BREDA, NORWAY -- 08/28/08 --
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
Copyright © Hugin AS 2008. All rights reserved.
