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.