Dordrecht, January 8, 2021
2020 has been a challenging year for Van Aalst Group BV. Due to its international character, the group has suffered greatly from the crisis caused by the Corona virus. The travel restrictions caused a higher cost level because activities had to be outsourced to local parties and order intake also experienced a material decline. This situation resulted in a serious decline in EBITDA and a tight liquidity situation due to the ambitious level of investment resulting from the intended further expansion of Safeway Gangways' rental fleet. Turnover showed a decline of almost 30%. Management takes a nuanced, positive view of the possibilities for 2021. Strategically, it has been decided to further diversify where four important pillars have been defined:
- Renewables
- Offshore fish farming
- Cement carriers and concrete mixers
- Oil & Gas
Management is pleased to announce that, with the support of shareholders and financial partners, it has succeeded in realizing a successful refinancing that provides a fully funded business case for 2021. By increasing the liability capital, solvency has improved and with the support of the banking relationship, working capital has also improved. Furthermore, the organization has been adapted to the new reality and the current order portfolio provides sufficient confidence in a successful turnaround situation for 2021.
Cees Zuur – CFO
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