Fugro Nv · EURONEXT:FUR
Fugro Nv — Q1 2021 Earnings Presentation
12 slides from Fugro Nv's earnings presentation, Apr 22, 2021
Slide 1: Q1 2021 trading update
Q1 2021 trading update 22 April 2021
Slide 2: Q1 2021: Fugro shows margin resilience despite continued Covid-impact
Q1 2021: Fugro shows margin resilience despite continued Covid-impact Revenue Adjusted EBIT (margin) 12-month backlog -17.2% -0.9%1 - 6.0% - 5.3% 358.4 890.0 875.7 283.8 -14.9 -21.5 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 ▪ Slightly improved EBIT margin in seasonally weak quarter ▪ Revenue decline of 17
Slide 3: EBIT up in marine and land despite strong revenue decline
EBIT up in marine and land despite strong revenue decline Revenue Adjusted EBIT X EUR million X EUR million, excl. specific items - 17.2%1 358 - 6.0% - 5.3% -60 -15 -22 1 -15 284 Q1 2020 Marine Land FX effect Q1 2021 Q1 2020 Marine Land Q1 2021 Marine ▪ MSC and MAI revenue down due to weak oil & gas
Slide 4: Cost reduction programme, initiated last year, implemented
Cost reduction programme, initiated last year, implemented annualised P&L impact P&L impact savings 2020 2021 (x EUR (x EUR (x EUR million) million) million) ▪ Reduce workforce by up to 10% ~60 ~40 ~20 ▪ Reduce overhead costs ▪ Implement hiring and salary freeze ▪ Cut on executive pay ▪ Minimise use
Slide 5: Free cash flow impacted by higher working capital
Free cash flow impacted by higher working capital Cash flow ▪ Seasonally slow first quarter ▪ Y-o-y cash flow decrease due to higher DRO compared to YE 2020 ▪ Last year’s cash flow benefitted from a positive EUR 10 million net contribution from divestment Global Marine and Southern Star arbitration
Slide 6: Recent contract awards - examples
Recent contract awards - examples Site characterisation for world’s first Survey contract for Italy’s Tyrrhenian energy island hub: Danish Energy Island power cable project project Site investigation program for floating Geo-data contract for Texas Department offshore wind farm in South Korea of Inf
Slide 7: Gradual recovery oil & gas market
Gradual recovery oil & gas market Oil price 20201 (US$/bbl) Offshore projects FIDs Offshore O&G market spend2 (US$bn) 80 131 128 +4% 70 109 200 203 60 182 186 172 50 40 30 52 52 20 10 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Americas APAC Europe & Africa MEI ▪ Brent oil has recovered back
Slide 8: Continued growth offshore wind despite project delays
Continued growth offshore wind despite project delays Offshore wind capex (EUR bn)1 Number of offshore wind turbine installations1 1,811 54 +30% 42 1,126 30 924 23 646 19 570 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Americas APAC Europe & Africa MEI ▪ Continued drive for renewable energy so
Slide 9: Positive outlook infrastructure market
Positive outlook infrastructure market Onshore energy & infrastructure spend (US$ bn)1 +9% 799 799 739 739 689 689 637 637 569 569 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Americas APAC Europe & Africa MEI Other Infrastructure Projects Rail Infrastructure Road Infrastructure ▪ Positive outl
Slide 10: Outlook 2021
Outlook 2021 ▪ Offshore wind continued growth ▪ Infrastructure growth expected to resume as of 2021 ▪ Oil & gas early signs of recovery, however to certain extent dependent on further development and impact of the pandemic Outlook FY 2021 ▪ revenue growth expected to resume in the course of Q2 ▪ mod
Slide 11: Management agenda
Management agenda Ongoing focus on costs and cash flow generation Complete turnaround of land business Further strengthen operational and commercial excellence and employee engagement Enhance service delivery with new market leading digital and remote solutions Implement our ambition to achieve net-
Slide 12: Q&A
Q&A 12