FULL YEAR RESULTS 2015

Transcription

1 FULL YEAR RESULTS 2015 PETER BERDOWSKI, CEO HANS KAMPS, CFO AMSTERDAM 9 MARCH

2 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 2

3 STRONG RESULT IN DIFFICULT MARKET Revenue EUR 3,240 mln ( 14: EUR 3,167 mln) Net profit EUR mln ( 14: EUR mln) EBITDA EUR mln ( 14: EUR mln) Result JVs & associates EUR 43.3 mln ( 14: EUR 56.4 mln) Solvency 56.3% (End 14: 53.4%) Order book EUR 2.5 bln (End 14: EUR 3.3 bln) Dividend proposal: EUR 1.60 (stable) 3

4 REVENUE BY ACTIVITY 2015 (EUR mln) 2014 (EUR mln) 9% 9% 38% 3,240 53% 39% 3,167 52% Dredging & Inland Infra Offshore Energy Towage & Salvage 4

5 ORDER BOOK BY SEGMENT Dredging: Punta Pacifica II, Portsmouth, Angola, Marker Wadden, Markermeer dikes Offshore Energy: Veja Mate, Wikinger, decommissioning, numerous variation orders Total JV order book (not incl. below): EUR 1,534 mln (YE14: EUR 1,515 mln) EUR mln YE 2015 YE 2014 Dredging & Inland Infra 1,507 2,014 Offshore Energy 975 1,208 Towage & Salvage 8 64 Total 2,490 3,286 5

6 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 6

7 REVENUE BY ACTIVITY EUR mln Dredging & Inland Infra 1,727 1,665 Offshore Energy 1,233 1,238 Towage & Salvage Eliminations Total 3,240 3,167 7

8 REVENUE BY REGION EUR mln The Netherlands Rest of Europe Australia / Asia Middle East Africa North and South America Total 3,240 3,167 8

9 DREDGING & INLAND INFRA Strong operational performance and very high vessel utilization Successful completion of Suez canal project Good contribution by Dutch Inland Infra Order book decline largely due to Suez Canal and divestment De Jong Strabag acquisition - consolidation & fleet renewal EUR mln Revenue 1, ,664.8 EBITDA* Result in JVs & associates EBIT* Order book per YE 1, ,014.2 * Includes net result of the strategic JVs and associated companies 9

10 GOOD UTILIZATION HOPPERS CUTTERS (Weeks per annum) (Weeks per annum)

11 OFFSHORE ENERGY Exceptionally good result given deteriorated market conditions Good vessel utilization: HMT: 76% (2014: 84%) Subsea services and short term transport most impacted by O&G downturn Opportunities in offshore wind market & decommissioning EUR mln Revenue 1, ,238.6 EBITDA* Result in JVs & associates EBIT* Order book per YE ,207.4 * Includes net result of the strategic JVs and associated companies 11

12 TOWAGE & SALVAGE Towage underlying stable year in NW Europe YoY decline due to transfer of activities to Saam Smit Towage JV European JV with KOTUG to be closed in H Salvage very busy year with mix of emergency response and wreck removal EUR mln Revenue EBITDA* Result in JVs & associates EBIT* Order book per YE * Includes net result of the strategic JVs and associated companies 12

13 TOWAGE FINANCIALS ON 100% BASIS EUR mln 2015 based on 100% 2014 based on 100% Revenue EBITDA EBIT Order book 1,139 1,226 Net debt

14 HOLDING & ELIMINATIONS Fugro stake increased to 28.6% of issued capital equivalent to 29.9% of tradable stock 2015 result includes: EUR 28.5 mln revaluation gain on Fugro stake EUR 28.8 mln impairment charge on Fugro stake EUR 3.1 mln loss from associate Fugro, adjusted for PPA EUR mln Revenue eliminations EBITDA* Result in JVs & associates EBIT* * Includes net result of the strategic JVs and associated companies 14

