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SMIT achieves solid results

March 5 - According to the company CEO, SMIT continued to realise good financial results in 2009 despite the worldwide recession which impacted on its business.

During 2009, SMIT noted that the Transport & Heavy Lift activities initially showed good utilisation rates for the fleet. However, in the second half of the year the recession had a greater impact on the spot business of this division. The decline of the Harbour Towage market stabilised and at certain locations even improved slightly towards the end of the year. The Terminal activities continued to grow substantially and provided stable income. Salvage remains unpredictable.

SMIT said that its strategy of realising stability and gradual growth has proved to be successful also in times of recession.

Highlights

• Harbour Towage: slow-down mainly compensated by repositioning of vessels. 
• Terminals achieves sharp profit growth caused by new contracts. 
• Salvage result at a high level due to settlement prior year cases. 
• Transport activities contribute well. 
• Heavy Lift fleet utilisation lower than previous year. 
• Process of merger with Boskalis on schedule (EGM on 16 March 2010).

Results in 2009 

• Net profit EUR102.4 / USD139.9 million (2008: EUR107.8 / USD147.3 million). 
• Net profit includes non recurring items from settlement "Thunderhorse" (EUR10 / USD13.6 million net) and taxes (EUR4 / USD5.4 million net). 
• EBITDA (including associated companies) EUR199.7 / USD272.8 million (2008: EUR201.0 / USD274.6 million). 
• Operating result EUR104.6 / USD142.9 million (2008: EUR112.5 / USD153.7 million). 
• Result from associated companies EUR20.8 / USD28.4 million (2008: EUR25.4 / USD34.7 million) mainly due to lower result Asian Lift.

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