Breda, the Netherlands, 13 February 2013, DOCKWISE Ltd. today publishes results for the three month period ended 31 December 2012. Results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. as from 1 July 2012.
· Revenues of USD 539 million (2011: USD 399 million);
· Adjusted EBITDA of USD 181 million (2011: USD 135 million);
· Operating margin of 32% (2011: 34%);
· Adjusted net profit of USD 40 million (2011: USD 2 million);
· Cash flow generated from operating activities of USD 152 million (2011: USD 173 million);
· 74% vessel utilization (2011: 68%);
· CAPEX of USD 232 million (2011: 154 million).
Post Q4 2012 events
Backlog at end 2012 was USD 674 million (Q3 2012: USD 766 million):
Table 1: Key figures (unaudited)
|Q4 2012||Q3 2012||Q4 2012 vs Q3 2012||Q4 2011||(x USD 1,000,000)||FY 2012||FY 2011||FY 2012 vs FY 2011|
|17.0||3.5||n.m.||(35.7)||Net profit / (loss)||21.1||(33.0)||n.m.|
|27.0||2||12.1||2||123.1%||(4.5)||Adjusted net profit / (loss)||39.7||2||2.4||3||n.m.|
| 1 Excludes one off expenses relating to the Fairstar transaction of some USD 4.4 million (Q3: USD 2.3 million and Q4: |
USD 2.1 million), and additional costs relating to the Boskalis offer of some USD 2.0 million (Q4: USD 2.0 million).
| 2 Includes adjustment item 1 and excludes the following items:|
- Amortization of the backlog and trade name Fairstar of some USD 10.0 million
(Q3: USD 2.3 million and Q4: USD 7.7 million);
- Fair value adjustment of the previously held equity investment in Fairstar of USD 4.0 million loss
(Q3: USD 4.0 million);
- Renegotiated financing fees Fairstar of some USD 1.8 million profit (Q4: USD 1.8 million).
| 3 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 Explorer USD 4.2 million (FY 2011).
Table 2: Earnings per Share based on the average number of shares (unaudited)
|Q4 2012||Q3 2012||Q4 2011||FY 2012||FY 2011|
|0.430||0.088||(1.353)||Basic earnings per share||0.623||(1.252)|
|0.682||0.306||(0.168)||Adjusted basic earnings per share1||1.173||0.092|
|0.429||0.088||(1.353)||Diluted earnings per share||0.620||(1.252)|
|1Based on Adjusted net profit/(loss).|
André Goedée, Chief Executive Officer Dockwise, commented:
"Dockwise is proud of its performance in 2012. We have delivered good growth for the year and chalked up some impressive operational milestones. In Fairstar, we completed a difficult acquisition and have conducted a successful harmonious integration.
As we prepare to merge with Boskalis, I would highlight our major achievements in the five years since IPO. From a commodity sea haulage business, we have built the oil & gas services provider our clients need. We have maintained leadership in our core heavy marine transport business while successfully developing two further commercial pillars: transport & installation and logistics management.
From an original fleet of 11, we have grown Dockwise to 25 vessels, converting and building ships to reflect the evolution of the energy industry offshore as ever larger structures require moving and installing in ever more remote places. We have led and consolidated our own industry, and year on year set records for the largest and most difficult tasks.
We continue to see an outstanding commercial opportunity to develop the services we pioneered for decades to come. With the support of a larger group, we will now accelerate our business in scope and scale to satisfy global client demand."
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116 E: firstname.lastname@example.org