15 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 15

16 GROUP BALANCE SHEET Reclassification Fugro, from other FA to investment in ass. companies Interest bearing debt impacted by stronger USD Net debt decreased to EUR 171 mln (end 2014: EUR 518 mln) EUR mln Property, Plant & Equipment 2,785 2,744 Intangibles & other Fixed Assets Investments in ass. companies 1, Current Assets 1,231 1,158 Cash & Equivalents Total Assets 6,605 5,913 Solvency increased to 56.3% (2014: 53.4%) Shareholders Equity 3,722 3,152 Interest bearing debt (incl AHFS) Provisions & long term liabilities Current liabilities 1,843 1,705 Total Equity & Liabilities 6,605 5,913 16

17 HEALTHY CASH FLOW (EUR mln) H1 H2 17

18 CAPITAL EXPENDITURE (EUR mln) Net Capital expenditure Disposals 18

19 CASH FLOW IN THOUSANDS OF EUR 2015 Net group profit 444 D&A, Impairments (excl Fugro impairment) 293 Working capital 40 JV's and associates 26 Operational cash flow 803 Net capital expenditure -203 Investments/divestments (Fugro, De Jong) -117 Dividend paid to shareholders -48 Other movements 9 Net cash inflow 444 Currency differences -97 Decrease net debt

20 MAIN FINANCING FACILITIES & COVENANTS FACILITIES COVENANTS PER END 2015 (EUR mln) 407 Net debt / EBITDA ratio End 2015: 0.4 Threshold: maximum 3 `16 RCF USPP USPP USPP USPP 40 `17 `18 `19 `20 `21 `22 `23 EBITDA / net interest ratio End 2015 : 27 Threshold: greater than 4 Drawn Headroom 20

21 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 21

22 OUTLOOK Continued market weakness due to low oil and commodity prices Enhanced opportunities in offshore wind market Backlog provides reasonable coverage for 2016 in Dredging & Offshore Fleet rationalization & cost reduction program Net result substantially lower than very strong 2015 CAPEX: approx. EUR 200 mln 22

23 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 23

24 FEHMARNBELT FIXED LINK 24

25 TUNNEL PLAN 18 km Trench dredging: bottom width 46 mtr, up to 47 mtr water depth to accommodate: Elements: Standard Special Length: 217 m 42 m Height/ Width: 8,8 m x 43,0 m 12,5 m x 49,2 m Pieces:

26 PROJECT SCOPE Contract size: EUR 600m (50/50) Trench dredging for tunnel Quantity 14 mio m 3 Duration 2 year Equipment Large trailer suction hopper dredger Large Backhoes Grab dredgers Work harbors & Reclamation Works harbor: Lolland and Fehmarn Harbor basins 53ha Access channel 2000 m Dredging 2 mio m 3 Quay wall construction 500 m Breakwaters m Reclamation: foreshore Denmark Area 7 km x 300 mtr Shore protection: 7km rock revetment Duration 2 year 26

27 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 05 FEHMARNBELT 06 OFFSHORE WIND MARKET 27

28 DRIVERS FOR EUROPEAN OFFSHORE WIND Renewable energy is required to meet EU emissions reduction target Binding EU renewable energy objective (2030: 27%) Wind power: most significant short to medium term source of substantial amounts of renewable energy Offshore wind needed; insufficient onshore concessions available Northwest Europe: 3,230 turbines installed and grid-connected 28

29 OFFSHORE WIND MARKET DEMAND DEVELOPMENT 40 TYPES OF STRUCTURE tripods 30 17MW GBS jackets 9% 6% 5% 20 8MW 2020 objective 10 12MW Committed % monopiles Installed Base 29

