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OW Bunker reports strong performance in 2013 with above 30% growth in volume and profitability


March 5, 2014 - London

PRESS RELEASE

5 March 2014

OW Bunker reports strong performance in 2013 with above 30% growth in volume and profitability

For OW Bunker, one of the world's leading marine fuel logistics companies, 2013 was another year of strong financial results, most notably witnessed by a 37% growth in adjusted profit for the year (1) on a 32% growth in volume of marine fuel distributed. The results achieved in 2013 are the continuation of strong performance in recent years. For the three years ended 31 December 2013, OW Bunker's volume grew at a compounded annual growth rate ("CAGR") of 24%, while adjusted gross profit and adjusted profit for the year grew at a CAGR of 23% and 33%, respectively. In the same period, OW Bunker has delivered an average adjusted return on equity of 27%.

Jim Pedersen, OW Bunker's CEO, commented:
"Last year's results are the continuation of a long track record of profitable, organic growth and a confirmation that our dedication to working integrated with reselling and physical distribution of marine fuel is the right path to success. With our well-invested, scalable business platform and global reach, I am confident that we will continue our solid performance and successfully develop our business further."

Financial highlights

  • Volume of marine fuel distributed increased 32% to 29.2 million tonnes in 2013 from 22.1 million tonnes in 2012 

  • Adjusted gross profit was USD 218.8 million in 2013, an increase of USD 54.3 million (33%), as compared to USD 164.5 million in 2012. Adjusted gross profit per tonne was stable at USD 7.5 in 2013 (2012: USD 7.5) 

  • Adjusted profit before tax (EBT) was USD 86.5 million in 2013, an increase of USD 22.8 million (36%) from USD 63.7 million in 2012, corresponding to an adjusted EBT per tonne of USD 3.0 in 2013 (2012: USD 2.9) 

  • The adjusted profit for the year was USD 68.3 million, an increase of USD 18.5 million (37%), as compared to an adjusted profit for the year of USD 49.8 million in 2012 

  • Adjusted return on equity was 31% in 2013, up from 25% in 2012 

  • In December 2013, OW Bunker signed a USD 700 million revolving credit facility, refinancing a USD 450 million facility. The new facility was more than 100% oversubscribed 

  • As at 31 December 2013, OW Bunker's total liquidity reserve amounted to USD 303.2 million. In addition, as part of the credit facility, OW Bunker has an option to request a USD 100 million accordion facility at the discretion of each lender 

Outlook 2014
As OW Bunker expects to continue to develop its business, strengthen its market position and further gain market share, and based on current market conditions and outlook, OW Bunker believes that it can grow volume by approximately 10% compared to 2013. OW Bunker expects to continue to benefit from scale in its cost base and aims to increase profit for the year at least in line with the growth in volume. The business mix assumed also implies that OW Bunker's net financing days will decrease slightly.

Notes to financial figures
1) All adjusted figures exclude the impact of one-off costs and special items. Adjusted profit for the year is also adjusted for tax effect from one-off costs and special items and tax regarding previous years.

For further information, please contact:
Jim Pedersen, CEO, tel.: +45 9812 7277
For media enquiries:
Per Bech Thomsen, Group Communications, tel.: +45 3137 3133

The Annual Report 2013 is attached this announcement.

About OW Bunker

OW Bunker is a global marine fuel logistics company founded in Denmark in 1980 with 38 offices in 29 countries, including the world's busiest and most important ports. OW Bunker holds a global market share of approximately 7%, making OW Bunker one of the world's largest independent marine fuel logistics companies. For more information, visit www.owbunker.com

This announcement contains forward-looking statements. Any forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance, achievements or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, our actual financial condition, cash flows or results of operations could differ materially from what is described herein as anticipated, believed, estimated or expected.

Annual Report 2013
2013 Full Year Results Announcement



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: OW Bunker A/S via Globenewswire

HUG#1766322

GlobeNewswire

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