Boskalis H1 2013 Results Pointing to Record Profit

MarineLink.com
Thursday, August 15, 2013
Boskalis Logo

In their half year 2013 report the Boskalis Board of Management expects that, barring unforeseen circumstances, net profit for the 2013 financial year will be at least EUR 330 million, including the book gain of approximately EUR 50 million on the sale of the 40% stake in Archirodon that will be accounted for in the second half of the year.

HIGHLIGHTS OF FIRST HALF 2013
    •    Revenue rises to record level of EUR 1.6 billion
    •    EBITDA of EUR 297 million
    •    Net profit of EUR 123 million
    •    Dockwise contributing to higher result
    •    Order book at EUR 4.5 billion
 
OUTLOOK FOR 2013
    •    Stable market conditions
    •    All-time high net profit expected of at least EUR 330 million
 
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 123 million in the first half of 2013 (H1 2012: EUR 102 million). Dockwise contributed EUR 15 million to this result. Revenue rose by 12% in the first half to EUR 1.6 billion (H1 2012: EUR 1.4 billion). Organic revenue growth was 4%.
 
EBITDA in the first half of the year amounted to EUR 297 million and the operating result (EBIT) was EUR 155 million (H1 2012: EUR 254 million and EUR 145 million, respectively). The results of Dockwise have been fully consolidated from the second quarter, which largely explains this increase. The Dredging segment realized a higher result while the result at Offshore Energy, adjusted for the contribution from Dockwise, was slightly lower than in the same period last year. The results at the Inland Infra and Towage & Salvage segments were in line with the results achieved in the same period last year.
 
At the end of the first half of the year the order book including Dockwise stood at EUR 4,525 million (end-2012: EUR 4,106 million).
 
Peter Berdowski, CEO Boskalis:
"We look back on a busy first half of the year in which we delivered a good operational performance but also took an important strategic step with the acquisition of Dockwise. This combination allows us to strongly expand our position in the offshore energy sector and offer new perspectives to both our clients and our staff. We have already made a good start with the integration of the two companies.

Within the Group we are also seeing how the various activities supplement and reinforce each other. Dredging combined with SMIT Salvage in India, offshore ordnance clearance in northern Germany using dredging and subsea services, and very recently SMIT Salvage with Dockwise in an initial dry-docking project involving the Vanguard.

The market conditions in the first six months of the year remained challenging but in spite of this capacity utilization of the large ships was good and we managed to keep the order book well filled, as a result of which we expect to achieve a healthy capacity utilization of the fleet for the remainder of the year. With this prospect, as well as the book gain we will realize in the second half of the year from the sale of our 40% stake in Archirodon, we expect to close the year with an all-time high net profit."

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

'Governments Must Act to Save Thousands of Migrants'

The humanitarian crisis in the Mediterranean Sea is spiralling out of control. EU Member States must act urgently to prevent the loss of thousands more lives,

Workboats

VT Halter Launches ATB Tug for Bouchard

VT Halter Marine launched ATB tug Kim M. Bouchard for Bouchard Transportation at Moss Point Marine facility on February 26, 2015.   The 10,000hp twin screw ATB

Mariner Medevaced in Alaska

An ailing mariner was medevaced from a fishing vessel in Beaver Inlet, approximately 13 miles southeast of Dutch Harbor, Sunday, the U.S. Coast Guard reported.   The

Editorial: Gettin’ Crabby with Deadliest Catch

As February is our traditional cruise shipping edition, naturally we’ve selected a fishing boat and two crabs for the cover. But as many of you may already know,

Finance

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

Underwater Engineering

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Ice Coverage on Great Lakes 89 pct: NOAA

Ice coverage on the Great Lakes is nearing 90 percent, reveals high resolution satellites images from National Oceanic and Atmospheric Administration (NOAA).   The entire Great Lakes is at 88.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2320 sec (4 req/sec)