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ANNUAL REPORT 2016 – BOSKALIS
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In 2016 we expanded the geographic coverage of our roadshows
and investor conferences. We participated in conferences in the
Netherlands, China, France, Norway, Switzerland and the UK.
Roadshows for institutional investors were organized in Belgium,
Canada, Finland, France, Germany, Hong Kong, Ireland,
Luxemburg, the Netherlands, Japan, South Korea, Switzerland,
Taiwan, the UK and the US. In addition, a large number of investor
meetings were held at our head office in the Netherlands. In 2016
more than 350 meetings were held with investors.
Boskalis is covered by all the major Benelux brokers. We are in
frequent contact with their analysts, who play a key role in
distributing information to their clients about the markets in which
Boskalis operates.
On 10 May, 2016 we held our Annual General Meeting (AGM) of
Shareholders, in addition to two Extraordinary General Meetings
(EGM) of Shareholders held on 17 August and 10 November
respectively. More information on the AGM and EGMs can be
found in the Report of the Supervisory Board.
DIVIDEND POLICY
The main principle underlying the Boskalis dividend policy is to
distribute 40% to 50% of the net profit from ordinary operations
as dividend. At the same time Boskalis aims to achieve a stable
development of the dividend in the longer term. The choice of
dividend – in cash and/or entirely or partly in shares – takes into
account both the company’s desired balance sheet structure and
the interests of shareholders.
EQUITY
On 10 May 2016 the AGM approved a proposal to pay out 45%
of the 2015 net profit, equivalent to EUR 1.60 per ordinary share.
The dividend was paid in ordinary shares, unless shareholders
opted to receive the dividend in cash. Seventy-two per cent (72%)
of the 2015 dividend was distributed in the form of stock.
During 2016 the number of issued and outstanding ordinary
shares increased by approximately 4.45 million, all of which were
issued for stock dividend. As a consequence, the issued share
capital as at 3 June 2016 was around EUR 104 million, consisting
of 130,076,852 ordinary shares with voting rights with a nominal
value of EUR 0.80 each.
On 17 August 2016 the Extraordinary General Meeting of
Shareholders approved a reduction of the authorized capital of
Boskalis and the nominal value of the ordinary shares and the
cumulative protective shares. On 9 December 2016 this capital
reduction was implemented through an amendment of the Articles
of Association of the company. The authorized capital amounts to
EUR 4.8 million with 240 million ordinary shares and 80 million
cumulative protective shares, with a respective nominal value per
share of EUR 0.01 and EUR 0.03.
LISTING AND INDICES
Royal Boskalis Westminster N.V. is publicly listed on Euronext
Amsterdam (ticker BOKA.AS), where Boskalis shares and options
can be traded. Boskalis shares are included in the AEX-Index
as well as indices such as the Euronext Next 150 index, STOXX
Europe 600 Index and the MSCI Europe Index.
The following shareholders are known, based on the public
register of the AFM, to have been holders of at least 3% in
Boskalis share capital as at 31 December 2016:
HAL Investments B.V.: 35.45%
Sprucegrove Investment Management Limited: 5.16%
Blackrock Inc.: 4.38%
Marathon Asset Management: 3.57%
Oppenheimer Funds, Inc.: 3.07%
Besides these large shareholders, an estimated 15% of the shares
are held by shareholders in the UK, 13% in the US and Canada
and the remainder in mainly the Netherlands, Norway, Germany,
France, Switzerland and Hong Kong.
DUTCH INVESTOR RELATIONS AWARD
At the presentation of the Dutch IR Awards 2017 in early January
2017 Boskalis received an honorable award. Martijn Schuttevâer,
Director of Investor Relations at Boskalis, was chosen as best
IR professional in the AEX-Index, as he was in 2015 and 2013.
The Dutch IR Awards are presented by the Dutch Society for
Investor Relations (NEVIR) to companies and professionals that
excel in maintaining their relationships with investors and analysts
by means of good and clear disclosure, accessibility, knowledge
and reliability.
SHARE PERFORMANCE
In 2016, around 126 million Boskalis shares were traded on
Euronext Amsterdam (2015: 120 million). The average daily
trading volume in 2016 was in excess of 492,000 shares. In the
course of the year, the share price fell by 12% from EUR 37.63 to
EUR 32.99. The market capitalization declined 9% compared to
the end of 2015 to EUR 4.29 billion.
8 March Publication of 2016 annual results
10 May Trading update on first quarter of 2017
10 May Annual General Meeting of Shareholders
12 May Ex-dividend date
15 May Record date for dividend entitlement
(after market close)
29 May Final date for stating of dividend preference
1 June Determination and publication of conversion rate
for dividend based on the volume weighted
average share price on 30 and 31 May and
1 June (after market close)
6 June Date of dividend payment and delivery of shares
17 August Publication of 2017 half-year results
10 November Trading update on third quarter of 2017