Wilh. Wilhelmsen Holding ASA Second Quarter 2014 Thomas Wilhelmsen - - PowerPoint PPT Presentation

▶
wilh wilhelmsen holding asa
SMART_READER_LITE
LIVE PREVIEW

Wilh. Wilhelmsen Holding ASA Second Quarter 2014 Thomas Wilhelmsen - - PowerPoint PPT Presentation

Jan 30, 2023 48 likes •292 views

Wilh. Wilhelmsen Holding ASA Second Quarter 2014 Thomas Wilhelmsen group CEO and Nils P Dyvik group CFO August 2011 7 th August 2014 Disclaimer This presentation may contain forward-looking expectations which are subject to risk and

slide-1
SLIDE 1

August 2011

  • Wilh. Wilhelmsen Holding ASA

Second Quarter 2014

7th August 2014

Thomas Wilhelmsen – group CEO and Nils P Dyvik – group CFO

slide-2
SLIDE 2

Disclaimer

This presentation may contain 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 Holding group undertake no liability and make no representation or warranty for the information and expectations given in the presentation.

slide-3
SLIDE 3

Agenda

1. Highlights for the quarter 2. Prospects 3. Financials – Nils P. Dyvik, group CFO

slide-4
SLIDE 4

WWH group

Highlights for the quarter

Mixed markets Total income increased

  • up 3% y-o-y, up 6% q-o-q

EBIT up q-o-q

  • restructuring cost and sales gain

Increased financial expenses

  • “non cash” items

EPS down

slide-5
SLIDE 5

WW ASA group

Highlights for the quarter

Improved shipping income / EBIT

  • Increased shipping volumes
  • Unfavourable trade and cargo mix
  • Restructuring cost

Mixed logistics

  • Improved results in WWL
  • Higher contribution from Hyundai Glovis
  • Reduced ASL activity following loss of

contract

Ongoing antitrust investigation

slide-6
SLIDE 6

WMS group

Highlights for the quarter

Continued growth in total income y-o-y

  • Stable development for ships service and

ship management

  • Continued growth in technical solutions

Slight reduction in EBIT margin

  • Less favourable product mix
  • USD 4 mill. sales gain (WMF)

Cautious market sentiment

  • Weaker shipping markets
  • Reduced newbuild ordering activity
slide-7
SLIDE 7

WMS group

Total income and EBIT margin

*Main “one-offs”:

  • Q2’11: Profit improvement plan
  • Q1’12: Recall of UBWTS
  • Q2’14: Sales gain

50 100 150 200 250 300 0% 2% 4% 6% 8% 10% 12% Q2 ’14* Q3 12 Q1 ’12* Q4 ’12 Q2 ’11* Q3 11 Q2 ’12 Q4 ’11 Q3 ’13 EBIT margin Q1 ’14 Q1 ’13 Q4 ’13 Q2 ’13 USD mill EBIT margin Total income

slide-8
SLIDE 8

WMS group

50 100 150 200 15 30 45 60 USD/day USD mill

Q2’12 Q2’11 Q2’14 Q2’13 Ships service

Total income and daily income per vessel Daily sales pr merchant vessel (right scale) Total income 4 8 12 16 100 200 300 400 USD mill Vessels

Q2’14 Q2’12 Q2’13 Q2’11

Total income Vessels served (right scale)

Ship management

Total income and vessels served 20 40 60 80 100 100 200 300 400 500

Q2’11

USD mill

Q2’12 Q2’13 Q2’14

USD mill Order reserve (right scale) Total income

Technical solutions

Total income and order reserve WWS global fleet penetration: 50,25% in Q2’14 (50,0% Q1’14)

slide-9
SLIDE 9

WMS group

Portfolio review

Wilhelmsen Technical Solutions

  • J/V discussions with FSN Capital terminated
  • Review of business portfolio and strategy

Wilhelmsen Marine Fuels

  • Sale to OW Bunker completed end June
  • USD 4 million sales gain

Rune Kongsten (WMF), Götz Lehsten (OW), Dag Schjerven (WMS)

slide-10
SLIDE 10

Holding and Investments

Highlights for the quarter

Strong contribution from NorSea Group

  • Seasonality
  • Danbor acquisition in April
  • WWH shareholding increased to 40%

