Dredging & maritime works specialists Royal Boskalis Westminster N.V. reports a 12% increase in revenue in first half year report 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."
