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Boskalis jaarverslagen 2012

Dredging & Inland Infra

Construction, maintenance and deepening of ports and waterways, land reclamation, coastal defense and riverbank protection, underwater rock fragmentation and the extraction of minerals using dredging techniques. Construction of roads and railroads, bridges, dams, viaducts and tunnels including earthmoving, soil improvement and remediation – mainly in the Netherlands.

DREDGING & INLAND INFRA

 

2015

 

2014

(in millions of EUR)

    

Revenue

 

1,727.2

 

1,664.8

EBITDA

 

400.4

 

487.5

Result from JVs and associates

 

2.9

 

3.1

Operating result (EBIT)

 

296.3

 

380.1

Order book at year end

 

1,506.9

 

2,014.2

    Revenue

    Revenue in the Dredging & Inland Infra segment rose to EUR 1,727 million (2014: EUR 1,665 million).

    REVENUE BY MARKETS

     

    2015

     

    2014

    (in millions of EUR)

        

    The Netherlands

     

    455.2

     

    551.5

    Rest of Europe

     

    287.9

     

    250.9

    Rest of the world

     

    984.1

     

    862.4

    Total

     

    1,727.2

     

    1,664.8

    The Netherlands

    In 2015 revenue in the Dutch market was EUR 455.2 million. The decline is largely attributable to the sale of the activities of De Jong in early 2015 and the completion in mid-2015 of the multiyear project to strengthen the Hondsbossche and Pettemer Sea Defense in the Dutch province of Noord-Holland. A great deal of work was performed in connection with various Room for the River projects and the SAAone project (A1-A6 motorway expansion). In addition, a large number of medium-sized and smaller infrastructure projects were in progress.

    Rest of Europe

    Revenue in the rest of Europe increased to EUR 287.9 million. The revenue growth was spread across the three home markets (Germany, the United Kingdom and Nordic). Noteworthy projects include maintenance dredging on the River Elbe in Germany, dredging work for the Baltic II offshore wind farm (Germany) and reinforcing the coastline at Clacton-on-Sea (UK). Revenue for the Rest of Europe excluding the home markets was limited during the year under review.

    Rest of the world

    Outside of Europe revenue increased to EUR 984.1 million. The exceptionally large project for the expansion of the Suez Canal made a major contribution to this revenue. The Suez Canal project was contracted at the end of 2014 and was successfully completed in 2015 within a very challenging tight deadline. In 2015 Boskalis also executed projects in countries including Qatar (access channels), Brazil (Açu Port), Mexico (port-related projects), Indonesia (Pluit City) and South Korea (Incheon and Songdo).

    Fleet developments

    Utilization of the hopper fleet was very strong at 43 weeks (2014: 40 weeks). In mid-January the new trailing suction hopper dredger Freeway (4,500 m³) was named and taken into service. The utilization rate of the cutter fleet was high in 2015 at 34 weeks (2014: 36 weeks) as a result of an exceptionally high utilization in the first half of the year due to the Suez Canal project. As expected a significant part of the cutter fleet was out of operation in the second half for scheduled maintenance.

    Segment results

    Dredging & Inland Infra achieved a very good result in 2015, with EBITDA of EUR 400.4 million and an operating result of EUR 296.3 million (2014: EUR 487.5 million and EUR 380.1 million, respectively). In 2014 the result was exceptionally strongly impacted by substantial positive settlement results on old projects.

    Besides the generally good results on projects in progress and a positive contribution from the Dutch Inland Infra activities, there was a significant positive effect on the result from the sizable Suez Canal project. As with the revenue this project made a strong contribution to the result, partly due to a very high fleet utilization rate. In addition to the projects in progress, projects that had technically been completed earlier made a positive contribution to the result, albeit to a very considerably lesser extent than in 2014.

    Order book

    At end-2015 the order book stood at EUR 1,507 million (end-2014: EUR 2,014 million). Around two-thirds of the decline was attributable to the execution of the Suez Canal project. In addition, EUR 55 million was removed from the Dutch order book as a result of the divestment of the De Jong activities. New noteworthy projects include the Marker Wadden nature restoration project and the reinforcement of the Markermeer dikes (both in the Netherlands), various port maintenance works for example in Germany, the UK, Qatar, Angola and Mexico, and the construction of a new artificial island off the coast of Panama City. On balance, EUR 1,275 million of new work was acquired during the course of the year.

    ORDER BOOK BY MARKET

     

    2015

     

    2014

    (in EUR million)

        

    The Netherlands

     

    747.1

     

    865.0

    Rest of Europe

     

    219.8

     

    188.9

    Rest of the world

     

    540.0

     

    960.3

    Total

     

    1,506.9

     

    2,014.2

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