Boskalis Half Year Report 2020
OPERATIONAL AND FINANCIAL DEVELOPMENTS
KEY FIGURES FIRST HALF YEAR 2020 Revenue: EUR 1.3 billion EBITDA: EUR 204 million Operating result: EUR 72 million Net operating profit: EUR 48 million Extraordinary charges: EUR 148 million Order book: EUR 4.7 billion Positive net cash position of EUR 190 million OUTLOOK FOR 2020 Dredging: stable at current level Offshore Energy contracting: good year for Seabed Intervention and Subsea Cables Offshore Energy services: growth in Survey due to addition of Horizon Salvage: good year following strong first half year 2020 EBITDA outlook: expected to match 2019 EBITDA level Resumption of share buyback program
Boskalis has taken maximum precautions to ensure the health, safety and well-being of its employees since the outbreak of COVID-19. At the same time, all necessary steps have been taken to safeguard the continuity of the business through a strong focus on cash flow management and by cutting non-project essential operating cost. As a consequence of the global impact of the COVID-19 pandemic and strong decline in the oil price a critical review of the business including assets and activities was conducted. This review has resulted in EUR 147.8 million of extraordinary charges (EUR 144.0 million post tax). These charges are virtually all non-cash of which EUR 138.9 million are impairments largely related to two joint ventures in addition to a limited number of old vessels that have been earmarked for scrapping.
HALF YEAR REPORT 2020 – BOSKALIS
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