STX Europe AS reported an EBITDA result of NOK 6 million for the first quarter of 2009, down from NOK 211 million in the same period last year. Operating revenues amounted to NOK 8 779 million, up 17.5 percent since 2008, reflecting continued high activity with eleven vessels delivered in the quarter. The first quarter figures are in line with the objective of gradual improvement for the Group going forward.
In the first quarter of 2009, STX Europe's continuing operations had revenues of NOK 8 779 million, an increase of NOK 1 308 million compared with the corresponding period of 2008. The EBITDA result was NOK 6 million, compared with NOK 211 million in the corresponding quarter of 2008. The EBITDA margin for the first quarter of 2009 was 0.1 percent.
While the overall result for the Group is not satisfactory, business area Offshore & Specialized Vessels delivered a satisfying profit in line with expectations.
With operations progressing as planned, Offshore & Specialized Vessels achieved an EBITDA margin of 2.3 percent. Within Cruise & Ferries the EBITDA margin was 0.2 percent, reflecting capacity costs in France and costs related to staff layoffs. Although the majority of ongoing projects within Cruise & Ferries are proceeding as planned, some projects have influenced the results negatively.
Overall, operations at the yards have progressed according to plan. During the first quarter of 2009, STX Europe delivered a total of eleven vessels. Order intake was NOK 380 million in the quarter, giving an order backlog of NOK 38 024 million comprising 66 vessels at the end of the period.
For most of the yards, the order backlog provides a good foundation for capacity utilization going forward. Nevertheless, low ordering activity creates uncertainty regarding capacity utilization beyond the current order backlog.
In January 2009, the STX Business Group acquired the remaining shares in STX Europe, hence becoming the company's sole shareholder. Later, it was decided to delist the company from the Oslo Stock Exchange and to transform STX Europe from being a public limited company (ASA) to a limited liability company (AS). The last day of public listing was 10 February 2009. STX Europe continues to have three bond loans listed on the Oslo Stock Exchange under the tickers AKY 03, AKY 04 and AKY 05.
Please find enclosed the full version of the first quarter report for 2009.
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STX Europe AS
Karenlyst allé 57
P.O. Box 453 Skøyen
0213 Oslo, Norway
Tel: + 47 21 02 15 00
VP Investor Relations & Communications
Tel: +47 21 02 15 19
Mob: +47 95 14 11 47
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for STX Europe AS and its subsidiaries and affiliates (the "STX Europe Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the STX Europe Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although STX Europe AS believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Press release. Neither STX Europe AS nor any other company within the STX Europe Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither STX Europe AS, any other company within the STX Europe Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.
STX Europe AS undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.
The STX Europe Group consists of many legally independent entities, constituting their own separate identities. STX Europe is used as the common brand or trade mark for most of these entities. In this press release we may sometimes use "STX Europe," "Group, "we," or "us," when we refer to STX Europe companies in general or where no useful purpose is served by identifying any particular STX Europe company.