Q4 & Full Year 2009: Dockwise financial strength significantly improved; steady performance in challenging markets
(Thomson Reuters ONE) -
Breda, The Netherlands, 19 February 2010, DOCKWISE Ltd.,
Financial highlights Q4 2009
· Adjusted EBITDA of USD 42.1 million, with margin at 36% (Q3
2009: 43%);
· Net profit of USD 2.8 million before non-recurring items:
o Deal & financing-related net cash costs of USD 4.6 million
o Non-cash impairments on assets and loan fees of USD 14 million
· Vessel operating expenses reduced 12% to USD 11 million (Q3 2009: USD
12.5 million);
· Cashflow of USD 43 million generated by operations (Q3 2009: USD 29
million)
Financial highlights FY 2009
· Adjusted EBITDA of USD 223 million with margin at 45%, maintaining
2008 levels;
· Strong cash flow of USD 195 million generated by operations;
· CAPEX of USD 28 million (below annual runrate of USD 50 million);
· Year end net debt of USD 641 million (2008: USD 1,003 million);
· Year end net debt/EBITDA ratio 2.9:1
2009 Strategic and operational highlights
· Dockwise financial strength significantly improved:
o USD 250 million new equity used to reduce debt by USD 235 million
o Successful placement of 3i stake with new long term investors
o Secondary listing on NYSE Euronext Amsterdam
· New sales office in Malaysia, Singapore, Russia and Brazil;
· Completed CPOC float-over as primary project contractor to client;
· Bongkot float-over award signals Dockwise's market position as
transport and installation services provider;
· Full year fleet utilization rate of 91% (2008: 99%)
Backlog
· Backlog end 2009 for Dockwise Heavy Lift of USD 324 million (Q3 2009:
USD 339 million):
o USD 198 million for execution in 2010 (USD 174 million at the end of 2008
for execution in 2009)
o USD 65 million for execution in 2011 (USD 176 million at the end of 2008
for execution in 2010)
o Post year end almost USD 25 million new contracts signed
Table 1: Key figures
(Amounts in USD
Q4 09 millions, FY 2009
Q3 2009 Q4 2009 Q4 2008 vs Q4 08 unaudited) FY 2009 FY 2008 vs FY 2008
113.9 118.2 135.4 (12.7%) Revenue 478.0 456.6 4.7%
Adjusted
113.9 118.2 145.1 (18.5%) revenue * 490.7 495.4 (1.0%)
48.4 36.4 65.5 (44.5%) EBITDA 208.9 201.1 3.9%
Adjusted EBITDA
48.4 42.1 71.7 (41.4%) ** 222.8 226.4 (1.6%)
8.1 (15.8) 22.6 (170.2%) Net profit 36.6 47.0 (22.1%)
Adjusted net
8.6 2.8 28.8 (90.4%) profit *** 62.9 73.5 (14.4%)
The financial statements have been prepared in accordance with IFRS.
* Includes gross compensation for Mighty Servant 3 (MS3) FY 2009 USD 12.7
million (FY 2008 USD 38.8 million; see appendix) and Q4 2008 USD 9.7 million.
** Includes net compensation for MS3 FY 2009 USD 8.2 million (FY 2008 USD 25.3
million and Q4 2008 USD 6.2 million) and excludes non recurring costs for the
listing at the NYSE Euronext Amsterdam and pre acquisition costs totalling USD
5.7 million for Q4 and FY 2009 (2008: nil).
*** Includes adjusted EBITDA and excludes an impairment loss and book-losses
totalling USD 9.0 million for Q4 2009 and FY 2009 (2008: nil), non recurring
finance income and costs relating to debt buy back and loan redemptions FY 2009
USD 3.4 million (2008: nil) and Q4 2009 USD 3.9 million, and amortization
backlog full year 2008 USD 1.3 million).
André Goedée, CEO of Dockwise Ltd., commented:
"The fourth quarter was challenging, with subdued rig and transport markets and
keen pricing pressure. However, the efforts of our global sales force secured a
high proportion of the available work and we are encouraged that even in
difficult times Dockwise can maintain a healthy backlog. The Group finished the
year with good utilisation rates, healthy cashflows and a performance in line
with market expectations.
At a corporate level, Dockwise was transformed during the fourth quarter,
raising USD 250 million in equity from new and existing shareholders to reduce
its debt burden to manageable levels. This has been of vital importance for
Dockwise, a business designed to target the largest maritime transport projects
with multi-year timelines, and we are already seeing opportunities beyond
2010. The Euronext Amsterdam listing achieved alongside the balance sheet
restructuring offers improved liquidity for our investors together with better
access to potential future capital for Dockwise."
A teleconference for analysts and investors following the presentation of Q4
2009 results will be conducted on 19 February 2010, at 11:00 CET; The dial in
number for the conference is +44 (0)203 003 2666. The teleconference will be
live audio-webcast on the Company's website www.dockwise.com
recommended. For remarks or questions you should dial in on the conference call.
For further information please contact:
Fons van Lith
Tel : +31 (0)6 51 314 952 or +31 (0)76 5484116
fons.van.lith(at)dockwise.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1386279]
Q4 2009 Full press release: http://hugin.info/137711/R/1386279/344931.pdf
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Datum: 19.02.2010 - 01:33 Uhr
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News-ID 1010607
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