• Total revenue € 800 million (2008: € 844 million), Net revenue € 630 million (2008: € 664 million).

• Operating result (EBITA*) € 45 million (2008: € 53 million).
  
• Profit after tax € 20.4 million after € 11.7 million restructuring (2008: € 38.8 million).
  
• Operating margin 5.6% (2008: 6.3%) - (EBITA* on Total Revenue).
  
• Operating cash flow € 52.3 million (2008: € 34.5 million), cash conversion 104% (2008: 74%).
  
• Earnings per share € 1.14 (2008: € 2.16).
  
• Proposed dividend € 1.00 per share payable in stock or cash (2008: € 1.15 cash) reflecting pay out ratio of 88% (2008: 53%).
  
• Business re-alignment, improved costs structure and cash management create platform for long term growth.

Comments from Sylvo Thijsen, CEO Grontmij N.V.:
“2009 has been challenging for Grontmij, with a decline in our reported profits after five consecutive years of growth. After an optimistic first half, with forward order books looking strong, more and more of our clients began to feel the economic pinch. Major, long-term projects were postponed but also our short-term order book came under pressure.

The overall demand has reduced by almost 5% (3% autonomous and 2% due to currency exchange effects) of total revenues, accompanied by a lower number of billable hours and pressure on hourly rates. However Belgium, Sweden, Germany and Poland retained a healthy EBITA margin between 9 and 12%. Profit for the year was negatively affected by the deteriorated market for building and industrial services, primarily in Denmark, the Netherlands and the United Kingdom. Restructuring costs and provisions of € 11.7 million reduced the profit after tax to € 20.4 million.

In response to the reduced market demand more than 400 staff were made redundant mainly in the UK, Denmark and the Netherlands. Surplus costs were taken out and low-performing activities will be exited.

Increased focus on performance and cash management has meant that we are able to maintain our dividend at a relatively high level.

Our strategy for 2010-2015 and new business lines structure provide a solid platform for long term growth. Our business lines of Planning & Design, Transportation & Mobility and Water & Energy reflect the long-term external market drivers that Grontmij can benefit from during the next five years, such as climate change, population growth and urbanisation and the development of the European Union.”


You can also download the entire press release: 

• Press release annual figures 2009 - Grontmij 2009: a platform for long term growth   
• Persbericht jaarcijfers 2009 - Grontmij 2009: een platform voor lange termijn groei