Wallenius Wilhelmsen reports EBITDA of USD 132m in Q1 2021
Oslo, 11 May, 2021 - Wallenius Wilhelmsen reports EBITDA of USD 132m in Q1-21, down 12% from Q4-20. Demand and revenue continue to develop positively, but costs have increased due to higher fuel prices and ramp-up costs on rising volumes across global supply chains.
Commenting on the first quarter results CFO and acting CEO Torbjørn Wist said: "While demand for our services has continued to return, higher volumes across global supply-chains led to congestions, inefficiencies, tight capacity and ramp-up costs for us, our customers and our suppliers. In combination with increasing fuel costs, these factors have weighed on profitability in the first quarter."
Highlights from Q1 include:
- Demand in the group's core markets continue to develop along a positive underlying trend
- EBITDA was USD 132m, flat year over year, impacted by higher fuel prices and ramp-up costs on rising volumes across global supply chains
- Established a Science-Based Target to reduce CO2 intensity by 27.5% by 2030 with 2019 as the base level
- Introduced Orcelle Wind, the world's first full-scale wind-powered RoRo ship
- Cash position of USD 599m, up from USD 451m in Q1-20, and USD 299m of undrawn credit facilities
The markets in which the group operate have recovered significantly since last year. We continue to expect the supply-demand balance to remain favourable over the mid-term due to overall global fleet reduction and a continued rebound in volumes. Potential risks include negative impacts of further disruptions to the global supply chains, fleet capacity constraints and increased virus intensity. Stabilizing market conditions will provide more financial flexibility going forward.
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About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OEX: WAWI) is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The company operates around 130 vessels servicing 15 trade routes to six continents, and a global inland distribution network, 120 processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 8 700 employees in 29 countries worldwide.
Read more at walleniuswilhelmsen.com