Record net profit at BoskalisNews // March 13, 2015
Royal Boskalis Westminster has reported a net profit of Euros 490 million in 2014 (2013: Euros 366 million). Revenue rose by 1 per cent to Euros 3.2 billion (2013: Euros 3.1 billion).
EBITDA rose by 25 per cent to Euros 946 million (2013: Euros 757 million) and the operating result (EBIT) was up 41 per cent at Euros 652 million (2013: Euros 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 Euros 200 million before tax. All three operating segments achieved a sharply higher result compared to 2013. Dredging 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. Dockwise contributed an extra quarter to earnings compared to 2013 and realized exceptional cancellation and rescheduling fees. Towage and salvage reported a higher result with good results from the settlement of old salvage projects. The company's orderbook remained stable at Euros 3,286 million (end-2013: Euros 3,323 million).
Peter Berdowski, Boskalis' CEO said: "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 per cent. 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," he said, "with stability for both dredging and towage, but challenging conditions for offshore energy, especially subsea services as well as parts of our transport group.
"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."