Interim Report January-June

Transcription

1 Interim Report Interim Report January-June The first half year (H) has been characterised by a busy market in general. Operating profit before amortisation (EBITA) increased by % to DKK 9. million (8.7). Profit before tax increased by % to DKK 8.8 million (63.). Revenue increased by 7% to DKK,86. million (,.7), partly as a result of organic growth, partly as a result of acquisitions. The EBITA margin was 8.0% compared to 8.% in H 007. The headcount figure increased by 3% to 8,63 (,796). By acquisitions the number of employees increased by 8 since the year end 007 and by,3 since H 007. The proportion of management who is female increased to 6% from % in full year 007 and % in full year 006. Cash conversion was 7% compared to 67% in H 007. Equity passed the DKK billion mark. The overall market situation for Ramboll Group for the remainder of 008 is in general positive. However, there are signs of a potential slow down, especially in the buildings, IT and Telecom segments and 009 is foreseen as being more challenging than 008. Ramboll Group A/S

2 Interim Report Operational results Revenue has increased by DKK 60.7 million to DKK,86. million. The growth areas are primarily the UK, Finland, Norway, Oil & Gas, Management Consulting and Denmark. The growth is partly a result of acquisitions and partly organic. Growth from acquisitions is primarily due to the acquisition of Whitbybird in the UK and secondarily due to acquisitions in Finland (Jyvästek and Analytics), Telecom (IMISoft) and Management Consulting (Attractor). Operating profit before amor-tisation (EBITA) increased by DKK 3.7 million to DKK 9. million. EBITA was 8.0% with strong performance in particulary Oil & Gas, Management Consulting and Norway. Profit before tax increased by DKK.7 million to DKK 8.8 million. Balance sheet Total assets have increased by 7% to DKK 3. billion. Total equity has passed the DKK billion mark for the first time in the company s history and the equity ratio has slightly increased to 3.3% compared to 30.8% at the end of 007. The Return financial key ratios (ROIC, ROE and ROCE) for the first six months of 008 are more or less in line with the return figures from same period last year. Cash flow Cash conversion for the first 6 month of 008 is 7% compared to 67% same period last year and 7% for the full year 007. The development of changes in working capital and cash conversion is unsatisfactory. Cash management and an improvement of cash conversion will be a focus area the remaining of this financial year. Employees On 30 June 008 Ramboll employed 8,63 people (,796). The number of full time employee equivalents (FTEE) was 7,7 (,33), operating from 0 locations in the European region and 3 locations in the rest of the world. Revenue per principal business unit EBITA margin per principal business unit DKK million H 008 H 007 Denmark Sweden Norway Finland UK Oil & Gas Management Consulting Informatik Telecom Others Intergroup transactions Total,86.,.7 % H 008 H 007 Denmark Sweden Norway Finland UK.8 - Oil & Gas Management Consulting 0..3 Informatik. 6.6 Telecom 0.7. Others.3-3. Total Revenue per service area Revenue per geographical area DKK million H 008 H 007 Building & Design Infrastructure & Transport Industry & Oil/Gas Energy & Climate Environment & Nature Management & Society IT & Telecom..6 Total,86.,.7 DKK million H 008 H 007 Denmark, Sweden Norway..6 Finland UK Rest of Europe, incl Russia Middle East South East Asia.0.0 Rest of world Total,86.,.7 Consolidated from 7 August 007. Revenue for H 007 adjusted by DKK 9. million due to reclassifications within income statement.

3 3 Interim Report Accounting policies This report has been prepared in accordance with the Danish Financial Statements Act. The accounting policies applied are consistent with those applied in the most recent Annual Report. Organisation Ramboll s organisation has a home market presence in Denmark, Sweden, Norway, Finland and UK. In addition, Ramboll trades in Russia, the Baltic region and the Middle and Far East. Ownership All shares in Ramboll Group A/S are owned either by the Ramboll Foundation (93%) or by employees in Ramboll (7%). Selected operational activities In 008, Ramboll has changed its organisational principles to a three dimensional organisational structure, where the three dimensions are equally important for the company operation and development in future. The new organisation consists of Country Business Units, Service Areas/Global Practices and Functional Support Services acting as the shared structure for activities and systems servicing. This organisation supports our One Company philosophy. We will continue with our focus areas of cross-organisational cooperation, knowledge sharing, new market development and innovation to support the continued development of the Group. Joining forces on waste-toenergy project in Norway The Danish and Norwegian Ramboll operations are working on a project to establish a new waste-to-energy facility in Hamar, Norway. The facility, scheduled for commercial operation by the end of 00, will have an annual capacity of approx. 7,000 tonnes of waste and will generate district heating for the city of Hamar, steam for an adjacent company and electricity. Ramboll has won a waste-to-energy project in Kristiansand, Norway The Danish and Norwegian Ramboll operations have in cooperation won a contract for the implementation of the waste-to-energy plant in Kristiansand for the intermunicipal waste management company Returkraft A/S. Scheduled for commissioning in 00, the waste-to-energy plant will have a capacity of 0,000 tonnes of waste per annum and will produce heat and power. Innovative way to prevent air pollution At a time when there is an increased focus on pollution and sustainability, Ramboll can offer new technology within oil Profit before tax and rolling annual profit before tax DKK million Q Q Q Q Q Profit before tax Rolling annual profit before tax

