Royal Boskalis N.V. concluded 2022 with a sharp increase in profitability with a strong increase in revenue. Boskalis’ order book also increased to an all-time high level.
Compared to last year, revenue increased by 21.0% to EUR 3.58 billion (2021: EUR 2.96 billion).
EBITDA increased by 30.7% to EUR 604 million (2021: EUR 462 million) and operating profit increased by 36.6% to EUR 271 million (2021: EUR 199 million).
Net profit attributable to shareholders increased by almost 60% to EUR 241 million from EUR 151 million in 2021.
DIVISIONAL DEVELOPMENTS
In the Dredging and Inland Infra segment, revenue increased by over 30% and EBITDA by more than 50% compared to last year. The trailing suction hopper dredgers were well utilized and following a number of quiet years, the utilization of the cutter suction dredgers increased sharply. Noteworthy projects include the activities in Manila (Philippines), Tuas Terminal 2 and the Pulau Tekong Polder (both in Singapore), the Fehmarnbelt tunnel (between Denmark and Germany), the access channel to the port of Harwich (United Kingdom) and a large number of projects in the Netherlands.
At Offshore Energy, revenue increased by 14% on a 33% higher EBITDA. As a result of a quiet year at Subsea Cables, revenue and earnings from the contracting business declined. This decline was more than offset by the services cluster, with Marine Transport & Services, Subsea Services and Marine Survey all having a very strong year.
Salvage had a relatively quiet year following a number of very busy years. Late 2022, a substantial wreck removal project was acquired to be executed in 2023 and 2024. Furthermore Boskalis is assisting the United Nations with a potential salvage project in the Red Sea.
The size of the Towage portfolio has diminished in recent years following the strategic decision to divest these activities. In 2022, the Southeast Asian harbor towage activities – Keppel Smit Towage – were divested. Furthermore, an agreement on the intended sale of the terminal services activities of Smit Lamnalco was reached in early 2023.
FINANCIAL POSITION
With the available bank facilities and cash at hand, Boskalis has an immediately available financing capacity of over EUR 1.1 billion. Solvency remains high at 49% and Boskalis comfortably meets its financial covenants.
The order book increased to EUR 6.11 billion (year-end 2021: EUR 5.41 billion). The increase in the portfolio largely took place at Offshore Energy, partly as a result of acquiring a number of offshore wind projects in the United States. With the projects in the order book, there is a solid basis for 2023 and for the years thereafter.
KEY FIGURES 2022
- Revenue: EUR 3.58 billion (2021: EUR 2.96 billion)
- EBITDA: EUR 604 million (2021: EUR 462 million)
- Net profit: EUR 241 million (2021: EUR 151 million)
- Order book: EUR 6.11 billion (2021: EUR 5.41 billion)
