Slide 1: HY 2021 results
HY 2021 results 29 July 2021
Slide 2: Part 1 Highlights results
Part 1 Highlights results 2 H1 2021 results
Slide 3: Highlights H1 2021 results
Highlights H1 2021 results Return to growth in Q2 and improved margins ▪ Q2 revenue up for the first time since pandemic, resulting in marginal decline in H1 2021 ▪ Continued diversification; 60% of revenue from renewables, infrastructure and nautical markets ▪ Improved EBIT margin for Q2 and H1, in
Slide 4: Return to growth in Q2
Return to growth in Q2 ▪ Q2 growth of 14% supported by all regions except Middle East & India, resulting in marginal decline in H1 2021 ▪ Pandemic continues to affect operations, with regional differences Year-on-year revenue growth1 25% 23% 14% 13% 9% -2% -2% -4% -7% -17% -21% -24% -28% -29% -30% F
Slide 5: Higher margin due to cost control and Q2 revenue growth
Higher margin due to cost control and Q2 revenue growth EBIT1 (margin) per quarter Yoy EBIT1 (margin) development X EUR million X EUR million 2.5% 8.1% 7.4% 8 0.6% 17 26 32 5 - 6.0% - 5.3% 4 -22 -15 H1 20 Marine Land H1 21 Q1 20 Q2 20 Q1 21 Q2 21 ▪ Improvement supported by both marine and land ▪ Res
Slide 6: Diversification driven by renewables, infra & nautical
Diversification driven by renewables, infra & nautical Increasing exposure to energy transition, sustainable infrastructure and climate change adaptation Share of revenue key market segments1,2 Y-Y revenue growth H1 20213 6% 7% 8% 7% 4% 8% -20% 12% 7% 11% 16% 14% 18% 21% 21% 23% 24% 24% 6% 23% 23% 2
Slide 7: H1 project awards
H1 project awards Thang Long 3.4 OWF Vietnam Bridges & quays Amsterdam, NL Coastline mapping, N-Ireland Metocean survey Lidar buoy generating Geo-data for Geo-data acquisition, analysis and advice to enable Bathymetric survey for coastal erosion and flooding optimised installation of wind farm bridg
Slide 8: Our markets are changing, driving an increasing need for accurate Geo-data
Our markets are changing, driving an increasing need for accurate Geo-data 8 HY 2021
Slide 9: Our ambition is to support the transition in our markets
Our ambition is to support the transition in our markets Energy transition Sustainable infrastructure Climate change adaptation Support net-zero Enable safe Strengthen climate carbon emissions infrastructure resilience 9 HY 2021
Slide 10: Contributing to the UN Sustainable Development Goals
Contributing to the UN Sustainable Development Goals Energy transition Sustainable infrastructure Climate change adaptation Support net-zero Enable safe Strengthen climate carbon emissions infrastructure resilience 10 HY 2021
Slide 11: Our strategy capitalises on the transition in our markets
Our strategy capitalises on the transition in our markets Energy transition Sustainable infrastructure Climate change adaptation Support net-zero Enable safe Strengthen climate carbon emissions infrastructure resilience Capture the Leverage core Differentiate by growth in Energy expertise in new int
Slide 12: The Water market is a key growth area for Fugro
The Water market ▪ The Water market consists of all client projects related to is a key growth • Flood control: all projects to prevent and mitigate coastal and inland flooding area for Fugro • Water management: sourcing, quantity and quality of water resources and related distribution infrastructu
Slide 13: Client project examples in the Water market
Client project examples in the Water market Seawall resilience, USA Hydrography, Australia Dike improvement, NL • Port of San Francisco USA, 2021 • North-West Australia, 2020 • South-Limburg The Netherlands, 2021 • Geo-Data consultancy and • Nautical charting coastline and seafloor • Consultancy & d
Slide 14: Differentiate by remote and autonomous operations
Differentiate by remote and autonomous operations Significantly reduced CO2 emissions and safety risks 14
Slide 15: Part 2 H1 2021 results
Part 2 H1 2021 results 15 H1 2021 results
Slide 16: H1 2021 key messages
H1 2021 key messages ▪ Q2 revenue up for first time since pandemic, resulting in marginal decline in H1 2021 ▪ Improved EBIT margin for Q2 and H1, in both marine & land ▪ Cost savings program initiated immediately after start of pandemic, fully implemented in Q1 ▪ Free cash flow of negative EUR 53 m
Slide 17: Return to growth in Q2…
Return to growth in Q2… Revenue X EUR million - 17.2% Marine 358 -62 ▪ 24.2% decrease in Q1, followed by 11.8% increase in Q2 Q1 1 284 -13 ▪ Delta was particularly large in site characterisation, thanks to strong growth in offshore wind and slight Q2 increase Q1 20 Marine Land FX effect Q1 21 in oil
Slide 18: …with improved margins
…with improved margins Adjusted EBIT X EUR million - 6.0% - 5.3% Marine Q1 -15 ▪ EBIT up as result of cost control and Q2 revenue growth -22 Q1 20 Marine Land Q1 21 Land 8.1% ▪ Margin benefitted from restructuring which was completed 7.4% during past quarters Q2 26 32 Q2 20 Marine Land Q2 21 2.5% 0.
