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Royal IHC 2016 Annual Report Shows Large Loss

Posted on April 18, 2017

Royal IHC has released its 2016 Annual Report showing a big loss, as expected according to previous interim media reports.

Pretax income dropped to -€34mm in 2016 from €36mm in 2015.

Revenues dropped by a third from €1,161mm to €764mm.

EBITDA dropped 82% from €85mm to €15mm.

Management noted that the loss resulted from: “the combination of a decrease in revenue, lower margins, the effects of a number of projects not achieving OSBIT (on specification, on budget and in time), and the costs associated with the second downsizing.”

IHC sold one of its yards, Hardinxveld-Giessendam, to align capacity with demand.

Management concluded: “The necessary changes have been implemented and shall be pursued further in line with the overall strategy.”

Click here for the thorough and candid full report.


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