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Boskalis posts record net profit of EUR 490 million

Papendrecht, 12 March 2015


  • Revenue: EUR 3.2 billion (+1%)
  • EBITDA: EUR 946 million (+25%)
  • Net profit: EUR 490 million (+34%)
  • Order book: stable at EUR 3.3 billion
  • Proposed dividend: EUR 1.60 per share (+29%) 


  • Dredging: good utilization in stable market
  • Offshore Energy: challenging conditions in capacity-driven spot markets
  • Towage: stable market prospects 
Royal Boskalis Westminster N.V. (Boskalis) achieved net profit of EUR 490 million in 2014 (2013: EUR 366 million). Revenue rose by 1 per cent to EUR 3.2 billion (2013: EUR 3.1 billion). EBITDA rose by 25 per cent to EUR 946 million (2013: EUR 757 million) and the operating result (EBIT) was up 41 per cent at EUR 652 million (2013: EUR 463 million). Across the board, 2014 was an operationally strong year with in addition a large number of exceptional items for a total amount on balance of EUR 200 million before tax. All three segments achieved a sharply higher result compared to 2013. Dredging & Inland Infra had a busy year with good fleet utilization, good project margins and substantial settlement results on old projects. Offshore Energy also had a good year with high fleet utilization and good project margins. Moreover, Dockwise contributed an extra quarter to earnings compared to 2013 and realized exceptional cancellation and rescheduling fees. Towage & Salvage reported a higher result with good results from the settlement of old salvage projects. The order book remained virtually stable at EUR 3,286 million (end-2013: EUR 3,323 million). Peter Berdowski, CEO Boskalis:
"We look back on a fantastic 2014, a year in which we achieved a very strong performance across the full breadth of our activities. In this context, it is worth noting that the result Dockwise achieved in its first full year with the group was an all-time high. Despite being busy in the past year we made significant progress in optimizing our organization and the business processes, in accordance with our 2014-2016 Business Plan. The introduction of the previously announced divisional model has now been implemented, and the physical integration of Dockwise and Fairmount in Papendrecht is being completed. The great result in 2014 has enabled us to strengthen our balance sheet sooner than we expected, with the solvency ratio now exceeding 53%. And so amid turbulent conditions we came to the end of a fantastic year, with a strong balance sheet and a streamlined organization. The current market environment offers a mixed picture, with stability for both Dredging & Inland Infra and Towage, but challenging conditions for Offshore Energy in the capacity-driven spot markets, especially at Subsea Services as well as parts of Transport. On the other hand the current market also presents opportunities, even for selective growth. Any growth opportunities will be considered with the necessary caution to ensure that we remain strong and healthy."

Market developments

The markets in which Boskalis operates are driven by growth in the world's population and prosperity, pushing up global trade and energy consumption. In addition there are the irreversible effects of climate change. Boskalis responds to these trends. The extent to which these trends show positive development in the coming years will be strongly dependent on geopolitical stability and macro-economic growth. Positive investment decisions in relation to large maritime infrastructure projects, which generate work for Boskalis, are closely linked to this. We see a stable market picture in terms of large-scale maritime infrastructure projects and the developments in and around ports. The tender pipeline with capital dredging projects for the expansion and deepening of ports and waterways, land reclamation projects and tunnel developments looks positive, while maintenance work has a strong recurring nature. In large ports the development of the number of shipping movements and thus the demand for towage services is likely to remain stable in the coming years. Based on this market assessment, conditions in the Dredging & Inland Infra and Towage markets are expected to remain stable. In terms of developments in the offshore energy market we can see a difference between the short and the long term. The short term is strongly impacted by the low oil price, which is causing oil majors to postpone investment decisions realting to complex and costly offshore projects. However, in the medium to long term the development of prosperity and economic growth will drive the demand for energy.
In the short term activities aimed at the capacity-driven spot markets such as Subsea Services and Transport are expected to be hit hardest. The picture at Marine Contracting and Subsea Contracting is more favorable, fuelled by developments in the areas of offshore wind, the decommissioning of old oil and gas platforms and LNG, for example in Western Canada.


