Fugro Nv · EURONEXT:FUR
Fugro Nv — Shareholder Meeting (April 2021)
54 slides from Fugro Nv's shareholder meeting presentation, Apr 22, 2021
Slide 1: Algemene vergadering van aandeelhouders
Algemene vergadering van aandeelhouders 22 April 2021
Slide 2: Agenda
Agenda 1 Opening en mededelingen 2 Verslag Raad van Commissarissen over gang van zaken in 2020 3 Verslag Raad van Bestuur over gang van zaken in 2020 4 Vaststelling jaarrekening 2020 5 Decharge Raad van Bestuur en Raad van Commissarissen 6 Statutenwijziging in verband met voorgestelde beëindiging va
Slide 3: 2. Verslag Raad van Commissarissen over 2020
2. Verslag Raad van Commissarissen over 2020 a Verslag (ter bespreking) b Bezoldigingsverslag (adviserende stem)
Slide 4: Stemuitslag agendapunt 2b
Stemuitslag agendapunt 2b aantal percentage Voor 88.299.703 87,46% Tegen 12.665.735 12,54% Onthouding 275 Totaal 100.965.713 100% 4
Slide 5: 3. Verslag Raad van Bestuur over 2020
3. Verslag Raad van Bestuur over 2020 ter bespreking
Slide 6: 3.a Profiel en strategie
3. a Profiel en strategie
Slide 7: Our planet is a complex system
Our planet is a complex system 7 AvA 2020
Slide 8: The earth's surface is even more complex
The earth’s surface is even more complex 8 AvA 2020
Slide 9: We unlock insights from Geo-data
We unlock insights from Geo-data Using our ‘triple A’ approach we provide our clients with insights about the characterisation of a site as well as the integrity of their assets Acquisition Analysis Advice 9 AvA 2020
Slide 10: Fugro at a glance
Fugro at a glance ▪ World’s leading Geo-data specialist, collecting and Excellent diversification of business lines & market segments analysing Geo-data for designing, building and 2020 revenue by business line 2020 revenue by market segment operating any asset on this planet 7% 8% 3% ▪ Widest bread
Slide 11: Path to Profitable Growth strategy framework
Path to Profitable Growth strategy framework 11 AvA 2020
Slide 12: Diversified revenue with increased exposure to offshore wind
Diversified revenue with increased exposure to offshore wind Share of revenue key market segments1,2 Revenue growth % 20203 5% 7% 8% 7% 9% 4% 12% 7% 11% 16% 14% 18% -23 21% 21% 24% 24% 24% 23% 23% -14 23% 24% 78% 74% 66% 28 57% 54% 52% 48% 45% 41% 4 2014 2015 2016 2017 2018 2019 2020 H1 2020 H2 2020
Slide 13: Trends in Fugro's markets
Trends in Fugro’s markets ▪ Population growth, urbanisation, climate change and technology are the key global developments shaping our world -29% ▪ These result in the following industry trends in Fugro’s markets: energy transition, climate change adaptation, sustainable infrastructure and digitalis
Slide 14: Solutions to support energy transition
Solutions to support energy transition Positioning support for installation of world’s first semi- submersible floating wind park, WindFloat Atlantic in Portugal ▪ In support of Bourbon’s towing, positioning and installation activities ▪ Customised remote positioning system powered by solar and wind
Slide 15: Solutions to support sustainable infrastructure
Solutions to support sustainable infrastructure Innovative monitoring of Amsterdam’s bridges and quay walls ▪ Using Fugro’s innovative TotaLite images, taken from permanently fixed compact cameras to measure deformation ▪ In addition, mobile laser scanning of bridges and quays from the water ▪ Resul
Slide 16: Solutions to support climate change adaptation
Solutions to support climate change adaptation Geo-data acquisition for flood hazard and risk maps in Romania ▪ Fugro will provide digital terrain models, surface models and ortho- imagery and will survey around 13,300 cross sections plus 3,500 bridges and hydrotechnical infrastructures Projects in
Slide 17: 3.b 2020 resultaten
h | 3.b | pe "2020 resultaten
