Annual Report 2006 Royal Boskalis Westminster nv. Annual Report 2006

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1 Annual Report 2006 Royal Boskalis Westminster nv Annual Report 2006

2

3 Annual Report 2006 This annual report contains forward-looking statements. These statements are based on current expectations, estimates and projections of Boskalis management and information currently available to the company. These forecasts are not certain and contain elements of risk that are difficult to predict and therefore Boskalis does not guarantee that its expectations will be realized. Boskalis has no obligation to update the statements contained in this annual report. 1 Royal Boskalis Westminster nv

4 Boskalis: There s no such thing as can t A milestone for Boskalis: the company acquired two major projects in Russia in In Saint Petersburg, Boskalis is dredging a new access channel. In Varandey, the crew of the hopper Oranje braved the brutal weather conditions in the Barents Sea and installed two pipelines in the seabed. 2 Annual Report 2006

5 Table of contents Table of contents Key developments in Message to the shareholders 5 Company profile 7 The Boskalis markets 8 Maritime Infrastructure Segment: Archirodon 12 Maritime and Terminal Services Segment: Lamnalco 14 Ten years Boskalis 17 Mission, strategy and financial objectives 20 Strategy in execution 22 Sustainable business 26 Basic principles of the corporate strategy 28 Investor Relations 34 Report of the Supervisory Board on Report of the Board of Management on Corporate Governance 54 Application at Boskalis 55 Risk management 55 Financial statements Consolidated profit and loss account 65 Consolidated statement of recognized income and expense 66 Consolidated balance sheet 67 Consolidated statement of changes in equity 68 Consolidated cash flow statement 69 Explanatory notes to the consolidated financial statements 70 Company profit and loss account 100 Company balance sheet before profit appropriation 101 Statement of changes in equity 102 Explanatory notes to the company financial statements 103 Other information 105 Stichting Continuïteit KBW 107 Announcements pursuant to Article 10 of the EU Directive on takeover bids 108 Pioneering Green Innovation: Ecology and Hydraulic Engineering 10 Working for Boskalis: Make a world of difference 18 Reconstruction of Vilufushi after the tsunami 32 Large-scale land reclamation in Bahrein 52 Building a global fleet 60 Legal structure 110 The world of Boskalis 111 Organization 112 Offices around the world 114 Glossary 119 Equipment 123 Unless stated otherwise, all amounts in this annual report are in euros ( ). Some of the projects referred to in this report were carried out in joint venture or in a sub-contractor role. This is a translation of the prevailing official Annual Report in the Dutch language. 3 Royal Boskalis Westminster nv

6 Key developments in 2006 Key developments in 2006 Large number of new orders, orderbook at historical high New orders worth 1,470 million were acquired in The orderbook expanded to a record 2,543 million (year end 2005: 2,427 million). Record turnover and profit Growth in turnover of +17% Turnover rose last year by 17% to 1,354 million. Net profit + 86% Net profit increased by 86% to million; earnings per share went up from 2.21 to Large amounts of work in energy-driven markets Approximately 45% of turnover was related directly or indirectly to the expansion of the energy markets. Increased dividend The dividend policy includes a pay-out ratio of 40% to 50%. The proposal is to pay out a cash dividend of 2.04 per share from the 2006 result (2005: 1.10 per share). Increase in share price of 33% The Boskalis share price rose in 2006 by 33% to On March 2, 2006, Boskalis returned to the Amsterdam AMX index. Composition of the Board of Management In May 2006, Mr R. van Gelder stepped down as chairman of the board since he was to reach the age of retirement later in the year. He was succeeded by dr. P.A.M. Berdowski, who had already served as the vice-chairman of the Board of Management for a number of years. In addition, with effect from January 1, 2006, Mr J.H. Kamps was appointed to the Board of Management as Chief Financial Officer. Composition of the Supervisory Board During the course of the year under review, there were changes to the composition of the Supervisory Board. After the resignation on March 13, 2006 of three of the five members of the Supervisory Board, Mr R.M.F. van Loon succeeded Mr M. Minderhoud as chairman. Subsequently, on July 1 and August 30 respectively, Mr H. Heemskerk and Mr M. Niggebrugge joined the Supervisory Board. In addition, the Supervisory Board will nominate Mr C. van Woudenberg for appointment to the Supervisory Board during the General Meeting of Shareholders on May 9, His appointment will return the Supervisory Board to the original number of members. 4 Annual Report 2006

