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Boskalis jaarverslagen 2012

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34 articles found

Financial performance

Royal Boskalis Westminster N.V. (Boskalis) achieved net profit of EUR 440 million in 2015 (2014: EUR 490 million).

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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.

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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.

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Offshore Energy

Offshore dredging and rock installation projects, heavy transport, lift and installation work, diving and ROV services in support of the development, construction, maintenance and dismantling of oil and LNG import/export facilities, offshore

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Towage & Salvage

Towage: towage services and berthing and unberthing of oceangoing vessels in ports and at offshore terminals, management and maintenance both above and below the surface of onshore and offshore oil and gas terminals and associated maritime and

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Holding and eliminations

Non-allocated head office activities.

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Other financial information

Depreciation, amortization and impairments totaled EUR 321.9 million in 2015. This was EUR 293.1 million excluding the Fugro impairment charge (2014: EUR 293.5 million).

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Other developments

In mid-December 2014 Boskalis signed a Memorandum of Understanding (MoU) with Kotug International B.V. (KOTUG) to merge their European harbour towage operations by establishing a 50/50 joint venture.

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Quality management

During 2015 an integral management team with representatives from the divisions worked on developing a new quality management system.

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Personnel and organization

The internal relocation necessitated by the new divisional structure was completed in 2015.

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Fleet developments

With the implementation of the divisional structure in early 2015 responsibility for the Dredging and Offshore fleet has been assigned to the respective divisions.

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Research and development

Constant innovation is crucial to Boskalis’ future. We want to leverage our wealth of knowledge and experience and transform it into innovative initiatives that support our activities.

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ICT

In 2015 good progress was made with the development of the new company-wide ERP system for Boskalis, following analysis of the processes at the various business units in 2014.

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Corporate Social Responsibility

In our CSR report we account for material and relevant non-financial aspects of our performance arising from our strategy and core activities.

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Strategy and Business Drivers

Boskalis’ strategy is aimed at the opportunities and challenges that present themselves to the company. This strategy is based on two pillars: Focus and Strengthen & Rationalize. Focus is aimed at Value-Adding Assets and specific market segments.

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Strategic and market risks

The Boskalis markets are heterogeneous and often develop differently.

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Operational risks

The operational risks faced by Boskalis are diverse in nature, particularly because the group conducts various types of activities around the world within the three divisions.

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Financial risks

In conducting its business Boskalis is exposed to various kinds of non-operational financial risks. The most important of these are described in this section.

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Political and credit risks

These include risks related to unrest or disruption due to political developments and violence, and the risk of non-payment by clients. Boskalis operates a strict acceptance and hedging policy with respect to political and payment risks.

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Liquidity and funding risks

As is customary for a contractor Boskalis also has large amounts outstanding in the form of guarantees from banks and insurance companies, mainly in favor of clients.

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Currency risks

The functional currency of Boskalis is the euro.

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Tax risks

Because of the (constantly changing) mix of project and operational results in a large number of countries and entities, various kinds of taxes, such as income tax, wage tax, VAT and import duties, are assessed and then paid in various countries.

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Interest rate risks

We have limited our exposure to interest rate fluctuations by fixing the interest rates on the majority of our long-term financial liabilities, primarily by using interest rate swap arrangements.

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Fuel price risks

In a substantial part of its activities, Boskalis is exposed to risks arising from changes in fuel prices. Fuel costs are hedged in a number of different ways. Where possible, contracts include fuel price variation clauses.

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Derivatives

Financial derivatives are only used to hedge underlying currency risks, fuel cost risks or other risks where there is a physical underlying transaction.

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Other risks

As an international maritime services provider Boskalis is active in numerous countries, meaning it has to deal with a wide range of diverse legislation and regulations.

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Risks with regard to financial reporting

Financial reporting at Boskalis is structured within a tight framework of budgeting, reporting and forecasting. A distinction is made between reports for internal and external use.

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Evaluation of risk management and internal control systems

Major organizational changes have been implemented in order to accommodate the rapid growth that Boskalis has experienced in recent years, including the introduction of a divisional structure.

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Outlook

In the coming period the general market conditions will be characterized by lower volumes of work and pressure on utilization rates and margins.

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Innovative wreck removal Baltic Ace

The removal of 456,000 liters of heavy oil in 2014 marked the completion of the first stage of the salvage of the car carrier Baltic Ace by SMIT salvage.

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Marker Wadden: groundbreaking ecological design for nature restoration

In March 2016 Boskalis starts work on stage 1 of creating one of the largest nature restoration projects in western Europe: the Marker wadden.

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Internal risk management and control systems

The internal risk management and control systems of Boskalis are based on the principles of effective management control at various levels in the organization and are tailored to the day-to-day working environment in which the company operates

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Corporate Governance

The Board of Management and the supervisory Board are jointly responsible for looking after the interests of our stakeholders.

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Safety

Boskalis views safety as a license to operate and a top priority in an environment and amid activities with a relatively high risk profile.

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