Strong 2020 and Record Order Book for Boskalis in 2021
Royal Boskalis Westminster N.V. (Boskalis) has exceeded expectations in what has proven to be a very turbulent and challenging 2020 with an EBITDA of EUR 404 million. Net operating profit amounted to EUR 90 million. Furthermore, despite COVID-19 restrictions, many new projects were acquired resulting in a record high order book of EUR 5.3 billion. Tightened financial management further strengthened the balance sheet and improved the net cash position to EUR 439 million.
Nevertheless, the COVID-19 pandemic has had far-reaching consequences for Boskalis. The prolonged disruptions for international air travel and stringent quarantine measures affected projects outside Europe, particularly in the Dredging division. In the Offshore Energy division mainly the services activities suffered from the unexpected sharp fall in the oil price, resulting in a drop in demand in parts of the offshore market.
In light of the COVID-19 pandemic and the sharp drop in the oil price, Boskalis once again undertook a critical review of the valuation of vessels and balance sheet assets across the board. This resulted in a virtually exclusively non-cash exceptional charge of EUR 195 million of which three quarters had already been recorded in the first half of the year. This charge consist mainly of an impairment on goodwill and vessels in two joint ventures as well as of a limited number of own assets and an impairment on brand names.
- Revenue: EUR 2.5 billion
- EBITDA: EUR 404 million
- Operating result: EUR 140 million
- Net operating profit: EUR 90 million
- Exceptional charges: EUR 195 million
- Record order book: EUR 5.3 billion
- Positive net cash position of EUR 439 million
- Dividend proposal: EUR 0.50 per share all cash
- Very well-filled order book provides solid foundation for 2021
- Dredging: gradual improvement in the course of 2021
- Offshore Energy: continuation of strong 2020 picture
- Improved medium-term outlook