fugro geotechnicalYear-on-year revenue decline of 24.8% or 22.7% on a currency comparable basis in line with the market EBIT margin (excluding exceptional items) decreased from 4.8% to 0.5% mainly due to strong price pressure and lower activity levels in the oil and gas market. In the second half of the year EUR 75.5 million impairment losses, onerous contract provisions, restructuring costs and other exceptional items incurred, resulting in total of EUR 227.2 million for full year. EUR 186.1 million cash flow from operating activities after investments driven by cost savings, improved cash collection, curtailed capital expenditure and proceeds from asset disposals, resulting in significant net debt reduction. Proceeds of EUR 190 million subordinated convertible bonds, which are excluded from covenant requirements, were fully used for early repayments on United States private placement notes. Read More