Next Geosolutions Europe Spa · MIL:NXT
Next Geosolutions Europe Spa — Italian Excellences 2024
34 slides from Next Geosolutions Europe Spa's conference presentation, Oct 8, 2024
Slide 1: Italian Excellences 2024
Italian Excellences 2024 08 October 2024
Slide 2: Message from the CEO
Message from the CEO "The results achieved in the first half of 2024 confirm the solidity of our business model, the strong operational capabilities, and the high quality of services offered by NextGeo. The sustained growth of the main economic indicators allows us to look forward with confidence to
Slide 3: NextGeo at a Glance
NextGeo at a Glance
Slide 4: A Green-born Survey Company For Offshore Market Development
A Green-born Survey Company For Offshore Market Development WHO WE ARE Key Financials 1H 2024 NextGeo Main Projects 2015-2024 €104.1m 45.7% A LEADING EUROPEAN PLAYER Total Revenues Total Revenues OWF Subsea Cables Projects YoY Growth Interconnector Projects IN MARINE GEOSCIENCE Oil&Gas Projects SURV
Slide 5: De-Risking Subsea Infrastructure Projects...
De-Risking Subsea Infrastructure Projects... WHAT WE DO Infrastructure Stage EPC, installation and Operations & Concept & Planning Decommissioning commissioning maintenance 4-10 2-3 20-25 1-2 Years Years Years Years Client Capex Client Opex ~81% Concept Phase Design & Engineering Installation & Cons
Slide 6: ...by Analyzing Seabed and Marine Subsea Data
…by Analyzing Seabed and Marine Subsea Data Final report / Lab test Data processing, analysis and interpretation of survey data to create marine cartography for project design & engineering Demobilization Desktop studies End of marine activities and Existing data review and removal of marine spread
Slide 7: Owned Vessels
Owned Vessels NEXTGEO’S PROPRIETARY ASSETS OWNED VESSELS Geophysical and geotechnical Geotechnical survey drilling Geophysical survey vessel vessel survey vessel • Year built: 2009 • Year built: 2009 • Year built: 2014 • Trial Speed: 12,00 knots • Trial Speed: 12,00 knots • Length: 64,8m • Owned: 80
Slide 8: Rented Marnavi's Vessels
Rented Marnavi’s Vessels NEXTGEO’S RENTED ASSETS RENTED MARNAVI’S VESSELS Rental strategy for standardized assets Key Features Highly flexible cost structure OSV IEVOLI RELUME MPSV IEVOLI IVORY Immediately available and fully Year Built: 2004 - Lenght: 89 m - Breadth: 16 m equipped assets Year Built
Slide 9: Equipment
Equipment NEXTGEO’S PROPRIETARY ASSETS - BY EQUIPMENT SCOPE Geophysical & Environmental Survey ROV & ROTV DETAILS The SBE 19plus V2 SeaCAT measures 1x conductivity, temperature and pressure Equipped with various instruments and sensors for a wide range of research, monitoring, 3x ROVWork-Class Schil
Slide 10: 1H 2024 Financial Results
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Slide 11: 1H 2024 Revenues by Area & Market
1H 2024 Revenues by Area & Market Main Projects of 1H 2024 Mediterranean Sea Geographic Area Northern Seas Nederwiek 1&2 Offshore Wind 42% Farm 58% Bay of Biscay SACOI 3 Interconnector Italy-Corse-Sardinia Courseulles Offshore Offshore Wind Farm Wind Farm Market segment Interconnector 58.5 56.2% Gas
Slide 12: Backlog
Backlog HARD BACKLOG ~Euro 305 M 2028 30.06.2024 Last year covered SOFT BACKLOG & PIPELINE ~Euro 98 M ~Euro 443 M Soft backlog as of Pipeline as of 30.06.2024 30.06.2024 12
