Q2 2010: steady progress as market conditions stabilize
(Thomson Reuters ONE) -
Breda, The Netherlands, 12 August 2010, DOCKWISE Ltd., today publishes unaudited
results for the three month and half year period ended 30 June 2010.
Financial highlights Q2 2010
* Revenues of USD 112 million (Q1 2010: USD 95 million);
* EBITDA of USD 48 million (Q1 2010: USD 31 million);
* Operating margin of 43% (Q1 2010: 33%);
* Net profit of USD 4.9 million (Q1 2010 net loss of USD 3.4 million);
* Accelerated depreciation (USD 6 million) of MV Enterprise ahead of disposal;
* Operating cashflow of USD 30 million (Q1 2010: USD 33 million).
Strategic and operational highlights
* First of two float-overs for Vyborg Project in Korea;
* Appointed manager of COOECs' 50,000 metric ton Type II "new build";
* Divestment of MV Enterprise for completion in Q3;
* Q2 Vessel utilization of 75% (Q1 2010: 71%);
* Strong cost control reducing H1 SG&A by 15%;
* Reduction in H1 of net debt from USD 641 million to USD 618 million;
* Feasibility study for new "Type 0" (larger than Blue Marlin)
semi-submersible vessel
- service capacity to further strengthen market position
- potential equity raise of USD 50-100 million subject to business case
Backlog
* Q2 2010 backlog of USD 389 million (Q1 2010: USD 366 million):
* USD 136 million for execution in 2010 (USD 109 million at end Q2 2009
for execution in 2009);
* USD 126 million for execution in 2011 (USD 188 million at end Q2 2009
for execution in 2010);
* USD 92 million for execution in 2012 (USD 39 million at end Q2 2009 for
execution in 2011);
* USD 35 million for execution beyond 2012;
* Post Q2 almost USD 45 million new contracts secured for backlog.
Table 1: Key figures
(Amounts in USD
Q2 Q1 ? Q2 10 Q2 millions, H1 H1 ? H1 2010
2010 2010 vs Q1 10 2009 unaudited) 2010 2009 vs H1 2009
112.1 95.2 17.8% 118.7 Revenue 207.3 245.9 (15.7%)
Adjusted revenue
112.1 95.2 17.8% 121.9 * 207.3 258.6 (19.8%)
47.7 31.4 52.3% 58.0 EBITDA 79.1 124.1 (36.2%)
Adjusted EBITDA
47.7 31.4 52.3% 60.1 ** 79.1 132.3 (40.2%)
Net profit /
4.9 (3.4) n.m. 17.0 (loss) 1.5 44.3 (96.6%)
Adjusted net
profit / (loss)
11.1 (4.0) n.m. 18.1 *** 7.1 51.5 (86.1%)
The
financial statements have been prepared in accordance with IFRS.
* Includes gross compensation for Mighty Servant 3 (MS3) in Q2 2009 USD 3.2
million (H1 2009 USD 12.7 million).
** Includes net compensation for MS3 in Q2 2009 USD 2.1 million (H1 2009 USD
8.2 million).
*** Includes adjusted EBITDA, excludes the (non-cash) loss on the divestment of
the M/V Enterprise in Q2 2010 USD 6.2 million and excludes non recurring finance
income and costs relating to debt buy back and loan redemptions in Q1 2010 USD
0.6 million and in Q2 2009 USD 1.1 million (H1 2009 USD 1.1 million).
André Goedée, CEO of Dockwise Ltd., commented:
"On a quarterly basis, Dockwise has made steady progress in difficult conditions
since last summer. We now see encouraging signs across our markets, with prices
stabilising and a slight rise in utilisation rates. The commencement of the
final execution phase of the Vyborg project, a contributor to revenues since its
award in 2008, has affirmed our strategic decision to focus on high profile,
high value-addition, float-over projects. Tendering for such assignments, as far
ahead as 2015, continues apace.
Dockwise has played its part in helping to alleviate the Gulf of Mexico crisis,
deploying the Mighty Servant 3 on skimming duties. While there will be
implications for many in the energy industry stemming from this accident, I do
not expect any impact, adverse or beneficial, on Dockwise."
A teleconference for analysts and investors following the presentation of Q2
2010 results will be conducted on 12 August 2010, at 14:00 CET; The dial in
number for the conference is +44 (0) 207 806 1957 (UK Toll) with confirmation
code 6745063. The teleconference will be live audio-webcast on the Company's
website www.dockwise.com. For following presentation only, the webcast is
recommended. For remarks or questions you should dial in on the conference call.
For further information please contact:
Fons van Lith
Tel : +31 (0)6 51 314 952 or +31 (0)76 5484116
fons.van.lith(at)dockwise.com
Statement following section 5-6 of Norwegian Securities Trading Act
Adri Baan (Chairman of the Board of Directors), André Goedée (CEO) and Peter Wit
(CFO) hereby state that to the best of their knowledge, the condensed, unaudited
set of financial statements as included in this release has been prepared in
accordance with applicable accounting standards and gives a true and fair view
of the assets, liabilities, financial position and profit or loss of Dockwise as
a whole and that to the best of their knowledge the interim management report
includes a fair view of the important events that have occurred during the first
six months of the financial year and their impact on the half- yearly financial
statements, together with a description of the principal risks and uncertainties
for the remaining six months of the financial year.
Adri Baan André Goedée Peter Wit
Breda, 12 August 2010
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1437343]
Full Press Release Q2 2010 :
http://hugin.info/137711/R/1437343/382132.pdf
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All reproduction for further distribution is prohibited.
Source: Dockwise Ltd via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2010 - 08:04 Uhr
Sprache: Deutsch
News-ID 39473
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Town:
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Kategorie:
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