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Boskalis jaarverslagen 2012

Operational and financial developments

In the course of 2015 Boskalis increased its stake in Fugro N.V. from 19.9% at end-2014 to 28.6% at end-2015. As a result of surpassing the 20% threshold early 2015 this stake is now recognized – in accordance with IFRS – as an associate and no longer as a financial instrument, resulting in a revaluation of the Fugro stake at the beginning of 2015. At end-2015 Boskalis performed an impairment test on the stake in Fugro. The on balance effect of this earlier revaluation and the impairment charge is minus EUR 0.3 million. In addition, our share in the operational result of Fugro amounted to minus EUR 3.1 million. The Fugro result is recognized in the segment Holding.

Revenue

During the past year revenue increased by 2.3% to EUR 3.240 billion (2014: EUR 3.167 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was stable.

Dredging & Inland Infra had a good year with high fleet utilization and slightly higher revenue compared to the previous year. Taking into account the market conditions and lower fleet utilization levels Offshore Energy also had a good year with revenue remaining stable, partly thanks to a stronger US dollar. Revenue in the Towage & Salvage segment rose as a result of a very busy year within Salvage. Revenue at Towage declined due to the transfer of the harbour towage activities in Brazil, Mexico, Panama and Canada to the Saam Smit Towage joint venture in mid-2014. Adjusted for this effect revenue at Towage was virtually stable compared to the previous year.

Result

In 2015 the operating result before interest, taxes, depreciation, amortization and impairments (EBITDA) and including the contribution from our stake in the net result of joint ventures and associated companies totaled EUR 884.7 million (2014: EUR 945.9 million). The operating profit (EBIT) was EUR 562.8 million (2014: EUR 652.3 million).

The operating profit includes our stake in the net result of joint ventures and associates of EUR 43.3 million (2014: EUR 56.4 million). Our share in the operational result of Fugro was on balance a negative EUR 3.1 million in 2015.

Dredging & Inland Infra had an exceptionally good and a busy year operationally. A very high fleet utilization and generally speaking good results from ongoing projects as well as from financial settlements on work completed previously led to a strong result. In 2014 the result was to a larger extent impacted by very substantial results from financial settlements on old projects.

Offshore Energy also had a good year with good utilization of its equipment and generally speaking good project results. Despite the deteriorating market conditions the result for 2015 was slightly higher.

On balance, the result at Towage & Salvage was lower compared to the previous year. At Towage the result declined, mainly as a result of deconsolidation effects. Salvage had a good year with a higher result from various wreck removal projects and a contribution from the financial settlement of salvage projects carried out in previous years.

On balance, non-allocated group income and expenses amounted to minus EUR 51.8 million. In addition to the usual non-allocated head office costs a negative result of on balance EUR 3.4 million was recognized on the Fugro stake.

RESULT BY SEGMENT

 

2015

 

2014

(in EUR millions)

    

Dredging & Inland Infra

 

296.3

 

380.1

Offshore Energy

 

239.2

 

236.1

Towage & Salvage

 

79.1

 

84.0

Non-allocated group costs

 

-51.8

 

-47.9

Total

 

562.8

 

652.3

Net profit

The operating result (EBIT) was EUR 562.8 million (2014: EUR 652.3 million). Net of financing expenses of, on balance, EUR 31.8 million, profit before taxation was EUR 531.0 million. Net profit attributable to shareholders totaled EUR 440.2 million (2014: EUR 490.3 million).

The 2014 result was exceptionally high due to a large number of exceptional items amounting to on balance EUR 200 million before taxation and EUR 154 million after tax.

Order book

In 2015 Boskalis acquired, on balance, EUR 2,394 million worth of new contracts. At the end of the year the order book, excluding our share in the order book of joint ventures and associated companies, stood at EUR 2,490 million (end-2014: EUR 3,286 million).

ORDER BOOK

 

2015

 

2014

(in EUR millions)

    

Dredging & Inland Infra

 

1,506.9

 

2,014.2

Offshore Energy

 

975.2

 

1,207.4

Towage & Salvage

 

7.9

 

63.9

Total

 

2,490.0

 

3,285.5

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