7 Message to the shareholders Message to the shareholders Dear shareholders, The upturn in the global dredging market, that began in the latter half of 2005, continued in The market picked up first in the Middle East, with large land reclamation and harbor expansion projects. The tendering of new projects in other areas followed. Driven by the continuing sharp rise in container and bulk transportation by sea, deepening and extension operations took place at harbors throughout the world. This is a feature of both exports, such as bulk transport from Australia and containers from China, and imports, such as containers moving to Europe and the Middle East. dr. P.A.M. Berdowski, chairman of the Board of Management The high oil price and the sharp increase in demand for oil and gas are leading to the development of numerous projects. An important development for Boskalis is the enormous increase in LNG (Liquefied Natural Gas) flows worldwide. Boskalis benefits from this trend in two ways. On the one hand, the company is involved in land reclamation for LNG plants and the construction of LNG harbors. On the other, through its 50% participating interest in Lamnalco, Boskalis provides services for handling LNG tankers. In 2006, the early indications of climate change made themselves more keenly felt. We are seeing increasing interest in new forms of sustainable coastal defenses and are being challenged to take the initiative in developing alternative designs and contracts. A characteristic feature of the global dredging market at present is the very broad spread of demand. The main market areas are: the Middle East, with large-scale infrastructure projects; Europe, with major harbor expansion activities; new activities in Brazil, Russia, India and China; large energy-related offshore projects. The spread of our operations around the world means that we are in an excellent position to respond to this broad demand. This allowed us to acquire orders in 2006 in all the market areas listed above. Particularly noteworthy are the first projects in Russia (Saint Petersburg and Varandey), as well as in Sepetiba (Brazil), Taiwan, Tjianjin Port (China) and a LNG harbor in Angola was a record year in several respects. Turnover increased by 17% to a historical high of 1,354 million. This was also reflected in the high utilization rates for the fleet. The orderbook was maintained at the record level of 2.5 billion. Once again in 2006, Boskalis was still working on various projects that had been acquired at highly competitive prices during difficult times in the dredging market. However, the strong increase in demand for dredging services in 2006 increasingly allowed for improvements in pricing. In order to respond to this development as well as possible, the company followed a selective contracting policy. This policy was one of the factors underlying the 86% increase in net profit this year to a record level of million. 5 Royal Boskalis Westminster nv

8 Message to the shareholders Acquisition of Wasa Dredging and the Blankevoort dredging company In 2006, Boskalis was also working hard on the implementation of its strategy for growth. For example, the company acquired the Finnish dredging company Wasa Dredging, together with barges and two backhoes. In the Netherlands, the acquisition of the dredging company Blankevoort included three hoppers. Launch of large-scale fleet innovation plan The major fleet overhaul plan for was also launched. This included the extension of the hopper Queen of the Netherlands and the rebuilding of the cutter Phoenix (the former Oranje). We also ordered two new 5,600 m 3 hoppers from IHC. And orders also went out for the main engines for two 10,000 m 3 hoppers and a fallpipe vessel. Finally, Lamnalco invested 23 million in equipment for oil and gas terminal services. Important quality certification awarded Our policy is targeted towards providing safe, healthy and environment-friendly working conditions for all our employees. In that respect, it is important that Boskalis acquired ISO14001 and OHSAS certification in late These are the internationally accepted standards for working conditions and the environment. Start of pioneering innovative program There is, quite rightly, increasing interest in the interaction between our activities and the locations where they take place, as well as for the direct and indirect impact on the environment. Boskalis accepts its responsibility in this area and this is why we have taken the initiative in getting together with the industry to launch a research program, Building with Nature. Sizeable investments in workforce In the past year, we once again made considerable investments in staff development and promotion. A wide range of instruments were used here, focusing on professionalism and leadership. Positive development of Boskalis share The upturn in the global dredging market and the way Boskalis is responding has inspired a favorable response from the financial markets, with the Boskalis share price moving upwards since early The Boskalis share price rose in 2006 by 33% to 75. Intensive and transparent communications through the media and with analysts and investors have contributed here. In 2007, Boskalis shares will continue to be listed on the Amsterdam Midcap Index. The share price has more than doubled in the last two years. A proposal will therefore be submitted to split the Boskalis share in a ratio of 1:3. Further growth in 2007 We expect the positive trend to continue in the year to come. We anticipate rising turnover in 2007 and maintenance of the high utilization rates for the equipment. We will continue with our selective contracting policy in order to make the most of the opportunities provided by the market. In line with last year, we propose to distribute 50% of the profit as dividend. In concrete terms, we are therefore proposing a dividend of 2.04 per share for 2006 (2005: 1.10). On behalf of the Board of Management dr. P.A.M. Berdowski 6 Annual Report 2006

