Brief: Fugro FY Net Loss Widens To 74 Million Euros

Fugro NV

19/02/2021 06:08

Feb 19 (Reuters) - FUGRO NV  FUGRc.AS :
    * REVENUE DECLINED BY 12.4% IN THE FULL YEAR AND BY 14.4% IN
THE
SECOND HALF
    * IN H2, 59% OF REVENUE WAS GENERATED IN RENEWABLES,
INFRASTRUCTURE, NAUTICAL AND OTHER NON-OIL AND GAS RELATED
MARKETS.
    * FY REVENUE EUR  1.39 BILLION VERSUS EUR 1.63 BILLION YEAR
AGO
    * GROWTH IN OFFSHORE WIND AND COST REDUCTIONS SUPPORTED
MARGIN
RECOVERY TO 6.5% IN H2 COMPARED TO 0.6% IN H1
    * FY ADJUSTED EBITDA EUR 162.0 MILLION VERSUS EUR 184.9
MILLION
YEAR AGO
    * END-FY STRONG FREE CASH FLOW OF EUR 105.4 MILLION
    * FY NET LOSS EUR 74.0 MILLION VERSUS LOSS OF EUR 39.6
MILLION
YEAR AGO
    * IN 2021, CONTINUED FOCUS ON MANAGING COSTS AND CASH FLOW,
AND ON
OPERATIONAL AND COMMERCIAL EXCELLENCE, WITH THE AIM OF IMPROVING
THE MARGINS.
    * FOR 2021, OFFSHORE WIND IS ANTICIPATED TO SHOW CONTINUED
GROWTH.
    * FOR 2021,  GROWTH IN THE INFRASTRUCTURE MARKETS IS
EXPECTED TO
RESUME
    * CAPEX FOR CONTINUING OPERATIONS WILL BE AROUND EUR 80-90
MILLION
    * FOR 2021, OIL AND GAS MARKET IS EXPECTED TO REMAIN
VOLATILE
    * FOR FUGRO’S OWN OPERATIONS, OUR TARGET IS TO BE CARBON
NEUTRAL
BY 2035
    * PANDEMIC IS EXPECTED TO CONTINUE TO IMPACT SOCIETIES AND
ECONOMIC ACTIVITY IN COMING QUARTERS, ALTHOUGH FUGRO ANTICIPATES
A RETURN TO MORE NORMAL MARKET CONDITIONS IN H2

Source text for Eikon:  ID:nNDL8vN6Vw 
Further company coverage:  FUGRc.AS 

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