Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q2 2015 Earnings Presentation
18 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, Aug 6, 2015
Slide 1: Wilh. Wilhelmsen Holding ASA Second Quarter 2015
Wilh. Wilhelmsen Holding ASA Second Quarter 2015 Nils P Dyvik – group CFO 1 6 August 2015
Slide 2: Disclaimer
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 represent
Slide 3: WWH group: Highlights for the quarter
WWH group Highlights for the quarter Stable total income WWH EBIT* USD mill 280 Positive underlying EBIT development • Reported EBIT down 16% q-o-q 140 • Adjusted EBIT up 7% q-o-q 120 100 • Seasonality (WWASA, NSG) 80 • USD (WMS) 60 40 20 Reduced net financial expenses 0 Q2’12 Q2’13 Q2’14 Q2’15 EBIT
Slide 4: WWH group: Key segment information
WWH group Key segment information Holding and USD mill WWASA group WMS group Total Investments Quarter Q2'15 Q1'15 Q2'15 Q1'15 Q2'15 Q1'15 Q2'15 Q1'15 Total income 596 609 254 257 10 6 854 866 Operating profit 73 98 28 27 2 (2) 103 123 Financial income/(expenses) 4 -46 -13 7 1 4 -8 -35 Tax income/(e
Slide 5: WWH group: Capital employed (net)
WWH group Capital employed (net) Return on capital employed **) ROCE WWH USD mill ROCE 5 000 25% 4 000 20% 3 000 15% 2 000 10% 1 000 5% 0 0% Q2 ’12 Q3 12* Q4 ’12 Q1 ’13 Q2 ’13 Q3 ’13 Q4 ’13 Q1 ’14 Q2 ’14 Q3 ’14 Q4 ’14* Q1 ’15* Q2’15 *Main “one-offs”: **Based on proportionate method • Q3’12: Sales ga
Slide 6: WW ASA group: Highlights for the quarter
WW ASA group Highlights for the quarter Stable contribution from shipping o Increased auto volumes – mainly seasonal o Unfavorable cargo and trade mix due to soft H&H volumes o Increase in net bunker cost o Increased scheduled and non-scheduled off hire Crew on deck, Historic award to MW Taiko crew
Slide 7: WMS group: Highlights for the quarter
WMS group Highlights for the quarter Flat total income o Reduced WSS income due to currency effect o Improved WTS income Strong EBIT level o Continued positive development across all business areas o Positive impact from currency (strong USD) Ongoing restructuring process of WTS o Process slower tha
Slide 8: WMS: Total income, EBIT margin and currency exposure
WMS WMS group –Total income and EBIT margin* Currency exposure – EBIT EBIT USD mill margin 300 12% Sale to operating fleet 250 10% o Income: o USD ~60% 200 8% o Expenses: 150 6% o USD ~25% 100 4% o Main other: EUR, NOK, SGD 50 2% Project related activities 0 0% Q2 Q4 Q2 Q4 Q2 Q4 Q2 o Mainly hedged o
Slide 9: WMS group: Ships service, ship management, technical solutions
WMS group Ships service Ship management Technical solutions Total income and daily income per vessel Total income and vessels served Total income and order reserve USD mill USD/day USD mill Vessels USD mill USD mill 200 60 16 600 100 500 150 45 12 450 80 400 60 300 100 30 8 300 40 200 50 15 4 150 20
Slide 10: Holding and Investments: Highlights for the quarter
Holding and Investments Highlights for the quarter Positive development in NorSea Group o Normal seasonality o Satisfactory supply base activity in Norway Helgelands base, Source NSG o Loss on Viking Fighter (spot market) o Expanding within offshore wind NorSea Group NOK mill Operating revenue and M
Slide 11: WWH group: Financial income/(expenses)
WWH group Financial income/(expenses) USD mill Q2'15 Q1'15 Net financial items 0 13 Investment management -2 1 13 Interest income 2 2 Other financial items 1 -2 Interest expenses -17 -18 Interest rate derivatives - realised -10 -8 2 Interest rate derivatives - unrealised 19 1 Net financial - currenc
Slide 12: WWH group: Equity ratio
WWH group Equity ratio *) USD mill Equity ratio 6 000 60% 55% 5 000 50% 4 000 45% 3 000 40% 35% 2 000 1 000 5% 0 0% Q2 ’12 Q3 12 Q4 ’12 Q1 ’13 Q2 ’13 Q3 ’13 Q4 ’13 Q1 ’14 Q2 ’14 Q3 ’14 Q4 ’14 Q1 ’15 Q2’15 Total assets Equity Equity ratio *Equity ratio: Equity in percent of total assets 12
Slide 13: WWH group: Liquidity development Q2'15
WWH group – Liquidity development Q2’15 (Equity method) 880 860 38 840 84 820 44 36 800 780 121 19 3 760 18 740 27 723 723 720 0 Liquidity EBITDA JV’s/ Dividend Net Capex Interest Tax Other Dividend to Liquidity Q1 2015 associates received financing shareholders Q2 2015 from JV’s/ ass. 13
Slide 14: WMS and H&I: Liquidity development Q2'15
WMS and H&I – Liquidity development Q2’15 (Equity method) WMS group Holding & Investments USD mill USD mill 250 250 9 33 198 27 200 200 2 39 18 158 156 39 150 150 20 117 2 0 0 Liquidity EBITDA Capex Other Dividend to Liquidity Liquidity EBITDA Dividend Dividend Other Dividend to Liquidity Q1 2015 sh
Slide 15: WWH group: Interest bearing debt
WWH group Interest bearing debt (Equity method) Split by business segment (USD mill) Maturity profile Holding & investments • WWH facilities maturing in 2017/18 35 • WMS facilities maturing in 2018/19 318 WMS group • WWHI facility maturing in 2017 • WWASA mixed maturity 1 082 1 339 WWASA group Matur
Slide 16: WWH ASA: Dividend per share
WWH ASA Dividend per share NOK/share 8.00 8 6 5.50 5.50 5.50 5.00 4 3.00 2 0 2010 2011 2012 2013 2014 2015 • Dividend of NOK 3.00 per share was paid 7 May 2015 • Board authorized to approve further dividend of up to maximum NOK 3.00 per share 16
Slide 17: WWH group prospects
WWH group prospects The board expects a stable activity level for the group, but with a seasonal slowdown in the second half of 2015. 17
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Wilh. Wilhelmsen Holding — Q2 2015 Earnings Presentation on 6ix