DEME’s financial position remains healthy
In its 2022 financial highlights report, DEME Group said that they achieved two records in 2022.
These records include:
- an orderbook of more than 6 billion euro,
- an all-time high turnover at 2,655 million euro, an increase of 6% year-over-year.
There was healthy demand in all segments, leading to a 285 million euro increase in orderbook compared to December 31, 2021.
A series of contract awards for offshore projects around the globe, including in new geographies, also boosted the orderbook.
All segments contributed to the turnover growth, said DEME.
Offshore Energy and Dredging & Infra delivered a 5% and 3% turnover growth respectively and Environmental increased 24%.
Dredging & Infra slightly improved its topline compared to 2021 despite challenging geopolitical conditions while Offshore Energy achieved several key milestones, including the installation of the largest ever monopile foundations installed in Europe and the completion of an offshore wind farm on a rocky seabed, both industry firsts and demonstrating DEME’s technical and engineering expertise.
Environmental had a busy year with large-scale projects in the Benelux, France, Norway and the UK.
DEME generated an EBITDA in 2022 of 474 million euro, comparable with 2021, for an EBITDA margin of 17.9%.
While Dredging & Infra remained the main EBITDA contributor in the Group, EBITDA for the segment was lower compared to its peak 2021 performance.
DEME’s financial position remains healthy with a net debt position of 521 million euro (or 1.1 times EBITDA) while the company continues to make substantial capital investments mainly to expand and advance the fleet in support of future growth.