Q1 2011: Building strongest backlog ever amidst subdued markets
(Thomson Reuters ONE) -
Breda, the Netherlands, May 13, 2011, DOCKWISE Ltd today publishes results for
the three monthly period ended March 31, 2011.
Financial Highlights Q1 2011
* Revenues of USD 89 million (Q4 2010: USD 123 million);
* EBITDA of USD 29 million (Q4 2010: USD 42 million);
* Operating margin of 32% (Q4 2010: 41% adjusted);
* Adjusted net loss of USD 3.7 million before a non-cash charge of USD 4.2
million relating to the sale of the MV Explorer;
* Operating cash flow of USD 39 million (Q4 2010: USD 56 million);
* First payment (USD 35 million) on "T-0", world's largest semi-sub heavy lift
vessel.
Strategic and Operational Highlights
* Q1 2011 results largely composed of spot market HMT revenues;
* Vessel utilization of 64% based on 365 days (Q4 2010: 84%);
* T-0 building contract concluded;
* Ongoing optimization of fleet: disposal of MV Explorer.
Backlog
* Backlog at end Q1 2011 USD 397 million (Q4 2010: USD 380 million):
* USD 143 million for execution in 2011 (USD 183 million at end Q1 2010
for execution in 2010);
* USD 151 million for execution in 2012 (USD 107 million at end Q1 2010
for execution in 2011);
* USD 103 million for execution in 2013 and beyond (USD 76 million at end
Q1 2010 for execution in 2012 and beyond).
* Steady growth in tendering and booking
* 29 new contracts and letters of intent post 2010 (13 of which post Q1
2011);
* USD 185 million revenues booked to backlog post 2010 (USD 115 million of
which post Q1 2011);
Table 1: Key figures
Q1 Q4 delta Q1 11 Q1
(Amounts in USD millions, 2011 2010 vs Q4 10 2010
unaudited)
Revenue 89.0 122.9 (27.6%) 95.2
Adjusted revenue 89.0 122.9 (27.6%) 95.2
EBITDA 28.5 41.6 (31.4%) 31.4
Adjusted EBITDA * 28.5 50.3 (43.2%) 31.4
Net profit / (loss) (7.9) 2.8 (387.6%) (3.4)
Adjusted net profit / (loss) (3.7) 17.3 (121.5%) (4.0)
**
The financial statements have been prepared in accordance with IFRS.
* Excludes derecognition MS3 claim Q4 2010 USD 8.7 million.
** Includes adjusted EBITDA, excludes impairments on MV Explorer in Q1 2011
totalling USD 4.2 million (Q4 2010:
USD 5.8 million on non recurring finance income and costs relating to loan
redemptions and arrangement fees,
Q1 2010: USD 0.6 million income on debt buy back).
André Goedée, Chief Executive Officer of Dockwise, commented:
"Operating activity was markedly subdued in the first quarter of 2011,
reflecting industry-wide conditions. However, Dockwise noted an upturn in
enquiries through the period, and in recent weeks several have been successfully
converted to backlog. New opportunities are predominantly sizeable Transport &
Infrastructure projects suited to Dockwise's distinct capabilities, and we
continue to be actively engaged in tendering. Taking into account newly
announced additions, our backlog as of today stands well in excess of USD 425
million - a record for the company.
Reviewing the pipeline, it is evident that scale and complexity go hand-in-hand
for major transportation assignments. These premium contracts are distributed
throughout the world's basins, either as stand-alone projects or contained
within major developments. Dockwise is proving repeatedly that it has the
global presence, expertise and vessels to secure the most difficult projects.
The addition of our new "Type-0" vessel, where detailed engineering is
progressing to schedule and budget and where we experience positive client
interest, will give Dockwise a significant competitive advantage anywhere in the
world."
+------------------------------------------------------------------------------+
|A teleconference for analysts and investors following the presentation of Q1 |
|2011 results will be conducted on May 13, 2011, at 14:00 CET; The dial in |
|number for the conference is +44 (0) 207 138 0841 (UK Toll) or +31 (0) |
|20 713 3406 (Netherlands Toll) - confirmation code 1010746. The teleconference|
|can be followed via a live audio-webcast: www.dockwise.com. Participating in |
|the conference requires that you dial in using our conference call number. |
+------------------------------------------------------------------------------+
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116
E:fons.van.lith(at)dockwise.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Full Press Release Q1 2011:
http://hugin.info/137711/R/1515512/451776.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE
[HUG#1515512]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 54632
Anzahl Zeichen: 6197
contact information:
Town:
Breda
Kategorie:
Business News
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"Q1 2011: Building strongest backlog ever amidst subdued markets"
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