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Grontmij Sustainable design & engineering. HY2008 Figures August 2008. Contents. Results HY 2008 Strategy Market: Country and Sector performance Finance Outlook Sustainable Design & Engineering Q&A. RESULTS 2008 FIRST HALF YEAR. Grontmij HY 2008 - Key Facts. Revenue (€ million) - PowerPoint PPT Presentation
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HY2008 Figures
August 2008
GrontmijSustainable design & engineering
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Contents
1. Results HY 2008
2. Strategy
3. Market: Country and Sector performance
4. Finance
5. Outlook
6. Sustainable Design & Engineering
7. Q&A
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RESULTS 2008FIRST HALF YEAR
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Grontmij HY 2008 - Key Facts
200
300
400
100
500
600
Revenue (€ million)Net revenue (+13%)
206
384
418
10
15
20
5
25
30
+20%
Net result (€ million)+20%
8.3
15.418.5
0.50
1.00
1.50
0.00
2.00
2.50
+20%
Earnings/share (€)+20%
0.47
0.871.04
‘08‘07’06* ‘08‘07‘06 ‘08‘07‘06
295333
+13%
156
*excl. Carl Bro
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Headlines HY 2008
• Result after tax: increased by 20% to € 18.5 million
• Revenue: increased to € 418.4 million (2007: € 383.6 million)
• Net revenue (own production): increased to € 332.6 million
• Organic growth: 12.3% (2.3% currency effect)
• EBIT: increased by 23.6% to € 27.2 million (2007: € 22.0 million)
• EBITA: 7.1% of Revenue (2007: 6.7%)
• All countries in Europe are in line with expectations
• Outlook: unchanged; approaching 8% EBITA on Revenue
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Headlines Q2 2008
Strong second quarter• Revenue: increased by 18% to € 222.5 million (2007: € 188.5
million)• Net revenue: increased by 21.9% to € 175.0 million (2007:
€ 143.5 million)• EBIT: increased by 24.7% to € 14.1 million (2007: € 11.3
million)• Acquisitions contributed 3.5% of Revenue increase
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Financial result HY 2008
In € million or % 2008 2007 Amount of Difference
HY1 HY1 Difference %
Revenue 418.4 383.6 34.8 9.1%
Net revenue 332.6 294.6 38.0 12.9%
EBIT 27.2 22.0 5.2 23.6%
EBIT (% of Revenue) 6.5% 5.7%
EBIT (% of Net revenue) 8.2% 7.5%
EBITA 29.7 25.8 3.9 15.1%
EBITA (% of Revenue) 7.1% 6.7%
EBITA (% of Net revenue) 8.9% 8.8%
Result after tax 18.5 15.4 3.1 20.1%
Result after tax (% of Revenue) 4.4% 4.0%
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STRATEGY
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Current strategy 2007-2010
Reorganisation current
businessStrategy
Enhanced profitability
8-9%
Divestments stepby step non core low performers
Portfolio management
Gaining new market share Entering new regions in Europe:
IRL, P, CR, H, T Selected PFI’s
Enlargement in new niche markets products as Water, Energy and Transportation (including rail)
Consolidation in the home markets (Belgium, Germany, Denmark, Sweden, UK and the Netherlands)
Top 3 position in Europe
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Strategy 2007-2010
2004nr 1 in NL
2007nr 4 in EU
B, DK, G, NL, UK, S250
1500
1250
1000
750
500
2010nr 1-3 in EU
B, G, NL
Revenue € x 1000
B, DK, G, NL, UK, S
sector specialisation to global services
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Services & Competences
• Project definition• Conceptual design• Functional
program• Feasibility study• Investment plan
• Program management
• Design management
• Project management
• Financial, organisational and legal management support
• Technical specs• Engineering• Detail engineering• Work drawings• Calculations• Samples, surveys• Data
• Supervision• Quantity survey• Construction
management• (Turn-key)
contract management
• Maintenance scheme
• Monitoring & control
• Facility management
Consultancy& Design
ProjectManagement Engineering Contracting
AssetManagement
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Creating value in operations
norm
Consultancy & DesignMultidisciplinary
projectmanagement
8
6
4
2
12
10
0
EngineeringAsset
management& maintenance
Turnkey Contracting
1 3 42 5
cross selling
EBITA %
enlarge
decrease
enlarge
2006
2003
2007
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MARKET:COUNTRY & SECTOR
PERFORMANCE
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Revenue by country
Revenue by country HY 2007 (%)
6,9%
19,3%
6,6%
38,7%
11,1%
13,4%
4,1%
BelgiumDenmarkGermany and PolandThe NetherlandsUnited Kingdom and IrelandSwedenHoldings and eliminations
Revenue by country HY 2008 (%)
7,2%
19,4%
7,1%
40,8%
12,8%
11,2%1,5%
BelgiumDenmarkGermany and PolandThe NetherlandsUnited Kingdom and IrelandSwedenHoldings and eliminations
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Market Sectors (indication)
