Rotterdam, 16 augustus 2007
• Harbour Towage Division performs in line with expectations.
• Terminals Division wins two new long-term contracts.
• Extremely high volume of work and excellent results for Salvage Division.
• Good prices and excellent fleet utilisation for Transport & Heavy Lift Division.

Mid-year results 2007
• Net profit rose 60% from EUR 29.7 million to EUR 47.5 million.
• Operating result increased 46% from EUR 32.0 million to EUR 46.8 million.
• The result of the associated companies increased to EUR 13.1 million (H1 2006: EUR 9.6 million).
• The net earnings per share was EUR 3.00 (H1 2006: EUR 1.93).
• The full-year profit for 2007 is expected to be clearly higher than for 2006.

CEO Ben Vree comments: "The exceptionally high results in the second half of 2006 were continued in the first half of 2007, with our net profit rising 60% relative to the first half of 2006. So SMIT still has the wind in its sails.

Particularly the more volatile Salvage and Transport & Heavy Lift Divisions put in a good performance. Our associated companies also showed further strong growth in the roll-out of our growth strategy. The contribution of the Terminals Division decreased slightly in the first half of this year due to the transfer of our subsea activities to the Transport & Heavy Lift Division. Of the two contracts secured, the one in Angola will start to bear fruit towards the end of this year. The Harbour Towage Division performed in line with expectations, despite the strikes in the Port of Rotterdam. In line with our investment programme, investments remained high and were aimed partly at replacement and partly at expansion. The acquisition of the harbour towage activities in Liverpool made a positive contribution. We therefore expect 2007 to show a marked higher profit relative to our record year 2006.”

Overview of operating result by Division
EUR million

30-6-2007 30-6-2006
Harbour Towage 12.0 15.0
Terminals 5.2 5.6
Salvage 10.4 1.2
Transport & Heavy Lift 22.5 13.4
Holding -/- 3.3 -/- 3.2
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Group operating result 46.8 32.0
Result of associated companies 13.1 9.6
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Group operating result (incl. associated companies) 59.9 41.6

Outlook
SMIT expects a marked increase in net profit compared to 2006. As usual this outlook is based on the historic average for the Salvage Division amounting to EUR 4.5 million for the second half of 2007.

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