Solid underlying business trends despite lower than anticipated result.
Ramboll had gross revenue of DKK 3,954 million in the first six months of 2013, which was 2% higher than H1 2012. The first half-year result was lower than expected mainly due to a few large project write-downs.
However, positive trends such as a gradual month by month increase in the billing ratio and a 15% increase in our order book since the end of 2012, indicate that our underlying business is healthy, and that our performance will improve in the coming months.
In the first half of 2013, Ramboll won a number of important projects. Among these, several large railway projects, a major hospital project as well as large, international energy projects.
• Gross revenue of DKK 3,954 million was 2% higher than H1 2012, as a result of organic growth of 1% and foreign exchange effects of 1%.
• Operating profit before amortisation (EBITA) of DKK 156 million was lower than H1 2012 (DKK 231 million) due to a negative calendar effect, a few large project write-downs and lower billing ratios.
• EBITA margin was 4.0% (5.1% if same number of working days as in H1 2012) compared to 5.9% in H1 2012.
• Profit before tax was DKK 89 million compared to DKK 171 million in H1 2012.
• Cash conversion was 59%; a positive development compared to H1 2012 (51%).
• Total equity was DKK 1.6 billion, leading to an equity ratio of 39%.
• Order book of DKK 3.6 billion was 15% higher than at year-end 2012.