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De Bilt 18 May 2010

Annual General Meeting of Shareholders. De Bilt 18 May 2010. Agenda item 1. Opening Frank L.V. Meysman Chairman of the Supervisory Board Grontmij N.V. / Voorzitter Raad van Commissarissen Grontmij N.V. Agenda item 2. Presentation Executive Board / Presentatie Raad van Bestuur

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De Bilt 18 May 2010

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  1. Annual General Meeting of Shareholders De Bilt 18 May 2010

  2. Agenda item 1 Opening Frank L.V. Meysman Chairman of the Supervisory Board Grontmij N.V. / Voorzitter Raad van Commissarissen Grontmij N.V.

  3. Agenda item 2 Presentation Executive Board / Presentatie Raad van Bestuur Sylvo Thijsen CEO / Voorzitter Raad van Bestuur Grontmij N.V. Mel Zuydam CFO Grontmij N.V.

  4. Agenda item 2 Presentation Executive Board / Presentatie Raad van Bestuur • Grontmij Strategic Overview / Grontmij Strategisch Overzicht • Results 2009 Headlines / Resultaten 2009 in hoofdlijnen • Results Q1 2010 / Resultaten 1e kwartaal 2010 • Outlook

  5. Grontmij Strategic Overview / Grontmij Strategisch Overzicht Sylvo Thijsen CEO / Voorzitter Raad van Bestuur Grontmij N.V.

  6. Grontmij: a Strong European Network /Grontmij: een sterk Europees Netwerk • Strong European regional network • 150 offices in Europe • 20 offices RoW* • 3 Business Lines • Planning & Design • Transportation & Mobility • Water & Energy • 8,000 people • 25,000 projects a year • Principle regions: • Nordic • Benelux • UK, Central & Eastern Europe • RoW* * RoW: rest of the World

  7. Services & Competences • Project definition • Conceptual design • Functional program • Feasibility study • Investment plan • Program management • Design management • Project management • Financial, organi-sational and legal management support • Technical specs • Engineering • Detail engineering • Work drawings • Calculations • Samples, surveys • Data • Supervision • Quantity survey • Construction management • (Turn-key) contract management • Maintenance scheme • Monitoring & control • Facility management Consultancy & Design Project Management Asset Management Engineering Contracting

  8. Roles Designer Architect Consult / Engineer Consult / Engineer Client Designer Contractor Subcontractor Architect Consult / Engineer Consult / Engineer Product supplier Sub-contractor Materials Installation Labour Feasability + Spec Project Management Use & Maintenance Basic Design Detailed Design Tender / Bid Award Realisation

  9. Our Organisation

  10. Our Group Executive Committee • Sylvo Thijsen Chief Executive Officer • Mel Zuydam Chief Financial Officer • Gert Dral Group Director Planning & Design • Ulf Palmblad Group Director Transportation & Mobility • Lawrence Hughes Group Director Water & Energy

  11. Development of Financial & Operational Strategy for Growth 2010 - 2015 Sylvo Thijsen CEO / Voorzitter Raad van Bestuur Grontmij N.V.

  12. Strategy timeline 1 1237 4130 8000 844 800 511 472 435 242 125 90 1913 1985 2000 2006 2015 Our people Revenue (x 1,000) • Acquisition of IHN, BnS, Morzeck • Full service concept • Invest in real estate • Waste operation • Building services • > 65 % profits from non-core activities • Strategic Review • Focus on cons. eng. • Divest real estate ( > 150 mln ) • Invest in Internalisation Carl Bro 2006 • Europeanising & focus on business lines • Invest in Europe • Specialize Water & Energy • Start-up connections global networks 1913 – 20001st € 500 mln 2000 – 2015next € 1 bln 1985 1991 1995 2000 2001 2005 2008 2009 2010 2015 1913

  13. Strategic ConceptGreenby Design Urbanisation & Industrialisation Deliver technical services and organisational capabilities in 3 business lines Improve clients performance sustainable value Planning &Design Transportation & Mobility Water & Energy Natural Resources