In € million or % Building and Industry
Transportation Environment, Water and Energy
Total Revenue 130 120 165
Total Revenue (% total) 31% 29% 40%
EBIT 7% 8% 8%
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Market positioning 2008
• Good access in regional markets in Europe
• Strong order book
• Strong demand Water, Energy and Environmental services
• Increasing demand for sustainable design, green building and industrial ecology
• Recruitment and pricing under control
• Engineering market competitive and fragmented
• Competitive strength by increasing cross selling, cross border tendering and improving processes
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FINANCE
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Profit & loss account
In € million 2008 2007 Difference
HY1 HY1
Revenue 418.4 383.6 34.8
Third party -85.8 -89.0
Net revenue 332.6 294.6 38.0
Operational cost 305.7 281.6
26.9 13.0
JV’s 2.8 12.8
EBITA 29.7 25.8
Amortisation -2.5 -3.8
EBIT 27.2 22.0 5.2
Interest -2.9 -2.9
EBT 24.3 19.1 5.2
Tax -5.8 -3.7
Net result 18.5 15.4 3.1
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Growth (Net revenue)
In € million or % Incl. currency % Excl. currency
%
Net revenue HY 2008 332.6 332.6
currency 6.8
Net revenue HY 2007 294.6 294.6
Growth 38.0 12.9% 44.8 15.2%
Net divested (2007/2008) 3.0 3.0
Invested (2008) -11.5 -11.5
Organic growth 29.5 10.0% 36.3 12.3%
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EBIT per country
In € 1.000 or % HY 2008 HY 2007
Total revenue
EBIT % Total revenue
EBIT %
Belgium 30.262 3.544 11.7% 26.368 2.318 8.8%
Denmark 81.201 3.125 3.8% 74.120 2.089 2.8%
Germany / Poland 29.573 2.598 8.8% 25.182 1.115 4.4%
Netherlands 170.698 14.678 8.6% 149.672 16.152 10.8%
Sweden 46.921 4.153 8.9% 51.279 4.166 8.1%
UK / Ireland 53.549 3.835 7.2% 42.394 2.722 6.4%
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EBIT increase (+23.6%)
In € million EBIT
EBIT 2007 HY1 22.0
EBIT 2008 HY1 27.2
Increase 5.2
€ 35 million more revenue x 5.7% 2.0
0.8% more profitability x € 418 million 3.2
5.2
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Cash flow statement
In € million HY 2008 HY 2007
Net cash from operations -0.7 -2.8
Net cash from investing activities -33.9 -0.4
Net cash from financing activities -1.1 -12.9
-35.7 -16.1
• Normal seasonal pattern• Cash position: € 20 million (31-12-2007: € 34 million)
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Financial result Q2 2008
In € million or % 2008 2007 Amount of Difference
Q2 Q2 Difference %
Revenue 222.5 188.5 34.0 18.0%
Net revenue 175.0 143.5 31.5 21.9%
EBIT 14.1 11.3 2.8 24.7%
EBIT (% of Revenue) 6.3% 6.0%
EBIT (% of Net revenue) 8.1% 7.9%
EBITA 15.7 13.3
EBITA (% of Revenue) 7.1% 7.1%
EBITA (% of Net revenue) 9.0% 9.3%
Result after tax 9.2 7.1 2.1 29.6%
Result after tax (% of Revenue) 4.1% 3.8%
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OUTLOOK
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Outlook
• Solid platform in all regions
• Order book improving
• Leading positions in sustainable design and engineering (Water, Environment, Energy and Transportation)
• Cross-selling (synergies)
• Cash management
• Add-on acquisitions
Outlook 2008: unchanged; approaching 8% EBITA on Revenue
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SUSTAINABLE DESIGN & ENGINEERING
- a varied number of assignments in HY2008 -
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Sustainable design & engineering
Climate & Energy• Reduce CO2 discharge• Suppress/control emission• Green energy (wind, sun, water, bio mass)• Efficient use of fossil fuels• Flood management
Waste to energy,Germany
The River Mølle system,Denmark
Geostatistical Vegetation Mapping,United Kingdom
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Sustainable design & engineering
Green building concept• Energy passive• CO2 neutral• (Terrestrial) heat exchange• Waste/water recycling and treatment systems• Use of sustainable materials
Haus CumberlandBerlin, Germany
House of MusikAalborg, Denmark
Audi siteBrussels, Belgium
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Sustainable design & engineering
Environmental Impact Assessment Study,Dutch coast
‘Room for the river project’,The Netherlands
Redeveloping FaelledparkenCopenhagen, Denmark
Health & Safety• Sewage and waste water treatment• Waste collection and recycling• Soil/water remediation• Shared space• Separated flows of traffic• Storage of hazardous materials
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Spoorzone Delft• Spatial planning: “Spoorzone Delft” (railway area)• Turnover Grontmij appr. € 13.5 million• Project set up according to the innovative Systems
Engineering process
Sustainable design & engineering
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QUESTIONS&
ANSWERS