2012 Results News

The Ferguson Group, global specialists in the provision of offshore DNV 2.7-1/EN12079 containers and accommodation solutions, has posted its 2012 results, which show continuing growth, with worldwide sales increasing by over 10% to £57.6m and pre tax profits up to £16.2m from £15.6m in 2011. Commenting on the results, Richard Smith, Group Finance Director, said: “2012 was another successful year for the Ferguson Group, which saw the company increase profits during a year of continuing investment in our global infrastructure and asset base.

Rolls-Royce state that current trading is in line with expectations, and that their guidance for the full year is confirmed. Since the preliminary 2012 results in February, Rolls-Royce say they have won a US$1.6bn order from International Airlines Group (IAG) for Trent XWB engines, with long-term TotalCare® service support, to power 18 Airbus A350-1000 aircraft; they have also  signed multiple contracts to provide and service military transport engines for the US Air Force and US Marine Corps; in addition  construction has started on the state-of-the-art Core Manufacturing Facility in Derby that will produce reactor cores for the UK's current and future Submarines Programme.

Hempel Group reported that its revenues grew by 15% in 2012, despite facing a challenging world market, and the Group is still on track to achieve its long-term goals. The Hempel Group delivered an all-time high revenue of EUR 1,242 million in 2012. EBITDA reached a record high of EUR 126 million, an increase of 21 million compared to 2011. Net profit remained level with2011 at EUR 35 million. Pierre-Yves Jullien, Group President and CEO of Hempel A/S, commented, “Our performance over the last few years means we have a solid financial foundation for growth in the future…

Greece's Diana Shipping reports fourth quarter and year ended 31, December, 2012 results. Diana Shipping Inc. a shipping company specializing in the ownership and operation of dry bulk vessels, reported net income of US$ 5.0-million for the fourth quarter of 2012, compared to net income of US$ 20.2-million reported in the fourth quarter of 2011. Time charter revenues were $49.4 million for the fourth quarter of 2012, compared to $57.4 million for the same period of 2011, mainly due to reduced time charter rates.

Irish Continental Group (ICG) produced another resilient performance in the face of continued economic weakness, which affects both consumer travel and import/export trade flows, the two areas of economic interest for the Group. During the year, the Group announced and completed the sale of its subsidiary Feederlink. Revenue for the year from continuing operations was up 1.7% at €256.1 million while continuing EBITDA  was down 3.2%, to €45.8 million, due mainly to lower freight volumes in both RORO and LOLO and higher fuel costs (up €6.3 million to €53.2 million) largely offset by higher yields in the passenger business. The net interest…

Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share. ◦    Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.50 per share. Excluding the above items, the Company's net results would have amounted to a net loss of $66.8 million, or $0.50 per share. •    The Company reported Adjusted EBITDA of $354.4 million for the year ended 2012, as compared to $387.9 million for the year ended 2011.

Intelsat S.A. reported financial results for the 2012 fourth quarter and full year. Intelsat S.A. reported revenue of $672.4 million and a net loss of $3.7 million for the three months ended December 31, 2012. The company also reported Intelsat S.A. EBITDA1, or earnings before net interest, loss on early extinguishment of debt, taxes and depreciation and amortization, of $520.0 million, and Intelsat S.A. Adjusted EBITDA1 of $516.5 million, or 77 percent of revenue, for the three months ended December 31, 2012. For the 12 months ended December 31, 2012, Intelsat S.A.

Huntington Ingalls Industries (NYSE: HII) reported fourth quarter 2012 revenues of $1.82 billion, up 5.1 percent from the same period last year. Segment operating income for the fourth quarter was $140 million, compared to $127 million in the same period last year. Total operating income for the fourth quarter was $106 million, compared to $121 million in the same period last year. Pension-adjusted total operating income for the fourth quarter was $131 million, or 7.2 percent of revenue…

