Boskalis jaarverslagen 2011

Financial performance

Royal Boskalis Westminster N.V. achieved a record revenue of EUR 2.8 billion in 2011 (2010: EUR 2.7 billion). Net profit declined to EUR 254 million (2010: EUR 311  million), though it should be noted that the 2010 result included exceptional pre-tax gains of EUR 33.6 million. In spite of the decline in net profit, Boskalis proposes to maintain the dividend at EUR 1.24 per share. 

Due to the increased uncertainties in the international markets there is continued hesitance amongst clients with regard to investment decisions, and this is putting pressure on both margins and equipment utilization levels. As a result EBITDA declined to EUR 591 million (2010: EUR 622 million) and the operating result (EBIT) to
EUR 354 million (2010: EUR 402 million). The lower result in the core segment Dredging & Earthmoving was positively impacted by the financial settlement from previously completed projects. The remaining activities realized a stable or slightly higher operating result, partly as a result of the full consolidation of SMIT. 

The order book increased to EUR 3,489 million as per end-2011 (end-2010:
EUR 3,248 million). Compared to the 2011 mid-year level and adjusted for consolidation and deconsolidation effects, the order book was slightly higher at the end of the year.

Added to My report add to My report Source: Annual review 2011, Report of the Board of Management, page 35