Koninklijke Boskalis Westminster N.V. : Boskalis posts record revenue for 2012

Koninklijke Boskalis Westminster N.V. : Boskalis posts record revenue for 2012

Papendrecht, 14 March 2013

Highlights of 2012

· Record revenue of EUR 3.1 billion
· Record order book of EUR 4.1 billion
· Net profit of EUR 250 million
· EBITDA of EUR 568 million
· Proposed unchanged dividend: EUR 1.24 per share

outlook

· Continued challenging market conditions in 2013
· Integration and consolidation of Dockwise from second quarter 2013

Royal Boskalis Westminster N.V. (Boskalis) achieved a record revenue of EUR
3.1 billion in 2012 (2011: EUR 2.8 billion). Net profit amounted to EUR 250
million, thus remaining virtually stable compared to 2011 (EUR254million).
Despite the slight decline in net profit and a substantial increase in the
number of outstanding shares as a consequence of the recent equity issue in
connection with the acquisition of Dockwise, Boskalis intends to pay-out an
unchanged dividend of EUR1.24 per share.

EBITDA dropped to EUR568million (2011: EUR591million) and the operating
result (EBIT) fell to EUR337 million (2011: EUR354 million). The
contribution from Dredging declined as a consequence of lower volume of work.
Challenging market conditions in Inland Infra led to a lower result with an
increase in revenue. The remaining activities, Offshore Energy and Towage &
Salvage, achieved a respectively virtually stable and slightly higher
operating result.

The order book increased to EUR 4.106 million as per end-2012 (end-2011: EUR
EUR 3.489 million). Compared to the 2012 mid-year level the order book was
also higher at the end of the year.

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Peter Berdowski, CEO Boskalis:

"Despite the challenging market conditions we look back on a fine year in
which we took major steps in further strengthening and expanding the company.
2012 was a year in which a broad recovery of the global economy failed to
materialize. Against that background we turned in a good performance with
record revenue and an all-time high order book of EUR4.1billion, evenly
spread across all our activities.

While executing and acquiring works kept us busy, we continued to expand the
business within the strategic framework of our business plan. In addition to
completing the integration with SMIT we took an important step with the
acquisition of Dockwise. The combination will sharply grow our position in the
offshore energy sector and allow us to offer new perspectives to both our
clients and our staff.

No material change is expected in market conditions in 2013, with volumes and
margins remaining under pressure. Based on the current level of the order book
we expect healthy utilization levels of the equipment, in particular the
hoppers. Furthermore 2013 will revolve around the integration and
consolidation of Dockwise. Together with the management of Dockwise we have
already taken the first concrete steps in this direction."



Market Developments
The markets in which Boskalis operates are driven in the long term by growth
in global trade, energy consumption and the world's population, as well as by
the effects of climate change.

The medium-term picture is mixed for the markets in which we operate. On the
one hand we are seeing continued reluctance on the part of governments,
particularly in Europe, to invest. On the other we are seeing private
initiatives for new infrastructure projects being developed by clients in
various regions of the world and across the different market segments. This
applies in particular to energy and raw materials-related projects in South
America, West Africa and Australasia as well as to port developments outside
of Europe.

Market developments in the offshore energy market have a bearing on a
substantial part of our business. We expect demand for and construction of new
oil and LNG import and export terminals (Dredging and Dockwise) to lead to
growth in terminal services (Smit Lamnalco).

For the rest, developments at Offshore Energy are strongly dependent on an
upturn in demand from the energy markets, particularly those in North-West
Europe, Brazil and Southeast Asia.

Outlook
Capital expenditure for the coming year is expected to be around EUR 325
million, excluding Dockwise which can be funded form the cash flow. The
acquisition financing for Dockwise and the refinancing of existing Dockwise
and Boskalis bank facilities will push up the total debt position. Subsequent
to the (re)financing, Boskalis will retain a solid financial position.

For 2013, we expect that the current market developments will once again have
a dampening effect on the structurally positive trends that underpin our
strategy. Current information suggests that the year ahead will bring little
change to the market picture compared to 2012. At Dredging we expect to see
healthy fleet utilization levels and a stable operating margin development.
The same outlook also applies to the other activities Offshore Energy, Inland
Infra and Towage & Salvage.

