Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q1 2005 Earnings Presentation
17 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, May 4, 2005
Slide 1: First Quarter 2005
Yes Wilh. Wilhelmsen First Quarter 2005 4 May 2005 a
Slide 2: IFRS implementation – summary of material items
IFRS implementation – summary of material items Segment reporting – New business segment structure. Separate slide. Business combinations – Restatement of goodwill to the extent that the separate intangible asset would have been recognized in the financial statements of the acquirer if IAS 38 wa
Slide 3: Three main IFRS segments
Three main IFRS segments Maritime Services Shipping Logistics Wilhelmsen Maritime Services Car, Ro-Ro and Project Cargo Compagnie d’Affretement et de Transport S.A. Port Service & Logistics (CAT) (20 %) (Barwil Agencies) WW Solutions Pty Ltd. (50 %) HUB Wallenius Wilhelmsen Lines (50 %) American Aut
Slide 4: IFRS implementation – Consolidated Profit & Loss
IFRS implementation – Consolidated Profit & Loss 2004 profit & loss adjustments: MUSD 2004 Lower depreciation charge due to inclusion of scrap values NGAAP P&L 155 Depreciations 9 Goodwill amortisation discontinued Goodwill amortisation 3 Reclassification from goodwill to Intangible asset amortisati
Slide 5: IFRS implementation – Consolidated Equity
IFRS implementation – Consolidated Equity MUSD EQUITY Opening Balance adjustments: NGAAP 31.12.2003 577 Depreciations 56 ¾Decreased depreciation due to (6) inclusion of scrap values Goodwill / Intangible assets Pensions (39) ¾Goodwill amortisation Dividend accrual 7 discontinued Deferred tax 10 ¾Rec
Slide 6: P&L IFRS vs Management report
P&L IFRS vs Management report IFRS Management USD mill. Q1 2005 Q1 2004 Q1 2005 Q1 2004 Freight revenue 55 50 323 265 Other operating revenue 31 30 147 155 Share of profits from associates and joint ventures 51 10 5 2 Gain on sale of assets - - - - Total operating income 137 89 475 422 Voyage expens
Slide 7: Consolidated WW-group (Management report)
Consolidated WW-group (Management report) MUSD REVENUE 600 500 KEY FIGURES 400 Q1 2005 Q1 2004 300 REVENUE 475 422 200 EBITDA 89 72 100 EBIT 53 33 0 PROFIT 68 25 Q1 Q2 Q3 Q4 MUSD EBIT ¾ Mainly driven by increased cargo and 70 higher rates in Shipping segment 60 ¾ Traditional trades performing well 5
Slide 8: Consolidated Balance Sheet – WW-group
Consolidated Balance Sheet – WW-group MUSD 31.3.2005 31.3.2004 31.12.2004 Assets Fixed assets 1 314 76 % 1 067 80 % 1 243 79 % Current assets (ex. liquid funds) 100 6 % 84 6% 84 5% Liquid funds 313 18 % 185 14 % 252 16 % Total assets 1 727 100 % 1 336 100 % 1 579 100 % Equity and liabilities Equity
Slide 9: Net financial items
Net financial items MUSD QUARTER 2005 2004 ¾ Net financials (excl. financial Investment management 3,2 4,2 instruments) decrease of 4.4 Interest income 2,1 1,3 MUSD from YTD 2004 Interest expenses (18,0) (16,4) ¾ FX increase of 7.6 MUSD Agio/disagio 7,8 0,2 from YTD 2004 Other financial items (0,1)
Slide 10: Financial instruments
Financial instruments MUSD QUARTER ¾ Unrealized gain on bunker 2005 2004 hedge contracts (MUSD 27.7) Investment management 3,2 4,2 Interest income 2,1 1,3 ¾ Cash received on bunker Interest expenses (18,0) (16,4) hedge contracts (MUSD 4.8) Agio/disagio 7,8 0,2 reduces voyage expenses Other financial
Slide 11: Earnings per share
Earnings per share USD 2,0 1,5 1,0 0,5 0,0 Q1 Q2 Q3 Q4 ¾ Unrealized gain on financial instruments 0,72 USD per share Q1 2005 vs 0,10 USD per share Q1 2004 ¾ Option expense equal to 0,05 USD per share Q1 2005
Slide 12: SHIPPING (Management report)
SHIPPING (Management report) MUSD REVENUE 400 KEY FIGURES 300 Q1 2005 Q1 2004 REVENUE 319 259 200 EBITDA 85 62 EBIT 55 30 100 PROFIT 76 24 0 Q1 Q2 Q3 Q4 WWL EUKOR ¾ 22% revenue increase from YTD 2004 ¾ 32% revenue increase from YTD 2004 ¾ Strongest growth in H&H and NCC ¾ 21% increase in units loade
Slide 13: SHIPPING (Management report)
SHIPPING (Management report) MUSD EBIT 70 60 KEY FIGURES 50 Q1 2005 Q1 2004 40 REVENUE 319 259 30 EBITDA 85 62 20 EBIT 55 30 10 PROFIT 76 24 0 Q1 Q2 Q3 Q4 2004 2005 ¾ Revenue increase 23% (volume and rates) ¾ High bunker prices, transshipment and T/C costs for short term hired tonnage somewhat offse
Slide 14: LOGISTICS (Management report)
LOGISTICS (Management report) MUSD REVENUE 150 KEY FIGURES Q1 2005 Q1 2004 100 REVENUE 122,3 129,6 EBITDA 7,3 8,7 EBIT 3,9 4,6 50 0 Q1 Q2 Q3 Q4 EBIT ¾ US operations in accordance with plan and MUSD 15 prior year ¾ Terminals performing well 10 ¾ CAT/GAL performing weaker than expected ¾ Richard Lawso
Slide 15: MARITIME SERVICES (Management report)
MARITIME SERVICES (Management report) MUSD REVENUE 40 KEY FIGURES Q1 2005 Q1 2004 30 REVENUE 30,6 27,5 20 EBITDA 2,6 4,9 EBIT 0,9 3,6 10 ¾ EUKOR ship management contract for 0 20 vessels secured and LNG breakthrough Q1 Q2 Q3 Q4 MUSD EBIT ¾ Maritime services merge and 8 restructuring according to pla
Slide 16: HOLDING (Management report)
HOLDING (Management report) EBIT MUSD 0 KEY FIGURES Q1 2005 Q1 2004 -2 EBITDA (5,4) (3,3) EBIT (6,7) (4,5) -4 NET FINANCIALS 10,0 2,3 -6 FIN.INSTR. (11,2) - PROFIT (8,1) (2,6) -8 Q1 Q2 Q3 Q4 2004 2005 ¾ Expenses related to option program in Q1 2005 (MUSD 1.0) ¾ Dockwise share of profit 1.0 MUSD Q1 2
Slide 17: First Quarter 2005
es Wilh. Wilhelmsen First Quarter 2005 4 May 2005 a