Dockwise publish audited annual accounts for 2012, having earlier published an unaudited version. The unaudited 2012 results were first disclosed as part of the publication by Dockwise of the Q4 2012 results on 13 February 2013. As indicated in the position statement of Dockwise regarding the mandatory cash offer by Boskalis for all of the issued and outstanding common shares in the capital of Dockwise (the "Position Statement"), the audited annual accounts 2012 are deemed to be part of the Position Statement in accordance with the Dutch Public Takeover Offers Decree. The audited annual accounts, the Position Statement and the Addendum are available on the Company's website.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve month period ended December 31, 2012. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the fourth quarter of 2012. Net revenue for the fourth quarter of 2012 increased by 8% to $46.4 million from $42.9 million, during the same period in 2011. Net income for the fourth quarter of 2012 increased by 36% to $32.2 million from $23.6 million, during the same period in 2011. Adjusted net income1 for the fourth quarter of 2012 decreased by 15% to $20.5 million from $24.0 million, during the same period in 2011.

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million. "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner. Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million, compared with NOK 3 004 million for the fourth quarter 2011. Full year operating revenues totalled NOK 10 748 million, compared with NOK 13 295 for the full year 2011.

Very good operating performance,  with profitability close to CMA CGM’s historic highs. The Board of Directors of France’s CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé to approve the financial statements for the three months ended 30 September 2012. Revenue amounted to $4.2 billion for the period, up 9% compared with third quarter 2011. Volumes carried stood at 2.7 million TEUs, versus 2.6 million in the prior-year period. The Group continued to implement its action plan, which generated $550 million in savings over the first nine months of the year, well ahead of its objectives. In addition, freight rates increased on every trade during the period, further improving its profitability. $617 million in EBITDA.

Bulk carrier owners & charterers Safe Bulkers, Inc. reports results for the third quarter and the first nine months of 2012, pays reduced dividend. Net revenue for the third quarter of 2012 increased by 10.1% to $46.8 million from $42.5 million during the same period in 2011. Net income for the third quarter of 2012 increased by 4.5% to $20.7 million from $19.8 million during the same period in 2011. Adjusted net income1 for the third quarter of 2012 decreased by 12.0% to $22.8 million from $25.9 million during the same period in 2011. Net revenue for the nine-months period ended September 30, 2012 increased by 9.5% to $138.0 million from $126.0 million during the same period in 2011.

Operationally sound first quarter for combined Group. Dockwise Ltd. has published results for the three month period ended 30 September 2012. As from 1 July 2012, results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. •    Cash flow generated from operating activities of USD 49 million (USD 10 million in Q2 2012). •    Four vessels deployed on Gorgon project. •    The ING syndicate loan facility has been renegotiated. •    USD 302 million for execution in 2014 and beyond (USD 268 million at end Q3 2011 for execution in 2013 and beyond). André Goedée, Chief Executive Officer Dockwise, commented: "The third quarter has seen good operational progress.

The COSCO Group achieved net profit attributable to equity holders of $26.6 million on turnover of $937.0 million in Q3 2012. Group turnover inched down 3.4% to $937.0 million in Q3 2012 from $969.8 million in Q3 2011 due to a decrease in shipyard and dry bulk shipping revenue. Turnover from shipyard operations decreased marginally by 3.3% to $923.5 million in Q3 2012 from $954.7 million in Q3 2011 mainly due to lower revenue contribution from ship building & ship repair segments which more than offset the growth in revenue from marine engineering segment. The Group delivered 10 bulk carriers in Q3 2012. Of these, COSCO Zhoushan and COSCO Dalian shipyard delivered 4 bulk carriers each while COSCO Guangdong shipyard delivered 2 bulk carriers.

The company won several important contracts in the maritime and defence markets during the third quarter 2012. Q3 operating revenues totalled MNOK 3 675 and EBITA came to MNOK 570. This corresponds to an EBITA margin for the Group of 15.5 per cent, compared with 16.3 per cent in the same quarter of 2011. Earnings per share (EPS) came to NOK 3.26 in Q3 2012. Kongsberg had an equity ratio of 38.4 per cent at the end of Q3. The Group has had a good quarter, winning several important contracts that further consolidate the Group's market positions. “It is gratifying to note that Kongsberg Maritime has further strenghtened its position in the advanced offshore market.

