General highlights Weak first half year Weakened oil & gas market Poor Q1 across all divisions Geotech and Survey strongly improved in Q2 Subsea continued improvement excluding fire and strike Continued losses Seabed…
Financial highlights Revenue of EUR 1,187 million (HY13: EUR 1,168 million) Revenue + 6.2% or + 7.9% excluding multi-client (at constant exchange rates) Non-cash impairments and one-off write-offs of EUR 347 million, related to…
High single digit revenue growth excluding multi-client Strong growth Seabed and Geotechnical Decline at Subsea Large negative exchange rate effect X EUR million + 7.9% 63 -3 -56 4 -14 44 1,152 1,114 HY13 Geotech…
Market developments oil and gas HY14 Oil and gas market (75% of revenue) Oil price stable at USD 105 - 115 per barrel (Brent) E&P spend growth by major international oil companies flattened as result of focus on capital…
Market developments other markets HY14 Infrastructure and building ( 22%) Infrastructure spend growing as general economy recovers from global financial crisis Growth concentrated in emerging markets, driven by mega city…
Market developments other markets HY14 Other ( 3%) Significant mining opportunities, particularly in rapid growth economies in Africa and South America Increasing work volume in non-oil and gas marine activities including cable…
Adjusting to challenging market circumstances (2) Performance improvement measures (cont.) Reduction of organisational complexity to lower organisational cost and improve collaboration, control and efficiency Reduction in number…
Adjusting to challenging market circumstances (3) Strategy Seabed Geosolutions in light of challenging market: Key option is to transform operations to modular deployment model that results in more attractive and flexible cost…
Recent key projects Foundation testing for worlds tallest tower in Jeddah, Multi-year survey and geotechnical services for ENI to Saudi Arabia support engineering and design for Mamba gas field Search for MH370: bathymetric and…
Geotechnical division: performance Onshore: strong performance Traditional infrastructure and energy markets in Middle East, Hong Kong and Americas Emerging Caspian and African markets Offshore: very challenging Q1 Weather…
Survey division: performance Continuing good performance positioning, metocean and construction support Lack of geophysical and aerial mapping projects in Europe and especially North America (including terrestrial surveys) Severe…
Subsea Services division: performance Good performance Middle East & India Trenching in Europe (wind farm projects) Global tooling Relatively low vessel utilisation in Q1 due to weather conditions in Europe and Asia Pacific…
Geoscience division: performance Seabed Geosolutions In OBC, mobilisation on 2 large contracts In May production started on Petronas contract In July (delayed) production started on a large project, running well into 2015. OBN…
Vessel fleet Largely according to plan and schedule Committed Division Expected/ actual 2014-2016 start operations Fugro Proteus Survey Q2 2014 Fugro Scout Geotechnical Q4 2014 Fugro Aquarius Subsea Q1 2015 Fugro Americas…
Acquisitions in HY14 Geotechnical division Earth Resources, Johannesburg Geofor, Central Africa Survey division RailData, Netherlands Roames, Brisbane 17 HY14 Results, 11 August 2014 www.fugro.com
Survey division: performance Revenue EBIT (margin) Capital employed adjusted for impairments and one-off write-offs 18.1% 608 442 584 424 11.8% 80 50 HY13 HY14 HY13 HY14 HY13 HY14 Rev. Decline of 4.1% or growth of…
Subsea Services division: performance Revenue EBIT (margin) Capital employed adjusted for impairments and one-off write-offs 289 637 265 577 0.3% 0.8 -1.4% -3.7 HY13 HY14 HY13 HY14 HY13 HY14 Rev. Decline of 8.6%…
Geoscience division: performance Revenue EBIT Capital employed adjusted for impairments and one-off write-offs 133 13 938 1 Other 16 35 Multi-client 101 7 Seabed 17 -48 4 577 -5 54 -20 97 -47 40 HY13 HY14 HY13 HY14…
Finance & Tax Net finance costs Tax expense (x EUR million) HY14 HY13 (x EUR million) HY14 HY13 Finance income 7 9 Tax before impairment (7) (30) Interest expenses (14) (14) Tax on impairment 59 Net change in financial assets (7) 1…
Working capital & Capex Working capital Capex (x EUR million) HY14 HY13 (x EUR million) HY14 HY13 Working capital 446 676 Maintenance capex 50 49 of which inventories 34 25 Capex major assets 46 39 of which trade and other 963…
Strengthening finance function Key positions filled Group controller started, team in place Corporate treasurer will start in October Head of Internal Audit started in May; dedicated internal audit team in place in Q4 Regional…
Positive cash flow from operations allocated to capex & acquisitions X EUR million 93 -134 -39 - 89 50 - 65 17 CF from capex acquisitions other CF from CF before CF from financing Net cash operating act. investing act…
Financial position remains strong Net debt / EBITDA 2.32 Gearing 48% Solvency 48% All covenants met Approval from lenders required to maintain dividend policy at 35-55% of net result excluding non-cash impairment and one-off…
OUTLOOK 30 www.fugro.com
Backlog remaining of the year and next 12 months Next 6 months Next 12 months +7.3% 1,821 1,698 +11.7% 499 1,210 449 1,083 373 324 640 591 406 400 465 434 297 238 134 193 248 121 HY13 HY14 HY13 HY14…
Outlook 2nd half 2014 (1) Geotechnical, Survey and Subsea The combined revenue from Geotechnical, Survey and Subsea divisions is expected to grow Combined EBIT of Geotech, Survey and Subsea for 2HY14 is expected to improve to the…
Outlook 2nd half 2014 (2) Geoscience Geoscience market is uncertain Revenue contribution is expected to grow Margin should improve compared to 2HY13 and 1HY14 Outlook is based on reasonable utilisation of resources in Seabed…
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