9 Company profile Company profile Boskalis, a leading international company with a unique market position United States of America United Kingdom The Netherlands Germany Nordic Archirodon Lamnalco Mexico Nigeria Head office/home market Home markets Boskalis offices Royal Boskalis Westminster nv is an international group with a leading position in the world market for dredging services. Its core activities are the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. The company holds important home market positions in and outside Europe and targets all market segments in the dredging industry. It also has strategic partnerships in maritime infrastructure (Archirodon) and in maritime and terminal services (Lamnalco). Boskalis has a versatile fleet of over 300 units and operates in over 50 countries across five continents. Including its share in partnerships, Boskalis has approximately 8,000 employees. Boskalis has three business segments: Dredging and Earthmoving, Maritime Infrastructure and Maritime and Terminal Services (Lamnalco). Dredging and Earthmoving 87% of turnover Maritime Infrastructure 10% of turnover Maritime and Terminal Services 3% of turnover Construction and maintenance of harbors and waterways Creation of land in water Coastal defense and riverbank protection Offshore services for the oil and gas industry Sand and gravel trading Environmental activities Underwater rock fragmentation Maritime construction including quay walls, jetties, oil and gas terminals, breakwaters, riverbank protection Construction of infrastructure including water purification systems, sewerage systems, dams, bridges Industrial construction including power stations, desalination plants, pumping stations Mooring of tankers Management of oil and gas terminals Pilot services Underwater vessel maintenance Offshore logistic services 7 Royal Boskalis Westminster nv

10 The Boskalis markets The Boskalis markets The global dredging market consists of numerous segments with individual development patterns. This means that the market as a whole is heterogeneous, with varied patterns of market dynamics. In the last few years the annual volume of sales on the global market has expanded rapidly to approximately 8-10 billion. Half of these sales (approximately 4-5 billion) are generated in open markets. Four large Western European dredging companies account for approximately 60% of operations in these open markets, with roughly 40% of the free sales going to many different smaller regional and local players. With a share of approximately 20%, Boskalis is an important player in the open market segment. In the less open markets, dredging work is generally done by local private companies or state companies and there are limited openings for private international dredging companies like Boskalis. The past decade has seen extensive deregulation of global trade and economic development in traditionally closed markets. As a result, the free market has expanded in favor of professional dredging companies, which can provide economies of scale and a high degree of efficiency. Major factors affecting access to the global dredging market are scale, professional staff, innovative ability, a flexible fleet, cost leadership, and financial strength. Its broad geographical spread means that a global player like Boskalis can achieve balanced growth. The main Boskalis clients are governments (national, regional, and local), harbor operators, international project developers, oil companies, mining companies, and other contractors. Boskalis offers its clients high-quality products and services at competitive prices. The Boskalis markets are driven by long-term growth factors... Macro-growth factors will drive the global dredging market in the coming years Influence of global trends on the dredging industry 8 Annual Report 2006