Slide 18: Highlights 2020 results
Highlights 2020 results ■ Revenue down 12.4% due to Covid-19 and downturn oil & gas market, partly offset by strong growth offshore wind ■ Continued diversification; in H2, 59% of revenue from renewables, infra, nautical and other non-oil & gas markets ■ Decisive response to pandemic with immediate
Slide 19: Limited y-o-y EBIT decline with recovery in H2
Limited y-o-y EBIT decline with recovery in H2 Revenue Adjusted EBIT2 (margin) X EUR million -12.4% 1,631 1,386 4.2% 3.5% FY 68 48 2019 2020 2019 2020 - 14.4% 797 834 5.4% 6.5% 707 679 HY 2.9% 45 44 23 0.6% 4 2019 2020 2019 2020 H1 H2 H1 H2 H1 H2 H1 H2 1 growth percentages corrected for currency eff
Slide 20: Strong cost reductions mitigate revenue decline
Strong cost reductions mitigate revenue decline X EUR million, excl. specific items 3 68 20 48 55 -245 132 15 EBIT 2019 revenue other income 3rd party costs personnel other expenses D&A EBIT 2020 decline expenses 20 AvA 2020
Slide 21: On track to realise EUR 130 mn cost savings
Per year-end 2020 on track to realise EUR 130 mn cost savings 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
Slide 22: Marine: EBIT impact largely mitigated by cost measures
Marine: EBIT impact largely mitigated by strong cost measures and growth in offshore wind Revenue Adjusted EBIT2 (margin) X EUR million -15.2% 1,172 963 5.7% 3.5% FY 67 34 2019 2020 2019 2020 - 20.0% 563 609 499 7.6% 464 5.9% HY 3.6% 47 1.2% 28 20 6 H1 2019 H2 H1 2020 H2 H1 H2 H1 H2 2019 2020 1 grow
Slide 23: Land: turnaround measures start to yield results
Land: turnaround measures start to yield results Revenue Adjusted EBIT2 (margin) X EUR million -5.4% 460 423 3.4% FY 14 0.3% 2 2019 2020 2019 2020 0.6% 234 226 208 215 7.6% HY 1.4% 16 3 -0.8% -0.9% -2 -2 2019 2020 H1 2019 H2 H1 2020 H2 H1 H2 H1 H2 ▪ Margin of 7.6% in H2 supported by turnaround progr
Slide 24: Results impacted by various specific items
Results impacted by various specific items 2020 2019 x EUR million ▪ Specific items: Adjusted EBIT 48.2 68.0 ▪ restructuring costs (EUR 17.6 million) Specific items (28.4) (42.4) ▪ impairments (EUR 5.9 million) EBIT 19.8 25.6 ▪ certain other costs (EUR 4.9 million) Finance income 2.2 3.9 ▪ increased
Slide 25: Strong free cash flow
Strong free cash flow 2020 Free cash flow 2019 Free cash flow X EUR million, from continued operations X EUR million, from continued operations 50 -81 53 105 47 -3 86 81 -83 58 13 operating changes divestment capex other free cash operating changes capex other free cash CF before working proceeds in
Slide 26: Refinancing completed in December 2020
Refinancing completed in December 2020 ■ After EUR 82 million sub-10 equity issue in Q1, Fugro Maturity profile after refinancing (YE 2020) 450 raised EUR 250 million in new equity in Q4 2020 250 ■ EUR 575 million revolving credit facility was refinanced with new EUR 250 million RCF and EUR 200 mill
Slide 27: 3.c Q1 2021 en outlook
| ' | 3.C¢ | pe ~ Q1 2021 en outlook
Slide 28: Q1 2021: 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 margin in seasonally weak quarter ▪ Revenue decline of 17.2% f
Slide 29: 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 30: 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 19 646 570 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Americas APAC Europe & Africa MEI ▪ Continued drive for renewable energy so
Slide 31: 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 32: 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 33: 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 34: 4. Vaststelling jaarrekening 2020
4. Vaststelling jaarrekening 2020 ter stemming
Slide 35: Independent auditor's introduction and overview
