Fugro N.V. Half-yearly Results 2012 A. Steenbakker A. Jonkman Amsterdam, 10 August 2012 www.fugro.com
Results first half 2012 Net result EUR 115.4 million (H1 2011: EUR 100.4 million), increase 14.9% Revenue EUR 1,338.8 million (H1 2011: EUR 1,175.3 million), increase 13.9% Organic + 5.0%; Acquisitions + 2.0%; Currency effect +…
Major developments first half 2012 Continued economic uncertainty Improvements in oil and gas market Pick up in subsea market slower than expected Weak start mining and minerals and seabed seismic related activities Increased…
Market developments oil and gas Oil and gas market (77% of revenue) Oil price dipped to around 90 per barrel (Brent); currently some 110 per barrel Despite of the economic instability in the world, long-term investments will…
Market developments infrastructure Market for infrastructure projects (17% of revenue) Financial issues North America and Europe leading to reduced government funding Offshore wind farm related activities good as long as funding…
Market developments other markets (including mining) Volatile mining exploration market as a result of uncertainty with regards to commodity prices Cut back government spending Europe and USA Good demand for terrestrial…
Geotechnical division Strong development activities except for infrastructure business in Europe and North America Good performance near shore and construction support Good performance in Hong Kong Middle East growing (Qatar /…
Geotechnical division (EUR x million) 30 June 30 June 2012 2011 Revenue Onshore Geotechnical 202 171 Revenue Offshore Geotechnical 150 118 Total 352 289 Result from operating activities 49 33 (EBIT)* In % of revenue* 14% 11%…
Survey division Strong development offshore survey except in Australasia Recovery GoM, good business climate Europe and Africa Activities related to renewable market perform well Revenue growth subsea services due to fleet…
Survey division (EUR x million) 30 June 30 June 2012 2011 Revenue Offshore Survey 345 313 Revenue Subsea Services 243 190 Revenue Geospatial Services 53 59 Total 641 562 Result from operating activities 89 99 (EBIT)* In %…
Geoscience division Increased demand for marine seismic data acquisition Utilisation and rates for contract marine seismic steadily improving Strong seismic multi-client sales Seismic library increased to 427 million Long…
Geoscience division (EUR x million) 30 June 30 June 2012 2011 Revenue Seismic Services 245 231 Revenue Geophysical & 101 93 Geological Services Total 346 324 Result from operating activities 41 24 (EBIT)* In % of revenue*…
Acquisitions in first half 2012 Survey Division EMU Limited, United Kingdom - Annual revenue EUR 20 million - Cost of acquisition EUR 18.9 million Geotechnical Division GEOTER SAS, France - Annual revenue EUR 2.1 million - Cost…
EBITDA, EBIT and Net result as per 30 June 350 300 250 200 150 100 50 0 2008 2009 2010 2011 2012 EBITDA EBIT Net result 17 www.fugro.com
Expenses as % of revenue (first half-year 2008-2012) 38 35 32 29 26 23 20 17 14 11 8 2008 2009 2010 2011 2012 Third party costs Staff costs Other operating expenses 18 www.fugro.com
Interim Profit and Loss account Net finance costs (in EUR million): 30/6/12 30/6/11 Interest income 0.9 3.2 Interest expense (22.0) (13.8) Net changes fair value (2.3) (0.6) Rates of exchange (1.1) (12.0) (24.5) (23.2) Tax…
Investments (EUR x million) 2010 2011 2012* 2013* 2014* Maintenance capex 81 112 100 120 120 capacity expansion 363 209 200 150 100 Total investments 444 321 300 270 220 Movement in fixed assets under (45) (43) 30 (100) (75)…
Ratios Solvency 42.4% (31 December 2011: 42.9%) Gearing 86% (31 December 2011: 73%) Interest cover 8 (31 December 2011: 11) Covenants met 21 www.fugro.com