Slide 13: Economics
Economics 1H 2023-1H 2024 Growth 1H 2023-1H 2024 • Total revenues growth (+45.7%) driven by: Total Revenues • The ability to be awarded projects with 104.1 higher size; Total 45.7% 71.4 • Increased number of projects; Revenues YoY Growth • Favorable market trends (both for Interconnector and OWF mar
Slide 14: Costs details
Costs details Costs details (expressed in millions of Euro and as % of total revenues) • Pay-per-use strategy guaranteeing high-cost flexibility and keeping the D&A costs % on Total TOTAL REVENUES TOTAL REVENUES % on Total +45.7% revenues 71.4 104.1 revenues relatively low. 0.1% 0.1 • Cost structure
Slide 15: Financials
Financials 2023-1H 2024 Growth 2023-1H 2024 Fixed Assets 55.8 42.4 • Fixed assets increases of 13.5 millions due to Fixed 13.5 M the significant capex (16.4 millions, 15.8% of Assets HY Growth Total revenues), mainly in vessels and equipment made in the first half of 2024. 2023 1H 2024 Net working •
Slide 16: Financials
Financials NET INVESTED CAPITAL CAPEX EVOLUTION +19.1 M % on 6.2 +10.2 M 16.4 % on 58.9 78.0 Total Total revenues revenues 24.5 8.7% 15.8% 0.5 19.7 0.0 - 11.7 55.8 42.4 0.0 5.6 4.1 (3.2) (2.3) 0.6 2023 1H 2024 1H 2023 1H 2024 Fixed assets Other non current asset/(liabilities) Net working capital Int
Slide 17: 1H 2024 CAPEX of Euro 16.4 million focused on vessel and equipment
1H 2024 CAPEX of Euro 16.4 million focused on vessel and equipment TANGIBLE ASSET Breakdown Total as of 30.06.2024 • NG Surveyor 3.2 Eur M • Vessel Upgrade 4.5 Eur M • Equipment 1.1 Eur M • ROV 3.0 Eur M Eur 11.8 M INTANGIBLE ASSET Breakdown Total as of 30.06.2024 • Leasehold imprvm. & ICT 0.4 Eur M
Slide 18: Detail of changes in NFP
Detail of changes in NFP Impressive EBITDA, superior investments and excellent capital collection through successful IPO NFP 2023 (9.7) Changes in NFP 52.1 50.0 42.4 NFP 1H2024 42.4 Free cash flow from operations 28.4 0.2 18.4 (8.3) (0.7) (1.2) 0.1 (16.4) (9.7) NFP 2023 EBITDA Changes in NWC Net fin
Slide 19: Sustainability
Sustainability
Slide 20: Sustainability - Reporting
Sustainability - Reporting Sustainability Report 2023 Received the “EcoVadis published Gold Medal” It was prepared using the In 2024, NextGeo, improving its “Sustainability Reporting Standards” previous score, was awarded the of the Global Reporting Initiative EcoVadis Gold Medal, ranking in publish
Slide 21: Market trends & Outlook
Market trends & Outlook
Slide 22: Explosive Offshore Wind Market Trends…
Explosive Offshore Wind Market Trends… Market Outlook as of 1H 2024 At Q2 2024, almost Offshore 73 GW is fully commissioned Wind Farm worldwide ~25 GW of Exclusive seabed right have been reached - Cumulative 116.2 GW passed the Final at Q2 2024 Investment Decision (post-FID includes Market overview
Slide 23: Market Trends
Market Trends Interconnector Market – Europe (in € bln) OWF Cables Market – Europe (in € bln) The total amount of EPCI expenditure for Interconnectors cables Cumulative installation costs for OWF subsea cables between 2024-2034 estimated to be ˷55€ bln Between 2024-2034 estimated to be 31.2€ bln Inc
Slide 24: Market Trends
