Interim Report 2022

With 8.3% organic growth, Ramboll delivers the best half-year organic growth in 10 years, led by strong growth within sustainable solutions particularly in green energy and low-carbon buildings. 

Jens-Peter Saul

Contact

Jens-Peter Saul

Jens-Peter Saul

Group Chief Executive Officer
T: +45 5161 1000
Marianne Sørensen

Marianne Sørensen

Group Chief Financial Officer
T: +45 5161 1000

Ramboll had a successful start to the year 2022 which kicked off Ramboll’s new Group strategy that goes all in on sustainability.

  • Gross revenue increased by 10.4% to DKK 7.9 billion in the first half of 2022 (1.4% in the first half of 2021). 
  • Organic growth was 8.3%, the highest in a decade (1.8% in the first half of 2021). 
  • Operating profit before amortisation of goodwill, brand, and customer contracts (EBITA) increased by DKK 35 million to DKK 373.8 million, giving an EBITA margin of 4.8%,which is on level with the same period last year. 
  • EBIT margin increased to 3.8% primarily due to the divestment of part of Ramboll’s water business in the US. 
  • Ramboll’s order book is larger than ever amounting to DKK 8.1 billion – an increase of 10% compared to year-end 2021. 

“I am very pleased with the strong organic growth we have managed to deliver in the first six months of 2022. It shows that we are on the right track with our new strategy, The Partner for Sustainable Change which over the coming four years will focus our entire portfolio towards sustainability and aims to make Ramboll the global leader in the green energy transition,” says Group CEO Jens-Peter Saul. 

Double-digit growth in key markets

“We are seeing particularly high demand in the market for our sustainable services within green energy and Power-to-X, sustainable buildings and for developing operational sustainability strategies on behalf of and in partnership with clients. Our clients are motivated by a growing sense of urgency to act on climate change and consequently pressures to decarbonise economies across the world,” Jens-Peter Saul adds. 

In the first half of 2022, Ramboll’s market business units Energy, Buildings and Ramboll Management Consulting saw strong double-digit growth. Growth was also outstanding particularly in the UK and Germany with close to 20% growth. Denmark and Norway also experienced  also experienced strong growth, especially in Denmark and Norway.

Economic uncertainty creates opportunities for sustainability 

Ramboll’s strong half-year results, driven by increased demand for sustainable solutions, gives rise to optimism in the face of global turmoil and uncertainty: 
“With the war in Ukraine and the global inflation and supply chain crisis, we are experiencing a period of economic uncertainty that requires companies including Ramboll to be on their toes and continuously adapt. These challenging circumstances make it all the more urgent – and give us new opportunities – to accelerate the transition to a more sustainable economy for our future generations,” Jens-Peter Saul says. 

“The EU’s plan to become independent of Russian oil and gas will increase investments in green energy and energy efficiency and drive further research and development of hydrogen to improve energy independence long term. And in the US, a historic climate bill has just been passed which allocates USD 369 billion to energy security and climate change mitigation over the next 10 years and therefore will mean great opportunities for green companies,” he says.

Outlook for 2022

For the full year 2022 Ramboll expects both growth and profit above 2021 levels. By 2025 Ramboll expects to reach revenue of DKK 17 billion and employ close to 20,000 people, of which the majority of new joiners are expected to come through strong organic growth in the sustainability sectors and acquisitions mainly in the US, Germany and Singapore.

“A big concern for us as a company is the global labour shortages and so it is key that we continue to retain and attract the best and brightest employees. Therefore, we will make targeted acquisitions to make sure that we have the right competences to deliver on our commitment to a sustainable future and we will also be training and upskilling our 17,000 passionate employees so that we can all guide our clients on sustainability,” Jens-Peter Saul says. 

Over the next four years Ramboll plans to invest up to DKK 2.5 billion in acquisitions and innovation. 

New large, strategic projects across the world in the first half of 2022

  • Gigantic plastic sorting plant in Denmark, and third project related to the energy is-lands – In Denmark, the Norwegian energy company Quantafuel has chosen Ramboll as Owner’s Engineer for a first-of-its-kind plastic sorting plant. Once completed at the end of 2023, the plastic waste sorting facility will have the capacity to sort more than 160,000 tonnes of plastic waste into clean fractions for resale and processing by both mechanical and chemical recycling industries. Ramboll has also been chosen by Energinet to develop a concept design for the electrical infrastructure on the future energy island in the North Sea. This is the third project that Ramboll wins related to the energy islands.

  • A new health and well-being centre in Helsinki – In Finland, Ramboll has been selected to provide structural design for a modern health and well-being centre to be built above the Kamppi metro station in central Helsinki. The eight-storey building will incorporate the existing metro station as well as commercial premises at ground level, creating an easily accessible, inviting service hub for residents. The project requires exceptionally detailed design and high architectural standards due to the sensitive urban location.

