The Dutch company Boskalis is a shipping company that was founded in 1910. It is currently listed on the AMX index. It offers assistance in offshore projects through marine services related to offshore and onshore dredging. The company was able to make significant profits in the first half of 2021 despite the health and economic environment marked by restrictive measures.
Royal Boskalis Westminster NV's (or Boskalis) H1 2021 revenuewas €1.32bn compared to €1.26bn in H1 2020. This represents an increase of 4.6% year-on-year. However, on a consolidated and currency-adjusted basis, sales growth is 2.7%.
EBITDA generated by its business in H1/2021 increased by 10.8% to €226 million compared to €204 million in H1/2020. Operating profit increased from €72 million at the end of H1 2020 to €97 million in the first six months of 2021. This parameter therefore indicates an increase of 34.1% between these two half-year periods.
Incidentally, the net profit achieved by Boskalis in the first half of 2021 is 72 million euros. The group recorded a net loss of 96 million euros in the same period last year.
Note: The company's accounts show that there were no exceptional loss gains in the first half of the year. However, Boskalis' result for the same period last year takes into account exceptional charges amounting to 144 million euros after tax.
As expected in the market, Boskalis' net cash position at the end of H1 2021 is lower than at the end of H1 2020. It amounts to €213 million whereas it was exceptionally high at the end of last year. This decrease is mainly due to investments, share buyback operations, dividend payment and normalization of working capital.
Boskalis' financial position, on the other hand, remained very strong with a direct financing capacity in excess of one billion euros. The company has this capacity thanks to its bank facilities and its available cash. The company's financial covenants have been comfortably met and its solvency remains high (50%).
A 4% growth is noted in its order book at the end of H1/2021 (€5.53bn) compared to the level at the end of 2020 (€5.31m).
Note: Orders have thus reached a record level driven by the strong growth of the Dredging & Inland Infra portfolio in the Old Continent.
The Group expects a total capital expenditure of around €375 million for the twelve months of the 2021 financial year. This anticipation takes into account the acquisition of the 4 offshore support and survey vessels as well as the dry docks.
The company expects EBITDA in the last half of the year to be in line with that recorded in the first six months of fiscal 2021. It expects to make good use of its fleet in its dredging business in the second half of 2021.