Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q2 2019 Earnings Presentation
20 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, August 2019
Slide 1: Wilh. Wilhelmsen Holding ASA – Second quarter 2019
Wilh. Wilhelmsen Holding ASA Second quarter 2019 Thomas Wilhelmsen, group CEO August 2019
Slide 2: Highlights – Wilhelmsen group
Highlights – Wilhelmsen group Second quarter 2019 USD 89 million Positive net profit underlying Sales gain in development maritime for all main services activities Strong Write down of increase in Survitec Hyundai Glovis investment value
Slide 3: USD 89 million net profit in Q2'19
USD 89 million net profit in Q2’19 Positive development in EBITDA and a net gain from financial investments Maritime Supply Holding/ Elim./ Total income up 5% from previous quarter services services Investm. discont. Group USD mill - unless otherwise indicated Q2'19 Q2'19 Q2'19 Q2'19 Q2'19 Total inc
Slide 4: Improved operating performance for maritime services
Improved operating performance for maritime services USD 29 million EBITDA including sales gain in Q2’19 Maritime services - total income and adjusted EBITDA margin *) Total income EBITDA USD mill margin (adj.) Stable total income 250 25% • Mixed revenue development for ships service’s activities -1
Slide 5: Survitec investment under review
Survitec investment under review USD 27 million reduction in fair value in Q2’19 2015 • Review of maritime services portfolio strategy June 2016 • Agreement to merge safety activities and assets with Survitec Group November 2016 • Transaction completed • Net cash proceeds and 20% ownership • USD 71
Slide 6: Seasonal upswing for supply services
Seasonal upswing for supply services USD 14 million EBITDA in Q2’19 Supply services - total income and adjusted EBITDA margin *) Total income EBITDA USD mill Margin (adj.) Income up 10% q-o-q 100 50% • Income up 25% when excluding Q1 sales gain -18% 10% 80 40% • Increased activity at Norwegian suppl
Slide 7: Continued positive development for Wallenius Wilhelmsen
Continued positive development for Wallenius Wilhelmsen Net profit hit by unrealised financial cost – Wilhelmsen share of profit USD 1 million
Slide 8: Strong increase in Hyundai Glovis value
Strong increase in Hyundai Glovis value USD 151 million increase in holding and investments’ financial assets value in Q2’19 Financial assets in holding and investments segment MUSD +151 900 881 Hyundai Glovis share price up 25% 800 167 728 730 Sale of 10 million shares in Qube Holdings 700 140 135
Slide 9: Solid balance sheet
Solid balance sheet Equity ratio of 64% Wilhelmsen group total assets and equity ratio *) Key figures USD mill Equity ratio 6 000 100% Total assets USD 3 390 million (up 3% q-on-q) 90% 5 000 80% Total equity USD 2 159 million (up 5% q-on-q) 70% 4 000 64% 60% 3 000 50% 40% 2 000 30% 20% 1 000 10% 0 0
Slide 10: Healthy liquidity and debt repayment profile
Healthy liquidity and debt repayment profile USD 562 million in group NIBD (net interest-bearing debt) Maturity profile – outstanding debt Liquidity 1) Outstanding debt 2) (USD million) (USD million) (USD million) 308 60 239 11 94 245 147 407 76 49 40 Year 1 Year 2 Year 3 Year 4 >4 years Holding and
Slide 11: First dividend of NOK 2.50 per share paid 15 May
First dividend of NOK 2.50 per share paid 15 May Potential second dividend of up to NOK 2.50 per share Upstream cash 1) Dividend payments 2) MNOK NOK/share Yield (%) 700 7.00 7 600 6.00 6 500 5.00 5 400 4.00 4 300 3.00 3 200 2.00 2 100 1.00 1 0 0.00 0 2015 2016 2017 2018 1H’19 2015 2016 2017 2018 20
Slide 12: Outlook
Outlook The board expects a stable development of underlying operating performance for the combined group activities, but with normal seasonal variations. Wilhelmsen is exposed towards global trade. Potential introduction of further tariffs and restrictions continues to create uncertainties. Wilhelm
Slide 13: Supplementary slides – Second quarter 2019
Supplementary slides – Second quarter 2019 Maritime services Ships service Ship management Supply services NorSea Group Holding and investments Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Slide 14: Ships service
Ships service Wilhelmsen Ships Service is a global provider of standardised product brands and service solutions to the maritime industry, focusing on marine products, marine chemicals, maritime logistics and ships agency Ships service is fully owned by Wilhelmsen Q2’19 highlights Total income Incom
Slide 15: Ship management
Ship management Wilhelmsen Ship Management provides full technical management, crewing and related services for all major vessel types Ship management is fully owned by Wilhelmsen Sales gain Total income (ex. sales gain) Vessels served Q2’19 highlights Total income and vessels served (right scale) •
Slide 16: NorSea Group
NorSea Group NorSea Group provides supply bases and integrated logistics solution to the offshore industry Wilhelmsen owns ~75,2% of NorSea Group (as per 30 June 2019) Q2’19 highlights Total income Total income • Income up 25% from previous quarter adjusting for Q1 sales gain Mill. USD -15% +11% 80
Slide 17: Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA Wallenius Wilhelmsen ASA is a global provider of shipping and logistics services towards car and ro-ro customers, and is listed on Oslo Børs Wilhelmsen owns ~37,8% of Wallenius Wilhelmsen ASA (as per 31 March 2019) Q2’19 highlights Wilhelmsen's investment in Wallenius Wilhel
Slide 18: Treasure ASA
Treasure ASA Treasure ASA holds a 12.04% ownership interest in Hyundai Glovis, and is listed on Oslo Børs Wilhelmsen owns 73.5% of Treasure ASA (as per 30 June 2019) Q2’19 highlights Wilhelmsen's investment in Treasure ASA (market value - mill. USD) • USD 119 million gain from change in fair value o
Slide 19: Financial investments
Financial investments Financial investments include cash and cash equivalents, current financial investments and financial assets held by the parent and fully owned subsidiaries reported under the holding and investments segment Q2’19 highlights Financial assets, investment portfolio and cash (Mill.
Slide 20: wilhelmsen.com
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Wilh. Wilhelmsen Holding — Q2 2019 Earnings Presentation on 6ix