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).