Aker Solutions' operating revenues were NOK 11 158 million in the third quarter of 2012. Year-to-date revenues are 32 percent higher than in the first nine months of 2011. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1,122 million with a margin of 10.1 percent. "The quarter can be summarized in three headlines: continued stable operational performance, strong order intake and a number of breakthrough contracts," said Øyvind Eriksen, executive chairman of Aker Solutions. The order intake in the quarter was NOK 16.9 billion. Order backlog at the end of the quarter stood at NOK 59.7 billion, an increase of 44 percent from the beginning of the year.

Caterpillar Inc. announces strong improvement in its Third-Quarter 2012 results, but outlook not so bright. Caterpillar Inc. announce third-quarter 2012 sales and revenues of $16.445 billion, a 5-percent increase from third-quarter 2011 sales and revenues of $15.716 billion. “Last quarter and then again a month ago at MINExpo, we discussed economic and geopolitical headwinds facing the world, and we are certainly continuing to see the impact of those uncertainties in our business,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. "We now expect 2012 sales and revenues to be about $66 billion and profit in a range of $9.00 to $9.25 per share.

China mainland shipping agency provider Sino-Global announce increased revenue in fiscal year 2012 results. Sino-Global Shipping America, Ltd. a leading, non-state-owned provider of shipping agency services operating primarily in China, report that Fiscal 2012 was a difficult year for the Company as the economic slowdown in China had a significant impact on the volume of iron ore imported into China and, consequently, on the Company's results. By aggressive marketing activities that resulted in new customers that load iron ore in overseas ports, Sino-Global was able to manage a small increase in revenues. The number of ships served increased from 421 in fiscal 2011 to 477 in fiscal 2012.

GasLog Ltd., owner, operator & manager of liquefied natural gas (“LNG”) carriers, reports financial results for second quarter 2012. GasLog’s fleet consists of 10 wholly-owned LNG carriers, including two ships delivered in 2010 and eight LNG carriers on order. In addition, GasLog currently has 12 LNG carriers operating under its technical management for third parties. • Continued strong fundamentals for the LNG industry. • For the second quarter, GasLog reports Adjusted EBITDA(1) of $8.4 million, Adjusted Profit(1) of $2.6 million and Loss of $3.6 million. • Adjusted earnings per share ("EPS")(1) of $0.04 and loss per share of $(0.06) for the second quarter of 2012. • Operating performance in-line with management’s expectations and reflects full employment of the delivered fleet.

The financial report showed a loss attributable to Genco for the second quarter of 2012 of $27.7 million, or $0.65 basic and diluted loss per share. Comparatively, for the three months ended June 30, 2011, net income attributable to Genco was $10.1 million, or $0.29 basic and diluted earnings per share. EBITDA was $26.8 million for the three months ended June 30, 2012 versus $65.8 million for the three months ended June 30, 2011. Robert Gerald Buchanan, President, commented, "During the second quarter, we maintained an opportunistic time charter approach in a challenging drybulk market. Genco's voyage revenues decreased to $62.1 million for the three months ended June 30, 2012 versus $98.5 million for the three months ended June 30, 2011.

Satellite investment program progresses with three launches planned for third quarter; Intelsat EpicNG high performance satellite platform establishes leadership with long-term commitments. Intelsat S.A., the world's leading provider of satellite services, reported financial results for the three months ended June 30, 2012. Intelsat S.A. reported revenue of $638.7 million and a net loss of $84.0 million for the three months ended June 30, 2012. The company also reported Intelsat S.A. EBITDAi, or earnings before net interest, loss on early extinguishment of debt, taxes and depreciation and amortization, of $468.3 million, and Intelsat S.A. Adjusted EBITDAi of $492.0 million, or 77 percent of revenue, for the three months ended June 30, 2012.

Giuseppe Bono, Fincantieri Chief Executive Officer, commented: "We are pleased with these results, giving cause for optimism to the company and its employees. The ongoing reorganization process, initiated thanks to an agreement with the unions and the government, is proving its worth.