Boskalis half-year figures 2024: historically high result after
busy and good first half year
Papendrecht, 15 August 2024
KEY FIGURES FIRST HALF YEAR 2024
- Revenue: EUR 2.07 billion
(H1 2023: EUR 1.97 billion)
- EBITDA: EUR 553 million
(H1 2023: EUR 370 million)
- Net profit: EUR 298 million
(H1 2023: EUR 181 million)
- Order book: EUR 5.3 billion
(End of 2023: EUR 6.0 billion)
Royal Boskalis B.V. (Boskalis)
completed a historically good first half of the year. Fleet
utilization was high and there was an increase in earnings at all
three divisions.
Revenue increased 5% compared to last year to EUR 2.07
billion (H1 2023: EUR 1.97 billion).
EBITDA increased by nearly 50% to EUR 553 million (H1
2023: EUR 370 million). Adjusted for an exceptional gain
in the first half of the year, EBITDA increased by 44% compared to
the same period in 2023.
Net profit rose 65% to EUR 298 million (H1 2023: EUR 181
million).
Peter Berdowski, CEO Boskalis:
“Financially, the past six months have been the most successful
we have achieved in Boskalis’ long history. There was an
exceptionally good performance across the board. EBITDA increased
by nearly 50% to more than half a billion euros and net income by
65% to almost 300 million euros.
In the Dredging & Inland Infra division, our large
vessels were well utilized, particularly on projects in the Middle
and Far East. We are in the completion phase of the extensive
Manila International Airport project and are gradually shifting to
new projects in Southeast Asia and the Middle East. Closer to home,
we did a lot of work in the Netherlands on the reinforcement of the
Markermeer dikes north of Amsterdam and on the Zuidas public
transport hub in Amsterdam.
At Offshore Energy, we have invested heavily in recent years
in equipment that can be deployed in both the offshore wind market
and the traditional fossil energy market. This has given us a
strong position in the lifecycle chain from development,
installation and maintenance to decommissioning of offshore
structures. Thanks in particular to this strategy, we again
achieved excellent results in the past six months.
The ALP Maritime vessels acquired at the beginning of this
year have been fully integrated into our fleet and have, among
other projects, contributed to the transport of a 50-year-old FPSO
from an oil field in Brazil to a recycling yard in Europe.
Salvage once again carried out several special assignments.
For example, a very complex wreck removal operation off the coast
of Malaysia was successfully completed. This involved a sunken
jack-up platform that was completely removed from the
seabed.
The volume of work in the order book is still at a healthy
level. With 5.3 billion euros of work in the portfolio and a strong
financial position, we look to the future with
confidence.”
DEVELOPMENTS DIVISIONS
In the Dredging & Inland Infra division,
revenue was stable on a slightly higher EBITDA compared to the same
period last year. The hopper fleet was well utilized on sizable
projects in Asia and the Middle East, and the cutter suction
dredgers were fully utilized in the Middle East.
The main regions in terms of revenue contribution were
Asia/Australia and Europe with substantial projects in the
Philippines, Taiwan, Singapore, Australia, Denmark and the
Netherlands. During the first half of the year Boskalis largely
completed its work on the construction of the new Manila
International Airport and the project is expected to be handed over
to the client shortly. In Singapore much work was again done around
the innovative polder (Pulau Tekong) and port expansion (Tuas
Terminal 2) while in Taiwan and Australia energy transition
projects (wind and gas) are underway.
In Europe, dredging work for the trench for the Fehmarnbelt
tunnel (between Denmark and Germany) was completed in the first
half of the year. In the Netherlands, Boskalis was active on a
large number of projects, including the multi-year project to
reinforce the Markermeer dikes north of Amsterdam, the Zuidasdok
OVT project involving the expansion of the existing public
transport hub in Amsterdam, and preparatory work is in full swing
on the A2 Het Vonderen-Kerensheide motorway expansion project.
At Offshore Energy, revenue increased on a
sharply higher EBITDA. All business units had a strong first half
year with good results. Approximately half of the revenue was
related to offshore wind projects. In the United States, the crane
vessels were busy installing monopile foundations that had
previously been delivered by our heavy transport vessels. In
Europe, the cable-laying vessels were busy on projects including
Hollandse Kust West Beta (Netherlands) and Borkum Riffgrund 3 &
Godewind 3 (Germany).
