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Boskalis jaarverslagen 2012


For this year and based on current insights, no major changes are expected in the Dredging & Inland Infra and Towage markets relative to 2014. Based on the current order book, the Dredging fleet utilization levels are expected to be good. The outlook for Offshore Energy is mixed, with long-term contracts and work already contracted expected to provide an important degree of stability, whilst the spot market-related Transport activities and Subsea Services are experiencing pressure on utilization levels and margins.

The project-based nature of a significant part of our activities makes it difficult to give a specific quantitative forecast for the full-year result early on in the year. In light of this we are currently unable to provide quantitative guidance with regard to the 2015 full-year result. However, it is already clear that the contribution from possible exceptional items will be substantially lower in 2015 than the EUR 200 million contributed to EBIT in 2014.

Capital expenditure in 2015 is expected to be EUR 250-275 million and will be financed from the company’s own cash flow.

Boskalis has a very sound financial position and the solvency ratio now exceeds 53%. The high result and lower net debt position has reduced the net debt to EBITDA ratio
to 0.7.


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