OW Bunker reports results for 2013
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 on a 32% growth in volume of marine fuel distributed, the company said in its press release.
The results achieved in 2013 are the continuation of strong performance in recent years. For the three years ended 31 December 201 3, 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 distributio n 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 m arine 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 2 013, 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.
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 m ost 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.