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H1 2011 EARNINGS CALL – FUGRO

FUGRO · Aug 12, 2011 · 49 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H1 2011 EARNINGS CALL – FUGRO – slide 1
    Fugro N.V. Half-yearly Results 2011 K.S. Wester A. Jonkman Amsterdam, 12 August 2011 www.fugro.com
  2. H1 2011 EARNINGS CALL – FUGRO – slide 2
    Results first half 2011 Net result EUR 100.4 million (H1 2010: EUR 101.0 million), decrease 0.6% Revenue EUR 1,175.3 million (H1 2010: EUR 1,042.4 million), increase 12.7%. Organic + 9.3%; Acquisitions + 7.2%; Divestments -/-…
  3. H1 2011 EARNINGS CALL – FUGRO – slide 3
    Major developments first half 2011 Slow start of the year Fragile recovery from economic crisis Financial uncertainties various countries Some operational setbacks Tender activity is high Backlog increased to EUR 1,084…
  4. H1 2011 EARNINGS CALL – FUGRO – slide 4
    Market developments oil and gas Oil and gas market (74% of revenue) External market research indicates E&P investments to increase by 16% in 2011 Oil price above 95 per barrel (Brent) Overcapacity marine seismic Slow…
  5. H1 2011 EARNINGS CALL – FUGRO – slide 5
    Market developments infrastructure Market for infrastructure projects (17% of revenue) Demand for offshore wind farm work continues Reduced government funding in US and Europe Strong performance in Far East and Brazil 5…
  6. H1 2011 EARNINGS CALL – FUGRO – slide 6
    Market developments mining Mining (4% of revenue) Fragile market Regional projects lumpy 6 Half-yearly figures 12 August 2011 www.fugro.com
  7. H1 2011 EARNINGS CALL – FUGRO – slide 7
    Market developments other markets Other niche markets (5% of revenue) Government budget delays in the USA Shale gas transport work in the USA strong European market for geospatial surveys remains weak with the exception of…
  8. H1 2011 EARNINGS CALL – FUGRO – slide 8
    Geotechnical division Onshore: Nearshore work good Improved activity Far East and Brazil Poor economic situation in Europe and USA 8 Half-yearly figures 12 August 2011 www.fugro.com
  9. H1 2011 EARNINGS CALL – FUGRO – slide 9
    Geotechnical division Offshore: Fugro Synergy Lower vessel utilisation first months Deep water developments continue Offshore wind farms 9 Half-yearly figures 12 August 2011 www.fugro.com
  10. H1 2011 EARNINGS CALL – FUGRO – slide 10
    Geotechnical division (EUR x million) 30 June 30 June 2011 2010 Revenue Onshore Geotechnics 171 174 Revenue Offshore Geotechnics 118 139 Total 289 313 Result from operating activities 34 46 (EBIT) In % of revenue 12% 15%…
  11. H1 2011 EARNINGS CALL – FUGRO – slide 11
    Survey division Offshore: Traditional offshore work is picking up Benefits from BOEMRE legislation Europe strong in renewable energy and oil and gas market Subsea Service continues growth in Brazil Subsea Services in Asia…
  12. H1 2011 EARNINGS CALL – FUGRO – slide 12
    Survey division Geospatial: Inspection for railways in USA High activity for shale gas developments Capacity reductions in Europe with the exception of Germany 12 Half-yearly figures 12 August 2011 www.fugro.com
  13. H1 2011 EARNINGS CALL – FUGRO – slide 13
    Survey division (EUR x million) 30 June 30 June 2011 2010 Revenue Offshore Survey 313 284 Revenue Subsea Services 190 122 Revenue Geospatial Services 59 60 Total 562 466 Result from operating activities 113 101 (EBIT) In % of revenue…
  14. H1 2011 EARNINGS CALL – FUGRO – slide 14
    Geoscience division Oil and gas: Rates for contract marine seismic remained under pressure Good performance Multi Client and geological and geophysical related work Seismic industry still awaiting full opening GOM 14…
  15. H1 2011 EARNINGS CALL – FUGRO – slide 15
    Geoscience division Mining: Fragile market Good tender level Slow awards Good workload for Falcon 15 Half-yearly figures 12 August 2011 www.fugro.com
  16. H1 2011 EARNINGS CALL – FUGRO – slide 16
    Geoscience Division (EUR x million) 30 June 30 June 2011 2010 Revenue Seismic Services 231 169 Revenue Information Services 43 45 Revenue General Geophysical Services 50 49 Total 324 263 Result from operating activities…
