Boskalis posts strong first half year
(Thomson Reuters ONE) - Papendrecht, 20 August 2009Highlights first half year 2009* Net profit ? 102.7 million (1H 2008: ? 110.0 million excl. non recurring income)* Revenue ? 989 million (1H 2008: ? 938 million)* High fleet utilization levels* Well-filled order book of ? 3.0 billionOutlook for 2009* Net profit for the second half of the year expected to be comparable to the first half of 2009* Full-year revenue comparable to the 2008 level (? 2.1 billion)* Healthy operating margins* Capital expenditure of approximately ? 300 millionRoyal Boskalis Westminster N.V. realized a net profit of ?102.7 million in the first half of 2009. In the first half of 2008the company realized a net profit of ? 110.0 million, excluding anon-recurring gain relating to the W.D. Fairway (? 92.0 million).Boskalis benefited from its broad, well-filled order book in thefirst half of 2009, resulting in solid equipment utilization levelsas well as good margins.Revenue increased to ? 989 million, with growth being achieved in thehome markets and the offshore activities within the Dredging &Earthmoving segment as well as in the Maritime Infrastructuresegment. Included in the earnings are Boskalis' share in SmitInternationale's first-half year result (? 13.1 million) and apositive hedge result on the Port Rashid project (? 7.2 million). Thenet order intake amounted to ? 622 million in the first half of theyear, bringing Boskalis' well-filled and broadly spread order book to? 3.0 billion. Peter Berdowski, CEO: "Despite difficult economic times we turned ina strong performance in the first half of the year. The utilizationrate of our vessels was solid and revenue has remained robust. Inaddition, our margins on running projects are healthy, largely thanksto the selective contracting policy we have pursued in the past fewyears. This allowed us to start the year with an order book that waswell filled and - above all - broadly spread.It is owing to this strong order book that we continue to have apositive outlook on the rest of 2009. The outlook for the periodthereafter is less clear. In some market segments clients areadopting a more hesitant attitude to their investment decisions. Onthe other hand, we are seeing positive developments in offshore andin government infrastructural projects. For the coming years, we areanticipating a decline in volumes in the global dredging market. Toprepare the company for this decline we have initiated a fleetrationalization program."Market DevelopmentsThe global dredging and marine contracting market is driven byfactors such as growth in world trade, the global population, energyconsumption and the effects of climate change. All these factors haveresulted in a period of unbridled growth in the past few years.Impacted by the global recession, these positive market conditionshave changed drastically since September 2008. Although long-termstructural growth factors for dredging and marine contracting remainpositive, a great deal has changed for the short term. Commodityprices have decreased sharply and global trade is stagnating andthese factors are affecting demand for our products and services.OutlookFull-year revenue in 2009 is expected to be comparable to the levelachieved in 2008. The Board of Management expects the result in thesecond half of 2009 to be comparable to the result achieved in firsthalf of the year. The level of investment will be around ? 300million in 2009.Boskalis is taking into account a drop in volumes in global dredgingmarkets in the coming years. To prepare the company for this Boskalishas initiated a fleet rationalization program.Key Figures (in mln euros) 1 HY 2009 1 HY 2008Revenue 988.9 938.2Operating Result 120.2 227.4Operating Result excl. non recurring income 120.2 130.0Result from associates 12.5 1.0Net profit 102.7 202.0Net profit excl. non recurring income 102.7 110.0EBITDA 180.7 275.8Earnings per share (in euros) 1.19 1.28** excl. non recurring income End 1 HY 31-12-2008Orderbook 2,986 3,354Solvency ratio 36.8% 34.0%Click here for the half year report including all financial tablesThe half year report including all financial tables is also availableon www.boskalis.comThis is an English translation of the Dutch press release. In theevent of any disparity between the Dutch original and thistranslation, the Dutch text will prevail.Royal Boskalis Westminster N.V. is a leading global services provideroperating in the dredging, maritime infrastructure and maritimeservices sectors. We provide creative and innovative all-roundsolutions to infrastructural challenges in the maritime, coastal anddelta regions of the world including the construction and maintenanceof ports and waterways, land reclamation, coastal defense andriverbank protection. The company holds important home marketpositions in and outside of Europe and targets all market segments inthe dredging industry. It also has positions in strategicpartnerships in the Middle East (Archirodon) and in offshore services(Lamnalco). Boskalis has a versatile fleet of over 300 units andoperates in over 50 countries across five continents. Including itsshare in partnerships, Boskalis has approximately 10,000 employees.For further information please contact:Martijn L.D. SchuttevâerDirector of Investor Relations & Corporate CommunicationsTelephone: +31 78 69 69 822 / +31 6 200 10 232Telefax: +31 78 69 69 020E-mail: m.l.schuttevaer(at)boskalis.nlThis press release can also be found on our website www.boskalis.comhttp://hugin.info/130721/R/1335977/317711.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 06:59 Uhr
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