Q3 2022: Strongest quarter on record
Oslo, November 2, 2022 --- Wallenius Wilhelmsen reports its strongest quarter on
record with an EBITDA of USD 440 million, up 41 per cent quarter over quarter.
"I am happy to see improved performance across all business segments," says
Lasse Kristoffersen, President and CEO at Wallenius Wilhelmsen ASA.
"Despite these positive results, we still experience a stretched labor market
alongside limited vessel and port capacity. We are working hard to meet growing
customer demand," says Kristoffersen.
The company's revenue grew by 14 per cent, with the shipping segment showing an
extremely strong performance. "It was the most important contributor to the
quarterly result," says Kristoffersen. High fuel surcharges and healthy freight
rates boosted the results. "We also increased our operational efficiency with
lower voyage expenses per cubic meter and full fleet utilization."
Kristoffersen says he is proud of his team's resilience and ability to offer
flexible solutions despite a multitude of capacity constraints affecting our
customers. "The pent-up demand following Covid-19 is still being felt throughout
the global value chains. Challenges remain despite having seen some improvements
in port congestion in some geographies, as well as a greater availability of
semiconductors. Looking ahead, we expect a continued favorable supply-demand
balance, but we closely follow the weakened macro-economic developments and the
possible impact on our business."
The last known anti-trust customer claim was concluded in Q3, as a result of
which there are no provisions left. The case has cost the company close to USD
900 million since 2012.
"This has been a very challenging case for the organization. What happened was
against the law and not according to our principles and procedures. I am very
pleased to say that we for many years have moved on with new and renewed
contracts with all customers. Compliance is at the core of our company, and it
will continue to be so in the future," says Kristoffersen.
Highlights from the quarter:
o Revenue and EBITDA at all-time high, improving across all segments
o Solid rates and fuel surcharges, combined with continued high utilization in
Shipping
o Solid financial position with net debt to adj. EBITDA at 2.3x
o Xavier Leroi appointed new Chief Operating Officer of Shipping segment
o Wenche Agerup appointed new Chief People Officer
o No remaining anti-trust provisions after conclusion of last known customer
settlement
For further information, please contact:
Investor relations: Anette Orsten, VP Global Treasury & IR.
Tel: +47 980 67 912, email: anette.orsten@walwil.com
Media relations: Anette Maltun Koefoed, VP Corporate Communications.
Tel: +47 975 87 999, email: anette.maltunkoefoed@walwil.com
Pictures, please see the website
https://www.walleniuswilhelmsen.com/who-we-are/media
About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OSE: WAWI) is a market leader in RoRo shipping
and vehicle logistics, transporting cars, trucks, rolling equipment and
breakbulk around the world. The company operates over 130 vessels servicing 16
trade routes to six continents, and a global inland distribution network,
processing centers, and marine terminals all over the world. The Wallenius
Wilhelmsen group consists of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen
Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 8,200
employees in 29 countries worldwide.
Read more at walleniuswilhelmsen.com