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United States

Fugro Q3 trading update, launches convertible bonds of EUR 100 million


Monday, 30 Oct 2017 02:16am EDT 

Oct 30 (Reuters) - FUGRO NV ::ANTICIPATES A DOUBLE-DIGIT DECREASE IN REVENUE, WITH ONLY A SINGLE DIGIT DECREASE IN THE FOURTH QUARTER‍​.EXPECTS EBIT MARGIN TO IMPROVE DURING THE SECOND HALF OF THE YEAR COMPARED TO THE FIRST.CASH FLOW FROM OPERATING ACTIVITIES AFTER INVESTMENTS WILL BE NEGATIVE FOR THE FULL YEAR.‍TRADING UPDATE Q3 2017: LOW SINGLE DIGIT EBIT MARGIN IN A STABILISING OIL AND GAS MARKET​.Q3 REVENUE EUR 364.0 ‍​MILLION VERSUS EUR 474.1 MILLION YEAR AGO.Q3 BACKLOG NEXT 12 MONTHS OF EUR ‍​0.87 BILLION VERSUS EUR 1.06 BILLION YEAR AGO.END-Q3 NET DEBT/EBITDA RATIO EUR 2.9 ‍MLN VERSUS EUR 1.8 MILLION YEAR AGO​.LAUNCHES A SUBORDINATED CONVERTIBLE BOND OF EUR 100 MILLION.‍​.BOND PROCEEDS WILL BE OFFERED TO THE USPP NOTEHOLDERS FOR EARLY REPAYMENT. ‍​.Q3 EBIT MARGIN WAS LOW SINGLE DIGIT, COMPARED TO MID-SINGLE DIGIT IN THE SAME PERIOD LAST YEAR. ‍​.TECHNICAL DOWNTIME OF SOME VESSELS AND HURRICANES IN AMERICAS, NEGATIVELY IMPACTING Q3 EBIT BY AROUND EUR 10 MLN‍​. 

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