Boskalis 2020 First Quarter Above Expectations
The first quarter of 2020 was above expectations for Royal Boskalis Westminster N.V. (Boskalis). In light of the worldwide developments of the COVID-19 virus, Boskalis closed a good first quarter. A modest increase in revenue was accompanied by a higher result compared to the same period last year. The order book decreased slightly at the end of the quarter compared to the record position held at the end of 2019. To date there have been no project cancellations of substance impacting the order book. The already very solid financial position improved further in the course of the first quarter.
The highlights for the first quarter include
- COVID-19 impact on first quarter result relatively limited
- Increased revenue and higher EBITDA compared to the first quarter of 2019
- Fleet utilization: mixed picture within both Dredging and Offshore Energy
- Order book: EUR 4.6 billion
- Positive net cash position of EUR 57 million and a directly available financial headroom of approximately EUR 850 million
Boskalis already stated with the publication of the 2019 annual results early March, that it is difficult to make a specific quantitative statement early in the year about the projected annual result for 2020 given the project-based nature of a significant part of their activities and given the uncertain circumstances. The company stated that it seems inevitable that the COVID-19 crisis combined with the low oil price will have a negative impact on their business.