Download - Mammoet BV

More documents

Recommendations

Info

Message from The Board “Our rental business and small jobs - providing a small crane, or doing a two-hour job - are also core business” 2008 was going to be a bridging year and be a springboard for the following period. It certainly was that, and more. Roderik van Seumeren explains: “It has been a good year, in all respects. It has fulfilled our expectations in terms of growth, financial performance and getting jobs for 2009 and 2010. We have made four acquisitions and these businesses have been integrated into Mammoet to everyone’s satisfaction. Our new ventures are also proving to be fruitful. Mammoet Shipping, our in-house logistics services provider has managed to produce significant cost reductions by optimizing logistics planning. Mammoet Salvage has been successful from the day it started and has become a world-leading salvage company within three years. And our safety statistics are steady, although we now have hundreds more people working in the Patrick van Seumeren (Vice-President and COO), Siem Kranenburg (CFO) Roderik van Seumeren (President and CEO), Jan van Seumeren Jr. (CTO) 4 5 Strong, versatile and alert Mammoet is in a strong position, but treads carefully in these uncertain times. Our management team - Roderik van Seumeren (President and CEO), Patrick van Seumeren (Vice-President and COO), Jan van Seumeren Jr. (CTO) and Siem Kranenburg (CFO) - closely follow the developments in the market to respond appropriately to the threats and opportunities we will undoubtedly be faced with. “There is uncertainty all around us. It’s a different world than any of us have ever dealt with. business. All these parameters prove that we are on the right track.” Large and small Patrick van Seumeren emphasizes that it’s not just the large projects which make Mammoet successful. “Our strength is that our activities are spread over different markets, continents and types of equipment. That makes us less vulnerable. If there is a downturn somewhere, we can shift our work to markets and areas where there is enough work. This versatility and flexibility make Mammoet more agile than local operators, and in these uncertain times also less dependent on economic developments. And that has paid off again this year. “One of the great things is that apart from the truly large projects we also do a huge number of small jobs which keep us busy and provide a steady revenue flow. Our rental business and small jobs - providing a small crane, or doing a two-hour job - are also core business. All this provides our company with solid foundations. We are therefore very pleased that we have managed to remind our clients that Mammoet also does smaller jobs. Excellent position In three year’s time, Mammoet’s revenues have doubled and we are expecting to grow further in the next few years. However, it is difficult to look ahead due to the financial and economic crisis in the world. Mammoet will obviously also be affected, but at a much later stage. Despite the uncertain development of the crisis, Siem Kranenburg is confident about the future. “We are not directly affected by the credit crisis because we arranged a refinancing package for the whole company some time ago. This gives us the opportunity to expand without needing to go to the capital markets. And should we need additional funding for acquisitions then our shareholder structure can accommodate that. We also have an impressive order book. At the end of this year we will start on some particularly large projects which will take us well into 2010. Hence, as far as the financial aspects are concerned we are fairly confident about 2009 and even 2010 as we have already provided the basis for that. Our effective internal management in recent years also puts us in a strong position. Expansion and replacement/ adjustments In part, this strong position is due to our careful investment policy, including the purchase of equipment. In recent years we have carefully balanced the different segments of our business. “After earlier investments in the top of the range, this year we have invested more in the middle and lower ranges” explained Jan van Seumeren Jr. “That was mostly to expand our fleet: we have purchased a large number of smaller hydraulic cranes, crawler cranes up to 600 tons and transport equipment in the middle range, and SPMTs at the top end. We have also developed cutting winches for Mammoet Salvage and the “Amsterdam” sheerlegs of our subsidiary BTS was completely overhauled. We will continue investing in the coming year. However, given the uncertainty and threatening over supply on the market, Mammoet has decided to cut the planned investments by half. Even so, we will be making considerable investments. We are planning to purchase SPMTs, a LR 11350, crawler cranes for South Africa, a barge for South East Asia and an LTM 11200 and other large plant for the UK. Mammoet will also start work on building a new top-end crane, the PTC DS30. This heavyweight, with a load moment of 120,000 ton-meters and 3,200 tons capacity will be equip ped with winches and bogies on a 30 meter ring to offer superior lifting and slewing performance. Opportunities Mammoet is in a strong position, and ready to respond to the threats and opportunities in a market which may weaken. But Patrick van Seumeren is convinced that even such a market will present opportunities. “This is the right time for acquisitions. Given the limited options for funding and spreading risks, high investments and rising costs of entry associated with getting involved with projects, times will be tough for smaller operators. And that presents us with opportunities. We are still interested in taking over relevant businesses as that is a good way of bringing in not only equipment and trained personnel, but also a market share.” Siem Kranenburg can also see the bright side: “Crises tend to regulate the markets. Sometimes, expansion is too fast, without any rationale. So, a crises can have positive aspects and reduce the number of operators somewhat. It’s certainly an interesting period for us.”
