Key Figures First Half Year 2019
Revenue: EUR 1.3 billion
EBITDA: EUR 135.7 million
Net profit: EUR 1.3 million
Order book: EUR 4.4 billion
Dredging: stable market volume
Offshore Energy contracting: positive contribution from projects in second half year
Offshore Energy services: reasonable volume and vessel utilization
Towage: sale of equity stake in Saam Smit Towage; other joint ventures stable
Salvage: strong year
Profit outlook second half year: substantial improvement of the net profit relative to the first half year
2019 EBITDA guidance maintained; comparable to level last year
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 1.3 million in the first half of the year (H1 2018: negative EUR 361.4 million).
Revenue in the first half of the year increased 8.6% compared to the first half of last year to EUR 1.27 billion (H1 2018: EUR 1.17 billion).
EBITDA in the first half of the year totaled EUR 135.7 million and the EBIT was EUR 9.1 million (H1 2018 EBITDA: EUR 167.2 million, EBIT: negative EUR 349.6 million).
A strong decline of the result was caused by operational and contractual issues on a limited number of offshore projects, partly in decommissioning but mostly in offshore wind cables. In the offshore wind market circumstances have changed as a consequence of the move to zero subsidies and increased competition. This has resulted in a recent and unexpected change in the attitude of clients, which is reflected in a sharp increase in the number of disputes and protracted claim negotiations. Following a thorough review of the projects in hand, provisions of slightly more than EUR 100 million have been made on a limited number of onerous contracts. The entire…
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