Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q4 2015 Earnings Presentation
23 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, Feb 1, 2016
Slide 1: Wilh. Wilhelmsen Holding ASA Fourth Quarter 2015
Wilh. Wilhelmsen Holding ASA Fourth Quarter 2015 Thomas Wilhelmsen – group CEO and Nils P Dyvik – group CFO 1 February 2016
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: Agenda
Agenda 1. Highlights for the fourth quarter and the year 2015 2. Prospects 3. Financials – Nils P. Dyvik, group CFO 3
Slide 4: WWH group: Highlights for the quarter
WWH group Highlights for the quarter Slight increase in total income Stable underlying EBIT • Mixed development in WWASA • Continued strong performance in WMS Strong EPS (USD 2,27) 4
Slide 5: WWASA group: Highlights for the quarter
WWASA group Highlights for the quarter Slight decrease in total income • Shipping flat - unfavorable cargo mix • Logistics down 7% q-o-q Underlying EBIT stable • Positive impact from reduced operating expenses • Contribution down from logistics (Hyundai Glovis “one-offs”) EUKOR – HMG contract renewa
Slide 6: WMS group: Highlights for the quarter
WMS group Highlights for the quarter WMS group –Total income and EBIT margin* Total income up q-o-q EBIT USD mill margin • Increase in ships service 350 14% • Rebound in technical solutions 300 12% • Stable ship management 250 10% Strong underlying EBIT margin 200 8% • Strong dollar 150 6% • Pension
Slide 7: WMS group: WSS ERP implementation
WMS group WSS ERP implementation Live 4 January 2016 “Big Bang” globally, 2000 users in 165 locations New System platform covering - Marine Products - Technical Services Business adoption progressing – High work-load with work-arounds and backlog – Impacting results and cash-flow 7
Slide 8: Holding and investments
Holding and investments Highlights for the quarter Reduced contribution from NSG • Seasonality • Sale of properties (Sales gain in Q1’16) Investment • Qube unconditional offer for Asciano Photo: Polar base - Hammerfest General sentiment • Soft commodity prices • Weak offshore industry Photo: Qube co
Slide 9: The year 2015
The year 2015 The group: • Reduced total income • Improved underlying result - main “one-offs” • Paid dividend of NOK 5.00 per share Wilh. Wilhelmsen ASA: • Volumes down 4% - mix not optimal • USD 200 mill anti-trust provision Morning Calypso Source: EUKOR Car Carriers Inc • Hyundai/ Kia contract re
Slide 10: WWASA de-merger
WWASA de-merger Separating Hyundai Glovis investment into new listed entity WILH. WILHELMSEN HOLDING ASA ~73% ~73% WILH. WILHELMSEN TREASURE ASA ASA WILHELMSEN OTHER MARITIME INVESTMENTS SERVICES ~27% ~27% Other shareholders Creating Treasure ASA as new listed entity on Oslo Stock Exchange 1:1 share
Slide 11: WWH group prospects
WWH group prospects The board expects a stable development in the first quarter compared with the fourth quarter. 11
Slide 12: Wilh. Wilhelmsen Holding ASA Fourth Quarter 2015
Wilh. Wilhelmsen Holding ASA Fourth Quarter 2015 Nils Petter Dyvik – group CFO 12 February 2016
Slide 13: Return on capital employed
WWH group Return on capital employed USD mill ROCE 5 000 15% 4 000 10% 3 000 5% 2 000 0% 1 000 0 -20% Q4 ’12 Q1 ’13 Q2 ’13 Q3 ’13 Q4 ’13 Q1 ’14 Q2 ’14 Q3 ’14 Q4 ’14* Q1 ’15* Q2’15 Q3’15* Q4’15 Capital employed ROCE ROCE excl. impairment and antitrust provision *Main “one-offs” (included): **Based on
Slide 14: Key segment information Q4'15
WWH group Key segment information Q4’15 Holding and USD mill WWASA group WMS group Total Investments Quarter Q4'15 Q3'15 Q4'15 Q3'15 Q4'15 Q3'15 Q4'15 Q3'15 Total income 545 558 263 236 6 6 807 795 Operating profit 66 -134 32 -21 -2 -2 96 -157 Financial income/(expenses) -13 -73 5 3 3 0 -5 -69 Tax i
Slide 15: Financial income/(expenses)
WWH group Financial income/(expenses) USD mill Q4'15 Q3'15 Net financial items 5 -15 Investment management 4 1 -9 Interest income 2 2 Other financial items 0 -8 Interest expenses -18 -17 Interest rate derivatives - realised -7 2 -9 Interest rate derivatives - unrealised 20 -15 Net financial - curren
Slide 16: Key segment information FY15
WWH group Key segment information FY15 Holding and USD mill WWASA group WMS group Total Investments Quarter FY15 FY14 FY15 FY14 FY15 FY14 FY15 FY14 Total income 2 308 2 592 1 010 1 101 28 32 3 321 3 693 Operating profit 103 253 65 122 -4 6 165 381 Financial income/(expenses) -128 -131 3 7 9 16 -117
Slide 17: Equity ratio
WWH group Equity ratio *) USD mill Equity ratio 6 000 60% 55% 5 000 (47%) 50% 4 000 45% 3 000 40% 2 000 35% 1 000 5% 0 0% Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Total assets Equity Equity ratio 17 *Equity ratio: Equity in percent of total assets (equity m
Slide 18: Liquidity development 2015
WWH group –Liquidity development 2015 (Equity method) 1 100 1 050 45 43 20 1 000 60 950 212 900 850 276 800 87 750 19 700 688 90 650 638 600 50 0 Liquidity EBITDA JV’s/ Dividend Div to Net Capex Interest Tax Other Liquidity 2014 associates from JV’s share financing 2015 and ass. holders 18
Slide 19: Interest bearing debt and maturity profile
WWH group Interest bearing debt (Equity method) Split by business segment (USD mill) Maturity profile Holding & investments • WWH facilities maturing in 2017/19 (one year extension in Q1’16 ) 34 • WMS facilities maturing in 2018/19 307 WMS group • WWHI facility maturing in 2017 • WWASA mixed maturit
Slide 20: 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 2011 2012 2013 2014 2015 2016 • Proposed dividend of NOK 3.00 per share to be paid May 2016 • Proposed board authority to approve further dividend of up to maximum NOK 3.00 per share 20
Slide 21: The new WWH group: pro forma key financials
The new WWH group Key financials – pro forma based on adjusted 2015 accounts Treasure ASA WWASA 3) (~72,7%) Holding & WMS (~72,7%) “Available Investments “Associate” USD mill for sale” 4) Total income 1) 2 245 1 010 36 7) Nil 28 Operating profit 1) 241 5) 115 6) 36 7) Nil -4 Total Assets 2) 2 962 8)
Slide 22: More than a shipping company
Wilh. Wilhelmsen Holding More than a shipping company 2015 Adjusted operating profit (EBIT) 1) USD million 13% WWASA shipping (excl. HG) WWASA logistics (excl. HG) 48% WMS 34% Hyundai Glovis (HG) 5% 22 1) WWASA activities included with 72.7%; excluding anti-trust provision, impairment; excluding “Ho
Slide 23: Follow us on wilhelmsen.com
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