Papendrecht,
KEY FIGURES FIRST HALF YEAR 2021
- Revenue:
EUR 1.32 billion (H1 2020:EUR 1.26 billion ) - EBITDA:
EUR 226 million (H1 2020:EUR 204 million ) - Net profit:
EUR 72 million (H1 2020: lossEUR 96 million ) - Order book:
EUR 5.53 billion (End of 2020:EUR 5.31 billion )
OUTLOOK SECOND HALF OF 2021
- Dredging: busy second half of the year with good fleet utilization
- Offshore Energy: similar picture to the first half of the year
- Towage & Salvage: Towage stable. Salvage operationally unpredictable; no major settlement results
- EBITDA outlook second half year: in line with first half year
Compared to last year, revenue increased by 4.6% to
EBITDA increased by 10.8% to
Net profit amounted to
In the Dredging & Inland Infra segment, revenue decreased by 2.6% compared to the same period last year with a slightly lower result. This development is partly due to continuing COVID-19 related travel restrictions and quarantine measures resulting in operational inefficiencies on certain large projects. Furthermore, maintenance schedules for the mid- to large sized trailing suction hopper dredgers were brought forward to the second quarter, resulting in higher operational costs and a lower availability. In view of the well-filled order book and busy schedules, it was decided to bring forward part of the maintenance planned for the second half of the year and carry it out in the first half. The largest revenue contribution came from projects in
At Offshore Energy, revenue increased by more than 18% with a significantly higher result. Contracting revenue was virtually stable, with the revenue growth being on the services side of the business. Both
Within the Towage & Salvage division, Salvage successfully completed a number of high-profile assignments, including the refloating of the Ever Given in the
The customary holding and unallocated group costs increased compared to 2020, however are still at a low level due to a wide range of COVID-19 related cost-saving measures.
The net cash position decreased in line with expectations but the financial position is still very strong. The exceptionally high net cash position at year-end 2020 declined to
The order book increased by over 4% to a new record high of
Our Dredging activities are most affected by the ongoing travel restrictions and stringent quarantine measures. Especially in
Offshore Energy had a very strong half year continuing the upward trend of last year. Offshore wind, accounting for 43% of revenue, contributed well to the result. In addition, we see that the contribution from services has further increased. Both heavy transport and subsea services were busy and the activities acquired from Rever Offshore at the end of 2020 made an excellent contribution. The integration of Rever within Boskalis is progressing very well and is exceeding our own expectations financially.
Many people will associate early 2021 with that moment when the economic artery through
Another commendable achievement is the new record high level of the order book. At over
We will soon start with the update of our new corporate business plan, 2022-2024. An important pillar of this plan will be our vision on how we can contribute to tackling the effects of climate change, both in the context of mitigating and adaptive measures. What is certain is that Boskalis is entering a good period of economic prosperity and we see plenty of opportunities to make a highly relevant contribution to the major social challenges of our time.”
Outlook
After an operationally strong first half of the year and in view of the order book, Boskalis is in good shape. The second half of the year will certainly still be affected by stringent COVID-19 restrictions impacting the execution and start-up of projects, particularly in the Far East.
At Dredging & Inland Infra, work volume and fleet utilization are expected to increase, partly due to upcoming work in
At Offshore Energy, the portfolio provides a good basis for a stable second half of the year. In contracting, the successful completion of the first installation campaign on the Changfang & Xidao offshore wind project in
Towage & Salvage; for Towage a stable outlook is expected whilst for Salvage a significantly lower result is expected in the second half of the year after an exceptional settlement result in the first half.
For the whole of 2021, a capital expenditure of approximately
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1st HY 2021 | 1st HY 2020 | 2020 | |
(in EUR million) | |||
Revenue | 1,319 | 1,261 | 2,525 |
EBITDA | 226 | 204 | 404 |
Net result from JVs and associates | 18 | 8 | 19 |
Operating result | 97 | 72 | 140 |
Exceptional items | - | -148 | -195 |
EBIT | 97 | -75 | -56 |
Net operating profit | 72 | 48 | 90 |
Net profit (loss) | 72 | -96 | -97 |
Earnings per share (in euro) | 0.56 | 0.39 | 0.69 |
End 2020 | |||
Net financial position: cash (debt) | 213 | 190 | 439 |
Solvency | 50% | 51% | 51% |
Order book | 5,528 | 4,661 | 5,306 |
Definitions: EBITDA is EBIT before depreciation, amortization, impairment and other exceptional charges; Operating result is EBIT adjusted for exceptional charges; Net operating profit is Net profit adjusted for exceptional charges; EPS is adjusted for Exceptional items; Net result from joint ventures and associates are presented excluding impairment charges. EBIT(DA) and operating result include our share in the net result of joint ventures and associates.
Live audio webcast
2021-2022 | FINANCIAL CALENDAR |
Publication of 2021 half-year results | |
Trading update on third quarter of 2021 | |
Publication of 2021 annual results | |
Trading update on first quarter of 2022 | |
Annual General Meeting of Shareholders | |
Publication of 2022 half-year results | |
Trading update on third quarter of 2022 |
Consensus Estimates
Boskalis collects earnings estimates from those sell-side analysts that follow Boskalis prior to the publication of the (semi-)annual figures and planned trading updates. The average of these estimates (consensus estimates) can be consulted on the Boskalis website boskalis.com/IR/estimates
FOR FURTHER INFORMATION
Investor relations:
Martijn L.D. Schuttevâer
ir@boskalis.com
Press:
Arno Schikker
press@boskalis.com
T +31 786969310
This is a Boskalis press release on the grounds of article 17 paragraph 1 of the European Market Abuse Regulation (596/2014).
This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail.
This press release can also be found on our website www.boskalis.com.
Attachments
- Boskalis HY 2021 press release ENG
- Boskalis_Half Year Report_2021
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