Strong start to 2022 - despite some margin pressure
Oslo (03.05.2022) Wallenius Wilhelmsen delivers EBITDA of USD 309m. "Despite a
volatile market and supply chain issues we deliver a strong EBITDA. I am proud
to see how our employees across the globe strive to find solutions for our
customers despite challenging times and the tragic war in the Ukraine that is
affecting us all," says Torbjørn Wist, CFO and acting CEO at Wallenius
Wilhelmsen.
Operational disruptions and port congestions in several central ports around the
world became considerably more challenging during Q1 due to the Covid-19
resurgence in China, earthquake in Japan, stinkbug season, and labor shortages
in ports. Consequently, waiting times at several key ports created challenges
for Wallenius Wilhelmsen and our customers throughout the quarter.
"We are doing our best to mitigate these challenges by having a continuous
dialogue with our customers and re-routing to other ports with less congestion
whenever possible. We also see that our long-lasting customer relationships are
equally important to be able to find the best solutions," says Wist.
Wallenius Wilhelmsen issued a NOK 1.25bn sustainability-linked bond, removing
remaining bond refinancing risk in 2022. "I am very pleased with the successful
bond issue, which links our sustainability track record and goals to attract
existing and new investors," says Wist.
Highlights from the quarter:
o Strong EBITDA of USD 309m driven by the shipping segment
o Some margin pressure due to fuel prices and supply chain issues
o Cash position increased to USD 759m driven by solid EBITDA
o Limited direct impact on business from the war in Ukraine
o In April, the group issued NOK 1.25bn of sustainability-linked bonds
o In April, the AGM approved the USD 63.5m dividend, and appointed Hans Åkervall
and Yngvil Eriksson Åsheim as new members of the board
Prospects:
We continue to expect the supply-demand balance in shipping to remain favorable
over the mid-term due to the overall global fleet situation. Logistics volumes
will benefit from gradual improvement of automotive semiconductor chip supply
expected during the latter part of 2022. This is expected to allow us to
consolidate financial flexibility and help drive shareholder value creation in
the absence of further volatility. Current disruptions to the global supply
chains negatively impact the group and its customers.
Potential risks include further disruptions to the global supply chains,
operational impact from further Covid-19 outbreaks, fuel supply disruption,
labor cost and availability, further escalation of the war in Ukraine and
negative global economic developments.
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 Media - Wallenius Wilhelmsen
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