30 INSTALLED BASE Legend: Installed Anholt Robin Rigg West of Duddon Sands Walney Phase 1&2 Ormonde Barrow Teesside Westermost Rough Humber Gateway BARD 1 Borkum 1 (Dolwin) Horns Rev 2 Horns Rev 1 DanTysk (Sylwin) Alpha Ventus Riffgat Nordsee Ost Meerwind Ost/Sud Lillgrund Rødsand 2 Nystad Burbo Bank North Hoyle Gwynt y Môr Rhyl Flats Inner Dowsing Lincs Lynn Scroby Sands Sheringham Shoal Prinses Amalia Egmond and Zee Gunfleet Sands London Array Kentish Flats Thanet Greater Gabbard Belwind Northwind Thornton Bank phase II Thornton Bank phase III 30

31 INSTALLED BASE Legend: Installed Boskalis Project Anholt Horns Rev 2 West of Duddon Sands Walney Phase 1&2 Ormonde Westermost Rough Humber Gateway Borkum 1 (Dolwin) DanTysk (Sylwin) Alpha Ventus Nordsee Ost Meerwind Ost/Sud Sheringham Shoal Egmond and Zee Gunfleet Sands London Array Thornton Bank phase II 31

32 COMMITTED OFFSHORE WIND PROJECTS Legend: Under Construction Pre-Construction Approved+Financed Neart na Gaoithe Horns Rev 3 Walney Extention 1 & 2 Burbo Bank Extention Racebank Hornsea 1 - Heron Hornsea 1 - Njord Dudgeon Sandbank Butendiek Global Tech I Amrumbank West Veja Mate Merkur Gemini Gode Wind 1 & 2 Nordergründe Borkum Riffgrund I Nordsee One EnBW Baltic 2 Wikinger Westermeerwind East Anglia One Eneco Luchterduinen Kentish Flats Extention Galloper Nobelwind Rampion 32

33 COMMITTED OFFSHORE WIND PROJECTS Legend: Under Construction Pre-Construction Approved+Financed Boskalis Project Horns Rev 3 Veja Mate Sandbank Butendiek EnBW Baltic 2 Wikinger Gemini Dudgeon Westermeerwind Eneco Luchterduinen Galloper Rampion 33

34 APPROVED OFFSHORE WIND OBJECTIVES Legend: Moray Firth Eastern Develoment 1&2 Approved Has grid connection Storgrundet Seagreen Alpha Inch Cape Seagreen Bravo Stora Middelgrund Utgrunden II Trolleboda Dogger Bank B Nördlicher Grund Dogger Bank A Kaikas EnBW He Dreiht Albatros EnBW Hohe See Deutsche Bucht OWP West Gode Wind 04 Borkum Riffgrund West 1 Nordsee 1&2&3 Triton Knoll Trianel Borkum 2 Kriegers Flak II Arcadis Ost 1 Taggen Vindpark Arkona-Becken Südost Codling Arklow Bank Phase 2 Borssele Mermaid Seastar Rental Norther Overview as per mid

35 BOSKALIS OFFSHORE WIND PROPOSITION Offshore windfarm foundations Types: monopiles, GBS, jackets, tripods Activities: engineering, procurement, transport, sea bed preparation, piling, installation, ballasting, scour protection Examples: WODS, Wikinger, Veja Mate 35

36 BOSKALIS OFFSHORE WIND PROPOSITION Grid Platform installation Types: High voltage converter stations Activities: transport, sea bed preparation, installation, ballasting, scour protection Examples: SylWin1, DolWin2, DolWin3 36

37 BOSKALIS OFFSHORE WIND PROPOSITION Cable Installation Types: export & inter array cables Activities: procurement, UXO, trenching, burial, hook-up installation Examples: Galloper, Dudgeon, Sandbank, Horns Rev, Luchterduinen, Gemini, Walney, Egmond aan Zee, Sheringham Shoal, Westermost Rough, Westermeerwind 37

38 VEJA MATE XXL MONOPILE 1,302.5 tons 7.8 meters diameter 82.2 meters long 38

39 QUESTIONS? 39