The project-based nature of a significant part of our activities tends to make
it difficult to give a specific quantitative forecast of the full-year result
early on in the year. In addition the 2013 result will be strongly influenced
by the consolidation of Dockwise (from the beginning of the second quarter of
2013), the possible sale of our 40% stake in Archirodon and the customary
exceptional (one-off) effects associated with an acquisition. In light of
these factors we are currently unable to provide quantitative guidance with
regard to the 2013 full-year result.

Dividend Policy And Proposal

The main principle underlying the Boskalis dividend policy is to distribute
40% to 50% of the net profit from ordinary operations as dividend, whereby
Boskalis aims to achieve a stable development of the dividend for the longer
term. The choice of dividend form (in cash and/or entirely or partly in
shares) takes into account the company's desired balance sheet structure as
well as the interests and wishes of the shareholders.

Despite the slightly lower net profit and a substantial increase in the number
of outstanding shares due to the recent equity issue in connection with the
acquisition of Dockwise, Boskalis intends to pay-out an unchanged dividend of
EUR1.24 per share. This equates to a profit payout of 58%. In light of this,
Boskalis will propose to the Annual General Meeting of Shareholders on 8 May
2013 that a dividend of EUR 1.24 per share be distributed in the form of
ordinary shares, unless the shareholder opts to receive a cash dividend. The
dividend will be payable from 4 June 2013.

Key figures                          2012       2011
(in millions of EUR)
Revenue                             3,081      2,801
EBITDA                                568        591
Operating profit                      337        354
Result of associated companies        0.3        2.0
Net profit                            250        254
Dividend per share (in EUR)          1.24       1.24
                               31-12-2012 31-12-2011
Order book                          4,106      3,489

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financial details

Live Audio Webcast

The Board of Management of Royal Boskalis Westminster will comment on the 2012
full-year results at the analyst meeting (11.15 am - 12.30pm CET) on 14 March
2013. This meeting can be followed by means of a live audio webcast (Dutch
spoken with a simultaneous translation), details of which can be found on the
homepage (www.boskalis.com).

Publication of Annual Report
Royal Boskalis Westminster N.V. will publish both its 2012 Annual Report and
its 2012 Corporate Social Responsibility (CSR) report today. These reports are
being released in both Dutch and English and will be available at
www.boskalis.com from 11.00 CET.

FINANCIAL AGENDA 2013
14 March         Publication of 2012 Annual Report
14 March         Publication of 2012 CSR Report
8 May            Trading update on first quarter 2013
8 May            General Meeting of Shareholders
10 May           Ex-dividend date
14 May           Record date for dividend entitlement (after market close)
27 May           Final date for stating preference for dividend in cash or
                 shares
                 Determination and publication of conversion rate for stock
30 May           dividend based on the volume-weighted average share price on
                 28, 29 and 30 May (after market close)
4 June           Date of dividend payment and delivery of shares
15 August        Publication of 2013 half-year results
15 November      Trading update on third quarter of 2013

This is an English translation of the Dutch press release. In the event of any
disparity between the Dutch original and this translation, the Dutch text will
prevail.



FOR FURTHER INFORMATION

Investor Relations:

Martijn L.D. Schuttevâer

ir@boskalis.com

Press:

Arno Schikker

press@boskalis.com

T +31 78 6969310

F +31 78 6969020

Royal Boskalis Westminster N.V. is a leading global services provider
operating in the dredging, maritime infrastructure and maritime services
sectors. The company provides creative and innovative all-round solutions to
infrastructural challenges in the maritime, coastal and delta regions of the
world through the construction and maintenance of ports and waterways, land
reclamation, coastal defense and riverbank protection. In addition Boskalis
executes projects and offers a wide variety of marine services for the
offshore energy sector including subsea, transport, heavy lift and
installation services (carried out by Boskalis Offshore) and performs towage
services and marine salvage work (carried out by SMIT). Boskalis also has
strategic partnerships in the Middle East (Archirodon) and in terminal
services (Smit Lamnalco). Boskalis has a versatile fleet of over 1,100 units
and operates in around 75 countries across six continents. Including its share
in partnerships, Boskalis has approximately 15,600 employees.



This press release can also be found on our website www.boskalis.com.
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