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Boskalis 2017 net result in line with expectations

Press release

Papendrecht, 8 March 2018


  • 收入: EUR 2.34 billion
  • EBITDA: EUR 437 million
  • Net profit: EUR 150 million
  • 订单书: EUR 3.50 billion
  • Proposed dividend: EUR 1.00 per share


  • 混合市场图片继续
  • Reasonable market volume at Dredging & Inland Infra
  • Continued supply/demand imbalance at Offshore Energy services
  • New opportunities in Offshore Energy contracting
  • Stable market volume at Towage

Royal Boskalis Westminster N.V. (Boskalis) achieved a net profit of EUR 150 million in 2017, in line with expectations. This compares to a net loss of EUR 564 million in 2016 as a result of EUR 840 million of non-cash impairment charges. Revenue declined by 10 per cent to EUR 2.34 billion (2016: EUR 2.60 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was down 15 per cent. EBITDA amounted to EUR 437 million and the operating result (EBIT) was EUR 185 million (2016 EBITDA: EUR 661 million and EBIT: EUR 385 million, both adjusted for impairment charges). Dredging & Inland Infra had a relatively busy year after an exceptionally weak 2016. Both revenue and the fleet utilization rose, fueled by a number of large projects in progress in Brazil, Indonesia, India and Oman. The results from ongoing dredging projects were lower than in previous years while projects that were technically completed previously once again made a positive contribution to the result. Revenue and the segment result at Offshore Energy declined further compared to previous years, due in part to the poor market conditions in the oil and gas industry. The various activities nevertheless made a reasonable to good contribution to the result. The result at Towage & Salvage declined compared to last year, mainly as a result of weak market conditions and one-off charges at Towage. Following a very quiet start to the year, Salvage ended 2017 well with a couple of large emergency response contracts. Boskalis' financial position remains strong with a solvency ratio of 63% and a limited net debt of EUR 120 million. The order book increased to EUR 3.50 billion (end-2016: EUR 2.92 billion).Peter Berdowski, CEO of Boskalis:
“尽管我们艰难的市场条件the year quite reasonably, in line with our expectations. Furthermore, in the first year good progress was achieved with the implementation of our 2017-2019 corporate business. This included the acquisition of Gardline, a renowned British player in the marine survey market, in which we aim to build a presence. In addition, we added two modern diving support vessels to our fleet, considerably strengthening our position in the subsea services market. And very recently we took the Bokalift 1 into service, an impressive crane vessel for the offshore installation market, both for oil and gas and for offshore windfarm projects. The vessel's first project involves the installation of jackets for an offshore windfarm.In the past period we also adjusted our fleet and organization to the changed market conditions. Following the fleet rationalization program, we optimized the organization at head office in 2017. We made a conscious decision to do this within a short timeframe allowing us to now look ahead at the opportunities still present in the market. To capitalize on these opportunities as one team, we will present ourselves in the market with one face and will therefore in 2018 transition to one strong brand name: Boskalis.As stated in our corporate business plan we do not yet foresee a fundamental recovery in our markets in the coming years. In the short term we do however expect opportunities for selective growth and a subsequent structural recovery for the period thereafter.">>> clickherefor the full version of the 2017 financial review including all the financial details <<<


Boskalis业务模型支撑的长期宏观趋势仍然是积极的。我们的商业驱动力是结构性的经济增长和全球人口的繁荣,这反过来又加油了全球贸易以及对原材料和能源的需求。由于对沿海防御和河岸保护的需求不断增长,由于极端天气条件导致洪水增加,全球变暖还继续为博斯卡利斯创造商机。尽管长期趋势是积极的,但在短期内,这些趋势并未转化为有前途的项目。预计博斯卡利斯活跃的某些地区和市场的需求预计在未来几年内会不利,而且188金宝博亚洲前景尚不确定。博斯卡利斯将继续专注于显示长期结构增长并提供短期机会的市场细分市场:港口,能源(石油,天然气,风以及旧离岸平台的拆除)和与气候变化有关的项目(沿海国防和河岸和河岸保护)。2017 - 2019年的公司业务计划和2017年年度报告中的战略部分详细介绍了我们的业务驱动因素的发展以及它们如何转化为我们的最终市场。188金宝博亚洲我们看到了很多范围,可以进一步扩大业务,并在过去一年中采取行动。2017年,博斯卡利斯(Boskalis)通过收购海洋调查专家Gardline,并增加了两架现代高端SAT潜水支持船,从而增强了其在海底服务中的地位。 Our position in the offshore installation market was recently strengthened with the commissioning of the Bokalift 1, a 3,000-ton crane vessel. This multifunctional crane vessel that transports and installs foundations for offshore windfarms and oil and gas platforms will also be used to dismantle old platforms and salvage ship wrecks. In 2017, the Dredging fleet was further strengthened with the new mega cutter suction dredger Helios, with a sister vessel expected to be taken into service in 2020. Despite facing short-term challenges Boskalis is positive about the opportunities in the medium term and long term.


