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Grontmij N.V.
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Publicatie datum
26 feb 2014 - 06:58
Statutaire naam
Grontmij N.V.
Titel
Financial press release - Grontmij announces 2013 Full Year results, rebalanced strategy and refinancing
Bericht
Decisive steps supported by additional equity and amended financing arrangements
De Bilt, 26 February 2014 - Grontmij N.V., a listed consulting & engineering company with strong European presence, today announces its fourth quarter and full year 2013 results, together with a rebalanced 'Back on Track' strategy and a refinancing with additional equity and amended financing arrangements. European markets are challenging, mainly in the Netherlands and France, and the improvement in profitability in 2013 has not matched Grontmij's expectations. Grontmij will take decisive steps in 2014, to allow for a successful execution of the 'Back on Track' strategy in the period to 2016. The rebalanced strategy includes additional restructuring measures, portfolio optimisation and a programme to accelerate improvements in the Netherlands. These next steps require a solid financial framework, for which agreement has been reached with our major shareholders and banking syndicate. Pursuant to this agreement, the balance sheet will be strengthened with € 40 million of new equity, accompanied by a more flexible financing arrangement with an adjusted covenant schedule. The additional equity will be provided through a combination of a private placement with institutional investors of new ordinary shares by means of an Accelerated Book Build (ABB[1]) and a private placement of convertible cumulative preference shares.
Datum laatste update: 06 oktober 2024