The Netherlands: Financial Position SMIT Pension Fund
The board of the SMIT Pension fund Foundation (Stichting Pensioenfonds SMIT) has recently been informed by the Dutch Central Bank (De Nederlandse Bank) that it needs to take accelerated measures to improve its financial position.
The SMIT Pension fund informed her members this week on the current state of affairs. Boskalis was already aware of the financial position of the Pension fund when it acquired SMIT Internationale.
The SMIT Pension fund had a coverage ratio of 86.6% on 31 July 2010. The board of the Pension fund has calculated that this amounts to a shortage of approximately EUR 28 million. There is no legal requirement to fund the shortage and the measures to improve the financial position will not have an effect on the Boskalis full year earnings.
The size of the SMIT Pension fund is approximately EUR 200 million with slightly more than 2,100 participants of which 365 in active service.
Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. We provide creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection.
We offer a wide variety of marine services through SMIT and we have positions in strategic partnerships in the Middle East (Archirodon) and in offshore services (Lamnalco). The company holds important home market positions in and outside of Europe.
Boskalis has a versatile fleet of over 1,000 units and operates in over 65 countries across six continents. Including its share in partnerships, Boskalis has approximately 14,000 employees. Boskalis celebrates its 100th anniversary in 2010.
Source: boskalis, August 25, 2010