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Boskalis jaarverslagen 2012

Dredging & Inland Infra

Construction, maintenance and deepening of ports and waterways, land reclamation, coastal defense and riverbank protection, underwater rock fragmentation and the extraction of minerals using dredging techniques. Construction of roads and railroads, bridges, dams, viaducts and tunnels including earthmoving, soil improvement and remediation – mainly in the Netherlands.

DREDGING & INLAND INFRA   2014   2013
(in EUR million)        
Revenue   1,664.8   1,725.5
EBITDA*   487.5   362.4
Result from JVs and associates   3.1   6.9
Operating result (EBIT)*   380.1   255.2
Order book at year end   2,014.2   2,000.5

*
 
Our share in the net result of the joint ventures and associated companies is included in the EBIT(DA). 2013 figures adjusted for IFRS11.

Revenue

Revenue in the Dredging & Inland Infra segment amounted to EUR 1,665 million (2013: EUR 1,726 million).

REVENUE BY MARKET   2014   2013
(in EUR million)        
The Netherlands   551.5   488.8
Rest of Europe   250.9   264.8
Rest of the world   862.4   971.9
Total   1,664.8   1,725.5

The Netherlands
In 2014 revenue in the Dutch market increased to EUR 551.5 million (2013: EUR 488.8 million). The strengthening of the Hondsbossche and Pettemer Sea Defense in the Dutch province of Noord-Holland generated a lot of work in 2014. Other work included a few smaller foreshore replenishments and maintenance work on the Europoort shipping fairway in the port of Rotterdam. A lot of work was executed on the various Room for the River projects and work continued on the major SAAone project (A1-A6 motorway). Furthermore a large number of small and medium-sized infrastructure projects are in progress.

Rest of Europe
Revenue in the rest of Europe declined slightly to EUR 250.9 million (2013: EUR 264.8 million). In the main home markets intensive work was carried out on a large number of maintenance projects on ports and waterways, including the Elbe and Weser rivers in Germany, and the deepening of the approach channel to the port of Southampton (UK). Furthermore, work commenced on the breakwater at Clacton-on-Sea (UK) and the Bronka port project in St. Petersburg (Russia) was executed.

Rest of the world
Outside of Europe revenue declined to EUR 862.4 million (2013: EUR 971.9 million). The Australia/Asia region was the main contributor to revenue with projects in South Korea, Vietnam, Singapore and Australia. In 2014 Boskalis was also engaged in projects in countries including Qatar (access channel), the Maldives (coastal protection and land reclamation) and Cameroon (maintenance work). In Central and South America work was carried out on the Superporto do Acu (Brazil) and Lelydorp I (Suriname) projects. The sizable project for the expansion of the Suez Canal got underway in the fourth quarter. All the necessary equipment has now been mobilized using various Dockwise vessels and everything is fully operational.

Fleet developments

Utilization of the hopper fleet was good at 40 weeks (2013: 44 weeks). At the start of the second quarter the trailing suction hopper dredger Fairway (35,500 m3) was taken back into service. In mid-June the new trailing suction hopper dredger Strandway (4,500 m3) was christened and in early 2015 her sister ship Freeway was also taken into service. Thanks to several large cutter projects the utilization rate of the cutter fleet rose sharply in 2014 to 36 weeks (2013: 16 weeks).

Segment result

Dredging & Inland Infra achieved an exceptionally high result in 2014, with EBITDA of EUR 487.5 million and an operating result of EUR 380.1 million (2013: EUR 362.4 million and EUR 255.2 million, respectively). This result includes our stake in the net result of joint ventures and associated companies of EUR 3.1 million (2013: EUR 6.9 million, mainly from the stake in Archirodon that was sold in mid 2013).

Besides the usual project results, which include good results on several larger projects nearing completion, there was a significant positive effect on the result from financial settlements of projects that were technically previously completed. This relates to projects in Italy, the Middle East and – mainly – the Far East. The biggest impact was from the Gorgon project (Australia), where on the financial settlement was reached with both a large subcontractor and the client. Furthermore there was an absence of significant setbacks, a good contribution from the Dutch Inland Infra activities and a good utilization rate of the equipment.

Order book

At end-2014 the order book stood at EUR 2,014 million (end-2013: EUR 2,001 million). On balance EUR 1,678 million of new work was acquired during the course of the year. This included previously announced projects in Egypt (Suez Canal), Indonesia (Pluit), Singapore (Finger Pier I), the Netherlands (IJsseldelta), the United Kingdom (breakwater at Clacton-on-Sea) and Sweden (Marieholm tunnel), as well as many smaller contracts in the Netherlands and more than EUR 150 million worth of new contracts in the Middle East shared among various projects.

ORDER BOOK BY MARKET*   2014   2013
(in EUR million)        
The Netherlands   865.0   1,033.6
Rest of Europe   188.9   303.1
Rest of the world   960.3   663.8
Total   2,014.2   2,000.5

*
 
Our share in the net result of the joint ventures and associated companies is included in the EBIT(DA). 2013 figures adjusted for IFRS11.

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