Major developments in the first half of 2008
- The net result for the first six months of 2008 increased by 27.2% to EUR 109.3 million
(first half of 2007: EUR 85.9 million).
- Revenue in the first half of 2008 increased by 20.2% to EUR 992.9 million
(first half of 2007: EUR 826.3 million).
- The
acquisition strategy was continued with the take-over of eight
companies with a combined annual revenue of EUR 44 million as well as
the remaining 38% interest in Fugro OceansatPEG S.A. The total purchase
price for the acquisitions up to 30 June 2008 (including the interest in
OceansatPEG) was EUR 52 million.
- Market conditions remain positive for all divisions.
- Very high backlog.
- Convertible loan of EUR 125 million fully converted into certificates of ordinary shares.
- The number of employees increased to 13,131 (end 2007: 11,472).
- The vessel fleet was expanded further with the addition of the Fugro Navigator and the Gargano.
- Fugro received the ‘Koning Willem I’ award 2008, a national prize for business excellence.
Outlook
- Barring
unforeseen circumstances and assuming reasonably stable exchange rates,
Fugro expects a revenue of more than EUR 2,100 million (2007: EUR
1.802,7 million) and a net result of approximately EUR 270 million for
the whole of 2008 (2007: EUR 216.2 million).
- The long-term prospects for further growth continue to be favourable.
- In
the second half of the year five more vessels will be added to the
fleet, one of which (Geo Caribbean) will be owned by Fugro.
- The
capacity expansion investment programme launched previously on the basis
of good market prospects, leads to the investment of around EUR 400
million in 2008 (of which approximately EUR 110 million is maintenance
capex).
|
Key figures
|
30 June 2008
|
30 June 2008 compared to 30 June 2007
|
30 June 2007
|
| Financial data (EUR x million) |
|
|
|
| Net result |
109.3 |
27.2% |
85.9 |
| Revenue |
992.9 |
20.2% |
826.3 |
| Result from operating activities (EBIT) |
175.1 |
30.5% |
134.2 |
| Cash flow |
181.1 |
28.7% |
140.7 |
| Investments |
73.7 |
|
93.5 |
| Assets under construction |
87.0 |
|
67.6 |
| |
|
|
|
| Per share (in EUR) |
|
|
|
| Net earnings |
1.54 |
24.2% |
1.24 |
| Diluted earnings* |
1.44 |
25.2% |
1.15 |
| Cash flow |
2.55 |
25.6% |
2.03 |
| |
|
|
|
| Number of employees |
13,131 |
20.7% |
10,879 |
| |
|
|
|
| * After dilution effect of the convertible loan and share option plan. |
Read the full press release below (pdf).