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Wilh. Wilhelmsen ASA Fourth quarter 2015 Wilh. Wilhelmsen ASA /// - PowerPoint PPT Presentation

> Wilh. Wilhelmsen ASA Fourth quarter 2015 Wilh. Wilhelmsen ASA /// February 2016 Jan Eyvin Wang, President and CEO > Disclaimer This presentation contains forward-looking expectations which are subject to risk and uncertainties


  1. > Wilh. Wilhelmsen ASA Fourth quarter 2015 Wilh. Wilhelmsen ASA /// February 2016 Jan Eyvin Wang, President and CEO

  2. > Disclaimer This presentation contains forward-looking expectations which are subject to risk and uncertainties related to economic and market conditions in relevant markets, oil prices, currency exchange fluctuations etc. Wilh. Wilhelmsen ASA group undertake no liability and make no representation or warranty for the information and expectations given in the presentation. 2

  3. > Agenda • Restructuring of WWASA – NAL shares demerged and listed in new entity • WWL expands land-based activities • Market development 3

  4. > WWASA restructuring Visualising shareholder values – list new entity to be named Treasure ASA Market WWH ASA 27.3% 72.7% WW ASA Treasure ASA 100% 100% Wilhelmsen Lines NAL 12.04% 50% WWL Hyundai Glovis 40% EUKOR 50% ARC 4

  5. > WWASA restructuring Demerger Existing bond- and shareholders Rationale • Make values more visible for • Shareholders in WWASA receive shareholders equal number of shares in Treasure ASA • Transparency and simpler structure • Treasure ASA jointly and severally responsible for obligations incurred • Focus on core activities by WWASA parent prior to the • More correct capitalised demerger • Vessel loans not affected, as debtor is 100% owned subsidiary of WWASA 5

  6. > WWASA restructuring Preliminary timeline • February Incorporation of Treasure ASA • March/April IM and summons for an EGM available will be available minimum three weeks before the EGM • April Extraordinary general meeting (EGM) • April / May Prospectus for listing • End May / Early June Listing of Treasure ASA 6

  7. > WWL expands land-based network • Acquires full ownership of: – Vehicle Services Americas (VSA) – South African JV • Sells: – Vehicle Services Europe (VSE) • Total value of transactions exceed USD 200 million (100% basis) • Expected contribution to EBIT USD 10 million (WWASA share) 7

  8. > Extensive network in North America 2005 Annacis Elizabeth Lafayette Oxnard Los Angeles Newport News Smyrna Canton Brunswick Jacksonville 8

  9. > Extensive network in North America Vehicle Services Americas 2015 2005 • Processing and inland distribution for finished vehicles Richmond Annacis Annacis • Exclusive North American logistics management provider for Nissan/Infiniti Greensburg East Liberty Elizabeth Elizabeth Lafayette Lafayette Oxnard Oxnard Baltimore Chattanooga • 25 facilities* Los Angeles Los Angeles Newport News Newport News Smyrna Smyrna Savannah Canton Canton • 11 port sites Brunswick Brunswick Jacksonville Jacksonville • 10 plant sites Queretaro Galveston • 2 railroad sites Monterrey Toluca Aguascalientes • 2 inland VPCs** San Louis Potosi Mexico City Veracruz Civac • 4.7 million units handled and managed annually • 3,400 employees * As end of 2015 ** Vehicle Processing Centre 9

  10. > WWL Vehicle Services Americas Large volumes and diversified customer mix WWL volumes handled [million units] Diversified customer mix 5 4.7 4 3 2 1.7 1 0 2005 2015 USA Canada Mexico 10

  11. > WWL Logistics network in South Africa CAT-WWL • Leading provider of specialised outbound vehicle logistics services in South Africa • Established 2004 • Finished vehicle services, storage management and technical solutions • Some 680 000 units handled annually • 13 facilities • 950 employees As end of 2015 11

  12. > Weak volume development in a seasonal strong quarter Up 1% q-o-q but down 7% y-o-y Million Cbm 22 -7% +1% 20 18 16 14 12 10 8 6 4 2 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 12 Prorated ocean volumes – WW group (100%)

  13. > Big drop in high and heavy volumes High and heavy Auto • Decline in all main trades • Strong demand in the US lifted Asia to North America and Atlantic trade • Weak development in break bulk market due to low commodity prices • Europe to Asia up on year end sales in Asia Index Unprorated ocean volumes – WWL and EUKOR (100%) 13

  14. > The year ahead - 2016 Market drivers - No major lift in ocean volumes - High and heavy will remain soft - Continued pressure on ocean profitability - Land based remains attractive Our response - Continue cost reduction initiatives - Balancing vessel capacity 14

  15. > Prospect The board expects the market situation to remain challenging with continued pressure on profitability. 15

  16. > Wilh. Wilhelmsen ASA Fourth quarter 2015 Wilh.Wilhelmsen ASA February 2016 Benedicte B. Agerup, CFO

  17. > WWASA Group – Key financials Shipping volumes stable. Weak earnings from the logistics segments • Total income reported - 2% q-o-q, - 13% y-o-y • EBIT adjusted - 6% q-o-q, -7% y-o-y • Improved contribution from the shipping segment. • Marginal contribution from Hyundai Glovis. 2014 2015 Total income Total EBIT USD mill USD mill n/a 98 682 700 100 650 637 76 624 73 609 66 66 596 57 54 558 600 545 -2% 50 500 0 400 300 -50 200 -100 100 0 -150 -134 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 17

  18. > WWASA Group – Profit and Loss 2015 Proportionate method ������� ������� ���� ���� ������� ��������� ���������������� ����������������� ����������������� ������������� ������������� ����������������� ���������������������� ������������������ �������������� ��������������� ������������������ ����������������������������������������� ������������������ ����������������� �������������� �������������� ����������������� ������������ ����������������� ����������������� ������������� ������������� ����������������� ������ ����������������� ����������������� ������������� ������������� ����������������� ��������������������������� �������������!��" �������������!��" ��������!���" ��������!���" �������������!��" ���� ����������������� ����������������� ������������� ������������� ����������������� #���������������$!�%�����" �������������!��" �������������!&�" ��������!��'" ��������!���" �������������!&�" !�"��#���$$��%�"�!����& ����������������� ����������������� �������������� ������������� ������������������ ������������������ ��������������� ��������������� ������������������ ��� ����������������� ����������������� ��������������� ������������� ����������������� '���(!�"�� ��!���)$�(�!�$*�!������� �������������+��� �����������,�+��� ���������+��� ���������+��� �������������+��� �"��������������(��������� • Q3 2015 includes a provision of USD 200 million related to anti-trust investigations • Adjusted EBIT USD 64 million in Q4 2015 compared with USD 68 million in Q3 2015. 18

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