As stated in our corporate business plan the market picture for the next two years will be characterized by continued lower volumes of work and pressure on both utilization levels and margins. At Dredging & Inland Infra we see a reasonable volume of work in the market in the short term. The emphasis for Boskalis is on maintaining utilization at a responsible level of project risk. The current size of the order book means that a good part of the fleet will be utilized in 2018, albeit at lower margins than in previous years. The picture for the Offshore Energy market has not changed. Past contracts at Heavy Marine Transport are being completed and we are increasingly dependent on the highly competitive spot market. Where necessary transport vessels at the lower end of the market will be laid up. At Offshore Installation & Intervention the order book is filled better and we expect a reasonable year. Market volumes in the Towage activities are relatively stable, although competition in some ports has increased, resulting in lower margins. The project-based nature of a significant part of our activities, in addition to the uncertain market conditions, makes it difficult to provide a specific quantitative forecast with regard to the 2018 full-year result early on in the year. However, knowing what we know now it appears that it will be a challenge to match the 2017 net result. Capital expenditure in 2018 is expected to be around EUR 250 million, excluding acquisitions, and will be financed from the company's own cash flow. Boskalis has a very sound financial position and comfortably meets its financial covenants.

Dividend policy and dividend proposal


KEY FIGURES 2017 2016
(in EUR million)
收入 2,337 2,596
EBITDA 436.6 660.5
Net result from strategic joint ventures and associates 31.0 11.3
操作结果 185.0 384.6
Impairment charges - 842.6
EBIT 185.0 -458.1
Net profit adjusted for impairments 150.5 276.4
Net profit (loss) 150.5 -563.7
每股股息(提案)(以欧元为单位) 1.00 1.00
2017年3月31日 2016年3月31日
订单书 3,495 2,924

2016EBITDA, operating result and net result from associates are presented excluding impairment charges.
>>> clickherefor the full version of the 2017 financial review including all the financial details <<<实时网络广播
董事会管理皇家Boskalis Westminster N.V. will comment on the 2017 full-year results at the analysts' meeting (11.30 am - 12.30 pm CET) on 8 March 2018. This meeting can be followed by means of a live audio cast, details of which can be found on the corporate website (。Publication of annual report
188金宝搏亚洲体育皇家博斯卡利斯·威斯敏斯特(Royal Boskalis Westminster N.V.这些报告仅以英语发布,将在一天中提供

8 March Publication of 2017 annual results
9 May Trading update on first quarter of 2018
9 May 股东年度股东大会
5月11日 Ex-dividend date
14 May 股息权利的记录日期(市场关闭后)
28 May Final date for stating of dividend preference
31 May 根据2018年5月29日,30日和31日(市场关闭后)的平均股价确定股息转化率的确定和发布
6月5日 股息支付日期和股份交付
16 August Publication of 2018 half-year results
11月9日 2018年第三季度的交易更新

Investor relations:
Martijn L.D. Schuttevâer
Arno Schikker
press@www.khaaleg.comT +31 78 6969310This is a Boskalis press release on the grounds of article 17 paragraph 1 of the European Market Abuse Regulation (596/2014).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.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 services including 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 oil and gas sector and offshore wind industry as well as salvage solutions (SMIT Salvage). Furthermore, Boskalis has a number of strategic partnerships in harbor towage and terminal services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 900 vessels and floating equipment and 10,700 employees, including associated companies, Boskalis operates in 90 countries across six continents.This press release can also be found on our


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