Annual Report 2008 Sustainable design & engineering - Grontmij

Report of the Executive Board
RESULTS
Total revenue increased by € 73 million (up 9.5%, excluding currency effects 13.0%) to € 846 million in 2008. Excluding
acquisitions and disposals in 2008 (€ 31 million) revenue climbed by € 42 million (almost 5.5%) from € 773 million (2007) to
€ 815 million.
Net revenue rose to € 664 million (2007: € 598 million), an increase of about 11%. Taking into account disposals and acquisitions,
organic growth in 2008 was 5.5%. The negative impact of changes in currency rates (GBP, SEK) on net revenue was € 16.3 million
or 2.7%; without these effects, organic growth for 2008 would have been 8.2%.
The net margin (profit after tax expressed as a percentage of total revenue) increased to 4.6% in 2008 (2007: 4.2%).
(In millions of euros)
2008 2007 Δ 2008 vs 2007
Revenue 846.2 772.8 + 9.5%
Third-party project expenses 182.2 174.7 + 4.3%
Net revenue 664.0 598.1 + 11.0%
Earnings before interest and taxes 58.2 48.0 + 21.2%
Amortisation 6.9 6.1
EBIT (% revenue) 6.9% 6.2%
EBIT (% net revenue) 8.8% 8.0%
EBITA (% revenue) 7.7% 7.0%
EBITA (% net revenue) 9.8% 9.0%
Profit after tax 38.8 32.7 +18.5%
Net margin (profit after tax/revenue) 4.6% 4.2%
Due to the acquisitions in 2008, the amortisation of intangible assets on balance increased to € 6.9 million (2007: € 6.1 million).
Net interest expenses increased from € 6.0 million in 2007 to € 7.4 million in 2008, primarily because the Group took up a loan (GBP
25 million) to finance the 2008 acquisitions in the United Kingdom.
In 2008, a loss of € 3.6 million was recorded on a number of non-operational property development projects (2007: € 4.5 million).
Changes in currency rates (GB, SEK, PL) on balance impacted EBIT negatively by approximately € 1.6 million, and total revenue
by approximately € 18 million.
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GRONTMIJ | ANNUAL REPORT 2008