JDN: Versatility ensures stable results

In 2020, Jan De Nul Group achieved an annual turnover of more than 1.9 billion euros with EBITDA reaching 344 million euros, i.e. 18% of the turnover, a performance in the lead group of the industry.

JDN stays ahead thanks to its ultra-strong balance profile, with equity capital in excess of 2.9 billion euros, resulting in an unprecedented solvency of a very healthy 72%.

In addition, the group has the benefit of a major liquidity position with a nett liquidity surplus of 279 million euros.

According to JDN, 2020 was a year of unexpected challenges. Due to COVID-19, everyone had to be at their very best in order to face these exhausting circumstances. Lockdown measures, working from home, travel restrictions; all this had a major impact on the organisation of global player Jan De Nul Group. However, the flexibility of the group and of its staff ensured that 2020 also closed with healthy financial results.

The expected revival of the international dredging market in 2020 was hampered by the pandemic. However, the offshore segment ran at full speed. The civil engineering activities of the group kept pace thanks to a strong real estate market in combination with a number of major projects on the infrastructure market. The performance of the smallest branch of activities of Jan De Nul Group, its environmental division, remained stable.

In addition, Jan De Nul Group keep their reputation intact as a business that invests heavily. In 2020, the 6,000 m³ trailing suction hopper dredger Ortelius was added to the fleet, as well as cutter suction dredger Willem van Rubroeck, the most powerful cutter suction dredger in Jan De Nul’s fleet. In January 2021, it was joined by the 18,000 m³ trailing suction hopper dredger, Galileo Galilei.

In 2020, the dredging division of Jan De Nul Group was responsible for the deepening and widening of the Elbe River in Hamburg (Lower and Outer Elbe), Germany.

In Africa, Jan De Nul Group was active in Benin for the coastal protection works near the coastal villages Avlékété and Djégbadji, part of the town called Ouidah. Jan De Nul Group is building a submerged dike at about 150 meters off the coast and performing beach reclamation works. The works started in February 2018 and will be completed in 2021.

In the Middle-East, Jan De Nul Group worked for the completion of 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, the company undertook maintenance dredging works in the port of Mailiao, Taiwan.

In Latin America, Jan De Nul Group is also operating and maintaining the access channel to the port terminals of Guayaquil, Ecuador, under a 25-year concession contract.

Jan De Nul Group 2020 Key Figures

• Strong turnover of 1.9 billion euros;
• EBITDA of 344 million euros, i.e. 18% of turnover: among world leaders in the industry;
• Nett profit of 25 million euros;
• Sustained high solvency ratio of 72% thanks to a sustained policy of full retention of profits;
• No nett debt, now seventh year in a row;
• Strong order portfolio of 3.2 billion euros;
• Continuously strong investment programme, in particular in the offshore renewables industry.

Jan De Nul Group Annual Report 2020