In line with the market situation in the second half-year of 2003, the first months of 2004 remained weak. In spring, this was followed by an improving market in a number of segments.
The expected net result before amortization of goodwill for the first half-year of 2004 will be at a similar level as the first half-year of 2003 (first half-year 2003: € 21.7 million), despite an approximately 9% lower dollar exchange rate compared to the same period last year. For the first half-year of 2004, the average dollar exchange rate was € 0.82 (first half-year 2003: € 0.90).
Based on the development of the turnover in the first half-year of 2004, Fugro reiterates its expectation of a turnover of approximately € 1 billion for the whole of 2004, as announced at the Annual General Meeting of Shareholders.
The reorganization and cost savings program with regard to the integration of Thales GeoSolutions, acquired by Fugro at the end of last year, are almost finalized. The related one-off costs amount to approximately € 22 million. Savings on operational expenses will be approximately € 40 million per year, to be realized fully in 2005. This compares favorably with earlier expectations.
Fugro will present the results for the first six months of 2004 on 13 August 2004, including a forecast of the results for the financial year
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