4 Interim Report and gas. Presently, this technology is being used to prevent pollution and unhealthy smog from flare towers on an oil and gas system in Qatar. The flare system collects and burns off excess gas in the flare tower. Automated crack measurements for the Finnish road network Ramboll has been chosen to provide the Pavement Crack Measurement services for the Finnish Road Administration (Finnra). The project Automated Crack Measurements in Finland during will be carried out in cooperation with Sweden. The project with a contract value of approx. EUR 00,000 annually is a significant example of the cross-organisational synergies within Ramboll. Action Programme for Reducing Administrative Burdens in the EU An international team in Ramboll is collaborating with Deloitte and Capgemini on a large EU project to reduce administrative burdens. The project aims to identify, measure and reduce administrative burdens on European businesses and is a cornerstone in the Action Programme for Reducing Administrative Burdens in the EU. The programme aims to reduce burdens by % in 0 and it is estimated that the programme will save European businesses around 0 billion euros each year. Roskilde s largest urban development project The largest building project in Roskilde, Denmark will be placed in an area near Roskilde Station and will include,00 offices,,00 parking spaces, 00 homes, a hotel with 70 rooms and a congress centre. In addition, there will be offices and service functions for Roskilde Station. The total cost of the project is estimated to be DKK 3- billion. Ramboll was selected as the engineering consultant for the entire project; from planning and traffic/environmental analyses to detailed planning and design. Acquisitions in the period IMIsoft, one of India s most respected design companies within telecommunications, joined Ramboll Group this spring and will contribute to strengthening Ramboll s position in India and worldwide. IMIsoft was founded in 988 by Mr. A. R. Vishwanath and employs more than 60 people. Based in Hyderabad and with 0 offices across India, IMIsoft s services cover the design of mobile towers, software development and supervision of mobile networks. IMIsoft is strategically important for the pursuit of great opportunities in one of the world s fastest growing markets and for becoming one of the world s leading design firms within Telecommunications. Ramboll also acquired Cefalo, a Swedish.net company this spring. Cefalo employs 3 people and is a very successful business consultancy and.net developer for a large number of customers, primarily within the private sector. Future outlook The overall market situation for Ramboll Group for the remainder of 008 is in general positive as the order book is on a reasonable level. However, there are signs of a potential slow down, especially in the buildings, IT and telecom markets, and 009 is foreseen in general as being more challenging for Ramboll than 008. Virum, 8 August 008 Figures in parentheses refer to 30 June 007. Auditors review: This Interim Report has not been subject to review by the Company s auditors. Next reporting: The Annual Report will be published on 7 March 009. Picture on front page: Telemast in Dubai in local disguise. For more information contact head office: Ramboll Group A/S Teknikerbyen, DK-830 Virum Flemming Bligaard Pedersen, Group CEO Michael Rosenvold, Group CFO Tel Danish CVR no

5 Interim Report Head count per principal business unit Full time employee equivalent per principal business unit H 008 H 007 Denmark,70,60 Sweden,0,7 Norway Finland, 89 UK Oil & Gas 9 3 Telecom Management Consulting 67 3 Informatik 9 76 Others Total 8,63,796 H 008 H 007 Denmark,37,36 Sweden,03,09 Norway 8 80 Finland,00 8 UK 83 - Oil & Gas 0 8 Telecom 0 7 Management Consulting 3 3 Informatik Others 36 9 Total 7,7,33 Consolidated from 7 August 007. Key statistics Key figures and financial ratios H 008 H 008 H 007 H Income statement, EUR/DKK million Revenue 38.3, , ,739.6 EBITA Operating profit Profit before tax Profit for the period Balance sheet, EUR/DKK million Total assets 33. 3, , ,00.0 Equity Net interest bearing debts/ (cash) Cash flow, EUR/DKK million Changes in working capital Acqusitions of subsidiaries and associates Financial ratios in % Revenue growth EBITA margin Operating margin Return on invested capital (ROIC) Return on equity (ROE) Return on capital employed (ROCE) Cash conversion ratio Equity ratio Holistic indicators H Values and leadership Proportion of management who has participated in management training programmes since their appointment, % Human assets Average age of employees Average age of management Proportion of management who is female, % 6 Consultancy Public sector revenue, % 38 7 Private sector revenue, % Calculated on a rolling annual basis. Change in accounting policy for defined benefit plans made retrospectively as of January Defined as (EBITA + Changes in working capital) / EBITA x 00. Revenue for H 007 adjusted by DKK 9. million due to reclassifications within income statement.

6 6 Interim Report Consolidated statements Consolidated income statement, DKK million H 008 H Revenue,86.,.7,739.6 Projects costs External costs Staff costs -,7.7 -,37.9 -,8.8 Depreciation ,8-7.9 EBITA Amortisation Other operating income Other operating cost Income from associated companies Operating profit Financial income Financial expenses Profit before tax Tax Profit before minority Minority interest Profit for the period Consolidated cash flow statement, DKK million H 008 H Cash flow from operating activities before changes in working capital Changes in working capital Provisions Income tax paid Cash flow from operating activities Investing activities Cash flow after investing activities Financing activities Net cash flow for the period Cash and cash equivalents, opening balance Cash and cash equivalents, closing balance Consolidated balance sheet, DKK million Intangible assets Property, plants and equipment Investments Receivables,799.0,78.,90.6 Cash and cash equivalents Total assets 3,30.,3.8 3,00.0 Equity, Minority interest Provisions Long-term liabilities Short-term liabilities 3,33.,.3,.0 Total equity and liabilities 3,30.,3.8 3,00.0 Of which goodwill Of which interest-bearing provisions Of which interest-bearing liabilities Changes in equity, DKK million H 008 H Opening balance Exchange rate adjustments related to foreign subsidiaries and associates Value adjustments of hedging instruments Tax effects Paid dividend Profit for the period Closing balance, Revenue for H 007 adjusted by DKK 9. million due to reclassifications within income statement. Change in accounting policy for defined benefit plans made retrospectively as of January 006.