For this year and based on current insights, no major changes are expected in the Dredging & Inland Infra and Towage markets relative to 2014. Based on the current order book, the Dredging fleet utilization levels are expected to be good. The outlook for Offshore Energy is mixed, with long-term contracts and work already contracted expected to provide an important degree of stability, whilst the spot market-related Transport activities and Subsea Services are experiencing pressure on utilization levels and margins. The project-based nature of a significant part of our activities makes it difficult to give a specific quantitative forecast for the full-year result early on in the year. In light of this we are currently unable to provide quantitative guidance with regard to the 2015 full-year result. However, it is already clear that the contribution from possible exceptional items will be substantially lower in 2015 than the EUR 200 million contributed to EBIT in 2014. Capital expenditure in 2015 is expected to be EUR 250-275 million and will be financed from the company's own cash flow. Boskalis has a very sound financial position and the solvency ratio now exceeds 53%. The high result and lower net debt position has reduced the net debt to EBITDA ratio to 0.7.

Share buy-back program

In mid-2014 Boskalis launched a share buy-back program of up to 10 million shares. To date 629,123 shares have been repurchased under the program. In light of the changed market conditions and the acquisition of the interest in Fugro, Boskalis considers it prudent to suspend the share buy-back program for a period of one year.


Despite the uncertainty in the market Boskalis remains positive about the long-term prospects for the offshore energy market. It is against this background that Boskalis acquired a 20% interest in Fugro. Boskalis' strategy is aimed at the offshore and (maritime) infrastructure markets, leveraging the company's combination of high-end know how and maritime assets. This is an excellent fit with the core activities of Fugro. The two companies have much in common in terms of assets, knowledge, capital intensity, global spread and customer base, and are both global leaders in niche markets. Boskalis supports Fugro's realigned and focused strategy.

Dividend policy and dividend proposal

The main principle underlying the Boskalis dividend policy is to distribute 40% to 50% of the net profit from ordinary operations as dividend, with Boskalis aiming to achieve a stable development of the dividend for the longer term. The choice of dividend form (in cash and/or entirely or partly in shares) takes into account the company's desired balance sheet structure as well as the interests and wishes of the shareholders. In light of this, Boskalis will propose to the Annual General Meeting of Shareholders to be held on 12 May 2015 that a dividend of EUR 1.60 per share be distributed in the form of ordinary shares, unless the shareholder opts to receive a cash dividend. The dividend will be payable from 9 June 2015.
KEY FIGURES 2014 2013
(in millions of EUR)    
Revenue  3,166.9  3,144.0
EBITDA*  945.9  757.2
Result from JVs and associates  56.4  63.7
Operating result (EBIT)*  652.3  463.4
Net profit  490.3  365.7
Dividend per share in euro (2014: proposed)  1.60  1.24
  31-12-2014 31-12-2013
Order book  3,285.5  3,323.4
* As of 1 January 2014 Boskalis applies IFRS11, which impacts the way joint ventures and associated companies are recognized. Our share in the net result of the joint ventures and associated companies is now included in EBIT(DA). 2013 figures adjusted for IFRS11. >>> Click here for the full version of the press release including all the financial details <<<

Live audio webcast

The Board of Management of Royal Boskalis Westminster N.V. will comment on the 2014 full-year results at the analyst meeting (11.30 am - 1.30 pm CET) on 12 March 2015. This meeting can be followed by means of a live audio webcast (Dutch spoken with simultaneous translation into English), details of which can be found on the homepage (

Publication of Annual Report

Royal Boskalis Westminster N.V. will publish both its 2014 Annual Report and its 2014 Corporate Social Responsibility (CSR) report today, 12 March. The reports, which are published in both Dutch and English, will be made available in the course of the day through
12 March Publication of 2014 annual results
12 May Trading update on first quarter of 2015
12 May Annual General Meeting of Shareholders
14 May Ex-dividend date
18 May Record date for dividend entitlement (after market close)
1 June Final date for stating preference for dividend in cash or shares
4 June Determination and publication of conversion rate for stock dividend based on the volume-weighted average share price on 2, 3 and 4 June (after market close)
9 June
20 August
Dividend payment and delivery of shares
Publication of 2015 half-year results
13 November Trading update on third quarter of 2015
 >>> Click here for the full version of the press release including all the financial details <<< FOR FURTHER INFORMATION Investor relations:
Martijn L.D. Schuttevâer Press:
Arno Schikker T +31 78 6969310 This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail. Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the offshore energy sector including subsea, heavy transport, lifting and installation (through Boskalis, Dockwise and Fairmount) and towage and salvage (through SMIT). Furthermore, Boskalis has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage, SAAM SMIT Towage and Smit Lamnalco). With a versatile fleet of 1,000 units Boskalis operates in around 75 countries across six continents. Excluding its share in partnerships, Boskalis has approximately 8,500 employees. This press release can also be found on our website

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