Wilh. Wilhelmsen Holding Asa Class A · OSL:WWI
Wilh. Wilhelmsen Holding Asa Class A — Investor Day (September 2016)
20 slides from Wilh. Wilhelmsen Holding Asa Class A's investor day presentation, Sep 15, 2016
Slide 1: Wilh. Wilhelmsen Holding ASA Capital Markets Day 2016
Wilh. Wilhelmsen Holding ASA Capital Markets Day 2016 Thomas Wilhelmsen, group CEO 15 September 2016
Slide 2: WWH's value proposition
Wilh. Wilhelmsen Holding WWH’s value proposition • Balanced portfolio • Bet on the world economy and merchandise trade • Long term value creation • Solid balance sheet • History of consistent yearly dividend 2
Slide 3: Portfolio of market leading companies
Wilh. Wilhelmsen Holding Portfolio of market leading companies WILH. WILHELMSEN HOLDING ASA WILH. WILHELMSEN ASA WILHELMSEN HOLDING AND (~72.7%) MARITIME SERVICES INVESTMENTS Car/ro-ro shipping Marine products Investments Logistics services Agency services Holding activities Ship management WWL WSS
Slide 4: A bet on the world economy and merchandise trade
Wilh. Wilhelmsen Holding A bet on the world economy and merchandise trade 1% -13% WWH World Export 21% income MUSD -22% MUSD 15% 2% -10% 20 000 000 -25% 16% 4 000 17% 15 000 000 3 000 10 000 000 2 000 5 000 000 1 000 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 World merchandise e
Slide 5: Exposure to full range of merchandise trade
Wilh. Wilhelmsen Holding Exposure to full range of merchandise trade Commodities Finished goods WWASA WMS NSG HG Treasure Qube ASA 5
Slide 6: A balanced business portfolio
Wilh. Wilhelmsen Holding A balanced business portfolio Growth vs. dividend Industrial vs. financial Maturity Saturation Ship-owning Growth Decline Introduction Investment portfolio 6
Slide 7: Active ownership
Wilh. Wilhelmsen Holding Active ownership CMD 2015 Long term owner in WWASA – listing creating options Sole shareholder of WMS • Open for partnerships within individual WMS business areas • Sales process for Callenberg AB WWASA demerger - Treasure ASA listing …since WWASA “Letter of Intent” then WMS
Slide 8: Wilh. Wilhelmsen ASA
Wilh. Wilhelmsen ASA Join forces to create a global car/ro-ro champion CMD 2015 Steady volumes – negative cargo mix – margin pressure Flexible fleet – renewal program Focus on global logistics footprint …since Flat shipping market – WWASA fleet renewal program completed then Expanding land based log
Slide 9: Positioning for change with WWL ASA
Positioning for change with WWL ASA Highlights Wallenius Market WWH ASA Lines AB • Enhancing our world-leading shipping and logistics platform ~ 40% ~ 20% ~ 40% • Will be listed on Oslo Stock Exchange based on the Wilh. Wilhelmsen ASA structure Wallenius Wilhelmsen • Head office will be in Norway an
Slide 10: Wilhelmsen Maritime Services
Wilhelmsen Maritime Services Stage one soon completed – now focus on growth areas and operational efficiency CMD 2015 Continued fleet growth, but mixed markets with fall in offshore Focus on portfolio «clean-up» …since No market recovery then Portfolio “clean-up” Grow core business streams • Marine
Slide 11: Holding and investments
Holding and investments Investments focused on few market leading companies within group business scope CMD 2015 Maintain financially strong parent company Continued expansion of Norsea group and Qube activities Active financial management …since Treasure ASA listing – main asset outside WWASA/WMS t
Slide 12: Treasure ASA
Treasure ASA Hyundai Glovis – smaller slice of a bigger cake June’16 (Treasure ASA listing) HG market cap.: USD ~6000M 2001 Dec’04 Dec’05 Glovis (WW investment) (KSE listing) 12% established HG net asset value: HG market cap.: USD 400M USD ~800M 20% 25% WW/Treasure ASA ES Chung/MK Chung Other Light
Slide 13: Treasure ASA
Treasure ASA Strategic investor in Hyundai Glovis Prospectus Objective to generate total shareholder return from investment in HG …since Listed on 8 June 2016 then Trading at 35-40% discount Treasure ASA a strategic shareholder in Hyundai Glovis May consider attractive opportunities direction… 13
Slide 14: Long term value creation – consistent positive results/EPS
Wilh. Wilhelmsen Holding Long term value creation – consistent positive results/EPS MUSD Main non-recurring items: 1997: Entry tonnage tax income 350 2006: Dockwise sales gain 300 2006: GAL/CAT write down 2007: Exit tonnage tax expense 250 2009: Glovis sales gain 200 2009: Head office sales gain 201
Slide 15: Long term shareholder return
Wilh. Wilhelmsen Holding Long term shareholder return Index 1) 1 200 1 000 Compound annual growth rate (CAGR) 2) 800 • 15 yr CAGR 14% • 10 yr CAGR -1% 600 • 5 yr CAGR 5% 400 200 0 96 98 00 02 04 06 08 10 12 14 16 WWI total return OSEBX 1) Monthly total returns since 2 January 1996 (dividend re-inves
Slide 16: Solid balance sheet
Wilh. Wilhelmsen Holding Solid balance sheet Wilh. Wilhelmsen Holding ASA (MUSD) 1) 47 Cash 125 Fin.inv. 85 Cred.facilities WWASA WMS Treasure ASA WWHI (MUSD – 100%) 1,2) (MUSD – 100%) 1,3) (MUSD – 100%) 1) (MUSD – 100%) 1) 331 300 35 1 430 380 687 193 1 425 170 WWL (50%) NorSea group (40%) EUKOR (4
Slide 17: History of consistent yearly dividend paid twice annually
Wilh. Wilhelmsen Holding History of consistent yearly dividend paid twice annually Upstream cash 1) Dividend payments 2) MNOK NOK/ Share Yield (%) 1 000 10,00 10 900 9,00 800 8,00 8 700 7,00 600 6,00 6 500 5,00 400 4,00 4 300 3,00 200 2,00 2 100 1,00 0 0,00 0 2011 2012 2013 2014 2015 1H’16 2011 2012
Slide 18: WWH's value proposition
Wilh. Wilhelmsen Holding WWH’s value proposition • Balanced portfolio • Bet on the world economy and merchandise trade • Long term value creation • Solid balance sheet • History of consistent yearly dividend 18
Slide 19: Thank you!
Thank you! Follow us on wilhelmsen.com | Twitter | Facebook | LinkedIn | Instagram | YouTube
Slide 20: 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
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