DOCKWISE Ltd. today publishes results for the three month and Half Year periods ended June 30, 2012.
Financial Highlights Q2 2012
- Revenues of USD 97 million (USD 120 million in Q1 2012);
- EBITDA of USD 28 million (USD 39 million in Q1 2012)
- Operating margin of 29% (32% in Q1 2012);
- Net loss of USD 8 million (Net profit of USD 9 million in Q1 2012);
- Cash flow generated from operating activities of USD 10 million (USD 35 million in Q1 2012);
- Issuance of USD 248 million ordinary shares and USD 50 million preference shares
Financial Highlights first Half Year 2012
- Revenues of USD 216 million (USD 198 million in first half year 2011);
- EBITDA of USD 66 million (USD 64 million in first half year 2011);
- Operating margin of 31% (32% in first half year 2011);Net profit of USD 1 million (adjusted net loss of USD 1 million in first half year 2011);
- Cash flow generated from operating activities of USD 45 million (USD 64 million in first half year 2011).
Strategic Highlights Q2 2012
- Acquisition of Fairstar Heavy Transport N.V. for USD 90 million (60.4%):
- Creates strategic position in Logistics Management Services;
- 30% addition to current and long term backlog;
- Four vessels added to Dockwise fleet, with fifth vessel under commission;
- Accommodates fleet rejuvenation;
- Initiated buy out and delisting procedures following control (99%) as of July 2012.
Commercial Highlights Q2 2012
- HYSY 278 successfully delivered first Dockwise cargo;
- Total rig transports of 15;
- Contract awards of USD 109 million in Q2 2012 include:Hebron topside transportation for Exxon Mobil;USA Big Dog Spar Buoy for BP. Post Q2 2012 events
- Sustained bookings of short- term work and high- profile longer term projects:
- More than USD 35 million booked for execution in 2012 and beyond;
Backlog
Autonomous backlog at end Q2 2012 was USD 623 million (Q1 2012: USD 587 million) and USD 810 million including Fairstar as at 30 June 2012 excluding options on contracts:
- USD 217 million for execution in 2012 (USD 101 million at end Q2 2011 for execution in 2011);
- USD 287 million for execution in 2013 (USD 200 million at end Q2 2011 for execution in 2012);
- USD 306 million for execution in 2014 and beyond (USD 170 million at end Q2 2011 for execution in 2013 and beyond).
Table 1: Key figures
Q2 2012 Q1 2012