Posted on August 24, 2020
Okay. Good morning to everybody. Very welcome, most particularly to those here present. It’s been a long time since we were actually able to meet each other physically, which in itself is quite unique. Five of you here are present. Some of the other analysts are also welcome on webcam. Our Belgian analysts were not capable, obviously, because of all the rules and regulations to be here physically. But I know they are here through webcam, so very welcome and all of us who are watching us also. And particularly Boskalis employees also have the possibility to follow this meeting. So very welcome.
The rest is routine as usual. So we’re here to present and discuss our half year numbers, half year results. As usual Carlo will take us through most of the numbers and through the details. I will provide you with a short introduction. And I will also provide you with the outlook. And after that there is ample possibility of asking questions physically for those who are here, but we’ve also made it possible through Martijn that those analysts who couldn’t make it today have been in the opportunity to provide us with questions and Martijn will ask those questions on their behalf.
So this is an introduction starting with the highlights. I think you’ve all seen it. I must say as an opening word is that if you would have asked me end of Q1 three months ago, if we would expect numbers like these I honestly must say I wouldn’t even be in the position of hoping it.
So the results of Q2 in particular but through that also of the first half year are far stronger than we even could hope then. And that’s, obviously, a reflection of the fact that we’ve been capable of managing Boskalis through the corona crisis quite well. I will come back to that a little bit later.
So if we look back at the half year revenue of €1.261 million, which comes close to the revenue of last half year. Obviously we’ve been helped here with the addition of Horizon, our survey company, which is fully consolidated now. Carlo will tell you more about it later.
EBITDA particularly very satisfying over €200 million, first half 2019 €136 million. And I must say for me EBITDA is the best compass to look at the performance of the company because all kind of extraordinary results that we’ve seen last year and also this year I think that this is the best guiding number, so a good EBITDA so to speak.
Extraordinary items, €148 million charges. Most related to two associated companies goodwill and assets related to those. Carlo will come back to that into more detail. Net profit adjusted for these extraordinary items of approximately €50 million. And, which is very important when we came into the corona crisis for us there were a number of priorities one being, obviously, the safety and health of our people.
But secondly, we have to make sure that projects that we have in order backlog can continue as much as possible. And today we speak with more certainty than four months ago because it was absolutely unclear whether or not we could continue on projects. We were allowed to continue on projects let alone the physical conditions in order to do so.
So the first priority was make sure that we generate cash through the projects, so make sure that we keep the projects running. And looking backwards we’ve been quite successful in doing so.
Source: Seeking Alpha
