Boskalis 2012 Revenue Up, Profits Slightly Down

Press Release
Thursday, March 14, 2013

Royal Boskalis Westminster N.V. (Boskalis) publishes theirl financial report for 2012.

Highlights of 2012
·         Record revenue of EUR 3.1 billion
·         Record order book of EUR 4.1 billion
·         Net profit of EUR 250 million
·         EBITDA of EUR 568 million
·         Proposed unchanged dividend: EUR 1.24 per share outlook
·         Continued challenging market conditions in 2013
·         Integration and consolidation of Dockwise from second quarter 2013

Royal Boskalis Westminster N.V. (Boskalis) achieved a record revenue of EUR 3.1 billion in 2012 (2011: EUR 2.8 billion). Net profit amounted to EUR 250 million, thus remaining virtually stable compared to 2011 (EUR 254 million). Despite the slight decline in net profit and a substantial increase in the number of outstanding shares as a consequence of the recent equity issue in connection with the acquisition of Dockwise, Boskalis intends to pay-out an unchanged dividend of EUR 1.24 per share.
EBITDA dropped to EUR 568 million (2011: EUR 591 million) and the operating result (EBIT) fell to EUR 337 million (2011: EUR 354 million). The contribution from Dredging declined as a consequence of lower volume of work. Challenging market conditions in Inland Infra led to a lower result with an increase in revenue. The remaining activities, Offshore Energy and Towage & Salvage, achieved a respectively virtually stable and slightly higher operating result.
The order book increased to EUR 4.106 million as per end-2012 (end-2011: EUR EUR 3.489 million). Compared to the 2012 mid-year level the order book was also higher at the end of the year.

Capital expenditure for the coming year is expected to be around EUR 325 million, excluding Dockwise, which can be funded form the cash flow. The acquisition financing for Dockwise and the refinancing of existing Dockwise and Boskalis bank facilities will push up the total debt position. Subsequent to the (re)financing, Boskalis will retain a solid financial position.


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