Q3 2009: Successful project execution in quieter quarter
(Thomson Reuters ONE) - Additional sales focus on short term marketBreda, The Netherlands, 19 October 2009, DOCKWISE Ltd., Q3 2009results.Q3 Financial highlights * Adj. Revenue* up 3% to USD 114 million * Adj. EBITDA** up 12% to USD 48 million or 43% of revenue (Q3 2008: 39%) * Adj. Net profit*** increased to USD 8 million (Q3 2008: 6 million) * Operating cash flow down to USD 15 million (Q3 2008: USD 31 million) * Repayment of USD 35 million reducing long term debt YTD by almost USD 100 million to USD 928 millionQ3 Strategic highlights * Successful completion of CPOC float over project * Gjøa project completed following successful escort through Gulf of Aden * Dockwise head office relocated: effective 1 October 2009 * New sales and operational offices in Moscow and Singapore * Talks with Yacht Path discontinued. DYT to pursue independent strategyBacklog * Backlog for Dockwise Heavy Lift of USD 339 million (Q2 2009: USD 367 million) * USD 72 million for execution in 2009Table 1: Key figures+-----------------------------------------------------------------------+| | | | || || | |YTD Q3|| | | | Q3 09||(Amounts in || | | 09 vs|| | | | vs Q3||USD millions, ||YTD Q3|YTD Q3|YTD Q3|| Q2 2009| Q3 2009| Q3 2008| 08||unaudited) || 2009| 2008| 08||--------+--------+--------+------++--------------++------+------+------||--------+--------+--------+------++--------------++------+------+------|| 118.7| 113.9| 101.3| 12.4%||Revenue || 359.8| 321.2| 12.0%||--------+--------+--------+------++--------------++------+------+------|| | | | ||Adjusted || | | || 121.9| 113.9| 110.9| 2.6%||revenue * || 372.5| 350.3| 6.3%||--------+--------+--------+------++--------------++------+------+------|| 58.0| 48.4| 41.9| 15.5%||EBITDA || 172.5| 135.6| 27.2%||--------+--------+--------+------++--------------++------+------+------|| | | | ||Adjusted || | | || 60.1| 48.4| 43.5| 11.5%||EBITDA ** || 180.7| 149.8| 20.7%||--------+--------+--------+------++--------------++------+------+------|| 17.0| 8.1| 4.4| 83.6%||Net profit || 52.4| 24.4|114.6%||--------+--------+--------+------++--------------++------+------+------|| | | | ||Adjusted net || | | || 19.2| 8.1| 5.9| 37.1%||profit *** || 60.7| 39.9| 52.2%||--------+--------+--------+------++--------------++------+------+------||----------------------------------------------------------------+------||The financial statements have been prepared in accordance with | ||IFRS | ||----------------------------------------------------------------+------||* Includes gross compensation for Mighty Servant 3 (2008 USD 9.7| ||million) | ||----------------------------------------------------------------+------||** Includes net compensation for Mighty Servant 3 (2008 USD 6.3 | ||million; see appendix), gain on divestments (USD 0.3 million) | ||and excludes gain on sale mid sections (Q3 2008 USD 4.8 | ||million). | ||----------------------------------------------------------------+------||*** Includes adjusted EBITDA | |+-----------------------------------------------------------------------+André Goedée, CEO of Dockwise Ltd., commented:"In the third quarter, Dockwise delivered a solid performance againsta background of subdued markets. I am pleased to see that thedetermined steps we have taken to hold down our cost base whilegrowing our fleet, have enabled us to move forward the operatingmargin from 39 to 43 per cent, for the comparable period.The third quarter, as in 2008, was affected by the holiday season.Additionally we are observing an underlying reduction in commercialactivity levels in oil & gas related transportation markets. Webelieve this to be a short term development rather than a structuraltrend. We have confidence in the medium and long term prospects forDockwise and that we will continue to create long term, sustainablevalue for our shareholders."For further information please contact:Fons van LithTel : +31 (0)6 51 314 952 or +31 (0)76 5484116fons.van.lith(at)dockwise.comAbout Dockwise Ltd / Dockwise GroupDockwise Ltd., a Bermuda incorporated, has a workforce of more than1200 people both offshore and onshore. The company is the leadingmarine contractor providing total transport services to the offshore,onshore and yachting industries as well as installation services ofextremely heavy offshore platforms. The Group is headquartered inBreda, The Netherlands. The Group's main commercial offices arelocated in The Netherlands, the United States, China, Korea,Australia, Brasil, Moscow, Singapore and Nigeria. The Dockwise YachtTransport business unit is headquartered in Fort Lauderdale and hasan office in Italy. The Dockwise Shipping network is supported byagents in Japan, Singapore, Spain, Norway, Argentina and Italy.To support all of its services to customers, the group also has threeadditional engineering centers in Houston, Breda and Shenzhen,manufactures specific motion reduction equipment such as LMU (LegMating Units) and DMU (Deck Mating Units) and owns a fleet of 20purpose built semi-submersible vessels.Dockwise shares are listed on the Oslo Stock Exchange under tickerDOCK.For further information: www.dockwise.comhttp://hugin.info/137711/R/1348184/324379.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.10.2009 - 08:08 Uhr
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