OW Bunker A/S : Q2 2014 Interim Financial Report. Volume growth of 7%. Full-year outlook maintained

1 APRIL - 30 JUNE 2014
Company Announcement no. 19/2014                                                                                    29 August 2014

Volume growth of 7% in the second quarter of 2014. Full-year outlook maintained.

CEO Jim Pedersen commented:
"The second quarter results are satisfying. With a volume growth of 7%, we are gaining market share in a difficult market. Our new operations are performing according to plans, and we maintain our full-year guidance."

Second quarter 2014 highlights

• Marine fuel transaction volume rose 7% to 7.2 million tonnes (Q2 2013: 6.7 million tonnes), mainly due to growth in Asia and Americas. H1 2014 volume was 14.9 million tonnes, up 11% from H1 2013. Volume growth in the second quarter was slightly below expectations.
   
• Gross profit rose 37% to USD 49.2 million (Q2 2013: USD 36.1 million). Q2 2014 gross profit was not impacted by unrealised gain or losses on fair value adjustments of risk management derivatives linked to inventory and underlying marine fuel transactions. H1 2014 gross profit was USD 105.9 million, up 12% from H1 2013.
   
• Gross profit per tonne rose to 6.8 USD (Q2 2013: USD 5.4 per tonne). H1 2014 gross profit per tonne was USD 7.1 against 7.0 in H1 2013. Including interest income from trade credit, gross profit per tonne was USD 7.5 in Q2 2014 and 7.7 in H1 2014. 
   
• Profit before tax (EBT) before special items almost tripled to USD 17.8 million (Q2 2013: USD 6.6 million). H1 2014 EBT before special items was USD 42.8 million, up 43% from H1 2013.
   
• Q2 2014 special items comprise one-off costs of approx. USD 1 million related to the listing of OW Bunker on NASDAQ OMX Copenhagen in March 2014, bringing total IPO-related one-off cost to USD 11.1 in H1 2014. No further IPO-related one-off costs are expected.
   
• EBT before special items conversion ratio increased to 36% (Q2 2013: 18%). H1 2014 EBT before special items conversion rate rose to 40% from 32% in H1 2013, reflecting lower external costs.
   
• Profit for the period before special items and tax effect hereof was USD 14.1 million (Q2 2013: USD 5.7 million). H1 2014 profit for the period before special items and tax effect hereof rose 43% to USD 33.4 million.
   
• Return on equity before special items and tax effect hereof was 23% (Q1 2013: 10%). H1 2014 return on equity before special items and tax effect hereof was 28%, up from 20% in H1 2013.
   
• 2014 full-year outlook maintained as previously announced in conjunction with the IPO.

Conference call
OW Bunker hosts a conference call at 10.00 am CET. Presentation material will be available on www.owbunker.com:
http://www.owbunker.com approx. one hour before the call. Please use the following numbers +45 3272 8018 (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.