Wilh. Wilhelmsen Holding ASA Class A · OSL:WWI
Wilh. Wilhelmsen Holding ASA Class A — Q2 2010 Earnings Presentation
14 slides from Wilh. Wilhelmsen Holding ASA Class A's earnings presentation, Aug 12, 2010
Slide 1: Second quarter presentation 2010
Wilh. Wilhelmsen Holding ASA Second quarter presentation 2010 Nils Petter Dyvik Group CFO Lysaker, 12 August 2010
Slide 2: Disclaimer
Disclaimer This presentation may contain forward- looking expectations which are subject to risk and uncertainties related to i.a. economic and market conditions in relevant markets, oil prices, currency exchange fluctuations etc. Wilh. Wilhelmsen Holding group undertake no liability and make no rep
Slide 3: Key financials WWH group
Key financials WWH group Total income Highlights Q2 2010 1000 • Significant improvement in total income y-o-y and versus Q1’10 800 driven by shipping USD mill 600 400 • Strong development in operating profit (adjusted for sales gain); all segments contributing positively 200 0 • Net profit negativel
Slide 4: Adjustments WWH group
Adjustments WWH group 2010 2010 2009 2010 2009 USD mill Q2 Q1 Q2 YTD YTD Adjusted EBIT 77 36 38 113 76 Sales gain Glovis shares 45 45 Vessel related 8 (7) 8 (7) Eidsiva write down (8) Other adjustments WWASA (2) 1 (2) 3 Sales gain Maritime Services 2 2 2 4 6 Reported EBIT 79 44 78 123 115 4
Slide 5: EBITDA / EBITDA adjusted for one-offs, per segment
EBITDA / EBITDA adjusted for one-offs, per segment SHIPPING - EBITDA EBITDA adjusted LOGISTICS - EBITDA EBITDA adjusted 140 60 120 50 100 40 USD mill USD mill 80 60 30 40 20 20 10 0 0 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 HOLDING - EBITDA EBITDA ad
Slide 6: Key financials shipping segment
Key financials shipping segment Total income 600 WW ASA group 500 • Significant improvement in income and operating profit USD mill 400 300 • Continued steady volume increase and higher vessel capacity 200 utilization 100 • Reactivation of vessels in lay up 0 Q1 Q2 Q3 Q4 2008 2009 2010 2010 2010 200
Slide 7: Key financials logistics segment
Key financials logistics segment Total income 120 WW ASA group 100 • Higher total income and operating profit (excluding sales gain related to Glovis shares in Q2’09) USD mill 80 60 40 Kaplan investments 20 • Revenue and profit growth for terminal and stevedoring 0 Q1 Q2 Q3 Q4 2008 2009 2010 2010 20
Slide 8: Key financials maritime services segment
Key financials maritime services segment Total income 300 WMS Group • Stable sales 250 • All time high operating profit and margin USD mill 200 150 WSS – general strong performance, stable sales and increased 100 margins 50 WSM – continued growth in income and operating profit 0 WSE & WME – still we
Slide 9: Maritime services segment
Maritime services segment 300 12 • Continued growth in WMS Group 250 10 operating margin, driven by WSS 200 8 and WSM EBIT m argin M USD 150 6 • While still healthy, some reduction in WSE/WME order 100 4 reserve/book 50 2 • Two major new product offers 0 0 launched in Q2’10 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 10: Net financials - breakdown
Net financials - breakdown USD mill Quarter YTD 2010 2009 change 2010 2009 change Financial items Return on current financial investment (6,0) 16,1 (22,1) (3,7) 6,5 (10,2) Interest income 1,9 0,2 1,7 3,4 2,7 0,8 Interest expenses (16,3) (16,0) (0,3) (32,6) (36,6) 4,0 Other financial items (0,5) (0,3
Slide 11: Balance sheet (equity method; WWH Group consolidated)
Balance sheet (equity method; WWH Group consolidated) USD mill 30.06.2010 30.06.2009 31.12.2009 Assets Non current assets 2 552 66 % 2 720 76 % 2 581 70 % Current assets (excl liquid funds) 395 10 % 368 10 % 404 11 % Liquid funds 922 24 % 489 14 % 700 19 % Total assets 3 869 100 % 3 577 100 % 3 684
Slide 12: Net financials - interest rate
Net financials - interest rate Interest expense USD mill Quarter YTD 2010 2009 change 2010 2009 change Interest expenses (16,3) (16,0) (0,3) (32,6) (36,6) 4,0 Interest rate instruments - realised (13,8) (8,8) (4,9) (26,5) (15,2) (11,4) Net interest expense (30,0) (24,8) (5,2) (59,1) (51,7) (7,4) Int
Slide 13: Net financials - currency
Net financials - currency USD mill Quarter YTD 2010 2009 change 2010 2009 change Net currency gain/(loss) 22,7 (33,7) 56,4 31,0 (53,0) 84,0 Currency instruments - realised 2,3 2,5 (0,3) 3,5 (0,4) 3,8 Currency instruments - unrealised (13,5) 13,3 (26,8) (22,6) 33,5 (56,1) Cross currency instruments -
Slide 14: Thank you for your attention
Shaping the maritime industry Thank you for your attention For more information: www.wilhelmsen.com
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