HALF YEAR RESULTS 2015

Transcription

1 HALF YEAR RESULTS 2015 PETER BERDOWSKI, CEO HANS KAMPS, CFO AMSTERDAM 20 AUGUST

2 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 2

3 HISTORICALLY HIGH FIRST HY RESULT Revenue EUR 1,570 mln (1H2014: EUR 1,546 mln) Net profit EUR 307 mln (1H2014: EUR 253 mln) EBITDA EUR 500 mln (1H2014: EUR 466 mln) Order book EUR 2.96 billion (End 2014: EUR 3.29 bln) 3

4 KEY FIGURES EUR mln H1 15 H Revenue 1,570 1,546 3,167 Order book 2,963 3,146 3,286 EBITDA * Result JVs & associates EBIT * Net profit Solvency 55.8% 49.9% 53.4% * Includes net result of the joint ventures and associated companies 4

5 REVENUE BY ACTIVITY H (EUR mln) H (EUR mln) 9% 10% 39% 1,570 52% 41% 1,546 49% Dredging & Inland Infra Offshore Energy Towage & Salvage 5

6 REVENUE BY REGION EUR mln H1 15 H The Netherlands Rest of Europe Australia / Asia Middle East Africa North, Central and South America Total 1,570 1,546 3,167 6

7 ORDER BOOK DEVELOPMENT ORDER BOOK (EUR mln) 3,146 3,286 2,963 H H1 15 H1 15 intake: EUR 1,247 mln 7

8 ORDER BOOK BY SEGMENT Dredging: Pluit City, Punta Pacifica II, Finger Pier I, IJssel Delta Offshore Energy: Veja Mate, Wheatstone, Wikinger, Asta Hansteen, Clair Ridge Salvage: Baltic Ace Total JV order book (not incl below): EUR 1,541 mln (YE14: EUR 1,515 mln) EUR mln 30/6/15 31/12/14 30/6/14 Dredging & Inland Infra 1,722 2,014 1,885 Offshore Energy 1,204 1,208 1,150 Towage & Salvage Total 2,963 3,286 3,146 8

9 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 9

10 REVENUE & EBIT BY SEGMENT EUR mln H1 15 H Dredging & Inland Infra ,665 Offshore Energy ,238 Towage & Salvage Holding & Eliminations Total Revenue 1,570 1,546 3,167 Dredging & Inland Infra Offshore Energy Towage & Salvage Holding & Eliminations Total EBIT

11 DREDGING & INLAND INFRA Strong half year with good project results, very high utilization and low repair & maintenance expenses Successful completion of Suez canal project on 1 August Good contribution by Dutch Inland Infra Substantial project close out results EUR mln H1 15 H Revenue ,664 EBITDA * Result JVs & associates EBIT * Order book 1,722 1,885 2,014 * Includes net result of the joint ventures and associated companies 11

12 VERY HIGH UTILIZATION HOPPERS CUTTERS (Weeks per annum) (Weeks per annum) H H1 15 H1: 44 H1: 42 H1: 19 H1: 35 12

13 OFFSHORE ENERGY High utilization and good margins Positive impact from strong USD Subsea services North Sea most impacted by O&G downturn Veja Mate project offshore windfarm acquired (EUR 250 million) EUR mln H1 15 H Revenue ,238 EBITDA * Result JVs & associates EBIT * Order book 1,204 1,150 1,208 * Includes net result of the joint ventures and associated companies 13

14 TOWAGE & SALVAGE Towage performance in line with expectations SAAM SMIT Towage JVs for Americas effective per H2 2014; explains revenue decline and increase result from associates Salvage: busy half year on wreck removal plus positive close out results from old projects Intended JV with Kotug on track EUR mln H1 15 H Revenue EBITDA * Result JVs & associates EBIT * Order book * Includes net result of the joint ventures and associated companies 14

15 OVERALL TOWAGE FINANCIALS Financials including JVs on 100% basis EUR mln H1 15 based on 100% 2014 based on 100% Revenue EBITDA EBIT Order book 1,307 1,226 Net debt

16 HOLDING & ELIMINATIONS H result includes: EUR 28.5 mln revaluation gain on Fugro stake EUR 3.9 mln result from associate Fugro, adjusted for impairment charges H result impacted by non-cash pension related charge EUR mln H1 15 H Revenue (eliminations) EBITDA * Result JVs & associates EBIT * * Includes net result of the joint ventures and associated companies 16

17 BALANCE SHEET EFFECT FUGRO STAKE EUR 28.5 mln revaluation gain on stake Fugro (P&L effect) (EUR mln) Purchases 2014 Fair Value 31/12/2014 Fair Value 9/1/2015 (>20%) Additional purchases & other Share in result / direct equity movements Book value 25.1% stake Financial instrument (stake <20%) Associated company (stake >20%) 17

18 P&L TREATMENT FUGRO STAKE Under IFRS Equity Accounting, Fugro goodwill & impairments are not automatically included in the share of net result Boskalis will apply a PPA based on public information Fugro goodwill is not relevant for the PPA Asset impairments are not followed by Boskalis if the PPA has already taken this into consideration Effect on H1 15: H1 15 Fugro Net Result reported (EUR mln) (9.9) Adjustment impairments net of tax 27.3 H1 15 adjusted Fugro Net Result 17.4 Boskalis weighted average stake in H % Boskalis share in net result Fugro

19 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 19

20 GROUP BALANCE SHEET PPE flat due to forex Reclassification Fugro, from other FA to investment in ass. companies Interest bearing debt impacted by stronger USD Solvency increased to 55.8% (2014: 53.4%) EUR mln Property, Plant & Equipment 2,786 2,744 Intangibles & other Fixed Assets Investments in associated companies 1, Current Assets 1,377 1,158 Cash & Equivalents Total Assets 6,365 5,913 Shareholders Equity 3,545 3,152 Interest bearing debt (incl AHFS) Provisions & long term liabilities Current liabilities 1,782 1,705 Total Equity & Liabilities 6,365 5,913 20

21 HEALTHY CASH FLOW (EUR mln) H1 H2 21

22 CASH FLOW EUR mln H1 15 Net group profit 307 Depreciation & Amortization 141 Working capital -139 Revaluation Fugro stake -29 Retained earnings JV's and associates 10 Operational cash flow 290 Net capital expenditure -71 In-/Divestments (Fugro/De Jong) -70 Dividends paid to shareholders -49 Other movements -47 Net Cash inflow 53 Currency differences -65 Increase net debt 12 22

23 CAPITAL EXPENDITURE (EUR mln) H1 15 Net Capital expenditure Disposals 23

24 MAIN FINANCING FACILITIES & COVENANTS FACILITIES COVENANTS PER 30/6/2015 (EUR mln) 407 Net debt / EBITDA ratio End H1: 0.7 Threshold: maximum 3 RCF USPP 197 USPP USPP 40 USPP 291 EBITDA / net interest ratio End H1: 28.9 Threshold: greater than 4 `15 `16 `17 `18 `19 `20 `21 `22 `23 Drawn Headroom 24

25 INDEX 01 HIGHLIGHTS 02 SEGMENT RESULTS 03 BALANCE SHEET 04 OUTLOOK 25

26 OUTLOOK 2015 Dredging: Good visibility from backlog Lower H2 utilization also due to required maintenance Offshore oil & gas: Challenging market, in particular for short term capacity driven activities and subsea services Anticipate prolonged period low oil price Organization, fleet and capex to be adjusted where required Towage: stable market CAPEX: EUR mln (was EUR mln) 2015 FY Net Profit below 2014 record level of EUR 490 mln 26

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