Interim statement of financial position Multi-client library increased to EUR 431 million (end 2011: EUR 334 million) Working capital Working capital Mid End 2012 2011 (EUR x million) Inventories 461.7 364.9 96.8 Trade and…
Report issued by CFRA Report CFRA The CFRA report does not indicate fraud or bookkeeping irregularities CFRA does not believe that Fugro can reach the consensus of an EPS of EUR 4 o They express concerns regarding the…
Report issued by CFRA (2) Response Fugro - Based on the outlook the EPS will be at least EUR 3.90. - Accounting principles regarding multi client libraries are clearly reported by Fugro in the notes to the accounts including…
Outlook www.fugro.com
Market prospects Oil & gas External reports indicating that spending on E&P will exceed levels of earlier projections for 2012 (USD 600 billion) Continuing depletion Further improvement marine seismic data acquisition market and…
Fleet renewal / expansion Name vessel Type of vessel Expected start Owned/ of operation Chartered Fugro Equator Survey Q3-2012 Owned Fugro Brasilis Survey Q4-2012 Owned Fugro Voyager Geotechnical Q1-2013 Owned Fugro Australis…
Backlog per 30 June for the remainder of the year (EUR x million) 1400 1200 343 1000 259 265 800 300 266 Geoscience 613 Survey 600 502 468 Geotechnical 426 433 400 200 333 305 323 243 232 0 2008 2009 2010 2011…
Outlook Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the whole of 2012 will be around EUR 2,900 million (2011: EUR 2,578 million) with a net result of at least…
Thank you www.fugro.com
Annexes www.fugro.com
Annexes Consolidated statement of comprehensive income Consolidated statement of financial position Number of employees Backlog by division Change in issued shares Distribution of shareholders Agenda Contact details 32…
Consolidated statement of comprehensive income (EUR x million) Six months Twelve months ending 30 June* ending 31 December 2012 2011 2010 2011 2010 2009 Revenue 1,338.8 1,175.3 1,042.4 2,577.8 2,280.4 2,053.0 Third party costs -481.9…
Consolidated statement of financial position (debit side) (EUR x million) 30 June* 31 December 2012 2011 2010 2011 2010 2009 Assets Property, plant and equipment 1,519.5 1,306.1 1,214.2 1,483.0 1,291.3 1,043.2 Intangible…
Consolidated statement of financial position (credit side) (EUR x million) 30 June* 31 December 2012 2011 2010 2011 2010 2009 Equity Share capital 4.2 4.1 4.0 4.1 4.0 3.9 Share premium 431.3 431.3 431.4 431.4 431.4 431.4 Reserves…
Number of employees 15000 14000 13000 12000 11000 10000 9000 8000 7000 Mid 2012 End 2005 End 2006 End 2007 End 2008 End 2009 End 2010 End 2011 36 www.fugro.com
Geotechnical division Backlog per 30 June for the next six months (EUR x million) 350 300 154 250 168 154 200 110 102 150 Offshore Geotechnical Onshore Geotechnical 100 179 151 155 133 130 50 0 2008 2009…
Survey division Backlog per 30 June for the next six months (EUR x million) 650 600 50 550 500 49 450 65 245 400 49 57 350 192 139 Geospatial Services 129 130 300 Subsea Services 250 Offshore Survey 200 150 318 248…
Geoscience division Backlog per 30 June for the next six months (EUR x million) 350 300 85 86 250 71 82 80 200 Geophysical & Geological Services 150 Seismic Services 258 214 100 195 183 179 50 0 2008 2009…
Change in issued shares 2012 2011 Issued on 1/1 81,392,981 80,269,684 Issue following stock dividend 1,451,390 1,123,297 Issued number of shares on 30/6 82,844,371 81,392,981 Shares purchased for option plan at 30/6…
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 en 1 12 en 8 m 4 m 5 m 6 id 7 m 8 m 9 m 0 m…
Agenda 2012 Thursday 16 November Trading update 3rd quarter 2012 2013 Friday 8 March Annual figures 2012; press conference and analysts meeting (+ web cast) Wednesday 8 May Trading update 1st quarter 2013, AGM 42…
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