Transcript Grontmij presentation analysts meeting Grontmij N.V. 2008

Grontmij
Sustainable design & engineering
HY2008 Figures
August 2008
1
dbs6376
Contents
1. Results HY 2008
2. Strategy
3. Market: Country and Sector performance
4. Finance
5. Outlook
6. Sustainable Design & Engineering
7. Q&A
2
dbs6376
RESULTS 2008
FIRST HALF YEAR
3
dbs6376
Grontmij HY 2008 - Key Facts
600
Revenue (€ million)
Net revenue (+13%)
500
30
Net result (€ million)
+20%
25
2.50
Earnings/share (€)
+20%
2.00
418
400
+13%
300
200
100
20
384
18.5
15.4
15
10
156
’06*
1.04
1.00
+20%
333
206 295
0.50
8.3
5
‘07
‘08
1.50
0.87
+20%
0.47
0.00
‘06
‘07
‘08
‘06
‘07
‘08
*excl. Carl Bro
4
dbs6376
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
5
dbs6376
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
6
dbs6376
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%
27.2
22.0
5.2
23.6%
EBIT (% of Revenue)
6.5%
5.7%
EBIT (% of Net revenue)
8.2%
7.5%
29.7
25.8
3.9
15.1%
EBITA (% of Revenue)
7.1%
6.7%
EBITA (% of Net revenue)
8.9%
8.8%
18.5
15.4
3.1
20.1%
4.4%
4.0%
EBIT
EBITA
Result after tax
Result after tax (% of Revenue)
7
dbs6376
STRATEGY
8
dbs6376
Current strategy 2007-2010
 Consolidation in the home markets
(Belgium, Germany, Denmark,
Sweden, UK and the Netherlands)
 Top 3 position in Europe
 Enlargement in new niche markets
products as Water, Energy and
Transportation (including rail)
Enhanced
profitability
8-9%
Reorganisation
current
business
 Gaining new market share
Strategy
 Entering new regions in Europe:
IRL, P, CR, H, T
 Selected PFI’s
Portfolio
management
Divestments step
by step
 non core
 low performers
9
dbs6376
Strategy 2007-2010
1500
Revenue
1250
sector specialisation
to global services
€ x 1000
1000
750
500
250
B, G, NL
2004
nr 1 in NL
B, DK, G, NL, UK, S
2007
nr 4 in EU
B, DK, G, NL, UK, S
2010
nr 1-3 in EU
10
dbs6376
Services & Competences
• Project definition
• Conceptual design
• Functional
program
• Feasibility study
• Investment plan
Consultancy
& Design
• Program
management
• Design
management
• Project
management
• Financial,
organisational and
legal management
support
Project
Management
• Technical specs
• Engineering
• Detail engineering
• Work drawings
• Calculations
• Samples, surveys
• Data
Engineering
• Supervision
• Quantity survey
• Construction
management
• (Turn-key)
contract
management
Contracting
• Maintenance
scheme
• Monitoring &
control
• Facility
management
Asset
Management
11
dbs6376
Creating value in operations
EBITA
%
12
10
2007
norm
8
2006
decrease
6
enlarge
2003
enlarge
4
2
cross selling
0
Consultancy & Design
1
Multidisciplinary
project
management
2
Turnkey
Contracting
Engineering
3
4
Asset
management
& maintenance
5
12
dbs6376
MARKET:
COUNTRY & SECTOR
PERFORMANCE
13
dbs6376
Revenue by country
Revenue by country HY 2007 (%)
Belgium
Denm ark
Germ any and Poland
4,1%
The Netherlands
6,9%
United Kingdom and Ireland
13,4%
Sw eden
19,3%
Holdings and elim inations
Revenue by country HY 2008 (%)
11,1%
Belgium
Denm ark
6,6%
Germ any and Poland
1,5%
11,2%
The Netherlands
7,2%
United Kingdom and Ireland
Sw eden
19,4%
38,7%
Holdings and elim inations
12,8%
7,1%
40,8%
14
dbs6376
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%
15
dbs6376
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
16
dbs6376
FINANCE
17
dbs6376
Profit & loss account
In € million
2008
2007
HY1
HY1
Revenue
418.4
383.6
Third party
-85.8
-89.0
Net revenue
332.6
294.6
Operational cost
305.7
281.6
26.9
13.0
2.8
12.8
EBITA
29.7
25.8
Amortisation
-2.5
-3.8
EBIT
27.2
22.0
Interest
-2.9
-2.9
EBT
24.3
19.1
Tax
-5.8
-3.7
Net result
18.5
15.4
JV’s
Difference
34.8
38.0
5.2
5.2
3.1
18
dbs6376
Growth (Net revenue)
In € million or %
Incl. currency
Net revenue HY 2008
%
332.6
Growth
Net divested (2007/2008)
%
332.6
currency
Net revenue HY 2007
Excl. currency
6.8
294.6
38.0
294.6
12.9%
44.8
3.0
3.0
Invested (2008)
-11.5
-11.5
Organic growth
29.5
10.0%
36.3
15.2%
12.3%
19
dbs6376
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%
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%
Netherlands
20
dbs6376
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
21
dbs6376
Cash flow statement
In € million
HY 2008
HY 2007
-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
Net cash from operations
• Normal seasonal pattern
• Cash position: € 20 million (31-12-2007: € 34 million)
22
dbs6376
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%
14.1
11.3
2.8
24.7%
EBIT (% of Revenue)
6.3%
6.0%
EBIT (% of Net revenue)
8.1%
7.9%
15.7
13.3
EBITA (% of Revenue)
7.1%
7.1%
EBITA (% of Net revenue)
9.0%
9.3%
9.2
7.1
2.1
29.6%
4.1%
3.8%
EBIT
EBITA
Result after tax
Result after tax (% of Revenue)
23
dbs6376
OUTLOOK
24
dbs6376
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
25
dbs6376
SUSTAINABLE
DESIGN & ENGINEERING
- a varied number of assignments in HY2008 -
26
dbs6376
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
The River Mølle system,
Denmark
Waste to energy,
Germany
Geostatistical Vegetation Mapping,
United Kingdom
27
dbs6376
Sustainable design & engineering
Green building concept
• Energy passive
• CO2 neutral
• (Terrestrial) heat exchange
• Waste/water recycling and treatment systems
• Use of sustainable materials
Haus Cumberland
Berlin, Germany
House of Musik
Aalborg, Denmark
Audi site
Brussels, Belgium
28
dbs6376
Sustainable design & engineering
Health & Safety
• Sewage and waste water treatment
• Waste collection and recycling
• Soil/water remediation
• Shared space
• Separated flows of traffic
• Storage of hazardous materials
Environmental Impact Assessment Study,
Dutch coast
‘Room for the river project’,
The Netherlands
Redeveloping Faelledparken
Copenhagen, Denmark
29
dbs6376
Sustainable design & engineering
Spoorzone Delft
• Spatial planning: “Spoorzone Delft” (railway area)
• Turnover Grontmij appr. € 13.5 million
• Project set up according to the innovative Systems
Engineering process
30
dbs6376
QUESTIONS
&
ANSWERS
31
dbs6376