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Profit level maintained with revenue growth continuing Long term financing secured

Major developments in the first half of 2011

12 Aug 2011  
Leidschendam, The Netherlands

  • Revenue in the first half of 2011 increased by 12.7% to EUR 1,175.3 million (first half of 2010: EUR 1,042.4 million).
  • The net result for the first six months of 2011 was EUR 100.4 million, which is comparable with the result over the first six months of 2010 (EUR 101.0 million).
  • Long term financing secured with new US Private Placement loans of USD 909 million (7, 10 and 12 years maturity) and prolonged committed bilateral bank loans (5 years) of EUR 725 million.
  • Little impact from political unrest in North Africa and the Middle East.
  • In the first half of 2011 Fugro took delivery of two new build vessels: Fugro Galaxy and Fugro Symphony.
  • In the first six months Fugro acquired four companies.
  • The EMGS convertible loan was converted into 27.8 million shares in EMGS (14.81% of the outstanding shares of EMGS).


  • Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the whole of 2011 will be approximately EUR 2,500 million (2010: EUR 2,280.4 million) with a net result of around EUR 260 million (2010: EUR 272.2 million). The result for the full year 2010 was positively impacted by the change in fair value of the EMGS convertible loan (EUR 16 million after tax). For the outlook of 2011 no change in fair value for Fugro’s participation in EMGS over the year 2011 has been included. The above mentioned outlook will result in a net profit margin of 10.4% for the whole of 2011 (2010: 11.9%).
  • In some market segments we expect to experience continued price pressure. This is predominantly the case in the marine seismic data acquisition market.
  • Economic and financial uncertainty in the world may lead to deferral of projects and a tendency for clients to award projects at the last minute.
  • The order backlog for the coming six months amounts to EUR 1,084 million (end June 2010: EUR 1,038 million).
Key figures 30 June 2011 30 June 2011 compared to 30 June 2010 30 June 2010
Financial data (EUR x Million)
Net result 100.4 (0.6)% 101.0
Revenue 1,175.3 12.7% 1,042.4
Result from operating activities (EBIT) 141.2 1.6% 139.0
Earnings before interest, tax, depreciation and amortisation (EBITDA) 251.9 5.4% 239.1
Cash flow 214.4 4.6% 204.9
Investments 218.2 166.3
Assets under construction (81.1) 18.8
Per share (in EUR)
Basic earnings 1.26 (3.1)% 1.30
Cash flow 2.70 2.7% 2.63
Number of employees 13,755 2.3% 13,434

Read the full press release below (pdf).

For more information


Edward Legierse

+31 (0) 70 31 11129


Catrien van Buttingha Wichers

+31 (0) 70 31 15335


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