Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Debt Investor Presentation (August 2018)
36 slides from Wallenius Wilhelmsen Asa's debt investor presentation, August 2018
Slide 1: Fixed income investor meetings
August 2018 Wallenius Wilhelmsen ASA Fixed income investor meetings
Slide 2: Disclaimer
DISCLAIMER This presentation (the “Presentation”) has been prepared by Wallenius Wilhelmsen ASA (“Wallenius Wilhelmsen ASA” or the “Company” and together with its subsidiaries the "Group"). The Presentation has been prepared and is delivered for information purposes only. It has not been reviewed or
Slide 3: Investment highlights
Investment highlights 1 Global market leader in the vehicle logistics segment 2 Diversified business model with both Ocean and Landbased logistics 3 Diversified and solid customer base with long term contracts 5 Profitable and positive cash flow despite challenging market 4 Committed to USD 120m syn
Slide 4: Agenda
Agenda Wallenius Wilhelmsen in brief Financial performance Market outlook Summary and Q&A
Slide 5: Wallenius Wilhelmsen in brief
Wallenius Wilhelmsen in brief by Craig Jasienski
Slide 6: Wallenius Wilhelmsen – a long and proud history
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen – a long and proud history Merger to create Wallenius Wilhelmsen ASA as a listed Wallenius Wilhelmsen company incl. EUKOR, changes its name from WWL, American Roll-on Lines to Logistics, Roll-off
Slide 7: Wallenius Wilhelmsen is the undisputed market leader for vehicle logistics
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen is the undisputed market leader for vehicle logistics KEY FACTS & FIGURES OUR PRODUCTS & SERVICES1) ~135 2 MARINE TERMINAL 1 OCEAN1 vessels servicing >15 trade SERVICES routes to six continents Re
Slide 8: The group is the clear market leader and the #1 operator globally
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A The group is the clear market leader and the #1 operator globally, both in terms of capacity and number of vessels Current fleet by operator group Fleet characteristics Total capacity, CEU1) Average max ramp capacity
Slide 9: Wallenius Wilhelmsen has a combined fleet of 137 vessels
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen has a combined fleet of 137 vessels Three distinct brands… …and a combined fleet of 137 vessels Average age 137 ~12 years Owned Chartered Spot charters Group Total1) • No further CAPEX planned pas
Slide 10: An unrivalled and agile global trade network to meet changing demand
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A An unrivalled and agile global trade network to meet changing demand 137 vessels with more than 1,300 sailings and 9,000 port calls per year Overview of key trade routes WW Ocean trade routes EUKOR trade routes ARC tr
Slide 11: Diversified customer portfolio with long term contracts
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Diversified customer portfolio with long term contracts Size of cargo segments Main customers include all major OEMs globally • MainAUTO customers include all main HIGH OEMs globally & HEAVY BREAKBULK • Auto Main cust
Slide 12: The landbased services network is also global
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A The landbased services network is also global In-plant vehicle processing centres In-plant equipment processing centres Terminals Vehicle processing centres Equipment processing centres Inland distribution networks 12
Slide 13: The landbased services portfolio
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A The landbased services portfolio Landbased services portfolio Main customers • Auto Main customers include Marine Terminals Technical Services Inland Distribution all main OEMs globally EBITDA share: EBITDA share: EBI
Slide 14: Strong Management Team with +20 years industry experience
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Strong Management Team with +20 years industry experience Wallenius Wilhelmsen Senior Management team Wallenius Wilhelmsen ASA Craig Jasienski CEO Jan Dahm-Simonsen Rebekka Glasser Herlofsen Organizational development
Slide 15: Experienced Board of Directors with broad industry knowledge
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Experienced Board of Directors with broad industry knowledge and presence – independent Chair and two independent Board Members Wallenius Wilhelmsen Board of Directors Chair of the Board Håkan Larsson • Chair of the S
Slide 16: Financial performance
Financial performance by Rebekka Herlofsen
Slide 17: Group consolidated results H1 2018
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Group consolidated results H1 2018 Consolidated results – Total income and EBITDA1,2,3) Comments USD million Total income EBITDA • Total income was USD 2 012 million in the first half of 2018, up 8% compared to the sa
Slide 18: Wallenius Wilhelmsen with positive results despite weak markets
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen with positive results despite weak markets Group historical net result and EBITDA development3 USD billion Adjusted EBITDA1 Net result EBITDA Net result 200 188 193 90 182 162 162 80 159 150 139 1
