Boskalis Posts Record Net Profit in 2013

MarineLink.com March 13, 2014

Image courtesy of Boskalis

Royal Boskalis Westminster N.V. (Boskalis) reports an increased revenue of EUR 3.5 billion in 2013 (2012: EUR 3.1 billion). Net profit rose sharply to EUR 366 million (2012: EUR 249 million), 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.

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

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.

Peter Berdowski, CEO Boskalis:
"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."

Outlook
Current information suggests that no major changes are to be expected in the market environment compared to 2013. At Dredging and Offshore Energy we once again expect healthy fleet utilization levels in the first half of the year. After a strong 2013 for Dredging the absence of comparable extraordinary effects will result in a lower operating margin in 2014. The outlook for Offshore Energy, Inland Infra and Towage & Salvage is stable compared to 2013.