  • Reshaping central Stockholm – In Sweden, Ramboll is part of an integrated team selected to plan the area around Stockholm Central Station. The area, dubbed Central City, will consist of six new mixed-use residential, retail and office blocks, and include an extension and refurbishment of the original Central Station from 1871. Special attention has been given to sustainability throughout the design of the project which will bring several modes of transport together in a single integrated transport hub. The new city district, largely built over the existing tracks, will reconnect the surrounding streets to create an active and safe public space, stitching together the east and west sides of the city.

  • Opening of the National Museum in Oslo, Norway – After nearly ten years in the making, Oslo’s National Museum opened in June 2022. Ramboll has been involved as multidisciplinary consultant since the beginning and has played a key role in making this world-class museum a reality. With its 14,000 square metres of exhibition space, the museum will house around 5,000 objects, making it the largest in the Nordic region. The architecturally distinct building is a pilot project in Norway’s FutureBuilt programme and is designed to reduce greenhouse gas emissions by at least 50% compared to current building standards.

  • Living breakwaters to increase coastal resilience – In the US, Ramboll is leading construction management on the Living Breakwaters Project, an innovative coastal green infrastructure project preparing the coastline along the South Shore of Staten Island, New York, for future climate changes by recreating oyster habitats with breakwaters. The oysters serve as a water filter and improve water quality while also helping to reduce the risk of flooding by holding the breakwaters themselves in place and thereby reducing coastal erosion. Ramboll’s responsibilities include supervising and overseeing the planning, coordination, and implementation of the project.

  • Sustainable transportation for Germany – In Germany, Ramboll and its project partners have been commissioned by Deutsche Bahn Netz AG to plan the upgrade of railway lines in northern Germany to accommodate an increase in train traffic. The entire line from Hamburg to Puttgarden will be partially upgraded to two tracks and electrified which will include renewing and replacing several bridges and tunnels along the line. It is an important sub-project and enabler of the Fehmarn Belt Crossing between Denmark and Germany as well as an important piece of the puzzle to decarbonise transport in Germany.

  • Multidisciplinary services for global data centre provider – In the UK, Ramboll is delivering multidisciplinary services for Vantage Data Centers, a leading global provider of hyperscale data centre campuses, to support their planning and development teams across several locations in Europe. Ramboll is providing Permitting, Consenting and Environmental Impact Assessment support as well as project delivery support and site investigation services.
 

Key figures and financial ratios

H1
2022

H1
2022

H1
2021

Income statement

EURm

DKKm

DKKm

Gross revenue

1,055.4

7,851.9

7,110.6

Net project revenue (NPR)

881.6

6,558.8

5,964.0

Operating profit before depreciation and amort. (EBITDA)

63.5

472.5

442.7

Operating profit before amortisation of goodwill, brand and customer contracts (EBITA)

50.2

373.8

338.9

Operating profit before interests and tax (EBIT)

40.6

302.0

186.6

Profit before tax

41.1

305.5

164.4

Profit for the period

26.2

194.7

85.2

Balance sheet

 

 

 

Total assets

1,278.1

9,508.7

8,389.4

Total equity

420.7

3,129.7

2,582.1

Net interest-bearing cash/ (debt)

38.7

287.8

392.8

Cashflow

 

 

 

Cashflow from operating activities

(23.1)

(172.2)

(153.6)

Investment in tangible assets, net

(15.7)

(116.8)

(67.8)

Free cashflow

(38.9)

(289.0)

(221.4)

Acquisitions of companies

(21.7)

(161.7)

(72.1)

Employees

 

 

No.

Number of employees, end of period

 

17,050

16,312

Number of full-time employee equivalents

 

15,827

15,214

Financial ratios 

 

 

%

Revenue growth

 

10.4

1.4

Organic growth

 

8.3

1.8

Organic growth, Net project revenue (NPR)

 

8.2

3.5

EBITDA margin

 

6.0

6.2

EBITA margin

 

4.8

4.8

EBIT margin

 

3.8

2.6

Return on invested capital (ROIC)

 

16.7

12.1

Return on equity (ROE)

 

14.0

5.6

Cash conversion ratio

 

(30.2)

(29.9)

Equity ratio

 

 32.9  30.8

Key figures, sustainability

     

Gender diversity, women %

 

36.4%

 35.5%

Total reportable incident rate (TRIR)

 

1.34

 1.37

Ramboll Group A/S

Ramboll Group A/S
Hannemanns Allé 53
DK-2300 Copenhagen S
Denmark
Tel:+45 5161 1000
Fax:+45 5161 1001

Danish CVR numbers

Danish CVR numbers

Ramboll Group
10160669

Rambøll Danmark
35128417

Ramboll Energy
35128417

Rambøll Management Consulting
60997918

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