Good morning. Welcome to the second quarter result for the Wilhelmsen Group. Pleased that you are listening in. It is a quarter which is highly affected by the COVID situation. It is a quarter with, I would say, a pretty good result under the circumstances, but probably far from good going into the future or from a long-term sustainability perspective. I think we need to take into account that this is a global operation with operations in more than 70 different countries, and we have been able to keep the wheels turning and the operation going under very trying circumstances. Overall, from an operating perspective, the revenue has been pretty stable. We have had a net profit of USD 57 million, very much driven by valuation or increase in valuation of financial assets. We have had a loss from associated companies.
We are, as we have been for a long time, driving towards shaping the maritime industry and towards sustainable trade, and I will come back a little bit towards the end with regards to this matter. Looking at Wilhelmsen Maritime Services. There has been, due to the COVID situation, call it a disruption in overall shipping activities. It has been pretty trying in many ways. As I said initially, operation has been ticking along. Pockets of the shipping industry has been hit harder than others, for example, the cruise industry being a very important customer to our portfolio. We have had reduced sales in marine products and in ships agencies. We have had, as a result of some of the COVID situation, very trying times when it comes to crew change.
Crew change is important for ship agencies, but it is also, of course, a very vital part of keeping vessels under management for ship management. We are working constantly on adjusting our capacity costs and, of course, that is happening now as well. I must say, I am extremely pleased with the way the organization have been able to handle the situation that we have been through during this last quarter. We have also had an interesting development in ship management. I will come back towards that a little bit later. We have done an acquisition which we believe is very interesting going into the future and strengthening the position of ship management long term. Moving into supply services, probably the area of most surprise. There has been pressure, at least initially, on oil prices and especially towards the service sector within oil and gas.
When we look at the revenues for last quarter, we are actually up when it comes to the revenues and activity in NorSea Group. The stimulus packages no doubt have had a positive effect on this industry, which I think is extremely pleasing to see. All bases have been operational during the period, which I would also say is a pretty good effort all in all. We strongly believe in the infrastructure that we have within this segment, not just for the oil and gas industry, but also how we can leverage this going forward into new areas, new segments, be it seabed mining, everything which has, I think when you look at the ocean space and how we can utilize land infrastructure towards ocean space. A good business all in all. Holding an investment.
Wallenius Wilhelmsen, they presented their results yesterday, beating consensus from the analysts, still it is a very trying market. They are working hard again on their capacity costs, especially when it comes to tonnage, taking out a significant part of their capacity, either through redelivery, cold layup, or even recycling. Looking at financial assets, there has been a significant, say revaluation during the quarter, very much reflected in our net results, driven by increases in value for Hyundai Glovis, Qube, but also our own financial portfolio. All in all, as I said, the quarter was not too bad from an operational perspective and also from a financial perspective. I mentioned that we've done a acquisition within ship management. It's an acquisition in Germany through the MPC Group and Ahrenkiel, where we have bought 50% of Ahrenkiel Steamship.
We've tried for a long period of time to enter the German market, but also the container segment, which has been proven to be quite difficult. We believe this is a unique stepping stone with a very reputable partner, but also with a significant platform. It's 72 ships under management as of today. Smaller container vessels, typically 1,000 to 3,000 TEUs, with a very wide customer group. This is a exciting venture for us within ship management. We believe this is a interesting platform to grow further, not just within the German market and the container segment, but it adds a lot of competence within an important segment for us. We're not expecting significant contribution in the short term because we need an integration period. We need to see how we can utilize the best of both companies.
I'm certain that this will prove to be a good acquisition for us. Just quickly towards the end, we are, as I said initially, working towards or shaping the maritime industry towards sustainable global trade. There's a lot of interesting opportunities and things happening out there. We are there. We are engaged in a lot of different projects, whether it's within the wind segment, whether it's within hydrogen, whether it's within autonomy. We presented before some of these projects that we are embarking on. Typically, Massterly. Massterly has just won a contract proving to be then the first autonomy solution here within Norway. This is moving along. It's not going to change the world in the short term, but we believe it definitely will change the world going into the future, and we will be there to take part in that journey. Not too much about numbers.
I'll leave that to you, Christian. I'll leave the floor to you. Thank you very much for listening in. Christian?
Thank you. Thank you very much, Thomas. As Thomas introduced, the second quarter stable on operating activities and a part recovery in the financial assets. What we see from the top line is that we have just short of 10% down for the group, coming down to $197 million second quarter, while EBITDA being basically on par with the same quarter last year. Underlying operations pretty stable, pretty good. Not, as Thomas said, at level which we should aim for going forward. We are positively surprised from our own operations that we are able to deliver in a very tough environment for the total business. We do have in second quarter a goodwill impairment of $11 million being negative.
