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Koninklijke Boskalis Westminster's (KKWFF) CEO Peter Berdowski on Q4 2017 Results - Earnings Call Transcript

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Koninklijke Boskalis Westminster NV (OTC:KKWFF) Q4 2017 Earnings Conference Call March 8, 2018 5:30 AM ET


Peter Berdowski - CEO

Jans Kamps - CFO


Luuk van Beek - Petercam

Thijs Berkelder - ABN AMRO

Andre Mulder - Kepler Cheuvreux

Peter Berdowski

Welcome everybody, the financial statements for you. As usual the division of roles is also a customary one. I can give a short introduction to Mr. Kamps and I can also conclude the session, but we also are going to have the Q&A, of course, later on.

Well, you may have seen the press release by now, revenue is 10% down from 2016 at just over €2.3 billion, and the total picture is fully in line with our expectations, and also in line with what we forecast when presenting the half year figures, but that we would end up with exactly the double result was very special, twice the €75 million. That, of course, is due to circumstances, but it is in line with expectations, as stated before.

Net profit €150 million. That is a huge improvement in comparison with last year. But last year, of course, there were quite large impairments included. Of course, at EBIT level, we did decline the EBITDA, where you see - you don't see the impairments there, we went from €660 million to €436 million. That is, we still have quite a sizable cash generating potential there. We have a very healthy balance sheet as well and solvency rate of 62.9%, which is even higher than at the end of 2016 when it was 56%. The order book, I think that is good news, because we saw good growth there. We went up from €2.9 billion to €3.5 billion, so some €600 million extra.

Our dividend proposal is, we've also discussed this

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