Royal Boskalis Westminster N.V. achieved a net profit of EUR 150 million in 2017, in line with expectations. This compares to a net loss of EUR 564 million in 2016 as a result of EUR 840 million of non-cash impairment charges, the company said in its announcement.
Revenue declined by 10 per cent to EUR 2.34 billion (2016: EUR 2.60 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was down 15 per cent.
Dredging & Inland Infra had a relatively busy year after an exceptionally weak 2016. Both revenue and the fleet utilization rose, fueled by a number of large projects in progress in Brazil, Indonesia, India and Oman.
The results from ongoing dredging projects were lower than in previous years while projects that were technically completed previously once again made a positive contribution to the result.
Peter Berdowski, CEO of Boskalis, said: “Despite the difficult market conditions we ended the year quite reasonably, in line with our expectations. Furthermore, in the first year good progress was achieved with the implementation of our 2017-2019 corporate business. This included the acquisition of Gardline, a renowned British player in the marine survey market, in which we aim to build a presence.”
“As stated in our corporate business plan we do not yet foresee a fundamental recovery in our markets in the coming years. In the short term we do however expect opportunities for selective growth and a subsequent structural recovery for the period thereafter.”
Capital expenditure in 2018 is expected to be around EUR 250 million, excluding acquisitions, and will be financed from the company’s own cash flow.