Boskalis Reports Record Net Profit for 2013

Dutch-based Royal Boskalis Westminster N.V. (Boskalis) today posted a record net profit of EUR 366 million for the financial year 2013.

The company achieved revenue of EUR 3.5 billion in 2013 (2012: EUR 3.1 billion). Net profit rose sharply to EUR 366 million compared to EUR 249 million in 2012, partly due to a number of extraordinary items amounting to EUR 97 million post tax.

Boskalis intends to distribute a dividend of EUR 1.24 per share and intends to start a three-year share buyback program.

EBITDA also reached a record high level of EUR 800 million (2012: EUR 567 million) and EBIT was EUR 466 million (2012: EUR 336 million). The contribution to the result from Dredging increased, partly due to substantial results on the financial settlement of projects completed at an earlier date, the sale of equipment and the settlement of an insurance claim.

Offshore Energy’s contribution to the result rose sharply, in part explained by the contribution from the Dockwise activities acquired at the start of 2013. The contribution to the result from Inland Infra fell, partly due to the sale of the 40% stake in Archirodon as well as integration and reorganization expenses. Towage & Salvage had a good year.

The order book declined slightly to EUR 4,005 million (end-2012: EUR 4,106 million). The acquisition of Dockwise and the sale of the 40% stake in Archirodon on balance had a neutral effect on the size of the order book.

Boskalis’ CEO, Mr. Peter Berdowski said: “Last year was another turbulent year – both in the market and for our company. A year in which we acquired Dockwise and took another major step in expanding the company. It was also an excellent year from a financial perspective, with the company breaking many of its records. In order to focus the group and set priorities we have prepared an updated business plan, the key points of which are presented in the 2013 Annual Report. This plan lays the foundation for the further development of Boskalis.”

“The Business Plan provides for further targeted expansion of the offshore energy activities in the area of Transport, Logistics & Installation by means of selective investments in equipment and the organization. We expect capital expenditure of around EUR 800 million in the next three years, roughly in line with the level of depreciation. At the beginning of 2013 we issued just under ten million new shares as a capital buffer for the acquisition of Dockwise. In view of our sound balance sheet and projected cash flow we plan to start a share buyback program for ten million shares in the period 2014-2016.”

Highlights of 2013

• Record revenue of EUR 3.5 billion
• Record net profit of EUR 366 million
• EBITDA of EUR 800 million
• Order book at EUR 4.0 billion
• Proposed unchanged dividend of EUR 1.24 per share

Outlook

• Stable market conditions in 2014
• Updated Business Plan 2014-2016
• Share buyback program for 2014-2016: 10 million shares

For the full version of the press release click here

[mappress]
March 13, 2014