Good morning. Welcome to the second quarter presentation for the Wilh. Wilhelmsen Holding. It's been a solid second quarter for the company, I must say, driven by strong operational performance, changes in fair value, and also contribution from joint ventures. All in all, I would say that we are currently firing on all cylinders, which is very pleasing. Just looking at a few of the highlights for the quarter. We had a stable top line, but we had, as I mentioned, a strong operating performance, and we ended at an EBITDA of NOK 39 million, which is in line with previous quarter. We had a very strong contribution from Wallenius Wilhelmsen, which I will come back to a little bit later.
Strong financial gains as a result of changes in fair value for the underlying value of our Hyundai Glovis shares. At the end of it, we ended with a profit of $225 million for the quarter, which is a very solid performance for us. We also carried out a minor share buyback during the quarter, resulting in 400,000 shares being bought. The Wilh. Wilhelmsen Holding has always been very dedicated to being a good corporate citizen. We want to look after all stakeholders, not just employees, but also everyone around us. As part of this and also preparing for future reporting requirements, we have established an internal ESG index.
As you have seen from the first quarter and second quarter, we have a separate page in the quarterly report covering ESG reporting. This ESG index is quite complex in many ways. It's built up of 17 underlying KPIs. We need to extract data from all operations. Just looking at, say, four main dimensions, it's focused on decarbonization and green growth, health and safety, paramount, equality, diversity and inclusion, and also compliance and value chain management. Looking then at how did we fare during the second quarter, we had overall quite good performance. Certain areas should be improved, when we look at greenhouse gas emissions, we had an improvement of 7% during the quarter, and 49% of electricity usage within the group, during cases too many.
So this is an area where we always have a focus, but we need to have continued focus and improve going forward. Looking at gender balance, I think we, we do have or we're on a very positive trajectory. We do have 33% females in the top three management positions, meaning that we are on the path of reaching the goals that we do have. Also we have a significant plan of rolling out a supplier code of conduct, and we are there according to plan. Moving a little bit into the operating entities and the performance and starting with Wilhelmsen Maritime Services, a very strong quarter for WMS. We had 19% increase in revenue year-over-year. Quarter-on-quarter, it's been relatively flat, but it's a strong market sentiment.
The ClarkSea Index as a proxy is still faring at a high level, meaning that most of our customers are in a relatively good position. And of course, that's a good starting point for us, selling products to more than 50% of the merchant fleet every year. Looking into the various categories, Wilhelmsen Ship Service is a star performance at current, selling all products at a good pace. Port Services or the agency business also has high activity, but we do see reduced income per port call, and this is what we would call a little bit of a post-COVID effect.
There was very high income per port call during and just after the COVID period, and we knew that the complexity of the port calls would reduce somewhat, and that would also have an effect on the on the income per port call. Looking at Ship Management, we are steady but surely increasing ships under management, so we are performing pretty well there as well. All in all, within the WMS portfolio, we do see quite significant contract renewals, both in terms of new contracts, but also renewals of existing contracts. It's moving in the right direction. I think it's also important to mention, we have, we have announced earlier a few acquisitions, especially Vopak, Navadan and Stromme.
I would like to mention that the integration process for all these companies are now moving along, and we are at or in front of the initial plans. Very pleasing from an overall perspective. Looking at New Energy, the picture is a little bit different. We do have a high activity, but we're hampered somewhat by the currency issue and also to a greater extent on the cost side. Within Wilhelmsen Maritime Services, we are also, of course, challenged by inflationary pressure, but we do see it to a greater extent within New Energy. Very pleasing for the New Energy segment, is that our activity in Denmark is performing very well.
For those of you who've been following us closely over the years would have noticed that it's not that long ago since we struggled with the Danish operation, but that is now a strong performance or strong performer for the group. When it comes to the other activities within the New Energy segment, such as Edda Wind and also Reach Subsea, these companies are performing according to expectation. The market sentiments are, say from stable to pretty strong, especially for Reach. Looking then into strategic holding and investments, as I mentioned at the outset, it's been a record performance by Wallenius Wilhelmsen. Really the very, very strong market sentiment for that company.
They announced their results two days ago, I'm sure that most of you have seen those results. For the Wilhelmsen Group, it means a contribution of $114 million for the quarter, which is significantly up from 1st quarter of $56 million. There's been announced a new build program, an LOI for four new vessels, with an option structure for an additional eight. We see this as a positive development, and it's also part of the decarbonization journey for Wallenius Wilhelmsen. These vessels will then be ready to fuel with methanol as they get delivered, but also with the flexibility to potentially take ammonia at a later stage, if that is a viable energy source going, going forward.
Lots of contract renewals has been announced there as well. It's very pleasing to see that these contracts, one, reflect the market sentiment, but also has greater scope than just the A to B shipping perspective. When we're looking at Hyundai Glovis, as I mentioned, we had strong contribution as a result of change in fair value. That was NOK 117 million for the quarter. Post-quarter, the Hyundai Glovis share price has declined quite a bit, meaning that a fair portion of this would have been reversed if we had to do a revaluation as of today. We just have to get used to the volatility in our PNL as a result of the change in fair value.