Our Marine Transport & Services business units had a busy
and good half year. ALP’s powerful oceangoing tugs acquired in
early 2024 were deployed on projects including the transportation
of an old FPSO to a recycling yard in Europe.
Subsea Services was busy in the first half year with a nice
combination of projects ranging from decommissioning work in the
North Sea, a multi-year maintenance contract in Dubai and
inspection and maintenance work for a number of large offshore
companies. Survey also had a good half year with a variety of
projects in the energy markets.
Across the board, the division once again successfully responded
to healthy demand from both the offshore wind and traditional oil
and gas markets and project execution was good.
Towage & Salvage: Salvage had a busy and
successful first six months. Off the coast of Malaysia, a sunken
oil platform was successfully lifted and removed from the seabed
within two seasons. Salvage was also fully involved in several
emergency response assignments, including the Northern Juvenile in
the Strait of Malacca.
Towage’s contribution to the results was higher compared to last
year due to Smit Lamnalco no longer being classified as an
asset held for sale. Furthermore, early July Boskalis
signed an agreement for the acquisition of all remaining (50%)
shares in Smit Lamnalco. The transaction is subject to customary
conditions, including regulatory approval.
FINANCIAL POSITION
Boskalis’ financial position is strong and robust. The net
financial position increased further to EUR 668 million,
in part as a result of the strong operating result. The robust
solvency rate further increased to 54.8%. Boskalis comfortably
meets its financial covenants.
The size of the order book is EUR 5.3 billion and combined with
the market outlook, we are positive about the rest of 2024.
KEY FIGURES |
1st HY
2024 |
1st HY
2023 |
2023 |
(in EUR
million) |
|
|
|
Revenue |
2,065 |
1,969 |
4,283 |
EBITDA |
553 |
370 |
1,016 |
Operating
result |
363 |
219 |
627 |
Exceptional
income (expense) |
19 |
- |
74 |
EBIT |
382 |
219 |
701 |
Net
profit |
298 |
181 |
601 |
|
|
|
|
|
30 June 2024 |
30 June 2023 |
End 2023 |
|
|
|
|
Net financial
position incl lease liabilities: cash (debt) |
560 |
438 |
523 |
Solvency |
54.8% |
49.4% |
52.4% |
Order
book |
5,260 |
5,978 |
6,007 |
Definitions: EBITDA is EBIT before depreciation,
amortization, impairment and other exceptional charges; Operating
result is EBIT adjusted for exceptional items. EBIT(DA) and
operating result include our share in the net result of joint
ventures and associates.
FOR FURTHER INFORMATION
Martijn L.D. Schuttevâer
press@boskalis.com
T +31 786969310
This is an English translation of the Dutch press
release. In the event of any disparity between the Dutch original
and this translation, the Dutch text will
prevail.
Boskalis is a leading global services provider
operating in the dredging, maritime infrastructure and maritime
services sectors. The company provides creative and innovative
all-round solutions to infrastructural challenges in the maritime,
coastal and delta regions of the world. With core activities such
as coastal defense, riverbank protection and land reclamation
Boskalis is able to provide adaptive and mitigating solutions to
combat the effects of climate change, such as extreme weather
conditions and rising sea levels, as well as delivering solutions
for the increasing need for space in coastal and delta regions
across the world. The company facilitates the development of
offshore energy infrastructure, including renewable wind energy.
Boskalis is furthermore active in the construction and maintenance
of ports, waterways, access channels and civil infrastructure, thus
helping to facilitate trade flows and regional socio-economic
development. In addition, Boskalis is a global marine salvage
expert and has a strategic partnership in terminal services (Smit
Lamnalco). With a versatile fleet of more than 500 vessels and
floating equipment and over 11,000 employees, including associates,
Boskalis is creating new horizons around the
world.
This press release can also be found on our website
www.boskalis.com.
- Boskalis H1 2024 press release 15082024
- Boskalis Bokalift 1 & Bokalift 2