Harbour Towage Division performed very well.
Results Terminals Division down in first half of 2003, but annual results expected to match 2002.
Salvage Division booked a high volume of orders in Europe and Asia.
Transport & Heavy Lift Division performed very well.
Mid-year results 2003
Smit Internationale N.V.'s revenues increased from EUR 4.9 million in the first half of 2002 to EUR 19.9 million in the first half of 2003.
The results for 2003 include exceptional items (i.e. book profit on the sale of assets) worth EUR 2.3 million (first half of 2002: EUR 2.7 million).
The non-consolidated interest holdings produced revenues of EUR 1.1 million (EUR 4.3 million last year).
Interest charges fell from EUR 4.7 million in the first half of 2002 to EUR 4.3 million in the first half of 2003.
Net profit rose from EUR 4.8 million to EUR 12 million.
Net profit per share, adjusted for repurchased shares, is EUR 1.59 compared to EUR 0.63 over the same period in 2002.
Based on the current dollar exchange rate, a net annual result of EUR 22.0 million (EUR 2.92 per share) is expected for 2003.
Prospects The Harbour Towage Division's operating results are expected to stabilise in the second half of 2003. The Terminals Division is expected to show an improvement.
The combined result of these Divisions, which are more stable than the others, is expected to show a limited improvement on last year.
The Salvage Division remains unpredictable. However, the strong results in the first six months of the year and the contracts for the Westernscheldt river and the ‘Tricolor' are expected to contribute to a substantially better operating result in 2003 for the Salvage and Transport & Heavy Lift Divisions. We expect a net result of at least EUR 22 million for the entire year 2003 after interest and taxes.