Annual figures 2010 K.S. Wester A. Jonkman 10 March 2011 1 www.fugro.com
Results 2010 Net result EUR 272.2 million (2009: EUR 263.4 million) Revenue EUR 2,280.4 million (2009: EUR 2,053.0 million), increase 11.1% -Organic 6.0% -Acquisitions 0.4% -Foreign currency effect 4.7% Net profit margin 11.9%…
Major developments 2010 Gradual start economic recovery Price pressure in some activities Oil price moved to over USD 90 per barrel Backlog improved Increasing tender activity Macondo little impact on Fugro in 2010 3…
Market developments oil and gas Oil and gas market (73% of revenue) Worldwide E&P investments increased about 11% in 2010 External market research forecasts double digit growth in investments for 2011 Depletion rate remains…
Market developments infrastructure Market for infrastructure projects (19% of revenue) Developments vary per region Focus on large infrastructure projects (transport, energy) Aerial surveying for transport (railroads,…
Market developments mining Mining (3% of revenue) Private sector still hesitant Junior mining companies stepping up activities (Semi-) government: activities continue for regional mapping of geology Equipment also used more…
Market developments other markets Other niche markets (5% of revenue) Continuing demand for geospatial information by governments Route surveys for (offshore) telecommunication cables Increasing demand for dynamic positioning…
Geotechnical division OFFSHORE: Little impact Macondo oil spill in 2010 Deep water buoyant Demand for Geoconsulting services increasing More competition offshore wind farms Good utilisation Fugro Synergy: slow start but now…
Geotechnical division ONSHORE: Pavement services good backlog Asia Pacific markets picked up Middle East overall strong Bundling regional capabilities Multi-disciplinary projects 10 www.fugro.com
Survey division OFFSHORE: Good vessel utilisation Positioning services strong No major impact Macondo spill in 2010 Asia Pacific slow ROV: spotty market due to project phasing Workload construction support increasing…
Survey division GEOSPATIAL: Cutbacks in private sector In Middle East some projects delayed because of economic slowdown Market situation slow in North West Europe First steps into South America Australian market good USA…
Geoscience division OIL AND GAS: Price pressure exploration activities continues (contract marine seismic) Lead time projects short Good Multi Client sales, also in Gulf of Mexico Good prospects 3D Multi Client in Australia…
Geoscience division MINING: Cost reductions implemented Market circumstances improving Falcon successful in oil and gas industry Aircraft upgrades 14 www.fugro.com
Vessels Additions in 2010 Fugro Adventurer geotechnical (owned) Fugro Searcher - survey (owned) Geo Caspian seismic (chartered) Geo Coral seismic (owned) RUE acquisition two ROV support vessels (chartered) and one inshore…
Fleet renewal / expansion Name vessel Type of vessel Expected start Owned/ of operation Chartered Fugro Galaxy Survey Q1-2011 Owned Fugro ROV-support Q2-2011 Owned Symphony Fugro Equator Survey Q1-2012 Owned Fugro Australis…
Acquisitions 2010 Geotechnical Division ERT, UK Geo Pannon/Statnamic, Hungary Survey Division Interra/Terralaser, Chile/Peru Riise Underwater Engineering AS (RUE), Norway Remaining 30% in Fugro Jacques GeoSurveys Inc.,…
Acquisition 2011 Survey Division TS Marine, Australia Total cost/revenue Annual revenue EUR 90 million Purchase price EUR 77 million 18 www.fugro.com
TSMarine Provider of Subsea Solutions to the Oil and Gas and Marine Industries Subsea Construction Subsea Intervention Well Intervention Subsea Geotechnics 19 www.fugro.com
TSMarine Subsea Construction Oil Field Installation Inspection and Repair Emergency Response Marine Activities 20 www.fugro.com
TSMarine AX-STM Well Intervention AX-S System Well Intervention to 3000mtrs Safe and Cost effective alternative to Deepwater Drilling Support Vessel Rigs 6 year development 130mm Investment ROV System 22…
TSMarine Seabed Drilling Zones between 1700 mtrs and 2300 mtrs water depth Gold and Copper concentrations in Massive Sulphides Drilling Core ROV System lengths up to 80mtrs below seafloor Rovdrill drilling unit 23…
TSMarine vessels Southern Ocean 137 mtr Deepwater Construction Vessel Havila Harmony 93 mtr Multi Role ROV / Construction Vessel Rem Etive 93mtr Dive Support / Construction Vessel Havila Phoenix 110mtr Deepwater Well…
Result (EUR x million) 300 250 200 174 151 171 150 130 Net result 2nd half year 100 87 Net result 1st half year 109 112 50 86 101 54 0 2006 2007 2008 2009 2010 27 www.fugro.com
EBITDA, EBIT and Net result 600 500 400 300 200 100 0 2006 2007 2008 2009 2010 EBITDA EBIT Net result 30 www.fugro.com
Expenses as % of Revenue 37 34 Percentage of revenue 31 28 25 22 19 16 13 10 2006 2007 2008 2009 2010 Third party costs Staff costs Other operating expenses 31 www.fugro.com
Profit and loss account Increase in depreciation resulting from investment programme Tax rate increased slightly to 21.9% (2009: 21.4%) Net interest charge increased due to higher debt, interest rates remain favorable Net…
Investments (EUR x million) 2009 2010 2011* 2012* 2013* Maintenance capex 70 81 100 110 120 capacity expansion 250 363 160 110 120 Total investments 320 444 270 220 240 Movement in fixed assets under 29 (45) (80) (50) -…
