De Bilt, Grontmij N.V., a listed consulting engineering company with strong European presence, is today reporting its second quarter and first half year results of 2012. The second quarter was marked by the rights offering process, which was successfully completed at the end of May, allowing Grontmij to focus on the implementation of the restructuring programme of the Back on Track strategy. Grontmij emphasises that 2012 is a transitional year and updates its outlook for the full year 2012.
Key points Q2 2012
- Total revenue at € 226.8 million (Q2 2011: € 232.0 million). Net revenue almost stable with organic decline of 0.4%
- EBITA excluding exceptional items decreased by 41.4% to € 4.9 million (Q2 2011: € 8.4 million), with an EBITA margin excluding exceptional items of 2.2% (Q2 2011: 3.6%)
- Exceptional items of – € 7.9 million (Q2 2011: – € 2.1 million), primarily related to the ‘Back on Track’ restructuring programme, the successfully closed rights issue and refinancing
- Reflecting also the effects of the exceptional items, net result from continuing operations is – € 11.4 million (Q2 2011: € 0.5 million), and net result is – € 12.1 million (Q2 2011: € 2.4 million),
- Net debt at the end of the second quarter is € 155.7 million (Q2 2011: € 202.3 million)
- Update on ‘Back on Track’ strategy:
o Restructuring programme gaining momentum; first positive results expected in the second half of 2012
o Divestments: Sale of UK dispute resolution and contractual advice consultancy Trett Consulting (completed in May 2012); Golfcourse Naarderbos in the Netherlands now earmarked as ‘asset held for sale’
o Realising profitable organic growth: projects won include the sustainable renewal of the National Hospital in Denmark and the design of two underground metro depots in Brussels, Belgium.
- New financing in place and rights issue of approximately € 80 million successfully placed with investors
- Adjusted outlook for 2012: ‘EBITA excluding exceptional items expected to be around the level of full year 2011’
Michiel Jaski, CEO Grontmij N.V: ‘A highlight for Grontmij in the second quarter of 2012 was the successful closing of the € 80 million rights offering. Investors provided Grontmij with a strong vote of confidence in the ‘Back on Track’ strategy. Implementation of the restructuring programme as announced has taken off and is now work in progress, with a large number of people involved across the Group. We expect the first positive results of our transition in the second half of 2012. In the second quarter we have seen a flattening in the decline of our organic revenues. However, market conditions remain challenging in several European markets. For Grontmij, 2012 is going to be the transitional year we announced it to be on 9 March 2012. We update the full year outlook for EBITA excluding exceptional items to be around the level of last year. Our long term prospects remain positive with our well defined ‘Back on Track’ strategy and a community of dedicated professionals, building on strong and successful customer relationships.’
Download the full financial press release including interim financial statements
Financial press release including interim financial statements
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For more information please contact:
Grontmij N.V., Michèle Negen, Investor Relations Manager, T +31 30 220 78 31
Note to editors
Grontmij is the third largest engineering consultancy in Europe with nearly 9,000 professionals. At the heart of our business is the sustainability by design principle. It is a leading value proposition for our customers delivered by four business lines: Planning & Design, Transportation & Mobility, Water & Energy, Monitoring & Testing.