“We are confidently looking towards the future” Roderik van Seumeren “Positioned for the future” When I look at the results in 2008 and our order book, which is fuller than ever, I see plenty to be satisfied about. Mammoet is doing well, and we already know that next year will be equal. But looking outside the company, at all the disruption in the world, I dare not make any predictions about the future. Only once the storm which has hit the financial markets and the real economy has subsided will the impact on Mammoet be clearer. These mixed feelings are typical for the situation now, at the end of 2008, as we present Mammoet World to you. 2008 was our best year ever, and 2009 promises to be even better. Of course, I would love to consider only our successes, but realistically speaking we have to look further ahead. And that is exactly what we are doing. In 2006 we defined our long-term strategy in a strategic plan with an ambitious scenario for growth and clear targets. Now, almost three years later, we are exactly where we were planning to be. Increases in revenue, personnel, investments - all are going to plan. In these three years we have doubled our revenues and further developed our worldwide network and leading role as specialists in heavy lifting and transport. And despite the storm which began a little over a year ago, we have brought in the orders, so our order book for 2009 is already getting quite full and we are also receiving orders for projects in 2010. Given all the turmoil around us, those are the best and most important feats of 2008. As I wrote last year, we have done well in recent years. And again we have been able to benefit from that. Hence we are in the comfortable position that we can expect next year to the best ever. However, right now shortly before 2009, it is difficult to look much further ahead. Nobody knows how much longer the worldwide crisis will last, what its impact will be, and what parts of the world or sectors of the economy will be hit hardest. Nothing is certain, except that Mammoet will eventually also be affected, at the and of the chain. Even so, we are confidently looking towards the future. After all, turbulent times like this bring not just threats but also opportunities. Furthermore, in recent years we have strengthened our base and spread the risks much wider. Mammoet operates throughout the world and therefore also in areas which are less affected by the crisis and where developments are promising. Mammoet serves a number of markets, and that includes markets which are less affected by economic fluctuations. We also span a range of activities, from crane rental, heavy transport and lifting, to large projects. In recent years we have made major investments in our people and our equipment, in quality, training, refining our procedures and processes, and in our worldwide management information system. Finally, we have strengthened our foundations by acquiring renowned companies and our shareholder structure makes us less dependent on the banks. All these elements mean that we are in an good position to weather the storm. I would therefore like to conclude by saying how impressed I am by what we have managed to accomplish as a company, in 2008 and the years before. I am proud of what our people have done this year, often working under difficult conditions. I am glad to say that despite the rapid growth in recent years we have not made any concessions to our professional standards. The ingenious solutions which our engineers develop never cease to impress me. Last, but not least, I would like to thank our clients for their trust in Mammoet. And we will do everything to continue to deserve that trust, as illustrated by the impressive jobs described in this issue of Mammoet World, the eighth edition. Although we may experience some turbulence in future, our innovations and operational qualities will guide us safely through the rough waters. Roderik van Seumeren (President and CEO)
Page 1 and 2: 8Petrochemical page 6 Power page 16
Page 3: LOCATION: THE HAGUE, THE NETHERLAND
Page 7 and 8: LOCATION: SINGAPORE JOB: INSTALLING
Page 9 and 10: Offloading, Transporting and Positi
Page 11 and 12: “The coordination of necessary de
Page 13 and 14: Record for Mammoet Dubai Turnaround
Page 15 and 16: SHE-Q “Improving the translations
Page 17 and 18: “This required the Moscow ring ro
Page 19 and 20: Photographs courtesy of Robert de H
Page 21 and 22: Nacelle Changeout Mammoet originall
Page 23 and 24: Challenge: Organize a special progr
Page 25 and 26: day one has been to save the client
Page 27 and 28: ups and mega load-outs Angel Platfo
Page 29 and 30: Skidding 5% Downhill A Chinese yard
Page 31 and 32: Mammoet LTM 1200 (1:50) √ Limited
Page 33 and 34: Dubai Metro Project LOCATION: SALT
Page 35 and 36: “We combined the SPMTs with a gan
Page 37 and 38: not to become a shipowner, apart fr
Page 39 and 40: ��

Download - Mammoet BV

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?