nr36 schreef op 19 februari 2021 07:06:
Margin improvement in second half and solid cash flow. Successful refinancing provides flexibility to deliver on Path to Profitable Growth strategy.
19 Feb 2021 07:00 CET
Leidschendam, the Netherlands
Revenue declined by 12.4% in the full year and by 14.4% in the second half, due to the impact of Covid-19 and the downturn in oil and gas, partly offset by strong growth in offshore wind.
Continued diversification in Fugro’s business: in the second half of 2020, 59% of revenue was generated in renewables, infrastructure, nautical and other non-oil and gas related markets.
Growth in offshore wind and cost reductions supported margin recovery to 6.5% in the second half-year compared to 0.6% in the first half of 2020.
Strong free cash flow of EUR 105.4 million thanks to exceptionally strong working capital performance, resilient EBITDA and proceeds from the sale of Global Marine.
Net result including discontinued operations impacted by specific items, including non-cash impairments (mainly Seabed), restructuring costs and currency revaluation losses.
Refinancing strengthened balance sheet, resulting in net leverage of 2.1 (or 1.6 excluding IFRS-16).
Solid 12-month backlog of EUR 866.2 million, an 8.0% decrease compared to a pre-Covid backlog at the end of 2019.
In 2021, continued focus on managing costs and cash flow, and on operational and commercial excellence, with the aim of improving the margins.