It is important to us that the value of our share adequately reflects our performance and the development in our markets. We therefore strive to inform our stakeholders as completely and transparently as possible about our strategy and policy and the ensuing financial performance.
Transparent and regular communication with our stakeholders is something we value highly. We consider our financial stakeholders to include existing and potential shareholders, other investors and their brokers as well as the media. It is important to us to provide them with clear and accessible information. The Boskalis share is covered by the major Dutch brokers as well as a number of foreign brokers and their analysts, whom we also consider as .nancial stakeholders. They aim to provide their clients with good advice and information about our company and the general developments in the markets that are relevant for us. Questions from stakeholders are answered candidly and wherever possible we take the initiative in raising important issues; for example following an important announcement we contact shareholders proactively. We maintain regular contact with major investors and analysts, for example by organizing annual visits to project sites or vessels. In 2014 we held approximately 300 meetings with investors from Western Europe, the United States, Australia and Canada, both during roadshows and conferences and in one-on-ones. Meetings with investors and analysts are held using publicly available presentations, and stock price-sensitive information is never shared.
Dutch Investor Relations Award
At the presentation of the Dutch IR Awards 2015 in early January Boskalis received an honorable award. Martijn Schuttevâer, Director of Investor Relations at Boskalis, was chosen as best IR professional in the AEX-Index, as he was in 2013. The Dutch IR Awards are presented each year by the Dutch Society for Investor Relations (NEVIR) to companies and professionals that excel in maintaining their relationships with investors an analysts by means of good and clear disclosure, accessibility, knowledge and reliability.
Our corporate website provides a constantly updated source of information about our core activities and ongoing projects. The Investor Relations section offers share information and other developments relevant to shareholders, as well as the latest and archived press releases and analyst and company presentations.
Boskalis’ authorized share capital of EUR 240 million is divided into 200 million shares, comprising 150 million ordinary shares and 50 million cumulative protective preference shares. The issued capital as at 1 January 2014 consisted of 120,265,063 ordinary shares.
Seventyfive per cent (75%) of shareholders opted to have their 2013 dividend distributed in the form of a stock dividend, in light of which we issued 2,672,757 new shares on 11 June 2014.
Within the framework and based on the principles of its Corporate Business Plan 2014-2016 in early 2014 Boskalis announced its intention to execute a share buy-back program involving up to 10 million shares. On 14 August 2014 the program started and in the course of the year 629,123 shares were repurchased at an average price of EUR 40.76. The program is subject to the development of the financial results and maintaining the desired balance sheet ratios, whereby we aim for a net debt: EBITDA ratio within a bandwidth of 1 to 1.5. We are committed to a stable dividend policy for our shareholders. In light of the uncertain market conditions and the acquired stake in Fugro we consider it prudent to suspend the share buy-back program for the period of one year.
On balance, the issued share capital as at 31 December 2014 consisted of 122,937,820 ordinary shares of which 629,123 ordinary shares were repurchased.
Royal Boskalis Westminster N.V. shares are listed on Euronext Amsterdam and are included in indices such as the Euronext Next 150 index and the STOXX Europe 600 Index. Tickers: Bloomberg: BOKA:NA, Reuters: BOSN.AS
In 2014, around 90 million Boskalis shares were traded on Euronext Amsterdam (2013: 87 million). The average daily trading volume in 2014 was over 354,000 shares. In the course of 2014 the share price rose by 18% from EUR 38.41 to EUR 45.45. The market capitalization increased by 21% compared to the end of 2013 to EUR 5.59 billion.
The following shareholders are known to have been holders of at least 3% in Boskalis as at 31 December 2014:
HAL Investments B.V.: 34.52%
Sprucegrove Investment Management Limited: 4.93%
Marathon Asset Management: 3.78%
Standard Life Investments Plc: 3.32%
Oppenheimer Funds, Inc.: 3.07%
Sarasin & Partners LLP: 3.01%
Besides these large shareholders, an estimated 18% of the shares are held by shareholders in the United Kingdom, 6% in the Netherlands, 5% in the United States and Canada and the remainder in mainly France, Germany and Scandinavia.
The main principle underlying the Boskalis dividend policy is to distribute 40% to 50% of the net pro.t from ordinary operations as dividend. At the same time Boskalis aims to achieve a stable development of the dividend in the longer term. The choice of dividend (in cash and/or entirely or partly in shares) takes into account both the company’s desired balance sheet structure and the interests of shareholders.
Financial agenda 2015
||Publication of 2014 annual results
||Trading update on first quarter of 2015
||Annual General Meeting of Shareholders
||Record date for dividend entitlement (after market close)
||Final date for stating of dividend preference
|Determination and publication of conversion rate for dividend based on the average share price on 2, 3 and 4 June (after market close)
||Date of dividend payment and delivery of shares
||Publication of 2015 half-year results
||Trading update on third quarter of 2015
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