Financial press release - Grontmij improves operating results, taking important steps in 'Back on Track' strategy execution
(Thomson Reuters ONE) -
De Bilt, 5 Augustus 2013 - Grontmij N.V., a listed consulting engineering
company with strong European presence, today reports its second quarter and
first half year results of 2013. Operating results in the second quarter of this
year improved compared to last year, showing an increase of earnings and margin
at a relative stable level of revenue. In Sweden the situation has stabilized as
a consequence of the management changes and results have improved. The announced
divestment of the French Monitoring & Testing (M&T) business allows Grontmij to
fully focus on its core business and to further improve its financial position.
Also a new management structure has been introduced at Group level with a key
responsibility for the Executive Committee to further accelerate the execution
of Grontmij's 'Back on Track' strategy.
Key points second quarter 2013 (based on continuing operations excluding French
M&T)
* Total revenue Q2 2013 ? 199.7 million (Q2 2012: ? 202.0 million) shows an
organic decline of 1%, while net revenue Q2 2013 was stable at ? 163.8
million (Q2 2012: ? 163.8 million). Additional working days relative to Q2
last year contributed for 1%
* EBITA excluding exceptional items for Q2 2013 increased to ? 5.1 million (Q2
2012: ? 2.4 million), due to better results in Denmark, Sweden and the UK;
EBITA margin on total revenue excluding exceptional items of 2.5 % (Q2
2012: 1.2%)
* Net result from continuing operations increased to - ? 2.0 million (Q2
2012: - ? 13.4 million), for a large part due to less exceptional items
related to restructuring measures last year
* Trade Working Capital decreased to ? 142.8 million compared to Q2 2012 (?
153.5 million). Trade Working Capital as % of total revenue was 18.4% at the
end of Q2 2013
* Net debt at the end of the second quarter is ? 149.2 million (Q2 2012: ?
148.9 million)
* Outlook: Significant reduction of net debt by year-end 2013 expected as a
consequence of divestment French M&T business
Next level 'Back on Track' strategy:
Restructuring programme:
* Cost reductions: To date annual run-rate of ? 22 million realised
* Sweden: Improvement of results in Q2 2013; implementation recovery plan by
new management running according to schedule
* Divestments: Agreements reached regarding sale of French M&T business
(announced on 16 July 2013) and sale of Naarderbos golf course (announced on
18 July 2013); closing of both transactions expected in the third quarter of
2013
* Operational excellence programme: Significant progress made in the design of
the five business processes and tools, roll-out planned for the second half
of 2013
Realising profitable growth:
* Order book development in last six months: Stable in the Netherlands,
Sweden, Belgium, UK and Germany; increasing in Denmark and decreasing in
France
* Recent project wins in the Group growth segments include the framework
agreement with the Vallei and Veluwe district water board (Water, The
Netherlands), the design of the new A11 highway (Highways & Roads, Belgium)
and the framework agreement with Scotland Excel (multiple Group growth
segments, United Kingdom)
Michiel Jaski, CEO Grontmij N.V: 'In the second quarter we have made major
progress on the divestment process of the French M&T business, known in France
as CEBTP, leading to the announced agreement with the new owners on 16 July.
This is an essential step to take our 'Back on Track' strategy to the next
level, to further focus on our core activities and to strengthen our financial
backbone. Grontmij expects a significant reduction of net debt by year-end.
Looking at our operational performance, we have had a good quarter in Denmark,
Sweden and the UK. In all our home countries we are progressing with the
necessary preparations to enhance our future operational excellence, using the
'Back on Track' strategy as a firm guideline. We will continue our groundwork on
this vital program for structural change in the second half of 2013. At the same
time, our initiatives to achieve cost savings are running according to plan. On
our journey to full financial recovery we are pleased with the steps taken and
the development of the Group so far, as they show Grontmij is moving in the
right direction.'
< Ends >
For more information please contact:
Grontmij N.V., Frits Vervoort, CFO, T +31 30 220 7202
Grontmij N.V., Derek van Dam, ad-interim Investor Relations Manager, T
+31 88 811 4460
Note to editors
Grontmij is a leading European company in the Consulting & Engineering industry
with world class expertise in the fields of energy, highways & roads, light
rail, sustainable buildings and water.
Our leading principle is Sustainability by Design. This enables our
professionals to support clients in developing the built and natural
environment. Established in 1915, Grontmij is listed on the NYSE Euronext stock
exchange.
See our website for the press release including interim financial statements
Financial press release excluding interim financial statements:
http://hugin.info/143540/R/1721082/573129.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GRONTMIJ N.V. via Thomson Reuters ONE
[HUG#1721082]
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Datum: 05.08.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 284543
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contact information:
Town:
DE BILT
Kategorie:
Business News
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