Slide 19: Marine: Europe-Africa largest contributor to EBIT improvement
Marine: Europe-Africa largest contributor to EBIT improvement Revenue X EUR million, excl specific items EBIT - 6.4%1 3.0% 1.8% 511 14 9 467 H1 20 Europe- Americas Asia Middle FX effect H1 21 H1 20 Europe- Americas Asia Middle H1 21 Africa Pacific East & Africa Pacific East & India India ▪ In Q2, st
Slide 20: Land: Europe and Americas largest contributors to EBIT improvement
Land: Europe and Americas largest contributors to EBIT improvement Revenue X EUR million, excl specific items EBIT 10.3%1 - 2.6% 1.2% 3 206 -5 197 H1 20 Europe- Americas Asia Middle FX effect H1 21 H1 20 Europe- Americas Asia Middle H1 21 Africa Pacific East & Africa Pacific East & India India ▪ Gro
Slide 21: Revenue decline more than offset by cost reductions
Revenue decline more than offset by cost reductions Cost savings program, initiated immediately after start pandemic, fully implemented by start 2021 X EUR million, excl. specific items 1 8 17 4 30 -34 8 EBIT H1 20 revenue decline 3rd party costs personnel other expenses D&A EBIT H1 21 expenses 21 H
Slide 22: Positive net result
Positive net result H1 2021 H1 2020 x EUR million Specific items: Adjusted EBIT 16.7 4.3 ▪ impairment EUR 4.8 million Specific items (5.9) (15.0) ▪ restructuring costs EUR 1.0 million EBIT 10.8 (10.7) Negative income tax driven by Finance income 3.1 0.3 Interest expenses (22.4) (21.6) ▪ recognition
Slide 23: Working capital impacted by revenue growth
Working capital impacted by revenue growth Working capital (% of last 12 months revenue) 16.1% 16.1% 15.1% 12.9% 12.3% 11.2% 12.0% 11.6% 200 9.5% ▪ Higher H1 working capital due to 8.1% 263 higher revenues, seasonality and 244 218 100 204 182 185 178 exceptionally low working capital at YE 154 153 1
Slide 24: Cash flow impacted by growth
Cash flow impacted by growth H1 2021 X EUR million 44 -61 -29 -27 11 -53 9 -64 operating CF changes changes capex other investing CF operating CF from operating free cash flow before changes working capital working capital CF activities after activities after working capital - seasonality & - perfor
Slide 25: Debt development and liquidity
Debt development and liquidity Net debt Maturity profile per June 2021 450 666 593 250 503 443 368 296 230 163 100 59 200 0 0 Oct 2021 2022 Dec 2023 2024 2025 Q4 2019 Q2 2020 Q4 2020 Q2 2021 revolving credit facility (EUR 30 mn drawn as per half-year 2021) Incl discontinued operations 2021 convertib
Slide 26: Part 3 Outlook
Part 3 Outlook 26 H1 2021 results
Slide 27: Renewables
Renewables ▪ Energy industry shifts investment towards renewables. Energy companies target to spend 40-60% of 2030 capex on renewables ▪ Increasing demand for Offshore Wind Geo-data, 2-4 year in advance of turbine installations ▪ Europe is still the main market, APAC and Americas accelerating (USA,
Slide 28: Oil & gas
Oil & gas ▪ Tightening oil inventories and economic recovery boosted oil price ▪ FID activity slowed down due to pandemic; expected to pick up during next 3 years ▪ Energy transition top priority for industry ▪ ‘net-zero plans’ accelerate transition; EU-Fit for 55, BP, Shell ▪ Hydrocarbons will rema
Slide 29: Infrastructure
Infrastructure ▪ Different global governments introduce programs with boosting infrastructure investments ▪ Bidens transportation bill, when approved, allocates $ 600 billion to sustainable infrastructure development ▪ Europe launches ‘Connectivity‘ plans to invest more in infrastructure development
Slide 30: Outlook 2021
Outlook 2021 ▪ Ongoing growth in renewables, infrastructure and nautical markets ▪ Modest recovery of oil & gas market in Q2 is expected to continue ▪ FY 2021 • revenue growth • modest margin improvement • around break-even free cash flow …while there are still Covid uncertainties that impact the bu
Slide 31: Q&A
Q&A 31