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%).
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Source: DOCKWISE, February 25, 2011