Fugro Nv · EURONEXT:FUR
Fugro Nv — FY2021 Earnings Presentation
21 slides from Fugro Nv's earnings presentation, Feb 18, 2022
Slide 1: FY 2021 results
FY 2021 results 18 February 2022
Slide 2: 2021: Solid results underpin Path to Profitable Growth
2021: Solid results underpin Path to Profitable Growth ▪ Resilient performance due to cost control, operational delivery and early signs of improved pricing • EBITDA increased to EUR 175.6 million; EBIT margin of 4.3% versus 3.5% in 2020 • Free cash flow of EUR 39.5 million • Positive net result of
Slide 3: Accelerating diversification
Accelerating diversification Fugro has the commercial and technical expertise to capture growth… …as demonstrated by continuous diversification towards renewables, infrastructure and water Energy Sustainable Climate change % share of Fugro’s revenue by key market segment Key Trend transition infrast
Slide 4: Structural trends drive demand for Geo-data
Structural trends drive demand for Geo-data Major global developments… …are driving global spend in Fugro’s key growth markets CAGR 2020-2025 Offshore wind1 (€bn) 20% Population growth Growth in global 47 40 2bn additional people by 2050 energy demand 19 19 22 31 2020 2021 2022 2023 2024 2025 Energy
Slide 5: Leadership through innovation and led by digitalisation
Leadership through innovation and led by digitalisation Digital Building blocks Mobile, autonomous Remote operations Analytics and cloud Insights and delivery robots and sensors automation services Uncrewed surface vessels Global network of Remote Optimised digital workflows Gaia client portals (USV
Slide 6: Recent projects (1/2)
Recent projects (1/2) Site characterisation for Site characterisation for Site characterisation new urban Energinet Energy Island, Hornsea 3 and 4 offshore wind, development NEOM, Saudi Arabia Denmark UK 6 Fugro FY2021 results
Slide 7: Recent projects (2/2)
Recent projects (2/2) Site investigation levees, Tiel- Site investigation Hong Remote pipeline inspection for Waardenburg, Netherlands Kong – Shenzen Innovation TAQA, the Netherlands & Technology Park
Slide 8: Part 2 2021 results
Part 2 2021 results 8 Fugro FY2021 results
Slide 9: 2021: Solid results underpin Path to Profitable Growth
2021: Solid results underpin Path to Profitable Growth Revenue EBITDA2 (margin) EBIT2 (margin) 11.7% 12.0% 200 12 +5.8%1 10 80 4.3% 5 150 3.5% 8 60 4 100 6 3 1,462 162 176 40 1,386 4 63 2 50 20 48 2 1 0 0 0 0 2020 2021 2020 2021 2020 2021 Net leverage Backlog Net result +11.6%1 EUR 71 2 1,014 millio
Slide 10: Q4 2021: Good growth and margin improvement
Q4 2021: Good growth and margin improvement Revenue (growth)1 EBIT (margin) per quarter2 +24.8%1 11.2% 7.4% 8.1% 7.6% 358 349 361 390 378 410 4.3% 318 284 40 1.1% 26 32 29 - 6.0% -5.3% 17 4 -22 -15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2020 2021 ▪ Revenue growth at 24.8% supporte
Slide 11: 2021 increase in revenue and EBIT
2021 increase in revenue and EBIT Revenue 29% Marine X EUR million Revenue 2021 Land 71% +5.8%1 1,462 23 -4 57 ▪ Buoyant offshore wind activity with 21% growth in renewables; 1,386 lower O&G revenue 2020 Marine Land FX effect 2021 ▪ Land revenue up in three of the four regions EBIT (margin) ▪ Marine
Slide 12: Marine - three out of the four regions report improvement
Marine - three out of the four regions report improvement Revenue EBIT 3% Renewables X EUR million X EUR million, excl specific items 31% Infrastructure Revenue Nautical 52% 2021 3% Oil & Gas +5.8%1 11% Other 5.0% 3.4% 1,038 52 Site 41% 33 Revenue characterisation 980 2021 59% Asset integrity 2020 E
Slide 13: Land – performance lagging despite progress made
Land – performance lagging despite progress made Revenue EBIT 7% 13% Renewables X EUR million, excl specific items 8% Infrastructure 1% Revenue Nautical +5.7%1 2021 Oil & Gas 71% Other 3.7% 2.5% 424 24% 15 11 Site 405 Revenue characterisation 2021 Asset integrity 2020 Europe- Americas Asia Middle FX
Slide 14: Positive net result of EUR 71 million driven by improved EBIT
Positive net result of EUR 71 million driven by improved EBIT, net finance expense and income tax 2021 2020 x EUR million Adjusted EBIT 63.0 48.2 Specific items in 2020 related mainly to restructuring Specific items (2.7) (28.4) costs and various asset impairments EBIT 60.3 19.8 Finance income 1.1 2
Slide 15: Capital expenditure and good working capital management
Capital expenditure and good working capital management Maintenance vs. transformation and expansion capex Working capital 16.1% 15.1% 16.1% 83 81 80 12.9% 12.0% 12.3% 13.0% 11.6% 10.9% 9.5% 11.2% 8.1% 33 244 263 218 42 42 204 154 182 185 178 153 178 159 112 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Slide 16: Free cash flow of EUR 39.5 million
Free cash flow of EUR 39.5 million due to operational performance and good working capital management 2021 X EUR million 119 -44 16 -78 40 26 14 13 operating CF changes working changes capex other investing CF operating CF from operating free cash flow before changes capital - working capital CF act
Slide 17: Strong balance sheet and conservative financial policy
Strong balance sheet and conservative financial policy Net leverage Maturity profile per December 2021 4,0x 3,7x 4,0x 438 3,6x 250 2,1x 2,1x 2,2x 2,0x 100 1,7x 188 0 0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 Dec 2023 2024 2025 revolving credit facility (of which EUR 12.5 mn has been drawn)
Slide 18: Part 3 Outlook
Part 3 Outlook 18 Fugro FY2021 results
Slide 19: Outlook 2022
Outlook 2022 ▪ Ongoing growth in wind, infra and water markets ▪ Modest growth oil & gas market Resulting in ▪ continued revenue growth ▪ further margin expansion towards 2023-2024 mid- term targets, while continuing to focus on actively managing any impacts of the pandemic, inflationary pressures a
Slide 20: Mid-term targets 2023-2024
Mid-term targets 2023-2024 EBIT margin: 8-12% Drivers 12% Volume In particular driven by renewables, infrastructure and water 8% Price Value-based pricing; integrated digital solutions 3.5% 4.3% 2020 2021 2022 2023-2024 Productivity Disciplined cost management; operational excellence; digital transf
Slide 21: Q&A
Q&A 21