|
Breda, the Netherlands, 14 February 2012, DOCKWISE Ltd. today publishes results for the three month period ended 31 December 2011.
Financial Highlights Q4 2011 - Revenues of USD 88 million (Q3 2011: USD 113 million);
- EBITDA of USD 30 million (Q3 2011: USD 40 million);
- Operating margin of 35% (Q3 2011: 36%);
- Adjusted net loss of USD 5 million (Q3 2011: net profit of USD 8 million);
- Impairment on DYT (held for sale) of USD 29.4 million;
- Non-recurring financing costs of USD 1.8 million.
- Cash flow generated from operating activities of USD 62 million (Q3 2011: USD 46 million).
Strategic and Operational Highlights Q4 2011 - Further optimization of fleet:
- Dockwise Vanguard production of first sections;
- Signing of the COOEC vessel management agreement.
- Contract awards of USD 82 million (Q3 2011; USD 135 million):
- Includes significant mining logistics project;
- 55% vessel utilization, based on 365 days (Q3 2011: 70%);
- Signed letter of intent to sell DYT.
Financial Highlights FY 2011 - Revenues of USD 399 million (2010: USD 439 million);
- EBITDA of USD 134 million (2010: USD 167 million);
- Operating margin of 34% (2010: 38%);
- Adjusted net profit of USD 2 million (2010: USD 37 million);
- Cash flow generated from operating activities of USD 173 million (2010: USD 164 million);
- 68% vessel utilization, based on 365 days (2010: 71%);
- Net debt of USD 480 million (2010: USD 511 million);
- CAPEX of USD 154 million (2010: 40 million):
- Maintenance & projects: USD 45 million;
- Vanguard: USD 109 million.
Post 2011 events - More than USD 50 million booked for execution in 2012;
- DYT divestment on schedule for Q1 2012.
Backlog - Backlog at end 2011 USD 531 million (Q3 2011: USD 512 million):
- USD 245 million for execution in 2012 (USD 174 million at end 2010 for execution in 2011);
- USD 171 million for execution in 2013 (USD 109 million at end 2010 for execution in 2012);
- USD 115 million for execution in 2014 and beyond (USD 97 million at end 2010 for execution in 2013 and beyond).
Table 1: Key figures | | | | | | | | | | | | | Q4
2011* | | Q3
2011* | delta Q4 2011
vs Q3 2011 | Q4
2010* | | (Amounts in USD millions) | | FY
2011* | | FY
2010 | | delta FY 2011
vs FY 2010 | | | | | | | | | | | | | | | 87,5 | | 112,9 | (22,4%) | 122,9 | | Revenue | | 398,6 | | 439,1 | | (9,2%) | | 30,3 | | 40,4 | (25,3%) | 41,6 | | EBITDA | | 134,3 | | 166,8 | | (19,5%) | | 30,3 | | 40,4 | (25,3%) | 50,3 | [1] | Adjusted EBITDA | | 134,3 | | 175,5 | [1] | (23,5%) | | (36,2) | | 8,0 | n.m. | 2,8 | | Net profit / (loss) | | (33,5) | | 17,4 | | n.m. | | (5,0) | [2] | 8,0 | n.m. | 17,3 | [3] | Adjusted net profit / (loss) | | 1,9 | [2] | 37,3 | [3] | n.m. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q4 2011* | | Q3 2011* | | Q4 2010* | | (Amounts in USD) | | FY 2011* | | FY 2010 | | | | (1,430) | | 0,315 | | 0,127 | | Basic earnings per Share | | (1,325) | | 0,822 | | | | 0,195) | | 0,315 | | 0,800 | | Adjusted basic earnings per share | | 0,076 | | 1,768 | | | | (1,416) | | 0,312 | | 0,126 | | Diluted earnings per share | | (1,312) | | 0,815 | | | | | | | | | | | | | | | | | * Unaudited | | | | | | | | | | | | | [1] Excludes derecognition MS3 claim USD 8.7 million (Q4 and FY 2010). | | [2] Excludes impairments DYT Business USD 29.4 million (Q4 and FY 2011), excludes non recurring finance costs USD 1.8 million (Q4 and FY 2011) and excludes impairments MV Explorer USD 4.2 million (FY 2011). | | [3] Includes adjusted EBITDA, excludes non recurring finance income and costs relating to debt buy back, loan redemtions and arrangement fees USD 5.8 million (Q4 2010; USD 5.0 million FY 2010) and excludes impairments on assets totalling USD 6.2 million (FY 2010). |
André Goedée, Chief Executive Officer Dockwise, commented: The fourth quarter concluded a demanding, but ultimately successful, 2011 for Dockwise. Despite arduous trading conditions in our short term markets, prominently reflected in utilisation levels, the company generated good cash flows and maintained a demanding capex programme. We also sustained an impressive marketing effort; backlog now stands at a company record of USD 531 million, up 40 per cent up from USD 380 million a year earlier. Construction of our industry-leading new vessel, the Vanguard, is on time and budget, and the ship has already been booked for two major projects from launch. Dockwise is developing an enviable track record in tackling challenging assignments and as a result we are strongly positioned for the remarkable growth phase ahead in off-shore Transport & Installation projects. A teleconference for analysts and investors following the presentation of Q4 2011 results will be conducted on 14 February 2012 at 14:00 CET; The dial in number for the conference is+44 (0)20 3106 4822 UK Toll or +31 (0)20 713 2789 Netherlands Toll confirmation code5477524. 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@dockwise.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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#1585290
|
