The Netherlands: Dockwise Ltd. Announces Solid Results for Q4 & Full Year 2010

 

DOCKWISE Ltd., today publishes results for the three month period and full year ended 31 December 2010.

Financial highlights Q4 2010

Revenues of USD 123 million (Q3 2010: USD 109 million);

Adjusted EBITDA of USD 50 million (Q3 2010: USD 46 million);

Operating margin of 41% (Q3 2010: 42%);

Adjusted net profit of USD 17 million before non-recurring items:

o Derecognition of MS3 receivable (USD 8.7 million);

o Balance sheet restructuring cost and loan fee write-offs (USD 5.8 million);

Operating cash flow of USD 56 million (Q3 2010: USD 45 million);

Heavy lift fleet utilization of 97% (Q3 2010: 84%).

Financial highlights FY 2010

Revenues of USD 439 million (2009: 491 million adjusted);

Adjusted EBITDA of USD 176 million (2009: USD 223 million);

Operating margin of 40% (2009: 45%);

Adjusted net profit of USD 37 million (2009: 63 million);

Operating cash flow of USD 164 million (2009: USD 195 million);

CAPEX of USD 40 million (2009: USD 28 million);

Significant improvement of financial strength;

o Successful completion of USD 103 million rights issue;

o Reduction of net debt to USD 457 million (2009: USD 641 million);

Year end net debt/EBITDA ratio 2.7:1 (2009: 3.1:1).

2010 Strategic and operational highlights

Further optimization of fleet:

o Decision to build “T-0”, the worlds’ largest semi-sub vessel;

o Sale of MV Enterprise;

First contract signed with planned transportation on the “T-0” vessel;

USD 100 million Vyborg floatover project successfully completed;

Koniambo logistical management contract successfully completed;

Full year fleet utilization rate of 81% (2009: 91%).

More info: DOCKWISE

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Source: DOCKWISE, February 25, 2011

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