  17. H1 2011 EARNINGS CALL – FUGRO – slide 17
    Vessels Delivered in first half of 2011: Fugro Symphony ROV-support (owned) Fugro Galaxy survey (owned) 17 Half-yearly figures 12 August 2011 www.fugro.com
  18. H1 2011 EARNINGS CALL – FUGRO – slide 18
    Acquisitions in first half 2011 Survey Division TSmarine Group Holdings Pty Ltd, Australia - Annual revenue EUR 90 million - Cost of acquisition EUR 78 million Geotechnical Division Bluestone Offshore Pte Ltd, Singapore - Annual…
  19. H1 2011 EARNINGS CALL – FUGRO – slide 19
    Acquisitions after 30 June 2011 Geotechnical Division Sial Geosciences Consulting and Engineering Sti., Turkey - Annual revenue EUR 2 million - Cost of acquisition EUR 4 million AOA Geophysics Inc., USA - Annual revenue EUR 2…
  20. H1 2011 EARNINGS CALL – FUGRO – slide 20
    Financials www.fugro.com
  21. H1 2011 EARNINGS CALL – FUGRO – slide 21
    Revenue (EUR x million) 2200 1925 1650 1,238 1,162 1,018 1375 977 1100 Revenue 825 2nd half year Revenue 1,175 1st half year 550 1,035 1,042 993 826 275 0 2007 2008 2009 2010 2011 21 Half-yearly figures 12 August…
  22. H1 2011 EARNINGS CALL – FUGRO – slide 22
    Geographical distribution of revenue Based upon the location of project execution 3% Netherlands 24% Europe other/Africa 40% Middle East/ Asia/Australia North & South 33% America 22 Half-yearly figures 12 August 2011…
  23. H1 2011 EARNINGS CALL – FUGRO – slide 23
    Revenue growth Organic Acquisitions Exchange Divest- Total Growth rate ments differences 2011(H1) 9.3 7.2 (3.7) (0.1) 12.7 2010 6.0 0.4 4.7 - 11.1 2009 (5.6) 1.1 (0.2) - (4.7) 2008 23.4 4.0 (7.9) - 19.5 2007 22.9 6.4 (3.5)…
  24. H1 2011 EARNINGS CALL – FUGRO – slide 24
    EBIT and Net result as per 30 June 300 250 200 150 100 50 0 2007 2008 2009 2010 2011 EBITDA EBIT Net result 24 Half-yearly figures 12 August 2011 www.fugro.com
  25. H1 2011 EARNINGS CALL – FUGRO – slide 25
    Expenses as % of revenue (first half-year 2007-2011) 38 35 32 29 26 23 20 17 14 11 8 2007 2008 2009 2010 2011 Third party costs Staff costs Other operating expenses 25 Half-yearly figures 12 August 2011 www.fugro.com
  26. H1 2011 EARNINGS CALL – FUGRO – slide 26
    Interim Profit and Loss account Net finance costs (in EUR million): 30/6/11 30/6/10 Net interest income 3.2 3.8 Interest expense (13.8) (8.1) Net change fair value (0.6) - Rates of exchange (12.0) 3.4 (23.2) (0.9) Tax rate H1…
  27. H1 2011 EARNINGS CALL – FUGRO – slide 27
    Investments (EUR x million) 2009 2010 2011* 2012* 2013* Maintenance capex 70 81 100 110 120 capacity expansion 250 363 200 110 120 Total investments 320 444 300 220 240 Movement in fixed assets under 29 (45) (50) (50) -…
  28. H1 2011 EARNINGS CALL – FUGRO – slide 28
    Refinancing New US Private Placement loans to a total amount of USD 909 million equivalent, with 7, 10 and 12 years maturity with average fixed interest of 4.5% Prolonged the committed bilateral bank facilities, including two new…
  29. H1 2011 EARNINGS CALL – FUGRO – slide 29
    Ratios Solvency 43.1% (31 December 2010: 48.8%) Gearing : 82% (31 December 2010: 55%), higher gearing is a result of increase in loans and borrowings for acquisitions 2011 and ongoing investment programme. Equity lower compared…
  30. H1 2011 EARNINGS CALL – FUGRO – slide 30
    Interim statement of financial position Multi-client library increased to EUR 252 million (end 2010: EUR 204 million) Working capital decreased with EUR 250 million to EUR 3 million (increase short-term loans and borrowings EUR…
  31. H1 2011 EARNINGS CALL – FUGRO – slide 31
    Number of employees 14000 13000 12000 11000 10000 9000 8000 7000 End End End End End End Mid 2005 2006 2007 2008 2009 2010 2011 31 Half-yearly figures 12 August 2011 www.fugro.com
  32. H1 2011 EARNINGS CALL – FUGRO – slide 32
    Market prospects Oil & gas External reports indicate growth in E&P spending in 2011 by 16% Continuing depletion Timing recovery from imbalance in marine seismic and offshore construction support uncertain Infrastructure…
  33. H1 2011 EARNINGS CALL – FUGRO – slide 33
