STX Reports Q1

STX Europe has 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.

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