With the publication of the 2019 annual results early March, we already stated that it is difficult to make a specific quantitative statement early in the year about the projected annual result for 2020 given the project-based nature of a significant part of our activities and given the uncertain circumstances. It seems inevitable that the COVID-19 crisis combined with the low oil price will have a negative impact on our business. The market picture drawn in the Corporate Business Plan 2020-2022 presented at the beginning of March has become obsolete. Nevertheless, given the extreme circumstances, we are not outspokenly negative for the rest of the year. Thanks in part to the record order book with which we started the year, the precautionary measures taken and the first signs that the COVID-19 restrictions appear to be stabilizing worldwide, we are cautiously confident about the rest of the year.
Capital expenditure in 2020 is expected to amount to approximately EUR 200 million, including dry dockings, but excluding any acquisitions such as the acquisition of the remaining shares in Horizon (EUR 35 million) acquired late January.