Wilh. Wilhelmsen Holding ASA Class A · OSL:WWI
Wilh. Wilhelmsen Holding ASA Class A — Q3 2022 Earnings Presentation
22 slides from Wilh. Wilhelmsen Holding ASA Class A's earnings presentation, November 2022
Slide 1: Wilh. Wilhelmsen Holding ASA Third quarter 2022
Wilh. Wilhelmsen Holding ASA Third quarter 2022 November 2022
Slide 2: Highlights Q3 2022
Wilh. Wilhelmsen Holding ASA Highlights Q3 2022 Steady operating results - Continued year-over-year growth in operating revenue - USD 36 million EBITDA Strong contribution from joint ventures and associates - USD 81 million share of profit from Wallenius Wilhelmsen Financial loss - Hyundai Glovis va
Slide 3: Maritime Services: Increased income - stable EBITDA
Maritime Services Increased income - stable EBITDA Total income and adjusted EBITDA margin *) USD 157 million total income • Up 13% y-o-y. Total income EBITDA USD mill margin (adj.) • Higher income in Ships Services. 180 +13% +1% 25% • Stable income for Port Services. 160 140 20% USD 24 million EBIT
Slide 4: New Energy: Increased income in local currency offset by strong USD
New Energy Increased income in local currency offset by strong appreciation of USD Total income and adjusted EBITDA margin *) USD 76 million total income • Stable y-o-y due to strong appreciation of USD versus NOK and Total income EBITDA other European currencies. USD mill margin (adj.) 120 40% • Op
Slide 5: Continued strong contribution from Wallenius Wilhelmsen
Strategic Holdings and Investments Continued strong contribution from Wallenius Wilhelmsen Direct investments – Value adjusted USD 81 million share of profit from associates (WAWI and TRE based on share price, other financial investments based on account value) • Continued strong increase in Walleni
Slide 6: Outlook
Wilh. Wilhelmsen Holding ASA Outlook Maritime Services Supported by a generally positive global shipping market. To compensate for the increase in cost, operating companies are implementing necessary price increases. New Energy High energy prices and European supply constraints support a continued h
Slide 7: Financials
Wilh. Wilhelmsen Holding ASA Third quarter 2022 Financials November 2022
Slide 8: Reduced EBITDA, solid profit from JVs and associates, financial loss
Wilh. Wilhelmsen Holding ASA Reduced EBITDA, solid profit from JVs and associates, financial loss Q-on-Q Y-o-Y USD million Q3'22 Q2'22 Change Q3'21 Change Total income 234 238 -2% 216 8% - of which operating revenue 236 239 -1% 216 9% - of which gain/(loss) on sale of assets (2) (1) (0) EBITDA 36 39
Slide 9: Improved operating cash flow in third quarter after slow first half
Wilh. Wilhelmsen Holding ASA Improved operating cash flow in third quarter after slow first half USD 53 million cash outflow from acquiring 24% non-controlling interest in NorSea Cash flow – YTD Q3’22 (MUSD) 40 -27 0 -20 231 24 -6 -32 -53 159 12/31/2021 Operating Operating Operating Investing Divide
Slide 10: Maritime Services refinanced in June – USD 300 million over 5 years
Wilh. Wilhelmsen Holding ASA Maritime Services refinanced in June – USD 300 million over 5 years NorSea refinancing target completed by year-end Wilhelmsen group total assets and equity ratio Debt maturity profile USD mill Equity ratio USD mill. 4 000 70% 240 250 64% 60% 185 200 3 000 50% 150 2 000
Slide 11: Second dividend of NOK 3,00 per share payable 24 November
Wilh. Wilhelmsen Holding ASA Second dividend of NOK 3,00 per share payable 24 November Dividend payments 1) Cash to shareholders 2) NOK/share Yield (%) USD mill. 8,00 8 70 7,00 7 60 55 6,00 6 50 5,00 5 42 40 4,00 4 31 32 30 3,00 3 20 2,00 2 9 1 10 1,00 0,00 0 0 2018 2019 2020 2021 2022 2018 2019 202
Slide 12: Customer centered * Empowerment * Stewardship
istomer centered * Empowerment * Stewardship
Slide 13: Supplementary slides – Third quarter 2022
Supplementary slides – Third quarter 2022 Maritime Services Ships Service Port Services Ship Management New Energy NorSea Edda Wind ASA Strategic Holdings and Investments Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Slide 14: Ships Service
Ships Service Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet. Wilhelmsen Ships Service is fully owned by Wilhelmsen. Q3’22 highlights Total income +16% +1% • Total income for Ships Service was USD 100 million. This was up 16% USD mill from the corresponding p
Slide 15: Port Services
Port Services Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen. Q3’22 highlights Total income • Total income for Port Services was USD 34 million. This was up 1% from USD mill the cor
Slide 16: Ship Management
Ship Management Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types. Wilhelmsen Ship Management is fully owned by Wilhelmsen. Q3’22 highlights Total income • Total income for Ship Management was USD 17 million, up 41% from the USD m
Slide 17: NorSea
NorSea 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. Q3’22 highlights Total income • Total income for NorSea was USD 64 million in the third quarter. This was USD mill -3% -8
Slide 18: Edda Wind ASA
Edda Wind ASA Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 25.7% of the company, which is reported as associate in Wilhelmsen’s accounts. Q3’22 highlights Market value of Wilhelmsen’s investment • Share of profit from Edda Wind ASA
Slide 19: Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA 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. Q3’22 highlights Market value of Wilhelmsen’s investment • Share of p
Slide 20: Treasure ASA
Treasure ASA Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 77.0% of Treasure ASA. Q3’22 highlights Market value of Wilhelmsen’s investment • Change in fair value of the shareholding in Hyundai Glovis was a loss of USD mill USD 103 million
Slide 21: 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 Strategic Holdings and Investments segment. Q3’22 highlights Market value of Wilhelmsen’s financial inv
Slide 22: Slide 22
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