Slide 1: Q1 2020 trading update
Q1 2020 trading update 30 april 2020
Slide 2: Unprecedented deterioration of market environment
Unprecedented deterioration of market environment Pandemic Related oil price collapse ▪ IMF expects deep contraction in global economy in 2020, recovery in 2021 ▪ Priority 1: protect the health and safety of Fugro’s employees, partners and clients ▪ Priority 2: ensure business continuity in collabor
Slide 3: Q1 2020 key financials
Q1 2020 key financials Revenue EBIT margin Free cash flow 12-month backlog +0.8%1 adjusted +0.0%1 356 358 -4.6% -18 -6.0% -22 920 890 Q1 19 Q1 20 Q1 19 Q1 20 Q1 19 Q1 20 Q1 19 Q1 20 ▪ Revenue in line with Q1 2019, with growth in Asia Pacific and decline in the other regions, especially in Europe-Afr
Slide 4: EBIT impacted in both marine and land
EBIT impacted in both marine and land Revenue Adjusted EBIT X EUR million X EUR million, excl. specific items + 0.8%1 - 4.6% - 6.0% -6 8 -16 358 -22 0 356 Q1 2019 Marine Land FX effect Q1 2020 Q1 2019 Marine Land Q1 2020 ▪ Marine site characterisation mid-single digit revenue growth; margin hit by l
Slide 5: Cost and capex reduction programme
Cost and capex reduction programme Immediate action to mitigate impact of sudden & unprecedented market deterioration ▪ minimise use of short-term charters ▪ implement hiring and salary freeze ▪ reduce workforce by up to10% ▪ reduce overhead costs ▪ cut on executive pay ▪ further optimise service of
Slide 6: Oil & gas: demand and price fall result in spending cuts
Oil & gas: demand and price fall result in spending cuts Global oil and gas market Growth drivers ▪ 21 of 33 offshore FIDs planned for 2020 have already ▪ Brent oil has fallen to $20-25. Only major production cuts can Final Investment been sanctioned, leaving doubts for sanctioning rebalance market
Slide 7: Offshore wind: no cancellations, some projects delayed
Offshore wind: no cancellations, some projects delayed Global offshore wind market Growth drivers ▪ Some projects face delays due to Covid-19 ▪ Negative GDP outlook 2020 will impact global energy ▪ Strengthening USD (components prices in USD) impacts project IRR demand Economic growth ▪ Strong econo
Slide 8: Continued growth in infrastructure markets
Continued growth in infrastructure markets Global infrastructure market Growth drivers ▪ Expenditure for construction services continues to grow in ▪ Negative GDP growth 2020. Unclear impact infra medium/longer term Economic development growth ▪ Economic slowdown possibly not yet fully absorbed in l
Slide 9: Within covenants; reassessing refinancing options
Within covenants; reassessing refinancing options Net debt / EBITDA Maturity profile X EUR million equivalents ≤3.0 covenant 575 2.8x 2.8x 2.5x 2.5x 2.5x 2.2x 2.2x 1.9x 1.7x 190 100 0 190 0 0 0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2020 May Oct 2022 2023 2024 2025 2021 2021 Net debt Refinanci
Slide 10: Outlook 2020
Outlook 2020 ▪ Covid-19 pandemic expected to have considerable impact on Q2. ▪ At this stage, it is impossible to forecast magnitude and duration of impact. Several scenarios have been worked out; will continue to monitor the situation closely, and decide on additional measures when needed. ▪ Given