Wilh. Wilhelmsen Holding ASA Class A · OSL:WWI
Wilh. Wilhelmsen Holding ASA Class A — Q4 2022 Earnings Presentation
26 slides from Wilh. Wilhelmsen Holding ASA Class A's earnings presentation, February 2023
Slide 1: Wilh. Wilhelmsen Holding ASA Fourth quarter and full year 2022
Wilh. Wilhelmsen Holding ASA Fourth quarter and full year 2022 February 2023
Slide 2: Highlights Q4 2022
Wilh. Wilhelmsen Holding ASA Highlights Q4 2022 Stable operating results - Continued year-over-year growth in operating revenue - USD 34 million EBITDA Strong contribution from joint ventures and associates - USD 98 million share of profit from Wallenius Wilhelmsen Financial gain - Hyundai Glovis va
Slide 3: Growing the Maritime Services footprint through bolt-on acquisitions
Maritime Services Growing the Maritime Services footprint through bolt-on acquisitions Q1 2022 Q3 2022 Q4 2022 Q1 2023 Ahrenkiel Tankers Stromme Vopak Agencies Navadan Specialised management arm for Specialised cargo hold cleaning Leading provider of hub services Specialised tank and cargo hold the
Slide 4: Steady growth in income and EBITDA
Maritime Services Steady growth in income and EBITDA Total income and adjusted EBITDA margin *) USD 162 million total income • Up 6% y-o-y. Total income EBITDA USD mill margin (adj.) • Higher income in Ships Service and Ship Management. +6% +3% 180 20% • Stable income for Port Services. 160 15% 140
Slide 5: Building the New Energy platform
New Energy Building the New Energy platform Q1 2022 Q4 2022 Q1 2022 Q2 2022 Q4 2022 Q1 2023 Reach Subsea ASA* Increased to 99% in NorSea New base infrastructure Offshore wind Full-service provider of subsea Provides supply bases and • Vikan Næringspark Invest AS, • 50% stake in Energy Innovation. op
Slide 6: Income lifted by high activity level and sales gain
New Energy Income lifted by high activity level and sales gain Total income and adjusted EBITDA margin *) USD 83 million total income • NorSea income lifted by further growth in Denmark and continued Total income EBITDA high activity level at Norwegian supply bases. USD mill margin (adj.) 120 40% •
Slide 7: Continued strong contribution from Wallenius Wilhelmsen
Strategic Holdings and Investments Continued strong contribution from Wallenius Wilhelmsen Direct investments – Value adjusted USD 98 million share of profit from associates (WAWI and TRE based on share price, other financial investments based on account value) • Continued strong increase in Walleni
Slide 8: Highlights year 2022
Wilh. Wilhelmsen Holding ASA Highlights year 2022 Increased operating income and operating profit. Delivered 35% shareholder return, including dividend. Continued expanding the Maritime Services footprint. Continued building the New Energy platform. Strong growth in Wallenius Wilhelmsen ASA. Refinan
Slide 9: Outlook
Wilh. Wilhelmsen Holding ASA Outlook Wilhelmsen retains a strong balance sheet and a balanced portfolio of leading maritime operations and investments. While uncertainty persists, specifically regarding inflationary pressure, supply chain issues, and geopolitical tension, the group retains its capac
Slide 10: Financials
Wilh. Wilhelmsen Holding ASA Fourth quarter and full year 2022 Financials February 2023
Slide 11: Stable EBITDA, solid profit from JVs and associates, financial gain
Wilh. Wilhelmsen Holding ASA – Fourth quarter Stable EBITDA, solid profit from JVs and associates, financial gain Q-on-Q Y-o-Y USD million Q4'22 Q3'22 Change Q4'21 Change Total income 246 234 5% 233 6% - of which operating revenue 237 236 1% 228 4% - of which gain/(loss) on sale of assets 9 (2) 5 EB
Slide 12: Increased EBITDA, solid profit from JVs and associates, financial loss
Wilh. Wilhelmsen Holding ASA – Full year 2022 Increased EBITDA, solid profit from JVs and associates, financial loss 01.01- 01.01- Y-o-Y USD million 31.12.22 31.12.21 Change Total income 958 874 10% EBITDA of USD 153 million - of which operating revenue 943 873 8% USD 94 million in Maritime Services
Slide 13: Improved operating cash flow in second half after slow first half
Wilh. Wilhelmsen Holding ASA Improved operating cash flow in second half after slow first half USD 53 million cash outflow from acquiring 24% non-controlling interest in NorSea Cash flow – YTD Q4’22 (USD million) -12 6 45 -33 -9 231 31 -44 -53 163 12/31/2021 Operating Operating Operating Investing D
Slide 14: NorSea refinanced in November
Wilh. Wilhelmsen Holding ASA NorSea refinanced in November – NOK 3 400 million over 5 years Maritime Services refinanced in June – USD 300 million over 5 years Wilhelmsen group total assets and equity ratio Debt maturity profile USD mill Equity ratio USD mill. 4 000 70% 550 65% 503 500 60% 450 3 000
Slide 15: Board proposes first dividend of NOK 6.00 per share
Wilh. Wilhelmsen Holding ASA Board proposes first dividend of NOK 6.00 per share Potential second dividend of up to NOK 4.00 per share Dividend payments 1) Cash to shareholders 2) NOK/share Yield (%) USD mill. 10,00 5 70 9,00 60 4 55 8,00 7,00 50 45 42 6,00 3 40 5,00 32 30 4,00 2 3,00 20 2,00 1 9 10
Slide 16: istomer centered * Empowerment * Stewardship
istomer centered * Empowerment * Stewardship
Slide 17: Supplementary slides – Fourth quarter 2022
Supplementary slides – Fourth quarter 2022 Maritime Services Ships Service Port Services Ship Management New Energy NorSea Edda Wind ASA Strategic Holdings and Investments Wallenius Wilhelmsen ASA Treasure ASA Financial investments
Slide 18: Ships Service
Ships Service Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet. Wilhelmsen Ships Service is fully owned by Wilhelmsen. Q4’22 highlights Total income • Total income for Ships Service was USD 102 million. This was up 14% USD mill from the corresponding period las
Slide 19: Port Services
Port Services Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen. Q4’22 highlights Total income • Total income for Port Services was USD 34 million. This was on par with USD mill the co
Slide 20: 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. Q4’22 highlights Total income • Total income for Ship Management was USD 19 million, unchanged from 0% +9%
Slide 21: NorSea
NorSea NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99% by Wilhelmsen. The remaining 1% is held by NorSea management. Q4’22 highlights Total income • Total income for NorSea was USD 74 million in the fourth quarter. This was USD mill +7% +
Slide 22: Edda Wind ASA
Edda Wind ASA Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 25.7% of the company, which is reported as associate in Wilhelmsen’s accounts. Q4’22 highlights Market value of Wilhelmsen’s investment • Share of profit from Edda Wind ASA
Slide 23: Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as associate in Wilhelmsen’s accounts. Q4’22 highlights Market value of Wilhelmsen’s investment +659 +776 •
Slide 24: Treasure ASA
Treasure ASA Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis and is listed on Oslo Børs. Wilhelmsen owns 77.0% of Treasure ASA. Q4’22 highlights Market value of Wilhelmsen’s investment • Change in fair value of the shareholding in Hyundai Glovis was a gain of USD mill USD 70 million
Slide 25: 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 Investments segment. Q4’22 highlights Market value of Wilhelmsen’s financial inv
Slide 26: Slide 26
Wilh. Wilhelmsen Holding — Q4 2022 Earnings Presentation on 6ix