Wilh. Wilhelmsen (WWIB) Q4 2023 earnings summary

Executive summary

• Q4 total income was USD 256 million, up 4% YoY; EBITDA was USD 33 million, down 2% YoY.

• Net profit attributable to equity holders was USD 74 million, or USD 1.68 per share; lower associate earnings weighed on quarterly profit.

• FY 2023 total income rose 7% to USD 1,029 million; attributable net profit was USD 466 million and EPS increased 17% to USD 10.52.

Financial highlights

• Q4 operating revenue was USD 250 million, up 6% YoY; EBIT was USD 17 million versus USD 7 million in Q4 2022.

• Q4 profit before tax was USD 91 million and profit for the period was USD 80 million, versus USD 171 million and USD 157 million, respectively, a year earlier.

• Q4 share of profit from JVs and associates was USD 68 million versus USD 130 million; contributions included USD 42 million from Wallenius Wilhelmsen and USD 21 million from Hyundai Glovis.

• FY EBITDA was USD 147 million, down 3%; EBIT was USD 88 million, up 6%, and attributable profit rose 16% to USD 466 million.

• FY share of associate profit was USD 431 million, including USD 324 million from Wallenius Wilhelmsen and USD 89 million from Hyundai Glovis.

Segment performance

• Maritime Services Q4 income was USD 187 million, up 15% YoY; EBITDA was USD 24 million, down 4%, with a 13% margin.

• Ships Service income rose 13% to USD 115 million, supported by volumes, pricing and acquisitions; Port Services income rose 20% to USD 41 million, helped by Vopak Agencies and more port calls.

• Ship Management income rose 25% to USD 23 million, reflecting more vessels under technical and crew management.

• New Energy Q4 income was USD 68 million, down 18% YoY; EBITDA was USD 13 million. The comparison reflected prior-year sales gains and the cessation of NorSea Wind income.

• NorSea Q4 income was USD 67 million, down 9% YoY; excluding a 2022 sales gain, income was stable, with Danish growth offset by lower Norwegian logistics income.