Grontmij N.V.
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Publicatie datum
25 feb 2015 - 07:10
Statutaire naam
Grontmij N.V.
Titel
Financial press release - Grontmij reports improved operating margin in 2014 driven by cost reductions, and reduced net debt
Bericht
Weak start in the Netherlands in 2015 impacting outlook
De Bilt, 25 February 2015 - Grontmij N.V., a listed consulting & engineering company with strong European presence, today announces its fourth quarter and full year 2014 results. Markets within Europe remained fragile, with limited recovery in Grontmij's main markets in the Netherlands and moderate improvements in most other countries. Driven by a successful execution of the cost reduction programme, Grontmij managed to improve its EBITA margin to 3.8% at year end 2014 (FY 2013: 3.2%). However, the improvement was hampered by the lack of growth with an organic decline on net revenue of 2% and a write down in the fourth quarter in Denmark on one of the 2011 hospital projects. As a result of the additional equity that was issued at the beginning of 2014 with support from our large shareholders and tight cash control, net debt for covenants at year end reduced to € 22.0 million (FY 2013; € 57.1 million), resulting in a leverage ratio of 0.8x. Grontmij continues the divestment process of the remaining French business and intends to conclude this process in 2015. Outlook 2015 and beyond will be impacted by market developments, especially in the Netherlands, where we expect a weak start of the year.
Datum laatste update: 28 juli 2024