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Dockwise Ltd : Dockwise Ltd : Q4 2012: Strong finish to 2012; Dockwise entering period of sustained growth

    Dockwise Ltd : Dockwise Ltd : Q4 2012: Strong finish to 2012; Dockwise
                     entering period of sustained growth

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.

        Financial Highlights Q4 2012

  oRevenues of USD 187 million (USD 136 million in Q3 2012);
  oAdjusted EBITDA of USD 64 million (USD 51 million in Q3 2012);
  oOperating margin of 32% (36% in Q3 2012);
  oAdjusted net profit of USD 27 million (USD 12 million in Q3 2012);
  oCash flow generated from operating activities of USD 58 million (USD 49
    million in Q3 2012).



        Operational & Commercial Highlights Q4 2012

  oUtilization rate of 81% (81% in Q3 2012: including Fairstar);
  o14 rig transports in Q4 2012 (17 in Q3 2012);
  oFloat-over installation of the 30,000 tons record weight topside for the
    SHWE project;
  oFairstar organization integrated and financing extended.

        Strategic Highlights

  oFinesse delivered;
  oWhite Marlin new build contract (conversion from Fathom) confirmed;
  oBoskalis indicative offer at EUR 17.20 revised to mandatory offer at EUR
    18.50 per share;
  oStrategic rationale supported by Dockwise Board.



        Financial Highlights FY 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

  oDelivery of Dockwise Vanguard on 31 January 2013;
  oDockwise Vanguard successfully loaded first cargo;
  oUSD 48 million booked for execution 2013 and beyond;
  oBoskalis offer recommended by Dockwise Board.

Backlog
Backlog at end 2012 was USD 674 million (Q3 2012: USD766 million):

  oUSD 348 million for execution in 2013 (USD 245 million at end 2011 for
    execution in 2012);
  oUSD 108 million for execution in 2014 (USD 171 million at end 2011 for
    execution in 2013);
  oUSD 218 million for execution in 2015 and beyond (USD 115 million at end
    2011 for execution in 2014 and beyond).





Table 1: Key figures (unaudited)

                           Q4                                             FY
                          2012                                            2012
    Q4         Q3        vs Q3     Q4   (x USD           FY        FY    vs FY
  2012       2012        2012   2011  1,000,000)    2012      2011     2011
                .                                               
 187.3      135.7      38.0%   87.5  Revenue      539.4     398.6    35.3%
  59.4       48.6      22.2%   30.8  EBITDA       174.2     134.8    29.2%
                                        Adjusted    
  63.5 ^1    50.9 ^1    24.8%   30.8  EBITDA        180.6 ^1  134.8   34.0%
                                        Net profit  
  17.0        3.5        n.m. (35.7)  / (loss)       21.1    (33.0)     n.m.
                                        Adjusted    
                                        net profit
  27.0 ^2    12.1 ^2    123.1%  (4.5)  / (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)
                                  Adjusted basic earnings
  0.682     0.306    (0.168)  per share^1                 1.173     0.092
                                  Diluted earnings per
  0.429     0.088    (1.353)  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."



A teleconference for analysts and investors following the presentation of Q4
2012 results will be conducted on February 13, 2013, at 14:00 CET; The dial
in number for the conference is +44(0)20 7136 2050 United Kingdom and +31(0)20
713 2790
Netherlands confirmation code 9866243. The teleconference can be followed via
a live audio-webcast: www.dockwise.com. Participating in the conference
requires that you dial in using our conference call number. The presentation
will be made available at 12:00 CET through Oslo Newsweb and the Dockwise
website.

For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116 E: fons.van.lith@dockwise.com


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
vanguard maiden voyage
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Source: Dockwise Ltd via Thomson Reuters ONE
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