At the presentation of the half year results it was stated that based on the fleet planning and work in the order book, and barring unforeseen circumstances, expectations were that net profit in the second half of 2017, excluding restructuring charges, would be comparable to the net profit of EUR 75 million achieved in the first half of the year. The Board of Management maintains this forecast.
The implementation of the cost-reduction program initiated at the beginning of the year will be largely completed before the end of the year. The costs of around EUR 15 million associated with the program will be recognized in the second half of 2017.
Total capital expenditure in 2017 is expected to be EUR 250 million, excluding the acquisition of Gardline and the purchase of second-hand vessels such as the previously referred to DSVs.
The net cash position has declined since the middle of 2017 in part due to the share buyback program and the acquisition of Gardline. The financial position of Boskalis is unabated strong. Boskalis comfortably meets the covenants agreed with its financiers.
These statements are based on current expectations, estimates and projections of Boskalis’ management and information available to the company. These forecasts are not certain and contain elements of risk that are difficult to predict and therefore Boskalis does not guarantee that its expectations will be realized. This statement was last updated on 10 November 2017.