11 The Boskalis markets...energy supply is playing an increasing role in this regard... Figure 1: Global energy consumption in btu Global energy consumption is expected to increase......with major growth in LNG consumption Figure 2: Global LNG production in cft Source: US Department of Energy, EIA Source: US Department of Energy, EIA Figure 1 Figure 2...and this encourages the construction of LNG terminals. Boskalis is involved through dredging work and its partnerships in Archirodon and Lamnalco. International positioning is very important. 39% 31% Broad market spreads provides stability 7% Home markets International projects market Middle East Niche markets 23% 39% Home markets Permanent basis with own infrastructure Also smaller, dredging-related projects Stable flow of contracts 31% Middle East Dredging, maritime infra, terminal services 23% International projects market Mainly larger projects Varying amount of work Many competitors 7% Niche markets Specialist offshore activities Around 45% of group turnover is energy-driven. 9 Royal Boskalis Westminster nv

12 Boskalis is the initiator of a pioneering innovative research program, Building with Nature. This program will build up a knowledge base about the ecological impact of hydraulic engineering projects. That will allow us to determine more precisely what effects hydraulic engineering has on the environment, making it possible to take targeted action and prevent negative effects. And knowledge is needed. Throughout the world, hydraulic engineering projects are scrutinized closely during the development stage to determine their environmental impact. By definition, hydraulic engineering means working with nature, and we want to look after the natural world. It is, however, sometimes simply assumed that changes to nature are always bad, that they cause irreparable harm. Even though changes can be neutral, or even positive and sustainable. All too often, conclusions are arrived at without any proper grounding in knowledge or facts. Stakeholders come into conflict in difficult proceedings. All because of a lack of knowledge and objective criteria. The result is that infrastructure developments are often severely delayed for no good reason. Ultimately, this results in economic stagnation because an adequate infrastructure is not in place. 10 Annual Report 2006

13 So there is every reason to launch an ambitious program for the establishment of a unique knowledge base that can help clients worldwide and that will improve the competitive position of Boskalis. The objective of the research program is to develop: knowledge about how aquatic ecosystems respond to challenges; a generally accepted set of measurement instruments; objective predictions of the impact of hydraulic engineering projects; environmental monitoring and evaluation strategies. The results will be available for design and implementation, as well as for policy- and decision-making. This will lead to a proper balance between ecological, economic and social sustainability. Ultimately, this will accelerate the launch of hydraulic engineering projects. The five-year research program will take place in close collaboration between the corporate sector, the relevant government institutions*, universities and knowledge institutions. * For the corporate sector: Boskalis, Van Oord, Shell, IHC and major engineering bureaus. On the government side: the Ministry of Transport, Public Works and Water Management, the Construction Department of the Directorate General for Public Works and Water Management, the Ministry of Agriculture, Nature and Food Quality and the Ministry of Housing, Spatial Planning and the Environment. Royal Boskalis Westminster nv

14 Maritime Infrastructure Segment: Archirodon Maritime Infrastructure Segment: Archirodon Boskalis has a 40% holding in Archirodon. This company has been a leading contractor in the maritime infrastructure segment for decades, focusing in particular on the Middle East. The company has extensive expertise in the area of engineering and construction, and an excellent track record in the implementation of complex, multidisciplinary projects. The Middle East market will be characterized by high volumes of work in the years to come. As a result of visionary and strong leadership, the countries in the Gulf region have made major investments in large-scale infrastructure and energy projects. Clients also want fast completion at a time characterized by shortages of labor and some building materials. In these unique market conditions, Archirodon has followed Boskalis in adopting a selective contracting policy. Archirodon also focuses specifically on techniques in which it specializes and on clients with whom it has enduring relationships. Civil infrastructure: construction of three main pumping stations with all associated equipment for irrigating the desert from the Nile River in Egypt Alongside its operations in the maritime and offshore sectors, Archirodon is also an all-round player in the markets for civil infrastructure and industrial plants. Like Boskalis, Archirodon has renowned in-house engineering capabilities that contribute to innovative solutions for customer needs. Civil infrastructure: Dubai Maritime City Project - design and construction of 3,430 m of breakwaters with access roads Fueled by the Middle East boom, Archirodon s turnover grew from US$ 200 million in 2001 to approximately US$ 450 million last year. The company s financial status is healthy. Archirodon s core activities are engineering, procurement and construction, and the company currently employs approximately 10,000 people. Although Archirodon and Boskalis operate independently from each other in the market, there are many examples of successful cooperation in complex infrastructure projects, where their combined, complementary maritime strengths provided a competitive edge. Boskalis holds a 40% stake in Archirodon; the other shares are owned by the management and a limited number of private parties. With Archirodon, Boskalis has 12 Annual Report 2006

