Key figures (in EUR million)
31 December 2010 Change 31 December 2009
Revenue 2,280.4 11.1% 2,053.0
EBITDA 561.1 1.8% 551.1
EBIT 351.5 (4.3%) 367.4
Net result 272.2 3.3% 263.4
Net margin (%) 11.9 12.8
Basic earnings per share (EUR) 3.47 0.3% 3.46
Proposed dividend per share (EUR) 1.50 1.50
Cash flow 489.8 7.2% 456.8
Investments 443.8 320.4

Business development
In the course of 2010 economic recovery gradually started in some regions, in particular in the Far East, resulting in an increasing demand for energy. This has led to a higher price of oil and an increase in the global exploration and production expenditure of the oil and gas industry. As a large part of Fugro's activities is related to this sector, the effect of the foregoing was also noticeable in our activities.

In the first half of 2010 revenues were flat compared to the first half of the previous year, but over the second half of 2010 growth was resumed and revenues increased by 22% compared to the second half of 2009.

In other sectors where Fugro operates, there were regional variations in the demand for our services, with Europe showing stagnation in demand for services for large infrastructure projects and a low interest for mining related work in Africa. Elsewhere the demand for these services held up reasonably well or showed gradual recovery.

Price pressure continues in segments with an oversupply of available capacity, such as in marine seismic and offshore construction support. New capacity additions in the marine seismic market still exceed the growth in demand. For offshore construction related work the hiatus of new project start-ups in late 2008 has lead to fewer projects entering the construction phase in the current period.

Under these market circumstances Fugro has continued to focus on cost control and keeping the utilisation of capacity up by means of competitive pricing in some sectors. This has resulted in a somewhat lower net profit margin of 11.9% in 2010 (2009: 12.8%). Revenue of EUR 2,280.4 million exceeded that of any previous year. All three divisions showed growth in revenue and were profitable.

Fugro's financial position is solid and underpins plans for further growth in the medium term, both organically and through acquisitions. The fleet renewal/expansion program for marine seismic work was completed during the year. Expansion and renewal plans for vessels are in place for the Geotechnical and Survey divisions.

Fugro's broad range of services enables the company to offer one-stop-shopping solutions to clients for complex projects. This applies for new oil and gas developments as well as for large infrastructure projects such as harbour extensions and offshore wind farms.

tijd 09.07
De AEX 364,10 -0,59% Fugro EUR 60,13 -68ct en 65.000 sts omzet.
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