Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Q2 2020 Earnings Presentation
24 slides from Wilh. Wilhelmsen Holding Asa Class A's earnings presentation, August 2020
Slide 1: Wilh. Wilhelmsen Holding ASA Second quarter results 2020
Wilh. Wilhelmsen Holding ASA Second quarter results 2020 August 2020
Slide 2: Business update and outlook
Business update and outlook Thomas Wilhelmsen, group CEO Classified as Internal
Slide 3: Second quarter 2020
Second quarter 2020 COVID-19 impacting markets and operations USD 57 million net profit in Q2 – net loss YTD • Stable contribution from operating companies • Partial recovery in financial asset prices • Profit from associates was a loss of USD 21 million Drive to shape the maritime industry continue
Slide 4: Second Quarter 2020: Maritime Services
Second Quarter 2020 Maritime Services Maritime Services • Reduction in global shipping • Relatively stable performance • Reduced sales for Marine Products and Ships Agency • Crew change remains an issue • Capacity reduction Ship Service • Expanding Ship Management business
Slide 5: Second Quarter 2020: Supply Services / Holding and investments
Second Quarter 2020 Supply Services / Holding and investments Supply Services • Pressure on oil and gas services sector • Stimulus packages having positive effect • NorSea Group activity levels maintained • Exploring complimentary usage of logistics assets Holding and investments • Low volumes for W
Slide 6: Joining forces with MPC Capital
Joining forces with MPC Capital An agreement has been signed for Wilhelmsen Ship Management to acquire a 50% stake in Ahrenkiel Steamship GmbH & Co KG, the technical container ship manager within the MPC Capital Group.
Slide 7: Shaping the maritime industry
Shaping the maritime industry Energy transition and decarbonisation • Offshore wind • Hydrogen supply chain • Zero-emission vessels • Autonomous shipping
Slide 8: Financial performance
Financial performance Christian Berg, group CFO Classified as Internal
Slide 9: Stable contribution from operating activities and recovery in financial asset values
Wilh. Wilhelmsen Holding ASA group Stable contribution from operating activities and recovery in financial asset values USD mill Q-on-Q Y-o-Y - unless otherwise indicated Q2'20 Q1'20 Change Q2'19 Change Total income 197 215 -8 % 208 -5 % USD 197 million total income - of which operating revenue 195
Slide 10: Maritime services: Reduced income, operating margin maintained
Maritime services Reduced income, operating margin maintained Income down 11% y-o-y Total income and adjusted EBITDA margin *) • Sale of marine products and income from agency services Total income EBITDA down, following a reduction in global shipping activities in USD mill margin (adj.) general and
Slide 11: Supply services: Continued high activity level
Supply services Continued high activity level Income up 10% y-o-y Total income and adjusted EBITDA margin *) • Increased supply base activity Total income EBITDA • A partial recovery in the oil price together with a Norwegian USD mill Margin (adj.) stimulus package for the industry has created a mor
Slide 12: Part recovery in financial asset values from first quarter low
Holding and investments Part recovery in financial asset values from first quarter low USD 24 million loss on share of profit from associates Direct investments – Value adjusted • Lower volumes and increased provisions in Wallenius (WALWIL and TRE based on share price, other financial investments at
Slide 13: Steady cash flow from operating activities
Wilh. Wilhelmsen Holding ASA group Steady cash flow from operating activities Cash flow – YTD Q2’20 (MUSD) 5 5 9 15 41 64 33 153 149 31.12.2019 Operating Operating Operating Investing Dividend Net debt Other 30.06.2020 maritime supply other activities and financing services services buyback activiti
Slide 14: Balance sheet remains solid and with long-term debt maturity profile
Wilh. Wilhelmsen Holding ASA group Balance sheet remains solid and with long-term debt maturity profile Wilhelmsen group total assets and equity ratio Debt maturity profile USD mill USD mill Equity ratio 254 260 4 000 100% 240 227 90% 220 80% 200 3 000 2.857 180 70% 60% 160 60% 140 2 000 50% 120 40%
Slide 15: Outlook
Outlook The spread of COVID-19 and the measures undertaken to contain it will continue to impact global economic activity. The extent of the future impact on operating income and result and on asset prices remains uncertain. Wilhelmsen retains its robustness and capacity to meet this uncertainty.
Slide 16: Thank you
Thank you
Slide 17: Supplementary slides – Second quarter 2020
Supplementary slides – Second quarter 2020 Maritime services Ships service Ship management Supply services NorSea Group Holding and investments Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Slide 18: 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 Ships service is fully owned by Wilhelmsen Q2’20 highlights Total income Total income • Total in
Slide 19: Ship management
Ship management Wilhelmsen Ship Management provides full technical management, crewing and related services for all major vessel types, and includes 50% of NorSea Wind Ship management is fully owned by Wilhelmsen Q2’20 highlights Total income Material sales gain NorSea Wind (50%) • An increase in nu
Slide 20: 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 2020) Q2’20 highlights Total income Material sales gain Total income (excl. material sales gain) • Total income up 9% from one year earlie
Slide 21: Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA Wallenius Wilhelmsen ASA is a global provider of shipping and logistics services towards car and ro-ro customers, and is listed on Oslo Børs Wilhelmsen owns ~37,8% of Wallenius Wilhelmsen ASA (as per 30 June 2020) Market value of Wilhelmsen’s investment in Q2’20 highlights W
Slide 22: Treasure ASA
Treasure ASA Treasure ASA holds a 12.04% ownership interest in Hyundai Glovis, and is listed on Oslo Børs Wilhelmsen owns ~73.5% of Treasure ASA (as per 30 June 2020, not adjusted for shares held by the company) Q2’20 highlights Market value of Wilhelmsen’s investment in Treasure ASA • USD 47 millio
Slide 23: 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 holding and investments segment Q2’20 highlights Financial assets, investment portfolio and cash • USD
Slide 24: wilhelmsen.com
wilhelmsen.com
Wilh. Wilhelmsen Holding — Q2 2020 Earnings Presentation on 6ix