Press release

Papendrecht, 16 August 2012

HIGHLIGHTS

  • Record revenue of EUR 1.4 billion
  • EBITDA of EUR 255 million
  • Net profit of EUR 102.5 million
  • Record order book of EUR 3.75 billion

OUTLOOK

  • Stable market conditions
  • Expected net profit 2012 of EUR 210-230 million

Royal Boskalis Westminster N.V. (Boskalis) reported a 12% increase in revenue in the first half of the year to EUR 1.4 billion (first half of 2011: EUR 1.25 billion). Organic revenue growth was 5%. Net profit declined to EUR 102.5 million (first half of 2011: EUR 114.1 million). Compared to the end of 2011 the order book increased and stood at EUR 3,753 million (end-2011: EUR 3,489 million).

The first half year EBITDA amounted to EUR 255 million and the operating result (EBIT) equaled EUR 146 million (first half of 2011: EBITDA: EUR 277 million, EBIT: EUR 163 million). The decline was largely due to lower results at the Dredging, Maritime Infrastructure and Dry Infrastructure segments. Conversely, Harbour Towage and Salvage, Transport & Heavy Lift had a good first half of the year with a high level of activity and a rise in operating result.

Peter Berdowski, CEO of Boskalis:
"In the prevailing market we had a fine performance in the first half of the year with record revenue and an all time high order book. In addition, the utilization level of the dredging fleet was good. We are clearly reaping the benefits of the addition of SMIT - both in terms of the financial contribution and with respect to new market initiatives, particularly in the field of Offshore Energy.

For the remainder of the year our well-filled order book bodes well for the utilization of the vessels. Market conditions are not expected to change substantially in the short term. We see opportunities particularly in the offshore energy market and in port developments." 

 

>> Click here to view the Half Year Report 2012 including the financial appendix  <<

Market developments
The markets in which Boskalis operates are driven in the long term by growth in global trade, energy consumption and the world's population, as well as by the effects of climate change. In various regions around the world and in different market segments we are currently seeing clients develop initiatives for new infrastructure projects. This applies particularly to energy and commodity-related projects in South America, West Africa and Australasia, and to port developments outside of Europe.

Developments in the offshore energy market are important for a substantial part of our business. Following on from demand for and the construction of new oil and LNG import en export terminals, the terminal activities (Smit Lamnalco) are expected to grow.

In addition, developments at Transport, Heavy Lift and Subsea largely depend on an upturn in demand from energy markets, in particular from the offshore energy market in Northwest Europe, Brazil and Southeast Asia.

Outlook
The Board of Management expects the company's development in the second half of the year to be in line with the first half of the year, barring unforeseen circumstances. Net profit for 2012 is estimated at around EUR 210-230 million.

The financial position of Boskalis is very solid. Capital expenditure is expected to exceed EUR 325 million in 2012 and to be financed from the company's own cash flow.

KEY FIGURES 1st HY 2012 1st HY 2011
(in millions of EUR)    
Revenue 1,401 1,250
EBITDA 255.0 276.8
Operating profit 145.8 162.9
Result of associated companies 1.3 0.7
Net profit 102.5 114.1
Dividend per share (in EUR) 0.99 1.13
     
  End 1st HY 31-12-2011
Order book 3,753 3,489

Live audio webcast
The Board of Management of Royal Boskalis Westminster will comment on the 2012 half-year results at the analyst meeting (11.15am - 12.30pm CET) on 16 August 2012. This meeting can be followed by means of a live audio webcast, details of which can be found on the homepage (www.boskalis.com).

  

FINANCIAL AGENDA 2012-2013
16 November 2012 (08:00am CET) Trading update on third quarter of 2012
14 March 2013 (07:00am CET) Publication of 2012 annual results
8 May 2013 Trading update on first quarter of 2013
8 May 2013 Annual General Meeting of Shareholders
15 August 2013 (07:00am CET) Publication of 2013 half-year results
15 November 2013 (08:00am CET) Trading update on third quarter of 2013

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 the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. Boskalis offers a wide variety of marine services through SMIT including harbour towage, salvage, subsea, transport and heavy lift services. It also has strategic partnerships in the Middle East (Archirodon) and in terminal services (Smit Lamnalco). Boskalis has a versatile fleet of over 1,100 units and operates in around 75 countries across six continents. Including its share in partnerships, Boskalis has approximately 14,000 employees.

This press release can also be found on our website www.boskalis.com.

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FOR FURTHER INFORMATION

Investor Relations:
Martijn L.D. Schuttevâer
ir@boskalis.com

T +31 78 6969310
F +31 78 6969020

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