Financing Extra facilities in 2010 for EUR 50 million ABN AMRO and EUR 50 million BNP Paribas Total available facilities early 2011 EUR 550 million, EUR 58 million still available Unused other facilities some EUR 250 million…
Comments balance sheet Seismic data library increased to EUR 199 million (2009: 62 million) Loan EMGS - Convertible bond - USD bond Receivables higher Increase working capital - Build up 3D data library - Higher WIP 35…
Number of employees 14000 13,627 13,482 13,463 13000 Movement: 12000 11,472 31/12/09 13,482 Reductions (132) 11000 Acquisitions 113 ______ 9,837 31/12/10 13,463 10000 ====== 9000 8000 7000 End End End End End 2006…
Personnel costs Number of employees in 2010 decreased by 19 to 13,463 (2009: 13,482) Average number of employees over 2010 was 13,444 (2009: 13,587) Increase total staff costs 11% to EUR 723.1 million (2009: EUR 652.8 million),…
Market prospects and outlook 38 www.fugro.com
Market prospects Oil & gas External reports: growth in international E&P spending in 2011 of 12-15% Increasing tender activity NOCs continue high level of investments 2011 increase E&P spending by large int. oil companies Deep…
Backlog per 1 January 2011 (EUR x million) 1800 1600 For work to be executed in 2011 1400 452 334 256 1200 515 1000 357 783 800 805 716 600 648 544 400 200 391 436 295 343 245 0 2007 2008 2009 2010 2011…
Strategic Focus Broad activity portfolio of services Services in all phases of the life-cycle of an oil or gas field Strong market positions in niche markets Global presence State-of-the-art technology Flexibility in fleet…
Client Base Wide range of clients The top 10 clients typically include: - 3 NOCs - 4 international oil companies - 2 construction companies - 1 variable (government, midsize oil companies etc.) Top 10 clients generate approx.…
Outlook (1) Recovery world economy gains further momentum Price pressure continues in some sectors Impact unrest North Africa and Middle East as yet unclear Backlog increasing 44 www.fugro.com
Outlook (2) Demand is likely to further improve, which creates room for optimising utilisation Possibly some price recovery in sectors still under pressure Further growth in revenue is expected for 2011 As in previous years, we…
Annexes Geographical distribution of revenue Breakdown revenue per sector Performance per division Consolidated financials Change in issued shares Distribution of shareholders Exchange rates versus Euro Agenda…
Geographical distribution of revenue Based upon the location of project execution (estimate) 3% Netherlands 29% Europe other/Africa 41% Middle East/ Asia/Australia North & South America 27% 47 www.fugro.com
Breakdown revenue per sector 5% 3% Oil & Gas 19% Infrastructure Mining Other 73% No client accounting for more than 4% of revenue 10 largest clients generate over 20% of revenue 100 largest clients generate 55% of…
Geotechnical Division (EUR x million) 2010 2009 2008 Revenue Onshore 356 311 303 Geotechnical Revenue Offshore 308 225 238 Geotechnical Total 664 536 541 Result from operating 104 94 95 activities (EBIT) In % of revenue 16 18…
Survey Division (EUR x million) 2010 2009 2008 Revenue Offshore Survey 612 559 600 Revenue Subsea Services 275 277 241 Revenue Geospatial 122 120 119 Services Total 1,009 956 960 Result from operating 228 246 235 activities (EBIT)…
Geoscience Division (EUR x million) 2010 2009 2008 Revenue Seismic Services 403 403 465 Revenue Information 99 85 82 Services Revenue General 105 73 107 Geophysical Services Total 607 561 654 Result from operating 101 106…
Consolidated statement of comprehensive income For the year ended on 31 December (EUR x 1,000) 2010 2009 Revenue 2,280,391 2,052,988 Third party costs (765,587) (624,413) Net revenue own services (revenue less third party costs)…
Consolidated statement of financial position (1/2) Per 31 December (EUR x 1,000) 2010 2009 Assets Property, plant and equipment 1,291,314 1,043,227 Intangible assets 576,433 492,690 Investments in equity accounted investees 7,836 1,359…
Consolidated statement of financial position (2/2) Per 31 December (EUR x 1,000) 2010 2009 Equity Share capital 4,014 3,939 Share premium 431,441 431,441 Reserves 800,644 488,941 Unappropriated result 272,219 263,410 Total 1,508,318…
Change in issued shares 2010 2009 Issued on 1/1 78,772,478 76,607,958 Stock dividend 1,497,216 2,164,520 Issued on 31/12 80,269,694 78,772,478 Purchased for option scheme on 31/12 882,796 1,218,776 Entitled to dividend as of 31/12…
Distribution of shareholders 85,000 68,000 51,000 34,000 17,000 0 07 08 99 00 01 02 03 04 05 06 9 0 d0 d1 d d d d d d d d d d en en en en en en en en en…
Exchange rates versus Euro End rate per USD GBP 31-12-2010 0.75 1.16 30-06-2010 0.81 1.22 31-12-2009 0.69 1.13 30-06-2009 0.71 1.17 Average rate per USD GBP 31-12-2010 0.76 1.17 30-06-2010 0.76 1.16 31-12-2009 0.72 1.13…
Agenda 2011 Tuesday 10 May Annual General Meeting of Shareholders Trading update Friday 12 August Half-yearly figures 2011; press conference and analysts meeting (+ web cast) Thursday 17 November Trading update 2012 Friday 9 March…
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