HIGHLIGHTS FIRST HALF YEAR 2017
Revenue: EUR 1.09 billion
EBITDA: EUR 225.1 million
Net profit: EUR 75.1 million
Order book: EUR 3.25 billion
OUTLOOK for 2017
Mixed market picture
Dredging & Inland Infra: reasonable market volumes with further upward potential for utilization rates
Offshore Energy: fewer contracting projects and continued friction between supply and demand in services
Towage: relatively stable market volumes
Profit outlook: net profit in the second half of the year comparable to the first half of the year, excluding restructuring charges
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 75.1 million in the first half of 2017 (H1 2016: EUR 147.5 million).
Revenue in the first half of the year declined by 7% compared to the first half of last year to EUR 1.09 billion (H1 2016: EUR 1.17 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was down by 13%.
EBITDA in the first half of the year totaled EUR 225.1 million and the operating result was EUR 101.7 million (H1 2016 EBITDA: EUR 317.6 million, operating result: EUR 182.4 million).
Both revenue and fleet utilization increased at the Dredging & Inland Infra segment, with large projects in execution in Brazil, Indonesia and Oman contributing to the rise. The result was virtually stable with continued margin pressure.
At Offshore Energy revenue and result declined, due in part to poor market conditions in the oil and gas industry. In addition there are no major offshore wind farm projects in progress this year, whereas the construction of two sizable wind farms contributed to revenue and the result last year. The VBMS cable-laying activities had a good first half of the year, making a significant contribution to the division’s results.
Revenue and results were also under pressure at Towage & Salvage, partly due to the deconsolidation of the European harbor towage services but also as a result of a very quiet first half of the year at Salvage. It was quiet globally, with a limited number of emergency response assignments. Furthermore there were no major wreck removal projects being executed.
Boskalis’ financial position continues to be strong, with a solvency ratio of 62.6% and a positive net cash position of EUR 235 million.
The order book, excluding our share in the order book of joint ventures and associated companies, increased to EUR 3.246 billion at the end of the first half of the year (end-2016: EUR 2.924 billion).