  14. Financial Goals Our long-term goals are ambitious; they translate into clear financial objectives:

  15. Trends Planning & Design • 84% of Europeans will live in urban areas • 40% of all energy is used by buildings • 30% of people > 65 years in 2050 Transportation & Mobility • 97% dependence of transport on fossil fuels • 25% of all urban trips is public transport • 20% increase transport in EU by 2020 Water & Energy • 60% of European cities > 100,000 people use more groundwater than replenished • 40% (2.6 billion people) don’t have access to sanitation • 80% reduction of GHG emission of developed countries by 2050

  16. Major regions impacting economic development in Europe

  17. Changing Market Requirements Seamless cooperation From To “Squeezed in the middle” Partnership based approach to stakeholders Technical consultants Architects or advisors to clients Technical consultants Contractors Architects or advisors to clients Contractors

  18. Changing Market Requirements (2) Value added consulting From To Safety Structural Design Structural Design Indoor climate Life cycle costing Energy efficient design Electrical Electrical Heating + Sanitation Heating + Sanitation Sustainable design

  19. Changing Market Requirements (3) Life cycle perspective From To Operational / maintenance Operational / maintenance Pre-project Design Pre-project Design Life cycle / maintenance / relationship focus

  20. Changing Market Requirements (4) Internationalisation • Consulting and Planning • Customers increasingly require international cooperation and/or experience • Design • Large / complex projects often requiring international experience • Large / complex projects will attract international bidders

  21. Business Lines Planning & Design Transportation & Mobility Water & Energy SHARON, New York, USA Bispebjerg Bakke, Copenhagen, Denmark Lightrail, Zoetermeer, the Netherlands

  22. Shanghai World Expo 2010, China ‘Better city – Better life’ Today His Royal Highness Prince Willem Alexander visits the Shanghai World Expo Grontmij is participating also with its own event in the ‘Holland Pavilion’ on 15 & 16 July

  23. Some projects in China

  24. Dance and Music Centre, The Hague, the Netherlands

  25. Corporate Social Responsibility / Duurzaam ondernemen GRI standards used for 25 key indicators that drive performance improvement: • Reducing energy use across the group • Cutting back transportation emissions • Our aspiration is to be carbon neutral by 2013

  26. Corporate Social Responsibility / Duurzaam ondernemen GRI standard disclosures -key environmental performance indicators 2009

  27. 2009: Highlights • Revenue € 800 million • 5% down (3% organic, 2% currency) • Operating profit € 45 million (2008: € 53 million) • Excl. EAI’s, restructuring • Net profit € 20.4 million (2008: € 38.8 million) • After € 11.7 million restructuring • Cashflow € 52.3 million (2008: € 34.5 million) • 104% profit conversion to cash • Cost reduction plan • Being implemented, fully provided 2009 • Customers • New business lines in operation • Dividend €1.00 per share stock or cash (2008: € 1.15)

  28. Market & Strategy: diversified portfolio Business Lines Total Revenue 2009 Regions Total Revenue 2009 ClientsTotal Revenue 2009 Private-sectorInternational Water & Energy Planning & Design UK, CEE Nordic Utilities Public-sector National 16% 16% 21% 28% 32% 6% 47% 24% 47% 38% 25% Public-sector local Transportation & Mobility Benelux Private-sector National 33

  29. Market conditions - remain challengingForward order book improved Planning & Design Transportation & Mobility Water & Energy Denmark Energy/Industry poor Nordic Sweden Belgium Benelux Building poor the Netherlands UK Water frameworks encouraging Transportation strong UK Germany UK, CEE CE RoW Good OK Poor

  30. Results 2009: Headlines/ Resultaten 2009: kernpunten Mel Zuydam CFO Grontmij N.V.

  31. Profitability & Liquidity Drivers • Gross Margin: - Net Revenue less Direct Costs • Price • Productivity • Efficiency: - Indirect Overheads • Economies of scale • Financial & cost control • Liquidity: - EBITDA: Cash Conversion • Working capital management • Cashflow management • Further non core divestments

