Press release - Financial press release
(Thomson Reuters ONE) -
Grontmij delivers on full year 2012 outlook in transitional year focused on
restructuring
De Bilt, 28 February 2013 - Grontmij N.V. a listed consulting & engineering
company with strong European presence, today announces its fourth quarter and
full year 2012 results. The year 2012 has been a transitional year for Grontmij
in which the main focus has been on restructuring: the first pillar of the 'Back
on Track' strategy launched on 9 March 2012. During the year, the financial
structure of the company was improved by a ? 80 million rights offering and the
refinancing of ? 180 million debt. The announced restructuring plans have been
implemented according to schedule and on time. Net debt was reduced by 33% to ?
120 million by year end 2012. With a strong focus on restructuring, Grontmij
delivered on its full year outlook.
Key points full year 2012:
* Total revenue full year 2012 ? 890.0 million (FY 2011: ? 917.4 million 1) ),
with organic decline of 4% on total revenue and 1% on net revenue for the
full year
* EBITA excluding exceptional items ? 27.5 million (FY 2011: ? 28.5 million
1) ); EBITA margin excluding exceptional items of 3.1% (FY 2011: 3.1%)
* Exceptional items of - ? 25.1 million (FY 2011: - ? 31.5 million),
predominantly related to the 'Back on Track' restructuring plan
* Net result from continuing operations - ? 28.5 million (FY 2011: - ? 61.3
million)
* Earnings per share for continuing and discontinued operations in 2012 are -
? 0.67 (2011: - ? 2.65), Grontmij will not pay dividend over the year 2012
due to the net loss incurred
* Net debt per 31 December 2012 is ? 120.0 million (YE 2011: ? 177.9 million)
* Outlook for 2012 achieved: 'EBITA excluding exceptional items expected to be
around the level of full year 2011 (? 25 million 2) )'
'Back on Track' strategy:
* Restructuring programme implemented according to schedule and on time; cost
savings increased in the fourth quarter to ? 5.0 million year to date,
representing an annual run-rate of ~ ? 8.9 million
* Trade working capital (TWC) showing first improvements in 2012, in line with
plan to achieve 15% target by 2013
* Divestments: Sale of Trett Consulting in the UK (May 2012) and the fieldwork
activities in the Netherlands (November 2012)
* Intended divestment of French M&T business announced (subsequent event: 21
January 2013)
* no operational fit with other activities within Grontmij Group
* very limited opportunity for Grontmij to leverage expertise to other
European markets
* Realising profitable organic growth:
* Grontmij announced (21 January 2013) shift towards realising profitable
growth
* Market leadership envisaged in five European Group Growth segments being
Energy, Highways & roads, Light rail, Sustainable buildings, and Water
(new)
* Significant project wins in the group growth segments like the
redevelopment of the Antwerp ringroad in Belgium (Highways & Roads), the
design and engineering of a waste-to-energy plant in Poland (Energy) and
the preparation of an integrated water and wastewater project in Turkey
(Water)
Michiel Jaski, CEO Grontmij N.V: 'For Grontmij the past year has been far from
easy. Given the challenges of 2012, we can now look back on our transitional
year and everything we have accomplished with a sense of pride. Together with
our employees we managed to execute a major restructuring programme, on time and
within budget, while continuing to service our clients in the meantime. We have
delivered on the outlook for 2012 and have ended the year in better shape, with
a lower net debt level. With the support of our shareholders we were able to
implement a comprehensive financial solution, making it possible for Grontmij to
start working on its 'Back on Track' strategy and to look forward again. We have
come to the conclusion that our M&T activities in France are better off outside
Grontmij. As announced last month, we have initiated the divestment of these
activities in 2013. While 2013 will be the first year in which we intend to make
progress in improving our operational and commercial excellence, and shift our
focus to create profitable growth in the years to come, we will also continue to
closely monitor market circumstances and will not hesitate to take action where
and when necessary. With markets in Europe under pressure in the short term and
GDP forecasts for 2013 revised downwards, the road ahead is difficult to
predict. Our long term strategy and targets remain however unchanged and the
hard work that needs to be done is fully justified by the potential of Grontmij
and its people.'
1) Comparable figures FY 2011 have been adjusted as Trett Consulting was
restated from continuing operations to discontinued operations and as a result
excluded from operating result. Please see the appendix for the reconciliation
table.
2) Reported in 2011 as Underlying EBITA excluding non-recurring costs,
impairment losses and results from EAI, see annual report 2011, p19.
See our website for the full press release
Press release - Financial press release:
http://hugin.info/143540/R/1681831/549940.pdf
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originality of the information contained therein.
Source: GRONTMIJ N.V. via Thomson Reuters ONE
[HUG#1681831]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 234245
Anzahl Zeichen: 6402
contact information:
Town:
DE BILT
Kategorie:
Business News
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