Slide 19: USD 110 million of the USD 120 million synergy target confirmed
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A USD 110 million of the USD 120 million synergy target confirmed Confirmed and realized synergy development Comments USD million 110 120 • At the end of the second quarter about USD 110 million of synergy target was co
Slide 20: Balance sheet review – second quarter 2018
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Balance sheet review – second quarter 2018 Unaudited Balance Sheet 30.06.2018 Comments USD billion Assets Equity & Liabilities • Total assets of USD 7.5 billion with equity ratio of 37.4%, up from 36.3% last quarter 7
Slide 21: The legal and financial restructuring project finalized on time
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A The legal and financial restructuring project finalized on time New legal and funding structure Comments • Legal and funding structure consistent with business unit structure in place • New 6-year USD 445 million term
Slide 22: The group has access to a broad range of capital sources
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A The group has access to a broad range of capital sources Group interest bearing debt 30.06.2018 Debt maturity profile following financial and legal restructuring project USD billion USD million 0.1 3.7 1.212 0.3 1.6 3
Slide 23: Wallenius Wilhelmsen ASA dividend policy
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen ASA dividend policy DIVIDEND POLICY “Wallenius Wilhelmsen ASA’s objective is to provide shareholders with a competitive return over time through a combination of rising value for the share and pay
Slide 24: Market outlook
Market outlook by Bjørnar Bukholm
Slide 25: T/C rates remain distressed despite a tightening supply-demand balance
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A T/C rates remain distressed despite a tightening supply-demand balance Time Charter rates Open vessels USD/day (6500 CEU) # of vessels TC Rate, USD/day Open vessels 30 000 35 2000-5999 CEU 30 6000+ CEU 25 000 25 20 20
Slide 26: Improving market fundamentals
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Improving market fundamentals MARKET Auto – steady growth H&H1 – turning point Market balance – firmer TREND Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Wallenius Wilhelmsen in b
Slide 27: Global auto sales and exports expected to keep strengthening
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Global auto sales and exports expected to keep strengthening Global LV sales (import and domestic) Global LV exports1) Million units, growth p.a. Growth p.a. CAGR ’18F-23F Import EUR APAC ME AF AM CAGR 10% Domestic +2
Slide 28: Auto tariffs: Potential impact on Wallenius Wilhelmsen
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Auto tariffs: Potential impact on Wallenius Wilhelmsen • The ongoing trade tension and possibility of new tariffs for auto imports to the US represents a risk for Wallenius Wilhelmsen. • Imports to the US (from outsid
Slide 29: Construction machinery markets continue to be healthy globally
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Construction machinery markets continue to be healthy globally Global construction and rolling mining equipment exports1 Market comment2 • Construction equipment demand recovered strongly in 2017, as OEM majors Machin
Slide 30: Mining equipment markets in early cycle on replacement needs
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Mining equipment markets in early cycle on replacement needs, but the geographical differences are significant Global mining equipment deliveries and iron ore price1 Regional mining equipment deliveries Equipment deli
Slide 31: Agriculture machinery markets bottoming out, but remain mixed
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Agriculture machinery markets bottoming out, but remain mixed Global agriculture equipment exports1 Tractor sales and registrations2 Machinery exports Machinery exports Sales/registrations (Quantity avg. L12M) (Growth
Slide 32: Order books at historical lows, with limited fleet growth expected
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Order books at historical lows, with limited fleet growth expected Car carrier fleet orderbook Global fleet development # vessels equal or above 4000 CEU Fleet deliveries, removals and net growth (%) Fleet changes (10
Slide 33: Summary and Q&A
W Wallenius Wilhelmsen Summary and Q&A
Slide 34: Investment highlights
Wallenius Wilhelmsen in brief Financial Performance Market outlook Summary and Q&A Investment highlights 1 Global market leader in the vehicle logistics segment 2 Diversified business model with both Ocean and Landbased logistics 3 Diversified and solid customer base with long term contracts 5 Profi
Slide 35: Questions?
QUESTIONS? a = ~. ed
Slide 36: Thank you!
W Wallenius Wilhelmsen
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