Fugro Reports Net Result Increase for First Half of 2009

Fugro has reported on its net results maintained in the first half of 2009.

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 June 30, 2009 was EUR 23.2 million.
  • Thanks to a good utilization, 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).
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