Fugro FY 2015: strong cash flow in continuing challenging oil and gas market
- EBIT margin (before exceptional items) increased from 3.2% to 4.8% due to strong improvement in Seabed Geosolutions.
- Significant net debt reduction leading to net debt/EBITDA of 1.6 versus covenant requirement of below 3.0.
- Year-on-year revenue decline of 8.1% or 17.3% on a currency comparable basis in a strongly deteriorating oil and gas market.
- Cost reduction and performance improvement programme stepped up and progressing ahead of schedule.
- Backlog for the next 12 months down by 20.4% on currency comparable basis compared to a year ago, and by 3.7% compared to the previous quarter.
Outlook 2016: positive cash flow and further reduction of cost base in a challenging oil and gas market with continuing pressure on margins. ….