Boskalis posts net profit of EUR 440 million for 2015
Royal Boskalis Westminster N.V. (Boskalis) achieved net profit of EUR 440 million in 2015 (2014: EUR 490 million), the company said in its press release.
Revenue rose by 2.3 per cent to EUR 3.24 billion (2014: EUR 3.17 billion). Adjusted for consolidations, deconsolidations and currency effects, revenue was stable.
EBITDA amounted to EUR 885 million and the operating result (EBIT) was EUR 563 million (2014 EBITDA: EUR 946 million and EBIT: EUR 652 million).
From an operational perspective the result for 2015 was even better than the 2014 record result, which included a large number of exceptional items of EUR 200 million on balance before taxation.
Dredging & Inland Infra achieved a high fleet utilization rate and good results on projects in progress. The large Suez Canal project, which was completed successfully in 2015, made a significant contribution to both revenue and earnings.
Offshore Energy also had a good year and despite the deteriorated market conditions earnings increased slightly, partly helped by the strong US dollar. The good result was driven by good utilization of the equipment and good project results.
Towage & Salvage saw a decline in the result on balance compared to the previous year, mainly as a result of deconsolidation effects at Towage. From an operational perspective Salvage can look back on a very busy and successful year.
In the course of 2015 Boskalis increased its stake in Fugro N.V. from 19.9% to 28.6% at end-2015. The revaluation gain from the first half of the year was reversed as at end-2015, as a result of which the Fugro stake is now recognized at EUR 16.15 per share - virtually equal to the average purchase price.
The order book fell to EUR 2,490 million (end-2014: EUR 3,286 million).