Investor Presentation • Aug 16, 2023
Investor Presentation
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USD 1 million share of profit from JVs and associates
Total income and adjusted EBITDA margin *)
Total income Adj EBITDA margin
*) Margin adjusted for main non-recurring items: No adjustments last 13 quarters
• USD 1 million share of profit NorSea JVs and associates.
Total income and adjusted EBITDA margin *)
• Wallenius Wilhelmsen ASA net profit at all-time high.
• USD 117 million in increased Hyundai Glovis value.
• USD 3 million net income from investment management.
• Increased ownership to 78.5%.
Wilhelmsen retains a strong balance sheet and a balanced portfolio of leading maritime operations and investments.
While uncertainty persists, specifically regarding inflationary pressure, supply chain issues, and geopolitical tension, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.
Financials
August 2023
| Q-on-Q | Y-o-Y | ||||
|---|---|---|---|---|---|
| USD million | Q2'23 | Q1'23 | Change | Q2'22 | Change |
| Total income | 259 | 261 | -1% | 238 | 9% |
| - of which operating revenue | 261 | 262 | 0% | 239 | 9% |
| - of which gain/(loss) on sale of assets | (2) | (1) | (1) | ||
| EBITDA | 39 | 39 | -1% | 39 | 0% |
| Operating profit/EBIT | 25 | 25 | -2% | 27 | -7% |
| Share of profit/(loss) from JVs and associates | 117 | 59 | 45 | ||
| Change in fair value financial assets | 117 | (35) | (92) | ||
| Other financial income/(expenses) | (3) | 17 | (24) | ||
| Profit before tax/EBT | 256 | 67 | 284% | (44) | |
| Tax income/(expenses) | (6) | (6) | 6 | ||
| Profit for the period | 251 | 61 | 311% | (38) | |
| Profit to equity holders of the company | 225 | 65 | 244% | (19) | |
| EPS (USD) | 5.09 | 1.46 | 247% | (0.42) | |
| Other comprehensive income | (16) | (27) | (89) | ||
| Total comprehensive income | 234 | 34 | 597% | (127) | |
| Total comp. inc. equity holders of the comp. | 209 | 39 | 441% | (96) |
Wilh. Wilhelmsen Holding ASA
Cash flow – YTD Q2'23 (USD million)
Dividend from JVs and associates
Offer to acquire all outstanding shares in Treasure ASA that are not already owned by Wilhelmsen
Dividend payments 1)
Dividend yield (right axis)
Second dividend of up to NOK 4.00 per share
Cash to shareholders 2)
1) Yield calculated based on previous year median closing price for WWI and WWIB share 2) 2023 potential 2nd dividend based on FX USD/NOK of 10,00
Supplementary slides – Second quarter 2023
Ships Service Port Services Ship Management
Edda Wind ASA
Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet. Wilhelmsen Ships Service is fully owned by Wilhelmsen.
• Total income for Ships Service was USD 119 million. This was up 20% from the corresponding period last year and on par with the previous quarter. Year-over year, income was lifted by a combination of higher volumes, price increases, and acquisitions. Volume was up for most product categories, including refrigerants, chemicals, and ropes. The price increases mainly reflected higher product and freight cost. Acquisition growth included Stromme, a specialised cargo hold cleaning company in the marine industry acquired in September 2022, and Navadan, a tank and cargo hold cleaning company acquired in January 2023.
Total income
Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen.
• Total income for Port Services was USD 38 million. This was up 9% from the corresponding period last year and up 2% from the previous quarter. The year-over-year increase was mainly due to the acquisition of Vopak Agencies, completed in December 2022. Vopak Agencies is a leading provider of hub services and port agency within the tanker segments in Europe. The increase in income from the previous quarter reflected higher number of appointments partly offset by a reduction in income per appointment.
Total income
Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types. Wilhelmsen Ship Management is fully owned by Wilhelmsen.
• Total income for Ship Management was USD 22 million, up 32% from the corresponding period last year and up 10% from the previous quarter. Income was lifted by a higher number of vessels under full technical management and an increase in both crew management and auxiliary services.
Total income
NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99% by Wilhelmsen. The remaining 1% is held by NorSea management.
Material non-operating gain/(loss)
Total income (excl. material non-operating gain)
Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 25.4% of the company, which is reported as associate in Wilhelmsen's accounts.
Picture: Edda Wind. Edda Wind ASA
Edda Wind (book value excluding shareholder loan; pre-listing)
Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as associate in Wilhelmsen's accounts.
Wallenius Wilhelmsen ASA
Photo: Wallenius Wilhelmsen.
Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 78.5% of Treasure ASA.
Declared dividend Treasure ASA
Financial investments include cash and cash equivalents, current financial investments and financial assets held by the parent and fully owned subsidiaries reported under the Strategic Holdings and Investments segment.
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