Q2 2009: strong financial performance in quieter period
(Thomson Reuters ONE) - On course for full year expectationsHamilton, Bermuda, 17 August 2009, DOCKWISE Ltd. announces secondquarter and interim 2009 results.Financial highlights* Revenue up 2% to USD 119 million (Q2 2008: USD 116 million)* EBITDA up 19% to USD 58 million (Q2 2008 USD 49 million)* Adj EBITDA** up 9% to USD 60 million (Q2 2008:USD 55 million)* Net profit up 35% to USD 17 million (Q2 2008: 13 million)* Operational cash flow USD 61 million (Q2 2008: USD 27 million)* Net debt in H1 2009 decreased by USD 93 million to USD 910 million through repayment, buyback and cash flow growthStrategic highlights* Announcement of plans to acquire Yacht Path International for merger with DYT to create strategic new force in global yacht transport* New sales office opened in key industry centre Singapore* Decision to relocate corporate HQ to Breda, The Netherlands* Mighty Servant 3 returned to service in August* Commenced milestone USD 35 million CPOC float-over contractBacklog* Backlog for Dockwise Heavy Lift of USD 367 million (Q1 2009: USD 407 million) o USD 50 million added for 2009 execution since periodend o USD 188 million in backlog for 2010 execution o Steady tendering levels for all types of contractTable 1: Key figures+------------------------------------------------------------------------------+| | | | | |Key figures | | | | ||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | |(Amounts in | | | | || | | | | |USD | | | | || | | |Q2 09 vs| |millions, | | | |H1 09 vs|| Q1 2009| Q2 2009|Q2 2008| Q2 08| |unaudited) | |H1 2009|H1 2008| H1 08||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | | | | | | ||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| 127.2| 118.7| 115.9| 2.4%| |Revenue | | 245.9| 219.9| 11.8%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | |Adjusted | | | | || 136.7| 121.9| 125.7| (3.0%)| |revenue * | | 258.6| 239.4| 8.0%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| 66.1| 58.0| 48.9| 18.6%| |EBITDA | | 124.1| 93.7| 32.4%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | |Adjusted | | | | || 72.2| 60.1| 55.2| 8.7%| |EBITDA ** | | 132.3| 106.3| 24.4%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| 27.3| 17.0| 12.6| 35.3%| |Net profit | | 44.3| 20.0| 121.5%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | |Adjusted net| | | | || 33.4| 19.2| 19.4| (1.4%)| |profit *** | | 52.6| 34.0| 54.8%||----------+--------+-------+--------+-+------------+-+-------+-------+--------|| | | | | | | | | | ||---------------------------------------------------------------------+--------||The financial statements have been prepared in accordance with IFRS | ||---------------------------------------------------------------------+--------||* Includes gross compensation for Mighty Servant 3 ( USD 3.2 million | ||and 2008 USD 9.7 million) | ||---------------------------------------------------------------------+--------||** Includes net compensation for Mighty Servant 3 (USD 2.1 million | ||and 2008 USD 6.3 million; see appendix), gain on divestment DE12 (USD| ||1.9 million) | ||---------------------------------------------------------------------+--------||*** Includes adjusted EBITDA and excludes amortization backlog (USD | ||nil and 2008 USD 0.5 million) | |+------------------------------------------------------------------------------+André Goedée, CEO of Dockwise Ltd., commented:"Dockwise has had a good second quarter, and in quieter marketconditions the business is displaying its strengths. This steadyoperational performance has allowed us significantly to deleveragethe business by nearly USD 100 million in the first half of 2009, andwe continue in our efforts to strengthen the balance sheet. Stringentcost discipline and a stop on hiring of new personnel is and will becontinued.Dockwise's global spread has given us access to business wherever ithas emerged, while utilization rates of over 90 per cent havesustained a healthy EBITDA margin and strong cash generation. Withrig transportation levels lower than in recent record periods, thegrowing significance of our non oil-and-gas-related business to therevenue mix is apparent. Contractual delays, as previously indicated,continue to be an influencing factor, but we are encouraged to see noslow down in tendering activity.We are greatly encouraged by the support we have received fromclients as we develop our business, particularly in respect to ourservices in risk areas such as Nigeria and the Gulf of Aden. Asalways, the safety of our crew and their cargoes are our highestpriority, and we are encouraged to see concerted international actionto police the waters off the Horn of Africa."A teleconference for analysts and investors following thepresentation of Q2 2009 results will be conducted on 17 August 2009,at 14:00 CET; 13:00 GMT (UK); The dial in number for the conferenceis +44 (0)203 003 2666. The teleconference will be live audio-webcaston the Company's website www.dockwise.com. For following presentationonly, the webcast is recommended. For remarks or questions you shoulddial in on the conference call.For further information please contact:Fons van LithTel : +31 651 314 952/ +14415991818fons.van.lith(at)dockwise.comhttp://hugin.info/137711/R/1335070/317173.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.08.2009 - 08:30 Uhr
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