Royal Boskalis Westminster N.V. (Boskalis) achieved 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.
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.
“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,” said Peter Berdowski, CEO of Boskalis.
Press Release, March 12, 2014