Market Trends OWF Drilling Market - Europe (in # of turbines) OWF Opex Market – Europe (in € bln) Between 2024-2034 there’re ˷5.000 offshore turbines to be installed The total value of OWF OPEX expenditure ( approx. 90% fixed – 10% floating) between 2025-2034 estimated to be 20.5€ bln From 31.12.202
Slide 25: Expansion Through Organic Growth
Expansion Through Organic Growth ORGANIC EXPANSION ✓ GEOPHYSICAL VESSEL «NG SURVEYOR» TOT. INVESTMENT VALUE 21 EUR MLN (CAPEX 1H2024: 3.2 EUR MLN) ✓ ROV HD SCHILLING & OTHER EQUIPMENT TOT. INVESTMENT VALUE 7.6 EUR MLN (CAPEX 1H2024: 3.0 EUR MLN) ✓ OTHER RELEVANT EQUIPMENT TOT. INVESTMENT VALUE 4.0 E
Slide 26: Expansion Through Inorganic Growth
Expansion Through Inorganic Growth INORGANIC EXPANSION NEXT N GEO EXT G EO HAS HAS IDENTIFIED IDENTIFIED FEW FEW EUROPEAN EUROPEAN AND AND WORLDWIDE WORLDWIDE TARGET TARGET COMPANIES COMPANIES FOR INORGANIC FOR INORGANIC EXPANSION EXPANSION D DIFFERENT IFFERENT DUE DUE DILIGENCE DILIGENCE ARE ARE CU
Slide 27: Appendix
N) NEXTGEO f a
Slide 28: Corporate Governance & Shareholders Structure
Corporate Governance & Shareholders Structure Board of Directors Shareholders Structure Attilio Ievoli Chairman 15.50% Giovanni Ranieri Giuseppe Maffia Director / CEO Director / CFO 2.60% 0.80% 3.67% Andrea Costantini Giorgio Filippi 5.33% Independent Independent 52.60% Director Director 5.33% Board
Slide 29: Income Statement
Income Statement Value expressed in millions of Euro 1H 2023 1H 2024 Operating revenues 28.8 190.8 Changes in contract work in progress 40.7 (90.3) Other revenues 1.9 3.6 Total Revenues 71.4 104.1 Raw materials (4.5) (7.5) Cost of services (25.1) (35.0) Leases and rentals (17.4) (25.8) Personnel exp
Slide 30: Focus on income statement
Focus on income statement 1H 2024 104.1 28.4 25.5 21.1 (75.7) (2.9) (0.7) 27.3% 24.5% (3.7) 20.2% TOTAL Operating EBITDA D&A EBIT Net financial Taxes NET INCOME REVENUES costs expenses 1H 2023 71.4 19.1 16.8 14.1 (52.3) (2.4) 26.8% 23.4% (0.8) (1.8) 19.7% TOTAL Operating EBITDA D&A EBIT Net financia
Slide 31: Balance Sheet
Balance Sheet Value expressed in millions of Euro 2023 1H 2024 Tangible assets 39.2 49.2 Intangible assets 3.1 6.6 Financial assets 0.0 0.0 Fixed Assets 42.3 55.8 Inventories 123.9 34.3 Trade receivables 39.6 41.9 Trade payables (29.2) (42.3) Advances (116.6) (6.8) Trade Working Capital 17.7 27.2 TW
Slide 32: Cash Flow Statement
Cash Flow Statement Value expressed in millions of Euro 1H 2023 1H 2024 A) Cash flow from operating activities Net Income 14.1 21.1 Taxes 1.8 3.7 Financial expenses (income) 0.7 0.6 1) Profit before income taxes, interest, dividends and capital gains / losses on disposal 16.7 25.4 Provision to funds
Slide 33: Tomorrow
Value Chain Integration Widening the Spectrum of Services Offered FURTHER CONSOLIDATION FURTHER EXPANSION Design & Installation & Concept Phase Asset in Service Decommissioning Engineering Construction Today Tomorrow EXPANDING THE BUSINESS MODEL TO CATCH OTHER VALUE CHAIN SEGMENTS WILL SECURE NEXTGE
Slide 34: Forward-looking statements disclaimer
This presentation contains statements that are neither reported financial results nor other historical information. These statements are forward- looking statements. These forward-looking statements rely on a number of assumptions and are subject to a number of risks and uncertainties, many of which