INTERIM FINANCIAL REPORT, Q1 2014
1 January - 31 March 2014
Company Announcement No. 15/2014
28 May 2014
Solid first quarter of 2014 with volume growth of 15%. Full-year outlook
maintained.
USD million Q1 2014 Q1 2013 2013
Volumes (million tonnes) 7.7 6.7 29.2
Gross profit 56.7 58.4 218.8
Gross profit per tonne (USD/tonne) 7.4 8.7 7.5
Profit before tax (EBT) 14.9 21.5 83.5
Profit before tax (EBT) before special items 25.0 23.2 86.5
EBT before special items conversion ratio 44% 40% 40%
EBT before special items per tonne (USD/tonne) 3.3 3.5 3.0
Profit for the period 10.1 16.0 63.4
Profit for the period before special items and tax 19.3 17.7 68.3
effect hereof
First quarter 2014 highlights
EBT before special items increased by 8% to USD 25.0 million (Q1 2013: USD 23.2
million) primarily due to increased earnings in Asia
* Marine fuel transaction volume increased by 15% to 7.7 million tonnes (Q1
2013: 6.7 million tonnes) mainly due to growth in Asia
* Gross profit was USD 56.7 million (Q1 2013: USD 58.4 million). First quarter
2013 was strong, positively affected by unrealised gains on derivative
contracts used for risk management. Risk management derivatives are
commercially linked to inventory and underlying marine fuel transactions,
and changes in the fair value of these derivatives due to unrealised gains
or losses may cause quarterly fluctuations in the gross profit
* Gross profit per tonne was 7.4 USD per tonne (Q1 2013: USD 8.7 per tonne).
Gross profit per tonne has been very stable over the years, most recently at
USD 7.5 per tonne in FY 2013 and FY 2012
* OW Bunker was successfully listed on NASDAQ OMX Copenhagen in March 2014.
Special items comprise one-off costs of USD 10.1 million related to the IPO
* EBT before special items conversion ratio increased to 44% (Q1 2013: 40%),
reflecting lower external costs and staff costs per tonne
* Profit for the period before special items and tax effect hereof reached USD
19.3 million (Q1 2013: USD 17.7 million) corresponding to an improvement of
9%
* Return on equity before special items and tax effect hereof was 33% (Q1
2013: 31%) and equity ratio was 15% (Q1 2013: 15%)
* 2014 full-year outlook maintained as previously announced in conjunction
with the IPO
CEO Jim Pedersen commented:
"First quarter of 2014 was indeed a milestone in the history of OW Bunker with
the successful listing of the company on NASDAQ OMX Copenhagen. Despite the
intense IPO process, we are able to present solid results for the first quarter
2014. The 15% volume growth is mainly due to increased volumes in Asia, but also
Americas did well."
Conference call
OW Bunker hosts a conference call at 10.30 am CET. Presentation material will be
available on www.owbunker.com approx. one hour before the call. Please use the
following numbers +45 3272 8019 (Denmark), +44 (0) 1452 555131
(UK/international) and +1 866 682 8490 (US - free dial-in).
Contact for further information
Per Bech Thomsen, IR & Group Communications +45 3137 3133
About OW Bunker A/S
OW Bunker is a leading global independent marine fuel (bunker) company founded
in Denmark in 1980 with operations in 29 countries, including the world's
busiest and most important ports. OW Bunker acts as a physical distributor as
well as reseller of marine fuel, and operates a global fleet of approx. 30
bunker vessels. OW Bunker also provides advanced risk management solutions aimed
at controlling costs, minimising risk and protecting against market
fluctuations. Headquartered in Nørresundby, Denmark, OW Bunker is listed on the
NASDAQ OMX Copenhagen and has over 600 employees globally.
[HUG#1788890]
OW Bunker Q1 2014 Financial Report. Solid first quarter of 2014 with volume growth of 15%. FY outlook maintained.
| Source: OW Bunker A/S
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