GRONTMIJ : Financial press release - Results Q1 2012 in line with Grontmij expectations, first steps on implementing new strategy
05/09/2012| 01:15am US/Eastern
De Bilt, 9 May 2012 - Grontmij N.V. today reports its results for the first quarter of 2012 and provides an update on its 'Back on Track' strategy as set out in the press release of 9 March 2012.
Key points first quarter 2012:
- Total revenue 1) decreased by 3.1% to € 228.4 million (Q1 2011: € 235.6 million), with organic decline 2) of 3.3%
- EBITA excluding exceptional items 3) decreased by 13.3% to € 8.4 million (Q1 2011: € 9.7 million), with an EBITA margin of 3.7% (Q1 2011: 4.1%)
- Net result from continuing operations of - € 4.1 million (Q1 2011: € 2.9 million) in line with Grontmij's expectations, partially reflecting the expenses of the restructuring plan Grontmij is executing
- Net debt at the end of the first quarter is € 204.5 million (Q4 2011: € 177.9 million)
- Update on 'Back on Track' strategy
- Implementation process commenced on a Group-wide level
- Restructuring plan in France in place, first results not expected to become visible before the second half of 2012
- Rights offering of approximately € 80 million to be proposed at Annual General Meeting of shareholders (AGM) today, completion envisaged by mid-2012
- Outlook for 2012 reiterated
Michiel Jaski, CEO Grontmij N.V.: 'Following the announcement of our new 'Back on Track' strategy on the 9th of March, we have started to take action right away. Today, we are pleased to announce the early steps in the execution of our restructuring agenda, with measures for cost reductions being implemented and a strong involvement of our people in the process. The results are in line with our expectations, as we have indicated earlier that 2012 will become a year of restructuring for Grontmij. By rebalancing both our operations and our financial household in the short term, we are working to reposition Grontmij for margin improvement and future growth. With a community of dedicated and energetic professionals, ready to build on strong customer relationships, we are convinced we have the right strategy in place.'
Note 1, 2 and 3: see appendix for full overview of definitions
To the press release on www.grontmij.com:
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For more information please contact:
Grontmij N.V., Frits Vervoort, Chief Financial Officer, T + 31 30 220 72 02
Grontmij N.V., Michèle Negen, Investor Relations Manager, T +31 30 220 78 31
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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.
Press release - Results Q1 2012 in line with Grontmij expectations:
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