  32. 2009: A platform for long term growth • Margins - Efficiency - Cash • Underlying EBITA and Profit after tax in line with expectations • Non-recurring restructuring costs of € 4.5 million, and further provisions of € 7.2 million - total € 11.7 million • Strong cash performance resulting in reduced working capital and net debt

  33. Revenues declined 5% at net revenue level Gross Margin maintained (revenue less direct costs) Share of profits from EAI € 2.7 million, down € 1.8 million Restructuring costs € 11.7 million Increased tax rate 27% (2008: 24%) 2009 - Consolidated income statement

  34. Country profitability analysis • Nordic region  stable in 2009, with some restructuring • Benelux region  decline in 2009, with significant restructuring • UK CEE region  decline in UK, profitability maintained CEE

  35. Intangible assets & Goodwill No material acquisitions in year Amortisation offset by software acquisition & currency differences Focus on billing and collection € 13 million reduction in working capital Net Debt reduction of € 12 million Strong cash conversion Consolidated balance sheet extract

  36. Conversion of underlying EBITDA From 53%, to 74% to 104% Strong underlying EBITDA: CASH conversion

  37. Basic EPS reduced Largely due to non-recurring restructuring Adjusted EPS only reduced by 3% Proposed dividend: € 1.00 per share stock or cash Strong underlying EPS

  38. Dividend and Earnings per share - trendRemains at high level Dividend per share in € Earnings per share in € 2.16 1.84 1.31 1.14 1.15 1.10 0.81 1.00 0.75 0.53 2005 2006 2007 2008 2009 26.0 26.4 27.7 28.2 Solvency 27.6

  39. Strategy 2010 – 2015:Organic revenue growth, increase of profitability and acquisitions • Cross selling • Leveraging customer knowledge, references, skills and expertise across geographical borders • Increasing focus on high margin projects and the growth markets of water, energy and mobility • Benefit from vendor reduction trend in multinational clients • Operational excellence, cost reductions and cash conversion • Lower working capital & improved treasury management • Execution of cost reduction program announced Q3 2009 (cost savings € 3-5 mln in 2010) • Standardised operation & governance models i.e. ICT and risk • Acquisitions • Strengthening the position in water, energy and mobility and relatively fast growing regions such as Central & Eastern Europe 43

  40. Results Q1/ Resultaten 1e kwartaal 2010 • Revenue 11% down, of which 9% organic, 2% currency • Underlying EBITA down 20% (Q4’09 21%) • Profit after tax €3.7m equals Q1 2009 before profit from divestment • Strong 2009 year end cash collection leads to lower operating cash in Q1 2010

  41. Results Q1/ Resultaten 1e kwartaal 2010 • Small increase in core EAI • Reduced amortisation • Some further restructuring in UK, NL & DK • Lower interest cost • Effective rate of tax maintained

  42. Outlook Sylvo Thijsen CEO / Voorzitter Raad van Bestuur Grontmij N.V.

  43. Outlook 2010 (Reiterated March 2010) • No recovery building market, transportation good • Encouraging UK Water AMP5 activity • No material profits from divestments of EAI • Cost reduction benefits in HY2 2010: € 3-5 million • Focus on cash & transparency to continue • Early signs of forward order improvement; new approach at HY 10: rolling 3 month forward order book • First comparatives at HY 10, together with update on expectations for FY 2010

  44. A platform for long term growth Any Questions?

  45. Agenda items 3 – 12 Frank L.V. Meysman Chairman of the Supervisory Board Grontmij N.V. / Voorzitter Raad van Commissarissen Grontmij N.V.

  46. Agenda item 3 Report of the Supervisory Board and Report of the Executive Board for the financial year 2009 Corporate Governance Adoption of the annual accounts 2009 Verslag van de Raad van Commissarissen en Raad van Bestuur over het boekjaar 2009 Corporate governance Vaststelling van de jaarrekening 2009

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