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Boskalis jaarverslagen 2012

Operational and financial developments

In early 2013 Boskalis successfully completed the acquisition of Dockwise by means of a public offer and subsequent squeeze-out procedure for all shares not already tendered under the offer. The Dockwise results for the first quarter have been recognized as result from associated companies based on a pro rata stake, with the results being fully consolidated as from the second quarter and reported under the Offshore Energy segment.

At the beginning of the third quarter the 40% stake in Archirodon was sold. These activities, which were previously reported under the Inland Infra segment, are no longer included in the consolidated figures as from the third quarter. The transaction resulted in a book gain of EUR 50.9 million, which has been recognized under the Holding and Eliminations segment.

by segment 2013 2012
(in millions of EUR)    
 Dredging 1,269 1,290
 Offshore Energy 1,084 481
 Inland Infra 667 777
 Towage & Salvage 531 533
 Non-allocated group revenue -12 -
Group 3,539 3,081

(in millions of EUR)    
 The Netherlands 670 763
 Rest of Europe 691 570
 Australia / Asia 783 484
 Middle East 337 341
 Africa 436 428
 North and South America 622 495
Group 3,539 3,081


During the past year revenue rose by 15% to EUR 3.54 billion (2012: EUR 3.08 billion). Adjusted for the acquisition of Dockwise and the sale of the stake in Archirodon revenue rose by 8%.

Revenue was stable at the Dredging, Towage & Salvage and Inland Infra (adjusted for the sale of Archirodon) segments. The Offshore Energy segment saw a sharp rise in revenue, even adjusted for the addition of Dockwise, with the growth being broadly spread across the various activities in this segment.


The operating result including the result of associated companies and before interest, taxes, depreciation, amortization and impairments (EBITDA) was EUR 800.1 million (2012: EUR 567.1 million). The contribution by Dockwise was EUR 145.6 million, including a EUR 18.5 million effect from the Purchase Price Allocation (PPA).

The operating profit (EBIT) was EUR 465.9 million in 2013 (2012: EUR 335.8 million). The contribution from Dockwise to the operating profit, including a EUR 0.6 million effect from the PPA, was EUR 55.6 million.

The Dredging segment realized a higher result, with the result for the year under review once again being influenced by substantial results from the financial settlement of projects whose technical completion took place earlier. In addition there were substantial results from the sale of equipment and the settlement of an equipment-related insurance claim.

Offshore Energy reported an operating result of EUR 149.5 million. Even adjusted for the contribution from Dockwise, the result in this segment rose significantly to EUR 94.0 million.

The results in the Inland Infra segment, adjusted for the sale of Archirodon, were lower, partly related to a provision for integration and reorganization costs taken in early 2013. Towage & Salvage had a good year with an increase in operating profit.

(in millions of EUR)    
Dredging 249.5 200.6
Offshore Energy 149.5 60.3
Inland Infra 8.3 38.1
Towage & Salvage 83.4 74.0
Non-allocated group costs -24.8 -37.2
Total 465.9 335.8

Net profit

The operating profit (EBIT) was EUR 465.9 million. Net of financing expenses of, on balance, EUR 55.2 million and EUR 20.2 million in results from associated companies, profit before taxation amounted to EUR 430.9 million. Net profit attributable to shareholders totaled EUR 365.7 million (2012: EUR 249.1 million).

The result includes a number of exceptional items: a book gain of EUR 50.9 million on the sale of the 40% stake in Archirodon; a pre-tax book gain of EUR 17.8 million on the sale of the cutter the Ursa; a positive result of EUR 13.9 million pre tax from the settlement of an equipment-related insurance claim; and a non-cash revaluation gain of EUR 22.7 million in relation to the equity stake held in Dockwise immediately prior to the offer being declared unconditional. On balance the impact of these items on net profit was EUR 97.4 million.

Order book

In 2013 Boskalis acquired, on balance, EUR 3,230 million worth of new contracts. At the end of the year the order book stood at EUR 4,005 million (end-2012: EUR 4,106 million).

The contracts held by Dockwise at the time of its inclusion in the consolidated figures were valued and added to the order book for an amount of EUR 496 million. Archirodon’s share in the order book at the time of its sale was EUR 509 million.

ORDER BOOK 31 dec 2013 31 dec 2012
(in millions of EUR)    
Dredging 1,094 1,143*
Offshore Energy 1,338 820
Inland Infra 923 1,533*
Towage & Salvage 650 610
Total 4,005 4,106

* As from the beginning of 2013 the projects on and around the Dutch inland waterways are recognized under Inland Infra. The comparative figures have been adjusted accordingly.

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