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Boskalis jaarverslagen 2012

Dredging

Construction, maintenance and deepening of ports and waterways, land reclamation, coastal defense, underwater rock fragmentation and the extraction of minerals using dredging techniques.

DREDGING 2013 2012
(in millions of EUR)    
Revenue 1,269 1,290
EBITDA 336.0 286.0
Operating result 249.5 200.6
Order book 1,094 1,143

Revenue

Revenue in the Dredging segment totaled EUR 1,269 million (2012: EUR 1,290 million).

REVENUE BY MARKETS 2013 2012
(in millions of EUR)    
European home markets 330 468
Non-European home markets 69 143
International projects 870 679
Total 1,269 1,290

European home markets

Revenue in the European home markets (the Netherlands, Germany, United Kingdom, Nordic countries) fell to EUR 330 million (2012: EUR 468 million). The decline was mainly attributable to the lower activity level in the Netherlands as a result of the conclusion of work on the Maasvlakte 2 project and a smaller volume of coastal defense projects. The construction of Maasvlakte 2 was technically completed in 2013 and Boskalis will be responsible for maintaining the seawall for the next 10 years. In the other European home markets work took place on a large number of maintenance projects for ports and waterways. Germany and Sweden had a busy year with maintenance and other projects. In Germany Boskalis Hirdes once again performed a large volume of munitions clearance work to facilitate the construction of offshore wind farms. These projects involved combining the expertise of Boskalis Hirdes with that of Boskalis Offshore’s Subsea Services.

Non-European home markets

Revenue in the home markets outside Europe (Nigeria and Mexico) fell to EUR 69.3 million (2012: EUR 143 million). Both countries experienced a decline in activity levels due to the conclusion of a number of substantial projects. While the prospects for further growth in Nigeria remain good, decision-making processes at oil and gas companies with regard to major investments are slow to proceed.

International project market

Revenue from the international project market rose compared to last year to EUR 870 million (2012: EUR 679 million). Following the technical completion of the substantial Gorgon project in Western Australia revenue is mainly being generated on a large number of smaller projects. The regions of Africa, Asia, the Middle East and India in particular demonstrated strong revenue growth. Last year Boskalis was active on projects in countries including Kenya (port of Mombasa), Morocco (port of Tangiers), Benin (coastal defense at Cotonou), India (port of Mumbai) and Iraq, as well as on various projects in Southeast Asia and Australia. In Central and South America work was carried out on projects including Superporto do Açu (Brazil) and Lelydorp I (Suriname).

Fleet developments

Utilization of the hopper fleet was strong at 44 weeks (2012: 41weeks). The utilization rate for the cutter fleet on the other hand was low at 16 weeks (2012: 25 weeks). The cutter Ursa was sold at the beginning of the year and the limited volume of cutter work in the market resulted in low utilization levels for the rest of the fleet. In the fourth quarter an order was placed for the construction of a mega cutter. The value of this replacement investment, which will be completed in 2017, is approximately EUR 170 million.

Segment result

EBITDA in the Dredging segment totaled EUR 336.0 million with an operating result of EUR 249.5 million (2012: EUR 286.0 million and EUR 200.6 million, respectively). This result includes a EUR 17.8 million book gain on the sale of the Ursa and a EUR 13.9 million result from the settlement of an equipment-related insurance claim relating to damage sustained in 2007. In addition to the usual project results, which included good results on a number of larger projects nearing completion, there were considerable results from the financial settlement of projects whose technical completion took place earlier. Depreciation was higher than in the previous financial year due to a EUR 9.0 million impairment charge on cutter equipment.

Order book

On balance EUR 1,212 million of new work was acquired in the course of 2013. In addition to a large number of relatively small maintenance projects for ports and waterways, several other noteworthy contracts were won. These included land reclamation projects in Vietnam and South Korea as well as contracts for the maintenance of the shipping fairways in the port of Melbourne, Australia and on the Elbe River in northern Germany over the next few years. Work will be undertaken to deepen access channels in Qatar and the UK port of Southampton. In St. Petersburg, Russia a project was contracted for the expansion of the port, and just before the end of the year Boskalis was awarded the contract for the reinforcement of the Hondsbossche and Pettemer Sea Defense in the Dutch province of Noord-Holland.

ORDER BOOK BY MARKETS 31 dec 2013 31 dec 2012
(in millions of EUR)    
European home markets 440 238
Non-European home markets 22 51
International projects 632 854
Total 1,094 1,143

The value of the order book at the end of 2013 was EUR 1,094 million (end-2012: EUR 1,143 million).

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