Fugro: net result maintained in first half year of 2009

Major developments in the first half of 2009

Leidschendam, Netherlands
06 Aug 2009

Major developments in the first half of 2009

  • The net result for the first six months of 2009 increased by 2.8% to EUR 112.4 million (first half of 2008: EUR 109.3 million).
  • Revenue in the first half of 2009 increased by 4.3% to EUR 1,035.3 million (first half of 2008: EUR 992.9 million).
  • The acquisition strategy continued by way of acquisitions with a combined annual revenue of EUR 18.6 million. The total purchase price for the acquisitions up to 30 June 2009 was EUR 23.2 million.
  • Thanks to a good utilisation, the company’s position in the market and a number of cost-saving measures, net result was maintained. There is price pressure in a few market segments.
  • Agreement was reached for the prolongation of the bank credit lines (EUR 300 million) up to April 2012.

Outlook

  • Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the full year 2009 will be approximately the same as last year (2008: EUR 2,154.5 million) with a net result of around EUR 260 million (2008: EUR 283.4 million).
  • Activities related to exploration are experiencing the greatest pressure on prices.
  • Positive effects from stimulus packages are expected in the coming period.
  • The already initiated investment programme, which includes, among others, the refitting and renewal of the vessel fleet, continues.
  • The order backlog for the coming six months amounts to EUR 931 million (end June 2008: EUR 969 million).

Key figures

30 June 2009 

30 June 2009 compared to 30 June 2008

30 June 2008

Financial data (EUR x million)      
Net result 112.4 2.8% 109.3
Revenue 1,035.3 4.3% 992.9
Result from operating activities (EBIT) 176.6 0.9% 175.1
Cash flow 205.1 13.3% 181.1
Investments 72.3 73.7
Assets under construction 79.2 87.0
       
Per share (in EUR)      
Net earnings 1.49 (3.2%) 1.54
Diluted earnings* 1.48 2.8% 1.44
Cash flow 2.73 7.1% 2.55
       
Number of employees 13,742 4.7% 13,131
       
* After dilution effect of the convertible loan and share option plan.

 

Read the full press release below (pdf).

For more information

Media

Edward Legierse
media@fugro.com
+31 (0) 70 31 11129

Investors

Catrien van Buttingha Wichers
c.vanbuttingha@fugro.com
+31 703 115 335

 

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