De Bilt, 9 March 2012 - Grontmij N.V. today reports its full year 2011 results in line with preliminary figures announced on 20 February 2012 and presents the outcomes of the extensive strategic and financial review that has taken place in the last months.
Key points full year 2011:
- Total revenue 1) up by 11% to € 933.5 million (2010: € 841.3 million), with organic decline of 1.3%
- Underlying EBITA 2)down by 30% to € 25.0 million (2010: € 35.6 million), with an EBITA margin of 2.7% (2010: 4.2%): on a comparable basis, underlying EBITA in 2011 is € 32.7 million (2010: € 40.5 million)
- Net loss for the full year of - € 55.9 million (2010: net profit € 17.3 million)
- New CEO and CFO joined in December 2011 and have been nominated for appointment as chairman and member of the Executive Board as per 9 March 2012
- New strategy for 2012 - 2015 with 2 primary pillars: restructuring and realising profitable organic growth (see separate press release published on 9 March 2012)
- Comprehensive financial solution involves a new debt facility and a rights offering (see separate press release published on 9 March 2012)
Michiel Jaski, CEO Grontmij N.V: '2011 has turned out to be a very disappointing year for Grontmij with a significant net loss for the full year. We have taken firm actions and 2012 will become a year of restructuring for Grontmij. By rebalancing both our operations and our financial household we aim to position Grontmij in the best possible way to achieve profitable organic growth in the years to come. Although there is no quick fix to the challenges Grontmij is facing, we are convinced we have the right strategy to recapture shareholder value and bring Grontmij 'back on track'. Our long term prospects are positive, based on strong and successful customer relationships, a community of dedicated professionals working for Grontmij and expected above average growth in our core markets for sustainable design and management consultancy in Europe.'
1) Excluding revenues of Telecom division sold on 18 October 2011
2) Excluding non-recurring costs, impairment losses and results from EAI
To our website for the full press release (www.grontmij.com/MediaCenter/Pages/Press-release-financial-press-release.aspx)
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information contained therein.
Source: GRONTMIJ N.V. via Thomson Reuters ONE