Lastly, when it comes to Treasure ASA, we did launch from a Wilhelmsen perspective and offered to buy the outstanding shares during the 2nd quarter. We did not get significant response to that. Christian will come back to it later in his slides. All in all, I must say from a quarter perspective, it's been a strong quarter for the Wilhelmsen Group, and we are happy with the overall performance. Looking forward, there is significant uncertainty in the world, geopolitical tensions, and of course, that is worrying for us as a group with global exposure. On the other side, the Wilhelmsen Group has a very strong balance sheet. We have a very strong portfolio of businesses which are placed very well in their market, in their respective markets.
Also, I would say that we have a very strong organization who is capable of taking on significant challenges if and when they do occur. We do think that we are well placed also going into the future. Christian, I will leave it to you to take a little bit more of the financials.
Thank you very much, Thomas. Jumping into the profit and loss account, and starting on the top on, on, on the total income, and Thomas alluded to the numbers from WMS and then specifically NorSea from the New Energy segment. Just for the mathematicians, make sure that we don't keep on the 19% growth quarter by quarter, but we had a good quarter in WMS on the revenue side. A bit soft side on the specifically the NorSea side. We cannot expect the growth to continue. We are strong in the market, and we are basically on close to all-time high on margin. We've seen a solid margin pick up also in the WMS side.
It's difficult to see that that can continue on the growth side, we will do everything to keep up with the inflationary pressures, specifically in WMS. We are on a growth path, so we will have costs coming on to that in that perspective. Going forward, it's just to be cautious on not just putting on the 19% for the future on that one. EBITDA on the a very good side. Coming back to the cash flow of that, Thomas alluded to the change in fair value of specifically and basically everything in Hyundai Glovis. If we were to do the number today, basically, 80%-85% will...
would have been reversed since the 30th of June. For the, for the quarter, a very healthy earning per share at $5 per share. A bit into the cash flow. Overall, for the, for the period, solid cash flow increase in just about 10%. Maritime Services and New Energy are contributing well. Maritime Services on a very good side. For the period also, we do have some working capital increases, basically coming from the increases in, in, in, in, in the revenues. On the investing activities, basically, the inflow coming in in around $100 million from the dividend of Wallenius Wilhelmsen being $80, and Hyundai Glovis is of $20.
Investing side, invested $29 in Edda Wind, a couple of dollars in Reach Subsea. As Thomas said, specifically in Navadan, we did an investment of $16 million. Spending more on or doing dividend of $25 for the moment and buying back shares of $10. Also, paying back debt through the period. On the interest side, it's sort of at least, like, We mentioned that, basically, a year, from a year ago, we have basically now double interest rates payable as we did have a year ago. We do, of course, then feel the rates coming up as central bank rates are coming up.
We do see that being pushed forward to ourselves as well. Thomas mentioned a very voluntary offer to buy shares in Treasure, and it's sort of that's what it was. It was an liquidity event from Wilhelmsen towards all the shareholders. It was sort of in the beginning of June for a couple, three weeks period. The bid price was 20 kroner per share, giving a premium to the last close of close to 9%-9%. Response from market was the fact that we got 1%, sort of, we didn't have any ambitions to either get much or less, but the ambition was actually to create that event, that everyone had the possibility to sell shares.
That's also why, I think probably, Thomas, that some read us as if we were sort of out there to try to get all the shares very easily. For us, it was to be prepared to either buy little or buy much, and by that, we had to be prepared to also do all the squeeze out and the delisting logics, if that were to happen. For us, it's sort of, and more than a... It was an offer, and it was received as it was received, and we got shares for about $2 million, increasing our shareholding to 78.5%.
Through the period from 2016, when, when Treasure was listed as a demerger from today's Wallenius Wilhelmsen, at that point, WWASA, very much applauded, actually, from basically all the investors and the investment community. We have seen that increase in the bid, approximately than 6% holding from the ownership of Wallenius Wilhelmsen holding. As numbers are good, as values are increasing, the balance sheet is increasing, the equity rate is peaking up a bit at the backside there, coming up a percentage point. A very solid balance sheet, and a very solid balance sheet, of course, then to take forward into a future, which is not that easy to predict. I think we are well-positioned balance sheet-wise.
On the debt structure, it's good to report that basically all long-term funding in Wilhelmsen today is ESG linked. 100% of the debt is ESG linked with different KPIs towards different banks and different structures. We are pleased to report that, and we are also pleased, of course, then to repeat that we are having a very solid group of banks, being very supportive, and we have a very good dialogue in also then new projects coming up going forward. First dividend was paid in the first half year of 6 NOK. There is a possibility to pay even further 4 NOK per share.
There has been a buyback of close to NOK 100 million or than $10 million. That could, if, if, 4 kroner per share is paid out, take the total payout to our shareholders to the number of $53 million for the year. That's about it, Thomas.
Yeah. Thank you. We will continue to shape our company, and we will continue to shape the maritime industry. Thank you very much, Christian.
Thank you.
Thanks for listening.
there are no questions on the list coming in. Should we give them another half a minute?
Let's
... or less?
Let's at least give it ... a little bit of time.
I guess they're all listening in to Edda Wind and spending time on questions there.
Okay. If there's not, then, again, thank you so much, and, we'll see you next time.
Thank you.