    Projects Brazil Deepwater drop coring project Long-term diving saturation contracts United Kingdom Two large Metocean contracts in the North Sea Roqscan worldwide contract Five year contract for offshore windparks Scandinavia…
  34. H1 2011 EARNINGS CALL – FUGRO – slide 34
    Fleet renewal / expansion Name vessel Type of vessel Expected start Owned/ of operation Chartered Fugro Equator Survey Q1-2012 Owned Fugro Brasilis Survey Q2-2012 Owned Fugro Voyager Geotechnical Q3-2012 Owned Fugro Australis…
  35. H1 2011 EARNINGS CALL – FUGRO – slide 35
    Backlog per 30 June (EUR x million) 1200 1000 259 265 300 800 266 278 Geoscience 600 502 468 Survey 426 Geotechnics 433 400 376 200 305 323 243 232 190 0 2007 2008 2009 2010 2011 35 Half-yearly figures 12…
  36. H1 2011 EARNINGS CALL – FUGRO – slide 36
    Outlook Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the whole of 2011 will be approximately EUR 2,500 million (2010: EUR 2,280.4 million) with a net result of…
  37. H1 2011 EARNINGS CALL – FUGRO – slide 37
    Thank you www.fugro.com
  38. H1 2011 EARNINGS CALL – FUGRO – slide 38
    Annexes www.fugro.com
  39. H1 2011 EARNINGS CALL – FUGRO – slide 39
    Annexes Interim statement of comprehensive income Interim statement of financial position Backlog by division Change in issued shares Distribution of shareholders Agenda Contact details 39 Half-yearly figures 12 August 2011…
  40. H1 2011 EARNINGS CALL – FUGRO – slide 40
    Interim statement of comprehensive income (EUR x million) Six months Twelve months ending 30 June* ending 31 December 2011 2010 2009 2010 2009 2008 Revenue 1,175.3 1,042.4 1,035.3 2,280.4 2,053.0 2,154.5 Third party costs -444.8 -336.1…
  41. H1 2011 EARNINGS CALL – FUGRO – slide 41
    Interim statement of financial position (debit side) (EUR x million) 30 June* 31 December 2011 2010 2009 2010 2009 2008 Assets Property, plant and equipment 1,306.1 1,214.2 936.7 1,291.3 1,043.2 859.1 Intangible assets 689.4 546.2…
  42. H1 2011 EARNINGS CALL – FUGRO – slide 42
    Interim statement of financial position (credit side) (EUR x million) 30 June* 31 December 2011 2010 2009 2010 2009 2008 Equity Share capital 4.1 4.0 3.9 4.0 3.9 3.8 Share premium 431.3 431.4 431.4 431.4 431.4 431.4 Reserves 899.5 816.8…
  43. H1 2011 EARNINGS CALL – FUGRO – slide 43
    Geotechnical Services Backlog per 30 June for the next six months (EUR x million) 350 300 250 168 154 200 110 102 Offshore Geotechnics 150 85 Onshore Geotechnics 100 151 155 133 130 50 105 0 2007 2008 2009 2010…
  44. H1 2011 EARNINGS CALL – FUGRO – slide 44
    Survey Services Backlog per 30 June for the next six months (EUR x million) 550 500 49 450 65 400 49 57 350 42 192 139 129 130 300 96 Geospatial Services 250 Subsea Services Offshore Survey 200 150 248 246 264 261 238…
  45. H1 2011 EARNINGS CALL – FUGRO – slide 45
    Geoscience Services Backlog per 30 June for the next six months (EUR x million) 350 300 47 250 50 30 46 39 47 41 42 36 200 33 General Geophysical Services Information Services 150 Seismic Services 214 100 186 195 183…
  46. H1 2011 EARNINGS CALL – FUGRO – slide 46
    Change in issued shares 2011 2010 Issued on 1/1 80,269,684 78,772,478 Optional dividend 1,123,297 1,497,206 Issued on 30/6 81,392,981 80,269,684 Purchased for option plan at 30/6 1,645,497 1,703,046 Entitled to dividend as…
  47. H1 2011 EARNINGS CALL – FUGRO – slide 47
    Distribution of shareholders 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 en 4 en 5 en 6 en 7 en 9 en 0 11 en 8 en 8 m 4 m 5 m 6 id 7 id 7 m 8 m 9 m…
  48. H1 2011 EARNINGS CALL – FUGRO – slide 48
    Agenda 2011 Thursday 17 November Trading update 2012 Friday 9 March Annual figures 2011; press conference and analysts meeting (+ webcast) 48 Half-yearly figures 12 August 2011 www.fugro.com
  49. H1 2011 EARNINGS CALL – FUGRO – slide 49
    Contact Fugro N.V. Address Veurse Achterweg 10 P.O. Box 41 2260 AA Leidschendam The Netherlands Telephone +31 70 3111107 +31 70 3202703 (fax) E-mail irfugro.com Website www.fugro.com 49 Half-yearly figures 12 August 2011…

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