Dockwise Ltd: Q3 2011: Strong financial performance in difficult markets; record backlog levels extended
(Thomson Reuters ONE) -
Breda, the Netherlands, November 11, 2011, DOCKWISE Ltd. today publishes results
for the three month period ended September 30, 2011.
Financial Highlights Q3 2011
* Revenues of USD 113 million (USD 109 million in Q2 2011);
* EBITDA of USD 40 million (USD 35 million in Q2 2011);
* Operating margin of 36% (32% in Q2 2011);
* Net profit of USD 8 million (USD 3 million in Q2 2011);
* Cash flow generated from operating activities of USD 46 million (USD 25
million in Q2 2011).
Strategic and Operational Highlights Q3 2011
* Vessel utilization 70% based on 365 days (85% in Q2 2011);
* Steel cutting commenced for Dockwise Vanguard
* Delivery of MV Explorer to the new owner
* Contract awards of USD 135 million (USD 157 million in Q2 2011)
* Includes Clair Ridge project for BP
* Significant contribution from variation order
Post Q3 2011 events
* FPSO Goliat booked as second cargo for Dockwise Vanguard
* A global transport record: in excess of 60,000 tonnes
* More than USD 25 million booked for execution in 2011 and 2013
* Debt facility condition renegotiated with lending syndicate
* Letter of Intent signed on sale of DYT
Backlog
* Backlog at end Q3 2011 USD 512 million (Q2 2011: USD 471 million):
* USD 58 million for execution in 2011 (USD 87 million at end Q3 2010 for
execution in 2010);
* USD 186 million for execution in 2012 (USD 125 million at end Q3 2010
for execution in 2011);
* USD 268 million for execution in 2013 and beyond (USD 188 million at end
Q3 2010 for execution in 2012 and beyond).
Table 1: Key figures
(Amounts in
USD
Q3 Q2 delta Q3 11 Q3 millions, YTD Q3 YTD Q3 delta Q3 11
2011 2011 vs Q2 11 2010 unaudited) 2011 2010 vs Q3 10
------------------------------- -----------------------------------
112.9 109.2 3.3% 108.9 Revenue 311.1 316.2 (1.6%)
40.4 35.1 15.6% 46.1 EBITDA 104.0 125.2 (16.9%)
Net profit
8.0 2.6 204.9% 13.1 / (loss) 2.7 14.6 (81.9%)
Adjusted
net profit
8.0 2.6 204.9% 12.9 * / (loss) 6.9 ** 20.0 *** (65.8%)
(Amounts in
Q3 Q2 Q3 USD, YTD Q3 YTD Q3
2011 2011 2010 unaudited) 2011 2010
------------------------------- --------------------
Basic
earnings
0.315 0.103 0.626 per Share 0.105 0.697
Adjusted
basic
earnings
0.315 0.103 0.616 per share 0.271 0.957
Diluted
earnings
0.312 0.102 0.620 per share 0.104 0.692
* Excludes USD 0.2 million non recurring finance income and costs relating
to debt buy back and loan redemptions in Q3 2010
** Excludes impairments on MV Explorer in YTD Q3 2011 totalling USD 4.2
million
*** Excludes USD 6.2 million (non cash) impairment on the divestment of the
MV Enterprise and excludes USD 0.8 million non recurrring finance income
and costs relating to debt buy back and loan redemptions in YTD Q3 2010
André Goedée, Chief Executive Officer Dockwise, commented:
Under continued difficult market conditions, we have delivered a sound financial
performance in the third quarter. It is important to stress that, while
variation orders have benefited Dockwise, these are only achievable through
successfully accommodating our client's changing needs. Our ability to do this
reflects our leadership in increasingly complex projects.
We are delighted to again report a record total backlog, - thanks to our win of
the BP Claire Ridge project now stretching out into 2015. Quarterly orderbook
growth was again firmly ahead of quarterly revenues; a basis for sustained long
term growth. Tendering activity continues to be strong, and in a period which
has seen several successes; securing the transport of the FPSO Goliat on the
Vanguard is an outstanding achievement. Dockwise will be proud to break its own
record for the world's heaviest single cargo, and the award is the best
endorsement of our decision, taken at a challenging time, to proceed with our
new vessel.
+------------------------------------------------------------------------------+
|A teleconference for analysts and investors following the presentation of Q3|
|2011 results will be conducted on November 11, 2011 at 14:00 CET; The dial in|
|number for the conference is +44 (0)20 7784 1036 (UK Toll) or +31 (0)20|
|713 2790 (Netherlands Toll) confirmation code 4928818. 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. The|
|presentation will be made available at 12:00 CET through Oslo Newsweb and the|
|Dockwise website |
+------------------------------------------------------------------------------+
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
Full Press Release Q3 2011:
http://hugin.info/137711/R/1563056/484464.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#1563056]
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 86847
Anzahl Zeichen: 7108
contact information:
Town:
Breda
Kategorie:
Business News
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