15 Archirodon provides the following services: Marine & Offshore Ports and harbors Jetties, terminals and offshore structures Breakwaters and shore protection Offshore pipelines, intakes, outfalls Dredging and reclamation Marine & Offshore: construction of marine facilities for a grass-root LNG plant including dredging of a 4-km-long approach channel, 2.5-km-long jetty, 800 m breakwater, topside works and processinsulated piping in Egypt Civil infrastructure Bridges, roads and railroads Water, sewerage, dams and irrigation Airports Industrial plants Power and desalination plants Oil and gas facilities Pumping stations Marine & Offshore: Oman. In addition to a 1,070-m-long jetty the project included an approach trestle, loading platforms and topsides as well as the installation of seawater intake and outfall pipelines measuring 2,700 m in total. Industrial plants: turnkey project for design, construction and commissioning of a 8 x 350 mw steam power plant in Saudi Arabia Civil infrastructure: construction of the Sheikh Zayed Bridge in Abu Dhabi a broad-based position in the Middle Eastern growth market Royal Boskalis Westminster nv

16 Maritime and Terminal Services Segment: Lamnalco Maritime and Terminal Services Segment: Lamnalco Boskalis has a 50% holding in Lamnalco. The company has a leading position in the global market for oil- and gas-terminal services. This is a market characterized by strong growth, primarily driven by the rise in global demand for energy, and in particular liquid gas (LNG). Exporting countries such as Russia, Iran, Qatar, Saudi Arabia and Angola are planning new export terminals (onshore and offshore) and expanding their harbors. Importing countries in Asia, Europe and on the American continent have plans for the construction of import terminals and harbors. All this has been accompanied by an unprecedented boom in the construction of LNG tankers that, once they are operational, will generate large amounts of work for Lamnalco in the years to come. Strict quality requirements and extremely high performance standards with specialized equipment, as well as a track record, are needed to operate on this growing market. Lamnalco has built up its unique position through specialization. To meet its customers specific requirements, Lamnalco invests not only in the training and development of its own workforce, but also in innovative vessels that the company designs itself and that are used for long-term service contracts (5-20 years). The company s head office is located in Sharjah (United Arab Emirates) and there are currently branches in twelve countries; Lamnalco has a particularly strong presence in the Middle East and Western Africa. In accordance with its corporate philosophy, Lamnalco collaborates with a range of local companies. At present, the company handles more than 3,500 tanker movements a year in 26 terminals and harbors, with 55 berths. It owns a fleet of 120 vessels with the lowest average age in the industry. Lamnalco generates an annual turnover of almost US$ 100 million, with a healthy operating margin and cash flow. Boskalis and Lamnalco share their market intelligence and business networks, opening up early leads for business opportunities in new locations and regions. In addition, both companies occupy complementary positions in similar maritime supply chains, especially in the energy sector: Boskalis and its ally Archirodon with dredging and civil engineering capabilities, Lamnalco with long-term contracts servicing oil and gas terminals. Gas processing facilities LNG liquefaction plant LNG tank LNG loading terminal Gas Fields OCEAN TRANSPORTATION CYCLE LNG receiving terminal LNG Tank Pipeline Gas utilities Regasification Power station Lamnalco: 14 Annual Report 2006

