It is important to us that the value of our share adequately reflects our performance and the development in our markets. we therefore strive to inform our stakeholders as completely and transparently as possible about our strategy and policy and the ensuing financial performance.
Transparent and regular communication with our stakeholders is something we value highly. We consider our financial stakeholders to include existing and potential shareholders, other investors and their brokers as well as the media. It is important to us to provide them with clear and accessible information. The Boskalis share is covered by the major Dutch brokers as well as a number of foreign brokers and their analysts, whom we also consider as financial stakeholders. They aim to provide their clients with good advice and information about our company and the general developments in the markets that are relevant for us. Questions from stakeholders are answered candidly and wherever possible we take the initiative in raising important issues; for example following an important announcement we contact shareholders proactively. We maintain regular contact with major investors and analysts, for example by organizing annual visits to project sites or vessels. In 2015 we held more than 300 meetings with investors from Northern and Western Europe, the United States, Australia and Canada, both during roadshows and conferences and in one-on-ones. Meetings with investors and analysts are held using publicly available presentations, and stock price-sensitive information is never shared.
Our corporate website provides a constantly updated source of information about our core activities and ongoing projects. The Investor Relations section offers share information and other developments relevant to shareholders, as well as the latest and archived press releases and analyst and company presentations.
Boskalis’ authorized share capital of EUR 240 million is divided into 200 million shares, comprising 150 million ordinary shares and 50 million cumulative protective preference shares. The issued capital as at 1 January 2015 consisted of 122,937,820 ordinary shares.
Seventy-six per cent (76%) of shareholders opted to have their 2014 dividend distributed in the form of a stock dividend, in light of which we issued 2,689,242 new shares on 9 June 2015. The remaining 629,123 shares required were shares purchased by Boskalis in the share buy-back program in 2014.
On balance, the issued share capital as at 31 December 2015 consisted of 125,627,062 ordinary shares.
Royal Boskalis Westminster N.V. shares are listed on Euronext Amsterdam and are included in indices such as the Euronext Next 150 index and the STOXX Europe 600 Index.
Tickers: Bloomberg: BOKA:NA, Reuters: BOSN.AS
In 2015, around 120 million Boskalis shares were traded on Euronext Amsterdam (2014: 90 million). The average daily trading volume in 2015 was over 468,000 shares. In the course of 2015 the share price fell by 17% from EUR 45.45 to EUR 37.63. The market capitalization declined by 15% compared to the end of 2014 to EUR 4.73 billion.
The following shareholders are known to have been holders of at least 3% in Boskalis share capital as at 31 December 2015:
HAL Investments B.V.:
Marathon Asset Management:
Oppenheimer Funds, Inc.:
Besides these large shareholders, an estimated 15% of the shares are held by shareholders in the United Kingdom, 13% in the United States and Canada and the remainder in mainly the Netherlands, Norway, Germany, France, Switzerland and Hong Kong.
The main principle underlying the Boskalis dividend policy is to distribute 40% to 50% of the net profit from ordinary operations as dividend. At the same time Boskalis aims to achieve a stable development of the dividend in the longer term. The choice of dividend (in cash and/or entirely or partly in shares) takes into account both the company’s desired balance sheet structure and the interests of shareholders.
Financial agenda 2016
9 March Publication of 2015 annual results
10 May Trading update on first quarter of 2016
10 May Annual General Meeting of Shareholders
12 May Ex-dividend date
13 May Record date for dividend entitlement
27 May Final date for stating of dividend preference
1 June Determination and publication of conversion rate for dividend based on the volume weighted average share price on 30 and 31 May and 1 June (after market close)
3 June Date of dividend payment and delivery of shares
18 Augus Publication of half-year results
11 November Trading update on third quarter of 2016