Oslo, February 12, 2019 Wallenius Wilhelmsen reports EBITDA of USD 168 million
in the fourth quarter. While results continue to be impacted by a weak market
and higher bunker prices, good progress on the performance improvement program
partly mitigates the market challenges. Wallenius Wilhelmsen also announces its
first dividend proposal since the merger.
Total income was USD 1 022 million in the fourth quarter, down 1% compared to
the same period last year due to lower revenues for the ocean segment. The
landbased segment saw revenue growth of 8% in the same period. The reduction in
ocean revenues were driven by lower net freight which was partly offset by
increased fuel cost compensation from customers.
EBITDA ended at USD 168 million in the fourth quarter, a decline of 8% from
EBITDA (adjusted) of USD 182 million in the fourth quarter last year. As for the
previous quarters in 2018, the results were negatively impacted by higher bunker
prices, lower rates, and reduced HMG volumes. In addition, biosecurity issues in
Australia and New Zealand, and weaker project cargo shipments in the Atlantic,
had a negative effect. On the positive side, there was a slight improvement in
the cargo mix, full effect of synergies and good progress on the performance
improvement program compared to the previous year. EBITDA for the landbased
segment was USD 22 million in the fourth quarter.
Results and operating margins for the fourth quarter was at a satisfactory
level given the current market conditions but below the results we would like to
see and deliver. I am therefore very pleased to see good traction for the
performance improvement program with more than USD 50 million already confirmed.
I am also delighted to be able announce the first dividend proposal from
Wallenius Wilhelmsen since the merger, says Craig Jasienski, President and CEO
of Wallenius Wilhelmsen ASA.
The board maintains a balanced view on the prospects for Wallenius Wilhelmsen.
However, there is increased uncertainty around the volume outlook in light of
weaker auto sales in certain markets, potential risk of trade barriers and a
slightly softer macro picture. Market rates remain at a low level, but tonnage
balance is gradually improving.
Wallenius Wilhelmsen has a solid platform for growth and is well positioned to
succeed in a challenging market. Furthermore, the new two-year performance
improvement program will support improved profitability going forward.
About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OEX: WALWIL) 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, with a global inland distribution network, 77
processing centers, and 13 marine terminals. The Wallenius Wilhelmsen group
consists of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR
and ARC. The group is headquartered in Oslo, Norway with 7.500 employees in 29
Read more at walleniuswilhelmsen.com
For further information, please contact:
SVP, Corporate Finance and Strategy & IR
Tel +47 980 72 778
VP, Corporate Communication
Tel: +47 484 06 919
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