Boskalis posts H1 2015 results
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 306.5 million in the first half of 2015, a rise of 21% (H1 2014: EUR 253.0 million).
Revenue in the first half of the year rose 1.6% to EUR 1.57 billion (H1 2014: EUR 1.55 billion). Adjusted for (de)consolidation and currency translation effects, revenue was stable.
EBITDA in the first half of the year amounted to EUR 500.1 million (H1 2014: EUR 466.4 million) and the operating profit (EBIT) was EUR 359.3 million (H1 2014: EUR 338.3 million).
Results in all three segments were good in addition to which there were a number of (positive) exceptional items.
Dredging & Inland Infra had an exceptionally busy first half from an operational point of view. Good results on the projects in progress, a very high fleet utilization rate together with relatively low repair costs and a substantial contribution from financial settlements on projects completed earlier all contributed to the good result.
Offshore Energy also had a good first half year with high utilization of the equipment and good project results. In addition, the stronger US dollar made a positive contribution to the result.
At Towage & Salvage the result of the harbor towage activities was in line with expectations, but the result of Smit Lamnalco lagged behind. Salvage had a good first half with various wreck removal projects and a substantial contribution to the result from the financial settlement from salvage projects executed in previous years.
During the first half Boskalis increased its stake in Fugro N.V. by 5.2% to 25.1%. In accordance with IFRS this stake is recognized as an associated company as from 2015. Consequently, a positive revaluation result of EUR 28.5 million on the stake in Fugro is recognized in the Holding segment.
At the end of the first half of the year the order book stood at EUR 2,963 million (end-2014: EUR 3,286 million). The decline in the order book is mainly attributable to the execution of the sizable Suez Canal project and the sale of the activities of De Jong at the beginning of the year.