We have a loss of USD 21 net million from associates basically, or more or less only coming from our ownership in Wallenius Wilhelmsen who did their presentations yesterday. You can dig more into the numbers of Wallenius Wilhelmsen there. Coming back to the financial value of Wallenius Wilhelmsen the second quarter, which have increased during the quarter, but underlying operations giving us a negative USD 21 million as associated company. Thomas introduced the USD 87 million in net financial values changes. Come back to the different splits of that, giving us net profit of USD 57 million for the quarter. Coming into marine services. Top line coming down as introduced. Being able to also then maintain the operational margin, give or take for the quarter as we have seen the same quarters earlier.
Again, positively impact or positively is not surprised, but at least it is a positive thing that we have been able to run our operations pretty stable through a very tough period. You could say that we have had good product development, being able to deliver on all the products. Non-marine products like the product there, the sanitizing products, it has been a good quarter for selling sanitizing products. We are saying that might be a temporary boost, as we have seen a sort of build up in inventory of course during the quarter. We still see demand for sanitizing products all over. Ship management income lifted a bit by more vessels on the full technical management. Give or take, it was stable during the quarter. EBITDA down 11% year-over-year again, on a positive delivery during a tough quarter.
What we have seen is that the quarter has given us challenges, but we have been able to respond both through cost adjustments. We have also seen that the positive development during the quarter of dollar specifically, but the currency overall towards Norwegian krone has been also positively helping us during the quarter on marine services. Supply services, we have seen a very high activity level. We have seen an increase during the quarter. All our activity levels in the Nor Sea structure specifically has been positively run during the quarter and is also good for us to see that it's a higher visibility during the next quarter to see that the activity level are on the higher note than you could expect going into the second quarter in March.
Of course, that is what we think is coming both from the support from the stimulus package given to the oil industry, but also from good underlying operations. Good operations from people working in specifically the North Sea structure, being able to adjust to the environment that they are in. Very happy to see that that has been a positive outcome also on the financial numbers. EBITDA $16 million, up 8% year-over-year, and a margin of 22% if you are excluding the sale of assets. $2 million share of profit from associates, that being basically then Coast Center Base, CCB, and Vikan Næringspark Invest. Coming to the financial asset values from the first quarter, as we have seen and can see from the graph, positive development. Underlying, we have a negative share profit from Wallenius Wilhelmsen of $24 million negative.
As I said, some positive from CCB and Vikan Næringspark. Underlying negative share price-wise, value-wise, we've seen an increase in and around 20% for Wallenius Wilhelmsen during the quarter. The biggest value impact comes from Hyundai Glovis shares moving positively $47 million for the quarter. For those of you who have seen the development after the quarter, we have seen still a positive development from end of second quarter and into third quarter. There has been a buyback in the quarter by Treasure. They have bought back 2.5 million shares. They've had this program, and they have had a good, positive response from the market when doing those transactions. We did participate in an entitlement offer in Cube during the period, an offer where we invested around $11 million.
The total value of our Treasure holding have increased with $44 million during the quarter, of which $23 is value increase of the underlying shares. As Thomas mentioned, the value of the portfolio that we are sitting on, financial assets had a gain during the period of $11 million. All being even positive or even beating the relevant indexes that we are measuring that portfolio towards. On the cash flow side, for the first half year, starting off with $153 million, ending basically at the same with $149, being for the period, which is a challenging period for basically all companies, kind of okay, but not the best one for the long term, but okay for a challenging period.
Seeing cash coming in from operations, mainly then Wilhelmsen Maritime Services, and being able to pay back debt in the period and also seeing us being able, of course, then to serve our debt and financial activities being then interest payments and derivatives collateral, which we have sort of seen a bit bounce back from into the third quarter. Okay, cash flow for the period. As I think Thomas said, going forward for a further sort of sustainable growth and underlying delivery from the company, we need to see a bit more sort of even more positive from this side going forward as well. As for the quarter, balance sheet basically increasing with just short of $100 million in both assets and equity, giving us the number which we more or less have seen for lots of quarter back being around 60% of equity.
Very solid balance sheet. Debt maturity profile, healthy being that we are not in any discussions with anyone to sort of see if we need to refinance or anything in challenging environment. We are happy with the profile that we do have. Of course, always working to find good opportunities, but still, as we do see it in the second quarter, a very healthy and okay maturity profile on the debt. Again, as I have stated earlier, very good discussions with both existing lenders and potentially new lenders, seeing if there are possibilities to do even more and more interesting financing structures going forward. As for the outlook, it is written on the screen. For the group as such, we have said that the spread of COVID-19 and the measures undertaken to contain it will continue to impact global economic activity.
The extent of its future impact on operating income and result and on asset prices remain uncertain. We, as the previous picture described, retain our robustness and capacity to meet this uncertainty. I could add, on my personal note, to see if there are opportunities in this environment. With that, I invite Thomas back again, to see if there are any questions on the screen. There are no questions. None?
None.
None.