Sunday 15 April 2018

Fugro annual report 2017

Front page of Fugro 2017

For the report in full please go here and to see my previous summary then visit Fugro annual report 2016 and to find out more about Fugro then please click on analysis of Fugro 2017.

Another year another sorrow. The revenue kept dropping again down from 1.8 billion to 1.5 billion €. For the fourth year in a row they made a loss and they keep eating large chunks from their retained earnings. This is of course not sustainable and by the look of it the increase in oil price have not yet started to provide Fugro with any extra money. In the BP report I read that they have had a very successful year in terms of finding new, especially, gas deposits. This is obviously not being performed by Fugro. The backlog has dropped down even one step further from last year which to me means that they have to be even more desperate during their price negotiations during the coming year to get any form of income.

Income statement of Fugro 2017

Conclusion: I see still not a turning point for Fugro and what is worse I only see their situation continuing downhill. As the fool I was when I made the investment thought it would be a short slope with quickly regained earnings and, followed on that, nice juicy dividend payments once again. I remain a grumpy shareholder.

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