March 13 - Royal Boskalis Westminster - the Netherlands based dredging and marine contractor - posted a record net profit of EUR366 million (USD511 million) in 2013, up from EUR249 million (USD347.7 million) in 2012.
The net profit growth was partly due to a number of extraordinary items amounting to EUR97 million (USD135.44 million).
Boskalis also achieved record revenue of EUR3.5 billion (USD4.88 billion) in 2013, up 12.9 percent year-on-year over 2012.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also reached a record high level of EUR800 million (USD1.12 billion) (2012: EUR 567 million/USD791 million); EBIT was EUR466 million (USD650 million) (2012: EUR 336 million/USD468.75 million).
The offshore energy division's contribution to the result rose sharply, in part explained by the contribution of the Dockwise activities that were acquired at the start of 2013. The contribution from Boskalis' inland infrastructure interests fell due to the sale of the 40 percent stake in Archirodon, and the subsequent integration and reorganisation expenses. According to Boskalis, its towage and salvage division had a good year.
Commenting on the results, Peter Berdowski, ceo, Boskalis, said: "Last year was another turbulent year - both in the market and for our company. A year in which we acquired Dockwise and took another major step in expanding the company. It was also an excellent year from a financial perspective, with the company breaking many of its records."
Berdowski added that the company plans further targeted expansion of its offshore energy activities: "We expect capital expenditure of around EUR800 million (USD1.11 billion) in the next three years, roughly in line with the level of depreciation."
The markets in which Boskalis operates are driven by growth in global trade, energy consumption and the world's population, as well as by the effects of climate change. According to the company, recent research has confirmed that these trends will continue in the longer term despite regional economic stagnation.
In the next three years Boskalis sees scope for growth mainly in the offshore energy sector in the form of transport, logistics and installation services. There are opportunities here for Boskalis with its combination of assets and expertise following the acquisitions of SMIT and Dockwise. Boskalis expects to further solidify its market position through investments in ships or through acquisitions - which includes its recent acquisition of Fairmount Marine and its fleet of five oceangoing tugs, as reported by HLPFI on March 3, 2014 (http://tinyurl.com/pyxv7k8).
