OW Bunker reports strong performance in 2013…

Bunkering — By on March 5, 2014 at 1:59 PM


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 year1) 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.
The Annual Report 2013 is attached with 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
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