, as you can see from the right-hand side graph, we will have some refinancing to be done. We are very sort of in very good discussions with the bank and all banks and all the lenders on how this will be done. We do see very promising refinancing discussion going on through the year and probably also into 2023 for New Energy, specifically then NorSea. As Thomas said earlier, the board has proposed to the general assembly a NOK 4 kroner per share as a first dividend, and potentially a second dividend of NOK 3 kroner per share.
This is to be approved by the general assembly at the 27th of April. The expected payment will be in May. As we can see on the right-hand side that this is a bit above where we have been historically, a bit below where we were in 2021. Please remember that in 2021 we also did a payback of what happened in 2020 when we due to COVID took down dividend somewhat to make sure that we had the capacity available if we needed to have it later through the COVID situation.
Thomas, with those words, this concludes the sort of more deep dive into the numbers. I guess we will then open up for Q&As.
Thank you.
Hello. We have received a couple of questions. This is August Jødsell, Investor Relations. The first one is from Jørgen Lien, and that is related to the Reach Subsea transaction. It says, "Could you comment on the Reach Subsea transaction on what potential you see here?" I presume that one is for Thomas to answer.
Good morning, thanks for the questions. What we see in Reach and the combination with the New Energy is the journey that Reach has communicated that they are setting out with these unmanned vessels, which we think is very complementary to our strategy, but also the competence that we have within the Wilhelmsen Group, but also utilizing the likes of Massterly and also the technical competence that we have. We see that this could be a game changer within the industry, cutting both emissions significantly but also operating costs. It's a bit of a bet on the game-changing solution for this industry.
Okay, we have another question from Jørgen Thuen in DNB Markets, and that relates to the ramp-up cost in New Energy. Considering increasing activity, will such cost be recurring in the coming quarters and impacting margins? I leave to Thomas or Christian who would like to answer that one.
Yeah. It's another good question. I would say roughly speaking, two-thirds are non-recurring and one-third is what we can expect to be recurring costs for a period of time as a result of say, increased activities.
Okay. Then we have a third question, and it's in Norwegian, and it's a little technical, so I'll probably answer it directly myself. I'll take it in Norwegian first. It's or in English, why is not the valuation of Wallenius Wilhelmsen, the share increase, included in the accounts? And this is because Wallenius Wilhelmsen is accounted for as an associate. And that means that we include the share of net profit. It's not available for sale assets such as Hyundai Glovis, which is included with the full value. It's an accounting method thing. And that is the last question. Hand back to Thomas, Christian, if you want to wrap up.
Yeah. If there's no live questions, then I think as we said, it's been an interesting year in many ways with a call it a rough start in terms of COVID and operational challenges. We've been focusing a lot on the new segmentation. We believe we have good traction there. Of course then call it post yesterday the small transaction that we've done in Reach, which we believe is an exciting company with say some exciting prospects which are complementary to some of the say visions for the future that we have as a company. We hope that we can be a constructive shareholder in ensuring that they reach their ambitions. All in all, it's
The overall environment is okay and we're looking forward to an interesting 2022.
Before you leave, there is one more follow-up question coming, related to the NorSea. Can you quantify the extraordinary cost in NorSea and break down the ramp-up cost and the restructuring elements? As a final one, Thomas, before you cut off.
It's a bit sort of very detailed, so I'd sort of rather follow up on a bilateral if you have the question sort of.
Yeah, I have the question. I have the name. It's one of our-
Yeah
Lead investors.
I'll follow up on bilateral so we can follow up on a sort of a direct dialogue on trying to sort of help on that question.
Okay. That leaves the call. Thanks all for participating.