Wallenius Wilhelmsen Logistics ASA (WWL ASA): Results for
the first quarter 2017
Oslo, April 9, 2017 - Operating results were up in the first
quarter 2017, supported by non-recurring items. Seasonality
reduced ocean auto volumes, while the positive development
in landbased continued. Rate pressure remains, but WWL ASA
expects synergies from the merger to deliver full effect by
2019.
Total income for the WWASA pre-merger operation was USD 448
million in the first quarter, while EBITDA ended at USD 79
million. An internal sales gain of USD 9 million had a
positive impact on both.
Commenting on the results, Craig Jasienski, CEO of WWL ASA,
says: "We are pleased to see some improvement in high and
heavy volumes, while auto volumes were down for ocean mainly
due to seasonality." A time lag related to bunker
compensation had a temporary negative effect on the first
quarter results.
"The results for the landbased business continued to develop
positively, supporting our growth ambition within this
area," says Jasienski.
The merger of the jointly owned ocean activities and
relevant assets of WW ASA and Wallenius Lines was completed
on 4 April, and the following day Wallenius Wilhelmsen
Logistics ASA started trading on the Oslo Stock Exchange
under the new ticker, WWL.
Commenting on the merger, Mr Jasienski says: "We are
extremely pleased that the merger is now completed, and that
the new WWL ASA can start its journey of delivering
synergies and improved results to our shareholders, and an
even better product to our customers."
In its meeting today, the WWL ASA board decided on a new
dividend policy for the company, targeting a dividend which
over time shall constitute between 30 and 50% of the
company's profit after tax. When deciding the size of the
dividend, the board will consider future capital
requirements to ensure the implementation of its growth
strategy as well as the need to ensure that the Group's
financial standing remains warrantable at all times. The new
WWL ASA board confirmed that no dividend will be proposed
for the AGM for 2016.
The WWL ASA Q1 2017 results presentation will be held at
April 10 at 08:30 CET, and is available on webcast here:
http://webtv.hegnar.no/presentation.php?
webcastId=54324087
About Wallenius Wilhelmsen Logistics ASA
Wallenius Wilhelmsen Logistics ASA is a global logistics
operator serving the manufacturing industry with special
focus on vehicles, mining and construction equipment and
machinery. The company brings together the shipping and
logistics businesses of EUKOR Car Carriers, WWL AS and
American RoRo Carriers. For more information see
www.walleniuswilhelmsen.com
For further information, contact:
Bjørnar Bukholm, Head of Corporate Finance and Strategy & IRO
Tel +47 980 72 778 (mob)
email: bjornar.bukholm@walleniuswilhelmsen.com
Anna Larsson, Head of Corporate Communication & CSR
Tel: +47 484 06 919 (mob)
email: anna.larsson@walleniuswilhelmsen.com