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Boskalis jaarverslagen 2012

Our business model in a nutshell

Mission and vision

Boskalis is a leading dredging and marine expert creating new horizons for all its stakeholders. We do so through a unique combination of people, equipment and activities. We provide innovative and competitive all-round solutions for our clients in the offshore energy sector, ports, and coastal and delta regions, always maintaining the highest standards of safety and sustainability.

Megatrends

Our business drivers are clear long-term trends. Demand for our all-round solutions and (innovative) services is driven by global population growth and increasing prosperity, growth in world trade, the rising demand for (sustainable) energy, increasing demand for commodities, as well as climate change. Boskalis’ strategy and activities are aimed at taking advantage of these global megatrends. Supported by our business model we seek to strike a balance between the interests of all relevant stakeholders.

Strategy

The Boskalis strategy is a natural consequence from our mission and vision as well as the global megatrends. In light of the changed market conditions and uncertainties in the short and medium term the strategic course for the coming period has been shifted from growth (Expand) to reinforcement (Strengthen) and taking advantage of the opportunities presented by the markets. This will involve tightening up the organization and rationalizing it in places (Rationalize). The emphasis will be on two pillars: Focus and Strengthen & Rationalize. Focus is aimed at Value-Adding Assets and specific market segments, while the Strengthen & Rationalize pillar concerns all divisions. For further information please refer to the Strategy section of the 2015 Annual Report.

Innovation

Ongoing innovation is crucial to our future. We provide our employees with every opportunity in that respect, for example through the Boskalis Innovation Challenge. A good example can be found oin the case: 3D printed reefs.

Activities

In addition to our traditional dredging activities, we offer a broad range of maritime services for the offshore energy sector. We are also active in towage services, emergency response and salvage related services. With our great expertise, multidisciplinary approach, versatile state-of-the-art fleet and extensive experience in engineering and project management we have proven time and again that we are able to realize complex projects on time, safely and within budget, even at difficult locations anywhere in the world. With over 8,200 employees and our fleet of 1,000 vessels and floating equipment, we aim to design and realize sustainable solutions.

Employees

Our business is project-driven and capital and knowledge intensive. We invest in staff training and development to ensure a steady supply of talented and skilled employees. Most of our employees have a permanent appointment. The majority of this core has been with us for many years and the turnover is low. For projects our core is supplemented by employees drawn from a flexible shell. Depending on the project requirements these employees are hired locally where possible and/or appointed on a temporary contract, which in many cases ends at the conclusion of the project. For more information please refer the article HR data in the Appendix.

Markets

Boskalis operates globally and focuses on market segments that demonstrate long-term structural growth: Energy (oil, gas, wind and decommissioning), Ports and Climate change-related activities (coastal defense and riverbank protection). This spread gives us both a solid foundation and the flexibility to secure a wide range of projects, and also provides good prospects for balanced and sustained growth. We operate on behalf of clients in over 75 countries across six continents.

Value-Adding Assets

Boskalis will sustain its success as long as we add value for all our stakeholders by using our, diversified fleet, staff and competencies to provide a balanced service to the various client groups. However, our clients’ requirements and the associated project risks vary widely, both within and between the market segments, which means that choices have to be made. Boskalis focuses on the availability and supply of Value-Adding Assets. We have clients who demand from us integrated, innovative services or turnkey solutions. In order to meet these client needs we require competencies that complement and reinforce one another, such as risk management and engineering. In addition, we need to be able to act as lead contractor, whereby project management experience is essential. In this segment with its higher margin potential we expressly position ourselves globally towards the top of the S curve (see below). By operating our assets at various points on the S curve we seek to achieve the optimum balance between margin maximization and fleet utilization. In a market where both volumes and margins are under pressure most of the work is to be found in the bottom half of the S curve and the emphasis lies on sustaining fleet utilization levels whilst maintaining a responsible risk profile. Cost leadership is an important prerequisite here. At the same time we need to be critical with regard to the scope for adding sufficient value to assets at the bottom of the S curve, where pressure on capacity is greatest. If there is insufficient scope for sustainable value creation we will divest assets (rationalization).

For more information about our organizational structure, profile, key figures and results for 2015, shareholder information, market developments and outlook, please refer to our 2015 Annual Report.

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