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Duro Felguera invoices 421 million Euros, 32% less than in 2017 and earns 37 million in profit after tax

The EBITDA was minus 155 million Euros, after setting up extraordinary provisions for projects and accounts receivable in Venezuela and Argentina, and a fall in business activity

Duro Felguera reduces net financial debt by over 98% after profound restructuring process

Board of Directors to present revised Strategic Plan at next Annual General Meeting, together with measures for building up Duro Felguera's capital

Thursday, 28 February 2019. Duro Felguera (DF), a Spanish company specializing in the delivery of turnkey projects in the energy, mining & handling and oil & gas sectors, has presented its results for FY 2018.

The company invoiced 421 million Euros in 2018, 32% less than in FY 2017 when revenue amounted to 624 million Euros. This reduction in the company's activity is due to problems deriving from the financial situation before the capital increase, which led to difficulties in contracting new projects and a fall in the production level.

The EBITDA was minus 155 million Euros in 2018, 10% better than in 2017, when it was minus 173 million Euros. This is a consequence of the fall in activity, the additional resources detected in certain projects, restructuring costs and the extraordinary provisions mainly for the impairment of accounts receivable in Argentina and Venezuela.

The profit before tax was 41 million Euros, compared to minus 218 million Euros in 2017. The company reduced its net financial debt by over 98%, from 272 million Euros in 2017 to 3 million Euros in 2018. 

The company's current backlog stood at 779 million Euros at the close of 2018, which provides workload for just over a year. In this regard, order intake in the year amounted to 78.8 million Euros, affected by the company's financial situation in 2018. In the first two months of 2019, however, Duro Felguera has signed contracts with relevant clients, which implies a change to a positive trend.

FUNDAMENTAL INDICATORS

The main indicators in thousands of Euros and percentages are as follows:

 
Imagen

Perspectives for 2019


  • In March the company will be informed of the arbitration sentence for the case opened against Samsung C&T for work carried out at the Roy Hill iron ore 'megaproject' (Australia).
  • The Board of Directors will present the revised Strategic Plan at the next Annual General Meeting, together with the measures to build up Duro Felguera's capital. 






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