Fugro N.V. Half-yearly Results 2013 P. van Riel A. Jonkman Amsterdam, 9 August 2013 www.fugro.com
Results first half 2013 (Continued and discontinued business) Continuing growth from a new base Net result of EUR 314.3 million (H1 2012: EUR 114.5 million) including the gain on the sale of the majority of the Geoscience division…
Results first half 2013 (continued business) Net result EUR 109.4 million (H1 2012: EUR 107.6 million), increase 1.7% Revenue including multi-client sales EUR 1,181.0 (H1 2012: EUR 1,075.5), increase 9.8% Organic + 10,8%;…
Seabed Geosolutions JV Acquired business from CGG: Ocean Bottom Nodes Transition zone Ocean Bottom Cable (OBC) Shallow water activities (SW) Permanent reservoir activities Immediate leading market position in seabed geophysical…
Major developments first half 2013 Divestment major part of the Geoscience activities (closed 31 January 2013) resulting in a gain of EUR 204 million Seabed Geosolutions joint venture established 16 February 2013 Sales and…
Major developments first half 2013 Subsea performance continues to be under pressure due to start up losses in the new trenching business and diving activities in West Africa Ten-year extension of the 30-year joint venture with…
Market developments oil and gas Oil and gas market (73% of revenue) Stable oil price Stable oil and gas market Deepwater and ultra-deepwater markets continue to be strong Opportunities in GoM, Brazil, East and West Africa, Arctic…
Market developments infrastructure Market for infrastructure projects (22% of revenue) Negative impact of continuing economic uncertainty in Europe and USA Offshore wind farm market activities lower than last year due to budgetary…
Market developments other markets Other markets (5% of revenue) Negative impact of continuing economic uncertainty on mining sector 9 Half-yearly Results 9 August 2013 www.fugro.com
Geotechnical division Continued strength of the deepwater and ultra-deepwater markets Largest geotechnical project programme in history for Petrobras completed Geoconsulting business continues to grow Strong development…
Geotechnical division (EUR x million) first half first half year 2013 year 2012 Revenue Onshore Geotechnical 205 202 Revenue Offshore Geotechnical 130 150 Total 335 352 Result from operating activities 43 49 (EBIT) In % of…
Survey division Slow start due to prolonged winter conditions All regions contributed to the Offshore survey results Good utilisation of the survey vessel fleet Mixed performance of geospatial services Growth opportunities in…
Survey division (EUR x million) first half first half year 2013 year 2012 Revenue Survey 442 398 Result from operating activities 89 86 (EBIT) In % of revenue 20 22 13 Half-yearly Results 9 August 2013 www.fugro.com
Subsea division As of 1 January 2013 subsea activities separately reported Performance similar to first half 2012 and still under pressure Start-up issues in the new trenching business Poor results diving activities in West…
Subsea division (EUR x million) first half first half year 2013 year 2012 Revenue Subsea 289 243 Result from operating activities 12 3 (EBIT) In % of revenue 4 1 15 Half-yearly Results 9 August 2013 www.fugro.com
Geoscience division Seabed Geosolutions joint venture established OBN business line is currently fully occupied well into 2014 Start SW and OBC activities below expectation as a result of delays in contract start up Prospects…
Geoscience division (EUR x million) first half first half year 2013 year 2012 Revenue* (excluding multi-client) 102 (24) Revenu* (including multi-client 115 82 sales) Result from operating activities 17 24 (EBIT) In % of…
Acquisitions in first half 2013 Geoscience Seabed Geosolutions B.V., Netherlands (Fugro share 60%) FAZ Research Ltd, Ireland Total consideration EUR 287.9 million 18 Half-yearly Results 9 August 2013 www.fugro.com
Financials www.fugro.com
Revenue (EUR x million) 3000 2500 2000 2nd HY continued and discontinued 1403 1st HY continued and discontinued 1238 1018 1.196 2nd HY continued business 1500 1st HY continued business 1000 1175 1.168 500 1035…
EBITDA, EBIT and Net result as per 30 June 300 250 200 150 100 50 0 2009 2010 2011 2012 2013 EBITDA EBIT Net result 2009 2011: Continued and discontinued business 2012 2013: Continued business 22 Half-yearly Results 9 August…
Expenses as % of revenue (first half-year 2009-2013) 23 Half-yearly Results 9 August 2013 www.fugro.com
Interim Profit and Loss account (continued business) Net finance costs (in EUR million): 30/06/13 30/06/12 Interest income 9.5 0.9 Interest expense (13.5) (8.5) Net changes fair value 0.5 (2.6) Rates of exchange 5.5 0.3 Net…
Investments (EUR x million) 2011 2012 2013* 2014* 2015* Maintenance capex 95 73 100 100 100 capacity expansion 189 111 200 200 75 Total investments 284 184 300 300 175 Movement in fixed assets under (42) 74 (40) (100) (50)…
Ratios Solvency 30 June 2013: 53% (31 December 2012: 47%) Gearing 30 June 2013: 43% (31 December 2012: 66%) Interest cover 30 June 2013: 33 (31 December 2012: 17) Covenants met 26 Half-yearly Results 9 August 2013…
Interim statement of financial position Multi-client library decreased to EUR 416 million (end 2012: EUR 459 million), decrease because of currency EUR 31 million Working capital Working capital Mid End 2013* 2012* (EUR x…
Outlook www.fugro.com
Market prospects Oil & gas Continued growth Strong market for deepwater services Strong interest in Seabed Geophysical data acquisition services Investments oil and gas industry in subsea infrastructure anticipated to continue…
Fleet renewal / expansion Name vessel Type of vessel Expected start of Owned/ operation Chartered Fugro Brasilis Survey Q3-2013 Owned Fugro Scout Geotechnical Q1-2014 Owned Fugro Australis Survey Q2-2014 Owned Fugro Aquarius…
Backlog per 30 June for the remainder of the year (EUR x million) 00 00 266 00 28 0 245 238 00 0 Geoscience 192 139 Subsea 0 00 120 Survey 368 399 Geotechnical 329 309 00 303 00 305 321 333 324 232 0 2009 2010…
Outlook Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue from continued operations for 2013 will be around EUR 2,600 million (2012: EUR 2,400 million; including…
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