Koninklijke Boskalis Westminster N.V. : Boskalis expects record profit in 2013
Papendrecht, 15 August 2013
HIGHLIGHTS OF FIRST HALF 2013
oRevenue rises to record level of EUR 1.6 billion
oEBITDA of EUR 297 million
oNet profit of EUR 123 million
oDockwise contributing to higher result
oOrder book at EUR 4.5 billion
OUTLOOK FOR 2013
oStable market conditions
oAll-time high net profit expected of at least EUR 330 million
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 123
million in the first half of 2013 (H1 2012: EUR 102 million). Dockwise
contributed EUR 15 million to this result.
Revenue rose by 12% in the first half to EUR 1.6 billion (H1 2012:
EUR1.4billion). Organic revenue growth was 4%.
EBITDA in the first half of the year amounted to EUR297million and the
operating result (EBIT) was EUR 155 million (H1 2012: EUR254million and EUR
145 million, respectively). The results of Dockwise have been fully
consolidated from the second quarter, which largely explains this increase.
The Dredging segment realized a higher result while the result at Offshore
Energy, adjusted for the contribution from Dockwise, was slightly lower than
in the same period last year. The results at the Inland Infra and Towage &
Salvage segments were in line with the results achieved in the same period
At the end of the first half of the year the order book including Dockwise
stood at EUR4,525 million (end-2012: EUR 4,106 million).
Peter Berdowski, CEO Boskalis:
"We look back on a busy first half of the year in which we delivered a good
operational performance but also took an important strategic step with the
acquisition of Dockwise. This combination allows us to strongly expand our
position in the offshore energy sector and offer new perspectives to both our
clients and our staff. We have already made a good start with the integration
of the two companies.
Within the Group we are also seeing how the various activities supplement and
reinforce each other. Dredging combined with SMIT Salvage in India, offshore
ordnance clearance in northern Germany using dredging and subsea services, and
very recently SMIT Salvage with Dockwise in an initial dry-docking project
involving the Vanguard.
The market conditions in the first six months of the year remained challenging
but in spite of this capacity utilization of the large ships was good and we
managed to keep the order book well filled, as a result of which we expect to
achieve a healthy capacity utilization of the fleet for the remainder of the
year. With this prospect, as well as the book gain we will realize in the
second half of the year from the sale of our 40% stake in Archirodon, we
expect to close the year with an all-time high net profit."
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, and large-scale commodities-related
projects are increasingly under pressure globally due to the falling commodity
prices. On the other hand we are seeing initiatives for infrastructure
projects being developed in various regions of the world and across the
different market segments. This applies in particular to energy-related
projects in South America, Africa and Australasia, land reclamation projects
in Asia and 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).
Other than that, developments at Offshore Energy are strongly dependent on an
upturn in demand from the energy markets, particularly those in Brazil, the
United States, Mexico, Africa and Southeast Asia.
In 2013 we expect prevailing market conditions to once again have a dampening
effect on the structurally positive trends that underpin our strategy. Current
information suggests that there will be no major change to the market picture
during the remainder of 2013 compared to the first half of the year.
The Board of Management expects that, barring unforeseen circumstances, net
profit for the 2013 financial year will be at least EUR 330 million, including
the book gain of approximately EUR50 million on the sale of the 40% stake in
Archirodon that will be accounted for in the second half of the year.
Capital expenditure in 2013 is expected to be around EUR330million,
including the commitments of Dockwise, and will be financed from the company's
own cash flow.
>> Click here to view the Half Year Report 2013
including the financial appendix <<
KEY FIGURES 1^st HY 2013 1^st HY 2012
(in millions of EUR)
Revenue 1,566 1,401
EBITDA 297 254
Operating result 155 145
Result from associates 19.6 1.3
Net profit 123 102
Earnings per share (in euros) 1.06 0.99
End 1^st HY 31-12-2012
Order book 4,525 4,106
Live audio webcast
The Board of Management of Royal Boskalis Westminster will comment on the 2013
half-year results at the analyst meeting (11.30am - 12.45pm CET) on 15 August
2013. This meeting can be followed by means of a live audio webcast, details
of which can be found on the homepage (www.boskalis.com).
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
FINANCIAL AGENDA 2013-2014
15 August 2013 Publication of 2013 half-year results
15 November 2013 Trading update on third quarter of 2013
13 March 2014 Publication of 2013 annual results
13 May 2014 Trading update on first quarter of 2014
13 May 2014 Annual General Meeting of Shareholders
14 August 2014 Publication of 2014 half-year results
14 November 2014 Trading update on third quarter of 2014
FOR FURTHER INFORMATION
Martijn L.D. Schuttevâer
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 with the construction and maintenance of ports and waterways, land
reclamation, coastal defense and riverbank protection. In addition, Boskalis
offers a wide variety of marine services and contracting for the offshore
energy sector including subsea, heavy transport, lifting and installation
(through Boskalis Offshore and Dockwise) and towage and salvage (through
It also has a strategic partnership in terminal services (Smit Lamnalco). With
a versatile fleet of over 1,100 units Boskalis operates in around 75 countries
across six continents. Including its share in partnerships, Boskalis has more
than 11,000 employees.
This press release can also be found on our website www.boskalis.com.
Half Year report
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Source: Koninklijke Boskalis Westminster N.V. via Thomson Reuters ONE
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