Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q2 2021 Earnings Presentation
23 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, August 2021
Slide 1: Wilh. Wilhelmsen Holding ASA Second quarter 2021 results
Wilh. Wilhelmsen Holding ASA Second quarter 2021 results August 2021
Slide 2: Business update and outlook
Business update and outlook Thomas Wilhelmsen, group CEO
Slide 3: Second quarter 2021: Moving in the right direction
Second quarter 2021 Moving in the right direction USD 89 million profit in Q2 • Increased EBITDA across all operating companies • Profit from joint ventures and associates • Positive change in fair value of financial assets
Slide 4: Maritime Services
Second Quarter 2021 Maritime Services Maritime Services • Sales of marine products continue to recover • Increase in income from agency services • Growth in vessels under full technical management • Cruise activity slowly picking up • Challenges with crew change ongoing
Slide 5: New Energy
Second Quarter 2021 New Energy New Energy • Seasonal increase in activity at NorSea bases • Edda Wind newbuildings on track • NorSea alliance with Parkwind • Exploring ocean space opportunities
Slide 6: Strategic Holdings and Investment
Second Quarter 2021 Strategic Holdings and Investment Strategic Holdings and Investment • Wallenius Wilhelmsen underlying results back to pre-pandemic levels • Strong increase in Hyundai Glovis value • Gains for investment portfolio
Slide 7: Outlook
Outlook Maritime Services • Continued increase in general activity level • Cruise activity below pre-pandemic levels for rest of 2021 • Inflationary pressure New Energy • Reduction in offshore activity towards the end of the year • Investment opportunities and partnerships Strategic Holdings and Inv
Slide 8: Financial performance
Financial performance Christian Berg, group CFO
Slide 9: Income, EBITDA and profit up Q-on-Q and Y-over-Y
Wilh. Wilhelmsen Holding ASA group Income, EBITDA and profit up Q-on-Q and Y-over-Y Q-on-Q Y-o-Y USD million Q2'21 Q1'21 Change Q2'20 Change Total income 224 201 11 % 197 14 % - of which operating revenue 225 203 11 % 195 15 % - of which gain/(loss) on sale of assets (1) (2) 2 EBITDA 40 31 29 % 36 1
Slide 10: Maritime Services: Income and EBITDA up, but below pre-pandemic level
Maritime Services Income and EBITDA up, but remains below pre-pandemic level Total income and adjusted EBITDA margin *) USD 135 million total income • Up 6% y-o-y. Total income EBITDA USD mill margin (adj.) • Sale of marine products continued the gradual recovery but 160 +6% +4% 25% remained below p
Slide 11: New Energy: Strong increase in income and EBITDA
New Energy Strong increase in income and EBITDA Total income and adjusted EBITDA margin *) USD 85 million total income • Up 14% y-o-y partly due to stronger NOK vs. USD. Total income EBITDA USD mill margin (adj.) • Strong seasonal increase in logistics activities at Norwegian supply 100 +14% +21% 40
Slide 12: Strategic Holdings and Investment: Further increase in assets market value
Strategic Holdings and Investment Further increase in assets market value Direct investments – Value adjusted USD 81 million gain on change in fair value financial assets (WAWI and TRE based on share price, other financial investments based on account value) • Strong increase in Hyundai Glovis value
Slide 13: Operating cash flow offset by investments, dividend, and debt payments
Wilh. Wilhelmsen Holding ASA group Operating cash flow offset by investments, dividend, and debt payments Cash flow – YTD Q2’21 (MUSD) 27 -15 -43 269 35 -26 -27 -14 205 31.12.2020 Operating Operating Operating Investing Dividend Net debt Other 30.06.2021 Maritime New other activities and issue/repay
Slide 14: Balance sheet remains solid
Wilh. Wilhelmsen Holding ASA group Balance sheet remains solid Wilhelmsen group total assets and equity ratio Debt maturity profile USD mill Equity ratio USD mill. 4 000 67% 70% 281 300 65% 60% 250 3 000 55% 216 50% 200 45% 2 000 40% 150 35% 30% 100 80 1 000 25% 20% 50 19 24 15% 0 10% 0 Q2 Q2 Q2 Q1
Slide 15: First dividend of NOK 5.00 per share
Wilh. Wilhelmsen Holding ASA group First dividend of NOK 5.00 per share Including NOK 2.00 in extraordinary dividend due to reduced dividend in 2020 Board authorized to distribute additional dividend of up to NOK 3.00 per share Dividend payments 1) Cash to shareholders 2) NOK/share Yield (%) USD mil
Slide 16: Supplementary slides – Second quarter 2021
Supplementary slides – Second quarter 2021 Maritime Services Ships Service Ship Management New Energy NorSea Group Strategic Holdings and Investment Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Slide 17: Ships Service
Ships Service Wilhelmsen Ships Service is a global provider of standardised product brands and service solutions to the maritime industry, focusing on marine products, maritime logistics and ships agency. Wilhelmsen Ships Service is fully owned by Wilhelmsen. Q2’21 highlights Total income • Total in
Slide 18: 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. Q2’21 highlights Total income • Total income for Ship Management was USD 12 million. This was USD mill up 9
Slide 19: NorSea Group
NorSea Group NorSea Group provides supply bases and integrated logistics solution to the offshore industry. Wilhelmsen owns 75,2% of NorSea Group (as per 30 June 2021). Q2’21 highlights Total income • Total income for NorSea Group was USD 73 million. This was up +7% +20% USD mill 7% year-over year a
Slide 20: Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA Wallenius Wilhelmsen ASA is a is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37,8% of Wallenius Wilhelmsen ASA (as per 30 June 2021). Q2’21 highlights Market value of Wilhelmsen’s investment • Share of profit from Wallen
Slide 21: Treasure ASA
Treasure ASA Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 74,8% of Treasure ASA (after completion of liquidation of shares held by the company on 21 July). Q2’21 highlights Market value of Wilhelmsen’s investment • Change in fair value o
Slide 22: 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 Investment segment. Q2’21 highlights Market value of Wilhelmsen’s financial inve
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Wilh. Wilhelmsen Holding — Q2 2021 Earnings Presentation on 6ix