White Arrow schreef op 13 juli 2025 21:33:
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Het originele document bevat nog wat extra vragen:
Questions
The Chair gives the floor to Mr. Keyner, on behalf of VEB (Vereniging van Effectenbezitters).
Mr. Keyner poses two questions. The first question: working capital at year-end 2024 was better compared to 2023. Is this improvement structural or a one-off? The second question: can the company further optimise the working capital development by adjusting payment terms?
Mrs. Geelen responds to the first question and notes that the improvement in working capital isn’t accidental—as it is the result of a focused program that was implemented. For two years the working capital of the company has been below the 10% of revenue threshold, which reflects the increased discipline. In respect of the second question, Mrs. Geelen responds that Fugro is consistently focused on payment terms as it directly supports a stronger free cash flow and long-term value.
The Chair gives the floor to Mr. Burgers.
Mr. Burgers poses two questions. The first question: how does the dividend policy align with the share buyback strategy? The second question: is there a plan for future share buybacks, given the improved capital structure?
Mrs. Geelen responds to both questions and notes that Fugro follows a clear dividend policy, while share buybacks are considered if and when appropriate. The previous share buyback addressed both shareholder return as well as the dilution following the conversion of the outstanding bond. Future buybacks are carefully considered taking into account market conditions, liquidity, and leverage.
The Chair adds to Mrs. Geelen’ s answer that the balancing of financial strength with shareholder value is important.
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