Stable development in Qube

  • Moorebank (Sydney) terminal project entering

joint development phase

Investment portfolio

  • Further gains on Nordic equities

Vestbase AS supply base in Kristiansund, Norway Source: NorSea Group Moorebank “whole of precinct” proposal, Sydney, NSW Source: Qube

slide-11
SLIDE 11

NorSea Group

Operating revenue and operating margin *)

250 500 750 1 000 1 250 0% 4% 8% 12% 16% 20% 24% EBIT margin NOK mill Q2 ’14 Q1 ’14 Q4 ’13 Q3 ’13 Q2 ’13 Q1 ’13 Q3 12 Q4 ’12 Operating margin (weighted) Operating revenue NorSea Group Share of operating revenue joint ventures

*) Excluding share of profit from associates and gain on sale of assets Source: NorSea Group

slide-12
SLIDE 12

WWH group prospects

Adjusted for seasonality the board expects the group’s underlying performance in the third quarter to be in line with the second quarter.

slide-13
SLIDE 13

August 2011

  • Wilh. Wilhelmsen Holding ASA

Second quarter 2014 – Financials

Nils Petter Dyvik – group CFO

7th August 2014

slide-14
SLIDE 14

Total income (q-o-q)

  • 6% increase in total income
  • WW ASA increase 7%
  • WMS stable

EBIT (q-o-q)

  • 5% increase in reported EBIT
  • 29% increase adjusted for

WWASA restructuring and WMF sales gain

  • WWASA up; WMS down

EPS (q-o-q)

  • Down 23% to USD 0.65

WWH group

Key financial figures

903 1 075 972 946 934 913 941 896 965 914 Q4 +6% Q1 Q2 Q3 96 260 139 106 82 96 106 78 80 76 Q3 Q1 Q2 Q4 +5%

Total income (USD mill) EBIT (USD mill)

2014 2013 2012

slide-15
SLIDE 15

USD mill Quarter Q2'14 Q1'14 Q2'13 Q2'14 Q1'14 Q2'13 Q2'14 Q1'14 Q2'13 Q2'14 Q1'14 Q2'13 Total income 682 637 689 281 277 248 10 8 10 965 914 941 Operating profit 57 54 82 23 25 24

  • 2

1 80 76 106

Financial income/(expenses)

  • 31
  • 16

22

  • 13
  • 3
  • 4

4 3 2

  • 40
  • 16

19 Tax income/(expense)

  • 6
  • 12
  • 2
  • 6
  • 5

1 1

  • 3
  • 2
  • 11
  • 20

Profit/(loss) 26 32 92 7 16 14 6 2

  • 1

39 49 106

Minority interests 8 9 25 1 1 5 8 10 27

Profit/(loss) after minority interests 18 23 67 6 15 13 6 2

  • 1

30 39 79 Total equity 1 658 1 669 1 633 363 380 362 343 310 291 2 365 2 359 2 286

Minority 453 455 419 3 4

5 456 460 424

Equity after minority interests 1 205 1 214 1 214 360 376 357 343 310 291 1 909 1 899 1 862 WWASA group WMS group Holding and Investments Total

WWH group

Key segment information

Improved results in WWASA – adjusted operating profit USD 79M Lower results in WMS – adjusted operating profit USD 19M Improved Holding and Investments

slide-16
SLIDE 16

WWH group

Financial income/(expenses)

1. Positive contribution from investment management (equity/bonds) 2. Accounting loss on interest rate derivatives (reduced long term interest rates) 3. Negative net financial currency

USD mill Q2'14 Q1'14 Q2'13

Net financial items 5 9 4

Investment management 5 12 1 Interest income 2 3 2 Other financial items

  • 2
  • 5

1

Interest expenses

  • 24
  • 18
  • 19

Interest rate derivatives - realised

  • 9
  • 2
  • 8

Interest rate derivatives - unrealised

  • 6
  • 6

37 Net financial - currency

  • 6

1 7 Net financial derivatives bunkers

  • 1

Financial income/(expense)

  • 40
  • 16

19

1 2 3

slide-17
SLIDE 17

USD mill Assets Non current assets 3 795 74 % 3 740 74 % 3 728 75 % Current assets (excl liquid funds) 570 11 % 547 11 % 484 10 % Liquid funds 749 15 % 741 15 % 734 15 % Total assets 5 114 100 % 5 029 100 % 4 946 100 % Equity & liabilities Equity 2 364 46 % 2 359 47 % 2 286 46 % Interest-bearing debt 1 876 37 % 1 854 37 % 1 852 37 % Other non current liabilities 379 7 % 361 7 % 355 7 % Other current liabilities 495 10 % 455 9 % 454 9 % Total equity and liabilities 5 114 100 % 5 029 100 % 4 946 100 % Capital employed 4 240 4 213 4 137 30.06.2014 31.03.2014 31.12.2013

