In 2022, the global economy was confronted with a turbulent environment.
COVID-19 maintained a strong presence in Asia in the first semester, albeit in a less disruptive way. However, thanks to our operational knowledge, we managed to put our (offshore) activities in the region on the right track. This resulted in a timely high-quality delivery and good financial result.
2022 will also remain earmarked in history as the year of the armed conflict in Ukraine. It was the onset of major global unrest with an immediate, devastating economic impact. Skyrocketing energy prices and galloping double-digit inflation had and still have an impact on the cost levels of our ongoing projects and tenders. The financial markets and especially the dollar/euro exchange rate showed a rollercoaster pattern chased by rising interest rates. Moreover, the scarcity on the labour markets remained a given.
Despite this continuous uncertainty, 2022 fulfilled our expectations. Thanks to our operational management and supported by a well-stocked order book, we were able to achieve strong results:
- The turnover increased to 2.5 billion euro, our highest turnover ever. This enabled us to restore our EBITDA to 18% on turnover or 440 million euro.
- We translated our operational excellence into strong financial results. Jan De Nul Group booked a net profit of 108 million euro. Moreover, its balance sheet remained strong with a solvency of 63%, thanks to a complete profit reservation.
- We successfully delivered our two next-generation offshore installation vessels, Les Alizés and Voltaire. Both vessels are navigating to their first projects.
- Our order book, which stood at 4.6 billion euro at the end of 2021, grew to a whopping 6.45 billion euro at the end of 2022. A historic ground-breaking increase of 40%. The increased tender activities in the market and increasing number of orders continued unabated in 2023, resulting in a further increase of the order book up to 8.10 billion euro.
Jan De Nul Group continues to maintain its extreme robust solvency ratio and strong liquidity position.
Jan De Nul Group continues to maintain its extreme robust solvency ratio throughout the years. For the financial year ending in December 2022, Jan De Nul Group demonstrated again a solvency ratio of more than 63%. The Group’s equity further increased to 3.08 billion euro, compared to 2.95 billion euro in 2021.
In 2022, Jan De Nul Group’s strong liquidity position was sustained. This despite its continuous strong investment policy. The Group has been net debt-free since 2014, with a net cash position of 133 million euro at the end of the year.
Over the past year, no less than four vessels entered the fleet, being two water-injection dredgers named Pancho and Cosette, one offshore support vessel, Symphony, and jack-up installation vessel Voltaire. Heavy lift crane vessel Les Alizés was subsequently delivered early 2023.
Jan De Nul Group is operating throughout the world.
In 2022, the largest regional presence was noted in Asia and the Middle East, where thanks to both dredging and offshore wind activities 46% of the Group’s turnover was achieved. Traditionally, Europe represents a strong share of Jan De Nul Group’s turnover. In Europe projects executed across all Jan De Nul Group’s divisions reached a share of 33%. Finally, 18% of the Group’s turnover was realized in America, while the activities in Africa contributed for 3%.
The orderbook of 6.45 billion euro is unparalleled and still increasing.
The cornerstones of Jan De Nul Group, being its extensive high performance modern fleet and qualified and well-trained employees, together with the group’s financial strength, convinces clients to entrust Jan De Nul with their projects. At the end of 2022, this resulted in a record order book of 6.45 billion euro, coming from 4.6 billion euro in 2021. An increase of more than 40%. This trend continues during the first months of 2023 with a further increase to 8.10 billion euro.
The maritime dredging and offshore sector remains the cornerstone of Jan De Nul Group’s activities account for 81% of the total turnover of the Group.
The maritime dredging activities encompass capital and maintenance dredging works, port infrastructure works, land reclamation, coastal and shore protection works.
In the offshore renewable energy market, Jan De Nul was actively involved in the construction of several offshore wind farm projects, both in and outside Europe. Next to the offshore renewables, the offshore activities encompasses cable and umbilical installation works, trenching, backfilling and rock installation works.
The maritime dredging activities encompass capital and maintenance dredging works, port infrastructure works, land reclamation, coastal and shore protection works. In 2022, important capital dredging works were carried out in Bangladesh. Jan De Nul Group started with the deepening of the Rabnabad inner and outer channels for the further development of Payra Port. In Latin America, Jan De Nul Group is operating and maintaining the access channel to the port terminals of Guayaquil, Ecuador, under a 25-year concession contract. In Italy, cutter suction dredger Willem Van Rubroeck dredged a new basin, in combination with land reclamation for the Port of Bari. In Takoradi, Ghana, the port expansion, which included a new 600m quay wall, was completed. Finally, one of the various coastal protection works was executed in Brazil, in the form of beach reclamation along the shore of Matinhos.
