Papendrecht,
The market picture and developments in the first quarter at
HIGHLIGHTS FIRST QUARTER 2021
- Revenue virtually stable compared to Q1 2020 with a higher result
- Effects of the COVID-19 pandemic continue to be felt throughout the operation
- Reasonable fleet utilization in both Dredging and Offshore Energy
- Further increase in order book to record level of
EUR 5.6 billion - Sustained strong financial position; net cash position of
EUR 275 million and a directly available financial headroom of more thanEUR 1 billion
OPERATIONAL PERFORMANCE
When the 2020 annual results were announced, the expectation was that the first half of 2021 would be reasonably stable as a result of the COVID-19 related restrictions with a gradual improvement in the second half of the year. The first quarter developments were in line with this expectation.
Compared to the same period last year, revenue was almost stable with a higher result. The utilization of the large vessels (hopper fleet at Dredging and heavy marine transport vessels at Offshore Energy) was almost stable compared to the 2020 full year level. The order book position at the end of the quarter increased by approximately
Dredging & Inland Infra
Revenue at the Dredging & Inland Infra division decreased compared to the first quarter last year, mainly due to the timing of certain projects in
Noteworthy projects in progress included LNG Canada, Pulau Tekong Polder and
The utilization of the hopper fleet was at a similar level to the 2020 full year rate and therefore good given the circumstances. The two large cutter suction dredgers were idle in the first quarter in line with expectations with anticipated deployment as from the summer in
In the first quarter, the investment decision was taken to lengthen the trailing suction hopper dredger Oranje. This investment is part of the corporate business plan presented last year. For the extension, the Orange will be taken out of service for four months in the second half of 2021, after which the vessel will return to service in the first quarter of 2022 with approximately 33% percent more loading capacity with a hopper capacity of approximately 21,000 cubic meters.
The Dredging & Inland Infra order book increased slightly compared to the end of 2020. The largest project addition related to the Oosterweel link in
Offshore Energy
The first quarter at Offshore Energy proceeded in line with expectations with a slightly higher revenue level compared to the first quarter 2020.
The contracting part of the division consists of Seabed Intervention, Heavy Lifting (including offshore wind foundations) and Subsea Cables. At Seabed Intervention, the main revenue contribution came from a Floating Storage and Regasification Unit project in
The services part of the division consists of
A number of vessels were recently added to the Offshore Energy fleet. In early January, this was the Boka Tiamat, a multi-purpose offshore construction vessel. This vessel will initially be used for offshore wind projects in
A wide variety of new projects were taken on in the quarter and the Offshore Energy order book increased by approximately 10 percent compared to the end of 2020. The share of offshore wind projects in the order book is approximately 50 percent.
Towage & Salvage
At Salvage the start of 2021 was marked by several challenging projects, including the salvage of the VLCC New Diamond, the refloating of the Ever Given in the
FINANCIAL POSITION
The exceptionally high net cash position of
OUTLOOK
Boskalis is in good shape with its historically high order book and strong financial position. As indicated at the publication of the 2020 annual results in early March, 2021 will be largely determined by the further course of the COVID-19 pandemic impacting the start-up of several large international projects in the second half of this year. Given these uncertainties and the project-based nature of a significant part of our activities, it is difficult to make quantitative statements about the 2021 annual result. However, with the developments in the first quarter and the well-filled order book, there is a solid basis to match the EBITDA of 2020 this year. Capital Expenditure in 2021 is expected to amount to approximately EUR 350 million including dry dockings, but excluding any acquisitions.
Adjusted Financial Calendar
Note: the publication date of the half-year results 2021 has been changed to Tuesday 24 August, 07.00 CET.
2021-2022 | FINANCIAL AGENDA |
Annual General Meeting of Shareholders | |
Ex-dividend date | |
Record date for dividend entitlement (after market closes) | |
Dividend payment date | |
Publication of 2021 half-year results (new date) | |
Trading update third quarter 2021 | |
Publication of 2021 annual results | |
Trading update first quarter 2022 | |
General Meeting of Shareholders | |
Publication of 2022 half-year results | |
Trading update third quarter 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.
Attachment
- Boskalis Trading Update ENG 12052021
© OMX, source