SOURCE: Dockwise Ltd
Dockwise Ltd: H1 2008 - a sustained strong start to the year
BREDA, NORWAY--(Marketwire - August 28, 2008) -
Financial highlights Q2
* Revenue up 63.1% to USD 115.9 million (USD 71.1 million Q2 2007)
* Adjusted EBITDA* up 69.1% to USD 55.2 million (USD 32.7 million
in Q2 2007)
* Adjusted Net Profit** of USD 19.4 million (USD 1.0 million in Q2
2007)
* Record backlog for Dockwise Heavy Lift (DHL) of USD 309 million
* up 110% on Q2 2007 (USD 147 million);
* up 17% on Q1 2008 (USD 264 million);
* backlog extends into 2011.
Strategic and operational highlights
* Steady growth in Offshore, T&I and Onshore backlog, increasing
revenue visibility and stability
* Talisman and Treasure delivered according to schedule
* growth in fleet contributing to improved schedule
efficiency;
* sustained vessel utilization rates.
* Fleet expansion:
* Triumph and Trustee: delivery by end 2008;
* Mighty Servant 3: delivery December 2008.
* Strong cost management: SG&A reduced despite industry cost
pressures and key marketing investment
* Successful tendering secures major long term awards post period
end
* Koniambo; Vyborg (LOI); Navantia
* Substantial backlog additions
Table 1: Key figures
+----------------------------------------------------------------------+ | | | | |Key figures | | | | |-------+-------+-------+-----+------------------+-------+-------+-----| |Q1 2008|Q2 2008|Q2 2007|Q2 08|(Amounts in USD|H1 2008|H1 2007|H1 08| | | | |vs Q2|millions, | | |vs H1| | | | | 07|unaudited) | | | 07| |-------+-------+-------+-----+------------------+-------+-------+-----| | | | | | | | | | |-------+-------+-------+-----+------------------+-------+-------+-----| | 104.0| 115.9| 71.1|63.1%|Revenue | 219.9| 134.9|63.0%| |-------+-------+-------+-----+------------------+-------+-------+-----| | 44.8| 48.9| 26.1|87.1%|EBITDA | 93.7| 53.1|76.6%| |-------+-------+-------+-----+------------------+-------+-------+-----| | 51.1| 55.2| 32.7|69.1%|Adjusted EBITDA * | 106.3| 66.1|61.0%| |-------+-------+-------+-----+------------------+-------+-------+-----| | | | | |Net profit /| | | | | 7.4| 12.6| (29.9)| n.a.|(loss) | 20.0| (41.5)| n.a.| |-------+-------+-------+-----+------------------+-------+-------+-----| | | | | |Adjusted net| | | | | 14.6| 19.4| 1.0| n.a.|profit / (loss) **| 34.0| 5.2| n.a.| +----------------------------------------------------------------------+
The financial statements have been prepared in accordance with IFRS
* Q2 2008 includes three months compensation (USD 6.3 million) for Mighty Servant 3 (see appendix).
** The Q2 2008 Adjusted net profit excludes the amortization of backlog (USD 0.5 million) related to 2007 transactions.
Andre Goedee, CEO of Dockwise Ltd., commented: "Dockwise has sustained its good operational and financial performance into the second quarter and we are pleased to report a marked strengthening in long term backlog as our strategy of targeting major tenders in the Offshore, T&I and Onshore sectors, yields success. The quarter has also been marked by excellent cost management in the face of industry-wide inflationary pressures. This is a vital discipline as Dockwise further develops its global sales and marketing force to service the fleet. Despite volatility in short term contract lettings, the management team continues to see a strong outlook for the company."
A teleconference for analysts and investors following the presentation of H1 2008 results will be conducted on 28 August 2008, at 13:00 CET; 12.00 GMT (UK); The dial in number for the conference is +44 (0) 20 3003 2666. The teleconference will be live audio-webcast on the Company's website www.dockwise.com.
For further information please contact: Fons van Lith Tel : +14415991818 fons.van.lith@dockwise.com
Click the link below to read the entire release including all annexes:
Q2 Results 2008: http://hugin.info/137711/R/1246779/269694.pdf
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