In the offshore renewable energy market, Jan De Nul was actively involved in the construction of several offshore wind farm projects, both in and outside Europe. In 2022, Jan De Nul Group completed the Formosa 2 Offshore Wind Farm in Taiwan, which entailed the design, supply and installation of 47 WTG foundations, 4 export cables and 47 inter array cables. Closer to home, in Saint-Nazaire, our jack-up vessel Vole au vent transported and installed 80 wind turbine generators (WTG) for the first offshore wind farm in France. Next to the offshore renewables, the offshore activities encompasses cable and umbilical installation works, trenching, backfilling and rock installation works. A project that combines all these activities, is Hollandse Kust Noord and West Alfa. In three phases, Jan De Nul Group transports, installs and protects the submarine cables that connect the transformer stations of the offshore wind farms with the onshore electricity grid. There are four cables of a combined length of 230 km. The cables are buried by means of trenchers.
The civil activities remain a constant and solid part of Jan De Nul Group.
The civil division has a wide variety of projects in its portfolio, with a focus on complex design and engineering projects. The type of projects ranges from buildings, over transport related infrastructures to water related infrastructures like quay walls and locks. The civil department offers its services to private clients, public parties and participates in Public Private Partnerships (PPP).
In 2022, the construction works for the Grand Hôpital de Charleroi continued. Furthermore, Jan De Nul Group is participating in the construction of the Oosterweel Link, through the construction of the Scheldt Tunnel (COTU), which is the connecting element in the link that closes the Antwerp Ring Road, and the Right Bank Link (ROCO), which forms the link between the Scheldt tunnel and the R1.
The environmental division of Jan De Nul Group focuses on environmental technology solutions.
Envisan performs soil remediations on site or excavates the polluted soil and treats it in one of its six soil and sediment valorisation centres in Belgium and France. Activities in 2022 include the remediation of polluted soil from the former coal park of Les Awirs power plant, remediation works in the Walloon region and on-site remediation of the former Renault site in Vilvoorde.
Jan De Nul Group’s project development division, PSR, develops sustainable solutions throughout its activities, which include brownfield development, conversion projects for un(der)utilised immovable properties, complex development projects and regular real estate development.
An unparalleled orderbook
Jan De Nul Group continues to invest in a modern and versatile fleet
Jan De Nul Group traditionally targets to operate a modern and versatile fleet, both in its dredging and offshore activities.
- In the spring of 2019, Jan De Nul Group ordered the offshore jack-up installation vessel Voltaire from the shipyard COSCO Shipping Heavy Industry. The keel of this vessel was laid in March 2021 and it was launched in January 2022. Voltaire was delivered in December 2022, just in time for its very first assignment for the offshore wind farm Dogger Bank in the UK.
- In the autumn of 2019, Jan De Nul Group ordered the heavy lift crane vessel Les Alizés from the shipyard China Merchants Industry Holding Co. The keel of this vessel was laid in April 2021 and it was launched in January 2022. The vessel entered the fleet of Jan De Nul Group in January 2023. Les Alizés is now being prepared for its first assignment, where it will assist in the installation of the offshore wind farms Borkum Riffgrund 3 and Godewind 3. To optimally prepare Les Alizés for its future projects, Jan De Nul Group equipped the vessel with both a Motion-Compensated pile gripper and a Monopile Upending Hinge and Skidding System. These features will increase operational control during our operations, allowing a safe and efficient installation of next-generation monopiles with pin-point accuracy.
Both next generation offshore vessels were co-financed by a Green Loan. The Green Loan was structured according to the “Green Loan Principles” complying with the Loan Market Association (the sectoral association in which banks, lawyers and other financial parties are represented).
- During Q4 2022, Jan De Nul Group acquired the offshore support vessel Symphony. The vessel will predominantly assist the cable-installation projects of Jan De Nul Group and will be the home base for the Group’s trenching equipment.
- Also in 2022, two Water Injection Dredgers (WID), Pancho and Cosette, entered the fleet of Jan De Nul Group.