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TTS Marine - confident about 2009
62M reduction since the start of 2008.
The market for cargo cranes to bulk
carriers is affected by the financial crisis,
and for TTS it has resulted in a substantial
Norway-based TTS Marine ASA logged These losses were incurred as a con- market outlook for the division’s products of the order backlog of the joint venture number of cancellations. Uncertainty in this
record high results, turnover, and order sequence of unexpectedly large foreign remains good.” company TTS Hua Hai Ships Equipment market will continue in 2009. The level of
backlog in 2008 and, says the company’s exchange rate variations. Uncertainty re- The dry cargo handling (DCH) di- Co Ltd in China. The market for equip- activity in the offshore market will remain
president and CEO Johannes D lated to foreign currency matters, which vision’s turnover in 2008 was ment for car carriers has been turbulent, high this year, but in the long term the
Neteland, “although we have also been continues into 2009, has strongly con- NOK1240M (+42%). Operating profit which has resulted in a number of can- demand for cranes to offshore vessels and
affected by the financial crisis and eco- tributed to TTS not paying dividend to before depreciation was NOK85M cellations, but in spite of this, the fourth installations will depend on the develop-
nomic recession, our aim is continued its shareholders for 2008, something that (NOK95.5M). During 4Q/2008 losses quarter saw a positive net order intake. ment of the oil price and the investment
progress for TTS in 2009.” ordinarily it would have done. were booked for several low-margin con- The marine Cranes division reported abilities of the main market players.
Neteland concedes that TTS is In 2008, the port and materials han- tracts, as well as a foreign currency loss a turnover in 2008 of NOK1107M Figures relating to the deck machinery
strongly exposed toward the maritime dling division (PMH) reported a turnover related to cancelled contracts, both ren- (+61%). Operating profit before depre- division, the drilling equipment division (set
sector, which in the short term will re- of NOK351M (+ 5%). Operating profit dering the financial result for 2008 some- ciation was NOK41.8M (NOK 34.9M). up in May 2007 after TTS acquired Sense
main weak. However, he added, exten- before depreciation was NOK32.5M what weaker than in 2007. Operations generated expected margins, EDM AS) were also provided.
sive cancellations and a considerable in- (NOK25.6M in 2007). At the start of 2009, At the start of 2009, DCH reported but foreign exchange losses in the fourth a71 TTS Marine Pty Ltd, a new sales and
crease in the scrapping of old vessels will the order backlog of PMH was an order backlog of NOK3151M, an in- quarter weakened the results. At the start marketing and service office, has been
improve the market in the long run. NOK326M, a 10% increase since the start crease of NOK532M compared to the of the new year, the order backlog of the set up in Singapore to look after the
Meanwhile, the crisis has entailed a more of 2008, and, of note, TTS states that “the start of 2008. These figures include 50% division was NOK 2371M a NOK South East Asia market.
favourable price trend of the raw mate-
rials and components that TTS utilises
in its products.
TTS Marine covers handling equip-
ment and systems for ships, ports and oil
and gas installations. Turnover in 2008
totalled NOK4196M, an increase of 70%
on 2007. EBITDA in 2008 was
NOK208.6M (+24%). Pre-tax profit for
2008 was NOK99.9M (NOK97.6M)
and net profit was NOK81.8M
(NOK79M). Order backlog at the start
of 2009 was NOK8159M, an increase of
17% compared to 12 months ago.
“As a consequence of the financial
Increase your global business by
crisis and the downward trend of the
world economy, we made a downward
adjustment of the order backlog at the
using the Yard Tractor MT 25/30 YT
end of the year of about NOK600M,
based on confirmed as well as anticipated
cancellations,” said Neteland. “We expect
to have to make a further reduction of
around NOK400M during 2009, for the
same reasons.
“At the same time, we have landed
new contracts to a value of around
NOK500M in the first eight weeks of
2009. Therefore, TTS’s wheels continue
to turn and we expect an increase in both
turnover and results for 2009.”
The underlying operations in the fi-
nal three months of 2008 showed finan-
cial progress compared to the year be-
fore. However, TTS has realised currency
loss of a total of NOK10M, in addition
to making provisions for foreign cur-
rency losses of in all NOK20M.
PEMA and
TT Club to
co-operate
The Port Equipment Manufacturers As-
sociation (PEMA) and TT Club are co-
operating “to promote best practice in the
safe design and operation of port equip-
ment worldwide.”
The agreement was finalised at PEMA’s
recent AGM in Amsterdam, where
Laurence Jones, Director of Global Risk
Assessment for the TT Club, presented the
results of his recent research into causes of
equipment accidents and loss in the global
port and terminal sector.
As the leading insurer to the global
marine terminal market, TT Club claims
to a wealth of insight into the key factors
contributing to accidents involving port
equipment.
PEMA will now feature TT Club’s
research and recommendations on its
website and will work with the Club to
highlight the role of equipment design
and technology in reducing port accidents • cost efficient
and loss. “We are delighted to co-operate
with the TT Club in increasing knowl-
edge and awareness of such a vital aspect
• powerful and robust
of the port equipment business,” said
Ottonel Popesco, PEMA President.
“The equipment sector has a very
• fast and flexible
important role to play in aiding port safety
and TT Club looks forward to a produc-
tive relationship with PEMA,”said
simply: the best choice for you fleet
Laurence Jones.
PEMA and TT Club will jointly host
a workshop, entitled Port Equipment Safety
and Loss Prevention - Strategies and Tech-
nologies to Minimise Risk, at the 34th TOC
Europe conference, 16-18 June, in
Bremen. PEMA will also exhibit.
March 2009 3
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