Introduction and overview Fugro N.V. Ernst & Young Accountants LLP • 2020 consolidated financial statements Scope Independent auditor’s • True and fair view Annual Report • 2020 company financial statements report Other information Scope • 2020 Management Board report • Consistency with financial st
Slide 36: Audit process and results
Audit process and results AGM AGM Interaction 30 April 2020 22 April 2021 Regular meetings with management Attended 5 Audit Committee meetings during 2020, 2 in 2021 to date Attended 2 Supervisory Board meetings during 2020, 1 in 2020 to date Planning, approach Half year Audit Conclusion Audit proce
Slide 37: Conclusions independent auditor's report
Conclusions independent auditor’s report Conclusions financial statements • True and fair view consolidated financial statements • True and fair view company financial statements Conclusions other information • Consistent with the financial statements and no material misstatements • Contains the inf
Slide 38: Stemuitslag agendapunt 4
Stemuitslag agendapunt 4 aantal percentage Voor 100.721.431 99,99% Tegen 1.750 0,01% Onthouding 242.532 Totaal 100.965.713 100% 38
Slide 39: 5. Decharge
5. Decharge a Raad van Bestuur (ter stemming) b Raad van Commissarissen (ter stemming)
Slide 40: Stemuitslag agendapunt 5a
Stemuitslag agendapunt 5a aantal percentage Voor 100.712.312 99,99% Tegen 1.750 0,01% Onthouding 251.651 Totaal 100.965.713 100% 40
Slide 41: Stemuitslag agendapunt 5b
Stemuitslag agendapunt 5b aantal percentage Voor 98.989.506 99,29% Tegen 1.724.556 1,71% Onthouding 251.651 Totaal 100.965.713 100% 41
Slide 42: 6. Statutenwijziging beëindiging certificering aandelen
6. Statutenwijziging in verband met voorgestelde beëindiging van de certificering van aandelen (ter stemming)
Slide 43: Aanpassingen beschermingsconstructies
Aanpassingen beschermingsconstructies Als onderdeel van de recente herfinanciering heeft Fugro wijzigingen in haar corporate governance structuur aangekondigd Beëindigen calloptieovereenkomsten Stichting ▪ Reeds doorgevoerd Continuiteit Fugro ▪ Fugro heeft intentie bekend gemaakt om de certificering
Slide 44: Stemuitslag agendapunt 6
Stemuitslag agendapunt 6 aantal percentage Voor 98.655.560 97,71% Tegen 2.309.878 2,29% Onthouding 275 Totaal 100.965.713 100% 44 Restricted - External
Slide 45: 7. Herbenoeming accountant
7. Herbenoeming accountant voor controle jaarrekening 2021 ter stemming
Slide 46: Stemuitslag agendapunt 7
Stemuitslag agendapunt 7 aantal percentage Voor 100.907.134 99,95 % Tegen 54.276 0,05% Onthouding 4.303 Totaal 100.965.713 100% 46
Slide 47: 8. Aanwijzing Raad van Bestuur
8. Aanwijzing Raad van Bestuur a tot uitgifte van (of toekenning van rechten tot) aandelen tot 10% (ter stemming) b tot beperking of uitsluiting van het voorkeursrecht op aandelen in verband met 8a (ter stemming)
Slide 48: Stemuitslag agendapunt 8a
Stemuitslag agendapunt 8a aantal percentage Voor 100.733.606 99,77 % Tegen 231.957 0,23% Onthouding 150 Totaal 100.965.713 100% 48
Slide 49: Stemuitslag agendapunt 8b
Stemuitslag agendapunt 8b aantal percentage Voor 100.735.415 99,77% Tegen 230.023 0,23% Onthouding 275 Totaal 100.965.713 100% 49
Slide 50: 9. Machtiging inkoop eigen aandelen
9. Machting Raad van Bestuur tot inkoop eigen aandelen ter stemming
Slide 51: Stemuitslag agendapunt 9
Stemuitslag agendapunt 9 aantal percentage Voor 100.764.439 99,81 % Tegen 187.569 0,19% Onthouding 13.705 Totaal 100.965.713 100% 51
Slide 52: 10. Rondvraag
10.Rondvraag
Slide 53: BAVA 12 mei 2021: voorgenomen benoemingen
Voor 12 mei 2021 is een BAVA bijeengeroepen in verband met voorgenomen benoeming van ▪ Barbara Geelen tot lid van de RvB (in de positie van CFO) ▪ Marc de Jong tot lid van de RvC 53
Slide 54: Unlocking Insights from Geo-data
Unlocking Insights from Geo-data 54 AvA 2020