Over 2021, Jan De Nul Group achieved a total turnover of EUR 1.7 billion and a record-high order book of 4.6 billion euro at the end of the year. However, the pandemic adversely impacted the company’s performance resulting in a net loss of EUR 20 million.
With regards to its performance, Jan De Nul points to large parts of Asia, where Covid-19 remained a strong disruptive force to supply chains and operational construction processes and resulted in loss of productivity. That is why the company ended up with a net loss despite the EBITDA showing resilience at EUR 231 million, an acceptable level of thirteen per cent on turnover.
The company stresses it continues to present a strong balance sheet, with equity in excess of EUR 2.9 billion, resulting in a solvency ratio of 67 per cent.
Record order book
Looking forward, Jan De Nul Group draws confidence from its order book, which increased by 43 per cent up to a record EUR 4.6 billion by year end. This order book further increased over the first months of 2022 with additional projects signed for a total value in excess of EUR 1.4 billion. This increase is evenly distributed over the company’s different activities and geographies.
January 2022 saw the launch of the two next generation offshore vessels Voltaire and Les Alizés. Both vessels will be used for the installation of offshore wind farms.
Yet, Jan De Nul sees that there are still risks given the remaining pandemic supply chain risks, and more recently the developments in Ukraine adding to the pressure on inflation and price instability. The maritime dredging and offshore sectors remain the cornerstone of Jan De Nul Group’s activities with 73 per cent of the total turnover.
Dredging activities in 2021
The maritime dredging activities in 2021 involved maintenance dredging works in the Port of Hamburg, Germany. Furthermore, Willem van Rubroeck, the largest and most powerful cutter suction dredger in Jan De Nul’s worldwide fleet, performed its first projects in Mauritania, Africa. Willem van Rubroeck was employed to deepen the access channel, the port basin and the new berth alongside the new ARISE port terminal in Nouakchott.
In the Middle-East, the company completed the “Dibba bulk handling terminal – Package 3 project”, consisting of dredging works in the channel and harbour basin as well as the fishery harbour and port infrastructure works in the United Arab Emirates. In Asia, maintenance dredging was undertaken of the existing Rabnabad inner and outer channels in Payra Port, Bangladesh. In Latin America, Jan De Nul continues to operate and maintain the access channel to the port terminals of Guayaquil, Ecuador, under a 25-year concession contract.
Offshore wind farms in and outside of Europe
The offshore division was once again involved in the construction of several offshore wind farm projects, in and outside Europe. In Denmark, Jan De Nul Group installed 72 wind turbines for the Kriegers Flak offshore wind farm and in France the preparatory works started for the installation of wind turbines for the Saint-Nazaire offshore wind farm.
Outside Europe, more specifically in Taiwan, Jan De Nul is responsible for the supply, transport and installation of foundations, cables and wind turbine generators for 21 units of 5.2 MW Hitachi turbines for the TPC Changhua offshore wind farm. The installation works were completed in December 2021. Also in Taiwan, Jan De Nul Group executes the EPCI-contract for the design, supply and installation of 47 WTG foundations, 4 export cables and 47 inter array cables for the Formosa 2 offshore wind farm.
The offshore division also carries out other services such as installation works of cables and umbilicals, trench dredging and backfilling works and rock installation works, including in Greece, enegal-Mauritania and in Taiwan.
Picture by Jan De Nul.