Smit has the wind in its sails

• Harbour Towage Division achieved good results
• Growth of Terminals Division lagged behind
• A high work rate and excellent result for the Salvage Division
• Exceptional fleet utilisation of the Transport & Heavy Lift Division
• Proposed dividend up by 80%

Results in 2006

• Net profit for 2006 nearly doubled: EUR 75.0 million (2005: EUR 38.3 million).
• Operating result EUR 77.3 million (2005: EUR 42.3 million).
• Result achieved by associated companies was EUR 22.7 million (2005: EUR 12.1 million).
• Net earnings per share was EUR 4.86 compared to EUR 2.49 for 2005 (adjusted for share split in 2006).

Ben Vree, SMIT’s CEO, comments: “It was a record year for SMIT. In 2006, we nearly doubled our net profit. We had the wind in our sails in nearly all our divisions, particularly during the second half of the year. Our associated companies also performed exceedingly well. Only the growth of the Terminals Division lagged behind.

"The rollout of our strategy, aimed at raising profits and creating increased stability, is bearing fruit. We have started an extensive programme of fleet renewal in motion. In 2006, a total of 20 vessels were put into operation, both in our operating companies and in our associated companies. In 2007, we expect to put an additional 23 vessels into operation and, in 2008, at least 22 vessels, of which approximately 50% are part of expansion efforts. In our Transport and Heavy Lift Division, long-term contracts are taking on an increasingly important role. Consequently, we look to the future with confidence.”

Smit say that the harbour towage activities in Antwerp (URS) and Rotterdam achieved good results, thanks in part to the strong wind in the last quarter and to the increase in shipping.
 

To read the full report see:
http://www.smit.com/sitefactor/page.asp?pageid=1127