17 Lamnalco supplies specialized marine support services to gas and oil terminals and ports worldwide: Berthing/unberthing of LNG/LPG, crude and product tankers calling at jetties, CALM buoys and FPSOs/FSOs Marine Terminal Management services and traffic scheduling Provision of specialist personnel: pilots, mooring masters, dive maintenance teams and site superintendents Surface and subsurface maintenance operations at jetties and CALM buoys Provision of logistics and supply bases to support offshore operations in remote terminal locations Strong growth driven by rising demand for energy Royal Boskalis Westminster nv

18 Boskalis makes the difference with people and equipment Continuous maintenance and upkeep on board the jumbo hopper dredger W.D. Fairway. Demands on dredging material are tough. The Boskalis fleet has committed, professional crews who are prepared to brave any waves; pride in the ship, and the will to win, make the difference time and again. 16 Annual Report 2006

19 Ten years Boskalis Ten years Boskalis (1) (amounts x 1 million, unless stated otherwise) (2) Turnover (work done) 1,354 1,156 1,020 1,046 1,035 1, Orderbook (work to be done) (3) 2,543 2,427 1,244 1,202 1,273 1,224 1, EBIT (4) EBITDA (5) Net result Depreciation Cash flow Shareholders equity (3) Average number of outstanding shares (x 1,000) (9) 28,600 28,418 27,769 26,630 25,949 25,900 25,784 25,902 25,941 25,788 Number of outstanding shares (x 1,000) (10) 28,600 28,600 28,174 27,256 25,970 25,917 25,881 25,902 25,941 25,788 Personnel (number of persons) (3) 8,151 7,029 7,033 3,186 3,285 3,119 3,295 3,186 3,115 3,075 Ratios (percentages) Operating result as % of the turnover Return on capital employed (6) Return on equity (7) Solvency (3/8) Figures per share (x 1.00) Profit (9/11) Cash flow (9) Dividend Share price range (x 1.00) (Depositary receipts of) ordinary shares (1) Figures taken from the financial statements. As from 2004 all amounts are in accordance with IFRS. (2) Results on work in progress from 2003 onwards based on work done and up to and including 2002 based on completed contracts. (3) As at December 31, 2003 amended for IFRS (number of personnel: December 31, 2004). (4) Consists of earnings before result associated companies, interest and taxation. (5) Consists of earnings before result associated companies, interest, taxation, depreciation and amortization. (6) Net result + interest paid on long-term loans as % of the average capital employed (shareholders equity + long-term loans). (7) Net result as % of the average shareholders equity. (8) Group equity as % of the balance sheet total (fixed assets + current assets). (9) Weighted average number of outstanding shares less the number of shares owned by the company. (10) Number of outstanding ordinary shares less the number of shares owned by the company as at December 31. (11) The dilution effect was practically nil up to the financial year Royal Boskalis Westminster nv

20 What makes a company distinctive? For its clients, business partners, workforce and suppliers? Being distinctive is above all a question of the will to make a difference. That will is engrained in the people, the culture and the objectives of the company. Boskalis is a company of people who want to win, in the broadest sense. Because we have to fight hard to bring in the right results, whether that means winning a contract, dealing with a technical problem or negotiating for a good commercial position. The market game is a hard one. The people at Boskalis are deeply committed to their work. They are enterprising, solution-minded and always willing to take on a challenge. The maxim there s no such thing as can t is put into practice with enthusiasm, creativity, and a strong dose of perseverance. At Boskalis, the focus is on practical solutions that benefit the customer. 18 Annual Report 2006

21 Boskalis gives its people room. They do the job, far from home and often under difficult conditions. Independence and decisiveness are indispensable, as part of a team and using high-tech equipment. Entrepreneurship, cooperation, and expertise are the core values of the Boskalis culture. And inventiveness is part of our genetic makeup. As are the capacity to assume responsibility, to intervene on time, and to manage risks. When it comes to career development, Boskalis does not have an established pattern. Every member of the workforce is given the opportunity to take his own destiny in hand. And there is a broad-based internal network to provide support. That implies a structured human resources policy. A wide range of courses and training. Competence management. A continuous dialogue about Personal Development Plans. And, above all, a wide variety of activities allowing people to acquire on-the-job experience. Royal Boskalis Westminster nv

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