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STX EUROPE 4Q 2010 - STRONG IMPROVEMENT
25.2.2011


Highlights:

- EBITDA of NOK 912 million for 2010 compared with NOK 133 million in 2009.

- Profit before tax of NOK 241 million for 2010 (2009: NOK -875 million).

- Orderbook situation:

  - Order intake in NOK 26 833 million for 2010 (2009: NOK 8 219 million).

  - 25 vessels successfully delivered in 2010.

  - Order backlog of 59 vessels totaling NOK 31 160 million (2009: NOK 25 475 million).

- Successful IPO in Singapore of STX OSV Holdings Limited ("STX OSV") - the former Offshore and Specialized Vessels division. STX Europe maintain a 69.02% equity stake in STX OSV which currently has a market capitalization of approx. NOK 6.0 billion.

- STX OSV had strong performance in 2010. Cruise & Ferries has unsatisfactory results, but STX France experienced significantly improved order intake 2010, while the orderbook situation in STX Finland is challenging.

- Arctech Helsinki Shipyard established - a 50/50 joint venture between STX Finland and United Shipbuilding Corporation of Russia - acquiring the STX's Helsinki shipyard.

- Consolidated interest bearing liabilities reduced by NOK 800 million (-27.3%) to NOK 2 129 million in fourth quarter 2010, and further reduced by NOK 300 million in Q1 2011.

 

Please find enclosed the full version of the 4th quarter 2010 report & preliminary 2010 results, and presentation.

 

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Contact information:

Headquarter:
STX Europe AS
Karenslyst allé 57
P.O. Box 453 Skøyen
Oslo, Norway
Tel: + 47 21 02 15 00

Investor relations:
Hans-Jørgen Wibstad
Senior Vice President Finance
Tel: +47 21 02 15 00
Mob: +47 91 68 96 61    


 
   
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