Annual Report 2017


In 2017 our markets did not show the recovery we hoped for. The dredging market even showed a decline and the oil and gas market still suffers from reduced investments due to low oil and gas prices. However, thanks to the world’s growing commitments and awareness for climate change and energy transition, Jan De Nul Group experienced increased activity in the market of Offshore Renewables, in and outside Europe. Furthermore, Jan De Nul Group continues its focused approach in the civil and environmental market.

These evolutions resulted in a turnover of 1,758 million Euro in 2017. After a consecutive period of 6 years, the turnover of Jan De Nul Group did not reach the mark of 2 billion Euro. However, and more important, the activities of Jan De Nul Group remain at a leading level of profitability. The EBITDA increased from 339 million Euro in 2016 to 365 million Euro in 2017. This corresponds to an EBITDA margin of 21% which is in line with the corporate target of Jan De Nul Group. After depreciations, financial costs and taxes, the Group still displays a net profit of 70 million Euro.

In 2017 Jan De Nul Group generated 72% of its turnover from its maritime, dredging and offshore activities, 24% from its civil activities and 4% from its environmental activities. These ratios remained stable compared to 2016.


In 2017, Jan De Nul Group’s balance sheet profile became even stronger than it already was in 2016, with an unprecedented solvency ratio of 75%. The balance sheet also shows that the Group’s capital and reserves (2,823 million Euro) exceed the value of its fixed assets (2,112 million Euro), even with the continuous investment policy of the Group.

Since 2014, Jan De Nul Group is completely net debt-free. The net cash position in 2017 amounted to 345 million Euro. At the end of 2017, the available cash at bank and in hand of the Group amounted to 532 million Euro. This strong balance sheet results largely from the profit margins that are realised by the Group combined with the fact that the profit is completely reserved (no-payment-of-dividends policy).