‘Excellent results’ for Boskalis

Royal Boskalis Westminster has reported net profit of €440 million for 2015, down slightly from a 2014 figure of €490 million.

However, the Dutch dredging and marine infrastructure group said that its revenue rose by 2.3% to €3.24 billion, compared to €3.17 billion a year earlier. It said that adjusted for consolidations, deconsolidations and currency effects, revenue had been stable.

EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to €885 million, and the operating result (EBIT) was €563 million. In 2014, EBITDA was €946 million and EBIT €652 million.

Boskalis said that from an operational perspective the result for 2015 was even better than the 2014 record result, which it said included a large number of exceptional items of €200 million on balance before taxation.

It said the Suez Canal project, which was completed successfully in 2015, had made a significant contribution to both revenue and earnings in its dredging and inland infrastructure division.

Offshore Energy also had a good year, said Boskalis, and earnings increased slightly despite market conditions, partly helped by the strong US dollar.

The company said its order book fell to €2.49 billion – at the end of 2014 it stood at €3.29 billion.

Peter Berdowski, CEO, said, “We look back on a very successful year in which we achieved excellent results across the entire business.

“The stormy conditions outside are also increasingly being felt within our company. Falling prices for oil, gas and commodities are also taking their toll in various market segments we operate in. Volumes and prices are under pressure, which also translates into our order book.”

He said the company was tightening up the fleet and the organisation, and was alert to respond to the opportunities the market continued to present – “opportunities in existing market segments as well as opportunities created by adjusting our playing field and extending it to growth markets”.

He said, “A good example of this is the acquisition of VolkerWessels’ offshore activities, which substantially strengthens our position in the growing offshore wind market.”