WWH group

Balance sheet (Equity method)

46% book equity ratio

SUPPLEMENTARY SLIDE

slide-18
SLIDE 18

USD mill Q2'14 Q1'14 Q2'13 Cash from operations 37 20 67 Dividend received from joint ventures and associates 35 32 Net cash provided by operating activities 71 20 99 Investments in fixed assets (39) (15) (32) Net financial investments 7 (9) (120) Sale of assets/ Other (5) 12 6 Net cash flow from investing activities (37) (12) (146) Net repayment of debt 38 (7) 17 Dividend to shareholders and minorities (35) (1) (72) Interest payment/other (25) (16) (20) Net cash flow from financing activities (21) (24) (75) Net increase in cash and cash equivalents 13 (16) (122)

WWH group

Cash flow (Equity method)

1. Cash flow reflecting regular second quarter dividend received and paid 2. Debt uptake mainly supporting WMS growth

1 1 2

slide-19
SLIDE 19

WWH group

Interest bearing debt (Equity method)

49 337 WWASA group Holding & investments 1 489 WMS group

Maturity profile

  • WWH debt maturing in 2017
  • WWHI debt maturing 2H 2014 – refinancing in progress
  • WMS debt refinanced – new maturity 2019
  • WWASA mixed maturity – new bonds maturing in 2019
  • In July: 3 ship loans extended from 2016 to 2023/’24

91

  • Fin. leases

Export financing 232 Bank debt 1 081 Bonds 472

Maturity profile

(USD mill.)

Split by source (USD mill) Split by business segment (USD mill) 184 2015 2016 2014 98 80 303 2017 2018 and later 1 210 WWASA WWH/WWHI/WMS

slide-20
SLIDE 20

WWH ASA

Dividend per share

  • Dividend of 3.00 NOK per share was paid in May 2014
  • Board authorized to approve further dividend of up to maximum NOK 2.50

per share (following changes to Norwegian Companies Act)

2 4 6 8 2010 2012 3.00 5.50 2013 5.50 2014 8.00 NOK/share 2.00 2011

slide-21
SLIDE 21

Follow us on wilhelmsen.com | Twitter | Facebook | LinkedIn

slide-22
SLIDE 22

Total income (q-o-q)

  • Improved shipping volumes
  • Volume growth in all trades
  • Logistics slightly better

EBIT (q-o-q)

  • 6% increase in reported EBIT
  • 46% increase in adjusted EBIT
  • USD 22 mill non recurring items related to

restructuring in WWL and reduction of Scandinavian seafares

WWASA group

Key financial figures

659 846 734 710 671 667 689 646 682 637 +7% Q3 Q1 Q2 Q4 81 246 117 104 66 78 82 67 57 54 +6% Q2 Q1 Q4 Q3 2014 2013 2012

Total income (USD mill) EBIT (USD mill)

SUPPLEMENTARY SLIDE

slide-23
SLIDE 23

EBIT (USD mill) Total income (USD mill)

WMS group

Key financial figures

243 228 239 237 264 243 248 249 281 277 Q1 Q4 Q3 Q2 +1% 18 17 26 6 20 20 24 12 23 25

  • 8%

Q4 Q3 Q1 Q2 2013 2012 2014

Total income (q-o-q)

  • Total income stable
  • WSS slightly down
  • WSM slightly up
  • WTS up 2%

EBIT (q-o-q)

  • Negative development
  • WSS down
  • WSM up
  • WTS up
  • Sales gain of USD 4M

SUPPLEMENTARY SLIDE

slide-24
SLIDE 24

Holding and Investments

Key financial figures

7 7 5 5 6 9 10 9 10 8 Q4 +26% Q3 Q2 Q1

  • 2

1

  • 5

5 7 8

  • 1

5 6 2 Q1 +196% Q3 Q2 Q4 2012 2013 2014

Total income (q-o-q)

  • Increased NorSea Group

contribution

Net profit (q-o-q)

  • Good contribution from financial

investments

Net profit after minority (USD mill) Total income (USD mill)

SUPPLEMENTARY SLIDE