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 belonging to our financial stakeholders. They want 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; wherever possible we take the initiative when it comes to raising important issues. For example following an important announcement we proactively contact shareholders by phone. We maintain regular contact with major investors and analysts, for example by organizing annual visits to project sites. In 2013 we held approximately 340 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 (www.boskalis.com) and stock price-sensitive information is never shared.
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 information 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 2013 consisted of 107.3 million ordinary shares.
On 10 January 2013 Boskalis successfully placed a EUR 320 million share issue at a price of EUR 33.00 per share amid very strong interest. The proceeds of the issue were used towards partly financing the acquisition of Dockwise Ltd. A total of 4,896,180 new ordinary shares were placed with institutional investors at home and abroad by means of an accelerated bookbuild (ABB) offering. Another 4,800,789 shares were placed with HAL Investments B.V. and Project Holland Fund by means of a private placement.
Seventy per cent (70%) of shareholders opted to have their 2012 dividend distributed in the form of a stock dividend, in light of which we issued 3,284,415 new shares on 4 June 2013.
On balance, the issued share capital as at 31 December 2013 consisted of 120,265,063 ordinary shares.
Royal Boskalis Westminster N.V. shares are listed on Euronext Amsterdam. Indices of which the share is a component include the Euronext Next 150 index and the STOXX Europe 600 Index.
Tickers: Bloomberg: BOKA:NA, Reuters: BOSN.AS
In 2013, around 87 million Boskalis shares were traded on Euronext Amsterdam (2012: 85 million). The average daily trading volume in 2012 was over 336,000 shares. In the course of 2013 the share price rose by 13% from EUR 34.00 to EUR 38.41. The market capitalization increased by 27% compared to the end of 2012 to EUR 4.62 billion.
The following shareholders are known to have been holders of at least 3% in Boskalis as at 31 December 2013:
HAL Investments B.V.: 34.28%
Sprucegrove Investment Management Limited: 4.78%
Mondrian Investment Partners Limited: 4.47%
Marathon Asset Management: 3.65%
Oppenheimer Funds, Inc.: 3.07%
Standard Life Investments Plc: 3.06%
BlackRock, Inc.: 3.05%
Besides these large shareholders, an estimated 12% of the shares are held by shareholders in the United Kingdom, 9% 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 profit 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 2014
13 March Publication of 2013 annual results
13 May Trading update on first quarter of 2014
13 May Annual General Meeting of Shareholders
15 May Ex-dividend date
19 May Record date for dividend entitlement (after market close)
2 June Final date for stating of dividend preference
5 June Determination and publication of conversion rate for dividend based on the average share price on 3, 4 and 5 june (after market close)
11 June Date of dividend payment and delivery of shares
14 August Publication of 2014 half-year results
14 November Trading update on third quarter of 2014
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