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Boskalis jaarverslagen 2012


The Strengthen pillar of our strategy mainly concentrates on the Dredging & Inland Infra and Towage & Salvage activities, which are focused on large market segments with structural growth. However,in the short term the pace of this growth will be slower than in the offshore energy sector. Moreover Boskalis has limited scope for growing its market share, in particular at Dredging where it already holds a large share of a heavily consolidated market.

Boskalis has a very strong global presence in the dredging market with a modern and versatile fleet. This puts Boskalis in a good position to take advantage of forthcoming projects in this market segment worth some EUR 56 billion in the period to the end of 2018. Relatively small replacement and other investments will enable Boskalis to maintain and where appropriate expand its market position. These investments mainly concern the existing order for the mega cutter, two 4,500 m3 hoppers and a jumbo backhoe.

At Harbour Towage the emphasis will lie mainly on the further development and strengthening of regional partnerships, with the focus also set on an efficient cost and capital structure. The Terminal activities of Smit Lamnalco make a major contribution to the growth of these activities. Boskalis will make further investments in these partnerships as and when opportunities arise. At Salvage the group’s global network is brought into play for the Emergency Response activities while Boskalis’ engineering and contract and risk management expertise are used in wreck removal projects.


Furthermore, the Strengthen pillar is focused on the organization. The operating model of the business units will be streamlined further to reinforce the focus on the strategy. This will be facilitated by the further implementation of a divisional structure with its own operational support functions, such as engineering, fleet management and crewing. Three divisions will be formed based on business-specific characteristics and success factors:

  • Dredging & Inland Infra

  • Offshore Energy

  • Towage & Salvage

Figure 8: Strategic framework for 2014 - 2016 

In conclusion

Boskalis is entering the 2014-2016 Business Plan period with a solid balance sheet and a healthy cash flow. This point of departure gives us sufficient headroom to invest and replace parts of the fleet and further strengthen the business. The total capital expenditure program to end-2016 is projected at around EUR 800 million, in line with depreciation. The strategic framework of our Business Plan is based on current expectations with regard to the global developments in the market segments that are relevant to us, in particular the Offshore Energy market. A healthy balance sheet is essential, whereby we aim for a net debt: EBITDA ratio in a range of 1 to 1.5. For our shareholders we are committed to maintaining our current dividend policy. We expect to realize a return on equity of approximately 12% during the planning period. Having identified headroom within this framework Boskalis intends to initiate a 10 million share buyback program during the business plan period.

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