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Second half 2014
Barring unforeseen circumstances, based on a strong backlog, the combined revenue of the Geotechnical, Survey and Subsea divisions is expected to continue to grow in the second half of this year relative to the comparable period last year.
The combined EBIT margin of these three divisions is expected to improve from 7.0% (excluding the impairments and write-offs) in the first half-year of 2014 to the low teens in the second half of the year.
The margin is expected to come in below the second half of 2013, when the margin was 14.1%, due to mix effects (less deep and ultra-deep water work and higher share of lower margin wind farm work), ongoing margin pressure in certain parts of the Survey market and increased uncertainty on project timing and somewhat lower utilisation.
The market for Geoscience, both for Seabed Geosolutions and multi-client sales, is uncertain.
Barring unforeseen circumstances, the revenue contribution from the Geoscience division is expected to grow in the second half of this year, and the margin should improve compared to the second half of 2013 and the first half of 2014.
This outlook is based on reasonable utilisation of our resources in Seabed Geosolutions. If this is not achieved, the transformation to a full modular deployment model may be expedited which could lead to restructuring charges and impairments.
Given the non-cash nature of the impairments taken in the second quarter of 2014, Fugro intends to pay out, over the year 2014, between 35-55% of net profit excluding the impact of the non-cash impairments and one-off writeoffs, in line with its dividend policy of a 35-55% payout.
This is subject to approval of its lenders, as the loan covenants specify that dividend pay-out should be less than 60% of net profit. Fugro expects to remain within its debt covenants, as the non-cash impairments have no impact on EBITDA.
Ciao!