Annual report 20108.31 MB - Boskalis

Report of the Board of ManagementOutlookOutlook€ 350 million and can be funded from our cashflow.Market prospects positive for the medium term2011 to be year of transitionThe financial position of Boskalis remains verysolid, even after the acquisition of SMIT. Capitalexpenditure in 2011 is expected to total aroundGiven the current market conditions and theproject-based nature of a large part of our activitieswe are unable to provide a specific forecastfor the current year at this time. We do, however,anticipate that we will be unable to match therecord result of 2010 in 2011. Based on currentinformation we see 2011 as a year of transition,from challenging market conditions to morepositive prospects in the medium term.SMIT divers provided assistance on the Magellan project in Argentina.60 Annual Report 2010