Fugro heeft het eerste halfjaar 2004 met een hoger netto resultaat voor afschrijving goodwill afgesloten dan over de vergelijkbare periode in 2003. Dit ondanks de lagere dollarkoers, een aanhoudend zwakke markt in de eerste maanden van dit jaar – volgend op de zwakke tweede helft van vorig jaar - en de integratie van het eind 2003 overgenomen Thales GeoSolutions

In a number of segments the markets are improving, resulting in a healthy backlog of work for the second half of the year, which is almost 30% higher than a year ago.The net profit margin over the first half-year 2004 is 4.7% (2003: 5.4%).Fugro’s turnover for the first six months of 2004 is € 484.0 million (2003: € 404.7 million), which is an increase of 20% compared to the same period last year. Of this increase, around 18% derives from acquisitions and about 6% from autonomous growth. The negative effect of the dollar exchange rate on turnover is 4%. The net result before amortisation of goodwill for the first half-year of 2004 is € 22.6 million (first half-year 2003: € 21.7 million), an increase of 4% compared to the same period last year, in spite of an approximately 9% lower dollar exchange rate compared to the same period last year. For the first half-year of 2004, the average dollar exchange rate was € 0.82 (first half-year 2003: € 0.90). The net result after amortisation of goodwill decreased by 7% to € 14.6 million (2003: € 15.7 million). Earnings per share before amortisation of goodwill were € 1.55 (2003: € 1.51).

Profit expectations 2004
Oil and gas prices have reached recent record highs in the past months. The general expectation is that these prices will remain high for the time being. To meet the increasing demand for oil and gas and to compensate for reservoir depletion, the oil industry will have to invest. However, the timing of such investments remains uncertain. Prices for minerals are high as well, leading to more exploration for mining, which is a positive factor for the Geoscience division. The signals with regard to the development of the world economy are gradually becoming more positive, so that the pace of investments in construction is slowly improving in a number of countries. The aforementioned developments give Fugro reason for optimism. The demand for energy and natural resources led to improving market conditions in the second quarter of 2004, which has a positive influence on the backlog. The backlog for the second half of 2004 supports the expectation that this trend will continue. Fugro therefore expects to attain the previously announced turnover of € 1 billion in 2004.Furthermore, Fugro expects the net profit before amortisation of goodwill for the current year to considerably exceed the profit in 2003 (€ 45 million). The increased backlog over the past half-year puts Fugro in an excellent position for further growth. Assuming the market continues to develop positively, the dollar remains stable and there are no unforeseen circumstances, the medium term goal of a profit level before amortisation of goodwill of 7.5 to 8% should be attainable in 2005.

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