Earnings Release • Nov 1, 2023
Earnings Release
Open in ViewerOpens in native device viewer
November 2023
*) The investment in Hyundai Glovis has been reclassified from fair value financial asset through income statement to associate and equity method in financial reporting. The accounts for previous periods have been restated accordingly. The impact on the consolidated balance sheet as of September 30, 2023, is an increase in total equity and retained earnings of USD 8.6 million.
Second dividend of NOK 4.00 per share (post quarter)
Regrettably during the third quarter, there was one seafarer work-related fatality.
USD 2 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.
USD 1 million gain on change in fair value financial assets
• USD 26 million financial income from group companies.
*) The investment in Hyundai Glovis has been reclassified from fair value financial asset through income statement to associate and equity method in financial reporting. The accounts for previous periods have been restated accordingly. The impact on the consolidated balance sheet as of September 30, 2023, is an increase in total equity and retained earnings of USD 8.6 million.
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
November 2023
| Q-on-Q | Y-o-Y | ||||
|---|---|---|---|---|---|
| USD million | Q3'23 | Q2'23 | Change | Q3'22 | Change |
| Total income | 253 | 259 | -2% | 234 | 8% |
| - of which operating revenue | 254 | 261 | -2% | 236 | 8% |
| - of which gain/(loss) on sale of assets | (1) | (2) | (2) | ||
| EBITDA | 36 | 39 | -8% | 36 | 1% |
| Operating profit/EBIT | 21 | 25 | -16% | 22 | -7% |
| Share of profit from associates | 138 | 141 | -2% | 105 | 31% |
| Change in fair value financial assets | 4 | 1 | (3) | ||
| Other financial income/(expenses) | (11) | (3) | (29) | ||
| Profit before tax/EBT | 153 | 164 | -7% | 96 | 60% |
| Tax income/(expenses) | (5) | (6) | 0 | ||
| Profit for the period | 148 | 158 | -7% | 96 | 55% |
| Profit to equity holders of the company | 143 | 152 | -6% | 93 | 54% |
| EPS (USD) | 3.24 | 3.45 | -6% | 2.09 | 55% |
| Other comprehensive income | (18) | (22) | (108) | ||
| Total comprehensive income | 130 | 136 | -5% | (12) | |
| Total comp. inc. equity holders of the comp. | 128 | 132 | -3% | (5) |
Cash flow – YTD Q3'23 (USD million)
Dividend from JVs and associates
New Energy (ex.lease)
First dividend of NOK 6.00 per share paid 16 May
Cash to shareholders 2)
Supplementary slides – Third quarter 2023
Ships Service Port Services Ship Management
NorSea Edda Wind ASA
WalleniusWilhelmsen 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 115 million. This was up 15% from the corresponding period last year and down 3% from 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 despite some fallback in the third quarter. 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 37 million. This was up 10% from the corresponding period last year and down 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. Higher number of appointments (port calls) also had a positive impact, while income per appointment was down.
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 26% from the corresponding period last year and down 2% from the previous quarter. Year-over-year, income was lifted by a higher number of vessels under full technical management and an increase in crew management, while auxiliary services was down when compared with the previous quarter.
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.
Edda Wind (book value excluding shareholder loan; pre-listing)
Picture: Edda Wind.
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 Co., Ltd. (Hyundai Glovis) and is listed on Oslo Børs. Wilhelmsen owns 78.5% of Treasure ASA.
Treasure ASA
Hyundai Glovis.
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.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.